Document:

Exhibit

  Execution Version
GUARANTY AND COLLATERAL AGREEMENT

Dated as of March 19, 2019
among
SEACOR HOLDINGS INC.
and the other Grantors from time to time party hereto
in favor of
JPMORGAN CHASE BANK, N.A.,
as Security Trustee

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TABLE OF CONTENTS
Page
SECTION 1.    DEFINED TERMS    1
1.1    Definitions    1
1.2    Other Definitional Provisions    5
SECTION 2.    GUARANTEE    5
2.1    Guarantee    5
2.2    Right of Contribution    6
2.3    No Subrogation    6
2.4    Amendments, etc. with respect to the Obligations    6
2.5    Guarantee Absolute and Unconditional    6
2.6    Reinstatement    7
2.7    Payments    7
2.8    Keepwell    7
SECTION 3.    GRANT OF SECURITY INTEREST    9
SECTION 4.    REPRESENTATIONS AND WARRANTIES    9
4.1    Perfected First Priority Liens    10
4.2    Jurisdiction of Organization or Incorporation; Chief Executive Office    10
4.3    Pledged Notes; Pledged Stock    10
4.4    Receivables    10
4.5    Contracts    10
SECTION 5.    COVENANTS    11
5.1    Covenants Under the Credit Agreement    11
5.2    Delivery of Instruments and Tangible Chattel Paper    11
5.3    Delivery of Pledged Stock    11

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5.4    Maintenance of Perfected Security Interest; Further Documentation    11
5.5    Intellectual Property    12
5.6    Specified Deposit Accounts    12
SECTION 6.    REMEDIAL PROVISIONS    13
6.1    Certain Matters Relating to Receivables    13
6.2    Communications with Obligors; Grantors Remain Liable    13
6.3    Pledged Stock; Pledged Notes    13
6.4    Proceeds to be Turned Over To Security Trustee    15
6.5    Application of Proceeds    16
6.6    Code and Other Remedies    16
6.7    Private Sales.    16
6.8    Subordination    17
6.9    Deficiency    17
SECTION 7.    THE Security Trustee    17
7.1    Security Trustee’s Appointment as Attorney-in-Fact, etc    17
7.2    Duty of Security Trustee    18
7.3    Filing of Financing Statements    19
7.4    Authority of Security Trustee    19
SECTION 8.    MISCELLANEOUS    19
8.1    Amendments in Writing; Joinder of Additional Grantors.    19
8.2    Notices    19
8.3    No Waiver by Course of Conduct; Cumulative Remedies    20
8.4    Enforcement Expenses; Indemnification    20
8.5    Successors and Assigns    20

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8.6    Set-Off    21
8.7    Counterparts    21
8.8    Severability    21
8.9    Section Headings    21
8.10    INTEGRATION    21
8.11    GOVERNING LAW    21
8.12    SUBMISSION TO JURISDICTION; WAIVERS    21
8.13    Acknowledgements    22
8.14    Releases    23

SCHEDULES
Schedule 1    Notice Addresses
Schedule 2    Description of Pledged Stock and Pledged Notes
Schedule 3    Perfection Matters
Schedule 4    Jurisdictions of Organization and Chief Executive Offices

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GUARANTY AND COLLATERAL AGREEMENT
This GUARANTY AND COLLATERAL AGREEMENT, dated as of March 19, 2019, is entered into by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of JPMorgan Chase Bank, N.A. (“JPMorgan”), as security trustee (in such capacity, the “Security Trustee”) for the Secured Parties (as defined below).
WITNESSETH:
WHEREAS, pursuant to that certain Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SEACOR HOLDINGS INC., a corporation duly incorporated and existing under the laws of the State of Delaware (together with its successors and permitted assigns, the “Borrower”), the banks and other financial institutions or entities from time to time parties thereto as lenders (the “Lenders”) and JPMorgan, as administrative agent (in such capacity, the “Administrative Agent”) and as Security Trustee for the Secured Parties, the Lenders have severally agreed to make revolving loans and other extensions of credit to the Borrower for the benefit of the Borrower and its Subsidiaries upon the terms and subject to the conditions set forth therein;
WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other Grantor;
WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses pursuant to Section 5.5 of the Credit Agreement;
WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the making of the revolving loans and other extensions of credit under the Credit Agreement; and
WHEREAS, it is a condition precedent to the obligation of the Lenders and Issuing Banks to make their initial respective revolving loans and other extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Security Trustee for the ratable benefit of the Secured Parties;
NOW, THEREFORE, in consideration of the premises and to induce the Security Trustee and the Secured Parties to enter into the Credit Agreement and to induce the Lenders and Issuing Banks to make their respective revolving loans and other extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Security Trustee, for the ratable benefit of the Secured Parties, as follows:

SECTION 1.    DEFINED TERMS
1.1    Definitions.
(a)    Unless otherwise defined herein, terms defined in the Credit Agreement and used but not defined herein shall have the meanings assigned to them in the Credit Agreement, and the following terms are used herein as defined in the New York UCC: Accounts, Chattel Paper, Commercial Tort Claims, Deposit Account, Documents, Equipment, General Intangibles, Inventory, and Supporting Obligations.
(b)    The following terms shall have the following meanings:

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“Additional Grantor” has the meaning given to this term in Section 8.1(b).
“Agreement” means this Guaranty and Collateral Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.
 “Assumption Agreement” has the meaning given to this term in Section 8.1(b).
 “Collateral” has the meaning given to this term in Section 3.
“Collateral Account” means any collateral account established by the Security Trustee as provided in Section 6.1(b) or 6.4.
“Contracts” means any agreement, instrument, or other undertaking (a) for the construction of any Collateral Vessel or any refurbishment, refitting, redesign or other improvement to an existing Collateral Vessel or (b) any bareboat, time or voyage charter, contract of affreightment or other contract for the use or employment of a Collateral Vessel to which a Grantor is or may become a party or by which it or any of its property is or may be bound.
“Control” has the meaning given to this term under Sections 9-104, 9-105, 9-106 or 9-107 of the New York UCC, as applicable.
“Copyrights” means (a) all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (b) the right to obtain all renewals thereof.
“Copyright Licenses” means any written agreement naming any Grantor as licensor or licensee, granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright.
“Domestic Subsidiary” means any Subsidiary that is either (a) incorporated or organized under the laws of the United States, any State thereof or the District of Columbia or (b) disregarded for U.S. federal income tax purposes and the parent is either the Borrower or any other Domestic Subsidiary.
“Event of Default” means any “event of default” under the Credit Agreement.
“Excluded Assets” means (a) any Capital Stock in Unrestricted Subsidiaries, (b) any property to the extent the grant or maintenance of a Lien on such property (i) is prohibited by applicable law, (ii) except as otherwise provided in the definition of Net Cash Proceeds in the Credit Agreement, could reasonably be expected to result in material adverse tax consequences to the Borrower or any Subsidiary of the Borrower, (iii) requires a consent not obtained of any Governmental Authority pursuant to applicable law or (iv) is prohibited by, or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property or, in the case of any Pledged Stock or Pledged Note (other than any of the foregoing issued by a Grantor), any applicable shareholder or similar agreement, except to the extent that such term in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach, default or termination or requiring such consent is ineffective under applicable law (including without limitation, pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC), (c) any property as to which the Security Trustee and the Borrower agree in writing that the costs of obtaining 

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a security interest in, or Lien on, such property, or perfection thereof, are excessive in relation to the value to the Secured Parties of the security interest afforded thereby, (d) any owned or leased improved real property, (e) any Capital Stock in any Foreign Subsidiary and (f) any intent-to-use trademark applications filed in the United States Patent and Trademark Office to the extent that, and solely during the period in which the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable Law.
“Foreign Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary.
“Guarantor Obligations” means with respect to any Guarantor, all obligations and liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Credit Document, in each case, whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Credit Document); provided that the term “Guarantor Obligations” shall not include (i) any Excluded Swap Obligations.
“Guarantors” means each Grantor other than the Borrower.
“Indemnified Parties” has the meaning given to this term in Section 8.4(a)(i).
“Instrument” means (a) all “instruments” as such term is defined in Section 9-102(a)(47) of the New York UCC and (b) whether or not constituting “instruments” as so defined, all Pledged Notes.
“Insurances” means (i) all insurances in respect of each Collateral Vessel, whether heretofore, now or hereafter effected, and all renewals of or replacements for the same, (ii) all claims, returns of premium or other amounts and other moneys and claims for moneys due and to become due under or in respect of such insurances, (iii) all other rights of the Borrower under or in respect of such insurances, and (iv) any proceeds of any of the foregoing.
“Intellectual Property” means all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.
“Intercompany Note” means any promissory note evidencing loans made by any Grantor to the Borrower or any of its Subsidiaries.
“Issuer” means any Grantor other than the Borrower, in such Person’s capacity as an issuer of Pledged Stock.
“Material Chattel Paper” has the meaning given to this term in Section 5.2. 
“Material Intellectual Property” means, as of any time of determination, any Intellectual Property of a Grantor that such Grantor, in its reasonable business judgment, determines is material to the conduct of the Grantors’ business, taken as a whole, at such time.

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“Motor Vehicles” means all cars, trucks, trailers, construction and earth moving equipment and other assets covered by a certificate of title law of any Governmental Authority and all tires and other appurtenances to any of the foregoing, excluding for the avoidance of doubt any Ship, as defined in the applicable Collateral Vessel Mortgage.
“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.
“Obligations” means (a) with respect to the Borrower, its Secured Obligations and (b) with respect to each Guarantor, its Guarantor Obligations.
“Patent License” means all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent.
“Patents” means (a) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, and (c) all rights to obtain any reissues or extensions of the foregoing.
“Pledged Notes” means all Intercompany Notes and all other promissory notes issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business); provided that in no event shall any Excluded Asset constitute Pledged Notes.
“Pledged Stock”  means, collectively, the Capital Stock of any Grantor other than the Borrower and any shares, stock certificates, options, interests or rights of any nature whatsoever in respect of such Capital Stock; provided that in no event shall any Excluded Asset constitute Pledged Stock.
“Proceeds” means all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC.
“Qualified Keepwell Provider” means in respect of any Rate Management and Currency Protection Obligation, each Credit Party that, at the time the relevant guarantee (or grant of the relevant security interest, as applicable) becomes effective with respect to such Rate Management and Currency Protection Obligation, has total assets exceeding $10,000,000 or otherwise 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 or guarantee with respect to such Rate Management and Currency Protection Obligation pursuant to Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Receivable” means any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account).
“Secured Parties” has the meaning given to this term in Section 4.
“Securities Act” means the Securities Act of 1933, as amended.
“Specified Deposit Accounts” means, collectively, a Deposit Account held in the name of the Borrower as (i) its main operating account maintained with JPMorgan Chase Bank, N.A., account number 

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2747972400, and account name SEACOR Holdings Inc. and (ii) a deposit account for the debt coverage purpose specified under Section 6.14 of the Credit Agreement.
“Termination Date” means the date on which Security Termination shall have occurred.
“Trademark License” means any agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use any Trademark.
“Trademarks” means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all common-law rights related thereto and (b) the right to obtain all renewals thereof.
1.2    Other Definitional Provisions.  (a)  The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. References to Schedules herein shall be deemed to refer to such Schedules as they may be supplemented by Annexes to any Grantor’s Assumption Agreement.
(b)    The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
(c)    Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof.

SECTION 2.    GUARANTEE
2.1    Guarantee.  (a)  Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Security Trustee as a primary obligor and not merely as a surety, for the ratable benefit of the Secured Parties and their respective successors and permitted endorsees, transferees and assigns, the prompt and complete payment in cash when due and payable and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.
(b)    Anything herein or in any other Credit Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2).
(c)    Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Security Trustee or any Secured Party hereunder.
(d)    The guarantee contained in this Section 2 shall remain in full force and effect until the Termination Date, notwithstanding that from time to time during the term of the Credit Agreement no Obligations may be outstanding.
(e)    No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the Security Trustee or any Secured Party from the Borrower, any of the 

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Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until the earlier of (i) the Termination Date and (ii) such Guarantor’s release herefrom in accordance with Section 8.14.
2.2    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 2.3.  The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Security Trustee and the Secured Parties, and each Guarantor shall remain liable to the Security Trustee and the Secured Parties for the full amount guaranteed by such Guarantor hereunder. 
2.3    No Subrogation.  Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Security Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Security Trustee or any other Secured Party against the Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Security Trustee or any other Secured Party for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Termination Date.  If any amount shall be paid to any Guarantor on account of such subrogation rights at any time prior to the Termination Date, such amount shall be held by such Guarantor in trust for the Security Trustee for the ratable benefit of the Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Security Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Security Trustee, if required), to be applied against the Obligations, whether matured or unmatured, in accordance with the Credit Agreement.
2.4    Amendments, etc. with respect to the Obligations.  Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor,  (a) any demand for payment of any of the Obligations made by the Security Trustee or any other Secured Party may be rescinded by the Security Trustee or such Secured Party and any of the Obligations continued, (b) the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Security Trustee or any other Secured Party, (c) any Credit Agreement and any other Credit Documents and any other documents executed and delivered in connection therewith may be amended, restated, amended and restated, modified, supplemented or terminated, in whole or in part, as the Security Trustee (or the “Required Lenders” or all Lenders (each, as defined in the Credit Agreement), as the case may be) may deem advisable from time to time, in accordance with the terms thereof, and (d) any collateral security, guarantee or right of offset at any time held by the Security Trustee or any other Secured Party for the payment of the Obligations may be sold, exchanged, waived, surrendered or released.  Neither the Security Trustee nor any Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

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2.5    Guarantee Absolute and Unconditional.  Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Security Trustee or any other Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Security Trustee and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2.  Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon such Guarantor with respect to the Obligations.  Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Credit Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Security Trustee or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against the Security Trustee or any other Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance (other than payment or performance).  When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Security Trustee or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Security Trustee or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Security Trustee or any other Secured Party against any Guarantor.  For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.
2.6    Reinstatement.  The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Security Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.
2.7    Payments.  Payments made by any Guarantor hereunder in respect of the Obligations will be paid to the Security Trustee without set-off or counterclaim in the Administrative Agent’s Account in accordance with the terms of the Credit Agreement.
2.8    Keepwell.  Each Qualified Keepwell Provider 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 Credit Party to honor all of its obligations under this guarantee in respect of any 

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Rate Management and Currency Protection Obligation (provided, however, that each Qualified Keepwell Provider shall only be liable under this Section 2.8 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2.8, or otherwise under this guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified Keepwell Provider under this Section 2.8 shall remain in full force and effect until the earlier of (i) Security Termination and (ii) such Qualified Keepwell Provider’s release herefrom in accordance with Section 8.3.   Each Qualified Keepwell Provider intends that this Section 2.8 constitute, and this Section 2.8 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

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SECTION 3.    GRANT OF SECURITY INTEREST
Each Grantor hereby grants to the Security Trustee, for the ratable benefit of the Secured Parties, a security interest in, and collaterally assigns to the Security Trustee, for the ratable benefit of the Secured Parties, all of such Grantor’s right, title and interest in and to the following property, whether now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations:
(a)    all Accounts;
(b)    all Chattel Paper;
(c)    the Specified Deposit Accounts;
(d)    all Documents (other than title documents with respect to Vessels or Motor Vehicles);
(e)    all Equipment
(f)    all General Intangibles
(g)    all Instruments;
(h)    all Insurances;
(i)    all Intellectual Property;
(j)    all Inventory;
(k)    all Pledged Stock;
(l)    all Receivables;
(m)    all Commercial Tort Claims in excess of $1,000,000;
(n)    all books and records pertaining to the property described in clauses (a) through (m) above; and
(o)    to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing;
provided, however, that notwithstanding any of the other provisions set forth in this Agreement or any other Credit Document, this Agreement shall not constitute a grant of a security interest in, or a collateral assignment of, any Excluded Assets, and no Excluded Asset shall constitute Collateral.

SECTION 4.    REPRESENTATIONS AND WARRANTIES
To induce the Administrative Agent, the Security Trustee and the other Secured Parties to enter into the Credit Agreement and the Credit Documents and to induce the Secured Parties to make their respective extensions of credit (and extend services and other financial accommodations) to the Borrower 

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and other Grantors thereunder, each Grantor hereby represents and warrants (a) to each Secured Party on the Closing Date, and (b) to each Lender, each Issuing Bank and the Administrative Agent (the “Secured Parties”) on each other date required by Section 4.3 of the Credit Agreement, as follows:
4.1    Perfected First Priority Liens.  The security interests granted pursuant to this Agreement (a) constitute valid security interests in all of the Collateral in favor of the Security Trustee, for the ratable benefit of the Secured Parties, as collateral security for the Obligations to the extent such security interest may be created under the New York UCC, (b) upon (i) the completion of the filings specified on Schedule 3 and the payment of all filing fees and (ii) the Security Trustee taking possession or Control of all Collateral with respect to which a security interest may be perfected only by possession or Control, will constitute a perfected security interest in the Collateral (other than such Collateral in which a security interest cannot be perfected under the New York UCC) and (c) are prior to all other Liens on the Collateral in existence on the date hereof except for unrecorded Liens permitted by the Credit Agreement which have priority over the Liens on the Collateral by operation of law, Permitted Liens existing on the date hereof and the Permitted Maritime Liens.
4.2    Jurisdiction of Organization or Incorporation; Chief Executive Office.  As of the date hereof (or, in the case of any Grantor who becomes a party hereto after the date hereof, as of the date of such Grantor’s Assumption Agreement), such Grantor’s jurisdiction of organization or incorporation and the location of such Grantor’s chief executive office or principal place of business, as the case may be, are specified on Schedule 4.
4.3    Pledged Notes; Pledged Stock.  As of the date hereof (or, in the case of any Grantor who becomes a party hereto after the date hereof, as of the date of such Grantor’s Assumption Agreement), (a) Schedule 2 hereto sets forth all of the Pledged Notes (other than Intercompany Notes), with an outstanding principal balance as of such date in excess of $1,000,000 individually or $3,000,000 in the aggregate, and all of the Pledged Stock owned by such Grantor as of such date, (b) the shares of Pledged Stock pledged by such Grantor hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor , (c) all of the shares of the Pledged Stock have been duly and validly issued and are fully paid and, to the extent applicable, are non-assessable, (d) each of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing and (e) each Grantor is the record and beneficial owner of, and has good and marketable title to, the Instruments and Pledged Stock pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except Permitted Liens existing on the date hereof and the security interest created by this Agreement.
4.4    Receivables. As of the date hereof, (a) no amount payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Material Chattel Paper which has not been delivered to the Security Trustee, (b) none of the obligors on any Receivables is a Governmental Authority and (c) the amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such time be accurate.
4.5    Contracts.  Except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, no consent of any party (other than such Grantor) to any Contract is required, or purports to be required, in connection with the execution, delivery and performance of this Agreement, except as has been obtained.

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SECTION 5.    COVENANTS
Each Grantor covenants and agrees with the Security Trustee and, until the Security Termination, each Secured Party that:
5.1    Covenants Under the Credit Agreement.  Each covenant made by the Borrower with respect to any Grantor in the Credit Agreement is hereby incorporated by reference as if made by the Grantor herein to the Secured Parties, as the case may be, under the Credit Agreement.
5.2    Delivery of Instruments and Tangible Chattel Paper.  If any Instrument (other than checks in the ordinary course of business and Intercompany Notes) or Tangible Chattel Paper in an amount in excess of $1,000,000 individually or $3,000,000 in the aggregate (for all such Instruments and Tangible Chattel Paper) (collectively, “Material Chattel Paper”) shall constitute Collateral of such Grantor, such Grantor shall promptly notify the Security Trustee of the existence of such Collateral and, upon the request of the Security Trustee, deliver such Instrument or Tangible Chattel Paper to the Security Trustee, duly indorsed in a manner reasonably satisfactory to the Security Trustee, to be held as Collateral pursuant to this Agreement.
5.3    Delivery of Pledged Stock.  (a)  If such Grantor shall receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of any Pledged Stock, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof such Grantor shall accept the same as the agent of the Security Trustee, hold the same in trust for the Security Trustee, for the ratable benefit of the Secured Parties, and deliver the same forthwith to the Security Trustee in the exact form received, duly indorsed by such Grantor to the Security Trustee, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor, to be held by the Security Trustee, subject to the terms hereof, as additional collateral security for the Obligations.  If an Event of Default shall have occurred and be continuing, (i) any sums paid upon or in respect of the Pledged Stock, including upon the liquidation or dissolution of any Issuer thereof shall be paid over to the Security Trustee to be held by it hereunder as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Stock or any property shall be distributed upon or with respect to the Pledged Stock pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Security Trustee, be delivered to the Security Trustee to be held by it hereunder as additional collateral security for the Obligations and (i) if any sums of money or property so paid or distributed in respect of the Pledged Stock shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Security Trustee, hold such money or property in trust for the Security Trustee for the ratable benefit of the Secured Parties, segregated from other funds of such Grantor, as additional collateral security for the Obligations.
(b)    In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Stock issued by it and will comply with such terms insofar as such terms are applicable to it, and (ii) hereby consents to (x) the grant by each other Grantor of a security interest hereunder in any Pledged Stock issued by it in favor of the Security Trustee and (y) the transfer of any Pledged Stock issued by it to the Security Trustee or the Security Trustee’s nominee and to the substitution of the Security Trustee or such nominee as a partner, member or shareholder or other equity holder of the Pledged Stock without any instructions from such Grantor and each Grantor agrees that each Issuer shall be fully protected in so complying.

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5.4    Maintenance of Perfected Security Interest; Further Documentation.
(a)    Such Grantor shall maintain the security interest created by this Agreement in the Collateral as a perfected security interest having at least the priority described in Section 4.1 and shall defend such security interest against the claims and demands of all Persons whomsoever, subject to the rights of such Grantor under the Credit Documents to Dispose of the Collateral and taking into account Permitted Liens.
(b)    At any time and from time to time, upon the written request of the Security Trustee, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents (in a form reasonably satisfactory to the Security Trustee) and take such further actions as the Security Trustee may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, the filing of any financing or continuation statements under the UCC in effect in any jurisdiction with respect to the security interests created hereby.
5.5    Intellectual Property.  (a)  Such Grantor (either itself or through licensees) will not (and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any Copyrights that constitute Material Intellectual Property may become invalidated or otherwise impaired.  Such Grantor will not (either itself or through licensees) do any act whereby any Copyrights that constitute Material Intellectual Property may fall into the public domain.
(b)    Except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, such Grantor (either itself or through licensees) will not do any act that knowingly uses any Material Intellectual Property to infringe the intellectual property rights of any other Person.
(c)    Except to the extent such Grantor determines in its good faith reasonable business judgment that such Material Intellectual Property is no longer necessary to its business or does not have substantial value, such Grantor will notify the Security Trustee and the Lenders promptly if it knows, or has reason to know, that any application or registration relating to any Material Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademarks Office or United States Copyright Office or any court or tribunal in any country) regarding such Grantor’s ownership of, or the validity of, any Material Intellectual Property or such Grantor’s right to register the same or to own and maintain the same.
(d)    Except to the extent such Grantor determines in its good faith reasonable business judgment that such Material Intellectual Property is no longer necessary to its business or does not have substantial value, such Grantor will take all reasonable and necessary steps, including, without limitation, in any proceeding before the United States Patent and Trademarks Office or United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of the Material Intellectual Property, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability.
(e)    In the event that any Material Intellectual Property is infringed, misappropriated or diluted by a third party, such Grantor shall (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, promptly notify the Security Trustee after it learns thereof.

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5.6    Specified Deposit Accounts.  Until the Security Termination, the Borrower shall maintain each Specified Deposit Account with JPMorgan Chase Bank, N.A. The Borrower shall have the exclusive right to direct deposits and withdrawals from the Specified Deposit Account that is the Borrower’s main operating account for as long as no Event of Default has occurred or is continuing.

SECTION 6.    REMEDIAL PROVISIONS
6.1    Certain Matters Relating to Receivables.  (a)   At any time after the occurrence and during the continuation of an Event of Default, the Security Trustee shall have the right to make test verifications of the Receivables in any manner and through any medium that it reasonably considers advisable, and each Grantor shall use commercially reasonable efforts to furnish all such assistance and information as the Security Trustee may reasonably require in connection with such test verifications.
(a)    The Security Trustee hereby authorizes each Grantor to collect such Grantor’s Receivables; provided, however, that the Security Trustee may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default.  If required by the Security Trustee at any time after the occurrence and during the continuance of an Event of Default, any payments of the Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within ten Business Days after such collection) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Security Trustee if required, in a Collateral Account maintained under the sole dominion and control of the Security Trustee, subject to withdrawal by the Security Trustee for the account of the Secured Parties only as provided in Section 6.5, and (ii) until so turned over, shall be held by such Grantor in trust for the Security Trustee and the Secured Parties, segregated from other funds of such Grantor.  Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.
6.2    Communications with Obligors; Grantors Remain Liable.  (a)  The Security Trustee in its own name or in the name of others may at any time after the occurrence and during the continuance of an Event of Default communicate with obligors under the Receivables and any counterparties to the Contracts to verify with them to the Security Trustee’s satisfaction the existence, amount and terms of any such Receivables or Contracts.
(b)    Upon the request of the Security Trustee at any time after the occurrence and during the continuance of an Event of Default, each Grantor shall notify obligors on the Receivables and counterparties to the Contracts that such Receivables and such Contracts have been assigned to the Security Trustee for the ratable benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Security Trustee.
(c)    Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of its Receivables and Contracts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto.  Neither the Security Trustee nor any Secured Party has any obligation or liability under any Receivable (or any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by the Security Trustee or any Secured Party of any payment relating thereto, nor shall the Security Trustee or any Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

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6.3    Pledged Stock; Pledged Notes.  (a)  Unless an Event of Default shall have occurred and be continuing and the Security Trustee or the Required Lenders shall have delivered a notice to the Grantors indicating that such rights shall vest in the Security Trustee:
(i)    each Grantor shall be exclusively entitled to exercise any and all voting and other consensual rights, and shall have exclusive “control” (within the meaning of 46 U.S.C. § 50501), pertaining to the Pledged Stock, Pledged Notes or any distributions relating thereto or any part thereof for any purpose not inconsistent with the terms or purposes hereof; provided, however, that no Grantor shall in any event exercise such rights in any manner that will materially and adversely affect the rights and remedies of the Security Trustee as secured party hereunder; and
(ii)    each Grantor 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 Stock or Pledged Notes shall promptly (and in any event within 30 days after receipt thereof or such later time as may be extended by the Security Trustee in its sole discretion) be delivered to the Security Trustee to hold as Pledged Stock or Pledged Notes, as applicable, and shall, if received by any Grantor, be received in trust for the benefit of the Security Trustee, be segregated from the other property or funds of such Grantor and be forthwith delivered to the Security Trustee as Collateral in the same form as so received (with any necessary or reasonably requested endorsement).
(b)    If an Event of Default has occurred and is continuing:
(i)    all rights of each Grantor to exercise any voting and other consensual rights, or any other form of “control” (within the meaning of 46 U.S.C. § 50501),  it would otherwise be entitled to exercise pursuant to Section 6.3(a)(i) shall cease, and all such rights shall thereupon become vested in the Security Trustee, which shall thereupon have the sole right to exercise such rights until the applicable Event of Default is no longer continuing, in which case the Security Trustee’s rights under this Section 6.3(b)(ii) shall cease to be effective, subject to revesting in the event of a subsequent Event of Default that is continuing; provided that, other than with respect to any Event of Default under Section 8.1(f) or (g) of the Credit Agreement, no such rights shall be vested in the Security Trustee until such time as the Security Trustee or the Required Lenders shall have delivered a notice to the Grantors indicating that such rights shall vest in the Security Trustee; and
(ii)    All rights of each Grantor to receive distributions that it would otherwise be authorized to receive and retain pursuant to Section 6.3(a)(ii) without further action shall cease and all such rights shall thereupon become vested in the Security Trustee, which shall thereupon have the sole right to receive and hold as Collateral such distributions until the applicable Event of Default is no longer continuing, in which case the Security Trustee’s rights under this Section 6.3(b)(ii) shall cease to be effective, subject to revesting in the event of a subsequent Event of Default that is continuing; provided that, other than with respect to any Event of Default under Section 8.1(f) or (g) of the Credit Agreement, no such rights shall be vested in the Security Trustee until such time as the Security Trustee or the Required Lenders shall have delivered a notice to the Grantors indicating that such rights shall vest in the Security Trustee.
(iii)    All distributions that are received by any Grantor contrary to the provisions of Section 6.3(b)(ii) shall be received in trust for the benefit of the Security Trustee, shall be segregated from the other funds of such Grantor and shall immediately be paid over to the Security Trustee as Collateral in the same form as so received (with any necessary or reasonably requested endorsement).

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(c)    Each Grantor hereby authorizes and instructs each other Grantor that is an Issuer of any Pledged Stock or an obligor of any Pledged Note pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Security Trustee in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer and each obligor, as the case may be, shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to such Pledged Stock or Pledged Note directly to the Security Trustee.
(d)    Any provision of this Agreement to the contrary notwithstanding,
(i)    no provision in this Agreement is intended to convey to the Security Trustee or the Lenders “control” within the meaning of 46 U.S.C. § 50501 of the Issuer of any Pledged Stock that owns a Collateral Vessel or that charters by demise any vessel, in either case, documented under the laws and flag of the United States with a coastwise endorsement unless and until the Security Trustee or the Lenders shall become vested (and while the Security Trustee or the Lenders remain so vested) with the rights to exercise the voting and other consensual rights, or any other form of “control” (within the meaning of 46 U.S.C. § 50501), or to receive distributions relating to such Pledged Stock, pursuant to Section 6.3(b)(ii) hereof, and no provision in this Agreement shall be construed as conveying such control (unless and until the Security Trustee or the Lenders shall become vested (and while the Security Trustee or the Lenders remain so vested) with the rights to exercise the voting and other consensual rights, or any other form of “control” (within the meaning of 46 U.S.C. § 50501), to receive such distributions, pursuant to Section 6.3(b)(ii) hereof);
(ii)    each of the Security Trustee and the Lenders shall not (i) exercise any voting or other consensual rights, or any other form of “control” (within the meaning of 46 U.S.C. § 50501), under this Agreement, or (ii) receive any distributions under this Agreement in respect of any Pledged Stock issued by any Issuer that owns a Collateral Vessel or that charters by demise any vessel, in either case, documented under the laws and flag of the United States with a coastwise endorsement or any parent entity of such owner or charterer at any level, in each case unless and until the Security Trustee or the Lenders shall become vested (and while the Security Trustee or the Lenders remain so vested) with such rights to exercise the voting and other consensual rights, or any other form of “control” (within the meaning of 46 U.S.C. § 50501), or to receive distributions, pursuant to Section 6.3(b)(ii) hereof; and
(iii)    the Security Trustee may not, and shall not, exercise any right under this Agreement, or foreclose or sell any Pledged Stock, under this Agreement, in a manner that would cause any Collateral Vessel or any vessel chartered by demise to an Issuer, in either case, documented under the laws and flag of the United States with a coastwise endorsement to lose its eligibility for documentation under the laws of the United States with a coastwise endorsement, and any purported exercise of a power granted to the Security Trustee by this Agreement which would cause or result in any Collateral Vessel or any vessel chartered by demise to an Issuer, in either case, documented under the laws and flag of the United States with a coastwise endorsement having such coastwise endorsement forfeited, or make such vessel ineligible for such endorsement shall be null and void.
(e)    In the event that the Security Trustee 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 Security Trustee, then and in every such case, the Grantors, the Security Trustee and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Collateral, and all rights, remedies and powers of the Security Trustee and the other Secured Parties shall continue as if no such proceeding had been instituted.

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6.4    Proceeds to be Turned Over To Security Trustee.  In addition to the rights of the Security Trustee and the Secured Parties specified in Section 6.1 with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds of Collateral received by any Grantor consisting of cash, checks and Cash Equivalents shall be held by such Grantor in trust for the Security Trustee for the ratable benefit of the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Security Trustee in the exact form received by such Grantor (duly indorsed by such Grantor to the Security Trustee, if required).  All Proceeds received by the Security Trustee hereunder shall be held by the Security Trustee in a Collateral Account maintained under its sole dominion and control.  All Proceeds while held by the Security Trustee in a Collateral Account (or by such Grantor in trust for the Security Trustee for the ratable benefit of the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.5.
6.5    Application of Proceeds.  If any Collateral is sold or otherwise realized upon by the Security Trustee in connection with any foreclosure, collection or other enforcement of the liens granted to the Security Trustee in the Collateral Documents, the proceeds received by the Security Trustee from such foreclosure, collection or other enforcement or realization will be distributed by the Security Trustee in accordance with the Credit Agreement.
6.6    Code and Other Remedies.  If an Event of Default shall occur and be continuing, the Security Trustee, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law.  Without limiting the generality of the foregoing, the Security Trustee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, presentments, protests, advertisements and notices are hereby waived), may during the continuance of an Event of Default, forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Security Trustee or any other Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such commercially reasonable prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk.  The Security Trustee and each other Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released.  Each Grantor further agrees, at the Security Trustee’s request, to assemble the Collateral and make it available to the Security Trustee at places which the Security Trustee shall reasonably select, whether at such Grantor’s premises or elsewhere.  The Security Trustee shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Security Trustee and the other Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations, in accordance with Section 6.5.  To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Security Trustee or any other Secured Party arising out of the exercise by them of any rights hereunder.  If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.

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6.7    Private Sales.  Each Grantor recognizes that the Security Trustee may be unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of restricted purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof.  Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner.  The Security Trustee shall be under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so.  Each Grantor agrees to use commercially reasonable efforts to do or cause to be done all such other acts as may be reasonably necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Administrative Agent and the Lenders, that Administrative Agent and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement.
6.8    Subordination.  Each Grantor hereby agrees that, upon the occurrence and during the continuance of an Event of Default, unless otherwise agreed by the Security Trustee, all Indebtedness owing by any other Grantor to it shall be fully subordinated to the indefeasible payment in full in cash of the Obligations (other than indemnification and other contingent obligations as to which no claim has been made at any time of determination).
6.9    Deficiency.  Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Security Trustee or any other Secured Party to collect such deficiency.

SECTION 7.    THE SECURITY TRUSTEE
7.1    Security Trustee’s Appointment as Attorney-in-Fact, etc.  (a)  Subject to the final paragraph of this clause (a), each Grantor hereby irrevocably constitutes and appoints the Security Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or reasonably  desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Security Trustee the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following:
(i)    in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Security Trustee for the purpose of collecting any and all such moneys due under any such Receivable or Contract or with respect to any other Collateral whenever payable;

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(ii)    in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Security Trustee may reasonably request to evidence the Security Trustee’s security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;
(iii)    unless being disputed as permitted by the Credit Agreement, pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or purchase any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof;
(iv)    execute, in connection with any sale provided for in Section 6.6 or 6.7, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and
(v)    (1)  direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Security Trustee or as the Security Trustee shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral;  (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Security Trustee may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Security Trustee shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Security Trustee were the absolute owner thereof for all purposes, and do, at the Security Trustee’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Security Trustee deems necessary to protect, preserve or realize upon the Collateral and the Security Trustee’s security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.
Anything in this Section 7.1(a) to the contrary notwithstanding, the Security Trustee agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be continuing.
(b)    If any Grantor fails to perform or comply with any of its agreements contained herein, the Security Trustee at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance.
(c)    The expenses of the Security Trustee reasonably incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any past due Base Rate Loans under the Credit Agreement, from the date of payment by the Security Trustee to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Security Trustee on demand.
(d)    Each Grantor hereby ratifies all that said attorneys shall in good faith and lawfully do or cause to be done by virtue and in accordance with the terms hereof.  All powers, authorizations and agencies 

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contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released.
7.2    Duty of Security Trustee.  The Security Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Security Trustee deals with similar property for its own account.  Neither the Security Trustee, any Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.  The powers conferred on the Security Trustee hereunder are solely to protect the Security Trustee’s interests in the Collateral and shall not impose any duty upon the Security Trustee to exercise any such powers.  The Security Trustee shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Security Trustee nor any of its officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
7.3    Filing of Financing Statements.  Pursuant to any applicable law, each Grantor authorizes the Security Trustee to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Security Trustee reasonably determines appropriate to perfect the security interests of the Security Trustee under this Agreement.  Each Grantor authorizes the Security Trustee to use the collateral description “all personal property” or words of similar import in any such financing statements.
7.4    Authority of Security Trustee.  Each Grantor acknowledges that the rights and responsibilities of the Security Trustee under this Agreement with respect to any action taken by the Security Trustee or the exercise or non-exercise by the Security Trustee of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Security Trustee and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Security Trustee and the Grantors, the Security Trustee shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.

SECTION 8.    MISCELLANEOUS
8.1    Amendments in Writing; Joinder of Additional Grantors.  (a)    No amendment or waiver of or consent to any departure from any provision of this Agreement shall be effective unless it is in writing and signed by each the Security Trustee and each Grantor, except, for the avoidance of doubt, any Assumption Agreement executed and delivered in accordance with Section 8.1(b) need only be executed by the parties thereto. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given and to the extent specified in such writing.  In addition, all such amendments and waivers shall be effective only if given with the necessary approvals under Section 11.11 of the Credit Agreement, including, without limitation, the approvals of the requisite percentage of Lenders under the Credit Agreement, if applicable.
(b)    Upon the execution and delivery by any Person of an assumption agreement in substantially the form of Annex 1 attached hereto (each, an “Assumption Agreement”), (a) such Person shall be referred to as an “Additional Grantor” and shall become and be a Grantor hereunder in all respects, and each reference 

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in this Agreement to a “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in any other Credit Document to a “Grantor” shall also mean and be a reference to such Additional Grantor, and (b) each reference herein to “this Agreement,” “hereunder”, “hereof” or words of like import referring to this Agreement, and each reference in any other Credit Document to the “Guaranty and Collateral Agreement”, “thereunder” “thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Assumption Agreement.
8.2    Notices.  All notices, requests and demands to or upon (i) the Security Trustee shall be given to the Security Trustee at its address set forth on Schedule 1 hereto (or such other address as the Security Trustee may designate in writing pursuant to a notice given to the other parties in accordance with this Section 8.2) or (ii) any Grantor shall be given to such Grantor at its address set forth on Schedule 1 hereto (or such other address as such Grantor may designate in writing pursuant to a notice given to the other parties in accordance with this Section 8.2), and any such notice, request or demand shall be effected in the manner provided for in Section 11.7 of the Credit Agreement.
8.3    No Waiver by Course of Conduct; Cumulative Remedies.  No delay or failure on the part of the Security Trustee, any Administrative Agent or any Secured Party in the exercise of any power, right or remedy under this Agreement or any other Credit Document shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise thereof preclude any other or further exercise of any other power, right or remedy.  To the fullest extent permitted by applicable law, the powers, rights and remedies under this Agreement and any other Credit Document of the Security Trustee, each Administrative Agent, and each Secured Party are cumulative to, and not exclusive of, any powers, rights or remedies any of them would otherwise have.
8.4    Enforcement Expenses; Indemnification.
(a)    The Borrower and each other Grantor agrees to:
(i)    pay or reimburse each Lender, each Affiliate of a Lender, the Administrative Agent, the Security Trustee, and their respective directors, officers, employees, attorneys and agents (collectively, the “Indemnified Parties”) for all its reasonable costs and expenses incurred in enforcing or preserving any rights under this Agreement and the other Collateral Documents to which the Borrower or such other Grantor is a party, including, without limitation, the reasonable fees and disbursements of counsel for the Indemnified Parties, plus local counsel in each appropriate jurisdiction and, in the case of an actual or perceived conflict of interest, another firm of counsel for the Indemnified Party affected by such conflict;
(ii)    pay, and to save each Indemnified Party harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales and other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement and the other Collateral Documents; and
(iii)    indemnify and hold harmless each Indemnified Party from all loses, claims, damages, penalties, judgments, liabilities and expenses of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and the other Collateral Documents, in each case to the extent the Borrower would be required to do so pursuant to, and for the avoidance of doubt, subject to the limitations of, Section 11.13 of the Credit Agreement; provided that each reference therein to a “Borrower” shall be deemed to be a reference therein to the “Borrower and the other Grantors” and each reference therein to the “Indemnified Parties” shall be deemed to be a reference therein to the “Indemnified Parties” as defined herein.

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(b)    The agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Credit Documents.
8.5    Successors and Assigns.  This Agreement shall be binding upon the successors and permitted assigns of each Grantor and shall inure to the benefit of the Security Trustee and the other Secured Parties and their successors and permitted assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Security Trustee.
8.6    Set-Off.   In addition to any rights and remedies of the Lenders provided by law, upon the occurrence of, and throughout the continuance of, any Event of Default,  each Lender shall have the right, without prior notice to any Grantor, any such prior notice being expressly waived (in case of an Event of Default that has occurred and is continuing) by each Grantor to the extent permitted by applicable law, upon any Obligations becoming due and payable by any Grantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies to or for the credit or the account of such Grantor.  Each Lender agrees promptly to notify the relevant Grantor and the Security Trustee in writing after any such application made by such Lender, provided that the failure to give such notice shall not affect the validity of such application; provided further, that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation,” no amounts received from, or set off with respect to, any Grantor shall be applied to any Excluded Swap Obligations of such Grantor.
8.7    Counterparts.  This Agreement may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic method of transmission (in .pdf format) shall be effective as delivery of a manually executed original counterpart of this Agreement.
8.8    Severability.  Any provision of this Agreement 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
8.9    Section Headings.  The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.
8.10    INTEGRATION.  THIS WRITTEN AGREEMENT AND THE OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES AND SUPERSEDE ALL EARLIER OR CONTEMPORANEOUS AGREEMENTS, WHETHER WRITTEN OR ORAL, CONCERNING THE SUBJECT MATTER OF THE CREDIT DOCUMENTS.  THIS WRITTEN AGREEMENT TOGETHER WITH THE OTHER CREDIT DOCUMENTS REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

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8.11    GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.
8.12    SUBMISSION TO JURISDICTION; WAIVERS.
(a)    TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO AGREE THAT ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR THE OTHER COLLATERAL DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE SECURITY TRUSTEE, ANY ADMINISTRATIVE AGENT, THE BORROWER AND ANY OTHER GRANTOR HEREUNDER OR THEREUNDER MAY BE BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN THE COUNTY OF NEW YORK.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND EACH OTHER GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. THE BORROWER AND EACH GRANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS, BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND EACH GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  TO THE EXTENT THAT THE BORROWER OR ANY GRANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH PERSON HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER COLLATERAL DOCUMENTS.
(b)    TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT AND ANY OTHER COLLATERAL DOCUMENT, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR THE OTHER COLLATERAL DOCUMENTS, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
(c)    EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8.2.  NOTHING IN THIS 

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AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
(d)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THIS SECTION 8.12 OR OTHERWISE RELATING TO THE CREDIT DOCUMENTS ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (as opposed to direct or actual damages).
8.13    Acknowledgements.  Each Grantor hereby acknowledges that:
(a)    it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents to which it is a party;
(b)    neither the Security Trustee nor any Lender has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Credit Documents, and the relationship between the Grantors, on the one hand, and the Security Trustee and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and
(c)    no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders.
8.14    Releases.  (a)   Any Lien on any Collateral granted to or held by, and any Guaranty of a Guarantor of the Obligations to, any Administrative Agent and/or the Security Trustee hereunder shall automatically be released, terminated and discharged (as used in this Section 8.14, “released”) without the need for any further action by any Person: (i) upon the Termination Date or (ii) as otherwise provided in Section 11.20(a) of the Credit Agreement and all rights to the Collateral shall revert to the Grantors upon such release. At the request and sole expense of any Grantor following any such termination, the Security Trustee shall promptly deliver to such Grantor any Collateral held by the Security Trustee hereunder, and promptly execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination.
(b)    In addition, the Security Trustee shall, following request and at the sole expense of the Borrower, without the need for any further action by any Person, subordinate or release any Lien on any Collateral as provided in Section 11.20(b) of the Credit Agreement.
[Signature Pages Follow]

4823-9888-3206v7    23

IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty and Collateral Agreement to be duly executed and delivered as of the date first above written.

BORROWER:                    SEACOR HOLDINGS INC.

By: /s/ SCOTT WEBER_______________
Name: Scott Weber
Title:  Senior Vice President, Corporate
           Development and Finance

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

IN WITNESS WHEREOF, the undersigned have executed this written consent on, and to be effective as of, the day and year first written above.

CLEANCOR HOLDINGS LLC

By:    /s/ ERIC FABRIKANT______________
          Name: Eric Fabrikant
          Title: President

BEING THE SOLE MEMBER OF                         CLEANCOR ENERGY SOLUTIONS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

WITT O'BRIEN'S LLC

By:    /s/ WILLIAM C. LONG________
          Name: William C. Long
          Title: Secretary

BEING THE SOLE MEMBER OF
STRATEGIC CRISIS ADVISORS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

SEABULK TOWING, INC.

By:    /s/ DANIEL J. THOROGOOD______
          Name: Daniel J. Thorogood
          Title: President

BEING THE SOLE MEMBER OF
KS MARITIME HOLDINGS (US) LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT_______
          Name: Eric Fabrikant
          

By:    /s/ TIMOTHY POWER________
          Name: Timothy Power

BEING ALL OF THE MEMBERS OF THE BOARD OF
ARCTIC LEASING LLC
GATEWAY TERMINALS LLC
SCF BARGE LINE LLC
SCF FLEETING LLC
SCF REAL ESTATE LLC
SCF RIVERPORT LLC
SCF SERVICES LLC
SCF SHIPYARDS LLC
SCF TERMINALS LLC
SCF WAXLER MARINE LLC
SEACOR AMH LLC
SEACOR COMMODITY TRADING LLC
SEACOR INLAND RIVER TRANSPORT INC.
SEACOR SUGAR LLC
SOYLUTIONS LLC
WESTON BARGE LINE, INC.

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name: Eric Fabrikant
          

By:    /s/ BRUCE P. WEINS________
          Name: Bruce P. Weins

BEING ALL OF THE MEMBERS OF THE BOARD OF
CARIBBEAN TUGZ LLC
CLEANCOR HOLDINGS LLC
ECO-TANKERS CREW MANAGEMENT LLC
F2 SEA INC.
GRAHAM OFFSHORE TUGS LLC
MCCALL BOAT RENTALS OCEAN BARGES LLC
ORM HOLDINGS II LLC
ORM HOLDINGS INC.
PHOENIX CREW MANAGEMENT LLC
SEABULK CHEMICAL TRANSPORT INC.
SEABULK OCEAN TRANSPORT, INC.
SEABULK PETROLEUM TRANSPORT LLC
SEABULK TANKERS, INC.
SEABULK TOWING, INC.
SEABULK TRANSPORT INC.
SEACAP APT LEASING INC.
SEACOR CAPITAL CORPORATION
SEACOR CONTAINER LINES LLC
SEACOR MANAGEMENT SERVICES INC.
SEACOR MERIDIAN INC.
SEACOR OFFSHORE OCEAN BARGES LLC
SEACOR PAYROLL MANAGEMENT LLC
SEACOR TANKERS HOLDINGS INC.
SEACOR TANKERS INC.
SEACOR VISION OCEAN BARGES LLC
SEACOR WORLDWIDE OCEAN BARGES LLC
SEADOR HOLDINGS LLC
SIL HOLDINGS LLC
WITT O’BRIEN’S PAYROLL MANAGEMENT LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name: Eric Fabrikant
          

By:    /s/ DANIEL J. THOROGOOD__
          Name: Daniel J. Thorogood

BEING ALL OF THE MEMBERS OF THE BOARD OF
CARIBSHIP LLC
PORT DANIA HOLDINGS I LLC
PORT DANIA HOLDINGS II LLC
SEABULK TOWING HOLDINGS INC.
SEACOR ISLAND LINES LLC
SEACOR OCEAN INVESTMENTS LLC 

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ CHARLES FABRIKANT___
          Name:           Charles Fabrikant
          

By:    /s/ ERIC FABRIKANT______
          Name:            Eric Fabrikant

By:    /s/ DANIEL J. THOROGOOD__
          Name:           Daniel J. Thorogood
          

By:    /s/ HENRY NUZUM__________
          Name:         Henry Nuzum

BEING ALL OF THE MEMBERS OF THE BOARD OF
CENTRAL GULF LINES, INC.
WATERMAN STEAMSHIP CORPORATION

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

 By:    /s/ ERIC FABRIKANT______
          Name:               Eric Fabrikant
          

By:    /s/ JEFFREY WOODS_______
          Name:            Jeffrey Woods

BEING ALL OF THE MEMBERS OF THE BOARD OF
CLEANCOR LNG LLC 
CLEANCOR POWER SOLUTIONS LLC CLEANCOR PRESSURE VESSELS LLC CLEANCOR SOLUCIONES ENERGÉTICAS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name:               Eric Fabrikant
          

By:    /s/ TIMOTHY POWER________
          Name:            Timothy Power

By:    /s/ BRUCE P. WEINS_________
          Name:            Bruce P. Weins

BEING ALL OF THE MEMBERS OF THE BOARD OF
ILLINOIS CORN PROCESSING HOLDINGS INC.
SCF MARINE INC.

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name:         Eric Fabrikant
          

By:    /s/ DANIEL J. THOROGOOD__
          Name:      Daniel J. Thorogood

By:    /s/ BRUCE P. WEINS_________
          Name:       Bruce P. Weins

BEING ALL OF THE MEMBERS OF THE BOARD OF
INTERNATIONAL SIDPHOLDING CORPORATION
SEABULK FLEET MANAGEMENT LLC
UNITED OCEAN SERVICES INC.

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

 By:    /s/ ERIC FABRIKANT______
          Name:               Eric Fabrikant
          

By:    /s/ JEFFREY WOODS_______
          Name:            Jeffrey Woods

BEING ALL OF THE MEMBERS OF THE BOARD OF
MESA LNG PARTNERS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ TIM WHIPPLE__________
          Name:            Tim Whipple
          

By:    /s/ GREGORY FENTON_____
          Name:         Gregory Fenton

By:    /s/ PAUL MURRAY__________
          Name:          Paul Murray

BEING ALL OF THE MEMBERS OF THE BOARD OF
O'BRIEN'S RESPONSE MANAGEMENT, L.L.C.
WITT O'BRIEN'S PR LLC
WITT O'BRIEN'S USVI, LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name:            Eric Fabrikant
          

By:    /s/ KEN GILLUM___________
          Name:         Ken Gillum

By:    /s/ LISA MARREKIN________
          Name:          Lisa Marrekin

By:    /s/ TIMOTHY POWER________
          Name:          Timothy Power

By:    /s/ BRUCE P. WEINS_________
          Name:          Bruce P. Weins

BEING ALL OF THE MEMBERS OF THE BOARD OF
SCF BARGE LINE VESSEL HOLDINGS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name:            Eric Fabrikant
          

By:    /s/ PABLO GUTIERREZ_____
          Name:         Pablo Gutierrez

By:    /s/ TIMOTHY POWER________
          Name:          Timothy Power

BEING ALL OF THE MEMBERS OF THE BOARD OF
SCF COLOMBIA (US) LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

 By:    /s/ MYRON MCDONOUGH___
          Name:            Myron McDonough
          

By:    /s/ TIMOTHY POWER________
          Name:          Timothy Power

BEING ALL OF THE MEMBERS OF THE BOARD OF
SCF LEWIS AND CLARK FLEETING LLC
SCF LEWIS AND CLARK TERMINALS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ DANIEL HUTCHINS______
          Name:            Daniel Hutchins
          

By:    /s/ SCOTT WEBER___________
          Name:          Scott Weber

BEING ALL OF THE MEMBERS OF THE BOARD OF 
SEACAP LEASING ASSOCIATES II LLC
SEACAP LEASING ASSOCIATES III LLC
SEACAP LEASING ASSOCIATES IV LLC
SEACAP LEASING ASSOCIATES V LLC
SEACAP LEASING ASSOCIATES VI LLC
SEACAP LEASING ASSOCIATES IX LLC
SEACAP LEASING ASSOCIATES X LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ BRUCE P. WEINS_________
          Name:            Bruce P. Weins

By:    /s/ SCOTT WEBER___________
          Name:          Scott Weber

BEING ALL OF THE MEMBERS OF THE BOARD OF
SEACOR ASSET MANAGEMENT LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ BRUCE P. WEINS_________
          Name:            Bruce P. Weins

By:    /s/ ERIC FABRIKANT______
          Name:            Eric Fabrikant

By:    /s/ SCOTT WEBER___________
          Name:          Scott Weber

BEING ALL OF THE MEMBERS OF THE BOARD OF
SEACOR ENVIRONMENTAL SERVICES INC.
SEACOR RESPONSE INC.

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ ERIC FABRIKANT______
          Name:            Eric Fabrikant

By:    /s/ SCOTT WEBER___________
          Name:          Scott Weber

BEING ALL OF THE MEMBERS OF THE BOARD OF
SEACOR MERCHANT LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ DANIEL J. THOROGOOD__
          Name:         Daniel J. Thorogood

By:    /s/ MICHAEL LAFLEUR______
          Name:      Michael LaFleur

BEING ALL OF THE MEMBERS OF THE BOARD OF 
TRAILER BRIDGE HOLDINGS LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ TIM WHIPPLE___________
          Name:         Tim Whipple

By:    /s/ MICHAEL GALLAGHER___
          Name:      Michael Gallagher

BEING ALL OF THE MEMBERS OF THE BOARD OF
WITT O'BRIEN'S INSURANCE SERVICES, LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

By:    /s/ CHARLES FABRIKANT___
          Name:         Charles Fabrikant

By:    /s/ ERIC FABRIKANT______
          Name:      Eric Fabrikant

By:    /s/ BRUCE P. WEINS_________
          Name:      Bruce P. Weins

BEING ALL OF THE MEMBERS OF THE BOARD OF
WITT O'BRIEN'S, LLC

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

C-TERMS PARTNERS

/s/ KEN GILLUM___________
Name: Ken Gillum
Title: Authorized Officer

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

SEABULK MARINE SERVICES, INC.

/s/ KEN GILLUM___________
Name: Ken Gillum
Title: Authorized Officer

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

SEABULK OCEAN TRANSPORT, INC.

/s/ KEN GILLUM___________
Name: Ken Gillum
Title: Authorized Officer

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

SEABULK TOWING SERVICES, INC.

/s/ KEN GILLUM___________
Name: Ken Gillum
Title: Authorized Officer

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

 JPMORGAN CHASE BANK, N.A., as Security Trustee

By: /s/ CAROLINE EAGAN_______________
Name: Caroline Eagan
Title: Vice President

[SIGNATURE PAGE TO GUARANTY AND COLLATERAL AGREEMENT]

 Schedule 1
NOTICE ADDRESSES
Security Trustee:

JPMorgan Chase Bank, N.A.
10 S Dearborn St, Floor L2S
Chicago, IL  60603
Attention:  Jasmine Doke
Telephone: 312-732-2671
Facsimile: 844-490-5663
Email: jpm.agency.cri@jpmorgan.com and jasmine.c.doke@chase.com

Grantors:

c/o SEACOR HOLDINGS INC.
2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316
Attention: Bill Long
Telephone: 954-627-5206
Fax: 281-670-1401 
Email: blong@ckor.com

4823-9888-3206v7

 Schedule 2
DESCRIPTION OF PLEDGED STOCK AND PLEDGED NOTES
Pledged Equity (Certificated):
None.

Pledged Equity (Non-certificated):
	
			
	Grantor
	Issuer
	Percentage of Total Interests in Issuer Pledged

	SEACOR Commodity Trading LLC
	Arctic Leasing LLC
	100%

	Seabulk Towing Holdings Inc.
	Caribbean Tugz LLC
	100%

	SEACOR Container Lines LLC
	CARIBSHIP LLC
	100%

	International Shipping Corporation
	CENTRAL GULF LINES, INC.
	100%

	CLEANCOR Holdings LLC
	CLEANCOR Energy Solutions LLC
	100%

	SEACOR Capital Corporation
	CLEANCOR Holdings LLC
	100%

	CLEANCOR Energy Solutions LLC
	CLEANCOR LNG LLC
	100%

	CLEANCOR Energy Solutions LLC
	CLEANCOR Power Solutions LLC
	100%

	CLEANCOR Energy Solutions LLC
	CLEANCOR Pressure Vessels LLC
	100%

	CLEANCOR Power Solutions LLC
	CLEANCOR SOLUCIONES ENERGÉTICAS LLC
	100%

	Port Dania Holdings I LLC
	C-Terms Partners
	50%

	Port Dania Holdings II LLC
	C-Terms Partners
	50%

	SEACOR Tankers Holdings Inc.
	Eco-Tankers Crew Management LLC
	100%

	SEACOR Holdings Inc.
	F2 SEA Inc.
	100%

	SCF Terminals LLC
	GATEWAY TERMINALS LLC
	100%

	Seabulk Towing Holdings Inc.
	Graham Offshore Tugs LLC
	100%

4823-9888-3206v8

	
			
	SEACOR Holdings Inc.
	Illinois Corn Processing Holdings Inc.
	100%

	SEACOR Ocean Transport Inc.
	International Shipholding Corporation
	100%

	SEABULK TOWING, INC.
	KS Maritime Holdings (US) LLC
	100%

	SEACOR Ocean Transport Inc.
	MCCALL BOAT RENTALS OCEAN BARGES LLC
	100%

	CLEANCOR LNG LLC
	Mesa LNG Partners LLC
	100%

	Witt O'Brien's, LLC
	O'Brien's Response Management, L.L.C.
	100%

	ORM Holdings Inc.
	ORM Holdings II LLC
	100%

	SEACOR Holdings Inc.
	ORM Holdings Inc.
	100%

	SEACOR Tankers Holdings Inc.
	Phoenix Crew Management LLC
	100%

	SIL Holdings LLC
	Port Dania Holdings I LLC
	100%

	SIL Holdings LLC
	Port Dania Holdings II LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Barge Line LLC
	100%

	Seabulk Petroleum Transport LLC
	SCF Barge Line Vessel Holdings LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Colombia (US) LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Fleeting LLC
	100%

	SCF Fleeting LLC
	SCF Lewis and Clark Fleeting LLC
	100%

	SCF Terminals LLC
	SCF Lewis and Clark Terminals LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Marine Inc.
	100%

	SEACOR Inland River Transport Inc.
	SCF Real Estate LLC
	100%

	SCF Real Estate LLC
	SCF RIVERPORT LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Services LLC
	100%

4823-9888-3206v7

	
			
	SEACOR Inland River Transport Inc.
	SCF Shipyards LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Terminals LLC
	100%

	SEACOR Inland River Transport Inc.
	SCF Waxler Marine LLC
	100%

	SEACOR Tankers Inc.
	Seabulk Chemical Transport Inc.
	100%

	SEACOR Ocean Transport Inc.
	Seabulk Fleet Management LLC
	100%

	SEACOR Tankers Holdings Inc.
	Seabulk Marine Services, Inc.
	100%

	SEACOR Tankers Inc.
	SEABULK OCEAN TRANSPORT, INC.
	100%

	SEACOR Tankers Inc.
	Seabulk Petroleum Transport LLC
	100%

	SEACOR Tankers Holdings Inc.
	Seabulk Tankers, Inc.
	100%

	SEACOR Ocean Transport Inc.
	Seabulk Towing Holdings Inc.
	100%

	Seabulk Towing Holdings Inc.
	Seabulk Towing Services, Inc.
	100%

	Seabulk Towing Holdings Inc.
	SEABULK TOWING, INC.
	100%

	SEACOR Capital Corporation
	Seacap APT Leasing Inc.
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates II LLC
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates III LLC
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates IV LLC
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates IX LLC
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates V LLC
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates VI LLC
	100%

	SEACOR Capital Corporation
	SEACAP Leasing Associates X LLC
	100%

	SCF Terminals LLC
	SEACOR AMH LLC
	100%

	SEACOR Meridian Inc.
	SEACOR Asset Management LLC
	100%

	SEACOR Holdings Inc.
	SEACOR Capital Corporation
	100%

4823-9888-3206v7

	
			
	SEACOR Capital Corporation
	SEACOR Commodity Trading LLC
	100%

	SEACOR Ocean Transport Inc.
	SEACOR Container Lines LLC
	100%

	SEACOR Holdings Inc.
	SEACOR Environmental Services Inc.
	100%

	SEACOR Holdings Inc.
	SEACOR Inland River Transport Inc.
	100%

	SIL Holdings LLC
	SEACOR Island Lines LLC
	100%

	SEACOR Holdings Inc.
	SEACOR Management Services Inc.
	100%

	SEACOR Holdings Inc.
	SEACOR Merchant LLC
	100%

	SEACOR Holdings Inc.
	SEACOR Meridian Inc.
	100%

	SEACOR Ocean Transport Inc.
	SEACOR Ocean Investments LLC
	100%

	SEACOR Holdings Inc.
	SEACOR Ocean Transport Inc.
	100%

	SEACOR Ocean Transport Inc.
	SEACOR Offshore Ocean Barges LLC
	100%

	SEACOR Meridian Inc.
	SEACOR Payroll Management LLC
	100%

	SEACOR Environmental Services Inc.
	SEACOR Response Inc.
	100%

	SEACOR Capital Corporation
	SEACOR Sugar LLC
	100%

	SEACOR Ocean Transport Inc.
	SEACOR Tankers Holdings Inc.
	100%

	SEACOR Tankers Holdings Inc.
	SEACOR Tankers Inc.
	100%

	SEACOR Ocean Transport Inc.
	SEACOR Vision Ocean Barges LLC
	100%

	SEACOR Ocean Transport Inc.
	SEACOR Worldwide Ocean Barges LLC
	100%

	SEACOR Holdings Inc.
	SeaDor Holdings LLC
	100%

	SEACOR Container Lines LLC
	SIL Holdings LLC
	100%

	SCF Terminals LLC
	SOYLUTIONS LLC
	100%

	Witt O'Brien's, LLC
	Strategic Crisis Advisors LLC
	100%

	SEACOR Ocean Transport Inc.
	Trailer Bridge Holdings LLC
	100%

	International Shipholding Corporation
	United Ocean Services Inc.
	100%

4823-9888-3206v7

	
			
	SEACOR Sugar LLC
	V&A Commodity Traders LLC
	100%

	International Shipholding Corporation
	WATERMAN STEAMSHIP CORPORATION
	100%

	SCF Barge Line LLC
	WESTON BARGE LINE, INC.
	100%

	O'Brien's Response Management, L.L.C.
	WITT O'BRIEN'S INSURANCE SERVICES, LLC
	100%

	Witt O'Brien's, LLC
	Witt O'Brien's Payroll Management LLC
	100%

	Witt O'Brien's, LLC
	WITT O'BRIEN'S PR LLC
	100%

	Witt O'Brien's, LLC
	Witt O'Brien's USVI, LLC
	100%

	ORM Holdings Inc.
	Witt O'Brien's, LLC
	54.2%

	ORM Holdings II LLC
	Witt O'Brien's, LLC
	45.8%

Pledged Notes:

None.

4823-9888-3206v7

 Schedule 3
PERFECTION MATTERS
Uniform Commercial Code Filings
	
		
	Grantor
	Filing Office

	Arctic Leasing LLC
	Delaware

	Caribbean Tugz LLC
	Delaware

	CARIBSHIP LLC
	Delaware

	CENTRAL GULF LINES, INC.
	Delaware

	CLEANCOR Energy Solutions LLC
	Delaware

	CLEANCOR Holdings LLC
	Delaware

	CLEANCOR LNG LLC
	Delaware

	CLEANCOR Pressure Vessels LLC
	Delaware

	CLEANCOR SOLUCIONES ENERGÉTICAS LLC
	Puerto Rico

	C-Terms Partners
	Florida

	Eco-Tankers Crew Management LLC
	Delaware

	F2 SEA Inc.
	Delaware

	GATEWAY TERMINALS LLC
	Delaware

	Graham Offshore Tugs LLC
	Delaware

	Illinois Corn Processing Holdings Inc.
	Delaware

	International Shipholding Corporation
	Delaware

	KS Maritime Holdings (US) LLC
	Delaware

	MCCALL BOAT RENTALS OCEAN BARGES LLC
	Delaware

	Mesa LNG Partners LLC

	Delaware

	O’Brien’s Response Management, L.L.C.
	Delaware

	ORM Holdings II LLC
	Delaware

4823-9888-3206v7

	
		
	ORM Holdings Inc.
	Delaware

	Phoenix Crew Management LLC
	Delaware

	Port Dania Holdings I LLC
	Delaware

	Port Dania Holdings II LLC
	Delaware

	SCF Barge Line LLC
	Delaware

	SCF Barge Line Vessel Holdings LLC
	Delaware

	SCF Colombia (US) LLC
	Delaware

	SCF Fleeting LLC
	Delaware

	SCF Lewis and Clark Fleeting LLC
	Delaware

	SCF Lewis and Clark Terminals LLC
	Delaware

	SCF Marine Inc.
	Delaware

	SCF Real Estate LLC
	Delaware

	SCF RIVERPORT LLC
	Delaware

	SCF Services LLC
	Delaware

	SCF Shipyards LLC
	Delaware

	SCF Terminals LLC
	Delaware

	SCF Waxler Marine LLC
	Delaware

	Seabulk Chemical Transport  Inc.
	Delaware

	Seabulk Fleet Management LLC
	Delaware

	Seabulk Marine Services, Inc.
	Florida

	SEABULK OCEAN TRANSPORT, INC.
	Florida

	Seabulk Petroleum Transport LLC
	Delaware

	Seabulk Tankers, Inc.
	Delaware

	Seabulk Towing Holdings Inc.
	Delaware

	Seabulk Towing Services, Inc.
	Florida

4823-9888-3206v7

	
		
	SEABULK TOWING, INC.
	Delaware

	Seabulk Transport Inc.
	Delaware

	SEACAP APT Leasing Inc.
	Delaware

	SEACAP Leasing Associates II LLC
	Delaware

	SEACAP Leasing Associates III LLC
	Delaware

	SEACAP Leasing Associates IV LLC
	Delaware

	SEACAP Leasing Associates IX LLC
	Delaware

	SEACAP Leasing Associates V LLC
	Delaware

	SEACAP Leasing Associates VI LLC
	Delaware

	SEACAP Leasing Associates X LLC
	Delaware

	SEACOR AMH LLC
	Delaware

	SEACOR Asset Management LLC
	Delaware

	SEACOR Capital Corporation
	Delaware

	SEACOR Commodity Trading LLC
	Delaware

	SEACOR Container Lines LLC
	Delaware

	SEACOR Environmental Services Inc.
	Delaware

	SEACOR Holdings Inc.
	Delaware

	SEACOR Inland River Transport Inc.
	Delaware

	SEACOR Island Lines LLC
	Delaware

	SEACOR Management Services Inc.
	Delaware

	SEACOR Merchant LLC
	Delaware

	SEACOR Meridian Inc.
	Delaware

	SEACOR Ocean Investments LLC
	Delaware

	SEACOR Ocean Transport Inc.
	Delaware

	SEACOR Offshore Ocean Barges LLC
	Delaware

4823-9888-3206v7

	
		
	SEACOR Payroll Management LLC
	Delaware

	SEACOR Response Inc.
	Delaware

	SEACOR Sugar LLC
	Delaware

	SEACOR Tankers Holdings Inc.
	Delaware

	SEACOR Tankers Inc.
	Delaware

	SEACOR Vision Ocean Barges LLC
	Delaware

	SEACOR Worldwide Ocean Barges LLC
	Delaware

	SeaDor Holdings LLC
	Delaware

	SIL Holdings LLC
	Delaware

	SOYLUTIONS LLC
	Illinois

	Strategic Crisis Advisors LLC
	Georgia

	Trailer Bridge Holdings LLC
	Delaware

	United Ocean Services Inc.
	Delaware

	V&A Commodity Traders LLC
	Delaware

	WATERMAN STEAMSHIP CORPORATION
	New York

	WESTON BARGE LINE, INC.
	Delaware

	WITT O’BRIEN’S INSURANCE SERVICES, LLC
	New Jersey

	Witt O’Brien’s, LLC
	Delaware

	Witt O’Brien’s Payroll Management LLC
	Delaware

	WITT O’BRIEN’S PR LLC
	Puerto Rico

	Witt O’Brien’s USVI, LLC
	U.S. Virgin Islands

4823-9888-3206v7

Schedule 4
LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF EXECUTIVE OFFICE

	
			
	Grantor
	Jurisdiction of Incorporation
	Location of Chief Executive Office

	Arctic Leasing LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Caribbean Tugz LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CARIBSHIP LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CENTRAL GULF LINES, INC.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CLEANCOR Energy Solutions LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CLEANCOR Holdings LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CLEANCOR LNG LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CLEANCOR Pressure Vessels LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	CLEANCOR SOLUCIONES ENERGÉTICAS LLC
	Puerto Rico
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	C-Terms Partners
	Florida
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Eco-Tankers Crew Management LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	F2 SEA Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	GATEWAY TERMINALS LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Graham Offshore Tugs LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

4823-9888-3206v7

	
			
	Illinois Corn Processing Holdings Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	International Shipholding Corporation
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	KS Maritime Holdings (US) LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	MCCALL BOAT RENTALS OCEAN BARGES LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Mesa LNG Partners LLC

	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	O’Brien’s Response Management, L.L.C.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	ORM Holdings II LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	ORM Holdings Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Phoenix Crew Management LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Port Dania Holdings I LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Port Dania Holdings II LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Barge Line LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Barge Line Vessel Holdings LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Colombia (US) LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Fleeting LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Lewis and Clark Fleeting LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

4823-9888-3206v7

	
			
	SCF Lewis and Clark Terminals LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Marine Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Real Estate LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF RIVERPORT LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Services LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Shipyards LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Terminals LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SCF Waxler Marine LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Chemical Transport  Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Fleet Management LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Marine Services, Inc.
	Florida
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEABULK OCEAN TRANSPORT, INC.
	Florida
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Petroleum Transport LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Tankers, Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Towing Holdings Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Seabulk Towing Services, Inc.
	Florida
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEABULK TOWING, INC.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

4823-9888-3206v7

	
			
	Seabulk Transport Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP APT Leasing Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates II LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates III LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates IV LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates IX LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates V LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates VI LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACAP Leasing Associates X LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR AMH LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Asset Management LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Capital Corporation
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Commodity Trading LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Container Lines LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Environmental Services Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Holdings Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Inland River Transport Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

4823-9888-3206v7

	
			
	SEACOR Island Lines LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Management Services Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Merchant LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Meridian Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Ocean Investments LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Ocean Transport Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Offshore Ocean Barges LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Payroll Management LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Response Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Sugar LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Tankers Holdings Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Tankers Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Vision Ocean Barges LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SEACOR Worldwide Ocean Barges LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SeaDor Holdings LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SIL Holdings LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	SOYLUTIONS LLC
	Illinois
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

4823-9888-3206v7

	
			
	Strategic Crisis Advisors LLC
	Georgia
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Trailer Bridge Holdings LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	United Ocean Services Inc.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	V&A Commodity Traders LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	WATERMAN STEAMSHIP CORPORATION
	New York
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	WESTON BARGE LINE, INC.
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	WITT O’BRIEN’S INSURANCE SERVICES, LLC
	New Jersey
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Witt O’Brien’s, LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Witt O’Brien’s Payroll Management LLC
	Delaware
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	WITT O’BRIEN’S PR LLC
	Puerto Rico
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

	Witt O’Brien’s USVI, LLC
	U.S. Virgin Islands
	2200 Eller Drive, P.O. Box 13038
Fort Lauderdale, FL 33316

 

4823-9888-3206v7

Annex 1 to
Guaranty and Collateral Agreement

This ASSUMPTION AGREEMENT, dated as of ________________, 201_, made by ______________________________, a ______________________ (the “Additional Grantor”), in favor of JPMorgan Chase Bank, N.A., as security trustee (in such capacity, the “Security Trustee”) for the benefit of the Secured Parties (as defined in the Credit Agreement referred to below).  Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Credit Agreement (as defined below).
WITNESSETH:
WHEREAS, SEACOR HOLDINGS INC., a corporation duly incorporated and existing under the laws of the State of Delaware (the “Borrower”), the banks and other financial institutions or entities from time to time parties thereto as lenders and JPMorgan Chase Bank, N.A., as administrative agent, are parties to that certain Credit Agreement, dated as of March 18, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, in connection with the Credit Agreement, the Borrower and certain of their Affiliates (other than the Additional Grantor) have entered into that certain Guaranty and Collateral Agreement, dated as of March 18, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty and Collateral Agreement”) in favor of the Security Trustee for the ratable benefit of the Secured Parties; 
WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the Guaranty and Collateral Agreement; and
WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guaranty and Collateral Agreement;
NOW, THEREFORE, IT IS AGREED:
1.     Guaranty and Collateral Agreement.  By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 8.1(b) of the Guaranty and Collateral Agreement, hereby becomes a party to the Guaranty and Collateral Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor thereunder.  The information set forth in Annex 1-A hereto is hereby added to the information set forth in the Schedules to the Guaranty and Collateral Agreement.  The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guaranty and Collateral Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.
2.    Governing Law.  THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
[Signature Page Follows]

4823-9888-3206v7

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.
[ADDITIONAL GRANTOR]

By:___________________________
     Name:
     Title:

4823-9888-3206v7    69

 Annex 1-A to 
Assumption Agreement
Supplement to Schedule 1
Supplement to Schedule 2
Supplement to Schedule 3
Supplement to Schedule 4

4823-9888-3206v7Exhibit

EXECUTION VERSION

FLEET MORTGAGE
This FLEET MORTGAGE (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Mortgage”), dated the 19th day of March, 2019 is by SCF Barge Line LLC, a limited liability company formed and existing under the laws of Delaware, with offices at 727 North First Street, Suite 600, St. Louis, Missouri 63102 (the “Collateral Vessel Owner”), in favor of JPMORGAN CHASE BANK, N.A. (“JPMorgan”), as security trustee (the “Security Trustee”) and as mortgagee (together with any successor mortgagee, the “Mortgagee”), with offices at 10 S Dearborn St. L2, Chicago, Illinois 60603.  When used herein, and unless otherwise defined herein, terms and expressions defined in the Guaranty and Collateral Agreement (as defined below), either directly or by reference to another agreement, shall have the meanings specified in the Guaranty and Collateral Agreement.
WHEREAS, the Collateral Vessel Owner is the sole owner of 100% of the vessels identified and described on Schedule 1 attached hereto (each a “Vessel” and collectively, the “Vessels”) (as amended, supplemented or otherwise modified from time to time), which Vessels have been duly documented under the laws and flag of the United States of America in the name of the Collateral Vessel Owner;
WHEREAS, pursuant to that certain Credit Agreement, dated as of March 19, 2019, a copy of which is attached hereto as Exhibit A (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SEACOR HOLDINGS INC., a publicly traded corporation duly formed and existing under the laws of the State of Delaware (together with its successors and permitted assigns, the “Borrower”), the banks and other financial institutions or entities from time to time party thereto (the “Lenders”) and JPMorgan, as administrative agent for the Lenders (the “Administrative Agent”) and the Security Trustee, the Lenders have severally agreed to make loans and other extensions of credit, and certain other Secured Parties have agreed to provide services and other financial accommodations, to the Borrower upon the terms and subject to the conditions set forth therein;
WHEREAS, the Borrower is a member of an affiliated group of companies that includes the Collateral Vessel Owner;
WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower to make valuable transfers to the Collateral Vessel Owner in connection with the operation of its business;
WHEREAS, the Borrower and the Collateral Vessel Owner are engaged in related businesses, and the Collateral Vessel Owner will derive substantial direct and indirect benefits from the making of the extensions of credit under the Credit Agreement and the Rate 

{N3767794.5} 

Management and Currency Protection Transactions and services in connection with the Specified Cash Management Obligations (each as defined in the Credit Agreement);
WHEREAS, it is a condition precedent to (i) the obligation of the Lenders to make their extensions of credit to the Borrower under the Credit Agreement and (ii) the performance of certain other Secured Parties of their obligations in connection with the Rate Management and Currency Protection Transactions and the Specified Cash Management Obligations that the Collateral Vessel Owner shall have executed and delivered this Mortgage to the Mortgagee for the ratable benefit of the Secured Parties;
WHEREAS, the Collateral Vessel Owner, together with the other grantors party thereto, and the Security Trustee have entered into that certain Guaranty and Collateral Agreement dated as of March 19, 2019, a copy of which is attached hereto as Exhibit B (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty and Collateral Agreement”); and
WHEREAS, the Collateral Vessel Owner has agreed to execute and deliver this Mortgage to secure, among other things (collectively, the “Obligations hereby secured”), (a) its obligations under the Guaranty and Collateral Agreement, which include, inter alia, (i) a revolving credit facility in the aggregate principal amount of up to Two Hundred Million and No/100 United States Dollars (U.S. $200,000,000.00) (as such amount may decrease in accordance with the terms of the Credit Agreement), (ii) the aggregate liabilities in respect of all Rate Management and Currency Protection Obligations and all Specified Cash Management Obligations owing to one or more Lenders or affiliates of Lenders and (iii) interest and premiums, if any, in respect of any of the foregoing and (b) the performance and observance of and compliance with all the covenants, terms and conditions in the Guaranty and Collateral Agreement, the Credit Agreement, this Mortgage and any other Credit Document contained, expressed or implied, to be performed, observed and complied with by and on the part of the Collateral Vessel Owner;
WHEREAS, the Collateral Vessel Owner has authorized the execution and delivery of this Mortgage under and pursuant to the provisions of 46 U.S.C Chapter 313 and the regulations contained in 46 CFR Part 67 (collectively, the “Ship Mortgage Act”); and
NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, and in order to secure the payment and performance of the Obligations hereby secured, the Collateral Vessel Owner hereby covenants and agrees with the Mortgagee for the benefit of the Secured Parties as follows:

ARTICLE I
Obligations and Granting Clause
Section 1.    Security for Obligations.

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This Mortgage is given as security for the Obligations hereby secured.
Section 2.    Granting Clause.
In consideration of the premises and the additional covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and, for the purpose of securing as a priority in favor of the Mortgagee, for the benefit of the Secured Parties, the due and punctual payment and performance of the Obligations hereby secured, the Collateral Vessel Owner has granted, mortgaged, pledged and confirmed and by these presents does grant, mortgage, pledge and confirm, unto the Mortgagee, for the benefit of the Secured Parties, and its successors and assigns, the whole 100% of the Vessels, including, without limitation but only to the extent owned by the Collateral Vessel Owner, all of the boilers, engines, machinery, masts, spars, boats, anchors, cables, chains, fuel, rigging, tackle, capstans, outfit, tools, pumps and pumping equipment, apparel, furniture, fittings, equipment, spare parts, and all other appurtenances (including without limitation drilling masts, rotary tables, substructures, draw work, engines, pumps, blowout prevention equipment, drill pipe and drill bits) thereunto appertaining or belonging, whether now owned or hereafter acquired, whether on board or not and also any and all additions, improvements, renewals and replacements hereafter made in or to any Vessels or any part of any Vessel, including all items and appurtenances aforesaid (such Vessels, together with all of the foregoing, being referred to herein as the “Collateral Vessels” and each individually a “Collateral Vessel”). For the avoidance of doubt, this Mortgage shall not cover property other than “vessels” as the term is used in Subsection (c)(2) of Section 31322 of Title 46 United States Code, as amended.
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 this Mortgage and the estate and rights granted hereunder shall automatically cease, determine and be void, otherwise to remain in full force and effect in accordance with Section 6 of Article IV.
The Collateral Vessel Owner for itself and its successors and assigns, hereby covenants, declares and agrees with the Mortgagee and its successors and assigns that the Collateral Vessels are to be held subject to the further covenants, conditions, terms and uses hereinafter set forth.

ARTICLE II.     
Representations, Warranties and Covenants of the Collateral Vessel Owner

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The Collateral Vessel Owner represents, warrants, covenants and agrees with the Mortgagee as follows:
Section 1.    The Collateral Vessel Owner is a limited liability company formed and existing under the laws of Delaware.  The Collateral Vessel Owner has full power and authority to own and mortgage the Collateral Vessels; has full right and entitlement to register the Collateral Vessels in the Collateral Vessel Owner’s name under the flag of the United States of America and all corporate (or equivalent) action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken.  This Mortgage is and will be the legal, valid and binding obligation of the Collateral Vessel Owner enforceable in accordance with its terms, subject as to enforcement only to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and equitable principles.
Section 2.    In the event of any conflict or inconsistency between this Mortgage and the Credit Agreement, the Guaranty and Collateral Agreement or any other Credit Document, the provisions of this Mortgage shall prevail, but only to the extent required by United States law.
The Obligations hereby secured are in United States Dollars and the symbol “$” 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 Obligations hereby secured shall be payable in terms of United States Dollars when due and in United States Dollars when paid, whether such payment is made before or after the due date.
Section 3.    The Collateral Vessel Owner hereby authorizes the Mortgagee to cause this Mortgage to be duly recorded with the National Vessel Documentation Center, in accordance with the provisions of the Ship Mortgage Act, and will otherwise comply with and satisfy all of the provisions of the Ship Mortgage Act, as amended, in order to establish and maintain this Mortgage as a preferred mortgage lien thereunder upon the Collateral Vessels and upon all renewals, replacements and improvements made in or to the same for the amount of the Obligations hereby secured; provided, however, that the Collateral Vessel Owner may transfer any Collateral Vessels to the extent permitted under the Credit Agreement.
Section 4.    Neither the Collateral Vessel Owner, any charterer, the master of the Collateral Vessels nor 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 any Collateral Vessel any lien whatsoever other than Permitted Liens.
Section 5.    The Collateral Vessel Owner will carry, and shall retain, a properly certified copy of this Mortgage with each Collateral Vessel’s marine papers and will cause such certified copy to be placed on board each Collateral Vessel to the extent there is a suitable place on board the Collateral Vessel to carry such certified copy, and such certified copy shall be exhibited to any and all persons having business therewith which might give rise to any lien on such Collateral Vessel other than Permitted Liens, and to any representative of the Mortgagee; 

{N3767794.5}    4    

and to the extent there is a suitable place on board the Collateral Vessel to do so, the Collateral Vessel Owner will place and keep prominently displayed on each Collateral Vessel a framed printed notice in plain type reading as follows:
“NOTICE OF MORTGAGE”
“This Vessel is covered by a Fleet Mortgage (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Mortgage”) in favor of JPMorgan Chase Bank, N.A., as Security Trustee, under authority of 46 U.S.C. §31301 et seq.  Under the terms of said Mortgage, neither the owner, any charterer, the master of this Vessel nor any other person has any right, power or authority to create, incur or permit to be imposed upon this Vessel any other lien whatsoever except Permitted Liens (as defined in the Mortgage), copies of which are available on board for inspection upon the request of any party having business with this Vessel.”
Section 6.    (a)  The Collateral Vessel Owner lawfully owns and is lawfully possessed of the Collateral Vessels free and clear of all liens, mortgages, taxes and encumbrances except Permitted Liens and the Collateral Vessel Owner does hereby warrant and will defend the title and possession thereof and to every part thereof for the benefit of the Mortgagee against the claims and demands of all Persons whomsoever (taking into account Permitted Liens).
(a)    The Collateral Vessel Owner may not transfer ownership of any Collateral Vessel, except to the extent permitted by the Credit Agreement.
Section 7.    (a) To the extent provided for in any Credit Document and subject to Article IV, Section 6, this Mortgage shall extend to and constitute a lien upon, and the Collateral Vessel Owner hereby grants the Mortgagee a security interest in, proceeds resulting from or relating to any Disposition in respect of any Collateral Vessel as security for the Obligations hereby secured.

ARTICLE III.    
Events of Default and Remedies.
Section 1.    The occurrence and continuation of an “event of default” under the Credit Agreement shall constitute an “Event of Default” under this Mortgage.
Upon the occurrence and during the continuance of any Event of Default, the security constituted by this Mortgage shall become immediately enforceable in accordance with the terms of the Credit Agreement and, 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 or any of the other Credit Documents and the Mortgagee shall have the right, for the benefit of the Secured Parties, to:

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(a)    exercise all of the rights and remedies in foreclosure and otherwise given to mortgagees by the provisions of the laws of the United States or of any other jurisdiction where the applicable Collateral Vessel may be found;
(b)    bring suit at law, in equity or in admiralty, as it may be advised, to recover judgment for the Obligations hereby secured;
(c)    take and enter into possession of any Collateral Vessel, at any time, wherever the same may be, without legal process and without being responsible for loss or damage, and the Collateral Vessel Owner or other person in possession forthwith upon demand of the Mortgagee shall surrender to the Mortgagee possession of any Collateral Vessel;

(d)    without being responsible for loss or damage (except to the extent such loss or damage results from the Mortgagee’s gross negligence, willful misconduct, violation of law or willful breach of its obligations hereunder, as determined by a court of competent jurisdiction in a final non-appealable judgment), the Mortgagee may hold, lay up, lease, charter, operate or otherwise use any and all Collateral Vessels for such time and upon such terms as it may deem to be for its best advantage, and demand, collect and retain all day rates, 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 any Collateral 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 any Collateral Vessel and charging upon all receipts from the use of any Collateral Vessel or from the sale thereof by court proceedings or, pursuant to subsection (e) below, all costs, expenses, charges, damages or losses by reason of such use, provided that the Mortgagee shall provide the Collateral Vessel Owner with a final accounting; and if at any time the Mortgagee shall avail itself of the right herein given it to take any Collateral Vessel, the Mortgagee shall have the right to dock any such Collateral Vessel, for a reasonable time at any dock, pier or other premises of the Collateral Vessel Owner without charge, or to dock it at any other place at the cost and expense of the Collateral Vessel Owner;

(e)    sell any and all Collateral Vessels, at any place and at such time as the Mortgagee may specify and in such manner as the Mortgagee may deem advisable, free from any claim by the Collateral Vessel Owner in admiralty, in equity, at law or by statute, at public or private sale, by sealed bids or otherwise, by mailing, by air or otherwise, notice of such sale, whether public or private, addressed to the  Collateral Vessel Owner at its last known address, fourteen (14) days prior to the date fixed for entering into the contract of sale; the 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 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 such Collateral 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 Collateral Vessel Owner 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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(f)    require that all policies, contracts, certificates of entry and other records relating to the insurance with respect to any Collateral Vessel, including, but not limited to, those described in Section 6.5 of the Credit Agreement (the “Insurances”) (including details of and correspondence concerning outstanding claims) be forthwith delivered to the Mortgagee; and

(g)    collect, recover, compromise and give a good discharge for any and all monies and claims for monies then outstanding or thereafter arising under the Insurances or in respect of the earnings or any requisition compensation and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor.

Section 2.    Any sale of any Collateral Vessel made in pursuance of, and in accordance with, 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 Collateral Vessel Owner therein and thereto, and shall bar any claim from the Collateral Vessel Owner, its successors and assigns, and all persons claiming by, through or under it.  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 Obligations 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 Obligations 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.    Until the Termination Date (as defined below), the Mortgagee is hereby irrevocably appointed attorney-in-fact of the Collateral Vessel Owner, upon the happening and during the continuance 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 in behalf of the Collateral Vessel Owner, a good conveyance of the title to the Collateral Vessels so sold.  In the event of any sale of any Collateral Vessel, under any power herein contained, the Collateral Vessel Owner will, if and when required by the Mortgagee, execute such form of conveyance of such Collateral Vessel as the Mortgagee may direct or approve.
Section 4.    The Mortgagee is hereby appointed attorney-in-fact of the Collateral Vessel Owner upon the happening and during the continuance of any Event of Default, in the name of the Collateral Vessel Owner to demand, collect, receive, compromise and sue for, so far as may be permitted by law, all day rates, freight, hire, earnings, issues, revenues, income and profits of any Collateral 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, 

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recoveries in general average or otherwise, and all other sums due or to become due at the time of the happening and during the continuance of any Event of Default in respect of any Collateral Vessel, or in respect of any insurance thereon, from any person whomsoever, and to make, give and execute in the name of the Collateral Vessel Owner acquittances, receipts, releases or other discharges for the same, whether under seal or otherwise, and to endorse and accept in the name of the Collateral Vessel Owner all checks, notes, drafts, warrants, agreements and other instruments in writing with respect to the foregoing.
Section 5.    Whenever any right to enter and take possession of any Collateral Vessel accrues to the Mortgagee as a result of the occurrence and continuance of an Event of Default, it may require the Collateral Vessel Owner to deliver, and the Collateral Vessel Owner shall on demand, at its own cost and expense, deliver to the Mortgagee such Collateral Vessel to a location designated by the Mortgagee as demanded.  If the Mortgagee shall be entitled to take any legal proceedings to enforce any right under this Article III, the Mortgagee shall be entitled as a matter of right to the appointment of a receiver of such Collateral Vessel and of the day rates, freights, hire, earnings, issues, revenues, income and profits due or to become due and arising from the operation thereof.
Section 6.    To the extent that the Collateral Vessel Owner does not so appear, the Collateral Vessel Owner authorizes and empowers the Mortgagee or its appointees or any of them to appear in the name of the Collateral Vessel Owner, its successors and assigns, in any court of any country or nation of the world where any Collateral Vessel is libeled, attached, detained, seized or levied upon or taken into custody under process or under color of any authority because of or on account of any alleged lien (except for Permitted Liens) against such Collateral Vessel from which such Collateral Vessel has not been released within fifteen (15) days of such libel, attachment, detention, seizure, levy or taking into custody, 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 Collateral Vessel Owner, 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.
Section 7.    In the event the Mortgagee shall be entitled to exercise any of its remedies under this Article III, the Mortgagee shall have the right to commence proceedings in the courts of any country having competent jurisdiction and, in particular, the Mortgagee shall have the right to arrest and take against any Collateral Vessel and any appurtenant property thereto at whatever place any Collateral Vessel shall be found lying. For purposes of the foregoing, 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 any Collateral Vessel (or upon anyone acting as the master) and such service shall be deemed good service on the Collateral Vessel Owner for all purposes.
Section 8.    Each and every power and remedy herein given to the Mortgagee shall be cumulative and shall be in addition to every other power and remedy herein given or now or 

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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 of the other Credit Documents 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 Obligations 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.    If at any time after an Event of Default and prior to the actual sale of any Collateral Vessel by the Mortgagee or prior to any enforcement or foreclosure proceedings the Collateral Vessel Owner 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 with respect to the Collateral Vessel Owner’s obligations as provided herein or in the Credit Agreement as set forth therein, then the Mortgagee may accept such offer and payment and restore the Collateral Vessel Owner 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.    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 Collateral Vessel Owner and the Mortgagee shall be restored to their former positions and rights 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.
Section 11.    (a)  The proceeds of any sale or other disposition of any Collateral Vessel and the net earnings of any charter operation or other use of any Collateral 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 in the manner provided in Section 8.7 of the Credit Agreement.
(a)    To the extent the proceeds of the sale of any Collateral Vessel are not sufficient to pay the aggregate amount of the Obligations hereby secured, any Person liable for the 

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Obligations hereby secured (including without limitation, the Collateral Vessel Owner and the Guarantors to the extent such Persons are liable) shall remain jointly and severally liable for such deficiency. Without limiting the generality of the foregoing, the rights and remedies of the Mortgagee under this Mortgage and the other agreements, documents and instruments securing or guarantying any of the Obligations hereby secured shall be cumulative, and the exercise or partial exercise of any such right or remedy shall not preclude the exercise of any right or remedy.
Section 12.    Until one or more Events of Default shall have happened and be continuing, the Collateral Vessel Owner, subject to the terms and conditions of the Credit Agreement, shall be (a) suffered and permitted to retain actual possession and use of all Collateral Vessels 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, boats, anchors, cables, chains, rigging, tackle, capstans, outfit, tools, pumps, pumping equipment, apparel, furniture, fittings, equipment , spare parts or any other appurtenances of any Collateral Vessel that are no longer useful, necessary, profitable or advantageous in the operation of such Collateral Vessel, first or simultaneously replacing the same by new boilers, engines, machinery, masts, spars, boats, anchors, cables, chains, rigging, tackle, capstans, outfit, tools, pumps, pumping equipment, apparel, furniture, fittings, equipment, spare parts  or any appurtenances of comparable suitability to the Collateral Vessel Owner, which shall forthwith become subject to the lien of this Mortgage.
Notwithstanding the foregoing, in no event shall the Mortgagee exercise any of its remedies under this Article III or any other provision of this Mortgage in a manner which would impair, in any way, the current United States Coast Guard endorsement of any Collateral Vessel.

ARTICLE IV.    
Sundry Provisions
Section 1.    All of the covenants, promises, stipulations and agreements of the Collateral Vessel Owner contained in this Mortgage shall bind the Collateral Vessel Owner and its successors and assigns 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 by the Mortgagee, the term “Mortgagee”, as used in this Mortgage, shall be deemed to mean any such assignee or transferee.
Section 2.    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.    [Reserved].
Section 4.    Any notice or other communication to be given pursuant hereto shall be in the manner provided in Section 8.2 of the Guaranty and Collateral Agreement and addressed as provided therein.

{N3767794.5}    10    

Section 5.    Except as provided in Section 6 of this Article IV, no amendment or waiver of or consent to any departure from any provision of this Mortgage shall be effective unless it is in writing and signed by the Security Trustee and the Collateral Vessel Owner. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given and to the extent specified in such writing.  In addition, all such amendments and waivers shall be effective only if given with the necessary approvals under Section 11.11 of the Credit Agreement, including, without limitation, the approvals of the requisite percentage of Lenders under the Credit Agreement, if applicable.
Section 6.    (a)  Upon the occurrence of the Termination Date (as defined below), this Mortgage and the security interest created hereby shall automatically terminate, be released and discharged in full (provided that all contingent indemnification obligations set forth in Section 8.4 of the Guaranty and Collateral Agreement shall survive any such termination), and the Mortgagee, at the request and expense of the Collateral Vessel Owner, will execute and deliver to the Collateral Vessel Owner a proper instrument or instruments acknowledging the satisfaction and termination of this Mortgage, and will duly release (without recourse and without any representation or warranty) the Collateral Vessels, together with any monies at the time held by the Mortgagee or any of its sub-agents hereunder.  As used in this Mortgage, “Termination Date” shall mean the date on which Security Termination (as defined in the Credit Agreement) shall have occurred.
(a)    In the event that (i) any Collateral Vessel is Disposed of as part of, or in connection with, any transaction permitted under the Credit Agreement, or if such asset becomes an Excluded Asset or (ii) the Borrower requests the release of such Collateral Vessel from the lien granted hereby and such release is permitted by the terms of the Credit Agreement, then the lien granted hereby upon such Collateral Vessel shall automatically be released, terminated and discharged.
(b)    In addition, the Security Trustee shall, without the need for any further action by any Person, subordinate or release any Lien on any Collateral Vessel as provided in Section 11.20(b) of the Credit Agreement.
(c)    The Mortgagee shall have no liability whatsoever to any other Secured Party as the result of any release of, or subordination of any lien on, any Collateral Vessel in accordance with this Section 6 of Article IV. In the case of any release or subordination described in this Section, the Security Trustee shall, at the Collateral Vessel Owner’s expense, promptly execute and deliver to the Collateral Vessel Owner such documents as the Collateral Vessel Owner or the Borrower may reasonably request to evidence such release or subordination and take such additional actions as may from time to time be reasonably requested by the Collateral Vessel Owner or the Borrower to effect the foregoing.
Section 7.    The Recitals Clauses and the Granting Clause of this Mortgage are incorporated in and are made a part of this Mortgage.
Section 8.    For the purpose of recording this Fleet Mortgage, the total principal amount of direct and contingent obligations that is or may become secured by this Mortgage is 

{N3767794.5}    11    

Two Hundred Million and No/00 United States Dollars (USD $200,000,000.00), excluding interest, expenses and fees.  The discharge amount is the same as the total amount.
Section 9.    THIS FLEET MORTGAGE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE FEDERAL MARITIME LAWS OF THE UNITED STATES OF AMERICA AND, ONLY TO THE EXTENT NOT ADDRESSED THEREBY, BY THE LAWS OF THE STATE OF NEW YORK.
Section 10.    Further Assurances.  To the extent provided by Section 6.12(a) of the Credit Agreement, the Collateral Vessel Owner shall execute and do all such assurances, acts and things as the Mortgagee, or any receiver in its reasonable 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
(c)    ensuring that the security constituted by this Mortgage and the covenants and obligations of the Collateral Vessel Owner under this Mortgage shall enure to the benefit of assignees of the Mortgagee (or any of them); or
(d)    facilitating the appropriation or realization of the Collateral 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 Collateral Vessel Owner.
Section 11.    (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 cease to be a part of this Mortgage without affecting the remaining provisions, which shall remain in full force and effect, and the Collateral Vessel Owner agrees that it will promptly execute and deliver such other and further agreements, documents and instruments and do such things as the Mortgagee in its reasonable discretion may deem to be necessary to carry out the true intent of this Mortgage.
(a)    Anything herein to the contrary notwithstanding, it is intended that nothing herein shall waive the preferred status or lien priority of this Mortgage and that, if any provision or portion thereof herein shall be construed to waive the preferred status or lien priority of this Mortgage, then such provision to such extent shall be void and of no effect.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

{N3767794.5}    12    

IN WITNESS WHEREOF, the Collateral Vessel Owner has caused this Fleet Mortgage to be duly executed the day and year first above written.
SCF BARGE LINE LLC

By: /s/ TIMOTHY C. POWER            
Name: Timothy C. Power
Title:     President

{N3767794.5}    [Signature Page to Fleet Mortgage]    

ACKNOWLEDGEMENT
STATE OF MISSOURI        §  
COUNTY OF SAINT LOUIS     §
On this 18th day of March, 2019, before me personally appeared Timothy C. Power on behalf of SCF BARGE LINE LLC, and who has executed the foregoing instrument on behalf of said company and declared to me that such person signed his/her name thereto by authority of the Board of Directors (or equivalent governing body) of said company and as the free act and deed of such company, and that his/her signature on said instrument is authentic. 
Notary Public /s/ MATTHEW J. PUTNAM

{N3767794.5}    [Signature Page to Fleet Mortgage]    

        

Schedule 1 TO 
FLEET MORTGAGE
	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF1027b
	1226950
	 
	SCF2034b
	1101683

	SCF1028b
	1226951
	 
	SCF2031b
	1101684

	SCF1029b
	1226952
	 
	SCF2032b
	1101685

	SCF1030b
	1226953
	 
	SCF2033b
	1101686

	SCF1031b
	1226977
	 
	SCF2035b
	1102202

	SCF1032b
	1226954
	 
	SCF2036b
	1102203

	SCF1033b
	1226976
	 
	SCF2037b
	1102204

	SCF1034b
	1226955
	 
	SCF2038b
	1102205

	SCF1035b
	1226975
	 
	SCF2039b
	1102206

	SCF2022
	1101018
	 
	SCF2040b
	1102207

	SCF2023
	1101019
	 
	SCF2041b
	1102208

	SCF2020
	1101042
	 
	SCF2042b
	1102354

	SCF2021
	1101043
	 
	SCF2043b
	1102355

	SCF2027
	1101308
	 
	SCF2044b
	1102520

	SCF2026
	1101309
	 
	MMA2201
	1127907

	SCF2025
	1101310
	 
	MMA2202
	1127909

	SCF2024
	1101311
	 
	MMA2203
	1127912

	SCF2028
	1101632
	 
	MMA2204
	1127913

	SCF2029
	1101633
	 
	MMA2205
	1127914

	SCF2030
	1101634
	 
	MMA2206
	1127915

	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	MMA2207
	1127917
	 
	MMA2227b
	1131862

	MMA2208
	1127918
	 
	MMA2228b
	1131863

	MMA2209
	1127919
	 
	MMA2229b
	1131864

	MMA2210
	1127920
	 
	MMA2230b
	1131867

	MMA2211b
	1131043
	 
	SCF22118
	1136581

	MMA2212b
	1131044
	 
	SCF23120
	1146528

	MMA2213b
	1131045
	 
	SCF23124
	1147051

	MMA2214b
	1131046
	 
	SCF23125
	1147052

	MMA2215b
	1131047
	 
	SCF23138
	1148252

	MMA2216b
	1131048
	 
	SCF23147
	1149152

	MMA2217b
	1131049
	 
	MMA2312b
	1149473

	MMA2218b
	1131050
	 
	MMA2329b
	1149480

	MMA2219b
	1131051
	 
	MMA2314b
	1149482

	MMA2220b
	1131052
	 
	MMA2315b
	1149483

	MMA2221b
	1131848
	 
	MMA2316b
	1149484

	MMA2222b
	1131853
	 
	MMA2317b
	1149485

	MMA2223b
	1131855
	 
	MMA2318b
	1149486

	MMA2224b
	1131857
	 
	MMA2320b
	1149488

	MMA2225b
	1131858
	 
	MMA2313b
	1149491

	MMA2226b
	1131859
	 
	MMA2311b
	1149492

{N3767794.5}
1

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF24000
	1152520
	 
	SCF24105b
	1152678

	SCF24001
	1152521
	 
	SCF24103b
	1152679

	SCF24002
	1152522
	 
	SCF24101b
	1152681

	SCF24003
	1152523
	 
	SCF24009
	1152682

	SCF24004
	1152526
	 
	SCF24013
	1153397

	SCF24005
	1152663
	 
	SCF24014
	1153398

	SCF24006
	1152664
	 
	SCF24110b
	1153399

	SCF24007
	1152666
	 
	SCF24111b
	1153400

	SCF24008
	1152667
	 
	SCF24113b
	1153401

	SCF24083
	1153754
	 
	SCF24115b
	1153403

	SCF24100b
	1152668
	 
	SCF24117b
	1153404

	SCF24102b
	1152669
	 
	SCF24119b
	1153405

	SCF24104b
	1152670
	 
	SCF24121b
	1153406

	SCF24106b
	1152671
	 
	SCF24125b
	1153408

	SCF24108b
	1152672
	 
	SCF24124b
	1153409

	SCF24012
	1152673
	 
	SCF24123b
	1153410

	SCF24011
	1152674
	 
	SCF24122b
	1153411

	SCF24010
	1152675
	 
	SCF24120b
	1153412

	SCF24109b
	1152676
	 
	SCF24118b
	1153413

	SCF24107b
	1152677
	 
	SCF24116b
	1153414

{N3767794.5}
2

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF24114b
	1153416
	 
	SCF24084
	1153753

	SCF24112b
	1153417
	 
	SCF24080
	1153757

	SCF24015
	1153721
	 
	SCF24026
	1153759

	SCF24016
	1153723
	 
	SCF24024
	1153760

	SCF24018
	1153724
	 
	SCF24022
	1153761

	SCF24017
	1153726
	 
	SCF24020
	1153762

	SCF24019
	1153727
	 
	SCF24035
	1155036

	SCF24021
	1153728
	 
	SCF24037
	1155037

	SCF24023
	1153730
	 
	SCF24039
	1155039

	SCF24025
	1153731
	 
	SCF24155b
	1155041

	SCF24027
	1153737
	 
	SCF24156b
	1155042

	SCF24078
	1153738
	 
	SCF24157b
	1155043

	SCF24034
	1153740
	 
	SCF24158b
	1155045

	SCF24033
	1153741
	 
	SCF24159b
	1155046

	SCF24032
	1153742
	 
	SCF24160b
	1155047

	SCF24031
	1153743
	 
	SCF24161b
	1155048

	SCF24030
	1153744
	 
	SCF24162b
	1155049

	SCF24029
	1153745
	 
	SCF24163b
	1155050

	SCF24028
	1153746
	 
	SCF24164b
	1155051

	SCF24086
	1153751
	 
	SCF24146b
	1155052

{N3767794.5}
3

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF24147b
	1155053
	 
	SCF24143b
	1155080

	SCF24148b
	1155054
	 
	SCF24139b
	1155082

	SCF24149b
	1155055
	 
	SCF24137b
	1155083

	SCF24150b
	1155056
	 
	SCF24135b
	1155084

	SCF24151b
	1155057
	 
	SCF24133b
	1155085

	SCF24152b
	1155058
	 
	SCF24131b
	1155086

	SCF24153b
	1155059
	 
	SCF24129b
	1155087

	SCF24154b
	1155060
	 
	SCF24128b
	1155088

	SCF24145b
	1155061
	 
	SCF24127b
	1155089

	SCF24040
	1155062
	 
	SCF24126b
	1155090

	SCF24038
	1155063
	 
	SCF24144b
	1156495

	SCF24036
	1155064
	 
	SCF24165b
	1156496

	SCF24130b
	1155071
	 
	SCF24166b
	1156497

	SCF24132b
	1155072
	 
	SCF24167b
	1156498

	SCF24134b
	1155073
	 
	SCF24169b
	1156499

	SCF24136b
	1155074
	 
	SCF24171b
	1156501

	SCF24138b
	1155076
	 
	SCF24173b
	1156502

	SCF24140b
	1155077
	 
	SCF24175b
	1156503

	SCF24141b
	1155078
	 
	SCF24177b
	1156504

	SCF24142b
	1155079
	 
	SCF24181b
	1156505

{N3767794.5}
4

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF24180b
	1156506
	 
	SCF24068
	1158152

	SCF24179b
	1156507
	 
	SCF24069
	1158153

	SCF24178b
	1156508
	 
	SCF24070
	1158154

	SCF24176b
	1156509
	 
	SCF24071
	1158155

	SCF24174b
	1156510
	 
	SCF24072
	1158156

	SCF24172b
	1156511
	 
	SCF24073
	1158157

	SCF24170b
	1156513
	 
	SCF24074
	1158158

	SCF24168b
	1156514
	 
	SCF24075
	1158159

	SCF24045
	1157834
	 
	SCF24076
	1158160

	SCF24044
	1157835
	 
	SCF24327b
	1158161

	SCF24048
	1157837
	 
	SCF24328b
	1158162

	SCF24050
	1157838
	 
	SCF24329b
	1158163

	SCF24056
	1157852
	 
	SCF24330b
	1158164

	SCF24055
	1157854
	 
	SCF24331b
	1158165

	SCF24054
	1157855
	 
	SCF24332b
	1158166

	SCF24053
	1157856
	 
	SCF24333b
	1158167

	SCF24052
	1157857
	 
	SCF24335b
	1158169

	SCF24051
	1157863
	 
	SCF24336b
	1158170

	SCF24047
	1157865
	 
	SCF24184b
	1158638

	SCF24067
	1158151
	 
	SCF24183b
	1158639

{N3767794.5}
5

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF24182b
	1158640
	 
	SCF24318b
	1159018

	SCF24057
	1158996
	 
	SCF24317b
	1159019

	SCF24058
	1158997
	 
	SCF24316b
	1159020

	SCF24060
	1158998
	 
	SCF24315b
	1159021

	SCF24059
	1158999
	 
	SCF24314b
	1159022

	SCF24061
	1159000
	 
	SCF24313b
	1159023

	SCF24063
	1159001
	 
	SCF24312b
	1159024

	SCF24065
	1159002
	 
	SCF24301b
	1159025

	SCF24300b
	1159003
	 
	SCF24066
	1159026

	SCF24302b
	1159004
	 
	SCF24064
	1159027

	SCF24311b
	1159005
	 
	SCF24062
	1159028

	SCF24310b
	1159006
	 
	SCF24320b
	1161592

	SCF24309b
	1159007
	 
	SCF24321b
	1161593

	SCF24308b
	1159008
	 
	SCF24322b
	1161594

	SCF24307b
	1159009
	 
	SCF24323b
	1161595

	SCF24306b
	1159010
	 
	SCF24325b
	1161596

	SCF24305b
	1159011
	 
	SCF24326b
	1161603

	SCF24304b
	1159012
	 
	SCF24324b
	1161604

	SCF24303b
	1159013
	 
	SCF24205
	1162321

	SCF24319b
	1159014
	 
	SCF24203
	1162322

{N3767794.5}
6

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF24201
	1162323
	 
	SCF2501
	1163931

	SCF24208
	1163598
	 
	SCF2574b
	1169702

	SCF24209
	1163601
	 
	SCF2505
	1169707

	SCF24211
	1163602
	 
	SCF2506
	1169708

	SCF24213
	1163603
	 
	SCF2516
	1169713

	SCF24215
	1163605
	 
	SCF2513
	1169716

	SCF24217
	1163606
	 
	SCF26100b
	1182413

	SCF24219
	1163607
	 
	SCF26101b
	1182417

	SCF24214
	1163618
	 
	SCF26102b
	1182418

	SCF24218
	1163619
	 
	SCF26103b
	1182420

	SCF24216
	1163620
	 
	SCF26104b
	1182427

	SCF24220
	1163624
	 
	SCF26000
	1182437

	SCF2500
	1163894
	 
	SCF26001
	1182438

	SCF2571b
	1163897
	 
	SCF26003
	1182440

	SCF2570b
	1163899
	 
	SCF26005
	1182441

	SCF2569b
	1163901
	 
	SCF26006
	1182452

	SCF2561b
	1163914
	 
	SCF26004
	1182453

	SCF2559b
	1163917
	 
	SCF26110b
	1186891

	SCF2553b
	1163925
	 
	SCF26111b
	1186893

	SCF2502
	1163928
	 
	SCF26112b
	1186895

{N3767794.5}
7

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF26113b
	1186896
	 
	SCF26032
	1193456

	SCF26114b
	1186902
	 
	SCF26033
	1193457

	SCF26015
	1186904
	 
	SCF26034
	1193467

	SCF26016
	1186906
	 
	SCF27000
	1194831

	SCF26017
	1186908
	 
	SCF27001
	1194832

	SCF26018
	1186911
	 
	SCF27002
	1194833

	SCF26020
	1186912
	 
	SCF27003
	1194834

	SCF26022
	1186920
	 
	SCF27005
	1194836

	SCF26019
	1186921
	 
	SCF27004
	1194845

	SCF26021
	1187015
	 
	SCF27012
	1194848

	SCF26120b
	1193435
	 
	SCF27013
	1194849

	SCF26121b
	1193436
	 
	SCF27014
	1194850

	SCF26122b
	1193437
	 
	SCF27015
	1194852

	SCF26123b
	1193438
	 
	SCF27017
	1194854

	SCF26125b
	1193439
	 
	SCF27016
	1194863

	SCF26127b
	1193440
	 
	SCF26135b
	1195784

	SCF26126b
	1193450
	 
	SCF26172b
	1195787

	SCF26124b
	1193451
	 
	SCF26173b
	1195788

	SCF26030
	1193453
	 
	SCF26174b
	1195789

	SCF26031
	1193455
	 
	SCF26175b
	1195790

{N3767794.5}
8

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF26176b
	1195791
	 
	SCF27100b
	1206646

	SCF26177b
	1195792
	 
	SCF27101b
	1206647

	SCF26140b
	1195818
	 
	SCF27102b
	1206648

	SCF26141b
	1195819
	 
	SCF27103b
	1206649

	SCF26142b
	1195820
	 
	SCF27104b
	1206650

	SCF26143b
	1195821
	 
	SCF27105b
	1206651

	SCF26144b
	1195822
	 
	SCF27106b
	1206652

	SCF26145b
	1195823
	 
	SCF27107b
	1206653

	SCF26146b
	1195824
	 
	SCF27108b
	1206654

	SCF26147b
	1195825
	 
	SCF27109b
	1206655

	SCF26148b
	1195826
	 
	SCF27110b
	1206656

	SCF26149b
	1195827
	 
	SCF27111b
	1206657

	SCF26136b
	1195828
	 
	SCF27112b
	1206658

	SCF26137b
	1195829
	 
	SCF28100b
	1209620

	SCF26138b
	1195830
	 
	SCF28101b
	1209621

	SCF26139b
	1195831
	 
	SCF28102b
	1209622

	SCF26150b
	1195832
	 
	SCF28103b
	1209623

	SCF26151b
	1195833
	 
	SCF28104b
	1209625

	SCF26152b
	1195834
	 
	SCF28105b
	1209641

	SCF26153b
	1195835
	 
	SCF28106b
	1210119

{N3767794.5}
9

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF28107b
	1210120
	 
	SCF1015b
	1224961

	SCF28108b
	1210121
	 
	SCF1016b
	1224962

	SCF28000
	1210122
	 
	SCF1017b
	1224963

	SCF28001
	1210123
	 
	SCF1018b
	1224964

	SCF28002
	1210124
	 
	SCF1019b
	1224965

	SCF28003
	1210394
	 
	SCF1020b
	1224966

	SCF1001b
	1224947
	 
	SCF1021b
	1224967

	SCF1002b
	1224948
	 
	SCF1022b
	1224968

	SCF1003b
	1224949
	 
	SCF1023b
	1224969

	SCF1004b
	1224950
	 
	SCF1024b
	1224970

	SCF1005b
	1224951
	 
	SCF1025b
	1224971

	SCF1006b
	1224952
	 
	SCF1026b
	1224972

	SCF1007b
	1224953
	 
	SCF11102b
	1231357

	SCF1008b
	1224954
	 
	SCF14101b
	1251209

	SCF1009b
	1224955
	 
	SCF14102b
	1251211

	SCF1010b
	1224956
	 
	SCF14103b
	1251212

	SCF1011b
	1224957
	 
	SCF14104b
	1251213

	SCF1012b
	1224958
	 
	SCF14105b
	1251214

	SCF1013b
	1224959
	 
	SCF14127b
	1251215

	SCF1014b
	1224960
	 
	SCF14106b
	1251216

{N3767794.5}
10

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF14107b
	1251217
	 
	SCF14125b
	1251237

	SCF14108b
	1251218
	 
	SCF14126b
	1251238

	SCF14109b
	1251219
	 
	SCF14128b
	1251239

	SCF14110b
	1251220
	 
	SCF14131b
	1251911

	SCF14111b
	1251221
	 
	SCF14132b
	1251912

	SCF14112b
	1251222
	 
	SCF14133b
	1251913

	SCF14113b
	1251223
	 
	SCF14134b
	1251914

	SCF14114b
	1251224
	 
	SCF14135b
	1251915

	SCF14115b
	1251225
	 
	SCF14136b
	1251916

	SCF14116b
	1251226
	 
	SCF14137b
	1251917

	SCF14117b
	1251227
	 
	SCF14138b
	1251918

	SCF14129b
	1251228
	 
	SCF14139b
	1251919

	SCF14118b
	1251229
	 
	SCF14140b
	1251920

	SCF14119b
	1251230
	 
	SCF14141b
	1251921

	SCF14120b
	1251231
	 
	SCF14142b
	1251922

	SCF14121b
	1251232
	 
	SCF14143b
	1251923

	SCF14122b
	1251233
	 
	SCF14144b
	1251924

	SCF14123b
	1251234
	 
	SCF14145b
	1251925

	SCF14130b
	1251235
	 
	SCF14146b
	1251926

	SCF14124b
	1251236
	 
	SCF14152b
	1251927

{N3767794.5}
11

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF14153b
	1251928
	 
	SCF11108b
	1231363

	SCF14154b
	1251929
	 
	SCF11109b
	1231364

	SCF14155b
	1251930
	 
	SCF11110b
	1231365

	SCF11001
	1231121
	 
	SCF11111b
	1231366

	SCF11002
	1231122
	 
	SCF11112b
	1231367

	SCF11003
	1231123
	 
	SCF11113b
	1231368

	SCF11004
	1231086
	 
	SCF11114b
	1231369

	SCF11005
	1231087
	 
	SCF11115b
	1231370

	SCF11006
	1231088
	 
	SCF11116b
	1231371

	SCF11007
	1231089
	 
	SCF11117b
	1231372

	SCF11008
	1231090
	 
	SCF11118b
	1231373

	SCF11009
	1231091
	 
	SCF11119b
	1231374

	SCF11010
	1231092
	 
	SCF11120b
	1231375

	SCF11011
	1231093
	 
	SCF11121b
	1231376

	SCF11101b
	1231356
	 
	SCF11122b
	1231377

	SCF11103b
	1231358
	 
	SCF11123b
	1231378

	SCF11104b
	1231359
	 
	SCF11124b
	1231379

	SCF11105b
	1231360
	 
	SCF11125b
	1231380

	SCF11106b
	1231361
	 
	SCF11126b
	1231381

	SCF11107b
	1231362
	 
	SCF11127b
	1231382

{N3767794.5}
12

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF11128b
	1231383
	 
	SCF14004
	1253023

	SCF11129b
	1231384
	 
	SCF14005
	1253024

	SCF11130b
	1231385
	 
	SCF14006
	1253025

	SCF11131b
	1231386
	 
	SCF14007
	1253026

	SCF11132b
	1231387
	 
	SCF14008
	1253027

	SCF11133b
	1231388
	 
	SCF14009
	1253028

	SCF11134b
	1231389
	 
	SCF14010
	1253029

	SCF11135b
	1231390
	 
	SCF14011
	1253030

	SCF11136b
	1231391
	 
	SCF14012
	1253031

	SCF11137b
	1231392
	 
	SCF14013
	1253032

	SCF11138b
	1231393
	 
	SCF14014
	1253033

	SCF11139b
	1231394
	 
	SCF16000
	1272983

	SCF11140b
	1231395
	 
	SCF16001
	1272984

	SCF11141b
	1231482
	 
	SCF16002
	1272985

	SCF11142b
	1231483
	 
	SCF16003
	1272986

	SCF11143b
	1231484
	 
	SCF16004
	1272987

	SCF14000
	1253019
	 
	SCF16005
	1272988

	SCF14001
	1253020
	 
	SCF16006
	1272989

	SCF14002
	1253021
	 
	SCF16007
	1272990

	SCF14003
	1253022
	 
	SCF16008
	1272991

{N3767794.5}
13

        

	
					
	Vessel Name
	Official Number
	 
	Vessel Name
	Official Number

	SCF16009
	1272992
	 
	SCF16113b
	1272966

	SCF16010
	1273875
	 
	SCF16114b
	1272967

	SCF16011
	1273876
	 
	SCF16115b
	1272968

	SCF16012
	1273877
	 
	SCF16116b
	1272969

	SCF16013
	1273878
	 
	SCF16117b
	1272970

	SCF16014
	1273879
	 
	SCF16118b
	1272971

	SCF16018
	1273992
	 
	SCF16119b
	1272972

	SCF16100b
	1272953
	 
	SCF16120b
	1272973

	SCF16101b
	1272954
	 
	SCF16121b
	1272974

	SCF16102b
	1272955
	 
	SCF16122b
	1272975

	SCF16103b
	1272956
	 
	SCF16123b
	1272976

	SCF16104b
	1272957
	 
	SCF16124b
	1272977

	SCF16105b
	1272958
	 
	SCF16125b
	1272978

	SCF16106b
	1272959
	 
	SCF16126b
	1272979

	SCF16107b
	1272960
	 
	SCF16127b
	1272980

	SCF16108b
	1272961
	 
	SCF16128b
	1272981

	SCF16109b
	1272962
	 
	SCF16129b
	1272982

	SCF16110b
	1272963
	 
	SCF24082
	1153755

	SCF16111b
	1272964
	 
	SCF24085
	1153752

	SCF16112b
	1272965
	 
	SCF24090
	1153747

	SCF24093
	1155067
	 
	SCF24200
	1158144

{N3767794.5}
14

        

EXHIBIT A TO 
FLEET MORTGAGE
Credit Agreement
 [See attached.]

{N3767794.5}
1

        

EXHIBIT B TO 
FLEET MORTGAGE
Guaranty and Collateral Agreement
 [See attached.]

{N3767794.5}

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]