Document:

Exhibit

Exhibit 4.43

To:    Scorpio Bulkers Inc.
SBI Bravo Shipping Company Limited
SBI Leo Shipping Company Limited
SBI Antares Shipping Company Limited
SBI Lyra Shipping Company Limited
SBI Subaru Shipping Company Limited
SBI Pegasus Shipping Company Limited
SBI Maia Shipping Company Limited
SBI Capoeira Shipping Company Limited
SBI Hydra Shipping Company Limited
SBI Carioca Shipping Company Limited
SBI Ursa Shipping Company Limited
SBI Orion Shipping Company Limited
SBI Lambada Shipping Company Limited
SBI Hercules Shipping Company Limited
SBI Hyperion Shipping Company Limited
SBI Tethys Shipping Company Limited
SBI Macarena Shipping Company Limited
9, Boulevard Charles III
Monaco 98000

Dated: December 15, 2016

Dear Sirs:

We refer to that certain senior secured term credit agreement dated as of July 29, 2014, among Scorpio Bulkers Inc., as borrower (the “Borrower”), the guarantors listed in Schedule 1-A of the Credit Agreement, as guarantors (each a “Guarantor”), the banks and financial institutions listed in Schedule 1-B to the Credit Agreement, as lenders (the “Lenders”), The Export-Import Bank of China, Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Deutsche Bank AG London, BNP Paribas and Skandinaviska Enskilda Banken AB (publ), as lead arrangers (the “Lead Arrangers”), CA-CIB and Deutsche Bank AG London, as bookrunners (the “Bookrunners”) and CA-CIB, as coordinating bank, account bank, security trustee (in such capacity, the “Security Trustee”) and administrative agent (in such capacity, the “Agent” and together with the Lenders, the Lead Arrangers, the Bookrunners and the Security Trustee, the “Creditor Parties”) as previously amended and supplemented by that certain letter agreement dated October 27, 2015, that certain letter agreement dated January 13, 2016, that certain letter agreement dated March 23, 2016, that certain letter agreement dated April 26, 2016 and that certain letter agreement dated June 15, 2016, each among the Borrower, each Guarantor named therein, the Lenders, the Agent and the Security Trustee (collectively, as the same has been or may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”).  We also refer to each of the Guarantor Joinder Agreements identified in Schedule 1 hereto (each a “Guarantor Joinder Agreement”).  Capitalized terms used herein and not otherwise defined are used herein as defined in the Credit Agreement.

Exhibit 4.43

The Borrower has requested that the Lenders consent to an amendment of Clause 12.4 of the Credit Agreement so that it reads as follows:

“12.4 Minimum Interest Coverage.  Commencing on March 31, 2019, the Borrower will not permit the ratio of Consolidated EBITDA to Consolidated Net Interest Expenses for any last day of each fiscal quarter to be less than:
(i) 1.00 to 1.00 on the last day of each fiscal quarter from and including March 31, 2019 to and including June 30, 2019, calculated:
(A) in respect of the fiscal quarter ending March 31, 2019, using Consolidated EBITDA and Consolidated Net Interest Expenses for the fiscal quarter ending March 31, 2019 only;
(B) in respect of the fiscal quarter ending June 30, 2019, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2019 and June 30, 2019 only;
(ii) 2.50 to 1.00 on the last day of fiscal quarter ending September 30, 2019, calculated using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2019, June 30, 2019 and September 30, 2019 only; and
(iii) 2.50 to 1.00 on the last day of each fiscal quarter from and including December 31, 2019, calculated quarterly on a trailing four-quarter basis;”

In exchange for the Lenders’ consent to the foregoing, the Borrower has agreed to pay to the Agent for distribution to each Lender an amendment fee in the amount of $20,000 per Lender ($100,000 in the aggregate) (the “Amendment Fee”).

The Lenders hereby consent to the foregoing amendment of the Credit Agreement as indicated above subject to the following terms and conditions:

		
	1.
	On and after the date by which the Borrower shall have (i) paid the Amendment Fee to the Agent in irrevocable funds, and (ii) provided the Agent with the documents referred to in paragraphs 7 and 8 of the letter agreement (the “Effective Date”), Clause 12.4 of the Credit Agreement shall be amended and restated in its entirety to read as follows:

“12.4 Minimum Interest Coverage.  Commencing on March 31, 2019, the Borrower will not permit the ratio of Consolidated EBITDA to Consolidated Net Interest Expenses for any last day of each fiscal quarter to be less than:
(i) 1.00 to 1.00 on the last day of each fiscal quarter from and including March 31, 2019 to and including June 30, 2019, calculated:
(A) in respect of the fiscal quarter ending March 31, 2019, using Consolidated EBITDA and Consolidated Net Interest Expenses for the fiscal quarter ending March 31, 2019 only;
(B) in respect of the fiscal quarter ending June 30, 2019, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2019 and June 30, 2019 only;

Exhibit 4.43

(ii) 2.50 to 1.00 on the last day of fiscal quarter ending September 30, 2019, calculated using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2019, June 30, 2019 and September 30, 2019 only; and
(iii) 2.50 to 1.00 on the last day of each fiscal quarter from and including December 31, 2019, calculated quarterly on a trailing four-quarter basis;”

		
	2.
	References in the Credit Agreement and each of the other Finance Documents to “this Agreement” or “Credit Agreement” or other equivalent references shall mean the Credit Agreement as amended and supplemented by this letter agreement.  This letter agreement shall be deemed a “Finance Document” as such term is used in the Credit Agreement.

		
	3.
	Each of the Security Parties represents and warrants to the Creditor Parties that:

		
	a.
	the representations and warranties set out in Clause 10 of the Credit Agreement (other than those relating to a specific date) were true and correct as to the Borrower on the Effective Date and each Drawdown Date and as to each of the Guarantors on the date of the Guarantor Joinder Agreement to which it is a party and each Drawdown Date occurring on or after the date of such Guarantor Joinder Agreement and are true and correct as if made on the date of this letter agreement;

		
	b.
	each of the Security Parties has the power to execute, deliver and perform its obligations under this letter agreement and all necessary corporate, shareholder and other actions have been taken by each Security Party to authorize the execution, delivery and performance of this letter agreement;

		
	c.
	this letter agreement constitutes valid and legally binding obligations of each of the Security Parties enforceable in accordance with its terms;

		
	d.
	the execution, delivery and performance of this letter agreement will not (i) contravene any existing applicable law, statute, rule or regulation or any judgment or decree to which any of the Security Parties is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which any of the Security Parties is a party or is subject or by which it or any of its property is bound; (iii) contravene or conflict with any provision of the constitutional documents of any of the Security Parties or (iv) result in the creation or imposition of or oblige any of the Security Parties to create any Security Interest (other than a Permitted Security Interest) on any of the undertaking, assets, rights or revenues of any of the Security Parties;

		
	e.
	it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this letter agreement that it or any other instrument be notarized, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Pertinent Jurisdiction on or in relation to this letter agreement and this letter agreement is in proper form for its enforcement in the court of each Pertinent Jurisdiction; and

Exhibit 4.43

		
	f.
	every consent, authorization, license or approval of, or registration or declaration to, governmental or public bodies or authorities or courts required by any of the Security Parties in connection with the execution, delivery, validity, enforceability or admissibility in evidence of this letter agreement or the performance by any of the Security Parties of their respective obligations under this letter agreement has been obtained or made and is in full force and effect and there has been no default in the observance of any conditions or restrictions (if any) imposed in, or in connection with, any of the same.

		
	4.
	Each of the Finance Documents to which a Security Party is a party and its obligations thereunder, shall remain in full force and effect notwithstanding the amendment of the Credit Agreement provided for in this letter agreement.

		
	5.
	Within five days of the date of this Letter Agreement, the Borrower shall pay to the Agent the Amendment Fee.  

		
	6.
	The Borrower shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or any other Creditor Party in connection with the preparation and execution of this letter agreement and or the modification of the form of any Finance Document or any related documents deemed necessary by the Agent in connection with the modifications to the Credit Agreement referred to herein, including, without limitation, the reasonable fees and disbursements of a Creditor Party’s legal counsel.

		
	7.
	The Borrower and each Guarantor shall provide the Agent with copies of resolutions of the directors of each Security Party and stockholders of each Security Party (other than the Borrower) approving this letter agreement and authorizing the signature, delivery and performance of such Security Party’s obligations hereunder, certified (in a certificate dated no earlier than five (5) Business Days prior to the Effective Date) by an officer of such Security Party as:

		
	a.
	being true and correct;

		
	b.
	being duly passed at meetings of the directors of such Security Party and of the stockholders of such Security Party (apart from the Borrower) duly convened and held or duly adopted by written consent;

		
	c.
	not having been amended, modified or revoked; and

		
	d.
	being in full force and effect,

		
	e.
	together with originals or certified copies of any powers of attorney issued by any Security Party pursuant to such resolutions.

		
	8.
	The Borrower shall provide the Agent with an opinion of Seward & Kissel LLP, special counsel to the Security Parties, with respect to New York and Marshall Islands law, in form and substance satisfactory to the Agent.

		
	9.
	The provisions of Clauses 29, 30, 32 and 33 of the Credit Agreement shall apply to this letter agreement as if set forth herein.

Exhibit 4.43

		
	10.
	Save as amended by this letter agreement, the provisions of the Credit Agreement and each of the other Finance Documents shall continue in full force and effect and the Credit Agreement and this letter agreement shall be read and construed as one instrument.

Very truly yours,

CRËDIT AGRÝCOLE CORPORATE and
INVESTMENT BANK, as Agent and Security Trustee

By: /s/ Geoffey D. Ferrer
      Name:  Geoffrey D. Ferrer
      Title:     Attorney-in-Fact

Exhibit 4.43

Consented and Agreed to as of
This   15 day of  December , 2016

CRËDIT AGRÝCOLE CORPORATE and
INVESTMENT BANK, as Lender

By:/s/ Geoffey D. Ferrer
      Name:  Geoffrey D. Ferrer
      Title:     Attorney-in-Fact

SKANDINAVISKA ENSKILDA BANKEN
AB (PUBL), as Lender

By: /s/ Arne Juell-Skielse /s/ Olof Kajerdt
      Name:
      Title:  

THE EXPORT-IMPORT BANK OF
CHINA, as Lender

By: /s/ Gao Zefeng
      Name: Gao Zefeng
      Title:  Deputy General Manager

BNP PARIBAS, as Lender

By:/s/ Geoffey D. Ferrer
      Name:  Geoffrey D. Ferrer
      Title:     Attorney-in-Fact

DEUTSCHE BANK AG FILIALE
DEUTSCHLANDGESCHAFT, as
Lender

By: /s/ Bastian Dhehmert
      Name: 
      Title:   

Exhibit 4.43

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Finance Documents (as such term is defined in the Credit Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Finance Documents to the “Credit Agreement”, the “Agreement” or other equivalent references, shall be deemed to be references to the Credit Agreement as amended and supplemented by this letter agreement.

Scorpio Bulkers Inc.

By:_/s/ Hugh Baker
      Name:  Hugh Baker
      Title:    Chief Financial Officer
      Date:    December 15, 2016

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Finance Documents (as such term is defined in the Credit Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Finance Documents to the “Credit Agreement”, the “Agreement” or other equivalent references, shall be deemed to be references to the Credit Agreement as amended and supplemented by this letter agreement.

SBI Bravo Shipping Company Limited
SBI Leo Shipping Company Limited
SBI Antares Shipping Company Limited
SBI Lyra Shipping Company Limited
SBI Subaru Shipping Company Limited
SBI Pegasus Shipping Company Limited
SBI Maia Shipping Company Limited
SBI Capoeira Shipping Company Limited
SBI Hydra Shipping Company Limited
SBI Carioca Shipping Company Limited
SBI Ursa Shipping Company Limited
SBI Orion Shipping Company Limited
SBI Lambada Shipping Company Limited
SBI Hercules Shipping Company Limited
SBI Hyperion Shipping Company Limited
SBI Tethys Shipping Company Limited
SBI Macarena Shipping Company Limited

By:_/s/ Hugh Baker
      Name:   Hugh Baker 
      Title:     Secretary
      Date:     December 15, 2016

Exhibit 4.43

Schedule 1

Guarantor Joinder Agreement dated January 12, 2015 between SBI Bravo Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated February 4, 2015 between SBI Leo Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated February 13, 2015 between SBI Antares Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated July 13, 2015 between SBI Lyra Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated August 14, 2015 between SBI Pegasus Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated August 20, 2015 between SBI Subaru Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated September 2, 2015 between SBI Maia Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated September 4, 2015 between SBI Capoeira Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated September 10, 2015 between SBI Hydra Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated September 21, 2015 between SBI Carioca Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated October 13, 2015 between SBI Ursa Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated November 2, 2015 between SBI Orion Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated January 8, 2016 between SBI Lambada Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated January 8, 2016 between SBI Hercules Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated May 19, 2016 between SBI Hyperion Shipping Company Limited and the Agent.

Exhibit 4.43

Guarantor Joinder Agreement dated June 22, 2016 between SBI Tethys Shipping Company Limited and the Agent.

Guarantor Joinder Agreement dated December 6, 2016 between SBI Macarena Shipping Company Limited and the Agent.

LEGAL\28378212\4 05112.0001.000/345235.000Exhibit

Execution Version

Dated 14 January 2016
$39,600,000

AMENDMENT NO. 3 TO TERM LOAN FACILITY

SCORPIO BULKERS INC.
as Borrower
and
SBI CAKEWALK SHIPPING COMPANY LIMITED
SBI CHARLESTON SHIPPING COMPANY LIMITED
as Guarantors
and
NIBC BANK N.V.
as Agent and as Security Trustee

SUPPLEMENTAL AGREEMENT
relating to
the financing of m.v.s. "SBI CAKEWALK" and "SBI CHARLESTON"

Index
Clause                                                Page

1    Definitions and Interpretation                                 1
2    Agreement of the Creditor Parties                             2
3    Conditions Precedent                                    2
4    Representations                                        3
5    Amendments to Loan Agreement and other Finance Documents                3
6    Fees and Expenses                                    5
7    Notices                                            5
8    Counterparts                                        5
9    Governing Law                                        5
10    Enforcement                                        5

Schedules

Schedule 1 Conditions Precedent                                7

Execution

Execution Pages                                        8

THIS SUPPLEMENTAL AGREEMENT is made on 14 January 2017
		
	
	PARTIES

		
	
	

		
	(1)
	SCORPIO BULKERS INC., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at c/o Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Republic of the Marshall Islands as Borrower;

		
	(2)
	SBI CAKEWALK SHIPPING COMPANY LIMITED ("Owner A"), and SBI CHARLESTON SHIPPING COMPANY LIMITED ("Owner B"), each a corporation incorporated in the Republic of the Marshall Islands whose registered office is at c/o Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Republic of the Marshall Islands as Guarantors;

		
	(3)
	NIBC BANK N.V., as Agent on behalf of all the Lenders as listed in Schedule 1 of the Loan Agreement;

		
	(4)
	NIBC BANK N.V., as Agent on behalf of all the Swap Banks as listed in Schedule 2 of the Loan Agreement;

		
	(5)
	NIBC BANK N.V., as Agent; and

		
	(6)
	NIBC BANK N.V., as Security Trustee.

BACKGROUND

		
	(A)
	By the Loan Agreement, the Lenders agreed to make available to the Borrower a term loan facility of up to $39,600,000.

		
	(B)
	By the Guarantees, each Guarantor agreed to guarantee in favour of the Security Trustee all the obligations of the Borrower under the Loan Agreement and the other Finance Documents to which the Borrower is a party.

		
	(C)
	The Borrower has requested an amendment to clause 12.8 (minimum interest coverage) of the Loan Agreement.

		
	(D)
	This Agreement sets out the terms and conditions on which the Creditor Parties agree, with effect on and from the Effective Date, at the request of the Borrower, to amend clause 12.8 (minimum interest coverage) of the Loan Agreement and to further amendments of the Loan Agreement and the other Finance Documents in connection with those matters.

OPERATIVE PROVISIONS

		
	1
	Definitions and Interpretation

		
	1.1
	Definitions

In this Agreement:
"Effective Date" means 30 September 2015.

"Loan Agreement" means the loan agreement dated 27 June 2014 (as the same has been amended and supplemented by a first amendment dated 29 October 2014 and a second amendment dated 6 February 2015 and as the same may be further amended and supplemented from time to time) and made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Swap Banks, (iv) the Agent and (v) the Security Trustee.
"Guarantees" means together, the Owner A Guarantee and the Owner B Guarantee.

"Owner A Guarantee" means the guarantee dated 28 November 2014 made between (i) Owner A and (ii) the Security Trustee.

"Owner B Guarantee" means the guarantee dated 28 November 2014 made between (i) Owner B and (ii) the Security Trustee.

"Party" means a party to this Agreement.

		
	1.2
	Defined expressions

Defined expressions in the Loan Agreement and the other Finance Documents shall have the same meanings when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.
		
	1.3
	Application of construction and interpretation provisions of Loan Agreement

Clause 1.2 (construction of certain terms) to clause 1.6 (headings) of the Loan Agreement apply to this Agreement as if they were expressly incorporated in it with any necessary modifications.
		
	1.4
	Designation as a Finance Document

The Borrower and the Agent designate this Agreement as a Finance Document.
		
	1.5
	Third party rights

Save for the Creditor Parties, unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.
		
	2
	Agreement of the Creditor Parties

		
	2.1
	Agreement of the Creditor Parties

The Creditor Parties agree, subject to and upon the terms and conditions of this Agreement:
		
	a.
	to amend clause 12.8 (minimum interest coverage) of the Loan Agreement, on condition that further adjustments are made to clause 15 (security cover) of the Loan Agreement as more particularly described in Clause 5 (Amendments to Loan Agreement and other Finance Documents) of this Agreement; and 

		
	b.
	to the consequential amendment of the Loan Agreement and the other Finance Documents in connection with the matters referred to in paragraph (a) above.

		
	2.2
	Effective Date

On the date the Agent confirms to the Borrower and the Guarantors in writing that the conditions precedent in Clause 3 (Conditions Precedent) are satisfied, the agreement of the Creditor Parties contained in Clause 2.1 (Agreement of the Creditor Parties) shall have retrospective effect as of the Effective Date.
		
	3
	Conditions Precedent

The agreement of the Creditor Parties contained in Clause 2.1 (Agreement of the Creditor Parties) is subject to:
		
	(a)
	no Event of Default continuing on the date of this Agreement and the Effective Date or resulting from the occurrence of the Effective Date;

		
	(b)
	the representations and warranties to be made by the Borrower and each Guarantor pursuant to Clause 4 (Representations) being true on the date of this Agreement and the Effective Date; and 

		
	(c)
	the Agent having received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Agent on or before 31 January 2016 or such later date as the Agent may agree with the Borrower.

		
	4
	Representations

		
	4.1
	Loan Agreement representations

The Borrower makes the representations and warranties set out in clause 10 (representations and warranties) of the Loan Agreement, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.
		
	4.2
	Finance Document representations

The Borrower and each Guarantor makes the representations and warranties set out in the Finance Documents (other than the Loan Agreement) to which it is a party, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.
		
	5
	Amendments to Loan Agreement and other Finance Documents

		
	5.1
	Specific amendments to the Loan Agreement

With effect on and from the Effective Date the Loan Agreement shall be, and shall be deemed by this Agreement to be amended as follows:
		
	(a)
	by deleting clause 12.8 (minimum interest coverage) of the Loan Agreement and replacing it with the following new clause 12.8 (minimum interest coverage):

		
	"12.8
	Minimum interest coverage.  The Borrower shall maintain a ratio of Consolidated EBITDA to Consolidated Net Interest Expense greater than:

(a)    from 1 January 2017 up to (and including) 31 March 2017, 1.00 to 1.00, such ratio to be calculated on the Consolidated EBITDA and the Consolidated Net Interest Expense for that Accounting Period;
(b)    from 1 April 2017 up to (and including) 30 June 2017, 1.00 to 1.00, such ratio to be calculated on the Consolidated EBITDA and the Consolidated Net Interest Expense for the two consecutive Accounting Periods commencing on 1 January 2017;
(c)    from 1 July 2017 up to (and including) 30 September 2017, 1.00 to 1.00, such ratio to be calculated on the Consolidated EBITDA and the Consolidated Net Interest Expense for the three consecutive Accounting Periods commencing on 1 January 2017;
(d)    from 1 October 2017 up to (and including) 31 December 2017, 1.00 to 1.00, such ratio to be calculated on the Consolidated EBITDA and the Consolidated Net Interest Expense for the four consecutive Accounting Periods commencing on 1 January 2017; and
(e)    from 1 January 2018 and at all other times thereafter, 2.50 to 1.00, such ratio to be calculated on the Consolidated EBITDA and the Consolidated Net Interest Expense for each Accounting Period on a trailing four quarter basis.";
		
	(b)
	by deleting clause 15.1 (minimum required security cover) of the Loan Agreement and replacing it with the following new clause 15.1 (minimum required security cover):

		
	"15.1
	Minimum required security cover.  Clause 15.2 applies if the Agent notifies the Borrower that:

		
	(a)
	the aggregate of the Fair Market Value of the Ships; plus

		
	(b)
	the net realisable value of any additional security previously provided under this Clause 15,

is below the Relevant Percentage of the Loan.
For the purposes of this Clause 15.1, "Relevant Percentage" means:
		
	(i)
	150 per cent. up to 31 December 2017; and

		
	(ii)
	140 per cent. on and from 1 January 2018 up to the end of the Security Period,

save that in the event that the Borrower pays any dividend or makes any other form of distribution or effects any form of redemption, purchase or return of share capital (such circumstance, an "Event") on or prior to 31 December 2017, then on and from the date of any such Event up to the end of the Security Period, the Relevant Percentage shall be 165 per cent.";
		
	(c)
	the definition of, and references throughout to, each Finance Document shall be construed as if the same referred to that Finance Document as amended and supplemented by this Agreement; and 

		
	(d)
	by construing references throughout to "this Agreement" and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Agreement.

		
	5.2
	Amendments to Finance Documents

With effect on and from the Effective Date each of the Finance Documents other than the Loan Agreement shall be, and shall be deemed by this Agreement to be, amended as follows:
		
	(a)
	the definition of, and references throughout each of the Finance Documents to, the Loan Agreement, the Guarantee and any of the other Finance Documents shall be construed as if the same referred to the Loan Agreement, the Guarantee and those Finance Documents as amended and supplemented by this Agreement; and

		
	(b)
	by construing references throughout each of the Finance Documents to "this Agreement", "this Deed" and other like expressions as if the same referred to such Finance Documents as amended and supplemented by this Agreement.

		
	5.3
	Finance Documents to remain in full force and effect

The Finance Documents shall remain in full force and effect as amended and supplemented by:
		
	(a)
	the amendments to the Finance Documents contained or referred to in Clause 5.1 (Specific amendments to the Loan Agreement) and Clause 5.2 (Amendments to Finance Documents); and

		
	(b)
	such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement.

		
	6
	Fees and Expenses

		
	6.1
	Waiver fee

The Borrower shall pay to the Agent on or prior to the date of this Agreement, a waiver fee of US$25,000.
		
	6.2
	Other fees, costs and expenses

Clause 20.3 (costs of variations, amendments, enforcement etc) of the Loan Agreement, as amended and supplemented by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.
		
	7
	Notices

Clause 28 (notices) of the Loan Agreement and, in the case of the address for notices to the Guarantors, clause 16.1 (notices to Guarantor) of each Guarantee, in each case, as amended and supplemented by this Agreement, apply to this Agreement as if they were expressly incorporated in it with any necessary modifications.
		
	8
	Counterparts

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

		
	9
	Governing Law

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
		
	10
	Enforcement

		
	10.1
	Jurisdiction

		
	(a)
	Subject to paragraph (c) of this Clause 10.1 (Jurisdiction), the courts of England have exclusive jurisdiction to settle any Dispute arising out of or in connection with this Agreement.

		
	(b)
	The Borrower and the Guarantors each accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly neither the Borrower nor the Guarantors will argue to the contrary.

		
	(c)
	This Clause 10.1 (Jurisdiction) is for the exclusive benefit of the Creditor Parties only.  As a result, nothing in this Clause 10 (Enforcement) shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.  To the extent allowed by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions.

		
	(d)
	Neither the Borrower nor either Guarantor shall commence any proceedings in any country other than England in relation to a Dispute.

		
	10.2
	Service of process

		
	(a)
	Without prejudice to any other mode of service allowed under any relevant law, each of the Borrower and the Guarantors:

		
	(A)
	irrevocably appoints Scorpio UK Ltd at its business office for the time being, presently at 10 Lower Grosvenor Place, London SW1W 0EN (attention: General Counsel) to act as its agent to receive and accept on its behalf service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

		
	(B)
	agrees that failure by a process agent to notify the Borrower or the relevant Guarantor of the process will not invalidate the proceedings concerned.

		
	(b)
	If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of itself and each Guarantor) must immediately (and in any event within 5 days of such event taking place) appoint another agent on terms acceptable to the Agent.  Failing this, the Agent may appoint another agent for this purpose.

		
	10.3
	Meaning of "proceedings"

In this Clause 10 (Enforcement), "proceedings" means proceedings of any kind, including an application for a provisional or protective measure and a "Dispute" means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement) or any non-contractual obligation arising out of or in connection with this Agreement.

This Agreement has been entered into on the date stated at the beginning of this Agreement.

SCHEDULE 1

Conditions Precedent

		
	1
	Borrower and the Guarantors

Documents of the kind specified in Schedule 4, Part A, paragraphs 2 to 5 (inclusive) of the Loan Agreement in relation to the entry by the Borrower and each Guarantor into this Agreement.
		
	2
	Legal opinions

A legal opinion of Watson Farley & Williams LLP, the legal advisers to the Creditor Parties, in respect of Marshall Islands law substantially in the form distributed to the Agent before signing this Agreement.
		
	3
	Other documents and evidence

		
	3.1
	A copy of any other consent, authorisation, approval or other document, opinion or assurance which the Lender considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of any Finance Document as amended and supplemented by this Agreement.

		
	3.2
	Evidence that the fee due from the Borrower pursuant to Clause 6.1 (Waiver fee) of this Agreement has been paid on or prior to the date of this Agreement and any other costs and expenses then due from the Borrower pursuant to Clause 6 (Fees and Expenses) of this Agreement have been paid or will be paid by the Effective Date.

		
	3.3
	Evidence that the agent referred to in Clause 10.2 (Service of process) of this Agreement has accepted its appointment as agent for service of process under this Agreement.

Execution Pages

BORROWER
SIGNED by    /s/ Francesca Gianfranchi                    )
duly authorised      Attorney-in-Fact                    )
for and on behalf of                    )
SCORPIO BULKERS INC.                )
in the presence of:                    )
Witness' signature:    /s/ Ross Attfield                )
Witness' name:                        )
Witness' address:                    )

GUARANTORS
SIGNED by        /s/ Micha Withoft                )
duly authorized        Attorney-in-Fact                        )
for and on behalf of                    ) 
SBI CAKEWALK SHIPPING COMPANY LIMITED)
in the presence of:                    )
Witness' signature:    /s/ Ross Attfield                    )
Witness' name:                        )
Witness' address:                    )

SIGNED by        /s/ Micha Withoft                    )
duly authorised        Attorney-in-Fact                        )
for and on behalf of                    )
SBI CHARLESTON SHIPPING COMPANY LIMITED    )
in the presence of:                    )
Witness' signature:    /s/ Ross Attfield                    )
Witness' name:                        )
Witness' address:                    )

THE AGENT (ON BEHALF OF THE LENDERS    )
SIGNED by    /s/ Maaike E. Oterdoom    /s/ Michael de Visser                )
    
duly authorised                             )
for and on behalf of                    )
NIBC BANK N.V.                    )
in the presence of:                    )
Witness' signature: /s/ Anneke Van Der Spek                )
Witness' name:                        )
Witness' address:                    )

THE AGENT (ON BEHALF OF THE SWAP BANKS    )
SIGNED by    /s/ Maaike E. Oterdoom    /s/ Michael de Visser                    )
)
duly authorised                         )
for and on behalf of                    )
NIBC BANK N.V.                    )
in the presence of:                    )
Witness' signature:    /s/ Anneke Van Der Spek                )
Witness' name:                        )
Witness' address:                    )    

THE AGENT
SIGNED by    /s/ Maaike E. Oterdoom    /s/ Michael de Visser                    )
)
duly authorised                         )
for and on behalf of                    )
NIBC BANK N.V.                    )
in the presence of:                    )
Witness' signature:    /s/ Anneke Van Der Spek                )
Witness' name:                        )
Witness' address:                    )

THE SECURITY TRUSTEE
SIGNED by                        )
)
duly authorised     /s/ Maaike E. Oterdoom    /s/ Michael de Visser                    )
for and on behalf of                    )
NIBC BANK N.V.                    )
in the presence of:                    )
Witness' signature:    /s/ Anneke Van Der Spek                )
Witness' name:                        )
Witness' address:                    )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]