Exhibit 10.3


 


	EXECUTION VERSION


 


Dated as of August 5, 2014


 


CREDIT AGREEMENT


 


among


 


OVERSEAS SHIPHOLDING GROUP, INC.,


as Holdings,


 


OSG INTERNATIONAL, INC.,


as the Administrative Borrower,


 


OIN DELAWARE LLC,


as the Co-Borrower,


 


THE OTHER GUARANTORS PARTY HERETO,


as Guarantors,


 


THE LENDERS PARTY HERETO,


 


JEFFERIES FINANCE LLC,


BARCLAYS BANK PLC


and


UBS SECURITIES LLC,


as


Joint Lead Arrangers and Joint Book Running
Managers,


 


JEFFERIES FINANCE LLC,


as Administrative Agent,


 


JEFFERIES FINANCE LLC,


as Syndication Agent,


 


BARCLAYS BANK PLC and UBS SECURITIES LLC,


as Co-Documentation Agents,


 


JEFFERIES FINANCE LLC,


as Collateral Agent and Mortgage Trustee,


 


JEFFERIES FINANCE LLC,





as Swingline Lender,


 


and


 


JEFFERIES FINANCE LLC,


as Issuing Bank


 


	 


 




    	 



    	 



    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	Section 1.01	Defined Terms	2
	Section 1.02	Classification of Loans and Borrowings	60
	Section 1.03	Terms Generally	60
	Section 1.04	Accounting Terms; GAAP	61
	Section 1.05	Resolution of Drafting Ambiguities	61
	Section 1.06	Rounding	61
	Section 1.07	Currency Equivalents Generally.	61
	Section 1.08	Change in Currency	62
	Section 1.09	Available Amount Transactions	62
	 	 	 
	ARTICLE II THE CREDITS	62
	Section 2.01	Commitments	62
	Section 2.02	Loans	62
	Section 2.03	Borrowing Procedure	64
	Section 2.04	Repayment of Loans	65
	Section 2.05	Fees.	66
	Section 2.06	Interest on Loans	67
	Section 2.07	Termination and Reduction of Commitments	68
	Section 2.08	Interest Elections	68
	Section 2.09	Amortization of Term Borrowings	69
	Section 2.10	Optional and Mandatory Prepayments of Loans	70
	Section 2.11	Alternate Rate of Interest	74
	Section 2.12	Increased Costs; Change in Legality	74
	Section 2.13	Breakage Payments	76
	Section 2.14	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	77
	Section 2.15	Taxes	78
	Section 2.16	Mitigation Obligations; Replacement of Lenders	81
	Section 2.17	Swingline Loans	84
	Section 2.18	Letters of Credit	86
	Section 2.19	Nature of Obligations	92
	Section 2.20	Extensions of Term Loans and Revolving Commitments	94
	Section 2.21	Increases of the Commitments	97
	Section 2.22	Discounted Voluntary Prepayments	100
	Section 2.23	Specified Refinancing Term Loans and Specified Refinancing Revolving Commitments	103
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES	105
	Section 3.01	Organization; Powers	105
	Section 3.02	Authorization; Enforceability	105
	Section 3.03	No Conflicts; No Default	105
	Section 3.04	Financial Statements; Projections	106
	Section 3.05	Properties	107
	Section 3.06	Intellectual Property	107
	Section 3.07	Equity Interests and Subsidiaries	108


 




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	 	 	Page
	 	 	 
	Section 3.08	Litigation; Compliance with Legal Requirements	108
	Section 3.09	Agreements	109
	Section 3.10	Federal Reserve Regulations	109
	Section 3.11	Investment Company Act; etc.	109
	Section 3.12	Use of Proceeds	109
	Section 3.13	[Reserved]	109
	Section 3.14	Taxes	109
	Section 3.15	No Material Misstatements	110
	Section 3.16	Labor Matters	110
	Section 3.17	Solvency	110
	Section 3.18	Employee Benefit Plans	110
	Section 3.19	Environmental Matters	111
	Section 3.20	Insurance	112
	Section 3.21	Security Documents	112
	Section 3.22	Anti-Terrorism Law; Foreign Corrupt Practices Act	113
	Section 3.23	Concerning Vessels	114
	Section 3.24	Form of Documentation; Citizenship	115
	Section 3.25	Compliance with ISM Code and ISPS Code	115
	Section 3.26	Threatened Withdrawal of DOC, SMC or ISSC	115
	Section 3.27	Deposit Accounts and Securities Accounts	115
	 	 	 
	ARTICLE IV CONDITIONS TO CREDIT EXTENSIONS	116
	Section 4.01	Conditions to Initial Credit Extension	116
	Section 4.02	Conditions to All Credit Extensions	122
	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS	122
	Section 5.01	Financial Statements, Reports, etc.	122
	Section 5.02	Litigation and Other Notices	126
	Section 5.03	Existence; Businesses and Properties	126
	Section 5.04	Insurance	127
	Section 5.05	Obligations and Taxes	128
	Section 5.06	Employee Benefits	128
	Section 5.07	Maintaining Records; Access to Properties and Inspections; Quarterly Lender Calls	128
	Section 5.08	Use of Proceeds	129
	Section 5.09	Compliance with Environmental Laws and other Legal Requirements	129
	Section 5.10	Additional Collateral; Additional Guarantors	129
	Section 5.11	Security Interests; Further Assurances	131
	Section 5.12	Certain Information Regarding the Loan Parties	132
	Section 5.13	Appraisals	132
	Section 5.14	Deposit Accounts; Securities Accounts	133
	Section 5.15	Post-Closing Matters	133
	Section 5.16	Flag of Vessel; Vessel Classifications; Operation of Vessels	134
	Section 5.17	Designation of Subsidiaries	135
	Section 5.18	Material Agreements	136


 




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	 	 	Page
	 	 	 
	Section 5.19	Ship Management	136
	Section 5.20	Maintenance of Ratings	136
	Section 5.21	Agent for Service of Process	136
	 	 	 
	ARTICLE VI NEGATIVE COVENANTS	137
	Section 6.01	Indebtedness	137
	Section 6.02	Liens	139
	Section 6.03	Sale and Leaseback Transactions	142
	Section 6.04	Investments, Loans and Advances	142
	Section 6.05	Mergers and Consolidations	144
	Section 6.06	Asset Sales	144
	Section 6.07	Acquisitions	146
	Section 6.08	Dividends	146
	Section 6.09	Transactions with Affiliates	147
	Section 6.10	Financial Covenant	148
	Section 6.11	Prepayments of Other Indebtedness; Modifications of Organizational Documents and Certain Other Documents, etc.	148
	Section 6.12	Limitation on Certain Restrictions on Subsidiaries	149
	Section 6.13	Limitation on Issuance of Capital Stock	150
	Section 6.14	Business	150
	Section 6.15	[Reserved]	151
	Section 6.16	Fiscal Periods	151
	Section 6.17	No Further Negative Pledge	151
	Section 6.18	Anti-Terrorism Law; Anti-Money Laundering	151
	Section 6.19	Embargoed Person	151
	Section 6.20	Restrictions on Chartering, etc.	152
	Section 6.21	Additional Holdings Covenants;	152
	Section 6.22	Amended Reorganization Plan and Confirmation Order	152
	 	 	 
	ARTICLE VII GUARANTEE	152
	Section 7.01	The Guarantee	152
	Section 7.02	Obligations Unconditional	152
	Section 7.03	Reinstatement	153
	Section 7.04	Subrogation; Subordination	153
	Section 7.05	Remedies	154
	Section 7.06	Instrument for the Payment of Money	154
	Section 7.07	Continuing Guarantee	154
	Section 7.08	General Limitation on Guarantee Obligations	154
	Section 7.09	Release of Guarantors	154
	Section 7.10	Right of Contribution	155
	Section 7.11	Keepwell	155
	 	 	 
	ARTICLE VIII EVENTS OF DEFAULT	155
	Section 8.01	Events of Default	155
	Section 8.02	Rescission	158
	 	 	 
	ARTICLE IX APPLICATION OF COLLATERAL PROCEEDS	158


 




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	 	 	Page
	 	 	 
	Section 9.01	Application of Proceeds	158
	 	 	 
	ARTICLE X THE ADMINISTRATIVE AGENT AND THE COLLATERAL
    AGENT	160
	Section 10.01	Appointment	160
	Section 10.02	Agent in Its Individual Capacity	160
	Section 10.03	Exculpatory Provisions	161
	Section 10.04	Reliance by Agent	161
	Section 10.05	Delegation of Duties	161
	Section 10.06	Successor Agent	162
	Section 10.07	Non-Reliance on Agent and Other Lenders	162
	Section 10.08	Name Agents	162
	Section 10.09	Indemnification	163
	Section 10.10	Withholding Taxes	163
	Section 10.11	Lender’s Representations, Warranties and Acknowledgements	163
	Section 10.12	Security Documents and Guarantees	164
	Section 10.13	Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim	165
	Section 10.14	Ship Mortgage Trust	166
	 	 
	ARTICLE XI MISCELLANEOUS	166
	Section 11.01	Notices	166
	Section 11.02	Waivers; Amendment	169
	Section 11.03	Expenses; Indemnity	172
	Section 11.04	Successors and Assigns	175
	Section 11.05	Survival of Agreement	180
	Section 11.06	Counterparts; Integration; Effectiveness	180
	Section 11.07	Severability	180
	Section 11.08	Right of Setoff; Marshalling; Payments Set Aside	181
	Section 11.09	Governing Law; Jurisdiction; Consent to Service of Process	181
	Section 11.10	Waiver of Jury Trial	182
	Section 11.11	Headings	182
	Section 11.12	Confidentiality	183
	Section 11.13	Interest Rate Limitation	183
	Section 11.14	Assignment and Acceptance	184
	Section 11.15	Obligations Absolute	184
	Section 11.16	Waiver of Defenses; Absence of Fiduciary Duties	184
	Section 11.17	Patriot Act	185
	Section 11.18	Bank Product Providers	185
	Section 11.19	EXCLUDED SWAP OBLIGATIONS	186
	Section 11.20	[Reserved].	186
	Section 11.21	Judgment Currency	186
	Section 11.22	Waiver of Sovereign Immunity	187
	Section 11.23	Revolving Credit Facility Priority	187


 




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	ANNEXES	 	 
	 	 	 
	Annex I	—	Initial Lenders and Commitments
	 	 	 
	SCHEDULES	 	 
	 	 	 
	Schedule 1.01(a)	—	Collateral Vessels
	Schedule 1.01(b)	—	Approved Classification Societies
	Schedule 1.01(c)	—	Acceptable Flag Jurisdictions
	Schedule 1.01(d)	—	Acceptable Third Party Technical Managers
	Schedule 1.01(e)	—	Unrestricted Subsidiaries
	Schedule 1.01(f)	—	Mortgaged Property
	Schedule 1.01 (g)	—	Demise Charters
	Schedule 1.01 (h)	—	Subsidiary Guarantors
	Schedule 1.01(i)	—	Indebtedness to be Refinanced
	Schedule 3.05(b)	—	Real Property
	Schedule 3.07(a)	—	Equity Interests
	Schedule 3.07(c)	—	Corporate Organizational Chart
	Schedule 3.07(d)	—	Immaterial Subsidiaries
	Schedule 3.14	—	Taxes
	Schedule 3.20	—	Insurance
	Schedule 3.27	—	Specified Accounts and Residual Bank Accounts
	Schedule 4.01(f)	—	Local Counsel
	Schedule 5.15	—	Post-Closing Matters
	Schedule 6.01(c)	—	Existing Indebtedness
	Schedule 6.02(c)	—	Existing Liens
	Schedule 6.04(b)	—	Existing Investments
	Schedule 6.09(e)	—	Certain Affiliate Transactions
	Schedule 6.09(f)	—	Certain Affiliate Transactions - Intercompany Claims 


 


	EXHIBITS	 	 
	Exhibit A	—	Form of Assignment and Acceptance
	Exhibit B	—	Form of Borrowing Request
	Exhibit C	—	Form of Compliance Certificate
	Exhibit D	—	Form of Intercompany Subordination Agreement
	Exhibit E	—	Form of Interest Election Request
	Exhibit F	—	Form of LC Request
	Exhibit G	—	Form of Auction Procedures
	Exhibit H-1	—	Form of Term Note
	Exhibit H-2	—	Form of Revolving Note
	Exhibit H-3	—	Form of Swingline Note
	Exhibit I	—	Form of Perfection Certificate
	Exhibit J-1	—	Form of Security Agreement
	Exhibit J-2	—	Form of Holdings Pledge Agreement
	Exhibit K	—	Form of Portfolio Interest Certificate
	Exhibit L	—	Form of Solvency Certificate
	Exhibit M	—	Form of Bank Product Provider Letter Agreement
	Exhibit N	—	Form of Joinder Agreement
	Exhibit O	—	Form of Quiet Enjoyment Agreement
	Exhibit P	—	Form of Collateral Vessel Mortgage


 




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CREDIT AGREEMENT


 


This CREDIT AGREEMENT
(as amended, supplemented or otherwise modified from time to time, this “Agreement”), dated as of August 5,
2014, is among Overseas Shipholding Group, Inc., a Delaware corporation (“Holdings”), OSG International, Inc.,
a Marshall Islands corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability
company (the “Co-Borrower”), the other Guarantors from time to time party hereto, the Lenders from time to time
party hereto, Jefferies Finance LLC, Barclays Bank PLC and UBS Securities LLC, as joint lead arrangers and joint book running managers
(in such capacity, the “Arrangers”), Jefferies Finance LLC, as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”), Barclays Bank PLC and UBS Securities LLC, as co-documentation agents
(in such capacity, the “Documentation Agents”), Jefferies Finance LLC, as syndication agent (in such capacity,
the “Syndication Agent”), Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties
(in such capacity, the “Collateral Agent” or the “Mortgage Trustee” as the context requires),
Jefferies Finance LLC, as swingline lender (in such capacity, the “Swingline Lender”), and Jefferies Finance
LLC, as an issuing bank for the Lenders (in such capacity, the “Issuing Bank”).


 


WITNESSETH:


 


Whereas,
(a) Holdings, the Administrative Borrower and certain of the other Companies are Debtors in the Bankruptcy Case filed under the
Bankruptcy Code in the Bankruptcy Court and (b) Holdings, the Administrative Borrower and such other Companies are proponents of
the Amended Reorganization Plan, which Amended Reorganization Plan has been confirmed by the Bankruptcy Court by the Confirmation
Order on July 18, 2014;


 


Whereas,
in connection with the Amended Reorganization Plan, the Borrowers have requested that the Lenders make available, on the effective
date of the Amended Reorganization Plan, a senior secured term loan facility to be available for borrowings on the date hereof,
in an aggregate principal amount of $628,375,000 and a senior secured revolving credit facility to be available for borrowings
from time to time on and after the date hereof until the Revolving Maturity Date, in an aggregate principal amount not in excess
of $50,000,000, in each case all as more particularly set forth herein;


 


WHEREAS, the Borrowers
have requested the Swingline Lender to extend credit, at any time and from time to time prior to the Revolving Maturity Date, in
the form of Swingline Loans, in an aggregate principal amount at any time outstanding not in excess of $10,000,000. The Borrowers
also have requested the Issuing Bank to issue Letters of Credit, in an aggregate face amount at any time outstanding not in excess
of $20,000,000, to be used by the Administrative Borrower and its Wholly Owned Restricted Subsidiaries as provided herein;


 


WHEREAS, the Borrowers
have agreed to secure all of their respective Obligations by granting to the Collateral Agent and the Mortgage Trustee (as applicable),
for the benefit of the Secured Parties, a perfected lien on substantially all of their respective assets, subject to certain agreed
exceptions contained herein and in the other Loan Documents;


 


WHEREAS, the Guarantors
have agreed to guarantee the Obligations of the Borrowers hereunder and to secure their respective Obligations by granting to the
Collateral Agent, for the benefit of the Secured Parties, a perfected lien on substantially all of their respective assets, subject
to certain agreed exceptions contained herein and in the other Loan Documents; and


 




    	 



    	 



    

 


WHEREAS, the Lenders
are willing to extend such credit to the Borrowers, the Swingline Lender is willing to extend such Swingline Loans to the Borrowers,
and the Issuing Bank is willing to issue Letters of Credit for the account of the Borrowers, in each case on the terms and subject
to the conditions set forth herein.


 


NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and in the other Loan Documents, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:


 


ARTICLE
I


 


DEFINITIONS


 


Section 1.01         Defined
Terms. As used in this Agreement, the following terms shall have the meanings specified below: 


“ABR”
when used in reference to any Loan or Borrowing, is used when such Loan comprising such Borrowing is, or the Loans comprising such
Borrowing are, bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions
of Article II.


 


“ABR Borrowing”
shall mean a Borrowing comprised of ABR Loans.


 


“ABR Loan”
shall mean any ABR Term Loan, ABR Revolving Loan or Swingline Loan.


 


“ABR Revolving
Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in
accordance with the provisions of Article II.


 


“ABR Term Loan”
shall mean any Term Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions
of Article II.


 


“Acceptable
Flag Jurisdiction” shall mean such flag jurisdictions as are listed on Schedule 1.01(c) or otherwise approved
by the Administrative Agent (such approval not to be unreasonably withheld).


 


“Acceptable
Third Party Technical Managers” shall mean those third party technical managers as are listed on Schedule 1.01(d).


 


“Acquisition
Consideration” shall mean the purchase consideration for a Permitted Acquisition and all other payments (including related
acquisition fees, costs and expenses), directly or indirectly, by any Restricted Party in exchange for, or as part of, or in connection
with, a Permitted Acquisition, whether paid in cash or by exchange of Equity Interests or of properties or otherwise and whether
payable at or prior to the consummation of a Permitted Acquisition or deferred for payment at any future time, whether or not any
such future payment is subject to the occurrence of any contingency, and includes any and all payments representing the purchase
price and any assumptions or repayments of Indebtedness and/or Contingent Obligations, “earn-outs” and other agreements
to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon
the revenues, income, cash flow or profits (or the like) of any person or business; provided that any such future payment
that is subject to a contingency shall be considered Acquisition Consideration only to the extent of the reserve, if any, required
under GAAP (as determined at the time of the consummation of such Permitted Acquisition) to be established in respect thereof by
a Restricted Party.


 




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“Additional
Permitted Unsecured Debt” shall mean unsecured Indebtedness of the Administrative Borrower, which may be (x) incurred
on a joint and several unsecured basis by the Co-Borrower and (y) guaranteed on an unsecured basis by the Co-Borrower (if not a
co-issuer thereof) and the Subsidiary Guarantors, so long as (i) any such Indebtedness does not mature earlier than 91 days
after the Latest Maturity Date in effect at the time of the incurrence or issuance of such Indebtedness, (ii) such Indebtedness
does not have any scheduled prepayment, amortization, redemption, sinking fund or similar obligations prior to 91 days after such
Latest Maturity Date (other than customary offers to purchase upon a change of control or asset sale), (iii) such Indebtedness
does not contain any financial maintenance covenants (whether stated as a covenant, default or otherwise), (iv) such Indebtedness
otherwise contains terms and conditions (excluding economic terms such as interest rate and redemption premiums) which, taken as
a whole, are not more restrictive on the Administrative Borrower and its Restricted Subsidiaries in any material respect than the
terms and conditions of the Loan Documents as in effect on the Closing Date (provided that a certificate of a Responsible
Officer of the Administrative Borrower that is delivered to the Administrative Agent in good faith at least five Business Days
prior to the incurrence of such Additional Permitted Unsecured Debt, together with a reasonably detailed description of the material
terms and conditions of such Additional Permitted Unsecured Debt or drafts of the documentation relating thereto, stating that
the Administrative Borrower has determined in good faith that such terms and conditions satisfy the requirements set forth in this
clause (iv) shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent
provides notice to the Administrative Borrower of an objection (including a reasonable description of the basis upon which it objects)
within five Business Days after being notified of such determination by the Administrative Borrower), and (v) such Indebtedness
is not guaranteed by any person other than the Co-Borrower, a Subsidiary Guarantor or Holdings.


 


“Additional
Permitted Unsecured Debt Documents” shall mean any indenture, purchase agreement, note agreement, loan agreement or other
agreement, document or instrument (including any note or guarantee) issued or executed and delivered with respect to any Additional
Permitted Unsecured Debt.


 


“Adjusted LIBOR
Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the greater of (x) an interest
rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) determined by the Administrative Agent to be equal to
the LIBOR Rate for such Eurodollar Borrowing in effect for such Interest Period divided by 1 minus the Statutory Reserves
(if any) for such Eurodollar Borrowing for such Interest Period and (y) 1.00% per annum.


 


“Administrative
Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as
the successor administrative agent pursuant to Article X.


 


“Administrative
Agent Fees” shall have the meaning assigned to such term in Section 2.05(b).


 


“Administrative
Borrower” shall have the meaning assigned to such term in the preamble hereto.


 


“Administrative
Expense Claims” shall have the meaning assigned to such term in the Amended Reorganization Plan.


 


“Administrative
Questionnaire” shall mean an administrative questionnaire in the form supplied from time to time by the Administrative
Agent.


 




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“Advisors”
shall mean legal counsel (including local and foreign counsel), auditors, accountants, consultants, appraisers, engineers or other
advisors.


 


“Affiliate”
shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the person specified; provided, however, that (x) for
purposes of Section 6.09, the term “Affiliate” shall also include (i) any person that directly or
indirectly owns 15% or more of any class of Equity Interests of the person specified and (ii) any person that is an officer
or director of the person specified and (y) for purposes of this Agreement, Jefferies LLC and its Affiliates shall be deemed
to be Affiliates of Jefferies Finance LLC.


 


“Agents”
shall mean the Arrangers, the Documentation Agent, the Syndication Agent, the Administrative Agent, the Collateral Agent and the
Mortgage Trustee; and “Agent” shall mean any of them, as the context may require.


 


“Agreement”
shall have the meaning assigned to such term in the preamble hereto.


 


“Alternate Base
Rate” shall mean, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the
greatest of (a) the Base Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
0.50%, (c) the Adjusted LIBOR Rate for an Interest Period of one month, plus 1.00% and (d) 2.00% per annum. If the Administrative
Agent shall have reasonably determined that it is unable to ascertain the Federal Funds Effective Rate or the Adjusted LIBOR Rate
for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with
the terms of the definition thereof, the Alternate Base Rate shall be determined without regard to clause (b) or (c), as applicable,
of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base
Rate due to a change in the Base Rate, the Federal Funds Effective Rate or the then applicable Adjusted LIBOR Rate shall be effective
on the effective date of such change in the Base Rate, the Federal Funds Effective Rate or the then applicable Adjusted LIBOR Rate,
respectively.


 


“Alternative
Currency” shall mean, for Letters of Credit, Euros, Pounds Sterling and any other currency agreed to by the Administrative
Agent, the Issuing Bank and the Administrative Borrower; provided that each such currency is a lawful currency that is readily
available, freely transferable and not restricted, able to be converted into Dollars and readily available in the London interbank
deposit market.


 


“Amended Plan
Documents” shall mean, collectively, the Amended Reorganization Plan and related Disclosure Statement filed by Holdings
and the other Debtors with the Bankruptcy Court on July 16, 2014 (as amended, restated, modified or otherwise supplemented from
time to time as, and to the extent, permitted by the Commitment Letter and this Agreement, together with any exhibits, documents,
supplements, attachments and agreements related thereto).


 


“Amended Reorganization
Plan” shall mean the first amended joint plan of reorganization relating to the Debtors’ Bankruptcy Case as filed
with the Bankruptcy Court on July 16, 2014 (as amended, restated, modified or otherwise supplemented from time to time as, and
to the extent, permitted by the Commitment Letter and this Agreement).


 


“Anti-Terrorism
Laws” shall have the meaning assigned to such term in Section 3.22(a).


 




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“Applicable
Margin” shall mean, for any day, with respect to (i) any Term Loan that is an ABR Loan, 3.75% per annum, (ii) any Term
Loan that is a Eurodollar Loan, 4.75% per annum, (iii) any Revolving Loan that is an ABR Loan, 3.50% per annum, (iv) any Revolving
Loan that is a Eurodollar Loan, 4.50% per annum, and (v) any Swingline Loan, 3.50% per annum.


 


“Approved Broker”
shall mean any of Compass Maritime Services, H. Clarkson & Co., Ltd., Fearneys A/S or any other independent shipbroker to be
mutually agreed upon between the Collateral Agent and the Administrative Borrower.


 


“Approved Classification
Society” shall mean any classification society set forth on Schedule 1.01(b) or otherwise approved by the
Administrative Agent (such approval not to be unreasonably withheld).


 


“Approved Electronic
Communications” shall mean any notice, demand, communication, information, document or other material that any Loan Party
provides to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein which is distributed
to the Agents or the Lenders by means of electronic communications pursuant to Section 11.01(b).


 


“Approved Fund”
shall mean, with respect to any Lender (including an Eligible Assignee that becomes a Lender), any person (other than a natural
person) that is engaged in making, purchasing, holding or investing in bank and other commercial loans and similar extensions of
credit in the ordinary course of its business and that is administered, advised (in an investment advisory capacity) or managed
by (a) such Lender (or such Eligible Assignee), (b) an Affiliate of such Lender (or such Eligible Assignee) or (c) an entity or
an Affiliate of an entity that administers, advises (in an investment advisory capacity) or manages such Lender (or such Eligible
Assignee).


 


“Arrangers”
shall have the meaning assigned to such term in the preamble hereto.


 


“Asset Sale”
shall mean (a) any disposition of any property by any Restricted Party and (b) any issuance or sale of any Equity Interests of
any Restricted Subsidiary of the Administrative Borrower, in each case, to any person other than the Administrative Borrower or
a Wholly Owned Restricted Subsidiary thereof. Notwithstanding the foregoing, an “Asset Sale” shall not include any
disposition of property permitted by, or expressly referred to in, Section 6.06(a), 6.06(c), 6.06(d),
6.06(e), 6.06(f), 6.06(g), 6.06(h), 6.06(i), 6.06(j), 6.06(k) or 6.06(l).


 


“Assignee Group”
shall mean two or more Approved Funds administered, advised (in an investment advisory capacity) or managed by the same investment
advisor or manager or by an Affiliate of such investment advisor or manager.


 


“Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender, as assignor, and an assignee (with
the consent of any party whose consent is required pursuant to Section 11.04(b)), and accepted by the Administrative
Agent, substantially in the form of Exhibit A, or such other form approved by the Administrative Agent.


 


“Attributable
Indebtedness” shall mean, when used with respect to any Sale and Leaseback Transaction, as at the time of determination,
the present value (discounted at a rate equivalent to the Administrative Borrower’s then-current weighted average cost of
funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee
for rental payments (and substantially similar payments) during the remaining term of the lease included in any such Sale and Leaseback
Transaction.


 




    	5



    	 



    

 


“Auction Manager”
shall mean (i) Jefferies Finance LLC or an Affiliate of Jefferies Finance LLC designated by it to the extent that Jefferies Finance
LLC or such Affiliate agrees to act as an Auction Manager in connection with a Discounted Prepayment Offer or (ii) another investment
bank of recognized standing selected by the Administrative Borrower which shall have been engaged by the Administrative Borrower
to act as an Auction Manager in connection with a Discounted Prepayment Offer.


 


“Auction Notice”
shall mean an auction notice given by the Administrative Borrower in accordance with the Auction Procedures with respect to a Discounted
Prepayment Offer.


 


“Auction Procedures”
shall mean the auction procedures with respect to Discounted Prepayment Offers set forth in Exhibit G.


 


“Available Amount”
shall mean, as of any date, an amount (which shall not be less than zero), determined on a cumulative basis, equal to, without
duplication:


 


(a)          $25,000,000;
plus


 


(b)          the
Retained Excess Cash Flow Amount; plus


 


(c)          the
cumulative amount of Net Cash Proceeds received after the Closing Date that have been contributed as a capital contribution to
Holdings or otherwise received by Holdings in respect of the issuance of Qualified Capital Stock by Holdings (in each case, solely
to the extent that such Net Cash Proceeds have been substantially contemporaneously contributed to the Administrative Borrower),
but excluding any such sale or issuance by Holdings of its Equity Interests upon exercise of any warrant or option to directors,
officers or employees of any Company or any Subsidiary thereof; provided that such proceeds were not obtained in connection
with the Transactions or used for expenditures that would otherwise have constituted Capital Expenditures; minus


 


(d)          the
cumulative amount of the Available Amount used to make Permitted Acquisitions in reliance on clause (ix)(II) of the definition
of “Permitted Acquisition” contained herein; minus


 


(e)          the cumulative
amount of Investments made in reliance on Section 6.04(o), minus


 


(f)          the
cumulative amount of Dividends made in reliance on Section 6.08(f), minus


 


(g)          the
cumulative amount of Restricted Debt Payments made in reliance on Section 6.11(a).


 


“Bank Product”
shall mean transactions under Hedging Agreements extended to the Administrative Borrower or a Subsidiary Guarantor by a Bank Product
Provider.


 


“Bank Product
Agreements” shall mean those agreements entered into from time to time by any Borrower or Subsidiary Guarantor with a
Bank Product Provider in connection with the obtaining of any of the Bank Products.


 




    	6



    	 



    

 


“Bank Product
Obligations” shall mean (a) all Hedging Obligations pursuant to Hedging Agreements entered into with one or more of the
Bank Product Providers, and (b) all amounts that the Administrative Agent or any Lender is obligated to pay to a Bank Product Provider
as a result of the Administrative Agent or such Lender purchasing participations from, or executing guarantees or indemnities or
reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider
to any Borrower or any Subsidiary Guarantor; provided that, in order for any item described in clause (a) or (b) above,
as applicable, to constitute “Bank Product Obligations,” the applicable Bank Product must have been provided on or
after the Closing Date and the Administrative Agent shall have received a Bank Product Provider Letter Agreement from the applicable
Bank Product Provider (and acknowledged by the Administrative Borrower) within 30 days after the date of the provision of the applicable
Bank Product to any Borrower or any Subsidiary Guarantor.


 


“Bank Product
Provider” shall mean any Agent, any Lender or any of their respective Affiliates (or any person who at the time the respective
Bank Product Agreement was entered into by such person was an Agent, a Lender or an Affiliate thereof); provided, however,
that no such person shall constitute a Bank Product Provider with respect to a Bank Product (x) unless and until the Administrative
Agent shall have received a Bank Product Provider Letter Agreement from such person with respect to the applicable Bank Product
(and acknowledged by the Administrative Borrower) within 30 days after the provision of such Bank Product to any Borrower or Subsidiary
Guarantor or (y) to the extent such person constitutes a “Bank Product Provider” (or similar term) under the ABL
Loan Documents.


 


“Bank Product
Provider Letter Agreement” shall mean a letter agreement substantially in the form of Exhibit M, or in such
other form reasonably satisfactory to the Administrative Agent, duly executed by the applicable Bank Product Provider, the applicable
Borrower or Subsidiary Guarantor, the Administrative Agent and, in any event, acknowledged by the Administrative Borrower.


 


“Bankruptcy
Case” shall mean the bankruptcy case of the Debtors listed as Case Number 12-20000 (PJW) filed under Chapter 11 of the
Bankruptcy Code in the Bankruptcy Court.


 


“Bankruptcy
Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect,
or any successor thereto.


 


“Bankruptcy
Court” shall mean the United States Bankruptcy Court for the District of Delaware.


 


“Bankruptcy
Rules” shall mean the Federal Rules of Bankruptcy Procedure and the Local Rules of Bankruptcy Practice and Procedure
of the United States Bankruptcy Court for the District of Delaware.


 


“Base Rate”
shall mean, for any day, the prime rate published in The Wall Street Journal for such day; provided that if
The Wall Street Journal ceases to publish for any reason such rate of interest, “Base Rate” shall mean
the prime lending rate as set forth on the Bloomberg page PRIMBB Index (or successor page) for such day (or such other service
as reasonably determined by the Administrative Agent from time to time for purposes of providing quotations of prime lending interest
rates); each change in the Base Rate shall be effective on the date such change is effective. The Base Rate is not necessarily
the lowest rate charged by any financial institution to its customers.


 


“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States.


 




    	7



    	 



    

 


“Board of Directors”
shall mean, with respect to any person, (a) in the case of any corporation, the board of directors of such person, (b) in the case
of any limited liability company, the board of managers or board of directors, as applicable, of such person, or if such limited
liability company does not have a board of managers or board of directors, the functional equivalent of the foregoing, (c) in the
case of any partnership, the board of directors or board of managers, as applicable, of the general partner of such person, or
if such general partner does not have a board of managers or board of directors, the functional equivalent of the foregoing, and
(d) in any other case, the functional equivalent of the foregoing.


 


“Borrowers”
shall mean, collectively, the Administrative Borrower and the Co-Borrower; and “Borrower” shall mean any one of them.


 


“Borrowing”
shall mean (a) Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect or (b) a Swingline Loan.


 


“Borrowing Request”
shall mean a request by the Administrative Borrower in accordance with the terms of Section 2.03 and substantially
in the form of Exhibit B, or such other form as mutually agreed to by the Administrative Agent and the Administrative
Borrower from time to time.


 


“Business Day”
shall mean any day other than a Saturday, Sunday or other day on which banks in New York City are authorized or required by law
or other governmental action to close; provided, however, that when used in connection with a Eurodollar Loan, the
term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London
interbank market.


 


“Capital Expenditures”
shall mean, without duplication, (a) any expenditure for any purchase or other acquisition of any asset, including capitalized
leasehold improvements, which would be classified as a fixed or capital asset on a consolidated balance sheet of the Administrative
Borrower and its Restricted Subsidiaries prepared in accordance with GAAP, and (b) Capital Lease Obligations and Synthetic Lease
Obligations, but excluding (i) expenditures made in connection with the replacement, substitution or restoration of property
to the extent made with the Net Cash Proceeds from Asset Sales or Casualty Events, (ii) the purchase price of equipment that
is purchased substantially contemporaneously with the trade-in of existing equipment to the extent of the gross amount of such
purchase price that is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such
time and (iii) Permitted Acquisitions.


 


“Capital Lease”
shall mean, with respect to any person, any lease of, or other arrangement conveying the right to use, any property by such person
as lessee that has been or should be accounted for as a capital lease on a balance sheet of such person prepared in accordance
with GAAP.


 


“Capital Lease
Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under any Capital Lease,
any lease entered into as part of any Sale and Leaseback Transaction or any Synthetic Lease, or a combination thereof, which obligations
are (or would be, if such Synthetic Lease or other lease were accounted for as a Capital Lease) required to be classified and accounted
for as Capital Leases on a balance sheet of such person in accordance with GAAP as in effect on the Closing Date, and the amount
of such obligations shall be the capitalized amount thereof (or the amount that would be capitalized if such Synthetic Lease or
other lease were accounted for as a Capital Lease) determined in accordance with GAAP as in effect on the Closing Date.


 


“Capital Requirements”
shall mean, as to any person, any matter, directly or indirectly, (i) regarding capital adequacy, capital ratios, capital
requirements, liquidity requirements, the calculation of such person’s capital or similar matters, or (ii) affecting
the amount of capital required to be obtained or maintained by such person or any person controlling such person (including any
direct or indirect holding company), or the manner in which such person or any person controlling such person (including any direct
or indirect holding company), allocates capital to any of its contingent liabilities (including letters of credit), advances, acceptances,
commitments, assets or liabilities.


 




    	8



    	 



    

 


“Cash Collateralized”
shall mean, with respect to any Letter of Credit, as of any date, that the Borrowers shall have deposited with the Collateral Agent
for the benefit of the Secured Parties, an amount in cash equal to 103% of the LC Exposure as at such date plus any accrued and
unpaid interest thereon. “Cash Collateralize” shall have the correlative meaning.


 


“Cash Equivalents”
shall mean, as of any date of determination and as to any person, any of the following (a) marketable securities issued, or directly,
unconditionally and fully guaranteed or insured, by the United States or any agency or instrumentality thereof (provided
that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year
from the date of acquisition by such person, (b) marketable direct obligations issued by any state of the United States or any
political subdivision of any such state or any public instrumentality thereof having maturities of not more than one year from
the date of acquisition by such person and, at the time of acquisition, having one of the two highest ratings obtainable from either
S&P or Moody’s, (c) time deposits and certificates of deposit of any Lender or any commercial bank having, or which is
the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or
the District of Columbia having, capital and surplus aggregating in excess of $500,000,000 and a rating of “A” (or
such other similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined
in Rule 436 under the Securities Act) with maturities of not more than one year from the date of acquisition by such person, (d)
repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (a)
above entered into with any person meeting the qualifications specified in clause (c) above, which repurchase obligations
are secured by a valid perfected security interest in the underlying securities, (e) commercial paper issued by any person incorporated
in the United States rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s,
and in each case maturing not more than one year after the date of acquisition by such person, (f) investments in money market
funds at least 95% of whose assets are comprised of securities of the types described in clauses (a) through (e) above, and (g)
in the case of any Foreign Restricted Subsidiary only, instruments equivalent to those referred to in clauses (a) through (f) above
denominated in a foreign currency, which are substantially equivalent in credit quality and tenor to those referred to above and
customarily used by businesses for short term cash management purposes in any jurisdiction outside of the United States to the
extent reasonably required in connection with any business conducted by any Foreign Subsidiary organized in such jurisdiction.


 


“Cash Interest
Expense” shall mean, for any period, Consolidated Interest Expense for such period, less the sum of (a) interest on any
debt paid by the increase in the principal amount of such debt including by issuance of additional debt of such kind or the accretion
or capitalization of interest as principal and (b) items described in clause (c) or, other than to the extent paid in cash
or Cash Equivalents, clause (g) of the definition of “Consolidated Interest Expense”. Notwithstanding anything
to the contrary contained herein, for purposes of determining Cash Interest Expense for any period ending prior to the first anniversary
of the Closing Date (other than for the purposes of calculating Excess Cash Flow), Cash Interest Expense shall be an amount equal
to actual Cash Interest Expense for the period from the Closing Date through the date of determination multiplied by a fraction
the numerator of which is 365 and the denominator of which is the number of days from the Closing Date through the date of determination.


 




    	9



    	 



    

 


“Casualty Event”
shall mean any loss of title (other than through a consensual disposition of such property in accordance with this Agreement) or
any loss of or damage to or any destruction of, or any condemnation or other taking (including by any Governmental Authority) of,
any property of any Restricted Party. “Casualty Event” shall include any taking of all or any part of any Real Property,
Vessel or Chartered Vessel of any Restricted Party or any part thereof, in or by condemnation or other eminent domain proceedings
pursuant to any Legal Requirement, or by reason of the temporary requisition of the use or occupancy of all or any part of any
Real Property, Vessel or Chartered Vessel of any Restricted Party or any part thereof by any Governmental Authority, or any settlement
in lieu thereof.


 


“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. § 9601
et seq.


 


“CEXIM Loan
Documents” shall mean that certain Loan Agreement, dated as of August 10, 2009 (as amended, supplemented or otherwise
modified prior to the Closing Date), by and among the Subsidiaries of the Administrative Borrower party thereto as borrowers, Holdings,
as guarantor, and Export-Import Bank of China, as original lender and agent, and any security agreements and related documents
entered into in connection therewith.


 


“Change in Control”
shall mean the occurrence of any of the following:


 


(a)          Holdings
at any time ceases to own directly 100% of the Equity Interests of the Administrative Borrower or ceases to have the power to vote,
or direct the voting of, any such Equity Interests (it being understood and agreed that, for the avoidance of doubt, the consummation
by Holdings of the OIN Spinoff shall not, in and of itself, constitute a “Change in Control” for purposes of this clause
(a));


 


(b)          any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding
any employee benefit plan of such person or group or its respective subsidiaries, and any person acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that, for purposes of this clause, such person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time (such right, an “option right”)), directly or indirectly, of either (x) Voting
Equity Interests of Holdings representing 50% or more of the voting power of the total outstanding Voting Equity Interests of Holdings
or (y) 50% or more of the total economic interests of the Equity Interests of Holdings (in either case, taking into account
in the numerator all such securities that such person or group has the right to acquire (whether pursuant to an option right or
otherwise) and taking into account in the denominator all securities that any person has the right to acquire (whether pursuant
to an option right or otherwise)); or


 


(c)          during
any period of 12 consecutive months, a majority of the members of the Board of Directors of Holdings cease to be composed of individuals
(i) who were members of that Board of Directors at the commencement of such period, (ii) whose election or nomination
to that Board of Directors was approved by individuals referred to in preceding clause (i) constituting at the time of
such election or nomination at least a majority of that Board of Directors or (iii) whose election or nomination to that Board
of Directors was approved by individuals referred to in preceding clauses (i) and (ii) constituting at the time of such election
or nomination at least a majority of that Board of Directors (excluding, in the case of both preceding clauses (i) and (ii), any
individual whose initial nomination for, or assumption of office as, a member of that Board of Directors occurs as a result of
an actual (or threatened) solicitation of proxies or consents for the election or removal of one or more directors by any person
or group other than a solicitation for the election of one or more directors by or on behalf of the Board of Directors).


 




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“Change in Law”
shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any
law, order, rule, regulation, policy, or treaty, (b) any change in any law, order, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding
anything herein to the contrary, (x) requests, rules, guidelines or directives under the Dodd-Frank Wall Street Reform and
Consumer Protection Act or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.


 


“Charges”
shall have the meaning assigned to such term in Section 11.13.


 


“Charter Contract
Lien Restrictions” shall mean, subject to Section 5.16(h), any provisions in a charter contract for a Vessel that
prohibits or limits the placing of a preferred ship mortgage or other Lien for the benefit of the Collateral Agent on such Vessel.


 


“Chartered
Vessels” shall mean the vessels demise chartered by the Administrative Borrower or any of its Restricted Subsidiaries
from a third party. The Chartered Vessels as of the Closing Date are identified as such on Schedule 1.01(a).


 


“Claims”
shall have the meaning assigned to such term in Section 11.03(b).


 


“Class”
shall mean the respective facility and commitments utilized in making Loans hereunder, including (i) as of the Closing Date, (x)
the Revolving Loans and the Initial Term Loans made pursuant to Section 2.01 on such date and (y) the Swingline Loans and
(ii) additional Classes of Revolving Loans or Term Loans that may be added after the Closing Date pursuant to Sections 2.20,
2.21 and 2.23.


 


“Closing Date”
shall mean August 5, 2014.


 


“Closing Date
Material Adverse Effect” shall mean any event, change, effect, development, circumstance or condition that, either individually
or in the aggregate, has caused or would reasonably be expected to cause a material adverse change in, or a material adverse effect
on, the financial condition, shareholders’ equity or results of operations of Holdings and its Subsidiaries, taken as a whole,
other than those events that (a) could reasonably be expected to result from the filing or commencement of the Bankruptcy Case
or the announcement of the filing, commencement or process of the Bankruptcy Case, (b) are the result of any action approved by
the Bankruptcy Court prior to May 2, 2014, (c) events set forth in the Prior Plan Documents or the Amended Reorganization Plan
(without regard to “risk factor” or other forward looking disclosure and based solely on facts as disclosed therein
and without giving effect to any developments not disclosed therein) (provided that changes in the underlying facts or related
events may constitute a Closing Date Material Adverse Effect), or (d) are the result of any change after May 2, 2014 in global,
national or regional political conditions (including acts of terrorism or war), macroeconomic factors, interest rates, currency
exchange rates, or in the general business, market and economic conditions affecting the industries and regions in which Holdings
and its Subsidiaries operate, in each case, to the extent that any such change does not have a disproportionate impact on Holdings
and its Subsidiaries, taken as a whole, relative to other persons operating in the industries in which Holdings and its Subsidiaries
operate.


 


“Co-Borrower”
shall have the meaning assigned to such term in the preamble hereto.


 




    	11



    	 



    

 


“Code”
shall mean the Internal Revenue Code of 1986, as amended.


 


“Collateral”
shall mean, collectively, all of the Collateral Vessels, the Security Agreement Collateral, the Mortgaged Property and all other
property of whatever kind and nature, whether now existing or hereafter acquired, pledged or purported to be pledged as collateral
or otherwise subject to a security interest or purported to be subject to a security interest under any Security Document other
than, in each case, the Excluded Collateral.


 


“Collateral
Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as
the successor collateral agent pursuant to Article X (it being understood that, unless the context expressly requires
otherwise, the term “Collateral Agent” shall include the Collateral Agent acting in its capacity as the Mortgage Trustee).


 


“Collateral
Vessel” shall mean (i) initially, the Vessels identified on Schedule 1.01(a) and (ii) thereafter, (x) any additional
Vessel acquired by a Borrower or a Subsidiary Guarantor after the Closing Date (other than an Excluded Vessel) and (y) any Vessel
that ceases to be an Excluded Vessel after the Closing Date.


 


“Collateral
Vessel Mortgage” shall mean a first preferred ship mortgage substantially in the form of Exhibit P or such
other form as may be reasonably satisfactory to the Administrative Agent and the Administrative Borrower.


 


“Commitment”
shall mean, with respect to any Lender, such Lender’s Revolving Commitment (including an Extended Revolving Commitment and
a Specified Refinancing Revolving Commitment), Swingline Commitment or Term Commitment.


 


“Commitment
Fee” shall have the meaning assigned to such term in Section 2.05(a).


 


“Commitment
Letter” shall mean the Commitment Letter, dated May 2, 2014, among Holdings, the Administrative Borrower, OBS, Jefferies
Finance LLC, Barclays Bank PLC, UBS AG, Stamford Branch, and UBS Securities LLC.


 


“Commodity Exchange
Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute.


 


“Communications”
shall have the meaning assigned to such term in Section 11.01(b).


 


“Companies”
shall mean Holdings, the Administrative Borrower and its Restricted Subsidiaries; and “Company” shall mean any
one of them.


 


“Compliance
Certificate” shall mean a certificate of a Financial Officer of the Administrative Borrower substantially in the form
of Exhibit C or such other form as the Administrative Agent and the Administrative Borrower may agree to from time
to time.


 


“Confidential
Information Memorandum” shall mean that certain confidential information memorandum dated June 2014 and relating to the
Transactions.


 


“Confirmation
Order” shall have the meaning assigned to such term in Section 4.01(d)(ii).


 




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“Connection
Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.


 


“Consolidated
Amortization Expense” shall mean, for any period, the amortization expense of the Administrative Borrower and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.


 


“Consolidated
Current Assets” shall mean, as at any date of determination, the total assets of the Administrative Borrower and its
Restricted Subsidiaries (other than cash, Cash Equivalents and marketable securities) which may properly be classified as current
assets on a consolidated balance sheet of the Administrative Borrower and its Restricted Subsidiaries in accordance with GAAP.


 


“Consolidated
Current Liabilities” shall mean, as at any date of determination, the total liabilities of the Administrative Borrower
and its Restricted Subsidiaries which may properly be classified as current liabilities (other than the current portion of any
Loans or other long-term Indebtedness) on a consolidated balance sheet of the Administrative Borrower and its Restricted Subsidiaries
in accordance with GAAP.


 


“Consolidated
Depreciation Expense” shall mean, for any period, the depreciation expense of the Administrative Borrower and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.


 


“Consolidated
EBITDA” shall mean, for any period, Consolidated Net Income for such period, adjusted by (i) adding thereto, without
duplication, in each case only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income
(and, with respect to the portion of Consolidated Net Income attributable to any Restricted Subsidiary of the Administrative Borrower,
only if a corresponding amount of cash would be permitted to be distributed to the Administrative Borrower by such Restricted Subsidiary
by operation of the terms of its Organizational Documents and all agreements, instruments, Orders and other Legal Requirements
applicable to such Restricted Subsidiary or its equityholders during such period):


 


(a)          Consolidated
Interest Expense for such period;


 


(b)          Consolidated
Amortization Expense for such period;


 


(c)          Consolidated
Depreciation Expense for such period;


 


(d)          Consolidated
Tax Expense for such period;


 


(e)          non-recurring
transaction costs and expenses (including legal, accounting, tax and appraisal and collateral field exam costs and expenses) incurred,
prior to, or within 135 days following, the Closing Date, in connection with the Transactions during such period;


 


(f)          extraordinary
losses or charges for such period;


 


(g)          the
aggregate amount of all other non-cash charges reducing Consolidated Net Income during such period (including (x) any write-down,
write-off or impairment of assets (other than current assets) and (y) non-cash stock based compensation expense, but excluding
the amortization of a prepaid cash item that was paid in a prior period);


 




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(h)          non-recurring
fees and expenses incurred during such period in connection with any Permitted Acquisition or incurrence or issuance of Indebtedness
(other than intercompany Indebtedness);


 


(i)          (x)
non-recurring cash charges incurred during such period in respect of restructurings, business process optimizations, headcount
reductions or other similar actions, including severance charges in respect of employee terminations and related employee replacement
costs and (y) non-recurring fees and expenses incurred during such period in respect of the OIN Spinoff;


 


(j)          to
the extent actually reimbursed in cash to the Administrative Borrower or any Restricted Subsidiary thereof, expenses incurred during
such period to the extent covered by indemnification provisions in any agreement in connection with a Permitted Acquisition;


 


(k)          to
the extent covered by insurance and actually reimbursed in cash to the Administrative Borrower or any Restricted Subsidiary thereof,
expenses incurred during such period with respect to liability or Casualty Events or business interruption;


 


(l)          other
non-recurring charges incurred during such period in an aggregate amount not to exceed $10,000,000; and


 


(m)        to
the extent that any Holdings Specified Expenses would have been added back to Consolidated EBITDA pursuant to clauses (i)(a) through
(l) above had such charge, tax or expense been incurred directly by the Administrative Borrower, such Holdings Specified Expenses.


 


(ii) subtracting
therefrom, without duplication,


 


(a)          the
aggregate amount of all non-cash income increasing Consolidated Net Income (other than the accrual of revenue or recording of receivables
in the ordinary course of business) for such period;


 


(b)          any
extraordinary income or gains for such period;


 


(c)          any
gains on extinguishment of debt (including as a result of the acquisition of any Term Loans by the Administrative Borrower or any
of its Subsidiaries); and


 


(d)          the
aggregate amount of any cash payments or cash charges during such period on account of any non-cash charges that were added back
to Consolidated EBITDA in a prior period pursuant to clause (i)(g) above.


 


Notwithstanding anything
to the contrary contained herein, for the purpose of calculating the Total Secured Leverage Ratio and the Total Leverage Ratio
for any period that includes the fiscal quarters of the Administrative Borrower ended on September 30, 2013, December 31, 2013,
March 31, 2014, June 30, 2014 or September 30, 2014, (i) Consolidated EBITDA for the fiscal quarter ended on September 30,
2014 shall be calculated on a pro forma basis in accordance with the definition of Consolidated EBITDA contained herein as if the
Transactions had been consummated on July 1, 2014, (ii) Consolidated EBITDA for the fiscal quarter ended on June 30, 2014
shall be deemed to be $13,700,000, (iii) Consolidated EBITDA for the fiscal quarter ended on March 31, 2014 shall be deemed
to be $38,600,000, (iv) Consolidated EBITDA for the fiscal quarter ended on December 31, 2013 shall be deemed to be $29,000,000,
and (v) Consolidated EBITDA for the fiscal quarter ended on September 30, 2013 shall be deemed to be $24,200,000.


 




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“Consolidated
Indebtedness” shall mean, as at any date, an amount equal to the sum of, without duplication, (i) the aggregate
principal amount of all Indebtedness of the Administrative Borrower and its Restricted Subsidiaries on such date (to the extent
such Indebtedness would be included on a balance sheet prepared in accordance with GAAP) consisting
only of Indebtedness for borrowed money and obligations in respect of Capital Lease Obligations, (ii) the aggregate principal
amount of all debt obligations of the Administrative Borrower and its Restricted Subsidiaries evidenced by bonds, debentures, notes,
loan agreements or similar instruments (other than performance, surety or similar bonds to the extent not otherwise included in
clause (i) above), (iii) the aggregate amount of unreimbursed drawings in respect of letters of credit (or similar
facilities) issued for the account of the Administrative Borrower or any of its Restricted Subsidiaries and (iv) the aggregate
amount of all Contingent Obligations of the Administrative Borrower and its Restricted Subsidiaries in respect of Indebtedness
of third persons of the type described in preceding clauses (i) through (iii), in each case calculated on a consolidated basis
for the Administrative Borrower and its Restricted Subsidiaries.


 


“Consolidated
Interest Expense” shall mean, for any period, the total consolidated interest expense of the Administrative Borrower
and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP plus, without
duplication:


 


(a)          imputed
interest on Capital Lease Obligations and Attributable Indebtedness of the Administrative Borrower and its Restricted Subsidiaries
for such period;


 


(b)          commissions,
discounts and other fees and charges owed by the Administrative Borrower or any of its Restricted Subsidiaries with respect to
letters of credit securing financial obligations, bankers’ acceptance financing, receivables financings and similar credit
transactions for such period;


 


(c)          amortization
of debt issuance costs, debt discount or premium and other financing fees and expenses incurred by the Administrative Borrower
or any of its Restricted Subsidiaries for such period;


 


(d)          cash
contributions to any employee stock ownership plan or similar trust made by the Administrative Borrower or any of its Restricted
Subsidiaries to the extent such contributions are used by such plan or trust to pay interest or fees to any person (other than
the Administrative Borrower or any of its Wholly Owned Restricted Subsidiaries) in connection with Indebtedness incurred by such
plan or trust for such period;


 


(e)          all
interest paid or payable with respect to discontinued operations of the Administrative Borrower or any of its Restricted Subsidiaries
for such period;


 


(f)          the
interest portion of any payment obligations of the Administrative Borrower or any of its Restricted Subsidiaries for such period
deferred for payment at any future time, whether or not such future payment is subject to the occurrence of any contingency, and
includes any and all payments representing the purchase price and any assumptions of Indebtedness and/or Contingent Obligations,
“earn-outs” and other agreements to make any payment the amount of which is, or the terms of payment of which are,
in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of any person or business;
and


 




    	15



    	 



    

 


(g)          all
interest on any Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries of the type described in clause (e)
or (j) of the definition of “Indebtedness” contained herein for such period;


 


provided that
Consolidated Interest Expense shall be calculated after giving effect to Hedging Agreements (including associated costs) intended
to protect against fluctuations in interest rates, but excluding unrealized gains and losses with respect to any such Hedging Agreements.


 


Notwithstanding anything to the contrary
contained herein, for purposes of determining Consolidated Interest Expense for any period ending prior to the first anniversary
of the Closing Date (other than for purposes of calculating Excess Cash Flow), Consolidated Interest Expense shall be an amount
equal to actual Consolidated Interest Expense from the Closing Date through the date of determination multiplied by a fraction
the numerator of which is 365 and the denominator of which is the number of days from the Closing Date through the date of determination.


 


“Consolidated
Net Income” shall mean, for any period, the consolidated net income (or loss) of the Administrative Borrower and its
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (after deduction for minority
interests and adjusted to reflect any Holdings Specified Expenses during such period as though such Holdings Specified Expenses
had been incurred directly by the Administrative Borrower and such Holdings Specified Expenses would have been included in the
calculation of the net income (or loss) of the Administrative Borrower for such period); provided that there shall be excluded
from such net income (to the extent otherwise included therein), without duplication:


 


(a)          the
net income (or loss) for such period of any person (other than the Administrative Borrower ) that is not a Restricted Subsidiary
of the Administrative Borrower (including any Unrestricted Subsidiary) or that is accounted for the by the equity method of accounting,
except to the extent that cash in an amount equal to any such income has actually been received by the Administrative Borrower
or (subject to clause (b) below) any of its Restricted Subsidiaries from such person during such period;


 


(b)          the
net income of any Restricted Subsidiary of the Administrative Borrower during such period to the extent that the declaration and/or
payment of dividends or similar distributions by such Restricted Subsidiary of that income is not permitted by operation of the
terms of its Organizational Documents or any agreement (other than any Loan Document), instrument, Order or other Legal Requirement
applicable to that Restricted Subsidiary or its equityholders during such period, except that the Administrative Borrower’s
equity in the net loss of any such Restricted Subsidiary for such period shall be included in determining Consolidated Net Income;
and


 


(c)          except
for determinations expressly required to be made on a Pro Forma Basis, the net income (or loss) of any person accrued prior to
the date it becomes a Restricted Subsidiary of the Administrative Borrower or all or substantially all of the property of such
person is acquired by the Administrative Borrower or any of its Restricted Subsidiaries.


 


“Consolidated
Secured Indebtedness” shall mean, as at any date of determination, the aggregate amount of Consolidated Indebtedness
that, as of such date, is secured by a Lien on any asset or property of the Administrative Borrower or any of its Restricted Subsidiaries.


 




    	16



    	 



    

 


“Consolidated
Tax Expense” shall mean, for any period, the sum of, without duplication, (i) the tax expense (including federal,
state, local and foreign income taxes) of the Administrative Borrower and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP and (ii) the aggregate amount of all Permitted Tax Distributions made during
such period (it being understood and agreed that, for the avoidance of doubt, Consolidated Tax Expense shall exclude the IRS Claims
(as defined in the Amended Reorganization Plan) that are settled with the IRS as part of the Amended Reorganization Plan).


 


“Consolidated
Total Assets” shall mean, at any date of determination, the net book value of all assets of the Administrative Borrower
and its Restricted Subsidiaries (or, for purposes of Sections 3.07(d)(ii) and 5.17, all of its Subsidiaries) determined
on a consolidated basis in accordance with GAAP on such date; provided that, except for purposes of Sections 3.07(d)(ii)
and 5.17, the net book value attributable to any Unrestricted Subsidiaries shall be excluded.


 


“Contingent
Obligation” shall mean, as to any person, any obligation, agreement, understanding or arrangement of such person guaranteeing
any Indebtedness, leases or other obligations (including dividends on Disqualified Capital Stock) (“primary obligations”)
of any other person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation
agreement, understanding or arrangement of such person, whether or not contingent: (a) to purchase any such primary obligation
or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or
payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth, net equity, liquidity, level of income, cash flow or solvency of the primary obligor; (c) to purchase
or lease property, securities or services primarily for the purpose of assuring the primary obligor of any such primary obligation
of the ability of the primary obligor to make payment of such primary obligation; (d) with respect to bankers’ acceptances,
letters of credit and similar credit arrangements, until a reimbursement or equivalent obligation arises (which reimbursement obligation
shall constitute a primary obligation); or (e) otherwise to assure or hold harmless the primary obligor of any such primary obligation
against the payment of such primary obligation; provided, however, that the term “Contingent Obligation”
shall not include endorsements of instruments for deposit or collection in the ordinary course of business or any product warranties
given in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determinable amount of the primary obligation, or portion thereof, in respect of which such Contingent Obligation is
made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether singly or jointly,
pursuant to the terms of the instrument, agreements or other documents or, if applicable, unwritten enforceable agreement, evidencing
such Contingent Obligation) or, if not stated or determinable, the amount that can reasonably be expected to become an actual or
matured liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good
faith.


 


“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.


 


“Controlled
Account” shall mean each Specified Account that is not a Non-Controlled Account (it being understood and agreed that
the OIN Concentration Account shall at all times be deemed to be a Controlled Account).


 


“Corrective
Extension Amendment” shall have the meaning assigned to such term in Section 2.20(e).


 




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“Credit Extension”
shall mean, as the context may require, (i) the making of a Loan by a Lender or (ii) the issuance of any Letter of Credit, or the
extension of the expiry date or renewal, or an amendment or other modification to increase the amount, of any then existing Letter
of Credit, by the Issuing Bank.


 


“Debtor”
shall mean any of Holdings and any of its Subsidiaries that are identified as debtors and debtors-in-possession in the Bankruptcy
Case.


 


“Debt Issuance”
shall mean the incurrence by any Restricted Party of any Indebtedness after the Closing Date (other than as permitted by Section 6.01).


 


“Debt Service”
shall mean, for any period, the sum of (i) Cash Interest Expense for such period plus (ii) scheduled principal amortization of
all Indebtedness (including the principal component of Capital Lease Obligations) of the Administrative Borrower and its Restricted
Subsidiaries for such period.


 


“Default”
shall mean any event, occurrence or condition which is, or upon notice, lapse of time or both would constitute, an Event of Default.


 


“Default Excess”
shall have the meaning assigned to such term in Section 2.16(c).


 


“Default Period”
shall have the meaning assigned to such term in Section 2.16(c).


 


“Default Rate”
shall have the meaning assigned to such term in Section 2.06(c).


 


“Defaulted Loans”
shall have the meaning assigned to such term in Section 2.16(c).


 


“Defaulting
Lender” shall mean any Lender that has (a) failed to fund its portion of any Borrowing, or any portion of its participation
in any Letter of Credit or Swingline Loan, within one Business Day of the date on which it shall have been required to fund the
same (unless the subject of a good faith dispute between the Administrative Borrower and such Lender related hereto), (b) notified
the Administrative Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender in writing that
it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect
that it does not intend to comply with its funding obligations under this Agreement or under agreements in which it commits to
extend credit generally, (c) failed, within three Business Days after written request by the Administrative Agent or the Administrative
Borrower, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans
and participations in then outstanding Letters of Credit and Swingline Loans (unless the subject of a good faith dispute between
the Administrative Borrower and such Lender); provided, that any such Lender shall cease to be a Defaulting Lender under
this clause (c) upon receipt of such confirmation by the Administrative Agent or the Administrative Borrower, (d) otherwise failed
to pay over to the Administrative Borrower, the Administrative Agent or any other Lender any other amount required to be paid by
it hereunder within one Business Day of the date when due (unless the subject of a good faith dispute), or (e) at any time after
the Closing Date (i) been (or has a parent company that has been) adjudicated as, or determined by any Governmental Authority having
regulatory authority over such person or its properties or assets to be, insolvent or (ii) become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar
person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that
has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee
for the benefit of creditors or similar person charged with reorganization or liquidation of its business or custodian appointed
for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding
or appointment unless, in the case of any Lender referred to in this clause (e), the Administrative Borrower, the Administrative
Agent, the Swingline Lender and the Issuing Bank shall be satisfied that such Lender intends, and has all approvals required to
enable it, to continue to perform its obligations as a Lender hereunder. For the avoidance of doubt, a Lender shall not be deemed
to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in such Lender or its parent
by a Governmental Authority; provided, that, as of any date of determination, the determination of whether any Lender is
a Defaulting Lender hereunder shall not take into account, and shall not otherwise impair, any amounts funded by such Lender which
have been assigned by such Lender to an SPC pursuant to Section 11.04(h). Any determination by the Administrative Agent
that a Lender is a Defaulting Lender shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender upon delivery of written notice of such determination by the Administrative Agent to the Administrative
Borrower and each other. In no event shall the reallocation of funding obligations provided for in Section 2.16(c) as a
result of a Lender being a Defaulting Lender nor the performance by non-Defaulting Lenders of such reallocated funding obligations
by themselves cause the relevant Defaulting Lender to become a non-Defaulting Lender.


 




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“Deposit Account”
shall mean a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization,
other than an account evidenced by a negotiable certificate of deposit.


 


“Deposit Account
Bank” shall mean a financial institution with whom a Deposit Account is maintained.


 


“Deposit Account
Control Agreement” shall mean a letter agreement, in form and substance reasonably satisfactory to the Collateral Agent,
executed by the relevant Loan Party, the Collateral Agent and the relevant Deposit Account Bank (or, with respect to any Deposit
Accounts located outside of the United States, customary security arrangements in the applicable jurisdictions for perfecting a
security interest in such Deposit Accounts and the assets deposited therein or credited thereto).


 


“Disclosure
Statement” shall mean the first amended disclosure statement with respect to the Amended Reorganization Plan as filed
with the Bankruptcy Court on May 2, 2014 (as amended, restated, modified or otherwise supplemented from time to time as, and to
the extent, permitted by the Commitment Letter).


 


“Discounted
Prepayment Offer” shall have the meaning assigned to such term in Section 2.22(a).


 


“Disposition”
or “disposition” shall mean, with respect to any property, any conveyance, sale, lease, sublease, assignment,
transfer or other disposition of such property (including (i) by way of merger or consolidation, (ii) any Sale and Leaseback Transaction
and (iii) any Synthetic Lease).


 


“Disqualified
Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms of any security or instrument into
which it is convertible or for which it is exchangeable or exercisable), or upon the happening of any event, (a) matures (excluding
any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the 91st
day after the Latest Maturity Date in effect at the time of the issuance of such Disqualified Capital Stock, (b) is convertible
into or exchangeable or exercisable (unless at the sole option of the issuer thereof) for (i) debt securities or other indebtedness
or (ii) any Equity Interests referred to in (a) above, in each case at any time on or prior to the date that is 91 days after
the Latest Maturity Date in effect at the time of the issuance of such Disqualified Capital Stock, or (c) contains any repurchase
or payment obligation which may come into effect prior to the date that is 91 days after such Latest Maturity Date. For the avoidance
of doubt, any Equity Interest that may or shall be repurchased or redeemed (but only to the extent permitted hereunder at such
time) from officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries
under their estates) of any Company, upon their death, disability, retirement, severance or termination of employment or service
shall not be deemed to be “Disqualified Capital Stock” for such reason alone.


 




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“Disqualified
Institutions” shall mean those persons (including any such person’s Affiliates that are clearly identifiable on
the basis of such Affiliates’ names) identified by the Administrative Borrower to the Administrative Agent in writing from
time to time to the extent such person is identified by name and is directly engaged in substantially similar business operations
as the Administrative Borrower or any of its Restricted Subsidiaries (in each case, other than a bona fide debt fund or an investment
vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions
of credit in the ordinary course), which designations shall not apply retroactively to disqualify any persons that have previously
acquired an assignment or participation interest in the Loans or the Commitments.


 


“Dividend”
shall mean, with respect to any person, that such person has declared or paid a dividend or returned any equity capital to the
holders of its Equity Interests or authorized or made any other distribution, payment or delivery of property (other than Qualified
Capital Stock of such person) or cash to the holders of its Equity Interests as such, or redeemed, retired, purchased or otherwise
acquired, directly or indirectly, for consideration any of its Equity Interests outstanding (or any options or warrants issued
by such person with respect to its Equity Interests), or set aside or otherwise reserved, directly or indirectly, any funds for
any of the foregoing purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for consideration
any of the outstanding Equity Interests of such person (or any options or warrants issued by such person with respect to its Equity
Interests). Without limiting the foregoing, “Dividends” with respect to any person shall also include all payments
made or required to be made by such person with respect to any stock appreciation rights, plans, equity incentive or achievement
plans or any similar plans or setting aside of or otherwise reserving any funds for the foregoing purposes.


 


“Documentation
Agents” shall have the meaning assigned to such term in the preamble hereto.


 


“Dollar Amount”
shall mean, at any time, with respect to any Letter of Credit (and any related LC Exposure), (A) if denominated in Dollars, the
amount thereof and (B) if denominated in any Alternative Currency, the amount thereof converted to Dollars in accordance with Sections 1.07,
2.18(e) and 2.18(m).


 


“Dollars”
or “$” shall mean lawful money of the United States.


 


“DSF Loan Documents”
shall mean that certain Second Amended and Restated Loan Agreement, dated as of August 28, 2008 (as amended, supplemented or otherwise
modified prior to the Closing Date) by and among the Subsidiaries of the Administrative Borrower party thereto as borrowers, Holdings,
the Administrative Borrower and OIN, as guarantors, Danish Ship Finance, as agent, and the lenders from time to time party thereto,
and any security agreements and related documents entered into in connection therewith.


 




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“Effective Yield”
shall mean, as to any tranche of term loans (including the Term Loans), the effective yield on such tranche of term loans, as reasonably
determined by the Administrative Agent, taking into account the applicable interest rate margins, interest rate benchmark floors
and all fees, including recurring, up-front or similar fees or original issue discount (amortized over four years following the
date of incurrence thereof; provided, that if the stated maturity date of a new tranche of term loans is less than four
years from the date of determination, then the “Effective Yield” for such tranche of term loans shall be determined
using an assumed amortization period equal to the actual remaining life to maturity of such tranche) payable generally to the lenders
making such tranche of term loans, but excluding any arrangement, structuring or other fees payable in connection therewith that
are not generally shared with the lenders thereunder.


 


“Eligible Assignee”
shall mean any person that meets the requirements to be an assignee under Section 11.04(b) (subject to such consents,
if any, as may be required under Section 11.04(b)) but, in any event, excluding Disqualified Institutions.


 


“Embargoed Person”
shall have the meaning assigned to such term in Section 6.19.


 


“Employee Benefit
Plan” shall mean any “employee benefit plan” as defined in Section 3(3) of ERISA which is, or at any
time during which the applicable statute of limitations remains open was, maintained or contributed to by any Company or any of
its ERISA Affiliates, other than a Multiemployer Plan.


 


“EMU Legislation”
shall mean the legislative measures of the European Council for the introduction of, changeover to or operation of a single or
unified European currency.


 


“Environment”
shall mean air, land, soil, surface waters, ground waters, stream and river sediments.


 


“Environmental
Claim” shall mean any claim, notice, demand, Order, action, suit or proceeding alleging or asserting liability or obligations
under Environmental Law, including liability or obligation for investigation, assessment, remediation, removal, cleanup, response,
corrective action, monitoring, post-remedial or post-closure studies, investigations, operations and maintenance, injury, damage,
destruction or loss to natural resources, personal injury, wrongful death, property damage, fines, penalties or other costs resulting
from, related to or arising out of (i) the presence, Release or threatened Release of Hazardous Material in, on, into or from
the Environment at any location or from any Vessel or Chartered Vessel or (ii) any violation of or non-compliance with Environmental
Law.


 


“Environmental
Law” shall mean any and all applicable current and future Legal Requirements relating to the Environment, the Release
or threatened Release of Hazardous Material, exposure to Hazardous Materials, natural resource damages, or occupational safety
or health.


 


“Environmental
Permit” shall mean any permit, license, approval, consent, registration, notification, exemption or other authorization
required by or from a Governmental Authority under any Environmental Law.


 


“Equity Interest”
shall mean, with respect to any person, any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such person,
including, if such person is a partnership, partnership interests (whether general or limited), or if such person is a limited
liability company, membership interests, and any other interest or participation that confers on a person the right to receive
a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof
or issued on or after the Closing Date, but excluding debt securities convertible or exchangeable into such equity.


 




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“Equity Issuance”
shall mean, without duplication, (i) any issuance or sale by Holdings after the Closing Date of any Equity Interests in Holdings
(including any Equity Interests issued upon exercise of any warrant or option or equity-based derivative) or any warrants or options
or equity-based derivatives to purchase Equity Interests in Holdings or (ii) any contribution to the capital of Holdings; provided,
however, that an Equity Issuance shall not include any issuance of Disqualified Capital Stock or Debt Issuance.


 


“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.


 


“ERISA Affiliate”
shall mean, with respect to any person, any trade or business (whether or not incorporated) that, together with such person, is
treated as a single employer under Section 414(b) or (c) of the Code (and, for purposes of Section 302 of ERISA and each
“applicable section” under Section 414(t)(2) of the Code, under Section 414(b), (c), (m) or (o) of the Code),
or under Section 4001 of ERISA.


 


“ERISA Event”
shall mean: (a) the occurrence of a “reportable event” within the meaning of Section 4043 of ERISA and the regulations
issued thereunder with respect to any Pension Plan for which the requirement to provide notice to the PBGC has not been waived;
(b) the failure to meet the minimum funding standard of Section 412 or 430 of the Code with respect to any Pension Plan (whether
or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment
under Section 430 of the Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer
Plan; (c) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent
to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (d) the withdrawal by any Company
or any of its ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension
Plan, in any case, resulting in liability to any Company or any of its ERISA Affiliates pursuant to Section 4063 or 4064 of
ERISA; (e) the institution by the PBGC of proceedings to terminate any Pension Plan under Section 4042 of ERISA, or the occurrence
of any event or condition which would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Pension Plan; (f) the imposition of liability on any Company or any of its
ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA;
(g) the withdrawal of any Company or any of its ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections
4203 and 4205 of ERISA) from any Multiemployer Plan which withdrawal would reasonably be expected to result in liability to any
Company or any of its ERISA Affiliates, or the receipt by any Company or any of its ERISA Affiliates of notice from any Multiemployer
Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate
or has terminated under Section 4041A or 4042 of ERISA; (h) the imposition of a Lien pursuant to Section 430(k) of the
Code or pursuant to ERISA with respect to any Pension Plan or a violation of Section 436 of the Code; or (i) the occurrence
of a non-exempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which
would reasonably be expected to result in liability to any Company or any of its ERISA Affiliates.


 


“Euro”
shall mean the single currency of the participating member states as described in any EMU Legislation.


 


“Eurodollar
Borrowing” shall mean a Eurodollar Revolving Borrowing or a Eurodollar Term Borrowing.


 


“Eurodollar
Loan” shall mean any Eurodollar Revolving Loan or Eurodollar Term Loan.


 




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“Eurodollar
Revolving Borrowing” shall mean a Borrowing comprised of Eurodollar Revolving Loans.


 


“Eurodollar
Revolving Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR
Rate in accordance with the provisions of Article II.


 


“Eurodollar
Term Borrowing” shall mean a Borrowing comprised of Eurodollar Term Loans.


 


“Eurodollar
Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in
accordance with the provisions of Article II.


 


“Event of Default”
shall have the meaning assigned to such term in Section 8.01.


 


“Excess Cash
Flow” shall mean, for any Excess Cash Flow Period, the sum, without duplication, of:


 


(a)         the
sum, without duplication, of:


 


(i)          Consolidated
EBITDA for such Excess Cash Flow Period;


 


(ii)         cash
items of income (including cash gains) during such Excess Cash Flow Period not included in calculating Consolidated EBITDA (other
than cash items of income (including cash gains) to the extent arising from any Asset Sale permitted hereunder or any Casualty
Event, in each case, so long as the Net Cash Proceeds received therefrom are applied and/or reinvested pursuant to Section 2.10(b)(v));


 


(iii)        the
decrease, if any, in the Net Working Capital from the beginning to the end of such Excess Cash Flow Period; and


 


(iv)        the
amount of any refund received in cash during such Excess Cash Flow Period on account of cash taxes (including penalties and interest)
paid in any prior Excess Cash Flow Period to the extent deducted from Excess Cash Flow in any prior Excess Cash Flow Period pursuant
to clause (b)(i) below and, without duplication, the reversal, during such Excess Cash Flow Period, of any reserve established
pursuant to clause (b)(i) below; minus


 


(b)         the
sum, without duplication, of:


 


(i)          the
amount of any cash Consolidated Tax Expense paid or payable by the Administrative Borrower and its Restricted Subsidiaries with
respect to such Excess Cash Flow Period and for which, to the extent required under GAAP, reserves have been established;


 


(ii)         the
amount of any Permitted Tax Distributions paid in cash during such Excess Cash Flow Period;


 


(iii)        the
amount of Debt Service for such Excess Cash Flow Period;


 




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(iv)        amounts
actually paid and applied to the permanent repayments and prepayments of principal of Indebtedness (other than Loans) made by the
Administrative Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period but only to the extent that (A) (i)
such repayments and prepayments by their terms cannot be reborrowed or redrawn, and (ii) such repayments and prepayments do not
occur in connection with a refinancing of all or a portion of such Indebtedness, and (B) the amounts used to make such payments
are funded from Internally Generated Funds (other than on reliance on the use of the Available Amount (other than clause (a) of
the definition thereof));


 


(v)         the
sum of (i) Capital Expenditures made in cash during such Excess Cash Flow Period, to the extent funded from Internally Generated
Funds, and (ii) cash consideration paid during such Excess Cash Flow Period to make Permitted Acquisitions to the extent funded
from Internally Generated Funds (other than on reliance on the use of the Available Amount (other than clause (a) of the definition
thereof));


 


(vi)        the
increase, if any, in the Net Working Capital from the beginning to the end of such Excess Cash Flow Period;


 


(vii)       cash
items of expense (including cash losses) during such Excess Cash Flow Period not deducted in calculating Consolidated EBITDA; and


 


(viii)      so
long as the OIN Spinoff has not been consummated, the sum of, without duplication, (i) the amount of cash Dividends paid to
Holdings pursuant to Section 6.08(d) (or any cash Investment made to Holdings in lieu of any such cash Dividend pursuant
to Section 6.04(q)) during such Excess Cash Flow Period, (ii) the amount of cash Dividends paid to Holdings pursuant to
Section 6.08(f) to the extent that such cash Dividends are used by Holdings to make an interest payment or pay a third party
expense that is then due and owing on the Existing OSG Notes and such cash Dividends are made solely on reliance on clause (a)
of the definition of “Available Amount” contained herein and (iii) the amount of cash Investments made to Holdings
pursuant to Section 6.04(o) to the extent that such cash Investments are used by Holdings to make an interest payment or
pay a third party expense that is then due and owing on the Existing OSG Notes and such cash Investments are made solely on reliance
on clause (a) of the definition of “Available Amount” contained herein.


 


“Excess Cash
Flow Period” shall mean each fiscal year of the Administrative Borrower (commencing with its fiscal year ending December
31, 2015).


 


“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.


 


“Exchange Rate”
shall mean and refer to the rate determined by the Issuing Bank to be the rate quoted by the person acting in such capacity as
the spot rate for the purchase by such person of such currency with Dollars through its principal foreign exchange trading office
at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made;
provided that the Issuing Bank may obtain such spot rate from another financial institution designated by the Issuing Bank
if the person acting in such capacity so elects; and provided further that the Issuing Bank may use such spot rate
quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative
Currency.


 


“Exchange Rate
Reset Date” shall have the meaning assigned to such term in Section 2.18(m).


 




    	24



    	 



    

 


“Excluded Account”
shall mean any Deposit Account or Securities Account (a) (i) to secure corporate credit card obligations of the Administrative
Borrower or any of its Restricted Subsidiaries or (ii) to secure operating lease obligations of the Administrative Borrower or
any of its Restricted Subsidiaries, in each case, in the ordinary course of business and solely to the extent that (x) the granting
of a security interest in any such Deposit Account or Securities Account is prohibited by, or constitutes a violation or breach
of, a restriction pursuant to the applicable contract governing the respective credit card or lease obligations and (y) the only
proceeds held in such Deposit Account or Securities Account are used for the purposes set forth in preceding clause (i) or (ii),
as applicable, (b) that is identified as such on Schedule 3.27 as being maintained, and for so long as it remains maintained, by
any Borrower or Subsidiary Guarantor in the ordinary course of business as agent or administrator exclusively for any pool arrangement
with third parties so long as the proceeds held in (or credited to) such Deposit Accounts or Securities Accounts are distributed
promptly pursuant to the rules of the relevant pool arrangement to such Borrower, Subsidiary Guarantor and third parties or (c)
that is the account of OSG Ship Management (UK) Ltd., number 33892379, at Barclays Bank PLC to secure the payment of moneys and
the discharge of liabilities owed to Barclays Bank PLC in connection with the corporate payroll activities of OSG Ship Management
(UK) Ltd. in the ordinary course of business and solely to the extent that (w) the granting of a security interest in such account
is prohibited by, or constitutes a violation or breach of, a restriction pursuant to the Deed of Charge over Credit Balances By
a Chargor for Own Liabilities, between Barclays Bank PLC and OSG Ship Management (UK) Ltd., as in effect on the date hereof (and
any successor agreement thereto entered into in the ordinary course of business), (x) the only proceeds held in such account are
used for the purposes set forth in this clause (c) and (y) the aggregate average daily balance of such account does not exceed
£200,000.


 


“Excluded Collateral”
shall mean: (i) any contract, instrument, license or other agreement to which any Loan Party is a party, any of its rights or interests
thereunder, or any assets subject thereto, the granting of a security interest in which is prohibited by, or constitutes a violation
or breach of a restriction pursuant to applicable Legal Requirements or the respective contract, instrument, license or other agreement
(including any requirement to obtain the consent of any Governmental Authority or third party (other than Holdings or any of its
Subsidiaries or Controlled Affiliates)),, in each case, only for so long as the grant of such security interest shall constitute
or result in (x) the abandonment, invalidation or unenforceability of any right, title or interest of any Loan Party therein or
(y) a breach or termination pursuant to the terms of, or a default under, any such contract, instrument, license, property rights
or other agreement (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407,
9-408 or 9-409 of the UCC of any relevant or any other applicable Legal Requirement (including the Bankruptcy Code) or principles
of equity); provided, however, that such security interest shall attach immediately and automatically at such time
as the condition causing such abandonment, invalidation or unenforceability shall be remedied or any such consent has been obtained;
and provided, further, that, to the extent severable, shall attach immediately to any portion of such contract, instrument,
license or other agreement or any rights or interests thereunder or any assets subject thereto that does not result in any of the
consequences specified in preceding clause (x) or (y) including any proceeds and receivables of any such contract, instrument,
license or other agreement or any rights or interests thereunder or any assets subject thereto; (ii) any Margin Stock; (iii) any
Equity Interests in, and assets of, any Joint Ventures or non-Wholly Owned Subsidiaries to the extent the pledge thereof would
(A) violate or breach the terms of, or require the consent of any third party (other than Holdings or any of its Subsidiaries or
Controlled Affiliates) pursuant to, any shareholder or similar arrangements (including joint venture agreements) relating to such
Joint Venture or non-Wholly Owned Subsidiary, except to the extent that any such consent has been obtained, or (B) result (including
following any exercise of remedies) in a change in control, repurchase obligation or other materially adverse consequence to any
of the Loan Parties; (iv) any property subject to a Lien securing Purchase Money Obligations permitted hereunder to the extent
that a grant of a security interest therein would violate the terms of such Indebtedness, other than proceeds and receivables thereof;
(v) any United States  “intent to use” trademark applications filed pursuant to Section 1(b) of the Lanham Act,
15 U.S.C. Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of
Registration” pursuant to Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege Use”
whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section
1(c) of the Lanham Act; (vi) assets to the extent a security interest in such assets would result in a material adverse tax consequence
to the Administrative Borrower, as reasonably determined by the Administrative Borrower in consultation with  the  Administrative
Agent; (vii) assets as to which the costs of obtaining and/or perfecting such security interest are excessive in relation to the
practical benefit of the security to be afforded thereby (as reasonably determined by the Administrative Borrower and the Administrative
Agent); (viii) assets owned by a Subsidiary Guarantor after release of the Subsidiary Guarantor from its Guarantee pursuant
to the Loan Documents; (ix) any Specified OBS Collateral; (x) any leasehold interests in Real Property; (xi) any Excluded Accounts;
(xii) motor vehicles, aircraft and other assets subject to certificates of title (other than Vessels) to the extent that a Lien
on such assets cannot be perfected solely by the filing of a financing statement; (xiii) commercial tort claims with respect to
claimed damages of less than $2,500,000; (xiv) letter of credit rights (other than to the extent consisting of supporting obligations
that can be perfected solely by the filing of a financing statement); and (xv) any Equity Interests in any Unrestricted Subsidiary;
provided, however, it is understood and agreed that (x) to the extent any consent of a third party (that is
not Holdings or any of its Subsidiaries or Controlled Affiliates) is required by the terms of any charter to a third party with
respect to any Vessel that will comprise Collateral in order for a Loan Party to grant a Collateral Vessel Mortgage on such Vessel,
such Loan Party shall use its commercially reasonable efforts to promptly obtain such consent in coordination with the Administrative
Agent and (y) to the extent that any asset or property (including a Vessel) that is owned by a Loan Party ceases to be Excluded
Collateral because none of the applicable exclusions set forth above continue to apply to such asset or property, such asset or
property shall thereafter constitute Collateral and the applicable Loan Party shall take all such actions as may be required by
the Loan Documents to grant a perfected security interest therein to the Collateral Agent for the benefit of the Secured Parties.


 




    	25



    	 



    

 


“Excluded Subsidiary”
shall mean (a) Immaterial Subsidiaries, (b) any Subsidiary that is not a Wholly Owned Subsidiary, (c) any Subsidiary that is prohibited
by any applicable Legal Requirement of any Governmental Authority or by any contractual obligation existing on the Closing Date
(or, if later, the date it became a Restricted Subsidiary so long as such contractual obligation was existing prior to becoming
a Restricted Subsidiary and was not entered into in contemplation thereof and only applies to such Restricted Subsidiary) from
guaranteeing the Obligations or which would require governmental (including regulatory) consent, approval, license or authorization
to provide a Guarantee unless such consent, approval, license or authorization has been received, (d) Unrestricted Subsidiaries
and (e) Shirley Tanker SRL; provided, that any Subsidiary of the Administrative Borrower that provides a guarantee or is
otherwise an obligor in respect of the obligations under the Additional Permitted Unsecured Debt Documents shall be required to
be a Subsidiary Guarantor hereunder.


 


“Excluded Swap
Obligation” shall mean, with respect to any Guarantor, any Swap Obligation incurred after the Closing Date if, and to
the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest
to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof)
by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined
in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security
interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor’s failure to constitute
an “eligible contract participant” at such time. If a Swap Obligation arises under a master agreement governing more
than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such
Guarantee or security interest is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of the applicable Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and
the regulations thereunder.


 




    	26



    	 



    

 


“Excluded Taxes”
shall mean, with respect to a Recipient of any payment to be made by or on account of any obligation of any Borrower hereunder,
(a) income or franchise taxes and backup withholding taxes imposed on (or measured by) its net income (i) by the jurisdiction
under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender,
in which its applicable lending office is located or (ii) that are Other Connection Taxes, including (for the avoidance of
doubt) U.S. federal income tax imposed on the net income of a Foreign Lender as a result of such Foreign Lender engaging in a trade
or business in the United States; (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrowers
under Section 2.16), any U.S. Federal withholding tax that is imposed on amounts payable to such Foreign Lender at
the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that
such Foreign Lender (or its assignor) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts with respect to such withholding tax pursuant to Section 2.15 (it being understood and agreed, for
the avoidance of doubt, that any withholding tax imposed on a Foreign Lender as a result of a Change in Law or regulation or interpretation
thereof occurring after the time such Foreign Lender became a party to this Agreement shall not be an Excluded Tax under this clause
(b)); (c) taxes imposed as a result of a Foreign Lender’s failure to comply with Section 2.15(f); (d) branch
profits taxes imposed by any jurisdiction described in clause (a) above; (e) any U.S. federal withholding taxes imposed under
FATCA; and (f) any U.S. federal withholding taxes imposed as a result of such Foreign Lender’s failure to comply with Section 2.15(g).


 


“Excluded Vessel”
shall mean any Vessel owned by a Loan Party that constitutes Excluded Collateral.  The Excluded Vessels as of the Closing
Date are identified as such on Schedule 1.01(a), which Schedule also sets forth the basis for each such Vessel being
an Excluded Vessel.


 


“Executive Order”
shall have the meaning assigned to such term in Section 3.22(a).


 


“Existing 2018
OSG Notes” shall mean Holdings’ 8.125% Senior Notes due 2018 in an aggregate principal amount not to exceed $300,000,000.


 


“Existing 2024
OSG Notes” shall mean Holding’s 7.500% Senior Notes due 2024 in an aggregate principal amount not to exceed $146,000,000
(although as part of (and to the extent provided in) the Amended Reorganization Plan, certain holders may elect to receive, in
respect of their existing notes, notes with a maturity date thereof of no earlier than February 15, 2021 and that may have certain
other changes to the terms thereof as provided for in the Amended Reorganization Plan.


 


“Existing Lien”
shall have the meaning assigned to such term in Section 6.02(c).


 


“Existing OSG
Notes” shall mean, collectively, the Existing 2018 Notes and the Existing 2024 Notes.


 


“Extended Revolving
Commitments” shall have the meaning assigned to such term in Section 2.21(a).


 




    	27



    	 



    

 


“Extended Revolving
Loans” shall have the meaning assigned to such term in Section 2.21(a).


 


“Extended Term
Loans” shall have the meaning assigned to such term in Section 2.21(a).


 


“Extending Lender”
shall have the meaning assigned to such term in Section 2.21(a).


 


“Extension”
shall have the meaning assigned to such term in Section 2.20(a).


 


“Extension Amendment”
shall have the meaning assigned to such term in Section 2.20(d).


 


“Extension Election”
shall have the meaning assigned to such term in Section 2.20(c).


 


“Extension Request”
shall have the meaning assigned to such term in Section 2.20(a).


 


“Fair Market
Value” shall mean, with respect to any asset (including any Equity Interests of any person), the price at which a willing
buyer, not an Affiliate of the seller, and a willing seller who does not have to sell, would agree to purchase and sell such asset,
as determined in good faith by the Board of Directors or, pursuant to a specific delegation of authority by such Board of Directors
or a designated senior executive officer, of the Administrative Borrower, or the Subsidiary of the Administrative Borrower selling
such asset (or, in the case of an OIN Spinoff, Holdings).


 


“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (and
related legislation or official administrative guidance) implementing the foregoing.


 


“FCPA”
shall have the meaning assigned to such term in Section 3.22(d).


 


“Federal Funds
Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System of the United States arranged by federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day,
the average (rounded upwards, if necessary to the next 1/100th of 1%) of the quotations for the day for such transactions received
by the Administrative Agent from three federal funds brokers of recognized standing selected by it.


 


“Fee Letter”
shall mean the confidential Fee Letter, dated May 2, 2014, among Holdings, the Administrative Borrower, OBS, Jefferies Finance
LLC, Barclays Bank PLC, UBS AG, Stamford Branch, and UBS Securities LLC.


 


“Fees”
shall mean the Commitment Fees, the Administrative Agent Fees, the LC Participation Fees, the Fronting Fees and the other fees
referred to in Section 2.05.


 




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“Final Order”
shall mean an order or judgment of the Bankruptcy Court, as entered on the docket of the Bankruptcy Court that has not been reversed,
stayed, superseded or vacated, and as to which: (a) the time to appeal, seek review or rehearing or petition for certiorari has
expired and no timely-filed appeal or petition for review, rehearing, remand or certiorari is pending; or (b) any appeal taken
or petition for certiorari filed has been resolved by the highest court to which the order or judgment was appealed or from which
certiorari was sought, provided, however, that the possibility that a motion under Rule 59 or Rule 60 of the Federal
Rules of Civil Procedure, or any analogous rule under the Bankruptcy Rules or other rules governing procedure in cases before the
Bankruptcy Court, may be filed with respect to such order shall not cause such order not to be a Final Order.


 


“Financial Assets”
has the meaning specified in the UCC.


 


“Financial Officer”
of any person shall mean any of the chief financial officer, principal accounting officer, treasurer or assistant treasurer of
such person.


 


“FIRREA”
shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.


 


“First Priority”
shall mean, with respect to any Lien purported to be created in any Collateral pursuant to any Security Document, that such Lien
is (a) the most senior Lien to which such Collateral is subject (subject only to non-consensual Permitted Liens that arise under
any Legal Requirement), or (b) a Collateral Vessel Mortgage duly recorded or registered in accordance with the laws of the applicable
Acceptable Flag Jurisdiction in which such Collateral Vessel is registered covering a Collateral Vessel (subject only to Permitted
Collateral Vessel Liens which may, under applicable law, be entitled to priority over such Collateral Vessel Mortgage).


 


“Foreign Lender”
shall mean any Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code.


 


“Foreign Restricted
Subsidiary” shall mean any Foreign Subsidiary that is a Restricted Subsidiary.


 


“Foreign Subsidiary”
shall mean a Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or
the District of Columbia.


 


“Fronting Fee”
shall have the meaning assigned to such term in Section 2.05(c).


 


“Funding Default”
shall have the meaning assigned to such term in Section 2.16(c).


 


“GAAP”
shall mean generally accepted accounting principles in the United States applied on a consistent basis.


 


“Governmental
Approval” shall mean any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation,
registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.


 


“Governmental
Authority” shall mean any federal, state, local or foreign (whether civil, administrative, criminal, military or otherwise)
court, central bank or governmental agency, tribunal, authority, instrumentality, regulatory or self-regulatory, body or any subdivision
thereof or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers of or pertaining
to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign
entity or government (including any supra-national bodies such as the European Union or the European Central Bank).


 


“Granting Lender”
shall have the meaning assigned to such term in Section 11.04(h).


 




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“Guaranteed
Obligations” shall have the meaning assigned to such term in Section 7.01.


 


“Guarantees”
shall mean the guarantees issued pursuant to Article VII by each of the Guarantors.


 


“Guarantors”
shall mean (i) Holdings, (ii) each Subsidiary Guarantor and (iii) each Borrower in its capacity as a guarantor of
the Bank Product Obligations of another Restricted Party.


 


“Hazardous Materials”
shall mean hazardous substances, hazardous wastes, hazardous materials, or any other pollutants, contaminants, chemicals, wastes,
materials, compounds, constituents or substances, defined under, subject to regulation under, or which can give rise to liability
or obligations under, any Environmental Laws, including polychlorinated biphenyls (“PCBs”) or any substance or compound
containing PCBs, asbestos or any asbestos-containing materials in any form or condition, lead-based paint, urea formaldehyde, pesticides,
radon or any other, radioactive materials including any source, special nuclear or by-product material, petroleum, petroleum products,
petroleum-derived substances, crude oil or any fraction thereof, or any mold, microbial or fungal contamination that could pose
a risk to human health or the Environment.


 


“Hedging Agreement”
shall mean (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, currency swap transactions, cross-currency rate swap transactions, currency options, cap transactions, floor
transactions, collar transactions, spot contracts, futures contracts or other liabilities for the purchase or sale of currency
or other commodities at a future date in the nature of a futures contract or any other similar transactions or any combination
of any of the foregoing (including any options or warrants to enter into any of the foregoing), whether or not any such transaction
is governed by, or otherwise subject to, any master agreement or any netting agreement, and (b) any and all transactions or arrangements
of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master
agreement (or similar documentation) published from time to time by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such agreement or documentation, together
with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement.


 


“Hedging Obligations”
shall mean obligations under or with respect to Hedging Agreements.


 


“Hedging Termination
Value” shall mean, in respect of any one or more Hedging Agreements, after taking into account the effect of any netting
agreements relating to such Hedging Agreements (to the extent, and only to the extent, such netting agreements are legally enforceable
in Insolvency Proceedings against the applicable counterparty obligor thereunder), (i) for any date on or after the date such
Hedging Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (ii) for any date prior to the date referenced in preceding clause (i), the amount(s) determined as the mark-to-market
value(s) for such Hedging Agreements, as determined based upon one or more mid-market or other readily available quotations provided
by any recognized dealer in such Hedging Agreements (which may include an Agent, a Lender or any Affiliate of an Agent or a Lender).


 




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“Holdings”
shall have the meaning assigned to such term in the preamble hereto; provided, however, from and after the OIN Spinoff,
the term “Holdings” instead shall refer to New Holdings.


 


“Holdings Pledge
Agreement” shall mean a Pledge Agreement substantially in the form of Exhibit J-2 between Holdings and the Collateral
Agent for the benefit of the Secured Parties.


 


“Holdings Specified
Expenses” shall mean any charge, tax or expense incurred or accrued by Holdings during any period to the extent that
the Administrative Borrower or any of its Restricted Subsidiaries has paid a Dividend (or has made an Investment in lieu thereof
pursuant to Section 6.04(q)) to Holdings in respect thereof pursuant to Sections 6.08(c), (d) and (e).


 


“Immaterial
Subsidiary” shall mean, as of any date of determination, any Wholly Owned Restricted Subsidiary of the Administrative
Borrower (i) whose total assets (on a consolidated basis including its Restricted Subsidiaries, but excluding the value attributable
to any Unrestricted Subsidiary) as of the last day of the most recently ended Test Period for which financial statements have been
delivered pursuant to Section 5.01(a) or (b) did not exceed 2.0% of Consolidated Total Assets as of such date
or (ii) whose gross revenues (on a consolidated basis including its Restricted Subsidiaries, but excluding the revenues of
any Unrestricted Subsidiary) for such Test Period did not exceed 2.0% of the consolidated gross revenues of the Administrative
Borrower and its Restricted Subsidiaries for such period, but excluding the revenues of any Unrestricted Subsidiary; provided,
however, (x) a Wholly Owned Restricted Subsidiary of the Administrative Borrower that no longer meets the foregoing
requirements of this definition or is otherwise required to become a Loan Party pursuant to Section 5.10 shall no longer
constitute an Immaterial Subsidiary for purposes of this Agreement and (y) notwithstanding the foregoing, the Administrative
Borrower may elect to cause an Immaterial Subsidiary to become a Loan Party pursuant to Section 5.10, in which case
such Immaterial Subsidiary shall, upon satisfaction of the provisions of such Section, no longer constitute an Immaterial Subsidiary.
Notwithstanding the foregoing, (i) the total assets (as determined above) of all Immaterial Subsidiaries shall not exceed
5.0% of the Consolidated Total Assets, (ii) the gross revenues (as determined above) of all Immaterial Subsidiaries shall
not exceed 5.0% of the consolidated gross revenues of Administrative Borrower and its Restricted Subsidiaries (as determined above)
and (iii) any Restricted Subsidiary of the Administrative Borrower that guarantees or is an obligor of the Indebtedness incurred
under this Agreement and the other Loan Documents or Indebtedness under the Additional Permitted Unsecured Debt Documents shall
not be deemed an Immaterial Subsidiary.


 


“Increasing
Lenders” shall have the meaning assigned to such term in Section 2.21(b).


 


“Incremental
Joinder Agreement” shall have the meaning assigned to such term in Section 2.21(d).


 


“Incremental
Loan Amendment” shall have the meaning assigned to such term in Section 2.21(d).


 


“Incremental
Revolving Loans” shall have the meaning assigned to such term in Section 2.21.


 


“Incremental
Revolving Commitments” shall have the meaning assigned to such term in Section 2.21.


 


“Incremental
Term Loans” shall have the meaning assigned to such term in Section 2.21.


 




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“Indebtedness”
of any person shall mean, without duplication, (a) all obligations of such person for borrowed money; (b) all obligations of such
person evidenced by bonds, debentures, notes, loan agreements or similar instruments; (c) all obligations of such person under
conditional sale or other title retention agreements relating to property purchased by such person (even though the rights and
remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property);
(d) all obligations of such person issued or assumed as part of the deferred purchase price of property or services (excluding
trade accounts payable and accrued obligations incurred in the ordinary course of business on normal trade terms and not overdue
by more than 90 days); (e) all indebtedness secured by any Lien on property owned or acquired by such person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not the obligations secured thereby have been
assumed, but limited to the lower of (i) the Fair Market Value of such property and (ii) the amount of the Indebtedness
secured; (f) all Capital Lease Obligations, other Purchase Money Obligations and Synthetic Lease Obligations of such person; (g)
all obligations of such person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Equity
Interests of such person, valued, in the case of a redeemable preferred Equity Interest, at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends; (h) all Bank Product Obligations under Hedging Agreements valued at the
Hedging Termination Value thereof; (i) all obligations of such person for the reimbursement of any obligor in respect of letters
of credit, letters of guaranty, bankers’ acceptances and similar credit transactions; and (j) all Contingent Obligations
of such person in respect of Indebtedness or obligations of others of the kinds referred to in clauses (a) through (i) above;
provided that the term “Indebtedness” shall not include (i) preferred or prepaid revenues, (ii) purchase price
holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the
seller of such asset, (iii) any obligations constituting the exercise of appraisal rights and settlements of any claim of actions
(whether actual, contingent or potential) with respect thereto, (iv) any Indebtedness of Holdings appearing on the balance sheet
of any Borrower or Subsidiary Guarantor, or solely by reason of push down accounting under GAAP, in each case, so long as neither
the Administrative Borrower nor any Restricted Subsidiary thereof has any obligation with respect thereto and the holder of such
Indebtedness has no recourse to the Administrative Borrower or any Restricted Subsidiary thereof with respect thereto and
(v) those intercompany payment obligations as and to the extent described in Schedule 6.09(e). The Indebtedness of any person
shall include the Indebtedness of any other entity (including any partnership in which such person is a general partner) to the
extent such person is liable therefor as a result of such person’s ownership interest in or other relationship with such
entity, except to the extent that terms of such Indebtedness expressly provide that such person is not liable therefor.


 


“Indemnified
Taxes” shall mean (a) all Taxes other than Excluded Taxes and (b) to the extent not covered in preceding clause (a),
Other Taxes.


 


“Indemnitee”
shall have the meaning assigned to such term in Section 11.03(b).


 


“Information”
shall have the meaning assigned to such term in Section 11.12.


 


“Initial Term
Loans” shall mean the term loans made on the Closing Date pursuant to Section 2.01(a).


 


“Insolvency
Laws” shall mean the Bankruptcy Code, and all other insolvency, bankruptcy, receivership, liquidation, conservatorship,
assignment for the benefit of creditors, moratorium, rearrangement, reorganization, or similar Legal Requirements of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.


 




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“Insolvency
Proceeding” shall mean (i) any case, action or proceeding before any court or other Governmental Authority relating
to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (ii) any
general assignment for the benefit of creditors, formal or informal moratorium, composition, marshaling of assets for creditors
or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each case,
undertaken under United States federal or state or non-United States Legal Requirements, including the Bankruptcy Code.


 


“Insurance Deliverables
Requirement” shall mean, in relation to each Collateral Vessel, with respect to (i) marine, hull and machinery insurance
and increased value insurance, (ii) marine protection and indemnity insurance (including (x) insurance for liability arising
out of pollution and spillage or leakage of cargo and (y) cargo liability insurance), (iii) war risks insurance and increased value
insurance, (iv) such other marine insurance that has been reasonably requested by the Administrative Agent with the written consent
of the Administrative Borrower (not to be unreasonably withheld or delayed), in each case that is required to be maintained in
accordance with the terms of this Agreement, the Administrative Borrower shall have delivered to, or cause to be delivered, a letter
of undertaking from a marine insurance broker attaching cover notes and certificates of entry evidencing such insurance, together
with notices of assignment and loss payee clauses, and letters of undertaking issued by the protection and indemnity association,
each of which shall be reasonably satisfactory to the Administrative Agent.


 


“Intellectual
Property” shall mean any and all intellectual property rights recognized under applicable law, whether arising under
United States laws or otherwise, including patents and patent applications; trademarks, trade names, service marks, copyrights,
domain names and applications for registration thereof; trade secrets, proprietary information, inventions, databases, rights in
software, formulae, works of authorship, know-how and processes and the goodwill associated with any of the foregoing.


 


“Intercompany
Note” shall mean a promissory note (which may be a global intercompany note) in form and substance reasonably satisfactory
to the Administrative Agent.


 


“Intercompany
Subordination Agreement” shall mean an intercompany subordination agreement substantially in the form of Exhibit D.


 


“Interest Election
Request” shall mean a request by the Administrative Borrower to convert or continue a Revolving Borrowing or a Term Borrowing
in accordance with Section 2.08(b), substantially in the form of Exhibit E or such other form as the Administrative
Agent and the Administrative Borrower may agree to from time to time.


 


“Interest Payment
Date” shall mean (a) with respect to any ABR Loan (including all Swingline Loans), the last Business Day of each March,
June, September and December to occur during any period in which such ABR Loan is outstanding, (b) with respect to any Eurodollar
Loan, the last day of the Interest Period applicable to the Borrowing of which such Eurodollar Loan is a part and, in the case
of a Eurodollar Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such
Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, (c) with
respect to any Term Loan, the applicable Maturity Date for such Term Loan, and (d) with respect to any Revolving Loan or Swingline
Loan, the Revolving Maturity Date (or such earlier date on which the Revolving Commitments are terminated).


 




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“Interest Period”
shall mean, with respect to any Eurodollar Borrowing, the period commencing on the date of such Eurodollar Borrowing and ending
on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the Administrative Borrower
may elect; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period that commences
on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing.


 


“Internally
Generated Funds” shall mean funds not constituting the proceeds of any Indebtedness, Debt Issuance, Equity Issuance,
Asset Sale or Casualty Event (in each case, without regard to the exclusions from the definitions thereof, other than in the case
of an Asset Sale only, any disposition of assets permitted by Section 6.06(a) or 6.06(h)).


 


“Interpolated
Screen Rate” shall mean, with respect to the applicable Eurodollar Loan, the rate which results from interpolating on
a linear basis between:


 


(a)          the
applicable LIBOR Screen Rate for the longest period for which a LIBOR Screen Rate is available for such Eurodollar Loan, which
period is less than the Interest Period of such Eurodollar Loan; and


 


(b)          the
applicable LIBOR Screen Rate for the shortest period for which a LIBOR Screen Rate is available for such Eurodollar Loan, which
period exceeds the Interest Period of such Eurodollar Loan.


 


“Investments”
shall have the meaning assigned to such term in Section 6.04. For purposes of covenant compliance, the amount of any
Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment or any write-offs or write-downs thereof.


 


“ISM Code”
shall mean the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, adopted by the
International Maritime Organization.


 


“ISP”
shall mean, with respect to any Letter of Credit, the ‘International Standby Practices 1998’ (or ‘ISP 98’)
published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect
at the time of issuance of such Letter of Credit).


 


“ISPS Code”
shall mean the International Code for the Security of Ships and Port Facilities adopted by the International Maritime Organization.


 


“Issuing Bank”
shall mean, as the context may require, (a) each of (i) Jefferies Finance LLC (directly or through its affiliates, indirectly through
Natixis, New York Branch, or its affiliates or through any other financial institution acceptable to Jefferies Finance LLC) and
(ii) any other Lender reasonably acceptable to the Administrative Agent and the Administrative Borrower that agrees to issue Letters
of Credit hereunder, with respect to Letters of Credit issued by it; (b) any other Lender that may become an Issuing Bank pursuant
to Sections 2.18(j) and (k) with respect to Letters of Credit issued by such Lender; and/or (c) collectively, all
of the foregoing, as the context may require. Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit
to be issued by one or more Affiliates of such Issuing Bank (and such Affiliate shall be deemed to be an “Issuing Bank”
for all purposes of the Loan Documents). In the event that there is more than one Issuing Bank at any time, references herein and
in the other Loan Documents to the Issuing Bank shall be deemed to refer to the Issuing Bank in respect of the applicable Letter
of Credit or to all Issuing Banks, as the context requires.


 




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“Joinder Agreement”
shall mean a joinder agreement substantially in the form of Exhibit N.


 


“Joint Venture”
shall mean any person other than a Subsidiary of the Administrative Borrower (i) in which the Administrative Borrower or any
Restricted Subsidiary thereof holds or acquired a beneficial ownership interest (by way of ownership of Equity Interests or other
evidence of ownership) in excess of 20.0% of the Equity Interests of such person and (ii) which is engaged in a business permitted
by Section 6.14(b).


 


“Judgment Currency”
shall have the meaning assigned to such term in Section 11.21.


 


“Judgment Currency
Conversion Date” shall have the meaning assigned to such term in Section 11.21.


 


“Latest Maturity
Date” shall mean, at any date of determination, the latest Maturity Date applicable to any Class of Loans at such time
under this Agreement.


 


“LC Commitment”
shall mean the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.18. The amount of the LC
Commitment shall be $20,000,000 on the Closing Date, but in no event shall the LC Commitment exceed the Total Revolving Commitments.


 


“LC Disbursement”
shall mean a payment or disbursement made by the Issuing Bank pursuant to a Letter of Credit.


 


“LC Exposure”
shall mean, at any time, the sum of (a) the aggregate amount available to be drawn under all outstanding Letters of Credit at such
time plus (b) the aggregate principal amount of all Reimbursement Obligations outstanding at such time. The LC Exposure of any
Lender at any time shall mean its Pro Rata Percentage of the aggregate LC Exposure at such time. For all purposes of this Agreement
and the other Loan Documents, if, on any date of determination, a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP (or any other equivalent applicable rule with respect
to force majeure events), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn thereunder.


 


“LC Participation
Fee” shall have the meaning assigned to such term in Section 2.05(c).


 


“LC Request”
shall mean a request by the Administrative Borrower in accordance with the terms of Section 2.18(b) and substantially in
the form of Exhibit F, or such other form as the Issuing Bank and the Administrative Borrower may agree to from time to
time.


 


“LC Sub-Account”
shall mean a cash collateral account maintained with, and under the sole dominion and control of, the Collateral Agent, which shall
contain amounts deposited therein as cover for liabilities in respect of Letters of Credit as collateral security to be applied
in accordance with Section 2.18(i).


 


“Legal Requirements”
shall mean, as to any person, any treaty, law (including the common law), statute, ordinance, code, rule, regulation, guidelines,
license, permit requirement, judgment, decree, verdict, order, consent order, consent decree, writ, declaration or injunction,
policies and procedures, Order or determination of an arbitrator or a court or other Governmental Authority, and the interpretation
or administration thereof, in each case applicable to or binding upon such person or any of its property or to which such person
or any of its property is subject.


 




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“Lenders”
shall mean (a) the financial institutions and other persons party hereto as “Lenders” on the date hereof, and (b) each
financial institution or other person that becomes a party hereto pursuant to an Assignment and Acceptance, other than, in each
case, any such financial institution or person that has ceased to be a party hereto pursuant to an Assignment and Acceptance. Unless
the context clearly indicates otherwise, the term “Lenders” shall include the Issuing Bank and the Swingline Lender.


 


“Letter of Credit”
shall mean any letter of credit issued or to be issued by the Issuing Bank for the account of the Borrowers pursuant to Section
2.18.


 


“Letter of Credit
Expiration Date” shall mean, subject to Section 2.18(c), the date which is five Business Days prior to the Revolving
Maturity Date.


 


“Letter of Credit
Extension” shall mean, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof,
or the renewal or increase of the amount thereof.


 


“LIBOR Rate”
shall mean, with respect to any Eurodollar Borrowing for any Interest Period therefor, (x) the rate per annum equal to the
rate determined by the Administrative Agent at approximately 11:00 a.m., London, England time, on the date that is two Business
Days prior to the commencement of such Interest Period to be the London interbank offered rate as administered by ICE Benchmark
Administration Limited (or any other person that takes over the administration of such rate) that appears on the Reuters Screen
LIBOR01 Page (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such
screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion, in each case, the “LIBOR Screen Rate”)
for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period
(or, if such LIBOR Screen Rate is not available for the Interest Period of that Eurodollar Loan, the LIBOR Rate shall be the rate
per annum determined by the Administrative Agent to be the Interpolated Screen Rate for such Eurodollar Loan) or, if different,
the date on which quotations would customarily be provided by leading banks in the London interbank market for deposits in Dollars
for delivery on the first day of such Interest Period, provided that if such rate is below zero, the LIBOR Rate will be
deemed to be zero, or (y) if the rates referenced in preceding clause (x) are not available, the rate per annum
equal to the rate at which the Administrative Agent is offered deposits in Dollars at approximately 11:00 a.m., London, England
time, two Business Days prior to the first day of such Interest Period in the London interbank market for delivery on the first
day of such Interest Period for the number of days comprised therein and in an amount comparable to its portion of the amount of
such Eurodollar Borrowing to be outstanding during such Interest Period. “Reuters Screen LIBOR01 Page” shall
mean the display designated on the Reuters 3000 Xtra Page (or such other page as may replace such page on such service for the
purpose of displaying the rates at which Dollar deposits are offered by leading banks in the London interbank deposit market).


 


“LIBOR Screen
Rate” shall have the meaning provided in the definition of “LIBOR Rate” contained herein.


 


“Lien”
shall mean, with respect to any property, (a) any preferred ship mortgage, maritime lien, mortgage, deed of trust, lien (statutory
or other), judgment lien, pledge, encumbrance, charge, assignment, hypothecation, deposit arrangement, security interest or encumbrance
of any kind or any arrangement to provide priority or preference, in each of the foregoing cases whether voluntary or imposed or
arising by operation of law, and any agreement to give any of the foregoing, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement and (c) in the case of securities, any purchase option,
call or similar right of a third party with respect to such securities.


 




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“Loan”
or “Loans” shall mean, as the context may require, a Revolving Loan, a Swingline Loan or a Term Loan.


 


“Loan Documents”
shall mean this Agreement, the Notes, if any, the Security Documents, each Joinder Agreement, the Intercompany Subordination Agreement,
each Intercompany Note, each Incremental Joinder Agreement, any documents or certificates executed by any Borrower in favor of
the Issuing Bank relating to Letters of Credit, the Letters of Credit and all other documents, certificates, instruments or agreements
executed by or on behalf of a Loan Party for the benefit of any Agent, the Issuing Bank or any Lender in connection herewith on
or after the date hereof and, except for purposes of Section 11.02(b), the Fee Letter. Any reference in this Agreement or
any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements,
supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect
at any and all times such reference becomes operative.


 


“Loan Parties”
shall mean the Borrowers and the Guarantors.


 


“Loan to Value
Test” shall mean, at any time, that the sum of the then aggregate outstanding principal amount of all Loans at such time
and the Dollar Amount of the aggregate LC Exposure at such time shall be no greater than 65% of the aggregate Fair Market Value
of all Collateral Vessels at such time


 


“Majority Revolving
Lenders” shall mean, at any time, Revolving Lenders having outstanding Revolving Loans, LC Exposure and unused Revolving
Commitments representing more than 50% of the sum of all outstanding Revolving Loans, LC Exposure and unused Revolving Commitments
at such time; provided, that, (a) if there are fewer than three Revolving Lenders at any time, then Majority Revolving Lenders
shall then mean all Revolving Lenders, (b) if there are three Revolving Lenders at any time, then Majority Revolving Lenders shall
then mean, in addition to, and not in limitation of, the provisions of this definition that precede this proviso, at least two
Revolving Lenders and (c) Revolving Lenders that are Affiliates of one another shall be counted as a single Revolving Lender for
purposes of foregoing clauses (a) and (b) of this proviso.


 


“Margin Stock”
shall have the meaning assigned to such term in Regulation U.


 


“Material Adverse
Effect” shall mean (a) a material adverse effect on, or a material adverse change in, the condition (financial or otherwise),
results of operations, business, properties, assets or liabilities (contingent or otherwise) of the Restricted Parties, taken as
a whole (including, for the avoidance of doubt, as a result of any event, change, effect, circumstance, condition, development
or occurrence relating to Holdings that is a material adverse effect on, or a material adverse
change in, the condition (financial or otherwise), results of operations, business, properties, assets or liabilities (contingent
or otherwise) of the Restricted Parties, taken as a whole), (b) a material impairment of the ability of the Loan Parties to fully
and timely perform any of their obligations under any Loan Document, (c) a material impairment of the rights of or benefits or
remedies available to the Lenders, the Issuing Bank or any Agent under any Loan Document, or (d) a material adverse effect on the
Collateral or any material portion thereof or on the Liens in favor of the Collateral Agent (for its benefit and for the benefit
of the other Secured Parties) on the Collateral or the validity, enforceability, perfection or priority of such Liens.


 




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“Material Non-Public
Information” shall mean information and documentation that is (i) not publicly available and (ii) material
with respect to Holdings, the Administrative Borrower and its Subsidiaries or any of their respective securities for purposes of
foreign, United States Federal and state securities laws.


 


“Maturity Date”
shall mean, as the context may require, the Term Loan Maturity Date or the Revolving Maturity Date.


 


“Maximum Rate”
shall have the meaning assigned to such term in Section 11.13.


 


“Moody’s”
shall mean Moody’s Investors Service, Inc. and its successors.


 


“Mortgage”
shall mean an agreement, including a mortgage, deed of trust or any other document, creating and evidencing a First Priority Lien
in favor of the Collateral Agent on Mortgaged Property in form and substance reasonably satisfactory to the Administrative Agent,
with such schedules and including such provisions as shall be necessary to conform such document to applicable local or foreign
law or as shall be customary under applicable local or foreign Legal Requirements.


 


“Mortgage Policy”
shall mean an ALTA mortgage title insurance policy or an unconditional commitment therefor issued by one or more title insurance
companies reasonably satisfactory to the Collateral Agent (it being understood that the Collateral Agent may, in its reasonable
discretion, accept a municipal zoning letter in lieu of a zoning endorsement to such Mortgage Policy).


 


“Mortgaged Property”
shall mean (a) each Real Property owned in fee (if any) identified in Schedule 1.01(f) and (b) each other Real Property
owned in fee by any Borrower or Subsidiary Guarantor with a Fair Market Value in excess of $10,000,000, if any, which shall be
subject to a Mortgage delivered after the Closing Date pursuant to Section 5.10.


 


“Multiemployer
Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3) or Section 3(37) of ERISA and
subject to Title IV of ERISA to which any Company or any of its ERISA Affiliates is making or obligated to make contributions or
during the preceding five plan years, has made or been obligated to make contributions.


 


“Net Cash Proceeds”
shall mean: (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests), the proceeds thereof in the
form of cash, Cash Equivalents and marketable securities (including any such proceeds received by way of deferred payment of principal
pursuant to a note or installment receivable or purchase price adjustment receivable, or by the sale, transfer or other disposition
of any non-cash consideration received in connection therewith or otherwise, but only as and when received) received by any Restricted
Party (including cash proceeds subsequently received (as and when received by any Restricted Party) in respect of non-cash consideration
initially received) net of (i) reasonable and customary selling expenses (including reasonable brokers’ fees or commissions,
legal, accounting and other professional and transactional fees, survey costs, title insurance premiums, related search and recording
charges, mortgage recording taxes and transfer and similar taxes and the Administrative Borrower’s good faith estimate of
income taxes paid or payable in connection with such sale (after taking into account any available tax credits or deductions and
any tax sharing arrangements)), (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any liabilities
under any indemnification obligations associated with such Asset Sale or (y) any other liabilities retained by any Restricted
Party associated with the properties sold in such Asset Sale (provided that, to the extent and at the time any such amounts
are released from such reserve, such amounts shall constitute Net Cash Proceeds), and (iii) the principal amount, premium
or penalty, if any, interest and other amounts on any Indebtedness for borrowed money that is secured by a Lien on the properties
sold in such Asset Sale (so long as such Lien was permitted to encumber such properties under the Loan Documents at the time of
such sale) and which is repaid with such proceeds (other than (x) any such Indebtedness assumed by the purchaser of such properties
and (y) the Secured Obligations; (b) with respect to any Debt Issuance, incurrence or issuance of any Specified Refinancing
Term Loans or Refinancing Notes or issuance or sale of Equity Interests by any Restricted Subsidiary of the Administrative Borrower,
the cash proceeds thereof received by any Restricted Party, net of reasonable and customary fees, commissions, costs and other
expenses incurred in connection therewith; and (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation
awards and other compensation received by any Restricted Party in respect thereof, net of all reasonable costs and expenses incurred
in connection with the collection of such proceeds, awards or other compensation in respect of such Casualty Event.


 




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“Net Working
Capital” shall mean, at any time, Consolidated Current Assets at such time minus Consolidated Current Liabilities at
such time.


 


“New Holdings”
shall have the meaning assigned to such term in the definition of “OIN Spinoff Conditions” contained herein.


 


“New Lender”
shall have the meaning assigned to such term in Section 2.21(c).


 


“Non-Controlled
Account” shall mean any Specified Account (or newly established Deposit Account or Securities Account into which proceeds
of Collateral are paid (or required to be paid)) with respect to which any of the following is true:


 


(a)          such
Deposit Account or Securities Account is used exclusively as a payroll or pension account; or


 


(b)          the
aggregate average daily balances of such Deposit Account or Securities Account, when aggregated with the aggregate average daily
balances of all other Deposit Accounts and Securities Accounts deemed Non-Controlled Accounts pursuant to this clause (b), does
not exceed $2,500,000 in the aggregate (it being understood that the average daily balances of the Deposit Accounts or Securities
Accounts described in clause (a) of this definition shall not be counted toward such $2,500,000 limit).


 


“Non-Conforming
Plan of Reorganization” shall mean any Plan of Reorganization that does not provide for payments pursuant to such Plan
of Reorganization in respect of the Revolving Exposure to be made with the priority specified in ARTICLE IX and that has
not been approved by the Majority Revolving Lenders.


 


“Non-Recourse
Debt” shall mean Indebtedness:


 


(a)          as
to which neither the Administrative Borrower nor any of its Restricted Subsidiaries (i) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (ii) is directly or indirectly liable
as a guarantor or otherwise, or (iii) constitutes the lender;


 


(b)          no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against
an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Administrative
Borrower or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness
to be accelerated or payable prior to its stated maturity; and


 




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(c)          as
to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Administrative
Borrower or any of its Restricted Subsidiaries.


 


“Non-U.S. Plan”
shall mean any employee benefit plan, program, policy, arrangement or agreement maintained or contributed to by any Company with
respect to employees, officers or directors employed, or otherwise engaged, outside the United States.


 


“Notes”
shall mean any notes evidencing the Term Loans, Revolving Loans or Swingline Loans issued pursuant to Section 2.04(e),
if any, substantially in the form of Exhibit H-1, H-2 or H-3, respectively.


 


“NY UCC”
shall mean the UCC as in effect in the State of New York.


 


“Obligation
Currency” shall have the meaning assigned to such term in Section 11.21.


 


“Obligations”
shall mean (a) all obligations of the Borrowers and the other Loan Parties from time to time arising under or in respect of the
due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the
pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such Insolvency Proceeding) on the Loans,
when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment
required to be made by the Borrowers and the other Loan Parties from time to time under this Agreement in respect of any Letter
of Credit, when and as due, including payments in respect of Reimbursement Obligations, interest thereon and obligations to provide
cash collateral, and (iii) all other monetary obligations, including fees (including the fees provided for in the Fee Letter),
costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations
incurred during the pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such Insolvency Proceeding),
of the Borrowers and the other Loan Parties under this Agreement and the other Loan Documents and (b) the due and punctual performance
of all covenants, agreements, obligations and liabilities of the Borrowers and the other Loan Parties under or pursuant to this
Agreement and the other Loan Documents, in each case, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising; provided, that in no circumstances shall Excluded
Swap Obligations constitute Obligations.


 


“OBS”
shall mean OBS Bulk Ships, Inc., a Delaware corporation.


 


“OBS Credit
Agreements” shall mean (i) the ABL credit agreement, dated as of the date hereof, among Holdings, OBS, the other borrowers
party thereto, the other guarantors party thereto, the lenders party thereto from time to time, Wells Fargo Bank, National Association,
as the initial administrative agent, Wells Fargo Bank, National Association, as the initial collateral agent, and the other agents
and arrangers party thereto (together with the related loan documents thereunder) and (ii) the term loan credit agreement, dated
as of the date hereof, among Holdings, OBS, the other guarantors party thereto, the lenders party thereto from time to time, Jefferies
Finance LLC, as the initial administrative agent, Jefferies Finance LLC, as the initial collateral agent and the other agents and
arrangers party thereto (together with the related loan documents thereunder).


 


“OFAC”
shall have the meaning assigned to such term in Section 3.22(b).


 




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“Officer’s
Certificate” shall mean, as to any person, a certificate executed by any of the chairman of the Board of Directors (if
an officer), the chief executive officer, the president or one of the Financial Officers of such person, each in his or her official
(and not individual) capacity.


 


“OIN Concentration
Account” shall mean the Deposit Account of the Administrative Borrower at JPMorgan Chase with account number 232-1-015113
(and any replacement Deposit Account or Deposit Accounts in respect thereof).


 


“OIN Spinoff”
shall mean a dividend or other distribution by Holdings to its shareholders of at least 25% of the Equity Interests of New Holdings.


 


“OIN Spinoff
Conditions” shall mean (i) immediately before and after giving effect to the OIN Spinoff, no Default shall have occurred
and be continuing, (ii) immediately prior to the consummation of the OIN Spinoff, (I) Holdings shall have (x) formed a new holding
company that is organized under the laws of one of the states of the United States or another jurisdiction reasonably acceptable
to the Administrative Agent (“New Holdings”) and (y) contributed all of the Equity Interests of the Administrative
Borrower to New Holdings, (II) New Holdings (x) shall own 100% of the Equity Interests of the Administrative Borrower and (y) shall
have become a Guarantor hereunder and shall have pledged all of the Equity Interests of the Administrative Borrower and all intercompany
loans held by it of the Administrative Borrower or any of its Subsidiaries pursuant to the Holdings Pledge Agreement and (III)
the Administrative Agent, the Collateral Agent and the respective Loan Parties (including New Holdings) shall have entered into
such amendments to this Agreement and the other Loan Documents (without the further consent of any Lender) to reflect the foregoing
and to make such other technical changes to this Agreement and the other Loan Documents in connection therewith, and (iii) simultaneously
with the consummation of the OIN Spinoff, Holdings shall have (x) set aside in an escrow account established by Holdings on terms,
and pursuant to arrangements, reasonably satisfactory to the Administrative Agent cash in an aggregate amount of not less than
the sum of (1) all accrued and unpaid interest on the Existing OSG Notes through the date of the consummation of the OIN Spinoff
and (2) all interest expense that will accrue under the respective Existing OSG Notes from the date of the consummation of the
OIN Spinoff through the maturity of the respective Existing OSG Notes (it being understood and agreed that such escrow arrangements
may not be amended, modified or otherwise waived without the consent of the Administrative Agent) and (y) distributed at least
25% of the Equity Interests in New Holdings to its shareholders; provided that, for the avoidance of doubt, if all other
OIN Spinoff Conditions are met, the Administrative Agent and the Collateral Agent shall enter into such amendments to this Agreement
and the other Loan Documents as contemplated above without unreasonable delay.


 


“Order”
shall mean any judgment, decree, verdict, order, consent order, consent decree, writ, declaration or injunction.


 


“Organizational
Documents” shall mean, with respect to any person, (i) in the case of any corporation, the certificate of incorporation,
articles of incorporation or deed of incorporation and by-laws (or similar documents) of such person, (ii) in the case of
any limited liability company, the certificate or articles of formation or organization and operating agreement or memorandum and
articles of association (or similar constituent documents) of such person, (iii) in the case of any limited partnership, the
certificate of formation and limited partnership agreement (or similar constituent documents) of such person (and, where applicable,
the equityholders or shareholders registry of such person), (iv) in the case of any general partnership, the partnership agreement
(or similar constituent document) of such person, (v) in any other case, the functional equivalent of the foregoing, and (vi) any
shareholder, voting trust or similar agreement between or among any holders of Equity Interests of such person.


 




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“Other Connection
Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between
such Recipient and the jurisdiction (including any subdivision or taxing authority thereof) imposing such Tax (other than connections
arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or
sold or assigned an interest in any Loan or Loan Document).


 


“Other Taxes”
shall mean any and all present or future stamp, documentary, intangible, recording, filing or similar Taxes or any other excise
or property Taxes, charges (including fees and expenses to the extent incurred with respect to any such Taxes or charges) or similar
levies (including interest, fines, penalties and additions with respect to any of the foregoing) arising from any payment made
or required to be made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
any Loan Document.


 


“Participant”
shall have the meaning assigned to such term in Section 11.04(e).


 


“Participant
Register” shall have the meaning assigned to such term in Section 11.04(e).


 


“Patriot Act”
shall have the meaning assigned to such term in Section 3.22(a).


 


“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.


 


“Pension Plan”
shall mean any Employee Benefit Plan subject to the provisions of Title IV of ERISA or Section 412 or 430 of the Code or Section 302
or 303 of ERISA which is maintained or contributed to by any Company or any of its ERISA Affiliates or to which any Company or
any of its ERISA Affiliates has an obligation to contribute.


 


“Perfection
Certificate” shall mean a perfection certificate in the form of Exhibit I or any other form reasonably approved
by the Collateral Agent.


 


“Permitted Acquisition”
shall mean any transaction or series of related transactions for the direct or indirect (a) acquisition of all or substantially
all of the property of any person, or of any business or division of any person, (b) acquisition of all of the Equity Interests
of any person, and otherwise causing such person to become a Wholly Owned Restricted Subsidiary of such person, or (c) merger or
consolidation or any other combination with any person, if each of the following conditions is met:


 


(i)          no
Event of Default then exists or would result therefrom;


 


(ii)         after
giving effect to such transaction on a Pro Forma Basis, the Administrative Borrower shall be in compliance with a Total Leverage
Ratio of no greater than 6.00:1.00 for the Test Period most recently ended for which financial statements have been delivered to
the Administrative Agent pursuant to Section 5.01(a)(iii) or (b)(iii), as applicable;


 


(iii)        no
Restricted Party shall, in connection with any such transaction, assume or remain liable with respect to any Indebtedness of the
related seller or the business, person or properties acquired, except to the extent permitted to be incurred under Section 6.01;


 




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(iv)        the
person or business to be acquired shall be, or shall be engaged in, a business of the type that the Administrative Borrower and
its Restricted Subsidiaries are permitted to be engaged in under Section 6.14(b);


 


(v)         the
Board of Directors of the person to be acquired shall not have indicated its opposition to the consummation of such acquisition
(which opposition has not been publicly withdrawn);


 


(vi)        all
transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable Legal Requirements
and the Organizational Documents of the relevant Companies;


 


(vii)       the
Administrative Borrower shall have provided the Administrative Agent with (A) historical financial statements for the last three
fiscal years (or, if less, the number of years since formation) of the person or business to be acquired (audited if available
without undue cost or delay) and unaudited financial statements thereof for the most recent interim period that is available and
(B) all such other information and data relating to such transaction or the person or business to be acquired as may be reasonably
requested by the Administrative Agent;


 


(viii)      prior
to the proposed date of consummation of the transaction, the Administrative Borrower shall have delivered to the Administrative
Agent an Officer’s Certificate of the Administrative Borrower certifying that such transaction complies with this definition
(which shall have attached thereto reasonably detailed backup data and calculations showing such compliance);


 


(ix)         (a)
in the case of an acquisition of all or substantially all of the property of any person, (A) the person making such acquisition
is the Administrative Borrower or a Subsidiary Guarantor, and (B) to the extent required under the Loan Documents, including Section 5.10,
upon consummation of the Permitted Acquisition, the person being so acquired becomes a Subsidiary Guarantor, (b) in the case of
an acquisition of the Equity Interests of any person, (A) the person making such acquisition is the Administrative Borrower or
a Subsidiary Guarantor, (B) no less than 100% of the Equity Interests of the target person shall be acquired by the person making
such acquisition, and (C) to the extent required under the Loan Documents, including Section 5.10, upon consummation
of the Permitted Acquisition, the person the Equity Interests of which are being so acquired becomes a Subsidiary Guarantor, and
(c) in the case of a merger or consolidation or any other combination with any person, the person surviving such merger, consolidation
or other combination (x) is the Administrative Borrower or a Subsidiary Guarantor or (y) to the extent required under
the Loan Documents, including Section 5.10, upon consummation of the Permitted Acquisition becomes a Subsidiary Guarantor;


 


(x)          in
the case of the acquisition of 100% of the Equity Interests of any person (including by way of merger, consolidation or other combination),
such person shall own no Equity Interests of any other person (other than de minimis amounts) unless either (x) such
person owns 100% of the Equity Interests of such other person or (y) if such person owns Equity Interests in any other person
which is not a Wholly Owned Subsidiary of such person, (1) such non-Wholly Owned Subsidiary shall not have been created or established
in contemplation of, or for purposes of, the respective Permitted Acquisition, (2) any such non-Wholly Owned Subsidiary of the
respective person shall have been a non-Wholly Owned Subsidiary of such person prior to the date of the respective Permitted Acquisition
and (3) such person and/or its Wholly Owned Subsidiaries own at least 90% of the total value of all the assets owned by such person
and its Subsidiaries (for purposes of such determination, excluding the value of the Equity Interests of non-Wholly Owned Subsidiaries
held by such person and its Wholly Owned Subsidiaries); and


 




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(xi)         the
aggregate amount of Acquisition Consideration for all Permitted Acquisitions in any fiscal year of the Administrative Borrower
shall not exceed (I) $100,000,000 plus (II) the Available Amount as in effect immediately prior to such Permitted Acquisition.


 


“Permitted Charter”
shall mean a charter to a third party:


 


(a)          which
is a time charter, voyage charter, consecutive voyage charter or contract of affreightment;


 


(b)          which
is entered into on bona fide arm's length terms at the time at which the Vessel or Chartered Vessel is fixed; and


 


(c)          demise
charters existing on the Closing date as identified on Schedule 1.01(g).


 


“Permitted Chartered
Vessel Liens” shall have the meaning assigned to such term in Section 5.16(e)(ii).


 


“Permitted Collateral
Vessel Liens” shall mean the Liens permitted pursuant to clauses (a), (e), (j), (n), (r), (s), (t) and (v) of Section
6.02.


 


“Permitted Hedging
Agreement” shall mean any Hedging Agreement to the extent constituting a swap, cap, collar, forward purchase or similar
agreements or arrangements dealing with interest rates or currency exchange rates, either generally or under specific contingencies,
in each case entered into in the ordinary course of business and not for speculative purposes.


 


“Permitted Liens”
shall have the meaning assigned to such term in Section 6.02.


 


“Permitted Refinancing
Indebtedness” shall mean any Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries issued
in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease or discharge other
Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries, as applicable; provided that:


 


(i)          the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged
(plus all accrued and unpaid interest on such Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or
discharged and the amount of all fees and expenses, including premiums, incurred in connection therewith);


 


(ii)         such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged;


 




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(iii)        if
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment
to the Obligations, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Obligations on terms at
least as favorable to the holders of the Obligations as those contained in the documentation governing the Indebtedness being extended,
renewed, refunded, refinanced, replaced, defeased or discharged;


 


(iv)        such
Permitted Refinancing Indebtedness is incurred by the Restricted Party who is the obligor on the Indebtedness being extended, renewed,
refunded, refinanced, replaced, defeased or discharged and does not add any additional obligors or guarantors with respect thereto;
and


 


(v)         if
such Permitted Refinancing Indebtedness is secured, it shall not be secured by any assets other than the assets that secured the
Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged.


 


“Permitted Tax
Distributions” shall mean payments, dividends or distributions by the Administrative Borrower to Holdings to enable Holdings
to pay its consolidated or combined federal, state or local taxes then due and payable for the respective period, which payments
by the Administrative Borrower to Holdings are not in excess of the lesser of (x) the tax liabilities that would have been
payable by the Administrative Borrower and its Restricted Subsidiaries on a stand-alone basis for the respective period (calculated,
for the avoidance of doubt, without regard to the operations of any Unrestricted Subsidiary and without regard to any investment
credits, foreign tax credits, net operating losses, capital losses or other tax attributes to the extent Holdings previously reimbursed
the Administrative Borrower or its Restricted Subsidiary for utilizing such tax attribute in calculating Holdings’ consolidated
or combined federal, state or local tax liability) and (y) the actual tax liabilities then due and payable by Holdings for
the respective period.


 


“Person”
and “person” shall mean any natural person, corporation, business trust, joint venture, trust, association,
company (whether limited in liability or otherwise), partnership (whether limited in liability or otherwise) or Governmental Authority,
or any other entity, in any case, whether acting in a personal, fiduciary or other capacity.


 


“Plan of Reorganization”
shall mean any plan of reorganization, plan of liquidation, agreement for composition, or other type of plan of arrangement proposed
in or in connection with any Insolvency Proceeding.


 


“Platform”
shall mean IntraLinks, SyndTrak or a substantially similar electronic transmission system.


 


“Pounds Sterling”
shall mean freely transferable lawful money of the United Kingdom.


 


“Preferred Stock”
shall mean, with respect to any person, any and all preferred or preference Equity Interests (however designated) of such person
whether now outstanding or issued after the Closing Date.


 


“Prior Plan
Documents” shall mean, collectively, that certain joint plan of reorganization and related disclosure statement relating
to the Bankruptcy Case and filed by the Debtors with the Bankruptcy Court on March 7, 2014.


 




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“Priority Claims”
shall have the meaning assigned to such term in the Amended Reorganization Plan.


 


“Pro Forma Basis”
shall mean, in connection with any calculation of compliance with any financial covenant or financial term hereunder, the calculation
thereof after giving effect on a pro forma basis to (x) the incurrence of any Indebtedness (other than revolving Indebtedness,
except to the extent the same is incurred to refinance other outstanding Indebtedness, to finance a Permitted Acquisition or other
Investment or to finance a Dividend or Restricted Debt Payment) after the first day of the relevant Test Period, as if such Indebtedness
had been incurred (and the proceeds thereof applied) on the first day of such Test Period, (y) the permanent repayment of any Indebtedness
(other than revolving Indebtedness, except to the extent accompanied by a corresponding permanent commitment reduction) after the
first day of the relevant Test Period, as if such Indebtedness had been retired or repaid on the first day of such Test Period,
and (z) any Permitted Acquisition or other Investment then being consummated as well as any other Permitted Acquisition or other
Investment if consummated after the first day of the relevant Test Period and on or prior to the date of the respective Permitted
Acquisition or other Investment then being effected, with the following rules to apply in connection therewith:


 


(i)          all
Indebtedness (x) (other than revolving Indebtedness, except to the extent that the same is incurred to refinance other outstanding
Indebtedness, to finance Permitted Acquisitions or other Investments or to finance a Dividend or Restricted Debt Payment) incurred
or issued after the first day of the relevant Test Period (whether incurred to finance a Permitted Acquisition or other Investment,
to pay a Dividend to refinance Indebtedness or otherwise) shall be deemed to have been incurred or issued (and the proceeds thereof
applied) on the first day of such Test Period and remain outstanding through the date of determination and (y) (other than revolving
Indebtedness, except to the extent accompanied by a corresponding permanent commitment reduction) permanently retired or redeemed
after the first day of the relevant Test Period shall be deemed to have been retired or redeemed on the first day of such Test
Period and remain retired through the date of determination;


 


(ii)         all
Indebtedness assumed to be outstanding pursuant to preceding clause (i) shall be deemed to have borne interest at (x) the rate
applicable thereto, in the case of fixed rate indebtedness, or (y) the rates which would have been applicable thereto during the
respective period when same was deemed outstanding, in the case of floating rate Indebtedness (although interest expense with respect
to any Indebtedness for periods while same was actually outstanding during the respective period shall be calculated using the
actual rates applicable thereto while same was actually outstanding); and


 


(iii)        in
making any determination of Consolidated EBITDA on a Pro Forma Basis, pro forma effect shall be given to any Permitted Acquisition
or other Investment if effected during the respective Test Period as if same had occurred on the first day of the respective Test
Period, and taking into account, in the case of any Permitted Acquisition or other Investment, factually supportable and identifiable
cost savings and expenses which would otherwise be accounted for as an adjustment pursuant to Article 11 of Regulation S-X under
the Securities Act, as if such cost savings or expenses were realized on the first day of the respective period.


 


“Pro Rata Percentage”
of any Revolving Lender at any time shall mean the percentage of the Total Revolving Commitments of all Lenders represented by
such Lender’s Revolving Commitment.


 


“Process Agent”
shall have the meaning assigned to such term in Section 11.09(d).


 




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“Professional
Fees Claims” shall have the meaning assigned to such term in the Amended Reorganization Plan.


 


“Projections”
shall have the meaning assigned to such term in Section 3.04(c).


 


“property”
shall mean any right, title or interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible and including Equity Interests of any person and whether now in existence or owned or hereafter
entered into or acquired, including all Real Property, Vessels, Chartered Vessels, cash, securities, accounts, revenues and contract
rights.


 


“Public Lenders”
shall mean Lenders that do not wish to receive Material Non-Public Information with respect to Holdings, the Administrative Borrower
or its Subsidiaries.


 


“Purchase Money
Obligation” shall mean, for any person, the obligations of such person in respect of Indebtedness (including Capital
Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets or
the cost of installation, construction or improvement of any fixed or capital assets; provided, however, that (i)
such Indebtedness is incurred within 120 days after such acquisition, installation, construction or improvement of such fixed or
capital assets by such person and (ii) the amount of such Indebtedness (x) does not exceed the lesser of 100% of the Fair Market
Value of such fixed or capital asset or the cost of the acquisition, installation, construction or improvement thereof, as the
case may be, and (y) equals at least 50% of the lesser of the two amounts referred to in preceding clause (x).


 


“Purchase Price”
shall have the meaning assigned to such term in Section 11.04(k).


 


“Qualified Capital
Stock” of any person shall mean any Equity Interests of such person that do not constitute Disqualified Capital Stock.


 


“Qualified ECP
Guarantor” shall mean, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000
at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


“Real Property”
shall mean, collectively, all right, title and interest (including any leasehold, fee, mineral or other estate) in and to any and
all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means,
together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant
fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership,
lease or operation thereof.


 


“Recipient”
shall mean the Administrative Agent, any Lender or any Issuing Bank, as applicable.


 


“Refinancing”
shall mean the repayment in full of (together with any applicable prepayment premium or fee, with the commitments thereunder being
terminated, and all guarantees and security in respect thereof being released) all of the outstanding indebtedness of Holdings
and its Subsidiaries listed on Schedule 1.01(i).


 




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“Refinancing
Amendment” shall mean an amendment to this Agreement, in form and substance reasonably satisfactory to the Administrative
Agent, among the Borrowers, the Administrative Agent and the Lenders providing Specified Refinancing Term Loans or Specified Refinancing
Revolving Commitments, effecting the incurrence of such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments
in accordance with Section 2.23.


 


“Refinancing
Notes” shall mean one or more series of (1) senior secured notes secured by the Collateral on a first lien “equal
and ratable” basis with the Liens securing the Obligations; provided, however, for the avoidance of doubt,
any such Liens securing such senior secured notes shall provide for the Revolving Obligations to have the same priority (and to
have the same protective provisions) vis-à-vis such senior secured notes (and the holders and representatives thereof) as
are set forth in this Agreement and the other Loan Documents vis-à-vis the Term Loans, or (2) senior unsecured notes or
senior secured notes secured by the Collateral on a “junior” basis with the Liens securing the Obligations, in each
case, in respect of a refinancing of outstanding Indebtedness of the Borrowers under any one or more Classes of Term Loans (subject
to the proviso at the end of clause (e) below) with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned
or delayed); provided that, (a) if such Refinancing Notes shall be secured, (i) then such Refinancing Notes shall only be
secured by a security interest in the Collateral that secured the Classes of Term Loans being refinanced, and (ii) then such Refinancing
Notes shall be issued subject to customary intercreditor arrangements that are reasonably satisfactory to the Administrative Agent
(but giving effect to the proviso in clause (1) above); (b) no Refinancing Notes shall (i) mature prior to the Latest Maturity
Date then in effect immediately after giving effect to such refinancing or (ii) be subject to any amortization prior to the final
maturity thereof, or be subject to any mandatory redemption or prepayment provisions or rights prior to such final maturity (except
customary assets sale or change of control offer provisions); (c) the covenants, events of default, guarantees, collateral and
other terms of such Refinancing Notes are customary for similar debt securities in light of then prevailing market conditions at
the time of issuance (it being understood that no Refinancing Notes shall include any financial maintenance covenants (including
by way of a cross-default to this Agreement), but that customary cross-acceleration provisions may be included and that any negative
covenants with respect to indebtedness, investments, liens or restricted payments shall be incurrence-based) and in any event are
not more restrictive, when taken as a whole, to the Administrative Borrower and its Restricted Subsidiaries than those set forth
in this Agreement (other than with respect to interest rate, prepayment premiums and redemption provisions), except for covenants
or other provisions applicable only to periods after the Latest Maturity Date then in effect immediately after giving effect to
such refinancing (provided that a certificate of a Responsible Officer of the Administrative Borrower that is delivered
to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Refinancing Notes, together
with a reasonably detailed description of the material terms and conditions of such Refinancing Notes or drafts of the documentation
relating thereto, stating that the Administrative Borrower has determined in good faith that such terms and conditions satisfy
the requirement set forth in this clause (c), shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent provides notice to the Administrative Borrower of its objection during such five Business Day period
(including a reasonable description of the basis upon which it objects)); (d) (w) such Refinancing Notes may not have Liens that
are more extensive (or on different collateral) than those which applied to the Class of Term Loans being refinanced, (x) the borrower
or issuer of the Refinancing Notes shall be the Administrative Borrower, although the Co-Borrower may be a co-borrower or co-issuer
with respect thereto, (y) the guarantors with respect to the Refinancing Notes shall only be one or more of the Guarantors and,
if not otherwise a co-borrower or co-issuer thereof, the Co-Borrower, and (z) the aggregate principal amount (or accreted value,
if applicable) of such Refinancing Notes shall not exceed the aggregate principal amount (or accreted value, if applicable) of
the Term Loans being so refinanced (plus all accrued and unpaid interest on such Term Loans and the amount of all fees and expenses,
including premiums, incurred in connection therewith); and (e) the Net Cash Proceeds of such Refinancing Notes shall be applied,
substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Term Loans under the applicable
Classes of Term Loans being so refinanced; provided, however, the Net Cash Proceeds from any issuance of Refinancing
Notes may not be used to prepay any Class of outstanding Term Loans that are either unsecured or secured on a junior basis to the
Obligations at a time when more senior Term Loans are outstanding (or will remain outstanding after giving effect to any such prepayment).


 




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“Refinancing
Notes Indentures” shall mean, collectively, the indentures or other similar agreements pursuant to which any Refinancing
Notes are issued, together with all instruments and other agreements in connection therewith, as amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof, but only to the extent permitted under the terms of the Loan Documents.


 


“Register”
shall have the meaning assigned to such term in Section 11.04(c).


 


“Regulation
D” shall mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.


 


“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.


 


“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.


 


“Reimbursement
Obligations” shall mean the Borrowers’ obligations under Section 2.18(e) to reimburse LC Disbursements.


 


“Reinvestment
Proceeds Account” shall have the meaning assigned to such term in Section 2.10(b)(vi).


 


“Related Person”
shall mean, with respect to any person, (a) each Affiliate of such person and each of the officers, directors, employees, Advisors,
attorneys, agents, representatives, controlling persons and shareholders, partners, members and trustees of each of the foregoing,
and (b) if such person is an Agent, each other person designated, nominated or otherwise mandated by or assisting such Agent pursuant
to Section 10.05 or any comparable provision of any Loan Document.


 


“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, dispersing, emanating or migrating of any Hazardous Materials in, into, onto, from or through the Environment.


 


“Required Insurance”
shall mean insurance of the type, deductibles and amounts as set forth on Schedule 3.20.


 


“Required Lenders”
shall mean, at any date of determination, Lenders having Loans, LC Exposure, unused Revolving Commitments and Term Loan Commitments
representing more than 50% of the sum of all outstanding Loans, LC Exposure, unused Revolving Commitments and Term Loan Commitments
at such time; provided, however, for purposes of determining the Required Lenders at any time, the LC Exposure shall
be the Dollar Amount thereof at such time.


 




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“Residual Bank
Accounts” shall mean any Deposit Accounts identified as such in Part B of Schedule 3.27 that (i) are Deposit Accounts
held at HSBC Bank USA, National Association that are currently securing obligations under the CEXIM Loan Documents as to which,
after repayment of the obligations under the CEXIM Loan Documents on or promptly following the Closing Date, HSBC Bank USA, National
Association has been directed pursuant to a standing instruction to transfer all assets deposited therein or credited thereto to
a Specified Account that is not a Residual Bank Account and/or (ii) are Controlled Accounts that are intended to be closed within
three months following the Closing Date.


 


“Responsible
Officer” of any person shall mean any executive officer or Financial Officer of such person and any other officer or
similar official thereof with significant responsibility for the administration of the obligations of such person in respect of
this Agreement.


 


“Restricted
Debt Payment” shall mean any payment, prepayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition
for value of any Restricted Indebtedness.


 


“Restricted
Indebtedness” shall mean Indebtedness of any Company, the payment, prepayment, repurchase, defeasance or acquisition
for value of which is restricted under Section 6.11.


 


“Restricted
Parties” shall mean the Administrative Borrower and its Restricted Subsidiaries; and “Restricted Party”
shall mean any one of them.


 


“Restricted
Subsidiary” shall mean, at any time, any direct or indirect Subsidiary of the Administrative Borrower that is not then
an Unrestricted Subsidiary; provided that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted
Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary”.


 


“Retained Excess
Cash Flow Amount” shall mean, at any date of determination, an amount equal to (a) the sum of the amounts of Excess Cash
Flow for all Excess Cash Flow Periods ending on or prior to the date of determination for which the amount of Excess Cash Flow
shall have been calculated as provided in Section 5.01(f) and with respect to which any payment required under Section
2.10(b)(v) has been paid, minus (b) the sum at the time of determination of the aggregate amount of prepayments required
to be made pursuant to Section 2.10(b)(v) through the date of determination (whether or not such prepayments are accepted
by Lenders), minus (c) the amount by which the required Excess Cash Flow payment for the respective Excess Cash Flow Period
has been reduced pursuant to the proviso to Section 2.10(b)(v).


 


“Revolver Covenant
Event of Default” shall have the meaning assigned to such term in Section 8.01(d).


 


“Revolving Availability
Period” shall mean the period from and including the Closing Date to but excluding the earlier of (i) the Business Day
preceding the Revolving Maturity Date and (ii) the date of termination of the Revolving Commitments.


 


“Revolving Borrowing”
shall mean a Borrowing comprised of Revolving Loans.


 


“Revolving Commitment”
shall mean, with respect to each Lender, the commitment of such Lender to make Revolving Loans hereunder up to the amount set forth
on Annex I hereto or on Schedule 1 to the Assignment and Acceptance pursuant to which such Lender assumed its Revolving
Commitment, as applicable, as the same may be (a) increased from time to time pursuant to Section 2.21, (b) reduced from
time to time pursuant to Section 2.07 and (c) reduced or increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 11.04. In addition, the Revolving Commitment of each Lender shall include any Extended Revolving
Commitments and Specified Refinancing Revolving Commitments of such Lender. The aggregate principal amount of the Lenders’
Revolving Commitments on the Closing Date is $50,000,000.


 




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“Revolving Commitment
Increase Lender” shall have the meaning assigned to such term in Section 2.21(e).


 


“Revolving Exposure”
shall mean, with respect to any Lender at any time, the aggregate principal amount at such time of all outstanding Revolving Loans
of such Lender, plus the aggregate Dollar Amount at such time of such Lender’s LC Exposure, plus the aggregate principal
amount at such time of such Lender’s Swingline Exposure.


 


“Revolving Facility”
shall mean, at any time and with respect to any Revolving Lender, such Revolving Lender’s respective Revolving Commitments
and the extensions of credit thereunder at such time.


 


“Revolving Lender”
shall mean a Lender with a Revolving Commitment or with outstanding Revolving Exposure.


 


“Revolving Loan”
shall mean a revolving loan made by the Lenders to the Borrowers pursuant to Section 2.01(a); provided that, at any
time that any Incremental Revolving Commitments, Specified Refinancing Revolving Commitments or Extended Revolving Commitments
have been made available, the Incremental Revolving Loans and other revolving loans outstanding in respect thereof also shall be
Revolving Loans.


 


“Revolving Maturity
Date” shall mean February 5, 2019; provided, however, (i) to the extent that any of the Existing 2018 OSG
Notes (or any Indebtedness incurred to refund, refinance, replace, defease or discharge the Existing 2018 OSG Notes to the extent
that any such Indebtedness has any scheduled prepayment, amortization, maturity, redemption, sinking fund or similar payment prior
to the date that is 91 days after the Revolving Maturity Date in effect at the time of the incurrence or issuance of such Indebtedness)
are outstanding on December 29, 2017, then the Revolving Maturity Date instead shall be December 29, 2017, (ii) that with respect
to any Extended Revolving Commitments (and any related outstandings), the Revolving Maturity Date with respect thereto instead
shall be the final maturity date as specified in the applicable Extension Amendment, (iii) that with respect to any Specified Refinancing
Revolving Commitments (and related outstandings), the Revolving Maturity Date with respect thereto instead shall be the final maturity
date as specified in the applicable Refinancing Amendment, and (iv) that with respect to any
Class of Incremental Revolving Commitments, the Revolving Maturity Date with respect thereto shall be the Revolving Maturity Date
of the Revolving Facility subject to such increase (as specified in the applicable Incremental Loan Amendment).


 


“Revolving Obligations”
shall mean (i) all Revolving Loans, Swingline Loans, Letters of Credit (including LC Exposure and the requirement to Cash Collateralize
such LC Exposure) and Revolving Commitments and (ii) all Obligations relating to the Indebtedness and Revolving Commitments described
in preceding clause (i).  For the avoidance of doubt, Revolving Obligations includes all interest, fees and expenses accruing
or incurred during the pendency of any Insolvency Proceeding with respect to Revolving Obligations, whether or not such interest,
fees or expenses are allowed claims under any such Insolvency Proceeding.


 


“Rights Offering”
shall mean that certain rights offering by Holdings with respect to its common Equity Interests in an aggregate amount equal to
at least $1,510,000,000.


 




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“S&P”
shall mean Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., and its successors.


 


“Sale and Leaseback
Transaction” shall have the meaning assigned to such term in Section 6.03.


 


“Sanctions Authority”
shall mean the respective governmental institutions and agencies of the United States, European Union, United Kingdom and the United
Nations, including the U.S. Treasury Department, the U.S. Commerce Department, the U.S. State Department, the United Nations Security
Council, or other relevant sanctions authority of the United States, European Union, United Kingdom or the United Nations.


 


“Sanctions Laws”
shall mean the economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions,
executive orders or notices from regulators  implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions
Authority.


 


“SEC”
shall mean the United States Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the
functions thereof.


 


“Secured Obligations”
shall mean (a) the Obligations and (b) the due and punctual payment and performance of all Bank Product Obligations of the Borrowers
and the Subsidiary Guarantors; provided, that in no circumstances shall Excluded Swap Obligations constitute Secured Obligations.


 


“Secured Parties”
shall mean, collectively, (a) the Administrative Agent, (b) the Collateral Agent, (c) the Lenders, (d) the Issuing Bank and (e)
each Bank Product Provider.


 


“Securities
Account” has the meaning specified in the UCC.


 


“Securities
Account Control Agreement” shall mean a letter agreement, in form and substance reasonably satisfactory to the Collateral
Agent, executed by the relevant Loan Party, the Collateral Agent and the relevant Securities Intermediary (or, with respect to
any Securities Accounts located outside of the United States, customary security arrangements in the applicable jurisdictions for
perfecting a security interest in such Securities Accounts and the assets deposited therein or credited thereto).


 


“Securities
Act” shall mean the Securities Act of 1933, as amended.


 


“Securities
Collateral” shall mean “Securities Collateral” (as defined in the Security Agreement) collectively with “Securities
Collateral” (as defined in the Holdings Pledge Agreement).


 


“Securities
Intermediary” has the meaning specified in the UCC.


 


“Security Agreement”
shall mean a Security Agreement substantially in the form of Exhibit J-1 among the Borrowers, the Subsidiary Guarantors
and the Collateral Agent for the benefit of the Secured Parties.


 


“Security Agreement
Collateral” shall mean all property from time to time pledged or granted as collateral pursuant to the Security Agreement
or the Holdings Pledge Agreement.


 




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“Security Documents”
shall mean the Security Agreement, the Holdings Pledge Agreement, each Collateral Vessel Mortgage, each Mortgage, each Deposit
Account Control Agreement, each Securities Account Control Agreement and each other security document or pledge agreement delivered
in accordance with applicable local Legal Requirements to grant a valid, enforceable, perfected security interest (with the priority
required under the Loan Documents) in any property as collateral for the Secured Obligations, and all UCC or other financing statements
or instruments of perfection required by this Agreement, the Security Agreement, the Holdings Pledge Agreement, any Collateral
Vessel Mortgage, any Mortgage, any Deposit Account Control Agreement, any Securities Account Control Agreement or any other such
security document or pledge agreement to be filed or registered with respect to the security interests in property created pursuant
to the Security Agreement, the Holdings Pledge Agreement, any Collateral Vessel Mortgage, any Mortgage, any Deposit Account Control
Agreement, any Securities Account Control Agreement and any other document or instrument utilized to pledge any property as collateral
for the Secured Obligations.


 


“Solvent”
shall mean, with respect to any person, that, as of the date of determination, (a) the fair value of the properties of such person
will exceed its debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the property
of such person will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) such person generally
will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute
and matured, (d) such person will not have unreasonably small capital with which to conduct its business in which it is engaged
as such business is now conducted and is proposed, contemplated or about to be conducted following the Closing Date, and (e) such
person is not “insolvent” as such term is defined under any bankruptcy, insolvency or similar laws of any jurisdiction
in which any person is organized. For the purposes of this definition, the amount of any contingent liability at any time shall
be computed as the amount that, in light of all the facts and circumstances existing at such time represents the amount that can
be reasonably expected to become an actual or matured liability.


 


“SPC”
shall have the meaning assigned to such term in Section 11.04(h).


 


“Specified Accounts”
shall mean (i) each Reinvestment Proceeds Account, (ii) the OIN Concentration Account and (iii) any other Deposit Account or Securities
Account into which payments in respect of receivables, accounts, chattel paper, payment intangibles, charters and other contracts
owed to any Borrower or Subsidiary Guarantor are paid (or credited to) or are required to be paid (or credited to), but excluding
the Excluded Accounts.


 


“Specified Joint
Venture” shall mean any Restricted Party’s Equity Interest in the following Joint Ventures: (a) TI Africa Limited;
(b) TI Asia Limited; and (c) OSG Nakilat Corporation.


 


“Specified OBS
Collateral” shall mean (i) the Equity Interests of OBS held by Holdings or any of its Subsidiaries and (ii) all intercompany
Indebtedness owed to Holdings by OBS or any of its Subsidiaries.


 


“Specified Refinancing
Revolving Commitment” shall have the meaning assigned to such term in Section 2.23(a).


 


“Specified Refinancing
Term Loans” shall have the meaning assigned to such term in Section 2.23(a).


 




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“Shirley Transfer”
shall mean the following, in each case to occur within 45 days after the Closing Date (as such date may be extended by the Administrative
Agent in its sole discretion): (i) the transfer of legal ownership of Overseas Shirley by Shirley Tanker SRL to Shirley Aframax
Corporation, a Marshall Islands corporation that is a Wholly-Owned Restricted Subsidiary of the Administrative Borrower and a Subsidiary
Guarantor, (ii) the registration of the Overseas Shirley in the ownership of Shirley Aframax Corporation under the laws and flag
of the Republic of the Marshall Islands and (iii) the satisfaction by Shirley Aframax Corporation of the Vessel Collateral Requirements
with respect to the Overseas Shirley.


 


“Statutory Reserves”
shall mean for any day during any Interest Period for any Eurodollar Borrowing, the average maximum rate at which reserves (including
any marginal, supplemental or emergency reserves) are required to be maintained during such Interest Period under regulations issued
from time to time (including Regulation D, issued by the Board (the “Reserve Requirements”)) by member banks
of the United States Federal Reserve System in New York City with deposits exceeding one billion Dollars against Eurocurrency funding
liabilities (currently referred to as “Eurocurrency liabilities” (as such term is used in Regulation D)). Eurodollar
Borrowings shall be deemed to constitute Eurodollar liabilities and to be subject to such reserve requirements without benefit
of or credit for proration, exceptions or offsets which may be available from time to time to any Lender under the Reserve Requirements.


 


“Subordinated
Indebtedness” shall mean unsecured Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries
that is by its terms subordinated (on terms reasonably satisfactory to the Administrative Agent) in right of payment to all or
any portion of the Obligations.


 


“Subsidiary”
shall mean, with respect to any person (the “parent”) at any date, (i) any person the accounts of which would be consolidated
with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in
accordance with GAAP as of such date, (ii) any other corporation, limited liability company, association or other business entity
of which securities or other ownership interests representing more than 50% of the voting power of all Equity Interests entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as of such
date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole
general partner or the managing general partner of which is the parent and/or one or more subsidiaries of the parent or (b) the
only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other person that is otherwise
Controlled by the parent and/or one or more subsidiaries of the parent. Unless the context requires otherwise, “Subsidiary”
refers to a Subsidiary of the Administrative Borrower.


 


“Subsidiary
Guarantor” shall mean each Restricted Subsidiary of the Administrative Borrower listed on Schedule 1.01(h), as
well as any additional Restricted Subsidiary of the Administrative Borrower that is not an Excluded Subsidiary and becomes a Subsidiary
Guarantor pursuant to Section 5.10.


 


“Swap Obligation”
shall mean, with respect to any Borrower and any Subsidiary Guarantor, any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.


 


“Swingline Borrowing”
shall mean a Borrowing comprised of Swingline Loans.


 


“Swingline Commitment”
shall mean the commitment of the Swingline Lender to make revolving loans pursuant to Section 2.17, as the same may be reduced
from time to time pursuant to Section 2.17; provided that in no event shall the Swingline Commitment exceed the Total
Revolving Commitments. The aggregate principal amount of the Swingline Commitment shall be $10,000,000 on the Closing Date.


 




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“Swingline Exposure”
shall mean, at any time, the aggregate principal amount at such time of all outstanding Swingline Loans. The Swingline Exposure
of any Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time.


 


“Swingline Lender”
shall have the meaning assigned to such term in the preamble hereto.


 


“Swingline Loan”
shall mean any revolving loan made by the Swingline Lender pursuant to Section 2.17.


 


“Syndication
Agent” shall have the meaning assigned to such term in the preamble hereto.


 


“Synthetic Lease”
shall mean, as to any person, (a) any lease (including leases that may be terminated by the lessee at any time) of any property
(i) that is accounted for as an operating lease under GAAP and (ii) in respect of which the lessee retains or obtains ownership
of the property so leased for U.S. federal income tax purposes, other than any such lease under which such person is the lessor
or (b)(i) a synthetic, off-balance sheet or tax retention lease, or (ii) an agreement for the use or possession of property (including
a Sale and Leaseback Transaction), in each case under this clause (b), creating obligations that do not appear on the balance sheet
of such person but which, upon the application of any Insolvency Laws to such person, would be characterized as the indebtedness
of such person (without regard to accounting treatment).


 


“Synthetic Lease
Obligations” shall mean, as to any person, an amount equal to the capitalized amount of the remaining lease payments
under any Synthetic Lease that would appear on a balance sheet of such person in accordance with GAAP if such obligations were
accounted for as Capital Lease Obligations.


 


“Synthetic Purchase
Agreement” shall mean any swap, derivative or other agreement or combination of agreements pursuant to which any Restricted
Party is or may become obligated to make (a) any payment in connection with a purchase by any third party from a person other than
a Restricted Party of any Equity Interest or Restricted Indebtedness or (b) any payment (other than on account of a permitted purchase
by it of any Equity Interest or Restricted Indebtedness) the amount of which is determined by reference to the price or value at
any time of any Equity Interest or Restricted Indebtedness.


 


“Tax Returns”
shall mean all returns, statements, filings, attachments and other documents or certifications filed or required to be filed in
respect of Taxes.


 


“Taxes”
shall mean (i) any and all present or future taxes, duties, levies, imposts, assessments, fees, deductions, withholdings or other
similar charges, imposed by a Governmental Authority, whether computed on a separate, consolidated, unitary, combined or other
basis and any and all liabilities (including interest, fines, penalties or additions with respect to any of the foregoing) with
respect to the foregoing, and (ii) any transferee, successor, joint and several, contractual or other liability (including liability
pursuant to Treasury Regulation § 1.1502-6 (or any similar provision of state, local or non-U.S. law)) in respect of any item
described in clause (i).


 


“Term Borrowing”
shall mean a Borrowing comprised of Term Loans.


 




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“Term Commitment”
shall mean, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder on the Closing Date in the
amount set forth on Annex I hereto or on Schedule 1 to the Assignment and Acceptance pursuant to which such Lender
assumed its Term Commitment, as applicable, as the same may be (a) increased from time to time pursuant to Section 2.21
and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.04.
In addition, the Term Commitment of each Lender shall include any commitment to make Extended Term Loans or Specified Refinancing
Term Loans. The aggregate principal amount of the Lenders’ Term Commitments on the Closing Date is $628,375,000.


 


“Term Lender”
shall mean a Lender with a Term Commitment or outstanding Term Loans.


 


“Term Loans”
shall mean the Initial Term Loans made by the Lenders to the Borrowers on the Closing Date pursuant to Section 2.01(a).
Unless the context shall otherwise require, the term “Term Loans” also shall include any Incremental Term Loans, any
Extended Term Loans and any Specified Refinancing Term Loans made or extended after the Closing Date.


 


“Term Loan Maturity
Date” shall mean August 5, 2019; provided, however, that with respect to (i) any Class of Incremental Term
Loans, the Term Loan Maturity Date with respect thereto shall be as specified in the applicable Incremental Loan Amendment, (ii)
any Class of Specified Refinancing Term Loans, the Term Loan Maturity Date with respect thereto shall be as specified in the applicable
Refinancing Amendment and (iii) any Class of Extended Term Loans, the Term Loan Maturity Date with respect thereto instead shall
be as specified in the applicable Extension Amendment.


 


“Term Loan Repayment
Date” shall have the meaning specified in Section 2.09.


 


“Test Period”
shall mean each period of four consecutive fiscal quarters of the Administrative Borrower then last ended (in each case taken as
one accounting period).


 


“Total Leverage
Ratio” shall mean, at any date of determination, the ratio of (i) Consolidated Indebtedness of the Administrative Borrower
and its Restricted Subsidiaries on such date to (ii) Consolidated EBITDA of the Administrative Borrower and its Restricted Subsidiaries
for the Test Period then most recently ended.


 


“Total Revolving
Commitments” shall mean the aggregate principal amount of all Revolving Commitments, which as of the Closing Date is
in the aggregate amount of $75,000,000.


 


“Total Revolving
Exposure” shall mean, with respect to all Revolving Lenders at any time, the aggregate principal amount at such time
of all outstanding Revolving Loans, plus the aggregate Dollar Amount at such time of the LC Exposure, plus (other than for purposes
of calculating the Applicable Commitment Fee Percentage) the aggregate principal amount at such time of the Swingline Exposure.


 


“Total Secured
Leverage Ratio” shall mean, at any date of determination, the ratio of (i) Consolidated Secured Indebtedness of the Administrative
Borrower and its Restricted Subsidiaries on such date to (ii) Consolidated EBITDA of the Administrative Borrower and its Restricted
Subsidiaries for the Test Period then most recently ended.


 


“Transaction
Documents” shall mean, collectively, the Amended Plan Documents, any of the agreements entered into pursuant to the Rights
Offering and the Loan Documents.


 




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“Transactions”
shall mean, collectively, the transactions to occur pursuant to, or contemplated by, the Transaction Documents, including (a) the
execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the initial Credit
Extension hereunder on the Closing Date and the use of the proceeds thereof, (b)  the Rights Offering, (c) the Refinancing,
(d) the consummation of the transactions contemplated by the Amended Plan Documents and (e) the payment of the fees and expenses
related to the foregoing.


 


“Transferred
Guarantor” shall have the meaning assigned to such term in Section 7.09.


 


“Treasury Regulations”
shall mean the regulations promulgated by the United States Department of the Treasury under the Code, as amended from time to
time.


 


“Trust Property”
shall mean (a) the security, powers, rights, titles, benefits and interests (both present and future) constituted by and conferred
on the Mortgage Trustee under or pursuant to the Collateral Vessel Mortgages (including the benefits of all covenants, undertakings,
representations, warranties and obligations given, made or undertaken to the Mortgage Trustee in the Collateral Vessel Mortgages),
(b) all moneys, property and other assets paid or transferred to or vested in the Mortgage Trustee, or any agent of the Mortgage
Trustee whether from any Loan Party or any other person, and (c) all money, investments, property and other assets at any time
representing or deriving from any of the foregoing, including all interest, income and other sums at any time received or receivable
by the Mortgage Trustee or any agent of the Mortgage Trustee in respect of the same (or any part thereof).


 


“Type”
shall mean, when used in reference to any Loan or Borrowing, shall refer to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBOR Rate or the Alternate Base Rate.


 


“UCC”
shall mean the Uniform Commercial Code as in effect from time to time (except as otherwise specified) in any applicable state or
jurisdiction.


 


“UKBA”
shall mean the U.K. Bribery Act.


 


“Unfunded Pension
Liability” shall mean the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over
the current value of that Pension Plan’s assets, determined in accordance with the actuarial assumptions used for funding
the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.


 


“United States”
and “U.S.” shall mean the United States of America.


 


“Unrestricted
Subsidiary” shall mean (a) as of the Closing Date, any Subsidiary of the Administrative Borrower that is set forth on
Schedule 1.01(e) and (b) any other Subsidiary of the Administrative Borrower (other than the Co-Borrower) that is designated
by the Board of Directors of the Administrative Borrower after the Closing Date as an Unrestricted Subsidiary pursuant to a resolution
of such Board of Directors (provided that no such resolution of such Board of Directors shall be required with respect to the designation
of Shirley Tanker SRL as an Unrestricted Subsidiary promptly following completion of the Shirley Transfer) and such designation
otherwise complies with Section 5.17 (in each case until such time (if any) as the Board of Directors of the Administrative
Borrower designates any such Subsidiary as a Restricted Subsidiary pursuant to such Section 5.17), but (in each case) only
to the extent that such Subsidiary:


 


(i)          has
no Indebtedness other than Non-Recourse Debt;


 




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(ii)         except
as permitted by Section 6.09, is not party to any agreement, contract, arrangement or understanding with the Administrative
Borrower or any Restricted Subsidiary of the Administrative Borrower unless the terms of any such agreement, contract, arrangement
or understanding are not less favorable to the Administrative Borrower or such Restricted Subsidiary than those that might be obtained
at the time from persons who are not Affiliates of the Administrative Borrower;


 


(iii)        is
a person with respect to which neither the Administrative Borrower nor any of its Restricted Subsidiaries has any direct or indirect
obligation (x) to subscribe for additional Equity Interests or (y) to maintain or preserve such person’s financial condition
or to cause such person to achieve any specified levels of operating results;


 


(iv)        has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Administrative Borrower
or any of its Restricted Subsidiaries; and


 


(v)         does
not hold any Indebtedness of, or Lien on any property of, the Administrative Borrower or any of its Restricted Subsidiaries, and
does not own any Equity Interests in the Administrative Borrower or any of its Restricted Subsidiaries.


 


For the avoidance of
doubt, (x) a Subsidiary of an Unrestricted Subsidiary shall be an Unrestricted Subsidiary and (y) prior to the consummation of
the Shirley Transfer, Shirley Tanker SRL may not be, or be designated as, an Unrestricted Subsidiary.


 


“Unsecured Credit
Agreement” shall mean that certain credit agreement, dated as of February 9, 2006 (as amended, supplemented or otherwise
modified prior to the Closing Date), by and among Holdings, OBS, the Administrative Borrower, U.S. Bank National Association in
its capacity as successor and administrative agent and the lenders party thereto from time to time.


 


“Vessel Appraisal”
shall mean a written desktop appraisal of each Collateral Vessel delivered to the Administrative Agent and the Collateral Agent,
in form, scope and methodology reasonably acceptable to the Collateral Agent and prepared by an Approved Broker, addressed to the
Collateral Agent and upon which the Administrative Agent, the Collateral Agent and the Lenders are expressly permitted to rely.


 


“Vessel Collateral
Requirements” shall mean, with respect to a Collateral Vessel, the requirement that:


 


(a)          the
entity that owns such Collateral Vessel shall have duly authorized, executed and delivered, and caused to be recorded or registered
in accordance with the laws of the applicable Acceptable Flag Jurisdiction in which such Collateral Vessel is registered, a Collateral
Vessel Mortgage with respect to such Collateral Vessel and such Collateral Vessel Mortgage shall be effective to create in favor
of the Mortgage Trustee for the benefit of the Secured Parties a legal, valid and enforceable first preferred ship mortgage lien
upon such Collateral Vessel, subject only to Permitted Collateral Vessel Liens related thereto;


 


(b)          all
filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Collateral Agent to
perfect and preserve the security interests described in clause (a) above under the laws of the Acceptable Flag Jurisdiction
in which such Collateral Vessel is registered and (if required) in the jurisdiction of organization of the entity that is the owner
of such Collateral Vessel shall have been duly effected and the Collateral Agent shall have received evidence thereof in form and
substance reasonably satisfactory to it and such customary legal opinions reasonably satisfactory to it; and


 




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(c)          the
Administrative Agent shall have received each of the following:


 


(i)          certified
copies of all technical management agreements and commercial management agreements, if any, and all pooling agreements and charter
contracts having a remaining term in excess of six months related to such Collateral Vessel;


 


(ii)         a
confirmation of class certificate issued by an Approved Classification Society showing the Collateral Vessel to be free of overdue
recommendations issued not more than 10 days prior to the date such vessel becomes a Collateral Vessel and copies of all ISM and
ISPS Code documentation for such Collateral Vessel and its owner or manager, as appropriate, which shall be valid and unexpired;


 


(iii)        a
certificate of ownership and encumbrance or transcript of register confirming registration of such Collateral Vessel under the
law and flag of the applicable Acceptable Flag Jurisdiction, the record owner of the Collateral Vessel and all Liens of record
(which shall be only Permitted Collateral Vessel Liens) for such Collateral Vessel, such certificate to be issued within 60 days
of the date such vessel becomes a Collateral Vessel, and reasonably satisfactory to the Administrative Agent;


 


(iv)        a
report, addressed to and in form and scope reasonably acceptable to the Administrative Agent, from a firm of marine insurance brokers
reasonably acceptable to the Administrative Agent (including Marsh and Willis), confirming the particulars and placement of the
marine insurances covering such Collateral Vessel and its compliance with the provisions hereunder, the endorsement of loss payable
clauses and notices of assignment on the policies, and containing such other confirmations and undertakings as are customary in
the New York market (including the Insurance Deliverables Requirement);


 


(v)         a
customary letter of undertaking addressed to the Administrative Agent, issued by the protection and indemnity association in which
such Collateral Vessel is entered; and


 


(vi)        a
report from an independent marine insurance consultant appointed by the Administrative Agent confirming the adequacy of the marine
insurances covering such Collateral Vessel.


 


“Vessels”
shall mean the vessels owned by the Administrative Borrower or any of its Restricted Subsidiaries. The Vessels as of the Closing
Date are identified on Schedule 1.01(a).


 


“Voting Equity
Interests” shall mean, with respect to any person, any class or classes of Equity Interests pursuant to which the holders
thereof have the power under ordinary circumstances to vote for persons to serve on the Board of Directors of such person.


 


“Weighted Average
Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing:


 


(i)          the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by


 




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(ii)         the
then outstanding principal amount of such Indebtedness.


 


“Wholly Owned
Restricted Subsidiary” shall mean a Wholly Owned Subsidiary that is a Restricted Subsidiary. Unless the context requires
otherwise, “Wholly Owned Restricted Subsidiary” refers to a Wholly Owned Restricted Subsidiary of the Administrative
Borrower.


 


“Wholly Owned
Subsidiary” shall mean, as to any person, (a) any corporation 100% of whose capital stock (other than directors’
qualifying shares and other nominal shares required to be held by local nationals, in each case to the extent required under applicable
Legal Requirements) is at the time owned by such person and/or one or more Wholly Owned Subsidiaries of such person and (b) any
partnership, association, joint venture, limited liability company or other entity in which such person and/or one or more Wholly
Owned Subsidiaries of such person have a 100% Equity Interest (other than directors’ qualifying share and other nominal shares
required to be held by local nationals, in each case to the extent required under applicable Legal Requirements) at such time.
Unless the context requires otherwise, “Wholly Owned Subsidiary” refers to a Wholly Owned Subsidiary of the
Administrative Borrower.


 


Section 1.02         Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g., a “Revolving Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).
Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Class and Type
(e.g., a “Eurodollar Revolving Borrowing”).


 


Section 1.03         Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The phrase “Material Adverse Effect” shall be deemed to be followed by the
phrase “, individually or in the aggregate.” The words “asset” and “property” shall be construed
to have the same meaning and effect. The word “will” shall be construed to have the same meaning and effect as the
word “shall.” Unless the context requires otherwise, (a) any definition of or reference to any Loan Document, agreement,
instrument or other document herein shall be construed as referring to such Loan Document, agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth in any Loan Document), (b) any reference herein to any person shall be construed to include such person’s
successors and assigns, (c) the words “herein,” “hereof’ and “hereunder,” and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references
herein to Articles, Sections, Exhibits, exhibits, Schedules and schedules shall be construed to refer to Articles and Sections
of, and Exhibits, exhibits, Schedules and schedules to, this Agreement, unless otherwise indicated and (e) any reference to any
law or regulation shall (i) include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
or supplementing such law or regulation, and (ii) unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time. This Section 1.03 shall apply, mutatis mutandis, to all Loan Documents.


 




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Section 1.04         Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all financial statements to be delivered
pursuant to this Agreement shall be prepared in accordance with, and all terms of an accounting or financial nature shall be construed
and interpreted in accordance with, GAAP as in effect from time to time. If at any time any change in GAAP would affect the computation
of any financial ratio set forth in any Loan Document, and the Administrative Borrower, the Required Lenders or the Administrative
Agent shall so request, the Administrative Agent and the Administrative Borrower shall negotiate in good faith to amend such ratio
or requirement to preserve the original intent thereof in light of such change in GAAP (subject to approval by the Required Lenders
and the Administrative Borrower); provided, that, until so amended, such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein, and the Administrative Borrower shall provide to the Administrative Agent
and the Lenders within five days after delivery of each certificate or financial report required hereunder that is affected thereby
a written statement of a Financial Officer of the Administrative Borrower setting forth in reasonable detail the differences (differences
that would have resulted if such financial statements had been prepared as if such change had been implemented.


 


Section 1.05         Resolution
of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel
in connection with the execution and delivery of this Agreement and the other Loan Documents to which it is a party, that it and
its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to
the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or
thereof.


 


Section 1.06         Rounding.
Any financial ratios required to be satisfied in order for a specific action to be permitted under this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).


 


Section 1.07         Currency
Equivalents Generally.


 


(a)          Any
amount specified in this Agreement (other than in Section 2.18 or as set forth in clause (b) of this Section 1.07)
or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than
Dollars, such equivalent amount to be determined at the applicable Exchange Rate; provided that (x) the determination
of any Dollar Amount shall be made in accordance with Section 2.18(m) and (y) if any
basket amount expressed in Dollars is exceeded solely as a result of fluctuations in applicable currency exchange rates after the
last time such basket was utilized, such basket will not be deemed to have been exceeded solely as a result of such fluctuations
in currency exchange rates.


 


(b)          For
purposes of determining the Total Secured Leverage Ratio and the Total Leverage Ratio, amounts denominated in a currency other
than Dollars will be converted to Dollars at the Exchange Rate as of the date of calculation,
and will, in the case of Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of Swap Obligations
permitted hereunder for currency exchange risks with respect to the applicable currency in effect on the date of determination
of the Dollar equivalent of such Indebtedness.


 


(c)          For
the purposes of determining the Dollar Amount of any amount specified in Article II on any date, any amount in a currency
other than Dollars shall be converted to Dollars at the Exchange Rate as of the most recent Exchange Rate Reset Date occurring
on or prior to such date.


 




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Section
1.08         Change in Currency.


 


(a)          Each
obligation of any Loan Party to make a payment denominated in the national currency unit of any member state of the European Union
that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption
(in accordance with the EMU Legislation).  If, in relation to the currency of any such member state, the basis of accrual
of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the
London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by
such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency.


 


(b)          Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant
market conventions or practices relating to the Euro.


 


(c)          If
a change in any currency of a country occurs, this Agreement will, to the extent the Administrative Agent (acting reasonably and
after consultation with the Administrative Borrower) specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice relating to the applicable currency and otherwise to reflect the change in currency.


 


Section
1.09         Available Amount Transactions.
If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference
to the amount of the Available Amount immediately prior to the taking of such action, the permissibility of the taking of each
such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.


 


ARTICLE
II



THE CREDITS


 


Section 2.01         Commitments.
Subject to the terms and conditions and relying upon the representations and warranties herein set forth, (a) each Term Lender
agrees, severally and not jointly, to make Initial Term Loans to the Borrowers (on a joint and several basis) on the Closing Date
in the principal amount equal to its Term Commitment on the Closing Date and (b) each Revolving
Lender agrees, severally and not jointly, to make Revolving Loans to the Borrowers (on a joint and several basis), at any time
and from time to time on or after the Closing Date until the earlier of the Revolving Maturity Date and the termination of the
Revolving Commitment of such Revolving Lender in accordance with the terms hereof, in an aggregate principal amount at any time
outstanding that will not result in such Revolving Lender’s Revolving Exposure exceeding such Revolving Lender’s Revolving
Commitment; provided, however, no Revolving Loans shall be permitted to be made on the Closing Date. Amounts paid
or prepaid in respect of Term Loan may not be reborrowed. Within the limits set forth in clause (b) of the second preceding sentence
and subject to the terms, conditions and limitations set forth herein, the Borrowers may borrow, pay or prepay and reborrow Revolving
Loans.


 


Section 2.02         Loans.
(a) Each Loan (other than Swingline Loans) shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably
in accordance with their applicable Commitments; provided, that the failure of any Lender to make any Loan shall not in
itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall
be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). Except for Revolving
Loans deemed made pursuant to Section 2.18(e), any Borrowing shall be in an aggregate principal amount that is (i) an integral
multiple of $100,000 and not less than $500,000 or (ii) equal to the remaining available balance of the applicable Commitments.


 




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(b)          Subject
to Sections 2.11 and 2.12, each Borrowing of Loans shall be comprised entirely of ABR Loans or Eurodollar Loans as
the Administrative Borrower may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Loan
by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise of
such option shall not affect the obligation of the Lender to make such Loan or the Borrowers to repay such Loan in accordance with
the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided, that the Administrative
Borrower shall not be entitled to request any Borrowing that, if made, would result in more than 10 Eurodollar Borrowings in the
aggregate outstanding hereunder at any one time (or such greater number of Eurodollar Borrowings as may be acceptable to the Administrative
Agent in its sole discretion). For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether
they commence on the same date, shall be considered separate Borrowings.


 


(c)          Except
with respect to Revolving Loans made pursuant to Section 2.18(e), each Lender shall make each Loan to be made by it hereunder
on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative
Agent may designate from time to time not later than 10:00 a.m., New York City time, and the Administrative Agent shall promptly
credit or remit the amounts so received to an account in the United States as directed by the Administrative Borrower in the applicable
Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have
been met, promptly return the amounts so received to the respective Lenders.


 


(d)          Unless
the Administrative Agent shall have received written notice from a Lender prior to the date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume
that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with clause
(c) above, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to
the Borrowers on such date a corresponding amount. If the Administrative Agent shall have so made funds available, then, to the
extent that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender and the Borrowers
(on a joint and several basis) agree to repay to the Administrative Agent forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available to the Borrowers until the date such amount is
repaid to the Administrative Agent at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules or practices on interbank compensation, and (ii)
in the case of the Borrowers, the greater of the interest rate applicable at the time to ABR Loans of the applicable Class and
the interest rate applicable to such Borrowing. If such Lender shall subsequently repay to the Administrative Agent such corresponding
amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement, and the
Borrowers’ obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.02(d)
shall cease and any amounts previously so repaid by the Borrowers shall be returned to the Borrowers.


 


(e)          Notwithstanding
any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the applicable Maturity Date.


 




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Section 2.03         Borrowing
Procedure. (a) To request a Revolving Borrowing or a Term Borrowing, the Administrative Borrower shall deliver a written request
(by hand delivery, email through a “pdf” copy or telecopier, or facsimile transmission (or transmit by other electronic
transmission if arrangements for doing so have been approved in writing by the Administrative Agent)), a duly completed and executed
Borrowing Request to the Administrative Agent (i) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York City
time, on the third Business Day before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than
1:00 p.m., New York City time, one Business Day prior to the proposed Borrowing. Each Borrowing Request for a Revolving Loan or
a Term Loan shall be irrevocable and shall specify the following information in compliance with Section 2.02:


 


(i)          the
aggregate principal amount of such Borrowing, which shall comply with the requirements of Section 2.02(a);


 


(ii)         the
date of such Borrowing, which shall be a Business Day;


 


(iii)        whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;


 


(iv)        in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period” contained herein;


 


(v)         the
location and number of the respective Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.02(c);


 


(vi)        that
the conditions set forth in Sections 4.02(b) and (c) are satisfied as of the date of the notice; and


 


(vii)       whether
the requested Borrowing is to be a Revolving Borrowing or a Term Borrowing.


 


If no election as to
the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified
with respect to any requested Eurodollar Borrowing, then the Administrative Borrower shall be deemed to have selected an Interest
Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03,
the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s Loan
to be made as part of the requested Borrowing.


 


(b)          The
Co-Borrower hereby irrevocably appoints the Administrative Borrower as its agent to request and receive Loans and Letters of Credit
pursuant to this Agreement in the name or on behalf of the Co-Borrower. The Administrative Agent and the Lenders may disburse the
Loans to such bank account of the Administrative Borrower or the Co-Borrower or otherwise make such Loans to a Borrower and provide
such Letters of Credit to a Borrower as the Administrative Borrower may designate or direct, without notice to the other Borrower
or any Guarantor. The Administrative Borrower hereby accepts the appointment by the Co-Borrower to act as the agent of the Co-Borrower
and agrees to ensure that the disbursement of any Loans to a Borrower requested by or paid to or for the account of such Borrower,
or the issuance of any Letter of Credit for a Borrower hereunder, shall be paid to or for the account of such Borrower. The Co-Borrower
hereby irrevocably appoints and constitutes the Administrative Borrower as its agent to receive statements on account and all other
notices from the Agents and the Lenders with respect to the Obligations or otherwise under or in connection with this Agreement
and the other Loan Documents. Any notice, election, representation, warranty, agreement or undertaking made on behalf of the Co-Borrower
by the Administrative Borrower shall be deemed for all purposes to have been made by the Co-Borrower, as the case may be, and shall
be binding upon and enforceable against the Co-Borrower to the same extent as if made directly by the Co-Borrower.


 




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(c)          All
Loans or Letters of Credit requested by the Administrative Borrower for ultimate use by the Loan Parties may be drawn or obtained
in the name of the Administrative Borrower or the name of the Co-Borrower. Upon request, the Administrative Borrower shall promptly
confirm for the Administrative Agent that each Loan or Letter of Credit has been issued in the name of the appropriate Borrower
and, in the event of any error, the respective records shall be adjusted without prejudice to the rights of the Agents or the Lenders.


 


Section 2.04         Repayment
of Loans. (a) Each of the Borrowers hereby
unconditionally promises, jointly and severally, to pay to (i) the Administrative Agent for the account of each Term Lender, the
principal amount of each Term Loan of such Term Lender as provided in Section 2.09, (ii) the Administrative Agent for the
account of each Revolving Lender, the then unpaid principal amount of each Revolving Loan of such Revolving Lender on the Revolving
Maturity Date and (iii) the Swingline Lender, the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving
Maturity Date and the date that is three Business Days after such Swingline Loan is made; provided, that on each date that
a Revolving Borrowing is made, the Borrowers shall repay all Swingline Loans that were outstanding on the date such Borrowing was
requested.


 


(b)          Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers
to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time under this Agreement.


 


(c)          The
Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Type and Class
thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due
and payable from Borrowers to each Lender hereunder, and (iii) the amount of any sum received by the Administrative Agent hereunder
for the account of the Lenders and each Lender’s share thereof.


 


(d)          The
entries made in the accounts maintained pursuant to clauses (b) and (c) above shall be prima facie evidence of the existence and
amounts of the obligations therein recorded; provided, that the failure of any Lender or the Administrative Agent to maintain
such accounts or any error therein shall not in any manner affect the obligations of the Borrowers and the other Loan Parties to
pay, and perform, the Obligations in accordance with the Loan Documents. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such entries, the accounts
and records of the Administrative Agent shall control in the absence of manifest error.


 


(e)          Any
Lender by written notice to the Administrative Borrower (with a copy to the Administrative Agent) may request that Loans of any
Class made by it be evidenced by a promissory note. In such event, the Borrowers shall promptly (and, in all events, within five
Business Days of receipt of written notice) execute and deliver to such Lender a promissory note payable to the order of such Lender
(or, if requested by such Lender, to such Lender and its registered assigns) in the form of Exhibit H-1, H-2 or H-3,
as the case may be.


 




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Section 2.05         Fees.


 


(a)          Commitment
Fee. The Borrowers, jointly and severally, agree to pay to the Administrative Agent for the account of each Revolving Lender
a commitment fee (a “Commitment Fee”) equal to 0.50% per annum of the average daily unused amount of the Revolving
Commitment of such Revolving Lender during the period from and including the date hereof to but excluding the date on which such
Revolving Commitment terminates. Accrued Commitment Fees shall be payable in arrears (A) on the last Business Day of March, June,
September and December of each year, commencing on the first such date to occur after the date hereof, and (B) on the date on which
such Revolving Commitment terminates. Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing Commitment
Fees, the Revolving Commitment of a Revolving Lender shall be deemed to be used to the extent of the outstanding Revolving Loans
and Dollar Amount of the LC Exposure of such Revolving Lender (and the Swingline Exposure of such Revolving Lender shall be disregarded
for such purpose).


 


(b)          Administrative
Agent and Collateral Agent Fees. The Borrowers, jointly and severally, agree to pay to the Administrative Agent and the Collateral
Agent (as applicable), for their own account, the fees set forth in the Fee Letter and such other fees payable in the amounts and
at the times separately agreed upon between and/or among the Administrative Borrower, the Administrative Agent and the Collateral
Agent (the “Administrative Agent Fees”).


 


(c)          LC
and Fronting Fees. The Borrowers, jointly and severally, agree to pay (i) to the Administrative Agent for the account of each
Revolving Lender a participation fee (the “LC Participation Fee”) with respect to its participations in Letters
of Credit, which shall accrue at a rate per annum equal to the Applicable Margin from time to time used to determine the interest
rate on Eurodollar Loans pursuant to Section 2.06 on the average daily amount of the Dollar Amount of such Revolving Lender’s
LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the
Closing Date to but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and
the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank for its own account a fronting
fee (“Fronting Fee”), which shall accrue at the rate of 0.25% per annum (or such other rate per annum as the
Issuing Bank and the Administrative Borrower may from time to time agree) on the average daily amount of the Dollar Amount of the
LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the
Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases
to be any LC Exposure, as well as the Issuing Bank’s customary fees and charges with respect to the administration, issuance,
amendment, negotiation, renewal, payment or extension of any Letter of Credit or processing of drawings thereunder. Accrued LC
Participation Fees and Fronting Fees shall be payable in arrears (i) on the last Business Day of March, June, September and December
of each year, commencing on the first such date to occur after the Closing Date, and (ii) on the date on which the Revolving Commitments
terminate and no Letters of Credit remain outstanding. Any such fees accruing after the date on which the Revolving Commitments
terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this Section 2.05(c) shall
be payable within five Business Days after demand therefor. All LC Participation Fees and Fronting Fees shall be computed on the
basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day). Notwithstanding the foregoing, upon the occurrence and during the continuance of any Default under Section 8.01(a)
or (b) or any Event of Default under Section 8.01(a), (b), (g) or (h), the LC Participation Fee shall
accrue, after as well as before judgment, at a rate per annum equal to 2% in excess of the rate then borne by the LC Participation
Fee. Each payment of fees hereunder on any Letters of Credit denominated in an Alternative Currency shall be made in Dollars.


 




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(d)          Other
Fees. The Borrowers, jointly and severally, agree to pay the Agents, each for their own accounts, such fees payable in the
amounts and at the times as have been or may be separately agreed upon between the Borrowers and the applicable Agent.


 


(e)          Payment
of Fees. All Fees shall be paid on the dates due, in immediately available funds in Dollars, to the Administrative Agent for
distribution, if and as appropriate, among the Lenders, except that the Borrowers shall pay (i) the Fronting Fees directly to the
Issuing Bank and (ii) the Fees provided under Section 2.05(d) directly to the applicable Agents. Once paid, none of the
Fees shall be refundable under any circumstances.


 


(f)          Any
fees otherwise payable by the Borrowers to any Defaulting Lender pursuant to this Section 2.05 shall be subject to Section
2.16(c).


 


Section 2.06         Interest
on Loans. (a) Subject to the provisions of Section 2.06(c), the Loans comprising each
ABR Borrowing, including each Swingline Loan, shall bear interest at a rate per annum equal to the Alternate Base Rate in effect
from time to time plus the Applicable Margin.


 


(b)          Subject
to the provisions of Section 2.06(c), the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum
equal to the Adjusted LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.


 


(c)          Notwithstanding
the foregoing, (i) upon the occurrence and during the continuance of any Default under Section 8.01(a) or (b) or
any Event of Default under Section 8.01(a), (b), (g) or (h), each Loan shall bear interest, after as
well as before judgment, at a rate per annum equal to the rate which is 2% in excess of the rate then borne by such Loans, and
(ii) without duplication of any amounts payable pursuant to preceding clause (i), (x) overdue principal and, to the extent
permitted by applicable law, overdue interest, in respect of the Loans shall bear interest, after as well as before judgment, at
a rate per annum equal to the rate which is 2% in excess of the rate applicable to respective Term Loans from time to time, and
(y) without duplication of any amounts payable pursuant to the last sentence of Section 2.05(c) in respect of the LC Participation
Fee, all other overdue amounts owing under the Loan Documents shall bear interest, after as well as before judgment, at a rate
per annum equal to the rate which is 2% in excess of the rate otherwise applicable to ABR Loans from time to time (in each such
case, the “Default Rate”).


 


(d)          Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided, that (i) interest
accrued pursuant to Section 2.06(c) (and all interest on past due interest) shall be payable on demand, (ii) in the event
of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or Swingline Loan), accrued interest
on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of
any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall
be payable on the effective date of such conversion.


 


(e)          All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base
Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the
actual numbers of days elapsed (including the first day but excluding the last day); provided, that any Loan that is repaid
on the same day on which it is made shall, subject to Section 2.13, bear interest for one day. The applicable Alternate
Base Rate or Adjusted LIBOR Rate shall be determined by the Administrative Agent in accordance with the provisions of this Agreement
and such determination shall be conclusive absent manifest error. Interest hereunder shall be due and payable in accordance with
the terms hereof before and after judgment, and before and after the commencement of any Insolvency Proceeding.


 




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Section 2.07         Termination
and Reduction of Commitments. (a) Subject to the provisions of Section 2.21, the Term
Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Closing Date. The Revolving Commitments, the
Swingline Commitment and the LC Commitment shall automatically terminate on the Revolving Maturity Date.


 


(b)          At
their option, the Borrowers may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided,
that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $100,000 and not
less than $500,000 and (ii) the Revolving Commitments shall not be terminated or reduced if, after
giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.10, the
Total Revolving Exposure would exceed the Total Revolving Commitments.


 


(c)          Upon
the incurrence of any Specified Refinancing Revolving Commitments, the Revolving Commitments of the Revolving Lenders under the
Class of Revolving Loans being refinanced shall be automatically and permanently reduced on a ratable basis by an amount equal
to 100% of the Specified Refinancing Revolving Commitments so incurred.


 


(d)          The
Administrative Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce Commitments of
any Class under Section 2.07(b) at least five Business Days prior to the effective date of such termination or reduction
(which effective date shall be a Business Day), specifying such election and the effective date thereof. Promptly following receipt
of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered
by the Administrative Borrower pursuant to this Section 2.07 shall be irrevocable; provided, that a notice of termination
of all then remaining Commitments delivered by the Administrative Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities in order to refinance in full the Obligation hereunder, in which case such notice may be revoked by
the Administrative Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition
is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments
of any Class shall be made ratably among the Lenders in accordance with their respective Commitments for such Class.


 


Section 2.08         Interest
Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified
in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.08.
The Borrowers may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each
such portion shall be considered a separate Borrowing. Notwithstanding anything herein to the contrary, the Borrowers shall not
be entitled to request any conversion or continuation that, if made, would result in more than eight periods with respect to Eurodollar
Borrowings outstanding hereunder at any one time (or such greater number of Eurodollar Borrowings as may be acceptable to the Administrative
Agent in its sole discretion). This Section 2.08 shall not apply to Swingline Borrowings, which may not be converted into
a Eurodollar Borrowing and shall, at all times, be maintained as an ABR Borrowing.


 




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(b)          To
make an election pursuant to this Section 2.08, the Administrative Borrower shall deliver, by hand delivery, email through
“pdf” copy or telecopies, or facsimile transmission (or transmit by other electronic transmission if arrangements for
doing so have been approved in writing by the Administrative Agent), a duly completed and executed Interest Election Request to
the Administrative Agent not later than the time that a Borrowing Request would be required under Section 2.03 if the Administrative
Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each Interest Election Request shall be irrevocable.


 


(c)          Each
Interest Election Request shall specify the following information in compliance with Section 2.02:


 


(i)          the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, or if outstanding Borrowings are being combined, allocation to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);


 


(ii)         the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;


 


(iii)        whether
the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and


 


(iv)        if
the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period” contained herein.


 


If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Administrative Borrower shall
be deemed to have selected an Interest Period of one month’s duration.


 


(d)          Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and
of such Lender’s portion of each resulting Borrowing.


 


(e)          If
an Interest Election Request with respect to a Eurodollar Borrowing is not timely delivered prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and
is continuing, the Administrative Agent or the Required Lenders may require, by notice to the Administrative Borrower, that (i)
no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing
shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.


 


Section 2.09         Amortization
of Term Borrowings. (a) The Borrowers, jointly and severally, shall pay to the Administrative
Agent, for the account of the Term Lenders, on each March 31, June 30, September 30 and December 31 (commencing on September 30,
2014) or, if any such date is not a Business Day, on the immediately following Business Day (each such date, a “Term Loan
Repayment Date”), a principal amount of the Initial Term Loans equal to 0.25% of the initial aggregate principal amount
of such Initial Term Loans (as adjusted from time to time pursuant to Section 2.10), together in each case with accrued
and unpaid interest on the principal amount to be paid to but excluding the date of such payment.


 




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(b)          To
the extent not previously irrevocably paid in full in cash, all Term Loans of a Class shall be due and payable on the Term Loan
Maturity Date for such Class of Term Loans.


 


Section 2.10         Optional
and Mandatory Prepayments of Loans. (a) Optional Prepayments. Subject to the provisions
of Section 2.10(h), the Borrowers shall have the right at any time and from time to time to prepay any Borrowing, in whole
or in part, without premium or penalty (except as provided in Section 2.10(g)) subject to the requirements of this Section
2.10; provided, that each partial prepayment shall be in an amount that is an integral multiple of $100,000 and not
less than $500,000.


 


(b)          Mandatory
Prepayments.


 


(i)          In
the event of the termination of all the Revolving Commitments, the Borrowers, jointly and severally, shall, on the date of such
termination, repay or prepay all outstanding Revolving Loans and Swingline Loans and either (A) replace all outstanding Letters
of Credit or (B) Cash Collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section
2.18(i).


 


(ii)         In
the event of any partial reduction of the Revolving Commitments by the Borrowers, then (x) at or prior to the effective date of
such reduction, the Administrative Agent shall notify the Administrative Borrower and the Revolving Lenders of the Total Revolving
Exposure after giving effect thereto and (y) if the Total Revolving Exposures would exceed the aggregate amount of Revolving Commitments
after giving effect to such reduction, then the Borrowers, jointly and severally, shall, on the date of such reduction, first,
repay or prepay Swingline Loans, second, repay or prepay Revolving Loans and third, replace outstanding Letters of Credit or Cash
Collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.17(i) in an aggregate
amount sufficient to eliminate such excess.


 


(iii)        If
at any time the Total Revolving Exposure exceeds the Revolving Commitments at such time, the Borrowers, jointly and severally,
shall, without notice or demand, immediately first, repay or prepay Swingline Loans, second, repay or prepay Revolving Loans, and
third, replace outstanding Letters of Credit or Cash Collateralize outstanding Letters of Credit in accordance with the procedures
set forth in Section 2.18(i) in an aggregate amount sufficient to eliminate such excess.


 


(iv)        In
the event that the aggregate Dollar Amount of the LC Exposure exceeds the LC Commitment then in effect, the Borrowers, jointly
and severally, shall, without notice or demand, immediately replace outstanding Letters of Credit or Cash Collateralize outstanding
Letters of Credit in accordance with the procedures set forth in Section 2.18(i) in an aggregate amount sufficient to eliminate
such excess.


 


(v)         No
later than the earlier of (i) 90 days after the end of each Excess Cash Flow Period and (ii) the date on which the financial statements
with respect to such fiscal year in which such Excess Cash Flow Period occurs are delivered pursuant to Section 5.01(a),
the Borrowers, jointly and severally, shall (subject to Section 2.10(h)) make prepayments in accordance with Section
2.10(d) in an aggregate principal amount equal to (x) 50% of Excess Cash Flow for the Excess Cash Flow Period then ended if
the Total Leverage Ratio at the end of such period is greater than or equal to 4.75:1.00, (y) 25% of Excess Cash Flow for the Excess
Cash Flow Period then ended if the Total Leverage Ratio at the end of such period is less than 4.75:1.00 but greater than or equal
to 4.00:1.00 and (z) 0% of Excess Cash Flow for the Excess Cash Flow Period then ended if the Total Leverage Ratio at the end of
such period is less than 4.00:1.00; provided that the aggregate principal amount of optional prepayments of Term Loans made
pursuant to Section 2.10(a) (but excluding, for the avoidance of doubt, any Term Loans prepaid pursuant to a Discounted
Prepayment Offer) and the aggregate principal amount of optional prepayments of Revolving Loans (but only to the extent accompanied
by a permanent reduction in the Total Revolving Commitments), in each case made during such Excess Cash Flow Period with Internally
Generated Funds shall reduce on a dollar-for-dollar basis the amount of such mandatory prepayment otherwise required pursuant to
this Section 2.10(b)(v) in respect of such Excess Cash Flow Period.


 




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(vi)        Not
later than five Business Days following the receipt of any Net Cash Proceeds of any Asset Sale or Casualty Event by any Restricted
Party (other than Net Cash Proceeds of less than $5,000,000 in the aggregate in any fiscal year of the Administrative Borrower),
the Borrowers, jointly and severally, shall (subject to Section 2.10(h)) apply 100% of such Net Cash Proceeds to make prepayments
in accordance with Section 2.10(d); provided that: (x) so long as no Default shall then exist or would arise therefrom,
such Net Cash Proceeds shall not be required to be so applied on such date to the extent that the Administrative Borrower shall
have delivered an Officer’s Certificate to the Administrative Agent on or prior to such date stating that such Net Cash Proceeds
are reasonably expected to be reinvested (or committed to be reinvested) in fixed or capital assets of any Borrower or any Subsidiary
Guarantor (or, with respect to the Net Cash Proceeds from the sale of any Equity Interests in any Specified Joint Venture, in a
vessel (or vessels) that will become a Collateral Vessel (or Collateral Vessels)) within 12 months following the date of such Asset
Sale or Casualty Event, as applicable (which Officer’s Certificate shall set forth the estimates of the Net Cash Proceeds
to be so expended); provided that, if the property subject to such Asset Sale or Casualty Event constituted Collateral or
Equity Interests in a Specified Joint Venture, then all property purchased or otherwise acquired with the Net Cash Proceeds thereof
pursuant to this subsection shall be made subject to the First Priority perfected Lien (subject to Permitted Liens or, in the case
of any Vessels, Permitted Collateral Vessel Liens) of the applicable Security Documents in favor of the Collateral Agent, for its
benefit and for the benefit of the other Secured Parties in accordance with Section 5.10 and the preceding proviso in the
case of the sale of any Equity Interests in any Specified Joint Ventures; and (y) if all or any portion of such Net Cash Proceeds
is not so reinvested within such 12-month period (or if committed to be reinvested pursuant to a legally binding commitment within
such 12-month period and not so reinvested within six months thereafter), such unused portion shall be applied on the last day
of such period as a mandatory prepayment as provided in this Section 2.10(b)(vi); and provided, further, that
(x) so long as no Default then exists or would result therefrom and (y) if the Net Cash Proceeds of any Asset Sales and/or Casualty
Events exceed $10,000,000 in the aggregate, such Net Cash Proceeds shall be deposited in a Deposit Account (a “Reinvestment
Proceeds Account”) of the Administrative Borrower with the Administrative Agent (or another Deposit Bank reasonably satisfactory
to the Administrative Agent) pursuant to a cash collateral arrangement in form and substance reasonably satisfactory to the Administrative
Agent (and subject to a Deposit Account Control Agreement) whereby such Net Cash Proceeds shall be disbursed to the Administrative
Borrower from time to time as needed to pay actual costs incurred by it or the applicable Subsidiary Guarantor in connection with
the replacement or restoration of the respective properties or assets (or, with respect to the Net Cash Proceeds from the sale
of any Equity Interests in any Specified Joint Venture, in connection with the reinvestment in or purchase of a Collateral Vessel
(or Collateral Vessels)) (pursuant to such certification requirements as may be reasonably established by the Administrative Agent)
(it being understood and agreed that at any time while an Event of Default has occurred and is continuing, the Required Lenders
may direct the Administrative Agent (in which case the Administrative Agent shall, and is hereby authorized by the Administrative
Borrower to, follow said directions) to apply any or all proceeds then on deposit in such Reinvestment Proceeds Account to the
repayment of the Secured Obligations).


 




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(vii)       Not
later than one Business Day following the receipt of any Net Cash Proceeds of any Debt Issuance by any Restricted Party, the Borrowers,
jointly and severally, shall (subject to Section 2.10(h)) make prepayments in accordance with Section 2.10(d) in
an aggregate principal amount equal to 100% of such Net Cash Proceeds.


 


(viii)      Upon
the incurrence or issuance by any Borrower of any Refinancing Notes or any Specified Refinancing Term Loans, the Borrowers, jointly
and severally, shall (subject to Section 2.10(h)) prepay an aggregate principal amount of the applicable Class or Classes
of Term Loans that are to be refinanced with the proceeds of such Refinancing Notes or Specified Refinancing Term Loans in accordance
with Section 2.10(d) in an aggregate principal amount equal to 100% of the Net Cash Proceeds received therefrom.


 


(c)          [Reserved].


 


(d)          Application
of Prepayments. Prior to any optional prepayment hereunder, the Administrative Borrower shall select the Borrowing or Borrowings
to be prepaid and shall specify such selection in the notice of such prepayment pursuant to Section 2.10(e), subject to
the provisions of this Section 2.10(d). Any prepayments pursuant to Sections 2.10(b)(v)-(vii) shall be applied (i)
first, to prepay principal of outstanding Term Loans and, to the extent so applied, to reduce future scheduled amortization
payments required under Section 2.09 (including the payment due on the applicable Term Loan Maturity Date) on a pro rata
basis among the payments remaining to be made on each Term Loan Repayment Date, and (ii) second,
to the extent there are prepayment amounts remaining after the application of such prepayments under preceding clause (i), such
excess amounts shall be applied to the prepayment of principal of outstanding Revolving Loans (but without any corresponding reduction
in Revolving Commitments (unless an Event of Default then exists, in which case the Revolving
Commitments shall be so reduced and the Borrowers shall comply with Sections 2.10(b)(i)-(iv)). Any prepayments of
Term Loans pursuant to Section 2.10(b)(viii) shall be applied to reduce future scheduled amortization payments required
under Section 2.09 (including the payment due on the applicable Term Loan Maturity Date) on a pro rata basis among the payments
remaining to be made on each Term Loan Repayment Date. Optional prepayments of Term Loans pursuant to Section 2.10(a) shall
be applied to reduce future scheduled amortization payments under Section 2.09 (including the payment due on the applicable
Term Loan Maturity Date) in the manner directed by the Administrative Borrower in the respective notice of prepayment or, in the
absence of such direction, in direct order of maturity. Amounts to be applied pursuant to this Section 2.10 to the prepayment
of Loans of any Class shall be applied first to reduce outstanding ABR Loans of such Class. Any amounts remaining after
each such application shall be applied to prepay Eurodollar Loans of such Class.


 


(e)          Notice
of Prepayment. The Administrative Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline
Loan, the Swingline Lender) by written notice of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing,
not later than 1:00 p.m., New York City time, on the third Business Day before the date of prepayment (ii) in the case of prepayment
of an ABR Borrowing (other than a Swingline Borrowing), not later than 1:00 p.m., New York City time, one Business Day before the
date of prepayment, and (iii) in the case of prepayment of a Swingline Borrowing, not later than
1:00 p.m., New York City time, on the date of prepayment.  Each such notice shall be irrevocable; provided, that
a notice of prepayment of all outstanding Loans may state that such notice is conditioned upon the effectiveness of other credit
facilities in order to refinance in full all Obligations hereunder, in which case such notice may be revoked by the Administrative
Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
Each such notice shall specify the Class of Loans being prepaid, the prepayment date, the principal amount of each Borrowing or
portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such
prepayment. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative
Agent shall advise the applicable Lenders of the contents thereof. Such notice to the Lenders may be by electronic communication.
Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type
as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment
of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing and otherwise in accordance with this Section
2.10. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.06.


 




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(f)          Notwithstanding
the foregoing provisions of this Section 2.10, (i) in the case of any mandatory prepayment of the Term Loans (other than
any mandatory prepayment pursuant to Section 2.10(b)(vii) or (viii)), any Term Lender may waive, by written notice
to the Administrative Borrower and the Administrative Agent on or before the date on which such mandatory prepayment would otherwise
be required to be made hereunder, the right to receive its pro rata share of the amount of such mandatory prepayment of its Term
Loans, and (ii) if any Term Lender or Term Lenders elect to waive the right to receive the amount of such mandatory prepayment,
all of the amount that otherwise would have been applied to mandatorily prepay the Term Loans of such Term Lender or Term Lenders
may be retained by the Borrowers.


 


(g)          Any
(w) optional prepayment with respect to all or any portion of the Initial Term Loans, (x) mandatory prepayment with respect to
all or any portion of the Initial Term Loans pursuant to Section 2.10(b) (other than pursuant to clause (v) thereof and,
to the extent made with the Net Cash Proceeds from a Casualty Event, clause (vi) thereof), (y) conversion of Initial Term Loans
into any new or replacement tranche of term loans bearing interest at an Effective Yield less than the Effective Yield applicable
to the Initial Term Loans (as such comparative yields are determined by the Administrative Agent) and (z) amendment to this Agreement
that, directly or indirectly, reduces the Effective Yield applicable to the Initial Term Loans, in each case, shall be accompanied
by the payment by the Borrowers, (on a joint and several basis) of a prepayment premium equal to 1.00% of the aggregate principal
amount of such Initial Term Loans repaid, converted or repriced, if such repayment, conversion or repricing is effected on or prior
to the six month anniversary of the Closing Date. Any such determination by the Administrative Agent as contemplated by the preceding
sentence shall be conclusive and binding on the Borrowers and all Lenders, absent manifest error.


 


(h)          Restrictions
on Term Loan Prepayments.  Notwithstanding anything to the contrary set forth in this Agreement or in any other Loan Document,
(x) if any Revolving Lender has any Revolving Exposure or any other outstanding Revolving Obligations and any Event of Default
has occurred and is continuing, no optional prepayment of Term Loans shall be permitted pursuant to this Section 2.10
and (y) if any Event of Default has occurred and is continuing at the time any mandatory repayment of Terms Loans is otherwise
required to be made pursuant to this Section 2.10, then (i) (x) Swingline Loans, and if no Swingline Loans are or remain
outstanding, Revolving Loans, and if no Swingline Loans or Revolving Loans are or remain outstanding, LC Exposure, shall first
be repaid in full in cash or, in the case of Letters of Credit, Cash Collateralized, as applicable, in the amount otherwise required
to be applied to the repayment of Term Loans pursuant to this Section 2.10 in the absence of this clause (h) and (y)
if any Event of Default has occurred and is continuing, the Revolving Commitments also shall be permanently reduced by the amount
of any required payment pursuant to preceding clause (x) (determined as if Revolving Loans and Swingline Loans were outstanding
in such amount) and (ii) after application pursuant to preceding clause (i), any excess portion of such mandatory repayment of
Term Loans not so applied shall be applied to the repayment of Term Loans as otherwise required by this Section 2.10
in the absence of this clause (h).  If any Lender collects or receives any amounts received on account of the Obligations
to which it is not entitled as a result of the application of this Section 2.10(h), such Lender shall hold the same in trust
for the Revolving Lenders and shall forthwith deliver the same to the Administrative Agent and/or the Collateral Agent, for the
account of the applicable Revolving Lenders, to be applied in accordance with this Section 2.10(h).  Without limiting
the generality of the foregoing, this Section 2.10(h) is intended to constitute and shall be deemed to constitute a
“subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code and is intended to be and
shall be interpreted to be enforceable to the maximum extent permitted pursuant to applicable non-bankruptcy law.


 




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Section 2.11         Alternate
Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:


 


(a)          the
Administrative Agent determines (which determination shall be final and conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBOR Rate for such Interest Period; or


 


(b)          the
Administrative Agent is advised in writing by the Required Lenders that the Adjusted LIBOR Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such
Interest Period;


 


then the Administrative Agent shall give
written notice thereof to the Administrative Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative
Agent notifies the Administrative Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i)
any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar
Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made
as an ABR Borrowing.


 


Section
2.12         Increased Costs; Change in Legality. (a)
If any Change in Law shall:


 


(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge, liquidity or similar requirement against
property of, deposits with or for the account of, or credit extended by or participated in by, any Lender (except any such reserve
requirement reflected in the Adjusted LIBOR Rate) or the Issuing Bank;


 


(ii)         impose
on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than with respect
to Taxes) affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; or


 


(iii)        subject
any Lender or the Issuing Bank to any Taxes (other than (A) Indemnified Taxes or Other Taxes indemnified pursuant to Section
2.15, (B) Taxes described in clauses (b) through (f) of the definition of Excluded Taxes and (C) Connection Income Taxes) on
its Loans, principal, letters of credit, Commitments or other Obligations, or its deposits, reserves, other liabilities or capital
attributable thereto;


 


and the result of any
of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such Lender’s or the Issuing
Bank’s holding company, if any, of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation
to participate in or to issue any Letter of Credit) or to reduce the amount of any sum received or receivable by such Lender or
the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrowers will, jointly and severally, pay to
such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Bank, as the case may be, for such additional costs incurred or reduction suffered; it being understood that this Section 2.12
shall not apply to Taxes that are Indemnified Taxes or Other Taxes indemnified pursuant to Section 2.15.


 




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(b)          If
any Lender or the Issuing Bank determines (in good faith, but in its sole absolute discretion) that any Change in Law regarding
Capital Requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s
capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this
Agreement, the Commitment of such Lender or the Loans made by such Lender, or participations in
Letters of Credit or Swingline Loans held by such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below
that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies
of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to
time the Borrowers will, jointly and severally, pay to such Lender or the Issuing Bank, as the case may be, such additional amount
or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company,
for any such reduction suffered.


 


(c)          A
certificate of a Lender or the Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such
Lender or the Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b) of this Section 2.12
shall be delivered to the Administrative Borrower (with a copy to the Administrative Agent) and shall be conclusive and binding
absent manifest error. The Borrowers, jointly and severally, shall pay such Lender or the Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 10 Business Days after receipt thereof.


 


(d)          Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section 2.12 shall not constitute
a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that (i) the Borrowers
shall not be required to compensate a Lender or the Issuing Bank for any increased costs or reductions incurred more than 180 days
prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Administrative Borrower of the Change
in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim
compensation therefor, (ii) if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day
period referred to above shall be extended to indicate the period of retroactive effect thereof and (iii) such increased costs
or reductions shall only be payable by the Borrowers to the applicable Lender or the Issuing Bank under this Section 2.12
to the extent that such Lender or Issuing Bank is generally imposing such charges on similarly situated borrowers.


 


(e)          Notwithstanding
any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar
Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to
the Administrative Borrower and to the Administrative Agent:


 


(i)          such
Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness (as determined in good faith
by such Lender)) be made by such Lender hereunder (or be continued for additional Interest Periods and ABR Loans will not thereafter
(for such duration) be converted into Eurodollar Loans), whereupon any request for a Eurodollar Loan (or to convert an ABR Loan
to a Eurodollar Loan or to continue a Eurodollar Loan for an additional Interest Period) shall, as to such Lender only, be deemed
a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a Eurodollar
Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn by such Lender by written
notice to the Administrative Borrower and to the Administrative Agent; and 


 



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(ii)         such
Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar
Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in Section 2.12(f).


 


In the event any Lender
shall exercise its rights under clause (i) or (ii) above, all payments and prepayments of principal that would otherwise have been
applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender
shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar
Loans.


 


(f)          For
purposes of clause (e) of this Section 2.12, a notice to the Administrative Borrower by any Lender shall be effective as
to each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar
Loan; in all other cases such notice shall be effective on the date of receipt by the Administrative Borrower.


 


Section 2.13         Breakage
Payments. In the event of (a) the payment or prepayment, whether optional or mandatory, of any
principal of any Eurodollar Loan earlier than the last day of an Interest Period applicable thereto (including as a result of an
Event of Default), (b) the conversion of any Eurodollar Loan earlier than the last day of the Interest Period applicable thereto,
(c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant
hereto (whether or not such notice is permitted to be withdrawn by the Borrowers), or (d) the assignment of any Eurodollar Loan
earlier than the last day of the Interest Period applicable thereto as a result of a request by the Administrative Borrower pursuant
to Section 2.16, then, in any such event, the Borrowers, jointly and severally, shall compensate each Lender for the loss,
cost and expense attributable to such event (including any loss, expense or liability incurred by reason of the liquidation or
reemployment of deposits or other funds required by such Lender to fund its Eurodollar Loans but excluding loss of anticipated
profits). Each Lender shall calculate any amount or amounts in good faith and in a commercially reasonable manner. A certificate
of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this
Section 2.13 shall be delivered to the Administrative Borrower (with a copy to the Administrative Agent) and shall be conclusive
and binding absent manifest error. The Borrowers, jointly and severally, shall pay such Lender the amount shown as due on any such
certificate within 10 Business Days after receipt thereof. Notwithstanding the foregoing, this Section 2.13 shall not apply
to losses, costs or expenses resulting from Taxes, as to which Section 2.15 shall govern.


 



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Section 2.14         Payments
Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The Borrowers shall make each payment
required to be made hereunder or under any other Loan Document (whether of principal, interest, fees or Reimbursement Obligations
or of amounts payable under Section 2.12, 2.13 or 2.15, or otherwise) on or before the time expressly required
hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New
York City time), on the date when due, in immediately available funds, without setoff, deduction or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices
at 520 Madison Avenue, New York, New York, 10022; Attn: Account Manager – Overseas Shipholding, Group (OIN), except that
payments pursuant to Section 2.12, 2.13, 2.15 and 11.03 shall be made directly to the persons entitled
thereto and payments pursuant to other Loan Documents shall be made to the persons specified therein. The Administrative Agent
shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following
receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, unless specified otherwise,
the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made in Dollars;
provided that, LC Disbursements paid by the Borrowers in respect of Letters of Credit denominated
in an Alternative Currency shall be made in such Alternative Currency.


 


(b)          Subject
to Section 9.01, if at any time insufficient funds are received by and available to the Administrative Agent to pay in full
all amounts of principal, Reimbursement Obligations, interest and fees then due hereunder, such funds shall be applied (i) first,
towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees then due to such parties, and (ii) second, towards payment of principal and Reimbursement Obligations then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and Reimbursement Obligations
then due to such parties.


 


(c)          Other
than in connection with a prepayment of the Term Loans pursuant to Section 2.22 or as provided in Section 2.10(b)(viii),
if any Lender shall, by exercising any right of setoff or counterclaim (including pursuant to Section 11.08) or otherwise
(including by exercise of its rights under the Security Documents), obtain payment in respect of any principal of or interest on
any of its Revolving Loans, Term Loans, or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans, Term Loans and participations in LC Disbursements
and Swingline Loans and accrued interest thereon than the proportion received by any other Lender entitled thereto, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans, Term Loans and
participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on
their respective Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans; provided, that
(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of
this Section 2.14(c) shall not be construed to apply to (A) any payment made by the Borrowers pursuant to and in accordance
with the express terms of this Agreement or (B) any payment obtained by a Lender (x) as consideration for the assignment of or
sale of a participation in any of its Revolving Loans, Term Loans or participations in LC Disbursements or Swingline Loans to any
Eligible Assignee or participant, other than to any Company or any Affiliate thereof (as to which the provisions of this Section 2.14(c)
shall apply) or (y) in connection with any prepayment of Revolving Loans in accordance with
Section 2.21(e). Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Legal Requirements, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of such Loan Party in the amount of such participation. If under applicable Insolvency Law any Secured Party receives a secured
claim in lieu of a setoff or counterclaim to which this Section 2.14(c) applies, such Secured Party shall to the extent
practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights to which the Secured Party
is entitled under this Section 2.14(c) to share in the benefits of the recovery of such secured claim.


 






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(d)          Unless
the Administrative Agent shall have received written notice from the Administrative Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrowers will not make
such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In
such event, if the Borrowers have not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may
be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing
Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules or practices on interbank compensation.


 


(e)          If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.14(d), 2.17(d),
2.18(d), 2.18(e) or 11.03(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.


 


Section 2.15         Taxes.
(a) Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document shall
be made without setoff, counterclaim or other defense and free and clear of and without deduction, reduction or withholding for
any and all Taxes except as required by applicable Legal Requirements. If any amounts on account of Indemnified Taxes are required
to be deducted or withheld from such payments, then (i) the sum payable by or on behalf of such Loan Party shall be increased
as necessary so that after making all required deductions (including deductions, reductions or withholdings applicable to additional
sums payable under this Section 2.15) the Administrative Agent, any Lender or the Issuing Bank, as the case may be, receives
an amount equal to the sum it would have received had no such deductions, reductions or withholdings been made, (ii) the Borrowers
shall make such deductions, reductions or withholdings and (iii) the Borrowers, jointly and severally, shall timely pay to the
relevant Governmental Authority the full amount deducted or withheld in accordance with applicable Legal Requirements.


 


(b)          In
addition, the Borrowers, jointly and severally, shall timely pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable Legal Requirements, or at the option of the Administrative Agent reimburse it for payment of any Other Taxes.


 


(c)          The
Borrowers agree, jointly and severally, to indemnify the Administrative Agent, each Lender and the Issuing Bank within 10 Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent,
such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the
Borrowers hereunder or under any other Loan Document or any Other Taxes paid by the Administrative Agent or such Lender (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15) and
any penalties, interest and expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Administrative Borrower by a Lender or the Issuing Bank (in each case with a copy delivered
concurrently to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing
Bank shall be conclusive absent manifest error.


 






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(d)          Each
Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that the Borrowers have not already indemnified the Administrative Agent for
such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 11.04(e) relating to the maintenance of a Participant Register and (iii)
any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under
this clause (d).


 


(e)          As
soon as practicable after any payment of Indemnified Taxes or Other Taxes, and in any event within 30 days following any such payment
being due, by the Borrowers to a Governmental Authority, the Administrative Borrower shall deliver to the Administrative Agent
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the Tax
Return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. If the Borrowers
fail to pay any Indemnified Taxes or Other Taxes when due to the appropriate Governmental Authority or fail to remit to the Administrative
Agent the required receipts or other documentary evidence, the Borrowers, jointly and severally, shall indemnify the Administrative
Agent, each Lender and the Issuing Bank for any incremental Taxes or expenses that may become payable by the Administrative Agent
or such Lender or the Issuing Bank, as the case may be, as a result of any such failure.


 


(f)          Any
Foreign Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any Loan
Document shall deliver to the Administrative Borrower and the Administrative Agent such properly completed and executed documentation
and information reasonably requested by the Administrative Borrower or the Administrative Agent as will permit such payments to
be made without withholding or at a reduced rate of withholding. Without limiting the generality of the foregoing, each Foreign
Lender shall, to the extent it is legally able to do so, (i) furnish to the Administrative Borrower and the Administrative Agent
on or prior to the date it becomes a party hereto, either (a) two accurate and complete originally executed U.S. Internal Revenue
Service Forms W-8BEN or W-8BEN-E, as applicable (or successor form) (claiming the benefits of an applicable tax treaty), (b) two
accurate and complete originally executed U.S. Internal Revenue Service Forms W-8ECI (or successor form), together with required
attachments, (c) two accurate and complete originally executed U.S. Internal Revenue Service Forms W-8IMY (or successor form),
(d) two accurate and complete originally executed U.S. Internal Revenue Service Forms W-8EXP (or successor form) or (e) if such
Foreign Lender is relying on the so-called “portfolio interest exemption,” an accurate and complete originally executed
“Portfolio Interest Certificate” in the form of Exhibit K and two accurate and complete originally executed
U.S. Internal Revenue Service Forms W-8BEN or W-8BEN-E, as applicable (or successor form), in the case of each of the preceding
clauses (a) through (e), together with any required schedules or attachments, certifying, in each case, to such Foreign Lender’s
legal entitlement to an exemption or reduction from U.S. federal withholding tax with respect to all payments hereunder, (ii) promptly
notify the Administrative Borrower and the Administrative Agent if such Foreign Lender no longer qualifies for the exemption or
reduction that it previously claimed as a result of change in such Foreign Lender’s circumstances, and (iii) to the extent
it may lawfully do so at such times, provide a new Form W-8BEN or W-8BEN-E, as applicable (or successor form), Form W-8ECI (or
successor form), Form W-8IMY (or successor form), Form W-8EXP (or successor form) and/or Portfolio Interest Certificate upon the
expiration or obsolescence of any previously delivered form, or at any other time upon the reasonable request of the Administrative
Borrower or the Administrative Agent, to reconfirm any complete exemption from, or any entitlement to a reduction in, U.S. federal
withholding tax with respect to any payment hereunder. Each Lender that is not a Foreign Lender shall (i) furnish to the Administrative
Borrower and the Administrative Agent on or prior to the date it becomes a party hereto two accurate and complete originally executed
U.S. Internal Revenue Service Form W-9 (or successor form) or otherwise establish an exemption from U.S. backup withholding and
(ii) to the extent it may lawfully do so at such times, provide a new Form W-9 (or successor form) upon the expiration or obsolescence
of any previously delivered form, or at any other time upon the reasonable request of the Administrative Borrower or the Administrative
Agent, to reconfirm its complete exemption from U.S. federal withholding tax with respect to any payment hereunder.


 






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(g)          If
a payment made to a Lender under any Loan Document may be subject to U.S. federal withholding Tax imposed under FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Borrower and the Administrative Agent,
at the time or times prescribed by law and at such times reasonably requested by the Administrative Borrower and the Administrative
Agent, (A) such documentation prescribed by applicable Legal Requirements (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code), and (B) such other documentation reasonably requested by the Administrative Borrower and the Administrative Agent
as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA, to determine
that such Lender has complied with such Lender’s obligations under FATCA, or to determine the amount to deduct and withhold
from such payment, or notify the Administrative Agent and the Administrative Borrower that such Lender is not in compliance with
FATCA. Solely for purposes of this Section 2.15(g), “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.


 


(h)          If
the Administrative Agent or a Lender (or an assignee) determines in its sole discretion that it has received a refund of any Indemnified
Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional
amounts pursuant to this Section 2.15, it shall pay over such refund to the Borrowers (but only to the extent of indemnity
payments made, or additional amounts paid, by the Borrowers under this Section 2.15 with respect to the Indemnified Taxes
or the Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (or
assignee) and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided, however, that if the Administrative Agent or such Lender (or assignee) is required to repay all or a portion
of such refund to the relevant Governmental Authority, the Borrowers, upon the request of the Administrative Agent or such Lender
(or assignee), shall repay the amount paid over to the Borrowers that is required to be repaid (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender (or assignee) within three
Business Days after receipt of written notice that the Administrative Agent or such Lender (or assignee) is required to repay such
refund (or a portion thereof) to such Governmental Authority. Nothing contained in this Section 2.15(h) shall require the
Administrative Agent or any Lender (or assignee) to make available its Tax Returns or any other information which it deems confidential
or privileged to the Borrowers or any other person. Notwithstanding anything to the contrary, in no event will the Administrative
Agent or any Lender (or assignee) be required to pay any amount to the Borrowers the payment of which would place the Administrative
Agent or such Lender (or assignee) in a less favorable net after-tax position than the Administrative Agent or such Lender (or
assignee) would have been in if the additional amounts giving rise to such refund or credit of any Indemnified Taxes or Other Taxes
had never been paid.


 






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Section 2.16         Mitigation
Obligations; Replacement of Lenders.


 


(a)          Mitigation
of Obligations. If any Lender requests compensation under Section 2.12(a) or (b), or if the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15,
then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder
or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment
of such Lender, such designation or assignment (i) would eliminate or reduce materially amounts payable pursuant to Section
2.12(a), 2.12(b) or 2.15, as the case may be, in the future, (ii) would not subject such Lender to any unreimbursed
cost or expense, (iii) would not require such Lender to take any action inconsistent with its internal policies or legal or regulatory
restrictions, and (iv) would not otherwise be disadvantageous to such Lender. The Borrowers, jointly and severally, shall pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. A certificate setting
forth such costs and expenses submitted by such Lender to the Administrative Agent shall be conclusive absent manifest error.


 


(b)          Replacement
of Lenders. In the event (i) any Lender or the Issuing Bank delivers a certificate requesting compensation pursuant to Section
2.12(a) or (b), (ii) any Lender or the Issuing Bank delivers a notice described in Section 2.12(e), (iii) the
Borrowers are required to pay any additional amount to any Lender or the Issuing Bank or any Governmental Authority on account
of any Lender or the Issuing Bank pursuant to Section 2.15, (iv) any Lender refuses to consent to any amendment, waiver
or other modification of any Loan Document requested by the Borrowers that requires the consent of 100% of the Lenders or 100%
of all affected Lenders and which, in each case, has been consented to by the Required Lenders or (v) any Lender becomes a Defaulting
Lender, the Borrowers may, at their sole expense and effort (including with respect to the processing and recordation fee referred
to in Section 11.04(b)), upon notice to such Lender or the Issuing Bank and the Administrative Agent, require such Lender
or the Issuing Bank to transfer and assign, without recourse (in accordance with and subject to restrictions contained in Section
11.04; provided that the failure of such assigning Lender to execute an Assignment and Acceptance shall not affect the
validity and effect of such assignment), all of its interests, rights and obligations under this Agreement to an Eligible Assignee
which shall assume such assigned obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment);
provided, that (w) except in the case of clause (iv) above if the effect of such amendment, waiver or other modification
of the applicable Loan Document would cure any Default then ongoing, no Default shall have occurred and be continuing, (x) such
assignment shall not conflict with any applicable Legal Requirement, (y) the Administrative Borrower shall have received the prior
written consent of the Administrative Agent (and, if a Revolving Commitment is being assigned, the Issuing Bank and the Swingline
Lender), which consent shall not unreasonably be withheld or delayed, and (z) the Borrowers or such assignee shall have paid to
the affected Lender or the Issuing Bank in immediately available funds an amount equal to the sum of the principal of and interest
and any prepayment premium or penalty (if any) accrued to the date of such payment on the outstanding Loans or LC Disbursements
of such Lender or the Issuing Bank, respectively, affected by such assignment (including, in the case of any replacement of a Term
Lender pursuant to clause (iv) above on or prior to the one year anniversary of the Closing Date, any premium payable pursuant
to Section 2.10(g) on the principal amount of the Initial Term Loans of such Lender subject
to such assignment) plus all Fees and other amounts owing to or accrued for the account of such Lender or the Issuing Bank
hereunder (including any amounts under Sections 2.12 and 2.13); provided, further, that, if prior to
any such transfer and assignment the circumstances or event that resulted in such Lender’s or the Issuing Bank’s claim
for compensation under Section 2.13(a) or (b) or notice under Section 2.12(e) or the amounts paid pursuant
to Section 2.15, as the case may be, cease to cause such Lender or the Issuing Bank to suffer increased costs or reductions
in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in Section
2.12(e), or cease to result in amounts being payable under Section 2.15, as the case may be (including as a result of
any action taken by such Lender or the Issuing Bank pursuant to clause (a) of this Section 2.16), or if such Lender or the
Issuing Bank shall waive its right to claim further compensation under Section 2.12(a) or (b) in respect of such
circumstances or event or shall withdraw its notice under Section 2.12(e) or shall waive its right to further payments under
Section 2.15 in respect of such circumstances or event or shall consent to the proposed amendment, waiver, consent or other
modification, as the case may be, then such Lender or the Issuing Bank shall not thereafter be required to make any such transfer
and assignment hereunder. Each Lender and the Issuing Bank hereby grants to the Administrative Agent an irrevocable power of attorney
(which power is coupled with an interest) to execute and deliver, on behalf of such Lender and the Issuing Bank as assignor, any
Assignment and Acceptance necessary to effectuate any assignment of such Lender’s or the Issuing Bank’s interests hereunder
in the circumstances contemplated by this Section 2.16(b). After the replacement of an Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this
Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue any additional
Letters of Credit.


 






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(c)          Defaulting
Lenders. Anything contained herein to the contrary notwithstanding, in the event that any Lender becomes a Defaulting Lender,
then (i) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender,”
and the amount of such Defaulting Lender’s Revolving Commitment, Revolving Loans, Term Commitments, Term Loans, Swingline
Exposure and LC Exposure shall be excluded for purposes of voting, and the calculation of voting, on any matters (including the
granting of any consents or waivers) with respect to any of the Loan Documents, except that the amount of such Defaulting Lender’s
Revolving Commitment, Revolving Loans, Term Commitments, Term Loans, Swingline Exposure and LC Exposure shall be included for purposes
of voting, and the calculation of voting, on the matters set forth in Sections 11.02(b)(i)-(viii) and 11.02(b)(x)-(xii)
(including the granting of any consents or waivers) only to the extent that any such matter disproportionately affects such Defaulting
Lender; (ii) to the extent permitted by applicable Legal Requirements, until such time as the Default Excess with respect to such
Defaulting Lender shall have been reduced to zero, (A) any optional prepayment of the Revolving Loans pursuant to Section 2.10(a)
shall, if the Administrative Borrower so directs at the time of making such optional prepayment, be applied to the Revolving Loans
of other Revolving Lenders in accordance with Section 2.10 as if such Defaulting Lender had no Revolving Loans outstanding
and the Revolving Exposure of such Defaulting Lender were zero, and (B) any mandatory prepayment of the Revolving Loans pursuant
to Section 2.10 shall, if the Administrative Borrower so directs at the time of making such mandatory prepayment, be applied
to the Revolving Loans and Revolving Exposure of other Revolving Lenders (but not to the Revolving Loans and Revolving Exposure
of such Defaulting Lender) in accordance with Section 2.10 as if such Defaulting Lender had funded all Defaulted Loans of
such Defaulting Lender, it being understood and agreed that the Borrowers shall be entitled to retain any portion of any mandatory
prepayment of the Revolving Loans that is not paid to such Defaulting Lender solely as a result of the operation of the provisions
of this clause (B); (iii) the amount of such Defaulting Lender’s Revolving Commitment, Revolving Loans and LC Exposure shall
be excluded for purposes of calculating the Commitment Fee payable to Revolving Lenders pursuant to Section 2.05(a) in respect
of any day during any Default Period with respect to such Defaulting Lender, and such Defaulting Lender shall not be entitled to
receive any Commitment Fee pursuant to Section 2.05(a) with respect to such Defaulting Lender’s Revolving Commitment
in respect of any Default Period with respect to such Defaulting Lender; (iv) if any Swingline Exposure or LC Exposure exists at
the time a Revolving Lender becomes a Defaulting Lender then: (A) all or any part of such Swingline Exposure and LC Exposure shall
be reallocated among the Revolving Lenders that are not Defaulting Lenders in accordance with their respective Revolving Commitments
but, in any case, only to the extent the sum of the Revolving Exposures of all Revolving Lenders that are not Defaulting Lenders
does not exceed the total of the Revolving Commitments of all Revolving Lenders that are not Defaulting Lenders; (B) if the reallocation
described in clause (A) above cannot, or can only partially, be effected (as reasonably determined by the Administrative Agent),
the Borrowers, jointly and severally, shall within one Business Day following notice by the Administrative Agent (x) prepay such
Swingline Exposure of such Defaulting Lender and (y) Cash Collateralize such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (A) above) in accordance with the procedures set forth in Section 2.18(i)
for so long as such LC Exposure is outstanding; (C) if the Borrowers Cash Collateralize any portion of such Defaulting Lender’s
LC Exposure pursuant to this clause (iv), the Borrowers shall not be required to pay any LC Participation Fee to such Defaulting
Lender pursuant to Section 2.05(c) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting
Lender’s LC Exposure is Cash Collateralized; (D) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant
to this clause (iv), then the fees payable to the Revolving Lenders pursuant to Section 2.05 shall be adjusted in accordance
with such non-Defaulting Lenders’ reallocated LC Exposure; and (E) if any Defaulting Lender’s LC Exposure is neither
Cash Collateralized nor reallocated pursuant to this clause (iv), then, without prejudice to any rights or remedies of the Issuing
Bank or any Lender hereunder, all Commitment Fees that otherwise would have been payable to such Defaulting Lender (solely with
respect to the portion of such Defaulting Lender’s Revolving Commitment that was utilized by such LC Exposure) and LC Participation
Fee payable under Section 2.05 with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing
Bank until such LC Exposure is Cash Collateralized and/or reallocated; (v) the Revolving Exposure of all Lenders as at any date
of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender; and
(vi) so long as any Revolving Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan
and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related
exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided
by the Borrowers in accordance with clause (iv) of this Section 2.16(c), and participating interests in any such newly issued
or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent
with clause (iv)(A) of this Section 2.16(c) (and Defaulting Lenders shall not participate therein). In the event that each
of the Administrative Agent, the Borrowers, the Issuing Bank and the Swingline Lender agree that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure, LC Exposure and Revolving
Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Revolving Lender’s Revolving Commitment
and on such date such Revolving Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders as the
Administrative Agent shall determine may be necessary in order for such Revolving Lender to hold such Revolving Loans in accordance
with its Revolving Commitment.


 



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For purposes of this
Agreement, (i) “Funding Default” shall mean, with respect to any Defaulting Lender, the occurrence of any of
the events set forth in the definition of “Defaulting Lender,” (ii) “Default Period” shall mean, with respect
to any Defaulting Lender, the period commencing on the date of the applicable Funding Default and ending on the earliest of the
following dates: (a) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become
immediately due and payable; (b) with respect any Funding Default (other than any such Funding Default arising pursuant to clause
(e) of the definition of “Defaulting Lender”), the date on which (1) the Default Excess with respect to such Defaulting
Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Revolving Loan of such Defaulting
Lender (such Revolving Loans being “Defaulted Loans”) or by the non-pro rata application of any optional or
mandatory prepayments of the Revolving Loans in accordance with the terms hereof or any combination thereof) and (2) such Defaulting
Lender shall have delivered to the Administrative Borrower and the Administrative Agent a written reaffirmation of its intention
to honor its obligations under this Agreement with respect to its Revolving Commitment; and (c) the date on which the Administrative
Borrower (on behalf of the Borrowers), the Administrative Agent and the Required Lenders waive all Funding Defaults of such Defaulting
Lender in writing, and (iii) “Default Excess” shall mean, with respect to any Defaulting Lender, the excess,
if any, of such Defaulting Lender’s Pro Rata Percentage of the aggregate outstanding principal amount of Revolving Loans
of all Revolving Lenders (calculated as if all Defaulting Lenders (including such Defaulting Lender) had funded all of their respective
Defaulted Loans) over the aggregate outstanding principal amount of Revolving Loans of such Defaulting Lender.


 






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No amount of the Commitment
of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in Section 2.16(c),
performance by the Borrowers of their obligations under this Agreement and the other Loan Documents shall not be excused or otherwise
modified, as a result of any Funding Default or the operation of Section 2.16(c). The rights and remedies against a Defaulting
Lender under Section 2.16(c) are in addition to other rights and remedies that the Borrowers may have against such Defaulting
Lender with respect to any Funding Default and that the Administrative Agent or any Lender may have against such Defaulting Lender
with respect to any Funding Default.


 


Section 2.17         Swingline
Loans


 


(a)          Swingline
Commitment. Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the
Borrowers (on a joint and several basis) from time to time on any Business Day after the Closing Date and during the Revolving
Availability Period, in an aggregate principal amount at any time outstanding that will not result in (and upon each such Borrowing
of Swingline Loans, each Borrower shall be deemed to represent and warrant that such Borrowing will not result in) (i) the aggregate
principal amount of outstanding Swingline Loans exceeding the Swingline Commitment, or (ii) the Total Revolving Exposure exceeding
the Total Revolving Commitments at such time; provided, that the Swingline Lender shall not be required to make a Swingline
Loan to refinance, in whole or in part, any outstanding Swingline Loans. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Borrowers may borrow, repay and reborrow Swingline Loans.


 


(b)          Swingline
Loans. To request a Swingline Loan, the Administrative Borrower shall deliver, by hand delivery, email through a “pdf”
copy or telecopier, or facsimile transmission (or transmit by other electronic transmission if arrangements for doing so have been
approved in writing by the Administrative Agent), a duly completed and executed Borrowing Request to the Administrative Agent and
the Swingline Lender, not later than 1:00 p.m., New York City time, on the Business Day of a proposed Swingline Loan. Each such
notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), the amount of the requested Swingline
Loan, the location and number of the respective Borrower’s account to which the funds are to be disbursed (which shall comply
with the requirements of Section 2.02(c)), and that the conditions set forth in Sections 4.02(b) and (c))
are satisfied as of the date of the notice. Each Swingline Loan shall be (and shall be maintained as) an ABR Loan. The Swingline
Lender shall make each Swingline Loan available to the Borrowers by means of a credit to the general deposit account of the Administrative
Borrower with the Swingline Lender, if any, or otherwise remitted to an account (which shall comply with the requirements of Section
2.02(c)) as directed by the Administrative Borrower in the applicable Borrowing Request (or, in the case of a Swingline Loan
made to finance the reimbursement of an LC Disbursement as provided in Section 2.18(e), by remittance to the Issuing Bank).
The Swingline Lender shall endeavor to fund each Swingline Loan by 3:00 p.m., New York City time and shall in all events fund each
Swingline Loan by no later than 4:00 p.m., New York City time, on the requested date of such Swingline Loan. Swingline Loans shall
be made in minimum amounts of $100,000 and integral multiples of $100,000 above such amount.


 






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(c)          Prepayment.
The Borrowers shall have the right at any time and from time to time to repay any Swingline Loan, in whole or in part, upon the
Administrative Borrower giving written notice to the Swingline Lender and the Administrative Agent before 2:00 p.m., New York City
time, on the proposed date of repayment.


 


(d)          Participations.
The Swingline Lender (i) may at any time in its discretion and (ii) as directed by the Administrative Agent from time to time on
not less than one Business Day’s written notice to the Swingline Lender shall, by written notice given to the Administrative
Agent (provided such notice requirements shall not apply if the Swingline Lender and the Administrative Agent are the same
entity) not later than 12:00 p.m., New York City time, on the Business Day immediately following such notice, require the Revolving
Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans then outstanding. Such notice
shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such
notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender’s
Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt
of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Revolving Lender’s
Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this Section 2.17(d) is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including the occurrence and continuance of a Default or a reduction or termination of the Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever (so long
as such payment shall not cause such Revolving Lender’s Revolving Exposure to exceed such Revolving Lender’s Revolving
Commitment). Each Revolving Lender shall comply with its obligation under this Section 2.17(d) by wire transfer of immediately
available funds, in the same manner as provided in Section 2.02(c) with respect to Revolving Loans made by such Revolving
Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative
Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent
shall notify the Administrative Borrower of any participations in any Swingline Loan acquired by the Revolving Lenders pursuant
to this Section 2.17(d), and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent
and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrowers (or other party on behalf of the
Borrowers) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein
shall be promptly remitted to the Administrative Agent. Any such amounts received by the Administrative Agent shall be promptly
remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this Section 2.17(d),
as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this Section 2.17(d) shall
not relieve the Borrowers of any default in the payment thereof. Subject to Sections 2.10(c), 2.14(b) and 9.01,
the Administrative Agent may apply payments on Revolving Loans to Swingline Loans, regardless of any designation by the Borrowers
to the contrary. The provisions of this Section 2.17(d) are solely for the benefit of the Swingline Lender and the other
Lenders, and none of the Loan Parties may rely on this Section 2.17(d) or have any standing to enforce its terms.


 






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(e)          Resignation
or Removal of the Swingline Lender. The Swingline Lender may resign as Swingline Lender hereunder at any time upon at least
30 days’ prior written notice to the Lenders, the Administrative Agent and the Administrative Borrower. Following such notice
of resignation from the Swingline Lender, the Swingline Lender may be replaced at any time by written agreement among the Administrative
Borrower (with the Administrative Borrower’s agreement not to be unreasonably withheld, delayed or conditioned), the Administrative
Agent and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Swingline
Lender. At the time any such resignation or replacement shall become effective, the Borrowers, jointly and severally, shall repay
the outstanding principal amount of all Swingline Loans and shall pay all interest and unpaid fees accrued for the account of the
replaced Swingline Lender. From and after the effective date of any such resignation or replacement, (i) the successor Swingline
Lender shall have all the rights and obligations of the Swingline Lender under this Agreement with respect to Swingline Loans to
be made by it thereafter and (ii) references herein and in the other Loan Documents to the term “Swingline Lender”
shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline
Lenders, as the context shall require. After the resignation or replacement of the Swingline Lender hereunder, the replaced Swingline
Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Swingline Lender under this
Agreement with respect to Swingline Loans made by it prior to such resignation or replacement, but shall not be required to make
additional Swingline Loans. Notwithstanding anything to the contrary in this Section 2.17(e) or otherwise, the Swingline
Lender may not resign until such time as a successor Swingline Lender has been appointed.


 


Section 2.18         Letters
of Credit.


 


(a)          General.
Subject to the terms and conditions set forth herein, the Administrative Borrower may request the Issuing Bank, and the Issuing
Bank agrees, to issue Letters of Credit for the Administrative Borrower’s account or the account of the Co-Borrower or another
Wholly Owned Restricted Subsidiary of the Administrative Borrower, in each case to support payment and performance obligations
incurred in the ordinary course of business by the Administrative Borrower and its Wholly Owned Restricted Subsidiaries (other
than obligations in respect of any Restricted Indebtedness or Equity Interests) in a form reasonably acceptable to the Administrative
Agent and the Issuing Bank, at any time and from time to time during the Revolving Availability Period (provided, that each
Borrower shall be a co-applicant, and shall be jointly and severally liable with respect to each Letter of Credit issued for the
account of any Borrower or another Wholly Owned Restricted Subsidiary of the Administrative Borrower). The Issuing Bank shall have
no obligation to issue, and the Administrative Borrower shall not request the issuance of, any Letter of Credit at any time if
after giving effect to such issuance, (i) the Dollar Amount of the LC Exposure would exceed the LC Commitment, (ii) the Total Revolving
Exposure would exceed the Total Revolving Commitments at such time, or (iii) the expiry date of the proposed Letter of Credit is,
subject to Section 2.18(c), on or after the close of business on the Letter of Credit Expiration Date. In the event of any
inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application
or other agreement submitted by the Administrative Borrower to, or entered into by the Administrative Borrower with, the Issuing
Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Each Letter of Credit shall be
denominated in Dollars or in an Alternative Currency. Notwithstanding anything to the contrary, in no event shall Jefferies Finance
LLC, as Issuing Bank, have any obligation to issue any commercial or trade Letters of Credit.


 


(b)          Request
for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit or the amendment,
renewal or extension of an outstanding Letter of Credit, the Administrative Borrower shall deliver by hand, email through a “pdf”
copy or telecopies, or facsimile transmission (or transmit by other electronic communication if arrangements for doing so have
been approved in writing by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00
a.m., New York City time, on the fifth Business Day preceding the requested date of issuance, amendment, renewal or extension (or
such later date and time as is acceptable to the Issuing Bank).


 


A request for an initial
issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:


 






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(i)          the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day);


 


(ii)         the
face amount and currency (which must be Dollars or an Alternative Currency) thereof;


 


(iii)        the
expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on the Letter of Credit
Expiration Date);


 


(iv)        the
name and address of the beneficiary thereof;


 


(v)         whether
the Letter of Credit is to be issued for the Administrative Borrower’s own account or for the account of the Co-Borrower
or other Wholly Owned Restricted Subsidiaries of the Administrative Borrower (provided, that each Borrower shall be a co-applicant,
and be jointly and severally liable, with respect to each Letter of Credit issued for the account of any Borrower or a Wholly Owned
Restricted Subsidiary of the Administrative Borrower);


 


(vi)        the
documents to be presented by such beneficiary in connection with any drawing thereunder;


 


(vii)       the
full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and


 


(viii)      such
other matters as the Issuing Bank may reasonably require.


 


A request for an amendment,
renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing
Bank:


  


(i)          the
Letter of Credit to be amended, renewed or extended;


 


(ii)         the
proposed date of amendment, renewal or extension thereof (which shall be a Business Day);


 


(iii)        the
nature of the proposed amendment, renewal or extension;


 


(iv)        the
expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on the Letter of Credit
Expiration Date); and


 


(v)         such
other matters as the Issuing Bank may reasonably require.


 


If requested by the Issuing
Bank, the Administrative Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in
connection with any request for a Letter of Credit; provided that the provisions of this Section 2.18 shall apply
in respect of all such applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance,
amendment, renewal or extension of each Letter of Credit, the Administrative Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension, (i) the Dollar Amount of the LC Exposure shall not
exceed the LC Commitment, (ii) the Total Revolving Exposure shall not exceed the Total Revolving Commitments at such time and (iii)
the conditions set forth in Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied.
Unless the Issuing Bank shall agree otherwise, no Letter of Credit shall be in an initial amount less than the Dollar Amount of
$50,000.


 



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(c)          Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date which is one year
after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such
renewal or extension) and (ii) the Letter of Credit Expiration Date; provided, that this Section 2.18(c) shall not
prevent the Issuing Bank from agreeing that a Letter of Credit (x) will, upon the request of the Administrative Borrower, automatically
be extended for one or more successive periods not to exceed one year each (and, in any case, not to extend beyond the Letter of
Credit Expiration Date) unless the Issuing Bank elects not to extend for any such additional period or (y) may have an expiry date
beyond the Letter of Credit Expiration Date so long as the requested Letter of Credit has been Cash Collateralized by the Borrowers
in accordance with Section 2.18(i) at least five Business Days prior to the Letter of Credit Expiration Date.


 


(d)          Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby irrevocably grants to each Revolving Lender, and
each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to the Dollar Amount
of such Revolving Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Letter of Credit.
In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay
to the Administrative Agent, for the account of the Issuing Bank, the Dollar Amount of such Revolving Lender’s Pro Rata Percentage
of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrowers on the date due as provided in Section
2.18(e), or of any reimbursement payment required to be refunded to the Borrowers for any reason. Each Revolving Lender acknowledges
and agrees that its obligation to acquire participations pursuant to this Section 2.18(d) in respect of Letters of
Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal
or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever (so long
as such payment shall not cause the Dollar Amount of such Revolving Lender’s Revolving Exposure to exceed such Revolving
Lender’s Revolving Commitment).


 


(e)          Reimbursement.
(i) If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers, jointly and severally,
shall reimburse such LC Disbursement by paying to the Issuing Bank an amount equal to the amount of such LC Disbursement (and in
the same currency in which such LC Disbursement was made or, at the option of the Issuing Bank in the case of an LC Disbursement
in respect of a Letter of Credit denominated in an Alternative Currency, in the Dollar Amount thereof) not later than 1:00 p.m.,
New York City time, on the date that such LC Disbursement is made if the Administrative Borrower shall have received notice of
such LC Disbursement prior to 1:00 p.m., New York City time, on such date, or, if such notice has not been received by the Administrative
Borrower prior to such time on such date, then not later than 1:00 p.m., New York City time, on the Business Day immediately following
the day that the Administrative Borrower receives such notice; provided, that the Administrative Borrower may, subject to
the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with
ABR Revolving Loans in an equivalent Dollar Amount and, to the extent so financed, the Borrowers’ obligation to make such
payment shall be discharged and replaced by the resulting ABR Revolving Loans.


 






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(ii)         If
the Borrowers fail to make such payment when due, or if the amount is not financed pursuant to the proviso to Section 2.18(e)(i),
the Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Lender of the applicable
LC Disbursement, the payment then due from the Borrowers in respect thereof and the Dollar Amount of such Revolving Lender’s
Pro Rata Percentage thereof. Each Revolving Lender shall pay by wire transfer of immediately available funds to the Administrative
Agent not later than 1:00 p.m., New York City time, on such date (or, if such Revolving Lender shall have received such notice
later than 1:00 p.m., New York City time, on any day, not later than 1:00 p.m., New York City time, on the immediately following
Business Day), an amount equal to the Dollar Amount of such Revolving Lender’s Pro Rata Percentage of the unreimbursed LC
Disbursement in the same manner as provided in Section 2.02(c) with respect to Revolving Loans made by such Revolving Lender,
and the Administrative Agent will promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. The
Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the Borrowers pursuant to clause (i)
of this Section 2.18(e) prior to the time that any Revolving Lender makes any payment pursuant to the preceding sentence
and any such amounts received by the Administrative Agent from the Borrowers thereafter will be promptly remitted by the Administrative
Agent to the Revolving Lenders that shall have made such payments and to the Issuing Bank, as appropriate.


 


(iii)        If
any Revolving Lender shall not have made the Dollar Amount of its Pro Rata Percentage of such LC Disbursement available to the
Administrative Agent as provided above, each of the Borrowers (on a joint and several basis) and such Revolving Lender severally
agrees to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance
with the foregoing to but excluding the date such amount is paid, to the Administrative Agent for the account of the Issuing Bank
at (i) in the case of the Borrowers, the interest rate applicable to ABR Revolving Loans; provided, that, if the Borrowers
fail to reimburse such LC Disbursement when due pursuant to clause (i) of this Section 2.18(e), then the Default Rate shall
apply and (ii) in the case of such Revolving Lender, at the greater of the Federal Funds Effective Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules or practices on interbank compensation.


 


(f)          Obligations
Absolute. The Reimbursement Obligations of the Borrowers as provided in Section 2.18(e) shall be absolute, unconditional
and irrevocable, and shall be paid and performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term
or provision therein; (ii) any draft or other document presented under a Letter of Credit being proved to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (iii) payment by the
Issuing Bank under a Letter of Credit against presentation of a draft or other document that fails to strictly comply with the
terms of such Letter of Credit; (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section 2.18, constitute a legal or equitable discharge of, or provide a right
of setoff against, the obligations of any Borrower hereunder; (v) the fact that a Default shall have occurred and be continuing;
(vi) any material adverse change in the condition (financial or otherwise), results of operations, assets, liabilities (contingent
or otherwise), material agreements, properties, solvency, business, management, prospects or value of any Company; or (vii) any
other fact, circumstance or event whatsoever. None of the Agents, the Lenders, the Issuing Bank or any of their respective Affiliates
shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided, that the foregoing
shall not be construed to excuse the Issuing Bank from liability to the Borrowers to the extent of any direct damages (as opposed
to consequential, exemplary, special, punitive or other indirect damages, claims in respect of which are hereby waived by each
Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrowers that are caused by the Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of
the Issuing Bank (as determined by a court of competent jurisdiction in a final non-appealable decision) with respect to such a
determination, the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing
and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their
face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either
accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information
to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the
terms of such Letter of Credit.


 






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(g)          Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly give written notice to the Administrative Agent and
the Administrative Borrower of such demand for payment (and the amount thereof stated in the applicable currency) and whether the
Issuing Bank has made or will make an LC Disbursement thereunder; provided, that any failure to give or delay in giving
such notice shall not relieve the Borrowers of their joint and several Reimbursement Obligations to the Issuing Bank and the Revolving
Lenders with respect to any such LC Disbursement (other than with respect to the timing of such Reimbursement Obligation set forth
in Section 2.18(e)).


  


(h)          Interim
Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the Dollar Amount of the unpaid amount thereof shall bear interest payable on
demand, for each day from and including the date such LC Disbursement is paid or disbursed to but excluding the date the Issuing
Bank was reimbursed by the Borrowers therefor at a rate per annum equal to the Alternate Base Rate as in effect from time to time
plus the Applicable Margin for ABR Revolving Loans; provided, however, to the extent such amounts are not reimbursed
prior to 1:00 p.m., New York City time, on the third Business Day following such payment or disbursement or following the occurrence
of a Default or an Event of Default under Section 8.01(g) or (h), interest shall thereafter accrue on the Dollar
Amount of the amounts so paid or disbursed by the Issuing Bank (and until reimbursed by the Borrowers) at a rate per annum equal
to the Default Rate. Interest accrued pursuant to this Section 2.18(h) shall be for the account of the Issuing Bank, except
that interest accrued on and after the date of payment by any Revolving Lender pursuant to Section 2.18(e) to reimburse
the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment.


 


(i)          Cash
Collateralization. If (x) any Event of Default shall occur and be continuing, on the Business Day that the Administrative Borrower
receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this
Section 2.18(i) or (y) if any other event occurs or condition exists requiring the Borrowers to Cash Collateralize Letters
of Credit, the Borrowers, jointly and severally, shall deposit in the LC Sub-Account, in the name of the Collateral Agent and for
the benefit of the Secured Parties, an amount in cash equal to 103% of the Dollar Amount of the LC Exposure as of such date plus
any accrued and unpaid interest thereon; provided, that the obligation to deposit such cash collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence
of any Event of Default with respect to any Borrower described in clause (g) or (h) of Section 8.01. Funds
in the LC Sub-Account shall be applied by the Collateral Agent to reimburse the Issuing Bank for LC Disbursements for which it
has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of outstanding Reimbursement Obligations
or, if the maturity of the Loans has been accelerated, be applied to satisfy other Secured Obligations of the Borrowers in accordance
with Article IX. If the Borrowers are required to provide an amount of cash collateral hereunder as a result of the occurrence
of an Event of Default, such amount plus any accrued interest with respect to such amounts (to the extent not applied as aforesaid)
shall, in accordance with Article IX, be returned to the Administrative Borrower within 10 Business Days after all Events of Default
have been cured or waived. To secure the LC Exposure and the other Secured Obligations, the Borrowers and Subsidiary Guarantors
hereby grant a security interest to the Collateral Agent in any cash collateral deposited with the Collateral Agent, including
the LC Sub-Account.


 






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(j)          Additional
Issuing Banks. The Administrative Borrower may, at any time and from time to time, designate one or more additional Revolving
Lenders to act as an issuing bank under the terms of this Agreement, with the written consent of each of the Administrative Agent
(which consent shall not be unreasonably withheld or delayed), each then existing Issuing Bank (which consent shall not be unreasonably
withheld or delayed) and such Revolving Lender(s). Any Revolving Lender designated as an issuing bank pursuant to this Section
2.18(j) shall be deemed (in addition to being a Revolving Lender) to be the Issuing Bank with respect to Letters of Credit
issued or to be issued by such Lender, and all references herein and in the other Loan Documents to the term “Issuing
Bank” shall, with respect to such Letters of Credit, be deemed to refer to such Lender in its capacity as Issuing Bank,
as the context shall require.


 


(k)          Resignation
and Replacement of the Issuing Bank. The Issuing Bank may resign as Issuing Bank hereunder at any time upon at least 30 days’
prior written notice to the Lenders, the Administrative Agent and the Administrative Borrower. Following such resignation, the
Issuing Bank may be replaced at any time by written agreement among the Administrative Borrower, the Administrative Agent and the
successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank or any such
additional Issuing Bank. At the time any such resignation or replacement shall become effective, the Borrowers, jointly and severally,
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.05(c). From and after
the effective date of any such resignation or replacement or addition, as applicable, (i) the successor or additional Issuing Bank
shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued
by it thereafter and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall
be deemed to refer to such successor or such additional or to any previous Issuing Bank, or to such successor or such additional
and all previous Issuing Banks, as the context shall require. After the resignation or replacement of an Issuing Bank hereunder,
the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank
under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be
required to issue additional Letters of Credit. If at any time there is more than one Issuing Bank hereunder, the Administrative
Borrower may, in its discretion, select which Issuing Bank is to issue any particular Letter of Credit.


 


(l)          Other.
The Issuing Bank shall be under no obligation to issue (or increase or extend or otherwise amend) any Letter of Credit if:


 


(i)          any
Order of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing
such Letter of Credit, or any Legal Requirement applicable to the Issuing Bank or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing
Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the
Issuing Bank with respect to such Letter of Credit any restriction, reserve, liquidity or capital requirement (for which the Issuing
Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and, in each case, which the Issuing Bank deems material to
it; or


 



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(ii)         the
issuance of such Letter of Credit would violate one or more policies of general application of the Issuing Bank.


 


The Issuing Bank shall
be under no obligation to amend any Letter of Credit if (A) the Issuing Bank would have no obligation at such time to issue such
Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit.


 


(m)          Currency
Equivalents. The Administrative Agent shall determine the Dollar Amount of each Letter of Credit denominated in an Alternative
Currency and any Reimbursement Obligation in respect thereof (i) as of the day of any issuance of a Letter of Credit, (ii) as of
the day of any increase in the amount of any Letter of Credit, (iii) as of the day of any drawing thereunder, (iv) as of the end
of each month of the Administrative Borrower and (v) as of any other day as the Issuing Bank may reasonably require, and shall
promptly notify the Administrative Borrower and the Revolving Lenders of each Dollar Amount so determined by it. Each such determination
shall be based on the Exchange Rate (w) on the date of the related LC Request for purposes of the initial such determination for
any Letter of Credit or any increase in the amount thereof, (x) as of the date of any drawing under any such Letter of Credit,
(y) on the fourth Business Day prior to the date as of which such Dollar Amount is to be determined and (z) as of such other date
as the Issuing Bank may reasonably require, for purposes of any subsequent determination (any such date pursuant to clause (w),
(x), (y) or (z) an “Exchange Rate Reset Date”).


 


Section 2.19         Nature
of Obligations.


 


(a)          Notwithstanding
anything to the contrary contained elsewhere in this Agreement or any other Loan Document, it is understood and agreed by the various
parties to this Agreement that all Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans,
Letters of Credit and all other Obligations pursuant to this Agreement and each other Loan Document (including all fees, indemnities,
taxes and other Obligations in connection therewith or in connection with the related Revolving Commitments) shall constitute the
joint and several obligations of each of the Borrowers. The Borrowers shall be jointly and severally liable for all Obligations
regardless of which Borrower actually receives the proceeds of any Loan or the benefit of any Letter of Credit. In addition to
the direct (and joint and several) obligations of the Borrowers with respect to Obligations as described above, all such Obligations
shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantees.


 


(b)          The
obligations of each Borrower with respect to the Obligations are independent of one another and of the obligations of the Guarantors
under the Guarantees of such Obligations, and a separate action or actions may be brought and prosecuted against each Borrower
and each Guarantor (in its capacity as a Guarantor), whether or not any other Borrower or Guarantor is joined in any such action
or actions. Each Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its
liability hereunder or the enforcement thereof. Any payment by any Borrower or other circumstance which operates to toll any statute
of limitations as to any Borrower shall, to the fullest extent permitted by law, operate to toll the statute of limitations as
to each Borrower.


 


(c)          Each
of the Borrowers authorizes the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders without notice or
demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability
hereunder, from time to time to, to the maximum extent permitted by applicable law and the Loan Documents:


 






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(i)          exercise
or refrain from exercising rights against the other Borrower or any Guarantor or others or otherwise act or refrain from acting;


 


(ii)         release
or substitute the other Borrower, endorsers, Guarantors or other obligors;


 


(iii)        settle
or compromise any of the Obligations of the other Borrower or any other Loan Party, any security therefor or any liability (including
any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or
any part thereof to the payment of any liability (whether due or not) of the Borrower to its creditors other than the Lenders;


 


(iv)        apply
any sums paid by the other Borrower or any other person, howsoever realized to any liability or liabilities of such other Borrower
or other person regardless of what liability or liabilities of such other Borrower or other person remain unpaid; and/or


 


(v)         consent
to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to
herein, or otherwise, by the other Borrower or any other person.


 


(d)          It
is not necessary for the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender to inquire into the capacity
or powers of any Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting
to act on its behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall constitute
the joint and several obligations of the respective Borrowers hereunder.


  


(e)          No
Borrower shall exercise any rights of contribution or subrogation with respect to any other Borrower as a result of payments made
by it hereunder at any time that an Event of Default exists and is continuing (or would result therefrom). This clause (e) is intended
only to define the relative rights of the Borrowers, and nothing set forth in this clause (e) is intended or shall impair the joint
and several obligations of each Borrower to pay the Obligations as and when the same shall become due and payable in accordance
with the terms hereof.


 


(f)          Each
Borrower waives any right to require the Administrative Agent, the Collateral Agent, the Issuing Bank or the Lenders to (a) proceed
against the other Borrower, any Guarantor or any other party, (b) proceed against or exhaust any security held from either Borrower,
any Guarantor or any other party or (c) pursue any other remedy in the Administrative Agent’s, the Collateral Agent’s,
the Issuing Bank’s or Lenders’ power whatsoever. Each Borrower waives any defense based on or arising out of suretyship
or any impairment of security held from any Borrower, any Guarantor or any other party or on or arising out of any defense of the
other Borrower, any Guarantor or any other party other than payment in full in cash of the Obligations, including any defense based
on or arising out of the disability of any other Borrower, any Guarantor or any other party, or the unenforceability of the Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of any other Borrower, in each case other
than as a result of the payment in full in cash of the Obligations.


 






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Section 2.20         Extensions
of Term Loans and Revolving Commitments.


  


(a)          Notwithstanding
anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Request”) made
from time to time by the Borrowers to all Lenders of Term Loans with a like Maturity Date or Revolving Commitments with a like
Maturity Date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans
or Revolving Commitments with a like Maturity Date, as the case may be) and on the same terms to each such Lender, the Borrowers
are hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such
Extension Request to extend the Maturity Date of each such Lender’s Term Loans and/or Revolving Commitments and otherwise
modify the terms of such Term Loans and/or Revolving Commitments pursuant to the terms of the relevant Extension Request (including
by increasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Commitments (and related outstandings)
and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”,
and each group of Term Loans or Revolving Commitments (and related outstandings), as applicable, in each case as so extended, as
well as the original Term Loans and the original Revolving Commitments (and related outstandings) (in each case not so extended),
being a “Class”; any Extended Term Loans shall constitute a separate Class of Term Loans from the Class of Term
Loans from which they were converted and any Extended Revolving Commitments shall constitute a separate Class of Revolving Commitments
from the Class of Revolving Commitments from which they were converted), so long as the following terms are satisfied: (i) except
as to interest rates, fees, optional redemption or prepayment terms, final maturity, and after the final maturity date of the Revolving
Commitment, any other covenants and provisions (which shall be determined by the Borrowers and the relevant Revolving Lenders and
set forth in the relevant Extension Request), the Revolving Commitment of any Revolving Lender extended pursuant to an Extension
(an “Extended Revolving Commitment” and the Revolving Loans thereunder, “Extended Revolving Loans”),
and the related outstandings, shall be a Revolving Commitment (or related outstandings, as the case may be) with such other terms
substantially identical to, or taken as a whole, no more favorable to the Revolving Lenders, as the original Revolving Commitments
(and related outstandings); provided that (1) the borrowing and repayment (except (A) for payments of interest and fees
at different rates on Extended Revolving Commitments (and related outstandings), (B) for repayments required upon the maturity
date of the non-extending Revolving Commitments) of Revolving Loans with respect to Extended Revolving Commitments after the applicable
Extension date, and (C) as otherwise provided in Section 2.23 with respect to Specified Refinancing Revolving Commitments
that are unsecured or secured on a junior basis shall be made on a pro rata basis with all other Revolving Commitments, (2) to
the extent dealing with Letters of Credit and Swingline Loans which mature or expire after a Maturity Date when there exist Extended
Revolving Commitments with a longer Maturity Date, all Swingline Loans and Letters of Credit shall be participated on a pro rata
basis by all Revolving Lenders with Revolving Commitments in accordance with their percentage of the Revolving Commitments (without
giving effect to changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued,
although the respective Extension Amendment may contain technical changes related to the borrowing, replacement Letter of Credit
and Swingline Loan procedures of the Revolving Commitments in respect of which the Extended Revolving Commitments were extended),
(3) the permanent repayment of Revolving Loans with respect to, and termination of, Extended Revolving Commitments after the applicable
Extension date shall be made on a pro rata basis with all other Revolving Commitments, except that the Borrowers shall be permitted
to permanently repay and terminate commitments of any Revolving Facility on a better than pro rata basis as compared to any other
Revolving Facility with a later Maturity Date (x) if agreed to by the Revolving Lenders in respect of such Revolving Facility with
a later Maturity Date in the respective Extension Amendment or (y) if such Extended Revolving Commitments are unsecured or secured
on a junior basis, (4) assignments and participations of Extended Revolving Commitments shall be governed by the same assignment
and participation provisions applicable to Revolving Commitments (and related outstandings) and (5) at no time shall there be Revolving
Commitments hereunder (including Extended Revolving Commitments, Specified Refinancing Revolving Commitments and any original Revolving
Commitments) which have more than three different Revolving Maturity Dates; (ii) except as to interest rates, fees, amortization,
final maturity date, optional prepayments, premium, required prepayment dates and participation in prepayments (which shall, subject
to immediately succeeding clauses (iii), (iv) and (vi), be determined by the Borrowers and the Extending Term Lenders and set forth
in the relevant Extension Request), the Term Loans of any Lender that agrees to an Extension with respect to such Term Loans (an
“Extending Term Lender”) extended pursuant to any Extension (“Extended Term Loans”) shall
be substantially identical to, or (taken as a whole) no more favorable to the Extending Term Lenders than those applicable to the
Term Loans subject to such Extension Request (except for covenants or other provisions applicable only to periods after the then
Latest Maturity Date), (iii) the final maturity date of any Extended Term Loans shall be no earlier than the then Latest Maturity
Date, (iv) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average
Life to Maturity of the Term Loans extended thereby, (v) the Extended Term Loans and the Extended Revolving Commitments shall not
be (A) secured by any Lien on any asset other than the Collateral and (B) guaranteed by any person other than the Guarantors, (vi)
any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis)
in any optional or mandatory repayments or prepayments hereunder, in each case as specified in the respective Extension Request,
(vii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments, as the
case may be, in respect of which Term Lenders or Revolving Lenders, as the case may be, shall have accepted the relevant Extension
Request shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as the case may be, offered
to be extended by the Borrowers pursuant to such Extension Request, then the Term Loans or Revolving Commitments, as the case may
be, of such Term Lenders or Revolving Lenders, as the case may be, shall be extended ratably up to such maximum amount based on
the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term Lenders or Revolving
Lenders, as the case may be, have accepted such Extension Request (subject to rounding required by the Administrative Agent) and
(viii) all documentation in respect of such Extension shall be consistent with the foregoing. No Lender shall have any obligation
to agree to have any of its Term Loans or Revolving Commitments extended pursuant to an Extension Request.


 



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(b)          With
respect to all Extensions consummated by the Borrowers pursuant to this Section 2.20, (i) such Extensions shall not constitute
optional or mandatory payments or prepayments for purposes of Section 2.10 and (ii) no Extension Request is required to
be in any minimum amount or any minimum increment. The Administrative Agent and the Lenders hereby consent to the Extensions and
the other transactions contemplated by this Section 2.20 (including, for the avoidance of doubt, payment of any interest,
fees or premium in respect of any Extended Term Loans and/or Extended Revolving Commitments, as the case may be, on such terms
as may be set forth in the relevant Extension Request) and hereby waive the requirements of any provision of this Agreement (including
Sections 2.10 and 2.14(a)) or any other Loan Document that may otherwise prohibit any such Extension or any other
transaction contemplated by this Section 2.20.


 


(c)          The
Administrative Borrower shall provide the applicable Extension Request at least 15 Business Days (or such shorter period as the
Administrative Agent may determine in its sole discretion) prior to the date on which Lenders under the applicable Class of Term
Loans or Revolving Commitments are requested to respond, and shall agree to such procedures, if any, as may be established by,
or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purpose of this Section 2.20.
Any Extending Lender wishing to have all or a portion of its Term Loans or Revolving Commitments subject to such Extension Request
converted into Extended Term Loans or Extended Revolving Commitments, as applicable, shall notify the Administrative Agent (an
“Extension Election”) on or prior to the date specified in such Extension Request of the amount of its existing
Term Loans or Revolving Commitments subject to such Extension Request that it has elected to convert into Extended Term Loans or
Extended Revolving Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent
and proration as provided in clause (vii) of Section 2.20(a)).


 






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(d)          Extended
Term Loans and Extended Revolving Commitments, as applicable, shall be established pursuant to an amendment (an “Extension
Amendment”) to this Agreement and, if reasonably requested by the Administrative Agent, the other Loan Documents (which,
except to the extent expressly contemplated by the penultimate sentence of this Section 2.20(d) and notwithstanding anything
to the contrary set forth in Section 11.02, shall not require the consent of any Lender other than the Extending Lenders
with respect to the Extended Term Loans or Extended Revolving Commitments, as applicable, established thereby) executed by the
Loan Parties, the Administrative Agent and the respective Extending Lenders. In addition to any
terms and changes required or permitted by Section 2.20(a), each Extension Amendment may amend this Agreement to ensure
ratable participation in Letters of Credit and Swingline Loans by Extended Revolving Commitments. It is understood and agreed
that each Lender hereunder has consented, and shall at the effective time thereof be deemed to consent, to each amendment to this
Agreement and the other Loan Documents authorized by this Section 2.20 and the arrangements described above in connection
therewith.


 


In connection with
any Extension Amendment, the Borrowers shall deliver an opinion of counsel reasonably acceptable to the Administrative Agent (i)
as to the enforceability of such Extension Amendment, this Agreement as amended thereby, and such of the other Loan Documents (if
any) as may be amended thereby (in the case of such other Loan Documents as contemplated by the immediately preceding sentence)
and (ii) covering such other matters as the Administrative Agent may reasonably request in connection therewith.


 


(e)          In
the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans or Extended
Revolving Commitments to a given Lender was incorrectly determined as a result of manifest administrative error in the receipt
and processing of an Extension Election timely submitted by such Lender in accordance with the procedures set forth in the applicable
Extension Amendment, then the Administrative Agent, the Administrative Borrower and such affected Lender may (and hereby are authorized
to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other
Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of such
Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension
of Revolving Commitments (and related Revolving Exposure) or Term Loans, as the case may be, in such amount as is required to cause
such Lender to hold Extended Revolving Commitments (and related Revolving Exposure) or Extended Term Loans, as the case may be,
in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation
of the applicable Term Loans or Revolving Commitments to which it was entitled under the terms of such Extension Amendment, in
the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Administrative
Borrower and such Lender may agree (including conditions of the type required to be satisfied for the effectiveness of an Extension
Amendment described in Section 2.20(d)), and (iii) effect such other amendments of the type (with appropriate reference
and nomenclature changes) described in the penultimate sentence of Section 2.20(d).


 


(f)          No
exchange or conversion of Term Loans or Revolving Commitments pursuant to any Extension Amendment in accordance with this Section
2.20 shall (x) be made at any time an Event of Default shall have occurred and be continuing (and no Extension Request shall
be delivered to the Lenders at any time an Event of Default shall have occurred and be continuing) and (y) constitute an optional
or mandatory payment or prepayment for purposes of this Agreement.


 






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Section 2.21         Increases
of the Commitments.


 


(a)          The
Borrowers may, from time to time after the Closing Date, request to increase the then effective aggregate principal amount of (x)
the Term Commitments and make Term Loans pursuant thereto (such Term Loans, “Incremental
Term Loans”) and/or (y) the Revolving Commitments of any Revolving Facility (such Revolving Commitments, “Incremental
Revolving Commitments”) and make Revolving Loans pursuant thereto (such Revolving Loans, “Incremental Revolving
Loans”); provided that:


 


(i)          the
aggregate principal amount of (x) all increases in the Term Commitments pursuant to this Section 2.21 and the aggregate
principal amount of all Incremental Term Loans made pursuant thereto and (y) all increases in the Revolving Commitments pursuant
to this Section 2.21 shall not exceed the greater of (A) $75,000,000 and (B) an additional amount so long as, in the case
of this clause (B), if, after giving effect to any such increase and the incurrence of the Incremental Term Loans and/or any Incremental
Revolving Loans pursuant thereto on a Pro Forma Basis (but, for this purpose, assuming that Incremental Revolving Loans are incurred
at such time in an aggregate principal amount equal to the aggregate Incremental Revolving Commitments so obtained (whether or
not such Incremental Revolving Loans are actually incurred at such time), the Administrative Borrower shall be in compliance with
a Total Secured Leverage Ratio of no greater than 5.00:1.00 for the Test Period most recently ended
for which financial statements have been delivered to the Administrative Agent pursuant to Section 5.01(a)(iii) or (b)(iii),
as applicable, and the aggregate principal amount of any requested increase shall be in a minimum amount of $10,000,000
(or $5,000,000 in the case of Incremental Revolving Commitments or, in either case, such lower amount that represents all remaining
availability pursuant to this Section 2.21); provided that the Borrowers may not obtain more than $25,000,000
in the aggregate of Incremental Revolving Commitments pursuant to this Section 2.21;


  


(ii)         the
incurrence of any Incremental Term Loans pursuant to any such increase shall be on the effective date of the respective Incremental
Loan Amendment and the proceeds of such Incremental Term Loans and Incremental Revolving Loans
shall be used for the purposes permitted by Section 3.12;


 


(iii)        the
Borrowers and the Guarantors shall execute and deliver such agreements, instruments and documents and take such other actions as
may be reasonably requested by the Administrative Agent in connection with such increases and at the time of any such proposed
increase;


 


(iv)        (x)
no Default shall have occurred and be continuing or would occur after giving effect to such increase and the application of proceeds
therefrom and (y) both immediately before and after giving effect to any such increase and the application of proceeds therefrom,
each of the representations and warranties made by any Loan Party set forth in Article III or in any other Loan Document
shall be true and correct in all material respects (or true and correct in all respects in the case of representations and warranties
qualified by materiality or Material Adverse Effect) on and as of the date of such increase with the same effect as though made
on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which
case such representations and warranties shall be true and correct in all material respects (or true and correct in all respects
in the case of representations and warranties qualified by materiality or Material Adverse Effect) on and as of such earlier date);


 






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(v)         immediately
after giving effect to any such increase and/or the incurrence of any such Incremental Term Loans and the application of proceeds
therefrom (but, for this purpose, assuming that Incremental Revolving Loans are incurred at such time in an aggregate principal
amount equal to the aggregate Incremental Revolving Commitments so obtained (whether or not such Incremental Revolving Loans are
actually incurred at such time), the Administrative Borrower shall be in compliance with the Loan to Value Test; and


 


(vi)        (A)
in the case of any Revolving Facility, the terms of the respective Incremental Revolving Commitments (including as to maturity
and pricing) shall be the same as the Revolving Facility being increased and the documentation applicable to such Revolving Facility
shall apply and (B) in the case of any Incremental Term Loans, except as otherwise required below, all other terms of such Incremental
Term Loans, if not consistent with the terms of the Initial Term Loans, will be as agreed between the Borrower and the Lenders
providing such Incremental Term Loans (and to the extent not consistent with the Initial Term Loans, reasonably satisfactory to
the Administrative Agent); provided, however, that (x) in the case of a new Class of Incremental Term Loans, (I)
the maturity and amortization of such Class of Incremental Term Loans may differ, so long as such Class of Incremental Term Loans
shall have (a) a final stated maturity date of no earlier than the Latest Maturity Date then in effect and (b) a Weighted Average
Life to Maturity of no less than the Weighted Average Life to Maturity as then in effect for the Initial Term Loans (other than
to the extent of nominal amortization for periods where amortization has been eliminated or reduced as a result of prepayment of
such Initial Term Loans) and (II) the Effective Yield for such new Class of Incremental Term Loans may exceed the Effective Yield
then applicable to the Initial Term Loans, provided that, in the event that the Effective Yield for such new Class of Incremental
Term Loans incurred on or prior to the eighteen month anniversary of the Closing Date exceeds the Effective Yield for the Initial
Term Loans by more than 0.50%, the Effective Yield for the Initial Term Loans shall be increased (to the extent necessary) such
that the Effective Yield thereof is not less than the Effective Yield of such new Class of Incremental Term Loans minus 0.50%,
(y) Incremental Term Loans will share ratably in right of prepayment with the Initial Term Loans pursuant to Section 2.10
(unless the Lenders holding such Incremental Term Loans agree to participate on a less than ratable basis) and (z) in the case
of Incremental Term Loans to be made pursuant to (and to constitute a part of) the Initial Term Loans, (I) such new Incremental
Term Loans shall have the same Term Loan Repayment Dates as then remain with respect to such Initial Term Loans (with the amount
of each payment on each Term Loan Repayment Date applicable to such new Incremental Term Loans to be the same (on a proportionate
basis) as is theretofore applicable to the Initial Term Loans, thereby increasing the amount of each then remaining payment on
each Term Loan Repayment Date proportionately, (II) such new Incremental Term Loans shall have the same Applicable Margin as the
Initial Term Loans; provided that, if the Applicable Margin for such new Incremental Term Loans is greater than the Applicable
Margin for the Initial Term Loans, the Applicable Margin for such Initial Term Loans shall be increased by an amount necessary
to eliminate such deficiency, (III) subject to preceding clause (II), the Effective Yield applicable to such new Incremental Term
Loans shall be determined by the Borrowers and the Lenders providing such Incremental Term Loans; provided that if the Effective
Yield of such new Incremental Term Loans exceeds the Effective Yield for the Initial Term Loans, the Effective Yield for such Initial
Term Loans shall be increased (to the extent necessary) such that the Effective Yield thereof is not less than the Effective Yield
of such new Incremental Term Loans minus 0.50%, and (IV) on the date of the making of such new Incremental Term Loans, and notwithstanding
anything to the contrary set forth in Section 2.08, such new Incremental Term Loans shall be added to (and form part of)
each Borrowing of outstanding Initial Term Loans on a pro rata basis (based on the relative sizes of the various outstanding Borrowings),
so that each Lender will participate proportionately in each then outstanding Borrowing of Initial Term Loans and the Borrowers
hereby agree, jointly and severally, to compensate the Lenders making the new Incremental Term loans of the respective Class for
funding Eurodollar Loans during an existing Interest Period on such basis as may be agreed by the Administrative Borrower and the
respective Lender or Lenders or as may otherwise be provided in the respective Incremental Loan Amendment.


 






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(b)          Any
request under this Section 2.21 shall be submitted by the Administrative Borrower in writing to the Administrative
Agent (which shall promptly forward copies to the Lenders).  The Administrative Borrower may also specify any fees offered
to those Lenders (the “Increasing Lenders”) that agree to increase the principal amount of their Term Commitments
and make Incremental Term Loans pursuant thereto and/or their Revolving Commitments and make Incremental Revolving Loans pursuant
thereto, which fees may be variable based upon the amount by which any such Lender is willing to increase the amount of its Term
Commitment and make Incremental Term Loans and/or its Revolving Commitments and make Incremental Revolving Loans pursuant thereto. 
No Lender shall have any obligation, express or implied, to offer to increase the aggregate amount of its Term Commitment or Revolving
Commitment.  Only the consent of each Increasing Lender shall be required for an increase in the aggregate amount of the Term
Commitments and/or Revolving Commitments, as applicable, pursuant to this Section 2.21.  No Lender which declines to
increase the amount of its Term Commitment and/or Revolving Commitments may be replaced with respect to its existing Term Commitment
or Revolving Commitment as a result thereof without such Lender’s consent.


 


(c)          Each
Increasing Lender shall as soon as reasonably practicable specify in writing the amount of the proposed increase of the Term Commitments
and/or Revolving Commitments, as applicable, that it is willing to assume (provided that any Lender not so responding within
five Business Days (or such shorter period as may be specified by the Administrative Agent) shall be deemed to have declined such
a request).  The Borrowers may accept some or all of the offered amounts or designate new lenders that are reasonably acceptable
to the Administrative Agent as additional Lenders hereunder in accordance with this Section 2.21 (each such new lender being
a “New Lender”), which New Lenders may assume all or a portion of the increase in the aggregate amount of the
applicable Term Commitments and/or Revolving Commitments, as applicable.  The Administrative Agent, in consultation with the
Administrative Borrower, shall have discretion jointly to adjust the allocation of the increased aggregate principal amount of
the Term Commitments and/or Revolving Commitments, as applicable, among Increasing Lenders and New Lenders.


 






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(d)          Subject
to the foregoing, any increase requested by the Borrowers shall be effective upon (A) delivery to the Administrative Agent
of each of the following documents: (i) an originally executed copy of a joinder agreements in form and substance reasonably satisfactory
to the Administrative Agent (each, an “Incremental Joinder Agreement”) signed by a duly authorized officer of
each New Lender (if any); (ii) a notice to the Increasing Lenders and New Lenders, in form and substance reasonably acceptable
to the Administrative Agent, signed by a Financial Officer of the Administrative Borrower; (iii) an Officer’s Certificate
of the Administrative Borrower, in form and substance reasonably acceptable to the Administrative Agent; (iv) to the extent requested
by any New Lender or Increasing Lender, executed Notes issued by the Borrowers in accordance with Section 2.04(e); (v) an
amendment (an “Incremental Loan Amendment”) to this Agreement and, as appropriate, the other Loan Documents,
executed by each Borrower, each Guarantor, each Increasing Lender (if any), each New Lender (if any) and the Administrative Agent;
and (vi) any other certificates or documents that the Administrative Agent shall reasonably request, in form and substance
reasonably satisfactory to the Administrative Agent, and (B) satisfaction on the effective date of the Incremental Loan Amendment
of (x) each of the conditions specified in Section 4.02 (it being understood that all references to “the date
of such Credit Extension” or similar language in Section 4.02 shall be deemed to refer to the effective date
of the Incremental Loan Amendment), and (y) such other conditions as the parties thereto shall agree.  Any such increase shall
be in an aggregate amount equal to (A) the amount that Increasing Lenders are willing to assume as increases to the amount of their
Term Commitments or Revolving Commitments, as applicable, plus (B) the amount offered by New Lenders with respect to the
Term Commitments or Revolving Commitments, as applicable, in either case as adjusted by the Administrative Borrower and the Administrative
Agent pursuant to this Section 2.21.  Notwithstanding anything to the contrary in Section 11.02, the Administrative
Agent is expressly permitted, without the consent of the other Lenders, to amend the Loan Documents to the extent necessary or
appropriate in the reasonable opinion of the Administrative Agent to give effect to any increases pursuant to this Section 2.21.


 


(e)          On
each effective date with respect to any increase to any Revolving Facility pursuant to this Section 2.21, (x) each Revolving
Lender in respect of such Revolving Facility immediately prior to such increase or incurrence will automatically and without further
act be deemed to have assigned to each Increasing Lender and/or New Lender, as applicable, providing a portion of the increase
to such Revolving Commitments under such Revolving Facility (each, a “Revolving Commitment Increase Lender”),
and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion
of such Revolving Lender’s participations hereunder in outstanding LC Exposure under the applicable Revolving Facility and
Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage
of the aggregate outstanding (i) participations hereunder in LC Expsoure and (ii) participations hereunder in Swingline Loans held
by each Revolving Lender (including each such Revolving Commitment Increase Lender) under the applicable Revolving Facility will
equal the percentage of the aggregate Revolving Commitments in respect of such Revolving Facility of all Revolving Lenders represented
by such Revolving Lender’s Revolving Credit Commitment in respect of such Revolving Facility and (y) if, on the date of such
increase, there are any Revolving Loans under the applicable Revolving Facility outstanding, such Revolving Loans shall on or prior
to the effective date of such increase be prepaid from the proceeds of Revolving Loans under the applicable Revolving Facility
made hereunder (reflecting such increase in Revolving Commitments), which prepayment shall be accompanied by accrued interest on
the Revolving Loans being prepaid and any costs incurred by any Revolving Lender in accordance with Section 2.13. The
Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements
contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.


 


Section
2.22         Discounted Voluntary Prepayments.


 


(a)          Notwithstanding
anything to the contrary contained in Section 2.10 or any other provision of this Agreement, subject to the terms and conditions
set forth or referred to below, the Borrowers may from time to time, at their discretion, offer to prepay Term Loans at less than
the principal amount thereof (each, a “Discounted Prepayment Offer”), and with each such Discounted Prepayment
Offer to be managed exclusively by the Auction Manager, so long as the following conditions are satisfied:


 


(i)          each
Discounted Prepayment Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section
2.22 and the Auction Procedures;


 






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(ii)         no
Default shall have occurred and be continuing on the date of the delivery of any Auction Notice and at the time of prepayment of
any Term Loans in connection with any Discounted Prepayment Offer;


 


(iii)        the
minimum aggregate principal amount (calculated on the face amount thereof) of all Term Loans that the Borrowers shall offer to
prepay in any such Discounted Prepayment Offer shall be no less than $10,000,000 (unless another amount is agreed to by the Administrative
Agent);


 


(iv)        all
Term Loans so prepaid by the Borrowers shall automatically be cancelled and retired by the Borrowers on the applicable settlement
date (and, for the avoidance of doubt, may not be reborrowed);


 


(v)         no
more than one Discounted Prepayment Offer may be ongoing at any one time and no more than four Discounted Prepayment Offers may
be made in any four-quarter period;


 


(vi)        the
Borrowers represent and warrant that, at the commencement and settlement of the Discounted Prepayment Offer, they do not have material
information regarding the Term Loans or Holdings, the Administrative Borrower, their respective Subsidiaries or their respective
Affiliates that has not been disclosed to those who are not Lenders or shall disclose to the Lenders that it cannot make such representation
and warranty;


 


(vii)       each
Discounted Prepayment Offer shall be open and offered to all Lenders of the relevant Class of Term Loans on a pro rata basis;


 


(viii)      no
purchase of Term Loans pursuant to this Section 2.22 shall be made with proceeds received from the incurrence of Revolving
Loans or Swingline Loans; and


 


(ix)         at
the time of the consummation of each purchase of Term Loans through a Discounted Prepayment Offer, the Administrative Borrower
shall have delivered to the Auction Manager and the Administrative Agent an officer’s certificate of a Responsible Officer
of the Administrative Borrower certifying as to compliance with preceding clauses (ii), (vi) and (vii).


 


(b)          The
Borrowers must terminate any Discounted Prepayment Offer if they fail to satisfy one or more of the conditions set forth above
which are required to be satisfied at the time at which the Term Loans would have been prepaid pursuant to such Discounted Prepayment
Offer. If the Borrowers commence any Discounted Prepayment Offer (and all relevant requirements set forth above which are required
to be satisfied at the time of the commencement of such Discounted Prepayment Offer have in fact been satisfied), and if at such
time of commencement the Borrowers reasonably believe that all required conditions set forth above which are required to be satisfied
at the time of the consummation of such Discounted Prepayment Offer shall be satisfied, then the Borrowers shall have no liability
to any Lender or any other person for any termination of such Discounted Prepayment Offer as a result of their failure to satisfy
one or more of the conditions set forth above which are required to be satisfied at the time which otherwise would have been the
time of consummation of such Discounted Prepayment Offer, and any such failure shall not result in any Default hereunder. With
respect to all prepayments of Term Loans made by the Borrowers pursuant to this Section 2.22, the Borrowers, jointly and
severally, shall pay on the settlement date of each such prepayment all accrued and unpaid interest (except to the extent otherwise
set forth in the relevant Auction Procedures), if any, on the prepaid Term Loans up to the settlement date of such prepayment.


 



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(c)          All
Term Loan prepayments conducted pursuant to Discounted Prepayment Offers shall not constitute optional or mandatory prepayments
for purposes of Section 2.10, but the face amount of the Term Loans prepaid pursuant to this Section 2.22 shall be
applied against the remaining scheduled installments of principal due in respect of the Term Loans in inverse order of maturity.


 


(d)          Immediately
upon a prepayment of the Term Loans pursuant to this Section 2.22, (x) such Term Loans and all rights and obligations as
a Lender related thereto shall for all purposes (including under this Agreement, the other Loan Documents and otherwise) be deemed
to be irrevocably prepaid, terminated, extinguished, cancelled and of no further force and effect and the Borrowers shall neither
obtain nor have any rights as a Lender hereunder or under the other Loan Documents by virtue of such payment and (y) the Borrowers
shall take all actions necessary to cause such Term Loans to be extinguished or otherwise cancelled in its books and records in
accordance with GAAP.


 


(e)          The
Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article X
and Section 11.03 to the same extent as if each reference therein to the “Administrative Agent” were
a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested
by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Discounted Prepayment
Offer.


  


(f)          No
Lender shall be obligated or required to participate in any Discounted Prepayment Offer.


 






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Section
2.23         Specified Refinancing Term Loans and Specified Refinancing
Revolving Commitments.


  


(a)          The
Borrowers may, from time to time after the Closing Date, and subject to the consent of the Administrative Agent (which consent
shall not be unreasonably withheld, delayed or conditioned), add one or more new term loan facilities (“Specified Refinancing
Term Loans”) or new revolving credit facilities (“Specified Refinancing Revolving Commitments”) under
this Agreement pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrowers,
to refinance all or any portion of any Class of Term Loan or Revolving Commitments (and related outstandings), as applicable, then
outstanding under this Agreement (subject to clause (A) of the proviso at the end of this sentence), in each case pursuant to a
Refinancing Amendment; provided that any such Specified Refinancing Term Loans and Specified Refinancing Revolving Commitments:
(i) will rank pari passu in right of payment as the other Term Loans or Revolving Commitments, as applicable, hereunder;
(ii) will be incurred, jointly and severally, by the Borrowers and will not be guaranteed by any person that is not a Guarantor;
(iii) will be, if secured, (1) secured solely by the Collateral on a pari passu or junior basis with the Liens securing
the Obligations and (2) subject to intercreditor arrangements reasonably satisfactory to the Administrative Agent; (iv) will have
such pricing and optional prepayment terms as may be agreed by the Borrowers and the applicable Lenders thereof; (v) will have
a maturity date that is not prior to the Maturity Date of the Term Loans or the Revolving Commitments, as applicable, being refinanced
and (x) in the case of any Specified Refinancing Revolving Commitments, shall not have any mandatory commitment reductions or amortization
that is prior to the scheduled Maturity Date of the Revolving Commitments being refinanced and (y) in the case of any Specified
Refinancing Term Loans, will have a Weighted Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity
then in effect of the Term Loans being refinanced; (vi) any Specified Refinancing Term Loans and Specified Refinancing Revolving
Commitments will share ratably (or if unsecured or junior as to security, on a junior basis in respect of) any optional and mandatory
prepayments of Term Loans or Revolving Loans, as applicable (unless the Lenders providing such Specified Refinancing Term Loans
or Specified Refinancing Revolving Commitments, as applicable, agree to participate on a less than pro rata basis
in any such optional or mandatory prepayments); (vii) subject to clauses (iv) and (v) above, will have terms
and conditions (other than pricing and optional prepayment and redemption terms) that are substantially identical to, or less favorable,
when taken as a whole, to the Lenders providing such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments,
as applicable, than, the terms and conditions of the Term Loans or Revolving Commitments being refinanced (provided that
a certificate of a Responsible Officer of the Administrative Borrower delivered to the Administrative Agent in good faith at least
five Business Days prior to the incurrence of such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments,
as applicable, together with a reasonably detailed description of the material terms and conditions of such Specified Refinancing
Term Loans or drafts of the documentation relating thereto, stating that the Administrative Borrower has determined in good faith
that such terms and conditions satisfy the requirements set forth in this clause (vii) shall be conclusive evidence that such terms
and conditions satisfy such requirement unless the Administrative Agent provides notice to the Administrative Borrower of an objection
(including a reasonable description of the basis upon which it objects) within five Business Days after being notified of such
determination by the Administrative Borrower); and (viii) (x) the Net Cash Proceeds of such Specified Refinancing Term Loans shall
be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Term Loans
being so refinanced, in each case pursuant to Section 2.10(b)(viii) and (y) upon the incurrence of any Specified Refinancing
Revolving Commitments, the Revolving Commitments being refinanced shall be permanently reduced as, and to the extent, provided
in Section 2.07(c); provided, however, that (A) the Net Cash Proceeds from any incurrence of Specified Refinancing
Term Loans may not be used to prepay any Class of outstanding Term Loans that are either unsecured or secured on a junior basis
to the Obligations at a time when more senior Term Loans are outstanding (or will remain outstanding after giving effect to any
such prepayment), (B) Specified Refinancing Revolving Commitments may not be used to refinance any Class of Revolving Commitments
that are either unsecured or secured on a junior basis to other Classes of Revolving Commitments at a time when more senior Revolving
Commitments are outstanding (or will remain outstanding after giving effect to any such refinancing) and (C) such Specified Refinancing
Term Loans or Specified Refinancing Revolving Commitments, as applicable, (x) may provide for any additional or different financial
or other covenants or other provisions that are agreed among the Administrative Borrower and the Lenders thereof and applicable
only during periods after the then Latest Maturity Date in effect and (y) shall not have a principal amount (or accreted value)
greater than the Term Loans being refinanced (plus all accrued and unpaid interest thereon, and all fees, discounts, premiums or
expenses incurred in connection therewith) or the Revolving Commitments being refinanced, as applicable. The Administrative Borrower
shall make any request for Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable, pursuant
to a written notice to the Administrative Agent specifying in reasonable detail the proposed terms thereof. Any proposed Specified
Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable, shall first be requested on a ratable basis
from existing Lenders in respect of the Term Loans or Revolving Commitments being refinanced. At the time of sending such notice
to such Lenders, the Administrative Borrower (in consultation with the Administrative Agent) shall specify the time period within
which each applicable Lender is requested to respond (which shall in no event be less than 15 Business Days from the date of delivery
of such notice or such shorter period as may be agreed by the Administrative Agent in its sole discretion). Each applicable Lender
shall notify the Administrative Agent within such time period whether or not it agrees to participate in providing such Specified
Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable, and, if so, whether by an amount equal to,
greater than, or less than its ratable portion (based on such Lender’s ratable share in respect of the applicable Term Loans
or Revolving Commitments) of such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments. Any Lender approached
to provide all or a portion of any Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments may elect or
decline, in its sole discretion, to provide such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments,
as applicable. Any Lender not responding within such time period shall be deemed to have declined to participate in providing such
Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments. The Administrative Agent shall notify the Administrative
Borrower and each applicable Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount
of a requested issuance of Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, and subject to the
approval of the Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed), the Administrative
Borrower may also invite additional Eligible Assignees to become Lenders in respect of such Specified Refinancing Term Loans or
Specified Refinancing Revolving Commitments, as applicable, pursuant to a joinder agreement to this Agreement in form and substance
reasonably satisfactory to the Administrative Agent.


 



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(b)          The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set
forth in clause (a) above and Section 4.02, and delivery to the Administrative Agent of a certificate of the Administrative
Borrower dated the date thereof signed by a Responsible Officer of the Administrative Borrower, certifying and attaching the resolutions
adopted by the Borrowers approving such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable,
and certifying that the conditions precedent set forth in clause (a) above and Section 4.02 have been satisfied
and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of legal opinions, board
resolutions, officers’ certificates and/or reaffirmation agreements, including any supplements or amendments to the Security
Documents providing for such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments to be secured thereby,
all in form and substance reasonably satisfactory to the Administrative Agent. The Lenders hereby authorize the Administrative
Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrowers and the Loan Parties as may be
necessary in order to establish new Classes of Term Loans and Revolving Commitments and to make such technical amendments as may
be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Administrative Borrower in connection
with the establishment of such new Classes of Term Loans and Revolving Commitments, in each case on terms consistent with and/or
to effect the provisions of this Section 2.23.


 


(c)          Each
Class of Specified Refinancing Term Loans incurred under this Section 2.23 shall be in an aggregate principal amount that
is not less than $25,000,000. Each Class of Specified Refinancing Revolving Commitments incurred under this Section 2.23 shall
be in an aggregate amount that is not less than $10,000,000.


 


(d)          The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties
hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent
(but only to the extent) necessary to reflect the existence and terms of the Specified Refinancing Term Loans or Specified Refinancing
Revolving Commitments incurred pursuant thereto (including for purposes of prepayments and voting). Any Refinancing Amendment may,
without the consent of any person other than the Borrowers, the Administrative Agent and the Lenders providing such Specified Refinancing
Term Loans or Specified Refinancing Revolving Commitments, as applicable, effect such amendments to this Agreement and the other
Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Administrative
Borrower, to effect the provisions of or consistent with this Section 2.23.


 



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ARTICLE
III


 


REPRESENTATIONS AND WARRANTIES


 


Each Loan Party hereby
represents and warrants to the Administrative Agent, the Collateral Agent, the Issuing Bank and each of the Lenders on the Closing
Date and upon each Credit Extension thereafter that:


 


Section 3.01         Organization;
Powers. Each Company (a) is duly incorporated or organized and validly existing under the laws
of the jurisdiction of its incorporation or organization, as the case may be, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to carry on its business as now conducted and to own,
lease and operate its property, except for such governmental licenses, authorizations, consents and approvals that the failure
to obtain would not reasonably be expected to result in a Material Adverse Effect, and (c) is registered, qualified, licensed
and in good standing to do business in every jurisdiction where such qualification is required (including
qualification as a foreign maritime entity in such jurisdiction where such qualification is required for ownership of a Vessel),
except in such jurisdictions where the failure to so register, qualify, be licensed or be in good standing would not reasonably
be expected to result in a Material Adverse Effect.


  


Section 3.02         Authorization;
Enforceability. The Loan Documents to be entered into by each Loan Party are within such Loan Party’s powers and have
been duly authorized by all necessary corporate or other organizational action on the part of each such Loan Party. Each Loan
Document has been duly executed and delivered by each Loan Party party thereto and constitutes a legal, valid and binding obligation
of each such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law.


 


Section 3.03         No
Conflicts; No Default. The Loan Documents (a) do not require any consent, exemption, authorization or approval of, registration
or filing with, or any other action by, any Governmental Authority (including, for the avoidance of doubt, the Bankruptcy Code)
or other person, except (i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect
or maintain the perfection or priority of the Liens created by the Security Documents and (iii) consents, approvals, exemptions,
authorizations, registrations, filings, permits or actions the failure of which to obtain or perform would not reasonably be expected
to result in a Material Adverse Effect, (b) will not violate the Organizational Documents of any Company, (c) will not violate
or result in a default or require any consent or approval under any indenture, instrument, agreement, or other document binding
upon any Company or any of its property or to which any Company or any of its property is subject, or give rise to a right thereunder
to require any payment to be made by any Company, except for violations, defaults or the creation of such rights that would not
reasonably be expected to result in a Material Adverse Effect, (d) will not violate any Legal Requirement, except for violations
that would not reasonably be expected to result in a Material Adverse Effect, and (e) will not result in the creation or imposition
of (or the obligation to create or impose) any Lien on any property of any Company, other than the Liens created by the Security
Documents. No Default has occurred and is continuing.


 



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Section 3.04         Financial
Statements; Projections. (a) The Administrative Borrower has heretofore delivered to the Lenders (I) the audited consolidated
balance sheets and related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries
as of the fiscal years ended December 31, 2011, December 31, 2012 and December 31, 2013, (II) the unaudited consolidated balance
sheets and related consolidated statements of income of the Administrative Borrower and its Subsidiaries as of the fiscal years
ended December 31, 2012 and December 31, 2013 and (III) (x) the unaudited consolidated balance sheets and related consolidated
statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries and (y) the unaudited consolidated
balance sheets and related consolidated statements of income of the Administrative Borrower and its Subsidiaries, in each case, for
the fiscal quarter ended March 31, 2014. Such financial statements, and all financial statements delivered pursuant to Sections
5.01(a), (b) and (c), have been prepared in accordance with GAAP consistently applied throughout the applicable
period covered, respectively, thereby and present fairly and accurately in all material respects the financial condition and results
of operations and, if applicable, cash flows of Holdings, the Administrative Borrower and its Subsidiaries, in each case, as of
the dates and for the periods to which they relate (subject, in the case of interim financial statements, to normal year-end audit
adjustments and the absence of footnotes). Except as set forth in such financial statements, as of the Closing Date, there are
no liabilities of Holdings, the Administrative Borrower or any of its Subsidiaries of any kind, whether accrued, contingent, absolute,
determined, determinable or otherwise, that would reasonably be expected to have a Material Adverse Effect.


 


(b)          The
Administrative Borrower has heretofore delivered to the Lenders an unaudited pro forma consolidated balance sheet and related pro
forma consolidated statement of income of the Administrative Borrower and its Subsidiaries as of and for the twelve-month period
ended March 31, 2014 (including, in the case of the balance sheet, after giving effect to the Transactions as if they had occurred
on June 30, 2014), in each case after giving effect to the Transactions as if they had occurred on such date in the case of the
balance sheet and as of the beginning of such period in the case of the statement of income.  Such pro forma financial statements
(A) have been prepared in good faith by Holdings based upon (i) in each case, the assumptions stated therein (which assumptions
are believed by Holdings on the Closing Date to be reasonable) and (ii) the best information available to Holdings as of the date
of delivery thereof, (B) in the case of the balance sheet, accurately reflect all adjustments required to be made to give effect
to the Transactions, and (C) present fairly in all material respects the pro forma consolidated financial position and results
of operations of the Administrative Borrower and its Subsidiaries, as of such date and for such period.


 


(c)          The
Administrative Borrower has heretofore delivered to the Lenders the forecasts of financial performance consisting of  projected
income statements, balance sheets and cash flows of (x) Holdings and its Subsidiaries and (y) the Administrative Borrower and its
Subsidiaries, in each case, for the fiscal years 2014–2018 (the “Projections”) and the assumptions upon
which the Projections are based. The Projections have been prepared in good faith by Holdings based upon assumptions that are reasonable
at the time made and at the time the related Projections are made available to the Lenders (it being understood by the parties
that projections by their nature are inherently uncertain, no assurances are being given that the results reflected in such Projections
will be achieved, that actual results may differ and that such differences may be material).


 


(d)          (i) 
In the case of Credit Extensions made on the Closing Date, since December 31, 2013, there has not occurred any event, change, effect,
development, circumstance or condition that, either individually or in the aggregate, has caused or would reasonably be expected
to cause a Closing Date Material Adverse Effect.


 


(ii)         In
the case of Credit Extensions made after the Closing Date, since the Closing Date, there has been no event, change, effect, circumstance,
condition, development or occurrence that has had, or would reasonably be expected to result in, a Material Adverse Effect.


 



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Section
3.05         Properties. (a) Each Restricted Party has good and
marketable title to, or valid leasehold interests in, all its tangible property material to its business, free and clear of all
Liens and irregularities, deficiencies and defects in title except for Permitted Liens (or (x) in the case of Collateral Vessels,
Permitted Collateral Vessel Liens and (y) in the case of Chartered Vessels, Permitted Charter Vessel Liens) and minor irregularities,
deficiencies and defects in title that, individually or in the aggregate, do not, and would not reasonably be expected to, interfere
with its ability to conduct its business as currently conducted or to utilize such property for its intended purpose. The tangible
property of the Restricted Parties (x) taken as a whole, (i) is in good operating order, condition and repair (ordinary wear and
tear excepted), but excluding, for purposes of this clause (i), the Vessels and Chartered Vessels (which are covered by Section
5.16) and (ii) constitutes all the tangible property which is required for the business and operations of the Restricted Parties
as presently conducted and (y) with respect to Vessels and Chartered Vessels, satisfies the requirements set forth in Section
5.16.


 


(b)          Schedule
3.05(b) contains a true and complete list of each ownership and leasehold interest in Real Property (including all modifications,
amendments and supplements thereto with respect to leased Real Property) (i) owned by any Restricted Party as of the Closing Date
and describes the use and type of interest therein held by such Restricted Party and (ii) leased or subleased or otherwise occupied
or utilized by any Restricted Party, as lessee or sublessee, franchisee or licensee, as of the Closing Date and describes the use
and type of interest therein held by such Restricted Party.


 


(c)          No
Mortgage encumbers improved Real Property that is located in an area that has been identified by the Secretary of Housing and Urban
Development as an area having special flood hazards within the meaning of the National Flood Insurance Act of 1968, as amended,
unless flood insurance available under such Act has been obtained in accordance with Section 5.04.


 


(d)          Each
Restricted Party owns or has rights to use all of its tangible property and all rights with respect to any of the foregoing used
in, necessary for or material to such Restricted Party’s business as currently conducted, subject to Permitted Liens (or
(x) in the case of Collateral Vessels, Permitted Collateral Vessel Liens and (y) in the case of Chartered Vessels, Permitted Chartered
Vessel Liens). The use by each Restricted Party of its tangible property and all such rights with respect to the foregoing do not
infringe on the rights or other interests of any person, other than any infringement that would not reasonably be expected to result
in a Material Adverse Effect. No claim has been made upon any Restricted Party and remains outstanding that any Restricted Party’s
use of any of its tangible property does or may violate the rights of any third party that has had, or would reasonably be expected
to result in, a Material Adverse Effect.


 


Section 3.06         Intellectual
Property. Each Restricted Party owns or is licensed to use, free and clear of all Liens (other
than Permitted Liens) and pursuant to valid and enforceable agreements, all material Intellectual Property necessary in the operation
of such Restricted Party’s business. The operation of the respective businesses of each Restricted Party as currently conducted
does not infringe upon, misuse, misappropriate, or violate any Intellectual Property held by any Person, except to the extent
that any such infringement, misuse, misappropriation or violation would not reasonably be expected to result in a Material Adverse
Effect. There are no actions, suits, claims, disputes, proceedings or, to the knowledge of any Loan Party, investigations at law
or in equity, by or before any Governmental Authority now pending or, to the knowledge of any Loan Party, threatened against or
affecting any Restricted Party or any business property or rights of any Restricted Party regarding any of the Intellectual Property
owned by any Restricted Party, except to the extent that any such actions, suits, claims, disputes, proceedings or investigations
would not reasonably be expected to result in a Material Adverse Effect.


 



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Section
3.07         Equity Interests and Subsidiaries. (a)
Schedule 3.07(a) sets forth, as of the Closing Date and after giving effect to the Transactions, a list of (i) each Company
and each such Company’s jurisdiction of incorporation or organization, and (ii) the number of each class of each Company’s
Equity Interests authorized, and the number outstanding, and the number of Equity Interests covered by all outstanding options,
warrants, rights of conversion or purchase and similar rights. All Equity Interests of each Company are duly and validly issued
and are fully paid and non-assessable, and all Equity Interests of the Administrative Borrower are owned by Holdings and all Equity
Interests of the Co-Borrower and each Subsidiary Guarantor are owned by the Administrative Borrower, directly or indirectly, through
Subsidiary Guarantors. Each Loan Party is the record and beneficial owner of, and has good and marketable title to, the Equity
Interests pledged by (or purporting to be pledged by) it under the Security Documents, free of any and all Liens, rights or claims
of other persons, except any Permitted Liens that arise by operation of applicable Legal Requirements and are not voluntarily
granted. As of the Closing Date, except as set forth in Schedule 3.07(a), there are no outstanding warrants, options or
other rights (including derivatives) to purchase, or shareholder, voting trust or similar agreements outstanding with respect
to, or property that is convertible into, or that requires the issuance or sale of, any such Equity Interests (or any economic
or voting interests therein).


 


(b)          No
consent of any person, including any general or limited partner, any other member or manager of a limited liability company, any
shareholder, any other trust beneficiary or derivative counterparty, is necessary in connection with the creation, perfection or
First Priority Lien status (or the maintenance thereof) of the security interest of the Collateral Agent in any Equity Interests
pledged to the Collateral Agent under the Security Documents or the exercise by the Collateral Agent or any Lender of the voting
or other rights provided for in the Security Documents or the exercise of remedies in respect of such Equity Interests as provided
therein.


 


(c)          A
complete and accurate organization chart, showing the ownership structure of the Restricted Parties as of the Closing Date, after
giving effect to the Transactions, is set forth on Schedule 3.07(c).


 


(d)          As
of the Closing Date, (i) the Subsidiaries of the Administrative Borrower set forth on Schedule 3.07(d) are the only Immaterial
Subsidiaries (and such Schedule 3.07(d) also lists the total assets and revenues for each such Immaterial Subsidiary) and
(ii) (x) the Subsidiaries set forth on Schedule 1.01(e) are the only Unrestricted Subsidiaries (and such Schedule 1.01(e) also
lists the total assets (excluding intercompany accounts and investments in Subsidiaries) as of March 31, 2014 and revenues for
the three month period ending on March 31, 2014 for each such Unrestricted Subsidiary), (y) the aggregate assets of all such Unrestricted
Subsidiaries (excluding intercompany accounts and investments in Subsidiaries) as of the Closing Date does not exceed 2.5% of Consolidated
Total Assets (excluding intercompany accounts and investments in Subsidiaries) as of the Closing Date and (z) no such Unrestricted
Subsidiary (I) owns or charters a vessel to or from a third party, (II) manages or operates a vessel or (III) is otherwise party
to a vessel charter or hiring agreement with a third party.


 


Section 3.08         Litigation;
Compliance with Legal Requirements. (a) There are no actions, suits, claims, disputes, proceedings or, to the knowledge of
any Loan Party, investigations at law or in equity by or before any Governmental Authority now pending or, to the knowledge of
any Loan Party, threatened against any Company or any business, property or rights of any Company (i) that purport to affect or
involve any Loan Document or, as of the Closing Date, any of the Transactions or (ii) that have resulted, or would reasonably
be expected to result, in a Material Adverse Effect.


 


(b)          Each
Company is in compliance with all Legal Requirements of, and all applicable restrictions imposed by, all Governmental Authorities
in respect of the conduct of its business and the ownership of its property, except such non-compliance as would not reasonably
be expected to result in a Material Adverse Effect.


 






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Section 3.09         Agreements.
No Company is a party to or has violated any agreement, instrument or other document to which it is a party, or is subject to
any corporate or other constitutional restriction, or any restriction (including under its Organizational Documents) to which
it is subject, that has resulted, or would reasonably be expected to result, in a Material Adverse Effect.


 


Section 3.10         Federal
Reserve Regulations. (a) No Company is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing, buying or carrying Margin Stock.


 


(b) No part of the proceeds
of any Credit Extension will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for
any purpose that entails a violation of, or that is inconsistent with, Regulation U or X. The pledge of the Securities Collateral
pursuant to the Security Agreement or the Holdings Pledge Agreement, as applicable, does not violate such regulations.


 


Section 3.11         Investment
Company Act; etc.. No Company is an “investment company” or a company “controlled” by an “investment
company,” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.


 


Section 3.12         Use
of Proceeds. (a) The
Borrowers will use the proceeds of the Revolving Loans (including Incremental Revolving Loans) and Swingline Loans after the Closing
Date to finance general corporate and working capital purposes (including for Capital Expenditures, Permitted Acquisitions, other
Investments, Dividends and Restricted Debt Payments permitted hereunder); provided, however, proceeds of Swingline
Loans may not be used to refinance any then outstanding Swingline Loans.


 


(b)          The
Borrowers will use the proceeds of the Initial Term Loans solely to finance the Transactions and for general corporate and working
capital purposes (including for Capital Expenditures, Permitted Acquisitions, other Investments, Dividends and Restricted Debt
Payments permitted hereunder).


 


(c)          The
Borrowers will use the proceeds of any Incremental Term Loans solely for general corporate and working capital purposes (including
for Capital Expenditures, Permitted Acquisitions, other Investments, Dividends and Restricted Debt Payments permitted hereunder).


 


(d)          The
Borrowers will use the proceeds of any Specified Refinancing Term Loans solely for the purposes set forth in Section 2.23(a)(viii)(x)
and to pay any related fees and expenses.


 


(e)          The
Borrowers will have Letters of Credit issued hereunder solely to support payment or performance obligations incurred by the Administrative
Borrower and its Wholly Owned Restricted Subsidiaries in the ordinary course of business or for general corporate purposes (other
than to support obligations in respect of Restricted Indebtedness or Equity Interests).


 


Section 3.13         [Reserved].


 


Section 3.14         Taxes.
Each Company has (a) timely filed or caused to be timely filed all U.S. federal and material state, local and foreign Tax Returns
required to have been filed by it and all such Tax Returns are true and correct in all material respects and (b) duly and timely
paid or caused to be duly and timely paid all Taxes (whether or not shown on any Tax Return) due and payable by it and all assessments
received by it, except (i) Taxes that are being contested in good faith by appropriate proceedings and for which such Company
has set aside on its books adequate reserves in accordance with GAAP or (ii) Taxes the nonpayment of which would not reasonably
be expected to result in a Material Adverse Effect. Each Company has made adequate provision in accordance with GAAP for all Taxes
not yet due and payable. No Loan Party has knowledge of any proposed or pending tax assessments, deficiencies, audits or other
proceedings and no proposed or pending tax assessments, deficiencies, audits or other proceedings have resulted, or would reasonably
be expected to result in, a Material Adverse Effect. No Company has ever “participated” in a “reportable transaction”
within the meaning of Treasury Regulation Section 1.6011-4(b)(2). No Company is a party to any tax sharing or similar agreement
other than any tax sharing agreement solely between Holdings and the Administrative Borrower. This Section 3.14 shall be qualified
in all respects by the disclosures on Schedule 3.14.


 






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Section 3.15         No
Material Misstatements. As of the Closing Date, the Loan Parties have disclosed to the Lenders all agreements, instruments
and corporate or other restrictions to which they or any of their respective Subsidiaries are subject, and all other matters known
to any Loan Party, that would reasonably be expected to result in a Material Adverse Effect. Neither the Confidential Information
Memorandum nor any of the reports, financial statements, certificates or other information furnished by or on behalf of any Loan
Party to the Administrative Agent or any Lender in connection with the Transactions or delivered hereunder (as modified or supplemented
by other information so furnished), when taken as a whole, contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided
that, with respect to projected financial information and other forward looking information, each Loan Party represents only
that such information was prepared in good faith based upon assumptions believed to be reasonable at the time and, if such projected
financial information was delivered prior to the Closing Date, as of the Closing Date, it being understood that any such projected
financial information may vary from actual results and such variations could be material.


 


Section 3.16         Labor
Matters. There are no strikes, lockouts or slowdowns against any Company pending or, to the knowledge of the Loan Parties,
threatened that have resulted in, or would reasonably be expected to result in, a Material Adverse Effect. The hours worked by
and payments made to employees of any Company have not been in violation of the Fair Labor Standards Act of 1938, as amended,
or any other applicable Legal Requirement dealing with such matters in any manner that has resulted in, or would reasonably be
expected to result in, a Material Adverse Effect. All payments due from any Company, or for which any claim may be made against
any Company, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a
liability on the books of such Company, except to the extent that the failure to do so has not resulted in, and would not reasonably
be expected to result in, a Material Adverse Effect.


 


Section 3.17         Solvency.
Immediately after the consummation of the Transactions to occur on the Closing Date and immediately following the making of each
Credit Extension, and after giving effect to the application of the proceeds of each Credit Extension, the Companies, on a consolidated
basis, and the Restricted Parties, on a consolidated basis, are, Solvent.


 


Section 3.18         Employee
Benefit Plans. (a) Except as would not reasonably be expected to result in a Material Adverse Effect, (i) the Companies and
each of their ERISA Affiliates are in compliance with all applicable Legal Requirements, including all applicable provisions of
ERISA and the Code and the regulations and published interpretations thereunder, with respect to all Employee Benefit Plans, (ii)
each Employee Benefit Plan complies, and is operated and maintained in compliance, with its terms and all applicable Legal Requirements,
including the applicable provisions of ERISA and the Code and the regulations thereunder and (iii) each Employee Benefit Plan
that is intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from the
Internal Revenue Service (or an opinion letter or determination letter will be applied for during the applicable remedial amendment
period) and nothing has occurred which is reasonably likely to prevent, or cause the loss of, such qualification.


 



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(b)          No
ERISA Event has occurred or is reasonably expected to occur that would reasonably be expected to result in a Material Adverse Effect.
Within the last six years, no Pension Plan with an Unfunded Pension Liability been transferred outside of the “controlled
group” (within the meaning of Section 4001(a)(14) of ERISA) of any Company or any of its ERISA Affiliates. The aggregate
liabilities of any Company or any of its ERISA Affiliates to all Multiemployer Plans in the event of a complete withdrawal therefrom
have not resulted in, and would not reasonably be expected to result in, a Material Adverse Effect, based on the amount of such
liabilities discussed in Note 18 of Holdings’ annual report on Form 10-K for the year ended December 31, 2013.


 


(c)          There
are no actions, suits or claims pending against or involving an Employee Benefit Plan (other than routine claims for benefits)
or, to the knowledge of any Loan Party, threatened, which would reasonably be expected to result in a Material Adverse Effect.


 


(d)          Except
as would not reasonably be expected to result in a Material Adverse Effect, (i) each Non-U.S. Plan has been maintained in compliance
with its terms and with the requirements of any and all applicable Legal Requirements and has been maintained, where required,
in good standing with applicable regulatory authorities, (ii) no Company has incurred any obligation in connection with the termination
of or withdrawal from any Non-U.S. Plan and (iii) the present value of the accrued benefit liabilities (whether or not vested)
under each Non-U.S. Plan which is funded, determined as of the end of the most recently ended fiscal year of each Company on the
basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the property of such Non-U.S.
Plan, and for each Non-U.S. Plan which is not funded, the obligations of such Non-U.S. Plan are properly accrued.


 


Section 3.19         Environmental
Matters. Except as would not reasonably be expected to result in a Material Adverse Effect:


 


(i)          the
Companies and their businesses, operations, Real Property, Vessels and Chartered Vessels are in compliance with any applicable
Environmental Law;


 


(ii)         the
Companies have obtained all Environmental Permits required for the conduct of their businesses and operations, and their ownership,
operation and use of any Real Property, Vessel and Chartered Vessel, under all applicable Environmental Laws. The Companies are
in compliance with the terms and conditions of such Environmental Permits, and all such Environmental Permits are valid and in
good standing;


 


(iii)        there
has been no Release or threatened Release or any handling, management, generation, treatment, storage or disposal of Hazardous
Materials by any Company or, to the knowledge of the Loan Parties, by any other person on, at, under or from any Real Property,
Vessel or Chartered Vessel, or facility presently or formerly owned, leased or operated by any of the Companies or their predecessors
in interest, or at any other location that has resulted in, or is reasonably likely to result in, liability or investigatory or
remediation obligations by any of the Companies under Environmental Law or in an Environmental Claim against any of the Companies
or otherwise related to any Real Property or the operation of any Vessel or Chartered Vessel;


 


(iv)        there
is no Environmental Claim pending or, to the knowledge of the Loan Parties, threatened against any of the Companies relating to
any Real Property, Vessel or Chartered Vessel currently or formerly owned, leased or operated by any of the Companies or relating
to the operations of any of the Companies, and, to the knowledge of the Loan Parties, there are no actions, activities, circumstances,
conditions, events or incidents that are reasonably likely to form the basis of such an Environmental Claim;


 






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(v)         no
Real Property, Vessel, Chartered Vessel or facility owned, operated or leased by the Companies and, to the knowledge of the Loan
Parties, no Real Property or facility formerly owned, operated or leased by any of the Companies or any of their predecessors in
interest is (i) listed or, to the knowledge of the Loan Parties, proposed for listing on the National Priorities List as defined
in and promulgated pursuant to CERCLA or (ii) included on any similar list maintained by any Governmental Authority that indicates
that any Company has or may have an obligation to undertake investigatory or remediation obligations under applicable Environmental
Laws; and


 


(vi)        no
Lien has been recorded or threatened under any Environmental Law with respect to any Real Property, Vessel or any other property
of the Companies.


 


Section 3.20         Insurance.
Schedule 3.20 sets forth a true, complete and accurate description in reasonable detail of all Required Insurance. Each
Restricted Party (i) has insurance in such amounts and covering such risks and liabilities as are customary for companies of a
similar size engaged in similar businesses in similar locations and (ii) maintains the Required Insurance. All insurance (including
Required Insurance) maintained by each Restricted Party is in full force and effect, all premiums due have been duly paid, no
Restricted Party has received notice of violation, invalidity, or cancellation thereof. Each Collateral Vessel owned by a Restricted
Party and the use and operation thereof comply in all material respects with the Required Insurance, and there exists no material
default under any such Required Insurance.


 


Section 3.21         Security
Documents. (a) (i) Each of the Security Agreement and the
Holdings Pledge Agreement, upon execution and delivery thereof by the parties thereto, is effective to create in favor of the
Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable (except as such enforceability may be subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally,
regardless of whether considered in a proceeding in equity or at law) Liens on, and security interests in, the Security Agreement
Collateral and (x) when financing statements in appropriate form are filed in the offices specified on Schedule 6 of the Perfection
Certificate in respect of the Security Agreement Collateral with respect to which a security interest may be perfected by filing
of a financing statement or (y) upon the taking of possession or control by the Collateral Agent of the Security Agreement Collateral
with respect to which a security interest may be perfected only by possession or control (which possession or control shall be
given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by each Security Document),
the Liens created by each of the Security Agreement and the Holdings Pledge Agreement in such Security Agreement Collateral shall
constitute fully perfected First Priority Liens in each case subject to no Liens other than Permitted Liens. 


 


(b)          With
respect to United States registered Intellectual Property Collateral (as defined in the Security Agreement), if any, when the Security
Agreement or a short form thereof is filed in the United States Patent and Trademark Office and the United States Copyright Office,
respectively, the Liens created by such Security Agreement shall constitute fully perfected First Priority Liens on, and security
interests in, all right, title and interest of the grantors thereunder in such United States registered Intellectual Property Collateral,
in each case subject to no Liens other than Permitted Liens (it being understood that subsequent recordings in the United States
Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered
United States trademarks and United States patents, United States trademark and patent applications and United States registered
copyrights acquired by the Borrowers and the Subsidiary Guarantors after the date hereof).


 






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(c)          Each
Mortgage (if any), when executed and delivered, will be effective to create, in favor of the Collateral Agent, for its benefit
and the benefit of the Secured Parties, a legal, valid and enforceable (except as such enforceability may be subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, regardless
of whether considered in a proceeding in equity or at law) First Priority Liens on, and security interests in, all of the Loan
Parties’ right, title and interest in and to the Mortgaged Properties thereunder and the proceeds thereof, subject only to
Permitted Liens, and when the Mortgages are filed in the offices specified on Schedule 1.01(b) (or, in the case of any Mortgage
executed and delivered after the date thereof in accordance with the provisions of Section 5.10, when such Mortgage is filed
in the offices specified in the local counsel opinion delivered with respect thereto in accordance with the provisions of Section
5.10), the Mortgages shall constitute fully perfected Liens on, and security interests in, all right, title and interest of
the Loan Parties in the Mortgaged Properties and the proceeds thereof, in each case, subject to no Liens other than Permitted Liens.


 


(d)          Each
Collateral Vessel Mortgage is effective to create, in favor of the Mortgage Trustee, for its benefit and the benefit of the Secured
Parties, legal, valid and enforceable (except as such enforceability may be subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally, regardless of whether considered in a proceeding
in equity or at law) a first priority preferred ship mortgage Lien on the Collateral Vessel subject to such Collateral Vessel Mortgage
and the proceeds thereof, subject only to Permitted Collateral Vessel Liens, and when the Collateral Vessel Mortgage is recorded
or registered in accordance with the laws of the relevant Acceptable Flag Jurisdiction (or, in the case of any Collateral Vessel
Mortgage executed and delivered after the date thereof in accordance with the provisions of Section 5.10, when such Collateral
Vessel Mortgage is recorded or registered in accordance with the laws of the relevant Acceptable Flag Jurisdiction), such Collateral
Vessel Mortgage shall constitute a fully perfected preferred ship mortgage Lien on the Collateral Vessel subject to such Collateral
Vessel Mortgage, in each case, subject to no Liens other than Permitted Collateral Vessel Liens.


 


(e)          Each
Security Document delivered pursuant to Sections 5.10, 5.11 and 5.14 will, upon execution and delivery thereof,
be effective to create in favor of the Collateral Agent (or, in the case of Collateral Vessel Mortgages, the Mortgage Trustee),
for the benefit of the Secured Parties, a legal, valid and enforceable (except as such enforceability may be subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, regardless
of whether considered in a proceeding in equity or at law) Lien on, and security interest in, all of the Borrowers’ and Subsidiary
Guarantors’ right, title and interest in and to the Collateral thereunder, and (i) when all appropriate filings or recordings
are made in the appropriate offices as may be required under applicable Legal Requirements and (ii) upon the taking of possession
or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession
or control (which such possession or control shall be given to the Collateral Agent to the extent required by any Security Document),
the Liens in favor of the Collateral Agent created under such Security Document will constitute perfected First Priority Liens
on, and security interests in, all right, title and interest of the Borrowers and the Subsidiary Guarantors in such Collateral,
in each case subject to no Liens other than Permitted Liens.


 


Section 3.22         Anti-Terrorism
Law; Foreign Corrupt Practices Act.


  


(a)          No
Company and, to the knowledge of the Loan Parties, none of its Affiliates, is in violation of any Legal Requirements relating to
terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001 (the “Executive Order”), and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the “Patriot Act”)


 






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(b)          No
Company, and to the knowledge of the Loan Parties, no Affiliate or broker or other agent of any Company acting or benefiting solely
in such capacity in connection with the Credit Extensions, is a person with whom dealings are restricted or prohibited under any
U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”)
or is included on the Specially Designated Nationals and Blocked Persons List maintained by OFAC or any list of Persons issued
by OFAC or the Sanctions Authority at its official website or any replacement website or other replacement official publication
of such list; no Company is in violation of any U.S. sanctions; and the Borrowers will not directly or indirectly use the proceeds
of the Credit Extensions or otherwise make available such proceeds to any person, for the purpose of financing the activities of
any person with whom dealings are restricted or prohibited under any U.S. sanctions administered by OFAC, in each case as would
result in a violation of U.S. sanctions.


 


(c)          No
Company and, to the knowledge of the Loan Parties, no broker or other agent of any Company acting solely in any such capacity in
connection with the Credit Extensions, (i) conducts any business or engages in making or receiving any contribution of funds, goods
or services to or for the benefit of any person described in Section 3.22(b) or Section 6.19, (ii) deals in, or otherwise
engages in any transaction relating to, any property or interests in property blocked pursuant to any executive order or any laws
or regulations administered and enforced by any Sanctions Authority, or (iii) engages in or conspires to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any Anti-Terrorism Law or laws, regulations, and orders administered and enforced by any Sanctions Authority, in each case as would
result in a violation of Sanctions Laws.


 


(d)          No
Company nor any director or officer, nor to the knowledge of the Loan Parties, any agent, employee or Affiliate, has, in the course
of its actions for, or on behalf of, any Company, directly or indirectly (i) used any corporate funds for any material unlawful
contribution, gift, entertainment or other material unlawful expenses relating to political activity or to influence official action,
(ii) made any material unlawful payment to any foreign or domestic government official or employee from corporate funds, (iii)
made any material unlawful bribe or kickback to any foreign or domestic government official or employee, (iv) is or has at any
time since July 1, 2009 engaged in any activity, practice, or conduct proscribed under any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (“FCPA”) or the UKBA or
(v) used the proceeds of any Loans or any Letter of Credit in a manner or for a purpose prohibited by the FCPA. The Companies have
instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance
therewith. The Companies have and will maintain in place adequate procedures designed to prevent any person who, directly or indirectly,
performs or has performed services for or on behalf of any Company from undertaking any conduct that would give rise to an offence
under section 7 of the UKBA. To the knowledge of any Loan party, no Company is or has been the subject of any enforcement proceedings
or any investigation or inquiry by any governmental, administrative, or regulatory body regarding any offense or alleged offense
under the FCPA or UKBA, and, to the knowledge of any Loan Party, no such investigation, inquiry, or proceedings have been threatened
or are pending.


 


(e)          Each
Company and its Affiliates, directors, officers and employees has been and is in compliance with Sanctions Laws.


 


Section 3.23         Concerning
Vessels.


 


(a)          The
name, record owner (and whether or not such registered owner is a Loan Party), official number, jurisdiction of registration and
flag (which shall be in an Acceptable Flag Jurisdiction) of each Vessel and Chartered Vessel as of the Closing Date is set forth
on Schedule 1.01(a).  Each Vessel owned by a Restricted Party and each Chartered Vessel demise chartered by a Restricted
Party is operated in compliance with all applicable Legal Requirements, except where the failure to so comply would not reasonably
be expected to result in a Material Adverse Effect.


 








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(b)        Each
Restricted Party which owns, charters by demise or operates one or more Vessels or Chartered Vessels is qualified in all material
respects to own, lease or operate such Vessels or Chartered Vessels under the laws of its jurisdiction of incorporation and flag
jurisdiction of such Vessel or Chartered Vessel.


 


(c)        Each
Vessel and Chartered Vessel owned, demise chartered or operated by a Restricted Party is classed with an Approved Classification
Society, free of any overdue recommendations, other than as permitted under the Collateral Vessel Mortgages related thereto.


 


(d)        As
of the Closing Date, there is no pending or, to the knowledge of any Loan Party, threatened condemnation, confiscation, requisition,
purchase, seizure or forfeiture of, or any taking of title to, any Vessel owned by a Restricted Party or any Chartered Vessel demise
chartered by a Restricted Party.


 


(e)         Each
Vessel owned by a Restricted Party is free and clear of all Liens other than Permitted Collateral Vessel Liens.


 


Section 3.24         Form
of Documentation; Citizenship.


 


No Loan Party is organized
in any jurisdiction, and none of the Vessels owned by any Restricted Party is flagged in any jurisdiction other than an Acceptable
Flag Jurisdiction, and none of the Security Documents are required to be filed or registered with any Governmental Authority outside
the United States or such Acceptable Flag Jurisdiction to ensure the validity of the Security Documents (except for registration
or recording of each Collateral Vessel Mortgage in accordance with the Acceptable Flag Jurisdiction of the relevant Collateral
Vessel) and no stamp or similar tax is required to be paid in respect of the registration of any
Security Document or perfection of any security interest in the Collateral pledged thereunder.


 


Section 3.25        Compliance
with ISM Code and ISPS Code. Each Vessel and Chartered Vessel owned, leased or operated
by a Restricted Party complies with the requirements of the ISM Code and the ISPS Code in all material respects, including the
maintenance and renewal of valid certificates pursuant thereto.


 


Section 3.26        Threatened
Withdrawal of DOC, SMC or ISSC. There is no actual or, to the knowledge of the Loan Parties,
threatened withdrawal of (a) any document of compliance (“DOC”) issued to an Operator in accordance with rule
13 of the ISM Code in respect of any of the Restricted Parties’ Vessels or Chartered Vessels (and, for these purposes, the
“Operator” of a vessel shall mean the person who is concerned with the operation of such vessel and falls within the
definition of “Company” set out in rule 1.1.2 of the ISM Code), (b) safety management certificate (SMC) issued in
respect of any of the Restricted Parties’ Vessels or Chartered Vessels in accordance with rule 13 of the ISM Code or (c)
the international ship security certificate (ISSC) issued pursuant to the ISPS Code in respect of any of the Restricted Parties’
Vessels or Chartered Vessels.


 


Section
3.27         Deposit Accounts and Securities Accounts. As of the Closing
Date, (i) the Deposit Accounts and Securities Accounts listed on Part A of Schedule 3.27 constitute all of the Specified
Accounts and (ii) the Deposit Accounts listed on Part B of Schedule 3.27 constitute all of the Residual Bank Accounts.


 




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ARTICLE
IV



CONDITIONS TO CREDIT EXTENSIONS


 


Section 4.01        Conditions
to Initial Credit Extension. The obligation of each Lender and, if applicable, the Issuing Bank
to fund any initial Credit Extension on the Closing Date requested to be made by it shall be subject to the prior or concurrent
satisfaction or waiver of each of the conditions precedent set forth in this Section 4.01.


 


(a)        Loan
Documents. There shall have been delivered to the Administrative Agent a properly executed counterpart of each of the Loan
Documents (excluding any such Loan Documents that are to be permitted to be delivered after the date hereof in accordance with
the terms of this Agreement) and the Perfection Certificate.


 


(b)        Corporate
Documents. The Administrative Agent shall have received:


 


(i)          a
certificate of the secretary or assistant secretary of each Loan Party dated the Closing Date, certifying (A) that attached thereto
is a true and complete copy of each Organizational Document of such Loan Party certified (to the extent applicable) as of a recent
date by the Secretary of State of the state of its incorporation or organization, as the case may be, (B) that attached thereto
is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution,
delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrowers, the making of
the Credit Extensions hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and
effect and (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered
in connection herewith and the other Loan Documents on behalf of such Loan Party (together with a certificate of another officer
as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate required by this
clause (i)); and


 


(ii)         a
certificate as to the good standing of each Loan Party (in so-called “long-form” if available) as of a recent date
and a “bring down” good standing certificate of each Loan Party as of the Closing Date (or, in each case, local equivalent
thereof), in each case, from such Secretary of State.


 


(c)        Officer’s
Certificate. The Administrative Agent shall have received an Officer’s Certificate of the Administrative Borrower, dated
the Closing Date, confirming compliance with the conditions precedent set forth in this Section 4.01.


 


(d)        Transactions,
Etc.


 


(i)          Any
description of any Loan Document, any OBS Loan Document or any fees, costs or expenses to be paid to the Agents or the Lenders
in connection with the Transactions in any Amended Plan Document shall not have been filed or served without the Administrative
Agent’s prior consent.  All other portions of each Amended Plan Document shall be in form and substance consistent with
the Commitment Letter and otherwise reasonably satisfactory to the Administrative Agent, and no provision of any Amended Plan Document
shall have been waived, amended, supplemented or otherwise modified in any respect that is adverse to the rights or interests of
any or all of the Agents and the Lenders in their capacities as such (as determined in good faith by the Administrative Agent)
unless the Administrative Agent shall have so consented in writing. Holdings shall have provided to the Administrative Agent a
copy of the Amended Plan Documents at least two Business Days prior to filing such Amended Plan Documents with the Bankruptcy Court.


 




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(ii)         The
Bankruptcy Court shall have entered an order confirming the Amended Reorganization Plan for the Debtors (the “Confirmation
Order”), which Confirmation Order shall be in form and substance reasonably acceptable to the Administrative Agent, and
shall have become a Final Order (provided, however, that the Administrative Agent may, in its sole discretion, waive or modify
any requirement that the Confirmation Order be a Final Order). Among other things, the Confirmation Order (A) shall authorize and
approve the incurrence of the Revolving Commitments and Term Loans hereunder and the funding of loans and incurrence of commitments
under the OBS Credit Agreement and all other transactions contemplated by the Commitment Letter and Fee Letter, (B) shall make
specific findings that the Agents and the Lenders acted in good faith in connection with such transactions, shall be in full force
and effect and shall not have been stayed, reversed or vacated, or otherwise amended or modified in any manner that the Administrative
Agent determines in good faith is adverse to the rights or interests of any or all of the Agents and the Lenders or their respective
Affiliates unless the Administrative Agent has so consented in writing. Without limiting the general applicability of the immediately
preceding sentence, the Confirmation Order, together with such other orders as have been entered by the Bankruptcy Court on or
prior to the Closing Date in aid of consummation of the Amended Reorganization Plan, shall provide in substance that (I) on or
before the applicable Amended Reorganization Plan’s Effective Date (as defined in the Amended Reorganization Plan), the Loan
Parties are authorized to enter into documentation evidencing the transactions contemplated by the Loan Documents reasonably acceptable
to the Administrative Agent and the Loan Parties and to grant Liens and security interests of the priority required by this Agreement
to the applicable Secured Parties in substantially all of their assets, and such documents, liens and security interests are approved,
(II) all fees and reasonable and documented costs and expenses paid or to be paid by Holdings, the Administrative Borrower and
OBS to the Agents and the Lenders in connection with the transactions contemplated by the Loan Documents and the OBS Credit Agreements
are ratified and approved as allowed administrative claims under Sections 503(b) and 507(a)(2) of the Bankruptcy Code and any such
unpaid fees, costs and expenses shall be paid when due under the Commitment Letter, the Fee Letter, the Loan Documents and the
OBS Credit Agreements, and may not be disgorged and (iii) notwithstanding anything in the Amended Reorganization Plan to the contrary,
the Bankruptcy Court’s retention of jurisdiction under the Confirmation Order shall not extend to the enforcement of the
documentation with respect to the Loan Documents and the OBS Credit Agreements or any rights or remedies relating thereto after
the Amended Reorganization Plan’s Effective Date (as defined in the Amended Reorganization Plan). All conditions precedent
to the effectiveness of the Amended Reorganization Plan (other than the occurrence of the Closing Date and any other conditions
that are to be satisfied simultaneously with the occurrence of the Closing Date) shall have been satisfied or duly waived (provided,
that any such waiver does not adversely affect the rights or interests of any or all of the Agents and the Lenders in their capacities
as such (as determined in good faith by the Administrative Agent) unless it shall have been consented to by the Administrative
Agent), and contemporaneously with the initial Credit Extension, the Amended Reorganization Plan shall become effective, and all
transactions contemplated by the Amended Reorganization Plan to be consummated on the Amended Reorganization Plan’s Effective
Date shall be consummated.


 




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(iii)        The
Rights Offering shall have been (or will substantially contemporaneously be) consummated in full on the Closing Date and Holdings
shall have received or shall concurrently receive the cash proceeds therefrom in an aggregate amount equal to at least $1,510,000,000
and the terms and conditions of the Rights Offering (and the documentation with respect thereto) shall be in form and substance
reasonably acceptable to the Administrative Agent.


 


(iv)        (I)
The proceeds from the Rights Offering, together with (i) the proceeds of the Loans permitted to be incurred hereunder on the Closing
Date, (ii) the proceeds of loans permitted to be incurred under the OBS Credit Agreements on the Closing Date and (iii) existing
cash on hand of Holdings and its Subsidiaries on the Closing Date, will have been used or shall be concurrently used to repay in
full, satisfy and discharge all of the Indebtedness and other obligations to be refinanced as part of (a) the Refinancing (including
the DSF Loan Documents, the CEXIM Loan Documents and the Unsecured Credit Agreement), (b) the payment of the Administrative Expense
Claims, the Priority Claims and Professional Fees Claims (each as defined in the Amended Reorganization Plan) and (c) the refinancing
of any other pre-existing Indebtedness of Holdings and its Subsidiaries, in each case, to the extent provided in the Amended Reorganization
Plan or the Confirmation Order (and for the avoidance of doubt, except any Indebtedness contemplated to remain outstanding or to
be reinstated, in any such case, as set forth in the Amended Reorganization Plan) and to pay fees, costs and expenses incurred
in connection with the Transactions and the OBS Credit Agreements, in each case, except as otherwise provided in the Amended Reorganization
Plan, (II) all Liens and guarantees in connection with the Indebtedness to be refinanced as part of the Refinancing shall have
been terminated and released (or arrangements made for such termination and release to occur promptly following the Closing Date),
all to the reasonable satisfaction of the Administrative Agent, and (III) the Restricted Parties (on the Closing Date, after giving
effect to the reorganization contemplated in the Amended Reorganization Plan) shall have no Indebtedness, Preferred Stock or other
material liability issued or outstanding other than the Obligations and obligations under other Indebtedness, Preferred Stock and
liabilities permitted hereunder, and, except for Permitted Liens, all Liens or security interests securing any Indebtedness or
other liabilities of the Restricted Parties outstanding prior to the Closing Date, as applicable, shall have been terminated or
released or shall be released in accordance with Section 5.15.


 


(v)         The
Administrative Agent shall have received true and correct copies of (x) the Transaction Documents and the OBS Credit Agreements,
(y) the Confirmation Order and (z) the “Notice of Projected Effective Date” (as required by Section 10.2(e) of the
Amended Reorganization Plan).


 


(vi)        The
Collateral Agent, for the benefit of the Secured Parties, shall have been granted (to the extent required on the Closing Date)
First Priority Liens and security interests in the Collateral.


 




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(vii)       Each
of the Collateral Vessel Mortgages required to be recorded on the Closing Date shall have been executed and delivered to the Mortgage
Trustee for submission to the appropriate ship registry of the applicable Acceptable Flag Jurisdiction for filing and recording
and all actions reasonably necessary or advisable in connection therewith (and in connection with the other Collateral) shall have
been taken; provided, that with respect to the Collateral Vessels secured by the CEXIM Loan Documents and the DSF Loan Documents
(other than Excluded Vessels), such actions shall be taken upon the release of the security interests over such Collateral Vessels
following the Closing Date pursuant to Section 5.15.


 


(e)        Financial
Statements. The Administrative Agent shall have received the historical financial statements, pro forma financial statements
and projections described in Section 3.04 (it being understood and agreed that the Administrative Agent has received
such historical financial statements, pro forma financial statements and projections).


 


(f)         Opinions
of Counsel. The Administrative Agent shall have received, on behalf of itself, the other Agents, the Lenders and the Issuing
Bank favorable written opinions from each of (i) Cleary Gottlieb Steen & Hamilton LLP, special counsel for the Loan Parties,
in form and substance reasonably satisfactory to the Administrative Agent, (ii) Burke & Parsons, special maritime counsel for
the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent, and (iii) each counsel listed on Schedule
4.01(f), in form and substance reasonably satisfactory to the Administrative Agent, in each case (A) dated the Closing Date,
(B) addressed to the Agents, the Lenders and the Issuing Bank (and allowing for reliance by their permitted successors and assigns
on customary terms) and (C) covering such matters relating to the Loan Documents and the Transactions as the Administrative Agent
shall reasonably request.


 


(g)        Solvency
Certificate. The Administrative Agent shall have received (i) a solvency certificate in the form of Exhibit L (appropriately
completed), dated the Closing Date and signed by the chief financial officer of the Administrative Borrower, certifying that the
Restricted Parties on a consolidated basis after giving effect to the Transactions are Solvent, and (ii) a solvency certificate
in the form of Exhibit L (appropriately completed), dated the Closing Date and signed by the chief financial officer of
Holdings, certifying that the Companies on a consolidated basis after giving effect to the Transactions are Solvent.


 


(h)        Fees.
The Agents and the Lenders shall have received all amounts due and payable under any Loan Document, the Commitment Letter and the
Fee Letter on or prior to the Closing Date, including all Fees and reasonable and documented costs, expenses (including legal fees
and expenses of White & Case LLP, Watson, Farley & Williams and other counsel to the Agents, appraisal and collateral field
exam fees and expenses and charges and recording taxes and fees) and other compensation and amounts required to be reimbursed or
paid by the Loan Parties hereunder, under any other Loan Document, the Commitment Letter and the Fee Letter.


 


(i)         Personal
Property Requirements. The Collateral Agent shall have received:


 


(i)          all
certificates, agreements or instruments representing or evidencing the Securities Collateral accompanied by instruments of transfer
and stock powers undated and endorsed in blank;


 


(ii)         the
Intercompany Subordination Agreement, executed by and among Holdings and the Restricted Parties;


 


(iii)        all
other certificates, agreements or instruments necessary to perfect the Collateral Agent’s security interest in all Chattel
Paper, Instruments, Deposit Accounts and Securities Accounts identified in Schedules 10, 12(a) and 12(b) to the Perfection Certificate
and all Investment Property of each Loan Party (as each such term is defined in, and to the extent required by, the Security Agreement
or the Holdings Pledge Agreement, as applicable);


 




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(iv)        UCC
financing statements in appropriate form for filing under the UCC in each U.S. jurisdiction as may be necessary or appropriate
or, in the reasonable opinion of the Administrative Agent, desirable to perfect the First Priority Liens in all Collateral created,
or purported to be created, by the Security Documents; and


 


(v)         copies,
each as of a recent date, of (w) the UCC searches required by the Perfection Certificate, (x) tax and judgment lien searches and
pending U.S. lawsuit searches or equivalent reports or searches listing all effective lien notices or comparable documents that
name any Company as debtor and that are filed in the state and county jurisdictions in which any Company is organized or maintains
its principal place of business and (y) such other searches that the Administrative Agent deems reasonably necessary or appropriate.


 


(j)         Insurance.
(i) The Administrative Agent shall have received, with respect to (x) general property insurance policies and (y) general liability
insurance policies, in each case, with an individual policy value in excess of $1,000,000, required by Section 5.04 and
which do not relate to the Vessels, a copy of, or a certificate as to coverage under, any such general insurance policies required
by Section 5.04 and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended
to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable)
(or comparable language customary in the overseas insurance market) and shall name the Collateral Agent, on behalf of the
Secured Parties, as additional insured (or comparable language customary in the overseas insurance market), in form and substance
reasonably satisfactory to the Administrative Agent, and (ii) the Administrative Agent shall be satisfied that the Insurance Deliverables
Requirement shall have been satisfied with respect to each Collateral Vessel.


 


(k)        Bank
Regulatory Documentation. The Administrative Agent and the Lenders shall have received at least three Business Days before
the Closing Date, all documentation and other information required by bank regulatory authorities under or in respect of applicable
Anti-Terrorism Laws or “know-your-customer” Legal Requirements, including the Patriot Act.


 


(l)         Maritime
Registry Searches; Maritime Insurance; Etc. The Administrative Agent shall have received with respect to each Collateral Vessel:


 


(i)          certified
copies of all technical management agreements and commercial management agreements, if any, and all pooling agreements and charter
contracts having a remaining term in excess of 6 months;


 


(ii)         an
undertaking in customary form by V. Ships UK Limited or any other Acceptable Third Party Technical Manager, as applicable, with
respect to such Collateral Vessel;


 


(iii)        a
confirmation of class certificate issued by an Approved Classification Society showing such Collateral Vessel to be free of overdue
recommendations, issued not more than 10 days prior to the Closing Date, and copies of all ISM and ISPS Code documentation for
such Collateral Vessel and its owner or manager, as appropriate, which shall be valid and unexpired;


 




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(iv)        a
certificate of ownership and encumbrance confirming registration of such Collateral Vessel under the law and flag of the applicable
Acceptable Flag Jurisdiction, the record owner of the Collateral Vessel, the recording of a Collateral Vessel Mortgage on such
Collateral Vessel in accordance with the law and flag of the applicable Acceptable Flag Jurisdiction, and all Liens of record (which
shall be only Permitted Collateral Vessel Liens or Liens to be discharged on or prior to the Closing Date subject, however, to
the proviso contained in Section 4.01(d)(vii)) for such Collateral Vessel, such certificate to be issued not earlier than
30 days prior to the Closing Date, and reasonably satisfactory to the Administrative Agent;


 


(v)         a
report, addressed to and in form and scope reasonably acceptable to the Administrative Agent, from a firm of marine insurance brokers
reasonably acceptable to the Administrative Agent (including Marsh and Willis), confirming the particulars and placement of the
marine insurances covering the Collateral Vessels and their compliance with the provisions hereunder, the endorsement of loss payable
clauses and notices of assignment on the policies, and containing such other confirmations and undertakings as are customary in
the New York market; and


 


(vi)        a
report from an independent marine insurance consultant appointed by the Administrative Agent confirming the adequacy of the marine
insurances covering the Collateral Vessels.


 


(m)         Appointment
of Process Agent. The Administrative Agent shall have received a duly executed letter evidencing the acceptance by Holdings
of its appointment as agent for the service of process for each Loan Party, which acceptance shall be in form and substance reasonably
satisfactory to the Administrative Agent.


 


(n)          No
Closing Date Material Adverse Effect. Since December 31, 2013, there shall not have occurred any event, change, effect, development,
circumstance or condition that, either individually or in the aggregate, has caused or would reasonably be expected to cause a
Closing Date Material Adverse Effect.


 


(o)          Ratings.
The Administrative Agent shall have received (i) a monitored public corporate rating and a monitored public corporate family rating
for (x) Holdings (as reorganized after giving effect to the Transactions) and (y) to the extent obtainable, the Administrative
Borrower (as reorganized after giving effect to the Transactions), in each case, from each of S&P and Moody’s, respectively,
(ii) a ratings assessment letter from S&P with respect to Holdings and (iii) a monitored public facility rating for the Loans
from each of S&P and Moody’s; provided that, for the avoidance of doubt, the failure to obtain a monitored
public corporate rating or corporate family rating of the Administrative Borrower on the basis that audited consolidated financial
statements for the Administrative Borrower had not been produced shall not be a failure to satisfy the condition precedent set
forth in clause (i)(y) above.


 


(p)          Closing
Date Cash Requirement.  After giving effect to the Transactions on the Closing Date (and all payments to be made in connection
therewith on the Closing Date, including the payment of all fees and expenses but not including any borrowings of Revolving Loans
or Swingline Loans on the Closing Date), the Administrative Borrower and its Restricted Subsidiaries shall have no less than $95,000,000
in unrestricted cash and Cash Equivalents on hand.


 


(q)          Appraisals.
The Administrative Agent shall have received a desktop appraisal of each Vessel prepared by an Approved Broker in form, scope and
methodology reasonably acceptable to the Collateral Agent, addressed to the Collateral Agent and upon which the Administrative
Agent, the Collateral Agent and the Lenders are expressly permitted to rely.


 




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Section 4.02         Conditions
to All Credit Extensions. The obligation of each Lender and the Issuing Bank to make any Credit Extension (including the initial
Credit Extensions on the Closing Date) shall be subject to, and to the satisfaction of, each of the conditions precedent set forth
below.


 


(a)        Notice.
The Administrative Agent shall have received a Borrowing Request as required by Section 2.03 (or such notice shall have
been deemed given in accordance with Section 2.03) if Loans are being requested or, in the case of the issuance, amendment,
extension or renewal of a Letter of Credit, the Issuing Bank and the Administrative Agent shall have received a notice requesting
the issuance, amendment, extension or renewal of such Letter of Credit as required by Section 2.18(b) or, in the case of
the Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have received a Borrowing Request as
required by Section 2.17(b).


 


(b)        No
Default. At the time of, and after giving effect to the making of, any Credit Extension and the use of proceeds thereof, no
Default shall have occurred and be continuing.


 


(c)        Representations
and Warranties. Each of the representations and warranties made by any Loan Party set forth in Article III or in any
other Loan Document shall be true and correct in all material respects (or true and correct in all respects in the case of representations
and warranties qualified by materiality or Material Adverse Effect) on and as of the date of such Credit Extension with the same
effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall be true and correct in all material respects (or true and correct
in all respects in the case of representations and warranties qualified by materiality or Material Adverse Effect) on and as of
such earlier date).


 


Each of the delivery
of a Borrowing Request or notice requesting the issuance, amendment, extension or renewal of a Letter of Credit and the acceptance
by the Borrowers of the proceeds of such Credit Extension shall constitute a representation and warranty by each Borrower and each
other Loan Party that on the date of such Credit Extension (both immediately before and after giving effect to such Credit Extension
and the application of the proceeds thereof) the conditions contained in this Section 4.02 have been satisfied.


 


ARTICLE
V



AFFIRMATIVE COVENANTS


 


Each Loan Party covenants
and agrees with the Administrative Agent, the Collateral Agent, the Issuing Bank and each Lender that so long as this Agreement
shall remain in effect and until the Commitments have been terminated and the principal of and interest and premium (if any) on
each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full (other than
contingent indemnification obligations for which no claim or demand has been made) and all Letters of Credit have been canceled
or have expired and all amounts drawn thereunder have been reimbursed in full (or all such Letters of Credit shall have been Cash
Collateralized), each Loan Party will, and each Loan Party will cause each of its Restricted Subsidiaries to:


 


Section
5.01         Financial Statements, Reports, etc..
Furnish to the Administrative Agent for distribution to the Lenders and, in the case of clauses (d) and (e) below, to the Collateral
Agent:


 




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(a)        Annual
Reports. As soon as available and in any event within 90 days after the end of each fiscal year of Holdings and the Administrative
Borrower (or, solely with respect to their respective fiscal year ending December 31, 2014, within the earlier of (x) 120 days
after the end of such fiscal year of Holdings or the Administrative Borrower, as applicable, and (y)  the date on which Holdings
or the Administrative Borrower, as applicable, files a Form 10K with the SEC under the Exchange Act for such fiscal year), (i)
the audited consolidated balance sheet of Holdings and its Subsidiaries as of the end of such fiscal year and related consolidated
statements of income, cash flows and stockholders’ equity for such fiscal year, in comparative form with such financial statements
as of the end of, and for, the preceding fiscal year, and notes thereto, accompanied by an opinion of PricewaterhouseCoopers LLP
or other independent public accountants of recognized national standing reasonably satisfactory to the Administrative Agent (which
opinion shall not be qualified as to scope or contain any going concern or other qualification or exemption), stating that such
financial statements fairly present, in all material respects, the consolidated financial condition, results of operations and
cash flows of Holdings and its Subsidiaries as of the dates and for the periods specified in accordance with GAAP, (ii) management’s
discussion and analysis of the financial condition, results of operations and cash flows of Holdings and its Subsidiaries for such
fiscal year, as compared to the previous fiscal year), (iii) the unaudited consolidated balance sheet of the Administrative Borrower
and its Subsidiaries as of the end of such fiscal year and related consolidated statements of income, cash flows and stockholders’
equity for such fiscal year, in comparative form with such financial statements as of the end of, and for, the preceding fiscal
year, accompanied by a certificate of a Financial Officer of the Administrative Borrower, stating that such financial statements
fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of the Administrative
Borrower and its Subsidiaries as of the dates and for the periods specified in accordance with GAAP, and (vi) management’s
discussion and analysis of the financial condition, results of operations and cash flows of the Administrative Borrower and its
Subsidiaries for such fiscal year, as compared to the previous fiscal year and budgeted amounts;


 


(b)        Quarterly
Reports. As soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of Holdings and the Administrative Borrower (or, solely with respect to their respective first two fiscal quarters
ending after the Closing Date, within the earlier of (x) 60 days after the end of each such fiscal quarter of Holdings or the Administrative
Borrower, as applicable, and (y) the date on which Holdings or the Administrative Borrower, as applicable, files a Form 10Q
with the SEC under the Exchange Act for the respective fiscal quarter), (i) the unaudited consolidated balance sheet of Holdings
and its Subsidiaries as of the end of such fiscal quarter and related consolidated statements of income, cash flows and stockholders
equity for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative form with the consolidated balance
sheet and related consolidated statements of income, cash flows and stockholders equity for the comparable periods in the previous
fiscal year, accompanied by a certificate of a Financial Officer of Holdings stating that such financial statements fairly present,
in all material respects, the consolidated financial condition, results of operations and cash flows of Holdings and its Subsidiaries
as of the date and for the periods specified in accordance with GAAP consistently applied, and on a basis consistent with audited
financial statements referred to in clause (a)(i) of this Section 5.01, subject to normal year-end audit adjustments and
the absence of footnotes, (ii) management’s analysis and discussion of the financial condition, results of operations and
cash flows of Holdings and its Subsidiaries for such fiscal quarter and for the then elapsed portion of the fiscal year, (iii)
the unaudited consolidated balance sheet of the Administrative Borrower and its Subsidiaries as of the end of such fiscal quarter
and related consolidated statements of income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal
year, in comparative form with the consolidated balance sheet and related consolidated statements of income and cash flows for
the comparable periods in the previous fiscal year, accompanied by a certificate of a Financial Officer of the Administrative Borrower
stating that such financial statements fairly present, in all material respects, the consolidated financial condition, results
of operations and cash flows of the Administrative Borrower and its Subsidiaries as of the date and for the periods specified in
accordance with GAAP consistently applied, and on a basis consistent with the annual financial statements referred to in clause (iii)
of Section 5.01(a), subject to normal year-end audit adjustments and the absence of footnotes, and (iv) management’s
discussion and analysis of the financial condition, results of operations and cash flows of the Administrative Borrower and its
Subsidiaries for such fiscal quarter and for the then elapsed portion of the fiscal year and budgeted amounts;


 




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(c)        Monthly
Reports. As soon as available and in any event within 30 days after the end of each fiscal month (other than the last fiscal
month of any fiscal quarter) of Holdings and the Administrative Borrower (commencing with their respective fiscal month ending
August 31, 2014), (i) the unaudited consolidated balance sheet of Holdings and its Subsidiaries as of the end of such month and
the related consolidated statement of income of Holdings and its Subsidiaries for such month and for the then elapsed portion of
the fiscal year, in comparative form with the consolidated balance sheet and related consolidated statement of income for the comparable
periods in the previous fiscal year, accompanied by a certificate of a Financial Officer of Holdings stating that such financial
statements fairly present, in all material respects, the consolidated financial condition and results of operations of Holdings
and its Subsidiaries as of the date and for the periods specified in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes, and (ii) the unaudited consolidated balance sheet of the Administrative
Borrower and its Subsidiaries as of the end of such month and the related consolidated statement of income of the Administrative
Borrower and its Subsidiaries for such month and for the then elapsed portion of the fiscal year, in comparative form with the
consolidated balance sheet and related consolidated statement of income for the comparable periods in the previous fiscal year,
accompanied by a certificate of a Financial Officer of the Administrative Borrower stating that such financial statements fairly
present, in all material respects, the consolidated financial condition and results of operations of the Administrative Borrower
and its Subsidiaries as of the date and for the periods specified in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes;


 


(d)        [Reserved];


 


(e)        [Reserved];


 


(f)         Compliance
Certificates. (i) Concurrently with any delivery of financial statements under Section 5.01(a), (b) and (c),
a Compliance Certificate certifying that no Default exists or, if a Default does exist and is continuing, specifying in reasonable
detail the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) concurrently
with any delivery of financial statements under Section 5.01(a) or (b), a Compliance Certificate setting forth (x)
computations in reasonable detail satisfactory to the Administrative Agent and the Collateral Agent demonstrating the calculation
of the Available Amount as at the end of such fiscal year or fiscal quarter, as the case may be, and any utilizations of the Available
Amount during such fiscal year or fiscal quarter, as the case may be, as well as the aggregate utilization thereof since the Closing
Date, and (y) a list of all Collateral Vessels, Excluded Vessels, Immaterial Subsidiaries and Unrestricted Subsidiaries as of the
end of such fiscal year or fiscal quarter, as the case may be, and (iii) concurrently with any delivery of financial statements
pursuant to Section 5.01(a), computations in reasonable detail and reasonably satisfactory to the Administrative Agent demonstrating
the Administrative Borrower’s calculation of the Excess Cash Flow and the amount of the respective payment pursuant to Section
2.10(b)(v) for the respective Excess Cash Flow Period;


 


(g)        Consolidating
Financial Statements. Concurrently with the delivery of any consolidated financial statements of the Administrative Borrower pursuant
to Sections 5.01(a), (b) and (c), the related consolidating financial statements reflecting the adjustments
necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements;


 




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(h)        Management
Letters. Promptly after the receipt thereof by any Company, a copy of any “management letter” received by any such
person from its certified public accountants and the management’s responses thereto;


 


(i)         Budgets.
No later than 45 days following the first day of each fiscal year of the Administrative Borrower, a budget (statements of income)
in form reasonably satisfactory to the Administrative Agent prepared by the Administrative Borrower for each fiscal month of such
fiscal year prepared in detail of the Administrative Borrower and its Restricted Subsidiaries, with appropriate presentation and
discussion in reasonable detail of the principal assumptions upon which such budget is based, accompanied by a certificate of a
Financial Officer of the Administrative Borrower certifying that the budget is a reasonable estimate for the periods covered thereby;


 


(j)         Other
Reports and Filings. Promptly after the filing or delivery thereof, copies all financial information, proxy materials and reports,
if any, which any Company shall publicly file with the SEC or deliver to the holders (or any trustee, agent or other representative
therefor) of the Administrative Borrower’s or any of its Restricted Subsidiaries’ material Indebtedness pursuant to
the terms of the documentation governing such Indebtedness, in each case, to the extent that any such information, proxy materials
or reports are not independently delivered pursuant to this Agreement;


 


(k)        Environmental
Information. At any time that any Company has breached the representation and warranty in Section 3.19, is not in compliance
with Section 5.09(a) or has delivered a notice pursuant to Section 5.02(e), provide, at the Borrowers’ sole
expense and at the request of the Administrative Agent, either (a) an environmental site assessment report concerning the Real
Property owned, leased or operated by such Company that is the subject of any such breach, noncompliance or notice, prepared by
an environmental consulting firm reasonably approved by the Administrative Agent, provided that if the Borrowers fail to provide
the same within 45 days after such request was made, the Administrative Agent may order the same at any time thereafter if the
Borrowers are not diligently pursuing the completion of such report, the cost of which shall be borne by the Borrowers, and in
such case the respective Loan Party shall grant and hereby grants to the Administrative Agent and the Lenders and their respective
agents reasonable access to such Real Property and specifically grant the Administrative Agent and the Lenders a license to undertake
such an assessment at any reasonable time upon reasonable notice to the Administrative Borrower, all at the sole expense of the
Borrowers; or (b) copies of the reports of the United States Coast Guard, Environmental Protection Agency and National Transportation
Safety Board, and of any applicable state or foreign agency, if and when issued, concerning such breach, noncompliance or notice
if related to a Vessel or Chartered Vessel owned, chartered to or operated by such Company; and


 


(l)        Other
Information. Promptly, from time to time, such other information regarding the operations, business affairs and financial condition
of any Company, or compliance with the terms of any Loan Document, or the environmental condition of any Vessel, Chartered Vessel
or Real Property, as the Administrative Agent, the Collateral Agent or any Lender may reasonably request. Each Lender acknowledges
that the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred
to in this Section 5.01, and in any event shall have no responsibility to monitor compliance by any Loan Party with any
such request for delivery, and each Lender shall be solely responsible for requesting delivery (from the Administrative Agent)
of or maintaining its copies of such documents:


 




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Each Borrower and each
Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant
to this Section 5.01 or otherwise are being distributed through a Platform, any document or notice that Holdings or the
Administrative Borrower has indicated contains Material Non-Public Information shall not be posted on that portion of the Platform
designated for such Public Lenders. Holdings and the Administrative Borrower agree to clearly designate all information provided
to the Administrative Agent by or on behalf of the Administrative Borrower which is suitable to make available to Public Lenders.
If Holdings or the Administrative Borrower has not indicated whether a document or notice delivered pursuant to this Section
5.01 contains Material Non-Public Information, the Administrative Agent reserves the right to post such document or notice
solely on that portion of the Platform designated for Lenders who wish to receive Material Non-Public Information with respect
to Holdings, the Administrative Borrower, their Subsidiaries and their securities.


 


Section
5.02         Litigation and Other Notices. Furnish to the Administrative
Agent and each Lender written notice of the following promptly (and, in any event, within five Business Days of obtaining knowledge
thereof):


 


(a)          any
Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect
thereto;


 


(b)          the
filing or commencement of, or notice of intention of any person to file or commence, any action, suit, litigation or proceeding,
whether at law or in equity or otherwise by or before any Governmental Authority, (i) against any Company that has had, or would
reasonably be expected to result in, a Material Adverse Effect, (ii) with respect to any Loan Document or (iii) with respect to
any of the other Transactions;


 


(c)          any
event, change, effect, development, circumstance, or condition that has resulted, or would reasonably be expected to result, in
a Material Adverse Effect;


 


(d)          the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected
to result in a Material Adverse Effect;


 


(e)          the
receipt by any Company of any notice of any Environmental Claim, violation by any Company of Environmental Law, or knowledge by
any Company that there exists a condition that has resulted, or would reasonably be expected to result, in an Environmental Claim
or a violation of or liability under, any Environmental Law, except for Environmental Claims, violations, conditions and liabilities
the consequence of which would not be reasonably expected to result in a Material Adverse Effect; and


 


(f)           (i)
the incurrence of any Lien (other than Permitted Liens) on, or claim assessed against, all or any material portion of the Collateral
or (ii) the occurrence of any other event which would reasonably be expected to materially and adversely affect all or a material
portion of the Collateral.


 


Section
5.03        Existence; Businesses and Properties. (a) Do or cause to
be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and all rights, franchises,
licenses, privileges, permits, Governmental Approvals and Intellectual Property, except (x) as otherwise permitted under the Loan
Documents or (y) other than in the case of the legal existence of any Loan Party, to the extent that the failure to do so would
not reasonably be expected to result in a Material Adverse Effect.


 


(b)        Except
as otherwise permitted under any Loan Document, do or cause to be done all things necessary to obtain, maintain or cause to be
maintained in good repair, working order and condition, ordinary wear and tear excepted, all material tangible properties used
or useful in the business of the Restricted Parties and from time to time will make, or cause to be made, all appropriate repairs,
renewals and replacements thereof.


 




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Section 5.04        Insurance.
(a) Keep its insurable property adequately insured at all times by financially sound and reputable insurers; maintain such other
insurance with financially sound and reputable insurers, to such extent and against such risks as is customary with companies
in the same or similar businesses operating in the same or similar locations, including insurance with respect to Mortgaged Properties
and the Vessels, Chartered Vessels and other properties material to the business of the Restricted Parties against such casualties
and contingencies and of such types and in such amounts with such deductibles as is customary in the case of similar businesses
operating in the same or similar locations, or as otherwise required by any Legal Requirements; provided, however,
in addition to the requirements set forth above in this sentence, the Restricted Parties will at all times cause at least the
Required Insurance to be maintained with respect to the Collateral Vessels.


 


(b)        All
general property insurance policies and general liability insurance policies (in each case, with an individual policy value in
excess of $1,000,000, except with respect to insurance related to the Vessels (which are covered by clause (c) below)) maintained
by a Loan Party shall (i) provide that no cancellation, material reduction in amount or material reduction in coverage thereof
shall be effective until at least 14 days (or 10 days in the case of non-payment of premium) after receipt by the Collateral Agent
of written notice thereof (or if such provision is not customary in the overseas insurance market, notice as soon as reasonably
practicable), and (ii) name the Collateral Agent as loss payee (in the case of general property insurance) (or comparable language
customary in the overseas insurance market) or additional insured on behalf of the Secured Parties (in the case of general liability
insurance) (or comparable language customary in the overseas insurance market), as applicable; provided, however,
that war risk insurance shall be subject to customary automatic termination of cover provisions in accordance with market practice.


 


(c)        Cause
the Insurance Deliverables Requirement to be satisfied at all times.


 


(d)        Notify
the Administrative Agent and the Collateral Agent as soon as reasonably practicable whenever any separate insurance concurrent
in form or contributing in the event of loss with that required to be maintained under this Section 5.04 is taken out by
(or on behalf of) any Restricted Party; and promptly as soon as reasonably practicable deliver to the Administrative Agent and
the Collateral Agent a copy of such policy or policies.


 


(e)        With
respect to any Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the Required Lenders
may from time to time reasonably require, if at any time the area in which any improvements located on any Mortgaged Property is
designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency
(or any successor agency), and otherwise comply with the National Flood Insurance Program as set forth in the National Flood Insurance
Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance
Reform Act of 2004, in each case as amended from time to time, and any successor statutes.


 


(f)        No
Restricted Party that is an owner or charterer of any Vessel or Chartered Vessel will take any action that is reasonably likely
to be the basis for termination, revocation or denial of any material insurance coverage required to be maintained under the Loan
Documents in respect of any Vessel or Chartered Vessel or that could reasonably be the basis for a defense to any material claim
under any insurance policy maintained in respect of the Vessels and Chartered Vessels, and the Restricted Parties shall otherwise
comply in all material respects with all insurance policies in respect of the Vessels and Chartered Vessels.


 




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Section 5.05         Obligations
and Taxes. (a) Pay and discharge promptly when due all material Taxes, assessments and governmental
charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent
or in default, as well as all lawful material claims for labor, services, materials and supplies or otherwise that, if unpaid,
might give rise to a Lien (other than a Permitted Lien) upon such properties or any part thereof; provided, that such payment
and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as (i) the validity
or amount thereof shall be contested in good faith by appropriate proceedings timely instituted and diligently conducted and the
applicable Company shall have set aside on its books adequate reserves or other appropriate provisions with respect thereto in
accordance with GAAP, and (ii) such contest operates to suspend collection of the contested Tax, assessment or charge and enforcement
of a Lien other than a Permitted Lien.


 


(b)        Timely
and correctly file all federal, state and other material Tax Returns required to be filed by it.


 


(c)        No
Borrower intends to treat the Loans as being a “reportable transaction” within the meaning of Treasury Regulation Section
1.6011-4. In the event any Borrower determines to take any action inconsistent with such intention, it will promptly notify the
Administrative Agent thereof.


 


(d)        Pay,
perform and observe all of the terms and provisions of its Indebtedness and other contractual obligations promptly and in accordance
with their respective terms except to the extent any failure to pay, perform or observe any such Indebtedness or other contractual
obligations either would not constitute a Default or would not be reasonably expected to result in a Material Adverse Effect.


 


Section 5.06         Employee
Benefits. (a) Comply with all applicable Legal Requirements, including the applicable provisions
of ERISA and the Code, with respect to all Employee Benefit Plans, except where such non-compliance would not be reasonably expected
to result in a Material Adverse Effect and (b) furnish to the Administrative Agent, upon request, copies of (i) annual report
(Form 5500 Series) filed by any Company or any of its ERISA Affiliates with the Employee Benefits Security Administration with
respect to each Pension Plan sponsored or maintained by any Company, (ii) the most recent actuarial valuation report for each
such Pension Plan, (iii) all notices received by any Company or any of its Subsidiaries from a Multiemployer Plan sponsor or any
governmental agency concerning an ERISA Event, and (iv) such other information, documents or governmental reports or filings related
to any Pension Plan or Multiemployer Plan as the Administrative Agent shall reasonably request.


 


Section 5.07         Maintaining
Records; Access to Properties and Inspections; Quarterly Lender Calls.
(a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all Legal Requirements
are made of all dealings and transactions in relation to its business and activities (including accurate and complete records
of its Receivables and all payments and collection thereon). Each Company will permit any representatives designated by the Administrative
Agent and the Collateral Agent upon two Business Days’ advance notice, during normal business hours, and not more than twice
during any fiscal year of Holdings or the Administrative Borrower (unless an Event of Default exists) to visit and inspect the
financial records and the property of such Company and to make extracts from and copies of such financial records, and permit
any representatives designated by the Administrative Agent and the Collateral Agent to discuss the affairs, finances, accounts
and condition of any Company with the officers and employees thereof and advisors thereof (including independent accountants thereof);
provided, however, nothing in this Section 5.07(a) either shall limit the rights of the Administrative Agent
and the Collateral Agent, or the obligations of the Loan Parties, under Section 5.13.


 




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(b)        Within
60 days after the close of each fiscal quarter of the Administrative Borrower (or within 120 days after the close of the fourth
fiscal quarter of the Administrative Borrower in any fiscal year of the Administrative Borrower), host a conference call (the cost
of which conference call is to be paid by the Borrowers) with representatives of the Administrative Agent and all Lenders who choose
to attend such conference call upon reasonable prior notice to be held at such time as reasonably agreed by the Administrative
Borrower and the Administrative Agent, at which conference call shall be reviewed the financial results of the previous fiscal
quarter and the year-to-date financial condition of the Companies and the budgets presented for the current fiscal year of the
Administrative Borrower; provided, however, at the request of the Administrative
Agent, in lieu of a conference call in respect of the fourth fiscal quarter of any fiscal year of the Administrative Borrower,
the Administrative Borrower instead shall hold a meeting (at a mutually agreeable location and time) with all Lenders who choose
to attend such meeting.


 


Section 5.08         Use
of Proceeds. Use the proceeds of the Loans only for the purposes set forth in Section 3.12
and request the issuance of Letters of Credit only in accordance with (and for purposes set forth in) Section 3.12.


 


Section 5.09         Compliance
with Environmental Laws and other Legal Requirements.


 


(a)        Comply,
and use commercially reasonable efforts to cause all third party lessees and other persons occupying its properties to comply,
with all Environmental Laws applicable to its operations and properties; obtain and renew all Environmental Permits necessary for
its operations and properties; and conduct any remedial action required by Environmental Laws; provided, however,
that no Company shall be required to take any of the foregoing actions in this Section 5.09 to the extent that the failure
to do so would not reasonably be expected to result in a Material Adverse Effect.


 


(b)        Comply
with all other Legal Requirements of, and all applicable restrictions imposed by, all Governmental Authorities in respect of the
conduct of its business and the ownership of its property, except for such non-compliance as would not reasonably be expected to
have a Material Adverse Effect.


 


Section 5.10        Additional
Collateral; Additional Guarantors. (a)   Subject to this Section 5.10,
with respect to (x) any property acquired after the Closing Date (other than Excluded Collateral) by any Borrower or any Subsidiary
Guarantor and (y) any property constituting Equity Interests of the Administrative Borrower or any intercompany Indebtedness owed
to Holdings by any of the Restricted Parties, in each case, that is intended to be subject to the Lien created by any of the Security
Documents but is not so subject, promptly (and in any event within 30 days after the acquisition thereof (as such date may be
extended by the Administrative Agent in its sole discretion)) (i) execute and deliver to the Administrative Agent and the Collateral
Agent such amendments or supplements to the relevant Security Documents or such other documents as the Administrative Agent or
the Collateral Agent shall reasonably deem necessary or advisable to grant to the Collateral Agent, for its benefit and for the
benefit of the other Secured Parties, a Lien on such property subject to no Liens other than Permitted Liens, (ii) to the extent
reasonably requested by the Administrative Agent, deliver opinions of counsel to the Loan Parties in form and substance, and from
counsel, reasonably acceptable to the Administrative Agent, and (iii) take all actions necessary to cause such Lien to be duly
perfected to the extent required by such Security Documents in accordance with all applicable Legal Requirements, including the
filing of financing statements and intellectual property security agreements in such jurisdictions as may be reasonably requested
by the Administrative Agent or the Collateral Agent; provided, however, that neither any Borrower nor any Subsidiary
Guarantor shall be required to record any grant of security interest in Collateral consisting of Intellectual Property (x) arising,
protected or otherwise existing in any jurisdiction outside of the United States or (y) that is not material Intellectual Property.
The Borrowers and the other Loan Parties shall otherwise take such actions and execute and/or deliver to the Collateral Agent
such documents as the Administrative Agent or the Collateral Agent shall reasonably require to confirm the validity, perfection
and priority of the Lien of the Security Documents against such after-acquired properties.


 




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(b)        With
respect to any person that becomes a direct or indirect Subsidiary of the Administrative Borrower after the Closing Date, promptly
(and in any event within 30 days after such person becomes a direct or indirect Subsidiary of the Administrative Borrower (as such
date may be extended by the Administrative Agent in its sole discretion)) (i) deliver to the Collateral Agent the certificates,
if any, representing all of the Equity Interests of such Subsidiary owned by a Borrower or Subsidiary Guarantor (except to the
extent constituting Excluded Collateral), together with undated stock powers or other appropriate instruments of transfer executed
and delivered in blank by a duly authorized officer of the holder(s) of such Equity Interests, and all intercompany notes owing
from such Subsidiary to any Loan Party together with instruments of transfer executed and delivered in blank by a duly authorized
officer of such Loan Party and (ii) in the case such Subsidiary is a Wholly Owned Restricted Subsidiary (other than an Excluded
Subsidiary), cause such new Wholly Owned Restricted Subsidiary to (A) execute a Joinder Agreement to become a Subsidiary Guarantor
and a party to the Security Agreement, (B) deliver to the Administrative Agent an opinion or opinions of counsel to such Wholly
Owned Restricted Subsidiary in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent, and (C)
take all actions necessary or advisable in the opinion of the Administrative Agent and the Collateral Agent to cause the Lien created
by the applicable Security Documents to be duly perfected to the extent required by such Security Documents in accordance with
all applicable Legal Requirements, including the filing of financing statements (or equivalent registrations) in such jurisdictions
as may be reasonably requested by the Administrative Agent or the Collateral Agent; provided, however, that no such
Subsidiary shall be required to record any grant of security interest in Collateral consisting of Intellectual Property (x) arising,
protected or otherwise existing in any jurisdiction outside of the United States or (y) that is not material Intellectual Property.


 


(c)        With
respect to any person that is or becomes a Subsidiary of a Borrower or a Subsidiary Guarantor after the Closing Date, promptly
(and in any event within 30 days after such person becomes a Subsidiary (as such date may be extended by the Administrative Agent
in its sole discretion)) execute and deliver (or cause such Subsidiary to execute and deliver) to the Collateral Agent a counterpart
to the Intercompany Subordination Agreement.


 


(d)        Promptly
grant to the Collateral Agent (and in any event within 90 days of the acquisition thereof unless extended by the Administrative
Agent in its reasonable discretion) a Mortgage on each Real Property owned in fee by such Borrower or Subsidiary Guarantor as is
acquired by such Borrower or Subsidiary Guarantor after the Closing Date and that, together with any improvements thereon, individually
has a Fair Market Value in excess of $10,000,000 as additional security for the Secured Obligations (unless the subject property
constitutes Excluded Collateral). Such Mortgages shall constitute valid and enforceable (except as such enforceability may be subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally,
regardless of whether considered in a proceeding in equity or at law) perfected First Priority Liens subject only to Permitted
Liens. The Mortgages or instruments related thereto shall be duly recorded or filed by the Administrative Agent in such manner
and in such places as are required by applicable Legal Requirements to establish, perfect, preserve and protect the Liens in favor
of the Collateral Agent required to be granted pursuant to the Mortgages and all taxes, fees and other charges payable in connection
therewith shall be paid in full. Such Borrower or Subsidiary Guarantor shall otherwise take such actions and execute and/or deliver
to the Collateral Agent such documents as the Administrative Agent or the Collateral Agent shall reasonably require to confirm
the validity, enforceability, perfection and priority of the Lien of any existing Mortgage or new Mortgage against such after-acquired
Real Property (including with respect to each Mortgage, a Mortgage Policy insuring the Lien of such Mortgage as a valid First Priority
mortgage Lien subject to Permitted Liens on the Mortgaged Property and fixtures described therein in an amount reasonably satisfactory
to the Administrative Agent (but not to exceed the Fair Market Value of such Mortgaged Property), a survey (in form and substance
sufficient for the title insurance company to remove the standard survey exceptions from the Mortgage Policy and issue the title
endorsements reasonably requested by the Administrative Agent) and local counsel opinion (in form and substance reasonably satisfactory
to the Administrative Agent) in respect of such Mortgage) and shall take such actions relating to insurance with respect to such
after-acquired Real Property and execute and/or deliver to the Administrative Agent such insurance certificates and other documentation
(including with respect to title, flood certifications and evidence of flood insurance), in each case in form and substance reasonably
satisfactory to the Administrative Agent, as the Administrative Agent shall reasonably request.


 




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(e)        If,
at any time, either (x) an Excluded Subsidiary no longer constitutes an Excluded Subsidiary pursuant to the definition thereof
or (y) the aggregate total assets or total revenues of one or more Immaterial Subsidiaries exceeds the thresholds set forth in
the definition thereof, cause such Excluded Subsidiary (in the case of preceding clause (x)) or one or more Excluded Subsidiaries
selected by the Administrative Borrower to the extent not otherwise an Excluded Subsidiary (other than by virtue solely of clause
(b) of the definition thereof) (in the case of preceding clause (y)) to take the actions specified above in this Section 5.10
on the basis that each such Excluded Subsidiary ceased to be an Excluded Subsidiary hereunder, in each case to the extent that
such Excluded Subsidiary is a Wholly Owned Restricted Subsidiary of the Administrative Borrower; provided, however,
in the case of preceding clause (y), such actions shall only be required to the extent that, after giving effect to such actions,
the aggregate total assets and total revenues of all then remaining Immaterial Subsidiaries do not exceed the thresholds set forth
in the second sentence of the definition thereof.


 


(f)         Promptly
after, and in any event within 45 days (as such date may be extended by the Administrative Agent in its sole discretion) of, (i)
the acquisition by a Borrower or a Subsidiary Guarantor of a vessel after the Closing Date (other than an Excluded Vessel), (ii)
any person that owns a vessel (other than a vessel that would be an Excluded Vessel) becoming a Subsidiary Guarantor hereunder
after the Closing Date or (iii) any Excluded Vessel of a Borrower or a Subsidiary Guarantor ceasing to be an Excluded Vessel, grant
to the Mortgage Trustee a security interest in and Collateral Vessel Mortgage on such Vessel (which
shall be registered in an Acceptable Flag Jurisdiction).  Such Collateral Vessel Mortgage shall be granted pursuant
to documentation reasonably satisfactory in form and substance to the Administrative Agent and the Mortgage Trustee and shall satisfy
the provisions of the Vessel Collateral Requirements and such Collateral Vessel Mortgage shall constitute a valid and enforceable
perfected First Priority Lien subject only to Permitted Collateral Vessel Liens related thereto.


 


Section 5.11        Security
Interests; Further Assurances. (a) Promptly upon the reasonable request of the Administrative
Agent or the Collateral Agent, at the sole cost and expense of the Loan Parties, (i) execute, acknowledge and deliver, or cause
the execution, acknowledgment and delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded,
in an appropriate governmental office, any document or instrument supplemental to or confirmatory of the Security Documents or
otherwise deemed by the Administrative Agent or the Collateral Agent reasonably necessary or desirable for the continued validity,
enforceability, perfection and priority of the Liens on the Collateral intended to be covered by the Security Documents, subject
to no other Liens except Permitted Liens (or, in the case of Collateral Vessels, Permitted Collateral Vessel Liens), or obtain
any consents or waivers as may be necessary or appropriate in connection therewith and (ii) without limiting the generality of
the foregoing, execute, if required, and file, or cause to be filed, such financing or continuation statements under the UCC,
or amendments thereto, such amendments or supplements to the Collateral Vessel Mortgages (including any amendments required to
maintain the Liens granted by such Collateral Vessel Mortgages), and such other instruments or notices, as may be reasonably necessary,
or that the Administrative Agent or the Collateral Agent may reasonably require (subject to any limitations that may be set forth
in the Security Documents), to protect and preserve the Liens granted or purported to be granted by the Security Documents. Notwithstanding
the foregoing, with respect to Intellectual Property, the Borrowers and Subsidiary Guarantors shall only be required to file and
record Intellectual Property security agreements with respect to material Intellectual Property in the United States Patent and
Trademark Office or in the United States Copyright Office, as applicable (it being understood, without limiting the foregoing,
that the Borrowers and Subsidiary Guarantors shall not be obligated to record any such grant of security interest in the Collateral
that is Intellectual Property issued by or pending before any jurisdiction outside of the United States).


 




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(b)        If
the Administrative Agent, the Collateral Agent or the Required Lenders determine that they are required by any Legal Requirements
to have appraisals prepared in respect of the Real Property of any Borrower or Subsidiary Guarantor constituting Collateral, the
Borrowers and the Subsidiary Guarantors shall provide to the Administrative Agent (at such Loan Parties’ expense) appraisals
that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA and are otherwise in form and
substance reasonably satisfactory to the Administrative Agent.


 


(c)        At
the reasonable written request of any counterparty to a Bank Product Agreement entered into after the Closing Date, the applicable
Loan Party shall promptly execute an amendment to each Collateral Vessel Mortgage confirming that the obligations under such Bank
Product Agreement are Secured Obligations under each Collateral Vessel Mortgage, and cause the same to be promptly and duly recorded,
and such amendment shall be in form and substance reasonably satisfactory to the Administrative Agent.


 


Section 5.12         Certain
Information Regarding the Loan Parties. (a) Furnish 30 days prior (or such shorter period acceptable
to the Administrative Agent in its sole discretion) written notice to the Administrative Agent of any change (i) in any Loan Party’s
legal name, (ii) in the location of any Loan Party’s chief executive office, (iii) in any Loan Party’s organizational
structure, (iv) in any Loan Party’s Federal Taxpayer Identification number or organizational identification number, if any,
(v) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity,
reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), or (vi) any change in the Acceptable
Flag Jurisdiction of a Collateral Vessel to a different Acceptable Flag Jurisdiction. Each Loan Party agrees not to effect any
change referred to in the immediately preceding sentence unless, within five Business Days after such change (or such longer period
acceptable to the Administrative Agent in its sole discretion), all filings have been made under the UCC or otherwise that are
required (x) for the Collateral Agent to maintain the validity, enforceability, perfection and priority of the security interest
of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable, and (y) in the case of a Collateral
Vessel, to ensure that the Vessel Collateral Requirements remain satisfied with respect to such Collateral Vessel. Each Loan Party
shall promptly provide the Administrative Agent with certified Organizational Documents reflecting any of the changes described
in the first sentence of this Section 5.12.


 


Section 5.13        Appraisals.
The Borrowers agree that the Collateral Agent and the Administrative Agent (and their respective agents, representatives and consultants)
shall be permitted to conduct from time to time Vessel Appraisals by Approved Brokers of the Collateral Vessels (and related assets);
provided, that (i) the Collateral Agent and the Administrative Agent shall only be permitted to conduct two Vessel Appraisals
(or, in the discretion of the Administrative Agent or the Collateral Agent, three Vessel Appraisals) in the aggregate for each
Collateral Vessel at the Borrowers’ expense in any 12 month period and (ii) during the existence and continuation of an
Event of Default, there shall be no limit on the number of additional Vessel Appraisals of each Collateral Vessel that the Collateral
Agent and the Administrative Agent may conduct at the Borrower's expense in any 12 month period. None of the Collateral Agent,
the Administrative Agent and the Lenders shall have any duty to any Loan Party to make any inspection, nor to share any results
of any inspection or report with any Loan Party.  Each of the Loan Parties acknowledges that all inspections and reports
are prepared by the Collateral Agent, the Administrative Agent and the Lenders for their purposes and the Borrowers shall not
be entitled to rely upon them.


 




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Section
5.14         Deposit Accounts; Securities Accounts.


 


(a)        Within
90 days following the Closing Date (as such date may be extended by the Administrative Agent in its sole discretion), the Borrowers
and the Subsidiary Guarantors shall (i) have provided an updated Schedule 3.27, reflecting true, correct and complete list of their
respective Deposit Accounts and Securities Accounts that are Specified Accounts at such time, (ii) have caused each Deposit Account
Bank and each Securities Intermediary with whom a Controlled Account that is not a Residual Bank Account is maintained to enter
into a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable, and (iii) have deposited (and
thereafter continue to deposit) in a Specified Account all cash received by them in respect of any Collateral. If, following such
90th (or later) day, any Residual Bank Account remains open, the Borrowers and the Subsidiary Guarantors shall cause each Deposit
Account Bank and each Securities Intermediary with whom any such Residual Bank Account is maintained to enter into a Deposit Account
Control Agreement or Securities Account Control Agreement, as applicable, within 30 days thereafter. Except to the extent permitted
by the immediately preceding two sentences, with respect to the respective periods set forth therein, the Borrowers and the Subsidiary
Guarantors shall not establish or maintain any Specified Account unless a Deposit Account Control Agreement or a Securities Account
Control Agreement, as applicable, has been entered into or such Specified Account is a Non-Controlled Account. Each Restricted
Party shall instruct all account debtors of such Restricted Party to remit all payments in Dollars to the appropriate Specified
Account. All amounts received by any Restricted Party in respect of any account of an account debtor of any Restricted Party shall
upon receipt be deposited into a Specified Account.


 


(b)        In
the event that (i) any Borrower, any Subsidiary Guarantor, or any Deposit Account Bank or Securities Intermediary at a financial
institution at which a Controlled Account is open, in either case shall terminate a Deposit Account Control Agreement or a Securities
Account Control Agreement for any reason or (ii) the Collateral Agent shall demand such termination as a result of the Deposit
Account Bank or the Securities Intermediary at which a Controlled Account is open to fail to comply with the applicable Security
Document or this Section 5.14, the applicable Loan Party shall notify all of its obligors that were making payments to such terminated
Controlled Account, to make all future payments to another Controlled Account in which at Deposit Account Control Agreement or
Securities Account Control Agreement is in effect.


 


(c)        The
parties hereto hereby acknowledge, confirm and agree that the implementation of the cash management arrangements contemplated herein
is a contractual right provided to the Agents and the Lenders hereunder in order for the Agents and the Lenders to manage and monitor
their collateral position and not a proceeding for enforcement or recovery of a claim, or pursuant to, or an enforcement of, any
security or remedies whatsoever, that the cash management arrangements contemplated herein are critical to the structure of the
lending arrangements contemplated herein, that the Lenders are relying on the Loan Parties’ acknowledgement, confirmation
and agreement with respect to such cash management arrangements in making accommodations of credit available to the Borrowers.


 


Section 5.15       Post-Closing
Matters. Execute and deliver the documents and complete the tasks set
forth on Schedule 5.15, in each case within the time limits specified therein. Notwithstanding anything to the contrary
contained in this Agreement or the other Loan Documents, the parties hereto acknowledge and agree that all conditions precedent
and representations contained in this Agreement and the other Loan Documents shall be deemed modified to the extent necessary
to effect the foregoing (and to permit the taking of the actions described on Schedule 5.15 within the time periods required
thereon, rather than as elsewhere provided in the Loan Documents).


 




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Section 5.16         Flag
of Vessel; Vessel Classifications; Operation of Vessels.


 


(a)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will remain qualified in all material
respects to own and operate such Vessel or Chartered Vessel under the laws of the Acceptable Flag Jurisdiction
in which such Vessel or Chartered Vessel is registered.


 


(b)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will (i) comply with and satisfy all applicable
Legal Requirements of the applicable Acceptable Flag Jurisdiction (in the case of a Vessel) or the flag of such vessel (in the
case of a Chartered Vessel) in order that such Vessel or Chartered Vessel shall continue to be registered pursuant to the laws
of such Acceptable Flag Jurisdiction or flag, as appropriate and (ii) not do or allow to be done anything whereby such registration
is or would reasonably be expected to be forfeited, unless the failure to comply with such Legal Requirements or obtain such registration
for such Vessel or Chartered Vessel would not reasonably be expected have a Material Adverse Effect.


 


(c)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will ensure that each Vessel or Chartered
Vessel is in all respects seaworthy and fit for its intended service and maintains its classification in effect as of the Closing
Date (or a higher classification) or is classed in the highest class available for vessels of its age and type with an Approved
Classification Society free of any overdue conditions or recommendations affecting class, unless the failure to maintain such seaworthiness
or to remain fit for its intended service or obtain such classification or the existence of any overdue conditions or recommendations
affecting class would not reasonably be expected to have a Material Adverse Effect or result in any suspensions, discontinuances
or withdrawal of class.


 


(d)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will submit such Vessel or Chartered Vessel
to such surveys as may be required for classification purposes and, upon the reasonable written request of the Administrative Agent,
supply to the Administrative Agent copies of all such survey reports and classification certificates issued in respect thereof.


 


(e)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will promptly pay and discharge all tolls,
dues, taxes, assessments, governmental charges, fines, penalties, debts, damages and liabilities whatsoever which have given or
may give rise to maritime or possessory Liens (other than Permitted Collateral Vessel Liens) on, or claims (other than Permitted
Collateral Vessel Liens) enforceable against, such Vessel or Chartered Vessel other than any of the foregoing (i) being contested
in good faith and diligently by appropriate proceedings, and, in the event of arrest of any Vessel or Chartered Vessel pursuant
to legal process, or in the event of its detention in exercise or purported exercise of any such Lien or claim as aforesaid, procure,
if possible, the release of such Vessel or Chartered Vessel from such arrest or detention forthwith upon receiving notice thereof
by providing bail or otherwise as the circumstances may require, (ii) Liens incurred or placed on Chartered Vessels by their respective
owners to the extent permitted by the terms of the respective charter (“Permitted Chartered Vessel Liens”),
or (iii) which would not reasonably be expected to have a Material Adverse Effect.


 


(f)           Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will maintain a valid Certificate of Financial
Responsibility (Oil Pollution) issued by the United States Coast Guard pursuant to the Federal Water Pollution Control Act to the
extent that such certificate may be required by applicable Legal Requirements for any Vessel or Chartered Vessel and such other
similar certificates as may be required in the course of the operations of any Vessel or Chartered Vessel pursuant to the International
Convention on Civil Liability for Oil Pollution Damage of 1969, or other applicable Legal Requirements (including the ISM Code
and the ISPS Code).


 




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(g)          Promptly
after, and in any event within 45 days after, (i) the acquisition by a Restricted Party of a vessel after the Closing Date, (ii)
any person that owns a vessel becomes a Subsidiary Guarantor hereunder after the Closing Date or (iii) any change of the documented
owner, name or official number, of a Vessel, (x) the Administrative Borrower shall provide the Administrative Agent with the name,
documented owner, official number and, if such Vessel is a Collateral Vessel, the applicable Subsidiary Guarantors shall take such
action as the Collateral Agent may reasonably request to ensure the Collateral Agent has a valid and perfected preferred mortgage
Lien thereon and (y) in the case of preceding clauses (i) and (ii) as they relate to a Collateral Vessel, the Administrative Agent
shall (at the Borrowers’ or Subsidiary Guarantors’ expense and reasonable request) cooperate with the Administrative
Borrower to record any filings that are required to ensure that the Vessel Collateral Requirements are satisfied.


 


(h)          Each
Restricted Party which enters into a Permitted Charter of a Collateral Vessel shall cause to be included in such charter a provision
confirming the priority of any preferred ship mortgages covering such Collateral Vessel over the rights of the charterer under
such Permitted Charter, and upon such Restricted Party’s request, the Mortgage Trustee shall enter into, with such charterer,
a quiet enjoyment agreement substantially in the form of Exhibit O together with such additional terms reasonably requested
by such charterer, subject to the Mortgage Trustee’s consent, such consent not to be unreasonably withheld or delayed; provided,
however, that the foregoing provisions of this clause (h) shall not apply to any Permitted Charter with a term (including
extension options) of 12 months or less so long as the Lien of the Collateral Vessel Mortgage covering such Collateral Vessel has
priority over the rights of the charterer under such Permitted Charter as a matter of law.


 


Section 5.17         Designation
of Subsidiaries.


 


(a)        The
Board of Directors of the Administrative Borrower may at any time designate any Restricted Subsidiary of the Administrative Borrower
(other than the Co-Borrower) to be an Unrestricted Subsidiary or designate (or re-designate, as the case may be) any Unrestricted
Subsidiary as a Restricted Subsidiary of the Administrative Borrower; provided that (i) immediately before and after such
designation (or re-designation), no Default shall have occurred and be continuing, (ii) in the case of the designation of a Subsidiary
as an Unrestricted Subsidiary, (x) the Subsidiary to be so designated does not (directly, or indirectly, through its Subsidiaries)
at such time own any Equity Interests or Indebtedness of, or own or hold any Lien on any property of, the Administrative Borrower
or any of its Restricted Subsidiaries and (y) the Investment resulting from the designation of such Subsidiary as an Unrestricted
Subsidiary as described in the immediately succeeding sentence is permitted by Sections 6.04(n) and/or (o),
(iii) in the case of the designation of a Restricted Subsidiary as an Unrestricted Subsidiary, before and after giving effect to
such designation, the total assets of all Unrestricted Subsidiaries (excluding intercompany accounts with other Unrestricted Subsidiaries
to be so designated at such time and investments in Subsidiaries of such Unrestricted Subsidiaries to be so designated at such
time) shall be less than 5.0% of Consolidated Total Assets, and (iv) in the case of the designation (or re-designation, as the
case may be) of an Unrestricted Subsidiary as a Restricted Subsidiary of the Administrative Borrower, the incurrence of Indebtedness
and Liens resulting from the designation (or re-designation, as the case may be) of such Unrestricted Subsidiary as a Restricted
Subsidiary as described in the second succeeding sentence is permitted by Sections 6.01 and 6.02; provided,
further, that no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it is a “restricted subsidiary”
immediately after giving effect to any such designation hereunder and any other contemporaneous designation under any Refinancing
Notes Indenture or any Additional Permitted Unsecured Debt. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary
shall constitute an Investment by the Administrative Borrower therein at the date of designation in an amount equal to the aggregate
Fair Market Value of the Administrative Borrower’s and its Restricted Subsidiaries’ Investment therein.  The designation
(or re-designation, as the case may be) of any Unrestricted Subsidiary as a Restricted Subsidiary of the Administrative Borrower
shall constitute, at the time of designation (or re-designation, as the case may be), the incurrence of any Indebtedness or Liens
of such Subsidiary existing at such time.  Notwithstanding the foregoing, any Unrestricted Subsidiary that has been re-designated
a Restricted Subsidiary may not be subsequently re-designated as an Unrestricted Subsidiary.


 




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(b)        Any
designation (or re-designation, as the case may be) of a Restricted Subsidiary of the Administrative Borrower as an Unrestricted
Subsidiary will be evidenced to the Administrative Agent by delivery of a certificate from a Responsible Officer of the Administrative
Borrower to the Administrative Agent (i) other than with respect to the designation of Shirley Tanker SRL as an Unrestricted
Subsidiary promptly following completion of the Shirley Transfer, attaching a certified copy of
a resolution of the Board of Directors of the Administrative Borrower giving effect to such designation and (ii) certifying that
such designation (or re-designation, as the case may be) complies with the provisions of this Section 5.17 and was permitted
by this Agreement.


 


Section 5.18         Material
Agreements. Comply with all contracts (including any charter contracts) and other agreements
to which any Company is a party, except where the failure to do so would not reasonably be expected to result in a Material Adverse
Effect.


 


Section 5.19         Ship
Management. Cause all Vessels owned by the Restricted Parties to be managed by Holdings
or any Subsidiary or Affiliate of Holdings, V Ships UK Limited or any other Acceptable Third Party Technical Manager.


 


Section 5.20         Maintenance
of Ratings. Use commercially reasonable efforts to maintain (but not maintain a specific rating) (a) a public corporate family
rating of Holdings, a public corporate family of the Administrative Borrower (to the extent obtainable) and a public rating of
the Loans, in each case, from Moody’s and (b) a public corporate credit rating of Holdings, a public corporate credit of
the Administrative Borrower (to the extent obtainable) and a public rating of the Loans, in each case, from S&P (it being
understood that “commercially reasonable efforts” shall, in any event, include the payment by the Administrative Borrower
of customary rating agency fees and cooperation by Holdings, the Administrative Borrower and their respective Subsidiaries with
information and data requests by Moody’s and S&P in connection with their ratings process).


 


Section 5.21         Agent
for Service of Process.


 


The Administrative Borrower
shall cause to be maintained at all times Holdings, or another agent reasonably acceptable to the Administrative Agent, as its
agent for service of process in the State of New York and shall cause any other such agent to execute and deliver to the Administrative
Borrower and the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent, accepting
such agency, prior to or concurrently with such other agent’s acceptance of its appointment as agent for service of process
for the Loan Parties.


 




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ARTICLE
VI


 


NEGATIVE COVENANTS


 


Holdings (solely with
respect to Sections 6.14(a), 6.17, 6.18, 6.19, 6.21 and 6.22) and each other Loan
Party covenants and agrees with the Administrative Agent, the Collateral Agent, the Issuing Bank and each Lender that, so long
as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest and premium
(if any) on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full (other
than contingent indemnification obligations for which no claim or demand has been made) and all Letters of Credit have been canceled
or have expired and all amounts drawn thereunder have been reimbursed in full (or all such Letters of Credit shall have been Cash
Collateralized), Holdings (solely with respect to Sections 6.14(a), 6.17, 6.18, 6.19, 6.21
and 6.22) and each other Loan Party will not, nor will any Loan Party cause or permit any of its Restricted Subsidiaries
to:


 


Section 6.01         Indebtedness.
Incur, create, assume or permit to exist, directly or indirectly, any Indebtedness, except:


 


(a)        Indebtedness
incurred under this Agreement and the other Loan Documents and any Specified Refinancing Term Loans, Specified Refinancing Revolving
Commitments and Refinancing Notes in respect thereof incurred or issued in accordance with the terms of this Agreement;


 


(b)        [Reserved];


 


(c)        Indebtedness
outstanding on the Closing Date and listed on Schedule 6.01(c) and any Permitted Refinancing Indebtedness in respect of
thereof;


 


(d)        Indebtedness
under Hedging Obligations under Permitted Hedging Agreements, in each case entered into in the ordinary course of business and
not for speculative purposes; provided, that if such Hedging Obligations relate to interest rates, (i) such Hedging Obligations
relate to payment obligations on Indebtedness otherwise permitted to be incurred by the Loan Documents and (ii) the notional principal
amount of such Hedging Obligations at the time incurred does not exceed the principal amount of the Indebtedness to which such
Hedging Obligations relate;


 


(e)        Indebtedness
arising from Investments permitted by Section 6.04;


 


(f)        (x)
Indebtedness in respect of Purchase Money Obligations, and Permitted Refinancing Indebtedness in respect thereof, in an aggregate
principal amount not to exceed $25,000,000 at any time outstanding and (y) additional Indebtedness in respect of Purchase Money
Obligations incurred for the purpose of financing all or any part of the purchase price or cost of construction, installation or
improvement of Vessels of the Restricted Parties or Chartered Vessels, so long as (i) immediately before and after giving pro forma
effect to the incurrence of such additional Indebtedness, no Event of Default then exists or would result therefrom, and (ii) the
Administrative Borrower shall be in compliance, on a Pro Forma Basis, with a Total Leverage Ratio of no greater than 6.00:1.00
for the Test Period most recently ended for which financial statements have been delivered to the Administrative Agent pursuant
to Section 5.01(a)(iii) or (b)(iii), as applicable;


 


(g)       assumed
Indebtedness of any person that becomes a Restricted Subsidiary of the Administrative Borrower (or is merged or consolidated with
and into the Administrative Borrower or a Restricted Subsidiary of the Administrative Borrower) after the date hereof in connection
with a Permitted Acquisition or other Investment permitted hereunder in an aggregate principal amount not to exceed $30,000,000
at any time outstanding for all such Indebtedness; provided, that such Indebtedness (i) exists at the time of such Permitted
Acquisition or other Investment, and (ii) is not created in anticipation or contemplation of such Permitted Acquisition or other
Investment;


 


(h)       Indebtedness
in respect of bid, performance, customs or surety bonds issued for the account of any Restricted Party in the ordinary course of
business, including guarantees or obligations of any Restricted Party with respect to letters of credit supporting such bid, performance,
customs or surety obligations (in each case other than for an obligation for borrowed money), in an aggregate amount not to exceed
$5,000,000 at any time outstanding;


 




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(i)         Contingent
Obligations (i) of the Administrative Borrower in respect of Indebtedness of any Restricted Subsidiary of the Administrative Borrower
and (ii) of any Restricted Subsidiary of the Administrative Borrower in respect of Indebtedness of the Administrative Borrower
or any other Restricted Subsidiary of the Administrative Borrower, in each case, to the extent that such Indebtedness is otherwise
permitted to be incurred pursuant to this Section 6.01 (other than clauses (b), (c) and (g) of this Section 6.01);
provided that (A) Contingent Obligations of any Borrower or any Subsidiary Guarantor of Indebtedness of any Restricted Subsidiary
of the Administrative Borrower which is not a Loan Party shall be subject to compliance with Section 6.04(f), (B) if a Restricted
Subsidiary of the Administrative Borrower which is not a Loan Party provides a guarantee of Indebtedness of a Loan Party in accordance
with this clause (i), then the Administrative Borrower will cause such Restricted Subsidiary to guarantee the Obligations pursuant
to the Guarantee, and (C) if the Indebtedness to be guaranteed is subordinated to the Obligations, then the guarantees permitted
under this clause (i) shall be subordinated to the Obligations of the applicable Borrower or Subsidiary Guarantor to the same extent
and on the same terms as the Indebtedness so guaranteed is subordinated to the Obligations;


 


(j)         Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except
in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however,
that such Indebtedness is extinguished within five Business Days of incurrence;


 


(k)        Indebtedness
arising in connection with endorsement of instruments for deposit in the ordinary course of business;


 


(l)         Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business;


 


(m)       other
Indebtedness in an aggregate principal amount for all Restricted Parties not to exceed $50,000,000 at any time outstanding, of
which up to (but not more than) $30,000,000 may be secured to the extent permitted by Section 6.02(w);


 


(n)       Additional
Permitted Unsecured Debt under the Additional Permitted Unsecured Debt Documents, so long as (i) the requirements set forth in
the definition of “Additional Permitted Unsecured Debt” contained herein are (and continue to be) satisfied, (ii) no
Default exists immediately before or after giving effect to the incurrence of such Indebtedness, (iii) at the time of the incurrence
of such Indebtedness and immediately after giving effect thereto, the Administrative Borrower shall be in compliance, on a Pro
Forma Basis, with a Total Leverage Ratio of no greater than 6.00:1.00 for the Test Period most recently ended for which financial
statements have been delivered to the Administrative Agent pursuant to Section 5.01(a)(iii) or (b)(iii), as applicable,
and (iv) prior to the incurrence of such Indebtedness, the Administrative Borrower shall have delivered to the Administrative Agent
an Officer’s Certificate of the Administrative Borrower certifying as to compliance with the requirements of preceding clauses
(i) through (iii) and containing the calculations (in reasonable detail) required by preceding clause (iii); and


 


(o)        Indebtedness
incurred in relation to (i) maintenance, repairs, refurbishments and replacements required to maintain the classification of any
of the Vessels or Chartered Vessels owned, leased, time chartered or bareboat chartered to or by the any Restricted Party in the
ordinary course of business, (ii) dry-docking of any of the Vessels or Chartered Vessels owned or leased by any Restricted Party
for maintenance, repair, refurbishment or replacement purposes in the ordinary course of business and (iii) Vessel or Chartered
Vessel amendments or modifications required to allow worldwide trading and commercial acceptance by any potential charterer, in
each case as required by any change after the Closing Date in applicable law or regulation.


 




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Section 6.02         Liens.
Create, incur, assume or permit to exist, directly or indirectly, any Lien on any property now owned or hereafter acquired by
it or on any income or revenues or rights in respect of any thereof, except the following (collectively, the “Permitted
Liens”):


 


(a)        inchoate
Liens for taxes, assessments or governmental charges or levies not yet due and payable or delinquent and Liens for taxes, assessments
or governmental charges or levies, which are immaterial or being contested in good faith by appropriate proceedings timely initiated
and for which adequate reserves have been established in accordance with GAAP, which proceedings (or Orders entered in connection
with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;


 


(b)        Liens
in respect of property (other than Vessels) of any Restricted Party imposed by law, which were incurred in the ordinary course
of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, materialmen’s,
landlords’, workmen’s, suppliers’, repairmen’s and mechanics’ Liens and other similar Liens arising
in the ordinary course of business (including customary contractual landlords’ liens under operating leases entered into
in the ordinary course of business), and (i) which do not in the aggregate materially and adversely affect the value of the property
subject to such Lien, and do not materially impair the use thereof in the operation of the business of the respective Restricted
Party, and (ii) which, if they secure obligations that are then due and unpaid, are being contested in good faith by appropriate
proceedings timely initiated and for which adequate reserves have been established in accordance with GAAP, which proceedings (or
Orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject
to any such Lien;


 


(c)        any
Lien in existence on the Closing Date and set forth on Schedule 6.02(c) and any Lien granted as a replacement or substitute
therefor; provided that any such replacement or substitute Lien (i) does not secure an aggregate amount of Indebtedness
or other obligations, if any, greater than that secured on the Closing Date (minus the aggregate amount of any permanent
repayments and prepayments thereof since the Closing Date but only to the extent that such repayments and prepayments by their
terms cannot be reborrowed or redrawn and do not occur in connection with a refinancing of all or a portion of such Indebtedness)
and (ii) does not encumber any property other than the property subject thereto on the Closing Date (any such Lien, an “Existing
Lien”);


 


(d)        easements,
rights-of-way, restrictions (including zoning restrictions), covenants, licenses, encroachments, protrusions, servitudes and other
similar charges or encumbrances, and minor title deficiencies, in each case, on or with respect to any Real Property, whether now
or hereafter in existence, not (i) securing Indebtedness, (ii) individually or in the aggregate materially impairing the value
or marketability of such Real Property or (iii) individually or in the aggregate materially interfering with the ordinary conduct
of the business of the Restricted Party at or otherwise with respect to such Real Property;


 


(e)        Liens
arising out of judgments, attachments or awards not resulting in an Event of Default and in respect of which such Restricted Party
shall in good faith be diligently prosecuting an appeal or proceedings for review in respect of which there shall be secured a
subsisting stay of execution pending such appeal or proceedings;


 




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(f)         Liens
(other than any Lien imposed by ERISA) (x) imposed by law or deposits made in connection therewith in the ordinary course of business
in connection with workers’ compensation, unemployment insurance and other types of social security legislation, (y) incurred
in the ordinary course of business to secure the performance of tenders, statutory obligations (other than excise taxes), surety,
performance, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance
and return of money bonds and other similar obligations (in each case, exclusive of obligations for the payment of Indebtedness)
or (z) arising by virtue of deposits made in the ordinary course of business to secure liability for premiums to insurance carriers;
provided, that with respect to clauses (x), (y) and (z) of this Section 6.02(f), such Liens are for amounts not yet
due and payable or delinquent or, to the extent such amounts are so due and payable, such amounts are being contested in good faith
by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, which proceedings (or Orders
entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any
such Lien;


 


(g)        leases
of the properties of any Restricted Party, in each case entered into in the ordinary course of such Restricted Party’s business
so long as such leases do not, individually or in the aggregate, (i) interfere in any material respect with the ordinary conduct
of the business of any Restricted Party or (ii) materially impair the use (for its intended purposes) or the value of the property
subject thereto;


 


(h)        Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by any
Restricted Party in the ordinary course of business in accordance with the past practices of such Restricted Party;


 


(i)         Liens
securing Indebtedness incurred by any Restricted Party pursuant to Section 6.01(f), provided, that (i) any such Liens
attach only to the property being financed pursuant to such Indebtedness and (ii) do not encumber any other property of any Restricted
Party;


 


(j)         so
long as the applicable intercreditor agreement is then in effect and subject to the terms thereof, Liens on Collateral securing
obligations under the Specified Refinancing Term Loans, Specified Refinancing Revolving Commitments and Refinancing Notes incurred
in accordance with the terms of this Agreement;


 


(k)        Liens
on property rented to, or leased by, any Restricted Party pursuant to a Sale and Leaseback Transaction; provided, that (i)
such Sale and Leaseback Transaction is permitted by Section 6.03, (ii) such Liens do not encumber any other property of
any Restricted Party, and (iii) such Liens secure only the Attributable Indebtedness incurred in connection with such Sale and
Leaseback Transaction;


 


(l)         bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or
more accounts maintained by any Restricted Party, in each case granted in the ordinary course of business in favor of the bank
or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management and operating
account arrangements, including those involving pooled accounts and netting arrangements; provided, that, unless such Liens
are non-consensual and arise by operation of applicable Legal Requirements, in no case shall any such Liens secure (either directly
or indirectly) the repayment of any Indebtedness;


 


(m)       Liens
on property of a person existing at the time such person is acquired or merged with or into or consolidated with any Restricted
Party to the extent permitted hereunder; provided, that (x) such Liens (i) do not extend to property not subject to such
Liens at the time of such acquisition, merger or consolidation (other than improvements thereon), (ii) are no more favorable to
the lienholders than such existing Liens and (iii) are not created in anticipation or contemplation of such acquisition, merger
or consolidation and (y) any Indebtedness that is secured by such Liens is permitted by Section 6.01(g);


 




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(n)        Liens
granted pursuant to the Loan Documents to secure the Secured Obligations;


 


(o)        licenses
of Intellectual Property granted by any Restricted Party in the ordinary course of business;


 


(p)        the
filing of UCC financing statements solely as a precautionary measure in connection with operating leases or consignment of goods;


 


(q)        Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the UCC covering only the items being collected
upon;


 


(r)         Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods;


 


(s)        Liens
in the ordinary course of business for dry-docking, maintenance, repairs and improvements to Vessels, crews’ wages, salvage
(including contract salvage) and maritime Liens (other than in respect of Indebtedness);


 


(t)         with
respect only to the Vessels, Liens arising by operation of law and fully covered (in excess of permitted deductibles) by the Required
Insurance, such coverage to be confirmed upon the request of the Collateral Agent by the marine insurance broker placing the applicable
Required Insurance;


 


(u)        Liens
solely on any cash earnest money deposits made by any Restricted Party in connection with any letter of intent or purchase agreement
in respect of any Investment permitted hereunder;


 


(v)        Liens
arising pursuant to a Permitted Charter; and


 


(w)       additional
Liens of the Restricted Parties not otherwise permitted by this Section 6.02 and incurred in the ordinary course of business
that (i) do not materially impair the use of such assets in the operation of the business of any Restricted Party and (ii) do not
secure obligations in excess of $30,000,000 in the aggregate for all such Liens at any time;


 


Any reference in any
of the Loan Documents to a Permitted Lien (including a Permitted Collateral Vessel Lien) is not intended to and shall not be interpreted
as subordinating or postponing, or as any agreement to subordinate or postpone, any Lien created by any of the Loan Documents to
any Permitted Lien (including any Permitted Collateral Vessel Lien).


 




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Section 6.03        Sale
and Leaseback Transactions. Enter into any arrangement, directly or indirectly, with any person
whereby it shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter
rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property
being sold or transferred (a “Sale and Leaseback Transaction”), unless (i) the sale of such property is entered
into in the ordinary course of business and is made for cash consideration in an amount not less than the Fair Market Value of
such property, (ii) the Sale and Leaseback Transaction is permitted by Sections 6.06 and 6.17 and is consummated
within 10 Business Days after the date on which such property is sold or transferred, (iii) any Liens arising in connection with
its use of the property are permitted by Section 6.02(k), (iv) the Sale and Leaseback Transaction would be permitted under
Section 6.01, assuming the Attributable Indebtedness with respect to the Sale and Leaseback Transaction constituted Indebtedness
under Section 6.01, and (v) the aggregate Attributable Indebtedness incurred with respect to all such Sale and Leaseback
Transactions shall not exceed $10,000,000 at any time outstanding; provided, however, in no event shall any Restricted
Party enter into a Sale and Leaseback with respect to a Collateral Vessel.


 


Section 6.04        Investments,
Loans and Advances. Directly or indirectly, lend money or credit (by way of guarantee, assumption
of debt or otherwise) or make advances to any person, or purchase or acquire any stock, bonds, notes, debentures or other obligations
or securities of, or any other interest in, or make any capital contribution to, any other person, or purchase or own a futures
contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of
a futures contract (all of the foregoing, collectively, “Investments”), except that the following shall be
permitted:


 


(a)        the
Restricted Parties may consummate the Transactions in accordance with the provisions of the respective Transaction Documents;


 


(b)        Investments
outstanding on the Closing Date and identified on Schedule 6.04(b);


 


(c)        the
Restricted Parties may (i) acquire and hold accounts receivable, owing to any of them if created or acquired in the ordinary course
of business and payable or dischargeable in accordance with customary terms, (ii) invest in, acquire and hold cash and Cash Equivalents,
(iii) endorse negotiable instruments held for collection in the ordinary course of business or (iv) make lease, utility and other
similar deposits in the ordinary course of business;


 


(d)        Hedging
Obligations permitted pursuant to Section 6.01(d);


 


(e)        loans
and advances to directors, employees and officers of the Administrative Borrower and its Restricted Subsidiaries for bona fide
business purposes and to purchase Equity Interests of the Administrative Borrower, in aggregate amount not to exceed $1,000,000
at any time outstanding;


 


(f)         Investments
by (i) any Borrower or Subsidiary Guarantor in any other Borrower or Subsidiary Guarantor, (ii) any Restricted Subsidiary of the
Administrative Borrower that is not a Loan Party in any Borrower or Subsidiary Guarantor, (iii) any Restricted Subsidiary of the
Administrative Borrower that is not a Loan Party in any other Restricted Subsidiary of the Administrative Borrower that is not
a Loan Party and (iv) any Borrower or Subsidiary Guarantor in any Restricted Subsidiary of the Administrative Borrower that is
not a Loan Party; provided, that (x) any Investment in the form of a loan or advance shall be evidenced by an Intercompany
Note and shall be subject to the terms of the Intercompany Subordination Agreement and, in the case of a loan or advance by Holdings
to any Restricted Party or by the Administrative Borrower or Subsidiary Guarantor, each such Intercompany Note shall be pledged
by such Loan Party as Collateral pursuant to the Security Documents and (y) the aggregate amount of all Investments made by Loan
Parties to Restricted Subsidiaries of the Administrative Borrower that are not Loan Parties pursuant to preceding clause (iv) shall
not exceed $20,000,000 at any time outstanding;


 




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(g)        Investments
in securities of trade creditors or customers in the ordinary course of business that are received in settlement of bona fide
disputes or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such
trade creditors or customers;


 


(h)        mergers
and consolidations in compliance with Section 6.05;


 


(i)         Investments
made by any Restricted Party as a result of consideration received in connection with a disposition of property made in compliance
with Section 6.06;


 


(j)         acquisitions
of property in compliance with Section 6.07 (other than Section 6.07(a));


 


(k)        Dividends
in compliance with Section 6.08;


 


(l)         Investments
of any person that becomes a Restricted Subsidiary of the Administrative Borrower after the date hereof pursuant to a Permitted
Acquisition or other Investment permitted hereunder; provided, that (i) such Investments exist at the time such person becomes
a Restricted Subsidiary or is acquired, (ii) such Investments are not made in anticipation or contemplation of such person becoming
a Restricted Subsidiary, and (iii) such Investments are not directly or indirectly recourse to any of the Restricted Parties or
any of their respective assets, other than to the person that becomes a Restricted Subsidiary;


 


(m)       so
long as no Event of Default then exists or would result therefrom, Investments in Joint Ventures in an aggregate amount not to
exceed $20,000,000 at any time outstanding;


 


(n)       so
long as no Event of Default then exists or would result therefrom, other Investments in an aggregate amount not to exceed $20,000,000
at any time outstanding;


 


(o)        any
other Investments in an aggregate amount not to exceed the Available Amount as in effect immediately prior to the respective Investment
so long as (x) no Default has occurred and is continuing immediately prior to and after giving effect to such Investment and (y)
with respect to Investments made in, to or for the benefit of, any Unrestricted Subsidiary (including in connection with the designation
of any Restricted Subsidiary of the Administrative Borrower as an Unrestricted Subsidiary) other than Investments made in reliance
on clause (a) of the definition of “Available Amount” contained herein, the Administrative Borrower shall be in compliance,
on a Pro Forma Basis, with a Total Leverage Ratio of no greater than 6.00:1.00 for the Test Period most recently ended for which
financial statements have been delivered to the Administrative Agent pursuant to Section 5.01(a)(iii) or (b)(iii),
as applicable;


 


(p)        to
the extent constituting an Investment, payments to Holdings permitted pursuant to Section 6.09(e);


 


(q)        unsecured
intercompany loans made by any Borrower or Subsidiary Guarantor to Holdings subject to the Intercompany Subordination Agreement
and evidenced by an Intercompany Note for the purposes, at the times and in amounts that would otherwise be permitted to be made
as Dividends to Holdings pursuant to Sections 6.08(b) through (d), inclusive (and with all such intercompany loans
made pursuant to this clause (q) to reduce Dollar-for-Dollar the amounts that would otherwise be permitted to be paid for such
purpose in the form of Dividends pursuant to such Sections 6.08(b) through (d); and


 




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(r)         so
long as no Event of Default then exists or would result therefrom, cash Investments in Unrestricted Subsidiaries for the purposes
of or in connection with the winding down or liquidation of such Unrestricted Subsidiaries in an aggregate amount not to exceed
$5,000,000.


 


Section 6.05         Mergers
and Consolidations. Wind up, liquidate or dissolve its affairs or enter into any transaction
of merger or consolidation (or agree to do any of the foregoing at any time), except that the following shall be permitted:


 


(a)        the
Transactions as contemplated by, and in compliance with, the respective Transaction Documents;


 


(b)        dispositions
of assets in compliance with Section 6.06 (other than Sections 6.06(e), (f) and (g));


 


(c)        Permitted
Acquisitions;


 


(d)        any
solvent Restricted Party (other than the Administrative Borrower or the Co-Borrower) may merge or consolidate with or into the
Administrative Borrower or Subsidiary Guarantor (so long as (i) in the event the Administrative Borrower is a party to such merger
or consolidation, the Administrative Borrower shall be the surviving person, and (ii) in any other case, a Subsidiary Guarantor
shall be the surviving person and shall remain, directly or indirectly, a Wholly Owned Restricted Subsidiary of the Administrative
Borrower); provided, that the Lien on and security interest in such property granted or to be granted in favor of the Collateral
Agent under the Security Documents shall be maintained or created in accordance with the provisions of Section 5.10 or Section
5.11, as applicable;


 


(e)        any
Restricted Subsidiary of the Administrative Borrower that is not a Loan Party may merge into any other Restricted Subsidiary of
the Administrative Borrower that is not a Loan Party; and


 


(f)        any
Restricted Subsidiary of the Administrative Borrower that is not a Loan Party may dissolve, liquidate or wind up its affairs at
any time if such dissolution, liquidation or winding up would not reasonably be expected to be disadvantageous to the Agents and
the Lenders in any material respect.


 


To the extent the requisite
Lenders under Section 11.02(b) waive the provisions of this Section 6.05 with respect to the sale of any Collateral
not otherwise permitted under this Agreement, or any Collateral is sold as permitted by this Section 6.05, such Collateral
(unless sold to another Loan Party), but not the proceeds thereof, shall be sold free and clear of the Liens created by the Security
Documents, and, so long as the Administrative Borrower shall have previously provided to the Collateral Agent and the Administrative
Agent such certifications or documents as the Collateral Agent and/or the Administrative Agent shall reasonably request in order
to demonstrate compliance with this Section 6.05, the Collateral Agent shall take all actions it deems appropriate in order
to effect the foregoing.


 


Section 6.06         Asset
Sales. Effect any disposition of any property, or agree to effect any disposition of any property,
except that the following shall be permitted:


 


(a)        dispositions
of surplus, worn out or obsolete property (other than Vessels) by the Administrative Borrower or any of its Restricted Subsidiaries
in the ordinary course of business and the abandonment or other disposition of Intellectual Property that is, in the reasonable
good faith judgment of the Administrative Borrower, no longer economically practicable to maintain or useful in the conduct of
the business of the Restricted Parties taken as a whole;


 




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(b)        other
dispositions of property (other than the Equity Interests of the Co-Borrower or a Subsidiary Guarantor unless, in the case of a
Subsidiary Guarantor, all of the Equity Interests of such Subsidiary Guarantor is sold in compliance with this clause (b)); provided,
that (i) no Event of Default then exists or would result therefrom, (ii) the Loan Parties shall be in compliance, on a pro forma
basis after giving effect to (x) such disposition (as well as all other dispositions since the last day of the most recently ended
fiscal quarter of the Administrative Borrower and on or prior to the subject disposition) and (y) any purchases of vessels that
became Collateral Vessels (and for which Vessel Appraisals were delivered to the Administrative Agent) during the period set forth
in the parenthetical in preceding clause (x), with the financial covenant set forth in Section 6.10 for the most recently
ended fiscal quarter of the Administrative Borrower as if such disposition (or dispositions and/or purchases) occurred on the last
day of such fiscal quarter, (iii) the aggregate consideration received in respect of all dispositions of property pursuant to this
clause (b) shall not exceed $325,000,000, (iv) such dispositions of property are made for Fair Market Value and on an arms-length
commercial basis and (v) at least 75% of the consideration payable in respect of such disposition of property is in the form of
cash or Cash Equivalents and is received at the time of the consummation of any such disposition;


 


(c)        leases
of, or charter contracts in respect of, real or personal property (other than Sale and Leaseback Transactions) in the ordinary
course of business and in accordance with the applicable Security Documents;


 


(d)        the
Transactions as contemplated by, and in compliance with, the Transaction Documents;


 


(e)        Investments
in compliance with Section 6.04;


 


(f)        dispositions
consisting of mergers and consolidations in compliance with Section 6.05;


 


(g)        Dividends
in compliance with Section 6.08;


 


(h)        sales
of inventory in the ordinary course of business and dispositions of cash and Cash Equivalents in the ordinary course of business;


 


(i)        any
disposition of property that constitutes a Casualty Event;


 


(j)        any
disposition of property by (i) any Restricted Subsidiary of the Administrative Borrower to the Administrative Borrower or any Subsidiary
Guarantor and (ii) any Restricted Subsidiary of the Administrative Borrower that is not a Loan Party to another Restricted Subsidiary
of the Administrative Borrower that is not a Loan Party; provided, that if the transferor of such property is a Loan Party,
the transferee thereof must be a Borrower or a Subsidiary Guarantor;


 


(k)        grants
of non-exclusive licenses or sublicenses in the ordinary course of business to use the Administrative Borrower’s or any Restricted
Subsidiaries’ Intellectual Property and technology to the extent that such license or sublicense does not materially impair
the conduct of the business of the Administrative Borrower or any of its Restricted Subsidiaries or otherwise prohibit the Collateral
Agent from obtaining a security interest in the Intellectual Property or technology subject to such license or sublicense;


 


(l)         sales,
forgiveness or other dispositions without recourse in the ordinary course of business of accounts receivable arising in the ordinary
course of business in connection with the collection or compromise thereof but not as part of any financing transaction; and


 




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(m)       dispositions
of Equity Interests in any Specified Joint Venture; provided, that (i) no Event of Default then exists or would result therefrom,
(ii) such dispositions are made for Fair Market Value and on an arms-length commercial basis and (iii) at least 75% of the consideration
payable in respect of such disposition is in the form of cash or Cash Equivalents and is received at the time of the consummation
of any such disposition.


 


To the extent the requisite
Lenders under Section 11.02(b) waive the provisions of this Section 6.06, with respect to the sale of any Collateral
not otherwise permitted under this Agreement, or any Collateral is sold as permitted by this Section 6.06, such Collateral
(unless sold to a Loan Party), but not the proceeds thereof, shall be sold free and clear of the Liens created by the Security
Documents, and, so long as the Administrative Borrower shall have previously provided to the Administrative Agent and the Collateral
Agent such certifications or documents as the Administrative Agent and/or the Collateral Agent shall reasonably request in order
to demonstrate compliance with this Section 6.06, the Collateral Agent shall take all actions it deems appropriate in order
to effect the foregoing.


 


Section 6.07         Acquisitions.
Purchase or otherwise acquire (in one or a series of related transactions) any part of the property (whether tangible or intangible)
of any person (or agree to do any of the foregoing at any time) except that the following shall be permitted:


 


(a)        Investments
in compliance with Section 6.04;


 


(b)        Capital
Expenditures by the Administrative Borrower and its Restricted Subsidiaries;


 


(c)        purchases
and other acquisitions of inventory, materials, equipment and intangible property in the ordinary course of business;


 


(d)        leases
or licenses of real or personal property in the ordinary course of business and in accordance with this Agreement and the applicable
Security Documents;


 


(e)        the
Transactions as contemplated by, and in compliance with, the Transaction Documents;


 


(f)        Permitted
Acquisitions;


 


(g)        mergers
and consolidations in compliance with Section 6.05;


 


(h)        Dividends
in compliance with Section 6.08; and


 


(i)         Sale
and Leaseback Transactions in compliance with Section 6.03;


 


provided, that
the Lien on and security interest in such property granted or to be granted in favor of the Collateral Agent under the Security
Documents shall be maintained or created in accordance with the provisions of Section 5.10 or Section 5.11, as applicable.


 


Section 6.08         Dividends.
Authorize, declare or pay, directly or indirectly, any Dividends with respect to any Restricted Party (including pursuant to any
Synthetic Purchase Agreement) or incur any obligation (contingent or otherwise) to do so, except that the following shall be permitted:


 




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(a)        (i)
any Restricted Subsidiary of the Administrative Borrower may pay Dividends to any Borrower or Subsidiary Guarantor, (ii) any Restricted
Subsidiary of the Administrative Borrower that is not a Loan Party also may pay Dividends to any other Wholly Owned Restricted
Subsidiary of the Administrative Borrower and (iii) any non-Wholly Owned Restricted Subsidiary of the Administrative Borrower may
pay cash Dividends to its shareholders, members or partners generally, so long as the Administrative Borrower or its respective
Restricted Subsidiary of the Administrative Borrower which owns the Equity Interest in the Restricted Subsidiary paying such Dividends
receives at least its proportionate share thereof (based upon its relative holding of the Equity Interest in the Restricted Subsidiary
paying such Dividends and taking into account the relative preferences, if any, of the various classes of Equity Interests of such
Restricted Subsidiary);


 


(b)       so
long as no Event of Default then exists or would result therefrom, cash Dividends by the Administrative Borrower to Holdings at
the times and in the amounts needed to permit Holdings to repurchase or redeem shares of its capital stock from directors or employees
or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of any Company,
upon their death, disability, retirement, severance or termination of employment or service; provided that the aggregate
amount of all such payments shall not exceed, in any period of 12 consecutive months, $2,500,000 and, in the aggregate, $5,000,000;


 


(c)        to
the extent constituting a Dividend, payments to Holdings permitted pursuant to Section 6.09(e);


 


(d)       so
long as (i) the OIN Spinoff has not been consummated, (ii) Holdings has insufficient funds to pay the respective interest payment
and third party expense and (iii) no Default then exists or would result therefrom, the Administrative Borrower may pay cash Dividends
to Holdings at the times that any interest payment or third party expense is due on the Existing OSG Notes in an aggregate amount
not to exceed 50% of the aggregate amount of such interest payment or third party expense (after taking into account any payments
made by Holdings in respect thereof);


 


(e)        (x)
so long as no Event of Default then exists or would result therefrom, the Administrative Borrower may make Permitted Tax Distributions
to Holdings; and


 


(f)         any
cash Dividends in an aggregate amount not to exceed the Available Amount as in effect immediately prior to the respective Dividend
so long as (x) no Default has occurred and is continuing immediately prior to and after giving effect to such Dividend and (y)
other than with respect to Dividends made in reliance on clause (a) of the definition of “Available Amount” contained
herein or Dividends made to Holdings at the times that any interest payments are due on the Existing OSG Notes in an aggregate
amount not to exceed the amount of such interest payment so long as the OIN Spinoff has not been consummated and Holdings has insufficient
funds to pay the respective interest (after taking into account any payments made to Holdings in respect thereof and any Dividends
made to Holdings pursuant to clause (d) above), the Administrative Borrower shall be in compliance, on a Pro Forma Basis, with
a Total Leverage Ratio of no greater than 6.00:1.00 for the Test Period most recently ended for which financial statements have
been delivered to the Administrative Agent pursuant to Section 5.01(a)(iii) or (b)(iii), as applicable.


 


Section 6.09        Transactions
with Affiliates. Enter into, directly or indirectly, any transaction or series of related transactions,
whether or not in the ordinary course of business, with any Affiliate of any Restricted Party (other than between or among the
Borrowers and the Subsidiary Guarantors to the extent otherwise permitted under this Agreement), other than on terms and conditions
at least as favorable to such Restricted Party as would reasonably be obtained by such Restricted Party at that time in a comparable
arm’s-length transaction with a person other than an Affiliate, except that the following shall be permitted:


 




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(a)        Dividends
permitted by Section 6.08;


 


(b)        Investments
permitted by Section 6.04;


 


(c)        reasonable
and customary director, officer and employee compensation (including bonuses) and other benefits (including retirement, health,
stock option and other benefit plans) and indemnification arrangements;


 


(d)        the
Transactions as contemplated by, and in accordance with, the Transaction Documents;


 


(e)        Affiliate
transactions to the extent set forth on Schedule 6.09(e); and


 


(f)        so
long as no Event of Default then exists or would result therefrom, (i) payments to Holdings in respect of any expenses for services
provided by Holdings to the Administrative Borrower and its Restricted Subsidiaries in the ordinary course of business (with such
expenses to be determined in good faith by the Board of Directors of Holdings); provided that (x) to the extent such services
are generally provided to Holdings’ Subsidiaries, any such expenses shall not exceed an amount reasonably allocable to the
Administrative Borrower and its Restricted Subsidiaries and (y) such payments (or any services agreement pursuant to which such
payments are made) have been approved by a majority of the members of the Board of Directors of the Administrative Borrower, (ii)
payments to Holdings in respect of other intercompany trade claims incurred in the ordinary course of the Administrative Borrower’s
and its Restricted Subsidiaries’ business, (iii) payments to Holdings in respect of any intercompany Indebtedness owing to
Holdings to the extent permitted by Section 6.01, (iv) any intercompany Indebtedness existing as of the Closing Date between
or among Holdings, the Administrative Borrower, OBS and their respective Subsidiaries may be settled on the Closing Date on a non-cash
basis or, if on a cash basis, on terms set forth on Schedule 6.09(f), and (v) the reimbursement by the Administrative
Borrower and its Restricted Subsidiaries to OBS and its Subsidiaries of up to $500,000 of expenses in the aggregate in any fiscal
year of the Administrative Borrower to the extent that such expenses were incurred in the ordinary course of business.


 


Section 6.10         Financial
Covenant.  Permit the aggregate Fair Market Value of the Collateral Vessels to be
less than or equal to $500,000,000 as of the last day of any fiscal quarter of the Administrative Borrower.  For purposes
of this Section 6.10, the Fair Market Value of a Collateral Vessel at any time shall be as set forth in the Vessel Appraisal
most recently delivered to the Administrative Agent pursuant to this Agreement from one (or, if requested by the Administrative
Agent, two) Approved Brokers and determined on the basis of a charter-free arm’s length transaction between a willing and
able buyer and a seller not under duress.


 


Section 6.11         Prepayments
of Other Indebtedness; Modifications of Organizational Documents and Certain Other Documents, etc. Directly
or indirectly:


 


(a)       
make or offer to make (or give any notice in respect thereof) any voluntary or optional payment or prepayment on or redemption,
retirement, defeasance, or acquisition for value of, or any prepayment, repurchase or redemption, retirement, defeasance as a result
of any asset sale, change in control or similar event of, any Subordinated Indebtedness, any Additional Permitted Unsecured Debt
or any Refinancing Notes; provided, that Restricted Debt Payments shall be permitted in an aggregate amount not to exceed
the Available Amount as in effect immediately prior to the respective Restricted Debt Payment so long as (x) no Default has occurred
and is continuing immediately prior to and after giving effect to such Restricted Debt Payment and (y) other than with respect
to the use of the Available Amount in reliance on clause (a) of the definition thereof, the Administrative Borrower shall be in
compliance, on a Pro Forma Basis, with a Total Leverage Ratio of no greater than 6.00:1.00 for the Test Period most recently ended
for which financial statements have been delivered to the Administrative Agent pursuant to Section 5.01(a)(iii) or (b)(iii),
as applicable;


 




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(b)        amend
or modify, or permit the amendment or modification of, any provision of any Additional Permitted Unsecured Debt Documents, any
Refinancing Notes Indenture or any documents related to Subordinated Indebtedness in any manner that is, or would reasonably be
expected to be, adverse in any material respect to the interests of any Agent or any Lender (it
being understood and agreed that, in any event, any amendment or modification to any Additional Permitted Unsecured Debt Document
or any Refinancing Notes Indenture which, in its amended or modified form, shall no longer satisfy the requirements of the definition
of “Additional Permitted Unsecured Debt” or any “Refinancing Notes Indenture,” as the case may be, contained
herein shall not be permitted); or


 


(c)        (x)
terminate, amend, modify (including electing to treat any Pledged Interests (as defined in the Security Agreement and the Holdings
Pledge Agreement) as a “security” under Section 8-103 of the UCC) or change any of its Organizational Documents (including
by the filing or modification of any certificate of designation) or any agreement to which it is a party with respect to its Equity
Interests (including any stockholders’ agreement), or enter into any new agreement with respect to its Equity Interests,
other than any such amendments, modifications or changes or such new agreements which are not, and would not reasonably be expected
to be, adverse in any material respect to the interests of any Agent or any Lender, or (y) amend or modify any tax sharing or similar
agreement without the consent of the Administrative Agent (such consent not to unreasonably withheld or delayed).


 


Section 6.12         Limitation
on Certain Restrictions on Subsidiaries. Directly or indirectly, create or otherwise cause or
suffer to exist or become effective any encumbrance, restriction or condition on the ability of any Restricted Subsidiary of the
Administrative Borrower to (i) pay Dividends or make any other distributions on its Equity Interests or any other interest or
participation in its profits owned by any Restricted Party, or pay any Indebtedness owed to any Restricted Party, (ii) make loans
or advances to any Restricted Party or (iii) transfer any of its properties to any Restricted Party, except for such encumbrances,
restrictions or conditions existing under or by reason of:


 


(a)        applicable
mandatory Legal Requirements;


 


(b)        this
Agreement and the other Loan Documents;


 


(c)        [Reserved];


 


(d)        Additional
Permitted Unsecured Debt Documents and any Refinancing Notes Indenture;


 


(e)        customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of a Restricted Party;


 


(f)         customary
provisions restricting assignment of any agreement entered into by a Restricted Party in the ordinary course of business;


 


(g)        customary
restrictions and conditions contained in any agreement relating to the sale or other disposition of any property pending the consummation
of such sale; provided, that (i) such restrictions and conditions apply only to the property to be sold, and (ii) such sale
or other disposition is permitted hereunder;


 




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(h)        any
encumbrances or restrictions imposed by any amendments that are otherwise permitted by the Loan Documents of the contracts, instruments
or obligations referred to in clause (d) above; provided, that such amendments are not materially restrictive with respect
to such encumbrances and restrictions than those prior to such amendment; or


 


(i)         any
agreement in effect at the time a person becomes a Restricted Subsidiary of the Administrative Borrower, so long as such agreement
was not entered into in connection with or in contemplation of such person becoming a Restricted Subsidiary of the Administrative
Borrower and such restriction does not apply to any Restricted Party other than such Restricted Subsidiary.


 


Section 6.13         Limitation
on Issuance of Capital Stock.


 


(a)        With
respect to the Administrative Borrower, issue any Equity Interest that is Disqualified Capital Stock.


 


(b)        With
respect to any Restricted Subsidiary of the Administrative Borrower, issue any Equity Interest (including by way of sales of treasury
stock) or any options or warrants to purchase, or securities convertible into, any Equity Interest, except (i) for stock splits,
stock dividends and additional issuances of Equity Interests which do not decrease the percentage ownership of the Administrative
Borrower or any of its Restricted Subsidiaries in any class of the Equity Interests of such Restricted Subsidiary and (ii) Restricted
Subsidiaries of the Administrative Borrower formed or acquired after the Closing Date in accordance with this Agreement may issue
Equity Interests to the Administrative Borrower, a Wholly Owned Restricted Subsidiary of the Administrative Borrower which is to
own such Equity Interests and, in the case of a Restricted Subsidiary of the Administrative Borrower that is not a Loan Party,
to other persons which are to own such Equity Interests to the extent otherwise permitted hereunder. All Equity Interests issued
to a Loan Party in accordance with this Section 6.13(b) shall, to the extent required by Sections 5.10 and 5.11
or any Security Document, be delivered to the Collateral Agent for pledge pursuant to the applicable Security Document.


 


Section 6.14         Business.
(a) With respect to Holdings, engage in any business activities or have any properties, other than (i) its ownership of the Equity
Interests of the Administrative Borrower, OBS and such other persons (other than Restricted Subsidiaries of the Administrative
Borrower) that Holdings acquires after the Closing Date, (ii) the holding of any cash and Cash Equivalents (but not operating
any property), (iii) incurring Indebtedness and other liabilities otherwise permitted to be incurred by it, (iv) maintaining its
existence and (v) special purpose holding company activities reasonably incidental to the foregoing clauses (i) through (iv),
inclusive.


 


(b)          With
respect to the Administrative Borrower and its Restricted Subsidiaries, engage (directly or indirectly) in any businesses other
than those businesses in which the Administrative Borrower and its Restricted Subsidiaries are engaged on the Closing Date (or
which are substantially related thereto or are reasonable extensions thereof).


 


(c)        With
respect to the Co-Borrower, (a) engage in any business or own any assets or have any material liabilities other than (i) those
liabilities which it is responsible for under this Agreement and the other Loan Documents to which it is a party, as well as any
liabilities under any Refinancing Notes Indenture or Additional Permitted Unsecured Debt Documents to which it is a party; provided
that the Co-Borrower may engage in those activities that are incidental to (x) the maintenance of its existence in compliance with
applicable law and (y) legal, tax and accounting matters in connection with any of the foregoing activities and (b) take any action
that would result in the Co-Borrower not being treated as a disregarded entity for U.S. federal income tax purposes.


 




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Section 6.15         [Reserved].


 


Section 6.16         Fiscal
Periods. Change its fiscal year-end to a date other than December 31, or its fiscal quarters
to a date other than March 31, June 30, September 30 and December 31.


 


Section 6.17         No
Further Negative Pledge. Enter into any agreement, instrument, deed or lease which prohibits
or limits the ability of any Restricted Party to create, incur, assume or suffer to exist any Lien upon any of its properties
or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for an obligation if security
is granted for another obligation, except the following: (a) this Agreement and the other Loan Documents; (b) covenants in documents
creating Liens permitted by Section 6.02 prohibiting further Liens (other than Liens permitted under Section 6.02(n))
on the properties encumbered thereby; (c) [Reserved]; and (d) any prohibition or limitation that (i) exists pursuant to applicable
Legal Requirements, (ii) consists of customary restrictions and conditions contained in any agreement relating to the sale of
any property pending the consummation of such sale; provided, that (x) such restrictions apply only to such property to
be sold or disposed of, and (y) such sale is permitted hereunder, (iii) consists of customary restrictions on the assignment of
leases, licenses and other contracts entered into in the ordinary course of business, (iv) consists of Charter Contract Lien Restrictions
with respect to any Vessel, (v) consists of customary prohibitions or limitations in joint venture agreements, pooling agreements
and other similar agreements restricting the pledge or assignment thereof or (vi) consists of other contractual restrictions on
pledges or assignments in agreements entered into in the ordinary course of business solely to the extent such restrictions would
be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other
applicable Legal Requirement (including the Bankruptcy Code) or principles of equity.


 


Section
6.18        Anti-Terrorism Law; Anti-Money Laundering.
(a) Directly or indirectly (i) conduct any business or engage in making or receiving any contribution of funds, goods or
services to or for the benefit of any person described in Section 3.22 that would result in a violation of Sanctions
Laws, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked
pursuant to the Executive Order or any other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth
in any Anti-Terrorism Law (and the Loan Parties shall deliver to the Lenders any certification or other evidence requested
from time to time by any Lender in its reasonable discretion, confirming the Companies’ compliance with this Section
6.18).


 


(b)        Cause
or permit any of the funds of such Loan Party that are used to repay the Credit Extensions to be derived from any unlawful activity
with the result that the making of the Credit Extensions would be in violation of Legal Requirements.


 


Section 6.19        Embargoed
Person. Cause or permit (a) any of the funds or properties of any Company that are used to repay
the Loans or other Credit Extensions to constitute property of, or be beneficially owned directly or indirectly by, any person
(individual or entity) with whom dealings are restricted or prohibited under United States law (“Embargoed Person”
or “Embargoed Persons”) that is identified on the “List of Specially Designated Nationals and Blocked
Persons” maintained by OFAC and/or any other similar list maintained by any Sanctions Authority, or 50% or greater owned
by any such designated individual or entity that would result in a violation of Sanctions Laws, or (b) any Embargoed Person to
have any direct or indirect interest, of any nature whatsoever in any Company, with the result that the investment in any Company
(whether directly or indirectly) is prohibited by applicable Legal Requirements or the Credit Extensions are in violation of applicable
Legal Requirements.


 




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Section 6.20         Restrictions
on Chartering, etc.  (i) Let a Vessel or Chartered Vessel on demise charter for any
period or (ii) enter into any charter in respect of the Vessel or Chartered Vessel other than a Permitted Charter.


 


Section 6.21        Additional
Holdings Covenants;. Holdings will not (i) directly or indirectly, effect an OIN Spinoff
unless all of the OIN Spinoff Conditions have been satisfied at such time, (ii) directly or indirectly, take any action that would
result in a Change in Control, (iii) create, incur, assume or suffer to exist any Lien on the Equity Interests of the Administrative
Borrower other than Permitted Liens of the type described in clauses (a), (j) and (n) of Section 6.02, or (iv) directly
or indirectly, wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation.


 


Section
6.22        Amended Reorganization Plan and Confirmation Order.
Seek, support or fail to actively and in good faith contest the entry of any Order superseding, amending, supplementing,
vacating, staying, reversing, revoking or otherwise modifying the Confirmation Order or the Amended Reorganization Plan, to
the extent that the effect of such Order would cause an Event of Default. 


 


ARTICLE
VII


 


GUARANTEE


 


Section 7.01         The
Guarantee. The Guarantors hereby, jointly and severally, guarantee, as primary
obligors and not as sureties, to each Secured Party and their respective successors and assigns, the prompt payment and performance
in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the
principal of, premium (if any) and interest (including any interest, fees, costs or charges that would accrue but for the provisions
of the Bankruptcy Code after any bankruptcy or insolvency petition under Title 11 of the Bankruptcy Code) on the Loans made by
the Lenders to, and the Notes, if any, held by each Lender of, the Borrowers, and all other Secured Obligations from time to time
owing to the Secured Parties by any Loan Party in each case strictly in accordance with the terms thereof (such obligations being
herein collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly and severally agree
that if the Borrowers or other Guarantors shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise)
any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever,
and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly
paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension
or renewal.


 


Section 7.02         Obligations
Unconditional. The obligations of the Guarantors under Section 7.01 shall constitute
a guaranty of payment and performance and not of collection and, to the fullest extent permitted by applicable Legal Requirements,
are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or
enforceability of the Guaranteed Obligations under this Agreement, the Notes, if any, or any other agreement or instrument referred
to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed
Obligations, and irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge
or defense of a surety or Guarantor (except for payment in full in cash of the Guaranteed Obligations). Without limiting the generality
of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability
of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described
above:


 


(a)        at
any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the
Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;


 




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(b)        any
of the acts mentioned in any of the provisions of this Agreement, the other Loan Documents or the Notes, if any, or any other agreement
or instrument referred to herein or therein shall be done or omitted;


 


(c)        the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any
respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended
or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released
or exchanged in whole or in part or otherwise dealt with;


 


(d)       any
Lien or security interest granted to, or in favor of, any Secured Party as security for any of the Guaranteed Obligations shall
fail to be valid, perfected or to have the priority required under the Loan Documents; or


 


(e)        the
release of any other Guarantor pursuant to Section 7.09.


 


The Guarantors hereby
expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that any Secured
Party exhaust any right, power or remedy or proceed against the Borrowers or any Guarantor under this Agreement or the Notes, if
any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee
of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension,
waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon
this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between the Borrowers and the Secured
Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee
shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment and performance without regard
to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by the Secured Parties,
and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the
Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which
may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee
therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance
with and to the extent of its terms upon the Guarantors and their respective successors and assigns, and shall inure to the benefit
of the Secured Parties, and their respective successors and assigns, notwithstanding that from time to time during the term of
this Agreement there may be no Guaranteed Obligations outstanding.


 


Section 7.03         Reinstatement.
The obligations of the Guarantors under this Article VII shall be automatically reinstated if and to the extent that for
any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded
or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy
or reorganization or otherwise.


 


Section 7.04         Subrogation;
Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction
in full in cash of all Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders under this
Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance
by it of its guarantee in Section 7.01, whether by subrogation or otherwise, against any of the Borrowers or any other
Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness or other
Obligation of any Loan Party to a Guarantor shall be subordinated to such Loan Party’s Secured Obligations in the manner
set forth in the Intercompany Subordination Agreement.


 




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Section 7.05         Remedies.
The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under
this Agreement and other Loan Documents may be declared to be forthwith due and payable as provided in Article VIII (and
shall be deemed to have become automatically due and payable in the circumstances provided in Article VIII) for purposes
of Section 7.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations
from becoming automatically due and payable) as against any Borrower and that, in the event of such declaration (or such obligations
being deemed to have become automatically due and payable), such obligations (whether or not due and payable by any Borrower)
shall forthwith become due and payable by the Guarantors for purposes of Section 7.01.


 


Section 7.06        Instrument
for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article
VII constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option,
in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action
under New York CPLR Section 3213.


 


Section 7.07         Continuing
Guarantee. The guarantee in this Article VII is a continuing guarantee of payment and
performance, and shall apply to all Guaranteed Obligations whenever arising.


 


Section 7.08        General
Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate
limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization
or other Legal Requirement affecting the rights of creditors generally, if the obligations of any Guarantor under Section 7.01
would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any
other creditors, on account of the amount of its liability under Section 7.01, then, notwithstanding any other provision
to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Loan Party or any other
person, be automatically limited and reduced to the highest amount (after giving effect to the rights of subrogation and contribution
established in Sections 7.04 and 7.10, respectively) that is valid and enforceable, not void or voidable and not
subordinated to the claims of other creditors as determined in such action or proceeding.


 


Section 7.09        Release
of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, (i) all
of the Equity Interests of any Subsidiary Guarantor are sold or otherwise transferred or (ii) any Subsidiary Guarantor is designated
as an Unrestricted Subsidiary (in any such case, a “Transferred Guarantor”) to a person or persons (other than
any Loan Party), such Transferred Guarantor shall, upon the consummation of such sale or transfer or designation, be released
from its obligations under this Agreement (including under Section 11.03) and its obligations to pledge and grant any Collateral
owned by it pursuant to any Security Document and, in the case of the sale of all of the Equity Interests of the Transferred Guarantor,
the pledge of such Equity Interests to the Collateral Agent pursuant to the Security Documents shall be released, and so long
as the Administrative Borrower shall have previously provided the Collateral Agent and the Administrative Agent such certifications
or documents as the Collateral Agent and/or the Administrative Agent shall reasonably request, the Collateral Agent shall take,
and the Lenders hereby irrevocably authorize the Collateral Agent to take, such actions as are necessary to effect each release
described in this Section 7.09 in accordance with the relevant provisions of the Security Documents.


 




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Section 7.10         Right
of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have
paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 7.04. The provisions of this Section 7.10
shall in no respect limit the obligations and liabilities of any Guarantor to any Secured Party, and each Guarantor shall remain
liable to the Secured Parties for the full amount guaranteed by such Guarantor hereunder.


 


Section 7.11         Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under Section
7.01 in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be
liable under this Section 7.11 for the maximum amount of such liability that can be hereby incurred without rendering its
obligations under this Section 7.11, or otherwise under Section 7.01, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this
Section 7.11 shall remain in full force and effect until a discharge of Guaranteed Obligations. Each Qualified ECP Guarantor
intends that this Section 7.11 constitute, and this Section 7.11 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act.


 


ARTICLE
VIII



EVENTS OF DEFAULT


 


Section 8.01         Events
of Default. Upon the occurrence and during the continuance of any of the following events (each,
an “Event of Default”):


 


(a)          default
shall be made in the payment of any principal of any Loan or any Reimbursement Obligation when and as the same shall become due
and payable, whether at the due date thereof or at a date fixed for prepayment (whether optional or mandatory) thereof or by acceleration
thereof or otherwise;


 


(b)          default
shall be made in the payment of any interest on any Credit Extension or any Fee or any other amount (other than an amount referred
to in clause (a) above) due under any Loan Document, when and as the same shall become due and payable, whether at the due date
thereof (including an Interest Payment Date) or at a date fixed for prepayment (whether optional or mandatory) or by acceleration
or demand thereof or otherwise, and such default shall continue unremedied for a period of five Business Days;


 


(c)          any
representation or warranty made or deemed made by any Loan Party in any Loan Document, or in any certificate, financial statement
or other instrument furnished in connection with or required to be given or delivered by any Loan Party pursuant to any Loan Document,
shall prove to have been false or misleading in any material respect when so made, deemed made or so furnished;


 


(d)          default
shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in Section
5.02(a), Section 5.03(a) (as it relates to a Loan Party), Section 5.04, Section 5.08, Section 5.10,
Section 5.13, Section 5.14, Section 5.16, Section 5.17, Section 5.19 or in Article VI;
provided, that a default under either Section 6.06(b)(ii) or Section 6.10 (each, a “Revolver Covenant
Event of Default”) shall not constitute an Event of Default with respect to any Class of Term Loans unless and until
the Majority Revolving Lenders shall have terminated their Revolving Commitments and declared all amounts outstanding under the
Revolving Facilities to be due and payable;


 




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(e)          default
shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in any Loan
Document (other than those specified in clause (a), (b) or (d) above) and such default shall continue unremedied or shall not have
been waived (i) in the case of the Fee Letter, for a period of five Business Days, and (ii) in the case of any other covenant,
condition or agreement for a period of 30 days after the earlier of (x) any Loan Party obtaining knowledge thereof and (y) written
notice thereof from the Administrative Agent or the Required Lenders to the Administrative Borrower;


 


(f)          any
Company shall (i) fail to pay any principal or interest, regardless of amount, due in respect of any Indebtedness (other than the
Obligations), when and as the same shall become due and payable beyond any applicable grace period, or (ii) fail to observe or
perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such
Indebtedness if the effect of any failure referred to in this clause (ii) is to cause, or to permit the holder or holders of such
Indebtedness or a trustee or other representative on its or their behalf (with or without the giving of notice, the lapse of time
or both) to cause, such Indebtedness to become due prior to its stated maturity or become subject to a mandatory offer to purchase
by the obligor; provided, that it shall not constitute an Event of Default pursuant to this clause (f) unless the aggregate
amount of all such Indebtedness referred to in clauses (i) and (ii) equals or exceeds $25,000,000 at any one time;


 


(g)          an
Insolvency Proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of any Company or of a substantial part of the property of any Company, under the Bankruptcy Code, as now
constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar Legal
Requirement, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, liquidator, rehabilitator or similar
official for any Company for a substantial part of the property of any Company; or (iii) the winding-up or liquidation of any Company;
and such proceeding or petition shall continue undismissed for 60 days or an Order approving or ordering any of the foregoing shall
be entered;


 


(h)          any
Company shall (i) voluntarily commence any proceeding or file any petition seeking relief under the Bankruptcy Code, as now constituted
or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar Legal Requirement;
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any Insolvency Proceeding or the filing
of any petition described in clause (g) above; (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator, liquidator, rehabilitator or similar official for any Company or for a substantial part of the property
of any Company; (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding; (v)
make a general assignment for the benefit of creditors; (vi) become unable, admit in writing its inability or fail generally to
pay its debts as they become due; (vii) except to the extent permitted by Section 6.05, wind up or liquidate; or (viii)
take any action for the purpose of effecting any of the foregoing;


 


(i)          one
or more Orders for the payment of money in an aggregate amount of $25,000,000 or more that are not covered by insurance from an
unaffiliated insurance company with an A.M. Best financial strength rating of at least A- (it being understood that even if such
amounts are covered by insurance from such an insurance company, such amounts shall count against such basket if responsibility
for such amounts has been denied by such insurance company or such insurance company has not been promptly notified of such amounts)
shall be rendered against any Company or any combination thereof and the same shall remain undischarged, unvacated or unbonded
for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken
by a judgment creditor to levy upon properties of any Company to enforce any such Order;


 




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(j)          one
or more ERISA Events shall have occurred that, when taken together with all other such ERISA Events that have occurred, would reasonably
be expected to result in a Material Adverse Effect;


 


(k)          any
security interest and Lien purported to be created by any Security Document shall cease to be in full force and effect, or shall
cease to give the Collateral Agent, for the benefit of the Secured Parties, the Liens, rights, powers and privileges purported
to be created and granted under such Security Documents (including a valid, enforceable, perfected First Priority (except as otherwise
expressly provided in this Agreement or such Security Document) Lien on and security interest in, all of the Collateral (other
than an immaterial portion) thereunder) in favor of the Collateral Agent, or shall be asserted by or on behalf of any Company not
to be, a valid, enforceable, perfected, First Priority (except as otherwise expressly provided in this Agreement or such Security
Document) Lien on and security interest in the Collateral (other than an immaterial portion) covered thereby;


 


(l)          (x)
any Loan Document or any material provisions thereof shall at any time and for any reason be declared by a court of competent jurisdiction
to be null and void, (y) a proceeding shall be commenced by or on behalf of any Loan Party or any Affiliate thereof, or by any
Governmental Authority, seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation
of any provision thereof), or (z) any Loan Party (directly or indirectly) shall repudiate, revoke, terminate or rescind (or purport
to do any of the foregoing) or deny any portion of its liability or obligation for the Obligations;


 


(m)         [Reserved];
or


 


(n)          there
shall have occurred a Change in Control;


 


then, and in every such
event (other than an event with respect to any Borrower described in clause (g) or (h) above), and at any time thereafter during
the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders (or, (x) if a Revolver
Covenant Event of Default occurs and is continuing and/or (y) if any other Event of Default has continued for a period of 180 days
and (in the case of this clause (y)) the Required Lenders have not exercised their rights and remedies hereunder or under the Security
Documents (and shall not be diligently pursuing such rights and remedies) at such time, in either case, at the request of the Majority
Revolving Lenders only, and in each such case, without limiting Section 8.01(b), only with respect to the Revolving Facilities,
any Letters of Credit and other Revolving Obligations) shall, by notice to the Administrative Borrower, take any or all of the
following actions, at the same or different times: (i) terminate forthwith the Commitments; (ii) declare the Obligations then outstanding
to be forthwith due and payable in whole or in part, whereupon the principal of the Obligations so declared to be due and payable,
together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Loan Parties accrued hereunder
and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice
of any kind, all of which are hereby expressly waived by the Loan Parties, anything contained herein or in any other Loan Document
or otherwise to the contrary notwithstanding; and (iii) exercise (and/or direct the Collateral Agent to exercise) any and all of
its (or the Collateral Agent’s) other rights and remedies under applicable Legal Requirements, hereunder and under the other
Loan Documents; and in any event with respect to any Borrower described in clause (g) or (h) above, the Commitments shall automatically
terminate and the principal of the Obligations then outstanding, together with accrued interest thereon and any unpaid accrued
Fees and all other liabilities of the Loan Parties accrued hereunder and under any other Loan Document, shall automatically become
due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived
by the Loan Parties, anything contained herein or in any other Loan Document or otherwise to the contrary notwithstanding.


 




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In addition, without
limiting the foregoing, in the event of a foreclosure (or other similar exercise of remedies) by the Collateral Agent on any of
the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent, the Administrative Agent or any
Secured Party may be the purchaser of any or all of such Collateral at any such sale or other disposition and, in addition, the
Collateral Agent or the Administrative Agent, as agent for and representative of all of Secured Parties (but not any Lender or
Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled,
for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold
at any such sale or other disposition, to use and apply any of the Obligations as a credit on account of the purchase price for
any Collateral payable by Collateral Agent at such sale.


 


Section
8.02         Rescission. If at any time
after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest
and Fees and all payments on account of principal of the Loans and Reimbursement Obligations owing by them that shall have become
due otherwise than by acceleration (with interest on principal and Fees and, to the extent permitted by law, on overdue interest,
at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and
payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.02, then upon the written consent
of the Required Lenders (which may be given or withheld in their sole discretion) and written notice to the Administrative Borrower,
the termination of the Commitments or the acceleration of the Loans and their consequences may be rescinded and annulled; but such
action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding
sentence are intended merely to bind the Lenders, the Issuing Bank and the other Secured Parties to a decision that may be made
at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan
Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein
are met. 


 


ARTICLE
IX



APPLICATION OF COLLATERAL PROCEEDS


 


Section 9.01         Application
of Proceeds. Subject to the provisions of Section 11.23, the proceeds received by the
Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral, pursuant
to the exercise by the Collateral Agent of its remedies shall be applied, in full or in part, together with any other sums then
held by or distributed or paid to the Collateral Agent or the Administrative Agent pursuant to this Agreement or any other Loan
Document (including as a result of any exercise of any right or remedy hereunder or thereunder), promptly by the Collateral Agent
as follows:


 


(a)          First,
to the indefeasible payment in full in cash of all reasonable and documented out-of-pocket costs and expenses, and all fees, commissions
and taxes of such sale, collection or other realization (including compensation to the Administrative Agent, the Collateral Agent
and their respective agents and counsel, and all expenses, liabilities and advances made or incurred by the Administrative Agent
and/or the Collateral Agent in connection therewith and all amounts for which the Administrative Agent or Collateral Agent are
entitled to indemnification pursuant to the provisions of any Loan Document), together with interest on each such amount at the
highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full;


 




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(b)          Second,
to the indefeasible payment in full in cash of all other reasonable costs and expenses of such sale, collection or other realization
(including compensation to the other Secured Parties and their agents and counsel and all costs, liabilities and advances made
or incurred by the other Secured Parties in connection therewith), together with interest on each such amount at the highest rate
then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full;


 


(c)          Third,
without duplication of amounts applied pursuant to clauses (a) and (b) above, to the indefeasible payment in full in cash, pro
rata, of principal, interest and other amounts constituting Revolving Obligations (including Reimbursement Obligations and obligations
to Cash Collateralize Letters of Credit), in each case, equally and ratably in accordance with the respective amounts thereof then
due and owing (it being agreed that, for purposes of applying this clause (c), all interest and all other amounts described herein
will be deemed payable in accordance with this Agreement regardless of whether such claims are allowed in any proceeding described
in Section 8.01(g) or (h));


 


(d)          Fourth,
to the extent proceeds remain after the application pursuant to preceding clauses (a) through (c), to the indefeasible payment
in full in cash, pro rata, of interest and other amounts constituting Obligations (other than principal), and any fees,
premiums, interest and scheduled periodic payments due under Bank Product Obligations, in each case equally and ratably in accordance
with the respective amounts thereof then due and owing;


 


(e)          Fifth,
to the extent proceeds remain after the application pursuant to preceding clauses (a) through (d), to the indefeasible payment
in full in cash, pro rata, of the principal amount of the Secured Obligations (including principal on any Bank Product Obligations
then due and owing;


 


(f)          Sixth,
to the indefeasible payment in full in cash, pro rata, to any other Secured Obligations then due and owing with any balance to
be paid to the Administrative Agent, for the ratable benefit of the Bank Product Providers, as cash collateral; and


 


(g)          Seventh,
the balance, if any, to the person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns)
or as a court of competent jurisdiction may direct;


 


provided, that
in each case, for the avoidance of doubt, in no event shall the proceeds of any Collateral pledged by a Guarantor or any payment
made by a Guarantor be applied to payment of any Excluded Swap Obligations of such Guarantor.


 


In the event that any
such proceeds are insufficient to pay in full the items described in clauses (a) through (g) of this Section 9.01, the Loan
Parties shall remain liable, jointly and severally, for any deficiency.


 




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ARTICLE
X



THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT


 


Section 10.01         Appointment.
(a) Each Lender and the Issuing Bank hereby irrevocably designates and appoints (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to irrevocably designate and appoint) each of the Administrative Agent and the Collateral
Agent as an agent of such Lender under this Agreement and the other Loan Documents. Each Lender and the Issuing Bank irrevocably
authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably authorize)
each Agent, in such capacity, through its agents or employees, to take such actions on its behalf under the provisions of this
Agreement and the other Loan Documents and to exercise such powers and perform such duties as are delegated to such Agent by the
terms of this Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto.
The provisions of this Article X are solely for the benefit of the Agents, the Lenders, the Issuing Bank and the Bank Product
Providers, and no Loan Party shall have rights as a third party beneficiary of any such provisions. Without limiting the generality
of the foregoing, the Agents are hereby expressly authorized to execute any and all documents (including releases) with respect
to the Collateral and any rights of the Secured Parties with respect thereto as contemplated by and in accordance with the provisions
of this Agreement and the other Loan Documents. In performing its functions and duties hereunder, each Agent shall act solely as
an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency
or trust with or for any Loan Party or any of their respective Subsidiaries. Without limiting the generality of the foregoing,
the use of the term “agent” in this Agreement with reference to the Administrative Agent or the Collateral Agent is
not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead, such term is used merely as a matter of market custom and is intended to create or reflect only an administrative
relationship between independent contracting parties.


 


(b)          Each
Lender irrevocably appoints each other Lender, and the Collateral Agent irrevocably appoints the Administrative Agent, as its agent
and bailee for the purpose of perfecting Liens (whether pursuant to Section 8-301(a)(2) of the UCC or otherwise), for the benefit
of the Secured Parties, in assets in which, in accordance with the UCC or any other applicable Legal Requirement, a security interest
can be perfected by possession or control. Should any Lender (other than the Collateral Agent) obtain possession or control of
any such Collateral, such Lender shall notify the Collateral Agent thereof, and, promptly following the Collateral Agent’s
request therefor, shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with
the Collateral Agent’s instructions. The Lenders hereby acknowledge and agree (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to acknowledge and authorize) that the Collateral Agent may act as the collateral agent
for the Secured Parties.


 


Section 10.02         Agent
in Its Individual Capacity. Each person serving as an Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the person serving as an Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits
from, lend money to, act as financial advisor or in any other advisory capacity for, and generally engage in any kind of business
with, any Company or any Affiliate thereof as if it were not an Agent hereunder and without duty to account therefor to the Lenders
or the Issuing Bank.


 




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Section 10.03         Exculpatory
Provisions. No Agent shall have any duties or obligations except those expressly set forth in
the Loan Documents. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents
that such Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 8.01 or 11.02); provided, that no Agent
shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability, if
the Agent is not indemnified to its satisfaction, or that is contrary to any Loan Document or applicable Legal Requirements including,
for the avoidance of doubt, any action that may be in violation of the automatic stay under any Insolvency Law or that may effect
a foreclosure, modification or termination of property of a Defaulting Lender under any Insolvency Law, and (c) except as expressly
set forth in the Loan Documents, no Agent shall have any duty to disclose or shall be liable for the failure to disclose, any information
relating to any Company or any of its Affiliates that is communicated to or obtained by the person serving as such Agent or any
of its Affiliates in any capacity. No Agent shall be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as any Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Section 8.01 or 11.02) or in the
absence of its own gross negligence or willful misconduct as determined by a final and nonappealable judgment of a court of competent
jurisdiction. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof describing such
Default is given to such Agent by any Borrower, a Lender or the Issuing Bank, and no Agent shall be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document
or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other
agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan
Document. Each party to this Agreement acknowledges and agrees that the Administrative Agent and/or the Collateral Agent may from
time to time use one or more outside service providers for the tracking of all UCC financing statements (and/or other collateral
related filings and registrations from time to time) required to be filed or recorded pursuant to the Loan Documents and the notification
to the Administrative Agent and/or the Collateral Agent, of, among other things, the upcoming lapse or expiration thereof, and
that each of such service providers will be deemed to be acting at the request and on behalf of the Borrowers and the other Loan
Parties. No Agent shall be liable for any action taken or not taken by any such service provider. Neither any Agent nor any of
its officers, partners, directors, employees or agents shall be liable to the Lenders for any action taken or omitted by any Agent
under or in connection with any of the Loan Documents.


 


Section 10.04         Reliance
by Agent. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent, or otherwise
authenticated by a proper person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by
it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining compliance with
any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to
the satisfaction of a Lender or the Issuing Bank, each Agent may presume that such condition is satisfactory to such Lender or
the Issuing Bank unless each Agent shall have received written notice to the contrary from such Lender or the Issuing Bank prior
to the making of such Loan or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel
for the Loan Parties), independent accountants and other advisors selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel, accountants or advisors.


 


Section 10.05         Delegation
of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers
under this Agreement or under any other Loan Document by or through, or delegate any and all such rights and powers to, any one
or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Affiliates. The exculpatory, indemnification and other provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Affiliates of each Agent and any such sub-agent, and shall apply, without
limiting the foregoing to their respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Agent. The Agents shall not be responsible for the negligence or misconduct of any sub-agent except
to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that such Agent acted with
gross negligence or willful misconduct in the selection of such sub-agent.


 




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Section 10.06         Successor
Agent. Each Agent may resign as such at any time upon at least 10 days’ prior notice to
the Lenders, the Issuing Bank and the Administrative Borrower and without notice to the Bank Product Providers. Upon any such resignation,
the Required Lenders shall have the right, in consultation with the Administrative Borrower, so long as no Event of Default shall
have then occurred and be continuing, to appoint a successor Agent from among the Lenders. If no successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 10 days after the retiring Agent gives notice of its resignation,
then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Agent, which successor shall be
a commercial banking institution or other finance company organized under the laws of the United States (or any State thereof)
or a United States branch or agency of a commercial banking institution, in each case, having combined capital and surplus of at
least $500,000,000; provided, that if such retiring Agent is unable to find a commercial banking institution or other finance
company that is willing to accept such appointment and which meets the qualifications set forth above, the retiring Agent’s
resignation shall nevertheless thereupon become effective and the retiring (or retired) Agent shall be discharged from its duties
and obligations under the Loan Documents, and the Lenders shall assume and perform all of the duties of the Agent under the Loan
Documents until such time, if any, as the Required Lenders appoint a successor Agent.


 


Upon the acceptance of
its appointment as an Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent, and the retiring (or retired) Agent shall be discharged from its duties and obligations
under the Loan Documents. The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrowers and such successor. After an Agent’s resignation hereunder, the provisions
of this Article X, Section 11.03 and Sections 11.08 to 11.10 shall continue in effect for the benefit
of such retiring Agent, its sub-agents and their respective Affiliates in respect of any actions taken or omitted to be taken by
any of them while it was acting as Agent.


 


Section 10.07         Non-Reliance
on Agent and Other Lenders. Each Lender, Bank Product Provider and the Issuing Bank acknowledges
that it has, independently and without reliance upon any Agent or any other Lender or any of their respective Affiliates and based
on such documents and information as it has deemed appropriate, conducted its own independent investigation of the financial condition
and affairs of the Loan Parties and their Subsidiaries and made its own credit analysis and decision to enter into this Agreement.
Each Lender further represents and warrants that it has reviewed each document made available to it on the Platform in connection
with this Agreement and has acknowledged and accepted the terms and conditions applicable to the recipients thereof (including
any such terms and conditions set forth, or otherwise maintained, on the Platform with respect thereto). Each Lender (and each
Bank Product Provider) and the Issuing Bank also acknowledges that it will, independently and without reliance upon any Agent or
any other Lender or any of their respective Affiliates and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or related agreement or any document furnished hereunder or thereunder.


 


Section 10.08         Name
Agents. The parties hereto acknowledge that the Arrangers, the Documentation Agents and the Syndication
Agent hold their titles in name only, and that such titles confer no additional rights or obligations relative to those conferred
on any Lender or the Issuing Bank hereunder.


 




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Section 10.09         Indemnification.
The Lenders severally agree to indemnify each Agent in its capacity as such and each of its Related Persons (to the extent not
reimbursed by the Borrowers or the Guarantors and without limiting the obligation of the Borrowers or the Guarantors to do so),
ratably according to their respective outstanding Loans and Commitments in effect on the date on which indemnification is sought
under this Section 10.09 (or, if indemnification is sought after the date upon which all Commitments shall have been terminated
and the Loans shall have been paid in full, ratably in accordance with such outstanding Loans and Commitments as in effect immediately
prior to such date), from and against any and all liabilities, obligations, losses, damages, fines, penalties, actions, claims,
suits, judgments, litigations, investigations, inquiries or proceedings, costs, expenses or disbursements of any kind whatsoever
that may at any time (whether before or after the payment of the Loans and Reimbursement Obligations) be imposed on, incurred by
or asserted against such Agent or Related Person in any way relating to or arising out of, the Commitments, the Loans, this Agreement,
any of the other Loan Documents or any documents contemplated by or referred to herein or therein, the Transactions or any of the
other transactions contemplated hereby or thereby or any action taken or omitted by such Agent or Related Person under or in connection
with any of the foregoing (IN ALL CASES, WHETHER OR NOT CAUSED OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY
OR SOLE NEGLIGENCE OF ANY AGENT OR RELATED PERSON); provided, that no Lender shall be liable for the payment of any portion
of such liabilities, obligations, losses, damages, fines, penalties, actions, claims, suits, judgments, litigations, investigations,
inquiries or proceedings, costs, expenses or disbursements that are found by a final and nonappealable judgment of a court of competent
jurisdiction to have directly resulted solely and directly from such Agent’s or Related Person’s, as the case may be,
gross negligence or willful misconduct. The agreements in this Section 10.09 shall survive the payment of the Loans and
all other amounts payable hereunder and the termination of the Commitments.


 


Section 10.10         Withholding
Taxes. To the extent required by any applicable Legal Requirements, the Administrative Agent
may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If any payment has been made
to any Lender by the Administrative Agent without the applicable withholding Tax being withheld from such payment and the Administrative
Agent has paid over the applicable withholding Tax to the Internal Revenue Service or any other Governmental Authority, or the
Internal Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold
Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed
or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from,
or reduction of, withholding Tax ineffective or for any other reason, or if the Administrative Agent reasonably determines that
a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding tax from such payment, such
Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent
as Tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal
costs and out-of-pocket expenses) incurred.


 


Section 10.11         Lender’s
Representations, Warranties and Acknowledgements. (a)  Each Lender represents and warrants
that it has made its own independent investigation of the financial condition and affairs of the Companies in connection with Credit
Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of the Companies.
No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any
such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether
coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility
with respect to the accuracy of or the completeness of any information provided to the Lenders. Each Lender and the Issuing Bank
acknowledges that no Agent or Related Person of any Agent has made any representation or warranty to it. Except for documents expressly
required by any Loan Document to be transmitted by an Agent to the Lenders or the Issuing Bank, no Agent shall have any duty or
responsibility (either express or implied) to provide any Lender or the Issuing Bank with any credit or other information concerning
any Loan Party or any Affiliate of a Loan Party, including the business, prospects, operations, property, financial and other condition
or creditworthiness of any Loan Party or any Affiliate of a Loan Party, that may come in to the possession of an Agent or any of
its Related Persons.


 




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(b)          Each
Lender, by delivering its signature page to this Agreement or an Assignment and Acceptance Agreement, shall be deemed to have acknowledged
receipt of, and consented to and approved, each Loan Document and each other document required to be approved by any Agent, the
Required Lenders or the Lenders, as applicable, on the Closing Date.


 


Section 10.12         Security
Documents and Guarantees.


 


(a)          Each
Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the
benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Guarantees, the
Collateral and the Loan Documents; provided that neither the Administrative Agent nor the Collateral Agent shall owe any
fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder of Bank Product
Obligations with respect to any Bank Product Agreement. Subject to Section 11.02, without further written consent or authorization
from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments
necessary to (i) in connection with a sale or disposition of assets permitted by this Agreement, release any Lien encumbering any
item of Collateral that is the subject of such sale or other disposition of assets or to which the Required Lenders (or such other
Lenders as may be required to give such consent under Section 8.01 or 11.02) have otherwise consented or (ii) release
any Guarantor from the Guarantees pursuant to Section 7.09 or with respect to which the Required Lenders (or such other
Lenders as may be required to give such consent under Section 8.01 or 11.02) have otherwise consented.


 


(b)          Anything
contained in any of the Loan Documents to the contrary notwithstanding, each Loan Party, the Administrative Agent, the Collateral
Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the
Collateral or to enforce the Guarantees, it being understood and agreed that all powers, rights and remedies hereunder and under
any of the Loan Documents may be exercised solely by the Administrative Agent or the Collateral Agent, as applicable, for the benefit
of the Secured Parties in accordance with the terms hereof and thereof and all powers, rights and remedies under the Security Documents
may be exercised solely by the Collateral Agent for the benefit of the Secured Parties in accordance with the terms thereof, and
(ii) in the event of a foreclosure or similar enforcement action by the Collateral Agent on any of the Collateral pursuant to a
public or private sale or other disposition (including pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the
Bankruptcy Code), the Collateral Agent (or any Lender, except with respect to a “credit bid” pursuant to Section 363(k),
Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code) may be the purchaser or licensor of any or all of such Collateral
at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not
any Lender or Lenders in its or their respective individual capacities) shall be entitled, upon instructions from the Required
Lenders (or the Majority Revolving Lenders, as the case may be), for the purpose of bidding and making settlement or payment of
the purchase price for all or any portion of the Collateral sold at any such sale or disposition, to use and apply any of the Obligations
as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition.


 




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(c)          (i)          Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the Administrative Agent and the Collateral Agent, as
applicable, shall (without notice to, or vote or consent of, any Lender, or any Affiliate of any Lender that is a party to any
Bank Product Agreement) take such actions as shall be required to release its security interest in any Collateral subject to any
disposition permitted by the Loan Documents, and to release any guarantee obligations under any Loan Document of any person subject
to such disposition, to the extent necessary to permit consummation of such disposition in accordance with the Loan Documents.


 


(ii)         Notwithstanding
anything to the contrary contained herein or any other Loan Document, when all Secured Obligations (other than Secured Obligations
in respect of any Bank Product Agreement and contingent indemnification obligations for which no claim or demand has been made)
have been paid in full, all Commitments have terminated or expired and all Letters of Credit have terminated or expired (or have
been Cash Collateralized), upon request of the Administrative Borrower, the Administrative Agent and the Collateral Agent shall
(without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Bank Product Agreement)
take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations
provided for in any Loan Document, whether or not on the date of such release there may be outstanding Secured Obligations in respect
of Bank Product Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee
obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby
shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of any Loan Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, the Administrative Borrower or any other Loan Party or any substantial part of its property, or otherwise, all as
though such payment had not been made.


 


(d)          The
Agents shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Agents be responsible or liable to the Lenders
for any failure to monitor or maintain any portion of the Collateral.


 


Section 10.13         Administrative
Agent May File Bankruptcy Disclosure and Proofs of Claim. In case of the pendency of any Insolvency
Proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on any Loan Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:


 


(a)          to
file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that, in its sole opinion, complies
with such rule’s disclosure requirements for entities representing more than one creditor;


 


(b)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its respective agents and counsel and all other amounts due the Administrative Agent under Sections
2.03 and 10.03) allowed in such judicial proceeding; and


 




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(c)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;


 


and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under this Agreement. To the extent that the payment of any such compensation, expenses, disbursements and advances of the
Administrative Agent, its agents and counsel, and any other amounts due the Administrative Agent under this Agreement out of the
estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other properties that the Lenders may be entitled to receive
in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.


 


Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.


 


Section 10.14         Ship
Mortgage Trust. The Mortgage Trustee agrees and declares, and each of the other Secured Parties
acknowledges, that, subject to the terms and conditions of this Section 10.14, the Mortgage Trustee holds the Trust Property
in trust for the Secured Parties absolutely. Each of the other Secured Parties agrees that the obligations, rights and benefits
vested in the Mortgage Trustee shall be performed and exercised in accordance with this Section 10.14. For the avoidance
of doubt, the Mortgage Trustee shall have the benefit of all of the provisions of this Agreement (including exculpatory and indemnification
provisions) benefiting it in its capacity as Collateral Agent for the Secured Parties. In addition, the Mortgage Trustee and any
attorney, agent or delegate of the Mortgage Trustee may indemnify itself or himself out of the Trust Property against all liabilities,
costs, fees, damages, charges, losses and expenses sustained or incurred by it or him in relation to the taking or holding of any
of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested
in the Mortgage Trustee or any other such person by or pursuant to the Collateral Vessel Mortgages or in respect of anything else
done or omitted to be done in any way relating to the Collateral Vessel Mortgages.


 


ARTICLE
XI



MISCELLANEOUS


 


Section 11.01         Notices.


 


(a)          Notices
and other communications provided for herein shall, except as provided in Section 11.01(b), be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile transmission, as follows:


 




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(i)          if
to any Loan Party, to the Administrative Borrower at:


 


OSG International, Inc.


c/o Overseas Shipholding Group, Inc.


1301 Avenue of the Americas


New York, New York 10019


Attention: President


Telephone: 212-953-4100


Fax: 212-578-1881


Email: rjohnston@osg.com and iblackley@osg.com


 


(ii)         if
to the Administrative Agent, to it at:


 


Jefferies Finance LLC


520 Madison Avenue


New York, NY 10022


Attention: Account Manager – Overseas Shipholding
Group (OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


(iii)        if
to a Lender, to it at its address (or facsimile number) set forth on Annex I or in the Assignment and Acceptance pursuant to which
such Lender shall have become a party hereto;


 


(iv)        if
to the Swingline Lender, to it at:


 


Jefferies Finance LLC


520 Madison Avenue


New York, NY 10022


Attention: Account Manager – Overseas Shipholding
Group (OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


(v)         if
to the Issuing Bank, to it at:


 


Jefferies Finance LLC


520 Madison Avenue


New York, NY 10022


Attention: Account Manager – Overseas Shipholding
Group (OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


Notice and other communications
to the Lenders and the Issuing Bank hereunder may (subject to Section 11.01(b)) be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent.
Any party hereto may change its address, facsimile number or e-mail address for notice and other communications hereunder by notice
to the other parties hereto. The Administrative Agent or the Administrative Borrower may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided, that
approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment
from the intended recipient (including by the “return receipt requested” function, as available, return e-mail or other
written acknowledgment); provided, that if such notice or other communication is not sent during the normal business hours
of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon
the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that
such notice or communication is available and identifying the website address therefor.


 




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(b)          Each
Loan Party hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it
is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other Loan Document, including all notices,
requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such
communication that (i) relates to a request for a new, or a conversion of an existing, Borrowing or other extension of credit (including
any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount
due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default under this Agreement or (iv)
is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other
extension of credit hereunder (all such non-excluded communications, collectively, the “Communications”), by
transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent at the
e-mail address(es) provided to the Administrative Borrower by the Administrative Agent from time to time or in such other form,
including hard copy delivery thereof, as the Administrative Agent shall require. In addition, each Loan Party agrees to continue
to provide the Communications to the Administrative Agent in the manner specified in this Agreement or any other Loan Document
or in such other form, including hard copy delivery thereof, as the Administrative Agent shall require. Nothing in this Section
11.01 shall prejudice the right of the Agents, any Lender, the Issuing Bank or any Loan Party to give any notice or other communication
pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document
or as any such Agent shall require.


 


(c)          To
the extent consented to by the Administrative Agent in writing from time to time, the Administrative Agent agrees that receipt
of the Communications by the Administrative Agent at its e-mail address(es) set forth above shall constitute effective delivery
of the Communications to the Administrative Agent for purposes of the Loan Documents.


 


(d)          Each
Loan Party further agrees that the Administrative Agent may make the Communications available to the other Agents, the Lenders
or the Issuing Bank by posting the Communications on a Platform. The Platform and any Approved Electronic Communications are provided
“as is” and “as available.” The Agents do not warrant the accuracy or completeness of the Communications,
or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Platform and the Approved Electronic
Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for
a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent
in connection with the Communications or the Platform. In no event shall any Agent have any liability to any Loan Party, any Lender
or any other person for damages of any kind, whether or not based on strict liability and including direct or indirect, special,
incidental or consequential damages, losses or expenses (whether in contract, tort or otherwise) arising out of or related to any
Loan Party’s or any Agent’s transmissions of Communications through the Internet (including the Platform). Notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient
at its e-mail address as described in the foregoing clause (a) of notification that such notice or communication is available and
identifying the website address therefor. Each Loan Party understands that the distribution of material through an electronic medium
is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes
the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence
of the Administrative Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.


 




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(e)          The
Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
receipt of notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform
shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees
to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s
e-mail address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to
such e-mail address. Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other
communication pursuant to any Loan Document in any other manner specified in such Loan Document.


 


(f)          Each
Loan Party, each Lender and each Agent agrees that the Administrative Agent may, but shall not be obligated to, store any Approved
Electronic Communications on the Platform in accordance with the Administrative Agent’s customary document retention procedures
and policies.


 


(g)          Each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public
Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United
States federal and state securities laws, to make reference to information that is not made available through the “Public
Side Information” portion of the Platform and that may contain Material Non-Public Information with respect to the Administrative
Borrower, its Subsidiaries or their securities for purposes of United States federal or state securities laws. In the event that
any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public
Lender acknowledges that (i) other Lenders may have availed themselves of such information and (ii) neither any Borrower nor the
Administrative Agent has any responsibility for such Public Lender’s decision to limit the scope of the information it has
obtained in connection with this Agreement and the other Loan Documents.


 


Section 11.02         Waivers;
Amendment. (a)  No failure or delay by any Agent, the Issuing Bank or any Lender in exercising
any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of each Agent, the Issuing
Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom
shall in any event be effective unless the same shall be permitted by Section 11.02(b), and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing,
the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether
any Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on
any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances.


 




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(b)          Subject
to Sections 2.16(c), 11.02(d) and 11.02(e), neither this Agreement nor any other Loan Document nor any provision
hereof or thereof may be waived, amended, supplemented or modified except, in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by the Loan Parties and the Required Lenders (other than with respect to any amendment or
waiver contemplated in clause (b)(xi) below, which shall only require the consent of the Majority Revolving Lenders) or, in the
case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent, the
Collateral Agent (in the case of any Security Document) and the Loan Party or Loan Parties that are parties thereto, in each case
with the written consent of the Required Lenders; provided, that no such agreement shall:


 


(i)          increase
or extend the expiry date of any Commitment of any Lender without the written consent of such Lender (it being understood that
no amendment, modification, termination, waiver or consent with respect to any condition precedent, covenant or Default (or any
definition used, respectively, therein) shall constitute an increase in or an extension of the expiry date of any Commitment of
any Lender for purposes of this clause (i));


 


(ii)         reduce
the principal amount or premium, if any, of any Loan or LC Disbursement or reduce the rate of interest thereon (other than waiver
of any increase in the rate of interest pursuant to Section 2.06(c)), or reduce any Fees payable hereunder, or change the
form or currency of payment of any Obligation, without the written consent of each Lender directly affected thereby;


 


(iii)        postpone
or extend the maturity of any Loan, the required date of payment of any Reimbursement Obligation or any scheduled date of payment
of or the installment otherwise due on the principal amount of any Term Loan under Section 2.09, or any date for the payment
of any interest or fees payable hereunder, or reduce the amount of, waive or excuse any such payment (other
than a waiver of any increase in the rate of interest pursuant to Section 2.06(c)), or postpone the scheduled date of expiration
of any Commitment or postpone the scheduled date of expiration of any Letter of Credit beyond the Letter of Credit Expiration Date,
without the written consent of each Lender directly affected thereby (including, if directly affected, the Issuing Bank);


 


(iv)        change
Section 11.04(b) in a manner which further restricts assignments thereunder without the written consent of each Lender directly
affected thereby (provided that any amendment that clarifies any ambiguity or defect in the definition or use of Disqualified
Institutions shall require only the consent of the Required Lenders and the Loan Parties);


 


(v)         change
Section 2.14(b) or (c) or Section 9.01 in a manner that would alter the order of or the pro rata sharing of
payments or setoffs required thereby, without the written consent of each Lender directly affected thereby;


 


(vi)        change
the percentage set forth in the definition of “Required Lenders”, “Majority Revolving Lenders”, or any
other provision of any Loan Document (including this Section 11.02) specifying the number or percentage of Lenders (or Lenders
of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder,
without the written consent of each Lender (or each Lender of such Class, as the case may be);


 


(vii)       release
all or substantially all of the Guarantors from their respective Guarantees (except as expressly provided in Article VII),
or limit their liability in respect of such Guarantees, without the written consent of each Lender; 


 




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(viii)      except
as expressly permitted in this Agreement or any Security Document, release all or substantially all of the Collateral from the
Liens of the Security Documents or alter the relative priorities of the Secured Obligations entitled to the Liens of the Security
Documents (except in connection with securing additional Secured Obligations equally and ratably with the other Secured Obligations),
in each case without the written consent of each Lender;


 


(ix)         change
the order of application of prepayments among Term Loans and Revolving Commitments under Section 2.10(d) or change
the application of prepayments of Term Loans set forth in Section 2.10(d) in each case without the consent of the Required
Lenders and Term Lenders holding more than 50% of the aggregate principal amount of the outstanding Term Loans; 


 


(x)          without
the written consent of the Majority Revolving Lenders, amend, modify or waive (w) the provisions of Section 2.10(h)
or ARTICLE IX, in each case, in a manner adversely affecting the priority status of the Revolving Obligations, (x) the provisions
of Section 11.23, (y) any condition precedent set forth in Section 4.02 with respect to the making of any Revolving
Loan or Swingline Loan or the issuance of any Letter of Credit or (z) alter the rights or remedies
of the Majority Revolving Lenders arising pursuant to Article VIII as a result of the failure of the Required Lenders to
exercise their rights and remedies within the time period set forth therein;


 


(xi)         (w)
amend or otherwise modify Section 6.06(b)(ii), (x) amend or otherwise modify Section 6.10 (or for the purposes of
determining compliance with Section 6.10, any defined terms used therein), or (y) waive or consent to any Default resulting
from a breach of either Section 6.06(b)(ii) or Section 6.10 or (z) alter the rights or remedies of the Majority Revolving
Lenders arising pursuant to Article VIII as a result of a breach of either Section 6.06(b)(ii) or Section 6.10,
in each case, without the written consent of the Majority Revolving Lenders; provided, however, that the amendments,
modifications, waivers and consents described in this clause (xi) shall not require the consent of any Lenders other than
the Majority Revolving Lenders; 


 


(xii)        without
the written consent of the Term Lenders holding more than 50% of the aggregate principal amount of the outstanding Term Loans,
amend or modify this Agreement to provide for aggregate Revolving Commitments under all Classes to exceed $75,000,000; 


 


(xiii)       subordinate
the Obligations under the Loan Documents to any other Indebtedness without the written consent of each Lender; or


 


(xiv)      modify
the protections afforded to an SPC pursuant to the provisions of Section 11.04(h) without the written consent of such SPC;


 


provided, further
that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral
Agent, the Issuing Bank or the Swingline Lender without the prior written consent of the Administrative Agent, the Collateral Agent,
the Issuing Bank or the Swingline Lender, as the case may be. Notwithstanding the foregoing, any provision of this Agreement may
be amended by an agreement in writing entered into by the Borrowers, the Required Lenders and the Administrative Agent (and, if
their rights or obligations are affected thereby, the Collateral Agent, the Issuing Bank and the Swingline Lender) if (1) by the
terms of such agreement the Commitments of each Lender not consenting to the amendment provided for therein shall terminate upon
the effectiveness of such amendment, (2) at the time such amendment becomes effective, each Lender not consenting thereto receives
payment in full of the principal of, premium, if any, and interest accrued on each Loan made by it and all other amounts owing
to it or accrued for its account under this Agreement, and (3) Section 2.16(b) is complied with.


 




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(c)          Without
the consent of any other person, the applicable Loan Party or Loan Parties and the Administrative Agent and/or Collateral Agent
may (in its or their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment
or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit
of the Secured Parties, or as required by applicable Legal Requirements to give effect to, or protect any security interest for
the benefit of the Secured Parties, in any property or assets so that the security interests therein comply with applicable Legal
Requirements.


 


(d)          Notwithstanding
the foregoing, if, following the Closing Date, the Administrative Agent and the Administrative Borrower shall have agreed in their
sole and absolute discretion that there is an ambiguity, inconsistency, manifest error or any error or omission of a technical
or immaterial nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Administrative
Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent
of any other party to any Loan Documents if the same is not objected to in writing by the Required Lenders within five Business
Days following receipt of notice thereof (it being understood that the Administrative Agent has no obligation to agree to any such
amendment).


 


(e)          Further,
notwithstanding the foregoing, any provision of this Agreement and the other Loan Documents may be amended to effect (x) any Extension
Amendment, any Corrective Extension Amendment, any Incremental Loan Amendment or any Refinancing Amendment as, and to the extent,
provided in Sections 2.20, 2.21 and 2.23 and (y) any amendment as,
and to the extent, provided in the definition of “OIN Spinoff Conditions” contained herein.


 


Section 11.03         Expenses;
Indemnity. (a) The Loan Parties agree, jointly and severally, to pay, promptly upon demand:


 


(i)          all
reasonable and documented out-of-pocket costs and expenses incurred by the Arrangers, the Administrative Agent, the Collateral
Agent, the Documentation Agents, the Syndication Agent, the Issuing Bank and the Swingline Lender (including (i) the reasonable
and documented fees, disbursements and other charges of Advisors for the Arrangers, the Administrative Agent, the Collateral Agent,
the Documentation Agents, the Syndication Agent, the Issuing Bank and the Swingline Lender in connection with the syndication of
the Loans and Commitments, the preparation, negotiation, execution and delivery of the Loan Documents, the administration of the
Credit Extensions and Commitments (including with respect to the establishment and maintenance of a Platform and including the
reasonable fees and disbursements of counsel as may be necessary or appropriate in the judgment of the Agents, and the charges
of IntraLinks, SyndTrak or a similar service), the perfection and maintenance of the Liens securing the Collateral and any actual
or proposed amendment, supplement or waiver of any of the Loan Documents (whether or not the transactions contemplated hereby or
thereby shall be consummated);


 




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(ii)         all
reasonable and documented out-of-pocket costs and expenses incurred by the Arrangers, the Administrative Agent, the Collateral
Agent, any other Agent, the Issuing Bank, the Swingline Lender, or any Lender (including the fees, charges and disbursements of
Advisors for any of the foregoing) incurred in connection with the enforcement or protection of its rights under the Loan Documents,
including its rights under this Section 11.03(a), or in connection with the Loans made or Letters of Credit issued hereunder
and the collection of the Obligations, including all such costs and expenses incurred during any workout, restructuring or negotiations
in respect of the Obligations; provided that, in the case of charges of outside counsel, such payment shall be limited to
the reasonable and documented fees, disbursements and charges of (x) one primary counsel for the Agents and the Lenders
(collectively with the Agents, taken as a group), (y) one local counsel and foreign counsel in each relevant jurisdiction for each
of the Agents and the Lenders (collectively with the Agents, taken as a group) and (z) one maritime counsel in each relevant
jurisdiction for each of the Agents and the Lenders (collectively with the Agents, taken as a group) (and, in each case, in the
case of an actual or a potential conflict of interest, (A) one additional counsel for each affected person (or group of similarly
affected persons), (B) one local counsel and/or regulatory counsel for each affected person (or group of similarly affected persons)
in any relevant jurisdiction and (C) one maritime counsel for each affected person (or group of similar affected persons) in each
relevant jurisdiction;


 


(iii)        subject
to Section 5.13, all reasonable and documented out-of-pocket costs and expenses incurred by (or on behalf of) the Administrative
Agent and the Collateral Agent in respect of Vessel Appraisal fees and expenses; and


 


(iv)        all
Other Taxes in respect of the Loan Documents.


 


(b)          The
Loan Parties agree, jointly and severally, to indemnify the Agents, each Lender, the Issuing Bank, the Swingline Lender and each
Related Person of each of the foregoing (each such person being called an “Indemnitee”) against, and to hold
each Indemnitee harmless from, all reasonable and documented expenses (including reasonable and documented fees, disbursements
and other charges of one counsel for all Indemnitees and, if necessary, one maritime counsel, local and foreign counsel in each
appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions for all Indemnitees (and,
in the case of an actual or potential conflict of interest of another firm of counsel (and maritime counsel and one firm of local
and foreign counsel in each appropriate jurisdiction) for such affected Indemnitee))) and any and all claims, damages, losses and
liabilities, fees, fines, penalties, actions, judgments, suits and related expenses, including reasonable Advisors fees, charges
and disbursements (collectively, “Claims”), incurred by or asserted against any Indemnitee, directly or indirectly,
arising out of, relating to or in connection with (i) the execution, delivery, performance, administration or enforcement of the
Loan Documents or any agreement or instrument contemplated thereby or the performance by the parties thereto of their respective
obligations thereunder, (ii) any actual or proposed use of the proceeds of the Loans or issuance of Letters of Credit, (iii) any
claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto,
(iv) any actual or alleged presence or Release or threatened Release of Hazardous Materials, on, at, under or from any property
(A) owned, leased or operated by any Company or (B) formerly owned, leased or operated by any Company at the time of its ownership,
lease or operations, (v) any Environmental Claim or threatened Environmental Claim against any of the Companies relating to any
Real Property, Vessel, Chartered Vessel or other property currently or formerly owned, leased or operated by any of the Companies
or relating to the operations of any of the Companies, (vi) any non-compliance with, or violation of, applicable Environmental
Laws or Environmental Permits by Companies or its businesses, operations, Real Property, Vessels, Chartered Vessels and other properties,
(vii) the imposition of any environmental Lien encumbering Real Property or Vessels or Chartered Vessels owned, leased or operated
by any Company, (viii) the consummation of the Transactions (including the syndication of the Loans and the Commitments) and the
other transactions contemplated hereby or (ix) any actual or prospective claim, action, suit, litigation, inquiry, investigation,
or other proceeding or preparation of a defense in connection with any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by any Loan Party or any of their respective subsidiaries, affiliates or shareholders
or otherwise, and regardless of whether any Indemnitee is a party thereto; provided, that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses or other Claims are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from (i) the gross
negligence or willful misconduct of such Indemnitee or any of its Related Persons, (ii) a material breach by such Indemnitee or
any of its Related Persons or any of its or their respective obligations under the Loan Documents or (iii) any claims brought by
an Indemnitee against another Indemnitee (other than against the Administrative Agent or any other Agent in its capacity as such)
not arising out of any act or omission by any Loan Party or any Affiliate thereof.


 




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(c)          The
Loan Parties agree, jointly and severally, that, without the prior written consent of the Agents and any affected Lender (such
consent not to be unreasonably withheld), the Loan Parties will not enter into any settlement of a Claim in respect of the subject
matter of Section 11.03(b) and asserted against an Indemnitee unless such settlement includes an explicit and unconditional
release from the party bringing such Claim of all Indemnitees and does not include any statement as to or an admission of fault,
culpability or failure to act by or on behalf of any Indemnitee.


 


(d)          The
provisions of this Section 11.03 shall remain operative and in full force and effect regardless of the expiration of the
term of this Agreement, the consummation of the Transactions and the other transactions contemplated hereby, the repayment of the
Loans and any other Secured Obligations, the release of any Guarantor or of all or any portion of the Collateral, the expiration
of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of this
Agreement or any other Loan Document, or any investigation made by or on behalf of the Agents, the Issuing Bank or any Lender.
All amounts due under this Section 11.03 shall be accompanied by reasonable documentation with respect to any reimbursement,
indemnification or other amount requested.


 


(e)          To
the extent that the Loan Parties fail to indefeasibly pay any amount required to be paid by them to the Agents, the Issuing Bank
or the Swingline Lender under clause (a) or (b) of this Section 11.03 in accordance with Section 10.03, each Lender
severally agrees to pay to the Agents the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s pro
rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount (such indemnity shall be effective whether or not the related losses, claims, damages, liabilities and related expenses
are incurred or asserted by any party hereto or any third party); provided, that the unreimbursed Claim was incurred by
or asserted against any of the Agents, the Issuing Bank, or the Swingline Lender in its capacity as such. For purposes of this
clause (e), a Lender’s “pro rata share” shall be determined based upon its share of the sum of
the Total Revolving Exposure, the principal amount of outstanding Term Loans and unused Term Commitments at the time.


 


(f)          To
the fullest extent permitted by applicable Legal Requirements, no party hereto shall assert, and each party hereto hereby waives,
any claim against any other party hereto, on any theory of liability, for special, indirect, exemplary, consequential, or punitive
damages (including any loss of profits, business or anticipated savings as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, any Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof; provided, that such waiver of special, punitive, indirect
or consequential damages shall not limit the indemnification obligations of the Loan Parties to the extent such special, punitive,
indirect or consequential damages are included in any third party claim with respect to which the applicable Indemnitee is entitled
to indemnification under this Section 11.03. No Indemnitee shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with the Loan Documents or the transactions contemplated hereby or thereby.


 




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(g)          All
amounts due under this Section 11.03 shall be payable no later than 10 Business Days after written demand (accompanied by
an invoice or other reasonable documentation) therefor; provided, however, that any Indemnitee shall promptly refund
an indemnification payment received hereunder to the extent that there is a final and non-appealable judicial determination of
a court of competent jurisdiction that such Indemnitee was not entitled to indemnification with respect to such payment pursuant
to this Section 11.03.


 


Section 11.04         Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank
that issues any Letter of Credit), except that the Loan Parties may not assign or otherwise transfer any of their respective rights
or obligations hereunder without the prior written consent of the Administrative Agent, the Collateral Agent, the Issuing Bank,
the Swingline Lender and each Lender, which consent may be withheld in their respective sole discretion (and any attempted assignment
or transfer by any Loan Party without such consent shall be null and void ab initio). Nothing in this Agreement or any other Loan
Document, express or implied, shall be construed to confer upon any person (other than the parties hereto, their respective successors
and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants to the
extent expressly provided in clause (e) of this Section 11.04 and, to the extent expressly contemplated hereby, the other
Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement or any other Loan Document.


 


(b)          Any
Lender shall have the right at any time to assign to one or more assignees (other than any Company or any Affiliate thereof (except
as provided in Section 2.22) or a natural person) all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans at the time owing to it); provided, that:


 


(i)          except
in the case of (A) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, (B) any assignment made in connection
with the primary syndication by the Arrangers of the Commitments and the Loans or (C) an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative
Agent) shall not be less than (x) in the case of Term Loans, $1,000,000 (or, in the case of any assignment
made in connection with the primary syndication of the Term Commitments and Term Loans by Jefferies Finance LLC and its Affiliates,
$100,000), and (y) in the case of Revolving Commitments or Revolving Loans, $2,500,000;
provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members
of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated
as a single assignment for purposes of determining whether such minimum amounts has been met;


 


(ii)         each
partial assignment shall be made as an assignment of a proportionate part of all of the assigning Lender’s rights and obligations
under this Agreement , except that this clause (ii) shall not be construed to prohibit the assignment
of a proportionate part of all of the assigning Lender’s rights and obligations in respect of one Class of Commitments or
Loans;


 


(iii)        the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500 (unless such fee is waived by the Administrative Agent in its sole discretion); provided,
however, in the case of contemporaneous assignments by any Lender to one or more Approved Funds, only a single processing
and recording fee shall be payable for such assignments;


 




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(iv)        the
assignee, if it shall not then be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; 


 


(v)         the
assignee shall represent and warrant to the Administrative Borrower and the Administrative Agent that it is an Eligible Assignee;
and


 


(vi)        each
of (x) the Administrative Agent, (y) with respect to any assignment of Revolving Loans and Revolving Commitments, the Swingline
Lender and the Issuing Bank, and (z) (except (I) when an Event of Default has occurred and is continuing or (II) in the case of
an assignment to a Lender, an Affiliate of a Lender or an Approved Fund) the Administrative Borrower must give its prior written
consent to such assignment (which consent shall not be unreasonably withheld, delayed or conditioned); provided, that (i)
the Administrative Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within five Business Days after having received notice thereof and (ii) the consent of the Administrative
Agent shall not be required if such assignment is in respect of Term Loans that is made to a Lender, an Affiliate of a Lender or
an Approved Fund.


 


Notwithstanding the foregoing,
if an Event of Default has occurred and is continuing, any consent of the Issuing Bank and the Swingline Lender required under
this clause (b) may be withheld by such person in its sole discretion. Subject to acceptance and recording thereof pursuant to
Section 11.04(d), from and after the effective date specified in each Assignment and Acceptance the assignee thereunder
shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations
of a Lender under this Agreement (provided, that any liability of the Borrowers to such assignee under Section 2.12,
2.13 or 2.15 shall be limited to the amount, if any, that would have been payable thereunder by the Borrowers in
the absence of such assignment, except to the extent any such amounts are attributable to a Change in Law occurring after the date
of such assignment), and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance,
be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.12, 2.13, 2.15 and 11.03.


 


(c)          The
Administrative Agent, acting for this purpose as an agent of the Administrative Borrower, shall maintain at one of its offices
a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive in the absence of manifest
error, and the Borrowers, the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders may treat each person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement and
the other Loan Documents, notwithstanding notice to the contrary. The Register shall be available for inspection by the Administrative
Borrower, the Issuing Bank, the Collateral Agent, the Swingline Lender and any Lender (with respect to its own interest only),
at any reasonable time and from time to time upon reasonable prior notice.


 


(d)          Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in Section 11.04(b) and any written consent to such assignment required by Section 11.04(b), the
Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register.
No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
Section 11.04(d). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with the requirements of this Section 11.04 shall be treated for purposes of this Agreement as a sale by such Lender of
a participation in such rights and obligations in accordance with Section 11.04(e).


 




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(e)          Any
Lender shall have the right at any time, without the consent of, or notice to any Borrower, the Administrative Agent, the Issuing
Bank or the Swingline Lender or any other person to sell participations to any person (other than any Company or any Affiliate
thereof or a natural person) (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided, that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Collateral Agent, the Issuing
Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver
of any provision of the Loan Documents; provided, that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver that (1) is described in clauses (i), (ii)
or (iii) of the proviso to Section 11.02(b) and (2) directly affects such Participant. Each Participant shall be entitled
to the benefits of Sections 2.12, 2.13 and 2.15 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to Section 11.04(b). To the extent permitted by Legal Requirements, each Participant
also shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided, that such Participant
agrees in writing to be subject to Section 2.14(c) as though it were a Lender. Each Lender shall, acting for this purpose
as a “non-fiduciary” agent of the Borrowers, maintain at one of its offices a register for the recordation of the names
and addresses of its Participants, and the amount and terms of its participations (the “Participant Register”).
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender (and the Borrowers, to the extent
that the Participant requests payment from the Borrowers) shall treat each person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall
have any obligation to disclose all or any portion of the Participant Register to any person (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations
under any Loan Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.


 


(f)          A
Participant shall not be entitled to receive any greater payment under Section 2.12, 2.13 or 2.15 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale
of the participation to such Participant is made with the prior written consent of the Administrative Borrower (which consent shall
not be unreasonably withheld, delayed or conditioned) or the greater payment results from a Change in Law after the date the participation
was sold to the Participant. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits
of Section 2.15 unless such Participant agrees to comply with Section 2.15(f) as though it were a Lender (it being
understood that the documentation required in Section 2.15(f) shall be delivered to the participating Lender).


 


(g)          Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank,
and this Section 11.04 shall not apply to any such pledge or assignment of a security interest; provided, that no
such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto. Without limiting the foregoing, in the case of any Lender that is a
fund that invests in bank loans or similar extensions of credit, such Lender may, without the consent of the Borrowers, each Issuing
Bank, the Swingline Lender, the Administrative Agent or any other person, collaterally assign or pledge all or any portion of its
rights under this Agreement, including the Loans and the Notes or any other instrument evidencing its rights as a Lender under
this Agreement, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued,
by such fund, as security for such obligations or securities.


 




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(h)          Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative
Agent and the Administrative Borrower, the option to provide to the Borrowers all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to a Borrower pursuant to this Agreement; provided, that (i) nothing herein shall constitute
a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all
or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof; provided
further that nothing herein shall make the SPC a “Lender” for the purposes of this Agreement, obligate the Borrowers
or any other Loan Party or the Administrative Agent to deal with such SPC directly, obligate the Borrowers or any other Loan Party
in any manner to any greater extent than they were obligated to the Granting Lender, or increase costs or expenses of the Borrowers.
The Loan Parties and the Administrative Agent shall be entitled to deal solely with, and obtain good discharge from, the Granting
Lender and shall not be required to investigate or otherwise seek the consent or approval of any SPC, including for the approval
of any amendment, waiver or other modification of any provision of any Loan Document. The making of a Loan by an SPC hereunder
shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender.
Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement
(all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees
(which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the
payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or
join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained in this
Section 11.04(h), any SPC may (i) with notice to, but without the prior written consent of, the Administrative Borrower
and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans
to the Granting Lender or to any financial institutions (consented to by the Administrative Borrower and the Administrative Agent)
providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and
(ii) disclose on a confidential basis any Material Non-Public Information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.


 


(i)          The
words “execution,” “signed,” “signature,” and words of like import in any Assignment and Acceptance
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as
the case may be, to the extent and as provided for in any applicable Legal Requirement, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar laws domestic
or foreign, federal, state, provincial or otherwise, based on or analogous or similar to the Uniform Electronic Transactions Act.


 




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(j)          Any
assignor Lender of all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) or seller of a participation hereunder shall be entitled to rely conclusively on a representation
of the assignee Lender or Participant in the relevant Assignment and Acceptance or participation agreement, as applicable, that
such assignee or purchaser is not a Disqualified Institution. None of the Agents shall have any responsibility or liability for
monitoring the list or identities of, or enforcing provisions relating to, Disqualified Institutions. Upon request by any Lender
or prospective Lender, the Administrative Agent shall be permitted to disclose to such Lender or prospective Lender the identity
of the Disqualified Institutions.


 


(k)          (i)
Without prejudice to the enforcement of any of the
Agents’ or Lenders’ rights and remedies under the Loan Documents, at law or in equity or otherwise, the Revolving Lenders
agree that at any time following (a) the commencement of any Insolvency Proceeding with respect to any Loan Party, (b) any acceleration
of the Revolving Obligations or (c) each election by the Majority Revolving Lenders to assert any rights or withhold any consent
under or in respect of any provision of Section 11.23 at any time and from time to time, the Revolving Lenders will offer
the Term Lenders, by written notice to the Administrative Agent, the option to purchase the entire aggregate amount of outstanding
Revolving Obligations (including unfunded Revolving Commitments) at the Purchase Price without warranty or representation or recourse
except as provided in Section 11.04(k)(iii), on a pro rata basis among the Revolving Lenders.  The “Purchase
Price” will equal the sum of (1) the aggregate principal amount of all Revolving Loans, Swingline Loans and Reimbursement
Obligations included in the Obligations (including an amount in cash equal to 103% of the undrawn amount of outstanding Letters
of Credit), and all accrued and unpaid interest thereon through the date of purchase (but excluding any prepayment penalties or
premiums) and (2) all accrued and unpaid fees, expenses and other amounts owed to the Revolving Lenders under the Loan Documents
as of the date of purchase.


 


(ii)         The
Term Lenders (or any one or more of them) may in their sole and absolute discretion irrevocably accept such offer within 10 Business
Days of the receipt thereof (it being understood that a failure to affirmatively accept such offer within such time frame shall
be deemed to be a rejection of such offer).  If the Term Lenders (or any one or more of them) accept such offer, it shall
be exercised not more than 20 days, nor less than 10 days, after the receipt by the Revolving Lenders of the notice of
election by such Term Lenders, subject to any required approval of any court or other Governmental Authority then in effect, if
any.  Such sale shall be pursuant to documentation mutually acceptable to the Revolving Lenders and such Term Lenders, without
the prior written consent of the Administrative Borrower or any other Loan Party.  If the all of the Term Lenders reject such
offer (or any one or more of them does not so irrevocably accept such offer within the required timeframe), the Revolving Lenders
shall have no further obligations pursuant to this Section 11.04(k).  Each Revolving Lender will retain all rights
to indemnification provided in the relevant Loan Documents for all claims and other amounts relating to periods prior to the purchase
of the Revolving Obligations pursuant to this Section 11.04(k).  The Purchase Price shall be remitted by wire
transfer in federal funds to such bank account of the Administrative Agent for the ratable account of the Revolving Lenders in
New York, New York, as the Administrative Agent may designate in writing to such Term Lenders for such purpose.  Interest
shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by such
Term Lenders that have exercised such option to the bank account designated by the Administrative Agent are received in such bank
account prior to 1:00 p.m., New York City time, and interest shall be calculated to and including such Business Day if the amounts
so paid by such Term Lenders to the bank account designated by the Administrative Agent are received in such bank account later
than 1:00 p.m., New York City time, on such Business Day.


 




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(iii)        The
Term Lenders agree that the purchase and sale of the Revolving Obligations under this Section 11.04(k) will be expressly
made without recourse and without representation or warranty of any kind by the Revolving Lenders, except that the Revolving Lenders
shall severally and not jointly represent and warrant to the Term Lenders that on the date of the purchase, immediately before
giving effect to such purchase:


 


(a)          the
principal of and accrued and unpaid interest on the Revolving Obligations, and the fees and expenses thereof owed to the respective
Revolving Lenders, are as stated in any assignment agreement prepared in connection with the purchase and sale of the Revolving
Obligations; and


 


(b)          each
Revolving Lender owns the Revolving Obligations purported to be owned by it free and clear of any Liens (other than participation
interests not prohibited by this Agreement, in which case the Purchase Price will be appropriately adjusted so that the Term Lenders
do not pay amounts represented by participation interests).


 


Section 11.05         Survival
of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties
in the Loan Documents and in the reports, certificates or other instruments delivered in connection with or pursuant to this Agreement
or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the Agents, the Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as any Obligation or any Letter of Credit is outstanding (or Cash Collateralized) and
so long as the Commitments have not expired or terminated. The provisions of Article X and Sections 2.12, 2.13,
2.15, 11.03, 11.05, 11.09, 11.10 and 11.12 shall survive and remain in full force and
effect regardless of the consummation of the Transactions and the other transactions contemplated hereby, the repayment of the
Loans, the payment of the Reimbursement Obligations, the expiration or termination of the Letters of Credit and the Revolving Commitments
or the termination of this Agreement or any provision hereof.


 


Section 11.06         Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Agreement, Fee Letter and the other Loan Documents, and any separate letter agreements with
respect to fees payable to the Administrative Agent and/or the Arranger, constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this
Agreement.


 


Section 11.07         Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.


 




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Section 11.08         Right
of Setoff; Marshalling; Payments Set Aside. If an Event of Default shall have occurred and be
continuing, each Lender, the Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable Legal Requirements, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency)
at any time owing, by such Lender, the Issuing Bank or any such Affiliate to or for the credit or the account of any Loan Party
against any and all of the obligations of any Loan Party now or hereafter existing under this Agreement or any other Loan Documents
held by such Lender or the Issuing Bank, irrespective of whether or not such Lender shall have made any demand under this Agreement
or any other Loan Document and although such obligations may be contingent or unmatured or are owed to a branch or office of such
Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness. The rights
of each Lender under this Section 11.08 are in addition to other rights and remedies (including other rights of setoff)
which such Lender may have. None of any Agent, any Lender or any Issuing Bank shall be under any obligation to marshal any assets
in favor of any Loan Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any
Loan Party makes a payment or payments to Administrative Agent, Issuing Bank or Lenders (or to Administrative Agent, on behalf
of Lenders or Issuing Bank), or any Agent, Issuing Bank or Lender enforces any security interests or exercises any right of setoff,
and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any Insolvency
Law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied,
and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such
payment or payments had not been made or such enforcement or setoff had not occurred.


 


Section 11.09         Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement and the other Loan Documents
and any claims, controversy, dispute or cause of action (whether sounding in contract, tort or otherwise) based upon, arising out
of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein)
and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, and governed by, the
law of the State of New York.


 


(b)          Each
Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New
York , located in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New
York State court or, to the extent permitted by applicable Legal Requirements, in such federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by applicable Legal Requirements. Nothing in this Agreement or any other Loan
Document or otherwise shall affect any right that the Administrative Agent, the Collateral Agent, any other Agent, the Issuing
Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against
any Loan Party or its properties in the courts of any jurisdiction.


 


(c)          Each
Loan Party hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirements, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any other Loan Document in any court referred to in Section 11.09(b). Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.


 




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(d)          Each
party to this Agreement irrevocably consents to service of process in any action or proceeding arising out of or relating to any
Loan Document, in the manner provided for notices (other than facsimile or email) in Section 11.01. Notwithstanding anything
to the contrary contained in this Agreement or any other Loan Document, each Loan Party hereby irrevocably and unconditionally
appoints Holdings, with an office for service of process delivery on the date hereof at 1301 Avenue of the Americas, New York,
New York 10019, and its successors (the “Process Agent”), as its agent to receive on behalf of such Loan Party and
its property all writs, claims, process, and summonses in any action or proceeding brought against such Loan Party in the State
of New York. Such service may be made by mailing or delivering a copy of such process to any Loan Party in care of the Process
Agent at the address specified above for the Process Agent, and such Loan Party irrevocably authorizes and directs the Process
Agent to accept such service on its behalf. Failure by the Process Agent to give notice to the applicable Loan Party, or failure
of the applicable Loan Party, to receive notice of such service of process shall not impair or affect the validity of such service
on the Process Agent or any such Loan Party, or of any judgment based thereon. Each Loan Party covenants and agrees that it shall
take any and all reasonable action, including the execution and filing of any and all documents that may be necessary to continue
the designation of the Process Agent above in full force and effect, and to cause the Process Agent to act as such. Each Loan Party
hereto further covenants and agrees to maintain at all times an agent with offices in New York City to act as its Process Agent.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any
other manner permitted by applicable Legal Requirements.


 


Section 11.10         Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO ANY LOAN DOCUMENT, THE TRANSACTIONS OR THE OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.10.


 


Section 11.11         Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.


 




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Section 11.12         Confidentiality.
Each of the Administrative Agent, the Collateral Agent, the Arrangers, the Issuing Bank and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’
and Approved Funds’ directors, officers, employees, agents, advisors and other representatives, including accountants, legal
counsel and other advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential pursuant to the terms hereof, and any failure of
such persons acting on behalf of the Administrative Agent, the Collateral Agent, an Arranger, the Issuing Bank or a Lender to comply
with this Section 11.12 shall constitute a breach of this Section 11.12 by the Administrative Agent, the Collateral
Agent, such Arranger, the Issuing Bank or such Lender, as applicable), (b) to the extent (i) requested by any regulatory authority
or any quasi-regulatory authority (such as the National Association of Insurance Commissioners and the SEC) or (ii) to the extent
required by applicable Legal Requirements or by any subpoena or similar legal process or in connection with any pledge or assignment
made pursuant to Section 11.04(g), provided that, solely to the extent permitted by law and other than in connection
with routine audits and reviews by regulatory and quasi-regulatory authorities, such disclosing entity shall notify the Administrative
Borrower as promptly as practicable of any such requested or required disclosure in connection with any legal or regulatory proceeding,
(c) to any other party to this Agreement, (d) in connection with the exercise of any remedies under the Loan Documents or any suit,
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(e) subject to an agreement containing provisions substantially the same as those of this Section 11.12, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the any of the
Borrower and their respective obligations, (iii) any rating agency for the purpose of obtaining a credit rating applicable to any
Loan or Loan Party or (iv) any actual or prospective investor in an SPC, (f) with the consent of the Borrowers, (g) to an investor
or prospective investor in securities issued by an Approved Fund of any Lender that also agrees that Information shall be used
solely for the purpose of evaluating an investment in such securities issued by an Approved Fund of any Lender or to a trustee,
collateral manager, servicer, backup servicer, noteholder or secured party in securities issued by an Approved Fund of any Lender
in connection with the administration, servicing and reporting on the assets serving as collateral for securities issued by such
Approved Fund (it being agreed that the persons to whom such disclosure is made will be informed of the confidential nature of
such Information) or (h) to the extent such Information (a) is publicly available at the time of disclosure or becomes publicly
available other than as a result of a breach of this Section 11.12 or (b) becomes available to the Administrative Agent,
the Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrowers or any Subsidiary. In addition,
the Agents, the Issuing Bank and the Lenders may disclose the existence of this Agreement and the information about this Agreement
to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect
to the Loans, market data collectors, similar service providers to the lending industry, and service providers to the Administrative
Agents, the Issuing Bank and the Lenders in connection with the administrative and management of this Agreement and the other Loan
Documents. For the purposes of this Section 11.12, “Information” shall mean all information received
from Holdings and the Borrowers relating to Holdings and the Borrowers or any of their respective Subsidiaries or their business,
other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential
basis prior to disclosure by Holdings and the Borrowers. Any person required to maintain the confidentiality of Information as
provided in this Section 11.12 shall be considered to have complied with its obligation to do so if such person has exercised
the same degree of care to maintain the confidentiality of such Information as such person accords to its own confidential information.


 


Section 11.13         Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under
applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
Legal Requirements, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable
in respect of such Loan but were not payable as a result of the operation of this Section 11.13 shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment,
shall have been received by such Lender.


 




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Section 11.14         Assignment
and Acceptance. Each Lender to become a party to this Agreement (other than the Administrative
Agent and any other Lender that is a signatory hereto) shall do so by delivering to the Administrative Agent an Assignment and
Acceptance duly executed by such Lender, the Administrative Borrower (if the Administrative Borrower’s consent to such assignment
is required hereunder) and the Administrative Agent.


 


Section 11.15         Obligations
Absolute. To the fullest extent permitted by applicable law, all obligations of the Loan Parties
hereunder shall be absolute and unconditional irrespective of:


 


(a)          any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Loan Party;


 


(b)          any
lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto against any Loan
Party;


 


(c)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other
amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto;


 


(d)          any
exchange, release or non-perfection or loss of priority of any Liens on any or all of the Collateral, or any release or amendment
or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations;


 


(e)          any
exercise or non-exercise, or any waiver of any right, remedy, power or privilege under or in respect hereof or any Loan Document;
or


 


(f)          any
other circumstances which might otherwise constitute a defense available to, or a discharge of, the Loan Parties.


 


Section 11.16         Waiver
of Defenses; Absence of Fiduciary Duties. (a) Each of the Loan Parties hereby waives any and
all suretyship defenses available to it as a Guarantor arising out of the joint and several nature of its respective duties and
obligations hereunder (including any defense contained in Article VII).


 


(b)          Each
of the Loan Parties agrees that in connection with all aspects of the transactions contemplated hereby or by the other Loan Documents
and any communications in connection therewith, the Loan Parties and their respective Affiliates, on the one hand, and each Lender
and Agent, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary
duty on the part of any Lender or any Agent or any of their respective Affiliates, and no such duty will be deemed to have arisen
in connection with any such transactions or communications.


 




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(c)          Each
Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have
economic interests that conflict with those of the Loan Parties, their stockholders and/or their affiliates. Each Loan Party agrees
that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Lender, on the one hand, and such Loan Party, its stockholders or its affiliates, on the other.
The Loan Parties acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of
rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand,
and the Loan Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed
an advisory or fiduciary responsibility in favor of any Loan Party, its stockholders or its affiliates with respect to the transactions
contemplated hereby the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether
any Lender has advised, is currently advising or will advise any Loan Party, its stockholders or its Affiliates on other matters)
or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender
is acting solely as principal and not as the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any
other person. Each Loan Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent
it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and
the process leading thereto. Each Loan Party agrees that it will not claim that any Lender has rendered advisory services of any
nature or respect, or owes a fiduciary or similar duty to such Loan Party, in connection with such transaction or the process leading
thereto.


 


Section 11.17         Patriot
Act. Each Lender hereby notifies each Loan Party that pursuant to the requirements of the Patriot
Act, it may be required to obtain, verify and record information that identifies the Loan Parties and Responsible Officers thereof,
which information includes the name, address and taxpayer identification number of each Loan Party and other information that will
allow such Lender to identify such Loan Party and Responsible Officers in accordance with the Patriot Act.


 


Section 11.18         Bank
Product Providers. Each Bank Product Provider shall be deemed a third party beneficiary hereof
and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom the
Administrative Agent is acting. The Administrative Agent hereby agrees to act as agent for such Bank Product Providers and, by
virtue of entering into a Bank Product Agreement, the applicable Bank Product Provider shall be automatically deemed to have appointed
the Administrative Agent as its agent and to have accepted the benefits of the Loan Documents; it being understood and agreed
that the rights and benefits of each Bank Product Provider under the Loan Documents consist exclusively of such Bank Product Provider’s
being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted to the Collateral Agent and the
right to share in payments and collections out of the Collateral as more fully set forth herein. In addition, each Bank Product
Provider, by virtue of entering into a Bank Product Agreement, shall be automatically deemed to have agreed that the Administrative
Agent shall have the right, but shall have no obligation, to establish, maintain, relax, or release reserves in respect of the
Bank Product Obligations and that if reserves are established there is no obligation on the part of the Administrative Agent to
determine or insure whether the amount of any such reserve is appropriate or not. In connection with any such distribution of
payments or proceeds of Collateral, the Administrative Agent shall be entitled to assume no amounts are due or owing to any Bank
Product Provider unless such Bank Product Provider has provided a written certification (setting forth a reasonably detailed calculation)
to the Administrative Agent as to the amounts that are due and owing to it and such written certification is received by the Administrative
Agent a reasonable period of time prior to the making of such distribution. The Administrative Agent shall have no obligation
to calculate the amount due and payable with respect to any Bank Products, but may rely upon the written certification of the
amount due and payable from the relevant Bank Product Provider. In the absence of an updated certification, the Administrative
Agent shall be entitled to assume that the amount due and payable to the relevant Bank Product Provider is the amount last certified
to the Administrative Agent by such Bank Product Provider as being due and payable (less any distributions made to such Bank Product
Provider on account thereof). The Borrowers may obtain Bank Products from any Bank Product Provider, although the Borrowers are
not required to do so. The Borrowers acknowledge and agree that no Bank Product Provider has committed to provide any Bank Products
and that the providing of Bank Products by any Bank Product Provider is in the sole and absolute discretion of such Bank Product
Provider. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any
Bank Product shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the
provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider
or holder be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or under
any of the other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or Guarantors.


 




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Section 11.19         EXCLUDED
SWAP OBLIGATIONS. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN ANY OTHER LOAN DOCUMENT, (I) ANY EXCLUDED
SWAP OBLIGATIONS SHALL BE EXCLUDED FROM (X) THE DEFINITION OF “SECURED OBLIGATIONS” (OR ANY EQUIVALENT DEFINITION)
CONTAINED HEREIN OR IN ANY SECURITY DOCUMENT AND (Y) THE DEFINITION OF “GUARANTEED OBLIGATIONS” (OR ANY EQUIVALENT
DEFINITION) IN THE GUARANTEE OR IN ANY OTHER GUARANTEE OF THE GUARANTEED OBLIGATIONS; (II) NO LIEN GRANTED PURSUANT TO ANY SECURITY
DOCUMENT SHALL SECURE ANY EXCLUDED SWAP OBLIGATIONS; AND (III) NO EXCLUDED SWAP OBLIGATIONS SHALL BE GUARANTEED PURSUANT TO THE
GUARANTEE OR ANY OTHER GUARANTEE OF THE GUARANTEED OBLIGATIONS.


 


Section 11.20         [Reserved].


 


Section
11.21         Judgment Currency.  (a)  The Loan Parties’
obligations hereunder and under the other Loan Documents to make payments in Dollars or, in the case of a Letter of Credit denominated
in an Alternative Currency, such Alternative Currency (each, the “Obligation Currency”), shall not be discharged
or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation
Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent, the Collateral
Agent, the Issuing Bank or the respective Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative
Agent, the Collateral Agent, the Issuing Bank or such Lender under this Agreement or the other Loan Documents.  If for the
purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to
convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the
“Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made, at the rate of
exchange (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency,
by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as of the day on which the
judgment is given (such day being hereinafter referred to as the “Judgment Currency Conversion Date”).


 


(b)          If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment
of the amount due, each Loan Party jointly and severally covenants and agrees to pay, or cause to be paid, such additional amounts,
if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could
have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate or exchange prevailing
on the Judgment Currency Conversion Date.


 




    	186



    	 



    

 


(c)          For
purposes of determining any rate of exchange for this Section 11.21, such amounts shall include any premium and costs payable
in connection with the purchase of the Obligation Currency.


 


Section
11.22         Waiver of Sovereign Immunity. Each
of the Borrowers and Subsidairy Guarantors, in respect of itself, its Subsidiaries, its process agents, and its properties and
revenues, hereby irrevocably agrees that, to the extent that such Loan Party, its Subsidiaries or any of its properties has or
may hereafter acquire any right of immunity, whether characterized as sovereign immunity or otherwise, from any legal proceedings,
whether in the United States, the Marshall Islands or elsewhere, to enforce or collect upon the Loans or any Loan Document or any
other liability or obligation of such Loan Party or any of its Subsidiaries related to or arising from the transactions contemplated
by any of the Loan Documents, including, without limitation, immunity from service of process, immunity from jurisdiction or judgment
of any court or tribunal, immunity from execution of a judgment, and immunity of any of its property from attachment prior to any
entry of judgment, or from attachment in aid of execution upon a judgment, such Loan Party, for itself and on behalf of its Subsidiaries,
hereby expressly waives, to the fullest extent permissible under applicable law, any such immunity, and agrees not to assert any
such right or claim in any such proceeding, whether in the United States, the Marshall Islands or elsewhere.  Without limiting
the generality of the foregoing, each Loan Party further agrees that the waivers set forth in this Section 11.22 shall have
the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable
for purposes of such Act.


 


Section
11.23         Revolving Credit Facility Priority. (a) EACH TERM LENDER
ACKNOWLEDGES AND AGREES THAT, EXCEPT TO THE EXTENT OTHERWISE EXPRESSLY PROVIDED IN SECTION 2.10(h) AND ARTICLE IX,
THE REVOLVING OBLIGATIONS ARE ENTITLED TO DISTRIBUTIONS AND OTHER PAYMENTS PURSUANT TO SECTION 2.10(h), ARITICLE
IX AND THIS SECTION 11.23 (INCLUDING DISTRIBUTIONS AND OTHER PAYMENTS PURSUANT TO AN INSOLVENCY PROCEEDING) PRIOR
TO ANY DISTRIBUTIONS OR OTHER PAYMENTS BEING APPLIED TO THE OTHER OBLIGATIONS (INCLUDING OBLIGATIONS IN RESPECT OF OUTSTANDING
TERM LOANS).  Each Term Lender hereby agrees that it will not provide the Administrative Borrower or any other Loan Party
post-petition financing (or support any third party providing any post-petition financing) unless upon the effectiveness of such
post-petition financing, all outstanding Revolving Obligations (other than contingent indemnification obligations not then due
and payable) shall have been paid in full in cash and the Revolving Commitments and all Letters of Credit shall have been terminated
(or such Letters of Credit shall have been Cash Collateralized on terms and pursuant to arrangements reasonably satisfactory to
the Administrative Agent and the Issuing Bank) or the Majority Revolving Lenders shall have consented to such post-petition financing.


 


(b)          Each
Term Lender agrees that it will raise no objection to, oppose or contest (or join with or support any third party opposing, objecting
to or contesting), a sale or other disposition of any Collateral free and clear of its Liens or other claims under Section 363
of the Bankruptcy Code if the Majority Revolving Lenders have consented to such sale or disposition of such assets.


 


(c)          The
provisions of preceding clause (b) shall not prohibit Term Lenders from agreeing to or supporting a sale or other disposition of
any Collateral free and clear of the Secured Parties’ Liens or other claims under Section 363 of the Bankruptcy Code
so long as all outstanding Revolving Obligations (other than contingent indemnification obligations not then due and payable) are
paid in full in cash and the Revolving Commitments and all Letters of Credit are terminated (or such Letters of Credit are Cash
Collateralized on terms and pursuant to arrangements reasonably satisfactory to the Administrative Agent and the Issuing Bank)
at the time of the consummation of such sale or other disposition unless the Majority Revolving Lenders otherwise agree to such
sale or other disposition.


 




    	187



    	 



    

 


(d)          Each
Term Lender agrees that it will not support or agree to any Non-Conforming Plan of Reorganization.


 


(e)          Notwithstanding
the provisions of Section 2.14 or anything to the contrary contained in this Agreement (other than as expressly provided
in Section 2.10(h) and ARTICLE IX), after the exercise of remedies (including rights of setoff) provided for in Article
VIII, any amounts received on account of the Secured Obligations (whether as a result of a payment under a Guaranty, any realization
on the Collateral, any setoff rights, any distribution or other payment in connection with any insolvency or liquidation proceeding
under the Bankruptcy Code or otherwise) shall be applied as provided in ARTICLE IX, in any such case until the prior payment
in full in cash of all Revolving Obligations (other than contingent indemnification obligations not then due and payable) and the
termination of all Letters of Credit (or the Cash Collateralization of such Letters of Credit on terms and pursuant to arrangements
reasonably satisfactory to the Administrative Agent and the Issuing Bank).  If any Secured Party collects or receives any
amounts on account of the Secured Obligations to which it is not entitled under ARTICLE IX , such Secured Party shall hold
the same in trust for the Secured Parties and shall forthwith deliver the same to the Administrative Agent, for the account of
the Secured Parties, to be applied in accordance with this clause (e).


 


(f)          Without
limiting the generality of the foregoing provisions of this Section 11.23, (i) this Section 11.23 is intended
to constitute and shall be deemed to constitute a “subordination agreement” within the meaning of Section 510(a)
of the Bankruptcy Code and is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant
to applicable non-bankruptcy law and (ii) it is the intention of the parties hereto that (and to the maximum extent permitted by
law the parties hereto agree that) the Revolving Exposure and Revolving Commitments (and the security therefor) constitute a separate
and distinct class (and separate and distinct claims) from the other Secured Obligations (and security therefor).


 


(Signature Pages Follow)


 




    	188



    	 



    

 


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


 


	 	OVERSEAS SHIPHOLDING GROUP, INC.,
	 	as Holdings and a Guarantor
	 	 	 
	 	By:	/s/ Robert E. Johnston
	 	 	Name:  Robert E. Johnston
	 	 	Title: President
	 	 
	 	OSG International, Inc.,
	 	as the Administrative Borrower and a Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: Senior Vice President and Treasurer and Comptroller
	 	 
	 	OIN DELAWARE LLC,
	 	as the Co-Borrower and a Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: Manager
	 	 
	 	AMBERMAR PRODUCT CARRIER CORPORATION

EPSILON AFRAMAX CORPORATION,
	 	each, as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: Senior Vice President
	 	 
	 	ANDROMAR LIMITED

KYTHNOS CHARTERING CORPORATION

REYMAR LIMITED

SERIFOS TANKER CORPORATION

SIFNOS TANKER CORPORATION,
	 	each, as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: President and Treasurer


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


	 	1372 Tanker Corporation
	 	Africa Tanker Corporation
	 	Alcesmar Limited
	 	Alcmar Limited
	 	Amalia Product Corporation
	 	Antigmar Limited
	 	Ariadmar Limited
	 	Atalmar Limited
	 	Athens Product Tanker Corporation
	 	Aurora Shipping Corporation
	 	Batangas Tanker Corporation
	 	Cabo Hellas Limited
	 	Cabo Sounion Limited
	 	Carl Product Corporation
	 	Concept Tanker Corporation
	 	Delta Aframax Corporation
	 	Eighth Aframax Tanker Corporation
	 	First Union Tanker Corporation
	 	Front President Inc.
	 	Goldmar Limited
	 	Jademar Limited
	 	Leyte Product Tanker Corporation
	 	Luxmar Product Tanker Corporation
	 	Maple Tanker Corporation
	 	Maremar
    Product Tanker Corporation
	 	Milos Product Tanker Corporation
	 	Mindanao Tanker Corporation
	 	Oak Tanker Corporation
	 	Oceania Tanker Corporation
	 	OSG Clean Products International, Inc.
	 	Pearlmar Limited
	 	Petromar Limited
	 	Rich Tanker Corporation
	 	Rosalyn Tanker Corporation
	 	Rosemar Limited
	 	Rubymar Limited


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


	 	SAMAR PRODUCT TANKER CORPORATION
	 	Silvermar Limited
	 	Skopelos Product Tanker Corporation
	 	Star Chartering Corporation
	 	Urban Tanker Corporation
	 	View Tanker Corporation,
	 	each as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name: Ian T. Blackley
	 	 	Title: Senior Vice President and Treasurer
	 	 
	 	CARRIBEAN TANKER CORPORATION

    INTERNATIONAL SEAWAYS, INC.

    KIMOLOS TANKER CORPORATION

    OSG LIGHTERING LLC

    OVERSEAS SHIPPING (GR) LTD

    THIRD UNITED SHIPPING CORPORATION,
	 	each, as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: Treasurer
	 	 
	 	OSG SHIP MANAGEMENT (UK) LTD,
	 	as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: Director
	 	 
	 	SAKURA TRANSPORT CORP.

SHIRLEY AFRAMAX CORPORATION

TOKYO TRANSPORT CORP.,
	 	each, as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: Vice President and Treasurer


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


	 	MAJESTIC TANKERS CORPORATION

SEVENTH AFRAMAX TANKER CORPORATION,
	 	each, as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name:  Lois K. Zabrocky
	 	 	Title: Senior Vice President and Treasurer
	 	 
	 	SIXTH AFRAMAX TANKER CORPORATION,
	 	as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Ian T. Blackley
	 	 	Name:  Ian T. Blackley
	 	 	Title: President


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


	 	JEFFERIES FINANCE LLC,
	 	as Administrative Agent, Collateral Agent, Swingline Lender, an Issuing Bank and a Lender
	 	 	 
	 	By:	/s/ Brian Buoye
	 	 	Name: Brian Buoye  
	 	 	Title: Managing Director


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


	 	BARCLAYS BANK PLC,
	 	as a Lender
	 	 	 
	 	By:	/s/ Craig Malloy
	 	 	Name:  Craig Malloy
	 	 	Title: Director


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


	 	UBS AG, STAMFORD BRANCH,
	 	as a Lender
	 	 	 
	 	By:	/s/ Lana Gifas
	 	 	Name: Lana Gifas
	 	 	Title: Director
	 	 	Banking Product Services, US
	 	 	 
	 	By:	/s/ Jennifer Anderson
	 	 	Name: Jennifer Anderson
	 	 	Title: Associate Director
	 	 	Banking Product Services, US


 


[Signature page to OIN
Credit Agreement]


 




    	 



    	 



    

 


ANNEX I


 


Initial Lenders and
Commitments


 


	Lender	 	Address for Notices	 	Amount of
 Term
 Commitment	 	 	Amount of
 Revolving
 Commitment	 
	Jefferies Finance LLC	 	520 Madison Avenue 
New York, New York 10022 
Attention: Account Manager – Overseas Shipholding Group (OIN) 
Fax: (212) 284-3444 
Email: JFIN.Admin@Jefferies.com	 	$	628,375,000	 	 	$	37,500,000	 
	 	 	 	 	 	 	 	 	 	 	 
	Barclays Bank PLC	 	70 Hudson Street
 Jersey City, New Jersey 07302
 Attention: US Loan Operations
 Telephone: (201) 499-0040
 Fax: (972) 535-5728
 Email: 19725355728@tls.ldsprod.com
 For Questions/Inquires: xraUSOversightteamCh@barclays.com
	 	 	-	 	 	$	7,500,000	 
	 	 	 	 	 	 	 	 	 	 	 
	UBS AG, Stamford Branch	 	677 Washington Blvd.
 Stamford, CT 06901
 Attention: Banking Products Services
 Telephone: (203) 719-4319
 Telecopier: (203) 719-4176
 Email: sh-obp@ubs.com	 	 	-	 	 	$	5,000,000	 



 




    	 



    	 



    






 


EXHIBIT A


 


[Form of]


ASSIGNMENT AND ACCEPTANCE


 


This Assignment and
Acceptance (the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert Name of Assignor] (the “Assignor”) and [Insert Name of Assignee]
(the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions
set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Acceptance as if set forth herein in full.


 


For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its
capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
in respect of the respective Classes identified below (including without limitation any letters of credit and swingline loans included
in such Classes), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and
any other right of the Assignor (in its capacity as a Lender) against any person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed
thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses
(i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment
is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation
or warranty by the Assignor.


 


	1.	Assignor:	________________________________
	 	 	 
	2.	Assignee:	______________________________
	 	 	[and is a Lender, an Affiliate of a Lender or an Approved Fund]1
	 	 	 
	3.	Borrower(s):	As defined in Section 5 below
	 	 	 
	4.	Administrative Agent:	Jefferies Finance LLC, as the administrative agent under the Credit Agreement


 





 






1 Select as applicable.


 






    	A-1



    	 



    




 


	5.	Credit Agreement:	Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated, modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”), among Overseas Shipholding Group, Inc., a Delaware corporation (“Holdings”), OSG International, Inc., a Marshall Islands corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower”), the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto.


 


	6.	Assigned Interest[s]:	 


 


	Class Assigned	 	Aggregate Amount of 
Commitment/Loans 
under relevant Class 
for all Lenders	 	 	Amount of Commitment/ 
Principal Amount of 
Loans under relevant Class 
Assigned	 	 	Percentage Assigned of
 Commitment/ Loans2
	 
	Revolving Loans/ Revolving Commitments	 	$		 	 	$		 	 	 		%
	Term Loans/ Term Commitments3	 	$		 	 	$		 	 	 		%



 


	[7.	Trade Date:	______________]4


 


Effective Date: _____________ ___, 20___
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]


 








 






2
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders for each relevant Class
thereunder.





3
To the extent that there are multiple Classes of Term Loans, schedule should identify the Class or Classes being
assigned.


4
To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined
as of the Trade Date.



 




    	A-2



    	 



    

 


The terms set forth in this Assignment and Acceptance are hereby
agreed to:


 





	 	 	ASSIGNOR
	 	 	[NAME OF ASSIGNOR]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	 	ASSIGNEE
	 	 	[NAME OF ASSIGNEE]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:







 





	 	 	 
	Consented to and Accepted:	 	 
	 	 	 
	Jefferies Finance LLC, 	 	 
	  as Administrative Agent	 	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	[Consented to and Accepted:	 	 
	 	 	 
	Jefferies Finance LLC, 	 	 
	  as Swingline Lender 	 	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title: ]5	 	 





 


 






5
To be added only if the consent of the Swingline Lender is required by the terms of the Credit Agreement


  




    	A-3



    	 



    

  


	[Consented to and Accepted:	 	 
	 	 	 
	JEFFERIES FINANCE LLC, 	 	 
	  as an Issuing Bank	 	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title: ]6	 	 
	 	 	 
	[Consented to: 	 	 
	 	 	 
	OSG INTERNATIONAL, INC.,	 	 
	  as Administrative Borrower	 	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title: ]7	 	 


 





 






6
To be added only if the consent of an Issuing Bank is required by the terms of the Credit Agreement


7
To be added only if the consent of the Administrative Borrower is required by the terms of the Credit Agreement.


  





    	A-4



    	 



    

 








ANNEX 1 to Assignment and Acceptance


 


STANDARD TERMS AND CONDITIONS FOR


ASSIGNMENT AND ACCEPTANCE


 


1.             Representations
and Warranties.


 


1.1           Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby
and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document (other than this Assignment and Acceptance), (ii)
the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents (other than this Assignment
and Acceptance) or any collateral thereunder, (iii) the financial condition of Holdings, the Administrative Borrower, any of its
Subsidiaries or Affiliates or any other person obligated in respect of any Loan Document, or (iv) the performance or observance
by the Administrative Borrower, any of its Subsidiaries or Affiliates or any other person of any of their respective obligations
under any Loan Document.


 


1.2.          Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it is not a Disqualified Institution and it meets all the requirements of an Eligible Assignee under
the Credit Agreement (subject to such consents, if any, as may be required under the Credit Agreement), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets
of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire
the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and
has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant
to Section 5.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit
analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest, (vi) it has, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned
Interest, (vii) it is not a Defaulting Lender, (viii) if it is not already a Lender under the Credit Agreement, attached to the
Assignment and Acceptance an Administrative Questionnaire in the form provided by the Administrative Agent and (ix) attached to
the Assignment and Acceptance is any documentation required to be delivered by it pursuant to Section 2.15 of the Credit
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on
the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed
by it as a Lender.


 




    	A-5



    	 



    

  


2.             Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective
Date and to the Assignee for amounts that have accrued from and after the Effective Date.


 


3.             General
Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by telecopy
shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance
shall be governed by, and construed in accordance with, the law of the State of New York.


 




    	A-6



    	 



    

 


EXHIBIT B


 


[Form of]


BORROWING REQUEST


 


Jefferies Finance LLC,

   as Administrative Agent for the Lenders referred to below

520 Madison Avenue


New York, New York, 10022


Attention: Account Manager – Overseas Shipholding Group
(OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


[and


 


Jefferies Finance LLC,


    as Swingline Lender


520 Madison Avenue


New York, New York, 10022


Attention: Account Manager – Overseas Shipholding Group
(OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com]1


 


Re:           OSG Bulk Ships, Inc.


 


Ladies and Gentlemen:


 


Reference is made to
the Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated, modified,
supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
The Administrative Borrower (on behalf of the Borrowers) hereby gives you notice pursuant to Section [2.03][2.17(b)] of
the Credit Agreement that it requests a Borrowing under the Credit Agreement, and that in connection therewith sets forth below
the terms on which such Borrowing is requested to be made:


 





 



1
Include for requests of Swingline Loans.


 




    	B-1



    	 



    

 





	(A)	Class of Borrowing:	[Revolving Borrowing]
	 	 	 
	 	 	[Term Borrowing]
	 	 	 
	 	 	[Swingline Borrowing]
	 	 	 
	(B)	Principal amount of Borrowing:2	 
	 	 	 
	(C)	Date of Borrowing	 
	 	(which is a Business Day):	 
	 	 	 
	(D)	Type of Borrowing:	[ABR Borrowing] [Eurodollar Borrowing]
	 	 	 
	(E)	Interest Period and the last day thereof:3	 
	 	 	 
	(F)	Funds are requested to be disbursed to the Administrative Borrower’s account with:	 
	 	 	Account No.	 


 


The Administrative Borrower hereby represents and warrants that
the conditions to lending specified in Sections 4.02(b) and (c) of the Credit Agreement are satisfied as of
the date hereof.


 


[Signature Page Follows]





 


 



2
See Section 2.02(a) or 2.17(b) of the Credit Agreement for minimum borrowing amounts.





3
To be inserted if a Eurodollar Borrowing, and to be subject to the definition of “Interest Period” in the Credit
Agreement.



 




    	B-2



    	 



    

  


	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    	B-3



    	 



    




 


EXHIBIT C


 


[Form of]


COMPLIANCE CERTIFICATE


 


This compliance certificate (this “Certificate”)
is delivered to you pursuant to Section 5.01(f) of the Credit Agreement, dated as of August 5, 2014 (as the same now exists
or may hereafter be amended, amended and restated, modified, supplemented, extended, renewed, restated or otherwise modified from
time to time, the “Credit Agreement”), among Overseas Shipholding Group, Inc., a Delaware corporation (“Holdings”),
OSG International, Inc., a Marshall Islands corporation (the “Administrative Borrower”), OIN Delaware LLC, a
Delaware limited liability company, (the “Co-Borrower” and, together with the Administrative Borrower, the “Borrowers”),
the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, Jefferies Finance LLC,
as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders, Jefferies Finance LLC,
as collateral agent and mortgage trustee for the Secured Parties, Jefferies Finance LLC, as Swingline Lender, Jefferies Finance
LLC, as issuing bank for the Lenders, and the other Agents party thereto. Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


1.          I
am the duly elected, qualified and acting [specify type of Financial Officer] of the Administrative Borrower.


 


2.          I
have reviewed and am familiar with the contents of this Certificate.


 


3.          I
have reviewed the terms of the Credit Agreement and the other Loan Documents and have made, or caused to be made under my supervision,
a review in reasonable detail of the transactions and condition of Holdings, the Administrative Borrower and its Subsidiaries during
the accounting period covered by the financial statements attached hereto as Attachment 1 (the “Financial Statements”).
Such review did not disclose the existence during or at the end of the accounting period covered by the Financial Statements, and
I have no knowledge of the existence, as of the date of this Certificate, of any condition or event which constitutes a Default
[, except as set forth below].


 


[4.        Attached
hereto as Attachment 2 are the computations showing compliance with the financial covenant set forth in Section 6.10 of
the Credit Agreement.


 


5.         Attached
hereto as Attachment 3 is a list of all Collateral Vessels, Excluded Vessels, Immaterial Subsidiaries and Unrestricted
Subsidiaries as of the end the most recent fiscal quarter.]1


 


[6.      Attached hereto
as Attachment 4 are computations in reasonable detail demonstrating the Administrative Borrower’s calculation of the
Excess Cash Flow and the amount of the respective payment pursuant to Section 2.10(b)(v) of the Credit Agreement for the
respective Excess Cash Flow Period.]2


 


[Signature
Page Follows]


 





 



1
Insert for financial statements delivered pursuant to Section 5.01(a) or (b) of the Credit Agreement.


2
Insert for financial statements delivered pursuant to Section 5.01(a) of the Credit Agreement.




 




    	C-1



    	 



    

 


IN WITNESS WHEREOF, I execute this Certificate
this ____ day of ____________, 20__.


 


	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: [Financial Officer]


 




    	C-2



    	 



    

  


ATTACHMENT 1


 


TO


 


COMPLIANCE CERTIFICATE


 


Financial Statements


 


The information described herein is as of
[__________________], and pertains to [the month][the fiscal [quarter] [year]] ended [____________].


 




    	C-3



    	 



    

  


ATTACHMENT 2


 


TO


 


COMPLIANCE CERTIFICATE


 


[Set forth in reasonable detail calculation
of financial covenants]


 




    	C-4



    	 



    

  


ATTACHMENT 3


 


TO


 


COMPLIANCE CERTIFICATE


 


1.          Collateral
Vessels:


 


2.          Excluded
Vessels:


 


3.          Immaterial
Subsidiaries:


 


4.          Unrestricted
Subsidiaries:


 




    	C-5



    	 



    

  


ATTACHMENT 4


 


TO


 


COMPLIANCE CERTIFICATE


 


[Excess Cash Flow and Related Payment]


 




    	C-6



    	 



    

 








EXHIBIT D


 


FORM OF





INTERCOMPANY SUBORDINATION AGREEMENT





 


This INTERCOMPANY
SUBORDINATION AGREEMENT, dated as of [___], 2014 (as from time to time amended, amended
and restated, modified, supplemented, extended, renewed, restated or otherwise modified from time to time, this “Intercompany
Subordination Agreement”), is made and entered into by and among each of the undersigned, to the extent a borrower from
time to time (in such capacity for the purposes of this Intercompany Subordination Agreement, an “Obligor”)
from any other entity listed on the signature page (in such capacity for the purposes of this Intercompany Subordination Agreement,
a “Subordinated Creditor”). 


 


RECITALS


 


(A)         Reference
is made to (i) that Credit Agreement, dated as of August 5, 2014 (as amended, amended and
restated, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation (“Holdings”), OSG International, Inc., a Marshall
Islands corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability company
(the “Co-Borrower” and together with the Administrative Borrower, the “Borrowers”), the Subsidiary
Guarantors (as defined therein) party thereto, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative
agent, collateral agent and mortgage trustee thereunder (in such capacities, the “Agent”), Jefferies Finance
LLC, as swingline lender, Jefferies Finance LLC, as issuing bank for the Lenders, and the other parties party thereto, and any
related notes, guarantees, collateral documents, instruments and agreements executed in connection with the Credit Agreement, and
as amended, modified, renewed, refunded, replaced, restated, restructured, increased, supplemented or refinanced in whole or in
part from time to time, regardless of whether such amendment, modification, renewal, refunding, replacement, restatement, restructuring,
increase, supplement or refinancing is with the same lenders or holders, agents or otherwise. Capitalized terms used but not otherwise
defined herein shall have the respective meanings assigned to them in the Credit Agreement. 


 


(B)         All
Indebtedness of each Obligor that is a Loan Party to each Subordinated Creditor now or hereafter existing (whether created directly
or acquired by assignment or otherwise), and all principal, interest, premiums, costs, expenses, indemnification and other amounts
thereon or payable in respect thereof or in connection therewith, are hereinafter referred to as the “Subordinated Debt”.


 


(C)         This
Intercompany Subordination Agreement is entered into pursuant to the terms of the Credit Agreement and is delivered in connection
therewith.





 




    	D-1



    	 



    

 


SECTION 1.       Subordination.
  


 


(a)          Each Subordinated Creditor and each Obligor agrees that
the Subordinated Debt is and shall be subordinate, to the extent and in the manner hereinafter set forth, to the prior payment
in full in cash of (i) all Secured Obligations (as defined in the Credit Agreement) of any such Obligor now or hereafter existing
under the Credit Agreement, the other Loan Documents (as defined in the Credit Agreement) and the Bank Product Agreements (as
defined in the Credit Agreement), including, without limitation, where applicable, such Obligor’s guarantee thereof (collectively,
the “Senior Indebtedness”).


 


(b)          A
Subordinated Creditor shall automatically be released from its obligations hereunder upon the consummation of any transaction permitted
by the Credit Agreement as a result of which such Subordinated Creditor ceases to be a Subsidiary of Holdings.


 


 


SECTION
2.        Events of Subordination.
(a) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition
of any Obligor or its debts, whether voluntary or involuntary, in any bankruptcy, insolvency, arrangement, reorganization, receivership,
relief or other similar case or proceeding under any Insolvency Law or upon an assignment for the benefit of creditors or any other
marshalling of the assets and liabilities of any Obligor or otherwise, the holders of Senior Indebtedness shall be entitled to
receive payment in full in cash of all Senior Indebtedness before any Subordinated Creditor is entitled to receive any payment
of any kind or character (whether in cash, property or securities) of all or any of the Subordinated Debt, and any payment or distribution
of any kind or character (whether in cash, property or securities) that otherwise would be payable or deliverable upon or with
respect to the Subordinated Debt in any such case, proceeding, assignment, marshalling or otherwise (including any payment that
may be payable by reason of any other indebtedness of such Obligor being subordinated to payment of the Subordinated Debt) shall
be paid or delivered directly to the Agent for the account of the holders of Senior Indebtedness for application (in the case of
cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness
until the Senior Indebtedness shall have been paid in full in cash.





 


(b)          If
any Event of Default has occurred and is continuing under the Credit Agreement, then no payment (including any payment that may
be payable by reason of any other Indebtedness of any Obligor being subordinated to payment of the Subordinated Debt) or distribution
of any kind or character (whether in cash, property or securities) shall be made by or on behalf of any Obligor for or on account
of any Subordinated Debt, and no Subordinated Creditor shall take or receive from or on behalf of any Obligor, directly or indirectly,
in cash or other property or by set-off or in any other manner, including, without limitation, from or by way of collateral, payment
of all or any of the Subordinated Debt, unless and until (x) all Senior Indebtedness shall have been paid in full in cash or (y)
such Event of Default shall have been cured or waived, unless otherwise agreed in writing by the Agent.


 


(c)          Except
as otherwise set forth in Sections 2(a) and (b) above, any Obligor is permitted to pay, and any Subordinated Creditor
is entitled to receive, any payment or prepayment of principal and interest on the Subordinated Debt in accordance with the terms
thereof.





 




    	D-2



    	 



    

 


SECTION
3.        In Furtherance of Subordination. Each Subordinated
Creditor agrees as follows:


 


(a)          If
any proceeding referred to in Section 2(a) above is commenced by or against any Obligor,


 


(i)           the
Agent is hereby irrevocably authorized and empowered (in its own name or in the name of each Subordinated Creditor or otherwise),
but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in Section 2(a)
and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation,
voting the Subordinated Debt or enforcing any security interest or other lien securing payment of the Subordinated Debt) as it
may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Agent and/or the Lenders
hereunder; and


 


(ii)          each
Subordinated Creditor shall duly and promptly take such action as the Agent may reasonably request (A) to collect the Subordinated
Debt for the account of the Agent and of the other Secured Parties and to file appropriate claims or proofs or claim in respect
of the Subordinated Debt, (B) to execute and deliver to the Agent such powers of attorney, assignments, or other instruments
as the Agent may request in order to enable the Agent to enforce any and all claims with respect to, and any security interests
and other liens securing payment of, the Subordinated Debt, and (C) to collect and receive any and all payments or distributions
which may be payable or deliverable upon or with respect to the Subordinated Debt.


 


(b)           All
payments or distributions upon or with respect to the Subordinated Debt which are received by each Subordinated Creditor contrary
to the provisions of this Intercompany Subordination Agreement shall be received in trust for the benefit of the Agent and of the
other Secured Parties, shall be segregated from other funds and property held by such Subordinated Creditor and shall be forthwith
paid over to the Agent for the account of the Agent and of the other Secured Parties in the same form as so received (with any
necessary indorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash property or securities)
for, the payment or prepayment of the Senior Indebtedness in accordance with the terms of the applicable Credit Agreement.


 


(c)           The
Agent is hereby authorized to demand specific performance of this Intercompany Subordination Agreement, whether or not any Obligor
shall have complied with any of the provisions hereof applicable to it, at any time when any applicable Subordinated Creditor shall
have failed to comply with any of the provisions of this Intercompany Subordination Agreement applicable to it. Each Subordinated
Creditor hereby irrevocably waives any defense based on the adequacy of a remedy at law, which might be asserted as a bar to such
remedy of specific performance.


 


SECTION
4.      Rights of Subrogation.
Each Subordinated Creditor agrees that no payment or distribution to the Agent or the other Secured Parties pursuant to the provisions
of this Intercompany Subordination Agreement shall entitle such Subordinated Creditor to exercise any right of subrogation in respect
thereof until the Senior Indebtedness shall have been paid in full in cash.





 




    	D-3



    	 



    

 


SECTION
5.         Further Assurances. Each
Subordinated Creditor and each Obligor will, at its expense and at any time and from time to time, promptly execute and deliver
all further instruments and documents, and take all further action, that may be necessary, or that the Agent may reasonably request
in writing, in order to protect any right or interest granted or purported to be granted hereby or to enable the Agent or any other
Secured Party to exercise and enforce its rights and remedies hereunder.





 


SECTION
6.          Agreements in Respect of Subordinated Debt.
No Subordinated Creditor will, except as permitted under the Credit Agreement:


 


 


		(i)	sell, assign, pledge, encumber or otherwise dispose of
any of the Subordinated Debt unless such sale, assignment, pledge, encumbrance or disposition is made expressly subject to this
Intercompany Subordination Agreement; or



 


		(ii)	permit the terms of any of the Subordinated Debt to be changed in such a manner as to have a material
adverse effect upon the rights or interests of the Agent or any other Secured Party hereunder.



 





SECTION
7.      Agreement by the Obligors. Each Obligor agrees that it will not make any payment
of any of the Subordinated Debt, or take any other action, in each case if such payment or other action would be in contravention
of the provisions of this Intercompany Subordination Agreement.


  


SECTION
8.       Obligations Hereunder Not Affected.
All rights and interests of the Agent, the Lenders and the other Secured Parties hereunder, and all agreements and obligations
of each Subordinated Creditor and each Obligor under this Intercompany Subordination Agreement, shall remain in full force and
effect irrespective of:


  


		(i)	any amendment, extension, renewal, compromise, discharge,
acceleration or other change in the time for payment or the terms of the Senior Indebtedness or any part thereof;



 


		(ii)	any taking, holding, exchange, enforcement, waiver, release,
failure to perfect, sell or otherwise dispose of any security for payment of the Guaranty or any Senior Indebtedness;



 


		(iii)	the application of security and directing the order or
manner of sale thereof as the Agent and the other Secured Parties in their sole discretion may determine;



 


		(iv)	the release or substitution of one or more of any endorsers
or other guarantors of any of the Senior Indebtedness;



 




    	D-4



    	 



    

  


		(v)	the taking of, or failure to take any action which might
in any manner or to any extent vary the risks of any Guarantor or which, but for this Section 8, might operate as a discharge
of such Guarantor;



 


		(vi)	any defense arising by reason of any disability, change
in corporate existence or structure or other defense of any Obligor, any other Guarantor or a Subordinated Creditor, the cessation
from any cause whatsoever (including any act or omission of any Secured Party) of the liability of such Obligor, any other Guarantor
or a Subordinated Creditor;



 


		(vii)	any defense based on any claim that such Guarantor’s
or Subordinated Creditor’s obligations exceed or are more burdensome than those of any Obligor, any other Guarantor or any
other subordinated creditor, as applicable;



 


		(viii)	the benefit of any statute of limitations affecting such
Guarantor’s or Subordinated Creditor’s liability hereunder;



 


		(ix)	any right to proceed against any Obligor, proceed against
or exhaust any security for the Obligations, or pursue any other remedy in the power of any Secured Party, whatsoever;



 


		(x)	any benefit of and any right to participate in any security
now or hereafter held by any Secured Party, and



 


		(xi)	to the fullest extent permitted by law, any and all other
defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors
or sureties.



 


This Intercompany Subordination Agreement
shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Senior Indebtedness
is rescinded or must otherwise be returned by the Agent or any Lender or any other Secured Party upon the insolvency, bankruptcy
or reorganization of any Obligor or otherwise, all as though such payment had not been made.


 


SECTION
9.      Waiver. Each Subordinated
Creditor and each Obligor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of
the Obligations and this Intercompany Subordination Agreement and any requirement that the Agent or any other Secured Party protect,
secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action
against any Obligor or any other person or entity or any collateral.





 




    	D-5



    	 



    

 


SECTION
10. Amendments, Etc. No amendment or waiver of any provision of this Intercompany
Subordination Agreement, and no consent to any departure by any Subordinated Creditor or any Obligor herefrom, shall in any event
be effective unless the same shall be in writing and signed by the Agent, each Obligor and each Subordinated Creditor, and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided
that amendments hereto shall be effective as against the Lenders only if executed and delivered by the Agent (with the written
consent of the Required Lenders at such time).


  


SECTION
11. Expenses; Indemnity. This Intercompany Subordination Agreement is entitled
to the benefits of Section 11.03 of the Credit Agreement.


 


 


SECTION
12.     Addresses for Notices. All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.01 of the Credit Agreement. All communications and notice hereunder to an Obligor shall be given in care of
the Administrative Borrower.


 


SECTION
13.     No Waiver; Remedies. No failure
on the part of the Agent or any Lender or any other Secured Party to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.





 


SECTION
14.     Joinder. Upon execution and
delivery after the date hereof by any Subsidiary of a joinder agreement in substantially the form of Exhibit A hereto, each
such party shall become an Obligor and/or a Subordinated Creditor, as applicable, hereunder with the same force and effect as if
originally named as an Obligor or a Subordinated Creditor, as applicable, hereunder. The rights and obligations of each Obligor
and each Subordinated Creditor hereunder shall remain in full force and effect notwithstanding the addition of any new Obligor
or Subordinated Creditor as a party to this Intercompany Subordination Agreement.


 


SECTION
15.    Governing Law; Jurisdiction; Etc.
(a)     THIS INTERCOMPANY SUBORDINATION AGREEMENT AND ANY CLAIM, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS INTERCOMPANY
SUBORDINATION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, AND GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK. 


 




    	D-6



    	 



    

 


(b)          EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE
SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, IN EACH CASE LOCATED IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS INTERCOMPANY SUBORDINATION AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING
SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, IN SUCH
FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LEGAL REQUIREMENTS.
NOTHING IN THIS INTERCOMPANY SUBORDINATION AGREEMENT SHALL AFFECT ANY RIGHT THAT THE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS INTERCOMPANY SUBORDINATION AGREEMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN
THE COURTS OF ANY JURISDICTION.


 


(c)          EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS INTERCOMPANY SUBORDINATION AGREEMENT IN ANY COURT REFERRED TO IN SECTION 15(B) OF THIS INTERCOMPANY SUBORDINATION AGREEMENT.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.


 


(d)          EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INTERCOMPANY
SUBORDINATION AGREEMENT, IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE OR EMAIL) IN SECTION 12 OF THIS INTERCOMPANY
SUBORDINATION AGREEMENT. NOTHING IN THIS INTERCOMPANY SUBORDINATION AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT
OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LEGAL REQUIREMENTS.


 


(e)           EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INTERCOMPANY SUBORDINATION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS INTERCOMPANY SUBORDINATION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 15(e).





 




    	D-7



    	 



    




 


SECTION
16.     Counterparts; Effectiveness.
This Intercompany Subordination Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be
deemed to be an original, but all such counterparts together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page of this Intercompany Subordination Agreement by telecopy or other electronic transmission shall
be effective as delivery of a manually executed counterpart of this Intercompany Subordination Agreement. This Intercompany Subordination
Agreement shall become effective when it shall have been executed by the Subordinated Creditors, the Obligors and the Agent, and
thereafter shall be binding upon and inure to the benefit of each Obligor, each Subordinated Creditor, the Agent, each other Secured
Party and their respective permitted successors and assigns, subject to Section 6 hereof. Delivery of an executed counterpart
of a signature page of this Intercompany Subordination Agreement by telecopy or other electronic imaging means shall be effective
as delivery of a manually executed counterpart of this Intercompany Subordination Agreement.


 


SECTION 18. Rights
under Agreement. No person other than the parties hereto, the Lenders from time to time and their successors and assigns as
holders of the Senior Indebtedness and the Subordinated Debt shall have any rights under this Agreement.


 


SECTION 19. Severability
of Provisions. Any provision hereof which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other
jurisdiction.


 


[Remainder of page
left intentionally blank]


 




    	D-8



    	 



    

 


IN WITNESS WHEREOF, each
Subordinated Creditor, each Obligor and the Borrower each has caused this Intercompany Subordination Agreement to be duly executed
and delivered by its officer thereunto duly authorized as of the date first above written.


  


	 	OSG INTERNATIONAL, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	OVERSEAS SHIPHOLDING GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	OIN DELAWARE LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


[Signature Page to OSG International, Inc.
Intercompany Subordination Agreement]


 




    	D-9



    	 



    

 


	 	1372 Tanker Corporation
	 	Africa Tanker Corporation
	 	Alcesmar Limited
	 	Alcmar Limited
	 	Amalia Product Corporation
	 	Ambermar Product Carrier 
	 	     Corporation
	 	Andromar Limited
	 	Antigmar Limited
	 	Ariadmar Limited
	 	Atalmar Limited
	 	Athens Product Tanker Corporation
	 	Aurora Shipping Corporation
	 	Batangas Tanker Corporation
	 	Cabo Hellas Limited
	 	Cabo Sounion Limited
	 	Caribbean Tanker Corporation
	 	Carl Product Corporation
	 	Concept Tanker Corporation
	 	Delta Aframax Corporation
	 	Eighth Aframax Tanker Corporation
	 	Epsilon Aframax Corporation
	 	First Union Tanker Corporation
	 	Front President Inc.
	 	Goldmar Limited
	 	International Seaways, Inc.
	 	Jademar Limited
	 	Kimolos Tanker Corporation
	 	Kythnos Chartering Corporation
	 	Leyte Product Tanker Corporation
	 	Luxmar Product Tanker Corporation
	 	Majestic Tankers Corporation
	 	Maple Tanker Corporation
	 	Maremar Product Tanker
	 	     Corporation
	 	Milos Product Tanker Corporation
	 	Mindanao Tanker Corporation
	 	Oak Tanker Corporation
	 	Oceania Tanker Corporation
	 	OSG Clean Products International,
	 	       Inc.
	 	OSG Lightering LLC
	 	OSG Ship Management (UK) Ltd.
	 	Overseas Shipping (GR) Ltd.
	 	Pearlmar Limited
	 	Petromar Limited
	 	Reymar Limited
	 	Rich Tanker Corporation
	 	Rosalyn Tanker Corporation
	 	Rosemar Limited
	 	Rubymar Limited


 


[Signature Page to OSG International, Inc.
Intercompany Subordination Agreement]


 




    	D-10



    	 



    

 





	 	Sakura Transport Corp.
	 	Samar Product Tanker Corporation
	 	Serifos Tanker Corporation
	 	Seventh Aframax Tanker Corporation
	 	Shirley Aframax Corporation
	 	Sifnos Tanker Corporation
	 	Silvermar Limited
	 	Sixth Aframax Tanker Corporation
	 	Skopelos Product Tanker
	 	  Corporation
	 	Star Chartering Corporation
	 	Third United Shipping Corporation
	 	Tokyo Transport Corp.
	 	Urban Tanker Corporation
	 	View Tanker Corporation,







 


	 	By:	 
	 		Name:
	 		Title:


 


[Signature Page to OSG International, Inc.
Intercompany Subordination Agreement]


 




    	D-11



    	 



    

 


	Agreed and acknowledged as of the date	 
	above written:	 
	 	 
	JEFFERIES FINANCE LLC, 	 
	as Agent	 
	 	 	 
	By	 	 
	 	Name:	 
	 	Title:	 


 


[Signature Page to OSG International, Inc.
Intercompany Subordination Agreement]


 




    	D-12



    	 



    

 


Exhibit A to the Intercompany
Subordination Agreement


 


FORM OF JOINDER AGREEMENT


  


This JOINDER AGREEMENT,
dated as of _______________, 20__ (this “Joinder”), is delivered pursuant to the Intercompany Subordination
Agreement, dated as of August 5, 2014 (as from time to time amended, amended and restated, supplemented, extended, renewed, restated
or otherwise modified from time to time, the “Intercompany Subordination Agreement”), among Overseas Shipholding
Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation, the other Subordinated Creditors
and Obligors from time to time party thereto, Jefferies Finance LLC, as Administrative Agent under the Credit Agreement. Capitalized
terms used but not otherwise defined herein shall have the meanings assigned to them in the Intercompany Subordination Agreement.


 


1.            Joinder
in the Intercompany Subordination. The undersigned hereby agrees that on and after the date hereof, it shall be an “Obligor”
and a “Subordinated Creditor” (as applicable) under and as defined in the Intercompany Subordination Agreement,
hereby assumes and agrees to perform all of the obligations of an Obligor and a Subordinated Creditor thereunder and agrees that
it shall comply with and be fully bound by the terms of the Intercompany Subordination Agreement as if it had been a signatory
thereto as of the date thereof; provided that the representations and warranties made by the undersigned thereunder shall
be deemed true and correct as of the date of this Joinder.


 


2.            Unconditional
Joinder. The undersigned acknowledges that the undersigned’s obligations as a party to this Joinder are unconditional
and are not subject to the execution of one or more Joinders by other parties. The undersigned further agrees that it has joined
and is fully obligated as an Obligor and a Subordinated Creditor (as applicable) under the Intercompany Subordination Agreement.


 


3.            Incorporation
by Reference. All terms and conditions of the Intercompany Subordination Agreement are hereby incorporated by reference in
this Joinder as if set forth in full.


 


IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Joinder as of the day and year first above written.


  





	 	[______________________________]










 


	 	By:	 
	 	 	Name:
	 	 	Title:


 








    	D-13



    	 



    

 


EXHIBIT E


[Form of]


INTEREST ELECTION REQUEST


 


[Date]


 


Jefferies Finance LLC, as Administrative Agent for the Lenders
referred to below


520 Madison Avenue


New York, New York 10022


Attention: Account Manager – Overseas Shipholding Group
(OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


Re:          OSG International, Inc.


 


Ladies and Gentlemen:


 


Pursuant to Section 2.08 of that
certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”;
capitalized terms used but not defined herein shall have the meanings given to such terms in the Credit Agreement), among Overseas
Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto, the Administrative
Borrower (on behalf of the Borrowers) hereby gives the Administrative Agent notice that the Administrative Borrower hereby requests:


 


[Option A - Conversion of Eurodollar
Borrowings to ABR Borrowings:  to convert $___________ in principal amount of presently outstanding Eurodollar _______________
Borrowings1 with a final Interest Payment Date of ____________
____, _____ to ABR Borrowings on __________ ____, ____ (which is a Business Day).]


 


[Option B - Conversion of ABR Borrowings
to Eurodollar Borrowings:  to convert $__________ in principal amount of presently outstanding ABR ____________ Borrowings2
to Eurodollar Borrowings on ____________ ____, _____ (which is a Business Day).  The Interest Period for such Eurodollar Borrowings
is ______ month[s].]


 


[Option C - Continuation of Eurodollar
Borrowings as Eurodollar Borrowings:  to continue as Eurodollar Borrowings $__________ in presently outstanding Eurodollar
__________ Borrowings3 with a final Interest Payment
Date of ____________ ____, _____ (which is a Business Day).  The Interest Period for such Eurodollar Borrowings is ______
month[s].]


 


[Signature Page Follows]


 





 



1
Identify as Eurodollar Term Borrowings or Eurodollar Revolving Borrowings.





2
Identify as ABR Term Borrowings or ABR Revolving Borrowings. 


3
Identify as Eurodollar Term Borrowings or Eurodollar Revolving Borrowings.




 




    	E-1



    	 



    

  


	 	Very truly yours,
	 	 
	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title


 




    	E-2



    	 



    

 


EXHIBIT F


 


[Form of]


LC REQUEST


 


[Date]


 


Jefferies Finance LLC,


    as Administrative Agent for the Lenders
referred to below


520 Madison Avenue


New York, New York, 10022


Attention: Account Manager – Overseas Shipholding Group
(OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


Jefferies Finance LLC,


    as Issuing Bank


520 Madison Avenue


New York, New York, 10022


Attention: Account Manager – Overseas Shipholding Group
(OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


Re: OSG Bulk Ships, Inc.


 


Ladies and Gentlemen:


 


The undersigned, OSG International, Inc.,
a Marshall Islands corporation (the “Administrative Borrower”), hereby makes reference to that certain Credit
Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated, modified, supplemented,
extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”), among Overseas
Shipholding Group, Inc., a Delaware corporation, the Administrative Borrower, OIN Delaware LLC, a Delaware limited liability company
(the “Co-Borrower” and, together with the Administrative Borrower, the “Borrowers”), the
Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative
agent (in such capacity, the “Administrative Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent
and mortgage trustee for the Secured Parties, Jefferies Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing
Bank, and the other Agents party thereto. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. The Administrative Borrower (on behalf of the Borrowers) hereby
gives notice, pursuant to Section 2.18(b) of the Credit Agreement, that the Administrative Borrower (on behalf of the Borrowers)
hereby requests the issuance of a Letter of Credit under the Credit Agreement, and in connection therewith, sets forth below the
information relating to such issuance (the “Proposed Issuance”):


 


(i)            The
requested date of the Proposed Issuance:                        


(which shall be a Business Day)


 


(ii)           The
face amount and currency (which must be Dollars or an Alternative Currency) of the proposed Letter of Credit:                          


 


(iii)          The
requested expiration date of such Letter of Credit:                      


 




    	F-1



    	 



    

  


(iv)          The
Proposed Issuance is requested for the account of [the Administrative Borrower] [the Co-Borrower] [Wholly Owned Restricted Subsidiary
of the Administrative Borrower] (provided that each Borrower shall remain jointly and severally liable as co-applicant)].


 


(v)           The
name and address of the beneficiary of such requested Letter of Credit is:


 


_______________________________________


_______________________________________


_______________________________________


 


(vi)          Any
documents to be presented by such beneficiary in connection with any drawing under the requested Letter of Credit, including any
certificate(s), application or form of such requested Letter of Credit, are attached hereto as Attachment 1 or described
therein.


 


In connection with a request for an amendment,
renewal or extension of any outstanding Letter of Credit, the Administrative Borrower sets forth the information below relating
to such proposed amendment, renewal or extension:


 


(i)            A
copy of the outstanding Letter of Credit requested to be amended, renewed or extended is attached hereto as Attachment 2.


 


(ii)           The
proposed date of amendment, renewal or extension thereof:                 


(which shall be a Business Day)


 


(iii)          The
nature of the proposed amendment, renewal or extension:


 


_______________________________________


_______________________________________


_______________________________________


 


(iv)          The
expiration date of such Letter of Credit (as amended, renewed or extended): _____


 


The undersigned hereby certifies that the
following statements are true and correct on the date hereof, and will be true and correct on the date of the Proposed Issuance
or on the date that any amendment, renewal or extension of an outstanding Letter of Credit becomes effective hereunder:


 


(A)         each
of the conditions set forth in Section 4.02 of the Credit Agreement in respect of such Proposed Issuance or amendment, renewal
or extension of an outstanding Letter of Credit are satisfied; and


 


(B)          the
Dollar Amount of the LC Exposure does not exceed the LC Commitment and the Total Revolving Exposure does not exceed the Total Availability.


 




    	F-2



    	 



    

  


	 	Very truly yours,
	 	 
	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	F-3



    	 



    

  


ATTACHMENT 1


 


TO


 


LC REQUEST


 


[Documents to be Presented in Connection
with any Drawing under the Requested Letter of Credit]


 




    	F-4



    	 



    

  


ATTACHMENT 2


 


TO


 


LC REQUEST


 


[Outstanding Letter of Credit]


 




    	F-5



    	 



    

 


EXHIBIT G


 


FORM OF


AUCTION PROCEDURES


 


This outline is intended to summarize
certain basic terms of the Auction Procedures pursuant to and in accordance with the terms and conditions of Section 2.22
of the Credit Agreement, dated as of August 5, 2014 (as amended, amended and restated, modified, supplemented, extended, renewed,
restated or otherwise modified from time to time, the “Credit Agreement”), among OVERSEAS SHIPHOLDING GROUP, INC.,
a Delaware corporation, OSG INTERNATIONAL, INC., a Marshall Islands corporation (the “Administrative Borrower”),
OIN Delaware LLC, a Delaware limited liability company, (the “Co-Borrower” and together with the Administrative
Borrower, the “Borrowers”) the Subsidiary Guarantors from time to time party thereto, the lenders from time
to time party thereto (the “Lenders”), Jefferies Finance LLC, as administrative agent (in such capacity, including
any successor thereto, the “Administrative Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent
and mortgage trustee for the Secured Parties, and the other Agents party thereto. This is not intended to be a definitive list
of all of the terms and conditions of an Auction (as defined below) and all such terms and conditions shall be set forth in the
applicable Auction Procedures set for each Auction (the “Offer Documents”). None of the Administrative Agent,
the Auction Manager, any other Agent or any of their respective Affiliates makes any recommendation pursuant to the Offer Documents
as to whether or not any Lender should sell its Term Loans to the Borrowers pursuant to the Offer Documents (including, for the
avoidance of doubt, by participating in the Auction as a Lender) or the Borrowers should purchase any Term Loans from the Lenders
pursuant to any Auction. Each Lender should make its own decision as to whether to sell any of its Term Loans and, if so, the principal
amount of and price to be sought for such Term Loans. In addition, each Lender should consult its own attorney, business advisor
or tax advisor as to legal, business, tax and related matters concerning this Auction and the Offer Documents. Capitalized terms
not otherwise defined in this Exhibit G have the meanings assigned to them in the Credit Agreement.


 


Summary.
The Borrowers may make prepayments of Term Loans pursuant to and in accordance with Section 2.22 of the Credit Agreement
(“Discounted Prepayments”) by conducting one or more auctions (each, an “Auction”) pursuant
to the procedures described herein.


 


Notice Procedures.
In connection with each Auction, the Borrowers will provide notification to the Auction Manager (for distribution to the Lenders)
of the Term Loans that will be the subject of the Auction by delivering to the Auction Manager a written notice in form and substance
reasonably satisfactory to the Auction Manager (an “Auction Notice”). Each Auction Notice shall contain (i)
the maximum aggregate principal amount of Term Loans the Borrowers are willing to purchase in the Auction (the “Auction
Amount”), which shall be no less than $10,000,000 (unless another amount is agreed to by the Administrative Agent); (ii)
the range of discounts to par (the “Discount Range”), expressed as a range of prices per $1,000, at which the
Borrowers would be willing to purchase Term Loans in the Auction; and (iii) the date on which the Auction will conclude, on which
date Return Bids (as defined below) will be due at the time provided in the Auction Notice (such time, the “Expiration
Time”), as such date and time may be extended for a period not exceeding three Business Days upon notice by the Borrowers
to the Auction Manager not less than 24 hours before the original Expiration Time; provided, however, that only one
extension per Discounted Prepayment Offer shall be permitted. An Auction shall be regarded as a “failed auction” in
the event that either (x) the Borrowers withdraw such Auction in accordance with the terms hereof or (y) the Expiration Time occurs
with no Qualifying Bids (as defined below) having been received. Notwithstanding anything to the contrary contained herein, the
Borrowers shall not initiate any Auction by delivering an Auction Notice to the Auction Manager until after the conclusion (whether
successful or failed) of the previous Auction (if any), whether such conclusion occurs by withdrawal of such previous Auction or
the occurrence of the Expiration Time of such previous Auction.


 




    	G-1



    	 



    

 


Reply Procedures.
In connection with any Auction, each Lender holding Term Loans wishing to participate in such Auction shall, prior to the Expiration
Time, provide the Auction Manager with a notice of participation in form and substance reasonably satisfactory to the Auction Manager
(the “Return Bid”, to be included in the Offer Documents) which shall specify (i) a discount to par that must
be expressed as a price per $1,000 of Term Loans (the “Reply Price”) within the Discount Range and (ii) the
principal amount of Term Loans, in an amount not less than $1,000,000, that such Lender is willing to offer for sale at its Reply
Price (the “Reply Amount”); provided, that each Lender may submit a Reply Amount that is less than the
minimum amount and incremental amount requirements described above only if the Reply Amount comprises the entire amount of the
Term Loans held by such Lender at such time. Each Lender may only submit one Return Bid per Auction but each Return Bid may contain
up to three component bids, each of which may result in a separate Qualifying Bid and each of which shall not be contingent
on any other component bid submitted by such Lender resulting in a Qualifying Bid. In addition to the Return Bid, the participating
Lender must execute and deliver, to be held by the Auction Manager, an assignment and acceptance in the form included in the Offer
Documents which shall be in form and substance reasonably satisfactory to the Auction Manager and the Administrative Borrower (on
behalf of the Borrowers) (the “Borrower Assignment and Acceptance”). The Borrowers will not purchase any Term
Loans at a price that is outside of the applicable Discount Range, nor will any Return Bids (including any component bids specified
therein) submitted at a price that is outside such applicable Discount Range be considered in any calculation of the Applicable
Threshold Price (as defined below).


 


Acceptance Procedures.
Based on the Reply Prices and Reply Amounts received by the Auction Manager, the Auction Manager, in consultation with the Administrative
Borrower (on behalf of the Borrowers), will calculate the lowest purchase price (the “Applicable Threshold Price”)
for the Auction within the Discount Range for the Auction that will allow the Borrowers to complete the Auction by purchasing the
full Auction Amount (or such lesser amount of Term Loans for which the Borrowers have received Qualifying Bids). The Borrowers
shall purchase Term Loans from each Lender whose Return Bid is within the Discount Range and contains a Reply Price that is equal
to or less than the Applicable Threshold Price (each, a “Qualifying Bid”). All principal amount of Term Loans
included in Qualifying Bids received at a Reply Price lower than the Applicable Threshold Price will be purchased at a purchase
price equal to the applicable Reply Price and shall not be subject to proration. If a Lender has submitted a Return Bid containing
multiple component bids at different Reply Prices, then all Term Loans of such Lender offered in any such component bid that constitutes
a Qualifying Bid with a Reply Price lower than the Applicable Threshold Price shall also be purchased at a purchase price in cash
equal to the applicable Reply Price and shall not be subject to proration.


 


Proration Procedures.
All Term Loans offered in Return Bids (or, if applicable, any component bid thereof) constituting Qualifying Bids equal to the
Applicable Threshold Price will be purchased at a purchase price equal to the Applicable Threshold Price; provided that
if the aggregate principal amount of all Term Loans for which Qualifying Bids have been submitted in any given Auction equal to
the Applicable Threshold Price would exceed the remaining portion of the Auction Amount (after deducting all Term Loans purchased
below the Applicable Threshold Price), the Borrowers shall purchase the Term Loans for which the Qualifying Bids submitted were
at the Applicable Threshold Price ratably based on the respective principal amounts offered and in an aggregate amount up to the
amount necessary to complete the purchase of the Auction Amount. For the avoidance of doubt, no Return Bids (or any component thereof)
will be accepted above the Applicable Threshold Price.


 




    	G-2



    	 



    

 


Notification
Procedures. The Auction Manager will calculate the Applicable Threshold Price no later than the next Business Day after
the date that the Return Bids were due and shall thereafter notify the Borrowers and respective Lenders thereof. The Auction Manager
will insert the amount of Term Loans to be assigned and the applicable settlement date determined by the Auction Manager in consultation
with the Administrative Borrower (on behalf of the Borrowers) onto each applicable Borrower Assignment and Acceptance received
in connection with a Qualifying Bid. Upon written request of the submitting Lender, the Auction Manager will promptly return the
Borrower Assignment and Acceptance received in connection with a Return Bid that is not a Qualifying Bid.


 


Additional Procedures.
Once initiated by an Auction Notice, the Borrowers may withdraw an Auction by written notice to the Auction Manager no later than
24 hours before the original Expiration Time so long as no Qualifying Bids have been received by the Auction Manager at or prior
to the time the Auction Manager receives such written notice from either Borrower. Any Return Bid (including any component bid
thereof) delivered to the Auction Manager may not be modified, revoked, terminated or cancelled; provided that a Lender
may modify a Return Bid at any time prior to the Expiration Time solely to reduce the Reply Price included in such Return Bid.
However, an Auction shall become void if either of the Borrowers fails to satisfy one or more of the conditions to the purchase
of Term Loans set forth in Section 2.22 of the Credit Agreement. The purchase price for each Discounted Prepayment shall
be paid in cash by the Borrowers directly to the assigning Lenders on a settlement date as determined by agreement of the Auction
Manager and the Administrative Borrower (on behalf of the Borrowers) (which shall be no later than 10 Business Days after the date
Return Bids are due). The Borrowers shall execute each applicable Borrower Assignment and Acceptance received in connection with
a Qualifying Bid.


 


All questions as to
the form of documents and validity and eligibility of Term Loans that are the subject of an Auction will be determined by the Auction
Manager, in consultation with the Administrative Borrower (on behalf of the Borrowers), and the Auction Manager’s determination
will be final and binding so long as such determination is not inconsistent with the provisions of Section 2.22 of the Credit
Agreement or this Exhibit G. The Auction Manager’s interpretation of the terms and conditions of the Offer
Document, in consultation with the Administrative Borrower (on behalf of the Borrowers), will be final and binding so long as such
determination is not inconsistent with the provisions of Section 2.22 of the Credit Agreement or this Exhibit G.


 


None of the Administrative
Agent, the Auction Manager, any other Agent or any of their respective Affiliates assumes any responsibility for the accuracy or
completeness of the information concerning the Borrowers, the other Loan Parties, or any of their Affiliates contained in the Offer
Documents or otherwise or for any failure to disclose events that may have occurred and may affect the significance or accuracy
of such information.


 


Immediately upon the
consummation of a Discounted Prepayment, the Term Loans subject to such Discounted Prepayment and all rights and obligations as
a Lender related to such Term Loans shall for all purposes (including under the Credit Agreement, the other Loan Documents and
otherwise) be deemed to be irrevocably prepaid, terminated, extinguished, cancelled and of no further force and effect and the
Borrowers shall neither obtain nor have any rights as a Lender under the Credit Agreement or under the other Loan Documents by
virtue of such Discounted Prepayment.


 


This Exhibit G shall not require the Borrowers to initiate
any Auction.


 




    	G-3



    	 



    

 


EXHIBIT H-1


 


[Form of]


TERM NOTE


 


	$[____________]	New York, New York
	 	[____________]


 


FOR VALUE RECEIVED,
the undersigned Borrowers (as defined in the Credit Agreement referred to below), HEREBY JOINTLY AND SEVERALLY PROMISE TO PAY to
the order of _____________________________ (or its registered assigns) (the “Lender”), on the Term Loan Maturity
Date, at the offices of Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative Agent”)
pursuant to the Credit Agreement (as hereinafter defined) for the financial institutions party thereto as Lenders, at its address
at 520 Madison Avenue, New York, New York 10022, or at such other place as the Administrative Agent may designate from time to
time in writing, in lawful money of the United States of America and in immediately available funds, the principal amount of the
lesser of (a) ______________________________________ DOLLARS AND __ CENTS ($__________) and (b) the aggregate unpaid
principal amount of all Term Loans of the Lender outstanding under the Credit Agreement referred to below. The Borrowers further
jointly and severally agree to pay interest in like money at such office on the unpaid principal amount hereof from time to time
at the rates, and on the dates, specified in Section 2.06 of the Credit Agreement. Terms used herein which are defined in
the Credit Agreement shall have such defined meanings unless otherwise defined herein.


 


The holder of this
Note may endorse and attach a schedule to reflect the date, Type and amount of each Term Loan of the Lender outstanding under the
Credit Agreement, the date and amount of each payment or prepayment of principal hereof, and the date of each interest rate conversion
or continuation pursuant to Section 2.08 of the Credit Agreement and the principal amount subject thereto; provided
that the failure of the Lender to make any such recordation (or any error in such recordation) shall not affect the obligations
of the Borrowers hereunder or under the Credit Agreement.


 


This Note is one of
the Notes referred to in the Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended,
amended and restated, modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit
Agreement”), among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands
corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower”
and, together with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time
party thereto, the Lenders from time to time party thereto, the Administrative Agent for the Lenders, Jefferies Finance LLC, as
collateral agent and mortgage trustee for the Secured Parties, and the other Agents party thereto. This Note is subject to the
provisions thereof and is subject to optional and mandatory prepayment in whole or in part as provided therein.


 


This Note is secured
and guaranteed as provided in the Credit Agreement and the Security Documents. Reference is hereby made to the Credit Agreement
and the Security Documents for a description of the properties and assets in which a security interest has been granted, the nature
and extent of the security and guarantees, the terms and conditions upon which the security interest and each guarantee was granted
and the rights of the holder of this Note in respect thereof.


 




    	H-1-1



    	 



    

 


Upon the occurrence
and during the continuation of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining
unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided therein.


 


All parties now and
hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind.


 


THIS NOTE MAY NOT
BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT. TRANSFERS OF THIS NOTE MUST BE RECORDED IN THE REGISTER
MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF THE CREDIT AGREEMENT.


 


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


 


	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OIN Delaware LLC,
	 	as Co-Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	H-1-2



    	 



    

 


EXHIBIT H-2


 


[Form of]


REVOLVING NOTE


 


	$[____________]	New York, New York
	 	[____________]


 


FOR VALUE RECEIVED,
the undersigned Borrowers (as defined in the Credit Agreement referred to below), HEREBY JOINTLY AND SEVERALLY PROMISE TO PAY to
[the order of] _____________________________ [(or its registered assigns)] (the “Lender”), on the Revolving
Maturity Date, at the offices of Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) pursuant to the Credit Agreement (as hereinafter defined) for the financial institutions party thereto as Lenders,
at its address at 520 Madison Avenue, New York, New York 10022, or at such other place as the Administrative Agent may designate
from time to time in writing, in lawful money of the United States of America and in immediately available funds, the principal
amount of the lesser of (a) ______________________________________ DOLLARS AND __ CENTS ($__________) and (b) the aggregate
unpaid principal amount of all Revolving Loans of the Lender outstanding under the Credit Agreement referred to below. The Borrowers
further jointly and severally agree to pay interest in like money at such office on the unpaid principal amount hereof from time
to time at the rates, and on the dates, specified in Section 2.06 of the Credit Agreement. Terms used herein which are defined
in the Credit Agreement shall have such defined meanings unless otherwise defined herein.


 


The holder of this
Note may endorse and attach a schedule to reflect the date, Type and amount of each Revolving Loan of the Lender outstanding under
the Credit Agreement, the date and amount of each payment or prepayment of principal hereof, and the date of each interest rate
conversion or continuation pursuant to Section 2.08 of the Credit Agreement and the principal amount subject thereto; provided
that the failure of the Lender to make any such recordation (or any error in such recordation) shall not affect the obligations
of the Borrowers hereunder or under the Credit Agreement.


 


This Note is one of
the Notes referred to in the Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended,
amended and restated, modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit
Agreement”), among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands
corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower”
and, together with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time
party thereto, the Lenders from time to time party thereto, the Administrative Agent for the Lenders, Jefferies Finance LLC, as
collateral agent and mortgage trustee for the Secured Parties, Jefferies Finance LLC, as Swingline Lender, Jefferies Finance LLC,
as an Issuing Bank, and the other Agents party thereto. This Note is subject to the provisions thereof and is subject to optional
and mandatory prepayment in whole or in part as provided therein.


 


This Note is secured
and guaranteed as provided in the Credit Agreement and the Security Documents. Reference is hereby made to the Credit Agreement
and the Security Documents for a description of the properties and assets in which a security interest has been granted, the nature
and extent of the security and guarantees, the terms and conditions upon which the security interest and each guarantee was granted
and the rights of the holder of this Note in respect thereof.


 


Upon the occurrence
and during the continuation of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining
unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided therein.


 




    	H-2-1



    	 



    

 


All parties now and
hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind.


 


THIS NOTE MAY NOT
BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT. TRANSFERS OF THIS NOTE MUST BE RECORDED IN THE REGISTER
MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF THE CREDIT AGREEMENT.


 


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


 


	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OIN DELAWARE LLC,
	 	as Co-Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	H-2-2



    	 



    



 





EXHIBIT H-3


 


[Form of]


SWINGLINE NOTE


 


	$10,000,000.00	New York, New York
	 	[____________]


 


FOR VALUE RECEIVED, the undersigned Borrowers
(as defined in the Credit Agreement referred to below), HEREBY JOINTLY AND SEVERALLY PROMISE TO PAY to the order of Jefferies Finance
LLC (the “Swingline Lender”), on the Revolving Maturity Date, at the offices of Jefferies Finance LLC, as administrative
agent (in such capacity, the “Administrative Agent”) pursuant to the Credit Agreement (as hereinafter defined)
for the financial institutions party thereto as Lenders, at its address at 520 Madison Avenue, New York, New York 10022, or at
such other place as the Administrative Agent may designate from time to time in writing, in lawful money of the United States of
America and in immediately available funds, the principal amount of the lesser of (a) TEN MILLION DOLLARS AND ZERO CENTS ($10,000,000.00)
and (b) the aggregate unpaid principal amount of all Swingline Loans made by the Swingline Lender to the undersigned pursuant
to Section 2.17 of the Credit Agreement referred to below. The Borrowers further jointly and severally agree to pay interest
in like money at such office on the unpaid principal amount hereof from time to time from the date hereof at the rates and on the
dates specified in Section 2.06 of the Credit Agreement. Terms used herein which are defined in the Credit Agreement shall
have such defined meanings unless otherwise defined herein.


 


The holder of this Note may endorse and
attach a schedule to reflect the date, the amount of each Swingline Loan and the date and amount of each payment or prepayment
of principal thereof; provided that the failure of the Swingline Lender to make such recordation (or any error in such recordation)
shall not affect the obligations of the Borrowers hereunder or under the Credit Agreement.


 


This Note is one of the Notes referred to
in the Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, the Administrative Agent for the Lenders, Jefferies Finance LLC, as collateral agent
and mortgage trustee for the Secured Parties, the Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents
party thereto. This Note is subject to the provisions thereof and is subject to optional and mandatory prepayment in whole or in
part as provided therein.


 


This Note is secured and guaranteed as provided
in the Credit Agreement and the Security Documents. Reference is hereby made to the Credit Agreement and the Security Documents
for a description of the properties and assets in which a security interest has been granted, the nature and extent of the security
and guarantees, the terms and conditions upon which the security interest and each guarantee was granted and the rights of the
holder of this Note in respect thereof.


 


Upon the occurrence and during the continuation
of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall
become, or may be declared to be, immediately due and payable, all as provided therein.


 




    	H-3-1



    	 



    

 


All parties now and hereafter liable with
respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest
and all other notices of any kind.


 


THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT. TRANSFERS OF THIS NOTE MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE
ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF THE CREDIT AGREEMENT.


 


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


 


	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OIN DELAWARE LLC,
	 	as Co-Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




    	H-3-2



    	 



    

  





EXHIBIT I


 


PERFECTION
CERTIFICATE


  


Reference is
hereby made to (i) that certain Security Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended,
amended and restated, modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the
“Security Agreement”), among OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors (together with the Borrowers,
the “Pledgors”) from time to time party thereto and the Collateral Agent (as hereinafter defined), (ii) that
certain Holdings Pledge Agreement dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and
restated, modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Holdings
Pledge Agreement”) by and between Overseas Shipholding Group, Inc., a Delaware corporation (“Holdings”)
and the Collateral Agent (as hereinafter defined) and (iii) that certain Credit Agreement, dated as of August 5, 2014 (as
the same now exists or may hereafter be amended, amended and restated, modified, supplemented, extended, renewed, restated, replaced
or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrowers from time to
time party thereto, the Subsidiary Guarantors from time to time party thereto, Jefferies Finance LLC, Barclays Bank PLC and UBS
Securities LLC, as joint lead arrangers and joint book running managers (in such capacity, the “Joint Lead Arrangers”),
Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured
Parties, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties (in such capacity, the “Collateral
Agent” or the “Mortgage Trustee” as the context requires), Jefferies Finance LLC, as Swingline Lender,
and Jefferies Finance LLC, as Issuing Bank.


 


All initially
capitalized terms used herein without definition shall have the meanings ascribed thereto in the Credit Agreement. Any terms (whether
capitalized or lower case) used in this Perfection Certificate that are defined in the UCC shall be construed and defined as set
forth in the UCC unless otherwise defined herein or in the Credit Agreement; provided, that, to the extent that
the UCC is used to define any term used herein and if such term is defined differently in different Articles of the UCC, the definition
of such term contained in Article 9 of the UCC shall govern. As used herein, the term “Loan Parties” shall mean the
“Loan Parties” as that term is defined in the Credit Agreement and “UCC” shall mean the “UCC”
as that term is defined in the Security Agreement or the Holdings Pledge Agreement, as applicable.


 


The undersigned
hereby certify to the Administrative Agent and each of the Secured Parties as follows:


 


1.             Names.
(a) The exact legal name of each Loan Party, as such name appears in its respective certificate of incorporation, certificate
of formation or any other organizational document, is set forth in Schedule 1(a)
hereto. Each Loan Party is the type of entity disclosed next to its name in Schedule 1(a)
hereto. Also set forth in Schedule 1(a) hereto is the organizational identification number, if any,
of each Loan Party that is a registered organization, the Federal Taxpayer Identification Number (if any) of each Loan Party and
the jurisdiction of organization of each Loan Party.


 


(b)             Schedule 1(b)
hereto sets forth any other corporate or organizational names each Loan Party has had or used in the past five years,
together with the date of any relevant change.


 




    	I-1



    	 



    

 


 


(c)             Schedule 1(c)
 hereto sets forth a list of each other business or organization (if any) to which any Loan Party became the successor
by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise, at any time during
the past five years. Schedule 1(c) hereto also sets forth the information required by Sections 1(a)
and (b) hereto for any other business or organization to which each Loan Party became the successor by merger,
consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise, at any time during the past five
years and the date hereof. Except as set forth in Schedule 1(c) hereto, no Loan Party has changed its jurisdiction
of organization at any time during the past four months.


 


2.             Current
Locations. (a) The chief executive office of each Loan Party is located at the address set forth in Schedule 2(a)
hereto.


 


(b)             Schedule 2(b)
hereto sets forth all locations where each Loan Party maintains any books or records relating to any Collateral.


 


(c)             Schedule 2(c)
hereto sets forth all the other places of business of each Loan Party.


 


(d)             Schedule 2(d)
hereto sets forth all locations not identified on Schedule 2(c) hereto where each Pledgor maintains
any of the Collateral consisting of inventory or equipment (whether or not in the possession of any Loan Party) except Commercial
Motor Vehicles, Vessels and Equipment located on a Vessel or to the extent that the Fair Market Value of inventory and equipment
at all locations not identified on Schedule 2(c) or Schedule 2(d) hereto does not exceed $500,000
individually or $2,500,000 in the aggregate.


 


3.             Extraordinary
Transactions. With respect to Collateral that was originated or acquired during the past five years, such Collateral has been
originated by each Pledgor in the ordinary course of business or consists of goods which have been acquired by such Pledgor in
the ordinary course of business from a person in the business of selling goods of that kind (except for, in each case, those material
purchases, mergers, acquisitions, consolidations and other transactions described on Schedule 3 hereto).


 


4.             File
Search Reports. Schedule 4 hereto is a true and accurate summary of file search reports from the Uniform
Commercial Code filing offices (x) in each jurisdiction identified on Schedule 1(a) or Schedule
2(a) with respect to each legal name set forth on Schedule 1(a) and any name change in the last four months
set forth on Schedule 1(b) and (y) in each jurisdiction described in Schedule 1(c) hereto
or Schedule 3, respectively, hereto relating to any of the transactions described in Schedule 1(c)
hereto or Schedule 3 hereto with respect to each legal name of the person or entity from which each
Loan Party purchased or otherwise acquired any of the Collateral in the last four months. A true copy of each financing statement,
including judgment and tax liens, bankruptcy and pending lawsuits or other filing identified in such file search reports has been
delivered to the Collateral Agent.


 


5.             UCC
Filings. Attached as Schedule 5 hereto are the financing statements (authorized by each Loan Party constituting
the debtor therein), including the descriptions of the collateral, relating to the Security Agreement, the Holdings Pledge Agreement
or the applicable Mortgage, which are in the appropriate forms for filing in the filing offices in the jurisdictions identified
in Schedule 6 hereto.


 


6.             Schedule of
Filings. (i) Schedule 6 hereto sets forth the filing offices for the financing statements to be filed against
each Loan Party to perfect the security interest in the Collateral covered thereby to the extent that such security interest can
be perfected by such filing and (ii) Schedule 13 hereto sets forth the filing offices for the Collateral Vessel
Mortgages to be filed in respect of each Collateral Vessel to perfect the security interest in the Collateral covered thereby
to the extent that such security interest can be perfected by such filing.


 


7.             Real
Property. Schedule 7 hereto sets forth all real property owned or leased by each Pledgor (if any), including
the Fair Market Value of any owned real property.


 




    	I-2



    	 



    

  


8.             Termination
Statements. Attached hereto as Schedule 8(a) are the authorized termination statements in the appropriate
form for filing in each applicable jurisdiction identified in Schedule 8(b) hereto with respect to each Lien
described therein.


 


9.             Stock
Ownership and Other Equity Interests. Schedule 9 hereto sets forth all the issued and outstanding stock,
partnership interests, limited liability company membership interests or other Equity Interests of, or owned or held by, each
Loan Party that constitutes Collateral (and is not credited to a Securities Account set forth on Schedule 12(b))
and the record and beneficial owners of such stock, partnership interests, membership interests or other Equity Interests.


 


10.             Instruments
and Tangible Chattel Paper. Schedule 10 hereto sets forth all promissory notes, instruments (other than
checks to be deposited in the ordinary course of business), tangible chattel paper and electronic chattel paper held by each Loan
Party as of the date hereof, including all intercompany notes between or among any two or more Loan Parties or between a Loan
Party and a Company or any other Subsidiary of the Administrative Borrower, in each case, that is not a Loan Party, except to
the extent that the amount of the items not identified on Schedule 10 hereto does not exceed $1,000,000 individually
or $5,000,000 in the aggregate.


 


11.             Intellectual
Property. (a) Patents. Schedule 11(a) hereto sets forth all of each Pledgor’s Patents issued from,
and patent applications pending in, the United States Patent and Trademark Office (“USPTO”), including the
name of the owner and the number of each such Patent, constituting Material IP Collateral. For purposes of this Section
11(a), the term “Patent” shall have the meaning given to it in the Security Agreement.


 


(b)             Trademarks.
Schedule 11(b) hereto sets forth all of each Pledgor’s Trademarks issued from, and trademark applications
pending in, the USPTO, including the name of the owner and the number of each such Trademark, constituting Material IP Collateral.
For purposes of this Section 11(b), the term “Trademark” shall have the meaning given to it in the Security
Agreement.


 


(c)             Copyrights.
Schedule 11(c) hereto sets forth all of each Pledgor’s Copyrights registered with, and Copyright applications
pending in, the United States Copyright Office (“USCO”), including the name of the owner and the number of
each such registered Copyright, constituting Material IP Collateral. For purposes of this Section 11(c), the term
“Copyright” shall have the meaning given to it in the Security Agreement.


 


(d)             Domain
Names. Schedule 11(d) hereto sets forth all of each Pledgor’s Domain Names, including the name of the
registrant of each such Domain Name, in each case, constituting Material IP Collateral. For purposes of this Section 11(d),
the term “Domain Name” shall have the meaning given to it in the Security Agreement.


 


12.             Deposit
Accounts, Securities Accounts and Commodity Accounts. Schedule 12(a) hereto sets forth all Deposit Accounts
maintained by each Pledgor, including the name of each institution where each such account is held, the name of each such account,
the name of each entity that holds each account and whether such account constitutes a Specified Account, a Controlled Account
or a Non-Controlled Account. Schedule 12(b) hereto sets forth all Securities Accounts and Commodity Accounts maintained
by each Pledgor, including the name of each institution where each such account is held, the name of each such account, the name
of each entity that holds each account and whether such account constitutes a Specified Account, a Controlled Account or a Non-Controlled
Account. Schedule 12(c) hereto sets forth all Excluded Accounts maintained by each Pledgor, including the name
of each institution where each such account is held, the name of each such account and the name of each entity that holds each
account.


 




    	I-3



    	 



    

  


13.             Vessels.
Schedule 13 hereto sets forth the name of each Vessel owned by any Pledgor, the official number of such Vessel,
a description of such Vessel, the name of the documented owner of such Vessel, whether such Vessel constitutes a Collateral Vessel
or an Excluded Vessel, and for each Collateral Vessel, the appropriate filing office for the Collateral Vessel Mortgage in respect
of such Collateral Vessel.


 


14.             Commercial
Tort Claims. Schedule 14 hereto sets forth all Commercial Tort Claims (as defined in the Security Agreement)
as to which a complaint has been filed in a court (or comparable Governmental Authority) of any jurisdiction held by each Pledgor,
including a brief description thereof, which have a value reasonably believed by the Loan Parties to be in excess of $2,500,000
individually.


 


Each Loan Party
hereby authorizes the Collateral Agent to file financing or continuation statements, and amendments thereto, in all jurisdictions
and with all filing offices as the Collateral Agent may determine, in its sole discretion, are necessary or advisable to perfect
the security interests granted or to be granted to the Collateral Agent under the Security Agreement or the Holdings Pledge Agreement,
as applicable. Such financing statements may describe the collateral in the same manner as described in the Security Agreement
or the Holdings Pledge Agreement, as applicable, or may contain an indication or description of collateral that describes such
property in any other manner as the Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent
to ensure the perfection of the security interest in the collateral granted to the Collateral Agent, including, without limitation,
describing such property as “all assets” or “all personal property.”


  


[The
remainder of this page has been intentionally left blank]


 




    	I-4



    	 



    

  


IN WITNESS
WHEREOF, each of the undersigned executes this Perfection Certificate as of [________].





 


	 	OVERSEAS SHIPHOLDING GROUP, INC.,
	 	as Holdings
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OIN DELAWARE LLC,
	 	as Co-Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	1372 Tanker Corporation
	 	Africa Tanker Corporation
	 	Alcesmar Limited
	 	Alcmar Limited
	 	Amalia Product Corporation
	 	Ambermar Product Carrier 
	 	Corporation
	 	Andromar Limited
	 	Antigmar Limited
	 	Ariadmar Limited
	 	Atalmar Limited
	 	Athens Product Tanker Corporation
	 	Aurora Shipping Corporation
	 	Batangas Tanker Corporation
	 	Cabo Hellas Limited
	 	Cabo Sounion Limited
	 	Caribbean Tanker Corporation
	 	Carl Product Corporation
	 	Concept Tanker Corporation
	 	Delta Aframax Corporation


 




    	I-5



    	 



    

 


 


	 	Eighth Aframax Tanker Corporation
	 	Epsilon Aframax Corporation
	 	First Union Tanker Corporation
	 	Front President Inc.
	 	Goldmar Limited
	 	International Seaways, Inc.
	 	Jademar Limited
	 	Kimolos Tanker Corporation
	 	Kythnos Chartering Corporation
	 	Leyte Product Tanker Corporation
	 	Luxmar Product Tanker Corporation
	 	Majestic Tankers Corporation
	 	Maple Tanker Corporation
	 	Maremar Product Tanker
	 	Corporation
	 	Milos Product Tanker Corporation
	 	Mindanao Tanker Corporation
	 	Oak Tanker Corporation
	 	Oceania Tanker Corporation
	 	OSG Clean Products International,
	 	Inc.
	 	OSG Lightering LLC
	 	OSG Ship Management (UK) Ltd.
	 	Overseas Shipping (GR) Ltd.
	 	Pearlmar Limited
	 	Petromar Limited
	 	Reymar Limited
	 	Rich Tanker Corporation
	 	Rosalyn Tanker Corporation
	 	Rosemar Limited
	 	Rubymar Limited
	 	Sakura Transport Corp.
	 	Samar Product Tanker Corporation
	 	Serifos Tanker Corporation
	 	Seventh Aframax Tanker Corporation
	 	Shirley Aframax Corporation
	 	Sifnos Tanker Corporation
	 	Silvermar Limited
	 	Sixth Aframax Tanker Corporation
	 	Skopelos Product Tanker
	 	Corporation
	 	Star Chartering Corporation
	 	Third United Shipping Corporation
	 	Tokyo Transport Corp.
	 	Urban Tanker Corporation
	 	 
	 	View Tanker Corporation,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




    	I-6



    	 



    

 


Schedule 1(a)

to

Perfection Certificate



Legal Names, Etc.


 


 






 


	Legal
    Name	 	Type
    of Entity	 	Organizational
 Number1 
	 	Federal
        Taxpayer  

        Identification
        Number2 
	 	Jurisdiction
    of Organization
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 





 






		1	If
                                         none, so state.



 


		2	If
                                         none, so state.



 




    	I-7



    	 



    

 


Schedule 1(b)

to

Perfection Certificate



Other Organizational Names


 


 






 


	Loan
    Party	 	Other
    Name	 	Date
    of Change
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 




    	I-8



    	 



    

 


Schedule 1(c)

to

Perfection Certificate



Changes in Corporate Identity


 





 



 





	 	 	 	 	 	 	Predecessor
    Entity
	Loan
    Party	 	Action	 	Date
        of

        Action 
	 	Corporate
    Name	 	Jurisdiction
    of 

    Formation	 	Other
        Names 

        Used
        During 

        Past
        Five Years 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 


 


[Add Information required by Section 1
to the extent required by Section 1(c) of the Perfection Certificate]


 




    	I-9



    	 



    

 


Schedule 2(a)

to

Perfection Certificate


 


Chief
Executive Offices


 


	Loan
    Party	 	Address	 	County1	 	State2
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 





 



 


1List for US entities


 


2List for US entities





 




    	I-10



    	 



    

 


Schedule 2(b)

to

Perfection Certificate



 


Location
of Books and Records


 


	Loan
    Party 	 	Address	 	County1	 	State2
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 





 



 


1List for US entities


 


2List for US entities


 




    	I-11



    	 



    

 


Schedule 2(c)

to

Perfection Certificate


 


Other
Places of Business


 


	Loan
    Party	 	Address	 	County1	 	State2
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 





 



 


1List for US entities


 


2List for US entities


 




    	I-12



    	 



    

 


Schedule 2(d)

to

Perfection Certificate


 


Additional
Locations of Equipment and Inventory


 


	Loan
    Party	 	Address	 	County1	 	State2
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 





 



 


1List for US entities


 


2List for US entities


 




    	I-13



    	 



    

 


Schedule 3

to

Perfection Certificate


 


Extraordinary
Transactions


 





	Loan
    Party	 	Description
    of Transaction

     Including Parties Thereto	 	Date
    of Transaction
	 	 	 	 	 
	 	 	 	 	 


 




    	I-14



    	 



    

 


Schedule 4

to

Perfection Certificate


 


File
Search Reports


 


	Loan
    Party	 	Search
    Report Dated	 	Prepared
    by	 	Jurisdiction
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 




    	I-15



    	 



    

 


Schedule 5

to

Perfection Certificate


 


Copies
of Financing Statements To Be Filed


 




    	I-16



    	 



    

 


Schedule 6

to

Perfection Certificate


 


Filings/Filing
Offices


 


	Loan
    Party	 	Type
    of Filings*	 	Applicable
    Security

    Document1	 	Jurisdictions
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 





 






		*	UCC-1
                                         financing statement, fixture filing, mortgage, intellectual property filing or other
                                         necessary filing.



 


		1	Mortgage,
                                         Security Agreement, Holdings Pledge Agreement or other.



 




    	I-17



    	 



    

 


Schedule 7

to

Perfection Certificate


 


Real
Property


 


	Entity
    of

    Record/Entity

    Leasing	 	Location

    Address	 	Owned

    or 

    Leased	 	Fair

    Market

    Value (if

    Owned)	 	Fixtures?

    (Y/N)	 	Landlord/Owner

    if Leased	 	Description

    of Lease

    Documents
	 	 	 	 	 	 	 	 	 	 	 	 	 


  




    	I-18



    	 



    

 


Schedule 8(a)

to

Perfection Certificate


 


Attached hereto
is a true copy of each termination statement (if any).


 




    	I-19



    	 



    

 


Schedule 8(b)

to

Perfection Certificate


 


Termination
Statement Filings


 


	Loan
    Party	 	Jurisdiction	 	Secured
    Party	 	UCC-1
    File Date	 	UCC-1
    File Number
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


 




    	I-20



    	 



    

 


Schedule 9

to

Perfection Certificate


 


Stock
Ownership and Other Equity Interests


 


	Issuer	 	Record
    Owner	 	Certificate
    No.	 	No.
    

    Shares/Interest 	 	Percent
    Pledged 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 




    	I-21



    	 



    

 


Schedule 10

to

Perfection Certificate


 


Instruments
and Tangible Chattel Paper


 


1.             Promissory
Notes:


 


	Entity
		Principal
        Amount
		Date
        of Issuance
		Interest
        Rate
		Maturity
        Date

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


2.             Chattel
Paper:


 




    	I-22



    	 



    

 


Schedule 11(a)

to

Perfection Certificate


 


Patents


PATENTS:


 


	OWNER	 	TITLE	 	PATENT NO./(APP. NO.)	 	COUNTRY
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


  




    	I-23



    	 



    

 


Schedule 11(b)

to

Perfection Certificate


 


Trademarks


TRADEMARKS:


 


Registrations:


 


	OWNER	 	REG. NO./(APP. NO.)	 	TRADEMARK	 	COUNTRY
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


  




    	I-24



    	 



    

 


Schedule 11(c)

to

Perfection Certificate


 


Copyrights


COPYRIGHTS


 


	OWNER	 	TITLE	 	REG. NO.	 	COUNTRY
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 




    	I-25



    	 



    

 


Schedule 11(d)

to

Perfection Certificate


 


Domain
Names


 


	DOMAIN
    NAME	 	REGISTRANT
	 	 	 
	 	 	 
	 	 	 


  




    	I-26



    	 



    

 


Schedule 12(a)

to

Perfection Certificate


 


Deposit
Accounts


 





	 	 	 	 	 	 	 	 	 TYPE
    OF ACCOUNT 
	 

         

        OWNER
	 	 

         

        BANK
	 	 

         

        ACCOUNT
        NUMBER
	 	 

         

         

        ACCOUNT
        NAME (IF

        ANY)
	 	SPECIFIED

                                         ACCOUNT

                                         AND

        CONTROLLED
        

        ACCOUNT
	 	SPECIFIED
    

    ACCOUNT

    AND NON-

    CONTROLLED

    ACCOUNT	 	EXCLUDED

    ACCOUNT
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 




    	I-27



    	 



    

  


Schedule 12(b)

to

Perfection Certificate


 


Securities
Accounts and Commodity Accounts


 


	 	 	 	 	 	 	 	 	 TYPE
    OF ACCOUNT 
	 

         

        OWNER
	 	 

         

        INTERMEDIARY
	 	 

         

        ACCOUNT
        NUMBER
	 	 

         

         

        ACCOUNT
        NAME (IF

ANY)
	 	SPECIFIED

                                         ACCOUNT

                                         AND

        CONTROLLED
        

        ACCOUNT
	 	SPECIFIED

    ACCOUNT

    AND NON-

    CONTROLLED 

    ACCOUNT	 	EXCLUDED

    ACCOUNT
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 




    	I-28



    	 



    

 


Schedule 12(c)

to

Perfection Certificate


 


Excluded
Accounts


 





	OWNER
		BANK
        OR 

        INTERMEDIARY
		ACCOUNT
        NUMBER
		ACCOUNT
        NAME (IF 

        ANY)

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 




    	I-29



    	 



    

 


Schedule 13

to

Perfection Certificate


 


Vessels


 





	Documented

    Owner 	 	Vessel

    Name	 	Official

    Number	 	Description	 	Collateral

    Vessel	 	Excluded

    Vessel	 	Filing
    Office
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 


  




    	I-30



    	 



    

 


Schedule 14

to

Perfection Certificate


 


Commercial
Tort Claims


 




    	I-31



    	 



    

   





EXHIBIT J-1


 


 



 





SECURITY AGREEMENT


 


By


 


OSG INTERNATIONAL, INC.


 


and


 


CERTAIN OF ITS RESTRICTED SUBSIDIARIES,


as Pledgors,


 


and


 


JEFFERIES FINANCE LLC,

as Collateral Agent


 


Dated as of [___], 2014 


 


 



  




    	 



    	 



    

 


TABLE OF CONTENTS


 


	 	 	Page(s)
	 	 	 
	ARTICLE I
    DEFINITIONS AND INTERPRETATION	2
	 	 	 
	SECTION 1.1	Definitions.	2
	SECTION 1.2	Interpretation	6
	SECTION 1.3	Perfection Certificate	6
	 	 	 
	ARTICLE II
    GRANT OF SECURITY AND SECURED OBLIGATIONS	6
	 	 	 
	SECTION 2.1	Grant of Security Interest	6
	SECTION 2.2	Filings.	7
	SECTION 2.3	Collateral Vessel Mortgages.	8
	SECTION 2.4	Insurance	8
	 	 	 
	ARTICLE III
    PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF PLEDGED COLLATERAL	9
	 	 	 
	SECTION 3.1	Delivery of Certificated Securities Collateral	9
	SECTION 3.2	Perfection of Uncertificated Securities Collateral	9
	SECTION 3.3	Financing Statements and Other Filings; Maintenance of Perfected
    Security Interest	10
	SECTION 3.4	Other Actions	10
	SECTION 3.5	Joinder of Additional Guarantors	11
	SECTION 3.6	Supplements; Further Assurances	12
	 	 	 
	ARTICLE IV
    REPRESENTATIONS, WARRANTIES AND COVENANTS	12
	 	 	 
	SECTION 4.1	Title	12
	SECTION 4.2	Validity of Security Interest	12
	SECTION 4.3	Defense of Claims	12
	SECTION 4.4	Other Financing Statements	13
	SECTION 4.5	Chief Executive Office; Change of Name; Jurisdiction of Organization,
    etc.	13
	SECTION 4.6	Corporate Names; Prior Transactions	13
	SECTION 4.7	Due Authorization and Issuance	13
	SECTION 4.8	Consents, etc.	14
	SECTION 4.9	Pledged Collateral	14
	SECTION 4.10	Insurance	14
	SECTION 4.11	Payment of Taxes; Compliance with Legal Requirements; Contesting
    Liens; Charges	14
	SECTION 4.12	Access to Pledged Collateral, Books and Records; Other Information	14
	 	 	 
	ARTICLE V
    CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	15
	 	 	 
	SECTION 5.1	Pledge of Additional Securities Collateral	15
	SECTION 5.2	Voting Rights; Distributions; etc.	15
	SECTION 5.3	Certain Agreements of Pledgors as Issuers and Holders of Equity
    Interests	16


 




    	i



    	 



    

 


	ARTICLE VI
    CERTAIN PROVISIONS CONCERNING INTELLECTUAL PROPERTY COLLATERAL	16
	 	 	 
	SECTION 6.1	Registration	16
	SECTION 6.2	Maintenance of Registration	16
	SECTION 6.3	Protection of Collateral Agent’s Security	17
	SECTION 6.4	After-Acquired Property	17
	 	 	 
	ARTICLE VII
    CERTAIN PROVISIONS CONCERNING ACCOUNTS	17
	 	 	 
	SECTION 7.1	[Reserved]	17
	SECTION 7.2	Assignment of Earnings; Assignment of Charters	17
	SECTION 7.3	Maintenance of Records	17
	SECTION 7.4	Modification of Terms, etc	18
	SECTION 7.5	Collection	18
	 	 	 
	ARTICLE VIII REMEDIES	18
	 	 	 
	SECTION 8.1	Remedies	18
	SECTION 8.2	Notice of Sale	20
	SECTION 8.3	Waiver of Notice and Claims; Other Waivers; Marshalling	20
	SECTION 8.4	Standards for Exercising Rights and Remedies	21
	SECTION 8.5	Certain Sales of Pledged Collateral	21
	SECTION 8.6	No Waiver; Cumulative Remedies	22
	SECTION 8.7	Certain Additional Actions Regarding Intellectual Property	22
	 	 	 
	ARTICLE IX
    APPLICATION OF PROCEEDS	23
	 	 	 
	SECTION 9.1	Application of Proceeds	23
	 	 	 
	ARTICLE X
    MISCELLANEOUS	23
	 	 	 
	SECTION 10.1	Concerning Collateral Agent	23
	SECTION 10.2	Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact	24
	SECTION 10.3	Continuing Security Interest; Assignment	25
	SECTION 10.4	Termination; Release.	25
	SECTION 10.5	Modification in Writing	26
	SECTION 10.6	Notices	26
	SECTION 10.7	Governing Law, Consent to Jurisdiction and Service of Process;
    Waiver of Jury Trial.	26
	SECTION 10.8	Severability of Provisions	27
	SECTION 10.9	Execution in Counterparts	27
	SECTION 10.10	Business Days	27
	SECTION 10.11	No Credit for Payment of Taxes or Imposition	28
	SECTION 10.12	No Claims Against Collateral Agent	28
	SECTION 10.13	No Release	28
	SECTION 10.14	Overdue Amounts	28
	SECTION 10.15	Obligations Absolute	28


 




    	ii



    	 



    

 


EXHIBITS


 


	Exhibit 1	Copyright Security Agreement
	Exhibit 2	Patent Security Agreement
	Exhibit 3	Trademark Security Agreement
	Exhibit 4	Notice of Assignment of Earnings
	Exhibit 5	Notice of Assignment of Charter
	Exhibit 6	Notice of Assignment of Insurance


  




    	iii



    	 



    

 


SECURITY AGREEMENT


 


This SECURITY AGREEMENT, dated as of [___],
2014 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions
hereof, this “Agreement”), made by OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”) and certain of its Restricted Subsidiaries from time to time party hereto by execution of this Agreement
or otherwise by execution of a Joinder Agreement, as pledgors, assignors and debtors (the Administrative Borrower and such Restricted
Subsidiaries, collectively, in such capacities and together with any successors in such capacities, the “Pledgors,”
and each, a “Pledgor”), in favor of Jefferies Finance LLC, in its capacity as Collateral Agent pursuant to
the Credit Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any
successors in such capacities, the “Collateral Agent”).


 


RECITALS:


 


A.           Overseas
Shipholding Group, Inc., a Delaware corporation (“Holdings”), the Administrative Borrower, the Co-Borrower,
the Subsidiary Guarantors party thereto, the Administrative Agent, the Collateral Agent and the lending institutions and other
lending entities from time to time party thereto (the “Lenders”) have entered into that certain Credit Agreement,
dated as of August 5, 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”).


 


B.           The
Guarantors have, pursuant to the Credit Agreement, unconditionally guaranteed the Secured Obligations.


 


C.           The
Administrative Borrower, the Co-Borrower and the Subsidiary Guarantors will receive substantial benefits from the execution, delivery
and performance of the Secured Obligations under the Credit Agreement and the other Loan Documents and are, therefore, willing
to enter into this Agreement.


 


D.           Each
Pledgor is, or as to Pledged Collateral acquired by such Pledgor after the date hereof will be, the legal and/or beneficial owner
of the Pledged Collateral pledged by it hereunder.


 


E.           This
Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties to secure the payment
and performance of all of the Secured Obligations.


 


F.           It
is a condition to the obligations of the Lenders to make the Loans under the Credit Agreement and a condition to the Issuing Bank
to issue Letters of Credit under the Credit Agreement that each Pledgor execute and deliver the applicable Loan Documents, including
this Agreement.


 


AGREEMENT:


 


NOW THEREFORE, in consideration of the
foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each
Pledgor and the Collateral Agent hereby agree as follows:


 






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ARTICLE
I



DEFINITIONS AND INTERPRETATION


 


SECTION
1.1           Definitions. 


 


(a)          Unless
otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the
meanings assigned to them in the UCC.


 


(b)          Terms
used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given to them in the Credit
Agreement.


 


(c)          The
following terms shall have the following meanings:


 


“Additional Pledged Interests”
shall mean, collectively, with respect to each Pledgor, (i) all options, warrants, rights, agreements, additional membership
interests, partnership interests or other equity interests of whatever class of any issuer of Initial Pledged Interests or any
interest in any such issuer, together with all rights, privileges, authority and powers of such Pledgor relating to such interests
in each such issuer or under any Organizational Document of any such issuer, and the certificates, instruments and agreements
representing such membership, partnership or other interests and (ii) all membership, partnership or other equity interests,
as applicable, of each limited liability company, partnership or other entity (other than a corporation) hereafter acquired or
formed by such Pledgor and all options, warrants, rights, agreements, additional membership, partnership or other equity interests
of whatever class of such limited liability company, partnership or other entity, together with all rights, privileges, authority
and powers of such Pledgor relating to such interests or under any Organizational Document of any such issuer, and the certificates,
instruments and agreements representing such membership, partnership or other equity interests.


 


“Additional Pledged Shares”
shall mean, collectively, with respect to each Pledgor, (i) all options, warrants, rights, Equity Interests, agreements,
additional shares of capital stock of whatever class of any issuer of the Initial Pledged Shares or any other equity interest
in any such issuer, together with all rights, privileges, authority and powers of such Pledgor relating to such interests issued
by any such issuer under any Organizational Document of any such issuer, and the certificates, instruments and agreements representing
such interests, from time to time acquired by such Pledgor in any manner and (ii) all the issued and outstanding shares of
capital stock of each corporation hereafter acquired or formed by such Pledgor and all options, warrants, rights, agreements or
additional shares of capital stock of whatever class of such corporation, together with all rights, privileges, authority and
powers of such Pledgor relating to such shares or under any Organizational Document of such corporation, and the certificates,
instruments and agreements representing such shares.


 


“Administrative Borrower”
shall have the meaning assigned to such term in the Preamble.


 


“Agreement” shall have
the meaning assigned to such term in the Preamble hereof.


 


“Charges” shall mean
any and all property and other taxes, assessments and special assessments, levies, fees and all governmental charges imposed upon
or assessed against, and all claims (including any landlords’, carriers’, mechanics’, workmen’s, repairmen’s,
laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other charges arising by operation of
law) against, all or any portion of the Pledged Collateral.


 


“Chattel Paper” shall
mean, collectively, with respect to each Pledgor, all “chattel paper”, as such term is defined in the UCC, of such
Pledgor.


 






    	J-1-2



    	 



    

 


“Collateral Agent” shall
have the meaning assigned to such term in the Preamble.


 


“Commercial Motor Vehicles”
shall mean motor vehicles used primarily for commercial purposes.


 


“Commodity Account Control Agreement”
shall mean a commodity account control agreement in form and substance reasonably satisfactory to the Collateral Agent.


 


“Contracts” shall mean,
collectively, with respect to each Pledgor, all sale, service, performance, equipment, charter or property lease contracts, agreements
and grants and all other contracts, agreements or grants (in each case, whether third party or intercompany), to which such Pledgor
is a party, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof.


 


“Control” shall mean
(i) in the case of each Deposit Account, “control,” as such term is defined in Section 9-104 of the UCC,
(ii) in the case of any Security Entitlement (including any Securities Account), “control,” as such term is defined
in Section 8-106 of the UCC and (iii) in the case of any Commodity Contract, “control,” as such term is
defined in Section 9-106 of the UCC.


 


“Control Agreements”
shall mean, collectively, the Deposit Account Control Agreement(s), the Securities Account Control Agreement(s) and the Commodity
Account Control Agreement(s).


 


“Copyright Security Agreement”
shall mean an agreement substantially in the form annexed hereto as Exhibit 1.


 


“Copyrights” shall mean,
collectively, with respect to each Pledgor, all works of authorship (whether protected by statutory or common law copyright, whether
established or registered in the United States or any other country or any political subdivision thereof, whether registered or
unregistered and whether published or unpublished) and all copyright registrations and applications made by such Pledgor, in each
case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, including the copyrights, registrations
and applications listed on Schedule 11(c) to the Perfection Certificate.


 


“Credit Agreement” shall
have the meaning assigned to such term in Recital A hereof.


 


“Distributions” shall
mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights, instruments, distributions,
returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including
as a result of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received,
receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany
Notes.


 


“Domain Names” shall
mean all Internet domain names and associated uniform resource locator addresses, including those listed on Schedule 11(d)
to the Perfection Certificate.


 


“Excluded Collateral”
shall have the meaning assigned to such term in the Credit Agreement.


 


“General Intangibles”
shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as such term is defined in the
UCC, of such Pledgor.


 


“Holdings” shall have
the meaning assigned to such term in the Preamble hereof.


 






    	J-1-3



    	 



    

 


“Initial Pledged Interests”
shall mean, with respect to each Pledgor, all membership interests, partnership interests or other Equity Interests (other than
in a corporation), as applicable, of each issuer described in Schedule 9 to the Perfection Certificate, together with
all rights, privileges, authority and powers of such Pledgor in and to each such issuer or under any Organizational Document
of each such issuer, and the certificates, instruments and agreements representing such membership, partnership or other interests.


 


“Initial Pledged Shares”
shall mean, collectively, with respect to each Pledgor, the issued and outstanding shares of capital stock of each issuer that
is a corporation described in Schedule 9 to the Perfection Certificate, together with all rights, privileges, authority
and powers of such Pledgor relating to such interests in each such issuer or under any Organizational Document of each such issuer,
and the certificates, instruments and agreements representing such shares of capital stock.


 


“Instruments” shall
mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined in Article 9, rather
than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances.


 


“Intellectual Property”
shall mean any and all intellectual property rights recognized under applicable law, whether arising under United States laws
or otherwise, including collectively, the Patents, Trademarks, Copyrights, Trade Secrets, Software and Domain Names and all causes
of action for infringement thereof or unfair competition regarding the same.


 


“Intellectual Property Collateral”
shall mean the Intellectual Property owned by each Pledgor, including the Intellectual Property listed on Schedules 11(a),
11(b), 11(c) and 11(d) to the Perfection Certificate.


 


“Intercompany Notes”
shall mean, with respect to each Pledgor, each Intercompany Note and all other intercompany notes held or hereafter acquired by
such Pledgor and all certificates, instruments or agreements evidencing each Intercompany Note and such other intercompany notes,
and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the
extent permitted pursuant to the terms hereof.


 


“Investment Property”
shall mean a security, whether certificated or uncertificated, Security Entitlement, Securities Account, Commodity Contract or
Commodity Account, excluding, however, the Securities Collateral.


 


“Joinder Agreement”
shall mean an agreement substantially in the form of Exhibit O to the Credit Agreement.


 


“Lenders” shall have
the meaning assigned to such term in Recital A hereof.


 


“Licenses” shall mean,
collectively, with respect to each Pledgor, all license agreements with any other party with respect to any Intellectual Property,
whether such Pledgor is a licensor or licensee under any such license.


 


“Marine Insurances”
shall have the meaning assigned to such term in Section 2.4.


 


“Material IP Collateral”
shall mean U.S. Intellectual Property Collateral that is material to the use or operation of the business of the Pledgors, taken
as a whole.


 


“Patent Security Agreement”
shall mean an agreement substantially in the form annexed hereto as Exhibit 2.


 






    	J-1-4



    	 



    

 


“Patents” shall mean,
collectively, with respect to each Pledgor, all patents issued or assigned to and all patent applications and registrations made
by such Pledgor (whether established or registered or recorded in the United States or any other country or any political subdivision
thereof), including those listed on Schedule 11(a) to the Perfection Certificate.


 


“Perfection Certificate”
shall mean that certain perfection certificate, dated the date hereof, executed and delivered by each Pledgor party thereto in
favor of the Collateral Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in
form and substance reasonably acceptable to the Collateral Agent) executed and delivered by the applicable Pledgor in favor of
the Collateral Agent for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder
Agreement executed in accordance with Section 3.5.


 


“Pledged Collateral”
shall have the meaning assigned to such term in Section 2.1.


 


“Pledged Interests”
shall mean, collectively, the Initial Pledged Interests and the Additional Pledged Interests.


 


“Pledged Securities”
shall mean, collectively, the Pledged Interests, the Pledged Shares and the Successor Interests.


 


“Pledged Shares” shall
mean, collectively, the Initial Pledged Shares and the Additional Pledged Shares.


 


“Pledgor” shall have
the meaning assigned to such term in the Preamble hereof.


 


“Secured Obligations”
shall mean (i) in the case of each Borrower, the Secured Obligations (as defined in the Credit Agreement) and (ii) in the case
of any Pledgor, the Guaranteed Obligations (as defined in the Credit Agreement).


 


“Secured Parties” shall
have the meaning assigned to such term in the Credit Agreement.


 


“Securities Collateral”
shall mean, collectively, the Pledged Securities, the Intercompany Notes and the Distributions.


 


“Software” shall mean
computer programs, object code, source code and supporting documentation, including, without limitation, “software”
as such term is defined in the UCC and computer programs that may be construed as included in the definition of “goods”
in the UCC.


 


“Specified Non-U.S. OIN Collateral”
shall mean, collectively, (a) all Collateral Vessel Mortgages, (b) 100% of the Equity Interests in the Administrative Borrower,
each Subsidiary Guarantor and the Co-Borrower, (c) 100% of the Equity Interests of each Restricted Subsidiary of the Administrative
Borrower owned by any Pledgor (including Africa Tanker Corporation, a Marshall Islands corporation, and each other Restricted
Subsidiary that holds Equity Interests in any Joint Venture), and (d) the Reinvestment Proceeds Account, the OIN Concentration
Account and each other Deposit Account and Securities Account into which accounts receivable owed to the Administrative Borrower,
the Co-Borrower and/or any Subsidiary Guarantor are deposited.


 


“Successor Interests”
shall mean, collectively, with respect to each Pledgor, all shares of each class of the capital stock of the successor corporation
or interests or certificates of the successor limited liability company, partnership or other entity owned by such Pledgor (unless
such successor is either (x) such Pledgor itself or (y) is no longer a Subsidiary of the Administrative Borrower or has been Disposed
of in a Disposition permitted by the Credit Agreement) formed by or resulting from any consolidation or merger in which any person
listed on Schedule 1(a) to the Perfection Certificate is not the surviving entity.


 






    	J-1-5



    	 



    




 


“Trademark Security Agreement”
shall mean an agreement substantially in the form annexed hereto as Exhibit 3.


 


“Trademarks”
shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), logos, certification marks,
trade dress, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all
registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the
United States or any other country or any political subdivision thereof), including those listed on Schedule 11(b)
to the Perfection Certificate, together with any and all goodwill associated therewith.


 


“Trade Secrets” shall
mean all trade secrets or other proprietary and confidential information.


 


“UCC” shall mean the
Uniform Commercial Code as in effect in the State of New York; provided, however, that if by reason
of mandatory provisions of applicable Legal Requirements, any or all of the attachment, perfection or priority of the Collateral
Agent’s and the other Secured Parties’ security interest in any item or portion of the Pledged Collateral is governed
by the Uniform Commercial Code in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection
or priority and for purposes of definitions relating to such provisions.


 


SECTION
1.2           Interpretation. The rules of interpretation
specified in the Credit Agreement (inclusive, not limiting Section 1.03 and Section 1.05) shall be applicable
to this Agreement.


 


SECTION
1.3           Perfection Certificate. The Perfection Certificate
and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a
part of this Agreement.


 


ARTICLE
II



GRANT OF SECURITY AND SECURED OBLIGATIONS


 


SECTION
2.1           Grant of Security Interest. As collateral security
for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to the Collateral
Agent for the ratable benefit of the Secured Parties, a lien on and security interest in and to all of the right, title and
interest of such Pledgor in, to and under the following assets, properties and rights, wherever located, whether now existing
or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”):


 


(i)          all
Accounts;


 


(ii)         all
Equipment (including Commercial Motor Vehicles), Goods, Inventory and Fixtures;


 


(iii)        all
Documents, Instruments and Chattel Paper;


 


(iv)        all
Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing or electronically);


 


(v)         all
Securities Collateral;


 






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(vi)        all
Investment Property;


 


(vii)       all
Intellectual Property Collateral;


 


(viii)      all
Licenses;


 


(ix)         all
Commercial Tort Claims, including the Commercial Tort Claims described in Schedule 14 to the Perfection Certificate;


 


(x)          all
General Intangibles;


 


(xi)         all
Deposit Accounts;


 


(xii)        all
Money;


 


(xiii)       all
Supporting Obligations;


 


(xiv)      all
books and records pertaining to the Pledged Collateral;


 


(xv)       (I)
all Moneys and claims for payment due and to become due pursuant to the respective contract, whether as charter hire, freights,
passage moneys, proceeds of off-hire and loss of hire insurances, loans, indemnities, payments or otherwise, under and all claims
for damages arising out of any breach of any bareboat, time or voyage charter, affreightment or other contract for the use or
employment of each Vessel, (II) all remuneration for salvage and towage services, demurrage and detention moneys and any other
moneys whatsoever due or to become due to such Pledgor arising from the use or employment of each Vessel, (III) all moneys and
claims for payments due and to become due to such Pledgor, and all claims for damages and any other compensation payable, in respect
of the actual or constructive total loss of or the requisition for title or for hire or other compulsory acquisition of each Vessel,
and (IV) if any Vessel is employed on terms whereby any claims for payment falling within the preceding sub-clauses (I), (II)
or (III) are pooled or shared with any other person, that proportion of the net receipts of the pooling or sharing arrangements
which is attributable to such Vessel;


 


(xvi)      to
the extent not covered by clauses (i) through (xv) of this sentence, choses in action and all other personal property of
such Pledgor, whether tangible or intangible; and


 


(xvii)     all Proceeds
and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products
of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor
from time to time with respect to any of the foregoing.


 


Notwithstanding anything to the contrary
contained in clauses (i) through (xvii) above, the security interest created by this Agreement shall not extend to, and the
terms “Pledged Collateral”, “Initial Pledged Interests”, “Initial Pledged Shares”, “Additional
Pledged Interests”, “Additional Pledged Shares” and “Successor Interests” shall not include, any
Excluded Collateral. 


 



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SECTION
2.2           Filings.


 


(a)          Each
Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction
in the United States (or any other applicable jurisdiction with respect to Specified Non-U.S. OIN Collateral (other than that
constituting Pledged Interests, Pledged Shares or Indebtedness)) any initial financing statements (including fixture filings),
continuation statements and amendments thereto (or correlative foreign documents or filings) that contain the information required
by Article 9 of the UCC of each applicable jurisdiction in the United States (or correlative Legal Requirements with respect
to Specified Non-U.S. OIN Collateral (other than that constituting Pledged Interests, Pledged Shares or Indebtedness)) for the
filing of any financing statement, continuation statement or amendment (or correlative foreign documents or filings) relating
to the Pledged Collateral, including whether such Pledgor is an organization, the type of organization and any organizational
identification number issued to such Pledgor. Each Pledgor agrees to provide all information described in the immediately preceding
sentence to the Collateral Agent promptly upon request by the Collateral Agent. Such financing statements may describe the collateral
in the same manner as described herein or may contain a description of collateral that describes such property in any other manner
as the Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection or
priority of the security interest in the collateral granted to the Collateral Agent in connection herewith, including describing
such property as “all assets whether now owned or hereafter acquired” or “all personal property whether now
owned or hereafter acquired” or similar language (regardless of whether any particular asset comprised in the Pledged Collateral
falls within the scope of Article 9 of the UCC).


 


(b)          Each
Pledgor hereby further authorizes the Collateral Agent to file filings with the United States Patent and Trademark Office and
the United States Copyright Office (or any successor office), including this Agreement, the Copyright Security Agreement, the
Patent Security Agreement and the Trademark Security Agreement, in each case, for the purpose of perfecting, confirming, continuing,
enforcing or protecting the pledge and security interest granted by such Pledgor hereunder in its Material IP Collateral, issued,
registered or applied for with the United States Patent and Trademark Office and the United States Copyright Office (or any successor
office), and naming such Pledgor, as debtor, and the Collateral Agent, as secured party.


 


(c)          Notwithstanding
anything to the contrary contained herein, other than with respect to the Specified Non-U.S. OIN Collateral (other than that constituting
Pledged Interests, Pledged Shares or Indebtedness), no Pledgor shall be required to take any action to perfect a security interest
in the Pledged Collateral other than the following: (i) the execution of this Agreement, (ii) the filing of financing statements
in appropriate jurisdictions in the United States (including fixture filings), (iii) the entry into Mortgages and other mortgage
documentation with respect to any Mortgaged Property, (iv) the execution and filing of any Copyright Security Agreement, Patent
Security Agreement and/or Trademark Security Agreement, as applicable, with respect to any issued, registered or applied for Material
IP Collateral, (v) the execution and filing of Collateral Vessel Mortgages and customary related documentation, (vi) the entering
into of Control Agreements with respect to the Controlled Accounts (or, with respect to any such accounts located outside of the
United States, customary arrangements in the applicable jurisdictions for perfecting a security interest in such Controlled Accounts
and assets credited thereto) and (vii) actions required by Sections 3.1, 3.2 and 3.4 hereof.


 


SECTION
2.3           Collateral Vessel Mortgages.   To
the extent any Collateral Vessel is subject to and covered by a valid and enforceable Collateral Vessel Mortgage in favor of the
Collateral Agent, the provisions of such Collateral Vessel Mortgage shall prevail in the event of any conflict between such Collateral
Vessel Mortgage and this Agreement.


 



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SECTION
2.4           Insurance.


 


(a)          As
additional security for the payment and performance of the Secured Obligations, and subject to the Intercreditor Agreement, each
Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured Parties, all right, title and
interest of such Pledgor under, in and to (i) all insurances in respect of any Collateral Vessel owned by such Pledgor, whether
now or hereafter to be effected, and all renewals of or replacements for the same, (ii) all claims, returns of premium and other
moneys and claims for moneys due and to become due under said insurances or in respect of said insurances, (iii) all other rights
of such Pledgor under or in respect of said insurances, and (iv) any proceeds of any of the foregoing (collectively, the “Marine
Insurances”). Anything contained in the preceding sentence to the contrary notwithstanding, each Pledgor shall remain
liable under the Marine Insurances to perform all of the obligations assumed by it thereunder, and the Assignee shall have no
obligation or liability (including, without limitation, any obligation or liability with respect to the payment of premiums, calls
or assessments) under the Marine Insurances by reason of or arising out of the provisions of this paragraph nor shall the Assignee
be required or obligated in any manner to perform or fulfill any obligations of any Pledgor under or pursuant to the Marine Insurances
or to make any payment or to make any inquiry as to the nature or sufficiency of any payment received by it or to present or file
any claim, or to take any other action to collect or enforce the payment of any amounts which may have been assigned to the Assignee
or to which it may be entitled hereunder at any time or times.


 


(b)          Each
Pledgor that owns a Collateral Vessel covenants to deliver in writing to all underwriters of Required Insurance a notice of assignment
substantially in the form of Exhibit 6, and each such Pledgor shall have delivered to, or cause to be delivered, a letter
of undertaking from each such underwriter or a marine insurance broker attaching cover notes and certificates of entry evidencing
such insurance, together with notices of assignment and loss payee clauses, and letters of undertaking issued by the protection
and indemnity association, each of which shall be reasonably satisfactory to the Collateral Agent.


 


ARTICLE
III



PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL


 


SECTION
3.1           Delivery of Certificated Securities Collateral.
Each Pledgor represents and warrants that all certificates, agreements or instruments representing or evidencing the Securities
Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for transfer by delivery
or accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a valid, enforceable,
perfected First Priority security interest therein (subject to Permitted Liens) except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or
by equitable principles relating to enforceability. Each Pledgor hereby agrees that all certificates, agreements or instruments
representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly (and in any event
within 30 days or such later time as may be extended by the Collateral Agent in its sole discretion) upon receipt thereof by such
Pledgor be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral
shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment
in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right,
at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to
or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities
Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In addition,
the Collateral Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral
for certificates of smaller or larger denominations.


 


SECTION
3.2           Perfection of Uncertificated Securities Collateral.
Each Pledgor represents and warrants that the Collateral Agent has a valid, enforceable, perfected First Priority security interest
(subject to Permitted Liens) in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date
hereof except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or limiting creditors’ rights generally or by equitable principles relating to enforceability.


 






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SECTION
3.3           Financing Statements and Other Filings; Maintenance
of Perfected Security Interest. Each Pledgor represents and warrants that as of the date hereof the only UCC-1 financing statements
and Collateral Vessel Mortgage filings necessary to perfect the security interest granted by each Pledgor to the Collateral Agent
in respect of the Pledged Collateral (to the extent a UCC financing statement or Collateral Vessel Mortgage filing can perfect
such security interest) are listed on Schedule 6 and Schedule13 of the Perfection Certificate, as applicable. All such UCC-1
financing statements and Collateral Vessel Mortgage filings have been delivered to the Collateral Agent in completed and, to the
extent necessary or appropriate, duly executed form for filing in each applicable governmental, municipal or other office specified
on Schedule 6 and Schedule 13 of the Perfection Certificate, as applicable. Each Pledgor agrees that at the sole cost and
expense of the Pledgors, (i) such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral
as a valid, enforceable, perfected First Priority security interest (subject to Permitted Liens and the requirements of this Agreement),
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles relating to enforceability, and shall defend such security
interest against the claims and demands of all persons (other than the holders of such Permitted Liens) and (ii) at any time
and from time to time, upon the written request of the Collateral Agent, such Pledgor shall promptly and duly execute and deliver,
and file and have recorded, such further instruments and documents and take such further action as the Collateral Agent may reasonably
request for the purpose of obtaining or preserving the full benefits of this Agreement and the rights and powers herein granted,
including (w) the filing of any financing statements, continuation statements and other documents (including this Agreement) under
the UCC (or other similar laws) in effect in any jurisdiction in the United States with respect to the security interest created
hereby, (x) the filing of Collateral Vessel Mortgages with the National Vessel Documentation Center, (y) the execution and delivery
of Control Agreements with respect to Controlled Accounts (and, with respect to any such accounts located outside of the United
States, customary security arrangements in the applicable jurisdictions for perfecting a security interest in such accounts and
assets credited thereto), all in form reasonably satisfactory to the Collateral Agent and (z) filings in the United States Patent
and Trademark Office and the United States Copyright Office with respect to issued, registered or applied for Material IP Collateral.


 


SECTION
3.4           Other Actions. In order to further ensure the
attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security
interest in the Pledged Collateral, each Pledgor represents and warrants and covenants as follows, in each case at such Pledgor’s
own expense, to take the following actions with respect to the following Pledged Collateral:


 


(a)          Instruments
and Tangible Chattel Paper. As of the date hereof, each Pledgor hereby represents and warrants that (i) no amounts in
excess of $1,000,000 individually or $5,000,000 in the aggregate payable under or in connection with any of the Pledged Collateral
are evidenced by any Instrument (other than checks in the ordinary course of business) or Tangible Chattel Paper other than Intercompany
Notes and the Instruments and Tangible Chattel Paper listed on Schedule 10 to the Perfection Certificate, (ii) each
Intercompany Note has been properly assigned and delivered to the Collateral Agent, accompanied by an endorsement to each such
Intercompany Note in the form attached thereto duly executed in blank by each Pledgor, and (iii) each such Instrument and
each such item of Tangible Chattel Paper in excess of $1,000,000 individually or $5,000,000
in the aggregate, has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of transfer
or assignment duly executed in blank. If any amount, in excess of $1,000,000 individually or $5,000,000 in the aggregate, then
payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper,
the Pledgor acquiring such Instrument or Tangible Chattel Paper shall promptly (and in any event within 30 days
or such later time as may be extended by the Collateral Agent in its sole discretion) endorse, assign and deliver the same
to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent
may from time to time specify; provided, however, that so long as no Event of Default has occurred and is continuing,
upon written reasonable request by such Pledgor, the Collateral Agent shall promptly return such Instrument (other than an Intercompany
Note) or Tangible Chattel Paper to such Pledgor from time to time, to the extent reasonably necessary for collection in the ordinary
course of such Pledgor’s business.


 






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(b)          Deposit
Accounts and Securities Accounts. (i) Each Pledgor shall comply with the provisions of Section 5.14 of the Credit Agreement
with respect to each Specified Account.


 


(ii)         As
between the Collateral Agent and the Pledgors, the Pledgors shall bear the investment risk with respect to the Investment Property
and Pledged Securities, and the risk of loss of, damage to, or the destruction of the Investment Property and Pledged Securities,
whether in the possession of, or maintained as a security entitlement or deposit by, or subject to the control of, the Collateral
Agent, a Securities Intermediary, a Commodity Intermediary, any Pledgor or any other person; provided, however,
that nothing contained in this Section 3.4(b) shall release or relieve any Securities Intermediary or Commodity Intermediary
of its duties and obligations to the Pledgors or any other person under any Control Agreement or under applicable Legal Requirements.
Each Pledgor shall promptly pay all Charges and fees of whatever kind or nature with respect to the Investment Property and Pledged
Securities pledged by it under this Agreement. In the event any Pledgor shall fail to make such payment contemplated in the immediately
preceding sentence, the Collateral Agent may do so for the account of such Pledgor and the Pledgors shall promptly reimburse and
indemnify the Collateral Agent from all costs and expenses incurred by the Collateral Agent under this Section 3.4(b)
in accordance with Section 11.03 of the Credit Agreement.


 


(c)          Commercial
Tort Claims. As of the date hereof, each Pledgor hereby represents and warrants that it holds no Commercial Tort Claims as
to which a complaint has been filed in a court (or comparable Governmental Authority) of any jurisdiction having a value reasonably
believed by the Pledgors to be in excess of $2,500,000 individually other than those listed on Schedule 14 to the Perfection Certificate.
If any Pledgor shall at any time bring a Commercial Tort Claim having a value reasonably believed by the Pledgors to be in excess
of $2,500,000 individually, such Pledgor shall promptly (and in any event within 45 days after bringing such Commercial Tort Claim
or such longer time as may be agreed by the Collateral Agent in its sole discretion) notify the Collateral Agent in writing signed
by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and
in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory
to the Collateral Agent.


 


SECTION
3.5           Joinder of Additional Guarantors. The Pledgors
shall cause each Wholly Owned Restricted Subsidiary (other than any Excluded Subsidiary) of the Administrative Borrower that,
from time to time, after the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the
Secured Parties pursuant to the Credit Agreement, to execute and deliver to the Collateral Agent (i) a Joinder Agreement within
30 days after the date on which it was acquired or created and (ii) a Perfection Certificate within 30 days after the date on
which it was acquired or created and, in each case, upon such execution and delivery, such Wholly Owned Restricted Subsidiary
shall constitute a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a
Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The
rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new
Pledgor as a party to this Agreement or any other Loan Document.


 






    	J-1-11



    	 



    

 


SECTION
3.6           Supplements; Further Assurances. Subject to
Section 2.2(c), each Pledgor shall take such further actions, and execute, endorse, acknowledge, file, refile and deliver
to the Collateral Agent such additional assignments, agreements, supplements, powers, instruments and reports as the Collateral
Agent may in its reasonable judgment deem necessary, wherever required by applicable Legal Requirements, in order to perfect,
preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to
the Collateral Agent hereunder, to carry into effect the purposes hereof and/or to assure and confirm unto the Collateral Agent
the Pledged Collateral or permit the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder with respect
to any Pledged Collateral. If an Event of Default has occurred and is continuing, in addition to the rights and remedies available
to the Collateral Agent pursuant to Article VIII hereof and in the other Loan Documents, the Collateral Agent may institute and
maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by
counsel shall be necessary or reasonably expedient to prevent any impairment of the security interest in the Pledged Collateral
or the perfection or priority thereof. All of the foregoing shall be at the sole cost and expense of the Pledgors.


 


ARTICLE
IV



REPRESENTATIONS, WARRANTIES AND COVENANTS


 


Each Pledgor represents, warrants and covenants
as follows:


 


SECTION
4.1           Title. Except for the security interest granted
to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, such Pledgor
owns or has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own or have rights
in, each item of Pledged Collateral pledged by it hereunder free and clear of any and all Liens or claims of others. Such Pledgor
has not filed, nor authorized any third party to file a financing statement or other public notice with respect to all or any
part of the Pledged Collateral on file or of record in any public office, except such as have been filed in favor of the Collateral
Agent pursuant to this Agreement or as are permitted by the Credit Agreement or financing statements or public notices relating
to the termination statements listed on Schedule 8(a) to the Perfection Certificate.


 


SECTION
4.2           Validity of Security Interest. The security
interest in and Lien on the Pledged Collateral granted to the Collateral Agent for the ratable benefit of the Secured Parties
hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance
of the Secured Obligations, and (b) subject to the filings described on Schedule 6 and Schedule 13 of the Perfection
Certificate, a valid, enforceable, perfected First Priority security interest (subject to Permitted Liens) in all the Pledged
Collateral to the extent a security interest in such Pledged Collateral can be perfected pursuant to such filings, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability. The security interest and Lien granted to the Collateral
Agent for the ratable benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times
constitute a valid, enforceable, perfected (subject to the limitations herein and the other Loan Documents), continuing First
Priority security interest therein, subject only to Permitted Liens, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable
principles relating to enforceability.


 


SECTION
4.3           Defense of Claims. Each Pledgor shall, at its
own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein granted
to the Collateral Agent and the priority thereof required under the Loan Documents against all claims and demands of all persons
(except with respect to Permitted Liens), at its own cost and expense, at any time claiming any interest therein adverse to the
Collateral Agent or any other Secured Party.


 






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SECTION
4.4           Other Financing Statements.
No Pledgor has filed, nor authorized any third party to file any valid or effective financing statement (or similar statement
or instrument of registration under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the
Pledged Collateral other than financing statements and other statements and instruments relating to Permitted Liens. So long as
any of the Secured Obligations remain unpaid and unperformed (other than contingent indemnification obligations for which no claim
or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents, survive the termination
thereof), no Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement
or instrument of registration under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements
and other statements and instruments filed or to be filed in respect of Permitted Liens.


 


SECTION
4.5           Chief Executive Office; Change of Name; Jurisdiction
of Organization, etc. Such Pledgor shall, (i) unless it shall have given the Collateral Agent not less than 30 days’
prior written notice (or such shorter period as may be agreed to by the Collateral Agent in its sole discretion), not change its
name, identity, legal structure (whether by merger, consolidation, change in corporate form or otherwise), type of organization
or jurisdiction of organization, place of business or, if more than one, chief executive office, or mailing address or organizational
identification number if it has one and (ii) take all actions necessary or advisable to maintain the continuous validity, perfection
and the same or better priority of the Collateral Agent’s security interest in the Pledged Collateral granted or intended
to be granted hereunder (which may include, upon the request of the Collateral Agent in the exercise of its Permitted Discretion,
in the case of any merger or other change in organizational structure, the delivery to the Collateral Agent of a written notice
(in the form of an Officers’ Certificate) upon completion of such merger or other change in organizational structure, which
confirms the grant of the security interest under this Agreement). If such Pledgor does not have an organizational identification
number and later obtains one, such Pledgor shall forthwith notify the Collateral Agent of such organizational identification number.
The Collateral Agent may rely on opinions of counsel as to whether any or all UCC financing statements (or correlative foreign
documents or filings in respect of Specified Non-U.S. OIN Collateral) of the Pledgors need to be amended as a result of any of
the changes described in this Section 4.5. The Collateral Agent shall not be liable or responsible to any party for any
failure to maintain a valid, enforceable, perfected security interest with the priority required hereunder in such Pledgor’s
property constituting Pledged Collateral. The Collateral Agent shall have no duty to inquire about such changes, the parties acknowledging
and agreeing that it would not be feasible or practical for the Collateral Agent to search for information on such changes if
such information is not provided by any Pledgor.


 


SECTION
4.6           Corporate Names; Prior Transactions. Except
as set forth in Schedules 1(a), (b) and (c) to the Perfection Certificate, such Pledgor has not, during the
past five years, had or used any other corporate or organizational name or been a party to any merger or consolidation, or acquired
all or substantially all of the assets of any person, or acquired any material portion of its property or assets out of the ordinary
course of business.


 


SECTION
4.7           Due Authorization and Issuance. All of the
Initial Pledged Shares of wholly-owned Subsidiaries of any Pledgor have been, and to the extent any Pledged Shares are hereafter
issued, such Pledged Shares will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable. All
of the Initial Pledged Interests have been fully paid for, and there is no amount or other obligation owing by any Pledgor to
any issuer of the Initial Pledged Interests in exchange for or in connection with the issuance of the Initial Pledged Interests
or any Pledgor’s status as a partner or a member of any issuer of the Initial Pledged Interests.


 






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SECTION
4.8           Consents, etc. No consent of any party (including
equityholders or creditors of such Pledgor) and no consent, authorization, approval, license or other action by, and no notice
to or filing with, any Governmental Authority or regulatory body or other person (except for such consents by the Maritime Administration
and the Coast Guard as may be required with respect to the Collateral Vessels) is required for the exercise by the Collateral
Agent of (i) the voting or other rights provided for in this Agreement or (ii) the remedies in respect of the Pledged Collateral
pursuant to this Agreement. In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights
or attorney-in-fact powers set forth in this Agreement upon the occurrence and during the continuation of an Event of Default
and reasonably determines it necessary to obtain any approvals or consents of any Governmental Authority or regulatory body or
any other person therefor, then, upon the reasonable request of the Collateral Agent, each Pledgor agrees to assist and aid the
Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights
and powers.


 


SECTION
4.9           Pledged Collateral. All information set forth
herein, including the schedules annexed hereto, and all information contained in any documents, schedules and lists heretofore
delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement,
in each case, relating to the Pledged Collateral, is accurate and complete in all material respects when so delivered.


 


SECTION
4.10         Insurance. In the event that the proceeds of any insurance
claim are paid after the Collateral Agent has exercised its right to foreclose during the existence of an Event of Default, such
Net Cash Proceeds shall be paid to the Collateral Agent to satisfy any deficiency remaining after such foreclosure.


 


SECTION
4.11         Payment of Taxes; Compliance with Legal Requirements; Contesting
Liens; Charges. Each Pledgor may at its own expense contest the validity, amount or applicability of any Charges so long as
the contest thereof shall be conducted in accordance with, and permitted pursuant to the provisions of, the Credit Agreement.
Notwithstanding the foregoing sentence, if at any time payment or performance of any Charge contested by such Pledgor pursuant
to the provisions of the Credit Agreement shall become necessary to prevent (i) the imposition of a Charge that is not otherwise
a Permitted Lien or (ii) the forfeiture or sale of, any Collateral subject to such Charge, such Pledgor shall pay or perform the
same in sufficient time to prevent such Charge, forfeiture or sale.


 


SECTION
4.12         Access to Pledged Collateral, Books and Records; Other Information.
Subject to Section 5.07 of the Credit Agreement, each Pledgor shall permit representatives of the Collateral Agent and
the Administrative Agent upon two Business Day’s advance notice to visit and inspect any of its properties during normal
business hours (and with respect solely to inspection of Vessels, without interrupting the normal commercial operations of such
Vessel) and not more than twice during any fiscal year of the Administrative Borrower (unless an Event of Default has occurred
and is continuing), including to conduct any environmental assessments, sampling, testing or monitoring of any Mortgaged Property
or Collateral Vessel, or assets and examine and make abstracts from any of its books and records (including insurance policies),
in each case, at any reasonable time and upon reasonable notice. Nothing in this Section 4.12, however, shall limit the
rights of the Administrative Agent and the Collateral Agent, or the obligations of the Loan Parties, under Sections 5.07
and 5.13 of the Credit Agreement.


 






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ARTICLE
V



CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL


 


SECTION
5.1           Pledge of Additional Securities Collateral.
Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes of any person (other than Excluded Collateral),
accept the same in trust for the benefit of the Collateral Agent and promptly (and in any event within 30 days thereafter or such
later time as may be extended by the Collateral Agent in its sole discretion) deliver to the Collateral Agent the certificates
and other documents required under Section 3.1 and Section 3.2 in respect of the additional Pledged Securities
or Intercompany Notes that are to be pledged pursuant to this Agreement.


 


SECTION
5.2           Voting Rights; Distributions; etc.  


 


(i)          So
long as no Event of Default shall have occurred and be continuing:


 


(A)         Each
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral or
any part thereof for any purpose not inconsistent with the terms or purposes hereof, the other Loan Documents or any other document
evidencing the Secured Obligations; provided, however, that no Pledgor shall in any event exercise
such rights in any manner that will materially and adversely affect the rights and remedies of the Collateral Agent as secured
party hereunder; and


 


(B)         Each
Pledgor shall be entitled to receive and retain any and all Distributions, but only if and to the extent made in accordance with
the provisions of the Credit Agreement; provided, however, that any and all such Distributions consisting
of rights or interests in the form of Pledged Securities or Intercompany Notes shall promptly (and in any event within 30 days
after receipt thereof or such later time as may be extended by the Collateral Agent in its sole discretion) be delivered to the
Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of
the Collateral Agent, be segregated from the other property or funds of such Pledgor and be forthwith delivered to the Collateral
Agent as Pledged Collateral in the same form as so received (with any necessary or reasonably requested endorsement).


 


(ii)         Upon
the occurrence and during the continuance of any Event of Default:


 


(A)         All
rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant
to Section 5.2(i)(A) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which
shall thereupon have the sole right to exercise such voting and other consensual rights until the applicable Event of Default
is no longer continuing, in which case the Collateral Agent’s rights under this Section 5.2(ii)(A) shall cease
to be effective, subject to revesting in the event of a subsequent Event of Default that is continuing; and


 


(B)         All
rights of each Pledgor to receive Distributions that it would otherwise be authorized to receive and retain pursuant to Section 5.2(i)(B)
without further action shall cease and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right to receive and hold as Pledged Collateral such Distributions until the applicable Event of Default
is no longer continuing, in which case the Collateral Agent’s rights under this Section 5.2(ii)(B) shall cease
to be effective, subject to revesting in the event of a subsequent Event of Default that is continuing.


 


(iii)        Each
Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments
as the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights
which it may be entitled to exercise pursuant to Section 5.2(ii)(A) and to receive all Distributions which it may
be entitled to receive under Section 5.2(ii)(B).


 






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(iv)        All
Distributions that are received by any Pledgor contrary to the provisions of Section 5.2(ii)(B) shall be received
in trust for the benefit of the Collateral Agent, shall be segregated from the other funds of such Pledgor and shall immediately
be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary or reasonably requested
endorsement).


 


SECTION
5.3           Certain Agreements of Pledgors as Issuers and Holders
of Equity Interests.


 


(i)          In
the case of each Pledgor that is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement
relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it.


 


(ii)         In
the case of each Pledgor that is a partner, member or holder of any Equity Interests in a partnership, limited liability company
or other entity that is not Excluded Collateral, such Pledgor hereby consents to the extent required by the applicable Organizational
Documents of such Pledgor to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Interests in such
partnership, limited liability company or other entity and, upon the occurrence and during the continuance of an Event of Default,
to the transfer of such Pledged Interests to the Collateral Agent or its nominee and to the substitution of the Collateral Agent
or its nominee as a substituted partner, member or holder of Equity Interests in such partnership, limited liability company or
other entity with all the rights, powers and duties of a general partner, a limited partner, member or holder of Equity Interests,
as the case may be.


 


ARTICLE
VI



CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL


 


SECTION
6.1           Registration. Each Pledgor represents and warrants
that: (i) the Intellectual Property set forth on Schedules 11(a), 11(b), 11(c) and 11(d) to the Perfection
Certificate constitutes all of the registrations or applications for registration of Material IP Collateral owned by any Pledgor
as of the date hereof; (ii) except as set forth in Schedules 11(a),
11(b), 11(c) and 11(d) to the Perfection Certificate or
as otherwise permitted by the Credit Agreement, it is the true and lawful owner of all registrations and applications for registration
of Material IP Collateral listed in such Schedules to the Perfection Certificate hereto; and (iii) to the knowledge of such Pledgor,
all registrations listed on Schedules 11(a), 11(b), 11(c) and 11(d)
to the Perfection Certificate are valid and in full force and effect.


 


SECTION
6.2           Maintenance of Registration. Each Pledgor shall,
at its own expense, use commercially reasonable efforts to maintain all registrations and applications for registration of its
Material IP Collateral in the ordinary course of business consistent with past practice. At its own cost and expense, each Pledgor
shall (a) use commercially reasonable efforts to prosecute all applications for registrations of Material IP Collateral, except
where failure to do so would not reasonably be expected to be material to the business of such Pledgor and (b) not abandon any
such application except for abandonment of Material IP Collateral in the ordinary course of business.


 






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SECTION
6.3           Protection of Collateral Agent’s Security.
On a continuing basis, each Pledgor shall, at its sole cost and expense, promptly following its becoming aware thereof, notify
the Collateral Agent of (A) any materially adverse determination in any proceeding in the United States Patent and Trademark
Office or the United States Copyright Office with respect to any Patent, Trademark or Copyright that is Material IP Collateral
or (B) the institution of any material proceeding or any materially adverse determination in any federal, state, local or
foreign court or administrative body regarding such Pledgor’s claim of ownership in or right to use any of the Material
IP Collateral, its right to register such Material IP Collateral or its right to keep and maintain such registration in full force
and effect (excluding developments and determinations regarding intellectual property owned by a third party).


 


SECTION
6.4           After-Acquired Property. If any Pledgor shall,
at any time before the Secured Obligations have been paid and performed in full (other than contingent indemnification obligations
for which no claim or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents,
survive the termination thereof), obtain any rights to any additional Intellectual Property Collateral, the provisions hereof
shall automatically apply thereto and any such item with respect to such Pledgor shall automatically constitute Intellectual Property
Collateral if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the
Lien and security interest created by this Agreement without further action by any party (excluding any Intellectual Property
that constitutes Excluded Collateral).


 


ARTICLE
VII



CERTAIN PROVISIONS CONCERNING ACCOUNTS


 


SECTION
7.1           [Reserved].


 


SECTION
7.2           Assignment of Earnings; Assignment of Charters.
Each Pledgor covenants that it will cause all the earnings and other moneys received by such Pledgor in respect of Collateral
Vessels paid over promptly to a Specified Account. At the request of the Collateral Agent and in form and manner reasonably satisfactory
to the Collateral Agent, at any time after the occurrence and during the continuance of any Event of Default, each Pledgor shall
(i) promptly notify in writing substantially in the form of Exhibit 4 each of such Pledgor’s agents and representatives
into whose hands or control may come any earnings and moneys to be paid to such Pledgor in respect of Collateral Vessels, instructing
such addressee to remit promptly to a Specified Account all such earnings and moneys which may come into such Person’s hands
or control and to continue to make such remittances until such time as such Person may receive written notice or instructions
to the contrary directly from the Collateral Agent and (ii) deliver in writing to any charterer of a Collateral Vessel a
notice of assignment substantially in the form of Exhibit 5.


 


SECTION
7.3           Maintenance of Records. Each Pledgor shall
keep and maintain at its own cost and expense complete records of each Account, in a manner consistent with its ordinary business
practice, including records of all payments received, all credits granted thereon and all other documentation relating thereto
that such Pledgor determines appropriate in its ordinary business. Each Pledgor shall, at such Pledgor’s sole cost and expense,
upon the Collateral Agent’s demand made at any time after the occurrence and during the continuance of any Event of Default,
deliver all tangible evidence of Accounts, including all documents evidencing Accounts and any books and records relating thereto
to the Collateral Agent or to its representatives (copies of which evidence and books and records may be retained by such Pledgor).
Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may transfer a full and complete
copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Accounts
to and for the use by any person that has acquired or is contemplating acquisition of an interest in the Accounts or the Collateral
Agent’s security interest therein without the consent of any Pledgor.


 






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SECTION
7.4           Modification of Terms, etc. No Pledgor shall
rescind or cancel any obligations evidenced by any Account or modify any term thereof or make any adjustment with respect thereto
except in the ordinary course of business, or extend or renew any such obligations except in the ordinary course of business or
sell any Account or interest therein except in the ordinary course of business (to the extent permitted by the Credit Agreement)
without the prior written consent of the Collateral Agent. For purposes of the foregoing, ordinary course of business shall be
determined by reference to the past practice of the Pledgors or standard industry practice, which shall include, but is not limited
to, establishing reserves, writing off amounts due, selling Accounts to third parties, revising invoices, negotiating Account
terms and taking any other action in respect of the actual or expected bankruptcy, insolvency or reorganization of a Customer,
including filing bankruptcy claims and compromising or settling any disputes, claims, suits or legal proceedings related thereto.
Each Pledgor shall timely fulfill all obligations on its part to be fulfilled under or in connection with the Accounts.


 


SECTION
7.5           Collection. Each Pledgor shall cause to be
collected from the account debtor of each of the Accounts, as and when due in the ordinary course of business and consistent with
its ordinary business practice (including Accounts that are delinquent, such Accounts to be collected in accordance with generally
accepted commercial collection procedures if such Pledgor determines in its business judgment to do so), any and all amounts owing
under or on account of such Account, and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding
balance of such Account, except that any Pledgor may, with respect to an Account, allow in the ordinary course of business (i) a
refund or credit due as a result of returned or damaged or defective merchandise and (ii) such extensions of time to pay
amounts due in respect of Accounts and such other modifications of payment terms or settlements in respect of Accounts as shall
be commercially reasonable in the circumstances, all in accordance with such Pledgor’s ordinary course of business consistent
with its collection practices as in effect from time to time. The costs and expenses (including reasonable attorneys’ fees)
of collection, in any case, whether incurred by any Pledgor, the Collateral Agent or any Secured Party, shall be paid by the Pledgors.


 


ARTICLE
VIII



REMEDIES


 


SECTION
8.1           Remedies. Upon the occurrence and during the
continuance of any Event of Default and subject to any notice requirement in Section 8.01 of the Credit Agreement the Collateral
Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided
for herein or otherwise available to it under the other Loan Documents, applicable law or otherwise, the following remedies:


 


(i)          Personally,
or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any Pledgor or any
other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter
upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged Collateral, remain present
at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection
with such removal and possession any and all services, supplies, aids and other facilities of any Pledgor;


 


(ii)         Deliver
a notice of exclusive control with respect to any Controlled Accounts;


 






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(iii)        Demand,
sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged Collateral including
instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral
to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent,
and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with
respect thereto; provided, however, that in the event that any such payments are made directly to any Pledgor,
such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall
promptly (but in no event later than one Business Day after receipt thereof) pay such amounts to the Collateral Agent;


 


(iv)        Sell,
assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise
liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession
of the proceeds of any such sale, assignment, license or liquidation;


 


(v)         Take
possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to the Collateral
Agent at any place or places so reasonably designated by the Collateral Agent, in which event such Pledgor shall at its own expense:
(A) forthwith cause the same to be moved to the place or places reasonably designated by the Collateral Agent and therewith
delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such
place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall be so stored and
kept, provide such security and maintenance services as shall be reasonably necessary to protect the same and to preserve and
maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 8.1(v)
is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled
to decree requiring specific performance by any Pledgor of such obligation;


 


(vi)        Withdraw
all moneys, instruments, securities and other property in any bank, financial securities, deposit or other account of any Pledgor
constituting Pledged Collateral;


 


(vii)       Retain
and apply the Distributions to the Secured Obligations as provided in Article IX hereof;


 


(viii)      Exercise
any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and exercising
any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and


 


(ix)         All
the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Pledged Collateral),
and the Collateral Agent may also in its sole discretion, without notice except as specified in Section 8.2, sell,
assign, transfer or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private
sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit
or for future delivery, and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable.
The Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee
or recipient of any or all of the Pledged Collateral at any such sale and shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such
sale, to use and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of any
Pledged Collateral payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall
acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor
hereby waives, to the fullest extent permitted by applicable Legal Requirements, all rights of redemption, stay and/or appraisal
that it now has or may at any time in the future have under any Legal Requirement now existing or hereafter enacted. The Collateral
Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. The Collateral
Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the
fullest extent permitted by applicable Legal Requirements, any claims against the Collateral Agent arising by reason of the fact
that the price at which any Pledged Collateral may have been sold, assigned or licensed at such a private sale was less than the
price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does
not offer such Pledged Collateral to more than one offeree.


 






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SECTION
8.2           Notice of Sale. Each Pledgor acknowledges and
agrees that, to the extent notice of sale or other disposition of Pledged Collateral shall be required by any Legal Requirement,
10 days prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale
or other intended disposition is to take place shall be commercially reasonable notification of such matters unless the Pledged
Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market (in
which case no such prior notice shall be required). No notification need be given to any Pledgor if it has signed, after the occurrence
of an Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition.


 


SECTION
8.3           Waiver of Notice and Claims; Other Waivers; Marshalling.


 


(i)          Each
Pledgor hereby waives, to the fullest extent permitted by applicable Legal Requirements, notice of judicial hearing in connection
with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of any of the Pledged Collateral,
including any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would
otherwise have under any Legal Requirement, and each Pledgor hereby further waives, to the fullest extent permitted by applicable
Legal Requirements (a) all damages occasioned by such taking of possession, (b) all other requirements as to the time,
place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder
and (c) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any
applicable Legal Requirements. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to
this Article VIII except to the extent resulting solely from the Collateral Agent’s gross negligence or willful
misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision. Any sale of, or the grant
of options to purchase, or any other realization upon, any Pledged Collateral made in accordance with applicable Legal Requirements
shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein
and thereto, and shall be a perpetual bar both at law and in equity or otherwise against such Pledgor and against any and all
persons claiming or attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from,
through or under such Pledgor.


 


(ii)         Each
Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of Credit Extensions, Pledged Collateral
received or delivered or any other action taken in reliance hereon and all other demands and notices of any description to the
fullest extent permitted under applicable Legal Requirements except as may otherwise be expressly required herein or in the Credit
Agreement.


 


(iii)        The
Collateral Agent shall not be required to marshal any present or future collateral security (including the Pledged Collateral)
for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order. To the maximum extent permitted by applicable Legal Requirements, each Pledgor
hereby agrees that it will not invoke any Legal Requirement relating to the marshalling of collateral and hereby irrevocably waives
the benefits of all such Legal Requirements.


 






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SECTION
8.4           Standards for Exercising Rights and Remedies.
To the extent that applicable Legal Requirements impose duties on the Collateral Agent to exercise remedies in a commercially
reasonable manner, each Pledgor acknowledges and agrees that it is not commercially unreasonable for the Collateral Agent (i) to
fail to incur expenses reasonably deemed significant by the Collateral Agent to prepare Pledged Collateral for disposition or
otherwise to fail to complete raw material or work in process into finished goods or other finished products for disposition,
(ii) to fail to obtain third party consents for access to Pledged Collateral to be disposed of, or to obtain or, if not required
by other Legal Requirements, to fail to obtain consents for Governmental Authorities or third parties for the collection or disposition
of Pledged Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors
or other persons obligated on Pledged Collateral or to fail to remove liens or encumbrances on or any adverse claims against Pledged
Collateral, (iv) to exercise collection remedies against account debtors and other persons obligated on Pledged Collateral
directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Pledged
Collateral through publications or media of general circulation, whether or not the Pledged Collateral is of a specialized nature,
(vi) to contact other persons, whether or not in the same business as any Pledgor, for expressions of interest in acquiring
all or any portion of the Pledged Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition
of Pledged Collateral, whether or not the collateral is of a specialized nature, (viii) to dispose of Pledged Collateral
by utilizing Internet sites that provide for the auction of assets of the types included in the Pledged Collateral, (ix) to
dispose of assets in wholesale rather than retail markets, (x) to disclaim or modify disposition warranties, (xi) to
purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Pledged
Collateral or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Pledged Collateral,
or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers,
consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Pledged Collateral.
The Pledgors acknowledge that the purpose of this Section 8.4 is to provide non-exhaustive indications of what actions
or omissions by the Collateral Agent would fulfill the Collateral Agent’s duties under the UCC or other Legal Requirements
of the State or any other relevant jurisdiction in the Collateral Agent’s exercise of remedies against the Pledged Collateral
and that other actions or omissions by the Collateral Agent shall not be deemed to fail to fulfill such duties solely on account
of not being indicated in this Section 8.4. Without limiting the foregoing, nothing contained in this Section 8.4
shall be construed to grant any rights to any Pledgor or to impose any duties on the Collateral Agent that would not have
been granted or imposed by this Agreement or by applicable Legal Requirements in the absence of this Section 8.4.


 


SECTION
8.5           Certain Sales of Pledged Collateral.


 


(i)          Each
Pledgor recognizes that, by reason of certain prohibitions contained in Legal Requirements, the Collateral Agent may be compelled,
with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements
of a Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the
Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances,
agrees that any such restricted sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue
of such restrictions and that, except as may be required by applicable Legal Requirements, the Collateral Agent shall have no
obligation to engage in public sales.


 






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(ii)         Each
Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state or foreign securities’
laws, the Collateral Agent may be compelled, with respect to any sale or disposition of all or any part of the Securities Collateral
and Investment Property, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral
or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor
acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable
through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the
Securities Act), and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made
in a commercially unreasonable manner solely as a result of such restrictions and that the Collateral Agent shall have no obligation
to engage in public sales and no obligation to delay the sale of any Securities Collateral or Investment Property for the period
of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities
Act or under applicable state or foreign securities laws, even if such issuer would agree to do so.


 


(iii)        If
the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property,
upon written request, the applicable Pledgor shall, and shall cause each issuer of Securities Collateral and Investment Property
to be sold hereunder to, from time to time furnish to the Collateral Agent all such information as the Collateral Agent may reasonably
request in order to determine the number and nature or interest, of securities or other instruments included in the Securities
Collateral or Investment Property which may be sold by the Collateral Agent as exempt transactions under the Securities Act and
the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect.


 


(iv)        Each
Pledgor further agrees that a breach of any of the covenants contained in this Section 8.5 will cause irreparable
injury to the Collateral Agent and other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate
remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 8.5
shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants.


 


SECTION
8.6           No Waiver; Cumulative Remedies.


 


(i)          No
failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of
any other right, power or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security,
collateral or guaranties. The remedies herein provided are cumulative and are not exclusive of any remedies provided by applicable
Legal Requirements, in equity or otherwise.


 


(ii)         In
the event that the Collateral Agent shall have instituted any proceeding to enforce any right, power or remedy under this Agreement
by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall
have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each
other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral,
and all rights, remedies and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding
had been instituted.


 






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SECTION
8.7           Certain Additional Actions Regarding Intellectual
Property. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default, to exercise rights
and remedies under this Article VIII at such time as the Collateral Agent shall be lawfully entitled to exercise such
rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral Agent, to the extent licensable, exercisable
solely upon the occurrence and during the continuance of any Event of Default, an irrevocable non-exclusive worldwide license
(exercisable without payment of royalty or other compensation to any Pledgor) to use, assign, license or otherwise dispose of
the Intellectual Property Collateral now owned or hereafter acquired by such Pledgor (excluding, for the avoidance of doubt, any
License that by its terms is prohibited from being so licensed to the extent constituting Excluded Collateral), wherever the same
may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and
to all computer programs used for the compilation or printout hereof. If an Event of Default shall occur and be continuing, the
Collateral Agent may, by written notice to the relevant Pledgor, take any or all of the following actions: (i) declare the entire
right, title and interest of such Pledgor in and to the Intellectual Property Collateral, vested in the Collateral Agent for the
benefit of the Secured Parties, in which event such right, title and interest shall immediately vest, in the Collateral Agent
for the benefit of the Secured Parties, and the Collateral Agent shall be entitled to exercise the power of attorney referred
to in Section 10.2 to execute, cause to be acknowledged and notarized and record said absolute assignment with the applicable
agency or registrar; (ii) take and use or sell or license the Intellectual Property Collateral along with any goodwill of such
Pledgor’s business symbolized by any Trademarks that are included in such Intellectual Property; (iii) direct such Pledgor
to refrain, in which event such Pledgor shall refrain, from licensing or disposing any Intellectual Property Collateral in any
manner whatsoever, directly or indirectly; and (iv) in the event that the Collateral Agent takes any of the actions described
in the foregoing clauses (i), (ii) or (iii), the Collateral Agent may direct such Pledgor to refrain, in which event such Pledgor
shall refrain, from using the Intellectual Property Collateral in any manner whatsoever, directly or indirectly. Such Pledgor
shall execute such further documents that the Collateral Agent may reasonably request to further confirm this and to transfer
ownership of the Intellectual Property Collateral and registrations and any pending applications in the United States Copyright
Office, United States Patent and Trademark Office, equivalent office in a state of the United States or a foreign jurisdiction
or applicable Domain Name registrar to the Collateral Agent.


 


ARTICLE
IX



APPLICATION OF PROCEEDS


 


SECTION
9.1           Application of Proceeds. The proceeds received
by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral
pursuant to the exercise by the Collateral Agent of its remedies shall be applied, together with any other sums then held by the
Collateral Agent pursuant to this Agreement, in accordance with the Credit Agreement.


 


ARTICLE
X



MISCELLANEOUS


 


SECTION
10.1         Concerning Collateral Agent.


 


(i)          The
Collateral Agent has been appointed as Collateral Agent pursuant to the Credit Agreement. The actions of the Collateral Agent
hereunder are subject to the provisions of the Credit Agreement. The Collateral Agent shall have the right hereunder to make demands,
to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release
or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. Each Secured Party, by
its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Pledged Collateral
hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely
by the Collateral Agent for the benefit of the Secured Parties in accordance with the terms of this Agreement. The Collateral
Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct
of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral
Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Collateral
Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent
shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral Agent’s
resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this
Agreement while it was the Collateral Agent.


 






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(ii)         Except
for the exercise of reasonable care in the custody of any Pledged Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any Pledged Collateral or as to the taking of any necessary
steps to preserve rights against prior parties or any other rights pertaining to any Pledged Collateral. The Collateral Agent
shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession
if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual
capacity, accords its own property consisting of similar instruments or interests; provided that neither the Collateral
Agent nor any of the other Secured Parties nor any of their respective directors, officers, employees or agents shall have responsibility
for (x) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters
relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have
knowledge of such matters (y) failing to demand, collect or realize upon all or any part of the Pledged Collateral or for
any delay in doing so or (z) failing to take any necessary steps to preserve rights against any person with respect to any
Pledged Collateral.


 


(iii)        The
Collateral Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any telephone
message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect
to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it.


 


(iv)        Except
as otherwise provided in Section 2.3, if any item of Pledged Collateral also constitutes collateral granted to the Collateral
Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict
between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument
of any type in respect of such collateral, the provisions hereof shall control.


 


SECTION
10.2         Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact.
If any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay
the premiums in respect of all required insurance policies hereunder, (ii) pay Charges as required herein, (iii) make
repairs, or (iv) discharge Liens or pay or perform any obligations of such Pledgor under any Pledged Collateral) and such
failure constitutes an Event of Default that is continuing, the Collateral Agent may (but shall not be obligated to), do the same
or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however,
that the Collateral Agent shall in no event be bound to inquire into the validity of any tax, lien, imposition or other obligation
which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with
the provisions of Section 4.11. Any and all amounts so expended by the Collateral Agent shall be paid by the Pledgors in
accordance with the provisions of Section 11.03 of the Credit Agreement. Neither the provisions of this Section 10.2
nor any action taken by the Collateral Agent pursuant to the provisions of this Section 10.2 shall prevent any
such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting
an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full authority in the place
and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s discretion,
to take any action and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement and the other
Loan Documents that the Collateral Agent may deem necessary or reasonably advisable. The foregoing grant of authority is a power
of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies
all that such attorney shall lawfully do or cause to be done by virtue hereof.


 



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SECTION
10.3         Continuing Security Interest; Assignment. This Agreement
shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective
successors and assigns and (ii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit
of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other
persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto.
Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any obligations
held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the benefits
in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Credit Agreement.


 


SECTION
10.4         Termination; Release. (a)  This
Agreement shall terminate and the Pledged Collateral shall be automatically released from the Lien of this Agreement when the
Commitments have been terminated and the principal of and interest and premium (if any) on each Loan, all Fees and all other expenses
or amounts payable under any Loan Document shall have been paid in full and all Letters of Credit have been canceled or have expired
or have been Cash Collateralized and all amounts drawn thereunder have been reimbursed in full (other than contingent indemnification
obligations for which no claim or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security
Documents, survive the termination thereof). Upon termination hereof, the security interests granted hereby shall terminate and
all rights to the Pledged Collateral shall revert to the applicable Pledgor or to such other person as may be entitled thereto
pursuant to any Order or other applicable Legal Requirement. Upon termination hereof or any release of Pledged Collateral in accordance
with the provisions of the Credit Agreement, the Collateral Agent shall promptly, upon the written request and at the sole cost
and expense of the Pledgors, assign, transfer and deliver to the Pledgors, against receipt and without recourse to or warranty
of any kind (either express or implied) by the Collateral Agent (except that the Collateral Agent has not assigned or otherwise
transferred its security interest in the Pledged Collateral), such of the Pledged Collateral to be released (in the case of a
release) as may be in possession or control of the Collateral Agent and as shall not have been sold or otherwise applied pursuant
to the terms hereof, and, with respect to any other Pledged Collateral, with such endorsements or proper documents and instruments
(including UCC-3 termination statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral,
as the case may be.


 


(b)          If
any of the Collateral is sold, transferred or otherwise disposed of by any Pledgor (other than to another Pledgor) in a transaction
permitted by the Credit Agreement, then the lien created pursuant to this Agreement in such Collateral shall be released, and
the Collateral Agent, at the request and sole expense of such Pledgor, shall promptly execute and deliver to such Pledgor all
releases or other documents reasonably necessary or desirable and in form reasonably satisfactory to the Collateral Agent and
take such further actions for the release of such Collateral (not including Proceeds thereof) from the security interests created
hereby; provided that the applicable Pledgor shall have delivered to the Collateral Agent, at least five Business Days (or
such shorter period of time acceptable to the Collateral Agent) prior to the date of the proposed release, a certificate of a
Responsible Officer of such Pledgor with request for release identifying the relevant Collateral and certifying that such transaction
is in compliance with the Credit Agreement and the other Loan Documents.


 






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SECTION
10.5         Modification in Writing. No amendment, modification, supplement,
termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective
unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and signed by the Collateral
Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent
to any departure by any Pledgor from the terms of any provision hereof shall be effective only in the specific instance and for
the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or
demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances.


 


SECTION
10.6         Notices. Unless otherwise provided herein or in the Credit
Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become
effective as set forth in the Credit Agreement, as to any Pledgor, addressed to it at the address of the Administrative Borrower
set forth in the Credit Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Credit Agreement,
or in each case at such other address as shall be designated by such party in a written notice to the other party complying as
to delivery with the terms of this Section 10.6.


 


SECTION
10.7         Governing Law, Consent to Jurisdiction and Service of Process;
Waiver of Jury Trial.


 


(a)          THIS
AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) BASED UPON,
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.


 


(b)          EACH
PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE SUPREME
COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK, IN EACH CASE LOCATED IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LEGAL REQUIREMENTS. NOTHING IN THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR OTHERWISE, HOWEVER, SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT,
ANY OTHER AGENT, THE ISSUING BANK OR ANY LENDER OR OTHER SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 






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(c)          EACH
PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 10.7(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.


 


(d)          EACH
PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY
LOAN DOCUMENT, IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE OR EMAIL) IN SECTION 10.6. NOTHING IN THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LEGAL REQUIREMENTS.


 


(e)          EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT, THE TRANSACTIONS OR THE OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 10.7.


 


SECTION
10.8         Severability of Provisions. Any provision of this Agreement
held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction.


 


SECTION
10.9         Execution in Counterparts. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement.


 


SECTION
10.10         Business Days. In the event any time period or any date
provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and
such date shall be deemed to fall on the immediately preceding Business Day, and performance herein may be made on such Business
Day, with the same force and effect as if made on such other day.


 






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SECTION
10.11         No Credit for Payment of Taxes or Imposition. No Pledgor
shall be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such
Pledgor shall not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof,
by reason of the payment of any Tax on the Pledged Collateral or any part thereof.


 


SECTION
10.12         No Claims Against Collateral Agent. Nothing contained
in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of
any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof,
nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or services or
the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral
Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any
such materials or other property is prior to the Lien hereof.


 


SECTION
10.13         No Release. Nothing set forth in this Agreement shall
relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed
or observed under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any
of the Pledged Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe
any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any
liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto
or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement
or the other Loan Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. The
obligations of each Pledgor contained in this Section 10.13 shall survive the termination hereof and the discharge
of such Pledgor’s other obligations under this Agreement, the Credit Agreement and the other Loan Documents.


 


SECTION
10.14         Overdue Amounts. Until paid, all amounts due and payable
under this Agreement (other than contingent indemnification obligations for which no claim or demand has been made after the payment
in full of all other Secured Obligations) shall constitute Secured Obligations and shall bear interest, whether before or after
judgment, at the Default Rate.


 


SECTION
10.15         Obligations Absolute. All obligations of each Pledgor
hereunder shall be absolute and unconditional irrespective of:


 


(i)          any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Pledgor;


 


(ii)         any
lack of validity or enforceability of any Loan Document, or any other agreement or instrument relating thereto against any Pledgor;


 


(iii)        any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other
amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto;


 


(iv)        any
pledge, exchange, release or non-perfection or loss of priority of any other collateral, or any release or amendment or waiver
of or consent to any departure from any guarantee, for all or any of the Secured Obligations;


 


(v)         any
exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, or any Loan Document; or


 






    	J-1-28



    	 



    

 


(vi)        any
other circumstances which might otherwise constitute a defense available to, or a discharge of, any Pledgor other than the payment
in full in cash of the Secured Obligations.


 


[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]


 




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IN WITNESS WHEREOF, the Pledgors and the
Collateral Agent have caused this Security Agreement to be duly executed and delivered by their duly authorized officers as of
the date first above written.


 


	 	OSG INTERNATIONAL, INC.,
	 	as a Pledgor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	OIN DELAWARE LLC
	 	1372 Tanker Corporation
	 	Africa Tanker Corporation
	 	Alcesmar Limited
	 	Alcmar Limited
	 	Amalia Product Corporation
	 	Ambermar Product Carrier
	 	Corporation
	 	Andromar Limited
	 	Antigmar Limited
	 	Ariadmar Limited
	 	Atalmar Limited
	 	Athens Product Tanker
	 	Corporation
	 	Aurora Shipping Corporation
	 	Batangas Tanker Corporation
	 	Cabo Hellas Limited
	 	Cabo Sounion Limited
	 	Caribbean Tanker Corporation
	 	Carl Product Corporation
	 	Concept Tanker Corporation
	 	Delta Aframax Corporation
	 	Eighth Aframax Tanker
	 	Corporation
	 	Epsilon Aframax Corporation
	 	First Union Tanker Corporation
	 	Front President Inc.
	 	Goldmar Limited
	 	International Seaways, Inc.
	 	Jademar Limited
	 	Kimolos Tanker Corporation
	 	Kythnos Chartering Corporation
	 	Leyte Product Tanker
	 	Corporation
	 	Luxmar Product Tanker
	 	Corporation
	 	Majestic Tankers Corporation
	 	Maple Tanker Corporation
	 	Maremar Product Tanker
	 	Corporation


 





Signature Page to Security Agreement


 









    	J-1-30



    	 



    

 


	 	Milos Product Tanker
	 	Corporation
	 	Mindanao Tanker Corporation
	 	Oak Tanker Corporation
	 	Oceania Tanker Corporation
	 	OSG Clean Products
	 	International, Inc.
	 	OSG Lightering LLC
	 	OSG Ship Management (UK) Ltd.
	 	Overseas Shipping (GR) Ltd.
	 	Pearlmar Limited
	 	Petromar Limited
	 	Reymar Limited
	 	Rich Tanker Corporation
	 	Rosalyn Tanker Corporation
	 	Rosemar Limited
	 	Rubymar Limited
	 	Sakura Transport Corp.
	 	Samar Product Tanker
	 	Corporation
	 	Serifos Tanker Corporation
	 	Seventh Aframax Tanker
	 	Corporation
	 	Shirley Aframax Corporation
	 	Sifnos Tanker Corporation
	 	Silvermar Limited
	 	Sixth Aframax Tanker
	 	Corporation
	 	Skopelos Product Tanker
	 	Corporation
	 	Star Chartering Corporation
	 	Third United Shipping Corporation
	 	Tokyo Transport Corp.
	 	Urban Tanker Corporation
	 	View Tanker Corporation,
	 	each, as a Pledgor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	JEFFERIES FINANCE LLC,
	 	as Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 









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EXHIBIT 1


 


[Form of]


 


Copyright
Security Agreement


 


This Copyright Security Agreement (this
“Copyright Security Agreement”), dated as of [_________________], by [_________], a [________][________]
(the “Pledgor”) and Jefferies Finance LLC, in its capacity as Collateral Agent (in such capacity, the “Collateral
Agent”) pursuant to the Credit Agreement, dated as of August 5, 2014, among Holdings, the Administrative Borrower, the
Co-Borrower, the Subsidiary Guarantors party thereto, the Collateral Agent and the lending institutions and other entities from
time to time party thereto (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”).


 


WITNESSETH:


 


WHEREAS, the Pledgor is a party to a Security
Agreement of even date with the Credit Agreement (the “Security Agreement”) in favor of the Collateral Agent
pursuant to which the Pledgor is required to execute and deliver this Copyright Security Agreement.


 


NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent, for the ratable benefit of the Secured Parties, to enter into the Credit Agreement,
the Pledgor hereby agrees with the Collateral Agent as follows:


 


SECTION 1. Defined Terms. Unless
otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security
Agreement.


 


SECTION 2. Grant of Security Interest
in Copyright Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured
Parties a security interest in all of its right, title and interest in, to the following (collectively, the “Copyright
Collateral”):


 


		(a)	Copyrights of such Pledgor listed on Schedule 1
attached hereto;



 


		(b)	all Proceeds of any and all of the foregoing (other than
Excluded Collateral); and



 


		(c)	all causes of action arising prior to or after the date
hereof for infringement of any such Copyrights or unfair competition regarding the same.



 


SECTION 3. Security Agreement. The
security interest granted pursuant to this Copyright Security Agreement is granted in conjunction with the security interest granted
to the Collateral Agent pursuant to the Security Agreement, and the Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the security interest in the Copyright Collateral made and granted hereby are
more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully
set forth herein. In the event that any provision of this Copyright Security Agreement is deemed to conflict with the Security
Agreement, the provisions of the Security Agreement shall control.


 


SECTION 4. Termination. Upon the
full payment and performance of the Secured Obligations (other than contingent indemnification obligations for which no claim
or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents, survive the termination
thereof), upon written request of the Pledgor, the Collateral Agent shall (at Pledgor’s sole cost and expense) execute,
acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, lien
and security interest in the Copyrights under this Copyright Security Agreement.


 


[Signature Page Follows]





Copyright Security Agreement Page 1   of 3










 




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IN WITNESS WHEREOF, the Pledgor has caused
this Copyright Security Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above.


 





Copyright Security Agreement Page 1 of 4


 







 


	 	[PLEDGOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 





Copyright Security Agreement Page   2 of 3


 




 




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	Accepted and Agreed:	 
	 	 
	Jefferies Finance LLC,	 
	as Collateral Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 


 





Copyright Security Agreement Page 3   of 3


 









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SCHEDULE 1

to

COPYRIGHT SECURITY AGREEMENT


 


COPYRIGHT REGISTRATIONS AND COPYRIGHT
APPLICATIONS 


 


	TITLE	 	REGISTRATION NO.	 	OWNER
	 	 	 	 	 


  





Schedule 1 to Copyright Security Agreement 







 




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EXHIBIT 2


[Form of]


 


Patent
Security Agreement


 


This Patent
Security Agreement (this “Patent Security Agreement”), dated as of [__________ ___], 201[_], by [_________],
a [________][________] (the “Pledgor”) and Jefferies Finance LLC, in its capacity as Collateral Agent (in such
capacity, the “Collateral Agent”) pursuant to the Credit Agreement, dated as of August 5, 2014, among
Holdings, the Administrative Borrower, the Co-Borrower, the Subsidiary Guarantors party thereto, the Collateral Agent and the
lending institutions and other entities from time to time party thereto (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”).


 


WITNESSETH:


 


WHEREAS, the Pledgor is a party to a Security
Agreement of even date with the Credit Agreement (the “Security Agreement”) in favor of the Collateral Agent
pursuant to which the Pledgor is required to execute and deliver this Patent Security Agreement.


 


NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent, for the ratable benefit of the Secured Parties, to enter into the Credit Agreement,
the Pledgor hereby agrees with the Collateral Agent as follows:


 


SECTION 1. Defined Terms. Unless
otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security
Agreement.


 


SECTION 2. Grant of Security Interest
in Patent Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured
Parties a security interest in all of its right, title and interest in, to the following (collectively, the “Patent Collateral”):


 


		(a)	Patents of such Pledgor listed on Schedule 1
attached hereto;



 


		(b)	all Proceeds of any and all of the foregoing (other than
Excluded Collateral); and



 


		(c)	all causes of action arising prior to or after the date
hereof for infringement of any such Patents or unfair competition regarding the same.



 


SECTION 3. Security Agreement. The
security interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interest granted
to the Collateral Agent pursuant to the Security Agreement, and the Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the security interest in the Patent Collateral made and granted hereby are more
fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully
set forth herein. In the event that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement,
the provisions of the Security Agreement shall control.


 


SECTION 4. Termination. Upon the
full payment and performance of the Secured Obligations (other than contingent indemnification obligations for which no claim
or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents, survive the termination
thereof), upon written request of the Pledgor, the Collateral Agent shall (at Pledgor’s sole cost and expense) execute,
acknowledge, and deliver to the Pledgor an instrument in writing in recordable form releasing the collateral pledge, grant, lien
and security interest in the Patents under this Patent Security Agreement


 


[Signature Page Follows]


 





Patent Security Agreement Page 1 of 3


 




    	J-1-36



    	 



    

 


IN WITNESS WHEREOF, the Pledgor has caused
this Patent Security Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above.


 


	 	[PLEDGOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 





Patent Security Agreement Page 2  of 3


  




    	J-1-37



    	 



    

 


	Accepted and Agreed:	 
	 	 
	Jefferies Finance LLC,	 
	as Collateral Agent	 
	By:	 	 
	 	Name:	 
	 	Title:	 


  





Patent Security Agreement Page 3  of 3


 









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SCHEDULE 1

to

PATENT SECURITY AGREEMENT


PATENT REGISTRATIONS AND APPLICATIONS


 


	Title 	 	Patent No.	 	Issue Date	 	Application No.	 	Filing Date	 	Status
	 	 	 	 	 	 	 	 	 	 	 


  





Schedule 2 to Patent Security Agreement










 









    	J-1-39



    	 



    

 


EXHIBIT 3


 


[Form of]


 


Trademark
Security Agreement


 


This Trademark
Security Agreement (this “Trademark Security Agreement”), dated as of [_______ ___], 201[_] by [_________],
a [________][________] (the “Pledgor”) and Jefferies Finance LLC, in its capacity as Collateral Agent (in such
capacity, the “Collateral Agent”) pursuant to the Credit Agreement, dated as of August 5, 2014,
among Holdings, the Administrative Borrower, the Co-Borrower, the Subsidiary Guarantors party thereto, the Collateral Agent and
the lending institutions and other entities from time to time party thereto (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”).


 


WITNESSETH:


 


WHEREAS, the Pledgor is a party to a Security
Agreement of even date with the Credit Agreement (the “Security Agreement”) in favor of the Collateral Agent
pursuant to which the Pledgor is required to execute and deliver this Trademark Security Agreement.


 


NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent, for the ratable benefit of the Secured Parties, to enter into the Credit Agreement,
the Pledgor hereby agrees with the Collateral Agent as follows:


 


SECTION 1. Defined Terms. Unless
otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security
Agreement.


 


SECTION 2. Grant of Security Interest
in Trademark Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured
Parties a security interest in all of its right, title and interest in, to the following (collectively, the “Trademark
Collateral”):


 


		(a)	Trademarks of such Pledgor listed on Schedule 1
attached hereto;



 


		(b)	all goodwill associated with such Trademarks;



 


		(c)	all Proceeds of any and all of the foregoing (other than
Excluded Collateral); and



 


		(d)	all causes of action arising prior to or after the date
hereof for infringement of any such Trademarks or unfair competition regarding the same.



 


SECTION 3. Security Agreement. The
security interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest granted
to the Collateral Agent pursuant to the Security Agreement, and the Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the security interest in the Trademark Collateral made and granted hereby are
more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully
set forth herein. In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security
Agreement, the provisions of the Security Agreement shall control.


 


SECTION 4. Termination. Upon the
full payment and performance of the Secured Obligations (other than contingent indemnification obligations for which no claim
or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents, survive the termination
thereof), upon written request of the Pledgor, the Collateral Agent shall (at Pledgor’s sole cost and expense) execute,
acknowledge, and deliver to the Pledgor an instrument in writing in recordable form releasing the collateral pledge, grant, lien
and security interest in the Trademarks under this Trademark Security Agreement.


 


[Signature Page Follows]


 





Trademark Security Agreement Page 1 of 3


 







    	J-1-40



    	 



    

 


IN WITNESS WHEREOF, the Pledgor has caused this Trademark Security
Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above.


 


	 	[PLEDGOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Trademark Security Agreement Page 2  of
3


 




    	J-1-41



    	 



    

 


	Accepted and Agreed:	 
	 	 
	Jefferies Finance LLC,	 
	as Collateral Agent	 
	By:	 	 
	 	Name:	 
	 	Title:	 


  


Trademark Security Agreement Page 3  of 3


 




    	J-1-42



    	 



    

 


SCHEDULE 1

to

TRADEMARK SECURITY AGREEMENT


TRADEMARK REGISTRATIONS AND APPLICATIONS 


 


	Trademark	 	Application No.	 	Application

    Date	 	Registration

    No.	 	Registration

    Date	 	Status
	 	 	 	 	 	 	 	 	 	 	 


 





Notice of Assignment of  Earnings Page 1 of 1


  




    	J-1-43



    	 



    

 


EXHIBIT 4


 


[Form of]


 


NOTICE
OF ASSIGNMENT OF EARNINGS


 


		To:	[Name]



[Address] 


 


Dear Sirs


 


“[NAME OF VESSEL]” 


 


The undersigned, [SHIPOWNER] (the “Owner”),
the owner of the Marshall Islands flag vessel “[VESSEL]” (the “Vessel”), hereby gives you notice
that by a Security Agreement dated [DATE], entered into by OSG International, Inc. and certain of its subsidiaries including the
Owner as Pledgors, and Jefferies Finance LLC, in its capacity as Collateral Agent (hereinafter called the “Assignee”),
the Owner has pledged and granted to the Assignee a security interest in all moneys due or to become due to the Owner arising
from the use or employment of the Vessel.


 


	 	[SHIPOWNER]	 
	 	as Owner,	 
	 	 	 	 
	 	By:  	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	Dated:  	 	 


   




    	J-1-44



    	 



    

 


EXHIBIT 5


 


[Form of]


 


NOTICE
OF ASSIGNMENT OF CHARTER


  


		To:	[Name]



[Address]


 


Dear Sirs


 


“[NAME OF VESSEL]”  


 


The undersigned, [SHIPOWNER] (the “Owner”),
the owner of the Marshall Islands flag vessel “[VESSEL]” (the “Vessel”), hereby gives you notice
that by a Security Agreement dated [DATE], entered into by OSG International, Inc. and certain of its subsidiaries including the
Owner as Pledgors, and Jefferies Finance LLC, in its capacity as Collateral Agent (hereinafter called the “Assignee”),
the Owner has pledged and granted to the Assignee all interests and rights which now or at any later time the Owner has or may
have under, in or in connection with the time charter-party dated [DATE OF CHARTER PARTY] (as the same may be amended or supplemented
from time to time, the “Charter”) made between the Owner and you as charterer in respect of the Vessel.


 


	 	[SHIPOWNER]	 
	 	as Owner,	 
	 	 	 	 
	 	By:  	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	Dated:  	 	 


 




    	J-1-45



    	 



    

 


[Form of]


 


CHARTERER’S CONSENT AND AGREEMENT


 


[VESSEL]


 


Official Number [NUMBER]


 


The undersigned, charterer
of the Marshall Islands flag vessel [VESSEL] pursuant to a time charter-party dated [DATE OF CHARTER PARTY] (the “Charter”),
does hereby acknowledge notice of the assignment by [SHIPOWNER] (the “Assignor”) of all the Assignor’s
right, title and interest in the Charter to Jefferies Finance LLC, in its capacity as Collateral Agent (the “Assignee”),
pursuant to a Security Agreement dated [DATE] (as the same may be amended, supplemented or otherwise modified from time to time,
the “Assignment”), consents to such assignment, and agrees that, it will make payment of all moneys due and
to become due under the Charter, without setoff or deduction for any claim not arising under the Charter, (x) to the account of
OSG International, Inc. identified on Schedule 1 attached hereto or (y) direct to the Assignee or such account specified by the
Assignee at such address as the Assignee shall request the undersigned in writing, in each case, until receipt of written notice
from the Assignee that all obligations of the Assignor to it have been paid in full.


 


The undersigned agrees
that it shall look solely to the Assignor for performance of the Charter and that the Assignee shall have no obligation or liability
under or pursuant to the Charter arising out of the Assignment, nor shall the Assignee be required or obligated in any manner
to perform or fulfill any obligations of the Assignor under or pursuant to the Charter. This provision shall not be construed
to relieve the Assignor of any liability to the Charterer. This agreement shall be governed by, and construed in accordance with,
the law of the State of New York.


  


Dated: _______________


 


	 	[CHARTERER],	 
	 	as Charterer	 
	 	 	 	 
	 	By:  	 	 
	 	Name:	 
	 	Title:]	 


 




    	J-1-46



    	 



    

 


EXHIBIT 6


 


[Form of]


 


nOTICE
OF ASSIGNMENT OF INSURANCE


 


The undersigned, [SHIPOWNER],
the Owner of the Marshall Islands registered documented vessel [VESSEL] (the “Vessel”), hereby gives you notice
that by a Security Agreement dated as of [DATE] entered into by OSG International, Inc. and certain
of its subsidiaries, including the Owner, and Jefferies Finance LLC, in its capacity as Collateral Agent (hereinafter called the
“Assignee”), there has been assigned by the Owner to the Assignee all insurances effected and to be
effected in respect of the Vessel including the insurances constituted by the policy whereon this Notice is endorsed. This Notice
of Assignment and the applicable loss payable clauses in the form hereto attached as Annex I are to be endorsed on all policies
and certificates of entry evidencing such insurance.


 


Dated:


 


	 	[SHIPOWNER]	 
	 	as Owner	 
	 	 	 	 
	 	By  	 	 
	 	Name:	 
	 	Title:	 


 





Notice of Assignment of Insurance Page 1 of 1


 




    	J-1-47



    	 



    

 


ANNEX I


Notice of Assignment of Insurance


 


LOSS PAYABLE CLAUSES:


 


Hull and War Risks


 


Loss, if any, payable to JEFFERIES
FINANCE LLC, as Collateral Agent and Mortgage Trustee, as Mortgagee (the “Mortgagee”) for distribution
by the Mortgagee to itself, and [SHIPOWNER], as owner (the “Owner”), as their respective interests may appear,
or order,


 


EXCEPT THAT,
unless underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any payment (a) less
than U.S. $5,000,000 (net of deductibles) in the aggregate for any single
loss involving damage to the Vessel, or (b) for any liability of the Vessel, the underwriters may pay directly for the
repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the
cost thereof, or discharged the liability or paid all of the salvage or other charges, then the underwriters may pay the Owner
as reimbursement therefor.


 


Protection and Indemnity


 


[Loss, if any, payable
to JEFFERIES FINANCE LLC, as Collateral Agent and Mortgage Trustee, as Mortgagee (the “Mortgagee”),
for distribution by the Mortgagee to itself and [SHIPOWNER], Owner, as their respective interests may appear or order, except
that, unless and until the Underwriters have been otherwise instructed by notice in writing from the Mortgagee, any loss may be
paid directly to the person to whom the liability covered by this insurance has been incurred, or to the Owner to reimburse them
for any loss, damage or expenses incurred by them and covered by this insurance, provided the Underwriters shall have first received
evidence that the liability insured against has been discharged.]


 


[Payment of any recovery
that the Owner is entitled to make out of the funds of the Association in respect of any liability, costs or expenses incurred
by the Owner shall be made to the Owner or to its order unless and until the Association receives notice from JEFFERIES
FINANCE LLC, as Collateral Agent and Mortgage Trustee, as Mortgagee (the “Mortgagee”), that the Owner
is in default under the Mortgage in favor of the Mortgagee, in which event all recoveries shall thereafter be paid to the Mortgagee
or to its order.]


  




    	J-1-48



    	 



    




  


EXHIBIT J-2


 


 






 


Form of


 


HOLDINGS PLEDGE AGREEMENT


 


By


 


OVERSEAS SHIPHOLDING GROUP, INC.,


 


as Pledgor,


 


and


 


JEFFERIES FINANCE LLC,


as Collateral Agent


 


Dated as of [___], 2014


 


 






  




    	 



    	 



    

 


TABLE OF CONTENTS


 


	 	 	 	Page(s)
	 	 
	ARTICLE I DEFINITIONS AND INTERPRETATION	2
	 	 	 	 
	SECTION 1.1	 	Definitions.	2
	SECTION 1.2	 	Interpretation	3
	SECTION 1.3	 	Perfection Certificate	3
	 	 
	ARTICLE II GRANT OF SECURITY AND SECURED OBLIGATIONS	3
	 	 	 	 
	SECTION 2.1	 	Grant of Security Interest	3
	SECTION 2.2	 	Filings	4
	 	 
	ARTICLE III PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF PLEDGED COLLATERAL	4
	 	 	 	 
	SECTION 3.1	 	Delivery of Certificated Securities Collateral	4
	SECTION 3.2	 	Perfection of Uncertificated Securities Collateral	5
	SECTION 3.3	 	Financing Statements and Other Filings; Maintenance of Perfected Security Interest	5
	SECTION 3.4	 	Other Actions	5
	SECTION 3.5	 	Supplements; Further Assurances	6
	 	 
	ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS	6
	 	 	 	 
	SECTION 4.1	 	Title	6
	SECTION 4.2	 	Validity of Security Interest	6
	SECTION 4.3	 	Defense of Claims	6
	SECTION 4.4	 	Other Financing Statements	7
	SECTION 4.5	 	Chief Executive Office; Change of Name; Jurisdiction of Organization, etc.	7
	SECTION 4.6	 	Corporate Names; Prior Transactions	7
	SECTION 4.7	 	Due Authorization and Issuance	7
	SECTION 4.8	 	Consents, etc.	7
	SECTION 4.9	 	Pledged Collateral	8
	SECTION 4.10	 	Payment of Taxes; Compliance with Legal Requirements; Contesting Liens; Charges	8
	SECTION 4.11	 	Access to Pledged Collateral, Books and Records; Other Information	8
	 	 
	ARTICLE V CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	8
	 	 	 	 
	SECTION 5.1	 	Pledge of Additional Securities Collateral	8
	SECTION 5.2	 	Voting Rights; Distributions; etc.	8
	 	 
	ARTICLE VI REMEDIES	9
	 	 	 	 
	SECTION 6.1	 	Remedies	9
	SECTION 6.2	 	Notice of Sale	11
	SECTION 6.3	 	Waiver of Notice and Claims; Other Waivers; Marshalling	11


 




    	i



    	 



    

 


	SECTION 6.4	 	Standards for Exercising Rights and Remedies	12
	SECTION 6.5	 	Certain Sales of Pledged Collateral	12
	SECTION 6.6	 	No Waiver; Cumulative Remedies	13
	 	 
	ARTICLE VII APPLICATION OF PROCEEDS	13
	 	 	 	 
	SECTION 7.1	 	Application of Proceeds	13
	 	 
	ARTICLE VIII MISCELLANEOUS	14
	 	 	 	 
	SECTION 8.1	 	Concerning Collateral Agent	14
	SECTION 8.2	 	Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact	15
	SECTION 8.3	 	Continuing Security Interest; Assignment	15
	SECTION 8.4	 	Termination; Release	15
	SECTION 8.5	 	Modification in Writing	16
	SECTION 8.6	 	Notices	16
	SECTION 8.7	 	Governing Law, Consent to Jurisdiction
and Service of Process; Waiver of Jury Trial	16
	SECTION 8.8	 	Severability of Provisions	17
	SECTION 8.9	 	Execution in Counterparts	18
	SECTION 8.10	 	Business Days	18
	SECTION 8.11	 	No Credit for Payment of Taxes or Imposition	18
	SECTION 8.12	 	No Claims Against Collateral Agent	18
	SECTION 8.13	 	No Release	18
	SECTION 8.14	 	Overdue Amounts	18
	SECTION 8.15	 	Obligations Absolute	18


 




    	ii



    	 



    

 


HOLDINGS PLEDGE AGREEMENT


 


This HOLDINGS PLEDGE
AGREEMENT, dated as of [___], 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance
with the provisions hereof, this “Agreement”), made by Overseas Shipholding Group, Inc., a Delaware corporation,
as pledgor, assignor and debtor (the “Pledgor”), in favor of JEFFERIES FINANCE LLC, in its capacity as Collateral
Agent pursuant to the Credit Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and
together with any successors in such capacities, the “Collateral Agent”).


 


RECITALS:


 


A.           The
Pledgor, OSG International, Inc., a Marshall Islands corporation (the “Administrative Borrower”), the Co-Borrower
party thereto, the Subsidiary Guarantors party thereto, the Administrative Agent, the Collateral Agent and the lending institutions
and other lending entities from time to time party thereto (the “Lenders”) have entered into that certain Credit
Agreement, dated as of August 5, 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”).


 


B.           The
Pledgor has, pursuant to the Credit Agreement, unconditionally guaranteed the Secured Obligations.


 


C.           The
Pledgor will receive substantial benefits from the execution, delivery and performance of the Secured Obligations under the Credit
Agreement and the other Loan Documents and are, therefore, willing to enter into this Agreement.


 


D.           The
Pledgor is, or as to Pledged Collateral acquired by the Pledgor after the date hereof will be, the legal and/or beneficial owner
of the Pledged Collateral pledged by it hereunder.


 


E.           This
Agreement is given by the Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties to secure the payment
and performance of all of the Secured Obligations.


 


F.           It
is a condition to the obligations of the Lenders to make the Loans under the Credit Agreement and a condition to the Issuing Bank
to issue Letters of Credit under the Credit Agreement that the Pledgor execute and deliver the applicable Loan Documents, including
this Agreement.


 


AGREEMENT:


 


NOW THEREFORE, in consideration
of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Pledgor and the Collateral Agent hereby agree as follows:


 




    	J-2-1



    	 



    

 


ARTICLE I


 


DEFINITIONS AND INTERPRETATION


 


SECTION
1.1           Definitions. (a) Unless otherwise defined
herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the meanings assigned
to them in the UCC.


 


(b)          Terms
used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given to them in the Credit
Agreement.


 


(c)          The
following terms shall have the following meanings:


 


“Additional
Pledged Shares” shall mean, collectively, all options, warrants, rights, Equity Interests, agreements, additional
shares of capital stock of whatever class of the Administrative Borrower or any other equity interest in the Administrative Borrower,
together with all rights, privileges, authority and powers of the Pledgor relating to such interests issued by the Administrative
Borrower under any Organizational Document of the Administrative Borrower, and the certificates, instruments and agreements representing
such interests, from time to time acquired by the Pledgor in any manner.


 


“Administrative
Borrower” shall have the meaning assigned to such term in Recital A hereof.


 


“Agreement”
shall have the meaning assigned to such term in the Preamble hereof.


 


“Charges”
shall mean any and all property and other taxes, assessments and special assessments, levies, fees and all governmental charges
imposed upon or assessed against, and all claims (including any landlords’, carriers’, mechanics’, workmen’s,
repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other charges arising
by operation of law) against, all or any portion of the Pledged Collateral.


 


“Collateral
Agent” shall have the meaning assigned to such term in the Preamble hereof.


 


“Control”
shall mean in the case of any Security Entitlement (including any Securities Account), “control,” as such term is defined
in Section 8-106 of the UCC.


 


“Credit Agreement”
shall have the meaning assigned to such term in Recital A hereof.


 


“Distributions”
shall mean, collectively, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal,
income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision,
reclassification or other like change of the Pledged Shares, from time to time received, receivable or otherwise distributed to
the Pledgor in respect of or in exchange for any or all of the Pledged Shares or the other Pledged Collateral.


 


“Initial Pledged
Shares” shall mean, collectively, the issued and outstanding shares of capital stock of the Adminsitrative Borrower described
in Schedule 9 to the Perfection Certificate, together with all rights, privileges, authority and powers of the Pledgor
relating to such interests in the Administrative Borrower or under any Organizational Document of the Administrative Borrower,
and the certificates, instruments and agreements representing such shares of capital stock.


 


“Instruments”
shall mean, collectively, all “instruments,” as such term is defined in Article 9, rather than Article 3,
of the UCC, and shall include all promissory notes.


 




    	J-2-2



    	 



    

 


“Intercompany
Notes” shall mean each Intercompany Note held by the Pledgor representing intercompany Indebtedness owed to the Pledgor
by the Administrative Borrower or any of its Restricted Subsidiaries and all other intercompany notes held or hereafter acquired
by the Pledgor representing intercompany Indebtedness owed to the Pledgor by the Administrative Borrower or any of its Restricted
Subsidiaries and all certificates, instruments or agreements evidencing each such Intercompany Note and each such other intercompany
notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof
to the extent permitted pursuant to the terms hereof.


 


“Lenders”
shall have the meaning assigned to such term in Recital A hereof.


 


“Perfection
Certificate” shall mean that certain perfection certificate, dated the date hereof, executed and delivered by the Pledgor
in favor of the Collateral Agent for the benefit of the Secured Parties.


 


“Pledged Collateral”
shall have the meaning assigned to such term in Section 2.1.


 


“Pledged Shares”
shall mean, collectively, the Initial Pledged Shares and the Additional Pledged Shares.


 


“Pledgor”
shall have the meaning assigned to such term in the Preamble hereof.


 


“Secured Obligations”
shall mean the Guaranteed Obligations (as defined in the Credit Agreement).


 


“Secured Parties”
shall have the meaning assigned to such term in the Credit Agreement.


 


“Securities
Collateral” shall mean, collectively, the Pledged Shares, the Intercompany Notes and the Distributions.


 


“UCC”
shall mean the Uniform Commercial Code as in effect in the State of New York; provided, however, that if by
reason of mandatory provisions of applicable Legal Requirements, any or all of the attachment, perfection or priority of the Collateral
Agent’s and the other Secured Parties’ security interest in any item or portion of the Pledged Collateral is governed
by the Uniform Commercial Code in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection
or priority and for purposes of definitions relating to such provisions.


 


SECTION
1.2           Interpretation. The rules of interpretation
specified in the Credit Agreement (including, without limitation, Sections 1.03 and 1.05) shall be applicable
to this Agreement.


 


SECTION
1.3           Perfection Certificate. The Perfection Certificate
and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part
of this Agreement.


 


ARTICLE II


 


GRANT OF SECURITY AND
SECURED OBLIGATIONS


 


SECTION
2.1           Grant of Security Interest. As collateral security
for the payment and performance in full of all the Secured Obligations, the Pledgor hereby pledges and grants to the Collateral
Agent for the ratable benefit of the Secured Parties, a lien on and security interest in and to all of the right, title and
interest of the Pledgor in, to and under the following assets, properties and rights, wherever located, whether now existing or
hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”):


 




    	J-2-3



    	 



    

 


(i)          all
Securities Collateral (including any instruments related to any Intercompany Notes);


 


(ii)         all
other intercompany Indebtedness owed to the Pledgor by the Administrative Borrower or any of its Restricted Subsidiaries (whether
or not evidenced by an Intercompany Note or an Instrument);


 


(iii)        all
Supporting Obligations relating to the items in preceding clauses (i) and (ii);


 


(iv)        all
books and records pertaining to the Pledged Collateral; and


 


(v)         all
Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and
products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgor
from time to time with respect to any of the foregoing.


 


SECTION
2.2           Filings.


 


(a)          The
Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction
in the United States any initial financing statements, continuation statements and amendments thereto that contain the information
required by Article 9 of the UCC of each applicable jurisdiction in the United States for the filing of any financing statement,
continuation statement or amendment relating to the Pledged Collateral, including whether the Pledgor is an organization,
the type of organization and any organizational identification number issued to the Pledgor. The Pledgor agrees to provide all
information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent.
Such financing statements may describe the collateral in the same manner as described herein or may contain a description of collateral
that describes such property in any other manner as the Collateral Agent may determine, in its sole discretion, is necessary, advisable
or prudent to ensure the perfection or priority of the security interest in the collateral granted to the Collateral Agent in connection
herewith.


 


ARTICLE III


 


PERFECTION; SUPPLEMENTS;
FURTHER ASSURANCES;


USE OF PLEDGED COLLATERAL


 


SECTION
3.1           Delivery of Certificated Securities Collateral.
The Pledgor represents and warrants that all certificates, agreements or instruments representing or evidencing the Securities
Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for transfer by delivery
or accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a valid, enforceable,
perfected First Priority security interest therein (subject to Permitted Liens) except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or
by equitable principles relating to enforceability. The Pledgor hereby agrees that all certificates, agreements or instruments
representing or evidencing Securities Collateral acquired by the Pledgor after the date hereof shall promptly (and in any event
within 30 days or such later time as may be extended by the Collateral Agent in its sole discretion) upon receipt thereof by the
Pledgor be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral
shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment
in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right,
at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to
or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities
Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In addition,
the Collateral Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral
for certificates of smaller or larger denominations.


 




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SECTION
3.2           Perfection of Uncertificated Securities Collateral.
The Pledgor represents and warrants that the Collateral Agent has a valid, enforceable, perfected First Priority security interest
(subject to Permitted Liens) in all uncertificated Pledged Shares pledged by it hereunder that are in existence on the date hereof
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles relating to enforceability.


 


SECTION
3.3           Financing Statements and Other Filings; Maintenance
of Perfected Security Interest. The Pledgor represents and warrants that as of the date hereof the only UCC-1 financing statement
necessary to perfect the security interest granted by the Pledgor to the Collateral Agent in respect of the Pledged Collateral
(to the extent a UCC financing statement can perfect such security interest) is listed on Schedule 6 of the Perfection
Certificate. Such UCC-1 financing statement has been delivered to the Collateral Agent in completed and, to the extent necessary
or appropriate, duly executed form for filing in each applicable governmental, municipal or other office specified on Schedule 6
of the Perfection Certificate. The Pledgor agrees that at the sole cost and expense of the Pledgor, (i)  the Pledgor will
maintain the security interest created by this Agreement in the Pledged Collateral as a valid, enforceable, perfected First Priority
security interest (subject to Permitted Liens and the requirements of this Agreement), except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally
or by equitable principles relating to enforceability, and shall defend such security interest against the claims and demands of
all persons (other than the holders of such Permitted Liens) and (ii) at any time and from time to time, upon the written
request of the Collateral Agent, the Pledgor shall promptly and duly execute and deliver, and file and have recorded, such further
instruments and documents and take such further action as the Collateral Agent may reasonably request for the purpose of obtaining
or preserving the full benefits of this Agreement and the rights and powers herein granted, including the filing of any financing
statements, continuation statements and other documents (including this Agreement) under the UCC (or other similar laws) in effect
in any jurisdiction in the United States with respect to the security interest created hereby, all in form reasonably satisfactory
to the Collateral Agent.


 


SECTION
3.4           Other Actions. In order to further ensure the
attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security
interest in the Pledged Collateral, the Pledgor represents and warrants and covenants as follows, in each case at its own expense,
to take the following actions with respect to the following Pledged Collateral:


 


(a)          Intercompany
Notes. As of the date hereof, the Pledgor hereby represents and warrants that each Intercompany Note has been properly assigned
and delivered to the Collateral Agent, accompanied by an endorsement to each such Intercompany Note in the form attached thereto
duly executed in blank by the Pledgor.


 




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SECTION
3.5           Supplements; Further Assurances. The Pledgor
shall take such further actions, and execute, endorse, acknowledge, file, refile and deliver to the Collateral Agent such additional
assignments, agreements, supplements, powers, instruments and reports, as the Collateral Agent may in its reasonable judgment deem
necessary, wherever required by applicable Legal Requirements, in order to perfect, preserve and protect the security interest
in the Pledged Collateral as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into
effect the purposes hereof and/or to assure and confirm unto the Collateral Agent the Pledged Collateral or permit the Collateral
Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral. If an Event of
Default has occurred and is continuing, in addition to the rights and remedies available to the Collateral Agent pursuant to Article
VI hereof and in the other Loan Documents, the Collateral Agent may institute and maintain, in its own name or in the name of the
Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or reasonably expedient
to prevent any impairment of the security interest in the Pledged Collateral or the perfection or priority thereof. All of the
foregoing shall be at the sole cost and expense of the Pledgor.


 


ARTICLE IV


 


REPRESENTATIONS, WARRANTIES
AND COVENANTS


 


The Pledgor represents, warrants and covenants
as follows:


 


SECTION
4.1           Title. Except for the security interest granted
to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, the Pledgor
owns or has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own or have rights
in, each item of Pledged Collateral pledged by it hereunder free and clear of any and all Liens or claims of others. The Pledgor
has not filed, nor authorized any third party to file a financing statement or other public notice with respect to all or any part
of the Pledged Collateral on file or of record in any public office, except such as have been filed in favor of the Collateral
Agent pursuant to this Agreement or as are permitted by the Credit Agreement or financing statements or public notices relating
to the termination statements listed on Schedule 8(a) to the Perfection Certificate.


 


SECTION
4.2           Validity of Security Interest. The security
interest in and Lien on the Pledged Collateral granted to the Collateral Agent for the ratable benefit of the Secured Parties hereunder
constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of
the Secured Obligations, and (b) subject to the deliveries required by Section 3.1 herein or the filings described
in Schedule 6 of the Perfection Certificate, a valid, enforceable, perfected First Priority security interest (subject to
Permitted Liens) in all the Pledged Collateral to the extent a security interest in such Pledged Collateral can be perfected pursuant
to such deliveries or filings, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
The security interest and Lien granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this
Agreement in and on the Pledged Collateral will at all times constitute a valid, enforceable, perfected (subject to the limitations
herein and the other Loan Documents), continuing First Priority security interest therein, subject only to Permitted Liens, except
as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability.


 


SECTION
4.3           Defense of Claims. The Pledgor shall, at its
own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein granted
to the Collateral Agent and the priority thereof required under the Loan Documents against all claims and demands of all persons
(except with respect to Permitted Liens), at its own cost and expense, at any time claiming any interest therein adverse to the
Collateral Agent or any other Secured Party.


 




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SECTION
4.4           Other Financing Statements.
The Pledgor has not filed, nor authorized any third party to file any valid or effective financing statement (or similar
statement or instrument of registration under the law of any jurisdiction) covering or purporting to cover any interest of any
kind in the Pledged Collateral other than financing statements and other statements and instruments relating to Permitted Liens.
So long as any of the Secured Obligations remain unpaid and unperformed (other than contingent indemnification obligations for
which no claim or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents,
survive the termination thereof), the Pledgor shall not execute, authorize or permit to be filed in any public office any financing
statement (or similar statement or instrument of registration under the law of any jurisdiction) relating to any Pledged Collateral,
except financing statements and other statements and instruments filed or to be filed in respect of Permitted Liens.


 


SECTION
4.5           Chief Executive Office; Change of Name; Jurisdiction
of Organization, etc. The Pledgor shall, (i) unless it shall have given the Collateral Agent not less than 30 days’ prior
written notice (or such shorter period as may be agreed to by the Collateral Agent in its sole discretion), not change its name,
identity, legal structure (whether by merger, consolidation, change in corporate form or otherwise), type of organization or jurisdiction
of organization, place of business or, if more than one, chief executive office, or mailing address or organizational identification
number if it has one and (ii) take all actions necessary or advisable to maintain the continuous validity, perfection and the same
or better priority of the Collateral Agent’s security interest in the Pledged Collateral granted or intended to be granted
hereunder (which may include, upon the request of the Collateral Agent in the exercise of its Permitted Discretion, in the case
of any merger or other change in organizational structure, the delivery to the Collateral Agent of a written notice (in the form
of an Officers’ Certificate) upon completion of such merger or other change in organizational structure, which confirms the
grant of the security interest under this Agreement). If the Pledgor does not have an organizational identification number and
later obtains one, the Pledgor shall forthwith notify the Collateral Agent of such organizational identification number. The Collateral
Agent may rely on opinions of counsel as to whether any or all UCC financing statements of the Pledgor need to be amended as a
result of any of the changes described in this Section 4.5. The Collateral Agent shall not be liable or responsible to any
party for any failure to maintain a valid, enforceable, perfected security interest with the priority required hereunder in the
Pledgor’s property constituting Pledged Collateral. The Collateral Agent shall have no duty to inquire about such changes,
the parties acknowledging and agreeing that it would not be feasible or practical for the Collateral Agent to search for information
on such changes if such information is not provided by the Pledgor.


 


SECTION
4.6          Corporate Names; Prior Transactions. Except
as set forth in Schedules 1(a), (b) and (c) to the Perfection Certificate, the Pledgor has not, during the
past five years, had or used any other corporate or organizational name or been a party to any merger or consolidation, or acquired
all or substantially all of the assets of any person, or acquired any material portion of its property or assets out of the ordinary
course of business.


 


SECTION
4.7           Due Authorization and Issuance. All of the Initial
Pledged Shares have been, and to the extent any Pledged Shares are hereafter issued, such Pledged Shares will be, upon such issuance,
duly authorized, validly issued and fully paid and non-assessable.


 


SECTION
4.8           Consents, etc. No consent of any party (including
equityholders or creditors of the Pledgor) and no consent, authorization, approval, license or other action by, and no notice to
or filing with, any Governmental Authority or regulatory body or other person is required for the exercise by the Collateral Agent
of (i) the voting or other rights provided for in this Agreement or (ii) the remedies in respect of the Pledged Collateral pursuant
to this Agreement. In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact
powers set forth in this Agreement upon the occurrence and during the continuation of an Event of Default and reasonably determines
it necessary to obtain any approvals or consents of any Governmental Authority or regulatory body or any other person therefor,
then, upon the reasonable request of the Collateral Agent, the Pledgor agrees to assist and aid the Collateral Agent to obtain
as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers.


 




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SECTION
4.9           Pledged Collateral. All information set forth
herein, including the schedules annexed hereto, and all information contained in any documents, schedules and lists heretofore
delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement,
in each case, relating to the Pledged Collateral, is accurate and complete in all material respects when so delivered.


 


SECTION
4.10         Payment of Taxes; Compliance with Legal Requirements; Contesting
Liens; Charges. The Pledgor may at its own expense contest the validity, amount or applicability of any Charges so long as
the contest thereof shall be conducted in accordance with, and permitted pursuant to the provisions of, the Credit Agreement. Notwithstanding
the foregoing sentence, if at any time payment or performance of any Charge contested by the Pledgor pursuant to the provisions
of the Credit Agreement shall become necessary to prevent (i) the imposition of a Charge that is not otherwise a Permitted Lien
or (ii) the forfeiture or sale of, any Collateral subject to such Charge, the Pledgor shall pay or perform the same in sufficient
time to prevent such Charge, forfeiture or sale.


 


SECTION
4.11         Access to Pledged Collateral, Books and Records; Other Information.
Subject to Section 5.07 of the Credit Agreement, the Pledgor shall permit representatives of the Collateral Agent and the
Administrative Agent upon two Business Day’s advance notice to visit and inspect any of its properties during normal business
hours and not more than twice during any fiscal year of the Pledgor (unless an Event of Default has occurred and is continuing),
including to examine and make abstracts from any of its books and records, in each case, at any reasonable time and upon reasonable
notice. Nothing in this Section 4.11, however, shall limit the rights of the Administrative Agent and the Collateral
Agent, or the obligations of the Loan Parties, under Sections 5.07 and 5.13 of the Credit Agreement.


 


ARTICLE V


 


CERTAIN PROVISIONS CONCERNING
SECURITIES COLLATERAL


 


SECTION
5.1           Pledge of Additional Securities Collateral.
The Pledgor shall, upon obtaining any Pledged Shares or Intercompany Notes, accept the same in trust for the benefit of the Collateral
Agent and promptly (and in any event within 30 days thereafter or such later time as may be extended by the Collateral Agent in
its sole discretion) deliver to the Collateral Agent the certificates and other documents required under Section 3.1
and Section 3.2 in respect of the additional Pledged Shares or Intercompany Notes that are to be pledged pursuant to
this Agreement.


 


SECTION
5.2           Voting Rights; Distributions; etc..


 


(i)          So
long as no Event of Default shall have occurred and be continuing:


 


(A)         The
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral or
any part thereof for any purpose not inconsistent with the terms or purposes hereof, the other Loan Documents or any other document
evidencing the Secured Obligations; provided, however, that the Pledgor shall not in any event exercise
such rights in any manner that will materially and adversely affect the rights and remedies of the Collateral Agent as secured
party hereunder; and


 




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(B)         The
Pledgor shall be entitled to receive and retain any and all Distributions, but only if and to the extent made in accordance with
the provisions of the Credit Agreement; provided, however, that any and all such Distributions consisting
of rights or interests in the form of Pledged Shares or Intercompany Notes shall promptly (and in any event within 30 days after
receipt thereof or such later time as may be extended by the Collateral Agent in its sole discretion) be delivered to the Collateral
Agent to hold as Pledged Collateral and shall, if received by the Pledgor, be received in trust for the benefit of the Collateral
Agent, be segregated from the other property or funds of the Pledgor and be forthwith delivered to the Collateral Agent as Pledged
Collateral in the same form as so received (with any necessary or reasonably requested endorsement).


 


(ii)         Upon
the occurrence and during the continuance of any Event of Default:


 


(A)         All
rights of the Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to
Section 5.2(i)(A) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right to exercise such voting and other consensual rights until the applicable Event of Default is no longer
continuing, in which case the Collateral Agent’s rights under this Section 5.2(ii)(A) shall cease to be effective,
subject to revesting in the event of a subsequent Event of Default that is continuing; and


 


(B)         All
rights of the Pledgor to receive Distributions that it would otherwise be authorized to receive and retain pursuant to Section 5.2(i)(B)
without further action shall cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon
have the sole right to receive and hold as Pledged Collateral such Distributions until the applicable Event of Default is no longer
continuing, in which case the Collateral Agent’s rights under this Section 5.2(ii)(B) shall cease to be effective,
subject to revesting in the event of a subsequent Event of Default that is continuing.


 


(iii)        The
Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments
as the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights
which it may be entitled to exercise pursuant to Section 5.2(ii)(A) and to receive all Distributions which it may be
entitled to receive under Section 5.2(ii)(B).


 


(iv)         All
Distributions that are received by the Pledgor contrary to the provisions of Section 5.2(ii)(B) shall be received in
trust for the benefit of the Collateral Agent, shall be segregated from the other funds of the Pledgor and shall immediately be
paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary or reasonably requested
endorsement).


 


ARTICLE VI


 


REMEDIES


 


SECTION
6.1           Remedies. Upon the occurrence and during the
continuance of any Event of Default and subject to any notice requirement in Section 8.01 of the Credit Agreement, the Collateral
Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided
for herein or otherwise available to it under the other Loan Documents, applicable law or otherwise, the following remedies:


 


(i)          Personally,
or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from the Pledgor or any other
person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon
the Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged Collateral, remain present at
such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection
with such removal and possession any and all services, supplies, aids and other facilities of the Pledgor;


 




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(ii)         Demand,
sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged Collateral including
instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral
to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent, and
in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect
thereto; provided, however, that in the event that any such payments are made directly to the Pledgor, the
Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly
(but in no event later than one Business Day after receipt thereof) pay such amounts to the Collateral Agent;


 


(iii)        Sell,
assign or otherwise liquidate, or direct the Pledgor to sell, assign or otherwise liquidate, any and all investments made in whole
or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment or
liquidation;


 


(iv)        Take
possession of the Pledged Collateral or any part thereof, by directing the Pledgor in writing to deliver the same to the Collateral
Agent at any place or places so reasonably designated by the Collateral Agent, in which event the Pledgor shall at its own expense:
(A) forthwith cause the same to be moved to the place or places reasonably designated by the Collateral Agent and therewith
delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such
place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall be so stored and
kept, provide such security and maintenance services as shall be reasonably necessary to protect the same and to preserve and maintain
them in good condition. The Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 6.1(iv)
is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to
decree requiring specific performance by the Pledgor of such obligation;


 


(v)         Retain
and apply the Distributions to the Secured Obligations as provided in Article VII hereof;


 


(vi)        Exercise
any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and exercising any
and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and


 


(vii)       All
the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Pledged Collateral),
and the Collateral Agent may also in its sole discretion, without notice except as specified in Section 6.2, sell,
assign or transfer the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange,
broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery,
and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral
Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, assignee or recipient of any or all
of the Pledged Collateral at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of
the purchase price for all or any portion of the Pledged Collateral sold or assigned at such sale, to use and apply any of the
Secured Obligations owed to such person as a credit on account of the purchase price of any Pledged Collateral payable by such
person at such sale. Each purchaser, assignee or recipient at any such sale shall acquire the property sold or assigned absolutely
free from any claim or right on the part of the Pledgor, and the Pledgor hereby waives, to the fullest extent permitted by applicable
Legal Requirements, all rights of redemption, stay and/or appraisal that it now has or may at any time in the future have under
any Legal Requirement now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of Pledged
Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time
to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned. The Pledgor hereby waives, to the fullest extent permitted by applicable Legal Requirements,
any claims against the Collateral Agent arising by reason of the fact that the price at which any Pledged Collateral may have been
sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public sale, even
if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree.


 




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SECTION
6.2           Notice of Sale. The Pledgor acknowledges and
agrees that, to the extent notice of sale or other disposition of Pledged Collateral shall be required by any Legal Requirement,
10 days prior notice to the Pledgor of the time and place of any public sale or of the time after which any private sale or
other intended disposition is to take place shall be commercially reasonable notification of such matters unless the Pledged Collateral
is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market (in which case
no such prior notice shall be required). No notification need be given to the Pledgor if it has signed, after the occurrence of
an Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition.


 


SECTION
6.3           Waiver of Notice and Claims; Other Waivers; Marshalling.


 


(i)          The
Pledgor hereby waives, to the fullest extent permitted by applicable Legal Requirements, notice of judicial hearing in connection
with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of any of the Pledged Collateral,
including any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which the Pledgor would
otherwise have under any Legal Requirement, and the Pledgor hereby further waives, to the fullest extent permitted by applicable
Legal Requirements (a) all damages occasioned by such taking of possession, (b) all other requirements as to the time,
place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder
and (c) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any
applicable Legal Requirements. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to
this Article VI except to the extent resulting solely from the Collateral Agent’s gross negligence or willful
misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision. Any sale of, or the grant
of options to purchase, or any other realization upon, any Pledged Collateral made in accordance with applicable Legal Requirements
shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the Pledgor therein and thereto,
and shall be a perpetual bar both at law and in equity or otherwise against the Pledgor and against any and all persons claiming
or attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under the
Pledgor.


 


(ii)         The
Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of Credit Extensions, Pledged Collateral
received or delivered or any other action taken in reliance hereon and all other demands and notices of any description to the
fullest extent permitted under applicable Legal Requirements except as may otherwise be expressly required herein or in the Credit
Agreement.


 


(iii)        The
Collateral Agent shall not be required to marshal any present or future collateral security (including the Pledged Collateral)
for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order. To the maximum extent permitted by applicable Legal Requirements, the Pledgor hereby
agrees that it will not invoke any Legal Requirement relating to the marshalling of collateral and hereby irrevocably waives the
benefits of all such Legal Requirements.


 




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SECTION
6.4           Standards for Exercising Rights and Remedies.
To the extent that applicable Legal Requirements impose duties on the Collateral Agent to exercise remedies in a commercially reasonable
manner, the Pledgor acknowledges and agrees that it is not commercially unreasonable for the Collateral Agent (i) to fail
to incur expenses reasonably deemed significant by the Collateral Agent to prepare Pledged Collateral for disposition, (ii) to
fail to obtain third party consents for access to Pledged Collateral to be disposed of, or to obtain or, if not required by other
Legal Requirements, to fail to obtain consents for Governmental Authorities or third parties for the collection or disposition
of Pledged Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors
or other persons obligated on Pledged Collateral or to fail to remove liens or encumbrances on or any adverse claims against Pledged
Collateral, (iv) to exercise collection remedies against account debtors and other persons obligated on Pledged Collateral
directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Pledged
Collateral through publications or media of general circulation, whether or not the Pledged Collateral is of a specialized nature,
(vi) to contact other persons, whether or not in the same business as the Pledgor, for expressions of interest in acquiring
all or any portion of the Pledged Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition
of Pledged Collateral, whether or not the collateral is of a specialized nature, (viii) to dispose of Pledged Collateral by
utilizing Internet sites that provide for the auction of assets of the types included in the Pledged Collateral, (ix) to dispose
of assets in wholesale rather than retail markets, (x) to disclaim or modify disposition warranties, (xi)  to purchase
insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Pledged Collateral
or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Pledged Collateral, or (xii) to
the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants
and other professionals to assist the Collateral Agent in the collection or disposition of any of the Pledged Collateral. The Pledgor
acknowledges that the purpose of this Section 6.4 is to provide non-exhaustive indications of what actions or omissions
by the Collateral Agent would fulfill the Collateral Agent’s duties under the UCC or other Legal Requirements of the State
or any other relevant jurisdiction in the Collateral Agent’s exercise of remedies against the Pledged Collateral and that
other actions or omissions by the Collateral Agent shall not be deemed to fail to fulfill such duties solely on account of not
being indicated in this Section 6.4. Without limiting the foregoing, nothing contained in this Section 6.4
shall be construed to grant any rights to the Pledgor or to impose any duties on the Collateral Agent that would not have been
granted or imposed by this Agreement or by applicable Legal Requirements in the absence of this Section 6.4.


 


SECTION
6.5           Certain Sales of Pledged Collateral.


 


(i)          The
Pledgor recognizes that, by reason of certain prohibitions contained in Legal Requirements, the Collateral Agent may be compelled,
with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of
a Governmental Authority. The Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral
Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that
any such restricted sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such restrictions
and that, except as may be required by applicable Legal Requirements, the Collateral Agent shall have no obligation to engage in
public sales.


 


(ii)         The
Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state or foreign securities’
laws, the Collateral Agent may be compelled, with respect to any sale or disposition of all or any part of the Securities Collateral,
to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral for their own account,
for investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges that any such private sales
may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions
(including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances,
agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely as a result
of such restrictions and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay
the sale of any Securities Collateral for the period of time necessary to permit the issuer thereof to register it for a form of
public sale requiring registration under the Securities Act or under applicable state or foreign securities laws, even if such
issuer would agree to do so.


 




    	J-2-12



    	 



    

 


(iii)        If
the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral, upon written request, the
Pledgor shall, and shall cause each issuer of Securities Collateral to be sold hereunder to, from time to time furnish to the Collateral
Agent all such information as the Collateral Agent may reasonably request in order to determine the number and nature or interest,
of securities or other instruments included in the Securities Collateral which may be sold by the Collateral Agent as exempt transactions
under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time
in effect.


 


(iv)        The
Pledgor further agrees that a breach of any of the covenants contained in this Section 6.5 will cause irreparable injury
to the Collateral Agent and other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy
at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.5
shall be specifically enforceable against the Pledgor, and the Pledgor hereby waives and agrees not to assert any defenses against
an action for specific performance of such covenants.


 


SECTION
6.6           No Waiver; Cumulative Remedies.


 


(i)          No
failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of
any other right, power or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security,
collateral or guaranties. The remedies herein provided are cumulative and are not exclusive of any remedies provided by applicable
Legal Requirements, in equity or otherwise.


 


(ii)         In
the event that the Collateral Agent shall have instituted any proceeding to enforce any right, power or remedy under this Agreement
by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall
have been determined adversely to the Collateral Agent, then and in every such case, the Pledgor, the Collateral Agent and each
other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral,
and all rights, remedies and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding
had been instituted.


 


ARTICLE VII


 


APPLICATION OF PROCEEDS


 


SECTION
7.1           Application of Proceeds. The proceeds received
by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral
pursuant to the exercise by the Collateral Agent of its remedies shall be applied, together with any other sums then held by the
Collateral Agent pursuant to this Agreement, in accordance with the Credit Agreement.


 




    	J-2-13



    	 



    

 


ARTICLE VIII


 


MISCELLANEOUS


 


SECTION
8.1           Concerning Collateral Agent.


 


(i)          The
Collateral Agent has been appointed as Collateral Agent pursuant to the Credit Agreement. The actions of the Collateral Agent hereunder
are subject to the provisions of the Credit Agreement. The Collateral Agent shall have the right hereunder to make demands, to
give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release
or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. Each Secured Party, by
its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Pledged Collateral
hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely
by the Collateral Agent for the benefit of the Secured Parties in accordance with the terms of this Agreement. The Collateral Agent
may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any
such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral Agent
may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Collateral Agent
by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon
be discharged from its duties and obligations under this Agreement. After any retiring Collateral Agent’s resignation, the
provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it
was the Collateral Agent.


 


(ii)         Except
for the exercise of reasonable care in the custody of any Pledged Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any Pledged Collateral or as to the taking of any necessary
steps to preserve rights against prior parties or any other rights pertaining to any Pledged Collateral. The Collateral Agent shall
be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such
Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity,
accords its own property consisting of similar instruments or interests; provided that neither the Collateral Agent nor
any of the other Secured Parties nor any of their respective directors, officers, employees or agents shall have responsibility
for (x) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters
relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have
knowledge of such matters (y) failing to demand, collect or realize upon all or any part of the Pledged Collateral or for
any delay in doing so or (z) failing to take any necessary steps to preserve rights against any person with respect to any
Pledged Collateral.


 


(iii)        The
Collateral Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any telephone
message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect
to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it.


 




    	J-2-14



    	 



    

 


SECTION
8.2           Collateral Agent May Perform; Collateral Agent Appointed
Attorney-in-Fact. If the Pledgor shall fail to perform any covenants contained in this Agreement (including the Pledgor’s
covenants to (i) pay Charges as required herein, or (ii) discharge Liens or pay or perform any obligations of the Pledgor
under any Pledged Collateral) and such failure constitutes an Event of Default that is continuing, the Collateral Agent may (but
shall not be obligated to), do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose;
provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity of any
tax, lien, imposition or other obligation which the Pledgor fails to pay or perform as and when required hereby and which the Pledgor
does not contest in accordance with the provisions of Section 4.10. Any and all amounts so expended by the Collateral Agent
shall be paid by the Pledgor in accordance with the provisions of Section 11.03 of the Credit Agreement. Neither the
provisions of this Section 8.2 nor any action taken by the Collateral Agent pursuant to the provisions of this Section 8.2
shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty
from constituting an Event of Default. The Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full authority
in the place and stead of the Pledgor and in the name of the Pledgor, or otherwise, from time to time in the Collateral Agent’s
discretion, to take any action and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement
and the other Loan Documents that the Collateral Agent may deem necessary or reasonably advisable. The foregoing grant of authority
is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. The Pledgor hereby
ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof.


 


SECTION
8.3           Continuing Security Interest; Assignment. This
Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgor,
its respective successors and assigns and (ii) inure, together with the rights and remedies of the Collateral Agent hereunder,
to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns.
No other persons (including any other creditor of the Pledgor) shall have any interest herein or any right or benefit with respect
hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any
obligations held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with
all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the
Credit Agreement.


 


SECTION
8.4            Termination; Release.


 


(i)          This
Agreement shall terminate and the Pledged Collateral shall be automatically released from the Lien of this Agreement when the Commitments
have been terminated and the principal of and interest and premium (if any) on each Loan, all Fees and all other expenses or amounts
payable under any Loan Document shall have been paid in full and all Letters of Credit have been canceled or have expired or have
been Cash Collateralized and all amounts drawn thereunder have been reimbursed in full (other than contingent indemnification obligations
for which no claim or demand has been made and that, pursuant to the provisions of the Credit Agreement or the Security Documents,
survive the termination thereof). Upon termination hereof, the security interests granted hereby shall terminate and all rights
to the Pledged Collateral shall revert to the Pledgor or to such other person as may be entitled thereto pursuant to any Order
or other applicable Legal Requirement. Upon termination hereof or any release of Pledged Collateral in accordance with the provisions
of the Credit Agreement, the Collateral Agent shall promptly, upon the written request and at the sole cost and expense of the
Pledgor, assign, transfer and deliver to the Pledgor, against receipt and without recourse to or warranty of any kind (either express
or implied) by the Collateral Agent (except that the Collateral Agent has not assigned or otherwise transferred its security interest
in the Pledged Collateral), such of the Pledged Collateral to be released (in the case of a release) as may be in possession or
control of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect
to any other Pledged Collateral, with such endorsements or proper documents and instruments (including UCC-3 termination statements
or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.


 




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(ii)         If
any of the Collateral is sold, transferred or otherwise disposed of by the Pledgor (other than to another Loan Party) in a transaction
permitted by the Credit Agreement, then the lien created pursuant to this Agreement in such Collateral shall be released, and the
Collateral Agent, at the request and sole expense of the Pledgor, shall promptly execute and deliver to the Pledgor all releases
or other documents reasonably necessary or desirable and in form reasonably satisfactory to the Collateral Agent and take such
further actions for the release of such Collateral (not including Proceeds thereof) from the security interests created hereby;
provided that the Pledgor shall have delivered to the Collateral Agent, at least five Business Days (or such shorter period
of time acceptable to the Collateral Agent) prior to the date of the proposed release, a certificate of a Responsible Officer of
the Pledgor with request for release identifying the relevant Collateral and certifying that such transaction is in compliance
with the Credit Agreement and the other Loan Documents.


 


SECTION
8.5           Modification in Writing. No amendment, modification,
supplement, termination or waiver of or to any provision hereof, nor consent to any departure by the Pledgor therefrom, shall be
effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and signed by
the Collateral Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof
and any consent to any departure by the Pledgor from the terms of any provision hereof shall be effective only in the specific
instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement,
no notice to or demand on the Pledgor in any case shall entitle the Pledgor to any other or further notice or demand in similar
or other circumstances.


 


SECTION
8.6           Notices. Unless otherwise provided herein or
in the Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner
and become effective as set forth in the Credit Agreement, as to the Pledgor, addressed to it at the address of the Administrative
Borrower set forth in the Credit Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Credit
Agreement, or in each case at such other address as shall be designated by such party in a written notice to the other party complying
as to delivery with the terms of this Section 8.6.


 


SECTION
8.7            Governing Law, Consent to Jurisdiction and Service
of Process; Waiver of Jury Trial.


 


(i)          THIS
AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) BASED UPON,
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.


 


(ii)         THE
PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE SUPREME
COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, IN EACH CASE LOCATED IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO ANY LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LEGAL REQUIREMENTS. NOTHING IN THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR OTHERWISE, HOWEVER, SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY OTHER AGENT,
THE ISSUING BANK OR ANY LENDER OR OTHER SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT AGAINST THE PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 




    	J-2-16



    	 



    

 


(iii)        THE
PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 8.7(ii). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.


 


(iv)        EACH
PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY
LOAN DOCUMENT, IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE OR EMAIL) IN SECTION 8.6. NOTHING IN THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LEGAL REQUIREMENTS.


 


(v)         EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT, THE TRANSACTIONS OR THE OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 8.7.


 


SECTION
8.8           Severability of Provisions. Any provision of
this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.


 




    	J-2-17



    	 



    

 


SECTION
8.9           Execution in Counterparts. This Agreement may
be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together,
bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.


 


SECTION
8.10         Business Days. In the event any time period or any date
provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such
date shall be deemed to fall on the immediately preceding Business Day, and performance herein may be made on such Business Day,
with the same force and effect as if made on such other day.


 


SECTION
8.11         No Credit for Payment of Taxes or Imposition. The Pledgor
shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and
the Pledgor shall not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof,
by reason of the payment of any Tax on the Pledged Collateral or any part thereof.


 


SECTION
8.12         No Claims Against Collateral Agent. Nothing contained in
this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of any
labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof,
nor as giving the Pledgor any right, power or authority to contract for or permit the performance of any labor or services or the
furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent
in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any such
materials or other property is prior to the Lien hereof.


 


SECTION
8.13         No Release. Nothing set forth in this Agreement shall relieve
the Pledgor from the performance of any term, covenant, condition or agreement on the Pledgor’s part to be performed or observed
under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged
Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term,
covenant, condition or agreement on the Pledgor’s part to be so performed or observed or shall impose any liability on the
Collateral Agent or any other Secured Party for any act or omission on the part of the Pledgor relating thereto or for any breach
of any representation or warranty on the part of the Pledgor contained in this Agreement, the Credit Agreement or the other Loan
Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. The obligations of the
Pledgor contained in this Section 8.13 shall survive the termination hereof and the discharge of the Pledgor’s
other obligations under this Agreement, the Credit Agreement and the other Loan Documents.


 


SECTION
8.14         Overdue Amounts. Until paid, all amounts due and payable
under this Agreement (other than contingent indemnification obligations for which no claim or demand has been made after the payment
in full of all other Secured Obligations) shall constitute Secured Obligations and shall bear interest, whether before or after
judgment, at the Default Rate.


 


SECTION
8.15         Obligations Absolute. All obligations of the Pledgor hereunder
shall be absolute and unconditional irrespective of:


 




    	J-2-18



    	 



    

 


(i)          any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of the Pledgor;


 


(ii)         any
lack of validity or enforceability of any Loan Document, or any other agreement or instrument relating thereto against the Pledgor;


 


(iii)        any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other
amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto;


 


(iv)        any
pledge, exchange, release or non-perfection or loss of priority of any other collateral, or any release or amendment or waiver
of or consent to any departure from any guarantee, for all or any of the Secured Obligations;


 


(v)         any
exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, or any Loan Document; or


 


(vi)        any
other circumstances which might otherwise constitute a defense available to, or a discharge of, the Pledgor other than the payment
in full in cash of the Secured Obligations.


 


[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]


 




    	J-2-19



    	 



    

 


IN WITNESS WHEREOF, the Pledgor and the
Collateral Agent have caused this Holdings Pledge Agreement to be duly executed and delivered by their duly authorized officers
as of the date first above written.


 


	 	OVERSEAS SHIPHOLDING GROUP, INC.,
	 	as Pledgor


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 


	 	JEFFERIES FINANCE LLC,
	 	as Collateral Agent


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 


Signature Page to Holdings Pledge Agreement


 




    	J-2-20



    	 



    




  


EXHIBIT K-1


 


[Form of]


PORTFOLIO
INTEREST CERTIFICATE


(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to that certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


Pursuant to the provisions
of Section 2.15(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of either Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to either Borrower
as described in Section 881(c)(3)(C) of the Code.


 


The undersigned has
furnished the Administrative Agent and the Administrative Borrower with a certificate of its non-U.S. Person status on IRS Form
W-8BEN or Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided
on this certificate changes, the undersigned shall promptly so inform the Administrative Borrower and the Administrative Agent,
and (2) the undersigned shall have at all times furnished the Administrative Borrower and the Administrative Agent with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 


 


Date: ________ __, 20[  ]


 




    	K-1



    	 



    




 


EXHIBIT K-2


 


[Form of]


PORTFOLIO
INTEREST CERTIFICATE


(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to that certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


Pursuant to the provisions
of Section 2.15(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of either Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to either Borrower as described in Section 881(c)(3)(C)
of the Code.


 


The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or Form W-8BEN-E, as applicable. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


	[NAME OF PARTICIPANT]	 
	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 


 


Date: ________ __, 20[  ]


 




    	K-2



    	 



    

 


EXHIBIT K-3


 


[Form of]


PORTFOLIO
INTEREST CERTIFICATE


(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to that certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Delaware corporation (the “Administrative
Borrower”), OIN Delaware LLC a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


Pursuant to the provisions
of Section 2.15(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of either Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to either Borrower as described in Section 881(c)(3)(C) of the Code.


 


The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form W-8BEN-E, as applicable or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 


 


Date: ________ __, 20[  ]


 




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EXHIBIT K-4


 


[Form of]


PORTFOLIO
INTEREST CERTIFICATE


(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to that certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Delaware corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


Pursuant to the provisions
of Section 2.15(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct
or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii)
with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor
any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of either Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to either Borrower as described in Section 881(c)(3)(C)
of the Code.


 


The undersigned has furnished
the Administrative Agent and the Administrative Borrower with IRS Form W-8IMY accompanied by one of the following forms from each
of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form W-8BEN-E, as applicable,
or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or Form W-8BEN-E, as applicable, from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Administrative Borrower
and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Administrative Borrower and the Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 




    	K-4



    	 



    

 


	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 


 


Date: ________ __, 20[  ]


 




    	K-5



    	 



    

 


EXHIBIT L


 


[Form of]


SOLVENCY CERTIFICATE


 


Reference is made to that certain Credit
Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated, modified, supplemented,
extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”), among Overseas
Shipholding Group, Inc., a Delaware corporation (“Holdings”), OSG International, Inc., a Marshall Islands corporation
(the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower”
and, together with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time
party thereto, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the
“Administrative Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for
the Secured Parties, Jefferies Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents
party thereto. Capitalized terms used but not defined herein shall have the meaning given to such terms in the Credit Agreement.


 


I, [______________],Treasurer and chief
financial officer of [the Administrative Borrower][Holdings], solely in my capacity as Treasurer and chief financial officer of
[the Administrative Borrower][Holdings] and not in an individual capacity, do hereby certify pursuant to Section 4.01(g)
of the Credit Agreement as follows:


 


Immediately after the consummation of the
Transactions to occur on the Closing Date and immediately following the making of each Credit Extension and after giving effect
to the application of the proceeds of each Credit Extension on the Closing Date:


 


		(a)	The fair value of the properties of [the Administrative Borrower and its Restricted Subsidiaries][Holdings and the Restricted
Parties] (on a consolidated basis) will exceed its debts and liabilities, subordinated, contingent or otherwise;



 


		(b)	The present fair saleable value of the property of [the Administrative Borrower and its Restricted Subsidiaries] [Holdings
and the Restricted Parties] as a going concern (on a consolidated basis) will be greater than the amount that will be required
to pay the probable liability of their respective debts and other liabilities, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and matured;



 


		(c)	[The Administrative Borrower and its Restricted Subsidiaries] [Holdings and the Restricted Parties] (on a consolidated basis)
will be able to pay their respective debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured;



 


		(d)	[The Administrative Borrower and its Restricted Subsidiaries] [Holdings and the Restricted Parties] (on a consolidated basis)
will not have unreasonably small capital with which to conduct their respective businesses in which they are engaged as such business
is now conducted and is proposed, contemplated or about to be conducted following the Closing Date;



 


		(e)	For purposes of this solvency certificate (this “Certificate”), the amount of contingent liabilities has
been computed as the amount that, in the light of all the facts and circumstances existing as of the date hereof, represents the
amount that can reasonably be expected to become an actual or matured liability;



 




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		(f)	The Administrative Agent has received the financial statements described in Sections 3.04(a), 3.04(b) and 4.01(e)
of the Credit Agreement (the “Financial Statements”), which the undersigned believes present fairly and accurately,
the financial condition and results of operations and cash flows of [the Administrative Borrower and its Restricted Subsidiaries]
[Holdings and its Subsidiaries] as of the dates and for the periods to which they relate; and



 


		(g)	The undersigned is familiar with the business and financial position of [Holdings, ]the Administrative Borrower and its Restricted
Subsidiaries. In reaching the conclusions set forth in this Certificate, the undersigned has made such investigations and inquiries
as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted
by each of [the Administrative Borrower and its Restricted Subsidiaries] [Holdings and the Restricted Parties] after consummation
of the Transactions.



 


[Signature Page Follows]


 




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The undersigned understands that the Lenders
are relying on the truth and accuracy of contents of this Certificate in connection with each Credit Extension made to the Borrowers
pursuant to the Credit Agreement.


 


	 	[OSG INTERNATIONAL, INC., as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: Treasurer]
	 	 	 
	 	[OVERSEAS SHIPHOLDING GROUP, INC., as Holdings
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: Treasurer]


 




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EXHIBIT M


 


[Letterhead of Specified Bank Products Provider]


 


[Date]


 


Jefferies Finance LLC,


     as Administrative Agent for the Lenders
referred to below


520 Madison Avenue


New York, New York, 10022


Attention: Account Manager – Overseas Shipholding Group
(OIN)


Facsimile No.: (212) 284-3444


Electronic Mail: JFIN.Admin@Jefferies.com


 


Reference is hereby made
to that certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation, OSG International, Inc., a Marshall Islands corporation (the “Administrative
Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower” and, together
with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time party thereto,
the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured Parties, Jefferies
Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents party thereto. Capitalized terms
used herein but not specifically defined herein shall have the meanings ascribed to them in the Credit Agreement.


 


Reference is also made
to that certain [describe the Bank Product Agreement or Agreements] (the “Specified Bank Product Agreement [Agreements]”),
dated as of [___________], by and between [Agent, Lender or Affiliate of Agent or Lender] (the “Specified Bank Products
Provider”) and [identify the Loan Party].


 


1.               Appointment
of the Administrative Agent and Collateral Agent. The Specified Bank Products Provider hereby designates and appoints the
Administrative Agent and the Collateral Agent, and the Administrative Agent and the Collateral Agent by its signature below hereby
accepts such appointment, as its agent under the Credit Agreement and the other Loan Documents as, and to the extent, provided
therein. The Specified Bank Products Provider hereby acknowledges that it has reviewed Sections 10.01, 10.02, 10.03,
10.04, 10.05, 10.06, 10.07, 10.08, 10.09, 10.10, 10.12, 10.13,
10.14, and 11.18 of the Credit Agreement (collectively such sections are referred to herein as the “Agency
Provisions”), including, as applicable, the defined terms referenced therein (but only to the extent used therein),
and agrees to be bound by the provisions thereof. The Specified Bank Products Provider, the Administrative Agent and the Collateral
Agent each agree that the Agency Provisions which govern the relationship, and certain representations, acknowledgements, appointments,
rights, restrictions, and agreements, between the Administrative Agent and the Collateral Agent, on the one hand, and the Lenders
or the Secured Parties, on the other hand, shall, from and after the date of this letter agreement also apply to and govern, mutatis
mutandis, the relationship between the Administrative Agent and the Collateral Agent, on the one hand, and the Specified Bank
Products Provider with respect to the Bank Products provided pursuant to the Specified Bank Product Agreement[s], on the other
hand.


 




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2.               Acknowledgement
of Certain Provisions of Credit Agreement. The Specified Bank Products Provider also hereby acknowledges that it has reviewed
the provisions of Sections 9.01 and 11.02 of the Credit Agreement, including, as applicable, the defined terms
referenced therein, and agrees to be bound by the provisions thereof. Without limiting the generality of any of the foregoing referenced
provisions, the Specified Bank Products Provider understands and agrees that its rights and benefits under the Loan Documents consist
solely of it being a beneficiary of the Liens and security interests granted to the Collateral Agent and the right to share in
Collateral as set forth in the Credit Agreement.


 


3.               Reporting Requirements.
Neither the Administrative Agent nor the Collateral Agent shall have any obligation to calculate the amount due and payable with
respect to any Bank Products. On a monthly basis (not later than the 10th Business Day of each calendar month) or as more frequently
as the Administrative Agent shall request, the Specified Bank Products Provider agrees to provide the Administrative Agent with
a written report, in form and substance reasonably satisfactory to the Administrative Agent, detailing Specified Bank Products
Provider’s reasonable determination of the credit exposure (and mark-to-market exposure) of the Loan Parties in respect of
the Bank Products provided by the Specified Bank Products Provider pursuant to the Specified Bank Product Agreement[s]. If the
Administrative Agent does not receive such written report within the time period provided above, the Administrative Agent shall
be entitled to assume that the reasonable determination of the credit exposure of the Loan Parties with respect to the Bank Products
provided pursuant to the Specified Bank Product Agreement[s] is zero.


 


4.               [Reserved]


 


5.               Bank Product
Obligations. From and after the delivery to the Administrative Agent and the Collateral Agent of this letter agreement duly
executed by the Specified Bank Products Provider and the acknowledgement of this letter agreement by the Administrative Agent,
the Collateral Agent and the Administrative Borrower, the obligations and liabilities of the Loan Parties to the Specified Bank
Products Provider in respect of Bank Products evidenced by the Specified Bank Product Agreement[s] shall constitute Bank Product
Obligations (and which, in turn, shall constitute Secured Obligations), and the Specified Bank Products Provider shall constitute
a Bank Product Provider. The Specified Bank Products Provider acknowledges that other Bank Products (which may or may not be Bank
Products provided pursuant to the Specified Bank Product Agreement[s]) may exist at any time.


 


6.               Notices.
All notices and other communications provided for hereunder shall be given in the form and manner provided in Section 11.01
of the Credit Agreement, and, if to the Administrative Agent or the Collateral Agent, shall be mailed, sent, or delivered to the
Administrative Agent or the Collateral Agent in accordance with Section 11.01 of the Credit Agreement, and if to the Borrowers,
shall be mailed, sent, or delivered to the Administrative Borrower in accordance with Section 11.01 of the Credit Agreement,
and, if to the Specified Bank Products Provider, shall be mailed, sent or delivered to the address set forth below, or, in each
case as to any party, at such other address as shall be designated by such party in a written notice to the other party.


 


	If to the Specified Bank	 	 
	Products Provider:	 	 
	 	 	 
	 	 	 
	Attn:	 	 
	Fax No.	 	 


 




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7.               Miscellaneous.
This letter agreement is for the benefit of the Administrative Agent, the Collateral Agent, the Specified Bank Products Provider,
the Loan Parties and each of their respective successors and assigns (including any successor Administrative Agent or Collateral
Agent pursuant to Section 10.06 of the Credit Agreement[, but excluding any successor or assignee of a Specified Bank Products
Provider that does not qualify as a Bank Product Provider]). Unless the context of this letter agreement clearly requires otherwise,
references to the plural include the singular, references to the singular include the plural, the terms “includes”
and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive
meaning represented by the phrase “and/or.” This letter agreement may be executed in any number of counterparts and
by different parties on separate counterparts. Each of such counterparts shall be deemed to be an original, and all of such counterparts,
taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of this letter by telefacsimile
or other means of electronic transmission shall be equally effective as delivery of a manually executed counterpart.


 


8.               Governing Law.  (a)  THIS
LETTER AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) BASED
UPON, ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.


 


(b)          THE PARTIES HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE SUPREME COURT
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK,
IN EACH CASE LOCATED IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS LETTER AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LEGAL REQUIREMENTS. NOTHING IN THIS LETTER AGREEMENT OR OTHERWISE
SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS LETTER AGREEMENT AGAINST ANY SPECIFIED BANK PRODUCT PROVIDER OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.


 


(c)          EACH PARTY HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
LETTER AGREEMENT IN ANY COURT REFERRED TO IN SECTION 8(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT.


 




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(d)           EACH PARTY TO
THIS LETTER AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
LETTER AGREEMENT OR ANY LOAN DOCUMENT, IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE OR EMAIL) IN SECTION 6.
NOTHING IN THIS LETTER AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS LETTER AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY APPLICABLE LEGAL REQUIREMENTS.


 


(e)           EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE OTHER TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
8.


 


[Remainder of This Page Intentionally Left Blank]


 




    	M-4



    	 



    

 


	 	Sincerely,
	 	 
	 	[_________],
	 	as Specified Bank Products Provider
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Acknowledged and accepted as of the date
first written above:


 


	 	OSG INTERNATIONAL, INC.,
	 	as Administrative Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Acknowledged, accepted, and agreed as of
_____ __, 2014:


 


	 	JEFFERIES FINANCE LLC,

as Administrative Agent and Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




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EXHIBIT N


[FORM OF]


JOINDER AGREEMENT


 


[Name of Joining
Party]


[Address of Joining
Party]


 


[Date]


 


________________________


________________________


________________________


________________________


 


Ladies and Gentlemen:


 


Reference is made to
(i) that certain Credit Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be amended, amended and
restated, modified, supplemented, extended, renewed, restated or otherwise modified from time to time, the “Credit Agreement”),
among Overseas Shipholding Group, Inc., a Delaware corporation (“Holdings”), OSG International, Inc., a Delaware
corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware limited liability company (the “Co-Borrower”
and, together with the Administrative Borrower, the “Borrowers”), the Subsidiary Guarantors from time to time
party thereto, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent (in such capacity, the
“Administrative Agent”) for the Lenders, Jefferies Finance LLC, as collateral agent and mortgage trustee (in
such capacity, the “Collateral Agent” or the “Mortgage Trustee” as the context requires)
for the Secured Parties, Jefferies Finance LLC, as Swingline Lender, Jefferies Finance LLC, as an Issuing Bank, and the other Agents
party thereto, and (ii) that certain Security Agreement, dated as of August 5, 2014 (as the same now exists or may hereafter be
amended, amended and restated, modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to
time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Security Agreement or the Credit Agreement, as applicable), among Holdings, the Administrative Borrower,
the other Loan Parties from time to time party thereto and the Collateral Agent.


 


This joinder agreement
(this “Joinder Agreement”) supplements the Credit Agreement and the Security Agreement and is delivered by the
undersigned, [________________] (the “Joining Party”), pursuant to (i) Section 5.10(b) of the Credit
Agreement and (ii) Section 3.5 of the Security Agreement.


 


The Joining Party hereby
agrees on execution hereof to be bound as a Subsidiary Guarantor and as a Pledgor by all of the terms, covenants, obligations,
liabilities and conditions set forth in the Credit Agreement, the Security Agreement and the other Loan Documents to the same extent
that it would have been bound if it had been a signatory to the Credit Agreement, the Security Agreement and the other Loan Documents
on the execution date or dates of the Credit Agreement, the Security Agreement and such other Loan Documents. Without limiting
the generality of the foregoing, and in furtherance thereof, (i) the Joining Party absolutely, unconditionally and irrevocably,
and jointly and severally, guarantees the due and punctual payment and performance when due of all Guaranteed Obligations (subject
to the Credit Agreement and on the same basis as the other Guarantors under the Guarantees) and (ii) the Joining Party hereby grants
and pledges to the Collateral Agent, for the benefit of the Secured Parties, as collateral security for the full, prompt and complete
payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien
on and security interest in, all of its right, title and interest in, to and under the Pledged Collateral and expressly assumes
all obligations and liabilities of a Guarantor under the Credit Agreement and the other Loan Documents and a Pledgor under the
Security Agreement and the other Loan Documents. The Joining Party hereby makes each of the representations and warranties and
agrees to each of the covenants applicable to (i) the Pledgors contained in the Security Agreement and the other Loan Documents
and (ii) [the Borrowers,] the Guarantors and the Loan Parties under the Credit Agreement and the other Loan Documents, in each
case as of the date hereof (except to the extent any such representation or warranty relates solely to an earlier date, in which
case such representation and warranty shall be true and correct in all material respects as of such earlier date).


 




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Annexed hereto are
supplements to each of the Schedules to the Security Agreement and the Credit Agreement, as applicable, with respect to the Joining
Party and a Perfection Certificate with respect to the Joining Party. Such supplements shall be deemed to be part of the Security
Agreement or the Credit Agreement, as applicable.


 


This Joinder Agreement
and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts
together shall constitute one and the same agreement. Delivery of an executed counterpart of this Joinder Agreement by telecopy
or other electronic means shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.


 


This Joinder Agreement
shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of and be enforceable
by each of the parties hereto and its successors and assigns; provided, however, that the Joining Party may not assign
any of its rights, obligations or interest hereunder or under any other Loan Document except as permitted by the Loan Documents.
THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. In the event that any provision of this Joinder Agreement shall prove to be invalid or unenforceable, such provision shall
be deemed to be severable from the other provisions of this Joinder Agreement which shall remain binding on all parties hereto.


 


From and after the
execution and delivery hereof by the parties hereto, this Joinder Agreement shall constitute a “Loan Document” for
all purposes of the Credit Agreement, the Security Agreement and the other Loan Documents.


 


Each of the representations
and warranties set forth in the Credit Agreement, the Security Agreement and each other Loan Document and applicable to the undersigned
is true and correct in all material respects, both before and after giving effect to this Joinder Agreement on the date hereof,
except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation
and warranty is true and correct in all material respects as of such earlier date (it being understood that any representation
or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall
be true and correct in all respects on the date hereof or as of such earlier date, as applicable).


 


[Remainder of this page intentionally left
blank]


 




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IN WITNESS WHEREOF, the Joining Party has
caused this Joinder Agreement to be executed and delivered by its duly authorized officer as of the date first above written.


 





	 	 	[JOINING PARTY]
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title::	 




 








	AGREED TO AND ACCEPTED:	 	 
	 	 	 
	JEFFERIES FINANCE LLC,	 	 
	as Administrative Agent and Collateral Agent	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 










 




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EXHIBIT O


 


FORM OF


 


QUIET ENJOYMENT AGREEMENT


 


QUIET ENJOYMENT AGREEMENT (this “Agreement”),
dated as of [DATE], between [CHARTERER] (together with its successors and permitted assigns, the “Charterer”),
and [COLLATERAL AGENT], acting as agent and mortgage trustee on behalf of the lenders under the Credit Agreement (as defined below)
(together with its successors and permitted assigns, the “Mortgagee”).


 


Recitals


 


		A	Reference is made to that certain Credit Agreement, dated as of August
5, 2014, among the Mortgagee, the Owner and the other parties thereto (as such agreement may be amended, supplemented, restated
or otherwise modified from time to time, the “Credit Agreement”).



 


		B	[SHIPOWNER] (the “Owner”) is the owner of the Marshall
Islands registered [VESSEL TYPE] named [VESSEL NAME], IMO Number [●]
(the “Vessel”).



 


		C	As security for the Secured Obligations (as defined in the Credit Agreement)
of the Pledgors under the Credit Agreement and as permitted under the Charter (as defined below), the Owner executed and delivered
to the Mortgagee, as Mortgage Trustee, for the benefit of the Lenders, a first preferred ship mortgage, dated [●]
(the “Vessel Mortgage”) covering the whole of the Vessel, which is subject to the [TYPE OF CHARTER] dated [●]
pursuant to which the Vessel was chartered to the Charterer (the “Charter”). A copy of the Charter is attached
hereto as Exhibit “A”.



 


		D	The parties wish to provide for the quiet enjoyment of the Vessel
by the Charterer.



 


The parties agree as follows:


 


		1	The Charterer hereby represents and warrants to the Mortgagee as of
the date hereof that:



 


		1.1	all necessary corporate action has been taken by the Charterer to
authorize, and all necessary consents and approvals have been obtained to permit, the Charterer to enter into this Agreement; and



 


		1.2	this Agreement constitutes the legal, valid and binding obligation
of the Charterer, enforceable against the Charterer in accordance with its terms, except to the extent that such enforceability
may be limited by any applicable bankruptcy, insolvency or similar laws generally affecting the enforcement of creditor’s
rights and by general principles of equity.



 


		2	The Mortgagee hereby represents and warrants to the Charterer as of
the date hereof that:



 


		2.1	the Mortgagee is authorized to enter into this Agreement; and



 


		2.2	this Agreement constitutes the legal, valid and binding obligation
of the Mortgagee, enforceable against the Mortgagee in accordance with its terms, except to the extent that such enforceability
may be limited by any applicable bankruptcy, insolvency or similar laws generally affecting the enforcement of creditor’s
rights and by general principles of equity.



 


		3	Charterer hereby agrees that:



 




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		3.1	[this Agreement is the “[agreement]” referred to in Clause
[●] of the Charter;]1



 


		3.2	it will duly perform all of its obligations under the Charter in accordance
with the Charter and will make all payments of charter hire due and to become due under, and in accordance with, the Charter, without
set-off, deduction or counterclaim for any reason whatsoever, except as provided in the Charter; and



 


		3.3	any lien it may have against the Vessel shall be fully subordinate
to any lien of the Mortgagee as mortgagee against the Vessel.



 


		4	The Mortgagee hereby agrees that the exercise by the Mortgagee of
its remedies with respect to the Vessel under the Credit Agreement and pursuant to the terms of the Vessel Mortgage shall be made
consistent with the provisions of this Agreement.



 


		5	So long as the Charter remains in effect and no default thereunder
by the Charterer has occurred and is continuing (a “Charterer Default”), the Mortgagee acknowledges and agrees
that the Mortgagee shall not exercise its remedies with respect to the Vessel pursuant to the terms of the Vessel Mortgage in a
manner that disturbs or interferes with the quiet and peaceful use and enjoyment of the Vessel by the Charterer and any permitted
sub-charterer, provided that, even when no Charterer Default shall have occurred and be continuing, the Mortgagee shall
remain free to exercise its powers of extra-judicial sale in relation to the Vessel contained in the Vessel Mortgage and any sale
of the Vessel pursuant to any such power shall not terminate the Charter, unless the consent of the Charterer to a change in the
technical management of the Vessel, not to be unreasonably withheld, shall not be given. In the event of such extra-judicial sale
and so long as no Charterer Default shall have occurred and be continuing:



 


		5.1	the Mortgagee shall conduct and complete such sale in a manner which
does not unreasonably interfere with the Charterer’s rights under the Charter and this Agreement; and



 


		5.2	the Mortgagee shall require that the purchaser accede to the Charter
and agree to comply with the Owner’s obligations thereunder as though it were named in the Charter in place of the Owner,
until the expiration of the Charter according to its terms.



 


		6	This Agreement shall be governed by and construed in accordance with
the [LAW OF APPLICABLE JURISDICTION].



 


Signature pages follow


 





 



1 [NTD: Insert if Charter requires Quiet Enjoyment
Agreement.]


 






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IN WITNESS WHEREOF, each of the undersigned has caused this
Agreement to be executed as of the date first above written.


 


	 	 	[MORTGAGEE]
	 	 	 	 
	 	 	By	 


  




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IN WITNESS WHEREOF, each of the undersigned has caused this
Agreement to be executed as of the date first above written.


 


	 	 	[CHARTERER]
	 	 	 	 
	 	 	By	 



 






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EXHIBIT P


TO THE CREDIT AGREEMENT


 


FORM OF


FIRST PREFERRED SHIP MORTGAGE


 


ON MARSHALL ISLANDS FLAG VESSEL


 


[VESSEL NAME]


OFFICIAL NO. [OFFICIAL NUMBER]


 


executed by


 


[SHIPOWNER],


as Shipowner


 


in favor of


 


JEFFERIES FINANCE LLC,


not individually, but solely as collateral
agent and trustee,


as Mortgagee


 


August 5, 2014


 




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TABLE OF CONTENTS


 





			Page
			 
	ARTICLE
    I	5
	Section
    1.	Existence:
    Authorization	5
	Section
    2.	Title
    to Vessel	5
	Section
    3.	ISM
    and ISPS Compliance	5
	ARTICLE
    II	5
	Section
    1.	Payment
    of Indebtedness	5
	Section
    2.	Mortgage
    Recording	6
	Section
    3.	Lawful
    Operation	6
	Section
    4.	Prohibition
    of Liens	6
	Section
    5.	Payment
    of Taxes, Etc.; Release of Liens	6
	Section
    6.	Notice
    of Mortgage	6
	Section
    7.	Release
    from Arrest	7
	Section
    8.	Maintenance	7
	Section
    9.	Inspection;
    Reports	8
	Section
    10.	Flag;
    Name	9
	Section
    11.	Insurance	9
	Section
    12.	Reimbursement
    for Expenses	9
	ARTICLE
    III	9
	Section
    1.	Events
    of Default; Remedies	9
	Section
    3.	Power
    of Attorney-Sale	11
	Section
    4.	Power
    of Attorney-Collection	11
	Section
    5.	Delivery
    of Vessel	11
	Section
    6.	Mortgagee
    to Discharge Liens	11
	Section
    7.	Payment
    of Expenses	12
	Section
    8.	Remedies
    Cumulative	12
	Section
    9.	Cure
    of Defaults	12
	Section
    10.	Discontinuance
    of Proceedings	12
	Section
    11.	Application
    of Proceeds	13
	Section
    12.	Possession
    Until Default	13
	Section
    13.	Severability
    of Provisions. Etc.	13
	ARTICLE
    IV	14
	Section
    1.	Successors
    and Assigns	14
	Section
    2.	Power
    of Substitution	14
	Section
    3.	Counterparts	14
	Section
    4.	Notices	14
	Section
    5.	Further
    Assurances	14
	Section
    6.	Governing
    Law	15
	Section
    7.	Additional
    Rights of the Mortgagee	15
	SIGNATURE	 







 






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FIRST PREFERRED MORTGAGE


 


[VESSEL] 


 


This
First Preferred Ship Mortgage made August 5, 2014 (this “Mortgage”), by [SHIPOWNER], a Marshall Islands corporation,
with its address at 1301 Avenue of the Americas, New York, NY 10019 (the “Shipowner”),
in favor of JEFFERIES FINANCE LLC, not in its individual capacity, but solely as collateral agent and trustee on behalf
of the Secured Parties under the Credit Agreement (as hereinafter defined), with its address at 520 Madison Avenue, New York, NY
10022 (in such capacity, together with its successors in trust and assigns, the “Mortgagee”). Except as otherwise
defined or limited herein, capitalized terms used herein and defined in the Credit Agreement shall be used herein as so defined.
The term “Secured Parties” as used in this Mortgage does not include any Bank Product Provider.


 


Statement pursuant to Chapter 3 of the Republic
of the Marshall Islands Maritime Act of 1990, as amended


 


The MAXIMUM
AMOUNT of the direct and contingent obligations secured by this Mortgage is Six Hundred Seventy Eight Million Three Hundred
Seventy Five Thousand United States Dollars (U.S. $678,375,000), and interest, fees and performance of mortgage covenants.


 


WITNESSETH


 


WHEREAS:


 


A.           The
Shipowner is the sole owner of the whole of the vessel [VESSEL NAME], Official Number [OFFICIAL NUMBER], registered
in the name of the Shipowner under the laws and flag of the Republic of the Marshall Islands (the “Vessel”).


 


B.           Overseas
Shipholding Group, Inc., OSG International, Inc. (the “Administrative Borrower”) and OIN Delaware LLC (the “Co-Borrower”
and together with the Administrative Borrower, collectively, the “Borrowers”) have entered into a Credit Agreement,
dated as of August 5, 2014 (as such may hereafter be amended, amended and restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), with the Guarantors named therein, including the Shipowner, the Lenders party
thereto from time to time, Jefferies Finance LLC, Barclays Bank PLC and UBS Securities LLC, as joint lead arrangers and joint book
running managers, Jefferies Finance LLC, as Administrative Agent, Barclays Bank PLC and UBS Securities LLC, as Documentation
Agents, Jefferies Finance LLC, as Syndication Agent, the Mortgagee, as Collateral Agent and Mortgage
Trustee, Jefferies Finance LLC, as Swingline Lender and Jefferies Finance LLC, as Issuing Bank, providing for a senior secured
term loan facility in an aggregate principal amount of Six Hundred Twenty Eight Million Three Hundred Seventy Five Thousand United
States Dollars ($628,375,000) and a senior secured revolving credit facility in an aggregate
principal amount not in excess of Fifty Million United States Dollars ($50,000,000). A copy of the form of the Credit Agreement
(without Schedules or Exhibits, except for Exhibit H-1, the form of the Term Note, H-2, the form of the Revolving Note, and Exhibit
H-3, the form of the Swingline Note) is attached hereto as Mortgage Exhibit OIN—A and made a part hereof.


 





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C.           The
Shipowner is a Wholly-Owned Restricted Subsidiary of the Administrative Borrower.


 


D.           Pursuant
to Article VII of the Credit Agreement, the Shipowner has guaranteed the Secured Obligations from time to time owing to the Secured
Parties by any Loan Party.


 


E.           The
Lenders have committed to make the Loans and the Issuing Bank has committed to issue Letters of Credit subject to the terms and
on the conditions set forth in the Credit Agreement; and the Shipowner acknowledges that it is justly indebted to the Secured Parties
for such obligations under the Credit Agreement.


 


F.           In
order to secure (1) its obligations as aforesaid under the Credit Agreement according to the respective terms thereof, (2) the
payment of all other such sums that may hereinafter be secured by this Mortgage in accordance with the terms hereof, and (3) the
performance and observance of and compliance with all the agreements, covenants and conditions contained herein and in the Credit
Agreement (but excluding the Bank Product Obligations) and the Notes (the foregoing being hereafter collectively referred to as
the “Indebtedness hereby secured”), the Shipowner has duly authorized the execution and delivery of this Mortgage
under Chapter 3 of the Republic of the Marshall Islands Maritime Act 1990 as amended.


 


G.           Pursuant
to Article X of the Credit Agreement, the Mortgagee has agreed to hold the Trust Property in trust for the Secured Parties.


 


NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, and in order to secure the payment of the Indebtedness
hereby secured, the Shipowner has granted, conveyed, mortgaged, pledged, confirmed, assigned, transferred and set over and by these
presents does grant, convey, mortgage, pledge, confirm, assign, transfer and set over, unto the Mortgagee, and its successors and
assigns, the whole of the Vessel, including, without being limited to, all of the boilers, engines, machinery, masts, spars, boats,
anchors, cables, chains, fuel (to the extent owned by the Shipowner), rigging, tackle, capstans, outfit, tools, pumps and pumping
equipment, apparel, furniture, drilling equipment, fittings, equipment, spare parts, and all other appurtenances thereunto appertaining
or belonging, whether now owned or hereafter acquired, and also any and all additions, improvements, renewals and replacements
hereafter made in or to the Vessel or any part thereof, including all items and appurtenances aforesaid, all of which shall be
deemed to be included in the term “Vessel” as used in this Mortgage;


 


TO HAVE AND TO HOLD
all and singular the above mortgaged and described property unto the Mortgagee and its successors and assigns, to its and to its
successors’ and assigns’ own use, benefit and behoof forever;


 


PROVIDED, and these
presents are upon the condition that, if the Shipowner or its successors or assigns shall pay or cause to be paid the Indebtedness
hereby secured as and when the same shall become due and payable in accordance with the respective terms of the Credit Agreement,
the Notes and this Mortgage, and all other such sums as may hereafter become secured by this Mortgage in accordance with the terms
hereof, and the Shipowner shall duly perform, observe and comply with or cause to be performed, observed, or complied with all
the covenants, terms and conditions of this Mortgage and the Credit Agreement, expressed or implied, to be performed, then this
Mortgage and the estate and rights hereunder shall cease, determine and be void, otherwise to remain in full force and effect.


 





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The Shipowner, for
itself, its successors and assigns, hereby covenants, declares and agrees with the Mortgagee and its successors and assigns that
the Vessel is to be held subject to the further covenants, conditions, terms and uses hereinafter set forth.


 


ARTICLE I


 


Representations and Warranties of the Shipowner


 


Section 1.          Existence:
Authorization. The Shipowner is a corporation duly incorporated and validly existing under the laws of the Republic of the
Marshall Islands and shall so remain during the life of this Mortgage; it is duly authorized to mortgage the Vessel; all actions
necessary and required by law for the execution and delivery of this Mortgage have been duly and effectively taken; and each of
the Indebtedness hereby secured and the Mortgage is and will be the legal, valid and binding obligation of the Shipowner enforceable
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditor’s rights generally or by equitable principles relating to enforceability.


 


Section 2.          Title
to Vessel. The Shipowner lawfully owns and is lawfully possessed of the Vessel free from any Lien whatsoever other than Permitted
Collateral Vessel Liens, and will warrant and defend the title and possession thereto and to every part thereof for the benefit
of the Mortgagee against the claims and demands of all persons whomsoever.


 


Section 3.          ISM
and ISPS Compliance. The Shipowner is in compliance with the ISM Code and the ISPS Code in all material respects, and has obtained
all documentation, including a valid safety management certificate and document of compliance in relation to the Vessel and the
manager of the Vessel, respectively, as may be required by applicable law.


 


ARTICLE II


 


Covenants of the Shipowner


 


Section 1.          Payment
of Indebtedness. The Shipowner will pay or cause to be paid the Indebtedness hereby secured, and will observe, perform and
comply with the covenants, terms and conditions herein and in the Credit Agreement, express or implied, on its part to be observed,
performed or complied with.


 


The obligation of the
Indebtedness hereby secured is an obligation in United States Dollars and the term “$” when used herein shall mean
such United States Dollars. Notwithstanding fluctuations in the value or rate of United States Dollars in terms of gold or any
other currency, all payments hereunder or otherwise in respect of the Indebtedness hereby secured shall be payable in terms of
United States Dollars when due, in United States Dollars when paid, whether such payment is made before or after the due date.


 





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Section 2.          Mortgage
Recording. The Shipowner will cause this Mortgage to be duly recorded in the Office of the Deputy Commissioner of Maritime
Affairs of the Republic of the Marshall Islands, in accordance with the provisions of Chapter 3 of the Republic of the Marshall
Islands Maritime Act of 1990, as amended, and will otherwise comply with and satisfy all of the provisions of applicable laws of
the Republic of the Marshall Islands in order to establish and maintain this Mortgage as a first preferred mortgage thereunder
upon the Vessel and upon all renewals, replacements and improvements made in or to the same for the amount of the Indebtedness
hereby secured.


 


Section
3.          Lawful Operation. The Shipowner will (i) comply with
and satisfy all applicable Legal Requirements of the Republic of the Marshall Islands in order that the Vessel shall continue to
be registered pursuant to the laws of the Republic of the Marshall Islands and (ii) not do or allow to be done anything whereby
such registration is or could reasonably be expected to be forfeited, unless the failure to comply with such Legal Requirements
or obtain such registration for the Vessel could not reasonably be expected have a Material Adverse Effect.


 


Section 4.          Prohibition
of Liens. None of the Shipowner, any charterer, the Master of the Vessel or any other person has or shall have any right, power
or authority to create, incur or permit to be placed or imposed or continued upon the Vessel, its freights, profits or hire any
Lien whatsoever other than this Mortgage and Permitted Collateral Vessel Liens.


 


Section 5.          Payment
of Taxes, Etc.; Release of Liens. The Shipowner will pay and discharge when due and payable, from time to time, all
tolls, dues, taxes, assessments, governmental charges, fines, penalties, debts, damages and liabilities whatsoever which have given
or may give rise to maritime or possessory Liens (other than Permitted Collateral Vessel Liens) or claims (other than Permitted
Collateral Vessel Liens) enforceable against, the Vessel or any income therefrom other than any of the foregoing (i) being contested
in good faith and diligently by appropriate proceedings, and, in the event of arrest of any Vessel pursuant to legal process, or
in the event of its detention in exercise or purported exercise of any such Lien or claim as aforesaid, procure, if possible, the
release of the Vessel from such arrest or detention forthwith upon receiving notice thereof by providing bail or otherwise as the
circumstances may require, or (ii) which could not reasonably be expected to have a Material Adverse Effect.


 


Section 6.          Notice
of Mortgage. The Shipowner will place, and at all times and places will retain a properly certified copy of this Mortgage on
board the Vessel with her papers and will cause such certified copy and the Vessel’s certificate of documentation to be exhibited
to any and all persons having business therewith which might give rise to any Lien thereon and to any representative of the Mortgagee.


 


The Shipowner will
place and keep prominently displayed in the chart room and in the Master’s cabin or office on the Vessel a framed printed
notice in plain type reading as follows:


 





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NOTICE OF MORTGAGE


 


THIS VESSEL IS OWNED BY [SHIPOWNER],
AND IS SUBJECT TO A FIRST PREFERRED MORTGAGE IN FAVOR OF JEFFERIES FINANCE LLC, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS COLLATERAL
AGENT AND TRUSTEE, AS MORTGAGEE UNDER AUTHORITY OF CHAPTER 3 OF THE MARSHALL ISLANDS MARITIME ACT 1990, AS AMENDED. UNDER THE TERMS
OF THE MORTGAGE, NONE OF THE SHIPOWNER, ANY CHARTERER, THE MASTER OF THE VESSEL, OR ANY OTHER PERSON HAS ANY RIGHT, POWER OR AUTHORITY
TO CREATE, INCUR OR PERMIT TO BE PLACED OR IMPOSED UPON THE VESSEL, ANY LIEN WHATSOEVER OTHER THAN “PERMITTED COLLATERAL
VESSEL LIENS” AS DEFINED IN THE MORTGAGE.


 


Section 7.            Release
from Arrest. If any judicial action is commenced against the Vessel or the Vessel is otherwise attached, levied upon or taken
into custody by virtue of any legal proceeding in any court, the Shipowner will promptly notify the Mortgagee thereof by electronic
mail, and within thirty (30) days will cause the Vessel to be released and all Liens thereon other than this Mortgage and any Permitted
Collateral Vessel Liens to be discharged, and will promptly notify the Mortgagee thereof in the manner aforesaid. The Shipowner
will notify the Mortgagee within forty-eight (48) hours of any average or salvage incurred by the Vessel in an amount in excess
of US$1,500,000.


 


Section 8.            Maintenance.
(a) The Shipowner will without cost or expense to the Mortgagee keep the Vessel, or cause her to be kept, in all respects seaworthy
and fit for her intended service, and in such condition as will entitle her to the highest classification and rating for vessels
of the same age and type with an Approved Classification Society, free of any overdue conditions or recommendations affecting class,
unless failure to obtain such classification or the existence of any overdue conditions or recommendations affecting class, or
failure to maintain such seaworthiness or fitness, would not reasonably be expected to have a Material Adverse Effect or result
in any suspensions, discontinuances or withdrawal of class. The Shipowner will, without cost or expense to the Mortgagee, promptly,
irrevocably and unconditionally request and authorize the Approved Classification Society of the Vessel, to give its undertaking
to the Mortgagee substantially as follows, with such modifications as the Approved Classification Society may from time to time
require:


 


(i)          to
send to the Mortgagee, following receipt of a written request from the Mortgagee, certified true copies of all original certificates
of class issued by the Approved Classification Society relating to the Vessel;


 


(ii)         to
allow the Mortgagee (or its agents), at any time and from time to time, to inspect the classification reports and related records
of the Shipowner and the Vessel at the offices of the Approved Classification Society and to take copies of them;


 


(iii)        to
notify the Mortgagee immediately in writing if the Approved Classification Society suspends or cancels the Vessel’s class
under (a) its rules, terms and conditions, or other policies of the Approved Classification Society, or (b) the laws of the Republic
of the Marshall Islands;


 


(iv)         following
receipt of a written request from the Mortgagee:


 


(A)         to
confirm that the Shipowner is not in default of any of its contractual obligations or liabilities to the Approved Classification
Society, including confirmation that it has paid in full all fees or other charges due and payable to the Approved Classification
Society; and


 





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(B)         if
the Shipowner is in default of any of its contractual obligations or liabilities to the Approved Classification Society, to specify
to the Mortgagee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period
agreed or allowed by the Approved Classification Society.


 


Notwithstanding the
above instructions and undertaking given for the benefit of the Mortgagee, the Shipowner shall continue to be responsible to the
Approved Classification Society for the performance and discharge of all its obligations and liabilities relating to or arising
out of or in connection with the contract it has with the Approved Classification Society, and nothing herein or therein shall
be construed as imposing any obligation or liability of the Mortgagee to the Approved Classification Society in respect thereof.


 


The Shipowner shall
further notify the Approved Classification Society that all the foregoing instructions and authorizations shall remain in full
force and effect until revoked or modified by written notice to the Approved Classification Society received from the Mortgagee,
and that the Shipowner shall reimburse the Approved Classification Society for all its costs and expenses incurred in complying
with its undertakings to the Mortgagee.


 


(b)          The
Vessel shall, and the Shipowner covenants that she will, at all times comply with and satisfy all applicable Legal Requirements
of the Republic of the Marshall Islands, including the ISM Code and the ISPS Code, and shall have on board as and when required
thereby valid certificates showing compliance therewith. Unless otherwise required by applicable law, the Shipowner will not make,
or permit to be made, any substantial change in the structure, type or speed of the Vessel or change in her rig, without first
receiving the written approval thereof of the Mortgagee.


 


(c)          The
Shipowner agrees to give the Mortgagee at least ten (10) days’ notice of the actual date and place of any scheduled
classification society special survey or drydocking and, where possible having due regard for safety and operational necessities,
prior notice of the actual date and place of any other classification society survey or drydocking,
the estimated scope of which shall involve repairs or other liability in excess of US$1,000,000, in order that the Mortgagee may
have representatives present if desired subject always to the approval of the shipyard or other facility.



 


(d)          The
Shipowner shall promptly notify the Mortgagee of and furnish the Mortgagee with full information, including copies of reports and
surveys, regarding any material accident involving repairs where the aggregate cost is likely to exceed US$1,000,000 (or its equivalent
in another currency).


 


Section
9.          Inspection; Reports. The Shipowner shall permit representatives
of the Collateral Agent and the Administrative Agent, upon two Business Day’s advance notice and not more than twice during
any fiscal year of the Administrative Borrower (unless an Event of Default has occurred and is continuing), to visit and inspect
the Vessel without interrupting the normal commercial operation of the Vessel, including to conduct any environmental assessments
of the Vessel and examine and make abstracts from any of its books and records (including insurance policies), at any reasonable
time and upon reasonable notice.


 





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Section 10.        Flag;
Name. The Shipowner will not change the flag or name of the Vessel without the written consent of the Mortgagee and any such
written consent to any one change of flag or name shall not be construed to be a waiver of this provision with respect to any subsequent
proposed change of flag or name.


 


Section 11.         Insurance.
The Shipowner will at all times and without cost to the Mortgagee maintain the Required Insurance in accordance with the Credit
Agreement.


 


Section 12.         Reimbursement
for Expenses. The Shipowner will reimburse the Mortgagee promptly for any and all expenditures which the Mortgagee may from
time to time make, lay out or expend in providing such protection in respect of insurance, discharge or purchase of Liens, taxes,
dues, tolls, assessments, governmental charges, fines and penalties lawfully imposed, repairs, attorney’s fees, and other
matters as the Shipowner is obligated herein to provide, but fails to provide and which, in the reasonable judgment of the Mortgagee
are necessary or appropriate for the protection of the Vessel or the security granted by this Mortgage. Such obligation of the
Shipowner to reimburse the Mortgagee shall be an additional indebtedness due from the Shipowner, shall bear interest at the interest
rate as set forth in Section 2.06(c) of the Credit Agreement in respect of ABR Loans from the date of payment by the Mortgagee
to and including the date of reimbursement by the Shipowner, shall be secured by this Mortgage, and shall be payable by the Shipowner
on demand. The Mortgagee, though privileged to do so, shall be under no obligation to the Shipowner to make any such expenditure,
nor shall the making thereof relieve the Shipowner of any default in that respect.


 


ARTICLE III


 


Events of Default and Remedies


 


Section 1.          Events
of Default; Remedies. An “event of default” hereunder shall happen if an Event of Default shall have occurred and
be continuing under the Credit Agreement. If an event of default shall happen, then the security constituted by this Mortgage shall
become immediately enforceable and that without limitation, the enforcement remedies specified can be exercised irrespective of
whether or not the Mortgagee has exercised the right of acceleration under the Credit Agreement and the Mortgagee shall have the
right to:


 


(i)        Declare
all the then unpaid Indebtedness hereby secured to be due and payable immediately, and upon such declaration, the same shall become
and be immediately due and payable; provided, however, that no declaration shall be required if an event of default
shall have occurred by reason of a default under Section 8.01(g) or (h) of the Credit Agreement, then and in such case, the Indebtedness
hereby secured shall become immediately due and payable on the occurrence of such event of default without any notice or demand;


 


(ii)       Exercise
all of the rights and remedies in foreclosure and otherwise given to a mortgagee by the provisions of the laws of the Republic
of the Marshall Islands or of any other jurisdiction where the Vessel may be found;


 





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(iii)        Bring
suit at law, in equity or in admiralty, as it may be advised, to recover judgment for the Indebtedness hereby secured, and collect
the same out of any and all property of the Shipowner whether covered by this Mortgage or otherwise;


 


(iv)         Take
and enter into possession of the Vessel, at any time, wherever the same may be, without legal process and without being responsible
for loss or damage and the Shipowner or other person in possession forthwith upon demand of the Mortgagee shall surrender to the
Mortgagee possession of the Vessel;


 


(v)          Without
being responsible for loss or damage, the Mortgagee may hold, lay up, lease, charter, operate or otherwise use the Vessel for such
time and upon such terms as it may deem to be for its best advantage, and demand, collect and retain all hire, 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 in respect of such Vessel or in respect of any insurance thereon from any person whomsoever, accounting
only for the net profits, if any, arising from such use of the Vessel and charging upon all receipts from the use of the Vessel
or from the sale thereof by court proceedings or pursuant to subsection (vi) next following, all costs, expenses, charges, damages
or losses by reason of such use; and if at any time the Mortgagee shall avail itself of the right herein given it to take the Vessel,
the Mortgagee shall have the right to dock the Vessel, for a reasonable time at any dock, pier or other premises of the Shipowner
without charge, or to dock her at any other place at the cost and expense of the Shipowner;


 


(vi)         Without
being responsible for loss or damage, the Mortgagee may sell the Vessel upon such terms and conditions as the Mortgagee shall seem
best, free from any claim of or by the Shipowner, at public or private sale, by sealed bids or otherwise, by delivering notice
of such sale, whether public or private, addressed to the Shipowner at its last known address and to any other record mortgagee,
twenty (20) calendar days prior to the date fixed for entering into the contract of sale and by first publishing notice of any
such public sale for ten (10) consecutive days, in daily newspapers of general circulation published in the City of New York, State
of New York; in the event that the Vessel shall be offered for sale by private sale, no newspaper publication of notice shall be
required, nor notice of adjournment of sale; sale may be held at such place and at such time as the Mortgagee by notice may have
specified, or may be adjourned by the Mortgagee from time to time by announcement at the time and place appointed for such sale
or for such adjourned sale, and without further notice or publication the Mortgagee may make any such sale at the time and place
to which the same shall be so adjourned; and any sale may be conducted without bringing the Vessel to the place designated for
such sale and in such manner as the Mortgagee may deem to be for its best advantage, and the Mortgagee may become the purchaser
at any sale. The Shipowner agrees that any sale made in accordance with the terms of this paragraph shall be deemed made in a commercially
reasonable manner insofar as it is concerned.


 





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Section 2.          Power
of Sale. Any sale of the Vessel made in pursuance of this Mortgage, whether under the power of sale hereby granted or any judicial
proceedings, shall operate to divest all right, title and interest of any nature whatsoever of the Shipowner therein and thereto,
and shall bar the Shipowner, its successors and assigns, and all persons claiming by, through or under them. No purchaser shall
be bound to inquire whether notice has been given, or whether any default has occurred, or as to the propriety of the sale, or
as to the application of the proceeds thereof. In case of any such sale, the Mortgagee, if it is the purchaser, shall be entitled,
for the purpose of making settlement or payment for the property purchased, to use and apply the Indebtedness hereby secured in
order that there may be credited against the amount remaining due and unpaid thereon the sums payable out of the net proceeds of
such sale to the Mortgagee after allowing for the costs and expense of sale and other charges; and thereupon such purchaser shall
be credited, on account of such purchase price, with the net proceeds that shall have been so credited upon the Indebtedness hereby
secured. At any such sale, the Mortgagee may bid for and purchase such property and upon compliance with the terms of sale may
hold, retain and dispose of such property without further accountability therefor.


 


Section 3.          Power
of Attorney-Sale. The Mortgagee is hereby irrevocably appointed attorney-in-fact of the Shipowner, upon the happening of any
event of default, to execute and deliver to any purchaser aforesaid, and is hereby vested with full power and authority to make,
in the name and on behalf of the Shipowner, a good conveyance of the title to the Vessel so sold. Any person dealing with the Mortgagee
or attorney-in-fact shall not be put on enquiry as to whether the power of attorney contained herein has become exercisable. In
the event of any sale of the Vessel, under any power herein contained, the Shipowner will, if and when required by the Mortgagee,
execute such form of conveyance of the Vessel as the Mortgagee may direct or approve.


 


Section 4.          Power
of Attorney-Collection. The Mortgagee is hereby irrevocably appointed attorney-in-fact of the Shipowner, upon the happening
of any event of default, in the name of the Shipowner to demand, collect, receive, compromise and sue for, so far as may be permitted
by law, all freight, hire, earnings, issues, revenues, income and profits of the Vessel and all amounts due from underwriters under
any insurance thereon as payment of losses or as return premiums or otherwise, salvage awards and recoveries, recoveries in general
average or otherwise, and all other sums due or to become due at the time of the happening of any event of default as defined in
Section 1 of Article III hereof in respect of the Vessel, or in respect of any insurance thereon, from any person whomsoever, and
to make, give and execute in the name of the Shipowner acquittances, receipts, releases or other discharges for the same, whether
under seal or otherwise, and to endorse and accept in the name of the Shipowner all checks, notes, drafts, warrants, agreements
and other instruments in writing with respect to the foregoing. Any person dealing with the Mortgagee or attorney-in-fact shall
not be put on enquiry as to whether the power of attorney contained herein has become exercisable.


 


Section
5.          Delivery of Vessel.  Whenever any right to enter and
take possession the Vessel accrues to the Mortgagee, the Mortgagee may require the Shipowner to deliver, and the Shipowner shall
on such demand, at its own cost and expense, deliver the Vessel, as demanded. If any legal proceedings shall be taken to enforce
any right under this Mortgage, the Mortgagee shall be entitled as a matter of right to the appointment of a receiver of the Vessel
and the freights, hire, earnings, issues, revenues, income and profits due or to become due arising from the operation thereof.


 


Section 6.          Mortgagee
to Discharge Liens. The Shipowner authorizes and empowers the Mortgagee or its appointees or any of them, upon the happening
of any event of default, to appear in the name of the Shipowner, its successors and assigns, in any court of any country or nation
of the world where a suit is pending against the Vessel because of or on account of any alleged Lien against the Vessel from which
the Vessel has not been released and to take such proceedings as to them or any of them may seem proper towards the defense of
such suit and the purchase or discharge of such Lien, and all expenditures made or incurred by them or any of them for the purpose
of such defense or purchase or discharge shall be a debt due from the Shipowner, its successors and assigns, to the Mortgagee,
and shall be secured by the Lien of this Mortgage in like manner and extent as if the amount and description thereof were written
herein.


 





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Section 7.          Payment
of Expenses. The Shipowner covenants that upon the happening of any one or more of the events of default, then, upon written
demand of the Mortgagee, the Shipowner will pay to the Mortgagee the whole amount due and payable in respect of the Indebtedness
hereby secured; and in case the Shipowner shall fail to pay the same forthwith upon such demand, the Mortgagee shall be entitled
to recover judgment for the whole amount so due and unpaid, together with such further amounts as shall be sufficient to cover
the reasonable compensation of the Mortgagee or its agents, attorneys and counsel and any necessary advances, expenses and liabilities
made or incurred by it or them or the Mortgagee hereunder. All moneys collected by the Mortgagee under this Section 7 shall be
applied by the Mortgagee in accordance with the provisions of Section 11 of this Article III.


 


Section 8.          Remedies
Cumulative. Each and every power and remedy herein given to the Mortgagee shall be cumulative and in addition to all other
powers or remedies now or hereafter existing at law, in equity, in admiralty or by statute, and each and every power and remedy
whether herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient
by the Mortgagee, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver
of the right to exercise at the same time or thereafter any other power or remedy. The Mortgagee shall not be required or bound
to enforce any of its rights under any other agreements, prior to enforcing its rights under this Mortgage. No delay or omission
by the Mortgagee in the exercise of any right or power or in the pursuance of any remedy accruing upon any default as above defined
shall impair any such right, power or remedy or be construed to be a waiver of any such event of default or to be an acquiescence
therein; nor shall the acceptance by the Mortgagee of any security or of any payment of or on account of the Indebtedness hereby
secured maturing after any event of default or of any payment on account of any past default be construed to be a waiver of any
right to exercise its remedies due to any future event of default or of any past event of default not completely cured thereby.
No consent, waiver or approval of the Mortgagee shall be deemed to be effective unless in writing and duly 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 this
Mortgage shall only be effective for the purpose and on the terms which it is given and shall be without prejudice to the right
to give or withhold consent in relation to future matters (which are either the same or different).


 


Section 9.          Cure
of Defaults. If at any time after an event of default and prior to the actual sale of the Vessel by the Mortgagee or prior
to any enforcement or foreclosure proceedings the Shipowner offers completely to cure all events of default and to pay all expenses,
advances and damages to the Mortgagee consequent on such events of default, with interest at the interest rate set forth in Section
2.06(c) of the Credit Agreement, then the Mortgagee may, but shall not be obligated to, accept such offer and payment and restore
the Shipowner to its former position, but such action, if taken, shall not affect any subsequent event of default or impair any
rights consequent thereon.


 


Section 10.       Discontinuance
of Proceedings. In case the Mortgagee shall have proceeded to enforce any right, power or remedy under this Mortgage by foreclosure,
entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined
adversely to the Mortgagee, then and in every such case the Shipowner and the Mortgagee shall be restored to its former position
and right hereunder with respect to the property subject or intended to be subject to this Mortgage, and all rights, remedies and
powers of the Mortgagee shall continue as if no such proceedings had been taken.


 





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Section 11.         Application
of Proceeds. After an event of default hereunder shall have occurred and be continuing, the proceeds of any sale of the Vessel
and any and all other moneys received by the Mortgagee pursuant to or under the terms of this Mortgage or in any proceedings hereunder,
the application of which has not elsewhere herein been specifically provided for, shall be applied as follows:


 


First:              To
the payment of all costs and expenses (together with interest thereon as set forth in Section 12 of Article II) of the Mortgagee,
including the reasonable compensation of its agents and attorneys, by reason of any sale, retaking, management or operation of
the Vessel and all other sums payable to the Mortgagee hereunder by reason of any expenses or liabilities incurred or advances
made by it for the protection, maintenance and enforcement of the security or of any of its rights hereunder or in the pursuit
of any remedy hereby conferred; and at the option of the Mortgagee to provide for adequate indemnity against Liens claiming priority
over or equality with the Lien of this Mortgage; and


 


Second:        To
the Mortgagee for its distribution in accordance with the provisions of Section 9.01 of the Credit Agreement.


 


Section 12.         Possession
Until Default. Until one or more of the events of default hereinafter described shall happen, the Shipowner (a) shall be suffered
and permitted to retain actual possession and use of the Vessel and (b) shall have the right, from time to time, in its discretion,
and without application to the Mortgagee, and without obtaining a release thereof by the Mortgagee, to dispose of, free from the
Lien hereof, any boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, chains, tackle, apparel, furniture,
fittings or equipment or any other appurtenances of the Vessel that are no longer useful, necessary, profitable or advantageous
in the operation of the Vessel, first or simultaneously replacing the same by new boilers, engines, machinery, masts, spars, sails,
rigging, boats, anchors, chains, tackle, apparel, furniture, fittings, equipment, or other appurtenances of substantially equal
value to the Shipowner, which shall forthwith become subject to the Lien of this Mortgage as a first preferred mortgage thereon.


 


Section 13.         Severability
of Provisions, Etc. (a) If any provision of this Mortgage should be deemed invalid or shall be deemed to affect adversely the
preferred status of this Mortgage under any applicable law, such provision shall be void and of no effect and shall cease to be
a part of this Mortgage without affecting the remaining provisions, which shall remain in full force and effect.


 


(b)          In
the event that this Mortgage or any of the documents or instruments which may from time to time be delivered thereunder or hereunder
or any provision thereof or hereof shall be deemed invalidated by present or future law of any nation or by decision of any court,
this shall not affect the validity and/or enforceability of all or any other parts of this Mortgage or such documents or instruments
and, in any such case, the Shipowner covenants and agrees that, on demand, it will execute and deliver such other and further agreements
and/or documents and/or instruments and do such things as the Mortgagee in its sole discretion may reasonably deem to be necessary
to carry out the true intent of this Mortgage.


 





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(c)          In
the event that the title, or ownership of the Vessel shall be requisitioned, purchased or taken by any government of any country
or any department, agency or representative thereof, pursuant to any present or future law, proclamation, decree order or otherwise,
the Lien of this Mortgage shall be deemed to attach to the claim for compensation therefor, and the compensation, purchase or other
taking of such title or ownership is hereby agreed to be payable to the Mortgagee who shall be entitled to receive the same and
shall apply it as provided in Section 11 of this Article III. In the event of any such requisition, purchase or taking, and the
failure of the Mortgagee to receive proceeds as herein provided, the Shipowner shall promptly execute and deliver to the Mortgagee
such documents, if any, as in the opinion of the Mortgagee may be necessary or useful to facilitate or expedite the collection
by the Mortgagee of such part of the compensation, purchase price, reimbursement or award as is payable to it hereunder.


 


ARTICLE IV


 


Sundry Provisions


 


Section 1.          Successors
and Assigns. All of the covenants, promises, stipulations and agreements of the Shipowner in this Mortgage contained shall
bind the Shipowner and its successors and shall inure to the benefit of the Mortgagee and its successors and assigns. In the event
of any assignment or transfer of this Mortgage, the term “Mortgagee”, as used in this Mortgage, shall be deemed to
mean any such assignee or transferee.


 


Section 2.          Power
of Substitution. Wherever and whenever herein any right, power or authority is granted or given to the Mortgagee, such right,
power or authority may be exercised in all cases by the Mortgagee or such agent or agents as it may appoint, and the act or acts
of such agent or agents when taken shall constitute the act of the Mortgagee hereunder.


 


Section 3.          Counterparts.
This Mortgage may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.


 


Section 4.         Notices.
Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be made in accordance
with Section 11.01 of the Credit Agreement.


 


Section 5.        Further
Assurances. The Shipowner shall execute and do all such commercially reasonable assurances, acts and things as the Mortgagee,
or any receiver in its absolute discretion may require for:


 


(a)       perfecting
or protecting the security created (or intended to be created) by this Mortgage; or


 


(b)       preserving
or protecting any of the rights of the Mortgagee under this Mortgage (or any of them); or


 


(c)       ensuring
that the security constituted by this Mortgage and the covenants and obligations of the Shipowner under this Mortgage shall inure
to the benefit of assignees of the Mortgagee (or any of them); or


 





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(d)       facilitating
the appropriation or realization of the Vessel or any part thereof and enforcing the security constituted by this Mortgage on or
at any time after the same shall have become enforceable; or


 


(e)       the
exercise of any power, authority or discretion vested in the Mortgagee under this Mortgage,


 


in any such case, forthwith upon demand
by the Mortgagee and at the expense of the Shipowner. Without limitation of the foregoing, the Shipowner shall, at its expense,
enter into, deliver and cause to be recorded such amendments to this Mortgage, and such other instruments and legal opinions, as
the Mortgagee may reasonably request.


 


Section 6.          Governing
Law. The provisions of this Mortgage shall, with respect to its validity, effect, recordation and enforcement, be governed
by and construed in accordance with the applicable laws of the Republic of the Marshall Islands.


 


Section 7.          Additional
Rights of the Mortgagee. In the event the Mortgagee shall be entitled to exercise any of its remedies under Article III hereof,
the Mortgagee shall have the right to arrest and take action against the Vessel at whatever place the Vessel shall be found lying
and for the purpose of any action which the Mortgagee may bring before the Courts of such jurisdiction or other judicial authority
and for the purpose of any action which the Mortgagee may bring against the Vessel, any writ, notice, judgment or other legal process
or documents may (without prejudice to any other method of service under applicable law) be served upon the Master of the Vessel
(or upon anyone acting as the Master) and such service shall be deemed good service on the Shipowner for all purposes.


 


IN WITNESS WHEREOF,
the Shipowner has caused this Mortgage to be duly executed by its authorized representative the day and year first above written.


 


	 	[NAME OF SHIPOWNER]
	 	 	 
	 	By:  	 
	 	Name:
	 	Title:


 


ACKNOWLEDGMENT


 


	STATE OF NEW YORK	)
	 	 
	COUNTY OF NEW YORK	)


 





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On August 5, 2014, before me personally
appeared [NAME], known to me to be the person who executed the foregoing instrument, who, being by me duly sworn did depose and
say that he resides at _______________________, New York, NY; that he is [TITLE] of [SHIPOWNER], the Marshall Islands corporation
described in and which executed the foregoing instrument (the “Shipowner”); that he signed his name pursuant
to authority granted to him by the Shipowner; and that he further acknowledged that said instrument is the act and deed of the
Shipowner.


 


	 	 	 
	 	Notary Public	 


 


[FOR USE IN THE REPUBLIC OF THE MARSHALL
ISLANDS] 


 





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Mortgage
Exhibit OIN—A


 




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