Document:

d88630_ex-4a.htm

    Exhibit 4.9

     

     

     

    

     

     

    Date 15
April 2008

     

     

    

     

     

    EXCEL
MARITIME CARRIERS LTD.
as
Guarantor

     

     

    - and
-

     

     

    FORTIS
BANK (NEDERLAND) N.V.
as
Bank

     

     

    

     

    
      

       

      GUARANTEE

       

      

    

     

    relating
to a Master Agreement

    dated 19
July 2006

    (as
amended)

     

     

    

     

     

    

     

     

    

     

     

    

     

     

    CONSTANT
& CONSTANT

    2,
Defteras Merarchias

    185 35
Piraeus

    Greece

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    INDEX

    
       

       

      
        
          	
                  Clause

                	
                   

                	
                  Page

                

        

         

      

    

    
      	
              1.

            	
              INTERPRETATION 

            	
              1

            

    

     

    
      	
              2.

            	
              GUARANTEE 

            	
              2

            

    

     

    
      	
              3.

            	
              LIABILITY
      AS PRINCIPAL AND INDEPENDENT DEBTOR 

            	
              3

            

    

     

    
      	
              4.

            	
              EXPENSES 

            	
              3

            

    

     

    
      	
              5.

            	
              ADJUSTMENT
      OF TRANSACTIONS 

            	
              3

            

    

     

    
      	
              6.

            	
              PAYMENTS 

            	
              4

            

    

     

    
      	
              7.

            	
              INTEREST 

            	
              4

            

    

     

    
      	
              8.

            	
              SUBORDINATION 

            	
              4

            

    

     

    
      	
              9.

            	
              ENFORCEMENT 

            	
              4

            

    

     

    
      	
              10.

            	
              REPRESENTATIONS
      AND WARRANTIES 

            	
              5

            

    

     

    
      	
              11.

            	
              UNDERTAKINGS 

            	
              6

            

    

     

    
      	
              12.

            	
              JUDGMENTS
      AND CURRENCY INDEMNITY 

            	
              7

            

    

     

    
      	
              13.

            	
              SET-OFF 

            	
              7

            

    

     

    
      	
              14.

            	
              SUPPLEMENTAL 

            	
              8

            

    

     

    
      	
              15.

            	
              ASSIGNMENT 

            	
              9

            

    

     

    
      	
              16.

            	
              NOTICES 

            	
              9

            

    

     

    
      	
              17.

            	
              INVALIDITY
      OF MASTER AGREEMENT 

            	
              9

            

    

     

    
      	
              18.

            	
              GOVERNING
      LAW AND JURISDICTION 

            	
              10

            

    

    
       

      
        	
                18.

              	
                

                  EXECUTION
      PAGE

                

              	
                11

              

      

       

    

    
    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS
GUARANTEE is made on 15 April 2008

     

    1
BETWEEN

     

    
      	
              (1)  

            	
              EXCEL
      MARITIME CARRIERS LTD., a company incorporated in Liberia whose registered
      office is at 80 Broad Street, Monrovia, Liberia (the “Guarantor”);
      and

            

    

     

    
      	
              (2)  

            	
              FORTIS
      BANK (NEDERLAND) N.V., acting through its office at Coolsingel 93, 3012 AE
      Rotterdam, The Netherlands (the “Bank” which expression includes its
      successors and assigns).

            

    

     

    ‘BACKGROUND

     

    
      	
              (A)  

            	
              By
      a master agreement (on the 1992 1SDA Master Agreement
      (Multicurrency­Crossborder) form and including the Schedule thereto)
      dated 19 July 2006 (as amended by a supplement thereto dated 15 April
      2008, together the “Master Agreement”) entered into between (i) the
      companies named therein (together, the “Companies”) and (ii) the Bank, it
      was agreed that the Bank would enter into Transactions (as defined
      therein) with the Companies from time to time to (inter alia) hedge the
      Companies’ exposure to interest rate fluctuations under a loan agreement
      dated 19 July 2006 (as amended) made between (i) the Companies as joint
      and several borrowers, (ii) the banks and financial institutions named
      therein as lenders, (iii) the Bank as agent and security trustee and (iv)
      the entities named therein as lead arrangers, co-arrangers, underwriter
      and sole bookrunner.  As of the date hereof, the Companies are
      indebted to the Bank under the Master Agreement in the principal amount of
      US$90,000,000.

            

    

     

    
      	
              (B)  

            	
              Pursuant
      to a merger and acquisition agreement dated 29 January 2008 (and amended
      on 7 February 2008), the Companies have become wholly owned Subsidiaries
      of the Guarantor.

            

    

     

    
      	
              (C)  

            	
              The
      Guarantor has agreed to execute this Guarantee as security for the
      obligations of the Companies under the Master
  Agreement.

            

    

     

    IT IS
AGREED as follows:

     

    1. INTERPRETATION

     

    
      	
              1.1  

            	
              Defined
      expressions.  Words and expressions defined in the Master
      Agreement shall have the same meanings when used in this Guarantee unless
      the context otherwise requires.

            

    

     

    
      	
              1.2  

            	
              Construction
      of certain terms.  In this
Guarantee:

            

    

     

    “bankruptcy”
includes a liquidation, receivership or administration and any form of
suspension of payments, arrangement with creditors or reorganisation under any
corporate or insolvency law of any country;

     

    “Event of
Default” and “Termination Event” shall have the meanings given to them in the
Master Agreement;

     

    “Equity
Interests” means, with respect to any Person, shares of equity interests of (or
of membership interests or other ownership or profit interests in) such Person,
warrants, options or other rights for the purchase or other acquisition from
such Person of shares of equity interests of (or of membership interests or
other ownership or profit interests in) such Person, securities convertible into
or exchangeable for shares of equity interests of (or of membership interests or
other ownership or profit interests in) such Person or warrants, rights or
options for the purchase or other acquisition from such Person of such shares
(or of membership interests or such other interests), and other ownership or
profit interests in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or
not such shares, warrants, options, rights or other interests are authorized or
otherwise existing on any date of determination;

     

    “Master
Agreement” means the master agreement dated 19 July 2006 (as amended) referred
to in Recital (A) and includes any existing or future amendments or supplements,
whether made with the Guarantor’s consent or otherwise;

     

    “Person”
means an individual, partnership, corporation (including a business trust),
joint stock company, trust, unincorporated association, joint venture, limited
liability company or other entity of whatever nature, or a governmental
authority;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Security
Interest” means:

     

    
      	
              (a)  

            	
              a
      mortgage, charge (whether fixed or floating) or pledge, any maritime or
      other lien or any other security interest of any
  kind;

            

    

     

    
      	
              (b)  

            	
              the
      rights of the plaintiff under an action in rem in which the
      vessel concerned has been arrested or a writ has been issued or similar
      step taken; and

            

    

     

    
      	
              (c)  

            	
              any
      arrangement entered into by a person (A) the effect of which is to place
      another person (B) in position which is similar, in economic terms, to the
      position in which B would have been had he held a security interest over
      an asset of A; but (c) does not apply to a right of set off or combination
      of accounts conferred by the standard terms of business of a bank or
      financial institution; and

            

    

     

    “Subsidiaries”_
means any corporation, partnership, joint venture, limited liability company,
trust or estate or other entity of which (or in which) more than 50% of (a) the
issued and outstanding Equity Interests or other ownership interests having
ordinary voting power to elect a majority of the board of directors or a
majority of other equivalent managers of such corporation, partnership or other
entity are at the time owned, or the management of which is otherwise
controlled, directly or indirectly through one or more intermediaries, or both,
by such Person (irrespective of whether at the time Equity Interests of any
other class or classes of such corporation shall or might have voting power upon
the occurrence of any contingency), or (b) the interest in the capital or
profits of such limited liability company, partnership or joint venture, or (c)
the beneficial interest in such trust or estate, is at the time directly or
indirectly owned or controlled by such Person, by such Person and one or more of
its other Subsidiaries or by one or more of such Person’s other
Subsidiaries.

     

    2. GUARANTEE

     

    
      	
              2.1  

            	
              Guarantee
      and indemnity.  The Guarantor unconditionally and
      irrevocably:

            

    

     

    
      	
              (a)  

            	
              guarantees
      the due payment of all amounts payable by the Companies (or any of them)
      under or in connection with the Master
  Agreement;

            

    

     

    
      	
              (b)  

            	
              undertakes
      to pay to the Bank, on the Bank’s demand, any such amount which is not
      paid by the Companies (or any of them) when payable;
  and

            

    

     

    
      	
              (c)  

            	
              fully
      indemnifies the Bank on its demand in respect of all claims, expenses,
      liabilities and losses *hich are made or brought against or incurred by
      the Bank as a result of or in connection with any obligation or liability
      guaranteed by the Guarantor being or becoming unenforceable, invalid, void
      or illegal; and the amount recoverable under this indemnity shall be equal
      to the amount which the Bank would otherwise have been entitled to
      recover.

            

    

     

    
      	
              2.2  

            	
              No
      limit on number of demands.  The Bank may serve more than one
      demand under Clause 2.1.

            

    

     

    3. LIABILITY
AS PRINCIPAL AND INDEPENDENT DEBTOR

     

    
      	
              3.1  

            	
              Principal
      and independent debtor.  The Guarantor shall be liable under
      this Guarantee as a principal and independent debtor and accordingly it
      shall not have, as regards this Guarantee, any of the rights or defences
      of a surety.

            

    

     

    
      	
              3.2  

            	
              Waiver
      of rights and defences.  Without limiting the generality of
      Clause 3.1, the Guarantor shall neither be discharged by, nor have any
      claim against the Bank in respect
of:

            

    

     

    
      	
              (a)  

            	
              any
      amendment or supplement being made to the Master
  Agreement;

            

    

     

    
      	
              (b)  

            	
              any
      arrangement or concession (including a rescheduling or acceptance of
      partial payments) relating to, or affecting, the Master
      Agreement;

            

    

     

    
      	
              (c)  

            	
              any
      release or loss (even though negligent) of any right created by the Master
      Agreement;

            

    

     

    
      	
              (d)  

            	
              any
      failure (even though negligent) promptly or properly to exercise or
      enforce any such right; or

            

    

     

    
      	
              (e)  

            	
              the
      Master Agreement now being or later becoming void, unenforceable, illegal
      or invalid or otherwise defective for any
  reason.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. EXPENSES

     

    
      	
              4.1  

            	
              Costs
      of preservation of rights, enforcement etc.  The Guarantor shall
      pay to the Bank on its demand the amount of all expenses incurred by the
      Bank in connection with any matter arising out of this Guarantee or any
      Security Interest connected with it, including any advice, claim or
      proceedings relating to this Guarantee or such a security
      interest.

            

    

     

    
      	
              4.2  

            	
              Fees
      and expenses payable under Master Agreement.  Clause 4.1 is
      without prejudice to the Guarantor’s liabilities in respect of the
      Companies’ obligations under clause 11 of the Master Agreement
      (Expenses).

            

    

     

    5. ADJUSTMENT
OF TRANSACTIONS

     

    
      	
              5.1  

            	
              Reinstatement
      of obligation to pay.  The Guarantor shall pay to the Bank on
      its demand any amount which the Bank is required, or agrees, to pay
      pursuant to any claim by, or settlement with, a trustee in bankruptcy (or
      similar person) of the Companies (or any of them) on the ground that the
      Master Agreement, or a payment by the Companies (or any of them), was
      invalid or on any similar ground.

            

    

     

    6. PAYMENTS

     

    
      	
              6.1  

            	
              Method
      of payments.  Any amount due under this Guarantee shall be
      paid:

            

    

     

    
      	
              (a)  

            	
              in
      immediately available funds;

            

    

     

    
      	
              (b)  

            	
              to
      such account as the Bank may from time to time notify to the
      Guarantor;

            

    

     

    
      	
              (c)  

            	
              without
      any form of set-off, cross-claim or condition;
  and

            

    

     

    
      	
              (d)  

            	
              free
      and clear of any tax deduction except a tax deduction which the Guarantor
      is required by law to make.

            

    

     

    
      	
              6.2  

            	
              Grossing-up
      for taxes.  If the Guarantor is required by law to make a tax
      deduction, the amount due to the Bank shall be increased by the amount
      necessary to ensure that the Bank receives and retains a net amount which,
      after the tax deduction, is equal to the full amount that it would
      otherwise have received.

            

    

     

    7. INTEREST

     

    
      	
              7.1  

            	
              Accrual
      of interest.  Any amount due under this Guarantee shall carry
      interest after the second business day following the date on which the
      Bank demands payment of it until it is actually paid, unless interest on
      that same amount also accrues under the Master
  Agreement.

            

    

     

    
      	
              7.2  

            	
              Calculation
      of interest.  Interest under this Guarantee shall be calculated
      and accrue in the same way as interest under the Master Agreement, and for
      the avoidance of doubt it is confirmed that this Guarantee covers all
      interest payable under the Master
Agreement.

            

    

     

    8. SUBORDINATION

     

    
      	
              8.1  

            	
              Subordination
      of rights of Guarantor.  All rights which the Guarantor at any
      time has (whether in respect of this Guarantee or any other transaction)
      against the Companies (or any of them) or their respective assets shall be
      fully subordinated to the rights of the Bank under the Master Agreement;
      and in particular, the Guarantor shall
not:

            

    

     

    
      	
              (a)  

            	
              claim,
      or in a bankruptcy of the Companies (or any of them) prove for, any amount
      payable to the Guarantor by the Companies (or any of them), whether in
      respect of this Guarantee or any other
  transaction;

            

    

     

    
      	
              (b)  

            	
              take
      or enforce any Security Interest for any such
  amount;

            

    

     

    
      	
              (c)  

            	
              claim
      to set-off any such amount against any amount payable by the Guarantor to
      the Companies (or any of them); or

            

    

     

    
      	
              (d)  

            	
              claim
      any subrogation or other right in respect of the Master Agreement or any
      sum received or recovered by the Bank under the Master
      Agreement.

            

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    9. ENFORCEMENT

     

    
      	
              9.1  

            	
              No
      requirement to commence proceedings against Companies.  The Bank
      will not need to commence any proceedings under, or enforce any Security
      Interest created by, the Master Agreement before claiming or commencing
      proceedings under this Guarantee.

            

    

     

    
      	
              9.2  

            	
              Conclusive
      evidence of certain matters.  However, as against the
      Guarantor:

            

    

     

    
      	
              (a)  

            	
              any
      judgment or order of a court in England or the Marshall Islands in
      connection with the Master Agreement;
and

            

    

     

    
      	
              (b)  

            	
              any
      statement or admission of the Companies (or any of them) in connection
      with the Master Agreement,

            

    

     

    shall be
binding and conclusive as to all matters of fact and law to which it
relates.

     

    
      	
              9.3  

            	
              Suspense
      account.  The Bank may, for the purpose of claiming or proving
      in a bankruptcy of the Companies (or any of them), place any sum received
      or recovered under or by virtue of this Guarantee or any Security Interest
      connected with it on a separate suspense or other nominal account without
      applying it in satisfaction of the obligations of the Companies (or any of
      them) under the Master Agreement.

            

    

     

    10. REPRESENTATIONS
AND WARRANTIES

     

    
      	
              10.1  

            	
              General.  The
      Guarantor represents and warrants to the Bank as
  follows.

            

    

     

    
      	
              10.2  

            	
              Status.  The
      Guarantor is duly incorporated and validly existing and in good standing
      under the laws of the Republic of
Liberia.

            

    

     

    
      	
              10.3  

            	
              Corporate
      power.  The Guarantor has the corporate capacity, and has taken
      all corporate action and obtained all consents necessary for
      it:

            

    

     

    
      	
              (a)  

            	
              to
      execute this Guarantee; and

            

    

     

    
      	
              (b)  

            	
              to
      make all the payments contemplated by, and to comply with, this
      Guarantee.

            

    

     

    
      	
              10.4  

            	
              Consents
      in force.  All the consents referred to in Clause 10.3 remain in
      force and nothing has occurred which makes any of them liable to
      revocation.

            

    

     

    
      	
              10.5  

            	
              Legal
      validity.  This Guarantee constitutes the Guarantor’s legal,
      valid and binding obligations enforceable against the Guarantor in
      accordance with its terms subject to any relevant insolvency laws
      affecting creditors’ rights
generally.

            

    

     

    
      	
              10.6  

            	
              No
      conflicts.  The execution by the Guarantor of this Guarantee and
      its compliance with this Guarantee will not involve or lead to a
      contravention of:

            

    

     

    
      	
              (a)  

            	
              any
      law or regulation; or

            

    

     

    
      	
              (b)  

            	
              the
      constitutional documents of the Guarantor;
or

            

    

     

    
      	
              (c)  

            	
              any
      contractual or other obligation or restriction which is binding on the
      Guarantor or any of its assets.

            

    

     

    
      	
              10.7  

            	
              No
      withholding taxes.  All payments which the Guarantor is liable
      to make under this Guarantee may be made without deduction or withholding
      for or on account of any tax payable under any law of any pertinent
      jurisdiction.

            

    

     

    
      	
              10.8  

            	
              No
      default.  To the knowledge of the Guarantor, no Event of Default
      or Termination Event has occurred and is
  continuing.

            

    

    
      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

    

    
      	
              10.9  

            	
              Information.  All
      information which has been provided in writing by or on behalf of the
      Guarantor to the Bank in connection with this Guarantee satisfied the
      requirements of Clause 11.2; all audited and unaudited accounts which have
      been so provided satisfied the requirements of Clause 11.4; and there has
      been no material adverse change in the financial position or state of
      affairs of the Guarantor from that disclosed in the latest of those
      accounts.

            

    

     

    
      	
              10.10  

            	
              No
      litigation.  No legal or administrative action involving the
      Guarantor has been commenced or taken or, to the Guarantor’s knowledge, is
      likely to be commenced or taken which, in either case, would be likely to
      have a material adverse effect on the Guarantor’s financial position or
      profitability.

            

    

     

    11. UNDERTAKINGS

     

    
      	
              11.1  

            	
              General.  The
      Guarantor undertakes with the Bank to comply with the following provisions
      of this Clause II at all times whilst any moneys remain outstanding under
      the Master Agreement, except as the Bank may otherwise
    permit.

            

    

     

    
      	
              11.2  

            	
              Information
      provided to be accurate.  All financial and other information
      which is provided in writing by or on behalf of the Guarantor under or in
      connection with this Guarantee will be true and not misleading and will
      not omit any material fact or
consideration.

            

    

     

    
      	
              11.3  

            	
              Provision
      of financial statements.  The Guarantor will send to the
      Bank:

            

    

     

    
      	
              (a)  

            	
              As
      soon as available and in any event within 120 days after the end of each
      fiscal year of the Guarantor, the audited consolidated accounts of the
      Guarantor and its Subsidiaries and audited individual accounts of the
      Guarantor;

            

    

     

    
      	
              (b)  

            	
              As
      soon as available and in any event within 60 days after the end of each
      quarter during each fiscal year of the Guarantor unaudited consolidated
      accounts of the Guarantor and its Subsidiaries and unaudited individual
      accounts of the Guarantor certified as to their correctness by the chief
      financial officer of the Guarantor.

            

    

     

    The
delivery requirements of the Guarantor under Clauses 11.3(a) and (b) shall be
deemed satisfied to the extent filings satisfying such requirement are made with
the SEC.

     

    
      	
              11.4  

            	
              Form
      of financial statements.  All accounts (audited and unaudited)
      delivered under Clause 11.3 will:

            

    

     

    
      	
              (a)  

            	
              be
      prepared in accordance with all applicable laws and generally accepted
      accounting principles consistently
applied;

            

    

     

    
      	
              (b)  

            	
              give
      a true and fair view of the state of affairs of the Guarantor and its
      Subsidiaries at the date of those accounts and of their profit for the
      period to which those accounts relate;
and

            

    

     

    
      	
              (c)  

            	
              fully
      disclose or provide for all significant liabilities of the Guarantor and
      its Subsidiaries.

            

    

     

    
      	
              11.5  

            	
              Consents.  The
      Guarantor will maintain in force and promptly obtain or renew, and will
      promptly send certified copies to the Bank of, all consents
      required:

            

    

     

    
      	
              (a)  

            	
              for
      the Guarantor to perform its obligations under this
    Guarantee;

            

    

     

    
      	
              (b)  

            	
              for
      the validity or enforceability of this Guarantee; and
  the

            

    

     

    Guarantor
will comply with the terms of all such consents.

     

    
      	
              11.6  

            	
              Notification
      of litigation.  The Guarantor will provide the Bank with details
      of any legal or administrative action involving the Guarantor as soon as
      such action is instituted or it becomes apparent to the Guarantor that it
      is likely to be instituted, unless it is clear that the legal or
      administrative action cannot be considered material in the context of this
      Guarantee.

            

    

    
      
        
           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

      

    

    
      	
              11.7  

            	
              Notification
      of default.  The Guarantor will notify the Bank as soon as the
      Guarantor becomes aware of:

            

    

     

    
      	
              (a)  

            	
              the
      occurrence of an Event of Default or a Termination Event;
    or

            

    

     

    
      	
              (b)  

            	
              any
      matter which indicates that an Event of Default or a Termination Event may
      have occurred;

            

    

     

    and will
thereafter keep the Bank fully up-to-date with all developments.

     

    
      	
              11.8  

            	
              Maintenance
      of status.  The Guarantor will maintain its separate corporate
      existence and remain in good standing under the laws of the Republic of
      Liberia.

            

    

    
      
         

      

    

    12. JUDGMENTS
AND CURRENCY INDEMNITY

     

    
      	
              12.1  

            	
              Judgments
      relating to Master Agreement.  This Guarantee shall cover any
      amount payable by the Companies (or any of them) under or in connection
      with any judgment relating to the Master
  Agreement.

            

    

     

    
      	
              12.2  

            	
              Currency
      indemnity.  In addition, clause 8 (Contractual Currency) of the
      Master Agreement shall apply, with any necessary adaptations, in relation
      to this Guarantee.

            

    

     

    13. SET-OFF

     

    
      	
              13.1  

            	
              Application
      of credit balances.  The Bank may without prior
      notice:

            

    

     

    
      	
              (a)  

            	
              apply
      any balance (whether or not then due) which at any time stands to the
      credit of any account in the name of the Guarantor at any office in any
      country of the Bank in or towards satisfaction of any sum then due from
      the Guarantor to the Bank under this Guarantee;
  and

            

    

     

    
      	
              (b)  

            	
              for
      that purpose:

            

    

     

    
      	
              (i)  

            	
              break,
      or alter the maturity of, all or any part of a deposit of the
      Guarantor;

            

    

     

    
      	
              (ii)  

            	
              convert
      or translate all or any part of a deposit or other credit balance into
      Dollars;

            

    

     

    
      	
              (iii)  

            	
              enter
      into any other transaction or make any entry with regard to the credit
      balance which the Bank considers
appropriate.

            

    

     

    
      	
              13.2  

            	
              Existing
      rights unaffected.  The Bank shall not be obliged to exercise
      any of its rights under Clause 13.1; and those rights shall be without
      prejudice and in addition to any right of set-off, combination of
      accounts, charge, lien or other right or remedy to which the Bank is
      entitled (whether under the general law or any
  document).

            

    

     

    14. SUPPLEMENTAL

     

    
      	
              14.1  

            	
              Continuing
      guarantee.  This Guarantee shall remain in force as a continuing
      security at all times whilst any moneys remain outstanding under the
      Master Agreement

            

    

     

    
      	
              14.2  

            	
              Rights
      cumulative, non-exclusive.  The Bank’s rights under and in
      connection with this Guarantee are cumulative, may be exercised as often
      as appears expedient and shall not be taken to exclude or limit any right
      or remedy conferred by law.

            

    

     

    
      	
              14.3  

            	
              No
      impairment of rights under Guarantee.  If the Bank omits to
      exercise, delays in exercising or invalidly exercises any of its rights
      under this Guarantee, that shall not impair that or any other right of the
      Bank under this Guarantee.

            

    

     

    
      	
              14.4  

            	
              Severability
      of provisions.  If any provision of this Guarantee is or
      subsequently becomes void, illegal, unenforceable or otherwise invalid,
      that shall not affect the validity, legality or enforceability of its
      other provisions.

            

    

    
      
        
           

          
            	
                    14.5  

                  	
                    Guarantee
      not affected by other security.  This Guarantee shall not
      impair, nor be impaired by, any other guarantee, any Security Interest or
      any right of set-off or netting or to combine accounts which the Bank may
      now or later hold in connection with the Master
  Agreement.

                  

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

    

    
      	
              14.6  

            	
              Guarantor
      bound by Master Agreement.  The Guarantor agrees with the Bank
      to be bound by all provisions of the Master Agreement which are applicable
      to the Companies in the same way as if those provisions had been set out
      (with any necessary modifications) in this
  Guarantee.

            

    

     

    
      	
              14.7  

            	
              Applicability
      of provisions of Guarantee to other Security Interests.  Any
      Security Interest which the Guarantor creates (whether at the time at
      which it signs this Guarantee or at any later time) to secure any
      liability under this Guarantee shall be a principal and independent
      security, and Clauses 3 and 17 shall, with any necessary modifications,
      apply to it, notwithstanding that the document creating the Security
      Interest neither describes it as a principal or independent security nor
      includes provisions similar to Clauses 3 and
17.

            

    

     

    
      	
              14.8  

            	
              Applicability
      of provisions of Guarantee to other rights.  Clauses 3 and 17
      shall also apply to any right of set-off or netting or to combine accounts
      which the Guarantor creates by an agreement entered into at the time of
      this Guarantee or at any later time (notwithstanding that the agreement
      does not include provisions similar to Clauses 3 and 17), being an
      agreement referring to this
Guarantee.

            

    

     

    
      	
              14.9  

            	
              Third
      party rights.  A person who is not a party to this Guarantee has
      no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
      or to enjoy the benefit of any term of this
  Guarantee.

            

    

     

    15. ASSIGNMENT

     

    
      	
              15.1  

            	
              Assignment
      by Bank.  The Bank may assign its rights under and in connection
      with this

            

    

     

    
      	
               
      

            	
              Guarantee
      to the same extent as it may assign its rights under the Master
      Agreement.

            

    

     

    16. NOTICES

     

    
      	
              16.1  

            	
              Notices
      to Guarantor.  Any notice or demand to the Guarantor under or in
      connection with this Guarantee shall be given by letter or fax
      at:

            

    

     

    Par La
Ville Place
14
Par-La-Ville Road
Hamilton
HM JX
Bermuda
Attn:
Elefterios Papatriphon
Fax No:
+30 210 620 9528

     

    or to
such other address which the Guarantor may notify to the Bank.

     

    
      	
              16.2  

            	
              Validity
      of demands.  A demand under this Guarantee shall be valid
      notwithstanding that it is served:

            

    

     

    
      	
              (a)  

            	
              on
      the date on which the amount to which it relates is payable by the
      Companies (or any of them) under the Master
  Agreement;

            

    

     

    
      	
              (b)  

            	
              at
      the same time as the service of a notice under the Master
      Agreement;

            

    

     

    and a
demand under this Guarantee may refer to all amounts payable under or in
connection with the Master Agreement without specifying a particular sum or
aggregate sum.

     

    
      	
              16.3  

            	
              Notices
      to Bank.  Any notice to the Bank under or in connection with
      this Guarantee shall be sent to the same address and in the same manner as
      notices to the Bank under the Master
Agreement.

            

    

     

    17. INVALIDITY
OF MASTER AGREEMENT

     

    
      	
              17.1  

            	
              Invalidity
      of Master Agreement.  In the event
of:

            

    

     

    
      	
              (a)  

            	
              the
      Master Agreement now being or later becoming, with immediate or
      retrospective effect, void, illegal, unenforceable or otherwise invalid
      for any other reason whatsoever, whether of a similar kind or not;
      or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              (b)  

            	
              without
      limiting the scope of paragraph (a), a bankruptcy of the Companies (or any
      of them), the introduction of any law or any other matter resulting in the
      Companies (or any of them) being discharged from liability under the
      Master Agreement, or the Master Agreement ceasing to operate (for example,
      by interest ceasing to accrue);

            

    

     

    this
Guarantee shall cover any amount which would have been or become payable under
or in connection with the Master Agreement if the Master Agreement had been and
remained entirely valid, legal and enforceable, or the Companies (or any of
them) had not suffered bankruptcy, or any combination of such events or
circumstances, as the case may be, and the Companies (or any of them) had
remained fully liable under it for liabilities whether invalidly incurred or
validly incurred but subsequently retrospectively invalidated; and references in
this Guarantee to amounts payable by the Companies (or any of them) under or in
connection with the Master Agreement shall include references to any amount
which would have so been or become payable as aforesaid.

     

    18. GOVERNING
LAW AND JURISDICTION

     

    
      	
              18.1  

            	
              English
      law.  This Guarantee shall be governed by, and construed in
      accordance with, English law.

            

    

     

    
      	
              18.2  

            	
              Exclusive
      English jurisdiction.  Subject to Clause 18.3, the courts of
      England shall have exclusive jurisdiction to settle any disputes which may
      arise out of or in connection with this
  Guarantee.

            

    

     

    
      	
              18.3  

            	
              Choice
      of forum for the exclusive benefit of the Bank.  Clause 18.2 is
      for the exclusive benefit of the Bank, which reserves the
      rights:

            

    

     

    
      	
              (a)  

            	
              to
      commence proceedings in relation to any matter which arises out of or in
      connection with this Guarantee in the courts of any country other than
      England and which have or claim jurisdiction to that matter;
      and

            

    

     

    
      	
              (b)  

            	
              to
      commence such proceedings in the courts of any such country or countries
      concurrently with or in addition to proceedings in England or without
      commencing proceedings in England.

            

    

     

    The
Guarantor shall not commence any proceedings in any country other than England
in relation to a matter which arises out of or in connection with this
Guarantee.

     

    
      	
              18.4  

            	
              Process
      agent.  The Guarantor irrevocably appoints Saville & Co. at
      its registered office for the time being, presently at One Carey Lane,
      London EC2V 8AE, England, to act as its agent to receive and accept on its
      behalf any process or other document relating to any proceedings in the
      English courts which are connected with this
  Guarantee.

            

    

     

    
      	
              18.5  

            	
              Bank’s
      rights unaffected.  Nothing in this Clause 18 shall exclude or
      limit any right which the Bank may have (whether under the law of any
      country, an international convention or otherwise) with regard to the
      bringing of proceedings, the service of process, the recognition or
      enforcement of a judgment or any similar or related matter in any
      jurisdiction.

            

    

     

    
      	
              18.6  

            	
              Meaning
      of “proceedings”.  In this Clause 18, “proceedings” means
      proceedings of any kind, including an application for a provisional or
      protective measure.

            

    

     

    THIS
GUARANTEE has been entered into on the date stated at the beginning of this
Guarantee.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTION
PAGE

     

    
      	
              GUARANTOR

               

            	 
      
	
              SIGNED
      by                                           
      )

              for
      and on behalf
      of                             )

              EXCEL
      MARITIME                             )

              CARRIERS
      LTD.                                  )

              in
      the presence
      of:                               )

               

               

               

            	 
      
	
              BANK

               

            	 
      
	
              SIGNED
      by

              for
      and on behalf of

              FORTIS
      BANK

              (NEDERLAND)
      N.V.

              In
      the presence of:

               

            	 
      

    

    

     

    

     

    

     

    

     

    

    SK 02545
0001 884630d884627_ex-4.htm

    Exhibit 4.11

     

     

    
      	
              Execution
      Version

            
	 
      
	 
      

    

     

    US
$1,400,000,000 SENIOR SECURED CREDIT FACILITY

     

    Dated as
of April 15, 2008

     

    Among

     

    EXCEL
MARITIME CARRIERS LTD.

     

    as Borrower

     

    and

     

    THE
INITIAL LENDERS NAMED HEREIN

     

    as Initial
Lenders

     

    and

     

    NORDEA
BANK FINLAND PLC, LONDON BRANCH

     

    as Administrative
Agent and Issuing
Bank

     

    and

    NORDEA
BANK FINLAND PLC, LONDON BRANCH, DVB BANK AG, DEUTSCHE BANK AG

    FILIALE
DEUTSCHLANDGESCHÄFT, GENERAL ELECTRIC CAPITAL CORPORATION

    AND
HSH NORDBANK AG

     

    as Lead
Arrangers

     

    and

     

    NATIONAL
BANK OF GREECE S.A., CREDIT SUISSE AND FORTIS BANK

     

    as Co-Arrangers

     

    and

    NORDEA
BANK FINLAND PLC, LONDON BRANCH, AND DEUTSCHE BANK AG FILIALE

    DEUTSCHLANDGESCHÄFT

     

    as Book Runners

    
      	 
      
	 
      
	 
      

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            TABLE
OF CONTENTS

            

            Page

             

          

        

      

    

    
    

    
      	
            	 ARTICLE
      I    DEFINITIONS AND
      ACCOUNTING TERMS	
                  1

            

    

     

    
      	
               
      

            	
              Section
      1.01.

            	
              Certain
      Defined Terms 

            	
              1

            

    

    
      	
               
      

            	
              Section
      1.02.

            	
              Interpretation 

            	
              18

            

    

    
      	
               
      

            	
              Section
      1.03.

            	
              Computation
      of Time Periods 

            	
              18

            

    

    
      	
               
      

            	
              Section
      1.04.

            	
              Accounting
      Terms 

            	
              18

            

    

     

     

    
    

    
      
        	
              	 ARTICLE
      II    AMOUNTS AND
      TERMS OF THE ADVANCES	
                    18

              

      

       

    

    
      	
               
      

            	
              Section
      2.01.

            	
              Term
      Loan Advances; Revolving Credit Advances 

            	
              18

            

    

    
      	
               
      

            	
              Section
      2.02.

            	
              Making
      the Advances 

            	
              18

            

    

    
      	
               
      

            	
              Section
      2.03.

            	
              Fees 

            	
              19

            

    

    
      	
               
      

            	
              Section
      2.04.

            	
              Interest 

            	
              20

            

    

    
      	
               
      

            	
              Section
      2.05.

            	
              Evidence
      of Debt 

            	
              20

            

    

    
      	
               
      

            	
              Section
      2.06.

            	
              Scheduled
      Repayment of Advances 

            	
              20

            

    

    
      	
               
      

            	
              Section
      2.07.

            	
              Termination
      or Reduction of the Revolving Credit Commitments 

            	
              21

            

    

    
      	
               
      

            	
              Section
      2.08.

            	
              Optional
      Prepayments 

            	
              22

            

    

    
      	
               
      

            	
              Section
      2.09.

            	
              Mandatory
      Prepayments 

            	
              22

            

    

    
      	
               
      

            	
              Section
      2.10.

            	
              Increased
      Costs 

            	
              23

            

    

    
      	
               
      

            	
              Section
      2.11.

            	
              Illegality 

            	
              23

            

    

    
      	
               
      

            	
              Section
      2.12.

            	
              Payments
      and Computations 

            	
              24

            

    

    
      	
               
      

            	
              Section
      2.13.

            	
              Taxes 

            	
              25

            

    

    
      	
               
      

            	
              Section
      2.14.

            	
              Sharing
      of Payments, Etc 

            	
              26

            

    

    
      	
               
      

            	
              Section
      2.15.

            	
              Use
      of Proceeds 

            	
              27

            

    

    
      	
               
      

            	
              Section
      2.16.

            	
              Issuance
      of and Drawings and Reimbursement under Letters of
      Credit 

            	
              27

            

    

    
      	
               
      

            	
              Section
      2.17.

            	
              Mitigation 

            	
              31

            

    

     

     

    
    

    
      	
            	 ARTICLE
      III    CONDITIONS
      PRECEDENT TO LENDING	
                  31

            

       

    

    
      	
               
      

            	
              Section
      3.01.

            	
              Conditions
      Precedent on the Closing Date 

            	
              31

            

    

    
      	
               
      

            	
              Section
      3.02.

            	
              Conditions
      Precedent to Each Revolving Credit Advance and Issuance Subsequent to the
      Closing Date 

            	
              37

            

    

     

     

    
    

    
      
        
          	
                	 ARTICLE
      IV    REPRESENTATIONS
      AND WARRANTIES	
                      37

                

        

         

      

    

    
      	
               
      

            	
              Section
      4.01.

            	
              Representations
      and Warranties of the Borrower 

            	
              37

            

    

     

     

    
    

    
      
        
          	
                	 ARTICLE
      V    COVENANTS OF
      THE BORROWER	
                      42

                

        

         

      

    

    
      	
               
      

            	
              Section
      5.01.

            	
              Affirmative
      Covenants 

            	
              42

            

    

    
      	
               
      

            	
              Section
      5.02.

            	
              Negative
      Covenants 

            	
              48

            

    

    
      	
               
      

            	
              Section
      5.03.

            	
              Reporting
      Requirements 

            	
              52

            

    

    
      	
               
      

            	
              Section
      5.04.

            	
              Financial
      Covenants 

            	
              54

            

    

     

     

    
    

    
      
        
          	
                	 ARTICLE
      VI    EVENTS OF
      DEFAULT	
                      55

                

        

         

      

    

    
      	
               
      

            	
              Section
      6.01.

            	
              Events
      of Default 

            	
              55

            

    

    
      	
               
      

            	
              Section
      6.02.

            	
              Actions
      in Respect of the Letters of Credit upon Default 

            	
              57

            

    

    
      	
               
      

            	
              Section
      6.03.

            	
              Remedies 

            	
              58

            

    

    
      	
               
      

            	
              Section
      6.04.

            	
              Application
      of Proceeds 

            	
              58

            

    

     

    

    
      
        
          
            
              	 
      	
                      -i-

                    	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

          
            TABLE
OF CONTENTS

            (continued)

            Page

             

          

        

      

    

    
    

    
      
        
          	
                	 ARTICLE
      VII    THE
      ADMINISTRATIVE AGENT	
                      58

                

        

         

      

    

    
      	
               
      

            	
              Section
      7.01.

            	
              Authorization
      and Action 

            	
              58

            

    

    
      	
               
      

            	
              Section
      7.02.

            	
              Agent’s
      Reliance, Etc 

            	
              59

            

    

    
      	
               
      

            	
              Section
      7.03.

            	
              Nordea
      and Affiliates 

            	
              59

            

    

    
      	
               
      

            	
              Section
      7.04.

            	
              Lender
      Credit Decision 

            	
              60

            

    

    
      	
               
      

            	
              Section
      7.05.

            	
              Indemnification 

            	
              60

            

    

    
      	
               
      

            	
              Section
      7.06.

            	
              Successor
      Administrative Agent 

            	
              61

            

    

     

     

    
    

    
      
        
          	
                	 ARTICLE
      VIII    MISCELLANEOUS	
                      62

                

        

         

      

    

    
      	
               
      

            	
              Section
      8.01.

            	
              Amendments,
      Etc 

            	
              62

            

    

    
      	
               
      

            	
              Section
      8.02.

            	
              Notices,
      Etc 

            	
              63

            

    

    
      	
               
      

            	
              Section
      8.03.

            	
              No
      Waiver; Remedies, Entire Agreement 

            	
              64

            

    

    
      	
               
      

            	
              Section
      8.04.

            	
              Costs
      and Expenses 

            	
              64

            

    

    
      	
               
      

            	
              Section
      8.05.

            	
              Right
      of Set-off 

            	
              65

            

    

    
      	
               
      

            	
              Section
      8.06.

            	
              Binding
      Effect; Assignment by Borrower 

            	
              66

            

    

    
      	
               
      

            	
              Section
      8.07.

            	
              Assignments
      and Participations 

            	
              66

            

    

    
      	
               
      

            	
              Section
      8.08.

            	
              Execution
      in Counterparts 

            	
              69

            

    

    
      	
               
      

            	
              Section
      8.09.

            	
              Confidentiality 

            	
              69

            

    

    
      	
               
      

            	
              Section
      8.10.

            	
              Release
      of Collateral 

            	
              69

            

    

    
      	
               
      

            	
              Section
      8.11.

            	
              Patriot
      Act Notification 

            	
              69

            

    

    
      	
               
      

            	
              Section
      8.12.

            	
              JURISDICTION,
      ETC 

            	
              70

            

    

    
      	
               
      

            	
              Section
      8.13.

            	
              GOVERNING
      LAW 

            	
              70

            

    

    
      	
               
      

            	
              Section
      8.14.

            	
              WAIVER
      OF JURY TRIAL 

            	
              70

            

    

    
      	
               
      

            	
              Section
      8.15.

            	
              Process
      Agent 

            	
              70

            

    

    
      	
               
      

            	
              Section
      8.16.

            	
              Judgment
      Currency 

            	
              71

            

    

    
      	
               
      

            	
              Section
      8.17.

            	
              Partial
      Invalidity 

            	
              71

            

    

     

    

    

    
      
        
          
            
              	 
      	
                      -ii-

                    	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Schedules

     

    Schedule
I           - 
Commitments

    Schedule
II          -  Applicable
Lending Offices

    Schedule
III         -  Collateral
Vessels and Designated Vessels

    Schedule
IV                         - 
Subsidiaries of each Loan Party

    Schedule
V          -  Existing
Indebtedness; Guaranty Obligations

    Schedule
VI         -  Disclosed
Litigation

    Schedule
VII        -  Certain
Environmental Matters

     

    Exhibits

     

    Exhibit
A-1                           - 
Form of Promissory Note for Term Loan Advance

    Exhibit
A-2                           - 
Form of Promissory Note for Revolving Credit Advance

    Exhibit
B                              
-  Form of Notice of Borrowing

    Exhibit
C                           
   -  Form of Assignment and Acceptance

    Exhibit
D                              
-  Form of Opinion of White & Case LLP, counsel to the Loan
Parties

    Exhibit
E                               
-  Form of Guaranty

    Exhibit
F                               
-  Form of Account Pledge

    Exhibit
G                               
-  Form of First Preferred Ship Mortgage

    Exhibit
H                               
-  Form of Assignment of Insurances

    Exhibit
I                                 - 
Form of Assignment of Earnings

    Exhibit
J                                 - 
Form of Stock Pledge

    Exhibit
K                                - 
Form of Security Trust Agreement

    Exhibit
L         -  Form of Certificate of
Compliance

    Exhibit
M         -  Form
of Amendment to Ship Mortgage

     

     

     

     

     

     

     

    

    
      
        
          	 
      	
                  -iii-

                	 
      

        

        

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    SENIOR
SECURED CREDIT FACILITY

     

    SENIOR
SECURED CREDIT FACILITY dated as of April __, 2008 among (i) EXCEL MARITIME
CARRIERS LTD., a Liberian corporation, as borrower (the “Borrower”), (ii) the
banks, financial institutions and other institutional lenders (the “Initial Lenders”)
listed on the signature pages hereof, (iii) NORDEA BANK FINLAND PLC, LONDON
BRANCH (“Nordea”), as administrative agent (together with any successor
administrative agent appointed pursuant to Article VII, the “Administrative
Agent”) for the Secured Parties (as hereinafter defined), (iv) NORDEA,
DVB BANK AG, DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT (“DB”), GENERAL
ELECTRIC CAPITAL CORPORATION, and HSH NORDBANK AG, as lead arrangers (the “Lead Arrangers”), (v)
NATIONAL BANK OF GREECE S.A., CREDIT SUISSE and FORTIS BANK, as co-arrangers
(the “Co-Arrangers”), (vi)
NORDEA and DB, as book runners and (vii) NORDEA, as Issuing Bank.

     

     

    PRELIMINARY
STATEMENTS:

     

    (1) The
Borrower has requested that the Lenders (as defined herein) lend to the Borrower
certain amounts as provided under this Agreement to finance some or all of the
cash portion of the Acquisition, to consummate the Borrower Refinancing and the
QMAR Refinancing, to provide for ongoing working capital and capital expenditure
requirements and other general corporate purposes of the Borrower and its
Subsidiaries, including fees and expenses payable by the Borrower in connection
with the Transaction and, from time to time, to issue Letters of Credit for the
benefit of the Borrower and the other Loan Parties.

     

    (2) Subject
to the terms and conditions set forth herein, the Lenders agree to lend such
amounts and extend such credit on the terms and conditions of this
Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and
agreements contained herein, the parties hereto hereby agree as
follows:

     

     

     

    ARTICLE
I 

b

    DEFINITIONS
AND ACCOUNTING TERMS

     

    Section
1.01.  Certain Defined
Terms.  As used in this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):

     

    “Account Pledge
Agreement” means collectively the deeds of charge of the Earnings
Accounts of the Borrower, the Vessel Owning Subsidiaries and the Designated
Subsidiary Guarantors to the Administrative Agent, substantially in the form of
Exhibit F hereto, together with appropriate notices and acknowledgments
thereof.

     

    “Acquisition” means
the acquisition by Newco of all of the capital stock of QMAR in accordance with
the terms of the Acquisition Agreement.

     

    “Acquisition
Agreement” means the Agreement and Plan of Merger, dated as of January
29, 2008, among the Borrower, Newco and QMAR.

     

    “Administrative Agent”
has the meaning specified in the recital of parties to this
Agreement.

     

    “Administrative Agent’s
Account” means the account of the Administrative Agent maintained by the
Administrative Agent at JPMorgan Chase Bank National Association, 270 Park
Avenue, New York, New York 10022, United States of America, Account No.
400807041, Attention:  Mike Sheppard, Reference:  Excel
Maritime Carriers Ltd., or such other account as the Administrative Agent shall
specify in writing to the Lenders.

     

    “Advance” means the
Term Loan Advance or a Revolving Credit Advance (including a Letter of Credit
Advance).

    
      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

    

    “Affiliate” means,
with respect to any Person, any Person that, directly or indirectly, is in
control of, is controlled by, or is under common control with, such
Person.  For purposes of this definition, the term “control”
(including the terms “controlling”, “controlled by” and “under common control
with”) of a Person shall mean the power, direct or indirect (i) to vote 20% or
more of the securities or other interests having ordinary voting power for the
election of directors of such Person or of Persons serving a similar function,
or (ii) to direct or cause the direction of the management or policies of such
Person, whether through the ability to exercise voting power, by contract or
otherwise.

     

    “Agreement” means this
Senior Secured Credit Facility.

     

    “Applicable Lending
Office” means, with respect to any Lender, the office of such Lender
specified as its “Applicable Lending Office” opposite its name on Schedule II
hereto or in the Assignment and Acceptance pursuant to which it became a Lender,
or such other office of such Lender as such Lender may from time to time specify
to the Borrower and the Administrative Agent.

     

    “Applicable Margin”
means 1.25% per annum.

     

    “Approved Broker”
shall mean any of Arrow Valuations, Lorentzen & Stemoco A/S, R.S. Platou
Shipbrokers A.S., H. Clarkson & Co. Ltd., Fearnleys A/S and Simpson, Spence
& Young Ltd., or any other independent shipbroker of international repute
satisfactory to the Borrower and Lead Arrangers.

     

    “Asset Disposition”
has the meaning specified in Section 5.02(e).

     

    “Assignment and
Acceptance” means an assignment and acceptance entered into by a Lender
and an Eligible Assignee, and accepted by the Administrative Agent, in
substantially the form of Exhibit C hereto.

     

    “Assignment of
Charter” means an assignment of each existing or future time or bareboat
charter or other similar contract for each Collateral Vessel and for each
Designated Vessel (other than the bareboat charter between the respective owners
thereof and the respective Designated Subsidiary Guarantor), in each case that
has as of the Execution Date a remaining term of eleven (11) months or greater,
including any extension option, granted by the relevant Guarantor, together with
appropriate notices and consents relating thereto.

     

    “Assignment of
Earnings” means an Assignment of Earnings in substantially the form of
Exhibit I hereto covering, the Collateral Vessels in favor of the Administrative
Agent granted by the relevant Guarantors, together with appropriate notices and
acknowledgments thereof.

     

    “Assignment of
Insurances” means an assignment of insurances, together with appropriate
notices thereof, consents thereto, and loss payable clauses satisfactory to the
Administrative Agent, in substantially the form of Exhibit H hereto, covering
the Collateral Vessels in favor of the Administrative Agent granted by the
Borrower and any Affiliate thereof that has an interest in Collateral Vessel
related insurances.

     

    “Assignment of Management
Agreement” means collectively the assignment of each commercial or
technical management agreement by the relevant Guarantors respecting a
Collateral Vessel or a Designated Vessel entered into during the term of this
Agreement, together with appropriate notices and acknowledgments thereof, in
form and substance satisfactory to the Administrative Agent.

     

    “Available Amount” of
any Letter of Credit means, at any time, the maximum amount available to be
drawn under such Letter of Credit at such time (assuming compliance at such time
with all conditions to drawing).

     

    “Borrower Refinancing”
means the refinancing of certain existing indebtedness of the Borrower and its
Subsidiaries including in relation to Collateral Vessels 1-16 listed on Schedule
III hereto.

     

    “Break Funding Costs”
means any loss, cost or expense and including loss of anticipated profit
incurred by the Administrative Agent or any Lender whenever the Borrower makes
any prepayment or repayment pursuant to this Agreement or under the Notes or
under any other Loan Document on a date that is not an Interest Payment Date
including, without limitation, any loss (including loss of anticipated profits)
cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds by the Administrative Agent or such Lender by reason of
receipt of a prepayment or repayment on a date that is not an Interest Payment
Date.

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    
       

      “Business Day” means a
day of the year on which banks are not required or authorized by law to close in
London, Hamburg and New York.

       

    

    “Cash Equivalents”
shall mean the following (all of which shall be freely disposable and, for the
avoidance of doubt none of the following shall be deemed disqualified from being
freely disposable by reason of being included in minimum liquidity calculations
under this Agreement or other agreements respecting Indebtedness, or being
subject to a Lien):  (a) securities with maturities of one year or
less from the date of acquisition issued or fully guaranteed or insured by the
United States Government or any agency thereof, (b) certificates of deposit and
eurodollar time deposits with maturities of one year or less from the date of
acquisition and overnight bank deposits of any Lender and certificates of
deposit with maturities of one year or less from the date of acquisition and
overnight bank deposits of any other commercial bank whose principal place of
business is organized under the laws of any country that is a member of the
Organization for Economic Cooperation and Development or has concluded special
lending arrangements with the International Monetary Fund associated with its
General Arrangements to Borrow, or a political subdivision of any such country,
and having capital and surplus in excess of $200,000,000, (c) commercial paper
of any issuer rated at least A-2 by Standard & Poor’s Ratings Group or P-2
by Moody’s Investors Service, Inc. with maturities of one year or less from the
date of acqusition, (d) additional money market investments with maturities of
one year or less from the date of acquisition rated at least A-1 or AA by
Standard & Poor’s Ratings Group or P-1 or Aa by Moody’s Investors Service,
Inc. and (e) tax-exempt debt obligations of any State of the United States or of
any county or other municipal governmental subdivision of any State of the
United States
with maturities of one year or less from the date of acquisition rated at the
highest investment grade rating by Standard & Poor’s Ratings Group or by
Moody’s Investors Service, Inc., or publicly traded or open-end bond funds that
invest exclusively in such tax-exempt debt obligations.

     

    “Certificate of
Compliance” means a certificate executed by the Chief Financial Officer
or Treasurer of the Borrower in substantially the form of Exhibit L
hereto.

     

    “Change of Control”
shall occur if (i) any “Person” or “Group” (within the meaning of Sections 13(d)
and 14(d) under the Exchange Act, as in effect on the Closing Date), other than
the Permitted Holders, is or shall be the “beneficial owner” (as so defined in
Rules 13(d)-3 and 13(d)- 5 under the Exchange Act) of 35% or more on a fully
diluted basis of the voting interest in the Borrower’s capital stock or other
equity interests, and such percentage interest is greater than the percentage
interest then held by the Permitted Holders in the aggregate, (ii) any “Person”
or “Group” (within the meaning of Sections 13(d) and 14(d) under the Exchange
Act, as in effect on the Closing Date), other than the Permitted Holders, shall
have obtained the power (whether or not exercised) to elect a majority of the
Borrower’s directors, (iii) the Board of Directors of the Borrower shall cease
to consist of a majority of Continuing Directors, (iv) the Permitted Holders
shall cease to own beneficially on a fully diluted basis, in the aggregate, 35%
or more of the voting interest in the Borrower’s capital stock, or (v) the
adoption of a plan by the holders of capital stock relating to the liquidation
or dissolution of the Borrower.

     

    “Closing Date” means
the date on which the preconditions set forth in Section 3.01 are satisfied, and
shall be the date on which the Acquisition and the Merger are consummated but
not later than June 30, 2008.

     

    “Co-Arrangers” shall
mean collectively, the National Bank of Greece S.A., Credit Suisse and Fortis
Bank.

     

    “Collateral” means the
Collateral Vessels and all other property of the Borrower and the Guarantors
securing the Obligations of any of the Loan Parties under any Loan
Document.

     

    “Collateral Documents”
means the Guaranty, the Ship Mortgages, the Assignment of Earnings, the
Assignment of Insurances, any Assignment of Charters from time to time, the
Assignment of Management Agreement, the Account Pledge Agreement, the Manager’s
Undertakings, the Designated Vessel Assignment of Earnings, the Designated
Vessel Account Pledge Agreement, the Stock Pledge, the Security Trust Agreement
and any other agreement that creates or purports to create a Lien in favor of
the Administrative Agent (or the Security Trustee) for the benefit of the
Secured Parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Collateral Vessels”
means the vessels listed as “Collateral Vessels” on Schedule III hereto, as such
schedule may be amended from time to time or in accordance with the provisions
of 5.0 1(m) hereof, provided that the
Administrative Agent (in its capacity as Administrative Agent or Security
Trustee) shall have at all times a first priority and perfected lien on each
such Collateral Vessel, provided further that
each such Collateral Vessel is duly documented, in the name of the Borrower or a
Guarantor as owner, under the laws and flag of the Republic of the Marshall
Islands, the Commonwealth of the Bahamas, the Republic of Panama, the Republic
of Cyprus, the Republic of Malta, or such other jurisdiction as is satisfactory
to the Administrative Agent in its reasonable discretion.

                   

    
      “Commitment” means,
with respect to any Lender at any time, the amount set forth opposite such
Lender’s name on Schedule I hereto under the captions “Revolving Credit
Commitment”, and “Term Loan Commitment” and for the Issuing Bank, the “Letter of
Credit Commitment” or, if such Lender has entered into one or more Assignments
and Acceptances, set forth for such Lender in the Register maintained by the
Administrative Agent pursuant to Section 8.07(c) as such Lender’s “Revolving
Credit Commitment” and “Term Loan Commitment”; provided that each
Lender’s Revolving Credit Commitment may be reduced from time to time in
accordance with the terms of Section 2.07.

       

    

    “Commitment Fee” has
the meaning set forth in Section 2.03(a) hereof.

     

    “Confidential
Information” means information that any Loan Party furnishes to
Administrative Agent or any Lender in a writing designated as confidential, but
does not include any such information that is or becomes generally available to
the public or that is or becomes available to Administrative Agent or such
Lender from a source other than the Loan Parties.

     

    “Consolidated” refers
to the consolidation of accounts in accordance with US GAAP.

     

    “Continuing Directors”
means the directors of the Borrower on February 15, 2008 and each other director
if such director’s nomination for election to the Board of Directors of the
Borrower is recommended by a majority of the then Continuing
Directors.

     

    “Contractual
Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is
bound.

     

    “DB” has the meaning
specified in the recital of parties to this Agreement.

     

    “Default” means any
Event of Default or any event that would constitute an Event of Default but for
the requirement that notice be given or time elapse or both.

     

    “Default Rate” has the
meaning specified in Section 2.04(b).

     

    “Designated Subsidiary
Guarantor” means each Subsidiary of the Borrower that is a bareboat
charterer of a Designated Vessel.

    
      
         
“Designated Vessel”
means each vessel listed under “Designated Vessels”
on Schedule III hereto, as such schedule may be amended from time to time in
accordance with the provisions of Section 5.01(m) hereof.

    

    
       

      “Designated Vessel Account
Pledge Agreement” means the deed of charge over the Designated Vessels
Earnings Accounts by the Borrower and the Designated Subsidiary Guarantors in
favor of the Administrative Agent in substantially the form of Exhibit F hereto,
together with appropriate notices and acknowledgments thereof.

       

    

    “Designated Vessel Assignment
of Earnings” means the assignment of earnings covering the Designated
Vessels by the Designated Subsidiary Guarantors, in favor of the Administrative
Agent in substantially the form of Exhibit I, together with appropriate notices
and acknowledgments thereof.

    
      
         

        “Designated Vessel Earnings
Account” means collectively, the accounts opened and maintained by the
Borrower and each Designated Subsidiary Guarantor with the Administrative Agent
to which the hires, freights, pool income and others sums payable in respect of
a Designated Vessel are credited and such Designated Vessel’s bareboat charter
hire and operating expenses are deducted from such accounts.

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    “Disclosed Litigation”
means any action, suit, investigation, litigation or proceeding as more fully
described in Schedule VI hereto.

     

    “Dollars” and the “$”
sign each means lawful money of the United States.

     

    “Earnings Account”
means collectively, the accounts opened and maintained by the Borrower and each
Vessel Owning Subsidiary with the Administrative Agent to which the hires,
freights, pool income and others sums payable in respect of a Collateral Vessel
are credited and such Collateral Vessel’s operating expenses are deducted from
such accounts.

     

    
      “EBITDA” means the
operating income plus the sum of (a) depreciation expense and (b) amortization
expense, in each case, as reflected in the “Consolidated Statement of
Operations” of the Borrower prepared in accordance with US GAAP (it being
understood that capital gains/losses from Vessel Dispositions should be included
in the determination of revenue for the purposes of EBITDA); provided that EBITDA
shall be calculated on a rolling basis for the four fiscal quarters most
recently ended.

       

    

    “Eligible Assignee”
means (i) a Lender; (ii) a direct or indirect wholly owned Subsidiary of any
Lender or of the controlling corporation of such Lender; (iii) any commercial
bank, financial institution or other commercial lender in each case organized
under the laws of the United States, or any State thereof, having combined
capital and surplus in excess of five hundred million dollars ($500,000,000),
and approved by the Administrative Agent and the Borrower, such approval not to
be unreasonably withheld; (iv) any commercial bank organized under the laws of
any other country that is a member of the Organization for Economic Cooperation
and Development or has concluded special lending arrangements with the
International Monetary Fund associated with its General Arrangements to Borrow,
or a political subdivision of any such country, having combined capital and
surplus in excess of five hundred million dollars ($500,000,000), and approved
by the Administrative Agent and the Borrower, such approval not to be
unreasonably withheld; and (v) any other commercial bank, financial institution
or other lender agreed to by the Administrative Agent and the
Borrower.

     

    “Environmental Action”
means any action, suit, demand, demand letter, claim, notice of non-compliance
or violation, notice of liability or potential liability, investigation,
proceeding, consent order or consent agreement relating in any way to any
Environmental Law, Environmental Permit or Hazardous Materials or arising from
alleged injury or threat of injury to public health, public safety (as such
alleged injury or threat of injury to public health or public safety is related
to exposure to Hazardous Materials) or the environment, including, without
limitation, (a) by any governmental or regulatory authority for enforcement,
cleanup, removal, response, remedial or other actions or damages and (b) by any
governmental or regulatory authority or any third party for damages,
contribution, indemnification, cost recovery, compensation or injunctive
relief.

     

    “Environmental Law”
means any statute, law, ordinance, rule, regulation, code, order, writ,
judgment, injunction, decree or judicial or agency interpretation, policy or
guidance relating to pollution or protection of the environment, health (as it
is related to exposure to Hazardous Materials), safety (as it is related to
exposure to Hazardous Materials) or natural resources, including, without
limitation, those relating to the use, handling, transportation, treatment,
storage, disposal, release or discharge of Hazardous Materials.

     

    “Environmental Permit”
means any permit, approval, identification number, license or other
authorization required under any Environmental Law.

     

    
      “Equity Interests”
means, with respect to any Person, shares of equity interests of (or of
membership interests or other ownership or profit interests in) such Person,
warrants, options or other rights for the purchase or other acquisition from
such Person of shares of equity interests of (or of membership interests or
other ownership or profit interests in) such Person, securities convertible into
or exchangeable for shares of equity interests of (or of membership interests or
other ownership or profit interests in) such Person or warrants, rights or
options for the purchase or other acquisition from such Person of such shares
(or of membership interests or such other interests), and other ownership or
profit interests in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or
not such shares, warrants, options, rights or other interests are authorized or
otherwise existing on any date of determination.

       

      “ERISA” means the
United States Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated and rulings issued
thereunder.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “ERISA Affiliate”
means any Person that for purposes of Title IV of ERISA is a member of the
Borrower’s controlled group, or under common control with the Borrower, within
the meaning of Section 414(b) or 414(c) of the Internal Revenue
Code.

    
       

      “ERISA Event” means
(a) (i) the occurrence of a reportable event, within the meaning of Section
4043(c) of ERISA, with respect to any Plan unless the 30-day notice requirement
with respect to such event has been waived by the PBGC, or (ii) the requirements
of subsection (1) of Section 4043(b) of ERISA (without regard to subsection (2)
of such Section) are met with a contributing sponsor, as defined in Section 400
1(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10),
(11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur
with respect to such Plan within the following 30 days; (b) the application for
a minimum funding waiver with respect to a Plan pursuant to Section 4 12(c) of
the Code or Section 303 of ERISA; (c) the provision by the administrator of any
Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2)
of ERISA (including any such notice with respect to a plan amendment referred to
in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of
the Borrower or any ERISA Affiliate in the circumstances described in Section
4062(e) of ERISA; (e) the withdrawal by the Borrower or any ERISA Affiliate from
a Multiple Employer Plan during a plan year for which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA; (f) the imposition of a
lien under Section 302(f) of ERISA with respect to any Plan; (g) the adoption of
an amendment to a Plan requiring the provision of security to such Plan pursuant
to Section 307 of ERISA; or (h) the institution by the PBGC of proceedings to
terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any
event or condition described in Section 4042 of ERISA that constitutes grounds
for the termination of, or the appointment of a trustee to administer, a Plan,
provided that the occurrence of any event or condition described in Section
4042(a)(4) of ERISA shall be an ERISA Event only if the PBGC has notified the
Borrower that it intends to initiate proceedings to terminate a Plan pursuant to
Section 4042(a)(4).

       

    

    “Events of Default”
has the meaning specified in Section 6.01.

     

    “Exchange Act” means
the United States Securities Exchange Act of 1934, as amended.

     

    “Excluded Taxes”
means, with respect to the Administrative Agent or any Lender, Taxes (however
denominated) on or based on its overall net income imposed by any Governmental
Authority of or in the jurisdiction under the laws of which such recipient is
incorporated or otherwise organized or in which its principal office is located
or (in the case of any Lender) in which its Applicable Lending Office is
located.

     

    “Execution Date” means
the date of this Agreement as set forth on the cover page hereof.

     

    “Existing
Indebtedness” has the meaning specified in Section
3.01(a)(xx).

     

    “Existing Designated Vessel
Liens” has the meaning specified in Section 4.01(l)(y).

     

    “Facility” means
collectively the Revolving Credit Facility (including the Letter of Credit
Facility) and the Term Loan Facility.

     

    “Fair Market Value” of
a Collateral Vessel at any time shall be the arithmetic mean of appraisals
obtained from two Approved Brokers selected by the Borrower and determined on
the basis of a charter-free arm’s-length transaction between a willing and able
buyer and seller not under duress.  The Fair Market Value of any
Collateral Vessel that is a Total Loss shall be zero.

     

    “Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day
during such period to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day that is a Business
Day, the average of the quotations for such day on such transactions received by
the Administrative Agent from three Federal funds brokers of recognized standing
selected by it.

    
       

      “Financing Lease”
means any lease of property, real or personal, the obligations of the lessee in
respect of which are required in accordance with US GAAP to be capitalized on a
balance sheet of the lessee.

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

      

      “Fortis Existing Swap”
means collectively the interest rate swap agreement dated 19 July 2006 and made
between (i) Fortis Bank (Nederland) N.V. and (ii) the Vessel Owning Subsidiaries
that own the Collateral Vessels 17-38 on Schedule III and certain other
companies named therein, as amended by a supplemental agreement dated the
Closing Date, and guaranteed by the Borrower under a Guarantee dated the Closing
Date in favor Fortis Bank (Nederland) N.V.

      
         

        “Governmental
Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body,
court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self regulatory
organization.

      

    

     

    “Governmental
Authorization” means any authorization, approval, consent,
franchise,license, covenant, order, ruling, permit, certification, exemption,
notice, declaration or similar right, undertaking or other action of, to or by,
or any filing, qualification or registration with, any Governmental
Authority.

     

    “Guarantor” means each
of (i) Newco, (ii) each direct or indirect Subsidiary of the Borrower (including
on and after the Closing Date, QMAR) that (A) holds at any time an ownership
interest in one or more of the Collateral Vessels (a “Vessel Owning
Subsidiary”) or (B) directly or indirectly owns shares, a membership or
any other equity interest in any Vessel Owning Subsidiary, (iii) each Designated
Subsidiary Guarantor, and (iv) each party that becomes a party to the Guaranty
pursuant to the terms hereof and thereof.

     

    “Guaranty” means the
Guaranty executed by the Guarantors on the Closing Date in substantially the
form of Exhibit E hereto.

     

    “Guaranty Obligation”
means, as to any Person (the “guaranteeing
person”), any obligation of (i) the guaranteeing person or (ii) another
Person (including, without limitation, any bank under any letter of credit) to
induce the creation of which the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case if such obligation is
guaranteeing or in effect guaranteeing any Indebtedness, or leases, dividends or
other obligations which are substitutes for or equivalents of Indebtedness (the
“primary
obligations”) of any other third Person (the “primary obligor”) in
any manner, whether directly or indirectly, including, without limitation, any
obligation of the guaranteeing person, whether or not contingent, (A) to
purchase any such primary obligation or any property constituting direct or
indirect security therefore, (B) to advance or supply funds (1) for the purchase
or payment of any such primary obligation or (2) to maintain working capital or
equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (C) to purchase property, securities or
services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of such primary
obligation or (D) otherwise to assure or hold harmless the owner of any such
primary obligation against loss in respect thereof; provided, however, that the
term Guaranty Obligation shall not include endorsements of instruments for
deposit or collection in the ordinary course of business.  The amount
of any Guaranty Obligation of any guaranteeing person shall be deemed to be the
lower of (x) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guaranty Obligation is made and (y) the
maximum amount for which such guaranteeing person may be liable pursuant to the
terms of the instrument embodying such Guaranty Obligation, unless such primary
obligation and the maximum amount for which such guaranteeing person may be
liable are not stated or determinable, in which case the amount of such Guaranty
Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by the Borrower in good
faith.

     

    “Hazardous Materials”
means (a) petroleum and petroleum products, byproducts or breakdown products,
radioactive materials, asbestos-containing materials, polychlorinated biphenyls
and radon gas and (b) any other chemicals, materials or substances designated,
classified or regulated as hazardous or toxic or as a pollutant or contaminant
under any Environmental Law.

     

    “HSH Existing Swap”
means collectively the ISDA Master Agreement, as modified by schedule dated
April 22, 2005 and ISDA Master Agreement Rate Collar Transaction with extendable
Swap Confirmation dated July 11, 2006, made between (i) HSH Nordbank AG and (ii)
the Vessel Owning Subsidiaries that own Collateral Vessels 2-6, 8, and 10 on
Schedule III, as supplemented on the Closing Date.

     

    “IMO” means the
International Maritime Organization.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    “Indebtedness” of any
Person at any date means, without duplication, (a) all indebtedness of such
Person for borrowed money (other than current trade liabilities, customer
advances and customer deposits incurred in the ordinary course of business and
payable in accordance with customary practices) or which is evidenced by a note,
bond, debenture or similar instrument, (b) the portion of the obligations of
such Person under Financing Leases included as indebtedness on the balance sheet
of such Person in accordance with US GAAP, (c) the portion of the obligations of
such Person in respect of acceptances issued or created for the account of such
Person included as indebtedness on the balance sheet of such Person in
accordance with US GAAP, and (d) all reimbursement or counter indemnity
obligations of such Person in respect of amounts already paid under letters of
credit, guarantees or similar instruments backing another Person’s obligations
of the types described in the foregoing clauses (a), (b), (c) and
(d).

    
      
         

        “Indemnified Taxes”
means, with respect to the Administrative Agent or any Lender or any other
Secured Party, all Taxes other than Taxes that are Excluded Taxes with respect
to it.

         

        “Initial Lenders” has
the meaning specified in the recital of parties to this Agreement.

         

        “Insufficiency” means,
with respect to any Plan, the amount, if any, of its unfunded benefit
liabilities, as defined in Section 4001 (a)(1 8) of
ERISA.

      

    

     

    “Inter Company
Charter” means in respect of any Collateral Vessel or Designated Vessel,
any bareboat, time or other charter between a Loan Party and another Loan Party
or Affiliate thereof.

     

    “Interest Payment
Date” means (a) with respect to any Advance, the last day of each
Interest Period applicable to such Advance, and in the case of an Advance with
an Interest Period that extends, for any reason, beyond three months’ duration,
each day that would have been an Interest Payment Date had successive Interest
Periods of three month’s duration been applicable thereto and (b) with respect
for each Advance then outstanding, the Maturity Date.

     

    “Interest
Period” means, for any Advance or combination thereof, the period
commencing on the date of such Advance and ending on the last day of the period
selected by the Borrower in accordance with the provisions below and,
thereafter, each subsequent period commencing on the last day of the immediately
preceding Interest Period and ending on the last day of the period selected by
the Borrower in accordance with the provisions below.  The duration of
each such Interest Period shall be one, two, three or six months, or such other
period as all Lenders may agree, as the Borrower may, upon notice received by
the Administrative Agent not later than 1:00 P.M. (London time) on the third
Business Day prior to the first day of such Interest Period, select; provided, however, that:

     

    (i) the
Borrower may not select any Interest Period that ends after the Termination
Date;

     

    (ii) whenever
the last day of any Interest Period would otherwise occur on a day other than a
Business Day, the last day of such Interest Period shall be extended to occur on
the next succeeding Business Day; provided, however, that, if
such extension would cause the last day of such Interest Period to occur in the
next following calendar month, the last day of such Interest Period shall occur
on the next preceding Business Day;

     

    (iii) whenever
the first day of any Interest Period occurs on a day of an initial calendar
month for which there is no numerically corresponding day in the calendar month
that succeeds such initial calendar month by the number of months equal to the
number of months in such Interest Period, such Interest Period shall end on the
last Business Day of such succeeding calendar month; and

     

    (iv) if the
Borrower fails to choose the duration of an Interest Period in a timely manner,
such next following Interest Period shall be three months.

    
       

    

    “Internal Revenue
Code” means the United States Internal Revenue Code of 1986, as amended
from time to time, and the regulations promulgated and rulings issued
thereunder.

     

    “ISM Code” means the
International Management Code for the Safe Operation of Ships and for Pollution
Prevention as adopted by the IMO, as the same may be amended from time to
time.

    
      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

      

    

    “Issuing Bank” means
Nordea and any other Lender expressly agreeing from time to time to act as an
issuing bank or an Affiliate of a Lender (that has agreed to act as an issuing
bank) approved by the Administrative Agent, the Borrower and such other
Lender.

     

    “Lead Arrangers” shall
mean collectively the Administrative Agent, DVB Bank AG, Deutsche Bank AG
Filiale Deutschlandgeschäft, General Electric Capital Corporation and HSH
Nordbank AG.

     

    “Lenders” means the
Initial Lenders and each Person that shall become a party hereto in accordance
with the terms of Section 8.07.

     

    “Letter of Credit” has
the meaning specified in Section 2.16(a).

     

    “Letter of Credit
Advance” means an advance made by any Issuing Bank or any Lender pursuant
to Section 2.16(d).

     

    “Letter of Credit
Agreement” has the meaning specified in Section 2.16(b).

     

    “Letter of Credit
Commitment” means the obligation of the Issuing Bank to provide one or
more Letters of Credit (including letters of guarantee) in accordance with the
terms of Section 2.16 up to the amount of the Letter of Credit Facility as a
sub-facility of the Revolving Credit Facility.

     

    “Letter of Credit
Facility” means a sub-facility of the Revolving Credit Facility that is,
at any time, an amount of up to $100,000,000, as such amount may be reduced
pursuant to Section 2.07.

     

    “LIBOR” means, for any
Interest Period, (a) the rate per annum appearing on Reuters Screen LIBOR 01
page (or any successor page) as the London interbank offered rate for deposits
in Dollars at approximately 11:00 a.m. (London time) two Business Days before
the first day of such Interest Period for a term comparable to such Interest
Period; provided that if more
than one rate is specified on Reuters Screen LIBOR 01 page (or any successor
page), the applicable rate shall be the arithmetic mean of all such rates; (b)
if for any reason the rate specified in clause (a) of this definition does
not so appear on Reuters Screen LIBOR 01 page, the rate per annum appearing on
Telerate Page 3750 (or any successor page) as the London interbank offered rate
for deposits in Dollars at approximately 11:00 a.m. (London time) two Business
Days before the first day of
the relevant Interest Period for a term comparable to such Interest Period; and
(c) if the rate specified in clause (a) of this definition does not so appear on
Reuters Screen LIBOR 01 page (or any successor page) and if no rate specified in
clause (b) of this definition so appears on Telerate Page 3750 (or any successor
page), the interest rate per annum shall be equal to the rate per annum at which
deposits in Dollars are offered by the principal offices of the Reference Banks
in London, England to prime banks in the London interbank market at 11:00 A.M.
(London time) two Business Days before the first day of such Interest Period in
an amount substantially equal to the relevant amount and for a period equal to
such Interest Period.

     

    “Lien” means any lien,
security interest or other charge or encumbrance of any kind, including, without
limitation, the lien or retained security title of a conditional
vendor.

     

    “Loan Documents” means
this Agreement, the Notes, the Collateral Documents, any Swap Agreement, any
Letter of Credit and any Letter of Credit Agreement.

     

    “Loan Parties” means
the Borrower and each Guarantor.

     

    “Majority Lenders”
means at any time Lenders owed or holding greater than 66 2/3% of the sum of the
aggregate principal amount of the Advances and undrawn Commitments outstanding
at such time.

     

    “Manager” means
Maryville Maritime Inc., a Wholly Owned Subsidiary of the Borrower or, with the
prior written consent of the Administrative Agent (whose consent shall not be
unreasonably withheld) as provided in Section 5.01(n)(ii), another Wholly Owned
Subsidiary; provided that for a
period of three (3) months following the Closing Date, for the purposes of any
Collateral Vessel or Designated Vessel owned or chartered by QMAR or any of its
Wholly Owned Subsidiaries, the term “Manager” shall mean Quintana Management
LLC.

    
      
         

      

    

    “Manager’s
Undertakings” means the undertakings, provided by the Manager respecting
each Collateral Vessel, including, inter alia, a statement satisfactory to the
Administrative Agent that any lien in favor of the Manager respecting a
Collateral Vessel is subject and subordinate to the Ship Mortgages.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Market Value Adjusted Total
Assets” is the aggregate of all assets, adjusted to reflect the Fair
Market Value of all vessels owned by the Borrower or any Wholly Owned Subsidiary
of the Borrower.  The vessels referred to in the preceding sentence
shall include all vessels owned by the Borrower or any Wholly Owned Subsidiary
of the Borrower, and not only the Collateral Vessels.

     

    “Material Adverse
Effect” means a material adverse effect on (a) the business, financial
condition, assets or operations of the Borrower and the Subsidiaries taken as a
whole, or (b) the rights and remedies of Nordea (in its capacity as the
Administrative Agent or Security Trustee) or any Secured Party under any Loan
Document.

     

    “Maturity Date” means
April 1, 2016.

     

    “Merger” means the
merger of Newco into QMAR, with QMAR as the surviving entity simultaneously
changing its name to Bird Acquisition Corp.

     

    “Multiemployer Plan”
means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which
the Borrower or any ERISA Affiliate is making or accruing an obligation to make
contributions, or has within any of the preceding five plan years made or
accrued an obligation to make contributions.

     

    “Multiple Employer
Plan” means a single employer plan, as defined in Section 4001 (a)(1 5)
of ERISA, that is subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA and (a) is maintained for employees of the
Borrower or any ERISA Affiliate and at least one Person other than the Borrower
and the ERISA Affiliates or (b) was so maintained and in respect of which the
Borrower or any ERISA Affiliate could have liability under Section 4064 or 4069
of ERISA in the event such plan has been or were to be terminated.

     

    “Newco” means Bird
Acquisition Corp., a corporation organized under the laws of the Republic of the
Marshall Islands and a direct Wholly Owned Subsidiary of the
Borrower.

     

    “Nordea” has the
meaning specified in the recital of parties to this Agreement.

    
      
         

        “Note” means a
promissory note of the Borrower payable to the order of a Lender in
substantially the forms of Exhibit A-1 hereto respecting such Lender’s Term Loan
Commitment and A-2 hereto respecting such Lender’s Revolving Credit Commitment,
evidencing the Advances made and to be made by such Lender, in each case as
further set forth in Section 2.05 hereof.

         

      

    

    “Notice of Borrowing”
has the meaning specified in Section 2.02(a).

     

    “Notice of Issuance”
has the meaning specified in Section 2.16(b).

    
       

    

    “Obligations” means,
with respect to any Person, any payment, performance or other obligation of such
Person of any kind, including, without limitation, any liability of such Person
on any claim, whether or not the right of any creditor to payment in respect of
such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, disputed, undisputed, legal, equitable, secured or unsecured, and
whether or not such claim is discharged, stayed or otherwise affected by any
proceeding referred to in Section 6.01(f).

    
      
         

      

    

    Without
limiting the generality of the foregoing, the Obligations of any Loan Party
under the Loan Documents include (a) the obligation to pay principal, interest
(including interest accruing on or after the filing of any petition in
bankruptcy or the commencement of any insolvency, reorganization or like
proceeding, relating to the Borrower or any other Loan Party, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding),
charges, expenses, fees, attorneys’ fees and disbursements, indemnities,
Reimbursement Obligations, amounts due under any Swap Agreement or Letter of
Credit Agreement, and other amounts payable by such Loan Party under any Loan
Document and the performance by each such Loan Party of its respective
obligations under any Loan Document, and (b) the obligation of such Loan Party
to reimburse any amount in respect of any of the foregoing that any Lender, in
its sole discretion, may elect to pay or advance on behalf of such Loan
Party.

    
      
         

      

    

    “Other Taxes” means
any and all present or future stamp, mortgage, intangible or documentary Taxes
or any excise or property Taxes or similar Taxes arising from any payment made
under this Agreement or any other Loan Document or from the execution, delivery,
performance or enforcement of, or otherwise with respect to, this Agreement or
any other Loan Document.

     

    “Patriot Act” has the
meaning set forth in Section 8.11.

     

    
      
        
        

      

      
        
          

        

      

       

    

    “Payment Date” means
each January 1, April 1, July 1, and October 1 commencing July 1, 2008, up to
and including the Maturity Date (and subject to the provisions of Section 2.06
hereof), provided that each such Payment Date shall be adjusted to fall on the
last day of an Interest Period as set forth in sub-clauses (ii) and (iii) of the
definition of “Interest Period.”

     

    “PBGC” means the
United States Pension Benefit Guaranty Corporation (or any
successor).

     

    “Permitted Holders”
shall mean the Persons who are named in “Risk Factors” in the Borrower’s F-4
filing dated February 15, 2008 and (A) each of their spouses, parents, siblings,
family members (including adopted children), lineal descendants, spouses of
their lineal descendants and adopted children and/or (B) the heirs, executors,
administrators, testamentary trustees and legatees and/or (C) any foundation
controlled by any of the foregoing Persons, any trusts for the benefit of any of
the foregoing Persons, any corporations controlled by the foregoing Persons and
any Affiliates of the foregoing Persons.

     

    “Permitted Lien” has
the meaning set forth in Section 5 .02(b)(iii) hereof.

     

    “Person” means an
individual, partnership, corporation (including a business trust), joint stock
company, trust, unincorporated association, joint venture, limited liability
company or other entity of whatever nature, or a Governmental
Authority.

     

    “Plan” means a Single
Employer Plan or a Multiple Employer Plan, as defined in ERISA.

     

    “Pro Rata Share” of
any amount means, with respect to any Lender at any time, the product of such
amount times a
fraction the numerator of which is the amount of such Lender’s Commitment at
such time and the denominator of which is the aggregate of all Lender
Commitments at such time.

     

    “QMAR” means Quintana
Maritime Limited, a Marshall Islands corporation.

     

    “QMAR Refinancing”
means the termination of all the existing indebtedness of QMAR in relation to
Collateral Vessels 17-38 on Schedule III hereto by application of the proceeds
of the Facilities on the Closing Date.

     

    “RBS Debt” means
Indebtedness of (i) Hope Shipco LLC, as borrower under the US$10,934,000 Secured
Loan Agreement, dated May 11, 2007, with Royal Bank of Scotland plc, as lender,
in respect of Hull No. S-1335 (tbn), (ii) Lillie Shipco LLC, as borrower under
the US$11,284,000 Secured Loan Agreement, dated May 11, 2007, with Royal Bank of
Scotland plc, as lender, in respect of Hull No. S- 1330 (tbn), and (iii)
Christine Shipco LLC, as borrower under the US$25,333,000 Secured Loan
Agreement, dated April 11, 2007, with Royal Bank of Scotland plc, as lender, in
respect of Hull No.S-2295 (tbn).

     

    “Reference Banks”
means the Lead Arrangers.

     

    “Register” has the
meaning specified in Section 8.07(c).

     

    “Regulation U” means
Regulation U of the Board of Governors of the United States Federal Reserve
System.

     

    “Reimbursement
Obligation” means the obligation of the Borrower to reimburse the Issuing
Bank for amounts drawn under the Letters of Credit and other amounts
reimbursable by the Borrower thereunder or under any Letter of Credit
Agreement.

    
       

    

    “Requirement of Law”
means as to any Person, the certificate of incorporation and by-laws or other
organizational or governing documents of such Person, and any law, treaty, rule
or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject.

     

    “Responsible Officer”
means the chief executive officer of the Borrower, the president of the
Borrower, the general counsel of the Borrower, any senior vice president of the
Borrower or any corporate vice president of the Borrower having familiarity with
the matters in respect of which such corporate vice president is acting as a
Responsible Officer under this Agreement, or, with respect to financial matters,
the chief financial officer of the Borrower, the treasurer of the Borrower or
the chief accounting officer of the Borrower.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Revolving Credit
Advance” means an Advance made by any Lender pursuant to Section
2.01(b).

     

    “Revolving Credit
Commitment” means in the aggregate the amount of up to $400,000,000,
(which amount includes the Letter of Credit Commitment) and with respect to any
Lender at any time, the amount set forth opposite such Lender’s name on Schedule
I hereto under the caption “Revolving Credit Commitment” or, if such Lender has
entered into one or more Assignments and Acceptances, set forth for such Lender
in the Register maintained by the Administrative Agent pursuant to Section
8.07(c) as such Lender’s “Revolving Credit Commitment”; provided that each
Lender’s Revolving Credit Commitment may be reduced from time to time in
accordance with the terms of Section 2.07.

     

    “Revolving Credit
Facility” means the facility (including the Letter of Credit Facility)
made available to the Borrower in accordance with the terms of Section 2.01(b)
and Section 2.16 (as such amount may be reduced pursuant to Section
2.07).

     

    “SEC” means the United
States Securities and Exchange Commission.

     

    “Secured Parties”
means the Administrative Agent, the Security Trustee, the Lenders, the Issuing
Bank, and the Swap Providers.

     

    “Security Trust
Agreement” means the Security Trust Agreement dated as of the Closing
Date between the Administrative Agent and Nordea whereby Nordea agrees to act as
Security Trustee on behalf of the Secured Parties with respect to holding the
Ship Mortgages and acting as “Chargee” under the Designated Vessel Account
Pledge Agreement and the Account Pledge Agreement, in substantially the form of
Exhibit K hereto.

     

    “Security Trustee”
means Nordea in its capacity as security trustee under the Security Trust
Agreement.

     

    “Ship Mortgage” means,
with respect to any Republic of Panama or Republic of the Marshall Islands flag
Collateral Vessel, a first preferred ship mortgage in favor of the Security
Trustee, in substantially the form of Exhibit G hereto and with respect to any
Commonwealth of the Bahamas, Republic of Cyprus or Republic of Malta flag
Collateral Vessel, a first priority statutory mortgage and related deed of
covenants containing substantially similar provisions.

     

    “Single Employer Plan”
means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that
is subject to the provisions of Title IV of ERISA or Section 412 of the Code or
Section 302 of ERISA and (a) is maintained for employees of the Borrower or any
ERISA Affiliate and no Person other than the Borrower and the ERISA Affiliates
or (b) was so maintained and in respect of which the Borrower or any ERISA
Affiliate could have liability under Section 4069 of ERISA in the event such
plan has been or were to be terminated.

     

    “Solvent” means, with
respect to any Person on a particular date, that on such date (a) the present
fair salable value of the assets of such Person is not less than the amount that
will be required to pay the probable liability of such Person on its debts as
they become absolute and matured, (b) such Person does not intent to, and does
not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay as such debts and liabilities mature and (c) such Person is not
engaged in business or a transaction, and is not about to engage in business or
a transaction, for which Person’s property would be unreasonably small in
relation to such business or such transaction.

     

    “Stock Pledge” means
the pledge of shares (or membership interests as the case may be) in the
Guarantors by the respective owners thereof together with appropriate
irrevocable proxies, undated stock or interest powers, delivery to the
Administrative Agent of the share or membership interest certificates, and
undated resignations of all directors and officers of all entities the shares or
membership interests of which are pledged, in substantially the form of Exhibit
J hereto, together with appropriate notices thereof.

     

    “Subordinate Debt”
means the fully and expressly subordinated unsecured Indebtedness, if any, of
the Borrower in the maximum principal amount of $200,000,000, entered into on
the Closing Date only in order to complete the Acquisition and the Transactions
on terms and conditions reasonably satisfactory to the Lead
Arrangers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Subsidiary” of any
Person means any corporation, partnership, joint venture, limited liability
company, trust or estate or other entity of which (or in which) more than 50% of
(a) the issued and outstanding Equity Interests or other ownership interests
having ordinary voting power to elect a majority of the board of directors or a
majority of other equivalent managers of such corporation, partnership or other
entity are at the time owned, or the management of which is otherwise
controlled, directly or indirectly through one or more intermediaries, or both,
by such Person (irrespective of whether at the time Equity Interests of any
other class or classes of such corporation shall or might have voting power upon
the occurrence of any contingency), or (b) the interest in the capital or
profits of such limited liability company, partnership or joint venture, or (c)
the beneficial interest in such trust or estate, is at the time directly or
indirectly owned or controlled by such Person, by such Person and one or more of
its other Subsidiaries or by one or more of such Person’s other
Subsidiaries.

     

    “Swap Agreement” means
(i) each and every interest rate swap agreement between a Swap Provider and the
Borrower respecting the Facility, including, but not limited to, the HSH
Existing Swap and (ii) the Fortis Existing Swap.

     

    “Swap Provider” means
(i) any Lead Arranger, and in the case of DB, under the name Deutsche Bank AG
and (ii) Fortis Bank (Nederland) N.V.

     

    “Taxes” means any and
all present or future taxes (including, but not limited to, gross receipts,
gross or net income, capital, license, franchise, doing business, occupational,
sales, turnover, use, consumption, ad valorem, value added, goods and services,
recording, and registration taxes), levies, imposts, duties, assessments,
deductions, withholdings, fees and other charges imposed by any Governmental
Authority or other taxing authority or by any international taxing or regulatory
authority (and any and all penalties, fines and interest relating thereto and
other additions thereto).

     

    “Term Loan” and “Term Loan Advance”
each means the term loan made by the Lenders to the Borrower on the Closing Date
in the aggregate amount of up to one billion dollars
($1,000,000,000).

     

    “Term Loan Commitment”
means with respect to any Lender at any time, the amount set forth opposite such
Lender’s name on Schedule I hereto under the caption “Term Loan Commitment” or,
if such Lender has entered into one or more Assignments and Acceptances, set
forth for such Lender in the Register maintained by the Administrative Agent
pursuant to Section 8.07(c) as such Lender’s “Term Loan
Commitment.”

     

    “Term Loan Facility”
means the facility made available to the Borrower in accordance with the terms
of Section 2.01(a).

     

    “Term Loan Repayment
Amount” has the meaning given to it in Section 2.06 hereof.

     

    “Termination Date”
means June 30, 2008, or if the Term Loan and the Acquisition and the Merger are
consummated on or prior to June 30, 2008, “Termination Date”
shall mean the earlier of (i) the date on which all amounts due hereunder or
under any other Loan Document to any Secured Party are paid in full and the
Commitments hereunder are terminated, and (ii) the Maturity Date.

     

    “Total Commitment”
means the aggregate Revolving Credit Commitments and Term Loan
Commitments.

     

    “Total Debt” means, as
to the Borrower and its Consolidated Subsidiaries at any time, the aggregate sum
of all indebtedness as reflected on the Consolidated balance sheet of the
Borrower.

     

    “Total Loss” has the
meaning set forth in Section 1.1 5(d)(iv) of the relevant Ship
Mortgage.

     

    “Total Net Debt”
means, as to the Borrower at any time, the aggregate sum of Total Debt, less
cash and Cash Equivalents.

     

    “Transaction” shall
mean collectively the formation of Newco, the Acquisition, the Merger, the
Borrower Refinancing and the QMAR Refinancing and the other transactions
contemplated hereby.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Unused Commitment”
means, at any time, (a) the aggregate Lenders’ Revolving Credit Commitment at
such time minus
(b) the aggregate principal amount of (i) all Revolving Credit Advances made by
the Lenders and outstanding at such time and (ii) the aggregate face amount of
all Letter of Credit then issued and outstanding.

     

    “US GAAP” has the
meaning specified in Section 1.04.

     

    “Vessel Disposition”
means an Asset Disposition respecting any Collateral Vessel as defined in
Section 5.02(e)(ii).

     

    “Vessel Owning
Subsidiary” has the meaning described in the definition of
“Guarantor.”

     

    “Welfare Plan” means a
welfare plan, as defined in Section 3(1) of ERISA.

     

    “Wholly Owned
Subsidiary” means any Subsidiary of the Borrower, all of the outstanding
Equity Interests in which are owned, directly or indirectly, by the
Borrower.

     

    “Withdrawal Liability”
has the meaning specified in Part I of Subtitle E of Title IV of
ERISA.

     

    Section
1.02. Interpretation.  (a)
All documents and instruments defined herein, or by reference herein, shall mean
such documents and instruments as originally executed and delivered, as the same
may be amended, supplemented, modified, changed or restated from time to time in
accordance with the terms hereof, except where otherwise noted.

     

    (b) All
statutes, laws and regulations defined herein, or referenced herein, shall mean
such statutes, laws and regulations as amended or re-enacted from time to
time.

     

    Section
1.03. Computation of Time
Periods.  In this Agreement in the computation of periods of
time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each mean “to but
excluding”.

     

    Section
1.04. Accounting
Terms.  All accounting terms not specifically defined herein
shall be construed in accordance with generally accepted accounting principles
from time to time in effect in the United States (“US
GAAP”).

     

     

     

    ARTICLE
II

AMOUNTS
AND TERMS OF THE ADVANCES

     

    Section
2.01. Term Loan Advances;
Revolving Credit Advances.  (a) The aggregate amount of the
Term Loan shall be advanced in one lump sum on the Closing Date.  Each
Lender severally agrees to make its Term Loan Commitment available by an advance
(the “Term Loan
Advance”) to the Borrower on the Closing Date in Dollars in a principal
amount not to exceed its Term Loan Commitment; provided, however, that any
Term Loan Commitment undrawn on the Closing Date or June 30, 2008 (whichever
occurs first) shall be cancelled and that no amount of the Term Loan Advance
once repaid or prepaid may be re-borrowed.

     

    (b) Each
Lender severally agrees, on the terms and conditions hereinafter set forth, to
make advances (each a “Revolving Credit
Advance”) to the Borrower from time to time on any Business Day during
the period from the Closing Date until the Termination Date; provided that with
respect to any requested Revolving Credit Advance, the amount of such Revolving
Credit Advance does not exceed either such Lender’s Unused Commitment at such
time or such Lender’s Pro Rata Share of all Revolving Credit
Advances.  Each Revolving Credit Advance (other than any Advance
comprised of Letter of Credit Advances deemed to be converted to Revolving
Credit Advances pursuant to Section 2.16(f)(i)) shall be in the aggregate amount
of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (other
than an Advance the proceeds of which shall be used solely to repay or prepay in
full outstanding Letter of Credit Advances).  Lenders shall
participate in each aggregate Revolving Credit Advance ratably according
to their respective Revolving Credit Commitments.  Within the limits
of each Lender’s Unused Commitment and subject to the terms of Section 3.02
hereof, the Borrower may borrow Revolving Credit Advances under this Section
2.01(b), prepay in accordance with the terms of Section 2.08 and re-borrow under
this Section 2.01(b).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Section
2.02. Making the
Advances.  (a) Except as otherwise provided in Section
2.16(f)(i) in respect of Letter of Credit Advances deemed converted to Revolving
Credit Advances, each Advance shall be made on notice, given not later than 1:00
P.M. (London time) on the third Business Day prior to the date of the proposed
Advance, by the Borrower to the Administrative Agent, which shall give to each
Lender prompt notice thereof.  Each such notice of an Advance (a
“Notice of
Borrowing”) shall be by telecopier, in substantially the form of Exhibit
B hereto, specifying therein the requested (i) date of such Advance, (ii)
aggregate amount of such Advance and the amounts that constitute as applicable
the Term Loan Advance and the Revolving Credit Advance, (iii) each Lender’s pro
rata share of each requested Advance, and (iv) initial Interest Periods for each
such Advance.  Each Lender shall, before 3:00 P.M. (London time) on
the date of such Advance, make available for the account of its Applicable
Lending Office to the Administrative Agent at the Administrative Agent’s
Account, in same day funds, such Lender’s ratable portion of such
Advance.  After the Administrative Agent’s receipt of such funds and
upon fulfillment of the applicable conditions set forth in Article III, the
Administrative Agent will make such funds available to the Borrower at the
Administrative Agent’s address referred to in Section 8.02, provided, however, that the
Administrative Agent shall first make a portion of such funds equal to the
aggregate principal amount of any Letter of Credit Advances made by the Issuing
Bank, or, in either case, by any other Lender and outstanding on the date of
such Advance, plus interest accrued and unpaid thereon to and as of such date,
available to the Issuing Bank, as the case may be, and, in either case, such
other Lenders for repayment of such Letter of Credit Advances.

     

    (b) Each
Notice of Borrowing shall be irrevocable and binding on the
Borrower.  The Borrower shall indemnify each Lender against any loss,
cost or expense incurred by such Lender as a result of any failure to fulfill on
or before the date specified in such Notice of Borrowing for such Advance the
applicable conditions set forth in Article III, including, without limitation,
any loss (including loss of anticipated profits), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by
such Lender to fund the Advance to be made by such Lender when such Advance, as
a result of such failure, is not made on such date.

     

    (c) Unless
the Administrative Agent shall have received notice from a Lender prior to the
date on which any Advance is to be made that such Lender will not make available
to the Administrative Agent such Lender’s ratable portion of such Advance, the
Administrative Agent may assume that such Lender has made such portion available
to the Administrative Agent on the date of such Advance in accordance with
subsection (a) of this Section 2.02, and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower on such date a
corresponding amount.  If and to the extent that such Lender shall not
have so made such ratable portion available to the Administrative Agent, such
Lender and the Borrower severally agree to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available by the Administrative
Agent to the Borrower until the date such amount is repaid to the Administrative
Agent, at (i) in the case of the Borrower, the interest rate applicable at the
time to the other Advances extended on the same date and (ii) in the case of
such Lender, at the Federal Funds Rate.  If such Lender shall repay to
the Administrative Agent such corresponding amount, such amount so repaid shall
constitute part of such Lender’s Advance for purposes of this
Agreement.

     

    (d) The
failure of any Lender to make the Advance to be made by it shall not relieve any
other Lender of its obligation, if any, hereunder to make its Advance on the
requisite Advance date, but no Lender shall be responsible for the failure of
any other Lender to make the Advance to be made by such other Lender on such
date.

     

    Section
2.03. Fees.  (a)
Commitment
Fee.  The Borrower shall pay to the Administrative Agent for
the account of each Lender a commitment fee (the “Commitment Fee”)
calculated by multiplying (i) the product of .30 and the Applicable Margin and
(ii) such Lender’s Unused Commitment.  Commitment Fees shall be
payable in arrears on a quarterly basis commencing three (3) months after the
Execution Date through and including the Termination Date.  Commitment
Fees shall be payable from the Execution Date in the case of each Initial
Lender, and for each other Lender from the later of such date and the effective
date specified in the Assignment and Acceptance pursuant to which it became a
Lender, until the Termination Date.

    
      
        
           

          (b) Administrative Agent’s
Fees.  The Borrower shall pay to the Administrative Agent for
its account such fees as may from time to time be agreed between the Borrower
and the Administrative Agent.

        

      

    

     

    Section
2.04. Interest.  (a)
Scheduled
Interest.  The Borrower shall pay interest on the unpaid
principal amount of each Advance owing to each Lender from the date the relevant
Advance is made until such principal amount shall be paid in full, at a rate per
annum at all times during each Interest Period equal to the sum of (x) the LIBOR
for such Interest Period plus (y) the
Applicable Margin in effect from time to time.  Interest shall be
payable on each Interest Payment Date.

     

    (b) Default
Interest.  If any amount payable under any Loan Document is not
paid on the due
date thereof, the Borrower shall pay interest on such overdue amount, payable on
demand, at a rate per annum (“Default Rate”) equal
at all times to 2% per annum above the rate per annum calculated in accordance
with clause (a) above or, if such overdue amount is not interest or principal in
respect of an Advance, then at a rate of 2% per annum in excess of the overnight
LIBOR rate (as determined by the Administrative Agent).

     

    
      
        
        

      

      
        
          

        

      

      
        
        

      

       

    

    Section
2.05. Evidence of
Debt.  (a) Each Lender shall maintain in accordance with its
usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Lender resulting from each Advance made by such Lender,
including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder.

     

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

     

    (c) The
entries made in the accounts maintained pursuant to paragraph (a) and (b) of
this Section 2.05 shall be prima facie evidence of the existence and amounts of
the obligations recorded therein; provided that the
failure of any Lender or the Administrative Agent to maintain such accounts or
any error therein shall not in any manner affect the obligation of the Borrower
to repay the Facility in accordance with the terms of this
Agreement.

     

    (d) In
addition to the foregoing, the maximum Term Loan Commitment of each Lender, at
the request of such Lender, may be evidenced by a promissory note payable to
such Lender substantially in the form of Exhibit A-1 (a “Term Note”), and the
maximum Revolving Loan Commitment of each Lender, at the request of such Lender,
may be evidenced by a promissory note substantially in the form of Exhibit A-2 (a “Revolving
Note”).  All Notes initially shall be dated as of the Closing
Date and may be replaced in accordance with the terms of Section 5.01(w) and
Section 8.07(d).

     

    Section
2.06. Scheduled Repayment of
Advances.  (a) Term Loan
Advance.  The Borrower shall repay the Term Loan Advance
ratably on each quarterly Payment Date commencing July 1, 2008 that falls on or
prior to the Maturity Date in the aggregate principal amount (each such amount,
the “Term Loan
Repayment Amount”) set forth below opposite the relevant Payment
Date.

     

    
      	
              
                 

                Quarterly
      Payment Date

              

            	
              
                Amount
      of Term Loan Advance

                to
      be repaid on the relevant

                Payment
      Date

              

            
	
              1    July
      1, 2008

            	
              $                       62,500,000.00

            
	
              2    October
      1, 2008

            	
              $                       62,500,000.00

            
	
              3    January
      1, 2009

            	
              $                       62,500,000.00

            
	
              4    April
      1, 2009

            	
              $                       62,500,000.00

            
	
              5    July
      1, 2009

            	
              $                       45,000,000.00

            
	
              6    October
      1, 2009

            	
              $                       45,000,000.00

            
	
              7    January
      1, 2010

            	
              $                       45,000,000.00

            
	
              8    April
      1, 2010

            	
              $                       45,000,000.00

            
	
              9    July
      1, 2010

            	
              $                       25,000,000.00

            
	
              10
      October 1, 2010

            	
              $                       25,000,000.00

            
	
              11
      January 1, 2011

            	
              $                       25,000,000.00

            
	
              12
      April 1, 2011

            	
              $                       25,000,000.00

            
	
              13
      July 1, 2011

            	
              $                       25,000,000.00

            
	
              14
      October 1, 2011

            	
              $                       25,000,000.00

            
	
              15
      January 1, 2012

            	
              $                       25,000,000.00

            
	
              16
      April 1, 2012

            	
              $                       25,000,000.00

            
	
              17
      July 1, 2012

            	
              $                       25,000,000.00

            
	
              18
      October 1, 2012

            	
              $                       25,000,000.00

            
	
              19
      January 1, 2013

            	
              $                       25,000,000.00

            
	
              20
      April 1, 2013

            	
              $                       25,000,000.00

            
	
              21
      July 1, 2013

            	
              $                       25,000,000.00

            
	
              22
      October 1, 2013

            	
              $                       25,000,000.00

            
	
              23
      January 1, 2014

            	
              $                       25,000,000.00

            
	
              24
      April 1, 2014

            	
              $                       25,000,000.00

            
	
              25
      July 1, 2014

            	
              $                       25,000,000.00

            
	
              26
      October 1, 2014

            	
              $                       25,000,000.00

            
	
              27
      January 1, 2015

            	
              $                       25,000,000.00

            
	
              28
      April 1, 2015

            	
              $                       25,000,000.00

            
	
              29
      July 1, 2015

            	
              $                       17,500,000.00

            
	
              30
      October 1, 2015

            	
              $                       17,500,000.00

            
	
              31
      January 1, 2016

            	
              $                       17,500,000.00

            
	
              32
      April 1, 2016

            	
              $                       17,500,000.00

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    (b) Revolving Credit
Advances.  The Borrower shall repay to the Administrative Agent
for the ratable account of the Lenders on the Termination Date the aggregate
principal amount of the Revolving Credit Advances then outstanding.

     

    Section
2.07. Termination or Reduction of
the Revolving Credit Commitments.  (a) The Borrower shall have
the right, upon at least three Business Days’ irrevocable prior written notice
to the Administrative Agent, to terminate in whole or reduce ratably in part the
Unused Commitments, provided that each
partial reduction of the Unused Commitment (i) shall be in the aggregate amount
of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii)
shall be made ratably among the Lenders in accordance with their Unused
Commitments.  Each such termination or reduction of the Unused
Commitments shall be permanent.

     

    (b) The
Letter of Credit Facility shall be permanently reduced from time to time on the
date of each reduction in the Revolving Credit Facility by the amount, if any,
by which the amount of the Letter of Credit Facility exceeds the Revolving
Credit Facility after giving effect to such reduction of the Revolving Credit
Facility.  If the aggregate Available Amount of Letters of Credit
issued by the Issuing Bank is in excess of the then applicable Revolving Credit
Facility, the Borrower agrees to secure such excess amount by cash collateral
reasonably satisfactory to the Administrative Agent.

     

    Section
2.08. Optional
Prepayments.  Upon at least three Business Days’ irrevocable
prior written notice to the Administrative Agent stating the proposed date and
aggregate principal amount of the prepayment and whether such prepayment is of
Term Loan Advances or Revolving Credit Advances (in excess of the aggregate
Available Amount of the then outstanding Letters of Credit), the Borrower may
prepay the outstanding principal amount of the Advances in whole or in part,
together with accrued interest to the date of such prepayment on the principal
amount prepaid.  All prepayments shall be made on the last day of the
then existing Interest Period respecting the Advance being prepaid or shall be
subject to Break Funding Costs with respect thereto in accordance with the terms
of Section 2.12(f) hereof.  Each prepayment in whole or part of a
Revolving Credit Advance shall be in the aggregate amount of $5,000,000 or an
integral multiple of $1,000,000 in excess thereof and shall be applied ratably
among the Lenders.  Each partial prepayment of a Term Loan Advance
shall be in the aggregate amount of $5,000,000 or an integral multiple of
$1,000,000 in excess thereof and shall be applied ratably among the Lenders to
reduce the outstanding Term Loan Repayment Amounts on a pro rata
basis.  In each case of an optional prepayment respecting the Term
Loan, the Administrative Agent shall send to each of the parties hereto a
revised principal repayment schedule, which revision shall supersede the
schedule set forth in Section 2.06.  Following the reduction of the
Term Loan Repayment Amount in its entirety, optional prepayment amounts shall be
used to prepay Revolving Credit Advances then outstanding.

     

    Section
2.09. Mandatory
Prepayments.

     

    (a) Upon the
occurrence of a sale or other disposition of a Collateral Vessel in accordance
with the terms of Section 5.01(m) hereof or a Total Loss (as defined in the
relevant Ship Mortgage) of any Collateral Vessel, the Total Commitment shall be
reduced (it being agreed, as per clause (c) hereunder, that all mandatory
prepayments made in accordance with this clause (a) will be applied first to
reduce future Term Loan Repayment Amounts on a pro rata basis, and thereafter to
prepay Revolving Credit Advances then outstanding) in an amount equal to the
Total Commitment multiplied by a fraction, the numerator of which is the Fair
Market Value (as determined on the basis of the most recently obtained
appraisals in accordance with the terms of Section 5.01(l)) of such Collateral
Vessel subject to such sale or Total Loss or disposition and the denominator of
which is the aggregate Fair Market Value (as determined on the basis of the most
recently obtained appraisals in accordance with the terms of Section 5.0 1(l))
of all Collateral Vessels (including the Collateral Vessel subject to such sale,
Total Loss or other disposition).  The Borrower shall prepay any
amount equal to the excess of any principal amount outstanding over such reduced
Total Commitment amount together with interest on the amount being prepaid and
Break Funding Costs, if any, and any other amounts due in accordance with the
terms of Section 8.04(c).

     

    (b) In
addition, upon a violation of Section 5.04(f) hereof, the Borrower shall
promptly prepay the Facilities in an amount necessary to cure any such violation
or take the other actions set forth therein.

     

    (c) All
mandatory prepayments made in accordance with the preceding paragraphs
will be
applied first to reduce future Term Loan Repayment Amounts on a pro rata basis,
and thereafter to prepay Revolving Credit Advances then
outstanding.

     

    (d) If the
Borrower makes any mandatory prepayment in accordance with the terms of this
Section 2.09 on a day other than an Interest Payment Date respecting such
amounts being prepaid, together with such payment, the Borrower shall pay Break
Funding Costs with respect thereto as provided in Section 2.12(f) and 8.04(c)
hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (e) In each
case of a mandatory prepayment respecting the Term Loan, the Administrative
Agent shall send to each of the parties hereto a revised principal repayment
schedule, which revision shall supersede the schedule set forth in Section
2.06.

    
      
         

      

    

    Section
2.10. Increased
Costs.  (a) If, due to either (i) the introduction of or any
change in or in the interpretation of any law or regulation or (ii) the
compliance with any guideline or request from any central bank or other
governmental authority (whether or not having the force of law) which compliance
was not required as of December 27, 2007, there shall be any increase in the
cost to any Lender of agreeing to make or making, funding or maintaining
Advances (excluding for purposes of this Section 2.10 any such increased costs
resulting from (i) Taxes or Other Taxes (as to which Section 2.13 shall govern)
and (ii) changes in the basis of taxation of overall net income or overall gross
income by the jurisdiction or state under the laws of which such Lender is
organized or has its Applicable Lending Office or any political subdivision
thereof), then the Borrower shall from time to time, within 30 days after demand
by such Lender (with a copy of such demand to the Administrative Agent), pay to
the Administrative Agent for the account of such Lender additional amounts
sufficient to compensate such Lender for such increased cost; provided, however, that before
making any such demand, each Lender agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to designate a
different Applicable Lending Office if the making of such a designation would
avoid the need for, or reduce the amount of, such increased cost and would not,
in the reasonable judgment of such Lender, be otherwise disadvantageous to such
Lender.  A certificate as to the amount of such increased cost,
submitted to the Borrower and the Administrative Agent by such Lender, shall be
conclusive and binding for all purposes, absent manifest error.

     

    (b) If any
Lender determines (taking into account such Lender’s, or its controlling
corporation’s,
policies with respect to capital adequacy) that compliance, which compliance was
not required as of December 27, 2007, with any law or regulation or any
guideline or request from any central bank or other governmental authority
(whether or not having the force of law) affects or would affect the amount of
capital required or expected to be maintained by such Lender or any corporation
controlling such Lender and that the amount of such capital is increased by or
based upon the existence of such Lender’s Commitment to lend hereunder and other
commitments of such type or the issuance or maintenance of Letters of Credit (or
similar contingent obligations), then, within 30 days after demand by such
Lender (with a copy of such demand to the Administrative Agent), the Borrower
shall pay to the Administrative Agent for the account of such Lender, from time
to time as specified by such Lender, additional amounts sufficient to compensate
such Lender or such corporation in the light of such circumstances, to the
extent that such Lender reasonably determines such increase in capital to be
allocable to the existence of such Lender’s Commitment to lend hereunder or to
the issuance or maintenance of any Letters of Credit.  A certificate
as to such amounts submitted to the Borrower and the Administrative Agent by
such Lender shall be conclusive and binding for all purposes, absent manifest
error.

     

    Section
2.11. Illegality.  (a)
Notwithstanding any other provision of this Agreement, if any Lender shall
notify the Administrative Agent that the introduction of or any change in or in
the interpretation or application of any law or regulation after December 27,
2007 shall make it unlawful, or any central bank or other governmental authority
shall assert that it is unlawful, for any Lender or its Applicable Lending
Office to perform its obligations hereunder to make or to continue to fund or
maintain Advances hereunder, then, on notice thereof and demand therefore by
such Lender to the Borrower through the Administrative Agent, (i) any
obligations of such Lender to make or to continue to fund or maintain such
Advances shall terminate and (ii) the Borrower shall prepay all affected
Advances on the last day of the then existing relevant Interest Period (if such
Lender may lawfully continue to maintain such Advances to such day) or
immediately (if such Lender may not lawfully continue to maintain such Advances
to such day).  Upon any such prepayment, the Borrower shall also pay
accrued interest on the amount prepaid and Break Funding Costs, if any and any
other amounts due under Section 8.04(c).

     

    (b) If any
Lender reasonably determines that there has occurred after December 27,
2007 any
adoption of a law, rule or regulation, or change in the interpretation or
application thereof, that has made it unlawful, or that any Governmental
Authority has asserted after the Closing Date that it is unlawful, for any
Lender or its applicable Lending Office to determine or charge interest rates
based upon LIBOR, then, on notice thereof by such Lender to the Borrower through
the Administrative Agent and until such Lender notifies the Administrative Agent
and the Borrower that the circumstances giving rise to such determination no
longer exist, (i) any obligations of such Lender to make Advances on which
interest would accrue based upon LIBOR shall be suspended and (ii) each existing
affected Advance shall be continued with an interest rate for each day equal to
the sum of (w) the Federal Funds Rate, plus (x) the Applicable Margin, plus (y) such per
annum percentage as such Lender reasonably determines will compensate it for its
cost of maintaining such Advance (including lost profits).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Section
2.12. Payments and
Computations.  (a) The Borrower shall make each payment
hereunder and under any other Loan Document not later than 1:00 P.M. (London
time) on the day when due in Dollars to the Administrative Agent at the
Administrative Agent’s Account in same day funds.  The Administrative
Agent will promptly thereafter cause to be distributed like funds relating to
the payment of principal or interest or Commitment Fees ratably (other than
amounts payable pursuant to Section 2.10, 2.11, 2.13 or 8.04(c)) to the Lenders
for the account of their respective Applicable Lending Offices, and like funds
relating to the payment of any other amount payable to any Lender to such Lender
for the account of its Applicable Lending Office, in each case to be applied in
accordance with the terms of this Agreement.  Upon its acceptance of
an Assignment and Acceptance and recording of the information contained therein
in the Register pursuant to Section 8.07(c), from and after the effective date
specified in such Assignment and Acceptance, the Administrative Agent shall make
all payments hereunder and under any other Loan Document in respect of the
interest assigned thereby to the Lender assignee thereunder, and the parties to
such Assignment and Acceptance shall make all appropriate adjustments in such
payments for periods prior to such effective date directly between
themselves.

     

    (b) The
Borrower hereby authorizes each Lender, if and to the extent payment owed to
such Lender is not made when due hereunder or under the Note held by such Lender
or any other Collateral Document, to charge from time to time against any or all
of the Borrower’s accounts with such Lender any amount so due.  Each
Lender agrees promptly to notify the Borrower after any such charge against the
Borrower’s accounts, provided that the
failure to give such notice shall not affect the validity of such
charge.

     

    (c) All
computations of interest based on LIBOR and the Federal Funds Rate shall be made
by the Administrative Agent on the basis of a year of 360 days, in each case for
the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest is payable.  Each
determination by the Administrative Agent, or when so provided specifically
herein by a Lender, of an interest rate or other amount hereunder shall be
conclusive and binding for all purposes, absent manifest error.

    

    (d) Whenever
any payment hereunder or under the Notes shall be stated to be due on a day
other than a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall in such case be included in the
computation of payment of interest or fee, as the case may be; provided, however, that, if
such extension would cause payment of interest on or principal of Advances to be
made in the next following calendar month, such payment shall be made on the
next preceding Business Day.

     

    (e) Unless
the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to any Lender hereunder that the Borrower
will not make such payment in full, the Administrative Agent may assume that the
Borrower has made such payment in full to the Administrative Agent on such date,
and the Administrative Agent may, in reliance upon such assumption, cause to be
distributed to each such Lender on such due date an amount equal to the amount
then due such Lender.  If and to the extent the Borrower shall not
have so made such payment in full to the Administrative Agent, each such Lender
shall repay to the Administrative Agent forthwith on demand such amount
distributed to such Lender together with interest thereon, for each day from the
date such amount is distributed to such Lender until the date such Lender repays
such amount to the Administrative Agent, at the Federal Funds Rate.

     

    (f) Whenever
the Borrower makes any payment hereunder or under the Notes on a date that is
not an Interest Payment Date, the Borrower shall indemnify the Administrative
Agent and the Lenders for any Break Funding Costs by reason thereof as further
set forth in Section 8.04(c).

     

    Section
2.13. Taxes.  (a)
Any and all payments by or on account of any obligation of the Borrower under
this Agreement or any other Loan Document shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes, provided that if the
Borrower or the Administrative Agent shall be required by law to deduct any
Indemnified Taxes or Other Taxes from any such payment, then (i) the sum payable
by the Borrower shall be increased as necessary so that after making all
required deductions (including deductions applicable to additional sums payable
under this Section 2.13(a)) the Administrative Agent, each Lender and each other
Secured Party receives an amount equal to the sum it would have received had no
such deduction been made, (ii) the Borrower or the Administrative Agent (as the
case may be) shall make such deductions and (iii) the Borrower or the
Administrative Agent (as the case may be) shall pay the full amount deducted to
the relevant Governmental Authority in accordance with applicable
law.

     

    (b) The
Borrower shall pay any and all Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

     

    
      
        
        

      

      
        
          

        

      

       

    

    (c) The
Borrower shall indemnify the Administrative Agent, each Lender and each other
Secured Party for and hold each of them harmless against, within thirty (30)
days after written demand therefore, the full amount of any Indemnified Taxes or
Other Taxes paid or incurred by, or asserted against, the Administrative Agent,
such Lender or such other Secured Party (as the case may be) on or with respect
to any payments or amounts payable by or on account of any obligation of the
Borrower under this Agreement or any other Loan Document (including Indemnified
Taxes or Other Taxes imposed or asserted on or with respect to amounts paid or
payable under this Section 2.13(c)) and any liabilities (including penalties,
additions to tax, interest and expenses) arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority.  A
certificate as to the amount of any such Indemnified Taxes or Other Taxes or
liabilities delivered to the Borrower by a Lender or other Secured Party or by
the Administrative Agent (on its own behalf or on behalf of a Lender or other
Secured Party) shall be conclusive absent manifest error.

    

    (d) As soon
as practicable after any payment of Indemnified Taxes or Other Taxes
by the
Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment (to the extent available), a
copy of the return reporting such payment, or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

     

    (e) If
requested by the Borrower in writing, a Lender or other Secured Party that is
entitled to an exemption from or reduction of withholding Tax under the law of a
jurisdiction in which the Borrower is incorporated or has an office or carries
on business, or any treaty to which such jurisdiction is a party, with respect
to payments under this Agreement shall, at the Borrower’s expense, deliver to
the Borrower (with a copy to the Administrative Agent), as soon as reasonably
practicable after receipt of the Borrower’s written request (accompanied by a
copy of each requested document, and any published instructions for such
document, and an English translation of each such document and instruction that
is not in English), such forms, certificates or other documents as (i) such
Lender or other Secured Party is entitled under applicable law to execute, (ii)
such Lender or other Secured Party is able to complete with information that is
in its possession or control or is otherwise reasonably obtainable and (iii) are
required by applicable law to permit the Borrower to make payments to or for the
account of such Lender or other Secured Party pursuant to this Agreement without
withholding (or withholding at a reduced rate, as the case may be) any
withholding Tax that the Borrower would be required by any applicable law to
withhold in the absence of such document, provided that in the case of any such
document that must be issued, executed or endorsed by any Governmental Authority
or other taxing authority, the failure of such Lender or the Borrower to receive
such document from such Governmental Authority or other taxing authority within
a reasonable time shall not be deemed to be a failure to comply with this
Section 2.13(e) so long as such Lender or other Secured Party is using
reasonable efforts to obtain such document.

     

    (f) If the
Administrative Agent, a Lender or other Secured Party determines, in its sole
discretion (acting in good faith), that it has received a refund of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts
pursuant to Section 2.13(a), it shall pay over such refund to the Borrower (but
only to the extent of indemnity payments made, or additional amounts paid, by
the Borrower under this Section 2.13 with respect to the Indemnified Taxes or
Other Taxes giving rise to such refund), net of all out-of-pocket expenses of
the Administrative Agent, such Lender or other Secured Party and without
interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided, that the Borrower, upon the request of
the Administrative Agent or such Lender or other Secured Party, agrees to repay
the amount paid over to the Borrower (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender in the event the Administrative Agent, such Lender or other
Secured Party is required to repay such refund to such Governmental
Authority.  This Section shall not be construed to require the
Administrative Agent, any Lender or other Secured Party to make available its
Tax returns (or any other information relating to its Taxes which it deems
confidential) to the Borrower or any other Person.

     

    Section
2.14. Sharing of Payments,
Etc.  If any Lender shall obtain any payment (whether
voluntary, involuntary, through the exercise of any right of set-off, or
otherwise) on account of the Advances owing to it (other than pursuant to
Section 2.10, 2.11, 2.13 or 8.04(c)) in excess of its ratable share of payments
on account of the Advances obtained by all the Lenders, such Lender shall
forthwith purchase from the other Lenders such participations in the Advances
owing to them as shall be necessary to cause such purchasing Lender to share the
excess payment ratably with each of them; provided, however, that (x) if
all or any portion of such excess payment is thereafter recovered from such
purchasing Lender, such purchase from each Lender shall be rescinded and such
Lender shall repay to the purchasing Lender the purchase price to the extent of
such recovery together with an amount equal to such Lender’s ratable share
(according to the proportion of (i) the amount of such Lender’s required
repayment to (ii) the total amount
so recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so recovered and
(y) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or any amount received by a Lender as consideration for
the assignment of or sale of a participation in any of its Advances or
Commitments to any assignee or participant.  The Borrower
agrees that any Lender so purchasing a participation from another Lender
pursuant to this Section 2.14 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Lender were the direct creditor of the
Borrower in the amount of such participation.

     

    
      
        
        

      

      
        
          

        

      

       

    

    Section
2.15. Use of
Proceeds.  

     

    The
proceeds of the Advances shall be used (a) to finance some or all of the cash
portion of the Acquisition up to the maximum amount of $800,000,000 with the
balance of the purchase price of the Acquisition payable in shares of the
Borrower, (b) to consummate the Borrower Refinancing in the approximate amount
of $189,700,000 and the QMAR Refinancing in the approximate amount of
$710,800,000, and (c) for ongoing working capital and capital expenditure
requirements and other general corporate purposes of the Borrower and its
Subsidiaries, including fees and expenses not exceeding US$35,000,000, payable
by the Borrower in connection with the Transaction.

     

    Section
2.16. Issuance of and Drawings and
Reimbursement under Letters of Credit.  (a) Letters of
Credit.  The Issuing Bank agrees, on the terms and conditions
hereinafter set forth, to issue letters of credit or letters of guarantee (both
such letters of credit and letters of guarantee are collectively called the
“Letters of
Credit”) for the account of the Borrower on any Business Day during the
period from the Closing Date until 30 days before the Termination Date in an
aggregate Available Amount for all Letters of Credit issued by the Issuing Bank
not to exceed at any time the Letter of Credit Facility.  No Letter of
Credit shall have an expiration date (including all rights of the Borrower or
any beneficiary to require renewal) later than the earlier of the Termination
Date and one year after the date of issuance thereof.  Any Letter of
Credit may, upon request of the Borrower, include a provision whereby such
Letter of Credit may be renewed for additional consecutive periods of 12 months
or less, provided that (x) the consent of the Majority Lenders and the Issuing
Bank will be required for any such renewal during the continuance of a Default
or Event of Default, (y) the renewed Letter of Credit shall have the same terms
(or such revised terms as could have been issued in a new Letter of Credit) and
shall be for the same amount as the relevant Letter of Credit immediately prior
to its renewal, and (z) the expiration date (including all rights of the
Borrower to require renewal) of such renewed Letter of Credit shall be no later
than the earlier of the Termination Date and one year after the date of issuance
thereof.  Within the limits of the Letter of Credit Facility, and
subject to the limits referred to above, the Borrower may request the issuance
of Letters of Credit under this Section 2.16(a), the Borrower may repay any
Letter of Credit Advances resulting from drawings thereunder pursuant to Section
2.16(d), and the Borrower may request the issuance of additional Letters of
Credit under this Section 2.16(a).  Each Letter of Credit shall be
denominated in Dollars.  On the expiration date of a Letter of Credit
(if such Letter of Credit has not been renewed in accordance with its terms),
such Letter of Credit will be deemed to be terminated.  The Issuing
Bank will notify each Lender on the Business Day immediately after the date of
such termination.

     

    (b) Request for
Issuance.  Each Letter of Credit shall be issued upon notice,
given not later than 1:00 P.M. (London time) on the third Business Day prior to
the date of the proposed issuance of such Letter of Credit, by the Borrower to
the Issuing Bank, which shall give to the Administrative Agent and each Lender
prompt notice thereof.  Each such notice of issuance of a Letter of
Credit (a “Notice of
Issuance”) shall be by telecopier, specifying therein the requested (A)
date of such issuance (which shall be a Business Day), (B) Available Amount of
such Letter of Credit, (C) expiration date of such Letter of Credit, (D) name
and address of the beneficiary of such Letter of Credit and (E) form of such
Letter of Credit, and shall be accompanied by such application and agreement for
letter of credit as the Issuing Bank may specify to the Borrower for use in
connection with such requested Letter of Credit (a “Letter of Credit
Agreement”).  Any Notice of Issuance shall also comply with and
satisfy the terms of Section 3.02.  If the requested form of such
Letter of Credit and the identity and location of the proposed beneficiary
thereof is acceptable to the Issuing Bank consistent with such Issuing Bank’s
established policies generally applicable to the issuance of letters of credit
and/or letters of guarantee and any applicable law, such Issuing Bank will, upon
fulfillment of the applicable conditions set forth in Section 3.02, make such
Letter of Credit available to the Borrower at the Issuing Bank’s office referred
to in Section 8.02 or as otherwise agreed with the Borrower.  In the
event and to the extent that the provisions of any Letter of Credit Agreement
shall conflict with this Agreement, the provisions of this Agreement shall
govern.  Notwithstanding the terms of Section 8.07, from time to time
the Issuing Bank may, by notice to the Administrative Agent and the Borrower,
assign to an Affiliate of the Issuing Bank all or a portion of such assigning
Issuing Bank’s obligations to issue Letters of Credit hereunder.  Upon
the issuance of a Letter of Credit, each Lender shall be deemed to have a risk
participation in such Letter of Credit to the extent of its Pro Rata Share of
the Available Amount of such Letter of Credit.

     

    (c) Letter of Credit
Reports.  The Issuing Bank shall furnish (A) to the
Administrative Agent on the first Business Day of each month a written report
summarizing issuance and expiration dates of Letters of Credit issued during the
previous month by the Issuing Bank and drawings during such month under all
Letters of Credit, (B) to each Lender on the first Business Day of each month a
written report summarizing issuance and expiration dates of Letters of Credit
issued by the Issuing Bank during the preceding month and drawings during such
month under all Letters of Credit issued by the Issuing Bank and (C) to the
Administrative Agent and each Lender on the first Business Day of each calendar
quarter a written report setting forth the average daily aggregate Available
Amount during the preceding calendar quarter of all Letters of Credit issued by
the Issuing Bank.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (d) Drawing and
Reimbursement.  The Borrower authorizes the payment by the
Issuing Bank of an amount drawn under any Letter of Credit.  The
payment by the Issuing Bank of such amount drawn shall constitute for all
purposes of this Agreement the making by such Issuing Bank of a Letter of Credit
Advance.  Upon written demand by the Issuing Bank, with a copy of such
demand to the Administrative Agent, each Lender shall purchase from the Issuing
Bank, and such Issuing Bank shall sell and assign to each such Lender, such
Lender’s Pro Rata Share of such outstanding Letter of Credit Advance as of the
date of such purchase, by making available to the Administrative Agent for the
account of the Issuing Bank, by deposit to the Administrative Agent’s Account,
in same day funds, an amount equal to the portion of the outstanding principal
amount of such Letter of Credit Advance to be purchased by such
Lender.  Promptly after receipt of such payment, the Administrative
Agent shall transfer such funds to the Issuing Bank.  The Borrower
hereby agrees to each such sale and assignment.  Each Lender agrees to
purchase its Pro Rata Share of such an outstanding Letter of Credit Advance on
(i) the Business Day on which demand therefore is made by the Issuing Bank,
provided notice of such demand is given not later than 11:00 A.M. (London time)
on such Business Day or (ii) the first Business Day next succeeding such demand
if notice of such demand is given after such time.  Upon any such
assignment by the Issuing Bank to any other Lender of a portion of a Letter of
Credit Advance, the Issuing Bank represents and warrants to such Lender that the
Issuing Bank is the legal and beneficial owner of such interest being assigned
by it, free and clear of any liens, but makes no other representation or
warranty and assumes no responsibility with respect to such Letter of Credit
Advance, the Loan Documents or any Loan Party.  If and to the extent
that any Lender shall not have so made the amount of such Letter of Credit
Advance available to the Administrative Agent, such Lender agrees to pay to the
Administrative Agent forthwith on demand such amount together with interest
thereon, for each day from the date of demand by the Issuing Bank until the date
such amount is paid to the Administrative Agent, at the Federal Funds Rate for
its account or the account of the Issuing Bank, as applicable.  If
such Lender shall pay to the Administrative Agent such amount for the account of
the Issuing Bank on any Business Day, such amount so paid in respect of
principal shall constitute a Letter of Credit Advance made by such Lender on
such Business Day for purposes of this Agreement, and the outstanding principal
amount of the Letter of Credit Advance made by the Issuing Bank shall be reduced
by such amount on such Business Day.

    

    (e) Failure to Make Letter of
Credit Advances.  The failure of any Lender to make the Letter
of Credit Advance to be made by it on the date specified in Section 2.16(d)
shall not relieve any other Lender of its obligation hereunder to make its
Letter of Credit Advance on such date, but no Lender shall be responsible for
the failure of any other Lender to make the Letter of Credit Advance to be made
by such other Lender on such date.

     

    (f) Letter of Credit
Advances.  (i) Upon a Lender making available to the
Administrative Agent the amount of the Letter of Credit Advance pursuant to
Section 2.16(d), the Borrower shall immediately on demand pay to the
Administrative Agent for the Issuing Bank an amount equal to such
amount.  The Borrower shall pay on demand to the Administrative Agent
for the account of the Issuing Bank and each Lender that has a Letter of Credit
Advance the outstanding principal amount of each Letter of Credit Advance made
by each of them.

     

    (ii) The
obligations of the Borrower under this Agreement with respect to any Letter of
Credit,
any Letter of Credit Agreement and any other agreement or instrument relating to
any Letter of Credit, including without limitation, the obligation to repay any
Advance arising from a drawing on a Letter of Credit, shall be unconditional and
irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement, such Letter of Credit Agreement and such other agreement or
instrument under all circumstances, including, without limitation, the following
circumstances and regardless of the use of proceeds of any drawing under any
Letter of Credit or any defense related thereto:

     

    (iii) any lack
of validity or enforceability of this Agreement or any other Loan
Document;

     

    (A) any
change in the time, manner or place of payment of, or in any other term of, all
or any of the obligations of the Borrower in respect of any Loan Document or any
other amendment or waiver of or any consent to departure from any Loan
Documents;

     

    (B) the
existence of any claim, set-off, defense or other right that the Borrower may
have at any time against any beneficiary or any transferee of a Letter of Credit
(or any Persons for whom any such beneficiary or any such transferee may be
acting), the Issuing Bank or any other Person, whether in connection with the
transactions contemplated by the Loan Documents or any unrelated
transaction;

     

    (C) any
statement or any other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (D) payment
by the Issuing Bank under a Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of
Credit;

     

    (E) any
exchange, release or non-perfection of any Collateral, or any release or
amendment or waiver of or consent to departure from the Guaranty or any other
guaranty, for all or any of the obligations of the Borrower in respect of the
Loan Documents; or

     

    (F) any other
circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including, without limitation, any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Borrower,
any Guarantor or any other guarantor.

     

    (g) Letter of Credit
Fees.  (i) The Borrower shall pay to the Administrative Agent
for the account of each Lender a fee on such Lender’s Pro Rata Share of the
average daily aggregate Available Amount of all Letters of Credit outstanding
from time to time at the Applicable Margin, payable in arrears quarterly on the
last Business Day of each March, June, September and December during the period
in which any Letter of Credit is outstanding.

     

    (ii) The
Borrower shall pay to the Issuing Bank a fronting fee of 0.125% per annum
quarterly in arrears on the maximum draw amount available under each Letter of
Credit issued by the Issuing Bank, together with such other commissions,
transfer fees and other fees and charges in connection with the issuance or
administration of each Letter of Credit as the Borrower and the Issuing Bank
shall agree.

     

    (h) Limited Liability of the
Issuing Bank.  The Borrower assumes all risks of the acts or
omissions of any beneficiary or transferee of any Letter of Credit with respect
to its use of such Letter of Credit.  Neither the Issuing Bank nor any
of its officers or directors shall be liable or responsible for:  (i)
the use that may be made of any Letter of Credit or any acts or omissions of any
beneficiary or transferee in connection therewith; (ii) the validity,
sufficiency or genuineness of documents, or of any endorsement thereon, even if
such documents should prove to be in any or all respects invalid,

     

    (i) insufficient,
fraudulent or forged; (iii) payment by the Issuing Bank against presentation of
documents that do not comply with the terms of a Letter of Credit, including
failure of any documents to bear any reference or adequate reference to the
Letter of Credit; or (iv) any other circumstances whatsoever in making or
failing to make payment under any Letter of Credit, except that the
Borrower shall have a claim against the Issuing Bank, and the Issuing Bank shall
be liable to the Borrower, to the extent of any direct, but not consequential,
damages suffered by the Borrower that the Borrower proves were caused by (A) the
Issuing Bank’s willful misconduct or gross negligence in determining whether
documents presented under any Letter of Credit comply with the terms of the
Letter of Credit or (B) the Issuing Bank’s willful failure to make lawful
payment under a Letter of Credit after the presentation to it of a draft and
certificates strictly complying with the terms and conditions of the Letter of
Credit.  In furtherance and not in limitation of the foregoing, the
Issuing Bank may accept documents that appear on their face to be in order,
without responsibility for further investigation, regardless of any notice or
information to the contrary.

     

    (j) Indemnities.  (i)
The Borrower shall immediately on demand indemnify the Issuing Bank against any
cost, loss or liability incurred by the Issuing Bank (otherwise than by reason
of the Issuing Bank’s gross negligence or willful misconduct) in acting as the
Issuing Bank under any Letter of Credit, any Letter of Credit Agreement and any
other agreement or instrument relating to any Letter of Credit.

     

    (ii) Each
Lender shall (according to such Lender’s Pro Rata Share) immediately on demand
indemnify the Issuing Bank against any cost, loss or liability incurred by the
Issuing Bank (otherwise than by reason of the Issuing Bank’s gross negligence or
willful misconduct) in acting as the Issuing Bank under any Letter of Credit
(unless the Issuing Bank has been reimbursed by the Borrower).

     

    (iii) If any
Lender is not permitted (by its constitutional documents or any applicable law)
to comply with paragraph (ii) above, then that Lender will not be obliged to
comply with paragraph ii) and shall instead be deemed to have taken, on the date
the Letter of Credit is issued (or if later, on the date such Lender’s
participation in the Letter of Credit is transferred or assigned to the Lender
in accordance with the terms of this Agreement), an undivided interest and
participation in the Letter of Credit in an amount equal to its Pro Rata Share
of that Letter of Credit.  On receipt of demand from the Agent, that
Lender shall pay to the Issuing Bank an amount equal to its Pro Rata Share of
the amount demanded.

    

    (iv) The
Borrower shall immediately on demand reimburse any Lender for any payment it
makes to the Issuing Bank under this Clause 2.16 in respect of a Letter of
Credit.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (k) Continuing
Obligations.  The obligations of each Lender under this Clause
2.16 are continuing obligations and will extend to the ultimate balance of sums
payable by that Lender in respect of any Letter of Credit, regardless of any
intermediate payment or discharge in whole or in part.

     

    Section
2.17. Mitigation.  

     

    (a) If, after
the date hereof, the Borrower is required to pay any material additional amount
to any Lender under Section 2.10, 2.11(b) or 2.13 (or to any Governmental
Authority for the account of any Lender pursuant to Section 2.13), then, if
reasonably requested by the Borrower in writing, such Lender shall use
reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different Applicable Lending Office if, in the
opinion of such Lender, such designation (i) would avoid the need for, or reduce
the amount of, any such additional amounts that may thereafter accrue and (ii)
would not subject such Lender to any unindemnified liability, loss, cost or
expense and (iii) would not otherwise be disadvantageous to such
Lender.  The Borrower shall pay all reasonable costs and expenses
incurred by the Administrative Agent or any Lender in connection with any such
designation.

     

    (b) If, after
the date hereof, the Borrower is required to pay any material additional amount
to any Lender under Section 2.10, 2.11(b) or 2.13 (or to any Governmental
Authority for the account of any Lender pursuant to Section 2.13), or if any
Lender defaults in its obligation to fund Advances hereunder, then the Borrower
may, at its sole expense and effort, upon written notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in
Section 8.07), all its interests, rights and obligations under this Agreement
and the other Loan Documents to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment),
provided that (i) such Lender shall have received payment of an amount equal to
the outstanding principal of its Advances, accrued interest thereon, accrued
fees, Break Funding Costs, if any, and all other amounts due, owing and payable
to it under this Agreement or any other Loan Document at such time, from the
assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts) and (ii) such
assignment would avoid the need for, or reduce the amount of, any such
additional amounts that may thereafter accrue.  A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply.

    
      
         

         

      

    

     

    ARTICLE
III 

CONDITIONS
PRECEDENT TO LENDING

     

    Section
3.01. Conditions Precedent on the
Closing Date.  The obligation of each Lender to make its Term
Loan Advance on the Closing Date and any requested Revolving Credit Advance on
the Closing Date, in each case up to the amount of its Commitment relating
thereto, and in the aggregate for all Lenders not in excess of the Total
Commitment, and of the Issuing Bank to issue any Letter of Credit in accordance
with the terms of Section 2.16, is subject to, in the reasonable opinion of the
Majority Lenders, the satisfaction of the following conditions precedent before
or on the Closing Date:

     

    (a) The
Administrative Agent shall have received on or before the Closing Date the
following, each dated the Closing Date (unless otherwise specified), in form and
substance reasonably satisfactory to the Administrative Agent (unless otherwise
specified) and (except for the Notes) in sufficient counterparts for each
Lender:

    

    (i) This
Agreement and the Notes payable to the order of each respective
Lender.

     

    (ii) The
Guaranty.

     

    (iii)           (A) A
Ship Mortgage for each Collateral Vessel in favor of the Security Trustee, the
Administrative Agent, or Nordea, as the case may be, together with evidence that
each such Ship Mortgage has been duly recorded and is in full force and
effect.

     

    (B) Assignment
of Insurances covering each Collateral Vessel.

     

    (C) Assignment
of Earnings covering each Collateral Vessel.

     

    (D) Assignment
of Charter for each relevant Collateral Vessel; provided that, with
respect to any Assignment of Charter covering a charter in existence as of the
Execution Date, it is agreed that the Borrower will satisfy this precondition by
using its best efforts to obtain the consent of the relevant Charterer in the
form attached to the Assignment of Charter.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (E) Manager’s
Undertakings for each Collateral Vessel and Assignment of Management Agreement
for each Collateral Vessel.

     

    (F) Security
Trust Agreement.

     

    (G) Account
Pledge Agreement.

     

    (iv)      (A)
Designated Vessel Assignment of Earnings covering each Designated
Vessel.

     

    (B) Designated
Vessel Account Pledge Agreement.

     

    (C) Assignment
of Charter for each relevant Designated Vessel.

     

    (D) Appropriate
Manager’s Undertakings for each Designated Vessel and Assignment of Management
Agreement for each Designated Vessel.

     

    (v) Stock
Pledge.

     

    (vi) An
Officer’s Certificate of each Loan Party certifying as to and attaching copies
of the resolutions of the Board of Directors (or similar body) of each Loan
Party approving this Agreement and each other Loan Document to which it is or is
intended to be a party and the Transaction, and of all documents evidencing
other necessary corporate, or limited liability company, action and governmental
and other third party approvals and consents, if any, with respect to the
Transaction, this Agreement and each Loan Document to which it is or is to be a
party.

     

    (vii) An
Officer’s Certificate of each Loan Party certifying as to and attaching
copies of
the articles of incorporation (or similar formation document) and by-laws or
operating agreement of each Loan Party certifying the names and true signatures
of the officers of such Loan Party authorized to sign each Loan Document to
which it is or is to be a party and the other documents to be delivered
hereunder and thereunder and certifying as to the absence of any pending
proceeding for the dissolution or liquidation of such Loan Party, or to the
knowledge of such Loan Party threatening its existence.

    

    (viii) A
certificate of good standing as to each Loan Party issued by the relevant
jurisdiction of formation of such Loan Party dated not more than five (5)
Business Days or such longer time as the Administrative Agent may agree prior to
the Closing Date.

     

    (ix) A
certificate signed by a Responsible Officer of the Borrower, dated the Closing
Date, in form and substance satisfactory to the Administrative Agent, certifying
that (A) the representations and warranties made by each Loan Party contained in
each Loan Document to which each Loan Party is a party are correct in all
material respects on the Closing Date and after giving effect to the
Transaction, and describing the application of the proceeds from the Facilities,
as though made on and as of such date (other than any such representations or
warranties that, by their terms, refer to a date other than the Closing Date),
(B) each Loan Party is Solvent and (C) no Default has occurred and is continuing
immediately before and after giving effect to the Transaction;

    
      
         

      

    

    (x) Each of
the statements set forth in or by reference in the certificate described in the
preceding sub-clause (ix) shall be true and correct in all material
respects.

     

    (xi)          (A) Evidence
of insurance in respect of all Collateral naming the Administrative Agent as
sole loss payee (and/or additional assured with waiver of premium if so
requested) with such responsible and reputable insurance companies or
associations, and in such amounts and covering such risks and containing such
terms as is required by the Ship Mortgages and as is satisfactory to the
Administrative Agent in its reasonable discretion.

     

    (B) Letters
of undertaking and a favorable opinion from the Borrower’s insurance brokers in
form reasonably acceptable to the Administrative Agent.

     

    (C) A report
addressed to the Lenders by independent insurance advisors to and appointed by
the Administrative Agent describing all marine insurances in detail, and
confirming that such insurances conform to the requirements of the Loan
Documents and are reasonable and adequate for the protection of the
Lenders.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (xii) A Notice
of Borrowing relating to the Term Loan Advance and any Revolving Loan Advance to
be made on the Closing Date, and, if appropriate, a Notice of Issuance in
accordance with the terms of Section 2.16(b).

    

     

    (xiii) In each
case, addressed to the Administrative Agent and the Lenders, (A) a favorable
opinion of White & Case LLP, special U.S. counsel for the Loan Parties, in
substantially the form of Exhibit D hereto, (B) a favorable opinion of Ganado
and Associates - Advocates, special Malta counsel for the Loan Parties, (C) a
favorable opinion of Watson, Farley & Williams, special Liberian counsel for
the Loan Parties, (D) a favorable opinion of Reeder & Simpson, special
Marshall Islands counsel for the Loan Parties, (E) a favorable opinion of L.
Papaphilippou and Co., special Cypriot counsel for the Loan Parties, (F) a
favorable opinion of Higgs and Johnson, special Bahamian counsel for the Loan
Parties, (G) a favorable opinion of Patton, Moreno and Asvat, special Panamanian
counsel for the Loan Parties, and (H) a favorable opinion of White and Case LLP,
London Office, special English counsel for the Loan Parties.

     

    (xiv) A
favorable opinion of Holland & Knight LLP, special counsel for the
Administrative Agent covering Marshall Islands, Liberian and New York law
matters.

     

    (xv) Copies
certified by a Responsible Officer of the Borrower of (A) all time charters or
other Collateral Vessel-related contracts required to be assigned to the
Administrative Agent on the Closing Date and all Inter-Company Charters, (B) the
bareboat charters and related documents to which the relevant Loan Party is a
party covering the Designated Vessels, (C) all management agreements respecting
the Collateral Vessels and (D) the credit agreement relating to the Subordinate
Debt.

     

    (xvi)  
     (A) Evidence
that each Collateral Vessel is in class without overdue recommendations
affecting class.

     

    (B) Evidence
that each Vessel Owning Subsidiary and Designated Vessel Guarantor is in
compliance with the ISM and also with the International Ship and Port Facility
Security Code as adopted by the IMO, such evidence being a valid Document of
Compliance (being a Document issued to a vessel operator as evidence of its
compliance with the requirements of the ISM Code) duly issued to such each
Vessel Owning Subsidiary and Designated Vessel Guarantor and a valid Safety
Management Certificate (being a Document issued to a vessel as evidence that the
vessel operator and its shipboard management operate in accordance with an
approved and structured and documented system enabling the personnel of that
vessel operator to implement effectively the safety and environmental protection
policy of that vessel operator) duly issued to the respective Collateral Vessel
or Designated Vessel pursuant to the ISM Code.

     

    (xvii) All
documents, instruments (including Uniform Commercial Code financing statements),
notices, acknowledgments, registrations or similar instruments filed or for
filing, in appropriate jurisdictions or to be given or made under any applicable
law shall have been completed as reasonably requested by the Lenders so that
there shall have been created a valid and perfected assignment or charge in or
over the Collateral in favor of the Administrative Agent (in its capacity as
Administrative Agent or Security Trustee).

     

    (xviii) Evidence
of the consummation of the Acquisition in accordance with the terms of the
Acquisition Agreement, including all exhibits and annexes thereto and all
related documentation, without any amendment, modification or waiver of any of
the provisions thereof, in each case that would be materially adverse to the
Lenders without the consent of the Lead Arrangers, and prior to the Closing
Date, QMAR shall have been operated, and there shall not have been sold any
material asset of QMAR other than, as permitted by the terms of the Acquisition
Agreement.

     

    (xix) The
consummation by the Loan Parties of the Borrower Refinancing and the QMAR
Refinancing and the termination of all obligations of the Loan Parties with
respect to the indebtedness being refinanced pursuant to the Borrower
Refinancing and the QMAR Refinancing (except for indemnity provisions that by
their terms survive), and all obligations thereunder shall have been paid in
full, and all commitments, security interests and guaranties in connection
therewith shall have been terminated and released, all to the reasonable
satisfaction of the Administrative Agent.

     

    
      
        
        

      

      
        
          

        

      

       

    

    (xx) Following
consummation of the Transaction, evidence reasonably satisfactory to the Lenders
that (A) QMAR and its subsidiaries shall have no outstanding preferred equity,
Indebtedness, Guaranty Obligations, or contingent liabilities, except for any
Indebtedness or contingent liabilities of QMAR permitted to remain outstanding
under the Acquisition Agreement and the RBS Debt, and (B) the Borrower and its
subsidiaries shall have no outstanding preferred equity, Indebtedness, Guaranty
Obligations, or contingent liabilities except (v) the foregoing, (w) the
Borrower’s $150,000,000 Convertible Senior Notes due in 2027, (x) the
Subordinate Debt, (y) the ship financings in respect of the vessels July M and
Mairouli, in the aggregate amount of approximately US $75,600,000, and (z) such
other existing Indebtedness, Guaranty Obligations, and disclosed contingent
liabilities, if any, as shall be set forth on Schedule V and permitted by the
Majority Lenders (the obligations set forth in clauses (A) - (B) hereto are
collectively called the “Existing
Indebtedness”) and Indebtedness incurred hereunder.  All stock
of QMAR shall be owned by the Borrower free and clear of all Liens (other than
those securing this Agreement).

     

    (xxi) The
financings incurred in connection herewith and the remaining part of the
Transactions shall not be in conflict with, or create a default under, any
material agreement of the Borrower and its Subsidiaries (including, but not
limited to, agreements (A) acquired pursuant to the Acquisition, (B) entered
into pursuant to the Transaction and (C) in respect of Existing Indebtedness)
subject to such exceptions as may be agreed upon between the Borrower and the
Lead Arrangers.

     

    (xxii) (A) Since
September 30, 2007, there shall not have occurred any Material Adverse Effect
and (B) no litigation by any entity (governmental or private) shall be pending
or threatened with respects to this Agreement or the Loan Documents or the
Transaction which has had or could reasonably be expected to have, a Material
Adverse Effect, and a Responsible Officer of the Borrower shall have certified
to each of the same.

     

    (xxiii) A copy of
a document of the Borrower, certified by a Responsible Officer of the Borrower
to be true and correct, showing all Subsidiaries and Affiliates of the Borrower,
corporate details and details of existing financial Indebtedness of the material
Subsidiaries, the movement of funds flow required in order to effect completion
of the Transaction and any debt-push-down on or after completion of the
Acquisition.

     

    (xxiv) A list of
all existing charters respecting the Collateral Vessels and the Designated
Vessels, and evidence reasonably satisfactory to the Administrative Agent that
claims under any such charter and any pool agreements and any management
agreements relating to any Collateral Vessel and Designated Vessel are
subordinate to the rights of the Administrative Agent or Security Trustee under
the Loan Documents; provided, that with
respect to the claims of any charterer under any charter in existence as of the
Execution Date, it is agreed that such claims are subordinate to the rights of
the Administrative Agent or the Security Trustee under the Loan Documents to the
extent the charterers consented to the subordination of their
claims.

    
       

    

    (xxv) (A)
unaudited Consolidated financial statements of QMAR for each fiscal quarter of
QMAR ended after the close of its most recent fiscal year and at least 45 days
prior to the Closing Date, (B) pro forma Consolidated
financial statements of the Borrower and its Subsidiaries, (C) detailed
projected Consolidated financial statements of the Borrower and its Subsidiaries
for the 5 fiscal years commencing immediately after the Closing Date, which
projections shall (x) reflect the forecasted Consolidated financial condition of
the Borrower and its Subsidiaries after giving effect to the Transaction and the
related financing thereof, and (y) be prepared and approved by the Borrower, (D)
pro forma detailed
projected Consolidated financial statements of the Borrower, QMAR and their
respective Subsidiaries for the 2 fiscal years ended prior to the Closing Date,
which shall (x) reflect the forecasted Consolidated financial condition of the
Borrower and its Subsidiaries after giving effect to the Transaction and the
related financing thereof, assuming the same had occurred immediately prior to
such fiscal years, and (y) be prepared and approved by the Borrower and
satisfactory to the Majority Lenders, (E) a Certificate of Compliance executed
by the Chief Financial Officer of the Borrower and, if requested by the
Administrative Agent, attaching calculations showing compliance with the
covenants set forth in Section 5.04 as of the Closing Date, after giving effect
to the Transaction, and (F) such other information concerning QMAR and the
Transaction as may reasonably be requested by the Administrative Agent and the
Lenders, including without limitation material information obtained by, or
furnished to, the Borrower in the course of its due diligence relating to the
Acquisition.

     

    (xxvi) All
necessary governmental approvals and material third party approvals and/or
consents in connection with the Transaction shall have been obtained and remain
in effect, and there shall not exist any judgment, order, injunction or other
restraint prohibiting or imposing material adverse conditions on the
Transaction. 

       

      
        
          
          

        

        
          
            

          

        

         

      
(xxvii) All
Indebtedness of the Borrower (and all guaranties thereof and security
therefore), as well as the Transaction and the consummation thereof, shall be in
compliance with all applicable requirements of law, including Regulations T, U,
and X of the United States Federal Reserve Board.

     

    (xxviii) A letter
from the process agent named in Section 8.15 and in the Guaranty in form and
substance satisfactory to the Administrative Agent confirming such process
agent’s acceptance of its appointment for service of process on all Loan Parties
in connection with the Loan Documents.

     

    (xxix) All “Know
Your Customer” information and information under applicable EU anti-money
laundering rules and regulations or the Patriot Act or otherwise, in each case
as requested by any Lender in connection with its internal compliance
regulations thereunder.

     

    (xxx) All fees
then due pursuant to the Fee Letter dated as of December 27, 2007, from the Lead
Arrangers and the Co-Arrangers to the Borrower shall have been paid in full by
the Borrower.

     

    (xxxi) The
Closing Date shall have occurred not later than June 30, 2008.

     

    (xxxii) Schedules
V, VI and VII shall have been updated to be true and correct as of immediately
following the consummation of the Transaction.

     

    (xxxiii) Such
other items as the Administrative Agent (or any Lender through the
Administrative Agent) may reasonably require.

    

    (b) The
Borrower shall have paid all accrued and unpaid costs, fees and expenses of
the
Administrative Agent and the Lenders (including, without limitation, legal fees
and expenses) in connection herewith which are due and payable on or prior to
the Closing Date and where appropriate, timely invoiced.

     

    Section
3.02. Conditions Precedent to Each
Revolving Credit Advance and Issuance Subsequent to the Closing
Date.  The obligation of each Lender to make a Revolving Credit
Advance and the right of the Borrower to request the issuance of any Letters of
Credit subsequent to the Closing Date, shall be subject to the conditions
precedent that the Closing Date shall have occurred (and the conditions
precedent described in Section 3.01 shall have been met) and on the date of such
subsequent Revolving Credit Advance or issuance (a) the following statements
shall be true (and each of the giving of the applicable Notice of Borrowing or
Notice of Issuance satisfying the requirements of Section 2.02(a) and 2.16(b)
and the acceptance by the Borrower of the proceeds of such Advance or by the
Borrower of such Letter of Credit shall constitute a representation and warranty
by the Borrower that on the date of such Advance or issuance such statements are
true):

     

    (a) the
representations and warranties of any Loan Party contained in each Loan Document
are correct in all material respects on and as of the date of such Advance,
before and after giving effect to such Advance or issuance and to the
application of the proceeds therefrom, as though made on and as of such date
other than any such representations or warranties that, by their terms, refer to
a date other than the date of such Advance or issuance;

     

    (b) no event
has occurred and is continuing, or would result from such Advance or issuance or
from the application of the proceeds therefrom, that constitutes a Default;
and

     

    (c) the
Revolving Credit Commitment is not less than zero after giving effect to such
Revolving Credit Advance or issuance.

     

     

    ARTICLE
IV 

REPRESENTATIONS
AND WARRANTIES

     

    Section
4.01. Representations and
Warranties of the Borrower.  Except as otherwise explicitly set
forth below, on each of the Execution Date, the Closing Date and on each date an
Advance is requested under Section 3.02 or the issuance of a Letter of Credit is
requested under Section 2.16, the Borrower represents and warrants as
follows:

     

    (a) Each Loan
Party and each of its Subsidiaries (i) is a corporation or limited liability
company duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, (ii) is duly qualified and in good
standing as a foreign corporation or limited liability company in each
jurisdiction other than its jurisdiction of formation in which it owns or leases
property or in which the conduct of its business requires it to so qualify or be
licensed except where the failure to so qualify or be licensed could not be
reasonably likely to have a Material Adverse Effect and (iii) has all requisite
corporate (or limited liability company) power and authority (including, without
limitation, all Governmental Authorizations) to own or lease and operate its
properties and to carry on its business as now conducted and as proposed to be
conducted.  Each Loan Party that is a Liberian corporation is a
non-resident domestic corporation as defined in the relevant laws of the
Republic of Liberia and has no taxable presence or permanent establishment in
Liberia as referred to in Section 803 of the Revenue Code of Liberia
(2000).

    
      
        
        

      

      
        
          

        

      

       

    

    (b) (i)           Set
forth on Schedule IV hereto is a complete and accurate list of all Loan Parties
and Subsidiaries of each Loan Party on the Execution Date, showing (as to each
such Subsidiary) the jurisdiction of its incorporation or organization and the
percentage ownership interests of each applicable Loan Party in such
Subsidiary.  On each date set forth above other than the Execution
Date, Schedule IV contains a complete and accurate list of all Loan Parties, the
jurisdiction of incorporation or organization and the percentage ownership
interests of each Loan Party in such other Loan Party.  All of the
outstanding Equity Interests in each Loan Party have been validly issued, are
fully paid and non-assessable and are owned by a Loan Party free and clear of
all Liens, except those created under the Collateral Documents, and Permitted
Liens.

     

    (ii) Immediately
following the Acquisition, Permitted Holders will hold not less than 45% of the
voting interest in the Borrower’s capital stock.

     

    (c) The
execution, delivery and performance by each Loan Party of each Loan Document to
which it is or is to be a party, the making of the Advances, the application of
proceeds and repayment thereof by the Borrower, and the consummation of the
Transaction are within such Loan Party’s corporate (or limited liability
company) powers, have been duly authorized by all necessary corporate (or
limited liability company) action, and do not (i) contravene such Loan Party’s
charter or bylaws or limited liability company agreement, as the case may be;
(ii) violate any law, rule, regulation (including, without limitation,
Regulations T, U and X of the Board of Governors of the United States Federal
Reserve System), order, writ, judgment, injunction, decree, determination or
award, (iii) conflict with or result in the breach of, or constitute a default
or require any payment to be made under, any agreement respecting Indebtedness
or any other material contract, loan agreement, indenture, mortgage, deed of
trust, lease or other instrument binding on or affecting any Loan Party, any of
its Subsidiaries or any of their properties or (iv) except for the Liens created
under the Loan Documents, result in or require the creation or imposition of any
Lien upon or with respect to any Collateral.  No Loan Party or any of
its Subsidiaries is in material violation of any such law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award except to the
extent that any such violation, individually or in the aggregate, could not be
reasonably expected to have a Material Adverse Effect.

     

    (d) Except
for (x) any Ship Mortgage recording requirements under the relevant jurisdiction
of Collateral Vessel registration, (y) any court filings in connection with the
enforcement of any ship mortgages generally in any court located in a
jurisdiction of enforcement, or (z) any consent of the jurisdiction where a
Collateral Vessel is flagged that is required for the transfer of a Collateral
Vessel in connection with the exercise of private remedies after an Event of
Default shall have occurred and be continuing, no Governmental Authorization,
and no notice to or filing with, any Governmental Authority or any other third
party is required for (i) the due execution, delivery, recordation, filing or
performance by any Loan Party of any Loan Document to which it is or is to be a
party, (ii) the grant by any Loan Party of the Liens intended to be granted by
it pursuant to the Collateral Documents or the validity of such Liens, (iii) the
perfection or maintenance of the Liens created under the Collateral Documents
(including the first priority nature thereof) or (iv) the exercise by the
Administrative Agent or the Security Trustee or any Lender of its rights under
the Loan Documents or the remedies in respect of the Collateral pursuant to the
Collateral Documents.

     

    (e) This
Agreement has been, and each other Loan Document when delivered hereunder will
have been, duly authorized, executed and delivered by each Loan Party (or
Manager with respect to the Manager’s Undertakings) party
thereto.  This Agreement is, and each other Loan Document when
delivered hereunder will be, the legal, valid and binding obligation of each
Loan Party (or Manager with respect to the Manager’s Undertakings) party
thereto, enforceable against such Loan Party (or Manager with respect to the
Manager’s Undertakings) in accordance with its terms except to the extent that
the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought
in equity or at law) but not excepting fraudulent conveyance laws.

     

    (f) Except as
set forth on Schedule VII, there is no action, suit, investigation, litigation
or proceeding affecting any Loan Party or any of its Subsidiaries, including any
Environmental Action, pending or threatened before any Governmental Authority or
arbitrator that (i) could be reasonably likely to have a Material Adverse Effect
(other than the Disclosed Litigation) or (ii) purports to affect the legality,
validity or enforceability of any Loan Document or the consummation of the
Transaction contemplated by any Loan Document (except that the foregoing
representation contained in sub-clause (ii) shall not cover any suit respecting
the completion of the Merger in which the Borrower or QMAR is a defendant
commenced after the Execution Date so long as such suit does not attack the
legality, validity or enforceability of any Loan Document directly), and there
has been no adverse change in the status, or financial effect on any Loan Party
or any of its Subsidiaries, of the Disclosed Litigation from that described on
Schedule VI hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (g) (i)           (x)
The Consolidated balance sheets of the Borrower and its Subsidiaries as of
December 31, 2007 (if available prior to the Execution Date), December 31, 2006
and December 31, 2005 and the related consolidated statements of income and of
cash flows for the fiscal years ended on such dates, (y) the pro forma financial
statements for the nine (9) months ended September 30, 2007 and the year ended
December 31, 2006 appearing in the Borrower’s SEC Filing on Form F-4, dated
February 15, 2008, (z) and the unaudited Consolidated balance sheets of the
Borrower and its Subsidiaries (and as of the Closing Date, only of QMAR and its
Subsidiaries) as at September 30, 2007 and the related unaudited Consolidated
statements of income and of cash flows for the three-month period ended on such
date, certified by a Responsible Officer, copies of which have heretofore been
furnished to each Lender, present fairly the Consolidated financial condition of
the Borrower and its Subsidiaries (and as of the Closing Date, only of QMAR and
its Subsidiaries) as the case may be, as at such respective dates, and the
Consolidated results of their operations and their Consolidated cash flows for
the period then ended (subject to normal year-end audit adjustments in the case
of three-month statements).  All such financial statements, including
the related schedules and notes thereto, have been prepared in accordance with
US GAAP applied consistently throughout the periods.

     

    (ii) As of the
Closing Date, to the best of Borrower’s knowledge, the description of the
ownership interests of the shareholders of the Borrower set forth in the
Borrower’s SEC filing on Form F-4, dated February 15, 2008, is true and correct
in all material respects.

     

    (iii) Since
September 30, 2007, there has been no event or circumstance that, individually
or in the aggregate with other events or circumstances, has or would reasonably
be expected to have a Material Adverse Effect on the Borrower and its
Subsidiaries taken as a whole.

     

    (h) No
written information, other than information related to general economic and
industry conditions and other than projections, exhibits or reports furnished by
or on behalf of any Loan Party to the Administrative Agent or any Lender in
connection with the negotiation and syndication of the Loan Documents or
pursuant to the terms of the Loan Documents contained as of the date made any
untrue statement of a material fact or omitted to state a material fact, when
taken as a whole, necessary to make the statements made therein not
misleading.

     

    (i) No Loan
Party is engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock, and no proceeds of any Advance will be used
to purchase or carry any margin stock, or to refund Indebtedness originally
incurred to purchase or carry, or to extend credit to others for the purpose of
purchasing or carrying, any margin stock.

     

    (j) No Loan
Party is an “investment company” as such terms is defined in the United States
Investment Company Act of 1940, as amended.

     

    (k) On the
Closing Date, no Loan Party is a party to any indenture, loan, secured or
unsecured credit facility or any lease or other agreement or instrument or
subject to any charter or corporate restriction that could be reasonably likely
to have a Material Adverse Effect.  On the Closing Date, no Loan Party
has entered into any agreement under which it has incurred or would incur
Indebtedness in order to complete the Transaction, other than the Loan Documents
and documents respecting the Subordinate Debt.

     

    (l) (i)           All
filings, registrations, notices, acknowledgements, consents and other actions
necessary or as reasonably requested by the Administrative Agent to perfect and
protect the security interest in the Collateral created under the Collateral
Documents have been duly made or taken and are in full force and effect, and the
Collateral Documents create in favor of the Administrative Agent or Security
Trustee, as the case may be, for the benefit of the Secured Parties a valid and,
together with such filings, registrations, notices, acknowledgments, consents
and other actions, perfected first priority security interest in the Collateral,
securing the payment of the Obligations under the Loan Documents; provided that, for
the avoidance of doubt, the consents that are required to be obtained as per
Section 3.01 (a)(iii)(D) will be obtained to the extent possible by the Borrower
using its best efforts.  The respective Loan Party is the legal and
beneficial owner of the Collateral free and clear of any Lien, except for (x)
Permitted Liens and (y) in the case of the Designated Vessels, liens securing
obligations respecting such Designated Vessels under agreements listed in
Schedule V (“Existing Designated Vessel Liens”).  Each Ship Mortgage
has been duly executed and delivered, creates in favor of the Security Trustee,
the Administrative Agent or Nordea, as the case may be, for the benefit of the
Secured Parties a legal, valid, and enforceable first preferred mortgage Lien
over the whole of the Collateral Vessel therein named and when duly recorded in
the appropriate ship registry office shall establish a first preferred mortgage
thereunder upon the such Collateral Vessel, and (ii) none of the Loan Parties or
any Affiliate has any place of business located in the United States or England
and Wales on the Execution Date and the Closing Date other than the office of
QMAR located in Houston, Texas.

     

    
      (m) Each Loan
Party is, individually and together with its Subsidiaries, Solvent.

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (n) Except as
set forth in Schedule VII, hereto, the operations and properties of each Loan
Party and each of its Subsidiaries (including, but not limited to, each
Collateral Vessel and each Designated Vessel) comply in all material respects
with all applicable Environmental Laws and Environmental Permits, all past
non-compliance with such Environmental Laws and Environmental Permits has been
resolved without ongoing obligations or costs, and no circumstances exist that
could be reasonably likely to (A) form the basis of an Environmental Action
against any Loan Party or any of its Subsidiaries or any of their properties or
(B) cause any such property to be subject to any Lien or any restrictions on
ownership, occupancy, use or transferability under any Environmental Law),
except to the extent that the failure to do so would not reasonably be expected
to result in a Material Adverse Effect.

     

    (o) Each Loan
Party and each of its Subsidiaries has duly filed all Tax returns and reports
required by applicable law to be filed by or with respect to it and has duly
paid all Taxes due and payable by or with respect to it (including applicable
interest and penalties), except to the extent that the failure to do so would
not reasonably be expected to result in a Material Adverse Effect.

     

    (p) Each Loan
Party has good and marketable title to its personal property and assets
(including any Collateral Vessel owned by such Loan Party) free and clear of all
liens and encumbrances, in each case, other than Permitted Liens and Existing
Designated Vessel Liens.

     

    (q) Set forth
on Schedule V hereto is a complete and accurate list of all Existing
Indebtedness and Guaranty Obligations showing as of the Execution Date and the
Closing Date the obligor and the principal amount outstanding
thereunder.

     

    (r) No Loan
Party or any ERISA Affiliate sponsors, maintains or contributes to (or is
required to contribute to) a Plan as of the Execution Date and the Closing
Date.

    

    (s) (i)           Set
forth on Schedule III hereto is a complete and accurate list of all Collateral
Vessels owned by each Loan Party as of the date hereof and to be subject to a
Ship Mortgage on the Closing Date; each such Collateral Vessel is duly
registered in the name of the respective Loan Party as shipowner under the laws
and flag of the jurisdiction indicated.  Also set forth on Schedule
III is a complete and accurate list of all Designated Vessels and the respective
Loan Party that is a bareboat charterer of each thereof.

     

    (ii) Each Loan
Party that owns or will own a Collateral Vessel is, or will be, qualified to own
such Collateral Vessel under the laws of its jurisdiction of registry, as may be
applicable, or such other jurisdiction in which any such Collateral Vessel is
permitted, or will be permitted, to be registered or operated in accordance with
the terms of the respective Ship Mortgage.

     

    (iii) Each
Collateral Vessel complies with the provisions of the applicable Ship Mortgage
regarding classification.

     

    (iv) On the
Closing Date and thereafter, the manager of each Collateral Vessel and
Designated Vessel is the Manager.

     

    (v) No
material default by any Loan Party has occurred and is continuing under the
bareboat charters to the respective Loan Parties relating to Designated Vessels
and each such charter is in full force and effect with respect to the respective
Designated Vessel Owner and Loan Party.

     

    (t) (i)           There
are no Inter Company Charters as of the Closing Date.  All Inter
Company Charters, if any, will be subject and subordinate in all respects to (A)
the lien of the relevant Ship Mortgage in respect of the Collateral Vessel that
is the subject of an Inter Company Charter and (B) the rights of the
Administrative Agent, Security Trustee or Nordea, respectively, under such Ship
Mortgage or otherwise.

     

    (ii) A true,
correct and complete list of charters having a remaining term after the
Execution Date of eleven (11) months or greater, including any extension option,
and copies of such charters, have been delivered the Administrative
Agent.  All such charters (other than the bareboat charters between
the relevant Designated Subsidiary Guarantor and the owner of the relevant
Designated Vessel) covering a Collateral Vessel or Designated Vessel will be as
of the Closing Date and thereafter subject and subordinate in all respects to
(A) the lien of the Ship Mortgage in respect of the Collateral Vessel that is
the subject of such charter and (A) the rights of the Administrative Agent, the
Security Trustee or Nordea respectively, under such Ship Mortgage or
otherwise.

    
       

      (u) The
representations and warranties given by any Loan Party contained in any Loan
Document are true, correct and complete when made.

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (v) The
proceeds of the Advances will be used only as set forth in Section 2.15
hereof.

     

    (w) In
relation to the terms of this Agreement and the other Loan Documents and the
performance and discharge of its Obligations and liabilities under this
Agreement or any other Loan Document and the Transaction and other arrangements
effected or contemplated by this Agreement or any other Loan Documents, each of
the Borrower and the other Loan Parties is acting for its own account, and the
foregoing will not involve or lead to a contravention of any law, official
requirement or other regulatory measure or procedure which has been implemented
to combat “money laundering” (as defined in Article 1 of the Directive
(91/308/EEC) of the Council of the European Community).

     

     

     

    ARTICLE
V

COVENANTS
OF THE BORROWER

     

    Section
5.01. Affirmative
Covenants.  So long as any Advance or any other Obligation of
any Loan Party under any Loan Document shall remain unpaid or unperformed or any
Lender shall have any Commitment hereunder or any Letter of Credit shall be
outstanding, the Borrower covenants and agrees that it and each other Loan Party
will:

     

    (a) Preservation of Existence,
Etc.  Preserve and maintain, and cause each of its Subsidiaries
to preserve and maintain, its respective existence, legal structure, legal name,
rights (charter and statutory), permits, licenses, approvals, privileges and
franchises; except where the failure to do so could not reasonably be expected
to adversely affect the rights and remedies of the Administrative Agent, the
Security Trustee, or the Lenders under the Loan Documents or to have a Material
Adverse Effect.

     

    (b) NYSE.  The
Borrower shall remain listed on the New York Stock Exchange.  QMAR
shall be de-listed from NASDAQ promptly upon consummation of the Merger and,
throughout the duration of this Agreement, shall remain de-listed from NASDAQ or
any other stock exchange.

     

    (c) Payment of Taxes and
Obligations, Etc.  Pay and discharge, and cause each of its
Subsidiaries to pay and discharge, before the same shall become delinquent, (i)
all lawful claims that, if unpaid, might by law become a Lien upon its property,
(ii) all Taxes required by applicable law to be paid by it or by any of its
Subsidiaries or Affiliates (whether such Taxes are imposed upon it or any of its
Subsidiaries or Affiliates or upon its or their income or profits or upon any
property belonging to it or any of them, or otherwise), except (i) Taxes which
it (or any of its Subsidiaries or Affiliates) is contesting in good faith by
appropriate proceedings and as to which appropriate reserves are being
maintained in accordance with US GAAP (provided that such contest does not
involve any risk of criminal penalty or seizure of any Collateral) or (ii) Taxes
the nonpayment of which could not reasonably be expected to result in a Material
Adverse Effect.

     

    (d) Compliance with Laws,
Etc.  Comply, and cause each of its Subsidiaries to comply,
with all applicable laws, rules, regulations and orders, except to the extent
such failure to comply would not reasonably be expected to result in a Material
Adverse Effect.

     

    (e) Compliance with
Environmental Laws.  Comply, and cause each of its Subsidiaries
and all lessees and other Persons operating or occupying its properties to
comply, in all material respects, with all applicable Environmental Laws and
Environmental Permits; obtain and renew, and cause each of its Subsidiaries to
obtain and renew, all Environmental Permits necessary for its operations and
properties; and conduct, and cause each of its Subsidiaries to conduct, any
investigation, study, sampling and testing, and undertake any cleanup, removal,
remedial or other action necessary to remove and clean up all Hazardous
Materials in accordance with the requirements of all Environmental Laws, except
to the extent that such failure comply, obtain or renew, conduct or undertake
would not reasonably be expected to result in a Material Adverse
Effect.

     

    (f) Maintenance of
Insurance.  Maintain, and ensure that each Vessel Owning
Subsidiary will, at all times and at its own cost and expense cause to be
carried and maintained insurance on its Collateral Vessel (including, without
limitation, insurance required to be maintained under the terms of the relevant
Ship Mortgages) against risks (including, without limitation, marine hull and
machinery (including excess value) insurance, marine protection and indemnity
insurance, war risks insurance and liability arising out of pollution and the
spillage or leakage of cargo and cargo liability insurance) and in forms which
are substantially equivalent to the coverage reflecting the best practice of
other responsible and experienced companies engaged in the operation of vessels
similar to the Collateral Vessels
and placed through brokers and with insurance companies, underwriters, funds,
mutual insurance associations, war risks and protection and indemnity risks
associations, or clubs of recognized standing, in each case reasonably
satisfactory to the Administrative Agent.  Unless otherwise agreed to
in writing by the Security Trustee as mortgagee, such insurance shall include
the following terms and conditions:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (i) while
being operated, a Collateral Vessel shall always be covered against marine
perils according to the English or American or Norwegian hull clauses with
reasonable deductibles as determined by the Borrower but in no event in excess
of $1,000,000.  When and while a Collateral Vessel is laid up, in lieu
of the aforesaid hull insurance, port risk insurance may be taken out thereon by
the Vessel Owning Subsidiary under forms of policies approved by the Security
Trustee for such Collateral Vessel;

     

    (ii) for the
purposes of insurance against marine perils, war risk and total loss, a
Collateral Vessel, her equipment, appurtenances, etc., shall be insured for and
valued at an amount of at least the greater of (x) when aggregated with such
insurances on the other Collateral Vessels, 120% of the aggregate outstanding
amount of the Facilities and the Unused Commitment, and (y) the Fair Market
Value for such Collateral Vessel;

     

    (iii) placed by
the Administrative Agent at the expense of the Borrower, mortgagee’s interest
insurance and mortgagee’s additional perils (pollution) insurance, on conditions
acceptable to the Administrative Agent in an amount of 110% of the aggregate
outstanding amount of the Facilities and the Unused Commitment and the
Administrative Agent agrees to obtain and maintain the same; and

     

    (iv) for each
Collateral Vessel, protection and indemnity insurance in respect
of a Collateral Vessel’s full tonnage, and insurance against liability for
pollution or the spillage or leakage of oil or other cargo by the Collateral
Vessel shall be in an aggregate amount equal to the highest level of cover from
time to time available under basic protection and by the entry of such
Collateral Vessel in a protection and indemnity association or club belonging to
the International Group of P&I Clubs.

     

    (g) Visitation
Rights.  At any reasonable time and from time to time, permit
any of the Administrative Agent or any of the Lenders, or representatives
thereof, to examine and make copies of any abstracts from the records and books
of account of any Loan Party and any of its Subsidiaries, and to discuss the
affairs, finances and accounts of any Loan Party and any of its Subsidiaries
with any of their respective officers or directors and with their independent
certified public accountants, all at the expense of the Borrower.

     

    (h) Keeping of
Books.  Keep, and cause each of its Subsidiaries to keep,
proper books of record and account, in which full and correct entries shall be
made of all financial transactions and the assets and business of the Borrower
and each such Subsidiary in accordance with US GAAP.

     

    (i) Maintenance of Properties,
Etc.  Maintain and preserve, and cause each of its Subsidiaries
to maintain and preserve, all of its properties that are used or useful in the
conduct of its business in good working order and condition, ordinary wear and
tear excepted.

     

    (j) Further Assurances; Notices
re:  Name Change and Offices.

     

    (i) Promptly
upon request by Administrative Agent, or any Lender through the Administrative
Agent, do, and cause each other Loan Party to, execute, acknowledge, deliver,
record, re-record, file, re-file, register and re-register any and all such
further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust,
trust deeds, assignments, financing statements
and continuations thereof, termination statements, notices of assignment,
transfers, certificates, assurances and other instruments as Administrative
Agent, or any Lender through the Administrative Agent, may reasonably require
from time to time in order to (A) carry out more effectively the purposes of the
Loan Documents, or correct any material defect or error discovered therein, (B)
to the fullest extent permitted by applicable law, subject any Loan Party’s or
any of its properties, assets, rights or interests (in each case constituting
Collateral) to the Liens now or hereafter intended to be covered by any of the
Collateral Documents, (C) perfect and maintain the validity, effectiveness and
priority of any of the Collateral Documents and any of the Liens intended to be
created thereunder and (D) assure, convey, grant, assign, transfer, preserve,
protect and confirm more effectively unto the Administrative Agent, the Security
Trustee and the Secured Parties the rights granted or now or hereafter intended
to be granted to any of them under any Loan Document or under any other
instrument executed in connection with any Loan Document to which any Loan Party
is or is to be a party.

     

    (ii) No fewer
than 30 days, or such shorter period as the Administrative Agent may determine,
prior to the change of name of any Loan Party, notify the Administrative Agent
and the Lenders of such change, and

     

    (iii) No fewer
than 30 days, or such shorter period as the Administrative Agent may determine,
prior to the occurrence thereof, notify the Administrative Agent and the Lenders
of the opening of an office in the United States or England and Wales of any
Loan Party or of the change of address of the office described in Section 4.01
(l)(ii) or any other office in United States or in England and
Wales.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      (k) Compliance with Material
Agreements.  Make all payments and otherwise perform all
obligations in respect of all agreements, contracts and other arrangements
material to the business of any Loan Party and to which such Loan Party is a
party, keep such agreements and contracts in full force and effect, except, in
any case, where the failure to do so, either individually or in the aggregate,
would not be reasonably likely (in the reasonable opinion of the Borrower) to
have a Material Adverse Effect.

    

     

    (l) Appraisal
Requirements.  The Borrower, at its expense, shall deliver an
appraisal report covering the Collateral Vessels and the Designated Vessels,
with such appraisal to be prepared by an Approved Broker and indicating the Fair
Market Value of each Collateral Vessel and Designated Vessel, at the end of each
quarter following the Closing Date.  For the purposes of this Section
5.01(l) or elsewhere in any Loan Document where an appraisal of Collateral
Vessels is required, the parties shall use an Approved Broker.

     

    (m) Vessel
Disposition.

     

    (i) In
respect of any Collateral Vessel, furnish to the Administrative Agent, as soon
as available but in any event no later than 15 Business Days or such shorter
period as determined by the Administrative Agent, prior to any Vessel
Disposition, (A) a notice of such Vessel Disposition, (B) a certificate, in form
and substance satisfactory to the Administrative Agent and signed by a
Responsible Officer of the Borrower stating the agreed sale price for such
Collateral Vessel and that the sale price of such Collateral Vessel is not less
than the fair market value of such Collateral Vessel.  The
Administrative Agent shall promptly notify each Lender of any notice of Vessel
Disposition.

    

    (ii) Upon
receipt of the items required by clause (i) of this subparagraph (m) and subject
to receipt of any payment required in accordance with the terms of Section 2.09
hereof and provided no Default shall have occurred and be continuing as a result
of the relevant Vessel Disposition, the Administrative Agent shall, at the
expense of the Borrower, (A) release the Collateral Vessel which is the subject
of such notice of Vessel Disposition from the relevant Ship Mortgage, (B)
terminate the respective Assignment of Earnings, Assignment of Insurances,
Assignment of Charter (if any), Assignment of Management Agreement, and any
Manager Undertaking covering the same, and reassign to the relevant Loan Party,
without any representation or warranty, all of the Collateral covered by the
respective Assignment of Earnings, Assignment of Insurances, Assignment of
Charter (if any) , Assignment of Management Agreement, and any Manager
Undertaking, (C) execute such other release documents as may be reasonably
requested by the Borrower, and (D) remove the respective Collateral Vessel from
Schedule III hereto and send to all parties hereto such revised Schedule
III.  Each Lender agrees that the Administrative Agent shall be
entitled to rely on any document submitted to it by the Borrower hereunder and
that no approval of any Lender need be obtained in advance of any Vessel
Disposition provided for in this subsection (m), provided the requirements set
forth in this Section 5.10(m) have been met concurrently with such Vessel
Disposition.

     

    (n) Owner and Operator
Qualification; Managers.  (i) Each Loan Party which owns or
operates, or will own or operate, a Collateral Vessel, is qualified, and at all
times shall be qualified, to own and operate such Collateral Vessel in all
jurisdictions in which such Collateral Vessel is flagged or
operated.

     

    (ii) Each
Collateral Vessel shall be commercially and technically managed by the Manager,
and the rights of the Manager under any management agreement shall expressly be
subordinated to the lien of the relevant Ship Mortgage and the rights of the
Security Trustee.  The Borrower may change the Manager to another
Wholly Owned Subsidiary only with written consent of the Administrative Agent
(whose consent shall not be unreasonably withheld), and, in the event the
Administrative Agent shall have consented, an appropriate executed Assignment of
Management Agreement and Manager’s Undertaking shall be delivered by the
Borrower to the Administrative Agent.

     

    (iii) Each
Designated Vessel shall be commercially and technically managed by the Manager,
and an Assignment of Management Agreement in respect thereof shall be delivered
to the Administrative Agent together with an appropriate Manager’s
Undertaking.

     

    (o) Charters.  (i)
Any Inter Company Charter whether now existing or entered into after the
Execution Date, shall be subject and subordinate in all respects to (A) the lien
of the Ship Mortgage in respect of the Collateral Vessel that is the subject of
such Inter Company Charter and (B) the rights of the Security Trustee under such
Ship Mortgage.

     

    (ii) There
shall be no (A) bareboat chartering of any Collateral Vessel for a period
(including optional renewals) in excess of twelve (12) months, and (B) time
chartering of any Collateral Vessel entered into after the Execution Date for a
period (including optional renewals) in excess of thirty-six (36) months,
without the prior written consent of the Majority Lenders, whose consent is not
to be unreasonably withheld.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    (iii) The
relevant Loan Party (including each Designated Subsidiary Guarantor) shall
execute and deliver in favor of the Administrative Agent a specific assignment
of each charter (bareboat or time) in excess of eleven (11) months duration
(including all renewals) together with the consent of the charterer thereto, in
substantially the form attached to the Assignment of Earnings attached hereto as
Exhibit I.

     

    (p) Accounts.  (i)
The Borrower and each other Loan Party that owns a Collateral Vessel shall open
and maintain for the duration of this Agreement a bank account in its name with
the Administrative Agent (each an “Earnings Account” and
collectively the “Earnings Accounts”)
and shall procure that all hires, freights, pool income and other sums payable
in respect of a Collateral Vessel are credited to, and operating expenses
deducted from, such Earnings Account.  The amounts credited to the
Earnings Accounts shall be freely available to the Borrower and each other Loan
Party that owns a Collateral Vessel unless a Default has occurred and is
continuing and notice has been given to the Borrower by the Administrative Agent
that such amounts shall not be freely available.

     

    (ii) The
Borrower and each Designated Subsidiary Guarantor shall open and maintain for
the duration of this Agreement a bank account in its name with the
Administrative Agent (each a “Designated Vessel Earnings
Account” and collectively the “Designated Vessel Earnings
Accounts”) and shall procure that, after release thereof from accounts
pledged to any owner of the Designated Vessels or any such owner’s lender, all
hires, freights, pool income and other sums payable to such Designated
Subsidiary Guarantor in respect of a Designated Vessel are credited to, and
bareboat charter hire and operating expenses deducted from, such Designated
Vessel Earnings Account.  The amounts credited to the Designated
Vessel Earnings Accounts shall be freely available to the Borrower and each
Designated Subsidiary Guarantor unless a Default has occurred and is continuing
and notice has been given to the Borrower by the Administrative Agent that such
amounts shall not be freely available.

     

    (iii) The
Borrower each other Loan Party together shall accumulate the amounts described
in sub-clauses (i) and (ii) of this Section 5.0 1(p) in one or more Earning
Accounts or Designated Vessel Earning Accounts or other account of the Borrower
pledged to the Administrative Agent under a Loan Document; provided,
notwithstanding the foregoing, the Borrower may transfer to an account of the
Manager amounts required to pay operating expenses from time to time, as long as
the notice described in the relevant Account Pledge Agreement or Designated
Account Pledge Agreement has not been delivered by the Security Trustee to the
Borrower as set forth therein.

     

    (q) Pari
Passu.  This Agreement and the Facilities and the Obligations
of the Borrower and the other Loan Parties hereunder and under the Loan
Documents shall rank at least pani passu in right of
payment with all present and future indebtedness of the Borrower and such other
Loan Parties (except for mandatory obligations preferred by
law).  Notwithstanding the foregoing, the Subordinate Debt documents
shall state by their express terms that the Indebtedness created thereby is
subordinate to the Indebtedness created hereby.

     

    (r) Collateral
Vessels.  (i) No change of registration, flag, classification
society, or technical or commercial management of any of the Collateral Vessels
shall occur without the prior written consent of the Administrative Agent, such
consent not to be unreasonably withheld.

     

    (ii) Each
entity owning a Collateral Vessel shall remain, directly or indirectly, a Wholly
Owned Subsidiary of the Borrower.

     

    (iii) Each
Collateral Vessel shall remain in class with a classification society acceptable
to the Administrative Agent, free of any overdue recommendations affecting
class.

     

    (iv) On and
after December 31, 2010, to and including December 31, 2013, no fewer than 50%
(fifty percent) of the Collateral Vessels shall be employed, actively and in
service, under time charters having a remaining term (excluding any optional
renewal terms) ending on or after December 31, 2013 and being arm’s-length with
companies unaffiliated with the Borrower, its Subsidiaries and
management.  This clause (r)(iv) shall be tested quarterly on and
after December 31, 2010.

    

    (v) Each
entity owning a Collateral Vessel will at all times comply with the ISM Code and
the International Ship and Port Facility Security Code as adopted by the IMO, as
the same may be amended from time to time.

    
      
         

        (s) Foreign
Filing.  Borrower shall comply in all material respects with
all filing and other requirements set by the SEC for a foreign filer and, at the
time of each such filing, shall make such filing available to the Secured
Parties.

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    (t) SEC Form F-4
Filing.  The Borrower shall notify the Administrative Agent
with a copy to the Lead Arrangers, promptly in each event that it becomes aware
that the description of the ownership interests of its shareholders set forth in
its SEC filing on Form F-4, dated February 15, 2008, is no longer true and
correct in all material respects, and shall promptly deliver a description of
that change to the Administrative Agent with a copy to the Lead
Arrangers.

     

    (u) Business.  The
Borrower and its Subsidiaries shall be engaged only in the business of ownership
of vessels, the operation, technical and commercial management of vessels, or
any material line of business substantially the same as those lines of business
generally conducted by the Borrower and its Subsidiaries on the date hereof or
any business substantially related or incidental thereto or reasonable
extensions thereof.

     

    (v) Anti-Money
Laundering.  The Borrower and the other Loan Parties shall
comply with all anti-money laundering rules and regulations under the Patriot
Act and under any European Union or other applicable law, rule or
regulation.

     

    (w) Replacement
Notes.  If any Note becomes mutilated, destroyed, lost or
stolen, the Borrower shall, upon the written request of the affected Lender,
execute and deliver in replacement thereof a new Note, in the same principal
amount, dated the date of the Note being replaced and designated as issued under
this Agreement.  If the Note being replaced has become mutilated, such
Note shall be surrendered to the Borrower.  If the Note being replaced
has been destroyed, lost or stolen, the affected Lender shall furnish to the
Borrower and the Administrative Agent such security or indemnity as may be
required by each of them to hold the Borrower and the Administrative Agent
harmless and evidence satisfactory to the Borrower and the Administrative Agent
of the destruction, loss or theft of such Note and of the ownership thereof;
provided that if the affected Lender is an Initial Lender or an Eligible
Assignee, the written notice of such destruction, loss or theft and such
ownership and the written undertaking of such Lender delivered to the Borrower
and the Administrative Agent to hold harmless the Borrower and Administrative
Agent in respect of the execution and delivery of such new Note shall be
sufficient evidence, security and indemnity.

     

    Section
5.02. Negative
Covenants.  The Borrower hereby agrees that, so long as any
Advance shall remain unpaid, any Letter of Credit shall be outstanding or any
Lender shall have any Commitment hereunder or the Issuing Bank shall have a
Letter of Credit Commitment hereunder:

     

    (a) Limitation on
Indebtedness.  (i) The Borrower will not create, incur,
assume,
permit, or suffer to exist any Indebtedness of itself or any Guarantor that is
not a Vessel Owning Subsidiary except (A) in connection with the completion of
the Transaction, the Subordinate Debt, (B) Indebtedness incurred under the terms
of this Agreement, (C) (x) Existing Indebtedness and Guaranty Obligations
outstanding on the Closing Date and listed on Schedule V hereto (as reduced by
any repayments thereof on or after the Closing Date) and (y) Indebtedness issued
to refinance or replace any such Existing Indebtedness and (D) other
Indebtedness of the Borrower or any Guarantor that is not a Vessel Owning
Subsidiary, so long as (x) after giving effect to the incurrence of such
Indebtedness, the Borrower, on a Consolidated basis is in compliance with the
covenants set forth in Section 5.04 hereof, and (y) no Event of Default shall
have occurred and be continuing after giving effect to the incurrence of such
debt and the application of the proceeds thereof.

    

    (ii) The
Borrower will not permit any Vessel Owning Subsidiary to, create,
incur, assume or suffer to exist any Indebtedness or obligation under any Swap
Agreement or other hedging agreement, except:

     

    (A) Indebtedness
in respect of the Guaranty and the other Loan Documents;

     

    (B) Indebtedness
of any Vessel Owning Subsidiary to the Borrower or to any other Loan Party and
of any other Loan Party to a Vessel Owning Subsidiary, in each case as in
existence on the Closing Date and incurred in the ordinary course of
business;

     

    (C) the
Subordinate Debt;

    
       

      (D) Indebtedness
under a Swap Agreement respecting the Facility or foreign exchange agreement
entered into in the ordinary course of business and that is non-speculative in
nature;

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (E) The
Existing Indebtedness and Guaranty Obligations outstanding on the
Closing Date and listed on Schedule V hereto (as reduced by any repayments
thereof on or after the Closing Date) and Indebtedness issued to refinance or
replace any such Existing Indebtedness, provided that, (I) the obligor or
obligors on the Existing Indebtedness so refinanced or replaced is the obligor
or obligors on such refinancing or replacement Indebtedness, (II) the principal
amount of the Indebtedness issued to refinance or replace such Existing
Indebtedness is not increased beyond the sum of (x) the amount outstanding
thereunder on the date of such refinancing or replacement plus (y) reasonable
fees and expenses incurred in connection with such refinancing or replacement,
(III) such Indebtedness is on terms and conditions taken as a whole (including,
without limitation, terms relating to interest rate, fees, covenants, defaults,
amortization and mandatory prepayments) not materially more onerous to such
Guarantor than the terms and conditions of the Existing Indebtedness being
refinanced or replaced, (IV) such Indebtedness is not secured other than by
Liens on the assets of such Guarantor which were previously subject to Liens
securing the Existing Indebtedness being refinanced or replaced as permitted by
this Section 5.02(a), (V) such refinancing or replacement Indebtedness is not
guaranteed by any other Guarantor and no other Guarantor has any liability or
obligation with respect thereto (other than guaranties of refinancing or
replacement Indebtedness to the same extent (and by the same Guarantors) that
the Existing Indebtedness being refinanced or replaced was guaranteed, so long
as such guaranties are on terms and conditions taken as a whole that are not
materially more onerous to such other Guarantors than the terms and conditions
of the guaranties in respect of the Existing Indebtedness being refinanced or
replaced) and (VI) at the time of, and immediately after giving effect to, the
incurrence of such refinancing or replacement Indebtedness, no Default or Event
of Default shall be in existence;

     

    (b) Limitation on
Liens.  (i) The Borrower will not create, incur, assume or
suffer to exist any Lien on any Collateral except for Permitted
Liens.

     

    (ii) The
Borrower will not permit any Guarantor that is not a Vessel Owning Subsidiary to
create, incur, assume or suffer to exist any Lien on any Collateral except for
Permitted Liens.

     

    (iii) The
Borrower will not permit any Guarantor that is a Vessel Owning Subsidiary to
create, incur, assume or suffer to exist any Lien on any of such Vessel Owning
Subsidiary’s assets except (collectively, “Permitted
Liens”):

    

    (A) Liens for
taxes, assessments or other charges which (x) are not at the time delinquent or
are thereafter payable without penalty, or (y) are being contested in good faith
by appropriate proceedings, provided with respect to taxes, assessments or other
charges referred to in clause (x) and clause (y), that adequate reserves with
respect thereto are maintained on the books of the Borrower or other applicable
Loan Party in conformity with US GAAP;

     

    (B) Liens in
favor of the Administrative Agent or the Security Trustee to secure any or all
Obligations created under the Loan Documents;

     

    (C) Other
Liens arising in the ordinary course of the business of any of such Vessel
Owning Subsidiary which (x) do not secure Indebtedness and (y) either (A) are
being contested in good faith by appropriate proceedings, which proceedings have
the effect of preventing the forfeiture or sale of any Collateral subject to any
such lien, and with respect to which reserves are maintained on the books of the
Borrower or other applicable Loan Party in conformity with US GAAP or (B) not
more than 30 days past due;

     

    (D) any Inter
Company Charter so long as the same shall be subject and subordinate in all
respects to (i) the lien of the Ship Mortgage in respect of the Collateral
Vessel that is the subject of such Inter Company Charter and (ii) the rights of
the Security Trustee or Administrative Agent under such Ship Mortgage and (y)
any other charter permitted by the terms of any Loan Document;

     

    (E) Liens for
salvage, including contract salvage, and seamen’s wages.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
         

        (F) Liens
arising out of the existence of judgments or awards in respect
of which any Loan Party shall in good faith be prosecuting an appeal or
proceedings for review or in respect of which there shall have been secured a
subsisting stay of execution pending such appeal or proceedings, provided that,
the aggregate amount of all cash (including the stated amount of all letters of
credit) and the fair market value of all other property subject to such Liens
does not exceed $1,000,000 at any time outstanding;

         

      

    

    (iv) For the
avoidance of doubt, nothing contained herein shall prohibit Liens on any
Designated Vessel or the earnings thereof to the extent created by the owner
thereof in connection with financing such Designated Vessel or created under any
charters or subcharters relating thereto.

     

    (c) Limitation on Guaranty
Obligations.  The Borrower will not permit any Vessel Owning
Subsidiary to create, incur, assume or suffer to exist any Guaranty Obligation
except the Guaranty Obligations of the Guarantors under the Guaranty and those
set forth in Schedule V hereto.

     

    (d) Limitations on Fundamental
Changes.  (i) The Borrower will not enter into any acquisition,
merger, consolidation or amalgamation, or liquidate, wind-up or dissolve itself
(or suffer any liquidation or dissolution) or convey, sell, lease or enter into
any sale-leaseback transaction, assign, transfer or otherwise dispose of all or
substantially all of the property, business or assets of the Borrower except if
after the occurrence thereof each of the following is satisfied:

     

    (A) The
Borrower is the surviving entity in the case of any such merger, consolidation
or amalgamation;

    

    (B) in the
case of any acquisition, merger, consolidation or amalgamation or conveyance,
sale, lease or entrance into any sale-leaseback transaction, assignment,
transfer or disposition, upon giving effect thereto (x) no Default shall have
occurred and be existing hereunder and (y) the Borrower is in compliance with
the covenants set forth in Section 5.04 hereof.

     

    (ii) The
Borrower will not permit any Guarantor to enter into any acquisition, merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution) (except that any Guarantor may be merged
or consolidated with or into one or more Wholly-Owned Subsidiaries of the
Borrower (provided
that (A) such Wholly-Owned Subsidiary into which or with whom such
Guarantor has been consolidated or has merged shall not have any Indebtedness or
other Obligations and (B) the continuing or surviving corporation or entity
shall become a party to the Guaranty)), or convey, sell, lease or enter into any
sale-leaseback transaction, assign, transfer or otherwise dispose of all or
substantially all of such Guarantor’s property, business or assets, except
charters or subcharters “in” or “out” of Collateral Vessels and charters “out”
of Designated Vessels in compliance with Section 5.01 (o)(ii), provided where
required by the terms of Section 5.01 (o)(iii), an Assignment of Charter
together with notices and acknowledgments thereof, shall be executed and
delivered to the Administrative Agent concurrently with the relevant Guarantor
entering into such charters or subcharters.

     

    (e) Limitation on Sale of
Assets.  The Borrower will not permit any Guarantor
to convey, sell, lease to third parties (except charters of Collateral Vessels
and Designated Vessels as described in Section 5.01 (o)(ii) or enter into any
sale-leaseback transaction, assign, transfer or otherwise dispose of any of its
property, business or assets (including, without limitation, receivables and
leasehold interests), whether now owned or hereafter acquired, to any Person
(“Asset
Dispositions”), except:

     

    (i) Asset
Dispositions in the ordinary course of business consistent with past practices,
so long as such assets do not constitute Collateral;

     

    (ii) Asset
Dispositions of any Collateral Vessel (each a “Vessel Disposition”,
respectively) in compliance with Section 5.01(m) hereof.

     

    (f) Limitation on Dividends and
Other Payments.  The Borrower will not declare
or pay any dividend on, or make any payment on account of, or set apart assets
for a sinking or other analogous fund for, the purchase, redemption, defeasance,
retirement or other acquisition of, any shares of any class of Equity Interests
of the Borrower, whether now or hereafter outstanding, or make any other
distribution in respect thereof, either directly or indirectly, whether in cash
or property or in obligations of the Borrower or any Subsidiary, except only if
each of the following conditions is met:  (i) after giving effect
thereto no Default or Event of Default shall have occurred and be continuing or
would result upon giving effect to such dividend payment, (ii) the aggregate
amount expended by the Borrower in connection with the dividends and payments
described above shall not exceed 50% of the Borrower’s annual net income in any
calendar year period, and (iii) no breach in any covenant set forth in Section
5.04 would result upon giving effect to such dividend payment.

    
       

    

    
      
        
        

      

      
        
          

        

      

       

      
        (g) Transactions at Arm’s
Length.  The Borrower will not permit any Guarantor to, enter
into any transaction, including, without limitation, any purchase, sale, lease,
lease-back, or exchange of property or the rendering of any service, with any
entity that is not a Loan Party unless such transaction is upon fair and
reasonable terms no less favorable to such Guarantor than it would obtain in a
comparable arm’s-length transaction with a Person not an Affiliate.

         

      

    

    (h) Subsidiaries.  The
Borrower will not permit any Guarantor to create, acquire or permit to exist any
Subsidiary other than Subsidiaries in existence on the Closing
Date.

     

    (i) Amendments of Constitutive
Documents.  The Borrower will not amend, or permit any of the
Guarantors to amend, its respective certificate of incorporation or bylaws or
other constitutive documents, in each case, if such amendment would be
materially adverse to the interests of the Secured Parties.

     

    (j) Fiscal
Year.  The Borrower will not make or permit, or permit any
Guarantor to make or permit, any change in its respective fiscal year from a
calendar year.

     

    (k) Speculative
Transactions.  The Borrower will not permit any Guarantor to
engage in any transaction involving commodity options or futures contracts or
any similar speculative transactions, other than hedging arrangements entered
into in the ordinary course of business consistent with past
practices.

     

    (l) Investments.  The
Borrower will not permit any Vessel Owning Subsidiary to engage in any advance,
loan, extension of credit or capital contribution to, or otherwise acquire any
stock, bonds, notes, debentures or other securities of or any assets
constituting a business unit of or make any other investment in, any Person (all
of the foregoing, collectively, “Investments”)
except

     

    (i) Investments
in the form of trade credits in the ordinary course of business; or

     

    (ii) Investments
in Cash Equivalents; or

     

    (iii) loans to
the Borrower or to another Vessel Owning Subsidiary.

     

    Section
5.03. Reporting
Requirements.  So long as any Advance or any other Obligation
of any Loan Party under any Loan Document shall remain unpaid, any Letter of
Credit shall be outstanding or any Lender shall have any Commitment hereunder,
the Borrower will furnish to the Administrative Agent and the
Lenders:

     

    (a) Default
Notice.  As promptly as possible but in any event within 5
calendar days after knowledge by a Responsible Officer of the Borrower of the
occurrence of any Default continuing on the date of such statement, a statement
of the chief financial officer of the Borrower setting forth details of such
Default and the action that the Borrower has taken and proposes to take with
respect thereto.

     

    (b) Annual
Financials.  As soon as available and in any event within 120
days after the end of each fiscal year, a copy of the annual audit report for
such year for the Borrower and its Subsidiaries prepared in accordance with US
GAAP, including therein a Consolidated and consolidating balance sheet of the
Borrower and its Subsidiaries as of the end of such fiscal year and a
Consolidated and consolidating statement of income and a Consolidated statement
of cash flows of the Borrower and its Subsidiaries for such fiscal year, in each
case accompanied by an opinion unqualified as to the scope of audit of Ernst
& Young, Pricewaterhouse Coopers, Deloitte Touche Tohmatsu, KPMG or other
independent public accountants of recognized standing reasonably acceptable to
Administrative Agent, together with (i) a confirmation by such accountants that
the Borrower is in compliance with Section 5.04 as of the end of the relevant
Fiscal Year and, if requested by the Administrative Agent, attaching a schedule
in form satisfactory to the Administrative Agent of the computations used by
such accountants in determining, as of the end of such Fiscal Year, compliance
with the covenants contained in Section 5.04, provided that in the
event of any change in US GAAP used in the preparation of such financial
statements, the Borrower shall also provide, together with such financial
statements, if necessary for the determination
of compliance with Section 5.04, a statement of reconciliation conforming such
financial statements to US GAAP and (ii) a certificate of the Vice
President-Finance or Treasurer of the Borrower stating that no Default has
occurred and is continuing or, if a Default has occurred and is continuing, a
statement as to the nature thereof and the action that the Borrower has taken
and proposes to take with respect thereto.

     

    The
delivery requirements of the Borrower under Sections 5.03(b) and (c) shall be
deemed satisfied to the extent filings satisfying such requirement are made with
the SEC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Quarterly
Financials.  As soon as available and in any event within 60
days after the end of each quarter during each Fiscal Year, a Consolidated and
consolidating balance sheet of the Borrower and its Subsidiaries as of the end
of such quarter and a Consolidated and consolidating statement of income of the
Borrower and its Subsidiaries for the period commencing at the end of the
previous fiscal quarter and ending with the end of such fiscal quarter and a
Consolidated statement of cash flows of the Borrower and its Subsidiaries for
the period commencing at the end of the previous fiscal year and ending with the
end of such quarter, setting forth in each case in comparative form the
corresponding figures for the corresponding date or period of the preceding
fiscal year, all in reasonable detail and duly certified (subject to normal
year-end audit adjustments) by the Vice President-Finance or Treasurer of the
Borrower as having been prepared in accordance with US GAAP, together with (i) a
certificate of said officer stating that no Default has occurred and is
continuing or, if a Default has occurred and is continuing, a statement as to
the nature thereof and the action that the Borrower has taken and proposes to
take with respect thereto and (ii) a Certificate of Compliance respecting and,
if requested by the Administrative Agent, attaching the computations used by the
Borrower in determining compliance with the covenants contained in Section 5.04,
provided that
in the event of any change in US GAAP used in the preparation of such financial
statements, the Borrower shall also provide, together with such financial
statements, if necessary for the determination of compliance with Section 5.04,
a statement of reconciliation conforming such financial statements to US
GAAP.

     

    (d) Litigation.  Promptly
after the commencement thereof, notice of all actions, suits, investigations,
litigation and proceedings before any Governmental Authority affecting any Loan
Party or any of its Subsidiaries of the type described in Section 4.01(f), and
promptly after the occurrence thereof, notice of any adverse change in the
status or the financial effect on any Loan Party or any of its Subsidiaries of
the Disclosed Litigation from that described on Schedule VI hereto.

     

    (e) Securities
Reports.  Promptly after the sending or filing thereof, copies
of all proxy statements, financial statements and reports that any Loan Party or
any of its Subsidiaries sends to its stockholders generally, and copies of all
regular, periodic and special reports, and all registration statements and other
filings, that any Loan Party or any of its Subsidiaries files with the SEC or
any Governmental Authority that may be substituted therefore, or with the New
York Stock Exchange.

     

    (f) Environmental
Conditions.  Promptly after the assertion or occurrence
thereof, notice of any (x) material spillage or emission of a Hazardous
Substance from any Collateral Vessel or Designated Vessel or other vessel owned
or operated by an Affiliate of the Borrower or (y) any Environmental Action
against or of any noncompliance by any Loan Party or any of its Subsidiaries or
any Collateral Vessel or Designated Vessel with any Environmental Law or
Environmental Permit that could (i) reasonably be expected to have a Material
Adverse Effect or (ii) cause any property described in the Mortgages to be
subject to any material Lien or restrictions on ownership, occupancy, use or
transferability under any Environmental Law.

     

    (g) Insurance.  As
soon as available and in any event within 30 days after the end of each Fiscal
Year, a report summarizing the insurance coverage (specifying type, amount and
carrier) in effect for each Loan Party and its Subsidiaries and containing such
additional information as the Administrative Agent (or any Lender through the
Administrative Agent) may reasonably specify.

     

    (h) ERISA.  In
the event any Plan is subject to Title IV of ERISA:

     

    (i) ERISA Events and ERISA
Reports.  (A) Promptly, and in any event within ten (10) days,
after any Loan Party or any ERISA Affiliate knows of the occurrence of any ERISA
Event that is reasonably likely to result in liability which, together with all
liabilities arising or reasonably likely to arise from any other ERISA Events
then existing, exceeds $1,000,000, a statement of the Chief Financial Officer of
the Borrower describing such ERISA Event and the action, if any, that such Loan
Party or such ERISA Affiliate has taken and proposes to take with respect
thereto and (B) promptly, and in any event within ten (10) days, after the date
any records, documents or other information are furnished to the PBGC pursuant
to Section 4010 of ERISA with respect to any Plan sponsored or maintained by any
Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA
Affiliate is making or accruing an obligation to make contributions, a copy of
such records, documents or information.

    
       

      (ii) Plan
Terminations.  Promptly, and in any event within ten (10)
Business Days, after receipt thereof by any Loan Party or any ERISA Affiliate,
copies of each notice from the PBGC stating its intention to terminate any Plan
or to have a trustee appointed to administer any Plan.

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (iii) Plan Annual
Reports.  Promptly, and in any event within 30 days, after the
filing thereof with the Internal Revenue Service, copies of each Schedule B
(Actuarial Information) to the annual report (Form 5500 Series) with respect to
each Plan sponsored or maintained by any Loan Party or any ERISA Affiliate or to
which any Loan Party or any ERISA Affiliate is making or accruing an obligation
to make contributions.

     

    (iv) Multiemployer Plan
Notices.  Promptly and in any event within ten (10) Business
Days after receipt thereof by any Loan Party or any ERISA Affiliate from the
sponsor of a Multiemployer Plan, copies of each notice concerning (A) the
imposition of Withdrawal Liability by any such Multiemployer Plan, (B) the
reorganization or termination, within the meaning of Title IV of ERISA, of any
such Multiemployer Plan that is reasonably likely to result in the incurrence of
liability by any Loan Party or any ERISA Affiliate, or the amount of liability
incurred, or that may be incurred, by such Loan Party or any ERISA Affiliate, in
each case if such liability, together with all other liabilities then existing
with respect to any Plan, exceeds $1,000,000.

     

    (v) Other
Information.  Such other information respecting the business,
condition (financial or otherwise), operations, performance, properties or
prospects of any Loan Party or any of its Subsidiaries as Administrative Agent,
or any Lender through the Administrative Agent, may from time to time reasonably
request.

     

    Section
5.04. Financial
Covenants.  So long as any Advance or any other Obligation of
any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit
shall be outstanding or any Lender shall have any Commitment hereunder, the
Borrower will, on a Consolidated basis:

     

    (a) Leverage.  Maintain
at all times a ratio of not greater than 0.7:1.0 of (x) Total Debt less cash and
Cash Equivalents to (y) Market Value Adjusted Total Assets less cash and Cash
Equivalents.

     

    (b) Interest
Cover.  Maintain, at the end of each fiscal quarter of the
Borrower, a ratio of EBITDA to gross interest expense for the four fiscal
quarters ended as of the end of such quarter greater than 3.0:1.0.

    

    (c) Total Net Debt to
EBITDA.  From and after the Borrower’s first fiscal quarter
falling on or after the 3rd
anniversary of the Closing Date, maintain at the end of each fiscal
quarter of the Borrower, a ratio of Total Net Debt to EBITDA (where EBITDA is
the annualized EBITDA from vessels acquired during the prior twelve (12)
months), for the four fiscal quarters ended as of the end of such quarter, of
not greater than 6.0:1.0.

     

    (d) Net
Worth.  Maintain, at the end of each fiscal quarter of the
Borrower, a book net worth of greater than $750,000,000.

     

    (e) Minimum
Liquidity.  At the end of each fiscal quarter to the third
anniversary of the Closing Date, maintain a minimum of cash and Cash Equivalents
of no less than 7.5% of the outstanding Total Debt, and on the third anniversary
and thereafter, no less than 10% of the outstanding Total Debt.

     

    (f) Vessel Fair Market
Value.  The aggregate Fair Market Value of the Collateral
Vessels shall at all times be at least 135% of the sum of (i) the then aggregate
outstanding principal amount of the Facilities and (ii) the Unused Commitment
under the Revolving Credit Facility; provided that, so
long as any default in respect of this Section 5.04(f) is not caused by any
voluntary Vessel Disposition, such default shall not constitute an Event of
Default so long as within 45 days of the occurrence of such default, the
Borrower shall either (i) post additional collateral satisfactory to all Lenders
as set forth in Section 8.01(b), pursuant to security documentation reasonably
satisfactory in form and substance to all Lenders, sufficient to cure such
default (and shall at all times during such period and prior to satisfactory
completion thereof, be diligently carrying out such actions) or (ii) make such
reductions of the Total Commitment in an amount sufficient to cure such default
and repay the outstanding Advances (it being understood that any action taken in
respect of this proviso shall only be effective to cure such default pursuant to
this Section 5.04(f) to the extent that no Default or Event of Default exists
hereunder immediately after giving effect thereto).

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    ARTICLE
VI 

EVENTS OF
DEFAULT

     

    Section
6.01. Events of
Default.  If any of the following events (“Events of Default”)
shall occur and be continuing:

     

    (a) (i) the
Borrower shall fail to pay any principal of any Advance when the same shall
become due and payable, whether at the due date thereof or on a date fixed for
prepayment thereof or by acceleration or otherwise, (ii) the Borrower shall fail
to pay any interest on any Advance when the same shall become due and payable
under any Loan Document within one (1) Business Day after the same shall become
due and payable, or (iii) any Loan Party shall fail to make any payment (other
than principal or interest) when the same shall become due and payable under any
Loan Document, in each case under this clause (ii) within three (3) Business
Days after the same shall become due and payable; or

     

    (b) any
representation or warranty made by any Loan Party (or any of its officers) under
or in connection with any Loan Document shall prove to have been incorrect in
any material respect when made; or

     

    (c) the
Borrower shall fail to perform or observe any term, covenant or agreement
contained in Section 2.15, 5.0 1(a), (b), (d), (e), (f), (other than (f) (iii)),
(m), (q), (u) or (v), 5.02, or 5.04; or

     

    (d) any Loan
Party shall fail to perform or observe any other term, covenant or agreement
contained in any Loan Document on its part to be performed or observed unless
such failure is remedied (if capable of being remedied in the reasonable opinion
of the Administrative Agent) within 30 days after the Administrative Agent shall
have given written notice to the Borrower of such failure; or

     

    (e) any Loan
Party or any of its Subsidiaries shall fail to pay any principal of, premium or
interest on or any other amount payable in respect of any Indebtedness of such
Loan Party or such Subsidiary (as the case may be) that is outstanding in a
principal amount of at least $15,000,000 either individually or in the aggregate
(but excluding Indebtedness outstanding hereunder), when the same becomes due
and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to such
Indebtedness; or any other event shall occur or condition shall exist under any
agreement or instrument relating to any such Indebtedness and shall continue
after the applicable grace period, if any, specified in such agreement or
instrument, if the effect of such event or condition is to accelerate, or to
permit the acceleration of, the maturity of such Indebtedness or otherwise to
cause, or to permit the holder thereof to cause, such Indebtedness to
mature.

     

    (f) (i) any
Loan Party shall commence any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief entered with respect to it, or seeking to adjudicate it a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of
a

     

     

     

    

    
      
        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

      

    

    (g) (i) (A)
any ERISA Event shall have occurred with respect to a Plan and the sum
(determined as of the date of occurrence of such ERISA Event) of the
Insufficiency of such Plan and the Insufficiency of any and all other Plans with
respect to which an ERISA Event shall have occurred and then exist (or the
liability of the Borrower and the ERISA Affiliates related to such ERISA Event)
exceeds $5,000,000, or (B) the Borrower or any ERISA Affiliate shall have been
notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal
Liability to such Multiemployer Plan in an amount that, when aggregated with all
other amounts required to be paid to Multiemployer Plans by the Borrower and the
ERISA Affiliates as Withdrawal Liability (determined as of the date of such
notification), exceeds $5,000,000 or requires payments exceeding $1,500,000 per
annum, or (C) the Borrower or any ERISA Affiliate shall have been notified by
the sponsor of a Multiemployer Plan that such Multiemployer Plan is in
reorganization or is being terminated, within the meaning of Title IV of ERISA,
and as a result of such reorganization or termination the aggregate annual
contributions of the Borrower and the ERISA Affiliates to all Multiemployer
Plans that are then in reorganization or being terminated have been or will be
increased over the amounts contributed to such Multiemployer Plans for the plan
years of such Multiemployer Plans immediately preceding the plan year in which
such reorganization or termination occurs by an amount exceeding $1,500,000,
which amount is not paid when due, and (ii) such Insufficiency, Withdrawal
Liability or contribution liability (when taken together with all other
Insufficiencies, Withdrawal Liabilities and contribution liabilities that have
arisen) could reasonably be expected to result in a Material Adverse Effect; or

      (h) one or
more judgments or decrees shall be entered against the Borrower or any of its
Subsidiaries involving in the aggregate a liability of $15,000,000 or more
(calculated after deducting therefrom any amount that will be paid by a
recognized protection and indemnity club that is a member of the International
Group Agreement or any insurer rated at least B++ by A.M.  Best
Company, or the equivalent thereof provided by a rating service whose ratings of
insurance companies are internationally recognized or any insurer acceptable to
the Administrative Agent, if such insurer has been notified of, and has not
disputed the claim made for payment of, the amount of such judgment or decree)
and such judgments or decrees involving in the aggregate $15,000,000 or more
shall not have been vacated, discharged, stayed or bonded pending appeal within
60 days from the entry thereof; or

    

    
       

    

    (i) this
Agreement, the Guaranty or any other Loan Document shall cease to be in full
force and effect, shall be determined by any court to be void, voidable or
unenforceable, or any Loan Party shall assert in writing any defense to any of
its obligations under any Loan Document to which it is a party or otherwise
contest its liability thereunder, or any such Loan Party shall rescind or revoke
in writing (or attempt to rescind or revoke in writing) any of its obligations
under any Loan Document, whether with respect to future transactions or
otherwise; or

     

    (j) there
shall occur and be continuing an “Event of Default” as defined in any Ship
Mortgage; or

     

    (k) except as
otherwise permitted hereunder, the Secured Parties shall cease to have a
first-priority perfected security interest in any Collateral; or

     

    (l) any
Material Adverse Effect shall have occurred after September 30,
2007;

     

    or

     

    (m) the
de-listing of the Borrower from the New York Stock Exchange; or

     

    (n) a Change
of Control shall occur;

     

    then, and
in any such event, (A) if such event is an Event of Default specified in clause
(i) or (ii) of paragraph (f) above, automatically the Commitments shall
immediately terminate and the Advances hereunder (with accrued interest thereon)
and all other amounts owing under this Agreement, the Notes and any other Loan
Document shall immediately become due and payable, and (B) if such event is any
other Event of Default, either or both of the following actions may be
taken:  (i) with the consent of the Majority Lenders, the
Administrative Agent may, or upon the request of the Majority Lenders, the
Administrative Agent shall, by notice to the Borrower, declare the Commitments
to be terminated forthwith, whereupon the Commitments shall immediately
terminate; and (ii) with the consent of the Majority Lenders, the Administrative
Agent may, or upon the request of the Majority Lenders, the Administrative Agent
shall, by notice of default to the Borrower, declare the Loans hereunder (with
accrued interest thereon) and all other amounts owing under this Agreement, the
Notes and any other Loan Document to be due and payable forthwith, whereupon the
same shall immediately become due and payable.  Except as expressly
provided above in this Section, presentment, demand, protest and all other
notices of any kind are hereby expressly waived.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Section
6.02. Actions in Respect of the
Letters of Credit upon Default.  With respect to all Letters of
Credit with respect to which presentment for honor shall not have occurred at
the time of an acceleration pursuant to the preceding paragraph, the Borrower
shall at such time deposit in a non-interest bearing cash collateral account
opened by, and under the sole dominion and control of, the Administrative Agent
an amount equal to the aggregate Available Amount of all Letters of Credit then
outstanding, and the Borrower hereby grants to the Administrative Agent for the
benefit of the Secured Parties a security interest in all funds so deposited to
and from time to time held (in the form of cash, certificates or instruments) in
the cash collateral account and proceeds thereof.  The Borrower and
the Administrative Agent shall thereafter enter into documentation reaffirming
the grant of the security interest hereunder and otherwise relating to such cash
collateral account in form and substance reasonably satisfactory to the
Administrative Agent.  The Administrative Agent shall, at the
Borrower’s direction and without assuming any risk of loss thereof, invest the
funds in the cash collateral account in Cash Equivalents for the account of the
Borrower.  All interest and other investment gains earned on such
investments shall be added to the cash collateral account as additional
collateral security for the prompt and complete payment when due of the
obligations and liabilities of the Borrower under and in respect of the Letters
of Credit.  Amounts held in such cash collateral account shall be
applied by the Administrative Agent to the payment of drafts drawn under such
Letters of Credit, and the unused portion thereof after all such Letters of
Credit shall have expired or been fully drawn upon, if any, shall be applied to
repay other obligations of the Borrower hereunder and under the
Notes.  If at any time the Administrative Agent determines that any
funds held in such cash collateral account are subject to any right or claim of
any Person other than the Administrative Agent, or the Secured Parties, which
right or claim could reasonably have the effect of reducing the value of such
funds, or that the total amount of such funds is less than the aggregate
Available Amount of all Letters of Credit, the Borrower will, forthwith upon
receipt of a demand by the Administrative Agent, pay to the Administrative
Agent, as additional funds in Dollars to be deposited and held in such cash
collateral account, an amount equal to (a) the amount by which the value of such
funds has been reduced, or (b) the excess of (i) such aggregate Available Amount
over (ii) the total amount of funds, if any, then held in such cash collateral
account, respectively.  On or after the date all such Letters of
Credit shall have expired or been fully drawn upon, all reimbursement
Obligations relating thereto or to any Letter of Credit Advance shall have been
satisfied and all other Obligations of the Borrower hereunder and under the
Notes then due and payable shall have been paid in full, the balance, if any, in
such cash collateral account shall be returned to the Borrower.

     

    Section
6.03. Remedies.  Upon
the occurrence and existence of any Event of Default hereunder, the
Administrative Agent, the Security Trustee (or Nordea, in the case of certain
ship mortgages, as the case may be) or the Secured Parties may exercise any and
all remedies granted under the terms of any Loan Document or otherwise by
applicable law.

     

    Section
6.04. Application of
Proceeds.  Following an Event of Default, all monies and
proceeds of any enforcement action shall be applied by the Administrative Agent
on behalf of the Secured Parties against all or any part of the Obligations, in
the following order:

     

    (i) first, in or towards
payment of all costs, charges and expenses incurred or paid by the
Administrative Agent or the Security Trustee (or Nordea, in the case of certain
Ship Mortgages, as the case may be) or the Lenders in connection with or
incidental to the proper exercise or performance or attempted exercise or
performance by the Administrative Agent of any of the rights, powers or remedies
hereby conferred or conferred by any other Loan Document or by law or in
connection with or incidental to the enforcement or realization of the security
hereby constituted or constituted by any other Loan Document;

     

    (ii) second, to the
payment of any amounts (other than principal, interest, or any amounts described
in clauses first and sixth hereof) due and
payable and unpaid under any Loan Document, including but not limited to, any
Break Funding Costs or amounts due under Sections 2.10, 2.11, 2.13 or 8.04(c)
hereof;

    

    (iii) third, in or towards
payment pro rata of any interest then due and payable and unpaid under any Loan
Document;

     

    (iv) fourth, in or towards
payment pro rata of any principal sum of the Term Loan Advance then due and
payable and unpaid;

     

    (v) fifth, in or towards
payment pro rata of any principal sum of any Revolving Credit Advances
(including Letter of Credit Advances) then due and payable and
unpaid;

     

    (vi) sixth, in or towards
payment of any amounts due to any Swap Provider under any Swap Agreement on a
pari passu basis; and

     

    (vii) seventh, any surplus
of such cash or cash proceeds held by the Administrative Agent or any other
Secured Party and remaining after payment in full of all the Obligations, and
the termination of all Commitments (if not then already terminated), shall be
paid over to or to whomsoever may be lawfully entitled to receive such
surplus.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
VII 

THE
ADMINISTRATIVE AGENT

     

    Section
7.01. Authorization and
Action.  

     

    (a) Each
Lender (in its capacity as a Lender, the Issuing Bank (if applicable) and each
Swap Provider) hereby appoints and authorizes the Administrative Agent (and the
Security Trustee or Nordea, in the case of certain Ship Mortgages as the case
may be) to take such action as agent on its behalf and to exercise such powers
and discretion under this Agreement and the other Loan Documents as are
delegated to the Administrative Agent by the terms hereof and thereof, together
with such powers and discretion as are reasonably incidental
thereto.  As to any matters not expressly provided for by the Loan
Documents (including, without limitation, enforcement or collection of the
Notes), the Administrative Agent (and the Security Trustee or Nordea, in the
case of certain ship mortgages as the case may be) shall not be required to
exercise any discretion or take any action, but shall be required to act or to
refrain from acting (and shall be fully protected in so acting or refraining
from acting) upon the instructions of the Majority Lenders, and such
instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that the
Administrative Agent (and the Security Trustee or Nordea, in the case of certain
ship mortgages as the case may be) shall not be required to take any action that
exposes it to personal liability or that is contrary to this Agreement or
applicable law.  The Administrative Agent agrees to give to each
Lender prompt notice of each notice given to it by the Borrower pursuant to the
terms of this Agreement.  Notwithstanding anything in this Agreement
to the contrary, as set forth in Section 8.01, the Administrative Agent agrees
to notify and consult with the Majority Lenders on any provision or decision
within this Agreement requiring the Administrative Agent’s action, approval or
consent unless such action, approval or consent requires the unanimous consent
of all Lenders.

     

    (b) The
provisions of this Article VII shall apply to, and enure to the benefit of, and
be binding on, the Security Trustee (and Nordea in the case of certain Ship
Mortgages) as though it were named herein to the same extent such provisions
apply to, and enure to the benefit of, and are binding on, the Administrative
Agent.

    

    Section
7.02. Agent’s Reliance,
Etc.  Neither the Administrative Agent nor any of its
respective directors, officers, agents or employees shall be liable for any
action taken or omitted to be taken by it or them under or in connection with
the Loan Documents, except for its or their own gross negligence or willful
misconduct.  Without limitation of the generality of the foregoing,
the Administrative Agent:  (a) may treat the payee of any Note as the
holder thereof until the Administrative Agent receives and accepts an Assignment
and Acceptance entered into by the Lender that is the payee of such Note, as
assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07;
(b) may consult with legal counsel (including counsel for any Loan Party),
independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (c) makes no
warranty or representation to any Lender and shall not be responsible to any
Lender for any statements, warranties or representations (whether written or
oral) made in or in connection with the Loan Documents; (d) shall not have any
duty to ascertain or to inquire as to the performance, observance or
satisfaction of any of the terms, covenants or conditions of any Loan Document
on the part of any Loan Party or the existence at any time of any Default under
the Loan Documents or to inspect the property (including the books and records)
of any Loan Party; (e) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value
of, or the perfection or priority of any lien or security interest created or
purported to be created under or in connection with, any Loan Document or any
other instrument or document furnished pursuant thereto; and (f) shall incur no
liability under or in respect of any Loan Document by acting upon any notice,
consent, certificate or other instrument or writing (which may be by telegram,
telecopy or telex) believed by it to be genuine and signed or sent by the proper
party or parties.

     

    Section
7.03. Nordea and
Affiliates.  With respect to its Commitments, the Advances made
by it and the Notes issued to it, if any, Nordea shall have the same rights and
powers under the Loan Documents as any other Lender and may exercise the same as
though it were not the Administrative Agent or Security Trustee; and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated, include
Nordea in its individual capacity.  So long as it is a Lender, Nordea
and its affiliates may accept deposits from, lend money to, act as trustee under
indentures of, accept investment banking engagements from and generally engage
in any kind of business with, any Loan Party, any of its Subsidiaries and any
Person that may do business with or own securities of any Loan Party or any such
Subsidiary, all as if Nordea were not the Administrative Agent and without any
duty to account therefore to the Lenders.  The Administrative Agent
shall not have any duty to disclose any information obtained or received by it
or any of its Affiliates relating to any Loan Party or any of its Subsidiaries
to the extent such information was obtained or received in any capacity other
than as the Administrative Agent.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      Section
7.04. Lender Credit
Decision.  Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender and based
on the financial statements referred to in Section 4.01 and such other documents
and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement.  Each Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent
or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement.

       

    

    Section
7.05. Indemnification.  (a)
Each Lender severally agrees to indemnify Administrative Agent (to the extent
not promptly reimbursed by the Borrower) from and against such Lender’s ratable
share (determined as provided below) of any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever that may be imposed on, incurred
by, or asserted against the Administrative Agent in any way relating to or
arising out of the Loan Documents or any action taken or omitted by
Administrative Agent under the Loan Documents (collectively, the “Indemnified Costs”);
provided, however, that no
Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from Administrative Agent’s gross negligence or willful misconduct as
found in a final, non-appealable judgment by a court of competent
jurisdiction.  Without limitation of the foregoing, each Lender agrees
to reimburse the Administrative Agent promptly upon demand for its ratable share
of any costs and expenses (including, without limitation, fees and expenses of
counsel) payable by the Borrower under Section 8.04, to the extent that
Administrative Agent is not promptly reimbursed for such costs and expenses by
the Borrower.  In the case of any investigation, litigation or
proceeding giving rise to any Indemnified Costs, this Section 7.05 applies
whether any such investigation, litigation or proceeding is brought by any
Lender or any other Person.

     

    (b) Each
Lender severally agrees to indemnify the Issuing Bank (to the extent not
promptly reimbursed by the Borrower) from and against such Lender’s ratable
share (determined as provided below) of any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever that may be imposed on, incurred
by, or asserted against the Issuing Bank in any way relating to or arising out
of the Loan Documents or any action taken or omitted by the Issuing Bank under
the Loan Documents; provided,
however, that no Lender shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements resulting from the Issuing Bank’s gross
negligence or willful misconduct as found in a final, non-appealable judgment by
a court of competent jurisdiction.  Without limitation of the
foregoing, each Lender agrees to reimburse the Issuing Bank promptly upon demand
for its ratable share of any costs and expenses (including, without limitation,
fees and expenses of counsel) payable by the Borrower under Section 8.04, to the
extent that the Issuing Bank is not promptly reimbursed for such costs and
expenses by the Borrower.

     

    (c) For
purposes of this Section 7.05, the Lenders’ respective ratable shares of any
amount shall be determined, at any time, according to the sum of (i) the
aggregate principal amount of the Advances outstanding at such time and owing to
the respective Lenders, (ii) their respective Pro Rata Shares of the aggregate
Available Amount of all Letters of Credit outstanding at such time and (iii) the
aggregate unused portions of their respective Revolving Credit Commitments at
such time; provided
that the aggregate principal amount of Letter of Credit Advances owing to
the Issuing Bank shall be considered to be owed to the Lenders ratably in
accordance with their respective Revolving Credit Commitments.  The
failure of any Lender to reimburse Administrative Agent, as the case may be,
promptly upon demand for its ratable share of any amount required to be paid by
the Lenders to Administrative Agent, as the case may be, as provided herein
shall not relieve any other Lender of its obligation hereunder to reimburse
Administrative Agent, as the case may be, for its ratable share of such amount,
but no Lender shall be responsible for the failure of any other Lender to
reimburse Administrative Agent, as the case may be, for such other Lender’s
ratable share of such amount.  Without prejudice to the survival of
any other agreement of any Lender hereunder, the agreement and obligations of
each Lender contained in this Section 7.05 shall survive the payment in full of
principal, interest and all other amounts payable hereunder and under the other
Loan Documents.

     

    (d) If the
Administrative Agent has been reimbursed by the Borrower or any third
party,
then (i) the Administrative Agent shall, within three Business Days, notify
details of the reimbursement to the Lenders, and (ii) the Administrative Agent
shall distribute proportionately the recovered amount to the
Lenders.

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    Section
7.06. Successor Administrative
Agent.  Administrative Agent may resign at any time by giving
written notice thereof to the Lenders and the Borrower; provided, however, that any
removal of the Administrative Agent will not be effective until it has also been
replaced as Administrative Agent (including as Successor Trustee under the
Security Trust Agreement and as mortgagee under certain Ship Mortgages) and
released from all of its obligations in respect thereof.  In addition,
the Majority Lenders shall have the right to remove the Administrative Agent for
cause and to appoint a successor Administrative Agent in accordance with this
Section 7.06.  Upon any such resignation or removal, the Majority
Lenders shall have the right to appoint a successor Administrative
Agent.  If no successor Administrative Agent shall have been so
appointed by the Majority Lenders, and shall have accepted such appointment,
within 30 days after the retiring Administrative Agent’s giving of notice of
resignation or the Majority Lenders’ removal of the retiring Administrative
Agent, then the retiring Administrative Agent may, on behalf of the Lenders,
appoint a successor Administrative Agent, which shall meet the standards to be
an Eligible Assignee, have a combined capital and surplus of at least
$500,000,000 and be reasonably acceptable to the Majority Lenders and the
Borrower.  Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor Administrative Agent and, in the case of a
successor Administrative Agent, upon the execution and filing or recording of
such financing statements, or amendments thereto, and such amendments or
supplements to the Ship Mortgages and the Security Trust Agreement, and such
other instruments or notices, as may be necessary or desirable, or as the
Majority Lenders may request, in order to continue the perfection of the Liens
granted or purported to be granted by the Collateral Documents, such successor
Administrative Agent shall succeed to and become vested with all the rights,
powers, discretion, privileges and duties of the retiring Administrative Agent,
and the retiring Administrative Agent shall be discharged from its duties and
obligations under the Loan Documents.  If within 45 days after written
notice is given of the retiring Administrative Agent’s resignation or removal
under this Section 7.06 no successor Administrative Agent shall have been
appointed and shall have accepted such appointment, then on such 45th day (a)
the retiring Administrative Agent’s resignation or removal shall become
effective, (b) the retiring Administrative Agent shall thereupon be discharged
from its duties and obligations under the Loan Documents and (c) the Majority
Lenders shall thereafter perform all duties of the retiring Administrative Agent
under the Loan Documents until such time, if any, as the Majority Lenders
appoint a successor Administrative Agent as provided above.  After any
retiring Administrative Agent’s resignation or removal hereunder as
Administrative Agent shall have become effective, the provisions of this Article
VII shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Administrative Agent under this Agreement.  The
institution acting as Administrative Agent shall always also act as Security
Trustee under the Security Trust Agreement. 

     

     

    ARTICLE
VIII 

MISCELLANEOUS

     

    Section
8.01. Amendments,
Etc.  (a) No amendment or waiver of any provision of any Loan
Document, nor consent to any departure by any Loan Party therefrom or any
discharge or termination, shall in any event be effective unless the same shall
be in writing and signed by the Administrative Agent, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.  The Administrative Agent shall not execute
any amendment or waiver (except as specifically provided in Section 8.01(c)) or
give any consent unless it shall have received the prior written consent of the
Majority Lenders.

    

    (b) Notwithstanding
the immediately prior sentence, however, no amendment, waiver or consent shall,
unless in writing and signed by all the Lenders affected by such amendment,
waiver or consent, do any of the following:  (i) increase the
Commitments of the Lenders or subject the Lenders to any additional obligations,
(ii) reduce the principal of, or interest on, the Notes or any fees or other
amounts payable hereunder to the Lenders, (iii) postpone any date fixed for any
payment of principal of, or interest (or Applicable Margin respecting interest)
on, the Notes or any fees or other amounts payable hereunder, (iv) change the
percentage of the Commitments or of the aggregate unpaid principal amount of the
Notes, or the number of Lenders, that in each case shall be required for the
Lenders or any of them to take any action hereunder, (v) extend the June 30,
2008 availability date or the Maturity Date, (vi) amend the definition of
Majority Lenders, (vii) release any Collateral (except Collateral or the release
of any Vessel Owning Subsidiary and the equity interests thereof in accordance
with the terms of Section 5.0 1(m)) or accept any additional Collateral as
contemplated by Section 5.04(f), (viii) amend Section 2.14 or Section 6.04
hereof, (ix) amend this Section 8.01, or (x) permit the assignment by the
Borrower or any Guarantor of its obligations under any Loan Document, provided ,that no
amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above to take such
action, affect the rights or duties of the Administrative Agent in its capacity
as Administrative Agent under this Agreement or any Note or any other Loan
Document.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Notwithstanding
anything herein to the contrary, (i) the Administrative Agent may, with the
consent of the Borrower, but without the consent of the Majority Lenders or any
Lender, amend this Agreement or any other Loan Document in order to fix any
immaterial errors contained herein or therein and (ii) the Security Trustee may,
with the consent of the Borrower but without the consent of the Majority Lenders
or any Lender enter into one or more amendments to the Ship Mortgages, if
requested by the relevant Swap Provider, in substantially the form attached
hereto as Exhibit M in order to secure (on a pay pari passu basis with other
Swap Agreements) obligations, of any Loan Party under any Swap Agreement entered
into after the Closing Date, as further provided in Section 1.22 of the Ship
Mortgages.

     

    (d) If, in
connection with any proposed amendment, waiver, departure, discharge or
termination of or to any of the provisions of this Agreement or any other Loan
Document as contemplated by clauses (i) through (x), inclusive of Section
8.01(b), the consent of the Majority Lenders is obtained but the consent of one
or more of such other Lenders whose consent is required is not obtained, then
the Borrower shall have the right, so long as all non-consenting Lenders whose
individual consent is required are treated as described in either clause (A) or
(B) below, to either (A) replace each such non-consenting Lender or Lenders with
one or more Eligible Assignees so long as at the time of such replacement, each
such Eligible Assignee consents to the proposed amendment, waiver, departure,
discharge or termination or (B) terminate such non-consenting Lender’s
Commitment and repay the Advances of such Lender which gave rise to the need to
obtain such Lender’s consent, provided that, unless the Commitments which are
terminated and Advances which are repaid pursuant to preceding clause (B) are
immediately replaced in full at such time through the addition of new Lenders or
the increase of the Commitments and/or outstanding Advances of existing Lenders
(who in each case must specifically consent thereto), then in the case of any
action pursuant to preceding clause (B), the Majority Lenders (determined after
giving effect to the proposed action) shall specifically consent
thereto.

    

    Section
8.02. Notices,
Etc.  All notices and other communications provided for
hereunder shall be in writing (including telecopier) and sent by a prepaid
nationally recognized overnight courier, telecopied, or delivered, if to the
Borrower, at its address at Par La Ville Place, 14 Par-La-Ville Road, Hamilton
HM JX, Bermuda, Attention:  Elefterios Papatriphon, Email:  e.papatrifon@excelmaritime.com,
Fax:  30-210-620- 9528; if to any Guarantor, c/o the Borrower at the
foregoing address; if to any Initial Lender, at its Applicable Lending Office
specified opposite its name on Schedule II hereto; if to any other Lender, at
its Applicable Lending Office specified in the Assignment and Acceptance
pursuant to which it became a Lender; if to the Administrative Agent (and the
Security Trustee or Nordea in the case of certain Ship Mortgages), at its
address 8th
Floor, City Place House, 55 Basinghall Street, GB-London EC2V 5NB,
Attention:  Loans Administrator, Fax:  +44 207 726 9102; or,
as to the Borrower or Administrative Agent, at such other address as shall be
designated by such party in a written notice to the other parties and, as to
each other party, at such other address as shall be designated by such party in
a written notice to the Borrower and the Administrative Agent.  All
such notices and communications shall, when mailed, sent by a nationally
recognized overnight courier, or telecopied, be effective when deposited in the
mails, delivered to such courier, or telecopied, respectively, except that
notices and communications to the Administrative Agent pursuant to Article II,
III or VIII shall not be effective until received by the Administrative Agent,
as the case may be.  Delivery by telecopier of an executed counterpart
of any amendment or waiver of any provision of this Agreement or the Notes or of
any Exhibit hereto to be executed and delivered hereunder shall be effective as
delivery of a manually executed counterpart thereof.  All notices and
communications given under this Agreement unless submitted in the English
language, shall be accompanied by one English translation for each copy of the
foregoing so submitted; provided, that the English version of all such notices,
communications, evidences and other documents shall govern in the event of any
conflict with the non-English version thereof.

     

    The Loan
Parties agree that the Administrative Agent may make any communication available
to the Secured Parties by posting the communications on Intralinks, Fixed Income
Direct or a substantially similar electronic transmission systems (the “Platform”).  The
Loan Parties acknowledge that the distribution of material through an electronic
medium is not necessarily secure and that there are confidentiality and other
risks associated with such distribution.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.  THE AGENT PARTIES
(AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY
COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS OR OMISSIONS IN ANY COMMUNICATIONS.  NO WARRANTY OF ANY
KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN
CONNECTION WITH ANY COMMUNICATIONS OR THE PLATFORM.  IN NO EVENT SHALL
THE ADMINISTRATIVE AGENT, THE SECURITY TRUSTEE, NORDEA OR ANY OF THEIR
RESPECTIVE AFFILIATES OR ANY OF THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS, ADVISORS OR REPRESENTATIVES OF THE ADMINISTRATIVE AGENT, THE SECURITY
TRUSTEE, NORDEA OR THEIR RESPECTIVE AFFILIATES (COLLECTIVELY, “AGENT PARTIES”) HAVE
ANY LIABILITY TO ANY LENDER, ANY LOAN PARTY OR ANY OTHER PERSON OR ENTITY FOR
DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR
OTHERWISE) ARISING OUT OF THE TRANSMISSION BY ANY LOAN PARTY, ANY OF THE AGENT
PARTIES OR ANY OTHER PERSON OF ANY COMMUNICATIONS THROUGH THE INTERNET, EXCEPT
TO THE EXTENT THE LIABILITY OF ADMINISTRATIVE AGENT PARTY IS FOUND IN A FINAL
NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED
PRIMARILY FROM ADMINISTRATIVE AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT.

     

    Each
Lender agrees that notice to it (as provided in the next sentence) specifying
that any communications have been posted to the Platform shall constitute
effective delivery of such communications to such Lender for purposes of the
Loan Documents.  Each Lender agrees to notify the Administrative Agent
in writing (including by electronic communication) from time to time of such
Lender’s email address to which the foregoing notice may be sent by electronic
transmission and (ii) that the foregoing notice may be sent to such email
address.

     

    Section
8.03. No Waiver; Remedies, Entire
Agreement.  (a) No failure on the part of any Lender or
Administrative Agent to exercise, and no delay in exercising, any right
hereunder or under any Note or any other Loan Document shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right preclude any
other or further exercise thereof or the exercise of any other
right.  The remedies herein provided are cumulative and not exclusive
of any remedies provided by law.

     

    (b) This
Agreement and the other Loan Documents constitute the entire agreement of
the
parties with respect hereto.

     

    Section
8.04. Costs and
Expenses.  (a) The Borrower agrees to pay on demand (i) all
costs and expenses of Administrative Agent, the Security Trustee (or Nordea in
the case of certain Ship Mortgages) connection with the preparation, execution,
delivery, administration, modification and amendment of, or any consent or
waiver under, the Loan Documents (including, without limitation, (A) all due
diligence, collateral review, syndication (including costs and expenses related
to printing, distribution and bank meetings), transportation, computer,
duplication, appraisal, audit, insurance, consultant, independent insurance
advisor fee, search, filing and recording fees and expenses and (B) the
reasonable fees and expenses of counsel for Administrative Agent with respect
thereto, with respect to advising the Administrative Agent, the Security Trustee
(or Nordea in the case of certain Ship Mortgages) as to its rights and
responsibilities, or the perfection, protection or preservation of rights or
interests, under the Loan Documents, with respect to negotiations with any Loan
Party or with other creditors of any Loan Party or any of its Subsidiaries
arising out of any Default or any events or circumstances that may give rise to
a Default and with respect to presenting claims in or otherwise participating in
or monitoring any bankruptcy, insolvency or other similar proceeding involving
creditors’ rights generally and any proceeding ancillary thereto) and (ii) all
costs and expenses of Administrative Agent, the Security Trustee (or Nordea in
the case of certain Ship Mortgages) and each other Secured Party in connection
with the enforcement of the Loan Documents, whether in any action, suit or
litigation, or any bankruptcy, insolvency or other similar proceeding affecting
creditors’ rights generally (including, without limitation, the reasonable fees
and expenses of counsel for the Administrative Agent and each other Secured
Party with respect thereto).

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    (b) The
Borrower agrees to indemnify, defend and save and hold harmless the
Administrative Agent, the Security Trustee (or Nordea in the case of certain
Ship Mortgages), each Lender and each other Secured Party and each of their
Affiliates and their respective officers, directors, employees, agents and
advisors (each, an “Indemnified Party”)
from and against, and shall pay on demand, any and all claims, damages, losses,
liabilities and expenses (including, without limitation, reasonable fees and
expenses of counsel) that may be incurred by or asserted or awarded against any
Indemnified Party, in each case arising out of or in connection with or by
reason of (including, without limitation, in connection with any investigation,
litigation or proceeding or preparation of a defense in connection therewith)
(i) the Transaction, the Facilities, the actual or proposed use of the proceeds
of the Advances or any Letter of Credit, the Loan Documents or any of the
transactions contemplated thereby or (ii) the actual or alleged presence of
Hazardous Materials on any property of any Loan Party or any of its Subsidiaries
or any Environmental Action relating in any way to any Loan Party or any of its
Subsidiaries, except to the extent such claim, damage, loss, liability or
expense is found in a final, non-appealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence or
willful misconduct.  In the case of an investigation, litigation or
other proceeding to which the indemnity in this Section 8.04(b) applies, such
indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by any Loan Party, its directors,
shareholders or creditors or an Indemnified Party or any other Person, whether
or not any Indemnified Party is otherwise a party thereto.  The
Borrower also agrees and will ensure that neither it nor any of its Subsidiaries
will assert any claim against the Administrative Agent, the Security Trustee (or
Nordea in the case of certain Ship Mortgages), any Lender, any other Secured
Party or any of their Affiliates, or any of their respective officers,
directors, employees, agents and advisors, on any theory of liability, for
special, indirect, consequential or punitive damages arising out of or otherwise
relating to the Facilities, the actual or proposed use of the proceeds of the
Advances, the Loan Documents or any of the transactions contemplated by the Loan
Documents.

     

    (c) If any
payment of principal of any Advance is made by the Borrower to or for the
account of a Lender other than on the last day of the Interest Period for such
Advance, as a result of a payment, acceleration of the maturity of the Notes
pursuant to Section 6.01 or for any other reason, or by an Eligible Assignee to
a Lender other than on the last day of the Interest Period for such Advance upon
an assignment of rights and obligations under this Agreement pursuant to Section
8.07 as a result of a demand by the Borrower pursuant to Section 8.07(a), or if
the Borrower fails to make any payment or prepayment of an Advance for which a
notice of prepayment has been given or that is otherwise required to be made,
whether pursuant to Section 2.08, 2.09 or 6.01 or otherwise, the Borrower shall,
upon demand by such Lender (with a copy of such demand to the Administrative
Agent), pay to the Administrative Agent for the account of such Lender any
amounts required to compensate such Lender for any additional losses, costs or
expenses that it may reasonably incur as a result of such payment or such
failure to pay or prepay, as the case may be, including, without limitation, any
loss (including loss of anticipated profits), cost or expense incurred by reason
of the liquidation or reemployment of deposits or other funds acquired by any
Lender to fund or maintain such Advance.

     

    (d) If any
Loan Party fails to pay when due any costs, expenses or other amounts payable by
it under any Loan Document, including, without limitation, fees and expenses of
counsel and indemnities, such amount may be paid on behalf of such Loan Party by
the Administrative Agent or any Lender, in its sole discretion.

     

    (e) Without
prejudice to the survival of any other agreement of any Loan Party hereunder or
under any other Loan Document, the agreements and obligations of the Borrower
contained in Sections 2.10, 2.11 and 2.13 and this Section 8.04 shall survive
the payment in full of principal, interest and all other amounts payable
hereunder and under any of the other Loan Documents.

     

    Section
8.05. Right of
Set-off.  Upon (a) the occurrence and during the continuance of
any Event of Default and (b) the making of the request or the granting of the
consent specified by Section 6.01 to authorize the Administrative Agent to
declare the Notes due and payable pursuant to the provisions of Section 6.01 or
otherwise with the consent of the Majority Lenders, the Administrative Agent and
each Lender and each of their respective Affiliates is hereby authorized at any
time and from time to time, to the fullest extent permitted by law, to set off
and otherwise apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by the Administrative Agent, such Lender or such Affiliate to or for the credit
or the account of the Borrower against any and all of the Obligations of the
Borrower now or hereafter existing under the Loan Documents, irrespective of
whether the Administrative Agent or such Lender shall have made any demand under
this Agreement or such Note or Notes and although such Obligations may be
unmatured.  The Administrative Agent and each Lender agrees promptly
to notify the Borrower after any such set-off and application; provided, however, that the
failure to give such notice shall not affect the validity of such set-off and
application.  The rights of the Administrative Agent and each Lender
and their respective Affiliates under this Section are in addition to other
rights and remedies (including, without limitation, other rights of set-off)
that the Administrative Agent, such Lender and their respective Affiliates may
have.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    Section
8.06. Binding Effect; Assignment
by Borrower.  (a) This Agreement shall become effective when it
shall have been executed by the Borrower and the Administrative Agent and the
Administrative Agent shall have been notified by each Initial Lender that such
Initial Lender has executed it and thereafter shall be binding upon and inure to
the benefit of the Borrower, the Administrative Agent and each Lender and their
respective successors and assigns.

     

    (b) Neither
the Borrower nor any Guarantor shall have the right to assign its rights
hereunder or any interest herein or in or under any other Loan Document without
the prior written consent of the Administrative Agent.

     

    Section
8.07. Assignments and
Participations.  (a) Each Lender may and, in the case of a
Lender if demanded by the Borrower (following a demand by such Lender pursuant
to Section 2.10 or 2.11) upon at least 5 Business Days’ notice to such Lender
and the Administrative Agent, will, assign to one or more Persons all or a
portion of its rights and obligations under this Agreement (including, without
limitation, all or a portion of its Commitment or Commitments, the Advances
owing to it and the Note or Notes held by it); provided, however, that (i)
each such assignment shall be of a constant, and not a varying, percentage of
all rights and obligations under and in respect of the Revolving Credit
Facility, (ii) except in the case of an assignment to a Person that, immediately
prior to such assignment, was a Lender or an assignment of all of a Lender’s
rights and obligations under this Agreement, the amount of the Commitment of the
assigning Lender being assigned pursuant to each such assignment (determined as
of the date of the Assignment and Acceptance with respect to such assignment)
shall in no event be less than $25,000,000 or an integral multiple of $1,000,000
in excess thereof, (iii) except in the case of an assignment of all of a
Lender’s rights and obligations under this Agreement, the remaining Commitment
of the assigning Lender shall in no event be less than $25,000,000, (iv) each
such assignment shall be to an Eligible Assignee, (v) each such assignment made
as a result of a demand by the Borrower pursuant to this Section 8.07(a) shall
be arranged by the Borrower after consultation with the Administrative Agent and
shall be either an assignment of all of the rights and obligations of the
assigning Lender under this Agreement or an assignment of a portion of such
rights and obligations made concurrently with another such assignment or other
such assignments that together cover all of the rights and obligations of the
assigning Lender under this Agreement, (vi) no Lender shall be obligated to make
any such assignment as a result of a demand by the Borrower pursuant to this
Section 8.07(a) unless and until such Lender shall have received one or more
payments from either the Borrower or one or more Eligible Assignees in an
aggregate amount at least equal to the aggregate outstanding principal amount of
the Advances owing to such Lender, together with accrued interest thereon to the
date of payment of such principal amount and all other amounts then due and
payable to such Lender under this Agreement, (vii) the parties to each such
assignment shall execute and deliver to the Administrative Agent, for its
acceptance and recording in the Register, an Assignment and Acceptance, together
with any Note subject to such assignment and a processing and recordation fee of
$3,500, provided, that for
any assignment to an Affiliate of a Co-Arranger or Lead Arranger, the
recordation fee shall be $1,000, (viii) the Administrative Agent shall have
given its consent to such assignment and (ix) so long as no Default or Event of
Default then exists, the consent of the Borrower (which consent shall not be
unreasonably withheld or delayed).  Upon such execution, delivery,
acceptance and recording, from and after the effective date specified in each
Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to
it pursuant to such Assignment and Acceptance, have the rights and obligations
of a Lender hereunder and (y) the Lender assignor thereunder shall, to the
extent that rights and obligations hereunder have been assigned by it pursuant
to such Assignment and Acceptance, relinquish its rights and be released from
its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party
hereto).

     

    (b) Each
Issuing Bank may assign to one or more Lenders or Affiliates of a Lender all or
a portion of its rights and obligations under the undrawn portion of its Letter
of Credit Commitment at any time; provided, however, that (i)
except in the case of an assignment to a Person that immediately prior to such
assignment was an Issuing Bank or an assignment of all of an Issuing Bank’s
rights and obligations under this Agreement, the amount of the Letter of Credit
Commitment of the assigning Issuing Bank being assigned pursuant to each such
assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall in no event be less than $5,000,000 and shall
be in an integral multiple of $1,000,000 in excess thereof, (ii) except in the
case of an assignment of all of an Issuing Bank’s rights and obligations under
this Agreement, the remaining commitment of the assigning Issuing Bank shall in
no event be less than $5,000,000, (iii) each such assignment shall be to an
Eligible Assignee and (iv) the parties to each such assignment shall execute and
deliver to the Administrative Agent, for its acceptance and recording in the
Register, an Assignment and Acceptance, together with a processing and
recordation fee of $3,500.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    (c) By
executing and delivering an Assignment and Acceptance, the Lender assignor
thereunder and the assignee thereunder confirm to and agree with each other and
the other parties hereto as follows:  (i) other than as provided in
such Assignment and Acceptance, such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with the Loan Documents
or the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any other instrument or document furnished
pursuant thereto; (ii) such assigning Lender makes no representation or warranty
and assumes no responsibility with respect to the financial condition of any
Loan Party or the performance or observance by any Loan Party of any of its
respective obligations under the Loan Documents or any other instrument or
document furnished pursuant thereto; (iii) such assignee confirms that it has
received a copy of this Agreement, together with copies of the financial
statements referred to in Section 4.01 and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to
enter into such Assignment and Acceptance; (iv) such assignee will,
independently and without reliance upon Administrative Agent, such assigning
Lender or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under this Agreement; (v) such assignee confirms
that it is an Eligible Assignee; (vi) such assignee appoints and authorizes
Administrative Agent and the Security Trustee (or Nordea in the case of certain
Ship Mortgages) to take such action as agent on its behalf and to exercise such
powers and discretion under the Loan Documents as are delegated to
Administrative Agent and the Security Trustee (or Nordea in the case of certain
Ship Mortgages) by the terms thereof, together with such powers and discretion
as are reasonably incidental thereto; and (vii) such assignee agrees that it
will perform in accordance with their terms all of the obligations that by the
terms of this Agreement are required to be performed by it as a
Lender.

     

    (d) The
Administrative Agent shall maintain at its address referred to in Section 8.02 a
copy of each Assignment and Acceptance delivered to and accepted by it and a
register for the recordation of the names and addresses of the Lenders and the
Commitments of, and principal amount of the Advances owing to, each Lender from
time to time (the “Register”).  The
entries in the Register shall be conclusive and binding for all purposes, absent
manifest error, and the Borrower, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register as a Lender hereunder
for all purposes of this Agreement.  The Register shall be available
for inspection by the Borrower, Administrative Agent or any Lender at any
reasonable time and from time to time upon reasonable prior notice.

    

    (e) Upon its
receipt of an Assignment and Acceptance executed by an assigning Lender and an
assignee representing that it is an Eligible Assignee, and fulfillment of any
other requirements of Section 8.07(a) and delivery of any Note or Notes subject
to such assignment, the Administrative Agent shall, if such Assignment and
Acceptance has been completed and is in substantially the form of Exhibit C
hereto, (i) accept such Assignment and Acceptance, (ii) record the information
contained therein in the Register and (iii) give prompt notice thereof to the
Borrower.  Within five Business Days after its receipt of such notice
(or, if later, the effective date of the transfer), the Borrower, at its own
expense, shall execute and deliver to the Administrative Agent in exchange for
the surrendered Note a new Note to the order of such Eligible Assignee in an
amount equal to the Commitment assumed by it pursuant to such Assignment and
Acceptance and, if the assigning Lender has retained a Commitment hereunder, a
new Note to the order of the assigning Lender in an amount equal to the
Commitment retained by it hereunder.  Such new Note or Notes shall be
in an aggregate principal amount equal to the aggregate principal amount of such
surrendered Note or Notes, shall be dated the effective date of such Assignment
and Acceptance and shall otherwise be in substantially the form of Exhibit A
hereto.

     

    (f) Each
Lender may sell participations to one or more banks or other entities (other
than any Loan Party or any of its Affiliates) in or to all or a portion of its
rights and obligations under this Agreement (including, without limitation, all
or a portion of its Commitment, the Advances owing to it and the Note or Notes
held by it); provided, however, that (i)
such Lender’s obligations under this Agreement (including, without limitation,
its Commitments) shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations,
(iii) such Lender shall remain the holder of any such Note for all purposes of
this Agreement, (iv) the Borrower, Administrative Agent and the other Lenders
shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under the Loan Documents and (v) no
participant under any such participation shall have any right to approve any
amendment or waiver of any provision of any Loan Document, or any consent to any
departure by any Loan Party therefrom, except to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the Notes or
any fees or other amounts payable hereunder (to the extent such participant
would be entitled to share therein), in each case to the extent subject to such
participation, or postpone any date fixed for any payment of principal of, or
interest on, the Notes or any fees or other amounts payable hereunder, in each
case to the extent subject to such participation.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    (g) Any
Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 8.07, disclose to the
assignee or participant or proposed assignee or participant any information
relating to the Borrower or any other Loan Party furnished to such Lender by or
on behalf of the Borrower or any other Loan Party; provided that, prior
to any such disclosure, the assignee or participant or proposed assignee or
participant shall agree to preserve the confidentiality of any Confidential
Information relating to the Borrower or any other Loan Party received by it from
such Lender.

     

    (h) Notwithstanding
any other provision set forth in this Agreement, any Lender may at any time,
without the consent of the Borrower or any other Loan Party or the
Administrative Agent, create a security interest in all or any portion of its
rights under this Agreement and the other Loan Documents (including, without
limitation, the Advances owing to it and the Note held by it) in favor of any
United States Federal Reserve Bank in accordance with Regulation A of the Board
of Governors of the United States Federal Reserve System.

    

    (i) Notwithstanding
any other provision set forth in this Agreement, any Lender may,
without the consent of but with notice to the Borrower and the Administrative
Agent, assign all or portion of its rights and obligations under this Agreement
and the other Loan Documents (including, without limitation, all or a portion of
its Commitment, the Advances owing to it and the Note or Notes held by it) to
any of its Affiliates.  The provisions for assignment set forth in
Section 8.07(a)(vii) shall apply mutatis mutandis to any such assignment to an
Affiliate of a Lender under this Section 8.07(i)

     

    Section
8.08. Execution in
Counterparts.  This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.  Delivery by
telecopier of an executed counterpart of a signature page to this Agreement
shall be effective as delivery of an original executed counterpart of this
Agreement.

     

    Section
8.09. Confidentiality.  Neither
Administrative Agent nor any Lender shall disclose any Confidential Information
to any Person without the consent of the Borrower, other than (a) to
Administrative Agent’s or such Lender’s Affiliates and their officers,
directors, employees, agents and advisors and to actual or prospective Eligible
Assignees and participants, and then only on a confidential basis, (b) as
required by any law, rule or regulation or judicial process, (c) as requested or
required by any Governmental Authority or examiner (including the National
Association of Insurance Commissioners or any similar organization or
quasi-regulatory authority) regulating such Lender, (d) to any rating agency
when required by it, provided that, prior
to any such disclosure, such rating agency shall undertake to preserve the
confidentiality of any Confidential Information relating to the Loan Parties
received by it from such Lender, (e) in connection with any litigation or
proceeding to which Administrative Agent or such Lender or any of its Affiliates
may be a party or (f) in connection with the exercise of any right or remedy
under this Agreement or any other Loan Document.

     

    Section
8.10. Release of
Collateral.  Upon the sale, lease, transfer or other
disposition of any item of Collateral of any Loan Party (including, without
limitation, as a result of the sale, in accordance with the terms of the Loan
Documents, of the Loan Party that owns such Collateral) in accordance with the
terms of the Loan Documents, the Administrative Agent will, at the Borrower’s
expense, execute and deliver to such Loan Party such documents as such Loan
Party may reasonably request to evidence the release of such item of Collateral
from the assignment and security interest granted under the Collateral Documents
in accordance with the terms of the Loan Documents.

     

    Section
8.11. Patriot Act
Notification.  Each Lender and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Loan Parties that
pursuant to the requirements of the USA Patriot Act (Title III of Pub.L. 107-56
(signed into law October 26, 2001)) (the “Patriot Act”) or
other similar laws, it is or may be required to obtain, verify and record
information that identifies each Loan Party, which information includes the name
and address of such Loan Party and other information that will allow such Lender
or the Administrative Agent, as applicable, to identify such Loan Party in
accordance with the Patriot Act or other similar laws.  The Borrower
shall, and shall cause each of its Subsidiaries to, provide such information and
take such actions as are reasonably requested by the Administrative Agent or any
Lenders in order to assist the Administrative Agent and the Lenders in
maintaining compliance with the Patriot Act or such other similar
laws.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    Section
8.12. JURISDICTION,
ETC.  (a) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES
OF AMERICA SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF,
IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OF THE OTHER LOAN DOCUMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH NEW YORK STATE COURT OR, TO
THE FULLEST EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  EACH OF
THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS
AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS IN THE COURTS OF ANY JURISDICTION.

     

    (b) EACH OF
THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS TO WHICH IT IS A
PARTY IN ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK
COUNTY.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

     

    Section
8.13. GOVERNING
LAW.  THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO ITS CONFLICTS OF LAW RULES.

     

    Section
8.14. WAIVER OF JURY
TRIAL.  EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND THE
LENDERS HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF
THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

    

    Section
8.15. Process
Agent.  The Borrower irrevocably appoints National Registered
Agents, Inc. at 875 Avenue of the Americas, Suite 501, New York, New York 10001,
as its authorized agent (the “Process Agent”) on
which any and all legal process may be served in any action, suit or proceeding
brought in any New York State Court or Federal Court of the United States of
America, in each case sitting in New York County.  The Borrower agrees
that service of process in respect of it upon the Process Agent, together with
written notice of such service given to it in the manner provided for notices in
Section 8.02, shall be deemed to be effective service of process upon it in any
such action, suit or proceeding.  The Borrower agrees that the failure
of the Process Agent to give notice to it of any such service shall not impair
or affect the validity of such service or any judgment rendered in any such
action, suit or proceeding based thereon.  If for any reason the
Process Agent named above shall cease to be available to act as such, the
Borrower agrees to irrevocably appoint a replacement process agent in New York
City, as its authorized agent for service of process, on the terms and for the
purposes specified in this Section 8.15.  Nothing in this Agreement or
any other Loan Document will affect the right of any party hereto to serve
process in any other manner permitted by applicable law or to obtain
jurisdiction over any party or bring actions, suits or proceedings against any
party in such other jurisdictions, and in such matter, as may be permitted by
applicable law.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    Section
8.16. Judgment
Currency.  The Borrower hereby agrees that:  (a) if,
for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder in Dollars into another currency, the Borrower agrees, to
the fullest extent permitted by applicable Law, that the rate of exchange used
shall be that at which in accordance with normal banking or administrative
procedures, the Administrative Agent could purchase Dollars with such other
currency on the Business Day preceding that on which final judgment is given,
(b) the obligation of the Borrower in respect of any sum due from it to any
Secured Party shall, notwithstanding any judgment in a currency other than
Dollars, be discharged only to the extent that on the Business Day following
receipt by such Secured Party of any sum adjudged to be so due in such other
currency, such Secured Party may in accordance with normal banking procedures,
purchase Dollars with such other currency.  In the event that the
Dollars so purchased are less than the sum originally due to such Secured Party
in Dollars, the Borrower, as a separate obligation and notwithstanding any such
judgment, hereby indemnifies and holds harmless such Secured Party against such
loss, and if the Dollars so purchased exceed the sum originally due to such
Secured Party, such Secured Party shall remit to the Borrower such
excess.

     

    Section
8.17. Partial
Invalidity.  If any term or provision of this Agreement or the
application to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remainder of this Agreement, or the application of such term
or provision to persons or circumstances other than those to which it is held
invalid or unenforceable, shall not be affected thereby, and each such term and
provision of this Agreement shall be valid and be enforced to the fullest extent
permitted by law.

     

    

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    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.

     

    EXCEL
MARITIME CARRIERS LTD., as

     

     

    Borrower

     

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/
      NAME

            	 

    

    
      	
               
      

            	
              Name:

            

    

    
      	
               
      

            	
              Title:

            

    

    
       

       

       

       

       

       

      

       

      

       

      

       

      

    

    

     

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.

     

    EXCEL
MARITIME CARRIERS LTD., as

     

     

    Borrower

     

     

    

     

    
      	
               
      

            	
              By:

            	 	 

    

    
      	
               
      

            	 Name:	
               

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

     

    NORDEA
BANK FINLAND PLC, LONDON BRANCH, as
Administrative
Agent

     

     

    
      	
               
      

            	
              By:

            	
                /s/ Ulf B.
      Andersson

            	 

    

    
      	
               
      

            	
              Name:

            	
              ULF
      B. Andersson

            

    

    
      	
               
      

            	
              Title:

            	
              Head
      of Shipping, Offshore & Oil Services London

            	
               

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Ola
      Reis

            	 

    

    
      	
               
      

            	
              Name:

            	
              Ola
      Reis

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Lenders

     

    

     

    NORDEA
BANK FINLAND PLC, LONDON BRANCH, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Ulf B.
      Andersson

            	 

    

    
      	
               
      

            	
              Name:

            	
              ULF
      B. Andersson

            

    

    
      	
               
      

            	
              Title:

            	
              Head
      of Shipping, Offshore & Oil Services London

            	
               

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Ola
      Reis

            	 

    

    
      	
               
      

            	
              Name:

            	
              Ola
      Reis

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    CREDIT
SUISSE, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Mario
      Bené

            	 

    

    
      	
               
      

            	
              Name:

            	
              Mario
      Bené

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Lydia
      Lampadaridou

            	 

    

    
      	
               
      

            	
              Name:

            	
              Lydia
      Lampadaridou

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

     

     

     

     

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    DVB BANK
AG, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Ingo
      Fruehauf

            	 

    

    
      	
               
      

            	
              Name:

            	
              Ingo
      Fruehauf

            

    

    
      	
               
      

            	
              Title:

            	
              Vice
      President

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Klaus
      Schuermann

            	 

    

    
      	
               
      

            	
              Name:

            	
              Klaus
      Schuermann

            

    

    
      	
               
      

            	
              Title:

            	
              Vice
      President

            

    

     

    

     

     

    
 

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    DEUTSCHE
BANK AG FILIALE
DEUTSCHE
ANDGESCHAFT, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/
      Kerstin Seefeld

            	 

    

    
      	
               
      

            	
              Name:

            	
              Kerstin
      Seefeld

            

    

    
      	
               
      

            	
              Title:

            	
              Director

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Tilman
      Stein

            	 

    

    
      	
               
      

            	
              Name:

            	
              Tilman
      Stein

            

    

    
      	
               
      

            	
              Title:

            	
              Vice
      President

            

    

     

     

    
 

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    HSH
NORDBANK AG, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Mr.
      Nils Visser

            	 

    

    
      	
               
      

            	
              Name:

            	
              Mr.
      Nils Visser

            

    

    
      	
               
      

            	
              Title:

            	
              Senior
      Vice President

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ Mr.
      Bjorn Kaufman

            	 

    

    
      	
               
      

            	
              Name:

            	
              Mr.
      Bjorn Kaufman

            

    

    
      	
               
      

            	
              Title:

            	
              Vice
      President

            

    

     

     

    
 

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    GENERAL
ELECTRIC CAPITAL CORPORATION, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/
      Ricardo B. Silva

            	 

    

    
      	
               
      

            	
              Name:

            	
              Ricardo
      B. Silva

            

    

    
      	
               
      

            	
              Title:

            	
              Vice
      President

            

    

    
       

      

       

      

       

      

       

      

    

     

    
 

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    NATIONAL
BANK OF GREECE S.A., as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/
      Katsikogiannis Georgios

            	 

    

    
      	
               
      

            	
              Name:

            	
              Katsikogiannis
      Georgios

            

    

    
      	
               
      

            	
              Title:

            	
              Unit
      Leader

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/
      Moraitou Maria

            	 

    

    
      	
               
      

            	
              Name:

            	
              Moraitou
      Maria

            

    

    
      	
               
      

            	
              Title:

            	
              Unit
      Leader

            

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    FORTIS
BANK, as Lender

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ G.
      Arcadis

            	 

    

    
      	
               
      

            	
              Name:

            	
              G.
      Arcadis

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

     

    
      	
               
      

            	
              By:

            	
                /s/ D.P.
      Christacopoulos

            	 

    

    
      	
               
      

            	
              Name:

            	
              D.P.
      Christacopoulos

            

    

    
      	
               
      

            	
              Title:

            

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
I

     

     

    COMMITMENTS

     

    
      	
              
                
Initial
      Lender

              

            	
              
                Term
      Loan 
Commitment

              

            	
              
                Revolving
      Credit 
Commitment

              

            	
              
                Total

                Commitment

              

            
	
              Nordea
      Bank Finland plc, London Branch

            	
              222,857,142.86

            	
              89,142,857.14

            	
              312,000,000.00

            
	
              DVB
      Bank AG

            	
              111,428,571.43

            	
              44,571,428.57

            	
              156,000,000.00

            
	
              Deutsche
      Bank AG Filiale

            	 
      	 
      	 
      
	
              Deutschlandgeschäft

            	
              181,071,428.57

            	
              72,428,571.43

            	
              253,500,000.00

            
	
              General
      Electric Capital

            	 
      	 
      	 
      
	
              Corporation

            	
              181,071,428.57

            	
              72,428,571.43

            	
              253,500,000.00

            
	
              HSH
      Nordbank AG

            	
              142,857,142.86

            	
              57,142,857.14

            	
              200,000,000.00

            
	
              National
      Bank of Greece S .A.

            	
              71,428,571.43

            	
              28,571,428.57

            	
              100,000,000.00

            
	
              Credit
      Suisse

            	
              35,714,285.71

            	
              14,285,714.29

            	
              50,000,000.00

            
	
              Fortis
      Bank

            	
              53,571,428.57

            	
              21,428,571.43

            	
              75,000,000.00

            
	
              TOTAL

            	
              1,000,000,000.00

            	
              400,000,000.00

            	
              1,400,000,000.00

            

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
II

     

     

    APPLICABLE LENDING
OFFICES

     

    
      	
              
                 

                Initial
      Lender

                 

              

            	
              
                 

                Address
      of Lending Office

                 

              

            
	
              Nordea
      Bank Finland plc, London Branch

            	
              8th Floor, City Place
      House

              55
      Basinghall Street

              London
      EC2V 5NB

              England

               

            
	
              DVB
      Bank AG

            	
              Friedrich-Ebert
      Anlage 2-14

              D60325
      Frankfurt am Main

              Germany

               

            
	
              Deutsche
      Bank AG Filiale Deutschlandgeschäft

            	
              Ludwig-Erhard-Strasse
      1

              20459
      Hamburg

              Germany

               

            
	
              General
      Electric Capital Corporation

            	
              201
      High Ridge Road

              Stamford,
      CT 06927

              USA

               

            
	
              HSH
      Nordbank AG

            	
              Gerhart-Hauptmann-Platz
      50

              20095
      Hamburg

              Germany

               

            
	
              National
      Bank of Greece S.A.

            	
              Shipping
      Branch (196)

              2,
      Bouboulinas Str. &

              Akti
      Miaouli Str.

              (Vati
      Building)

              185
      35 Piraeus

              Greece

               

            
	
              Credit
      Suisse

            	
              Ship
      Finance SGAS 62

              St.
      Alban-Graben 1-3

              CH
      4002 Basle

              Switzerland

               

            
	
              Fortis
      Bank

            	
              Fortis
      Bank

              166,
      Syngrou Avenue

              176
      71 Kallithea, Attica

              Greece

            
	 
      	 
      

    

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
III

     

     

    Collateral
Vessels

     

    
      
        
          	
                  #

                	
                  Vessel

                	
                  Flag & Official No.

                	
                  Vessel Owning Subsidiary

                
	
                  1

                	
                  Birthday

                	
                  Bahamas
      (8000437)

                	
                  Whitelaw
      Enterprises Co.

                
	
                  2

                	
                  Fortezza

                	
                  Panama
      (31000-05)

                	
                  Harvey
      Development Corp.

                
	
                  3

                	
                  Rodon

                	
                  Panama
      (30918-05)

                	
                  Tanaka
      Services Ltd.

                
	
                  4

                	
                  Angela
      Star

                	
                  Panama
      (25283-98-D)

                	
                  Marias
      Trading Inc.

                
	
                  5

                	
                  Happy
      Day

                	
                  Panama
      (3 1005-05)

                	
                  Amanda
      Enterprises Limited

                
	
                  6

                	
                  Renuar

                	
                  Panama
      (30815-05)

                	
                  Candy
      Enterprises Inc.

                
	
                  7

                	
                  Isminaki

                	
                  Panama
      (30709-05)

                	
                  Fianna
      Navigation S.A.

                
	
                  8

                	
                  Powerful

                	
                  Panama
      (30850-05)

                	
                  Fountain
      Services Limited

                
	
                  9

                	
                  First
      Endeavour

                	
                  Panama
      (30852-05)

                	
                  Teagan
      Shipholding S.A.

                
	
                  10

                	
                  Elinakos

                	
                  Panama
      (30892-05)

                	
                  Yasmine
      International Inc.

                
	
                  11

                	
                  Swift

                	
                  Panama
      (30711-05)

                	
                  Liegh
      Jane Navigation S.A.

                
	
                  12

                	
                  Lady

                	
                  Cyprus
      (8307777)

                	
                  Centel
      Shipping Company Limited

                
	
                  13

                	
                  Attractive

                	
                  Panama
      (30905-05)

                	
                  Barland
      Holdings Inc.

                
	
                  14

                	
                  Emerald

                	
                  Panama
      (3 0864-05)

                	
                  Ingram
      Limited

                
	
                  15

                	
                  Marybelle

                	
                  Panama
      (30784-05)

                	
                  Snapper
      Marine Ltd.

                
	
                  16

                	
                  Princess
      I

                	
                  Panama
      (21328-94-D)

                	
                  Castalia
      Services Ltd.

                
	
                  17

                	
                  Iron
      Miner

                	
                  Marshall
      Islands (2644)

                	
                  Iron
      Miner Shipco LLC

                
	
                  18

                	
                  Lowlands
      Beilun

                	
                  Malta
      (9172208)

                	
                  Lowlands
      Beilun Shipco LLC

                
	
                  19

                	
                  Kirmar

                	
                  Marshall
      Islands (2478)

                	
                  Kirmar
      Shipco LLC

                
	
                  20

                	
                  Iron
      Beauty

                	
                  Marshall
      Islands (2447)

                	
                  Iron
      Beauty Shipco LLC

                
	
                  21

                	
                  Iron
      Bradyn

                	
                  Marshall
      Islands (2227)

                	
                  Iron
      Bradyn Shipco LLC

                
	
                  22

                	
                  Iron
      Manolis

                	
                  Marshall
      Islands (2641)

                	
                  Iron
      Manolis Shipco LLC

                
	
                  23

                	
                  Iron
      Brooke

                	
                  Marshall
      Islands (2640)

                	
                  Iron
      Brooke Shipco LLC

                
	
                  24

                	
                  Iron
      Lindrew

                	
                  Marshall
      Islands (2639)

                	
                  Iron
      Lindrew Shipco LLC

                
	
                  25

                	
                  Coal
      Hunter

                	
                  Marshall
      Islands (2638)

                	
                  Coal
      Hunter Shipco LLC

                
	
                  26

                	
                  Santa
      Barbara

                	
                  Marshall
      Islands (2632)

                	
                  Santa
      Barbara Shipco LLC

                
	
                  27

                	
                  Ore
      Hansa

                	
                  Marshall
      Islands (2631)

                	
                  Ore
      Hansa Shipco LLC

                
	
                  28

                	
                  Iron
      Kalypso

                	
                  Marshall
      Islands (2635)

                	
                  Iron
      Kalypso Shipco LLC

                
	
                  29

                	
                  Iron
      Bill

                	
                  Marshall
      Islands (2630)

                	
                  Iron
      Bill Shipco LLC

                
	
                  30

                	
                  Pascha

                	
                  Marshall
      Islands (2637)

                	
                  Pascha
      Shipco LLC

                
	
                  31

                	
                  Coal
      Gypsy

                	
                  Marshall
      Islands (2636)

                	
                  Coal
      Gypsy Shipco LLC

                
	
                  32

                	
                  Iron
      Fuzeyya

                	
                  Marshall
      Islands (2634)

                	
                  Iron
      Fuzeyya Shipco LLC

                
	
                  33

                	
                  Iron
      Anne

                	
                  Marshall
      Islands (2633)

                	
                  Iron
      Anne Shipco LLC

                
	
                  34

                	
                  Iron
      Vassilis

                	
                  Marshall
      Islands (2629)

                	
                  Iron
      Vassilis Shipco LLC

                
	
                  35

                	
                  Grain
      Express

                	
                  Marshall
      Islands (2041)

                	
                  Grain
      Express Shipco LLC

                
	
                  36

                	
                  Iron
      Knight

                	
                  Marshall
      Islands (2070)

                	
                  Iron
      Knight Shipco LLC

                
	
                  37

                	
                  Grain
      Harvester

                	
                  Marshall
      Islands (2117)

                	
                  Grain
      Harvester Shipco LLC

                
	
                  38

                	
                  Coal
      Pride

                	
                  Marshall
      Islands (2423)

                	
                  Coal
      Pride Shipco LLC

                

        

      

    

     

     

    Designated
Vessels

     

    
      	
              #

            	
              Designated Vessel

            	
              Flag & Official No.

            	
              Designated Subsidiary

              Guarantor/Charterer

            
	
              1

            	
              Fearless
      I

            	
              Germany/Marshall
      Islands (90328)

            	
              Fearless
      Shipco LLC

            
	
              2

            	
              King
      Coal

            	
              Germany/Marshall
      Islands (90326)

            	
              King
      Coal Shipco LLC

            
	
              3

            	
              Coal
      Glory

            	
              Marshall
      Islands (2340)

            	
              Coal
      Glory Shipco LLC

            
	
              4

            	
              Coal
      Age

            	
              Germany/Marshall
      Islands (90327)

            	
              Coal
      Age Shipco LLC

            
	
              5

            	
              Iron
      Man

            	
              Marshall
      Islands (2342)

            	
              Iron
      Man Shipco LLC

            
	
              6

            	
              Barbara

            	
              Germany/Marshall
      Islands (90325)

            	
              Barbara
      Shipco LLC

            
	
              7

            	
              Linda
      Leah

            	
              Marshall
      Islands (2422)

            	
              Linda
      Leah Shipco LLC

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
IV

     

     

    Subsidiaries of each Loan
Party

     

    
      
        	
                Loan Party

              	
                Subsidiary

              	
                Jurisdiction
      of

                Incorporation

                or Organization

              	
                Ownership
      Interest in

                Subsidiary

              	 
      	 
      
	
                Excel
      Maritime Carriers Ltd.

              	 
      	
                Liberia

              	 
      	 
      	 
      
	 
      	
                Point
      Holdings Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Bird
      Acquisition Corp. (successor in interest to Quintana Maritime
      Limited)

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Maryville
      Maritime Inc.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Point
      Holdings Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                Whitelaw
      Enterprises Co.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Harvey
      Development Corp.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Tanaka
      Services Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Marias
      Trading Inc.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Amanda
      Enterprises Limited

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Candy
      Enterprises Inc.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Fianna
      Navigation S.A.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Fountain
      Services Limited

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Teagan
      Shipholding S.A.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Yasmine
      International Inc.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Liegh
      Jane Navigation S.A.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Barland
      Holdings Inc.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Ingram
      Limited

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Snapper
      Marine Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Castalia
      Services Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Magalie
      Investments Corp.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Melba
      Management Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Minta
      Holdings S.A.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Odell
      International Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Naia
      Development Corp.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	
                Thurman
      International Ltd.

              	
                Liberia

              	
                100%

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Whitelaw
      Enterprises Co.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Tanaka
      Services Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Marias
      Trading Inc.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Amanda
      Enterprises Limited

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Candy
      Enterprises Inc.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Fianna
      Navigation S.A.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Fountain
      Services Limited

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Teagan
      Shipholding S.A.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Yasmine
      International Inc.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Liegh
      Jane Navigation S.A.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Barland
      Holdings Inc.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Ingram
      Limited

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Snapper
      Marine Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Castalia
      Services Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Magalie
      Investments Corp.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Melba
      Management Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Minta
      Holdings S.A.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Odell
      International Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Naia
      Development Corp.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Thurman
      International Ltd.

              	 
      	
                Liberia

              	
                -

              	 
      	 
      
	 
      	
                Centel
      Shipping Company Limited

              	
                Cyprus

              	
                100%

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Centel
      Shipping Company Limited

              	 
      	
                Cyprus

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Bird
      Acquisition Corp. (as successor in interest to Quintana Maritime
      Limited)

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                Quintana
      Management LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Quintana
      Logistics LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Miner Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Lowlands
      Beilun Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Kirmar
      Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Beauty Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Bradyn Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Manolis Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Brooke Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Lindrew Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Coal
      Hunter Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Santa
      Barbara Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Ore
      Hansa Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Kalypso Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Bill Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Pascha
      Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Coal
      Gypsy Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Fuzeyya Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Anne Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Vassilis Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Grain
      Express Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Knight Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Grain
      Harvester Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Coal
      Pride Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Fearless
      Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                King
      Coal Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Coal
      Glory Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Coal
      Age Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Man Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Barbara
      Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Linda
      Leah Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	
                Iron
      Endurance Shipco LLC

              	
                Marshall
      Islands

              	
                100%

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Miner Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Lowlands
      Beilun Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Kirmar
      Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Beauty Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Bradyn Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Manolis Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Brooke Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Lindrew Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Coal
      Hunter Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Santa
      Barbara Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Ore
      Hansa Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Kalypso Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Bill Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Pascha
      Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Coal
      Gypsy Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Fuzeyya Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Anne Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Vassilis Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Grain
      Express Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Iron
      Knight Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Grain
      Harvester Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Coal
      Pride Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Fearless
      Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                King
      Coal Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Coal
      Glory Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Coal
      Age Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Iron
      Man Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Barbara
      Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Linda
      Leah Shipco LLC

              	 
      	
                Marshall
      Islands

              	
                -

              	 
      	 
      
	 
      	
                None.

              	
                -

              	
                -

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
V

       

       

      Existing
Indebtedness

       

      Excel Maritime Carriers
Ltd.

       

      
        	
                Facility

              	
                Obligor(s)

              	
                Principal
      Amount Outstanding

              
	
                1.875%
      Convertible Senior Notes due October 15, 2027 in the aggregate principal
      amount of $150,000,000.

                 

              	
                Excel
      Maritime Carriers Ltd.

              	
                $150,000,000

              
	
                Secured
      Loan Agreement, dated November 27, 2007, among Minta Holdings S.A., Odell
      International Ltd. and Credit Suisse (respecting July M and
      Mairouli).

                 

              	
                Minta
      Holdings S.A.;

                Odell
      International Ltd

              	
                $74,550,000

              
	
                ISDA
      Master Agreement, as modified by the Schedule, dated April 3, 2008 by
      Excel Maritime Carriers Ltd. and HSH Nordbank AG, as swap bank (the “HSH ISDA Master Agreement”).

                 

              	
                Excel
      Maritime Carriers Ltd.

              	
                N/A

              
	
                Rate
      Collar Transaction with extendable Swap Confirmation, dated July 11, 2006
      by HSH Nordbank AG to Fountain Services Limited, Candy Enterprises Inc.,
      Marias Trading Inc., Amanda Enterprises Limited, Tanaka Services Ltd.,
      Harvey Development Corp. and Yasmine International Inc. in connection with
      the HSH ISDA Master Agreement (the “HSH Swap
      Confirmation”)

              	
                Fountain
      Services Limited,

                Candy
      Enterprises Inc.,

                Marias
      Trading Inc.,

                Amanda
      Enterprises Limited, 
Tanaka Services Ltd.,

                Harvey
      Development Corp. and 
Yasmine International Inc.

                 

              	
                N/A

              
	
                ISDA
      Novation Agreement, together with the Novation Confirmation, dated April
      10, 2008, by and between HSH Nordbank AG, as remaining party, Excel
      Maritime Carriers Ltd., as transferee, and Fountain Services Limited,
      Candy Enterprises Inc., Marias Trading Inc., Amanda Enterprises Limited,
      Tanaka Services Ltd., Harvey Development Corp. and Yasmine International
      Inc., as transferors, in relation to the HSH
      Swap Confirmation.

                 

              	
                Excel
      Maritime Carriers Ltd.

              	
                N/A

              

      

    
      Bird Acquisition Corp. (as
successor in interest to Quintana Maritime
Limited)

    

    
      
        	
                
Facility

              	
                
Obligor(s)

              	
                Principal
      Amount Outstanding

              
	
                Loan
      Agreement, dated April 11, 2007, by and between Christine Shipco LLC and
      The Royal Bank of Scotland plc (in respect of Hull No.
      S­2295).

              	
                Christine
      Shipco LLC

              	
                $15,199,800

              
	
                Loan
      Agreement, dated May 11, 2007, by and between Lillie Shipco LLC and The
      Royal Bank of Scotland plc (in respect of Hull No. S-1330
      (tbn)).

              	
                Lillie
      Shipco LLC

              	
                $11,284,000

              
	
                Loan
      Agreement, dated May 11, 2007, by and between Hope Shipco LLC and The
      Royal Bank of Scotland plc (in respect of Hull No. S-1335
      (tbn)).

              	
                Hope
      Shipco LLC

              	
                $10,934,000

              
	
                ISDA
      Master Agreement, as modified by the Schedule, dated July 19, 2006 by and
      between Fearless Shipco LLC, King Coal Shipco LLC, Coal Glory Shipco LLC,
      Coal Age Shipco LLC, Iron Man Shipco LLC, Barbara Shipco LLC, Coal Pride
      Shipco LLC, Linda Leah Shipco LLC, Iron Beauty Shipco LLC, Kirmar Shipco
      LLC, Grain Express Shipco LLC, Iron Knight Shipco LLC, Grain Harvest
      Shipco LLC, Iron Bradyn Shipco LLC, Iron Fuzeyya Shipco LLC, Iron Calypso
      Shipco LLC, Ore Hansa Shipco LLC, Santa Barbara Shipco LLC, Iron Bill
      Shipco LLC (formerly known as Iron Elisabeth Shipco LLC), Iron Vassilis
      Shipco LLC, Iron Anne Shipco LLC, Pascha Shipco LLC, Iron Lindrew Shipco
      LLC, Coal Gypsy Shipco LLC, Coal Hunter Shipco LLC, Iron Brooke Shipco
      LLC, Iron Manolis Shipco LLC, Lowlands Beilun Shipco LLC (formerly known
      as Coal Heat Shipco LLC), Iron Endurance Shipco LLC, Iron Miner Shipco
      LLC, Bird Acquisition Corp. (as successor in interest to Quintana Maritime
      Limited) and Fortis Bank (Nederland) N.V., as swap bank (the “Fortis ISDA
      Master Agreement”).

              	
                Bird
      Acquisition Corp.

              	
                N/A

              
	
                Transaction
      Confirmation, dated June 16, 2006, between Quintana Maritime Limited and
      Fortis Bank (Netherland) N.V. in relation to the Fortis ISDA Master
      Agreement (the “Fortis Swap
      Confirmation”).

              	
                Bird
      Acquisition Corp.

              	
                N/A

              
	
                Supplemental
      Agreement to the Fortis ISDA

                Master
      Agreement, dated April 15, 2008, among

                Fortis
      Bank (Nederland) N.V. and Coal Pride

                Shipco
      LLC, Iron Beauty Shipco LLC, Kirmar

                Shipco
      LLC, Grain Express Shipco LLC, Iron

                Knight
      Shipco LLC, Grain Harvester Shipco LLC,

                Iron
      Bradyn Shipco LLC, Iron Fuzeyya Shipco

                LLC,
      Iron Kalypso Shipco LLC, Ore Hansa Shipco

                LLC,
      Santa Barbara Shipco LLC, Iron Bill Shipco

                LLC
      (formerly Iron Elisabeth Shipco LLC), Iron

                Vassilis
      Shipco LLC, Iron Anne Shipco LLC,

                Pascha
      Shipco LLC, Iron Lindrew Shipco LLC,

                Coal
      Gypsy Shipco LLC, Coal Hunter Shipco

                LLC,
      Iron Brooke Shipco LLC, Iron Manolis

                Shipco
      LLC, Lowlands Beilun Shipco LLC (formerly Coal Heat Shipco LLC), Iron
      Endurance

                Shipco
      LLC, Iron Miner Shipco LLC, Quintana

                Maritime
      Limited (to be renamed Bird Acquisition Corp.).

                 

              	
                Bird
      Acquisition Corp.

              	 
      

      

    

     

     

    Guaranty
Obligations

     

    Excel Maritime Carriers
Ltd.

     

    1.    
Guarantee and Indemnity, dated as of November 27, 2007, by and between Excel
Maritime Carriers Ltd. and Credit Suisse, relating to the Secured Loan
Agreement, dated November 27, 2007, by and among Minta Holdings S.A., Odell
International Ltd. and Credit Suisse.

     

    2.    
Guarantee, dated as of April 15, 2008, by and between Excel Maritime Carriers
Ltd. and Fortis Bank (Netherland) N.V., relating to the Fortis ISDA Master
Agreement and Fortis Swap Confirmation related thereto.

     

    Bird Acquisition Corp. (as
successor in interest to Quintana Maritime Limited)

     

    3.     Performance
Guarantee dated April 5, 2007 issued by Bird Acquisition Corp. (as successor in
interest to Quintana Maritime Limited) in favor of Cosmos World Maritime S.A.
regarding the shipbuilding contract of Hull No. S-2295.

     

    4.  
  Performance
Guarantee dated April 25, 2007, issued by Bird Acquisition Corp. (as successor
in interest to Quintana Maritime Limited) in favor of Cosmos World Maritime S.A.
regarding the shipbuilding contract of Hull No. S-2288.

     

    5.  
  Performance
Guarantee dated May 4, 2007 issued by Bird Acquisition Corp. (as successor in
interest to Quintana Maritime Limited) in favor of STX Shipbuilding Co., Ltd.,
regarding the shipbuilding contract of Hull No. S-1330.

     

    6.    
Performance Guarantee dated May 4, 2007, issued by Bird Acquisition Corp. (as
successor in interest to Quintana Maritime Limited) in favor of STX Shipbuilding
Co., Ltd., regarding the shipbuilding contract of Hull No. S-1335.

     

     

    Credit
Cards

     

    7.   
 Guarantee dated as of
July 28, 2005, executed by Bird Acquisition Corp. (as successor in interest to
Quintana Maritime Limited) in favor of Citigroup Inc. and each subsidiary or
affiliate thereof, in connection with the standby letter issued by Citibank
International plc for the credit cards issued to personnel of the
Company.

     

     

    Joint Venture LLC
Agreements

     

    8.  
  Limited Liability Company Agreement dated March 10, 2007 between Bird
Acquisition Corp. (as successor in interest
to Quintana Maritime Limited), AMCIC Cape Holdings LLC and Robertson Maritime
Investors regarding Christine Shipco LLC.

     

    
    

    9.    
Limited Liability Company Agreement dated April 27, 2007 between Bird
Acquisition Corp. (as successor in interest to Quintana Maritime Limited) and
AMCIC Cape Holdings LLC regarding Lillie Shipco LLC.

     

    10.   Limited
Liability Company Agreement dated April 27, 2007 between Bird Acquisition Corp.
(as successor in interest to Quintana Maritime Limited) and AMCIC Cape Holdings
LLC regarding Hope Shipco LLC.

     

    11.   Limited
Liability Company Agreement dated November 8, 2007 between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and AMCIC Cape
Holdings LLC regarding Fritz Shipco LLC.

     

    12.   Limited
Liability Company Agreement dated November 8, 2007 between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and AMCIC Cape
Holdings LLC regarding Benthe Shipco LLC.

     

    13.   Limited
Liability Company Agreement dated November 8, 2007 between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and AMCIC Cape
Holdings LLC regarding Gayle Frances Shipco LLC.

     

    14.   Limited
Liability Company Agreement dated November 8, 2007 between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and AMCIC Cape
Holdings LLC regarding Iron Lena Shipco LLC.

     

     

    Liens

     

    Excel Maritime Carriers
Ltd.

     

    15.  
All liens created in connection with the Guarantee and Indemnity, dated as of
November 27, 2007, by and between Excel Maritime Carriers Ltd. and Credit
Suisse, relating to the Secured Loan Agreement, dated November 27, 2007, by and
among Minta Holdings S.A., Odell International Ltd. and Credit Suisse
(respecting July M and Mairouli).

     

    16.  
All liens created in connection with the HSH ISDA Master Agreement, as modified
by the Schedule and the HSH Swap Confirmation.

     

    Bird Acquisition Corp. (as
successor in interest to Quintana Maritime Limited)

     

    17.  
All liens in connection with the secured credit facility between Bird
Acquisition Corp. (as successor in interest to Quintana Maritime Limited) and
Fortis Bank N.\T. dated July 19, 2006 in the aggregate principal amount of
$735,000,000.

     

    18.  
All liens created in connection with the Loan Agreement, dated April 11, 2007,
by and between Christine Shipco LLC and The Royal Bank of Scotland
plc.

     

    19.  
All liens created in connection with the Loan Agreement, dated May 11, 2007, by
and between Lillie Shipco LLC and The Royal Bank of Scotland plc.

     

    20.  
All liens created in connection with the Loan Agreement, dated April 11, 2007,
by and between Hope Shipco LLC and The Royal Bank of Scotland plc.

     

    21.  
All liens created in connection with the Fortis ISDA Master Agreement and the
Fortis Swap Confirmation.

     

    22.  
Account Pledge Agreement dated July 20, 2007, executed between Bird Acquisition
Corp. (as successor in interest
to Quintana Maritime Limited) and Iron Man Shipco LLC (together the “Iron Man Account
Holders”) in favor of Iron Man AS over an account of the Iron Man Account
Holders with D\TB Bank AG of Frankfurt, Germany.

     

    
    

    23.  
Account Pledge Agreement dated July 20, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and Coal Glory
Shipco LLC (together the “Coal Glory Account
Holders”) in favor of Coal Glory AS over an account of the Coal Glory
Account Holders with D\TB Bank AG of Frankfurt, Germany.

     

    24.  
Account Pledge Agreement dated July 20, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and Linda Leah
Shipco LLC (together the “Linda Leah Account
Holders”) in favor of Linda Leah AS over an account of the Linda Leah
Account Holders with D\TB Bank AG of Frankfurt, Germany.

     

    25.  
Account Pledge Agreement dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and Barbara Shipco
LLC (together the “Barbara Account
Holders”) in favor of Kunuk Mobiliengesellschaft mbH & Co. KG (“Kunuk”) over an
account of the Barbara Account Holders with Commerzbank AG of Hamburg,
Germany.

     

    26.  
Account Pledge Agreement dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and King Coal
Shipco LLC (together the “King Coal Account
Holders”) in favor of Kunuk over an account of the King Coal Account
Holders with Commerzbank AG of Hamburg, Germany.

     

    27.  
Account Pledge Agreement dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and Coal Age
Shipco LLC (together the “Coal Age Account
Holders”) in favor of Jataga Mobiliengesellschaft mbH & Co. KG
(“Jataga”) over
an account of the Coal Age Account Holders with Commerzbank AG of Hamburg,
Germany.

     

    28.  
Account Pledge Agreement dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and Fearless
Shipco LLC (together the “Fearless Account
Holders”) in favor of Jataga over an account of the Fearless Account
Holders with Commerzbank AG of Hamburg, Germany.

     

    29.  
Account Pledge Agreement dated June 4, 2007, executed between UBS S.A. and
Quintana Management LLC (the “Manager”) regarding
the 8,000 Swiss Francs guarantee to be issued by UBS S.A. in favor of Mr.
Emilios Christoforou, as sub-lessor of the Geneva apartment leased by the
Manager.

     

    30.  
Account Pledge Agreement dated May 29, 2007, executed between UBS S.A. and the
Manager regarding the 21,900 Swiss Francs guarantee to be issued by UBS S.A. in
favor of Hunziker Associates SA, as sub-lessor of the Geneva offices leased by
the Manager.

     

    31.  
Account Pledge Agreement dated June 1, 2005, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited) and Citibank
International plc regarding the $10,000 guarantee issued by Citibank
International plc in favor of the Greek Ministry of Finance in the process of
the Manager setting up a branch in Greece.

     

    32.  
First Priority Quadripartite agreement dated July 20, 2007, executed between
Bird Acquisition Corp. (as successor in interest to Quintana Maritime Limited)
and Iron Man Shipco LLC (the “Iron Man Bareboat
Charterers”), Iron Man AS and D\TB Bank AG as security trustee,
assigning, inter alia, the Iron Man Bareboat Charterers’ rights in the
insurances of Iron
Man.

    

    33.  
Second Priority Quadripartite agreement dated July 20, 2007, executed between
the Iron Man Bareboat Charterers, Iron Man AS and Glitnir Marine Finance AS as
security trustee, assigning, inter alia, the Iron Man Bareboat Charterers’
rights in the insurances of Iron Man.

     

    
    

    34.  
First Priority Quadripartite agreement dated July 20, 2007, executed between
Bird Acquisition Corp. (as successor in interest to Quintana Maritime Limited)
and Linda Leah Shipco LLC (the “Linda Leah Bareboat
Charterers”), Linda Leah AS and D\TB Bank AG as security trustee,
assigning, inter alia, the Linda Leah Bareboat Charterers’ rights in the
insurances of Linda
Leah.

     

    35.  
Second Priority Quadripartite agreement dated July 20, 2007, executed between
the Linda Leah Bareboat Charterers, Linda Leah AS and Glitnir Marine Finance AS
as security trustee, assigning, inter alia, the Linda Leah Bareboat Charterers’
rights in the insurances of Linda Leah.

     

    36.  
First Priority Quadripartite agreement dated July 20, 2007, executed between
Bird Acquisition Corp. (as successor in interest to Quintana Maritime Limited)
and Coal Glory Shipco LLC (the “Coal Glory Bareboat
Charterers”), Coal Glory AS and DVB Bank AG as security trustee,
assigning, inter alia, the Coal Glory Bareboat Charterers’ rights in the
insurances of Goal
Glory.

     

    37.  
Second Priority Quadripartite agreement dated July 20, 2007, executed between
the Coal Glory Bareboat Charterers, Coal Glory AS and Glitnir Marine Finance AS
as security trustee, assigning, inter alia, the Coal Glory Bareboat Charterers’
rights in the insurances of Coal Glory.

     

    38.  
Assignment of insurances dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited), Barbara Shipco
LLC (together the “Barbara Bareboat
Charterers”), the Manager, Kunuk and Commerzbank AG, pursuant to which
the Manager’s and the Barbara Bareboat Charterers’ rights in the insurances of
Barbara have been
assigned in favor of Commerzbank AG.

     

    39.  
Assignment of insurances dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited), King Coal Shipco
LLC (together the “King Coal Bareboat
Charterers”), the Manager, Kunuk and Commerzbank AG, pursuant to which
the Manager’s and the King Coal Bareboat Charterers’ rights in the insurances of
King Coal have been
assigned in favor of Commerzbank AG.

     

    40.  
Assignment of insurances dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited), Coal Age Shipco
LLC (together the “Coal Age Bareboat
Charterers”), the Manager, Jataga and Commerzbank AG, pursuant to which
the Manager’s and the Coal Age Bareboat Charterers’ rights in the insurances of
Coal Age have been
assigned in favor of Commerzbank AG.

     

    41.  
Assignment of insurances dated July 25, 2007, executed between Bird Acquisition
Corp. (as successor in interest to Quintana Maritime Limited), Fearless Shipco
LLC (together the “Fearless Bareboat
Charterers”), the Manager, Jataga and Commerzbank AG, pursuant to which
the Manager’s and the Fearless Bareboat Charterers’ rights in the insurances of
Coal Age have been
assigned in favor of Commerzbank AG.

     

    Liens under
Charters

     

    Bird
Acquisition Corp. (as successor in interest to Quintana Maritime Limited), in
each case, together with the Designated Subsidiary Guarantors, Fearless Shipco
LLC, King Coal Shipco LLC, Coal Glory Shipco LLC, Coal Age Shipco LLC, Iron Man
Shipco LLC, Barbara Shipco LLC and Linda Leah Shipco LLC have entered into a
certain Barecon 2001 form demise charter with the registered owners of the motor
vessels Fearless I, King Coal,
Coal Glory, Coal Age, Iron Man, Barbara and Linda Leah (each, a “Bareboat Charter”,
and together, the “Bareboat
Charters”).
Clause 18 of each such Bareboat Charter provides
that the owner of the relevant vessel shall have a lien on all sub-freights and
sub-hires payable to the demise charterers under their own sub-charter
arrangements.

     

    
    

    Additionally,
with respect to the time charter arrangements of each Collateral Vessel and
Designated Vessel, Clause 18 of the time charters provides that the time
charterers have a lien on the relevant Collateral Vessel or Designated Vessel,
as the case may be, for hire paid but unearned.

     

    General Banking
Liens

     

    Each bank
account of Quintana Maritime Limited and its Subsidiaries is subject to the
general terms of business of the bank where such account is established. The
terms of opening, maintaining and closing the relevant bank accounts invariably
provide that the deposit taking bank has a first priority pledge over the
relevant bank account.

     

    Rent Guarantees (Bank
Guarantees or Cash Deposits)

     

    As
security for the correct fulfillment by Quintana Management LLC of its
obligations under certain lease agreements that it has signed for office space
in Glyfada, Athens, and office space in Geneva, Switzerland and for an apartment
in Geneva, Switzerland, Quintana Management LLC has:

     

    
      	
              (a)  

            	
              made
      a cash advance of 126,540 euros to the lessors of the Greek based offices
      of Quintana Management LLC, namely Pavlos A Nisianakis & Sia EE,
      Pavlos Nissianakis, Andreas Nisianakis and Andreas Nissianakis 2E
      E.P.E.;

            

    

     

    
      	
              (b)  

            	
              provided
      a bank guarantee in the amount of 21,900 Swiss Francs issued on May 29,
      2007 by UBS S.A. in favor of Hunziker Associates S.A.;
  and

            

    

     

    
      	
              (c)  

            	
              provided
      a bank guarantee in the amount of 8,000 Swiss Francs issued on June 4,
      2007 by UBS S.A. in favor of Emilios
  Christoforou.

            

    

     

    See also
above under the section headed “Liens” for the account pledges entered by
Quintana Management LLC in support of the bank guarantees issued by
UBS.

     

    Law 89 Branch Office
Guarantee

     

    As
security for the breach of any of the terms of its law 89 branch office in
Greece, Quintana Management LLC has deposited with the Greek Ministry of Finance
a bank guarantee dated May 31, 2005 with no. 505151220, issued by Citibank
International plc in favor of the Greek Ministry of Finance and the Ministry of
Economy in the amount of $10,000.

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
VI

     

     

    Disclosed
Litigation

     

    None.

     

     

     

     

     

     

     

     

     

     

     

     

     

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
VII

     

     

    Certain Environmental
Matters

     

    None.

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

     

     

    

     

    

     

    

     

    SK 02545
0001 884627

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