Document:

Exhibit 4.4

 

Execution Version

 

INTERNATIONAL
SEAWAYS, INC.

 

as Issuer

 

and

 

GLAS
Trust Company LLC

 

as Trustee

 

INDENTURE

 

Dated as
of June 13, 2018

 

     

     

    

 

Table of Contents

 

	 	 	 	Page
	 
	Article One
	 
	DEFINITIONS AND OTHER PROVISIONS
	OF GENERAL APPLICATION
	 	 	 	 
	SECTION 1.01.	Rules of Construction	 	1
	SECTION 1.02.	Definitions	 	2
	SECTION 1.03.	Compliance Certificates and Opinions	 	29
	SECTION 1.04.	Form of Documents Delivered to Trustee	 	29
	SECTION 1.05.	Acts of Holders	 	30
	SECTION 1.06.	Notices, Etc., to Trustee, Issuer, any Guarantor and Agent	 	30
	SECTION 1.07.	Notice to Holders; Waiver	 	31
	SECTION 1.08.	Effect of Headings and Table of Contents	 	32
	SECTION 1.09.	Successors and Assigns	 	32
	SECTION 1.10.	Severability Clause	 	32
	SECTION 1.11.	Benefits of Indenture	 	32
	SECTION 1.12.	Governing Law; Submission to Jurisdiction	 	32
	SECTION 1.13.	Legal Holidays	 	32
	SECTION 1.14.	No Personal Liability of Directors, Managers, Officers, Employees and Stockholders	 	32
	SECTION 1.15.	Counterparts	 	32
	SECTION 1.16.	USA PATRIOT Act	 	33
	SECTION 1.17.	Waiver of Jury Trial	 	33
	SECTION 1.18.	Force Majeure	 	33
	SECTION 1.19.	FATCA	 	33
	 
	Article Two
	 
	NOTE FORMS
	 	 	 	 
	SECTION 2.01.	Form and Dating	 	33
	SECTION 2.02.	Execution, Authentication, Delivery and Dating	 	34
	 
	Article Three
	 
	THE NOTES
	 	 	 	 
	SECTION 3.01.	Title and Terms	 	34
	SECTION 3.02.	Note Registrar, Transfer Agent and Paying Agent	 	35
	SECTION 3.03.	Denominations	 	36
	SECTION 3.04.	Temporary Notes	 	36
	SECTION 3.05.	Registration of Transfer and Exchange	 	36
	SECTION 3.06.	Mutilated, Destroyed, Lost and Stolen Notes	 	37
	SECTION 3.07.	Payment of Interest; Interest Rights Preserved	 	37
	SECTION 3.08.	Persons Deemed Owners	 	38
	SECTION 3.09.	Cancellation	 	38
	SECTION 3.10.	Computation of Interest	 	39

 

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	SECTION 3.11.	Transfer and Exchange	 	39
	SECTION 3.12.	CUSIP, ISIN and Common Code Numbers	 	39
	 
	Article Four
	 
	SATISFACTION AND DISCHARGE
	 	 	 	 
	SECTION 4.01.	Satisfaction and Discharge of Indenture	 	39
	SECTION 4.02.	Application of Trust Money	 	41
	 
	Article Five
	 
	REMEDIES
	 	 	 	 
	SECTION 5.01.	Events of Default	 	41
	SECTION 5.02.	Acceleration of Maturity:  Rescission and Annulment	 	42
	SECTION 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	 	44
	SECTION 5.04.	Trustee May File Proofs of Claim	 	45
	SECTION 5.05.	Trustee May Enforce Claims Without Possession of Notes	 	46
	SECTION 5.06.	Application of Money Collected	 	46
	SECTION 5.07.	Limitation on Suits	 	46
	SECTION 5.08.	Right of Holders to Bring Suit for Payment	 	47
	SECTION 5.09.	Restoration of Rights and Remedies	 	47
	SECTION 5.10.	Rights and Remedies Cumulative	 	47
	SECTION 5.11.	Delay or Omission Not Waiver	 	47
	SECTION 5.12.	Control by Holders	 	47
	SECTION 5.13.	Waiver of Past Defaults	 	47
	SECTION 5.14.	Waiver of Stay or Extension Laws	 	48
	SECTION 5.15.	Undertaking for Costs	 	48
	 
	Article Six
	 
	THE TRUSTEE
	 	 	 	 
	SECTION 6.01.	Duties of the Trustee	 	48
	SECTION 6.02.	Notice of Defaults	 	49
	SECTION 6.03.	Certain Rights of Trustee	 	49
	SECTION 6.04.	Trustee Not Responsible for Recitals or Issuance of Notes	 	51
	SECTION 6.05.	May Hold Notes	 	52
	SECTION 6.06.	Money Held in Trust	 	52
	SECTION 6.07.	Compensation and Reimbursement	 	52
	SECTION 6.08.	Corporate Trustee Required; Eligibility	 	53
	SECTION 6.09.	Resignation and Removal; Appointment of Successor	 	53
	SECTION 6.10.	Acceptance of Appointment by Successor	 	54
	SECTION 6.11.	Merger, Conversion, Consolidation or Succession to Business	 	54
	SECTION 6.12.	Appointment of Authenticating Agent	 	54

 

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	Article Seven
	 
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER
	 	 	 	 
	SECTION 7.01.	Issuer to Furnish Trustee Names and Addresses	 	56
	SECTION 7.02.	Reports by Trustee	 	56
	 
	Article Eight
	 
	MERGER, CONSOLIDATION, AMALGAMATION OR SALE
	OF ALL OR SUBSTANTIALLY ALL ASSETS
	 	 	 	 
	SECTION 8.01.	Issuer and Restricted Parties May Consolidate, Etc., Only on Certain Terms	 	56
	 
	Article Nine
	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	SECTION 9.01.	Amendments or Supplements Without Consent of Holders	 	57
	SECTION 9.02.	Amendments, Supplements or Waivers with Consent of Holders	 	58
	SECTION 9.03.	Execution of Amendments, Supplements or Waivers	 	59
	SECTION 9.04.	Effect of Amendments, Supplements or Waivers	 	59
	SECTION 9.05.	Reference in Notes to Supplemental Indentures	 	59
	SECTION 9.06.	Notice of Supplemental Indentures	 	59
	 
	Article Ten
	 
	COVENANTS
	 	 	 	 
	SECTION 10.01.	Payment of Principal, Premium, if any, and Interest	 	59
	SECTION 10.02.	Maintenance of Office or Agency	 	59
	SECTION 10.03.	Money for Notes Payments to Be Held in Trust	 	60
	SECTION 10.04.	Organizational Existence	 	61
	SECTION 10.05.	Payment of Taxes and Other Claims	 	61
	SECTION 10.06.	Net Worth Maintenance	 	61
	SECTION 10.07.	No Adverse Amendment	 	61
	SECTION 10.08.	Statement by Officer as to Default	 	61
	SECTION 10.09.	Reports and Other Information	 	62
	SECTION 10.10.	Limitation on Restricted Payments	 	62
	SECTION 10.11.	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	 	63
	SECTION 10.12.	Liens	 	65
	SECTION 10.13.	Limitations on Transactions with Affiliates	 	66
	SECTION 10.14.	Limitations on Dividend and Other Payment Restrictions Affecting Restricted Parties	 	66
	SECTION 10.15.	Sale and Leaseback Transactions	 	67
	SECTION 10.16.	Business	 	67
	SECTION 10.17.	Asset Sales	 	68
	SECTION 10.18.	Additional Amounts	 	70
	SECTION 10.19.	Distribution or Dividend from Operating Company.	 	71

 

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	Article Eleven
	 
	REDEMPTION OF NOTES
	 	 	 	 
	SECTION 11.01.	Right of Redemption	 	72
	SECTION 11.02.	Optional Redemption for Changes in Withholding Taxes	 	72
	SECTION 11.03.	Special Mandatory Redemption	 	73
	SECTION 11.04.	Applicability of Article	 	73
	SECTION 11.05.	Election to Redeem; Notice to Trustee	 	73
	SECTION 11.06.	Selection by Trustee of Notes to Be Redeemed	 	73
	SECTION 11.07.	Notice of Redemption	 	74
	SECTION 11.08.	Deposit of Redemption Price	 	75
	SECTION 11.09.	Notes Payable on Redemption Date	 	76
	SECTION 11.10.	Notes Redeemed in Part	 	76
	SECTION 11.11.	Sinking Fund; Open Market Purchases	 	76
	 
	Article Twelve
	 
	SUBORDINATION OF NOTES
	 	 	 	 
	SECTION 12.01.	Agreement to Subordinate	 	76
	SECTION 12.02.	Liquidation, Dissolution, Bankruptcy	 	76
	SECTION 12.03.	Acceleration of Payment of Notes	 	77
	SECTION 12.04.	Subrogation	 	77
	SECTION 12.05.	Relative Rights	 	77
	SECTION 12.06.	Subordination May Not Be Impaired by Issuer	 	77
	SECTION 12.07.	Rights of Trustee and Paying Agent	 	77
	SECTION 12.08.	Distribution or Notice to Representative	 	78
	SECTION 12.09.	Article Twelve Not to Prevent Events of Default or Limit Right to Accelerate	 	78
	SECTION 12.10.	Trust Moneys Not Subordinated	 	78
	SECTION 12.11.	Trustee Entitled to Rely	 	78
	SECTION 12.12.	Trustee to Effectuate Subordination	 	78
	SECTION 12.13.	Trustee Not Fiduciary for Holders of Senior Indebtedness of the Issuer	 	79
	SECTION 12.14.	Reliance by Holders of Senior Indebtedness of the Issuer on Subordination Provisions	 	79
	 
	Article Thirteen
	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 	 
	SECTION 13.01.	Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance	 	79
	SECTION 13.02.	Legal Defeasance and Discharge	 	80
	SECTION 13.03.	Covenant Defeasance	 	80
	SECTION 13.04.	Conditions to Legal Defeasance or Covenant Defeasance	 	80
	SECTION 13.05.	Deposited Money and U.S. Government Obligations To Be Held in Trust Other Miscellaneous Provisions	 	82
	SECTION 13.06.	Reinstatement	 	82

 

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APPENDIX, EXHIBITS AND SCHEDULES

 

ANNEX I ― Rule 144A / Regulation S / IAI

 

EXHIBIT 1 to Rule 144A / Regulation S / IAI —
Form of Initial Note

 

EXHIBIT 2 to Rule 144A / Regulation S / IAI — Form of Transferee
Letter of Representation

 

EXHIBIT A — Form of Incumbency Certificate

 

SCHEDULE 1 — Issue Date Restricted Parties

  

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INDENTURE, dated as of June 13, 2018 (this
“Indenture”), between INTERNATIONAL SEAWAYS, INC., a Marshall Islands corporation (“Issuer”) and GLAS Trust
Company LLC, a limited liability company organized and existing under the laws of the state of New Hampshire, as Trustee.

 

RECITALS OF THE ISSUER

 

The Issuer has duly authorized the creation of
an issue of 10.75% Step-Up Notes due 2023 issued on the date hereof (the “Notes”) and to provide therefor the Issuer
has duly authorized the execution and delivery of this Indenture.

 

All things necessary have been done to make
the Notes, when executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the valid and legally
binding obligations of the Issuer and to make this Indenture a valid and legally binding agreement of the Issuer, in accordance
with their and its terms.

 

Each of the parties hereto is entering into this
Indenture for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Notes.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of all Holders,
as follows:

 

Article
One

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

SECTION 1.01.         Rules of
Construction. For all purposes of this Indenture, except as otherwise expressly provided
or unless the context otherwise requires:

 

(1)         the
terms defined in this Article have the meanings assigned to them in this Article, and words in the singular include the plural
and words in the plural include the singular;

 

(2)         all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP (as herein defined);

 

(3)         the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision;

 

(4)         all
references to Articles, Sections, Exhibits and Appendices shall be construed to refer to Articles and Sections of,
and Exhibits and Appendices to, this Indenture;

 

(5)         “or”
is not exclusive;

 

(6)         “including”
means including without limitation; and

 

(7)         all
references to the date the Notes were originally issued shall refer to the Issue Date.

 

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SECTION 1.02.         Definitions.

 

“ABN Facility” means the senior secured
term loan facility pursuant to that certain credit agreement, dated as of June 7, 2018, by and among Seaways Shipping Corporation,
certain guarantors and lenders to be named therein and ABN AMRO Capital USA LLC as lead arranger and facility agent, as may be
amended, restated, supplemented or otherwise modified from time to time.

 

“Acquisition” means the acquisition
of six Very Large Crude Carrier (VLCC) vessels from Euronav MI Inc. pursuant to the Acquisition Agreement.

 

“Acquisition Agreement” means that
certain Stock Purchase and Sale Agreement, dated as of April 18, 2018, by and among Euronav NV, Euronav MI Inc. and Seaways Holding
Corporation.

 

“Act,” when used with respect to any
Holder, has the meaning specified in Section 1.05 of this Indenture.

 

“Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise.

 

“Affiliate Transaction” has the meaning
specified in Section 10.13 of this Indenture.

 

“Agent” means any Note Registrar,
Transfer Agent, co-registrar, Paying Agent or other agent appointed in accordance with this Indenture to perform any function that
this Indenture authorized such agent to perform.

 

“Appendix” has the meaning specified
in Section 2.01 of this Indenture.

 

“Applicable Premium” means, with respect
to any Note on any Redemption Date, the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption
price of such Note at June 15, 2020 (such redemption price being 100% of the principal amount of the Note to be redeemed), plus
(ii) all required interest payments due on such Note through June 15, 2020 (excluding accrued but unpaid interest to the Redemption
Date), computed by the Issuer on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount
rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal amount of such Note.

 

Calculation of the Applicable Premium will be
made by the Issuer; provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee.

 

“Applicable Premium Deficit” has the
meaning specified in Section 4.01 of this Indenture.

 

“Approved Broker” means any of Compass
Maritime Services, H. Clarkson & Co., Ltd., Charles R. Weber Company, Inc., Fearnleys, Braemar, Howe Robinson and Simpson Spence
Young or any other independent shipbroker to be mutually agreed upon between the Administrative Agent under the Senior Credit Agreement
and the Issuer.

 

“Asset Sale” has the meaning specified
in Section 10.17 of this Indenture.

 

    -2-

     

    

  

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

 

“Bank Product” means transactions
under Hedging Agreements extended to the Issuer or any Restricted Party by a Bank Product Provider.

 

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

 

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

 

“Bank Product Provider” shall mean
any Agent or any Lender under the Senior Credit Facilities (as defined therein) or any of their respective Affiliates (or any person
who at the time the respective Bank Product Agreement was entered into by such person was such Agent, Lender or Affiliate under
the Senior Credit Facilities); provided, however, that no such person shall constitute a Bank Product Provider with
respect to a Bank Product unless and until the Administrative Agent under the Senior Credit Facilities shall have received a Bank
Product Provider Letter Agreement from such person with respect to the applicable Bank Product (and acknowledged by the Issuer
or such Restricted Party) within 30 days after the provision of such Bank Product to any Borrower or Subsidiary Guarantor under
the Senior Credit Facilities (as defined therein).

 

“Bank Product Provider Letter Agreement”
shall mean a letter agreement in form reasonably satisfactory to the Administrative Agent under the Senior Credit Facilities, duly
executed by the applicable Bank Product Provider, the Issuer or the applicable Restricted Party, such Administrative Agent and,
in any event, acknowledged by the Issuer or such Restricted Party.

 

“Bankruptcy Law” means Title 11,
United States Bankruptcy Code of 1978, as amended, or any similar United States federal or state law and the law of any other jurisdiction
relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment
to, succession to or change in any such law.

 

“Board” with respect to a Person means
the board of directors (or similar body) of such Person or any committee thereof duly authorized to act on behalf of such board
of directors (or similar body).

 

    -3-

     

    

  

“Board Resolution”
means a duly adopted resolution of the Board or any committee of such Board.

 

“Business Day” means each day
which is not a Legal Holiday.

 

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

 

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

 

“Capital Stock” means:

 

(1)         in
the case of a corporation, corporate stock;

 

(2)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock;

 

(3)         in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Cash Equivalents” means, as of any
date of determination and as to any Person, any of the following: (a) marketable securities issued, or directly, unconditionally
and fully guaranteed or insured, by the United States or any agency or instrumentality thereof (provided that the full faith and
credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition
by such person, (b) marketable direct obligations issued by any state of the United States or any political subdivision of any
such state or any public instrumentality thereof having maturities of not more than one year from the date of acquisition by such
person and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s,
(c) time deposits and certificates of deposit of any commercial bank having, or which is the principal banking subsidiary of a
bank holding company organized under the laws of the United States, any state thereof or the District of Columbia having, capital
and surplus aggregating in excess of $500,000,000 and a rating of “A” (or such other similar equivalent rating) or
higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act)
with maturities of not more than one year from the date of acquisition by such person, (d) repurchase obligations with a term of
not more than 30 days for underlying securities of the types described in clause (a) above entered into with any person meeting
the qualifications specified in clause (c) above, which repurchase obligations are secured by a valid perfected security interest
in the underlying securities, (e) commercial paper issued by any person incorporated in the United States rated at least A-1 or
the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s, and in each case maturing not more
than one year after the date of acquisition by such person, (f) investments in money market funds at least 90% of whose assets
are comprised of securities of the types described in clauses (a) through (e) above, and (g) in the case of any Foreign Subsidiary
only, instruments equivalent to those referred to in clauses (a) through (f) above denominated in a foreign currency, which are
substantially equivalent in credit quality and tenor to those referred to above and customarily used by businesses for short term
cash management purposes in any jurisdiction outside of the United States to the extent reasonably required in connection with
any business conducted by any Foreign Subsidiary organized in such jurisdiction.

 

    -4-

     

    

  

For the avoidance of doubt, any items identified
as Cash Equivalents under this definition will be deemed to be Cash Equivalents under this Indenture regardless of the treatment
of such items under GAAP.

 

“Cash Management Obligations” means
(1) obligations of the Issuer or any Restricted Party in respect of any overdraft and related liabilities arising from treasury,
depository, cash pooling arrangements and cash management or treasury services or any automated clearing house transfers of funds,
(2) other obligations in respect of netting services, employee credit or purchase card programs and similar arrangements and
(3) obligations in respect of any other services related, ancillary or complementary to the foregoing (including any overdraft
and related liabilities arising from treasury, depository, cash pooling arrangements and cash management services, corporate credit
and purchasing cards and related programs or any automated clearing house transfers of funds).

 

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

 

“Change of Control” means the occurrence
of one or more of the following events after the Issue Date:

 

(1) any “Person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “Beneficial Owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such Person shall be deemed to have “Beneficial
Ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or
only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the
Issuer;

 

(2) the merger or consolidation of
the Issuer with or into another Person or the merger of another Person with or into the Issuer, or the sale of all or substantially
all the assets of the Issuer (determined on a consolidated basis) to another Person other than a transaction following which, in
the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Issuer
immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation
transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in
such merger or consolidation transaction immediately after such transaction and in substantially the same proportion as before
the transaction; or

 

(3) Continuing Directors cease to
constitute at least a majority of the Board.

 

    -5-

     

    

  

“Chartered Vessels” means the vessels
demise chartered by the Issuer or any Restricted Party from a third party.

 

“Code” means the Internal Revenue
Code of 1986, as amended, or any successor thereto.

 

“consolidated” or “Consolidated”
means, with respect to any Person, such Person on a consolidated basis in accordance with GAAP, but excluding from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.

 

“Consolidated Net Income” means, for
any period, the consolidated net income (or loss) of the Issuer and the Restricted Parties for such period, determined on a consolidated
basis in accordance with GAAP (after deduction for minority interests); provided, that there shall be excluded from such
net income (to the extent otherwise included therein), without duplication:

 

(a)          the
net income (or loss) for such period of any person (other than the Issuer) that is not a Restricted Party (including any Unrestricted
Subsidiary) or that is accounted for by the equity method of accounting, except to the extent that cash in an amount equal to any
such income has actually been received by the Issuer or (subject to clause (b) below) any Restricted Party from such person
during such period (provided, however, the amount of the Second Amendment FSO JV Debt Dividend and the amount of
the SPV VLCC Pre-Designation Sale Proceeds Dividend shall not be included in Consolidated Net Income to the extent that same otherwise
would have been included therein pursuant to this clause (a));

 

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

 

(c)          except
for determinations expressly required to be made on a pro forma basis, the net income (or loss) of any person accrued prior to
the date it becomes a Restricted Party of the Issuer or all or substantially all of the property of such person is acquired by
the Issuer or any Restricted Party.

 

“Consolidated Total Assets” means,
at any date of determination, the net book value of all assets of the Issuer and its Subsidiaries determined on a consolidated
basis in accordance with GAAP on such date.

 

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

 

    -6-

     

    

  

“Continuing Director” means a director
who either was a member of the Board on the Issue Date or who becomes a member of the Board subsequent to that date and whose election,
appointment or nomination for election by the Issuer’s stockholders is duly approved by a majority of the continuing directors
on the Board at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Issuer
on behalf of the entire Board in which such individual is named as nominee for director.

 

“Contribution Notice”
means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act 2004.

 

“Copyrights” means, collectively,
with respect to a Person, all works of authorship (whether protected by statutory or common law copyright, whether established
or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished) and all copyright registrations and applications made by such Person, in each case, whether
now owned or hereafter created or acquired by or assigned to such Person.

 

“Corporate Trust Office” means the
principal corporate trust office of the Trustee, at which at any particular time its corporate trust business in relation to this
Indenture shall be administered, which office at the date of execution of this Indenture is located at 230 Park Avenue, 10th Floor,
New York, New York 10169, except that with respect to presentation of the Notes for payment or for registration of transfer or
exchange, such term shall mean the office or agency of the Trustee at which, at any particular time, its corporate agency business
in relation to this Indenture shall be conducted.

 

“Covenant Defeasance” has the meaning
specified in Section 13.03 of this Indenture.

 

“Default” means any event that is,
or after notice or lapse of time or both would become, an Event of Default.

 

“Defaulted Interest” has the meaning
specified in Section 3.07(b) of this Indenture.

 

“Depository” means The Depository
Trust Company, its nominees and their respective successors.

 

“Designated Senior Indebtedness” means
any Indebtedness outstanding under the indenture governing the Existing Notes and, if such Indebtedness is no longer outstanding,
any other Senior Indebtedness permitted under this Indenture, the principal amount of which is $100.0 million or more and that
has been designated by the Issuer as “Designated Senior Indebtedness.”

 

    -7-

     

    

  

“Disqualified Stock” means, with respect
to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible
or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than
solely for Capital Stock of such Person that would not otherwise constitute Disqualified Stock, and other than solely as a result
of a change of control, asset sale, casualty, condemnation or eminent domain) pursuant to a sinking fund obligation or otherwise,
or is redeemable at the option of the holder thereof (other than solely as a result of a change of control, asset sale, casualty,
condemnation or eminent domain), in whole or in part, in each case prior to the date 91 days after the earlier of the maturity
date of the Notes or the date the Notes are no longer outstanding; provided, however, that if such Capital Stock
is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such
Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its
Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination,
death or disability; provided, further, that any Capital Stock held by any future, current or former employee, director,
officer, manager or consultant of the Issuer, any of its Subsidiaries or any other entity in which the Issuer or a Restricted Party
has an Investment and is designated in good faith as an “affiliate” by the Board of the Issuer (or the compensation
committee thereof) shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or
its Subsidiaries pursuant to any stockholders’ agreement, management equity plan, stock option plan or any other management
or employee benefit plan or agreement or in order to satisfy applicable statutory or regulatory obligations.

 

“Domain Names” means all Internet
domain names and associated uniform resource locator addresses.

 

“Equity Interests” means Capital Stock
and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock.

 

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

 

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

 

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

 

    -8-

     

    

  

“Event of Default” has the meaning
set forth in Section 5.01 of this Indenture.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended (with respect to the definitions of “Change of Control” only, as in effect on the
Issue Date).

 

“Existing Notes” means the Issuer’s
8.50% Senior Notes due June 30, 2023.

 

“Fair Market Value” means, with respect
to any Investment, asset, property or liability, the fair market value of such Investment, asset, property or liability as determined
in good faith by the Board or senior management of the Issuer.

 

“FATCA” has the meaning set forth
in Section 1.19 of this Indenture.

 

“Financial Support Direction” means
a financial support direction issued by the Pensions Regulator under section 43 of the Pensions Act 2004.

 

“Foreign Subsidiary” means any Restricted
Party that is not organized under the laws of the United States, any state thereof or the District of Columbia and any Restricted
Party of such Foreign Subsidiary.

 

“GAAP” means generally accepted accounting
principles in the United States, as in effect on March 31, 2018, applied on a consistent basis.

 

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

 

“guarantee” means a guarantee (other
than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner
(including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other
obligations.

 

    -9-

     

    

  

“Guarantor” means each Subsidiary
of the Issuer that guarantees the Notes in accordance with the terms of this Indenture, until, in each case, such Person is released
from its Note Guarantee in accordance with the terms of this Indenture.

 

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

 

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

 

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

 

“holder” means, with reference to
any Indebtedness or other Obligations, any holder or lender of, or trustee or collateral agent or other authorized representative
with respect to, such Indebtedness or Obligations, and, in the case of Hedging Obligations, any counter-party to such Hedging Obligations.

 

“Holder” means the Person in whose
name a Note is registered on the Note Registrar’s books.

 

“incur” has the meaning specified
in Section 10.11 of this Indenture.

 

“incurrence” has the meaning specified
in Section 10.11 of this Indenture.

 

    -10-

     

    

  

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

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof.

 

“Independent Financial Advisor” means
an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment
of the Issuer, qualified to perform the task for which it has been engaged.

 

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

 

“Intangible Assets” means,
in respect of the Issuer as of a given date, the intangible assets of the Issuer of the types, if any, presented in the Issuer’s
consolidated balance sheet.

 

“Intellectual Property” means any
and all intellectual property rights recognized under applicable law, whether arising under United States laws or otherwise, including
collectively, the Patents, Trademarks, Copyrights, Trade Secrets, Software and Domain Names and all causes of action for infringement
thereof or unfair competition regarding the same.

 

    -11-

     

    

  

“Interest Payment Date” means the
Stated Maturity of an installment of interest on the Notes.

 

“Investments” means, with respect
to any Person, all loans for borrowed money or credit (by way of guarantee, assumption of debt or otherwise) or advances to any
other Person, or purchase or acquisition of any stock, bonds, notes, debentures or other obligations or securities of, or any other
interest in, or any capital contribution to, any other Person, or purchase or ownership of a futures contract or liability for
the purchase or sale of currency or other commodities at a future date in the nature of a futures contract.

 

“Issue Date” means June 13, 2018.

 

“Issuer” has the meaning specified
in the preamble.

 

“Issuer Request” or “Issuer
Order” means a written request or order signed in the name of the Issuer by an Officer thereof, and delivered to
the Trustee.

 

“Joint Venture” means any Person other
than a Subsidiary of the Issuer (i) in which the Issuer or any Restricted Party holds or acquired a beneficial ownership interest
(by way of ownership of Equity Interests or other evidence of ownership) in excess of 20.00% of the Equity Interests of such person
and (ii) which is engaged in a business permitted by Section 10.16.

 

“Junior Subordinated Indebtedness”
means, with respect to the Notes, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the
Notes.

 

“Legal Defeasance” has the meaning
specified in Section 13.02 of this Indenture.

 

“Legal Holiday” means a Saturday,
a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York.

 

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

 

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

 

    -12-

     

    

  

“Maturity” when used with respect
to any Note, means the date on which the principal of such Note or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or otherwise.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor to its rating agency business.

 

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

 

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

 

“Net Worth” means, as of a given date,
the result of, without duplication: (a) Total Assets, less (b) Intangible Assets, less (c) Total Borrowings (without
giving effect to any fair value adjustments pursuant to Accounting Standards Codification 820 of the Financial Accounting Standards
Board).

 

“Non-Recourse Liabilities” means,
in respect of the Issuer or any Subsidiary thereof as of a given date, the non-recourse liabilities as described in subparts (a)-(h)
of the definition of Total Borrowings which neither the Issuer nor any other Subsidiary thereof provides any credit support of
any kind to or is directly or indirectly liable as a guarantor or otherwise, other than a pledge of the equity interests in the
Non-Recourse Subsidiary.

 

“Non-Recourse Subsidiary” means any
Subsidiary of the Issuer that has only Non-Recourse Liabilities.

 

    -13-

     

    

  

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

 

“Note Guarantee” means the guarantee
by any Guarantor of the Issuer’s Obligations under this Indenture and the Notes.

 

“Note Register” and “Note Registrar”
have the respective meanings specified in Section 3.02.

 

“Notes” has the meaning stated in
the first recital of this Indenture and more particularly means any Notes authenticated and delivered under this Indenture.

 

“Notes Custodian” means the custodian
with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee.

 

“Obligations” means any principal,
interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization or similar
proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim
under applicable state, provincial, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including
reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and
guarantees of payment of such principal, interest, premium, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, payable under the documentation governing any Indebtedness; provided, that any of the foregoing (other than
principal and interest) shall no longer constitute “Obligations” after payment in full of such principal and interest
except to the extent such obligations are fully liquidated and non-contingent on or prior to such payment in full; provided, further,
that Obligations with respect to the Notes shall not include fees, reimbursements or indemnifications in favor of the Trustee (which
obligations with respect to such fees, reimbursements or indemnifications shall survive the payment in full of the principal of
and interest on the Notes) or other third parties other than the Holders.

 

“Officer” means the Chairman of the
Board, any Manager or Director, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Controller or the Secretary or any other
officer designated by any such individuals of the Issuer or any other Person, as the case may be.

 

“Officer’s Certificate” means
a certificate signed on behalf of the Issuer by an Officer of the Issuer or on behalf of any other Person, as the case may be,
that meets the requirements set forth in this Indenture and delivered to the Trustee.

 

“Operating Company” means International
Seaways Operating Corporation, a Marshall Islands corporation and a direct wholly-owned subsidiary of the Issuer.

 

“Opinion of Counsel” means a written
opinion from legal counsel who is reasonably acceptable to the Trustee (which opinion may be subject to customary assumptions and
exclusions). The counsel may be an employee of, or counsel to, the Issuer.

 

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

 

    -14-

     

    

  

“Outstanding”, when used with respect
to Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:

 

(1)         Notes
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(2)         Notes,
or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act
as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, written notice
of such redemption has been duly given pursuant to this Indenture;

 

(3)         Notes,
except to the extent provided in Sections 13.02 and 13.03, with respect to which the Issuer has effected Legal Defeasance
or Covenant Defeasance as provided in Article Thirteen; and

 

(4)         Notes
which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Notes have been authenticated
and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Notes are held by a Protected Purchaser in whose hands the Notes are valid obligations
of the Issuer;

 

provided that, in determining whether the Holders of the
requisite principal amount of Outstanding Notes have given any request, demand, authorization, direction, consent, notice or waiver
hereunder Notes owned by the Issuer or its Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making such determination or in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall
be so disregarded.

 

“Patents” means, collectively, with
respect to a Person, all patents issued or assigned to and all patent applications and registrations made by such Person (whether
established or registered or recorded in the United States or any other country or any political subdivision thereof).

 

“Paying Agent” means any Person (including
the Issuer acting as Paying Agent) authorized by the Issuer to pay the principal of (and premium, if any) or interest on any Notes
on behalf of the Issuer.

 

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

 

“Pension Plan” means any Employee
Benefit Plan subject to the provisions of Title IV of ERISA or Section 412 or 430 of the Code or Section 302 or 303 of ERISA which
is maintained or contributed to by the Issuer, any Restricted Party or any of their ERISA Affiliates or to which the Issuer, any
Restricted Party or any of their ERISA Affiliates has an obligation to contribute.

 

“Permitted Charter” means a charter
to a third party:

 

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

 

    -15-

     

    

  

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

 

(3)         demise
charters existing on the Issue Date.

 

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

 

“Permitted Junior Securities” means:

 

(1)         Equity
Interests in the Issuer, any Guarantor or any direct or indirect parent of the Issuer; or

 

(2)         unsecured
debt securities that are subordinated to all Senior Indebtedness (and any debt securities issued in exchange for Senior Indebtedness)
to substantially the same extent as, or to a greater extent than, the Notes and the related guarantees are subordinated to Senior
Indebtedness under this Indenture; provided that the term “Permitted Junior Securities” shall not include any
securities distributed pursuant to a plan of reorganization if the Indebtedness under the Senior Credit Facilities is treated as
part of the same class as the Notes for purposes of such plan of reorganization; provided, further, that to the extent
that any Senior Indebtedness of the Issuer or the Guarantors outstanding on the date of consummation of any such plan of reorganization
is not paid in full in cash on such date, the holders of any such Senior Indebtedness not so paid in full in cash have consented
to the terms of such plan of reorganization.

 

“Permitted Liens” means the following,
without duplication:

 

(1)         Liens
securing Obligations relating to any Indebtedness or other obligations of the Issuer or a Restricted Party owing to the Issuer
or another Restricted Party permitted to be incurred in accordance with the covenant described under Section 10.11;

 

(2)         Liens
in favor of the Issuer or the Trustee in respect of the Notes (for the avoidance of doubt, no such Liens exist as of the Issue
Date);

 

(3)         Liens
securing Indebtedness permitted to be incurred pursuant to Section 10.11(b)(3) and (6); provided that Liens securing
Indebtedness permitted to be incurred pursuant to Section 10.11(b)(3) extend only to the assets purchased with the proceeds of
such Indebtedness, accessions to such assets and the proceeds and products thereof, and any lease of such assets (including accessions
thereto), the proceeds and the products thereof and customary security deposits in respect thereof;

 

(4)         inchoate
Liens for taxes, assessments or governmental charges or levies not yet due and payable or delinquent and Liens for taxes, assessments
or governmental charges or levies, which are immaterial or being contested in good faith by appropriate proceedings timely initiated
and for which adequate reserves have been established in accordance with GAAP, which proceedings (or Orders entered in connection
with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;

 

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(5)         Liens
in respect of property (other than Vessels) of the Issuer or any Restricted Party imposed by law, which were incurred in the ordinary
course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, materialmen’s,
landlords’, workmen’s, suppliers’, repairmen’s and mechanics’ Liens and other similar Liens arising
in the ordinary course of business (including customary contractual landlords’ liens under operating leases entered into
in the ordinary course of business), and (i) which do not in the aggregate materially and adversely affect the value of the property
subject to such Lien, and do not materially impair the use thereof in the operation of the business of the Issuer or the respective
Restricted Party, and (ii) which, if they secure obligations that are then due and unpaid, are being contested in good faith by
appropriate proceedings timely initiated and for which adequate reserves have been established in accordance with GAAP, which proceedings
(or Orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject
to any such Lien;

 

(6)         any
Lien in existence on the Issue Date, any Lien securing Indebtedness permitted under Section 10.11(b)(1) and any Lien granted as
a replacement or substitute therefor; provided, that any such replacement or substitute Lien that does not secure Indebtedness
for borrowed money does not encumber any property other than the property subject thereto on the Issue Date;

 

(7)         Liens
on Permitted Refinancing Indebtedness to the extent the Indebtedness being refinanced was secured and any replacement or substitute
Lien does not encumber any property other than the property subject thereto being refinanced;

 

(8)         easements,
rights-of-way, restrictions (including zoning restrictions), covenants, licenses, encroachments, protrusions, servitudes and other
similar charges or encumbrances, and minor title deficiencies, in each case, on or with respect to any Real Property, whether now
or hereafter in existence, not (i) securing Indebtedness, (ii) individually or in the aggregate materially impairing the value
or marketability of such Real Property or (iii) individually or in the aggregate materially interfering with the ordinary conduct
of the business of the Issuer and the Restricted Parties at or otherwise with respect to such Real Property;

 

(9)         Liens
arising out of judgments, attachments or awards not resulting in an Event of Default and in respect of which the Issuer or such
Restricted Party shall in good faith be diligently prosecuting an appeal or proceedings for review in respect of which there shall
be secured a subsisting stay of execution pending such appeal or proceedings;

 

(10)        Liens
(other than any Lien imposed by ERISA) (x) imposed by law or deposits made in connection therewith in the ordinary course of business
in connection with workers’ compensation, unemployment insurance and other types of social security legislation, (y) incurred
in the ordinary course of business to secure the performance of tenders, statutory obligations (other than excise taxes), surety,
performance, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance
and return of money bonds and other similar obligations (in each case, exclusive of obligations for the payment of Indebtedness)
or (z) arising by virtue of deposits made in the ordinary course of business to secure liability for premiums to insurance carriers;
provided, that with respect to the foregoing clauses (x), (y) and (z), such Liens are for amounts not yet due and payable
or delinquent or, to the extent such amounts are so due and payable, such amounts are being contested in good faith by appropriate
proceedings for which adequate reserves have been established in accordance with GAAP, which proceedings (or Orders entered in
connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;

 

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(11)        leases
of the properties of the Issuer or any Restricted Party, in each case entered into in the ordinary course of the Issuer’s
or such Restricted Party’s business so long as such leases do not, individually or in the aggregate, (i) interfere in any
material respect with the ordinary conduct of the business of the Issuer or any Restricted Party or (ii) materially impair the
use (for its intended purposes) or the value of the property subject thereto;

 

(12)        Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the
Issuer or any Restricted Party in the ordinary course of business in accordance with the past practices of the Issuer or such Restricted
Party;

 

(13)        Liens
on property rented to, or leased by, the Issuer or any Restricted Party pursuant to a Sale and Leaseback Transaction; provided,
that (i) such Sale and Leaseback Transaction is permitted by Section 10.15 of this Indenture, (ii) such Liens do not encumber any
other property of the Issuer or any Restricted Party, and (iii) such Liens secure only the Attributable Indebtedness incurred in
connection with such Sale and Leaseback Transaction;

 

(14)        bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or
more accounts maintained by the Issuer or any Restricted Party, in each case granted in the ordinary course of business in favor
of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management
and operating account arrangements, including those involving pooled accounts and netting arrangements; provided, that,
unless such Liens are non-consensual and arise by operation of applicable Legal Requirements, in no case shall any such Liens secure
(either directly or indirectly) the repayment of any Indebtedness;

 

(15)        Liens
on property of a person existing at the time such person is acquired or merged with or into or consolidated with the Issuer or
any Restricted Party to the extent permitted hereunder; provided, that (x) such Liens (i) do not extend to property not
subject to such Liens at the time of such acquisition, merger or consolidation (other than improvements thereon), (ii) are no more
favorable to the lienholders than such existing Liens and (iii) are not created in anticipation or contemplation of such acquisition,
merger or consolidation and (y) any Indebtedness that is secured by such Liens is permitted by Section 10.11 of this Indenture;

 

(16)        non-exclusive
licenses of Intellectual Property granted by the Issuer or any Restricted Party in the ordinary course of business or that do not
materially impair the conduct of the business of the Issuer or any Restricted Party or otherwise prohibit the collateral agent
under the Senior Credit Facilities from obtaining a security interest in the Intellectual Property;

 

(17)        the
filing of UCC financing statements solely as a precautionary measure in connection with operating leases or consignment of goods;

 

(18)        Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the UCC covering only the items being collected
upon;

 

(19)        Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods;

 

(20)        Liens
in the ordinary course of business for dry-docking, maintenance, repairs and improvements to Vessels, crews’ wages, salvage
(including contract salvage) and maritime Liens (other than in respect of Indebtedness);

 

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(21)        with
respect only to the Vessels, Liens arising by operation of law and fully covered (in excess of permitted deductibles) by the Required
Insurance, such coverage to be confirmed upon the request of the collateral agent under the Senior Credit Facilities by the marine
insurance broker placing the applicable Required Insurance;

 

(22)        Liens
solely on any cash earnest money deposits made by the Issuer or any Restricted Party in connection with any letter of intent or
purchase agreement in respect of any Investment permitted hereunder;

 

(23)        Liens
arising pursuant to a Permitted Charter;

 

(24)        additional
Liens of the Issuer and the Restricted Parties incurred in the ordinary course of business that (i) do not materially impair the
use of such assets in the operation of the business of the Issuer or any Restricted Party and (ii) do not secure obligations in
excess of $5,000,000 in the aggregate for all such Liens at any time;

 

(25)        Liens
on Pool Financing Receivables and the proceeds thereof securing Pool Financing Indebtedness incurred pursuant to Section 10.11(b)(14);

 

(26)        Liens
in favor of the account bank for the ABN Facility, in respect of its customary charges in maintaining the accounts thereunder or
for reimbursement for reversal of any provisional credits granted by such account bank to such accounts, to the extent, in each
case, that any of the obligors under the ABN Facility have not separately paid or reimbursed such account bank therefor;

 

(27)        Liens
on insurance policies and the proceeds of insurance policies solely to the extent securing the Indebtedness permitted under the
ABN Facility; and

 

(28)        Liens
that are contractual rights of set-off or rights of pledge (under and pursuant to the general terms and conditions of the account
bank for the ABN Facility) (i) relating to the establishment of depository relations with such account bank and not given in connection
with the issuance of Indebtedness and (ii) relating to any pooled deposit or sweep accounts held with such account bank to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business.

 

For purposes of this definition, the term “Indebtedness”
shall be deemed to include interest on such Indebtedness.

 

“Permitted Refinancing
Indebtedness” means any Indebtedness of the Issuer or Restricted Party issued in exchange for, or the net proceeds of which
are used to extend, renew, refund, refinance, replace, defease or discharge other Indebtedness of the Issuer or any Restricted
Party permitted under this Indenture, as applicable; provided, that:

 

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

 

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

 

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

 

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

 

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

 

(6)         such
Permitted Refinancing Indebtedness has an amortization schedule requiring at least the same aggregate principal amount of repayments
on a quarterly basis as the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged;

 

(7)         such
Permitted Refinancing Indebtedness bears interest at a rate or spread no more than 75 basis points higher than the Indebtedness
being extended, renewed, refunded, refinanced, replaced, defeased or discharged; and

 

(8)         if
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is the Senior Credit Facility
Obligations, such Permitted Refinancing Indebtedness has the same loan-to-value test covenant specified in Section 6.10(a) of the
Senior Credit Agreement (except that the ratio shall be no greater than 75%).

 

“Person” means any individual, corporation,
limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government
or any agency or political subdivision thereof or any other entity.

 

“Pool Financing” shall mean a financing
arrangement entered into by a Pool Operator, as agent for the applicable Shipping Pool, on behalf of the members or participants
therein with a third-party lender, which financing is secured by the Pool Financing Receivables of the Vessels in such Shipping
Pool.

 

“Pool Financing Indebtedness” shall
mean indebtedness incurred by a Pool Operator, as agent for the applicable Shipping Pool, on behalf of the members or participants
therein, under and pursuant to a Pool Financing.

 

“Pool Financing Receivables” shall
mean, with respect to a Vessel in a Shipping Pool, (I) Moneys (as defined in Section 1-201 of the UCC) and claims for payment due
or to become due to the Issuer or a Restricted Subsidiary thereof that owns such Vessel, or to the Pool Operator of such Shipping
Pool on such Vessel owner’s behalf, whether as charter hire, freights, passage moneys, proceeds of off-hire and loss of hire
insurances, loans, indemnities, payments or otherwise, under, and all claims for damages arising out of any breach of, any time
or voyage charter, affreightment or other contract for the use or employment of such Vessel and (II) all remuneration for salvage
and towage services, demurrage and detention moneys and any other moneys whatsoever due or to become due to such Vessel owner,
or the Pool Operator on such Vessel owner’s behalf, arising from the use or employment of such Vessel.

 

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“Pool Operator” shall mean a third-party
operator or manager of any Shipping Pool.

 

“Predecessor Note” of any particular
Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purposes of this definition, any Note authenticated and delivered under Section 3.06 in exchange for a mutilated
Note or in lieu of a destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost
or stolen Note.

 

“Preferred Stock” means any Equity
Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Protected Purchaser” has the meaning
specified in Section 3.06 of this Indenture.

 

“Purchase Money Obligations” means,
for any Person, the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the
purpose of financing all or any part of the purchase price of any fixed or capital assets; provided, however, that
(i) such Indebtedness is incurred within 120 days after such acquisition of such fixed or capital assets by such person and (ii)
the amount of such Indebtedness (x) does not exceed the lesser of 65% of the Fair Market Value of such fixed or capital asset or
the cost of the acquisition and (y) equals at least 50% of the lesser of the two amounts referred to in preceding clause (x).

 

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

 

“Redemption Date” has the meaning
specified in Section 11.01 of this Indenture.

 

“Redemption Price”, when used with
respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Refinance Date” has the meaning specified
in Section 3.01 of this Indenture.

 

“Regular Record Date” has the meaning
specified in Section 3.01 of this Indenture.

 

“Representative” means any trustee,
agent or representative (if any) for an issue of Senior Indebtedness of the Issuer.

 

“Required Insurance” means insurance
of the type, deductibles and amounts as set forth in the Senior Credit Agreement.

 

“Responsible Officer” means any vice
president, assistant vice president, any trust officer, or any assistant trust officer or any other officer of the Trustee within
the Corporate Trust Office customarily performing functions similar to those performed by any of the above designated officers,
and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject and, in each case, who shall have direct responsibility for the
administration of this Indenture.

 

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“Restricted Parties” means, collectively,
the Operating Company and the Restricted Subsidiaries. Restricted Parties in existence as of the Issue Date are set forth in Schedule
1 hereto.

 

“Restricted Payments” has the meaning
specified in Section 10.10 of this Indenture.

 

“Restricted Subsidiary” means, at
any time, with respect to any Person, any direct or indirect Subsidiary of such Person (including any Foreign Subsidiary) that
is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary
ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”
Unless the context otherwise requires, any references to Restricted Subsidiary refer to a Restricted Subsidiary of the Operating
Company.

 

“S&P” means S&P Global Ratings
and any successor to its rating agency business.

 

“Sale and Leaseback Transaction” means
any arrangement with any Person providing for the leasing by the Issuer or any Restricted Party of any real property or tangible
personal property, which property has been or is to be sold or transferred by the Issuer or such Party to a third Person in contemplation
of such leasing.

 

“SEC” means the U.S. Securities and
Exchange Commission or any successor agency thereto.

 

“Secured Indebtedness” means any Indebtedness
of the Issuer or any Restricted Party secured by a Lien.

 

“Securities Act” means the U.S. Securities
Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Senior Credit Agreement” means the
Credit Agreement, dated as of June 22, 2017, by and among the Operating Company, as Administrative Borrower, OIN Delaware LLC,
as Co-Borrower, the Issuer, as Holdings, the other guarantors party thereto, Jefferies Finance LLC, as Administrative Agent and
Collateral Agent and the other agents and lenders party thereto, as amended as of the Issue Date and by the Second Amendment thereto
after the Issue Date, and as further amended, supplemented or otherwise modified from time to time thereafter in accordance with
the provisions thereof and hereof.

 

“Senior Credit Facilities” means,
collectively, the credit facilities under the Senior Credit Agreement as the same may be in effect from time to time, including,
in each case, any related notes, mortgages, letters of credit, guarantees, collateral documents, instruments and agreements executed
in connection therewith, and any appendices, exhibits, annexes or schedules to any of the foregoing (as the same may be in effect
from time to time) and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, replacements,
exchanges or refinancings thereof, in whole or in part, and any financing arrangements that amend, supplement, modify, extend,
renew, restate, refund, replace, exchange or refinance any part thereof, including, without limitation, any such amended, supplemented,
modified, extended, renewed, restated, refunding, replacement, exchanged or refinancing financing arrangement that increases the
amount permitted to be borrowed or issued thereunder or alters the maturity thereof (provided that such increase in borrowings
or issuance is permitted under Section 10.11) or adds Subsidiaries as additional borrowers or guarantors thereunder and whether
by the same or any other agent, trustee, lender or group of lenders, investors, holders or otherwise.

 

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“Senior Credit Facility Obligations”
means the “Obligations” as defined in the Senior Credit Agreement.

 

“Senior Indebtedness” means:

 

(1)         all
Indebtedness of the Issuer or any Guarantor outstanding under the Existing Notes (including interest accruing on or after the filing
of any petition in bankruptcy or similar proceeding or for reorganization of the Issuer or any Guarantor (at the rate provided
for in the documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such
proceedings)), and any and all other fees, expense reimbursement obligations, indemnification amounts, penalties, and other amounts
(whether existing on the Issue Date or thereafter created or incurred) and all obligations of the Issuer or any Guarantor to reimburse
any bank or other Person in respect of amounts paid under letters of credit, acceptances or other similar instruments;

 

(2)         all
(a) Hedging Obligations (and guarantees thereof) and (b) Cash Management Obligations (and guarantees thereof); provided that
such Hedging Obligations and Cash Management Obligations, as the case may be, are permitted to be incurred under the terms of this
Indenture;

 

(3)         any
other Indebtedness of the Issuer or any Guarantor permitted to be incurred under the terms of this Indenture, unless the instrument
under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any related
Note Guarantee; and

 

(4)         all
Obligations with respect to the items listed in the preceding clauses (1), (2) and (3);

 

provided, however, that Senior Indebtedness shall
not include:

 

(a)          any
obligation of such Person to the Issuer or any of its Subsidiaries;

 

(b)          any
liability for federal, state, local or other taxes owed or owing by such Person;

 

(c)          any
accounts payable or other liability to trade creditors arising in the ordinary course of business;

 

(d)          any
Indebtedness or other Obligation of such Person which is subordinate or junior in right of payment to any other Indebtedness or
other Obligation of such Person; or

 

(e)          that
portion of any Indebtedness which at the time of incurrence is incurred in violation of this Indenture.

 

“Shipping Pool” shall mean a shipping
pool arrangement in which a Vessel has been entered, or in which a Vessel is a member, together with other vessels owned or operated
by third parties that are part of such shipping pool arrangement.

 

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“Sinosure Facility Agreement” means
the amended and restated facility agreement to be entered into after the Issue Date , by and among Gener8 Maritime Subsidiary VII
Inc., as Borrower, Seaways Holding Corporation, as Parent Guarantor, the Company, as Holdings Guarantor, the other guarantors party
thereto, Citibank, N.A., as Bookrunner and other agents and lenders party thereto, and as may be further amended, supplemented
or otherwise modified from time to time thereafter in accordance with the provisions thereof.

 

“Software” means computer programs,
object code, source code and supporting documentation, including, without limitation, “software” as such term is defined
in the UCC and computer programs that may be construed as included in the definition of “goods” in the UCC.

 

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

 

“Special Mandatory Redemption” has
the meaning specified in Section 11.03 of this Indenture.

 

“Special Mandatory Redemption Date”
has the meaning specified in Section 11.03 of this Indenture.

 

“Special Mandatory Redemption Price”
has the meaning specified in Section 11.03 of this Indenture.

 

“Special Record Date” for the payment
of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07(b).

 

“Specified Joint Venture” means Equity
Interest of the Issuer and the Restricted Parties in the following Joint Ventures: (a) TI Africa Limited; (b) TI Asia Limited;
and (c) OSG Nakilat Corporation.

 

“Stated Maturity”, when used with
respect to any Note or any installment of principal thereof or interest thereon, means the date specified in such Note as the fixed
date on which the principal of such Note or such installment of principal or interest is due and payable.

 

“Subordinated Indebtedness” means,
with respect to the Notes, any Indebtedness of the Issuer which ranks equal in right of payment to the Notes.

 

“Subsidiary” means, with respect to
any Person,

 

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(1)         any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned, directly
or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and

 

(2)         any
partnership, joint venture, limited liability company or similar entity of which:

 

(a)          more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof whether in the form of membership, general, special or limited partnership or otherwise, and

 

(b)          such
Person or any Restricted Party of such Person is a controlling general partner or otherwise controls such entity.

 

For the avoidance of doubt, any entity that is
owned at a 50% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Indenture,
regardless of whether such entity is consolidated on the Issuer’s or any Restricted Party’s financial statements.

 

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

 

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

 

“Termination Event” has the meaning
specified in Section 11.03 of this Indenture.

 

“Total Assets” means, in respect of
the Issuer on a consolidated basis, as of a given date the aggregate of the following, without duplication: (a) all of the assets
of the Issuer of the types presented on its consolidated balance sheet, less (b) cash and Cash Equivalents, less
(c) Non-Recourse Liabilities, and less (d) assets under any vessel construction or ship purchase agreement (including novation
and assignment and assumption agreements) that the Issuer is required to record on its books under GAAP even though the Issuer
is no longer the legal owner of the vessel or legally obligated to take delivery of the vessel.

 

“Total Borrowings” means,
in respect of the Issuer on a consolidated basis, as of a given date the aggregate of the following, without duplication:

 

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(a)          the
outstanding principal amount of any moneys borrowed; plus

 

(b)          the
outstanding principal amount of any acceptance under any acceptance credit; plus

 

(c)          the
outstanding principal amount of any bond, note, debenture or other similar instrument; plus

 

(d)          the
book values of indebtedness under a lease, charter, hire purchase agreement or other similar arrangement which would, in accordance
with GAAP, be treated as a finance or capital lease; plus

 

(e)          the
outstanding principal amount of all moneys owing in connection with the sale or discounting of receivables (otherwise than on a
non-recourse basis or which otherwise meet any requirements for de-recognition under GAAP); plus

 

(f)          the
outstanding principal amount of any indebtedness arising from any deferred payment agreements arranged primarily as a method of
raising finance or financing the acquisition of an asset (except trade payables); plus

 

(g)          any
fixed or minimum premium payable on the repayment or redemption of any instrument referred to in clause (c) above; plus

 

(h)          the
outstanding principal amount of any indebtedness of any person of a type referred to in the above clauses of this definition which
is the subject of a guarantee given by the Issuer to the extent that such guaranteed indebtedness is determined and given a value
in respect of the Issuer on a consolidated basis in accordance with GAAP; less

 

(i)          cash
and Cash Equivalents; less

 

(j)          Non-Recourse
Liabilities.

 

Notwithstanding the foregoing, “Total
Borrowings” shall not include any of the following:

 

(a)          indebtedness
or obligations arising from derivative transactions, such as protecting against interest rate or currency fluctuations;

 

(b)          indebtedness
under any vessel construction or ship purchase agreement (including novation and assignment and assumption agreements) that the
Issuer is required to record on its books under GAAP even though the Issuer is no longer the legal owner of the vessel or legally
obligated to take delivery of the vessel;

 

(c)          preferred
or prepaid revenues;

 

(d)          purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations
of the seller of such asset; and

 

(e)          any
obligations constituting the exercise of appraisal rights and settlements of any claim of actions (whether actual, contingent or
potential) with respect thereto.

 

“Trade Secrets” shall mean all trade
secrets or other proprietary and confidential information.

 

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“Trademarks” means, collectively,
with respect to a Person, all trademarks (including service marks), logos, certification marks, trade dress, corporate names and
trade names, whether registered or unregistered, owned by or assigned to such Person and all registrations and applications for
the foregoing (whether statutory or common law and whether established or registered in the United States or any other country
or any political subdivision thereof), together with any and all goodwill associated therewith.

 

“Transactions” means the Acquisition,
the financing transactions related thereto including the entry into the Sinosure Facility Agreement and related documents and the
SPV VLCC Transactions as those terms are defined in the Senior Credit Agreement and the entry into the ABN Facility and related
documents.

 

“Treasury Rate” means, as obtained
by the Issuer, as of any Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point (for
the most recently completed week for which such information is available as of the date that is two business days prior to the
Redemption Date) (provided that in the case of calculating the Applicable Premium in connection with a satisfaction and discharge
of this Indenture or a legal defeasance or covenant defeasance under this Indenture, such weekly average shall be determined for
the most recently completed week for which such information is available as of the date that is two business days prior to the
date on which funds to pay the Notes are deposited with the Trustee) of the yield to maturity as of such Redemption Date of United
States Treasury securities with a constant maturity (as compiled and published in Federal Reserve Statistical Release H.15 with
respect to each applicable day during such week (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from such Redemption Date to June 15, 2020; provided, however,
that if the period from such Redemption Date to June 15, 2020 is less than one year, the weekly average yield on actively traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939, as amended.

 

“Trustee” means GLAS Trust Company
LLC until a successor replaces it and, thereafter, means the successor.

 

“Uniform Commercial Code” or “UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

“Unrestricted Subsidiary” means:

 

(1)         any
Subsidiary of the Operating Company which at the time of determination is an Unrestricted Subsidiary (as designated by the Operating
Company pursuant to the Senior Credit Agreement; provided, that before and after giving effect to such designation, the
total assets of all Unrestricted Subsidiaries (excluding intercompany accounts with other Unrestricted Subsidiaries to be so designated
at such time and investments in Subsidiaries of such Unrestricted Subsidiaries to be so designated at such time) shall be less
than 1.00% of Consolidated Total Assets); provided further that, irrespective of the foregoing, any “Unrestricted
Subsidiary” designated as such under the Senior Credit Agreement prior to Issue Date or in connection with the Transactions
shall be designated as an Unrestricted Subsidiary hereunder; and

 

(2)         any
Subsidiary of an Unrestricted Subsidiary.

 

“U.S. Government Obligations” means
securities that are:

 

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(1) direct obligations of, or obligations guaranteed
by, the United States of America for the timely payment of which its full faith and credit is pledged; or

 

(2) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America,

 

which, in either case, are not callable or redeemable
at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act), as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of
or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations
or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

 

“U.S. Person” means a U.S. Person
as defined in Rule 902(k) promulgated under the Securities Act.

 

“Vessel Appraisal” means a written
desktop appraisal of each Collateral Vessel prepared by an Approved Broker.

 

“Vessels” shall mean the vessels owned
by the Issuer or any Restricted Party.

 

“Vice President”, when used with respect
to the Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or
after the title “vice president”.

 

“Voting Stock” of any Person as of
any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of such Person.

 

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

 

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

 

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

 

“Wholly-Owned Restricted Subsidiary”
of any Person means a Wholly-Owned Subsidiary of such Person that is a Restricted Subsidiary.

 

“Wholly-Owned Subsidiary” of any Person
means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other than directors’ qualifying shares
and shares issued to foreign nationals as required by applicable law) shall at the time be owned by such Person or by one or more
Wholly-Owned Subsidiaries of such Person.

 

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SECTION 1.03.         Compliance
Certificates and Opinions

 

Upon any application or request by the Issuer
to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance which
constitutes a condition precedent) relating to the proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

 

(1)         a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

(2)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)         a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)         a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

SECTION 1.04.         Form of
Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give
an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion may be
based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Issuer stating that the information with respect to such factual matters is in the possession of the Issuer, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to such matters are erroneous.

 

Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

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SECTION 1.05.         Acts
of Holders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the
Issuer, if made in the manner provided in this Section.

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner that the Trustee deems sufficient.

 

(c)          The
principal amount and CUSIP numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Note Register.

 

(d)          If
the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act,
the Issuer may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. Such record date
shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date; provided,
that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven months after the record date. Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the
same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer or any Guarantor in reliance thereon,
whether or not notation of such action is made upon such Note.

 

SECTION 1.06.         Notices,
Etc., to Trustee, Issuer, any Guarantor and Agent. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(1)         the
Trustee by any Holder or by the Issuer or any Guarantor shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing via facsimile, email in PDF format or mailed, first class postage prepaid, or delivered by recognized overnight
courier, to or with the Trustee at 230 Park Avenue, 10th Floor, New York, New York 10169, or

 

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(2)         the
Issuer or any Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if made, given, furnished or delivered in writing via facsimile, or email in PDF or mailed, first class
postage prepaid, or delivered by recognized overnight courier, to the Issuer or such Guarantor addressed to International Seaways,
Inc., 600 Third Avenue, 39th Fl., New York, New York 10016, Attention: General Counsel or at any other address previously furnished
in writing to the Trustee by the Issuer or such Guarantor.

 

A copy of all notices to any Agent shall be
sent to the Trustee at the address shown above. Any Person may change its address by giving notice of such change as set forth
herein.

 

SECTION 1.07.         Notice
to Holders; Waiver. Where this Indenture provides for notice of any event to Holders by the Issuer or the Trustee, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and delivered electronically or mailed,
first class postage prepaid, to each Holder affected by such event, at his address as it appears in the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice
to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Notices given by first-class mail, postage prepaid,
shall be deemed given five calendar days after mailing or transmitting; notices sent by overnight delivery service will be deemed
given when delivered; and notices given electronically shall be deemed given when sent. Notice given in accordance with the procedures
of the Depository will be deemed given on the date sent to the Depository. Any notices required to be given to the holders of
Notes that are in global form will be given to the Depository in accordance with its customary procedures therefor.

 

The Trustee agrees to accept and act upon instructions
or directions pursuant to this Indenture , pdf sent by unsecured email, facsimile transmission or other similar unsecured electronic
methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall
be amended and replaced whenever a person is to be added or deleted from the listing and such direction shall be in a form reasonably
acceptable to the Trustee. If the Issuer elects to give the Trustee as described in the immediately preceding sentence and the
Trustee elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling.
The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance
upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.
The Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to
the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

In case by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to Holders when
such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

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SECTION 1.08.         Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
of reference only, are not intended to be considered a part hereof and shall not affect the construction hereof.

 

SECTION 1.09.         Successors
and Assigns. All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the
Trustee in this Indenture will bind its successors.

 

SECTION 1.10.         Severability
Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 1.11.         Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto, any Paying Agent, any Note Registrar, any other Agent and their successors hereunder and the Holders any benefit or any
legal or equitable right, remedy or claim under this Indenture.

 

SECTION 1.12.         Governing
Law; Submission to Jurisdiction. This Indenture, the Notes and any Note Guarantee shall be governed by and construed in accordance
with the laws of the State of New York. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE OR THE NOTES.

 

SECTION 1.13.         Legal
Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity or Maturity of any Note shall not
be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal (or premium,
if any) or interest or other required payment need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity or Maturity;
provided, that no interest shall accrue on such payment for the period from and after such Interest Payment Date, Redemption Date,
Stated Maturity or Maturity, as the case may be.

 

SECTION 1.14.         No
Personal Liability of Directors, Managers, Officers, Employees and Stockholders. No past, present or future director, manager,
officer, employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor or any of their parent companies
or entities (other than the Issuer in respect of the Notes and any Guarantor in respect of its Note Guarantee, if any) shall have
any liability for any obligations of the Issuer or the Guarantors under the Notes, any Note Guarantees or this Indenture or for
any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

SECTION 1.15.         Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be original; but such counterparts shall
together constitute but one and the same instrument. One signed copy is enough to prove this Indenture. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

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SECTION 1.16.         USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account.
The Issuer agrees that it will provide the Trustee with information about the Issuer as the Trustee may reasonably request in
order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

SECTION 1.17.         Waiver
of Jury Trial. EACH OF THE ISSUER, ANY GUARANTOR AND THE TRUSTEE AND EACH HOLDER OF A NOTE, BY ITS ACCEPTANCE THEREOF, THEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY OR HEREBY.

 

SECTION 1.18.         Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

SECTION 1.19.         FATCA.
In order to comply with Sections 1471 – 1474 of the Code, any current or future regulations or official interpretations
thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing,
any similar law or regulations adopted pursuant to such an intergovernmental agreement or any agreements entered into pursuant
to Section 1471(b)(1) of the Code (“FATCA”) that a foreign financial institution, issuer, trustee, paying agent,
or other party is or has agreed to be subject to related to this Indenture, the Issuer agrees (i) to use commercially reasonably
efforts to provide to the Trustee sufficient information about the parties and/or transactions (including any modification to
the terms of such transactions) that is reasonably requested by the Trustee so the Trustee can determine whether it has tax related
obligations under FATCA, and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under
this Indenture to the extent necessary to comply with FATCA for which the Trustee shall not have any liability. The terms of this
paragraph shall survive the satisfaction and discharge of this Indenture.

 

Article
Two

NOTE FORMS

 

SECTION 2.01.         Form and
Dating. Provisions relating to the Notes are set forth in Annex I attached hereto (the “Appendix”)
which is hereby incorporated in, and expressly made part of, this Indenture. The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated
in, and expressly made a part of, this Indenture. The Notes may have notations, legends or endorsements required by law,
stock exchange rule, agreements to which the Issuer is subject, if any, or usage (provided that any such notation, legend
or endorsement is in a form reasonably acceptable to the Issuer). The terms of the Note set forth in the Appendix are part of
the terms of this Indenture.

 

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SECTION 2.02.         Execution,
Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by at least one Officer. The
signature of any Officer on the Notes may be manual or facsimile signatures of the present or any future such authorized officer
and may be imprinted or otherwise reproduced on the Notes.

 

Notes bearing the manual or facsimile signature
of an individual who was at any time the proper Officer of the Issuer shall bind the Issuer, notwithstanding that such individual
has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of
such Notes.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee for its manual authentication,
together with an Issuer Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Issuer
Order shall authenticate and deliver such Notes.

 

On the Issue Date, the Issuer shall deliver the
Notes in the aggregate principal amount of $30,000,000 executed by the Issuer to the Trustee for authentication, together
with an Issuer Order for the authentication and delivery of such Notes, specifying the principal amount and registered holder of
each Note, directing the Trustee to authenticate the Notes and deliver the same to the persons named in such Issuer Order and the
Trustee in accordance with such Issuer Order shall manually authenticate and deliver such Notes. The Trustee shall receive an Officer’s
Certificate and Opinion of Counsel of the Issuer as to such matters as it may reasonably require in connection with such authentication
of Notes. Such Issuer Order shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes
is to be authenticated.

 

Each Note shall be dated the date of its authentication.

 

No Note shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially
in the form provided for herein duly executed by the Trustee by manual signature of an authorized signatory, and such certificate
upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture.

 

Article
Three

THE NOTES

 

SECTION 3.01.         Title and
Terms. The aggregate principal amount of Notes which may be authenticated and issued under this Indenture is $30,000,000.

 

The terms and provisions contained in the Notes
shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.

 

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The Notes shall be known and designated as the
“10.75% Step-Up Notes due 2023” of the Issuer. The Stated Maturity of the principal of Notes shall be June 15, 2023;
provided, that if the Indebtedness outstanding under the Senior Credit Agreement is extended, renewed, refunded, refinanced, replaced,
defeased or discharged (such date, the “Refinance Date”), the Stated Maturity of the principal of Notes shall
be June 15, 2022. The Notes shall bear interest at the rate of 10.75% per annum from the Issue Date, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for; provided, that the Notes shall bear interest at the rate
of 13.00% per annum beginning on the earlier of (i) December 15, 2020 and (ii) if the Refinance Date has occurred, the later of
the Refinance Date and June 15, 2020. Interest on the Notes shall be payable on September 15, 2018 and quarterly thereafter in
arrears on March 15, June 15, September 15 and December 15 of each year, until the principal thereof is paid or duly provided
for and to the Person in whose name the Note (or any Predecessor Note) is registered at the close of business (if applicable)
on the March 1, June 1, September 1 and December 1 (whether or not a Business Day) immediately preceding such Interest Payment
Date (each, a “Regular Record Date”). Any changes to the terms of the Notes under this Section 3.01 shall be
evidenced by an Officer’s Certificate.

 

The principal of (and premium, if any) and interest
on the Notes shall be payable at the office or agency of the Paying Agent maintained for such purpose as set forth in Section 3.02,
or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their respective addresses set
forth in the Note Register of Holders or by wire transfer; provided that all payments of principal, premium, if any, and
interest with respect to Notes represented by one or more Global Notes registered in the name of or held by the Depository
or its nominee will be made in accordance with the Depository’s applicable procedures.

 

The Notes shall be redeemable as provided in Article Eleven.

 

SECTION 3.02.         Note
Registrar, Transfer Agent and Paying Agent. The Issuer shall maintain one or more Paying Agents for the Notes in New
York. The Issuer hereby appoints the Trustee as the initial Paying Agent.

 

The Issuer shall be responsible for making calculations
called for under the Notes, including but not limited to determination of redemption price or other amounts payable on the Notes.
The Issuer will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the
Holders. The Issuer will provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee
is entitled to rely conclusively on the accuracy of the Issuer’s calculations without independent verification. The Trustee
shall forward the Issuer’s calculations to any Holder upon the written request of such Holder.

 

The Issuer will also maintain a registrar (the
“Note Registrar”) with offices in New York. The Issuer will also maintain a transfer agent (each, a “Transfer
Agent”) in New York. The Issuer hereby appoints the Trustee as the initial Note Registrar and Transfer Agent. The Note
Registrar and the Transfer Agent shall keep a register of the Notes and of their transfer and exchange (the register maintained
in such office or in any other office or agency designated pursuant to Section 10.02 being herein referred to as the
“Note Register”) and will facilitate transfer of Notes on behalf of the Issuer. The Note Register shall be in
written form or any other form capable of being converted into written form within a reasonable time. At all reasonable
times, the Note Register shall be open to inspection by the Trustee. The Issuer may change the Paying Agents, the Note Registrars
or the Transfer Agents without prior notice to the Holders. The Issuer may have one or more co-registrars and one or
more additional paying agents. The term “Note Registrar” includes any co-registrars. For the avoidance of doubt, there
shall only be one Note Register.

 

The Issuer shall enter into an appropriate agency
agreement with any Note Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of
this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and address of any such agent.
If the Issuer fails to maintain a Note Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to Section 6.07. The Issuer or any of its Subsidiaries may act as Paying Agent or Note Registrar.

 

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The Issuer acknowledges that neither the Trustee
nor any Agent makes any representations as to the interpretation or characterization of the transactions herein undertaken for
tax or any other purpose, in any jurisdiction.

 

SECTION 3.03.         Denominations.
The Notes shall be issuable only in registered form without coupons and only in minimum denominations of $2,000 and any integral
multiples of $1,000 in excess thereof.

 

SECTION 3.04.         Temporary
Notes. Pending the preparation of definitive Notes, the Issuer may execute, and upon Issuer Order the Trustee shall authenticate
and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Notes may determine, as conclusively evidenced by
their execution of such Notes.

 

If temporary Notes are issued, the Issuer will
cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes
shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated
for such purpose pursuant to Section 10.02, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled
to the same benefits under this Indenture as definitive Notes.

 

SECTION 3.05.         Registration
of Transfer and Exchange.

 

Upon surrender for registration of transfer of
any Note at the office or agency of the Issuer designated pursuant to Section 10.02, the Issuer shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized
denomination or denominations of a like aggregate principal amount.

 

At the option of the Holder, Notes may be exchanged
for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate
and deliver, the Notes which the Holder making the exchange is entitled to receive.

 

All Notes issued upon any registration of transfer
or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

Every Note presented or surrendered for registration
of transfer or for exchange shall (if so required by the Issuer or the Note Registrar) be duly endorsed, or be accompanied by written instruments
of transfer, in form satisfactory to the Issuer and the Note Registrar, duly executed by the Holder thereof or his attorney duly
authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange or redemption of Notes, but the Issuer may require payment of a sum sufficient to cover any taxes, fees
or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Sections 2.02, 3.04, 9.05 or 11.10 not involving any transfer.

 

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SECTION 3.06.         Mutilated,
Destroyed, Lost and Stolen Notes. If (1) any mutilated Note is surrendered to the Trustee, or (2) the Issuer and
the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the
Issuer and the Trustee such security or indemnity to save each of them harmless from any claim, loss, cost or liability resulting
from such lost or stolen Note that is reasonably acceptable to the Trustee and the Issuer, then, in the absence of written notice
to the Issuer or the Trustee that such Note has been acquired by a Protected Purchaser (as defined in Section 8-303 of
the Uniform Commercial Code) (a “Protected Purchaser”), the Issuer shall execute and upon Issuer Order
the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or
stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or
stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note,
pay such Note.

 

Upon the issuance of any new Note under this Section,
the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Note issued pursuant to this Section in
lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer,
whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled
to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

 

SECTION 3.07.         Payment
of Interest; Interest Rights Preserved.

 

(a)          Interest
on any Note which is payable, and is punctually paid or duly provided for, shall be paid by the Issuer by 12:00 pm (New York City
time) on any Interest Payment Date to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the
close of business (if applicable) on the Regular Record Date for such interest at the office or agency of the Issuer maintained
for such purpose pursuant to Section 10.02; provided that, subject to Section 3.01 hereof, each installment of interest may at
the Issuer’s option be paid by (1) mailing a check for such interest, payable to or upon the written order of the Person
entitled thereto pursuant to Section 3.08, to the address of such Person as it appears in the Note Register or (2) transfer to
an account maintained by the payee; provided that payment by wire transfer of immediately available funds shall be required with
respect to principal of, premium on, if any, and interest on, all Notes in global form and all other Notes the Holders of which
shall have provided wire transfer instructions to the Issuer and the Paying Agent; provided that for Notes not in global form the
Paying Agent shall have received from the Holders satisfactory wire transfer instructions at least 10 calendar days prior to the
related payment date and subject to surrender of the Note in the case of payments of principal and premium, if any.

 

(b)          Any
interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith
cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such defaulted interest
and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest
thereon herein collectively called “Defaulted Interest”) may be paid by the Issuer, at its election in each
case, as provided in clause (1) or (2) below:

 

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(1)         the
Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall
be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Issuer of such Special Record Date, and in the name and at the expense of the Issuer, shall
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner
provided for in Section 1.07, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest shall be paid to the Persons
in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following clause (2).

 

(2)         the
Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice
given by the Issuer to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

 

(c)          Subject
to the foregoing provisions of this Section, each Note delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Note.

 

SECTION 3.08.         Persons
Deemed Owners. Prior to the due presentment of a Note for registration of transfer, the Issuer, any Guarantor, the Trustee
and any agent of the Issuer or the Trustee may treat the Person in whose name such Note is registered as the owner of such Note
for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest
on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, any Guarantor,
the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

 

SECTION 3.09.         Cancellation.
All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be cancelled by the Trustee in accordance with its customary procedures.
The Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder
which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Notes previously authenticated hereunder which the Issuer has not issued and sold, and
all Notes so delivered shall be cancelled by the Trustee in accordance with its customary procedures. If the Issuer shall so acquire
any of the Notes, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented
by such Notes unless and until the same are surrendered to the Trustee for cancellation. No Notes shall be authenticated in lieu
of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled
Notes held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures.

 

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SECTION 3.10.         Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

SECTION 3.11.         Transfer
and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for
registration of transfer. When a Note is presented to the Note Registrar or a co-registrar with a request to register a transfer,
the Note Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of
the Uniform Commercial Code are met. When Notes are presented to the Note Registrar or a co-registrar with a request to exchange
them for an equal principal amount of Notes of other denominations, the Note Registrar shall make the exchange as requested if
the same requirements are met.

 

SECTION 3.12.         CUSIP,
ISIN and Common Code Numbers. The Issuer in issuing the Notes may use CUSIP, ISINs and “Common Code” numbers (in
each case, if then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such CUSIP, ISINs and
“Common Code” numbers in addition to serial numbers in notices of redemption, repurchase or other notices to Holders
as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness
of such CUSIP, ISINs and “Common Code” numbers either as printed on the Notes or as contained in any notice of a redemption
or repurchase and that reliance may be placed only on the serial or other identification numbers printed on the Notes, and any
such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify
the Trustee in writing of any change in the CUSIP, ISINs and “Common Code” numbers applicable to the Notes.

 

Article
Four

SATISFACTION AND DISCHARGE

 

SECTION 4.01.         Satisfaction
and Discharge of Indenture. This Indenture shall be discharged and cease to be of further effect as to all Notes and the Trustee,
at the request and expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture
when:

 

(1)         either:

 

(A)         all
Notes theretofore authenticated and delivered (except (i) Notes which have been mutilated, destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.06 and (ii) Notes for whose payment money has theretofore been
deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Issuer and thereafter repaid to
the Issuer or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation;
or

 

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(B)         

 

(i)          all
Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable by reason of the making of a notice
of redemption or otherwise; (y) will become due and payable within one year or (z) are to be called for redemption within
one year under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in
the name, and at the expense, of the Issuer;

 

(ii)         the
Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders of the Notes, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in an amount
(including scheduled payments thereon) sufficient, in the opinion of an Independent Financial Advisor, to pay and discharge the
entire Indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and
accrued interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity
or Redemption Date, as the case may be; provided, that upon any redemption that requires the payment of the Applicable Premium,
the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee
equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption
(any such amount the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior
to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the
Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall
be applied toward such redemption;

 

(iii)        no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect
to this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of
such deposit and such deposit shall not result in a breach or violation of, or constitute a default under any material agreement
or material instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer
or any Guarantor is bound (other than that resulting from borrowing funds to be applied to make such deposit and any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); and

 

(iv)        the
Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the Redemption Date, as the case may be;

 

(2)         the
Issuer has paid or caused to be paid all other sums payable by it under this Indenture; and

 

(3)         the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject
to customary assumptions and exclusions), each stating that all conditions precedent herein to the satisfaction and discharge of
this Indenture have been satisfied. Such Opinion of Counsel may rely on such Officer’s Certificate as to matters of fact,
including clauses (B)(i), (ii), (iii) and (iv).

 

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Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Issuer to the Trustee under Section 6.07, the obligations of the Issuer to any Authenticating
Agent under Section 6.12 and, if money or U.S. Government Obligations shall have been deposited with the Trustee pursuant
to clause (1)(B) of this Section 4.01, the obligations of the Trustee under Section 4.02 and the last paragraph of
Section 10.03 shall survive such satisfaction and discharge.

 

SECTION 4.02.         Application
of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all money or U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer acting as its own Paying Agent) of the principal (and premium, if any) and interest for whose payment
such money or U.S. Government Obligations has been deposited with the Trustee; but such money or U.S. Government Obligations need
not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to this
Section 4.02 or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the Outstanding Notes. The Trustee shall also deliver or pay to the Issuer from time
to time upon Issuer Request any money or U.S. Government Obligations held by it which, in the opinion of an Independent Financial
Advisor expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect an equivalent satisfaction and discharge, as applicable, in accordance with this Article
Four.

 

If the Trustee or Paying Agent is unable to apply
any money or U.S. Government Obligations in accordance with Section 4.01 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 4.01 until such time as the Trustee or Paying Agent is permitted to
apply all such money or U.S. Government Obligations in accordance with Section 4.01; provided that if the Issuer has
made any payment of principal of (and premium, if any) or interest on any Notes because of the reinstatement of its obligations,
the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

 

Article
Five

REMEDIES

 

SECTION 5.01.         Events
of Default. “Event of Default”, wherever used herein, means any one of the following events:

 

(1)         default
in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes;

 

(2)         default
for 30 days or more in the payment when due of interest on or with respect to the Notes;

 

(3)         failure
by the Issuer or any Restricted Party for 30 days after receipt of written notice given by the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Notes (with a copy to the Trustee) to comply with any of its obligations,
covenants or agreements (other than a default referred to in clauses (1) or (2) above) contained in this Indenture or
the Notes;

 

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(4)         failure
by the Issuer or any Restricted Party to (i) pay any principal, premium or interest, regardless of amount, due in respect of any
Indebtedness (other than the Obligations under this Indenture), when and as the same shall become due and payable beyond any applicable
grace period or (ii) observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument
evidencing or governing any such Indebtedness if the effect of any failure referred to in this clause (ii) is to cause, or to permit
the holder or holders of such Indebtedness or a trustee or other representative on its or their behalf (with or without the giving
of notice, the lapse of time or both) to cause, such Indebtedness to become due prior to its stated maturity or become subject
to a mandatory offer to purchase by the obligor; provided, that it shall not constitute an Event of Default pursuant to
this clause (4) unless the aggregate amount of all such Indebtedness referred to in clauses (i) and (ii) equals or exceeds $25.0
million at any one time;

 

(5)         failure
by the Issuer or any Restricted Party to pay final judgments aggregating in an amount equal to or in excess of $25.0 million (to
the extent not covered by insurance as to which the insurer has been notified of such judgment or order and has not denied its
obligation), which final judgments remain unpaid, undischarged, unstayed, unvacated or unbonded for a period of more than 30 consecutive days,
or any action shall be legally taken by a judgment creditor to levy upon priorities of the Issuer or any Restricted Party to enforce
such judgment;

 

(6)         an
Insolvency Proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of the Issuer, or any Restricted Party or of a substantial part of the property of the Issuer or any Restricted
Party, under the Bankruptcy Law, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency,
receivership or similar Legal Requirement, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, liquidator,
rehabilitator or similar official for the Issuer or any Restricted Party a substantial part of the property of the Issuer or any
Restricted Party; or (iii) the winding-up or liquidation of the Issuer or any Restricted Party; and such proceeding or petition
shall continue undismissed for 60 days or an Order approving or ordering any of the foregoing shall be entered;

 

(7)         one
or more ERISA Events shall have occurred that, when taken together with all other such ERISA Events that have occurred, or any
event similar to the foregoing shall have occurred or exists with respect to a Non-U.S. Plan, including, but not limited to, the
issue of a Financial Support Direction and/or a Contribution Notice or the winding-up of the Non-U.S. Plan, in any such case that
would reasonably be expected to result in a material adverse effect on, or a material adverse change in, the condition (financial
or otherwise), results of operations, business, properties, assets or liabilities (contingent or otherwise) of the Issuer and the
Restricted Parties, taken as a whole; or

 

(8)         there
shall have occurred a Change of Control.

 

SECTION 5.02.         Acceleration
of Maturity: Rescission and Annulment.

 

(a)          If
any Event of Default (other than an Event of Default specified in Section 5.01(6) above) occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding Notes issued under this Indenture may declare
the principal, premium, if any, interest and any other monetary obligations on all the Outstanding Notes to be due and payable
immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders).

 

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(b)          Upon
the effectiveness of a declaration under Section 5.02(a), such principal and interest will be due and payable immediately. Notwithstanding
the foregoing, in the case of an Event of Default arising under Section 5.01(6), the principal of and interest on all Outstanding
Notes will become due and payable without further action or notice. The Trustee shall have no obligation to accelerate the Notes
if, in the reasonable judgment of the Trustee, acceleration is not in the best interest of the Holders.

 

(c)          At
any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in aggregate principal amount of the
Outstanding Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences,
so long as such rescission and annulment would not conflict with any judgment of a court of competent jurisdiction, if:

 

(1)         the
Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)         all
overdue interest on all Outstanding Notes,

 

(B)         all
unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such declaration of
acceleration, and interest on such unpaid principal at the rate borne by the Notes,

 

(C)         to
the extent that payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes, and

 

(D)         all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)         Events
of Default, other than the non-payment of amounts of principal of (or premium, if any, on) or interest on Notes, which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13,

 

provided that no such rescission shall affect any subsequent default
or impair any right consequent thereon.

 

(d)          Notwithstanding
the preceding paragraph, in the event of any Event of Default specified in Section 5.01(4), such Event of Default and all
consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled,
waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event
of Default arose:

 

(1)         the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or

 

(2)         the
requisite holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to
such Event of Default; or

 

(3)         the
default that is the basis for such Event of Default has been cured.

 

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(e)          If
the Notes are accelerated or otherwise become due prior to their Stated Maturity, in each case, as a result of an Event of Default
on or after June 15, 2020, the amount of principal of, accrued and unpaid interest and premium on the Notes that becomes due and
payable shall equal the redemption price applicable with respect to an optional redemption of the Notes pursuant to Section 11.01(b),
in effect on the date of such acceleration as if such acceleration were an optional redemption of the Notes accelerated. If the
Notes are accelerated or otherwise become due prior to their Stated Maturity, in each case, as a result of an Event of Default
prior to June 15, 2020, the amount of principal of, accrued and unpaid interest and premium on the Notes that becomes due and payable
shall equal 100% of the principal amount of the Notes redeemed plus the Applicable Premium in effect on the date of such acceleration,
as if such acceleration were an optional redemption of the Notes accelerated pursuant to Section 11.01(a).

 

(f)          Without
limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due
prior to their Stated Maturity, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence
of a bankruptcy or insolvency event (including the acceleration of claims by operation of law)), the premium applicable with respect
to an optional redemption of the Notes will also be due and payable, in cash, as though the Notes were optionally redeemed pursuant
to Section 11.01 and shall constitute part of the Obligations under the Notes, in view of the impracticability and extreme difficulty
of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Holder’s lost
profits as a result thereof. Any premium payable above shall be presumed to be the liquidated damages sustained by each Holder
as the result of the early redemption and the Company agrees that it is reasonable under the circumstances currently existing.

 

(g)          The
premium shall also be payable in the event the Notes (and/or this Indenture) are satisfied or released by foreclosure (whether
by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE ISSUER EXPRESSLY WAIVES (TO THE FULLEST
EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION
OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuer expressly agrees (to the fullest extent it may lawfully
do so) that: (1) the premium is reasonable and is the product of an arm’s length transaction between sophisticated business
people, ably represented by counsel; (2) the premium shall be payable notwithstanding the then prevailing market rates at
the time payment is made; (3) there has been a course of conduct between Holders and the Issuer giving specific consideration
in this transaction for such agreement to pay the premium; and (4) the Issuer shall be estopped hereafter from claiming differently
than as agreed to in this paragraph. The Issuer expressly acknowledges that its agreement to pay the premium to Holders as herein
described is a material inducement to Holders to purchase the notes.

 

SECTION 5.03.         Collection
of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants that if:

 

(1)         default
is made in the payment of any installment of interest on any Note when such interest becomes due and payable and such default continues
for a period of 30 days, or

 

(2)         default
is made in the payment of the principal of (or premium, if any, on) any Note at the Maturity thereof, the Issuer will, upon demand
of the Trustee, pay to the Trustee for the benefit of the Holders of such Notes, the whole amount then due and payable on such
Notes for principal (and premium, if any) and interest, and interest on any overdue principal (and premium, if any) and, to the
extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate borne
by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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If the Issuer fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer,
any Guarantor or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Issuer, any Guarantor or any other obligor upon the Notes, wherever situated.

 

If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders under this Indenture
and any Note Guarantees by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any
such rights, including seeking recourse against any Guarantor, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including seeking
recourse against any Guarantor.

 

SECTION 5.04.         Trustee
May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other obligor including any Guarantor,
upon the Notes or the property of the Issuer or of such other obligor or their creditors, the Trustee (irrespective of whether
the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Issuer for the payment of overdue principal, premium, if any, or interest)
shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(1)         to
file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the
Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceeding, and

 

(2)         to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee hereunder.

 

Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding. The Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy
or similar official and be a member of a creditors’ committee or other similar committee.

 

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SECTION 5.05.         Trustee
May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes may
be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment
has been recovered.

 

SECTION 5.06.         Application
of Money Collected. Any money or property collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium,
if any) or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

 

FIRST: To the payment of all
amounts due the Trustee and the Agents and their respective agents and attorneys (including any predecessor Trustee or Agent) hereunder;

 

SECOND: To the payment of the
amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Notes for principal (and premium, if any) and interest, respectively; and

 

THIRD: The balance, if any, to the
Issuer or as a court of competent jurisdiction may direct in writing; provided that all sums due and owing to the Holders
and the Trustee have been paid in full as required by this Indenture.

 

The Trustee may fix a record date
and payment date for any payment to Holders of Notes pursuant to this Section 5.06.

 

SECTION 5.07.         Limitation
on Suits. Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder shall
pursue any remedy with respect to this Indenture or the Notes, unless:

 

(1)         such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)         Holders
of at least 25% in aggregate principal amount of the total Outstanding Notes have requested the Trustee in writing to pursue the
remedy;

 

(3)         Holders
have offered and, if requested, provided to the Trustee indemnity or security reasonably satisfactory to the Trustee against any
loss, liability or expense;

 

(4)         the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity;
and

 

(5)         Holders
of a majority in aggregate principal amount of the total Outstanding Notes have not given the Trustee a direction inconsistent
with such request within such 60-day period,

 

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it being understood and intended that no one or more Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or
to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the
Holders (it being further understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions
or forbearances are unduly prejudicial to such Holders).

 

SECTION 5.08.         Right
of Holders to Bring Suit for Payment. Subject to Article Twelve and notwithstanding any other provision of this Indenture,
the contractual right of any Holder of any outstanding Note to bring suit for the enforcement of any payment of principal of,
premium, if any, and interest on such Note, on or after the respective due date expressed in such Note, shall not be impaired
or affected without the consent of such Holder.

 

SECTION 5.09.         Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this
Indenture or any Note Guarantee and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the
Issuer, any Guarantor, any other obligor of the Notes, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

SECTION 5.10.         Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to
the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 5.11.         Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

SECTION 5.12.         Control
by Holders. The Holders of a majority in aggregate principal amount of the Outstanding Notes shall have the right to direct
the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee, or of exercising any
trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this
Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or would involve the Trustee
in personal liability. The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction.

 

SECTION 5.13.         Waiver
of Past Defaults. Holders of a majority in aggregate principal amount of the then Outstanding Notes by notice to the Trustee
may on behalf of the Holders of all the Notes waive any existing Default or Event of Default and its consequences under this Indenture
(except (1) a continuing Default or Event of Default in the payment of interest on, premium, if any, or the principal of any such
Note held by a non-consenting Holder, or (2) in respect of a covenant or provision hereof or in any Note Guarantee which under
Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Note affected which shall require
the consent of all Holders of the Notes) and rescind any acceleration and its consequences with respect to the Notes; provided
such rescission would not conflict with any judgment of a court of competent jurisdiction.

 

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Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but
no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

SECTION 5.14.         Waiver
of Stay or Extension Laws. Each of the Issuer and any other obligor on the Notes covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and each of the Issuer and any other obligor on the Notes (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

SECTION 5.15.         Undertaking
for Costs.

 

In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court
in its discretion may assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 5.15 does
not apply to a suit by the Trustee, a suit by a Holder relating to right to payment hereof, or a suit by Holders of more than 10%
in principal amount of the then Outstanding Notes.

 

Article
Six

THE TRUSTEE

 

SECTION 6.01.         Duties
of the Trustee.

 

(a)          Except
during the continuance of an Event of Default,

 

(1)         the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)         in
the absence of gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to
the requirements of this Indenture; but in the case of any such certificates or opinions specifically required by any provision
hereof to be provided to it, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture, but not to verify the contents thereof including the accuracy of any mathematical calculations.

 

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(b)          If
an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the degree of care of a prudent Person under the circumstances in the conduct of such Person’s own affairs.

 

(c)          No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that

 

(1)         this
paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section;

 

(2)         the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved in
a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts;

 

(3)         the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in aggregate principal amount of the Outstanding Notes relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture; and

 

(4)         No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers vested in it by this Indenture,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it.

 

(d)          Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section.

 

SECTION 6.02.         Notice
of Defaults. Within 90 days after the occurrence of any Default or Event of Default hereunder is actually known to the
Trustee, the Trustee shall transmit to the Holders notice of such Default or Event of Default hereunder known to the Trustee,
unless such Default or Event of Default shall have been cured or waived; provided that, except in the case of a Default
or Event of Default in the payment of the principal of (or premium, if any, on) or interest on any Note, the Trustee shall be
protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice
is in the best interest of the Holders.

 

SECTION 6.03.         Certain
Rights of Trustee.

 

(1)         The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented
by the proper party or parties.

 

(2)         Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, or both. The
Trustee will not be liable for any action it takes or omits to take in good faith reliance on such Officer’s Certificate
or Opinion of Counsel.

 

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(3)         Any
request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order and any
resolution of the Board may be sufficiently evidenced by a Board Resolution certified by the Secretary or an Assistant Secretary
of the Issuer to have been duly adopted by the Board of the Issuer and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

(4)         Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate or Opinion of Counsel.

 

(5)         The
Trustee shall not be charged with knowledge of any fact, Default or Event of Default with respect to the Notes unless a Responsible
Officer has actual knowledge of such or unless written notice of such fact, Default or Event of Default shall have been received
by a Responsible Officer from the Issuer, any other obligor of the Notes or from Holders of at least 25% of the aggregate principal
amount of the Notes and references this Indenture and the Notes. Delivery of any reports to the Trustee pursuant to Section 10.09
is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

(6)         The
Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the advice or opinion of such counsel or Opinion of Counsel.

 

(7)         The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and indemnity
reasonably satisfactory to it against any loss, liability or expense.

 

(8)         The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, or inquire as to the performance by the Issuer of any of its covenants in this Indenture or inquire
as to the performance by the Issuer of any of its covenants in this Indenture, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or
by agent or attorney at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation.

 

(9)         The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder.

 

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(10)        The
Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture.

 

(11)        The
rights, privileges, protections, immunities and benefits given to the Trustee hereunder and under the Notes, including its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder whether as an
Agent or otherwise, and each agent, custodian and other Person employed to act hereunder.

 

(12)        The
Trustee may request that the Issuer deliver an Incumbency Certificate substantially in the form of Exhibit A hereto setting
forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Incumbency Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded.

 

(13)        The
Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and powers under this
Indenture.

 

(14)        In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its reasonable control, including, without limitation, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunction
of utilities, third-party communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices to resume performance as soon as practicable under the
circumstances.

 

(15)        In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(16)        The
permissive right of the Trustee to take actions permitted by this Indenture shall not be construed as an obligation or duty to
do so.

 

(17)        The
Trustee shall have no duty to monitor, inquire as to or ascertain compliance with the Issuer’s covenants set forth herein,
other than with respect to payments described in Section 10.01.

 

(18)        The
Trustee may retain and act through agents in connection with the administration of this Indenture and shall have no liability or
responsibility for the action or inaction of any agent appointed in good faith.

 

SECTION 6.04.         Trustee
Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except for the Trustee’s
certificates of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any Agent assumes
responsibility for their correctness. Neither the Trustee nor any Agent makes representations as to the validity or sufficiency
of this Indenture or of the Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any Agent shall be accountable for the use
or application by the Issuer of Notes or the proceeds thereof or any other documents used in connection with the sale or distribution
of the Notes.

 

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SECTION 6.05.         May Hold
Notes. The Trustee, any Paying Agent, any Note Registrar or any other agent of the Issuer or of the Trustee, in its individual
or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it
would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent; provided, that, if it acquires
any conflicting interest (as such term is defined in the Trust Indenture Act), it must eliminate such conflict within 90 days,
apply to the SEC for permission to continue or resign as Trustee.

 

SECTION 6.06.         Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed
in writing with the Issuer.

 

SECTION 6.07.         Compensation
and Reimbursement. The Issuer agrees:

 

(1)         to
pay to the Trustee from time to time such compensation as shall be agreed in writing between the Issuer and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined
to have been caused by its own gross negligence or willful misconduct; and

 

(3)         to
indemnify the Trustee, and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim, damage
or expense, including taxes (other than the taxes based on the income of the Trustee) incurred without gross negligence or
willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust, including
the reasonable costs and expenses of defending itself against any claim regardless of whether the claim is asserted by the Issuer,
any Guarantor, a Holder or any other Person or liability in connection with the exercise or performance of any of its powers or
duties hereunder, including the reasonable costs and expenses of enforcing this Indenture or any Note Guarantee against the Issuer
or any Guarantor (including this Section 6.07).

 

The obligations of the Issuer under this Section to
compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless
the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture
and resignation or removal of the Trustee. As security for the performance of such obligations of the Issuer, the Trustee shall
have a lien prior to the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust
solely for the benefit of the Holders entitled thereto for the payment of principal of (and premium, if any) or interest on particular
Notes.

 

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Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.01(6), the expenses (including the reasonable charges and expenses of its counsel) of and the compensation
for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law. “Trustee”
for the purposes of this Section 6.07 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder
and each Agent, any other agent, custodian and other person employed to act hereunder as permitted by this Indenture; provided,
however, that the gross negligence or willful misconduct of any predecessor Trustee hereunder shall not affect the rights
of any other successor Trustee hereunder (other than a successor Trustee that is successor by merger or consolidation to such predecessor
Trustee).

 

The provisions of this Section shall survive
the satisfaction and discharge of this Indenture and resignation or removal of the Trustee (or any Agent, as applicable).

 

SECTION 6.08.         Corporate
Trustee Required; Eligibility. There shall be at all times a Trustee hereunder which shall be eligible to act as Trustee under
TIA Section 310(a)(1) and shall be a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power and that is subject to
supervision or examination by U.S. federal or state authorities. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of federal, State, territorial or District of Columbia supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

 

SECTION 6.09.         Resignation
and Removal; Appointment of Successor.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.10.

 

(b)          The
Trustee may resign at any time by giving 30 days’ prior written notice thereof to the Issuer. Upon receiving such notice
of resignation, the Issuer shall promptly appoint a successor trustee by written instrument, a copy of which shall be delivered
to the resigning Trustee and a copy to the successor Trustee. If the instrument of acceptance by a successor Trustee required by
Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a
successor Trustee.

 

(c)          The
Trustee may be removed at any time by Act of the Holders of not less than a majority in principal amount of the Outstanding Notes,
delivered to the Trustee and to the Issuer 30 days prior to the removal’s effectiveness. If the instrument of acceptance
by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of removal, the Trustee being removed may petition, at the expense of the Issuer, any court of competent
jurisdiction for the appointment of a successor Trustee.

 

(d)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, the Issuer shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Issuer.
If no successor Trustee shall have been so appointed by the Issuer or the Holders and accepted appointment in the manner hereinafter
provided, the Trustee or any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

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(e)          the
Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the
Holders in the manner provided for in Section 1.07. Each notice shall include the name of the successor Trustee and the address
of its Corporate Trust Office.

 

SECTION 6.10.         Acceptance
of Appointment by Successor.

 

(a)          Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges
and subject to its lien, if any, provided for in Section 6.07, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Issuer
shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts.

 

(b)          No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be eligible under
this Article and the resigning or removed Trustee shall have no liability or responsibility for the action or inaction of any successor
Trustee.

 

SECTION 6.11.         Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder; provided such corporation shall be otherwise eligible under this Article, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes. In case at that time any of the Notes shall not have been authenticated,
any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
Trustee. In all such cases such certificates shall have the full force and effect which this Indenture provides for the certificate
of authentication of the Trustee shall have; provided that, the right to adopt the certificate of authentication of any
predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors
by merger, conversion or consolidation.

 

SECTION 6.12.         Appointment
of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may appoint one or more agents
(each an “Authenticating Agent”) with respect to the Notes which shall be authorized to act on behalf of the
Trustee to authenticate Notes and the Trustee shall give written notice of such appointment to all Holders of Notes with
respect to which such Authenticating Agent will serve, in the manner provided for in Section 1.07. Notes so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by
the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by an authorized signatory of
the Trustee, and a copy of such instrument shall be promptly furnished to the Issuer. Wherever reference is made in this Indenture
to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to
the Issuer.

 

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Any corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all the corporate agency
or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided such corporation
shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Issuer and shall give written notice of such appointment to all Holders of Notes, in the manner provided for in Section 1.07.
Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

 

The Issuer agrees to pay to each Authenticating
Agent from time to time such compensation for its services under this Section as shall be agreed in writing between the Issuer
and such Authenticating Agent.

 

If an appointment is made pursuant to this Section,
the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate
of authentication in the following form:

 

This is one of the Notes referred to in the
within-mentioned Indenture.

 

	 	GLAS Trust Company LLC,
	 	as Trustee
	 	 	 
	Date: ___________________	By:	 
	 	 	as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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Article
Seven

HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER

 

SECTION 7.01.         Issuer
to Furnish Trustee Names and Addresses. The Issuer will furnish or cause to be furnished to the Trustee:

 

(1)         semiannually,
not more than 10 days after each Regular Record Date, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders as of such Regular Record Date; and

 

(2)         at
such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content to that in clause (1) hereof as of a date not more than 15 days prior
to the time such list is furnished;

 

provided that, if and so long as the Trustee shall be a Note
Registrar, no such list need be furnished.

 

SECTION 7.02.         Reports
by Trustee.

 

Within 60 days after December 31 of
each year commencing with December 31, 2018, the Trustee shall transmit to the Holders of Notes (with a copy to the Issuer
at the address specified in Section 1.06), in the manner and to the extent provided in TIA Section 313(c), a brief report
dated as of such December 31 that complies with TIA Section 313(a), if so required by that Section. The Trustee
also shall comply with TIA Section 313(b). A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with each stock exchange, if any, upon which the Notes are listed, with the SEC to the extent the Notes
are registered, and with the Issuer. The Issuer will promptly notify the Trustee in writing when the Notes are listed on any stock
exchange and any delisting thereof.

 

Article
Eight

MERGER, CONSOLIDATION, AMALGAMATION OR SALE

OF ALL OR SUBSTANTIALLY ALL ASSETS

 

SECTION 8.01.         Issuer
and Restricted Parties May Consolidate, Etc., Only on Certain Terms. The Issuer will not, and will not permit any Restricted
Party to, wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, except that the
following shall be permitted:

 

(a)          disposition
of assets in compliance with Section 10.17 of this Indenture;

 

(b)          any
Solvent Restricted Party may merge or consolidate with or into the Issuer or another Restricted Party (so long as, (i) in the event
the Operating Company is a party to such merger or consolidation, the Operating Company shall be the surviving person, and (ii)
in any other case, a Restricted Subsidiary shall be the surviving person and shall remain, directly or indirectly, a Wholly-Owned
Restricted Subsidiary of the Operating Company);

 

(c)          any
Restricted Party may dissolve, liquidate or wind up its affairs at any time if such dissolution, liquidation or winding up would
not reasonably be expected to be disadvantageous to the Holders in any material respect; and

 

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(d)          Permitted
Acquisitions as defined under the Senior Credit Agreement.

 

Article
Nine

SUPPLEMENTAL INDENTURES

 

SECTION 9.01.         Amendments
or Supplements Without Consent of Holders. The Issuer and the Trustee, without the consent of any Holder, may amend the Notes
and this Indenture for any of the following purposes:

 

(1)         to
cure any ambiguity, omission, mistake, defect or inconsistency;

 

(2)         to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)         to
comply with Article Eight of this Indenture;

 

(4)         to
provide for the assumption of the Issuer’s obligations to the Holders pursuant to the terms of this Indenture;

 

(5)         to
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights under this Indenture of any such Holder in any material respect;

 

(6)         to
add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer;

 

(7)         to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act, if applicable;

 

(8)         to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor Paying Agent
under this Indenture;

 

(9)         to
add any Guarantor or a co-obligor of the Notes under this Indenture;

 

(10)        to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including, without limitation, to facilitate the issuance and administration of the Notes; provided, however, that such
amendment does not materially and adversely affect the rights of Holders to transfer Notes;

 

(11)        to
secure the Notes and/or any related Note Guarantee;

 

(12)        to
release a Guarantor, if any, from its Note Guarantee pursuant to this Indenture when permitted or required by this Indenture;

 

(13)        to
release and discharge any Lien securing the Notes when permitted by this Indenture (including pursuant to the second paragraph
of Section 10.12); and

 

(14)        to
comply with the rules of any applicable securities depositary.

 

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SECTION 9.02.         Amendments,
Supplements or Waivers with Consent of Holders.

 

(a)          With
the consent of the Holders of at least a majority in aggregate principal amount of the then Outstanding Notes, other than Notes
beneficially owned by the Issuer or its Affiliates, including consents or waivers obtained in connection with a purchase of, or
tender offer or exchange offer for, the Notes, the Issuer, any Guarantor (with respect to any Note Guarantee to which it is a party
or this Indenture) and the Trustee may amend or supplement this Indenture, the Notes or any Note Guarantee, and any existing
Default or Event of Default or compliance with any provision of this Indenture, the Notes or any Note Guarantee may be waived;
provided that, without the consent of each affected Holder, no such amendment, supplement or waiver shall, with respect
to any Notes held by a non-consenting Holder:

 

(1)         reduce
the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)         reduce
the principal of or change the Maturity of any such Note or reduce the premium payable upon the redemption of such Notes or change
the time at which such Notes may be redeemed pursuant to Section 11.01; provided that any amendment to the minimum
notice requirement may be made with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding
Notes;

 

(3)         reduce
the rate of or change the time for payment of interest on any Note,

 

(4)         waive
a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Outstanding Notes and a
waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in this
Indenture or any Note Guarantee which cannot be amended or modified without the consent of all affected Holders;

 

(5)         make
any Note payable in money other than that stated therein;

 

(6)         make
any change in Section 5.13 or the rights of Holders to receive payments of principal of or premium, if any, or interest
on the Notes;

 

(7)         make
any change in these amendment and waiver provisions;

 

(8)         amend
the contractual right expressly set forth in this Indenture or any Note of any Holder to institute suit for the enforcement of
any payment of principal, premium, if any, and interest on such Holder’s Notes on or after the due dates therefor; or

 

(9)         make
any change to or modify the ranking of the Notes that would adversely affect the Holders.

 

(b)          It
shall not be necessary for the consent of Holders under this Section 9.02 to approve the particular form of any proposed
amendment or waiver, and it shall be sufficient if such consent approves the substance thereof.

 

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SECTION 9.03.         Execution
of Amendments, Supplements or Waivers. In executing, or accepting the additional trusts created by, any amendment, supplement
or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall
be provided with, and shall be fully protected in relying upon, an Officer’s Certificate and Opinion of Counsel stating
that the execution of such amendment, supplement or waiver is authorized and permitted by this Indenture and that such amendment,
supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against
them in accordance with its terms, subject to customary exceptions and qualifications, and complies with the provisions hereof.
Guarantors may, but shall not be required to, execute supplemental indentures that do not modify such Guarantor’s Note Guarantee.
The Trustee may, but shall not be obligated to, enter into any such amendment, supplement or waiver which affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

SECTION 9.04.         Effect
of Amendments, Supplements or Waivers. Upon the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith, and such amendment, supplement or waiver shall form a part of this Indenture for
all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

SECTION 9.05.         Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Issuer shall so determine, new Notes so modified as to conform, in the opinion
of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated
and delivered by the Trustee in exchange for Outstanding Notes.

 

SECTION 9.06.         Notice
of Supplemental Indentures. Promptly after the execution by the Issuer, any Guarantor and the Trustee of any supplemental
indenture pursuant to the provisions of Section 9.02, the Issuer shall give notice thereof to the Holders of each Outstanding
Note affected, in the manner provided for in Section 1.07, setting forth in general terms the substance of such supplemental
indenture; provided that failure to give such notice shall not impair the validity of such supplemental indenture.

 

Article
Ten

COVENANTS

 

SECTION 10.01.         Payment
of Principal, Premium, if any, and Interest. The Issuer covenants and agrees for the benefit of the Holders that it will duly
and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with the terms of the Notes
and this Indenture. The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall
pay interest on overdue installments of interest at the same rate to the extent lawful.

 

SECTION 10.02.         Maintenance
of Office or Agency. The Issuer will maintain in The City of New York, an office or agency where Notes may be presented or
surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Issuer in respect of the Notes and this Indenture may be served. The designated office of the Trustee shall be
such office or agency of the Issuer in The City of New York, unless the Issuer shall designate and maintain some other office
or agency for one or more of such purposes. The Issuer will give prompt written notice to the Trustee of any change
in the location of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands.

 

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The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may
from time to time rescind any such designation; provided, that no such designation or rescission shall in any manner relieve the
Issuer of its obligation to maintain an office or agency in The City of New York. The Issuer will give prompt written notice
to the Trustee of any such designation or rescission and any change in the location of any such other office or agency.

 

SECTION 10.03.         Money
for Notes Payments to Be Held in Trust. If the Issuer shall at any time act as its own Paying Agent, it will, on or before
each due date of the principal of (or premium, if any) or interest on any of the Notes, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any) or interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing
of its action or failure so to act.

 

Whenever the Issuer shall have one or more
Paying Agents for the Notes, it will, on or before each due date of the principal of (or premium, if any) or interest on any Notes
in accordance with Section 10.01, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or
interest, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee in writing of such action
or any failure so to act.

 

Each Paying Agent agrees:

 

(1)         that
it will hold all sums received by it as Paying Agent for the payment of the principal of or interest on any Notes in trust for
the benefit of the Holders or of the Trustee;

 

(2)         that
it will give the Trustee notice of any failure by the Issuer to make any payment of the principal of or interest on any Notes and
any other payments to be made by or on behalf of the Issuer under this Indenture or the Notes when the same shall be due and payable;
and

 

(3)         that
it will pay any such sums so held in trust by it to the Trustee forthwith upon the Trustee’s written request at any
time during the continuance of the failure referred to in clause (2) above.

 

The Issuer may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal of (or premium, if any) or interest on any Note and
remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer
on Issuer Request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter,
as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, that
the Issuer shall cause to be published once, in a newspaper published in the English language, customarily published on each Business
Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Issuer.

 

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SECTION 10.04.         Organizational
Existence. Subject to Article Eight, the Issuer will do or cause to be done all things necessary to preserve and
keep in full force and effect its organizational existence and that of each Restricted Party and the rights and franchises of
the Issuer and each Restricted Party to conduct business; provided, that the Issuer shall not be required to preserve any
such right or franchise if the Board of the Issuer shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Issuer and its Subsidiaries, taken as a whole. For the avoidance of doubt, the Issuer and the Restricted
Parties will be permitted to change their organizational form; provided that for so long as the Issuer is not a corporation,
there will be a co-issuer of the Notes that is a corporation.

 

SECTION 10.05.         Payment
of Taxes and Other Claims. The Issuer will pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all material taxes, assessments and governmental charges levied or imposed upon the Issuer or any Subsidiary
or upon the income, profits or property of the Issuer or any Subsidiary and (2) all material lawful claims for labor, materials
and supplies, which, if unpaid, might by law become a lien upon the property of the Issuer or any Subsidiary; provided,
that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate
reserves, if necessary (in the good faith judgment of management of the Issuer) are being maintained in accordance with GAAP.

 

SECTION 10.06.         Net
Worth Maintenance. The Issuer shall not permit its Net Worth to be less than $600,000,000 at any time.

 

SECTION 10.07.         No
Adverse Amendment. The Issuer shall not, and shall cause each Restricted Party not to, directly or indirectly, amend or modify,
or permit the amendment or modification of, any provision of the Senior Credit Agreement (as in effect on the Issue Date after
giving effect to the Second Amendment thereto, but without giving effect to further amendments or modifications) (including any
waivers thereunder) in any manner that is, or would reasonably be expected to be, adverse in any material respect to the interests
of any Holder, including (i) any provision that may prohibit or restrict the Stated Maturity of the Notes, (ii) interest rate
payable thereunder and (iii) Sections 2.10(b), 5.10, 5.11, 5.17, 6.04, 6.05, 6.06, 6.07, 6.08, 6.09, 6.10, 6.14 and 6.15 thereof.

 

SECTION 10.08.         Statement
by Officer as to Default.

 

(a)          The
Issuer will deliver to the Trustee within 120 days after the end of each fiscal year, an Officer’s Certificate
stating that a review of the activities of the Issuer and the Restricted Parties during the preceding fiscal year has been
made under the supervision of the signing officer with a view to determining whether it has kept, observed, performed and fulfilled,
and has caused each of the Restricted Parties to keep, observe, perform and fulfill its obligations under this Indenture and further
stating that, to the best of his or her knowledge, the Issuer during such preceding fiscal year has kept, observed, performed
and fulfilled, and has caused each of the Restricted Parties to keep, observe, perform and fulfill each and every such covenant
contained in this Indenture and no Default or Event of Default occurred during such year and at the date of such certificate
there is no Default or Event of Default which has occurred and is continuing or, if such signers do know of such Default or Event
of Default, the certificate shall describe its status, with particularity and that, to the best of his or her knowledge, no event
has occurred and remains by reason of which payments on the account of the principal of or interest, if any, on the Notes is prohibited
or if such event has occurred, a description of the event and what action each is taking or proposes to take with respect thereto.
The Officer’s Certificate shall also notify the Trustee should the Issuer elect to change the manner in which it fixes its
fiscal year-end. For purposes of this Section 10.08(a), such compliance shall be determined without regard to any period
of grace or requirement of notice under this Indenture.

 

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(b)          When
any Default has occurred and is continuing under this Indenture, the Issuer shall deliver to the Trustee by registered or certified
mail or facsimile transmission an Officer’s Certificate specifying such event, notice or other action within 30 days of becoming
aware of such Default and the steps to be taken to cure such Default.

 

SECTION 10.09.         Reports
and Other Information.

 

(a)          Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Issuer shall provide to the
Holders and the Trustee (i) copies of the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) that the Issuer would be
required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act and (ii) cash and cash equivalents balance
for each of the Issuer and the Operating Company, separately, for each quarterly and annual reporting period. The Issuer shall
be deemed to have complied with the previous sentence to the extent that such information, documents and reports are filed with
the SEC via EDGAR, or any successor electronic delivery procedure.

 

(b)          In
addition, the Issuer shall furnish to prospective investors, upon their request, any information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act.

 

(c)          To
the extent any information is not provided within the time periods specified in this Section 10.09 and such information is
subsequently provided, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any Default
with respect thereto shall be deemed to have been cured.

 

(d)          The
Trustee shall have no liability or responsibility for the filing, delivery, timeliness or content of any report required or delivered
hereunder or in connection herewith (other than any report required under Section 7.02 hereof).

 

SECTION 10.10.         Limitation
on Restricted Payments. The Issuer shall not directly:

 

(I)         declare
or pay any dividend or make any payment or distribution on account of the Issuer’s Equity Interests, including any dividend
or distribution payable in connection with any merger, amalgamation or consolidation other than dividends, payments or distributions
by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer or in options, warrants or other
rights to purchase such Equity Interests (other than Disqualified Stock);

 

(II)        redeem,
purchase, repurchase, defease or otherwise acquire or retire for value any Equity Interests of the Issuer, including in connection
with any merger, amalgamation or consolidation, in each case, held by a Person other than the Issuer;

 

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(III)       make
any principal payment on, or redeem, purchase, repurchase, defease, discharge or otherwise acquire or retire for value, in each
case, prior to any scheduled repayment, sinking fund payment or maturity, any Junior Subordinated Indebtedness, other than the
prepayment, redemption, purchase, repurchase, defeasance, discharge or other acquisition or retirement of Junior Subordinated Indebtedness
in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year
of the date of prepayment, redemption, purchase, repurchase, defeasance, discharge or acquisition or retirement;

 

(IV)        make
any Investments, other than (a) Investments into the Operating Company; provided, that such Investment made with the proceeds
of a debt issuance of the Issuer shall only be permitted to the extent it increases the Operating Company’s capacity to make
distributions or dividend payments to the Issuer pursuant to any existing and future agreement or arrangement from time to time
that restricts or prohibits the Operating Company to do so, including, but not limited to, the Senior Credit Agreement, (b) so
long as no Event of Default then exists or would result therefrom, cash Investments in Subsidiaries for the purposes of or in connection
with the winding down or liquidation of such Subsidiaries in an aggregate amount not to exceed $5,000,000 from the Issue Date,
and (c) Investments existing on the Issue Date;

 

(all such payments and other actions set forth in clauses (I) through
(IV) above (other than any exceptions thereto) being collectively referred to as “Restricted Payments”),
unless, at the time of such Restricted Payment:

 

(1)         no
Event of Default shall have occurred and be continuing or would occur as a consequence thereof; and

 

(2)         such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer after the Issue Date
is less than:

 

(a)          for
the period beginning on the Issue Date until December 31, 2018, 50% of the Consolidated Net Income of the Issuer since the Issue
Date at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100%
of such deficit, or

 

(b)          for
the period beginning on January 1, 2019 and thereafter, the greater of (x) $5.0 million per calendar year (unused amounts of which
shall not be carried forward to the next calendar year) or (y) 50% of the Consolidated Net Income of the Issuer since the Issue
Date at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100%
of such deficit;

 

provided, that amounts permitted
under foregoing clauses (a) and (b) shall not be duplicative.

 

The amount of all Restricted Payments (other than
cash) will be the Fair Market Value on the date of the Restricted Payment of the assets or securities proposed to be transferred
or issued by the Issuer pursuant to the Restricted Payment.

 

SECTION 10.11.         Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)          The
Issuer shall not, and shall not permit any Restricted Party to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively,
an “incurrence”) with respect to any Indebtedness and the Issuer shall not issue any shares of Disqualified
Stock and shall not permit any Restricted Party to issue any shares of Disqualified Stock or any Restricted Party to issue Preferred
Stock.

 

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(b)          The
foregoing limitations shall not apply to the following, without duplication:

 

(1)         Indebtedness
of the Issuer and the Restricted Parties (x) in existence on the Issue Date and (y) incurred in connection with the Senior Credit
Facilities;

 

(2)         Indebtedness
of the Issuer and the Restricted Parties contemplated to be incurred in connection with the Transactions;

 

(3)         Indebtedness
that is secured by a Lien in respect of Purchase Money Obligations incurred for the purpose of financing all or any part of the
purchase price of Vessels or Chartered Vessels of the Issuer and the Restricted Parties, in an aggregate principal amount not to
exceed $162,500,000 from the Issue Date; provided, that such Indebtedness has an amortization schedule no less restrictive
and bears interest at a rate or spread no greater than as provided in the Senior Credit Agreement;

 

(4)         Permitted
Refinancing Indebtedness;

 

(5)         additional
amount of the Existing Notes issued pursuant to the option granted on May 24, 2018 by the Issuer to the underwriters of the offering
of the Existing Notes, in an aggregate principal amount not to exceed $5,000,000;

 

(6)         Indebtedness
under Hedging Obligations under Permitted Hedging Agreements, in each case entered into in the ordinary course of business and
not for speculative purposes; provided, that if such Hedging Obligations relate to interest rates, (i) such Hedging Obligations
relate to payment obligations on Indebtedness otherwise permitted to be incurred hereunder and (ii) the notional principal amount
of such Hedging Obligations at the time incurred does not exceed the principal amount of the Indebtedness to which such Hedging
Obligations relate;

 

(7)         Indebtedness
in respect of bid, performance, customs or surety bonds issued for the account of the Issuer or any Restricted Party in the ordinary
course of business, including guarantees or obligations of the Issuer or any Restricted Party with respect to letters of credit
supporting such bid, performance, customs or surety obligations (in each case other than for an obligation for borrowed money),
in an aggregate amount not to exceed $5,000,000 at any time outstanding;

 

(8)         Contingent
Obligations (i) (x) of the Issuer in respect of Indebtedness of any Restricted Party and (y) of any Restricted Party in respect
of Indebtedness of the Issuer or any other Restricted Party, in each case, to the extent that such Indebtedness is otherwise permitted
to be incurred pursuant to this Section 10.11 (other than clause (i) of this Section 10.11(b)); provided, that if the Indebtedness
to be guaranteed is subordinated to the Notes, then the guarantees permitted under this clause (8) shall be subordinated to the
Notes to the same extent and on the same terms as the Indebtedness so guaranteed is subordinated to the Notes, and (ii) of the
Issuer in respect of ordinary course commercial operations or charters relating to Vessels; provided, that obligations for
borrowed money shall be excluded from this clause (ii);

 

(9)         Indebtedness
arising in connection with endorsement of instruments for deposit in the ordinary course of business;

 

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(10)        Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business;

 

(11)        Attributable
Indebtedness permitted to be incurred under Section 10.15 hereof with respect to Sale and Leaseback Transactions;

 

(12)        Indebtedness
of the Issuer or any Restricted Party in an aggregate principal amount not to exceed $5,000,000 at any time outstanding;

 

(13)        Indebtedness
incurred in relation to (i) maintenance, repairs, refurbishments and replacements required to maintain the classification of any
of the Vessels or Chartered Vessels owned, leased, time chartered or bareboat chartered to or by the Issuer or any Restricted Party
in the ordinary course of business, (ii) dry-docking of any of the Vessels or Chartered Vessels owned or leased by the Issuer or
any Restricted Party for maintenance, repair, refurbishment or replacement purposes in the ordinary course of business and (iii)
Vessel or Chartered Vessel amendments or modifications required to allow worldwide trading and commercial acceptance by any potential
charterer, in each case as required by any change after the Issue Date in applicable law or regulation;

 

(14)        Indebtedness
consisting of Pool Financing Indebtedness in an aggregate principal amount not to exceed $75,000,000 at any time outstanding (which
amount, for the avoidance of doubt, shall include the principal amount of all Indebtedness of the Issuer or any Restricted Party
in respect of such Pool Financing Indebtedness for which it is liable, whether on a several basis, or on a joint and several basis
with any other Person);

 

(15)        Indebtedness
of the Issuer owing to a Restricted Party; provided, that any subsequent issuance or transfer of any Capital Stock or any other
event which results in any such Restricted Party ceasing to be a Restricted Party or any other subsequent transfer of any such
Indebtedness (except to the Issuer or another Restricted Party or any pledge of such Indebtedness constituting a Permitted Lien
(but not foreclosure thereon)) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness
is then outstanding) not permitted by this clause;

 

(16)        Indebtedness
of a Restricted Party owing to the Issuer or another Restricted Party; provided, that any subsequent transfer of any such
Indebtedness (except to the Issuer or another Restricted Party or any pledge of such Indebtedness constituting a Permitted Lien
(but not foreclosure thereon)) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness
is then outstanding) not permitted by this clause;

 

(17)        Indebtedness
(i) resulting from a bank or other financial institution honoring a check, draft or similar instrument in the ordinary course of
business or (ii) arising under or in connection with cash management services in the ordinary course of business; and

 

(18)        Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or
liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary
course of business.

 

SECTION 10.12.         Liens.
The Issuer shall not, and shall not permit any Restricted Party to, directly or indirectly, create, incur, assume or suffer to
exist any Lien (except Permitted Liens) (each, a “Subject Lien”) that secures Obligations under any Indebtedness
on any asset or property of the Issuer or any Restricted Party, unless the Notes are equally and ratably secured with (or, at
the Issuer’s option or if such Subject Lien secures Junior Subordinated Indebtedness, on a senior basis to) the Obligations
secured by such Subject Lien.

 

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Any Lien created for the benefit of the Holders
pursuant to the preceding paragraph shall provide by its terms that such Lien shall be automatically and unconditionally released
and discharged upon the release and discharge of the Subject Lien that gave rise to the obligation to secure the Notes. In
addition, in the event that a Subject Lien is or becomes a Permitted Lien, the Issuer may, at its option and without consent from
any Holder, elect to release and discharge any Lien created for the benefit of the Holders pursuant to the preceding paragraph
in respect of such Subject Lien.

 

SECTION 10.13.         Limitations
on Transactions with Affiliates. The Issuer shall not, and shall not permit any Restricted Party to, enter into, directly
or indirectly, any transaction or series of related transactions, whether or not in the ordinary course of business, with any
Affiliate of the Issuer or any Restricted Party (an “Affiliate Transaction”), other than on terms and conditions at
least as favorable to the Issuer or such Restricted Party as would reasonably be obtained by the Issuer or such Restricted Party
at that time in a comparable arm’s-length transaction with a person other than an Affiliate, except that the following shall
be permitted:

 

(a)          transactions
between or among the Issuer and a Restricted Party or between or among Restricted Party or, in any case, any entity that becomes
a Restricted Party as a result of such transaction;

 

(b)          Restricted
Payments permitted under this Indenture;

 

(c)          reasonable
and customary director, officer and employee compensation (including bonuses) and other benefits (including retirement, health,
stock option and other benefit plans) and indemnification arrangements; and

 

(d)          the
Transactions and the payment of all fees and expenses related to the Transactions.

 

SECTION 10.14.         Limitations
on Dividend and Other Payment Restrictions Affecting Restricted Parties. The Issuer shall not, and shall not permit any Restricted
Party to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or consensual restriction on the ability of any Restricted Party to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any encumbrance, restriction or condition on the ability of any Restricted Party to (i) pay dividends
or make any other distributions on its Equity Interests or any other interest or participation in its profits owned by the Issuer
or any Restricted Party, or pay any Indebtedness owed to the Issuer or any Restricted Party, (ii) make loans or advances to any
the Issuer or any Restricted Party or (iii) transfer any of its properties to the Issuer or any Restricted Party, except for such
encumbrances, restrictions or conditions existing under or by reason of:

 

(1)         contractual
encumbrances or restrictions in effect on the Issue Date;

 

(2)         contractual
encumbrances and restrictions incurred or expected to be incurred in connection with the Transactions, including the Sinosure Facility
Agreement and related documents and the ABN Facility and related documents;

 

(3)         this
Indenture and the Notes;

 

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(4)         applicable
mandatory Legal Requirements;

 

(5)         customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of the Issuer or a Restricted Party;

 

(6)         customary
provisions restricting assignment of any agreement entered into by the Issuer or a Restricted Party in the ordinary course of business;

 

(7)         customary
restrictions and conditions contained in any agreement relating to the sale or other disposition of any property pending the consummation
of such sale; provided, that (i) such restrictions and conditions apply only to the property to be sold, and (ii) such sale
or other disposition is permitted hereunder;

 

(8)         any
encumbrances, restrictions or conditions imposed by any amendments that are otherwise permitted by this Indenture of the contracts,
instruments or obligations referred to in clauses (1) and (2) above; provided, that such amendments are not materially restrictive
with respect to such encumbrances and restrictions than those prior to such amendment;

 

(9)         any
agreement in effect at the time a person becomes a Restricted Subsidiary of the Operating Company, so long as such agreement was
not entered into in connection with or in contemplation of such person becoming a Restricted Subsidiary of the Operating Company
and such restriction does not apply to the Operating Company or any Restricted Subsidiary other than the Operating Company or such
Restricted Subsidiary; or

 

(10)        Permitted
Refinancing Indebtedness.

 

SECTION 10.15.         Sale
and Leaseback Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or transfer
any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property
or other property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred
(a “Sale and Leaseback Transaction”), unless (i) the sale of such property is entered into in the ordinary course
of business and is made for cash consideration in an amount not less than the Fair Market Value of such property, (ii) the Sale
and Leaseback Transaction is permitted by Section 10.17 and is consummated within 10 Business Days after the date on which such
property is sold or transferred, (iii) any Liens arising in connection with its use of the property are permitted by clause (13)
of the definition of “Permitted Liens”, (iv) the Sale and Leaseback Transaction would be permitted under Section 10.11,
assuming the Attributable Indebtedness with respect to the Sale and Leaseback Transaction constituted Indebtedness under Section
10.11, and (v) the aggregate Attributable Indebtedness incurred with respect to all such Sale and Leaseback Transactions shall
not exceed $5,000,000 at any time outstanding; provided, however, in no event shall the Issuer or any Restricted
Party enter into a Sale and Leaseback Transaction with respect to a Collateral Vessel unless the Net Cash Proceeds therefrom either
(A) have been used to prepay outstanding Obligations under the Senior Credit Facilities in accordance with the Senior Credit Agreement
or (B) have been (x) reinvested or contracted to be reinvested to purchase new Collateral Vessels within 12 months following the
date of such Sale and Leaseback Transaction or (y) in the case of the proceeds being contracted to be reinvested, such investment
has occurred within 18 month following the date of such Sale and Leaseback Transaction. For the avoidance of doubt, this Section
10.15 shall not apply to any Sale and Leaseback Transaction in existence on the Issue Date.

 

SECTION 10.16.         Business.
The primary business of the Issuer and its Subsidiaries, taken as a whole, shall be the direct or indirect ownership, management,
operation, leasing or chartering of vessels for the transportation or storage of crude oil, refined petroleum products, chemicals
and liquefied natural gas, for use for floating production, storage and offtake or floating storage and offtake and for any business
incidental thereto.

 

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SECTION 10.17.         Asset
Sales. (a) The Issuer shall not, and shall not permit any Restricted Party to, directly or indirectly, effect any disposition
of any property, except that the following shall be permitted (an “Asset Sale”):

 

(1)         dispositions
of surplus, worn out or obsolete property (other than Vessels) by the Issuer or any Restricted Party in the ordinary course of
business and the abandonment or other disposition of Intellectual Property of the Issuer or any Restricted Party that is, in the
reasonable good faith judgment of the Issuer, no longer economically practicable to maintain or useful in the conduct of the business
of the Issuer and the Restricted Parties taken as a whole;

 

(2)         other
dispositions of property; provided, that

 

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

 

(B)         the
Issuer and the Restricted Parties shall be in compliance, on a pro forma basis after giving effect to (x) such disposition (as
well as all other dispositions since the last day of the most recently ended fiscal quarter of the Issuer and on or prior to the
subject disposition) and (y) any purchases of vessels that became Collateral Vessels (and for which Vessel Appraisals were delivered
to the Holders) during the period set forth in the parenthetical in preceding clause (x), with (A) the Loan to Value Test under
the Senior Credit Agreement and (B) the financial covenant set forth in Section 6.10(b) of the Senior Credit Agreement for the
most recently ended fiscal quarter of the Issuer as if such disposition (or dispositions and/or purchases) occurred on the last
day of such fiscal quarter;

 

(C)         the
aggregate consideration received in respect of all dispositions of property pursuant to this clause (3) shall not exceed $325,000,000;
provided, however, to the extent that the Net Cash Proceeds (or a portion thereof) from any disposition of property
pursuant to this clause (3) have been (i) reinvested or contracted to be reinvested to purchase new Collateral Vessels within 12
months following the date of such disposition or (ii) in the case of the proceeds being contracted to be reinvested, such investment
has occurred within 18 month following the date of such disposition, the amount of such Net Cash Proceeds so reinvested shall refresh
the original utilization of this basket to the extent of such Net Cash Proceeds so reinvested;

 

(D)         such
dispositions of property are made for Fair Market Value and on an arms-length commercial basis; and

 

(E)         at
least 75% of the consideration payable in respect of such disposition of property is in the form of cash or Cash Equivalents and
is received at the time of the consummation of any such disposition;

 

(3)         leases
of, or charter contracts in respect of, real or personal property (other than Sale and Leaseback Transactions) in the ordinary
course of business and in accordance with the Senior Credit Agreement and the ABN Facility;

 

(4)         any
disposition, issuance or sale in connection with the making of any Restricted Payment that is permitted to be made, and is made,
under Section 10.10;

 

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(5)         dispositions
consisting of mergers and consolidations in compliance with Section 8.01;

 

(6)         sales
of inventory in the ordinary course of business and dispositions of cash and Cash Equivalents in the ordinary course of business;

 

(7)         any
disposition of property that constitutes a Casualty Event;

 

(8)         any
disposition of property or assets, or issuance of securities by a Restricted Party, to the Issuer or by the Issuer or a Restricted
Party to another Restricted Party;

 

(9)         grants
of non-exclusive licenses or sublicenses in the ordinary course of business to use the Intellectual Property of the Issuer or any
Restricted Party and technology or licenses or sublicenses related to such Intellectual Property and technology to the extent that
such licenses or sublicenses do not materially impair the conduct of the business of the Issuer or any Restricted Party or otherwise
prohibit the collateral agent under the Senior Credit Facilities from obtaining a security interest in the Intellectual Property
or technology subject to such license or sublicense;

 

(10)        sales,
forgiveness or other dispositions without recourse in the ordinary course of business of accounts receivable arising in the ordinary
course of business in connection with the collection or compromise thereof but not as part of any financing transaction;

 

(11)        dispositions
of Equity Interests in any Specified Joint Venture; provided, that (i) no Event of Default then exists or would result therefrom,
(ii) such dispositions are made for Fair Market Value and on an arms-length commercial basis and (iii) at least 75% of the consideration
payable in respect of such disposition is in the form of cash or Cash Equivalents and is received at the time of the consummation
of any such disposition;

 

(12)        investments
and dividends in compliance with Section 10.10; and

 

(13)        the
sale of the Seaways Laura Lynn; provided that such sale occurs in accordance with the Senior Credit Agreement, including
with respect to the use of proceeds thereunder.

 

(b)          Not
later than five Business Days following the receipt by the Operating Company or any Restricted Subsidiary of any Net Cash Proceeds
of any Asset Sale or Casualty Event with respect to collateral securing the Senior Credit Facilities, the Operating Company shall
apply 100% of such Net Cash Proceeds in accordance with Section 2.10(b)(vi) and (d) thereof, without giving effect to the exception
of $5,000,000 of Net Cash Proceeds per fiscal year provided in Section 2.10(b)(vi) thereof; provided, however, that
any Net Cash Proceeds of any assets securing the ABN Facility shall be applied in accordance with the provisions thereunder.

 

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SECTION 10.18.         Additional
Amounts.

 

(a)          All
payments made by or on behalf of the Issuer under or with respect to the Notes will be made free and clear of and without withholding
or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including
penalties, interest and other liabilities related thereto) (hereinafter “Taxes”) unless the withholding or deduction
of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or
on behalf of the government of the Republic of the Marshall Islands or any political subdivision or any authority or agency therein
or thereof having power to tax, or any other jurisdiction in which the Issuer (including any successor entity) is organized or
is otherwise resident for tax purposes, or any jurisdiction from or through which payment is made by the Issuer or its agent (including,
without limitation, the jurisdiction of each Paying Agent) (each a “Specified Tax Jurisdiction”), will at any time
be required to be made from any payments made under or with respect to the Notes. The Issuer will pay such additional amounts (the
“Additional Amounts”) as may be necessary so that the net amount received in respect of such payments by a Holder (including
Additional Amounts) after such withholding or deduction will not be less than the amount such Holder would have received if such
Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply
to:

 

(1)         any
Taxes that would not have been so imposed but for the Holder or beneficial owner of the Notes having any present or former connection
with the Specified Tax Jurisdiction including any such connection arising as a result of such Holder or beneficial owner (i) being
organized under the laws of, or otherwise being or having been a domiciliary, citizen, resident or national thereof, (ii) being
or having been engaged in a trade or business therein, (iii) having or having had its principal office located therein, (iv) maintaining
a permanent establishment therein, (v) being or having been physically present therein, or (vi) otherwise having or having had
some connection with the Specified Tax Jurisdiction (other than, in each case, any present or former connection arising as a result
of the mere acquisition, ownership, holding, enforcement or receipt of payment in respect of the Notes);

 

(2)         any
estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge;

 

(3)         any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes;

 

(4)         any
Taxes imposed that would not have been imposed but for a failure of the Holder or beneficial owner to comply with a written request
of the Issuer or its agent addressed to the Holder to timely satisfy any applicable certification, documentation, information or
other reporting requirement concerning the nationality, residence, identity or connection with the relevant Specified Tax Jurisdiction
of the Holder or beneficial owner of a Note if such compliance is required as a precondition to relief or exemption from such Taxes;

 

(5)         any
Taxes that would not have been so imposed but for the beneficiary of the payment having presented a Note for payment (in cases
in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or
the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been
entitled to Additional Amounts had the Note been presented on the last day of such 30-day period);

 

(6)         any
Taxes imposed on or with respect to any payment by the Issuer to the Holder if such Holder is a fiduciary or partnership or Person
other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary,
a member of such partnership or the beneficial owner of such payment would not have been entitled to Additional Amounts had such
beneficiary, settlor, member or beneficial owner been the actual Holder of such Note;

 

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(7)         any
Taxes imposed under Sections 1471 through 1474 of the Code, as of the issue date of the Notes (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), or any U.S. Treasury Regulations promulgated
thereunder or official administrative interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of
the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered
into in connection with the implementation of such sections of the Code; or

 

(8)         any
combination of items (1) through (7) above.

 

(b)          If
the Issuer becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect
to the Notes, the Issuer will deliver to the Trustee and Paying Agent at least 30 days prior to the date of that payment (unless
the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer will notify
the Trustee and Paying Agent promptly thereafter but in no event later than two Business Days prior to the date of payment) an
Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount so payable. The Officer’s
Certificate shall also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to Holders
on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely on such Officer’s Certificate
as conclusive proof that such payments are necessary. The Issuer will provide the Trustee and Paying Agent with documentation reasonably
satisfactory to the Trustee and Paying Agent evidencing the payment of Additional Amounts.

 

(c)          The
Issuer will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant
governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Issuer will provide the
Trustee and Paying Agent with an official receipt or, if official receipts are not obtainable, other documentation reasonably satisfactory
to the Trustee and Paying Agent evidencing the payment of the Taxes so withheld or deducted. Upon written request, copies of those
receipts or other documentation, as the case may be, will be made available by the Trustee and Paying Agent to the Holders of the
Notes.

 

(d)          Whenever
in this Indenture or the Notes there is referenced, in any context, the payment of amounts based upon the principal amount of the
Notes or of principal, interest or any other amount payable under, or with respect to, the Notes, such reference will be deemed
to include payment of Additional Amounts as described under this Section 10.18 to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.

 

(e)          The
Issuer will pay any present or future stamp, court, issue, registration or documentary taxes or any other excise or property taxes,
charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration
of the Notes, this Indenture or any other document or instrument in relation thereof, or the receipt of any payments with respect
to the Notes, and the Issuer will indemnify the Holders for any such taxes paid by such Holders.

 

SECTION 10.19.         Distribution
or Dividend from Operating Company.

 

The Issuer shall cause the Operating Company to
make a payment, distribution or dividend to the Issuer in an amount sufficient for the Issuer to satisfy its obligation to pay
the interest on the Notes at the beginning of each quarterly period for which interest payments are required to be made pursuant
to Section 3.01 of this Indenture.

 

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Article
Eleven

REDEMPTION OF NOTES

 

SECTION 11.01.         Right
of Redemption. (a) At any time prior to June 15, 2020, the Issuer may, at its option and on one or more occasions, redeem
all or a part of the Notes, upon notice as set forth in Section 11.07, at a redemption price equal to 100% of the principal
amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the
date of redemption (any applicable date of redemption hereunder, the “Redemption Date”), subject to the right
of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date
falling on or prior to the Redemption Date.

 

(b) On and after June 15, 2020, the Issuer may,
at its option and on one or more occasions, redeem the Notes, in whole or in part, upon notice as set forth in Section 11.07, at
a Redemption Price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest thereon, if any,
to, but excluding, the applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular Record
Date to receive interest due on the relevant Interest Payment Date falling on or prior to the Redemption Date.

 

SECTION 11.02.         Optional
Redemption for Changes in Withholding Taxes. The Issuer may redeem the Notes, at its option, at any time in whole but not
in part, upon not less than 30 nor more than 60 days’ notice (which notice will be irrevocable), at a redemption price equal
to 100% of the outstanding principal amount of Notes, plus accrued and unpaid interest (if any) to, but not including, the applicable
Redemption Date and all Additional Amounts (if any) then due and which will become due on the applicable Redemption Date (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date and
Additional Amounts (if any) in respect thereof), in the event that the Issuer determines in good faith that the Issuer has become
or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, Additional
Amounts and such obligation cannot be avoided by taking reasonable measures available to the Issuer (including making payment
through a Paying Agent located in another jurisdiction), as a result of:

 

(a)          a
change in or an amendment to the laws (including any regulations or rulings promulgated thereunder) of any Specified Tax Jurisdiction
affecting taxation, which change or amendment is announced or becomes effective on or after the date of this Indenture; or

 

(b)          any
change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the application,
administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent
jurisdiction), which change or amendment is announced or becomes effective on or after the date of this Indenture.

 

Notwithstanding the foregoing, no such notice
of redemption for changes in withholding taxes may be given earlier than 60 days prior to the earliest date on which the Issuer
would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. Before the Issuer publishes, mails
or delivers notice of redemption of the Notes, the Issuer will deliver to the Trustee and Paying Agent (a) an Officer’s Certificate
stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions
precedent to the right of the Issuer to so redeem have occurred and (b) an opinion of independent legal counsel of recognized standing
that the Issuer has or will become obligated to pay Additional Amounts as a result of the circumstances referred to in clause (a)
or (b) of the preceding paragraph.

 

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The Trustee and Paying Agent will accept and will
be entitled to conclusively rely upon the Officer’s Certificate and opinion as sufficient evidence of the satisfaction of
the conditions precedent described above, in which case they will be conclusive and binding on the Holders.

 

SECTION 11.03.         Special
Mandatory Redemption. In the event the Termination Event occurs, the Issuer shall redeem all of the Notes (the “Special
Mandatory Redemption”) at a price (the “Special Mandatory Redemption Price”) equal to 100% of the aggregate
issue price of the Notes, plus accrued but unpaid interest, if any, from the Issue Date to, but excluding, the Special Mandatory
Redemption Date (as defined below) (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date). Notice of the Special Mandatory Redemption shall be delivered by the Issuer, no later
than one Business Day following the date on which the Termination Event occurs, to the Trustee and the Paying Agent, and shall
provide that the Notes shall be redeemed on a date that is no later than the third Business Day after such notice is given by
the Issuer (the “Special Mandatory Redemption Date”).

 

For the purposes of this Section 11.03, “Termination
Event” means the abandonment or non-consummation of the Acquisition by the reason of non-compliance or non-performance by
Euronav NV of its obligations under the Acquisition Agreement.

 

SECTION 11.04.         Applicability
of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision of this
Indenture, shall be made in accordance with such provision and this Article.

 

SECTION 11.05.         Election
to Redeem; Notice to Trustee. In case of any redemption at the election of the Issuer, the Issuer shall, at least five Business
Days before notice of redemption is required to be sent to Holders pursuant to Section 11.07 hereof (unless a shorter notice shall
be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Notes to
be redeemed and setting forth the section of this Indenture pursuant to which the redemption shall occur; provided that no Opinion
of Counsel pursuant to Section 1.03 or otherwise shall be required in connection with the delivery of such notice of redemption
or redemption.

 

SECTION 11.06.         Selection
by Trustee of Notes to Be Redeemed. With respect to any partial redemption or purchase of Notes made pursuant to this Indenture,
selection of the Notes for redemption or purchase will be made on a pro rata basis to the extent applicable or by lot or by such
method as the Trustee shall deem fair and appropriate; provided that if the Notes are represented by global Notes, interests in
the Notes shall be selected for redemption or purchase by the Trustee in accordance with the standard procedures of the Depository
therefor; provided, further, that no Notes of less than $2,000 can be redeemed or repurchased in part. Such Notes to be redeemed
or purchased shall be selected, unless otherwise provided herein, at least 30 days but except as set forth in Section 11.07, not
more than 60 days prior to the Redemption Date from the Outstanding Notes not previously called for redemption or purchase.

 

Notices of redemption or offers to purchase shall
be delivered electronically or mailed by first-class mail, postage prepaid, at least 30 days, but except as set forth in Section
11.07 not more than 60 days before the purchase date or Redemption Date to each Holder at such Holder’s registered address
or otherwise in accordance with the procedures of the Depository, except that redemption notices may be delivered or mailed more
than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture or as specified in Section 11.07. If any Note is to be redeemed or purchased in part only, any
notice of redemption or offers to purchase that relates to such Note shall state the portion of the principal amount thereof that
has been or is to be redeemed or purchased.

 

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The Trustee shall promptly notify the Issuer in
writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase,
the principal amount thereof to be redeemed or purchased. Provisions of this Indenture that apply to Notes called for redemption
or purchase also apply to portions of Notes called for redemption or purchase.

 

With respect to Notes represented by certificated
notes, if any Notes are to be purchased or redeemed in part only, the Issuer will issue a new Note in a principal amount equal
to the unredeemed or unpurchased portion of the original Note in the name of the Holder thereof upon cancellation of the original
Note; provided that the new Notes will be only issued in minimum denominations of $2,000 and any integral multiple of $1,000
in excess thereof.

 

SECTION 11.07.         Notice
of Redemption. The Issuer shall deliver electronically or mail by first-class mail, postage prepaid, notices of redemption
at least 30 days (or such shorter period as is specified solely in respect of any Special Mandatory Redemption), but except as
set forth in this Section 11.07, not more than 60 days before the purchase date or Redemption Date to each Holder at such Holder’s
registered address or otherwise in accordance with the procedures of the Depository, except that redemption notices may be delivered
or mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article Four or Article Thirteen
of this Indenture. Notices of redemption may be conditional.

 

All notices of redemption shall state:

 

(1)         the
Redemption Date;

 

(2)         the
Redemption Price, or if not then ascertainable, the manner of calculation thereof;

 

(3)         in
the case of certificated Notes, if less than all Outstanding Notes are to be redeemed, the identification (and, in the case of
a partial redemption, the principal amounts) of the particular Notes to be redeemed;

 

(4)         if
any Note is to be redeemed or purchased in part only, the portion of the principal amount of that Note that is to be redeemed or
purchased and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the
unredeemed or unpurchased portion of the original Note representing the same indebtedness to the extent not redeemed or purchased
will be issued in the name of the Holder thereof upon cancellation of the original Note; provided that the new Notes will
be only issued in denominations of $2,000 and any integral multiple of $1,000 in excess thereof;

 

(5)         that
on the Redemption Date, the Redemption Price (and accrued interest, if any, to but not including the Redemption Date payable as
provided in Section 11.09) will become due and payable upon each such Note, or the portion thereof, to be redeemed, and
that interest thereon will cease to accrue on and after the Redemption Date,

 

(6)         any
condition precedent to the redemption;

 

(7)         the
place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued but unpaid interest, if
any,

 

(8)         the
name and address of the Paying Agent,

 

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(9)         that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

 

(10)        the
CUSIP, ISIN or “Common Code” number and that no representation is made as to the accuracy or correctness of the CUSIP,
ISIN or “Common Code” number, if any, listed in such notice or printed on the Notes, and

 

(11)        the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes are to be redeemed.

 

Notice of redemption of Notes to be redeemed at
the election of the Issuer shall be given by the Issuer or, at the Issuer’s request and provision of such notice information
five Business Days (unless a shorter notice shall be agreed to by the Trustee) prior to the date notice is to be given,
by the Trustee in the name and at the expense of the Issuer.

 

Notice of any redemption of, or any offer to purchase,
the Notes may, at the Issuer’s discretion, be given in connection with any transaction (or series of related transactions)
and prior to the completion or the occurrence thereof, and any such redemption or purchase may, at the Issuer’s discretion,
be subject to one or more conditions precedent, including, but not limited to, completion or occurrence of the related transaction
or event, as the case may be. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions
precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion,
the redemption or purchase date may be delayed until such time (including more than 60 days after the date the notice of redemption
or offer to purchase was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied
or waived, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied or waived by the redemption or purchase date or by the redemption or purchase date as so delayed,
or such notice or offer may be rescinded at any time in the Issuer’s discretion if the Issuer reasonably believes that any
or all of such conditions will not be satisfied or waived. In addition, the Issuer may provide in such notice or offer that payment
of the redemption or purchase price and performance of the Issuer’s obligations with respect to such redemption or offer
to purchase may be performed by another Person.

 

If any such condition precedent has not been satisfied,
the Issuer shall provide written notice to the Trustee thereof. Upon receipt, the Trustee shall provide such notice to each Holder
of the Notes in the same manner in which the notice of redemption was given.

 

SECTION 11.08.         Deposit
of Redemption Price. On or prior to 12:00 pm (New York City time) any Redemption Date, the Issuer shall deposit with the Trustee
or with a Paying Agent (or, if the Issuer is acting as its own Paying Agent, segregate and hold in trust as provided in Section
10.03) an amount of money sufficient to pay the Redemption Price or purchase price of, and accrued but unpaid interest, if any,
on, all the Notes which are to be redeemed or purchased on such Redemption Date. Either the Trustee or the Paying Agent shall
promptly return to the Issuer any money deposited with either the Trustee or the Paying Agent by the Issuer in excess of the amounts
necessary to pay the Redemption Price of, and accrued and unpaid interest on, all Notes which are to be redeemed or purchased.

 

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SECTION 11.09.         Notes
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the
Redemption Date, become due and payable, unless such redemption is conditioned on the happening of a future event, at the Redemption
Price therein specified (together with accrued but unpaid interest, if any, to the Redemption Date), and from and after such Redemption
Date such Notes shall cease to bear interest (unless the Issuer shall default in the payment of the Redemption Price and accrued
but unpaid interest, if any). Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be
paid by the Issuer at the Redemption Price, together with accrued but unpaid interest, if any, to, but excluding, the Redemption
Date and such Notes shall be canceled by the Trustee; provided, that installments of interest whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes, registered
as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 3.07.

 

If any Note called for redemption shall not be
so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption
Date at the rate borne by the Notes.

 

SECTION 11.10.         Notes
Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall
be surrendered at an office or agency of the Issuer maintained for such purpose pursuant to Section 10.02 (with, if
the Issuer or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Issuer and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the
Issuer shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new
Note or Notes, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Note so surrendered.

 

SECTION 11.11.         Sinking
Fund; Open Market Purchases. The Issuer is not required to make any sinking fund payments with respect to the Notes. In addition,
other than as required under Sections 10.15, the Issuer shall not be required to offer to repurchase or redeem or otherwise modify
the terms of any of the Notes upon events involving, the Issuer or any of its Subsidiaries which may adversely affect the creditworthiness
of the Notes. The Issuer and its Affiliates may at any time and from time to time purchase Notes in the open market in privately
negotiated transactions or otherwise.

 

Article
Twelve

SUBORDINATION OF NOTES

 

SECTION 12.01.         Agreement
to Subordinate. The Issuer agrees, and each Holder by accepting a Note agrees, that the payment of all Obligations owing in
respect of the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article Twelve, to
the prior payment in cash in full of all existing and future Senior Indebtedness of the Issuer in the event of a bankruptcy, reorganization
or similar proceeding and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness.
The Notes shall be senior in right of payment to all existing and future Junior Subordinated Indebtedness of the Issuer; and only
Indebtedness of the Issuer that is Senior Indebtedness shall rank senior to the Notes in accordance with the provisions set forth
herein. All provisions of this Article Twelve shall be subject to Section 12.10.

 

SECTION 12.02.         Liquidation,
Dissolution, Bankruptcy. Upon any payment or distribution of the assets of the Issuer to creditors upon a total or partial
liquidation or dissolution of the Issuer or in a reorganization of, or similar proceeding relating to, the Issuer or its property:

 

(1)         the
holders of Senior Indebtedness of the Issuer shall be entitled to receive payment in full in cash of such Senior Indebtedness before
Holders shall be entitled to receive any payment; and

 

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(2)         until
the Senior Indebtedness of the Issuer is paid in full in cash, any payment or distribution to which Holders would be entitled but
for Article Twelve of this Indenture shall be made to holders of such Senior Indebtedness as their interests may appear, except
that Holders may receive Permitted Junior Securities.

 

SECTION 12.03.         Acceleration
of Payment of Notes. If payment of the Notes is accelerated because of an Event of Default, the Issuer shall promptly notify
the holders of the Designated Senior Indebtedness of the Issuer or the Representative of such Designated Senior Indebtedness of
the acceleration; provided that any failure to give such notice shall have no effect whatsoever on the provisions of this
Article Twelve. If any Designated Senior Indebtedness is outstanding, neither the Issuer nor any Guarantors may pay the Notes
until five Business Days after the Representatives of all the issues of Designated Senior Indebtedness receive notice of such
acceleration and, thereafter, may pay the Notes only if this Indenture otherwise permits payment at that time.

 

SECTION 12.04.         Subrogation.
After all Senior Indebtedness of the Issuer is paid in full and until the Notes are paid in full, Holders shall be subrogated
(equally and ratably with all other Subordinated Indebtedness ranking pari passu with the Notes) to the rights of holders
of such Senior Indebtedness to receive distributions applicable to such Senior Indebtedness. A distribution made under this Article
Twelve to holders of such Senior Indebtedness that otherwise would have been made to Holders is not, as between the Issuer and
the Holders, a payment by the Issuer on such Senior Indebtedness.

 

SECTION 12.05.         Relative
Rights. This Article Twelve defines the relative rights of Holders and holders of Senior Indebtedness of the Issuer. Nothing
in this Indenture shall:

 

(1)         impair,
as between the Issuer and the Holders, the obligation of the Issuer, which is absolute and unconditional, to pay principal of and
interest on the Notes in accordance with their terms;

 

(2)         prevent
the Trustee or any Holder from exercising its available remedies upon a Default, subject to the rights of holders of Senior Indebtedness
of the Issuer to receive payments or distributions otherwise payable to Holders and such other rights of such holders of Senior
Indebtedness as set forth herein; or

 

(3)         affect
the relative rights of the Trustee, the Agents, Holders and creditors of the Issuer other than their rights in relation to holders
of Senior Indebtedness.

 

SECTION 12.06.         Subordination
May Not Be Impaired by Issuer. No right of any holder of Senior Indebtedness of the Issuer to enforce the subordination of
the Indebtedness evidenced by the Notes shall be impaired by any act or failure to act by the Issuer or by their failure to comply
with this Indenture.

 

SECTION 12.07.         Rights
of Trustee and Paying Agent. The Trustee or any Paying Agent may continue to make payments on the Notes and shall not be charged
with knowledge of the existence of facts that would prohibit the making of any payments unless, not less than two Business Days
prior to the date of such payment, a Responsible Officer of the Trustee receives notice satisfactory to it that payments may not
be made under this Article Twelve. The Issuer, the Registrar, the Paying Agent, a Representative or a holder of Senior Indebtedness
of the Issuer shall be entitled to give the notice; provided, however, that, if an issue of Senior Indebtedness
of the Issuer has a Representative, only the Representative shall be entitled to give the notice.

 

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The Trustee in its individual or any other capacity
shall be entitled to hold Senior Indebtedness of the Issuer with the same rights it would have if it were not Trustee. The Registrar
and the Paying Agent shall be entitled to do the same with like rights. The Trustee shall be entitled to all the rights set forth
in this Article Twelve with respect to any Senior Indebtedness of the Issuer which may at any time be held by it, to the same extent
as any other holder of such Senior Indebtedness; and nothing in Article Six shall deprive the Trustee of any of its rights as such
holder. Nothing in this Article Twelve shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07
hereof or any other Section of this Indenture.

 

SECTION 12.08.         Distribution
or Notice to Representative. Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness of
the Issuer, the distribution may be made and the notice given to their Representative (if any).

 

SECTION 12.09.         Article
Twelve Not to Prevent Events of Default or Limit Right to Accelerate. The failure to make a payment pursuant to the Notes
by reason of any provision in this Article Twelve shall not be construed as preventing the occurrence of a Default. Subject to
Section 12.03 hereof, nothing in this Article Twelve shall have any effect on the right of the Holders or the Trustee to accelerate
the maturity of the Notes.

 

SECTION 12.10.         Trust
Moneys Not Subordinated. Notwithstanding anything contained herein to the contrary, any funds held by the Trustee or the proceeds
of government securities held by the Trustee for the payment of principal of and interest on the Notes pursuant to Article Thirteen
or Article Four hereof shall not be subordinated to the prior payment of any Senior Indebtedness of the Issuer or subject to the
restrictions set forth in this Article Twelve, and none of the Holders shall be obligated to pay over any such amount to the Issuer
or any holder of Senior Indebtedness of the Issuer or any other creditor of the Issuer; provided that the subordination provisions
of this Article Twelve were not violated at the time the applicable amounts were deposited in trust pursuant to Article Four or
Article Thirteen hereof, as the case may be.

 

SECTION 12.11.         Trustee
Entitled to Rely. Upon any payment or distribution pursuant to this Article Twelve, the Trustee and the Holders shall be entitled
to rely upon (a) any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in
Section 12.02 hereof are pending, (b) a certificate of the liquidating trustee or agent or other Person making such payment or
distribution to the Trustee or to the Holders or (c) the Representatives of Senior Indebtedness of the Issuer for the purpose
of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Senior Indebtedness and
other Indebtedness of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and
all other facts pertinent thereto or to this Article Twelve. In the event that the Trustee determines, in good faith, that evidence
is required with respect to the right of any Person as a holder of Senior Indebtedness of the Issuer to participate in any payment
or distribution pursuant to this Article Twelve, the Trustee shall be entitled to request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such
Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under
this Article Twelve, and, if such evidence is not furnished, the Trustee shall be entitled to defer any payment to such Person
pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 6.01 and 6.02
hereof shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article Twelve.

 

SECTION 12.12.         Trustee
to Effectuate Subordination. Each Holder by its acceptance of a Note agrees to be bound by this Article Twelve and authorizes
and expressly directs the Trustee, on its behalf, to take such action as may be necessary or appropriate, at the written direction
of the Issuer, to effectuate the subordination between the Holders and the holders of Senior Indebtedness of the Issuer as provided
in this Article Twelve and appoints the Trustee as attorney-in-fact for any and all such purposes.

 

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SECTION 12.13.         Trustee
Not Fiduciary for Holders of Senior Indebtedness of the Issuer. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Indebtedness of the Issuer (or any party hereunder or in connection herewith) and shall not be liable
to any such holders if it shall mistakenly pay over or distribute to Holders or the Issuer or any other Person, money or assets
to which any holders of Senior Indebtedness of the Issuer shall be entitled by virtue of this Article Twelve or otherwise and
shall have no liability or responsibility relating to the Senior Indebtedness, any of the Transactions or to any parties thereof.

 

SECTION 12.14.         Reliance
by Holders of Senior Indebtedness of the Issuer on Subordination Provisions. Each Holder by accepting a Note acknowledges
and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each
holder of any Senior Indebtedness of the Issuer, whether such Senior Indebtedness was created or acquired before or after the
issuance of the Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such
Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to
hold, or in continuing to hold, such Senior Indebtedness.

 

Without in any way limiting the generality of
the foregoing paragraph, the holders of Senior Indebtedness of the Issuer may, at any time and from time to time, without the consent
of or notice to the Trustee or the Holders, without incurring responsibility to the Trustee or the Holders and without impairing
or releasing the subordination provided in this Article Twelve or the obligations hereunder of the Holders to the holders of the
Senior Indebtedness of the Issuer, do any one or more of the following:

 

(1)         change
the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness of the Issuer, or
otherwise amend or supplement in any manner Senior Indebtedness of the Issuer, or any instrument evidencing the same or any agreement
under which Senior Indebtedness of the Issuer is outstanding;

 

(2)         sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness of the Issuer;

 

(3)         release
any Person liable in any manner for the payment or collection of Senior Indebtedness of the Issuer; and

 

(4)         exercise
or refrain from exercising any rights against the Issuer or any other Person.

 

Article
Thirteen

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 13.01.         Issuer’s
Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option, at any time, with respect to the
Notes, elect to have either Section 13.02 or Section 13.03 be applied to all Outstanding Notes upon compliance with
the conditions set forth below in this Article Thirteen.

 

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SECTION 13.02.         Legal
Defeasance and Discharge. Upon the Issuer’s exercise under Section 13.01 of the option applicable to this Section
13.02, each of the Issuer and the Guarantors shall be deemed to have been discharged from its respective obligations with respect
to all Outstanding Notes and the Note Guarantees on the date the conditions set forth in Section 13.04 are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, such Legal Defeasance means that each of the Issuer and the Guarantors
shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Notes, which shall thereafter
be deemed to be “Outstanding” only for the purposes of Section 13.05 and the other Sections of this Indenture
referred to in (1) and (2) below, and the Note Guarantees and to have satisfied all its other obligations under such
Notes, Note Guarantees and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the Issuer,
shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders to receive payments in respect of the principal of (and premium, if any,
on) and interest on such Notes when such payments are due, solely out of the trust created pursuant to this Indenture, (2) the
Issuer’s obligations with respect to such Notes under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (3) the
rights, powers, trusts, duties and immunities of the Trustee hereunder, and the obligations of each of the Guarantors and the
Issuer in connection therewith and (4) this Article Thirteen. Subject to compliance with this Article Thirteen,
the Issuer may exercise its option under this Section 13.02 notwithstanding the prior exercise of its option under Section
13.03 with respect to the Notes.

 

SECTION 13.03.         Covenant
Defeasance. Upon the Issuer’s exercise under Section 13.01 of the option applicable to this Section 13.03, each
of the Issuer and the Guarantors shall be released from its respective obligations under any covenant contained in Section 8.01
and in Sections 10.04 through and including 10.19 with respect to the Outstanding Notes on and after the date the
conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter
be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Notes,
the Issuer or any Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under Sections 5.01(3), and as a result of such
Covenant Defeasance, Sections 5.01(4) and 5.01(5), shall no longer be in effect but, except as specified above, the remainder
of this Indenture and such Notes shall be unaffected thereby.

 

SECTION 13.04.         Conditions
to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to application of either Section 13.02 or
Section 13.03 to the Outstanding Notes:

 

(1)         the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, U.S. Government
Obligations, or a combination thereof, in such amounts (including scheduled payments thereon) as will be sufficient, in the opinion
of an Independent Financial Advisor, to pay the principal of, premium, if any, and interest due on the Notes on the stated maturity
date or on the Redemption Date, as the case may be, of such principal, premium, if any, or interest on such Notes and the Issuer
must specify whether such Notes are being defeased to maturity or to a particular Redemption Date; provided, that upon any
redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture
to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice
of redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption.
Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with
the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such
redemption;

 

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(2)         in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the
Trustee confirming that, subject to customary assumptions and exclusions,

 

(A)         the
Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(B)         since
the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders will not recognize income,
gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred;

 

(3)         in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to
the Trustee confirming that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)         no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar
and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith) shall
have occurred and be continuing on the date of such deposit;

 

(5)         such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material
agreement or material instrument (other than this Indenture) to which, the Issuer or any Guarantor is a party or by which
the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to be applied to make such deposit and any
similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);

 

(6)         the
Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with
the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and

 

(7)         the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may
be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the
Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

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SECTION 13.05.         Deposited
Money and U.S. Government Obligations To Be Held in Trust Other Miscellaneous Provisions. Subject to the provisions of the
last paragraph of Section 10.03, all cash and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee pursuant to Section 13.04 in respect of the Outstanding Notes shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Notes of all
sums due and to become due thereon in respect of principal (and premium, if any) and interest, but such money or U.S. Government
Obligations need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
(or Paying Agent) against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited
pursuant to Section 13.04 or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the Outstanding Notes.

 

Anything in this Article Thirteen to the
contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any money or U.S.
Government Obligations held by it as provided in Section 13.04 which, in the opinion of an Independent Financial Advisor expressed
in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article.

 

SECTION 13.06.         Reinstatement.
If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 13.05 by
reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Issuer’s and each Guarantor’s obligations under this Indenture and the Outstanding Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 13.02 or 13.03, as the case may be, until such time
as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section
13.05; provided that, if the Issuer makes any payment of principal of (or premium, if any) or interest on any Note following
the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

 

[Signature Pages Follow]

 

    -82-

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written.

 

	 	INTERNATIONAL SEAWAYS, INC. 
	 	 	 
	 	By:	/s/ James D. Small
	 	 	Name:	James D. Small III
	 	 	Title:	Chief Administrative Officer, Senior Vice
	 	 	 	President, Secretary and General Counsel
	 	 	 
	 	GLAS Trust Company LLC
	 	as Trustee
	 	 	 
	 	By:	/s/ Martin Reed
	 	 	Name: 	Martin Reed
	 	 	Title:	Vice President

 

[Signature Page to Indenture]Exhibit 10.3

 

Execution Version

 

 

 

CREDIT AGREEMENT

 

dated as of

 

June 7, 2018

 

By and among

 

SEAWAYS SHIPPING CORPORATION,

as Borrower,

 

the INITIAL GUARANTORS, along with any Additional
Guarantors who may become party hereto,

as Guarantors,

 

The LENDERS party hereto from time to time,

 

The SWAP BANKS party hereto from time to time,

 

and

 

ABN AMRO CAPITAL USA LLC,

as Security Trustee and Facility Agent

 

together with

 

ABN AMRO CAPITAL USA LLC,

as Mandated Lead Arranger

 

and

 

ABN AMRO CAPITAL USA LLC,

as Arranger and Bookrunner

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	1.01	Defined Terms	1
	1.02	Terms Generally	26
	1.03	Accounting Terms; Changes in GAAP	26
	1.04	Rates	27
	 	 	 
	ARTICLE II
	 
	COMMITMENTS
	 	 	 
	2.01	Commitments	27
	2.02	Loan and Borrowing.	27
	2.03	Borrowing.	27
	2.04	Funding of Borrowing	28
	2.05	Interest Periods	28
	2.06	Repayment	29
	2.07	Prepayments	29
	2.08	Cancellation of Commitments	30
	2.09	Interest	30
	2.10	Fees	31
	2.11	Evidence of Debt	31
	2.12	Payments Generally; Several Obligations of Lenders and Swap Banks	32
	2.13	Sharing of Payments	33
	2.14	Compensation for Losses	33
	2.15	Increased Costs	33
	2.16	Taxes	34
	2.17	Inability to Determine Rates.	38
	2.18	Illegality	38
	2.19	Mitigation Obligations; Replacement of Lenders	39
	2.20	Defaulting Lenders	40
	2.21	Increases in Commitments	41
	 	 	 
	ARTICLE III
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	3.01	Existence, Qualification and Power	42
	3.02	Authorization; No Contravention	43
	3.03	Governmental Authorization; Other Consents	43
	3.04	Execution and Delivery; Binding Effect	43
	3.05	Financial Statements; No Material Adverse Effect	43
	3.06	Litigation	44
	3.07	No Material Adverse Effect; No Default	44
	3.08	Property	44
	3.09	Taxes	45

 

    	 	i	 

     

    

 

	3.10	Disclosure	45
	3.11	Compliance with Laws	45
	3.12	ERISA Compliance	46
	3.13	Environmental Matters	46
	3.14	Margin Regulations	47
	3.15	Investment Company, Public Utility	47
	3.16	PATRIOT Act; Sanctions; Anti-Corruption	47
	3.17	ISM Code and ISPS Code Compliance	47
	3.18	Solvency	47
	3.19	Place of Business	47
	3.20	Ownership	48
	3.21	Vessel	48
	3.22	The Security Documents	48
	3.23	Use of Proceeds	49
	3.24	Labor Matters	49
	3.25	Threatened Withdrawal of Document of Compliance, Safety Management Certificate or ISSC	49
	3.26	Discharge of Term Loan B Liens	49
	3.27	No Upstream Guarantor Accounts; Vessel Amounts	49
	3.28	Beneficial Ownership Certification	49
	 	 	 
	ARTICLE IV
	 
	CONDITIONS OF LENDING
	 	 	 
	4.01	Conditions Precedent to the Closing Date	49
	4.02	Conditions Precedent to the Drawdown Date	51
	4.03	Conditions Precedent Relating to the Vessel and Security	52
	 	 	 
	ARTICLE V
	 
	AFFIRMATIVE COVENANTS
	 	 	 
	5.01	Financial Statements	54
	5.02	Certificates; Other Information	55
	5.03	Vessel Valuations	56
	5.04	Vessel Value Maintenance	56
	5.05	Notices	56
	5.06	Preservation of Existence, Etc.	57
	5.07	Employee Benefits	58
	5.08	Maintenance of Properties	58
	5.09	Insurances	58
	5.10	Insurance Documentation; Letters of Undertaking; Certificates	59
	5.11	Mortgagee’s Insurance	60
	5.12	Maintenance of Security Interests	60
	5.13	Earnings Payments	60
	5.14	Payment of Obligations	60
	5.15	Vessel Registration	61
	5.16	Vessel Repair	61
	5.17	Classification Society Instructions and Undertakings	61
	5.18	Charters; Charter Assignments; Assignments of Earnings	61

 

    	 	ii	 

     

    

 

	5.19	Compliance with Laws	62
	5.20	[Intentionally omitted]	62
	5.21	Environmental Matters	62
	5.22	Books and Records	62
	5.23	Inspection Rights	62
	5.24	Surveys	63
	5.25	Notice of Mortgage	63
	5.26	Inventory of Hazardous Materials	63
	5.27	Material Agreements	63
	5.28	Prevention of and Release from Arrest	63
	5.29	Use of Proceeds	63
	5.30	Subordination of Loans	63
	5.31	Anti-Corruption Laws	63
	5.32	“Know Your Customer” Documentation	64
	5.33	Asset Control	64
	5.34	Scrapping	64
	5.35	Maintenance of Ratings	64
	5.36	Sanctions	64
	5.37	Vessel Amounts; Borrower Operating Account	64
	5.38	Parent Covenants Relating to ISOC Share Pledge	64
	 	 	 
	ARTICLE VI
	 
	NEGATIVE COVENANTS
	 	 	 
	6.01	Indebtedness	67
	6.02	Liens	68
	6.03	Fundamental Changes	68
	6.04	Restricted Payments	68
	6.05	Investments	69
	6.06	Transactions with Affiliates	69
	6.07	Changes in Fiscal Periods	69
	6.08	Changes in Nature of Business	69
	6.09	Changes in Name; Organizational Documents Amendments	69
	6.10	Place of Business	69
	6.11	Change of Control; Negative Pledge	70
	6.12	Restriction on Chartering	70
	6.13	Lawful Use	70
	6.14	Approved Manager	70
	6.15	Insurances	70
	6.16	Modification; Removal of Parts	71
	6.17	Sanctions	71
	6.18	No Upstream Guarantor Accounts	71
	6.19	Swap Contracts.	71
	 	 	 
	ARTICLE VII
	 
	FINANCIAL COVENANTS
	 	 	 
	7.01	Financial Covenants	72
	7.02	Debt Service Reserve Account	72

 

    	 	iii	 

     

    

 

	7.03	Dry Dock Reserve Account	72
	7.04	Borrower Operating Account	72
	 	 	 
	ARTICLE VIII
	 
	GUARANTY
	 	 	 
	8.01	Guaranty	73
	8.02	Obligations Unconditional	73
	8.03	Reinstatement	74
	8.04	Subrogation; Subordination	74
	8.05	Remedies	74
	8.06	Instrument for the Payment of Money	74
	8.07	Continuing Guarantee	74
	8.08	General Limitation on Guarantee Obligations	75
	8.09	Right of Contribution	75
	8.10	Set-off	75
	8.11	Keepwell	75
	8.12	Parallel Liability.	76
	 	 	 
	ARTICLE IX
	 
	EVENTS OF DEFAULT
	 	 	 
	9.01	Events of Default	76
	9.02	Application of Payments	79
	 	 	 
	ARTICLE X
	 
	AGENCY
	 	 	 
	10.01	Appointment and Authority	80
	10.02	Rights as a Lender	81
	10.03	Exculpatory Provisions	81
	10.04	Reliance by Agent	82
	10.05	Delegation of Duties	82
	10.06	Resignation of Agent	83
	10.07	Non-Reliance on Agents and Other Lenders	83
	10.08	No Other Duties	84
	10.09	Facility Agent May File Proofs of Claim	84
	10.10	Collateral and Guaranty Matters	84
	 	 	 
	ARTICLE XI
	 
	MISCELLANEOUS
	 	 	 
	11.01	Notices	85
	11.02	Waivers; Amendments	87
	11.03	Expenses; Indemnity; Damage Waiver	89
	11.04	Successors and Assigns	90
	11.05	Survival	93
	11.06	Counterparts; Integration; Effectiveness; Electronic Execution	94

 

    	 	iv	 

     

    

 

	11.07	Severability	94
	11.08	Right of Setoff	94
	11.09	Governing Law; Jurisdiction; Etc.	95
	11.10	WAIVER OF JURY TRIAL	95
	11.11	Headings	96
	11.12	Treatment of Certain Information; Confidentiality	96
	11.13	PATRIOT Act	96
	11.14	Interest Rate Limitation	97
	11.15	Payments Set Aside	97
	11.16	No Advisory or Fiduciary Responsibility	97
	11.17	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	98

 

    	 	v	 

     

    

 

SCHEDULES

 

	SCHEDULE I -A	 	Lenders and Commitments
	SCHEDULE I -B	 	Swap Banks
	SCHEDULE II	-	Initial Guarantors
	SCHEDULE III	-	Approved Brokers
	SCHEDULE IV	-	Vessel
	SCHEDULE V	-	Liens
	SCHEDULE VI	-	Pre-approved Vessel Management Terms
	 	 	 
	EXHIBITS	 	 
	 	 	 
	EXHIBIT A	-	Form of Account Pledge
	EXHIBIT B	-	Form of Assignment and Assumption
	EXHIBIT C	-	Form of Assignment of Earnings
	EXHIBIT D	-	Form of Assignment of Insurances
	EXHIBIT E	-	Form of Borrowing Request
	EXHIBIT F	-	Form of Charter Assignment
	EXHIBIT G	-	Form of Guarantor Accession Agreement
	EXHIBIT H	-	Form of Manager’s Undertaking
	EXHIBIT I	-	[Intentionally omitted]
	EXHIBIT J-1	-	Form of Borrower Share Pledge
	EXHIBIT J-2	 	Form of ISOC Share Pledge
	EXHIBIT K	-	[Intentionally omitted]
	EXHIBIT L	-	Form of Vessel Mortgage
	EXHIBIT M	-	Form of Note
	EXHIBIT N-1	-	Form of U.S. Tax Compliance Certificate
	EXHIBIT N-2	-	Form of U.S. Tax Compliance Certificate
	EXHIBIT N-3	-	Form of U.S. Tax Compliance Certificate
	EXHIBIT N-4	-	Form of U.S. Tax Compliance Certificate

 

    	 	vi	 

     

    

 

This CREDIT AGREEMENT,
dated as of June 7, 2018 (this “Agreement”), is made by and among SEAWAYS SHIPPING CORPORATION, as Borrower,
the INITIAL GUARANTORS, along with any Additional Guarantors who may become party hereto, as Guarantors, the LENDERS party hereto,
the SWAP BANKS party hereto, ABN AMRO CAPITAL USA LLC, as Mandated Lead Arranger, ABN AMRO CAPITAL USA LLC, as Arranger and Bookrunner,
ABN AMRO CAPITAL USA LLC, as Security Trustee and ABN AMRO CAPITAL USA LLC, as Facility Agent.

 

PRELIMINARY STATEMENTS:

 

1.            The
Lenders have agreed to make available to the Borrower a senior secured term loan facility in an aggregate principal amount of up
to the lesser of (a) $29,150,000 and (b) fifty-five percent (55%) of the Fair Market Value of the Vessel for the purposes of financing,
refinancing or reimbursing a part of the acquisition cost of the Vessel (including through the payment of distributions to the
Parent) and for general corporate purposes.

 

2.            The
Borrower is a wholly owned indirect subsidiary of the Parent, an Initial Guarantor. The Borrower is a wholly owned direct subsidiary
of ISOC. The Upstream Guarantor, an Initial Guarantor, is a wholly owned direct subsidiary of the Borrower and the owner of the
Vessel.

 

3.            As
a condition to the obligation of the Lenders to make the credit facility available to the Borrower hereunder, the Initial Guarantors
have agreed to guarantee, on the terms and conditions set forth herein, the obligations of the Borrower under this Agreement and
any Secured Swap Contract.

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

“Account Bank”
means ABN AMRO Bank N.V., acting through its office at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands, or such other
bank agreed to from time to time between the Facility Agent and the Borrower and subject to the specific consent of the Facility
Agent.

 

“Account Pledge”
means any first priority pledge of any of the Borrower Operating Account, the Dry Dock Reserve Account and the Debt Service Reserve
Account in the form of Exhibit A, or any other form approved by the Facility Agent, with the consent of the Required Lenders (such
consent not to be unreasonably withheld or delayed), in writing.

 

“Acquisition”
means, as to any Person, the purchase or other acquisition (in one transaction or a series of transactions, including through a
merger) of all of the equity interests of another Person or all or substantially all of the property, assets or business of another
Person or of the assets constituting a business unit, line of business or division of another Person.

 

“Additional Guarantor”
means any Wholly-Owned Subsidiary of the Borrower that is reasonably acceptable to the Required Lenders that shall become a party
hereto as Guarantor by executing and delivering to the Facility Agent a Guarantor Accession Agreement, including (a) any such Person
that is or shall be the owner of any Additional Vessel financed or to be financed by any Incremental Commitment pursuant to Section
2.21(a), and (b) any such Person providing additional Collateral to secure the Obligations.

 

     

     

    

 

“Additional Vessel”
means any crude oil tanker vessel which is less than or equal to seven (7) years old and which may be acquired by an Additional
Guarantor pursuant to Section 2.21(a).

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Facility Agent.

 

“Affected Interest
Period” has the meaning specified in Section 2.17.

 

“Affected Lender”
has the meaning specified in Section 2.17(b).

 

“Affiliate”
means, with respect to a specified Person, another Person that directly or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Agent Parties”
has the meaning specified in Section 11.01(d)(ii).

 

“Agreed Form”
means, in relation to any document, such document in a form agreed by the Borrower and the Facility Agent (acting on the instructions
of the Required Lenders).

 

“Agreement”
has the meaning specified in the introductory paragraph hereof.

 

“Anti-Corruption
Laws” has the meaning specified in Section 3.16(c).

 

“Applicable Law”
means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Applicable Percentage”
means with respect to any Lender, the percentage of the Total Commitments represented by such Lender’s Commitment. If the
Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently
in effect, giving effect to any assignments.

 

“Approved Broker”
means (a) the Persons listed on Schedule III, and (b) any other Person proposed by the Borrower which the Facility Agent may,
with the consent of the Required Lenders (such consent not to be unreasonably withheld, conditioned or delayed), approve from time
to time in writing.

 

“Approved Flag” means the flag
of the Marshall Islands, Liberia or Panama or such other flag proposed by the Borrower which the Facility Agent may, with the prior
written consent of the Required Lenders, approve from time to time in writing as the flag on which the Vessel shall be registered.

 

“Approved Fund” means any Fund
that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of
an entity that administers or manages a Lender.

 

    	 	[Signature Page – Credit Agreement]
 2	 

     

    

 

“Approved Manager”
means (a) the Parent or any Affiliates thereof, (b) with respect to the commercial management of the Vessel, the Tankers International
pool or any other reputable pool operator proposed by the Borrower which the Facility Agent may, with the consent of the Required
Lenders (such consent not to be unreasonably withheld, conditioned or delayed), approve from time to time in writing as the commercial
manager of the Vessel and (c) with respect to the technical management of the Vessel, V.Ships or any Affiliates thereof or any
other Person proposed by the Borrower which the Facility Agent may, with the consent of the Required Lenders (such consent not
to be unreasonably withheld, conditioned or delayed), approve from time to time in writing as the technical manager of the Vessel.

 

“Approved Pooling
Arrangement” means, in respect of the Vessel, the Tankers International pool or any other pooling arrangement proposed
by the Borrower which the Facility Agent may, with the consent of the Required Lenders (such consent not to be unreasonably withheld,
conditioned or delayed), approve from time to time in writing.

 

“Arranger”
means ABN AMRO Capital USA LLC in its capacity as arranger.

 

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of
any party whose consent is required by Section 11.04), and accepted by the Facility Agent, in substantially the form of Exhibit B
or any other form approved by the Facility Agent.

 

“Assignment of Earnings”
means, in relation to the Vessel, an assignment of the Earnings and any Requisition Compensation of the Vessel, in substantially
the form of Exhibit C, or any other form approved by the Facility Agent.

 

“Assignment of Insurances”
means, in relation to the Vessel, an assignment of the Insurances of the Vessel, in substantially the form of Exhibit D, or any
other form approved by the Facility Agent.

 

“Attributable Indebtedness”
means, when used with respect to any Capitalized Lease or Synthetic Lease Obligation, as at the time of determination, the present
value (discounted at a rate equivalent to ISOC’s then-current weighted average cost of funds for borrowed money as at the
time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments (and substantially
similar payments) during the remaining term of the lease included in any such transaction.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Parent and its Subsidiaries for the fiscal year ended
December 31, 2017 and the related consolidated statements of income or operations, shareholders’ equity and cash flows for
such fiscal year of the Parent and its Subsidiaries.

 

“Availability Period”
means the period from and including the Closing Date to and including the Commitment Termination Date.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Balloon Installment”
has the meaning specified in Section 2.06(a)(ii).

 

    	 	[Signature Page – Credit Agreement]
 3	 

     

    

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Bookrunner”
means ABN AMRO Capital USA LLC in its capacity as bookrunner.

 

“Borrower”
means Seaways Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of the Marshall Islands.

 

“Borrower Operating
Account” means an account in the name of the Borrower with the Account Bank designated “Seaways Shipping Corporation
– Borrower Operating Account”.

 

“Borrower Share
Pledge” means a pledge of the Equity Interests of the Upstream Guarantor, in substantially the form of Exhibit J-1, or
any other form approved by the Facility Agent.

 

“Borrowing”
means a borrowing consisting of the Loan made by the Lenders under this Agreement.

 

“Borrowing Request”
means a request for the Borrowing which shall be in substantially the form of Exhibit E, or any other form approved by the Facility
Agent.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day that is a legal holiday under the laws of The Netherlands or the State
of New York or is a day on which banking institutions in such state are authorized or required by Law to close; provided
that, when used in connection with LIBOR, the term “Business Day” means any such day that is also a day on which
dealings in Dollar deposits are conducted by and between banks in the London interbank market.

 

“Capitalized Lease”
means each lease that has been or is required to be, in accordance with GAAP (as applicable on the date of this Agreement), recorded
as a capitalized lease.

 

“Cash Equivalents”
means:

 

(a)          direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States
of America), in each case maturing within one year from the date of acquisition thereof;

 

(b)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital
and surplus and undivided profits of not less than $500,000,000;

 

(c)          marketable
short-term money market and similar highly liquid funds having a rating of at least P-1 or A-1 from either Moody’s or S&P,
respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another Credit Rating Agency);

 

(d)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered
into with a financial institution satisfying the criteria described in clause (b) above; and

 

    	 	[Signature Page – Credit Agreement]
 4	 

     

    

 

(e)          commercial
paper rated at least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another Credit Rating Agency) and in each case maturing within 12 months
after the date of creation thereof.

 

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

 

“Change of Control”
means the occurrence of any act, event or circumstance without the prior written consent of the Required Lenders that: (a) in respect
of the Upstream Guarantor, results in the Borrower owning directly less than one hundred percent (100%) of the issued and outstanding
Equity Interests in the Upstream Guarantor; (b) in respect of the Borrower, results in the Parent owning directly or indirectly
less than one hundred percent (100%) of the issued and outstanding Equity Interests in the Borrower; and (c) in respect of the
Parent, results in a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange
Act, but excluding any employee benefit plan of such person or group or its respective subsidiaries, and any person or entity acting
in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becoming the ultimate “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act and including by reason of any change in the ultimate “beneficial
ownership” of the Equity Interests of the Parent), directly or indirectly, of either (i) fifty percent (50%) or more of the
total voting power of the voting Equity Interests of the Parent (calculated on a fully diluted basis) or (ii) fifty percent (50%)
or more of the total economic interest of the Equity Interests of the Parent (calculated on a fully diluted basis).

 

“Charter Assignment”
means, in relation to the Vessel, an assignment of any demise charter and any time or consecutive voyage charter for a term which
exceeds, or by virtue of any optional extensions may exceed, twelve (12) months for the Vessel entered into by the Upstream Guarantor
(other than a charter pursuant to an Approved Pooling Arrangement), in substantially the form of Exhibit F, or any other form approved
by the Facility Agent.

 

“Classification
Society” means, in relation to the Vessel, American Bureau of Shipping, DNV-GL, Lloyd’s Register of Shipping, Korean
Register of Shipping, Nippon Kaiji Kyokai or Bureau Veritas or such other vessel classification society proposed by the Borrower
that is a member of IACS that the Facility Agent may, with the prior consent of the Required Lenders (such consent not to be unreasonably
withheld, conditioned or delayed), approve from time to time in writing.

 

“Closing Date”
means the date of this Agreement.

 

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

 

“Collateral”
means all property (whether real or personal, including, without limitation, any proceeds thereof) with respect to which any security
interests have been granted (or purport to be granted) pursuant to any Security Document.

 

    	 	[Signature Page – Credit Agreement]
 5	 

     

    

 

“Commitment”
means with respect to each Lender on any date, the commitment of such Lender to make the Loan if the Loan is required to be disbursed
on such date, as such commitment may be reduced or increased from time to time pursuant to Section 11.04(b) or increased from time
to time pursuant to Section 2.21. The initial amount of such Lender’s Commitment is set forth on Schedule I or in the Assignment
and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Commitment Termination
Date” means the date falling ten (10) Business Days after the Closing Date (or, as to any Incremental Commitment, the
date falling sixty (60) days after the Incremental Commitment Effective Date), subject to extension as may be agreed between the
Borrower and the Facility Agent (except that, if such date is not a Business Day, the Commitment Termination Date shall be the
next Business Day).

 

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

 

“Communications”
has the meaning specified in Section 11.01(d)(ii).

 

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

 

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

 

“Contribution Notice”
means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act 2004.

 

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

 

“Corresponding Liabilities
means all present and future monetary liabilities and contractual and non-contractual monetary obligations of the Borrower to any
Finance Party under or in connection with this Agreement, the other Loan Documents and any Secured Swap Contract, but excluding
its Parallel Liability.

 

“Credit Rating Agency”
means (a) Standard & Poor’s Financial Services LLC (“S&P”), (b) Moody’s Investors Service, Inc.
(“Moody’s”), and (c) any other nationally recognized credit rating agency that evaluates the financial condition
of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer's ability to make debt payments,
to the extent consented to by the Facility Agent (such consent not to be unreasonably withheld, conditioned or delayed).

 

“Debt Service Reserve
Account” means an account in the name of the Borrower with the Account Bank designated “Seaways Shipping Corporation
– Debt Service Reserve Account”.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of
the United States or other applicable jurisdictions from time to time in effect.

 

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“Debtor Relief Plan”
means a plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default Rate”
means an interest rate (before as well as after judgment) equal to the applicable interest rate plus 2.00% per annum.

 

“Defaulting Lender”
means, subject to Section 2.20(b), any Lender that (a) has failed to (i) fund all or any portion of its portions of the Loan within
two Business Days of the date such portions of the Loan were required to be funded hereunder unless such Lender notifies the Facility
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (ii) pay to the Facility Agent or any other Lender any other amount required to be
paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Facility Agent in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s obligation to fund the Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three Business Days after written request by the Facility Agent or the Borrower, to confirm in writing to the Facility Agent
and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease
to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Facility Agent and the Borrower),
or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief
Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors
or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in
Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity
interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from
the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Facility Agent that
a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.20(b)) upon delivery of written notice of
such determination to the Borrower and each Lender.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition of any property by any Person (including
any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

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“Disqualified Equity
Interest” means any Equity Interest that, by its terms (or the terms of any security or other Equity Interests into which
it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily
redeemable (other than solely for Equity Interests that are not Disqualified Equity Interests), pursuant to a sinking fund obligation
or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence
of a change of control or asset sale event shall be subject to the prior repayment in full of the Loan and all other Obligations
that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof,
in whole or in part, (c) provides for scheduled payments of dividends in cash, or (d) is or becomes convertible into
or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case,
prior to the date that is ninety-one days after the Maturity Date; provided that if such Equity Interests are issued pursuant
to a plan for the benefit of employees of the Borrower or any Subsidiary or by any such plan to such employees, such Equity Interests
shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Borrower or its
Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination,
death or disability.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Drawdown Date”
means the date of the Borrowing which in any event shall be no later than the Commitment Termination Date.

 

“Dry Dock Reserve
Account” means an account in the name of the Borrower with the Account Bank designated “Seaways Shipping Corporation
– Dry Dock Reserve Account”.

 

“Early Termination
Date” shall have the meaning given to that term in any relevant Master Agreement.

 

“Earnings”
means, in relation to the Vessel, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the
Upstream Guarantor or the Security Trustee and which arise out of the use or operation of the Vessel, including (but not limited
to):

 

(a)          except
to the extent that they fall within paragraph (b) or are otherwise agreed with the prior written consent of the Facility Agent:
(i) all freight, hire and passage moneys, (ii) compensation payable to the Upstream Guarantor or the Security Trustee in the event
of requisition of the Vessel for hire, (iii) remuneration for salvage and towage services, (iv) demurrage and detention moneys,
(v) damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the
Vessel, and (vi) all moneys which are at any time payable under Insurances in respect of loss of hire; and

 

(b)          if
and whenever the Vessel is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with
any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the
Vessel.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

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“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 11.04(b)(i), (iii) and (iv) (subject to
such consents, if any, as may be required under Section 11.04(b)(i)).

 

“Environmental Laws”
means any and all Federal, state, local, and foreign statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants, franchises, licenses, agreements or governmental restrictions, including all common law, relating
to pollution or the protection of health, safety or the environment or the release of any materials into the environment, including
those related to Hazardous Materials, air emissions, discharges to waste or public systems and health and safety matters.

 

“Environmental Liability”
means any liability or obligation, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities), directly or indirectly, resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment, disposal or permitting or arranging for the disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Equity Interests”
means, as to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of
the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from
such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b)
or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code
or Section 302 of ERISA).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the failure by the Borrower or any ERISA Affiliate to meet
all applicable requirements under the Pension Funding Rules or the filing of an application for the waiver of the minimum funding
standards under the Pension Funding Rules; (c) the incurrence by the Borrower or any ERISA Affiliate of any liability pursuant
to Section 4063 or 4064 of ERISA or a cessation of operations with respect to a Pension Plan within the meaning of Section 4062(e)
of ERISA; (d) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification
that a Multiemployer Plan is in reorganization or insolvent (within the meaning of Title IV of ERISA); (e) the filing of a
notice of intent to terminate a Pension Plan under, or the treatment of a Pension Plan amendment as a termination under, Section
4041 of ERISA; (f) the institution by the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition
that constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,
any Pension Plan; (h) the determination that any Pension Plan is in at-risk status (within the meaning of Section 430 of the
Code or Section 303 of ERISA) or that a Multiemployer Plan is in endangered or critical status (within the meaning of Section 432
of the Code or Section 305 of ERISA); (i) the imposition or incurrence of any liability under Title IV of ERISA, other than
for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; (j) the engagement
by the Borrower or any ERISA Affiliate in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; (k) the
imposition of a lien upon the Borrower pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; or (l) the making
of an amendment to a Pension Plan that could result in the posting of bond or security under Section 436(f)(1) of the Code.

 

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“Estate”
has the meaning specified in Section 10.01(b)(ii).

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“Event of Default”
has the meaning specified in Section 9.01.

 

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

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such
Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending
office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.16(g) and (d) any U.S.
Federal withholding Taxes imposed under FATCA.

 

“Facility”
means a senior secured term loan facility in the aggregate principal amount of the Total Commitments.

 

“Facility Agent”
means ABN AMRO Capital USA LLC, in its capacity as facility agent under any of the Loan Documents, or any successor facility agent.

 

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“Facility Agent’s
Office” means the Facility Agent’s address and, as appropriate, account as set forth in Section 11.01(a)(iii),
or such other address or account as the Facility Agent may from time to time notify to the Borrower and the Lenders.

 

“Fair Market Value”
means, in relation to the Vessel, the market value of the Vessel at any date that is shown by the average of two (2) valuations
each prepared for and addressed to the Facility Agent at the cost of the Borrower: (a) as at a date not more than 30 days prior
to the date such valuation is delivered to the Facility Agent; (b) by Approved Brokers selected by the Borrower; (c) on a “desk-top”
basis without physical inspection of the Vessel; and (d) on the basis of a sale for prompt delivery for cash on normal arm’s
length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment
or encumbrances (and with no value to be given to any pooling arrangements); provided that (i) if a range of market values
is provided in a particular appraisal, then the market value in such appraisal shall be deemed to be the mid-point within such
range, and (ii) if there is a difference of, or in excess of, ten percent (10%) between the two appraisals obtained, the Borrower
may, at its sole expense, obtain a third appraisal from an Approved Broker appointed by the Facility Agent, with the value of the
Vessel to be deemed the average of the three valuations obtained if a third appraisal is obtained.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered
into in connection with the implementation of the foregoing.

 

“FCPA”
has the meaning specified in Section 3.16(c).

 

“Federal Funds Rate”
shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds
open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite
the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such
other recognized electronic source used for the purpose of displaying such rate as selected by the Facility Agent (an “Alternate
Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any
Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen)
or any Alternate Source, a comparable replacement rate reasonably determined by Facility Agent at such time (which determination
shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Rate for
such day shall be the “open” rate on the immediately preceding Business Day.

 

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

 

“Fee Letters”
means, collectively, the Upfront Fee Letter and the Structuring and Agency Fee Letter.

 

“Finance Party”
means the Facility Agent, the Bookrunner, the Security Trustee, any Mandated Lead Arranger, the Arranger, any Lender and any Swap
Bank, whether as at the date of this Agreement or at any later time.

 

“Financial Officer”
means, as to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person.

 

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“Financial Support
Direction” shall mean a financial support direction issued by the Pensions Regulator under section 43 of the Pensions
Act 2004.

 

“First Repayment
Date” means the date that is three (3) months after the Drawdown Date.

 

“Foreign Lender”
means any Lender that is organized under the Laws of a jurisdiction other than the United States (or, in the case of a Lender that
is classified for U.S. federal income tax purposes as an entity that is disregarded from another Person, such Lender if such Person
is organized under the Laws of a jurisdiction other than the United States). For purposes of this definition, the United States,
each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign Plan”
means any employee pension benefit plan, program, policy, arrangement or agreement maintained or contributed to by the Borrower
or any Subsidiary with respect to employees employed outside the United States (other than any governmental arrangement).

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means, subject to Section 1.03, United States generally accepted accounting principles as in effect as of the date of determination
thereof.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase
or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital
or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person securing any Indebtedness
or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any
right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall
be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

“Guaranteed Obligations”
has the meaning specified in Section 8.01.

 

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“Guarantor Accession
Agreement” means an agreement providing for the accession of a Person to this Agreement as a Guarantor in substantially
the form of Exhibit G, or in any other form approved by the Facility Agent.

 

“Guarantors”
means, collectively, the Initial Guarantors and any Additional Guarantors that become a party hereto.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes, and other substances or wastes of any nature regulated under or with respect to which liability or standards
of conduct are imposed pursuant to any Environmental Law.

 

“Incremental Commitment”
has the meaning specified in Section 2.21(a).

 

“Incremental Commitment
Effective Date” has the meaning specified in Section 2.21(c).

 

“Incremental Lender”
has the meaning specified in Section 2.21(b).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication:

 

(a)          all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)          all
obligations of such Person for the reimbursement of any obligor in respect of letters of credit, bankers’ acceptances and
similar credit transactions;

 

(c)          net
obligations of such Person under any Swap Contract;

 

(d)          all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable and accrued
obligations incurred in the ordinary course of business);

 

(e)          indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned by such Person (including indebtedness arising under conditional
sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited
in recourse;

 

(f)           all
Attributable Indebtedness;

 

(g)          all
obligations of such Person in respect of Disqualified Equity Interests; and

 

(h)          all
Guarantees of such Person in respect of any of the foregoing.

 

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For all purposes hereof, the Indebtedness of
any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly
made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the
Swap Termination Value thereof as of such date. The amount of any Indebtedness of any Person for purposes of clause (e) that
is expressly made non-recourse or limited-recourse (limited solely to the assets securing such Indebtedness) to such Person shall
be deemed to be equal to the lesser of (i) the aggregate principal amount of such Indebtedness and (ii) the fair market
value of the property encumbered thereby as determined by such Person in good faith. The term “Indebtedness” shall
not include (i) preferred or prepaid revenues, (ii) purchase price holdbacks in respect of a portion of the purchase price of an
asset to satisfy warranty or other unperformed obligations of the seller of such asset, (iii) any obligations constituting the
exercise of appraisal rights and settlements of any claim of actions (whether actual, contingent or potential) with respect thereto
and (iv) any Indebtedness of the Parent appearing on the balance sheet of the Borrower or any Guarantor (other than the Parent),
or solely by reason of push down accounting under GAAP, in each case, so long as neither the Borrower nor such Guarantor has any
obligation with respect thereto and the holder of such Indebtedness has no recourse to the Borrower or such Guarantor with respect
thereto.

 

“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of the Borrower or the Guarantors under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
has the meaning specified in Section 11.03(b).

 

“Information”
has the meaning specified in Section 11.12.

 

“Initial Guarantors”
means, collectively, the Persons listed on Schedule II.

 

“Insurances”
means, in relation to the Vessel:

 

(a)          all
policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks association,
effected in respect of the Vessel, or otherwise in relation to the Vessel on or after the Drawdown Date; and

 

(b)          all
rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium, and
any rights in respect of any claim made, on or after the Drawdown Date.

 

“Interest Period”
means a period determined in accordance with Section 2.05.

 

“Interpolated Screen
Rate” shall mean, in relation to LIBOR for the Loan or any part of it, the rate (rounded to the same number of decimal
places as the two relevant Screen Rates) which results from interpolating on a linear basis between:

 

(a)          the
applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the relevant Interest
Period of the Loan or relevant part of it; and

 

(b)          the
applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the relevant Interest Period
of the Loan or relevant part of it,

 

each as of 11:00 a.m. London
time on the Quotation Day for Dollars.

 

“Inventory of Hazardous
Materials” means a document listing all potentially hazardous materials on board the Vessel or utilized in the construction
of the Vessel, or other equivalent document acceptable to the Facility Agent, issued by a classification society being a member
of the International Association of Classification Societies (“IACS”) pursuant to the Hong Kong International
Convention for the Safe and Environmentally Sound Recycling of Ships, 2009.

 

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“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest
in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which
the investor incurs Indebtedness of the type referred to in clause (h) of the definition of “Indebtedness” in
respect of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of
all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line
of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns
or distributions of capital or repayment of principal actually received in case by such Person with respect thereto.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISM Code”
means the International Safety Management Code (including the guidelines on its implementation), as adopted by the International
Maritime Organization, as the same may be amended or supplemented from time to time (and the terms “safety management
system”, “Safety Management Certificate” and “Document of Compliance” have the
same meanings as are given to them in the ISM Code).

 

“ISM Code Documentation”
includes, in respect of the Vessel:

 

(a)          the
Document of Compliance and Safety Management Certificate issued pursuant to the ISM Code in relation to the Vessel within the periods
specified by the ISM Code;

 

(b)          all
other documents and data which are relevant to the safety management system and its implementation and verification which the Facility
Agent may reasonably require; and

 

(c)          any
other documents which are prepared or which are otherwise relevant to establish and maintain the Vessel’s compliance or the
compliance of the Upstream Guarantor or the relevant Approved Manager of the Vessel with the ISM Code which the Facility Agent
may reasonably require.

 

“ISOC”
means International Seaways Operating Corporation, a corporation incorporated and existing under the laws of the Republic of the
Marshall Islands.

 

“ISOC Share Pledge”
means a pledge of the Equity Interests of the Borrower, in substantially the form of Exhibit J-2, or any other form approved by
the Facility Agent.

 

“ISPS Code”
means the International Ship and Port Facility Security Code, as adopted by the International Maritime Organization, as the same
may be amended or supplemented from time to time.

 

“ISPS Code Documentation”
includes:

 

(a)          the
ISSC; and

 

(b)          all
other documents and data which are relevant to the ISPS Code and its implementation and verification which the Facility Agent may
reasonably require.

 

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“ISSC”
means a valid and current International Ship Security Certificate issued under the ISPS Code.

 

“Joinder Agreement”
means a joinder or similar agreement entered into by any Person (including any Lender) under Section 2.21 pursuant to which
such Person shall provide an Incremental Commitment hereunder and (if such Person is not then a Lender) shall become a Lender party
hereto.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“Lenders”
means the Persons listed on Schedule I, Part A, any Person that becomes a party hereto pursuant to a Joinder Agreement, and
any other Person that shall have become party hereto pursuant to an Assignment and Assumption, other than any such Person that
ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Letters of Undertaking”
has the meaning specified in Section 5.10(a).

 

“LIBOR”
means, in relation to the Loan or any part of it: (a) the applicable Screen Rate; (b) if no Screen Rate is available for the relevant
currency or the relevant Interest Period of the Loan or relevant part of it the Interpolated Screen Rate for the Loan or relevant
part of it; or (c) if: (i) no Screen Rate is available for the relevant currency of the Loan or relevant part of it; or (ii) no
Screen Rate is available for the relevant Interest Period of the Loan or relevant part of it and it is not possible to calculate
an Interpolated Screen Rate for the Loan or relevant part of it, the Reference Bank Rate, as of, in the case of paragraphs (a)
and (c) above, 11:00 a.m. London time on the Quotation Day for a period equal in length to the Interest Period of the Loan or relevant
part of it and, if that rate is less than zero, LIBOR shall be deemed to be zero.

 

“Lien”
means any mortgage, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including
any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property,
and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means the loan by the Lenders to the Borrower under Article II and, unless the context shall require otherwise, the term “Loan”
shall also include any loans made pursuant to an Incremental Commitment.

 

“Loan Documents”
means, collectively: (a) this Agreement, (b) any Guarantor Accession Agreement, (c) any Joinder Agreement, (d) any Notes, (e) any
Security Document, (f) the Fee Letters, and (g) any other documents, certificates, instruments or agreements executed by or on
behalf of a Security Party for the benefit of any Finance Party in connection herewith on or after the date hereof that are jointly
designated by such Security Party and the Facility Agent as a “Loan Document”. Any reference in this Agreement or any
other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements,
supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect
at any and all times such reference becomes operative.

 

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“Major Casualty”
means, in relation to the Vessel, any casualty to the Vessel in respect of which the claim or the aggregate of the claims against
all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,500,000 or the equivalent in any other currency;

 

“Manager’s
Undertaking” means, in relation to the Vessel, the letter executed and delivered by an Approved Manager, in substantially
the form of Exhibit H, or any other form approved by the Facility Agent.

 

“Mandated Lead Arranger”
means ABN AMRO Capital USA LLC, in its capacity as mandated lead arranger.

 

“Margin”
means 3.25% per annum.

 

“Margin Stock”
means margin stock within the meaning of Regulation T, Regulation U and Regulation X.

 

“Master Agreement”
means the 1992 ISDA Master Agreement or 2002 ISDA Master Agreement, in the form published by the International Swaps and Derivatives
Association, Inc., if any, between the Borrower and a Swap Bank, together with any Schedule thereto, Credit Support Documents thereunder
and Confirmations thereunder, in each case, between the Borrower and such Swap Bank.

 

“Master Agreement
Assignment” means, in relation to each Master Agreement constituting Collateral, an assignment of such Master Agreement,
in Agreed Form.

 

“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect on, the operations, business, properties,
liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole,
or (b) a material adverse effect on (i) the ability of the Borrower and its Subsidiaries taken as a whole to perform
the Obligations, (ii) the legality, validity, binding effect or enforceability against any Obligor or ISOC of the Loan Documents
to which it is a party or (iii) the rights, remedies and benefits available to, or conferred upon, the Facility Agent or any
Lender under any Loan Documents.

 

“Maturity Date”
means the date falling on the earlier of five (5) years after (i) May 28, 2018 and (ii) the Drawdown Date.

 

“Maximum Rate”
has the meaning specified in Section 11.14.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate
makes or is obligated to make contributions, during the preceding five plan years has made or been obligated to make contributions,
or has any liability.

 

“Multiple Employer
Plan” means a Plan with respect to which the Borrower or any ERISA Affiliate is a contributing sponsor, and that has
two or more contributing sponsors at least two of whom are not under common control, as such a plan is described in Section 4064
of ERISA.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of
all or all affected Lenders in accordance with the terms of Section 11.02 and (b) has been approved by the Required Lenders.

 

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“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Note”
means a promissory note executed by the Borrower in favor of a Lender in accordance with Section 2.11(b).

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document
or any Secured Swap Contract or otherwise with respect to the Loan, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without
limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, charges, expenses, fees, indemnities
and other amounts payable by the Borrower under any Loan Document, (b) the obligation of the Borrower to reimburse any amount
in respect of any of the foregoing that the Facility Agent or any Lender, in each case in its sole discretion, may elect to pay
or advance on behalf of the Borrower in accordance with this Agreement or any other Loan Document, and (c) obligations under a
Secured Swap Contract.

 

“Obligor Materials”
has the meaning specified in Section 11.01(e).

 

“Obligors”
means, collectively, the Borrower and the Guarantors, and “Obligor” means any of them as the context may require.

 

“Operating Expenses”
means expenses properly and reasonably incurred by the Borrower or the Upstream Guarantor in connection with the operation, management,
employment, maintenance, repair, drydocking, crewing, victualing and insurance of the Vessel and any pooling expenses of the Vessel
or voyage expenses of the Vessel, including bunker and lubricating oil expenses, port fees, agents fees and commissions, cargo
loading and unloading expenses, canal charges and any additional insurance cover.

 

“Organizational
Documents” means (a) as to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent
or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) as to any limited liability company,
the certificate or articles of formation or organization and operating or limited liability agreement and (c) as to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity.

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.19(b)).

 

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“Parallel Liability”
means the Borrower’s undertaking pursuant to Section 8.12.

 

“Parent”
means International Seaways, Inc., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands.

 

“Participant”
has the meaning specified in Section 11.04(d).

 

“Participant Register”
has the meaning specified in Section 11.04(d).

 

“PATRIOT Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum funding standards and minimum required contributions (including
any installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect to plan years ending prior
to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension
Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained
or is contributed to by the Borrower or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum
funding standards under Section 412 of the Code.

 

“Pensions Regulator”
shall mean the body corporate called the Pensions Regulator established under Part 1 of the Pensions Act 2004.

 

“Permitted Lien”
has the meaning specified in Section 6.02.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Pertinent Jurisdiction”
means, in relation to a Person:

 

(a)          the
jurisdiction under the laws of which the Person is incorporated or formed;

 

(b)          a
jurisdiction in which the Person has the center of its main interests or in which the Person’s central management and control
is or has recently been exercised;

 

(c)          a
jurisdiction in which the overall net income of the Person is subject to corporation tax, income tax or any similar tax;

 

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(d)          a
jurisdiction in which assets of the Person (other than securities issued by, or loans to, related Persons) having a substantial
value are situated, in which the Person maintains a branch or permanent place of business, or in which a Lien created by the Person
must or should be registered in order to ensure its validity or priority; or

 

(e)          a
jurisdiction the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the Person
whether as a main or territorial or ancillary proceeding or which would have such jurisdiction if their assistance were requested
by the courts of a country referred to in paragraphs (a) or (b) above.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of the Borrower
or any Subsidiary, or any such plan to which the Borrower or any Subsidiary is required to contribute on behalf of any of its employees
or with respect to which the Borrower has any liability.

 

“Platform”
means Debt Domain, Intralinks, Syndtrak, DebtX or a substantially similar electronic transmission system.

 

“Prepayment Notice”
means a notice by the Borrower to prepay all or any portion of the Loan, which shall be in such form as the Facility Agent may
approve.

 

“Prohibited Person”
means a person:

 

(a)          listed
on or owned or controlled by a person listed on any Sanctions List;

 

(b)          located
in, organized under the laws of or owned or controlled by, or acting on behalf of, a person located in or organised under the laws
of a country or territory which is a subject of country-wide or territory-wide Sanctions (including, without limitation, at the
date of this Agreement, Crimea, Cuba, Iran, North Korea and Syria); or

 

(c)          otherwise
a subject of Sanctions.

 

“Public Lender”
has the meaning specified in Section 11.01(e).

 

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

 

“Quotation Day”
shall mean, in relation to any period for which an interest rate is to be determined, two Business Days in New York, before
the first day of that period.

 

“Recipient”
means (a) the Facility Agent, or (b) any Lender, as applicable.

 

“Reference Bank
Rate” shall mean the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility
Agent at its request by the Reference Banks in relation to LIBOR, as the rate at which the relevant Reference Bank could borrow
funds in the London interbank eurodollar market, in the relevant currency and for the relevant period, were it to do so by asking
for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period.

 

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“Reference Banks”
shall mean, such consenting money center banks that are leading international banks and are not affiliated with the Facility Agent
as may be appointed by the Facility Agent to act in such capacity in consultation with the Borrower from time to time.

 

“Register”
has the meaning specified in Section 11.04(c).

 

“Regulation T”
means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation U”
means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation X”
means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Relevant Date”
has the meaning specified in Section 2.07(b)(iii).

 

“Removal Effective
Date” has the meaning specified in Section 10.06(b).

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

 

“Required Lenders”
means, at any time, Lenders having Total Credit Exposures representing at least sixty-six and two-thirds percent (66 2/3%) of the
Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required
Lenders at any time.

 

“Requisition”
means: (a) any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a consideration
less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official
authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition
for hire for a fixed period not exceeding one year without any right to an extension) unless it is within 30 days redelivered to
the full control of the Upstream Guarantor; and (b) any capture or seizure of the Vessel (including any hijacking or theft) unless
it is within 30 days redelivered to the full control of the Upstream Guarantor.

 

“Requisition Compensation”
includes all compensation or other moneys payable by reason of any Requisition.

 

“Resignation Effective
Date” has the meaning specified in Section 10.06(a).

 

“Responsible Officer”
means (a) the chief executive officer, president, senior vice president, vice president or a Financial Officer of the relevant
Obligor, (b) solely for purposes of the delivery of incumbency certificates and certified Organizational Documents and resolutions
pursuant to Section 4.01(a), any officer of the relevant Obligor and (c) solely for purposes of the Borrowing Request,
prepayment notices and notices for Commitment terminations or reductions given pursuant to Article II, any officer of the
Borrower. Any document delivered hereunder that is signed by a Responsible Officer of the relevant Obligor shall be conclusively
presumed to have been authorized by all necessary corporate, partnership or other action on the part of the relevant Obligor and
such Responsible Officer shall be conclusively presumed to have acted on behalf of the relevant Obligor.

 

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“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of
any Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account
of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest, or on account of
any return of capital to such Person’s shareholders, partners or members (or the equivalent Persons thereof).

 

“Sanctions”
means any trade, economic or financial sanctions laws, regulations, embargoes, restrictive measures or other sanctions administered,
enacted or enforced by a Sanctions Authority.

 

“Sanctions Authority”
means:

 

(a)          the
Security Council of the United Nations;

 

(b)          the
United States;

 

(c)          the
United Kingdom;

 

(d)          the
European Union;

 

(e)          any
member state of the European Union (including, without limitation, The Netherlands);

 

(f)           any
country in which any Obligor is organized, resident or conducts business; and

 

(g)          the
governments and official institutions or agencies of any of paragraphs (a) through (f) above, including without limitation the
U.S. Office of Foreign Assets Control, the U.S. Department of State and Her Majesty's Treasury.

 

“Sanctions Event”
has the meaning specified in Section 5.36.

 

“Sanctions List”
means the Specially Designated Nationals and Blocked Persons list maintained by the U.S. Office of Foreign Assets Control, the
Consolidated List of Financial Sanctions Targets maintained by Her Majesty’s Treasury, or any similar list maintained by,
or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended, supplemented or substituted
from time to time.

 

“Screen Rate”
means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person which takes over
the administration of that rate) for Dollars and the relevant period displayed (before any correction, recalculation or republication
by the administrator) on pages LIBOR01 or LIBOR02 of Bloomberg or the Thomson Reuters screen (or any replacement page which displays
that rate) or on the appropriate page of such other information service that publishes that page from time to time in place of
such pages. If the agreed pages are replaced or service ceases to be available, the Facility Agent may specify another page or
service displaying the appropriate rate after consultation with the Borrower and the Lenders.

 

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“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Swap Contract”
means a Swap Contract between the Borrower and a Swap Bank.

 

“Security Documents”
means, collectively: (a) any Charter Assignment (as applicable), (b) any Account Pledge, (c) any Assignment of Earnings, (d) any
Assignment of Insurances, (e) any Manager’s Undertaking, (f) any Master Agreement Assignment (as applicable), (g) any Share
Pledge, (h) any Subordination Agreement (as applicable), (i) any Vessel Mortgage, and (j) and each other security document or pledge
agreement delivered in accordance with applicable local Laws to grant a valid, enforceable, perfected security interest (with the
priority required under the Loan Documents) in any property as Collateral for the Obligations, and all UCC or other financing statements
or instruments of perfection required with respect thereto.

 

“Security Party”
means the Obligors and any other Person (except a Finance Party and an Approved Manager which is not an Affiliate of the Borrower
or the Guarantors) who, as a surety, guarantor, mortgagor, assignor or pledgor, as a party to any subordination or priorities arrangement,
or in any similar capacity, executes a Loan Document.

 

“Security Trustee”
means ABN AMRO Capital USA LLC, in its capacity as security trustee pursuant to Section 10.01(b) and under any of the Loan Documents,
or any successor security trustee.

 

“Share Pledge”
means (a) the ISOC Share Pledge and (b) the Borrower Share Pledge, or either of them.

 

“Solvent”
means, as to any Person as of any date of determination, that on such date (a) the fair value of the property of such Person
is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable
value 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, (c) such Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not
engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s
property would constitute an unreasonably small capital. The amount of any contingent liability at any time shall be computed as
the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

 

“Specified Loan
Party” means any Security Party that is not then an “eligible contract participant” under the Commodity Exchange
Act (determined prior to giving effect to Section 8.11).

 

“Springing Maturity
Date” means the date falling three (3) months before the Term Loan Maturity Date (as defined in the Term Loan B) with
respect to the Initial Term Loans (as defined in the Term Loan B); provided that if such date is not a Business Day, the Springing
Maturity Date shall be deemed to be the next succeeding Business Day.

 

“Structuring and
Agency Fee Letter” means the letter agreement, dated June 7, 2018, between the Borrower and the Facility Agent, as may
be amended, restated, modified or supplemented from time to time, in respect of (a) the structuring fees to be paid by the Borrower
to the Facility Agent for distribution the the Bookrunner and (b) the agency fees to be paid by the Borrower to the Facility Agent.

 

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“Subordinated Debt”
has the meaning specified in Section 5.30.

 

“Subordination Agreement”
has the meaning specified in Section 5.30.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, association or joint venture or other business entity
of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time owned or
the management of which is controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of the Borrower.

 

“Swap Bank”
means any Person that is a Lender or Finance Party or any Affiliate of a Lender or Finance Party at the time it enters into any
Secured Swap Contract with the Borrower (or at the time a Secured Swap Contract is assigned to such Person), including those initially
listed in Schedule I, Part B hereto, in its capacity as a party to a Secured Swap Contract.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any Master Agreement, including any such obligations or liabilities under any Master Agreement.

 

“Swap Obligation”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act;

 

“Swap Termination
Value” means, as to any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting
agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the
date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
by the relevant Swap Bank in accordance with its customary practices.

 

“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance
sheet of such Person but, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such
Person (without regard to accounting treatment).

 

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“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Loan B”
means the credit agreement dated as of June 22, 2017 (as amended, amended and restated or otherwise modified from time to time),
made by, among others, ISOC, as administrative borrower, OIN Delaware LLC, as co-borrower, the Parent, as holdings, the guarantors
from time to time party thereto, Jefferies Finance LLC, as administrative agent and collateral agent, and Skandinaviska Enskilda
Banken AB (publ), as swingline lender and issuing bank, in an aggregate principal amount of up to $600,000,000.

 

“Term Loan B Liens”
means Liens relating to the Vessel and its earnings, insurances and charter, in each case, in connection with the Term Loan B,
existing on the Closing Date and to be discharged prior to or simultaneous with the Borrowing.

 

“Total Credit Exposure”
means, as to any Lender at any time, the unused Commitments and the aggregate principal amount of the outstanding portion of the
Loan of such Lender at such time.

 

“Total Commitments”
means up to the lower of (i) 55% of the Fair Market Value of the Vessel on the Closing Date and (ii) the aggregate of the Commitments,
being a maximum of $29,150,000 on the Closing Date.

 

“Total Loss”
means: (a) actual, constructive, compromised, agreed or arranged total loss of the Vessel; or (b) any Requisition of the Vessel.

 

“Total Loss Date”
means, in relation to the Total Loss of the Vessel: (a) in the case of an actual loss of the Vessel, the date on which it occurred
or, if that is unknown, the date when the Vessel was last heard of; (b) in the case of a constructive, compromised, agreed or arranged
total loss of the Vessel, the earlier of: (i) the date on which a notice of abandonment is given to the insurers; and (ii) the
date of any compromise, arrangement or agreement made by or on behalf of the Borrower and/or the Upstream Guarantor who owns the
Vessel with the Vessel’s insurers in which the insurers agree to treat the Vessel as a total loss; and (c) in the case of
any other type of Total Loss, the date (or the most likely date) on which it appears to the Facility Agent acting reasonably that
the event constituting the total loss occurred.

 

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

 

“Upfront Fee Letter”
means the letter agreement, dated June 7, 2018, between the Borrower and the Facility Agent, as may be amended, restated, modified
or supplemented from time to time, in respect of the upfront fees to be paid by the Borrower to the Facility Agent for distribution
among the Lenders.

 

“Upstream Guarantor”
means Second Katsura Tanker Corporation, a corporation incorporated and existing under the laws of the Republic of the Marshall
Islands.

 

“U.S. Borrower”
means the Borrower if it is a U.S. Person.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

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“U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.16(g)(ii)(B)(3).

 

“Vessel Mortgage”
means, in relation to the Vessel, the first priority or first preferred mortgage on the Vessel, in substantially the form of Exhibit
L, or any other form approved by the Facility Agent.

 

“Vessel”
means the vessel identified in Schedule IV.

 

“Wholly-Owned”
means, as to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than
(a) director’s qualifying shares and (b) shares issued to foreign nationals to the extent required by Applicable
Law) are owned by such Person and/or by one or more Wholly-Owned Subsidiaries of such Person.

 

“Withholding Agent”
means the Borrower and the Facility Agent.

 

“Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.02        Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference
to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

		1.03	Accounting Terms; Changes in GAAP.

 

(a)          Accounting
Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall be construed
in conformity with GAAP. Financial statements and other information required to be delivered by the Borrower to the Lenders pursuant
to Sections 5.01(a), 5.01(b) and 5.01(c) shall be prepared in accordance with GAAP as in effect at the time of such preparation.
Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial
covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at one hundred percent
(100%) of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities
shall be disregarded.

 

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(b)          Changes
in GAAP. If the Borrower notifies the Facility Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision
(or if the Facility Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then
such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

 

1.04       Rates.
The Facility Agent does not warrant, nor accept responsibility, nor shall the Facility Agent have any liability with respect to
the administration, submission or any other matter related to the rates in the definition of “LIBOR” or with respect
to any comparable or successor rate thereto.

 

ARTICLE II

COMMITMENTS

 

2.01       Commitments.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make the Loan to the Borrower in one (1)
Borrowing on any Business Day during the Availability Period in an aggregate principal amount not to exceed such Lender’s
Commitment; provided however that after giving effect to the Loan the total amount of the Loan made shall not exceed the Total
Commitments. The Borrowing shall be applied to finance, refinance or reimburse a part of the acquisition cost (including through
the payment of distributions to the Parent) of the Vessel and for general corporate purposes. Any amounts repaid, prepaid or cancelled
may not be reborrowed.

 

2.02       Loan
and Borrowing.

 

(a)          The
Loan shall be made in one (1) Borrowing (as described in Section 2.01 above) ratably by the Lenders in accordance with their respective
Commitments.

 

2.03       Borrowing.

 

(a)          Notice
by Borrower. The Borrowing shall be made upon the Borrower’s irrevocable notice to the Facility Agent which may be given
by a Borrowing Request. The Borrowing Request must be received by the Facility Agent not later than 11:00 a.m. (New York City time)
three (3) Business Days prior to the requested date of the Borrowing.

 

(b)          Content
of Borrowing Request. The Borrowing Request for the Borrowing pursuant to this Section shall specify the following information:
(i)  the aggregate amount of the requested Borrowing; (ii) the date of the requested Borrowing (which shall be a Business
Day); (iii) the Interest Period therefor; and (iv) the location and number of the Borrower’s account, or such other
account as the Borrower may specify in the Borrowing Request, to which funds are to be disbursed.

 

(c)          Notice
by Facility Agent to Lenders. Promptly following receipt of the Borrowing Request, the Facility Agent shall advise each Lender
of the details thereof and the amount of such Lender’s portion of the Loan to be made as part of the requested Borrowing
(which shall be the Applicable Percentage of the amount specified in the Borrowing Request).

 

(d)          Failure
to Elect. If no Interest Period is specified with respect to the requested Borrowing, the Borrower shall be deemed to have
selected an Interest Period of three (3) months’ duration.

 

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2.04       Funding
of Borrowing.

 

(a)          Funding
by Lenders. Each Lender shall make the amount of its portion of the Loan available to the Facility Agent in immediately available
funds at the Facility Agent’s Office not later than 1:00 p.m. (New York time) on the Business Day specified in the applicable
Borrowing Request. Upon satisfaction of the applicable conditions set forth in Article IV, the Facility Agent shall make all funds
so received available to the Borrower in like funds as received by the Facility Agent either by (i) crediting the Borrower Operating
Account on the books of the Facility Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance
with the instructions provided to the Facility Agent by the Borrower.

 

(b)          Presumption
by Facility Agent. Unless the Facility Agent shall have received notice from a Lender, prior to the proposed date of the Borrowing
that such Lender will not make available to the Facility Agent such Lender’s share of the Borrowing, the Facility Agent may
assume that such Lender has made such share available on such date in accordance with Section 2.04(a) and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Facility Agent, then the applicable Lender and the Borrower severally agree
to pay to the Facility Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Facility Agent, at (i) in
the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Facility Agent
in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by the Borrower,
the interest rate applicable to the respective Borrowing, as determined pursuant to Section 2.09. If the Borrower and such Lender
shall pay such interest to the Facility Agent for the same or an overlapping period, the Facility Agent shall promptly remit to
the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the Borrowing to
the Facility Agent, then the amount so paid shall constitute such Lender’s portion of the Loan included in the Borrowing.
Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed
to make such payment to the Facility Agent.

 

(c)          Disbursement
of Borrowing to Third Party. To the extent requested in writing by the Borrower, the payment by the Facility Agent to a Person
other than the Borrower shall constitute the making of the relevant Borrowing and the Borrower shall at that time become indebted,
as principal and direct obligor, to each Lender in an amount equal to that Lender’s participation in that Borrowing.

 

2.05         Interest
Periods. The Loan comprising the Borrowing initially shall be specified in the Borrowing Request and shall have the Interest
Period specified in the Borrowing Request. The first Interest Period for the Borrowing shall commence on the date of the Borrowing
and shall end on the numerically corresponding day in the calendar month that is three (3) months thereafter or any other period
agreed between the Borrower and Lenders, as specified in the Borrowing Request. Thereafter, the duration of each Interest Period
shall be (a) three (3) months or (b) such other period as the Borrower may propose, upon notice received by the Facility Agent
not later than 11:00 a.m. (New York City time) three (3) Business Days prior to the first day of such Interest Period, and as the
Facility Agent may, with the authorization of all the Lenders, agree with the Borrower; provided, however, (i) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on
the next preceding Business Day; (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month of such Interest Period; and (iii) any Interest Period selection made by the Borrower shall
be irrevocable, and if the Borrower fails to select an Interest Period in accordance with this Section 2.05, then, subject to the
above proviso, the Borrower shall be deemed to have selected an Interest Period of three months.

 

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2.06       Repayment.

 

(a)          Amounts.
The Borrower shall repay the principal amount of the Borrowing by:

 

(i)          equal
consecutive quarterly principal repayment installments of an amount equal to $890,000; and

 

(ii)         a
final balloon payment (the “Balloon Installment”) in an amount equal to the outstanding principal amount of
the Borrowing and any other amounts outstanding on the Maturity Date;

 

provided that if the Borrowing
is made in a principal amount of less than $29,150,000, then the quarterly repayment installments and the Balloon Installment for
the Borrowing specified in this Section 2.06(a) shall be reduced pro rata by the undrawn amount.

 

(b)          Repayment
Dates. Each quarterly principal repayment installment in respect of the Borrowing shall be repaid (i) commencing on the First
Repayment Date and (ii) every three (3) months thereafter commencing on the date which is three (3) months after the First Repayment
Date, provided that the Balloon Installment in respect of the Borrowing shall be repaid on the Maturity Date.

 

(c)          Maturity
Date. On the Maturity Date, the Borrower shall additionally pay to the Facility Agent for the account of the Finance Parties
all other sums then accrued and owing under any Loan Document and any Secured Swap Contract.

 

2.07       Prepayments.

 

(a)          Optional
Prepayments. The Borrower may, upon notice to the Facility Agent, at any time and from time to time prepay the Borrowing in
whole or in part without premium or penalty, except for payments owed pursuant to Section 2.10(c), subject to the requirements
of this Section.

 

(i)          Notices.
Each such notice pursuant to this Section shall be in the form of a written Prepayment Notice, appropriately completed and signed
by a Responsible Officer of the Borrower, and must be received by the Facility Agent not later than 11:00 a.m. (New York City
time) five (5) Business Days before the date of prepayment. Each Prepayment Notice shall specify (x) the prepayment date and
(y) the principal amount of the Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice
relating to the Borrowing, the Facility Agent shall advise the applicable Lenders of the contents thereof. Each Prepayment Notice
shall be irrevocable.

 

(ii)         Amounts.
Each partial prepayment shall be in an aggregate principal amount of at least $1,000,000. Any amounts prepaid may not be reborrowed.

 

(b)          Mandatory
Prepayments.

 

(i)          If
the Vessel is sold or becomes a Total Loss, the Borrower shall on the Relevant Date prepay the amount of the Borrowing outstanding
at such time in full.

 

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(ii)         If
a Change of Control occurs in respect of the Borrower, the Upstream Guarantor or the Parent, the Borrower shall on the Relevant
Date prepay the amount of the Borrowing outstanding at such time in full.

 

(iii)        The
Borrower shall on the Springing Maturity Date prepay the amount of the Borrowing outstanding at such time in full and shall additionally
pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under any Loan Document
and any Secured Swap Contract; provided, however, that no prepayment pursuant to this Section 2.07(b)(iii) shall be required if
(1) the Initial Term Loans (as defined in the Term Loan B) are refinanced or otherwise prepaid before the Springing Maturity Date
or (2) the Springing Maturity Date shall fall on or after the Maturity Date.

 

(iv)         In
this Section 2.07(b), “Relevant Date” means: (1) in the case of a sale of the Vessel, on the date on which the
sale is completed by delivery of the Vessel to its buyer, (2) in the case of a Total Loss of the Vessel, on the earlier of: (x)
the date falling 180 days after the Total Loss Date, and (y) the date of receipt by the Security Trustee of the Requisition Compensation
or proceeds of insurance relating to such Total Loss and (3) in the case of a Change of Control, the date such Change of Control
occurs.

 

(c)          Application.

 

(i)          Each
prepayment of the Borrowing pursuant to Section 2.07(a) shall be applied pro rata to the repayment installments (including
the Balloon Installment) for the Borrowing specified in Section 2.06.

 

(ii)         Each
prepayment made to satisfy Section 5.04 shall be applied against the repayment installments specified in Section 2.06(a) in inverse
order of maturity starting with the Balloon Installment.

 

(iii)        Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.09, together with any additional amounts required
pursuant to Section 2.14; provided, however, that with respect to prepayment under Section 2.07(b)(iii), no additional amounts
shall be required to be paid pursuant to Section 2.14(a).

 

2.08       Cancellation
of Commitments. Any unused portion of the Commitments shall be cancelled by the Facility Agent without further notice to the
Borrower. Any amounts cancelled may not be reinstated.

 

2.09       Interest.

 

(a)          Interest
Rate. The Loan or any part of the Loan shall bear interest at a rate per annum equal to the sum of the aggregate of the Margin
plus LIBOR for the relevant Interest Period as in effect from time to time.

 

(b)          Default
Interest. Notwithstanding the foregoing, (i) upon the occurrence and during the continuance of any Event of Default under Section
9.01(a), (b), (g) or (h), the Loan shall bear interest, after as well as before judgment, at a rate per annum equal to the applicable
Default Rate, and (ii) without duplication of any amounts payable pursuant to preceding clause (i), overdue principal and, to the
extent permitted by applicable law, overdue interest, in respect of the Loan shall bear interest, after as well as before judgment,
at a rate per annum equal to the applicable Default Rate from time to time.

 

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(c)          Payment
Dates. Accrued interest on the Loan shall be payable on the last day of each Interest Period applicable thereto and at such
other times as may be specified herein; provided that (i) interest accrued pursuant to paragraph (b) of this Section
shall be payable on demand and (ii) in the event of any repayment or prepayment of the Loan, accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment. If an Interest Period is longer than three
(3) months, the Borrower shall also pay interest then accrued on the Loan or the relevant part of the Loan on the dates falling
at three-month intervals after the first day of the Interest Period.

 

(d)          Interest
Computation. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

 

2.10       Fees.

 

(a)          Upfront
Fees. The Borrower agrees to pay to the Facility Agent, for distribution among the Lenders, upfront fees as set forth in the
Upfront Fee Letter.

 

(b)          Structuring
Fees and Agency Fees. The Borrower agrees to pay to the Facility Agent (i) structuring fees for distribution to the Bookrunner
and (ii) agency fees, in each case as set forth in the Structuring and Agency Fee Letter.

 

(c)          Prepayment
Fees. Upon voluntary prepayment of the Loan (or any part thereof) pursuant to Section 2.07(a) after the Closing Date but prior
to the date which is the first anniversary thereof, the Borrower agrees to pay to the Facility Agent for distribution among the
Lenders a prepayment fee at a rate equal to 1.00% of the amount voluntarily prepaid. From the date which is the first anniversary
of the Closing Date and at all times thereafter, no prepayment fee shall be payable by the Borrower for any amount voluntarily
prepaid.

 

2.11       Evidence
of Debt.

 

(a)          Maintenance
of Records. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the Borrower
to such Lender resulting from the Loan made by such Lender. The Facility Agent shall maintain the Register in accordance with Section 11.04(c).
The entries made in the records maintained pursuant to this paragraph (a) shall be prima facie evidence absent manifest
error of the existence and amounts of the obligations recorded therein. Any failure of any Lender or the Facility Agent to maintain
such records or make any entry therein or any error therein shall not in any manner affect the obligations of the Borrower under
this Agreement and the other Loan Documents. In the event of any conflict between the records maintained by any Lender and the
records maintained by the Facility Agent in such matters, the records of the Facility Agent shall control in the absence of manifest
error.

 

(b)          Promissory
Notes. Upon the request of any Lender made through the Facility Agent, the Borrower shall prepare, execute and deliver in favor
of such Lender a promissory note to such Lender in the form of Exhibit M, or any other form approved by the Facility Agent, which
shall evidence such Lender’s portion of the Loan in addition to such records required under Section 2.11(a).

 

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2.12       Payments
Generally; Several Obligations of Lenders and Swap Banks.

 

(a)          Payments
by Borrower. All payments to be made by the Borrower hereunder and the other Loan Documents shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all such payments
shall be made to the Facility Agent, for the account of the respective Lenders to which such payment is owed, at the Facility Agent’s
Office in immediately available funds not later than 12:00 noon (New York City time) on the date specified herein. All amounts
received by the Facility Agent after such time on any date shall be deemed to have been received on the next succeeding Business
Day and any applicable interest or fees shall continue to accrue. The Facility Agent will promptly distribute to each Lender its
ratable share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such
Lender’s applicable lending office (or otherwise distribute such payment in like funds as received to the Person or Persons
entitled thereto as provided herein). If any payment to be made by the Borrower shall fall due on a day that is not a Business
Day, payment shall be made on the next succeeding Business Day and such extension of time shall be reflected in computing interest
or fees, as the case may be; provided that, if such next succeeding Business Day would fall after the Maturity Date, payment
shall be made on the immediately preceding Business Day. Except as otherwise expressly provided herein, all payments hereunder
or under any other Loan Document shall be made in Dollars.

 

(b)          Application
of Insufficient Payments. Subject to Section 7.02, if at any time insufficient funds are received by and available to the Facility
Agent to pay fully all amounts of principal, interest, fees and other amounts then due hereunder, such funds shall be applied (i) first,
to pay interest, fees and other amounts then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 

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

 

(d)          Deductions
by Facility Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section  2.04(b),
2.13 or 11.03(c), then the Facility Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply
any amounts thereafter received by the Facility Agent for the account of such Lender for the benefit of the Facility Agent, as
applicable, to satisfy such Lender’s obligations to the Facility Agent until all such unsatisfied obligations are fully paid
or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations
of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the
Facility Agent in its discretion.

 

(e)          Several
Obligations of Lenders and Swap Banks. The obligations of the Lenders hereunder to make the Loan, to fund participations in
the Loan and to make payments pursuant to Section 11.03(c) are several and not joint. The failure of any Lender to make any
portion of the Loan or to fund any such participation or to make any such payment on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any
other Lender to so make its portion of the Loan, to purchase its participations or to make its payment under Section 11.03(c).
The obligations of the Swap Banks hereunder and under the Swap Contracts are several and not joint.

 

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2.13       Sharing
of Payments. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its portion of the Loan or participations in the Loan or other obligations hereunder
resulting in such Lender receiving payment of a proportion of the aggregate amount of its portion of the Loan or participations
in the Loan and accrued interest thereon or other such obligations greater than its pro rata share thereof as provided herein,
then the Lender receiving such greater proportion shall (a) notify the Facility Agent of such fact, and (b) purchase
(for cash at face value) participations in the Loan and such other obligations of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of principal of and accrued interest on their respective portions of the Loan and participations in the Loan and other amounts
owing them; provided that:

 

(i)          if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)         the
provisions of this Section 2.13 shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of
its portion of the Loan to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions
of this paragraph shall apply).

 

The Borrower consents to the foregoing and
agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

2.14       Compensation
for Losses. In the event of (a) the payment of any principal of the Loan other than on the last day of an Interest Period
applicable thereto (including as a result of an Event of Default), (b)  the failure to borrow, continue or prepay on the date
specified in any notice delivered pursuant hereto or (c ) the assignment of the Loan or any part thereof other than on the last
day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19(b), then,
in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss,
cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the
amount of interest that would have accrued on the principal amount of the Loan had such event not occurred, at the interest rate
that would have been applicable to the Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow or continue, for the period that would have been the Interest Period for
the Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate
that such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period
from other banks in the London interbank eurodollar market. A certificate of any Lender setting forth any amount or amounts that
such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt
thereof.

 

2.15       Increased
Costs.

 

(a)          Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender;

 

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(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)        impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
portions of the Loan made by such Lender or participation therein;

 

and the result of any of the foregoing shall
be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any portion
of the Loan or of maintaining its obligation to make any such portion of the Loan, or to increase the cost to such Lender or to
reduce the amount of any sum received or receivable by such Lender or other Recipient hereunder (whether of principal, interest
or any other amount) then, upon request of such Lender or other Recipient, the Borrower will pay to such Lender or other Recipient,
as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for
such additional costs incurred or reduction suffered.

 

(b)          Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the portions of the Loan made by such Lender, to a level below that which
such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time
to time the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender
or such Lender’s holding company for any such reduction suffered.

 

(c)          Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its
holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Borrower,
shall be conclusive absent manifest error. The Borrower shall pay such Lender, as the case may be, the amount shown as due on any
such certificate within 10 days after receipt thereof.

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date
that such Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions,
and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof).

 

2.16       Taxes.

 

(a)          Defined
Terms. For purposes of this Section, the term “Applicable Law” includes FATCA.

 

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(b)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or the Guarantors under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law
and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or the Guarantors (as applicable) shall be increased
as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section 2.16) the applicable Recipient receives an amount equal to the sum it would have received
had no such deduction or withholding been made.

 

(c)          Payment
of Other Taxes by Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at the option of the Facility Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)          Indemnification
by Borrower. The Obligors shall indemnify each Recipient, within 10 days after demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section
2.16) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower
by a Lender (with a copy to the Facility Agent), or by the Facility Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error.

 

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

 

(f)           Evidence
of Payments. As soon as practicable after any payment of Taxes by an Obligor to a Governmental Authority pursuant to this Section
2.16, such Obligor shall deliver to the Facility Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Facility Agent.

 

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(g)          Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to the Borrower and the Facility Agent, at the time or times reasonably requested by the
Borrower or the Facility Agent, such properly completed and executed documentation reasonably requested by the Borrower or the
Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any
Lender, if reasonably requested by the Borrower or the Facility Agent, shall deliver such other documentation prescribed by Applicable
Law or reasonably requested by the Borrower or the Facility Agent as will enable the Borrower or the Facility Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to
the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in paragraphs (g)(ii)(A), (ii)(B) and (ii)(D) of this Section 2.16) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

(ii)         Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower,

 

(A)         any
Lender that is a U.S. Person shall deliver to the Borrower and the Facility Agent on or about the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility
Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in such number
of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent), whichever of the
following is applicable:

 

(1)         in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(2)         executed
copies of IRS Form W-8ECI;

 

(3)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit N-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower
as described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

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(4)         to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit N-2
or Exhibit N-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the
portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form
of Exhibit N-4 on behalf of each such direct and indirect partner;

 

(C)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in such number
of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent), executed copies
of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower
or the Facility Agent to determine the withholding or deduction required to be made; and

 

(D)         if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Facility Agent at the time or times prescribed by
law and at such time or times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by Applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the
amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so.

 

(h)          Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts
pursuant to this Section 2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments made under this Section 2.16 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

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(i)           Tax
Returns. This Section 2.16 shall not be construed to require any indemnified party to make available its Tax returns (or any
other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(j)           Survival.
Each party's obligations under this Section 2.16 shall survive the resignation or replacement of the Facility Agent or any assignment
of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

2.17      
Inability to Determine Rates. If, on or prior to the first day of any Interest Period (an “Affected Interest Period”):

 

(a)          the
Facility Agent determines (which determination shall be conclusive and binding on the Borrower) that, by reason of circumstances
affecting the London interbank eurodollar market, LIBOR cannot be determined pursuant to the definition thereof, or

 

(b)          
a Lender or Lenders whose participations in the Loan or the relevant part of the Loan exceed 50% of the Loan or the relevant part
of the Loan (the “Affected Lender”) determine that for any reason the cost to such Lender or Lenders of funding
the Loan or such part of the Loan from the London interbank eurodollar market or, if cheaper, from whatever source it may reasonably
select would be in excess of LIBOR for the relevant Interest Period,

 

the Facility Agent will promptly so notify
the Borrower and each Lender and the rate of interest on the Affected Lender’s share of the Loan or the relevant part of
the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

 

(i)          the
Margin; and

 

(ii)         the
rate notified to the Facility Agent by that Affected Lender as soon as practicable and in any event before interest is due to be
paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost to the relevant Affected
Lender of funding its participation in the Loan or that part of the Loan from whatever source it may reasonably select.

 

2.18       Illegality.
Notwithstanding any other provision of this Agreement, if the introduction of or any change in or in the interpretation of any
Law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for any Lender
to perform its obligations hereunder to make the Loan or to fund or maintain the Loan or any portion thereof hereunder, then, upon
written notice by the Facility Agent to the Borrower, the Facility Agent and the Borrower shall negotiate in good faith to agree
on terms for that Lender to continue the Loan or any portion thereof on a basis which is not unlawful. If no agreement shall be
reached between the Borrower and the Facility Agent within a period which in the sole discretion of the Facility Agent is reasonable
(such period to be no less than thirty (30) days), the Facility Agent shall be entitled to give notice to the Borrower that the
obligation of that Lender to make or maintain the Loan or any portion thereof, as the case may be, shall be forthwith terminated
and the amount of that Lender’s Commitment shall be reduced accordingly, and thereupon the aggregate outstanding principal
amount of the Loan or any relevant portion thereof, as the case may be, shall become due and payable in full, together with accrued
interest thereon and other sums payable hereunder, and such amounts as the Borrower shall be obligated to reimburse that Lender
pursuant to Section 11.03(b) if earlier prepayment is required by any Law, regulation and/or regulatory requirement; provided,
however, that, before making any such demand, that Lender shall designate a different lending office for monitoring the
Loan if the making of such a designation would avoid the need for giving such notice and demand and would not, in the judgment
of that Lender, be otherwise disadvantageous to that Lender.

 

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2.19       Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.15, or requires the Borrower to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 2.16, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending
office for funding or booking its portion of the Loan hereunder or to assign its rights and obligations hereunder to another of
its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.15 or 2.16, as the case may be, in the future, and (ii) would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with paragraph (a)
of this Section, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Facility Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section 11.04), all of its interests,
rights (other than its existing rights to payments pursuant to Section 2.15 or Section 2.16) and obligations under this
Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided that:

 

(i)          the
Borrower shall have paid to the Facility Agent the assignment fee (if any) specified in Section 11.04;

 

(ii)         such
Lender shall have received payment of an amount equal to the outstanding principal of its portion of the Loan, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 2.14 and Section 11.03(a)) 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);

 

(iii)        in
the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made
pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)         such
assignment does not conflict with Applicable Law; and

 

(v)          in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

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A Lender shall not be required
to make any such assignment or 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.

 

Notwithstanding anything
in this Section to the contrary, the Lender that acts as the Facility Agent may not be replaced hereunder except in accordance
with the terms of Section 10.06.

 

2.20       Defaulting
Lenders.

 

(a)          Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 11.02(b).

 

(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Facility Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received by
the Facility Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as may be determined
by the Facility Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Facility Agent
hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any
portion of the Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Facility Agent; third, if so determined by the Facility Agent and the Borrower, to be held in a deposit
account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect
to the Loan under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment
of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower
against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and sixth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of the Loan in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (y) such portions of the Loan were made at a time when the relevant conditions set forth in Article IV were satisfied
or waived, such payment shall be applied solely to pay the portions of the Loan of all Non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any portions of the Loan of such Defaulting Lender until such time as all portions of
the Loan are held by the Lenders pro rata in accordance with the Commitments. Any payments, prepayments or other amounts paid or
payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section shall
be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Commitment
Fees. No Defaulting Lender shall be entitled to receive any commitment fee for any period during which that Lender is a Defaulting
Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to
that Defaulting Lender).

 

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(b)          Defaulting
Lender Cure. If the Borrower, the Facility Agent and each Lender agree in writing that a Lender is no longer a Defaulting Lender,
the Facility Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to
any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loan
of the other Lenders or take such other actions as the Facility Agent may determine to be necessary to cause the Loan to be held
pro rata by the Lenders in accordance with the Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while
that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)          Termination
of Defaulting Lender. The Borrower may terminate the unused amount of the Commitment of any Lender that is a Defaulting Lender
upon not less than five Business Days’ prior notice to the Facility Agent (which shall promptly notify the Lenders thereof),
and in such event the provisions of Section 2.20(a)(ii) will apply to all amounts thereafter paid by the Borrower for the
account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts);
provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not
be deemed to be a waiver or release of any claim the Borrower, the Facility Agent or any Lender may have against such Defaulting
Lender.

 

2.21       Increases
in Commitments.

 

(a)          Request
for Increase. The Borrower may, by notice to the Facility Agent (who shall promptly notify the Lenders), request up to six
(6) increases in the Commitments to finance the acquisition of one or more Additional Vessels owned or to be owned by one or more
Additional Guarantors (each such increase, an “Incremental Commitment”); provided that such increases shall
be in an aggregate amount not exceeding an amount equal to the lesser of (i) $70,850,000 and (ii) fifty-five percent (55%) of the
aggregate Fair Market Value of any Additional Vessels to be financed by the Incremental Commitments; provided further that 
(A) such Incremental Commitments shall be uncommitted by the Lenders and subject to the approval of each Lender that agrees to
provide an Incremental Commitment, (B) any such Incremental Commitment shall be subject to (x) the prior written consent of each
Lender that agrees to provide an Incremental Commitment and (y) the entry into by the Borrower and the other Security Parties
of documentation amending and/or supplementing this Agreement and the other Loan Documents as the Facility Agent may reasonably
require, (C) any such request may not be made on or after the date which is eighteen (18) months after the Closing Date and (D)
any such Incremental Commitment shall be on terms and conditions substantially the same as this Agreement.

 

(b)          Incremental
Lenders. An Incremental Commitment may be provided by any existing Lender or other Person, in each case, that is an Eligible
Assignee (each such existing Lender or other Person that agrees to provide an Incremental Commitment, an “Incremental
Lender”); provided that each Incremental Lender shall be subject to the consent of the Facility Agent (not to
be unreasonably withheld). Notwithstanding anything herein to the contrary, no Lender shall have any obligation to agree to increase
its Commitment, or to provide an Incremental Commitment, pursuant to this Section and any election to do so shall be in the sole
discretion of such Lender.

 

(c)          Terms
of Incremental Commitments. The Facility Agent and the Borrower shall determine the effective date for such increase pursuant
to this Section (an “Incremental Commitment Effective Date”) and, if applicable, the final allocation of such
increase among the Persons providing such increase.

 

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In order to effect such increase,
the Borrower, the Guarantors, the applicable Incremental Lender(s) and the Facility Agent (but no other Lenders or Persons) shall
enter into one or more Joinder Agreements and/or such other documents as the Facility Agent may reasonably require, each in form
and substance reasonably satisfactory to the Facility Agent, pursuant to which the applicable Incremental Lender(s) will provide
the Incremental Commitment(s).

 

Effective as of the applicable
Incremental Commitment Effective Date, subject to the terms and conditions set forth in this Section, each Incremental Commitment
shall be a Commitment (and not a separate facility hereunder), and each Incremental Lender providing such Incremental Commitment
shall be, and have all the rights of, a Lender, for all purposes of this Agreement.

 

(d)          Conditions
to Effectiveness. Notwithstanding the foregoing, any increase in the Commitments pursuant to this Section shall not be effective
with respect to any Incremental Lender unless:

 

(i)          no
Default or Event of Default shall have occurred and be continuing on the Incremental Commitment Effective Date and after giving
effect to such increase;

 

(ii)         at
least two valuations, each dated no more than 30 days prior to the Incremental Commitment Effective Date, addressed to the Facility
Agent (at the expense of the Borrower) by Approved Brokers indicating the Fair Market Value of the Vessel and each of the Additional
Vessels to be financed by the Incremental Commitment;

 

(iii)        the
Facility Agent shall have received the documents described in paragraphs (a) and (c) above; and

 

(iv)         the
Facility Agent shall have received such legal opinions and other documents reasonably requested by the Facility Agent in connection
therewith.

 

As of such Incremental Commitment
Effective Date, upon the Facility Agent’s receipt of the documents required by this paragraph (d), the Facility Agent
shall record the information contained in the applicable Joinder Agreement(s) in the Register and give prompt notice of the increase
in the Commitments to the Borrower and the Lenders (including each Incremental Lender).

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

In order to induce the Lenders
to enter into this Agreement and to make the Loan, each of the Obligors, jointly and severally, represents and warrants to each
Finance Party as of the Closing Date, as of the Drawdown Date and on the first day of each Interest Period (it being understood
and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and
correct in all material respects only as of such specified date):

 

3.01       Existence,
Qualification and Power. Each Obligor (a) is duly organized or formed, validly existing and, as applicable, in good standing
under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business
and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party or any of the transactions
contemplated hereby and thereby, and (c) is duly qualified and in good standing as a foreign company in each other jurisdiction
in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed, except in
each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

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3.02       Authorization;
No Contravention. The execution, delivery and performance by each Obligor of each Loan Document to which it is party have been
duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms
of its Organizational Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien
(except Permitted Liens) under, or require any payment to be made under (i) any material Contractual Obligation to which such
Obligor is a party or affecting such Obligor or the properties of such Obligor or (ii) any material order, injunction, writ
or decree of any Governmental Authority or any arbitral award to which such Obligor or property belonging thereto is subject or
(c) violate any Law in any material respect.

 

3.03       Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, any Obligor of this Agreement or any other Loan Document to which it is a party, except for (a) the
filing of Uniform Commercial Code financing statements or other similar filing or instruments under the laws of any applicable
jurisdiction, (b) the Vessel Mortgage recording requirements under the relevant jurisdiction of the Vessel’s registration,
(c) such approvals, consents, exemptions, authorizations, actions, notices or filings that have been duly obtained, taken or made
and are in full force and effect and (d) such approvals, consents, exemptions, authorizations, actions, notices or filings that
the failure of which to obtain or perform would not reasonably be expected to have a Material Adverse Effect.

 

3.04       Execution
and Delivery; Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been,
duly executed and delivered by each Obligor party thereto. Except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium or other Laws affecting creditors’ rights generally and by general principles of
equity, the Loan Documents to which each Obligor is a party, constitute or, as the case may be, will constitute upon execution
and delivery (and, where applicable, registration as provided for in the Loan Documents), such Obligor’s legal, valid and
binding obligations enforceable against it in accordance with their respective terms.

 

3.05       Financial
Statements; No Material Adverse Effect.

 

(a)          Financial
Statements. The Audited Financial Statements were prepared in accordance with GAAP consistently applied throughout the period
covered thereby, except as otherwise expressly noted therein, and fairly present in all material respects the financial condition
of the Parent and its Subsidiaries as of the date thereof and their results of operations and cash flows for the period covered
thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein. The unaudited consolidated balance sheet of the Parent and its Subsidiaries, and the related consolidated statements of
income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on September 30, 2017 were prepared
in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein,
and fairly present in all material respects the financial condition of the Parent and its Subsidiaries, as of the date thereof
and their results of operations and cash flows for the period covered thereby, subject to the absence of footnotes and to normal
year-end audit adjustments.

 

(b)          No
Material Adverse Change. Since December 31, 2017, there has been no event or circumstance that, either individually or in the
aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

 

    	 	[Signature Page – Credit Agreement]
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3.06       Litigation.
Except as disclosed in the Parent’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended December 31,
2017, there are no actions, suits, proceedings, claims, disputes or, to the knowledge of the Obligors, investigations pending or,
to the knowledge of the Obligors, threatened, at Law, in equity, in arbitration or before any Governmental Authority, by or against
any Obligor or any Subsidiary or against any of their properties or revenues that (a) either individually or in the aggregate could
reasonably be expected to have a Material Adverse Effect or (b) purport to affect or pertain to this Agreement or any other
Loan Document or any of the transactions contemplated hereby.

 

3.07       No
Material Adverse Effect; No Default. No Obligor is in default under or with respect to any Contractual Obligation that, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. As of the Closing Date, no Default
has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any
other Loan Document.

 

3.08       Property.

 

(a)          Ownership
of Properties.

 

(i)          As
of the Drawdown Date, neither the Borrower, the Upstream Guarantor nor ISOC has created or is contractually bound to create any
security interest on or with respect to any of its assets, properties, rights or revenues, in each case, constituting Collateral,
except for Permitted Liens, and except as provided in this Agreement neither the Borrower, the Upstream Guarantor nor ISOC is restricted
by contract, applicable law or regulation or otherwise from creating security interests on any of its assets, properties, rights
or revenues, in each case, constituting Collateral.

 

(ii)         As
of the Drawdown Date, each of the Borrower, the Upstream Guarantor and ISOC has received all deeds, assignments, waivers, consents,
non-disturbance and attornment or similar agreements, bills of sale and other documents, and has duly effected all recordings,
filings and other actions, necessary to establish, protect and perfect its right, title and interest in and to the Vessel (with
respect to the Upstream Guarantor) and the other properties and assets owned by it, in each case, constituting Collateral (or arrangements
for such recordings, filings and other actions acceptable to the Facility Agent shall have been made).

 

(iii)        Without
limiting the generality of Section 3.22 and paragraph (ii) of this Section, at the time of the execution and delivery of each Security
Document: (a) the relevant Obligor or ISOC will have the right to create all the security interests which that Security Document
purports to create; and (b) no third party will have any Liens (except for Permitted Liens) or any other interest, right or claim
over, in or in relation to any asset to which any such Lien, by its terms, relates.

 

(b)          Intellectual
Property. Except for those with respect to which the failure to own or license could not reasonably be expected to have a Material
Adverse Effect, each Obligor owns or has the right to use all patents, trademarks, permits, service marks, trade names, copyrights,
franchises, formulas, licenses and other rights with respect thereto, and have obtained assignment of all licenses and other rights
of whatsoever nature, that are material to its business as currently contemplated without any conflict with the rights of others.

 

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3.09       Taxes.

 

(a)          The
Obligors have each filed all Federal, state and other tax returns and reports required to be filed by or on behalf of such Obligors,
and have paid all Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them
or their properties, income or assets otherwise due and payable, except (a) Taxes that are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP or (b) to
the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b)          No
material claim for any tax has been asserted against any Obligor by any taxing authority other than claims that are included in
the liabilities for taxes in the most recent balance sheet of such person or disclosed in the notes thereto, if any.

 

(c)          The
execution, delivery, filing and registration or recording (if applicable) of the Loan Documents and the consummation of the transactions
contemplated thereby will not cause any of the Finance Parties to be required to make any registration with, give any notice to,
obtain any license, permit or other authorization from, or file any declaration, return, report or other document with any governmental
authority in any Pertinent Jurisdiction.

 

(d)          No
taxes are required by any governmental authority in any relevant Pertinent Jurisdiction to be paid with respect to or in connection
with the execution, delivery, filing, recording, performance or enforcement of any Loan Document other than (a) nominal documentary
stamp taxes in connection with the submission of any Loan Document to a court in any Pertinent Jurisdiction, (b) court fees consequent
upon litigation in any Pertinent Jurisdiction, and (c) applicable mortgage recording fees in connection with the recording of the
Vessel Mortgage in accordance with the relevant Pertinent Jurisdiction of the Vessel’s registration.

 

(e)          It
is not necessary for the legality, validity, enforceability or admissibility into evidence of this Agreement or any other Loan
Document that any stamp, registration or similar taxes be paid on or in relation to this Agreement or any of the other Loan Documents.

 

(f)           Each
of the Borrower and the Upstream Guarantor has been a disregarded entity for federal income tax purposes since formation.

 

3.10       Disclosure.
As of the Closing Date, each Obligor has disclosed to the Facility Agent all agreements, instruments and corporate or other restrictions
to which such Obligor is subject, and all other matters known to it, that, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect. The reports, financial statements, certificates and other written information (other
than projected or pro forma financial information) furnished by or on behalf of any Obligor to the Facility Agent or any Lender
in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any
other Loan Document (as modified or supplemented by other information so furnished), taken as a whole, do not contain any material
misstatement of fact or omit to state any material fact necessary to make the statements therein (when taken as a whole), in the
light of the circumstances under which they were made, not misleading; provided that, with respect to projected or pro forma
financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time of preparation and delivery (it being understood that such projected information may vary from actual
results and that such variances may be material).

 

3.11       Compliance
with Laws. Each of the Obligors is in compliance with the requirements of all Laws (including Environmental Laws) and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement
of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or
(b) the failure to so comply, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.

 

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3.12       ERISA
Compliance.

 

(a)          Except
as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, (i) each
Plan is in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws and (ii) each Plan
that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter or
opinion letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the
trust related thereto has been determined by the IRS to be exempt from Federal income tax under Section 501(a) of the Code,
or an application for such a letter is currently being processed by the IRS, and, to the knowledge of the Obligors, nothing has
occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)          There
are no pending or, to the knowledge of the Obligors, threatened or contemplated claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that, either individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. To the knowledge of the Obligors, there has been no prohibited transaction or violation of the fiduciary responsibility
rules with respect to any Plan that, either individually or in the aggregate, has had or could reasonably be expected to have a
Material Adverse Effect.

 

(c)          No
ERISA Event has occurred, and neither any Obligor nor any ERISA Affiliate is aware of any fact, event or circumstance that, either
individually or in the aggregate, could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension
Plan.

 

(d)          The
present value of all accrued benefits under each Pension Plan (based on those assumptions used to fund such Pension Plan) did not,
as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of
the assets of such Pension Plan allocable to such accrued benefits by a material amount. As of the most recent valuation date for
each Multiemployer Plan, the potential liability of any Obligor or any ERISA Affiliate for a complete withdrawal from such Multiemployer
Plan (within the meaning of Section 4203 or Section 4205 of ERISA), when aggregated with such potential liability for
a complete withdrawal from all Multiemployer Plans, is zero.

 

(e)          To
the extent applicable, each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and
all applicable requirements of Law and has been maintained, where required, in good standing with applicable regulatory authorities,
except to the extent that the failure to so comply could not reasonably be expected, either individually or in the aggregate, to
have a Material Adverse Effect. Neither the Borrower nor any Subsidiary thereof has incurred any material obligation in connection
with the termination of or withdrawal from any Foreign Plan. The present value of the accrued benefit liabilities (whether or not
vested) under each Foreign Plan that is funded, determined as of the end of the most recently ended fiscal year of the Borrower
or Subsidiary thereof, as applicable, on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current
value of the property of such Foreign Plan by a material amount, and for each Foreign Plan that is not funded, the obligations
of such Foreign Plan are properly accrued.

 

3.13       Environmental
Matters. Except with respect to any matters that, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect, no Obligor (a) has failed to comply with any Environmental Law or to obtain, maintain or
comply with any permit, license or other approval required under any Environmental Law, (b) knows of any basis for any permit,
license or other approval required under any Environmental Law to be revoked, canceled, limited, terminated, modified, appealed
or otherwise challenged, (c) has or could reasonably be expected to become subject to any Environmental Liability, (d) has
received notice of any claim, complaint, proceeding, investigation or inquiry with respect to any Environmental Liability (and
no such claim, complaint, proceeding, investigation or inquiry is pending or, to the knowledge of any Obligor, is threatened or
contemplated) or (e) knows of any facts, events or circumstances that could give rise to any basis for any Environmental Liability
of any Obligor.

 

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3.14       Margin
Regulations. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business
of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part
of the proceeds of the Borrowing hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds
of the Borrowing, not more than twenty-five percent (25%) of the value of the assets (either of the Borrower only or of the Borrower
and its Subsidiaries on a consolidated basis) will be Margin Stock.

 

3.15       Investment
Company, Public Utility. None of the Obligors is (a) an “investment company” or an “affiliated person”
of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are
defined in the Investment Company Act of 1940, as amended; or (b) a “public utility” within the meaning of the United
States Federal Power Act of 1920, as amended.

 

3.16       PATRIOT
Act; Sanctions; Anti-Corruption.

 

(a)          PATRIOT
Act. To the extent applicable, each of the Obligors is in compliance in all material respects with (i) the Trading with
the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended), and any other enabling legislation or executive order relating thereto, and (ii) the PATRIOT
Act.

 

(b)          Sanctioned
Persons. None of the Obligors or any director, officer, employee or, to the knowledge of the Borrower, agent of the Obligors
or any other Person acting on behalf of the Obligors is a Person that is, or is owned or controlled by Persons that are: (A) the
subject of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the subject
of Sanctions, including Crimea, Cuba, Iran, North Korea and Syria.

 

(c)          Anti-Corruption
Laws. None of the Obligors or any director, officer, employee or, to the knowledge of the Borrower, agent of the Obligors or
any other Person acting on behalf of the Obligors has taken any action, directly or indirectly, that would result in a violation
by such Person of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”)
or any other applicable anti-corruption law (collectively, “Anti-Corruption Laws”). The Obligors have instituted
and maintain policies and procedures designed to ensure continued compliance by the Obligors and their respective directors, officers,
employees and agents with Anti-Corruption Laws and Sanctions.

 

3.17       ISM
Code and ISPS Code Compliance. The Upstream Guarantor has obtained or will obtain or will cause to be obtained all necessary
ISM Code Documentation and ISPS Code Documentation in connection with the Vessel owned or to be owned by it and the Vessel’s
operation and will be or will cause the Vessel and the Approved Manager to be in full compliance with the ISM Code and the ISPS
Code.

 

3.18       Solvency.
The Obligors taken as a whole are Solvent.

 

3.19       Place
of Business.

 

(a)          For
the purposes of the Uniform Commercial Code only, each Obligor has its chief executive office at c/o International Seaways Ship
Management, LLC, 600 Third Avenue, 39th Floor, New York, New York 10016.

 

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(b)          From
the date of its incorporation or formation, as the case may be, until the date hereof, neither the Borrower nor any of the Guarantors
has conducted any business other than in connection with, or related to, the acquisition and disposition, ownership, and operation
of vessels.

 

3.20       Ownership.

 

(a)          All
of the issued and outstanding Equity Interests of the Borrower have been validly issued, are fully paid and non-assessable and
free and clear of all security interests (other than Permitted Liens) and are owned, directly or indirectly, beneficially by the
Parent. All of the issued and outstanding Equity Interests of the Upstream Guarantor have been validly issued, are fully paid and
non-assessable and free and clear of all security interests (other than Permitted Liens) and are owned beneficially and of record
by the Borrower.

 

(b)          None
of the Equity Interests of the Borrower or Upstream Guarantor are subject to any existing option, warrant, call, right, commitment
or other agreement of any character to which the Borrower or Upstream Guarantor is a party requiring, and there are no Equity Interests
of the Borrower or Upstream Guarantor outstanding which upon conversion or exchange would require, the issuance, sale or transfer
of any additional Equity Interests of the Borrower or Upstream Guarantor or other Equity Interests convertible into, exchangeable
for or evidencing the right to subscribe for or purchase Equity Interests of the Borrower or Upstream Guarantor.

 

3.21       Vessel.
As of the Drawdown Date, the Vessel will be: (a) in the sole and absolute ownership of the Upstream Guarantor and duly registered
in the Upstream Guarantor’s name under the law of the Approved Flag, unencumbered save and except for the Vessel Mortgage
thereon in favor of the Security Trustee registered against it and Permitted Liens; (b) seaworthy for hull and machinery insurance
warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement
and the requirements hereof in respect of such insurances will have been complied with; (d) in class in accordance with the provisions
of this Agreement, free of any overdue recommendations, and the requirements hereof in respect of such classification will have
been complied with; and (e) managed by an Approved Manager pursuant to a technical or commercial management agreement. As of the
Drawdown Date, the Upstream Guarantor is qualified in all material respects to own, lease or operate the Vessel under the laws
of its jurisdiction of incorporation and the law of the Approved Flag. As of the Drawdown Date, there is no pending or, to the
knowledge of any Obligor, threatened condemnation, confiscation, requisition, purchase, seizure or forfeiture of, or any taking
of title to, the Vessel.

 

3.22       The
Security Documents.

 

(a)          Subject
to any applicable exceptions set forth herein, upon execution and delivery of each Security Document, there will be created in
favor of the Facility Agent or, as the case may be, the Security Trustee, for the benefit of the Finance Parties, a legal, valid
and enforceable (except as such enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other similar Laws affecting creditors’ rights generally, regardless of whether considered in a proceeding in equity or
at law) Lien on, and security interest in, the Collateral described herein and therein and (i) when all financing statements or
the other filings in appropriate form are filed and maintained in the appropriate offices as may be required under applicable Laws
and (ii) upon the taking of possession or control by the Facility Agent or, as the case may be, the Security Trustee, of such Collateral
with respect to which a security interest may be perfected only by possession or control (which such possession or control shall
be given to the Facility Agent or, as the case may be, the Security Trustee, to the extent required by any Security Document),
the Liens created under such Security Document will constitute a fully perfected Lien on all right, title and interest of the applicable
Obligors as of the date of execution of said Security Document, in such Collateral, in each case prior and superior in right to
any other Person, other than with respect to Permitted Liens.

 

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(b)          The
Vessel Mortgage, upon execution and delivery thereof, will be effective to create, in favor of the Security Trustee, for its benefit
and the benefit of the Finance Parties, a legal, valid and enforceable first priority or first preferred ship mortgage Lien on
the Vessel and the proceeds thereof, subject only to Permitted Liens, and when the Vessel Mortgage is recorded or registered in
accordance with the laws of the jurisdiction of the relevant Approved Flag, the Vessel Mortgage shall constitute a fully perfected
first priority or first preferred ship mortgage Lien on the Vessel, subject to no Liens other than Permitted Liens.

 

3.23       Use
of Proceeds. Each Obligor will use the proceeds of the Loan solely for purposes set forth in the Preliminary Statements hereof.
No part of the proceeds of the Loan will be used, directly or, to the knowledge of the Obligors, indirectly, in furtherance of
an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of the FCPA or any other applicable anti-corruption law.

 

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

 

3.25       Threatened
Withdrawal of Document of Compliance, Safety Management Certificate or ISSC. As of the Drawdown Date, there is no actual or,
to the knowledge of the Obligors, threatened withdrawal of (a) the Document of Compliance, (b) the Safety Management Certificate
or (c) the ISSC, with respect to the Vessel.

 

3.26       Discharge
of Term Loan B Liens. As of the Drawdown Date and prior to or simultaneous with the Borrowing, the Term Loan B Liens will be
discharged.

 

3.27       No
Upstream Guarantor Accounts; Vessel Amounts. The Upstream Guarantor does not hold any account at any bank or financial institution.
All sums payable to the Upstream Guarantor in respect of the Vessel are paid into the Borrower Operating Account.

 

3.28       Beneficial
Ownership Certification. As of the Closing Date, the information included in the Beneficial Ownership Certification is true
and correct in all respects.

 

ARTICLE IV

CONDITIONS OF LENDING

 

4.01       Conditions
Precedent to the Closing Date. The obligation of each Lender to make the Loan is subject to the conditions precedent that,
on or before the Closing Date, the Facility Agent shall have received, in form and substance satisfactory to the Facility Agent
and each Lender (unless otherwise specified):

 

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(a)          certified
copies of the resolutions of the boards of directors of each of the Obligors (and the shareholders of the Upstream Guarantor) and
ISOC approving each Loan Document and each other document contemplated thereby to which any Obligor or ISOC is or is to be a party,
and of all documents evidencing other necessary corporate or company action and governmental approvals of each Obligor, if any,
with respect to such Loan Documents and other documents to which it is or is to be a party;

 

(b)          a
certificate of an officer of each Obligor and ISOC certifying the names and true signatures of the respective officers and directors
of each Obligor and ISOC and the names and true signatures of the respective attorneys-in-fact of each Obligor and ISOC authorized
to sign each Loan Document and each other document contemplated thereby to which it is or is to be a party;

 

(c)          a
copy of the Organizational Documents of each Obligor and ISOC and each amendment thereto, certified (as of a date reasonably near
the Closing Date) by an officer of such Obligor and ISOC as being a true and correct copy thereof;

 

(d)          an
original or a certified copy of any power of attorney under which any Loan Document is executed on behalf of an Obligor or ISOC;

 

(e)          a
copy of a certificate of goodstanding of each Obligor and ISOC dated as of a date reasonably near the Closing Date, certifying
that such Obligor and ISOC is duly incorporated and in good standing under the laws of its jurisdiction of incorporation;

 

(f)           copies
of all consents which an Obligor and ISOC requires to enter into, or make any payment under any Loan Document, each certified as
of a date reasonably near the Closing Date by an authorized person of such party as being a true and correct copy thereof, or certification
by such authorized person that no such consents are required;

 

(g)          such
documentation and other evidence as is reasonably requested by the Facility Agent or a Lender in order for each to carry out and
be satisfied with the results of all necessary “know your customer” or other checks which it is required to carry out
in relation to the transactions contemplated by this Agreement and the other Loan Documents, including without limitation obtaining,
verifying and recording certain information and documentation that will allow the Facility Agent and each of the Lenders to identify
each Security Party in accordance with the requirements of the PATRIOT Act;

 

(h)          a
duly executed original of each Loan Document not otherwise referred to in this Article IV in effect on the Closing Date, or any
other document in effect on the Closing Date required to be delivered by any such Loan Document if not otherwise referred to in
this Article IV;

 

(i)           at
least five (5) days prior to the Closing Date, a Beneficial Ownership Certification in relation to any Obligor that qualifies as
a “legal entity customer” under the Beneficial Ownership Regulation;

 

(j)           [reserved];

 

(k)          a
satisfactory review by the Facility Agent’s counsel of the equity structure of the Borrower and each Guarantor; and

 

(l)           such
documents and evidence as any Lender shall reasonably require, based on Applicable Law and such Lender’s own internal guidelines,
relating to such Lender’s knowledge of its customers.

 

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4.02       Conditions
Precedent to the Drawdown Date. The obligation of each Lender to make the Loan is subject to the following conditions precedent
having been satisfied (or waived in writing by the Facility Agent with the written consent of the Required Lenders) on or prior
to the Drawdown Date:

 

(a)          the
Facility Agent shall have received the Borrowing Request as required by Section 2.03;

 

(b)          the
Borrower shall have paid the fees, costs and expenses due and payable pursuant to Section 2.10 and any other fees, costs and expenses
due and payable pursuant hereto;

 

(c)          the
Facility Agent shall have received forecasts included in an annual budget prepared by management of the Borrower pursuant to Section
5.01(d);

 

(d)          a
favorable opinion of legal counsel for the Obligors and ISOC, in respect of the Loan Documents (including, without limitation,
the Vessel Mortgage) executed in connection with the making of the Borrowing and as to such other matters as the Facility Agent
may reasonably request addressed to the Facility Agent and all other Finance Parties in form and substance satisfactory to the
Facility Agent;

 

(e)          evidence
that, if the tests set out in Article VII or Section 5.04 were applied immediately following the making of the Borrowing, the Borrower
would not be obliged to provide additional security or repay part of the Loan as therein provided (determined on the basis of the
most recent valuation for the Vessel delivered pursuant to Section 5.03);

 

(f)           no
Default shall have occurred and be continuing;

 

(g)          the
representations and warranties contained in Article III shall be true and correct in all material respects on and as of the Drawdown
Date, except to the extent that such representations and warranties specifically refer to an earlier date;

 

(h)          the
Facility Agent shall have received on or before the Borrowing, a certificate of an officer of each Obligor and ISOC, in form and
substance reasonably satisfactory to the Facility Agent, dated as of the Drawdown Date (the statements made in such certificate
shall be true on and as of the Drawdown Date), certifying that each document it is required to provide in connection with the Borrowing
is in full force and effect as at the Drawdown Date;

 

(i)           evidence
that the Borrower has duly opened the Borrower Operating Account, the Debt Service Reserve Account and the Dry Dock Reserve Account
and has delivered to the Facility Agent all resolutions, signature cards and other documents or evidence required in connection
with the opening, maintenance and operation of such accounts with the Account Bank, and evidence that (i) the Borrower Operating
Account has been funded with $1,250,000 in respect of the Vessel; (ii) the Debt Service Reserve Account has been funded with $2,500,000
and (iii) the Dry Dock Reserve Account has been funded with $1,260,000;

 

(j)           in
accordance with Section 5.03, at least two valuations of the Fair Market Value of the Vessel, paid for by the Borrower but addressed
to the Facility Agent and dated not more than 30 days before service of the Closing Date;

 

(k)          to
the extent required by any change in applicable law and regulation or any changes in any Lender’s own internal guidelines
since the date on which the applicable documents and evidence were delivered to the Facility Agent pursuant to Section 4.01(k),
such further documents and evidence as the Facility Agent shall reasonably require relating to each Lender’s knowledge of
its customers;

 

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(l)           a
copy of the bill of sale in respect of the Vessel, duly executed by the relevant seller (certified by an officer of the Upstream
Guarantor to be a true, correct and complete copy thereof); and

 

(m)         if
requested by a Lender, any Note, duly executed by the Borrower.

 

The making of the Borrowing
hereunder shall be deemed to be a representation and warranty by the Obligors on the Drawdown Date as to the facts specified in
clauses (e) and (f) of this Section 4.02.

 

4.03       Conditions
Precedent Relating to the Vessel and Security. Without prejudice to Sections 4.01 and 4.02, the obligation of each Lender
to make the Loan is subject to the following further conditions precedent having been satisfied (or waived in writing by the Facility
Agent with the written consent of the Required Lenders) on or prior to the Drawdown Date: the Facility Agent shall have received
on or before the Drawdown Date the following, each dated as of the Borrowing (unless otherwise specified), in form and substance
reasonably satisfactory to the Lenders (unless otherwise specified):

 

(a)          the
Vessel Mortgage relating to the Vessel, duly executed by the Upstream Guarantor;

 

(b)          the
Assignment of Earnings relating to the Vessel, duly executed by the Upstream Guarantor;

 

(c)          the
Assignment of Insurances relating to the Vessel, duly executed by the Upstream Guarantor, together with a signed notice of assignment,
substantially in the form attached thereto;

 

(d)          if
applicable, a Charter Assignment relating to the Vessel, duly executed by the Upstream Guarantor, together with a signed notice
of assignment, substantially in the form attached thereto;

 

(e)          Manager’s
Undertakings relating to the Vessel, duly executed by each Approved Manager (other than the Tankers International pool as commercial
manager) of the Vessel;

 

(f)           the
Borrower Share Pledge and the ISOC Share Pledge, duly executed by the Borrower and by ISOC respectively;

 

(g)          an
Account Pledge, duly executed by the Borrower with respect to the Borrower Operating Account, the Dry Dock Reserve Account and
the Debt Service Reserve Account;

 

(h)          if
applicable, a Master Agreement Assignment, duly executed by the Borrower;

 

(i)           evidence
of insurance in respect of the Vessel naming the Facility Agent as loss payee and, with respect to hull and machinery insurances,
as co-assured with such responsible and reputable insurance companies or associations, and in such amounts and covering such risks,
as is required pursuant to this Agreement and the Vessel Mortgage;

 

(j)           if
applicable, any Subordination Agreements, duly executed by the Borrower or the Upstream Guarantor;

 

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(k)          the
Letter of Undertaking relating to the Vessel, provided by the relevant approved broker and with such approved insurance companies
and/or underwriters;

 

(l)           a
favorable opinion from an independent insurance consultant reasonably acceptable to the Facility Agent on such matters relating
to the insurances for the Vessel as the Facility Agent may reasonably require;

 

(m)         a
Certificate of Ownership and Encumbrance (or equivalent) issued by the maritime administrator for the Marshall Islands (or other
relevant authority) stating that the Vessel is owned by the Upstream Guarantor and that there are on record no Liens on the Vessel
except the Vessel Mortgage;

 

(n)          evidence
of the completion of all other recordings and filings of, or with respect to, the Security Documents executed in connection with
the making of the Borrowing that the Facility Agent may reasonably deem necessary or desirable in order to perfect and protect
the Liens created thereby, including under the Uniform Commercial Code of New York or such other jurisdiction where the relevant
Guarantor or ISOC and/or any Collateral may be located;

 

(o)          a
copy of a certificate duly issued by the Classification Society, dated within seven (7) days of the Borrowing, to the effect that
the Vessel has received the highest classification and rating for vessels of the same age and type, free of all overdue recommendations
and overdue notations of the Classification Society affecting class;

 

(p)          evidence
that the Vessel will, as from the Drawdown Date, be managed by an Approved Manager on terms reasonably acceptable to the Facility
Agent, together with copies of the Document of Compliance and Safety Management Certificate issued pursuant to the ISM Code and
the ISSC issued pursuant to the ISPS Code in respect of the Vessel;

 

(q)          a
copy of any charter for a term which exceeds, or by virtue of any optional extensions may exceed, twelve (12) months to which the
Vessel is subject as of the Drawdown Date, and a copy of any pooling charter to which the Vessel is subject as of the Drawdown
Date, certified as of a date reasonably near the Drawdown Date by an authorized person of the Upstream Guarantor as being a true
and correct copy thereof;

 

(r)           evidence
that the Inventory of Hazardous Materials relating to the Vessel is in place; and

 

(s)          such
other certificates relating to the Vessel, or the operation thereof, as may be reasonably requested by the Facility Agent.

 

ARTICLE V

AFFIRMATIVE COVENANTS

 

Until the Commitments have
expired or been terminated and all Obligations shall have been paid in full (other than contingent indemnification or reimbursement
obligations), the Borrower and each of the Guarantors, as the case may be, covenants and agrees with each Finance Party that:

 

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5.01       Financial
Statements. The Borrower will furnish to the Facility Agent:

 

(a)          as
soon as available, and in any event (i) with respect to the Parent and its Subsidiaries and ISOC and its Subsidiaries, within 90
days after the end of each fiscal year (commencing with the fiscal year ending on December 31, 2018) and (ii) with respect to the
Borrower and its Subsidiaries, within 120 days after the end of each fiscal year (commencing with the fiscal year ending on December
31, 2018), a consolidated balance sheet of each of (x) the Parent and its Subsidiaries, (y) ISOC and its Subsidiaries and (z) the
Borrower and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, (A) in the case of the Parent and its Subsidiaries and the Borrower and its Subsidiaries, audited and
accompanied by a report and opinion of independent public accountants of nationally recognized standing, which report and opinion
shall be prepared in accordance with generally accepted auditing standards (and shall not be subject to any “going concern”
or like qualification, exception or explanatory paragraph or any qualification, exception or explanatory paragraph as to the scope
of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition, results of operations, shareholders’ equity and cash flows of each of the Parent and its Subsidiaries and the
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, and (B) in the case of ISOC
and its Subsidiaries, unaudited and certified by a Financial Officer of ISOC as fairly presenting in all material respects the
financial condition, results of operations, shareholders’ equity and cash flows of ISOC and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject only to normal year-end audit adjustments and the absence of notes;

 

(b)          as
soon as available, but in any event (i) with respect to the Parent and its Subsidiaries and ISOC and its Subsidiaries, within 45
days after the end of each of the first three fiscal quarters of each fiscal year (commencing with the fiscal quarter ending on
June 30, 2018), and (ii) with respect to the Borrower and its Subsidiaries, within 60 days after the end of each of the first three
fiscal quarters of each fiscal year (commencing with the fiscal quarter ending on June 30, 2018), a consolidated balance sheet
of each of (x) the Parent and its Subsidiaries, (y) ISOC and its Subsidiaries and (z) the Borrower and its Subsidiaries as at the
end of such fiscal quarter, the related consolidated statements of income or operations, shareholders’ equity and cash flows
for such fiscal quarter and for the portion of the Parent’s, ISOC’s or the Borrower’s fiscal year then ended,
in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous
fiscal year and the corresponding portion of the previous fiscal year, unaudited and certified by a Financial Officer of each of
the Parent, ISOC and the Borrower as fairly presenting in all material respects the financial condition, results of operations,
shareholders’ equity and cash flows of each of the Parent and its Subsidiaries, ISOC and its Subsidiaries and the Borrower
and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject only to normal year-end audit
adjustments and the absence of notes;

 

(c)          as
soon as available, but in any event (i) with respect to the Parent and its Subsidiaries, within 30 days after the end of each fiscal
month (commencing with the fiscal month ending on June 30, 2018) and (ii) with respect to the Borrower and its Subsidiaries, within
40 days after the end of each fiscal month (commencing with the fiscal month ending on June 30, 2018), a consolidated balance sheet
of each of (x) the Parent and its Subsidiaries and (y) the Borrower and its Subsidiaries as at the end of such fiscal month, the
related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal month and for
the portion of the Parent’s or the Borrower’s fiscal year then ended, in each case setting forth in comparative form,
as applicable, the figures for the corresponding fiscal month of the previous fiscal year and the corresponding portion of the
previous fiscal year, unaudited and certified by a Financial Officer of each of the Parent and the Borrower as fairly presenting
in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of each of the
Parent and its Subsidiaries and the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject only to normal year-end audit adjustments and the absence of notes; and

 

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(d)          as
soon as available, but in any event (i) with respect to the Parent and its Subsidiaries, within 45 days after the end of each fiscal
year, and (ii) with respect to the Borrower and its Subsidiaries, within 45 days after the end of each fiscal year, forecasts contained
in the budget prepared by management of each of the Parent and its Subsidiaries and the Borrower and its Subsidiaries and a summary
of material assumptions used to prepare such forecasts, in form reasonably satisfactory to the Facility Agent, including projected
statements of income or operations on a quarterly basis for such fiscal year.

 

5.02       Certificates;
Other Information. The Borrower will deliver to the Facility Agent:

 

(a)          concurrently
with the delivery of the financial statements referred to in Sections 5.01(a) and (b), a duly completed certificate signed
by a Responsible Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably
detailed calculations demonstrating (i) at the end of each fiscal quarter, compliance with Article VII and (ii) at the end of the
second and fourth fiscal quarters of each fiscal year only, compliance with Section 5.04;

 

(b)          promptly
after the furnishing thereof, copies of any material request or notice received by the Borrower or the Upstream Guarantor, or any
statement or report furnished by the Borrower or the Upstream Guarantor to any holder of debt securities of the Borrower or the
Upstream Guarantor, pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be
furnished pursuant hereto;

 

(c)          promptly
after following request therefor, copies of any detailed audit reports, management letters or recommendations submitted to the
board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection
with the accounts or books of the Borrower or the Upstream Guarantor, or any audit of any of them, as the Facility Agent or any
Lender (through the Facility Agent) may from time to time reasonably request;

 

(d)          promptly
following any request by the Security Trustee therefor, with any information which the Security Trustee (or any such designated
person) reasonably requests for the purpose of: (i) obtaining or preparing any report from an independent marine insurance broker
as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or (ii) effecting, maintaining or renewing
any such insurances or dealing with or considering any matters relating to any such insurances;

 

(e)          promptly
following any request therefor, such other information regarding: (i) the operations, business, properties, liabilities (actual
or contingent), condition (financial or otherwise) or prospects of any Obligor, (ii) the Vessel, its employment, position and engagements,
Earnings, payments and amounts due to its master and crew, expenses incurred, towages and salvages, or its charter or management,
or (iii) compliance with the terms of the Loan Documents, as the Facility Agent, Security Trustee, or any Lender (through the Facility
Agent) may from time to time reasonably request.

 

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Documents required to be
delivered pursuant to Section 5.01(a) or (b) (to the extent any such documents are included in materials otherwise filed with
the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which
such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii)
on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender
and the Facility Agent have access (whether a commercial, third-party website or whether sponsored by the Facility Agent). The
Facility Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery,
and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such
document to it and maintaining its copies of such documents.

 

5.03       Vessel
Valuations. The Borrower, at its expense, shall procure at least two (but no more than three) written appraisal reports each
to be made by an Approved Broker, each dated no earlier than 30 days prior to its delivery to the Facility Agent, permitting the
calculation of the Fair Market Value of the Vessel (a) for inclusion with the certificate required to be delivered under Section
5.02(a) concurrent with the second and fourth quarterly financial statements to be delivered under Section 5.01(b) and (b) on or
before the date on which the Borrower elects to increase the Commitments pursuant to Section 2.21(a); provided, however, that during
the existence and continuance of an Event of Default, the Security Trustee and the Facility Agent acting reasonably may obtain
an unlimited number of additional written appraisal reports to be made by an Approved Broker at the Borrower’s expense in
any 12-month period;

 

5.04       Vessel
Value Maintenance. Each Obligor will ensure that the aggregate Fair Market Value of the Vessel (plus the market value of any
additional security for the time being actually provided to the Lenders pursuant to this Section 5.04) is at all times not less
than one hundred fifty percent (150%) of the aggregate outstanding principal amount of the Loan. If the Obligors at any time shall
not be in compliance with the preceding sentence, then within thirty (30) days of being notified by the Facility Agent of such
noncompliance (which notification shall be conclusive and binding on the Obligors), the Obligors shall (a) prepay (subject to,
and in accordance with Section 2.07, provided, however, no prepayment fee shall apply under Section 2.10) such part of the Loan
as will ensure compliance with this Section 5.04; or (b) provide the Security Trustee with, or procure the provision to the Lenders
of, such additional security as shall in the opinion of the Required Lenders be adequate to make up such deficiency, which additional
security shall take such form, be constituted by such documentation and be entered into between such parties as the Required Lenders
in their absolute discretion may approve or require (and, if the Obligors do not make proposals reasonably satisfactory to the
Required Lenders in relation to such additional security within five (5) days of the date of the Facility Agent’s notification
to the Obligors aforesaid, the Obligors shall be deemed to have elected to prepay in accordance with (a) above).

 

5.05       Notices.
The Borrower will promptly notify the Facility Agent of:

 

(a)          the
occurrence of any Default;

 

(b)          the
filing or commencement of any action, suit, investigation or proceeding by or before any arbitrator or Governmental Authority against
or affecting any Obligor or any Affiliate thereof including pursuant to any applicable Sanctions or Environmental Laws, that could
reasonably be expected to result in a Material Adverse Effect;

 

(c)          the
occurrence of any ERISA Event that, either individually or together with any other ERISA Events, could reasonably be expected to
result in a Material Adverse Effect;

 

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(d)          notice
of any action arising under any Environmental Law or of any noncompliance by any Obligor with any Environmental Law or any permit,
approval, license or other authorization required thereunder that, if adversely determined, could reasonably be expected to result
in a Material Adverse Effect;

 

(e)          any
material change in accounting or financial reporting practices by the Borrower or any Subsidiary, other than as permitted by Section
1.03(b);

 

(f)           any
occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise, likely to become a Total Loss;

 

(g)          any
material requirement or condition made by any insurer or classification society or by any competent authority which is not promptly
complied with;

 

(h)          any
arrest or detention of the Vessel, any exercise or purported exercise of any security interest on the Vessel or the Earnings or
any requisition of the Vessel for hire;

 

(i)           any
intended dry docking of the Vessel;

 

(j)           any
claim for breach of the ISM Code or the ISPS Code being made against any Obligor, the Approved Manager or otherwise in connection
with the Vessel;

 

(k)          any
other matter, event or incident, actual or threatened, the effect of which will or could reasonably be expected to lead to the
ISM Code or the ISPS Code not being complied with in respect of the Vessel;

 

(l)          any
casualty which is or is reasonably likely to become a Major Casualty;

 

(m)         any
matter or development that has had or could reasonably be expected to have a Material Adverse Effect; and

 

(n)         any
change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial
owners identified in sections (C) or (D) of such certification.

 

Each notice delivered under
this Section shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth the details of the occurrence
requiring such notice and stating what action the Borrower has taken and proposes to take with respect thereto.

 

5.06       Preservation
of Existence, Etc. Each Obligor will (a) preserve, renew and maintain in full force and effect its legal existence and
good standing under the Laws of the jurisdiction of its incorporation; (b) take all reasonable action to maintain all rights,
licenses, permits, privileges and franchises necessary or desirable for (i) such Obligor to perform its obligations under this
Agreement and all other Loan Documents to which it is a party and (ii) the operation of the Vessel, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its
registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have
a Material Adverse Effect.

 

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5.07       Employee
Benefits. Each Obligor will (a) comply with all applicable Laws, including the applicable provisions of ERISA, those relating
to any Foreign Plan and the Code, with respect to all Plans and, as applicable, all Foreign Plans, except where such non- compliance
would not be reasonably expected to result in a Material Adverse Effect and (b) furnish to the Facility Agent, upon request, copies
of (i) annual report (Form 5500 Series) filed by any Obligor or any of its ERISA Affiliates with the Employee Benefits Security
Administration with respect to each Pension Plan sponsored or maintained by any Obligor, (ii) the most recent actuarial valuation
report for each such Pension Plan or Foreign Plan, (iii) all notices received by any Obligor or any of its Subsidiaries from a
Multiemployer Plan sponsor or any governmental agency concerning an ERISA Event, (iv) such other information, documents or governmental
reports or filings related to any Pension Plan, Foreign Plan or Multiemployer Plan as the Facility Agent shall reasonably request,
(v) any Financial Support Direction or Contribution Notice received by the Parent or a Subsidiary of the Parent, and (vi) any warning
notice or other document or letter received by the Parent or a Subsidiary of the Parent from the Pensions Regulator, that may lead
to the issue of a Financial Support Direction or a Contribution Notice.

 

5.08       Maintenance
of Properties. Each Obligor will (a) maintain, preserve and protect all of its properties and equipment, other than the
Vessel, necessary in the operation of its business in good working order and condition (ordinary wear and tear excepted) and (b) make
all necessary repairs thereto and renewals and replacements thereof, except to the extent, in either case, that the failure to
do so could not reasonably be expected to have a Material Adverse Effect.

 

5.09       Insurances.
Each Obligor will:

 

(a)          maintain
with financially sound and reputable insurance companies, insurance with respect to any of its properties, other than the Vessel,
and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business,
of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons
engaged in the same or similar businesses as such Obligor) as are customarily carried under similar circumstances by such Persons;

 

(b)          keep
the Vessel insured at its expense against: (i) fire and usual marine risks (including hull and machinery, hull interest/increased
value, freight interest and excess risks); (ii) war risks (including terrorism, piracy, and confiscation); (iii) protection and
indemnity risks (including maximum cover for pollution liabilities); and (iv) any other risks against which the Required Lenders
reasonably consider, having regard to practices and other circumstances prevailing at the relevant time, it would be commercially
reasonable for the Upstream Guarantor to insure and which are specified by the Security Trustee by notice in writing to the Upstream
Guarantor;

 

(c)          affect
such insurances in respect of the Vessel:

 

(i)          (A)
in Dollars; (B) in each case, in an amount on an agreed value basis at least the greater of: (1) the Fair Market Value of the Vessel
and (2) one hundred twenty percent (120%) of the aggregate outstanding amount of the Loan; (C) in respect of any obligatory insurances
for hull and machinery, in an amount on an agreed value basis at least the greater of: (1) the aggregate outstanding amount of
the Loan and (2) eighty percent (80%) of the Fair Market Value of the Vessel, while the remaining cover may be taken out as hull
interest and/or freight interest insurance; (D) in the case of oil pollution liability risks, for an aggregate amount equal to
the highest level of cover from time to time available under basic protection and indemnity club entry and in the international
marine insurance market; (E) in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; (F) on
approved terms; and (G) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war
risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations that are members
of the International Group of P&I Clubs, such approval not to be unreasonably withheld or delayed;

 

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(ii)         (A)
subject always to paragraph (B), name the Upstream Guarantor as the sole named assured unless the interest of every other named
assured is limited: (1) in respect of any obligatory insurances for hull and machinery and war risks; to any provable out-of-pocket
expenses that it has incurred and which form part of any recoverable claim on underwriters; and to any third party liability claims
where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and
(2) in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way
of reimbursement following discharge of any third party liability claims made specifically against it; and every other named assured
has undertaken in writing to the Security Trustee (in such form as it requires) that any deductible shall be apportioned between
the Upstream Guarantor and every other named assured in proportion to the aggregate claims made or paid by each of them and that
it shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect
or recover any moneys which at any time become payable in respect of the obligatory insurances; (B) whenever the Security Trustee
requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted
no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee
thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance; (C)
name the Security Trustee as loss payee with such directions for payment as the Security Trustee may specify; (D) provide that
all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set-off,
counterclaim or deductions or condition whatsoever; (E) provide that the obligatory insurances shall be primary without right of
contribution from other insurances which may be carried by the Security Trustee or any other Finance Party; and (F) provide that
the Security Trustee may make proof of loss if the Upstream Guarantor fails to do so;

 

(d)          (i)
at least 21 days before the expiry of any obligatory insurance: (A) notify the Security Trustee of the brokers (or other insurers)
and any protection and indemnity or war risks association through or with whom the Upstream Guarantor proposes to renew that obligatory
insurance and of the proposed terms of renewal; and (B) obtain the Security Trustee’s approval to the matters referred to
in paragraph (A); (ii) at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Security Trustee’s approval pursuant to paragraph (i); and (iii) procure that the approved brokers and/or the war
risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the
Security Trustee in writing of the terms and conditions of the renewal;

 

(e)          ensure
that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force
and effect; and

 

(f)           punctually
pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required
by the Security Trustee.

 

5.10       Insurance
Documentation; Letters of Undertaking; Certificates. Each Obligor will:

 

(a)          ensure
that all approved brokers and with approved insurance companies and/or underwriters provide the Security Trustee with pro forma
copies of all policies relating to the obligatory insurances which they are to affect or renew and of a letter or letters or undertaking
in a form reasonably required by the Security Trustee and including undertakings by the approved brokers and with approved insurance
companies and/or underwriters (“Letters of Undertaking”) that: (i) they will have endorsed on each policy, immediately
upon issue, a loss payable clause and a notice of assignment in accordance with the requirements of the Assignment of Insurances
for the Vessel; (ii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in
accordance with the said loss payable clause; (iii) they will advise the Security Trustee immediately of any material change to
the terms of the obligatory insurances or if they cease to act as brokers; (iv) they will notify the Security Trustee, not less
than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions
from the Upstream Guarantor or its agents; and (vi) they will not set off against any sum recoverable in respect of a claim relating
to the Vessel under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect
of the Vessel or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect
of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of nonpayment of such premiums
or other amounts, and will arrange for a separate policy to be issued in respect of the Vessel forthwith upon being so requested
by the Security Trustee;

 

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(b)          as
of the Drawdown Date and thereafter upon the Required Lenders’ written request therefor, such request to be made only following
a material change to the insurance terms, ensure that the Facility Agent is provided with a favorable opinion from an independent
insurance consultant acceptable to the Facility Agent on such matters relating to the insurances for the Vessel as the Required
Lenders may require; and

 

(c)          ensure
that any protection and indemnity and/or war risks associations in which the Vessel is entered provides the Security Trustee with:
(i) a certified copy of the certificate of entry for the Vessel; and (ii) a letter or letters of undertaking in the form customarily
provided by the International Group of P&I Clubs.

 

5.11       Mortgagee’s
Insurance. The Security Trustee shall, to the extent commercially available, effect, maintain and renew (i) mortgagee’s
interest marine insurance and/or (ii) mortgagee’s interest additional perils insurance in such amounts (not to exceed one
hundred twenty percent (120%) of the Loan), on such terms, through such insurers and generally in such manner as the Security Trustee
may from time to time consider necessary and the Obligors, jointly and severally, shall upon demand fully indemnify the Security
Trustee in respect of all documented premiums and other reasonable documented out-of-pocket expenses which are incurred in connection
with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising
out of any such insurance.

 

5.12       Maintenance
of Security Interests. Each Obligor will: (a) at its own cost, take all reasonable actions to ensure that any Security Document
to which it is a party validly creates the obligations and the security interests which it purports to create; and (b) without
limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enroll any Security Document to which
it is a party with any court or authority in all relevant jurisdictions, pay any stamp, registration or similar tax in all relevant
jurisdictions in respect of any Security Document to which it is a party, give any notice or take any other step which, in the
reasonable opinion of the Security Trustee, acting with the instruction of the Required Lenders, is or has become necessary for
any Security Document to which it is a party to be valid, enforceable or admissible in evidence or to ensure or protect the priority
of any security interest which it creates.

 

5.13       Earnings
Payments. Each of the Borrower and the Upstream Guarantor shall deposit and cause to be deposited all of its Earnings into
the Borrower Operating Account.

 

5.14       Payment
of Obligations. Each Obligor will pay, discharge or otherwise satisfy as the same shall become due and payable, all of its
material obligations and liabilities, including Tax liabilities, unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Obligor, and timely
file all Tax returns, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse
Effect. Each of the Borrower and the Upstream Guarantor shall remain a disregarded entity for U.S. federal income tax purposes.

 

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5.15       Vessel
Registration. The Upstream Guarantor shall: (a) keep the Vessel registered in its name under the law of an Approved Flag; (b)
not do, omit to do or allow to be done anything as a result of which such registration might be cancelled or imperiled; and (c)
not, without the prior written consent of the Facility Agent (such consent not to be unreasonably withheld or delayed), change
the name of the Vessel or port of registry on which the Vessel was registered when it became subject to a Vessel Mortgage.

 

5.16       Vessel
Repair. The Upstream Guarantor shall keep the Vessel in a good and safe condition and state of repair: (a) consistent with
first class ship ownership and management practice; (b) so as to maintain the highest class for the Vessel with the Classification
Society, free of material overdue recommendations, adverse notations and conditions affecting the Vessel’s class; and (c)
so as to comply with all laws and regulations applicable to vessels registered under the law of the Approved Flag on which the
Vessel is registered or to vessels trading to any jurisdiction to which the Vessel may trade from time to time, including but not
limited to the ISM Code and the ISPS Code.

 

5.17       Classification
Society Instructions and Undertakings. The Upstream Guarantor shall instruct the Classification Society (and procure that the
Classification Society undertakes with the Security Trustee): (a) to send to the Security Trustee, following receipt of a written
request from the Security Trustee, certified true copies of all original class records held by the Classification Society in relation
to the Vessel; (b) to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class
and related records of the Upstream Guarantor and the Vessel either (i) electronically (through the Classification Society directly
or by way of indirect access via the Borrower’s account manager and designating the Security Trustee as a user or administrator
of the system under its account) or (ii) in person at the offices of the Classification Society, and to take copies of them electronically
or otherwise; (c) to notify the Security Trustee promptly in writing if the Classification Society: (i) receives notification from
the Upstream Guarantor or any other person that the Vessel’s Classification Society is to be changed; or (ii) becomes aware
of any facts or matters which may result in or have resulted in a condition of class or a recommendation, or a change, suspension,
discontinuance, withdrawal or expiry of the Vessel’s class under the rules or terms and conditions of the Upstream Guarantor’s
or the Vessel’s membership of the Classification Society; (d) following receipt of a written request from the Security Trustee:
(i) to confirm that the Upstream Guarantor is not in default of any of its Contractual Obligations or liabilities to the Classification
Society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the Classification
Society; and (ii) if the Upstream Guarantor is in default of any of its Contractual Obligations or liabilities to the Classification
Society, to specify to the Security Trustee in reasonable detail the facts and circumstances of such default, the consequences
of such default, and any remedy period agreed or allowed by the Classification Society.

 

5.18       Charters;
Charter Assignments; Assignments of Earnings. The Upstream Guarantor shall: (a) furnish promptly to the Facility Agent a true
and complete copy of any demise charter and any time or consecutive voyage charter for a term which exceeds, or by virtue of any
optional extensions may exceed, twelve (12) months for the Vessel (other than a charter pursuant to an Approved Pooling Arrangement),
all other documents related thereto and a true and complete copy of each material amendment or other modification thereof; and
(b) in respect of any such charter, execute and deliver to the Facility Agent a Charter Assignment and use commercially reasonable
efforts to cause the charterer to execute and deliver to the Facility Agent a consent and acknowledgement to such Charter Assignment
in the form required thereby and, in connection with such Charter Assignment, upon the Upstream Guarantor’s reasonable request,
the Security Trustee may enter into with such charterer a quiet enjoyment agreement in Agreed Form (subject at all times to the
consent of the Security Trustee which consent may be granted or withheld at the sole discretion of the Security Trustee) on customary
terms in respect of such charter including such terms as may reasonably be requested by such charterer.

 

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5.19       Compliance
with Laws. Each Obligor will comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable
to it or to its business generally or to the ownership, employment, operation and management of the Vessel, including but not limited
to the ISM Code and the ISPS Code.

 

5.20       [Intentionally
omitted]

 

5.21       Environmental
Matters. Each Obligor will (a) except to the extent that the failure to do so would not reasonably be expected to have a Material
Adverse Effect, comply with all Environmental Laws, (b) except to the extent that the failure to do so would not reasonably be
expected to have a Material Adverse Effect, obtain, maintain in full force and effect and comply with any permits, licenses or
approvals required for the Vessel facilities or operations of any Obligor, and (c) conduct and complete any investigation,
study, sampling or testing, and undertake any corrective, cleanup, removal, response, remedial or other action necessary to identify,
report, remove and clean up all Hazardous Materials present or released at, on, in, under or from any of the Vessel facilities
or real properties of any Obligor.

 

5.22       Books
and Records. Each Obligor will maintain, and cause to be maintained, proper books of record and account, in which full, true
and correct entries, in conformity with GAAP as in effect from time to time, consistently applied shall be made of all financial
transactions and matters involving the assets and business of such Obligor.

 

5.23       Inspection
Rights. The Borrower and the Upstream Guarantor will:

 

(a)          permit
representatives and independent contractors of the Facility Agent to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts
with its directors, officers, and independent public accountants, all at the reasonable expense of the Borrower or Upstream Guarantor,
as applicable, and at such reasonable times during normal business hours not more than once during any fiscal year of the Borrower
or the Upstream Guarantor following 15 Business Days’ prior notice by the Facility Agent (acting on instructions of the Required
Lenders); and

 

(b)          upon
request of the Facility Agent acting on the instructions of the Required Lenders, permit the Security Trustee (by surveyors or
other persons appointed by it for that purpose at the cost of the Borrower or the Upstream Guarantor) to board the Vessel, at all
reasonable times with prior notice to the Upstream Guarantor of no less than 15 Business Days before the date of drydocking to
inspect the Vessel’s condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities
for such inspections, one (1) such inspection per year to be at the reasonable expense of the Borrower, after which such additional
inspections to be at the expense of the Lenders;

 

provided that, other than
with respect to such visits and inspections during the occurrence and continuation of an Event of Default, the Facility Agent and
the Lenders shall not exercise such rights more often than one (1) time during any calendar year; provided, further,
that when an Event of Default has occurred and is continuing the Facility Agent, the Security Trustee or any Lender (or any of
their respective representatives or independent contractors) may do any of the foregoing under this Section at the expense of the
Borrower or the Upstream Guarantor, as applicable, and at any time during normal business hours with advance notice.

 

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5.24       Surveys.
The Upstream Guarantor, at its sole expense, shall submit the Vessel regularly to all periodical or other surveys which may be
required for classification purposes and, if so required by the Security Trustee, provide the Security Trustee, at the Upstream
Guarantor’s sole expense, with copies of all survey reports.

 

5.25       Notice
of Mortgage. The Upstream Guarantor shall keep the Vessel Mortgage recorded against the Vessel as a valid first priority or
preferred mortgage, carry on board the Vessel a certified copy of the Vessel Mortgage and place and maintain in a conspicuous place
in the navigation room and the master’s cabin of the Vessel a framed printed notice stating that the Vessel is mortgaged
by the Upstream Guarantor to the Security Trustee.

 

5.26       Inventory
of Hazardous Materials. The Upstream Guarantor will, at all times after the Drawdown Date (inclusive), procure that the Vessel
maintains and carries on board an Inventory of Hazardous Materials, or equivalent document acceptable to the Facility Agent.

 

5.27       Material
Agreements. Each Obligor will comply with all contracts (including any charter contracts) and other agreements to which any
Obligor is a party, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

5.28       Prevention
of and Release from Arrest. The Upstream Guarantor shall promptly discharge: (a) all liabilities which give or may give rise
to maritime or possessory liens on or claims enforceable against the Vessel, the Earnings or the Insurances; (b) all taxes, dues
and other amounts charged in respect of the Vessel, the Earnings or the Insurances; and (c) all other accounts payable whatsoever
in respect of the Vessel, the Earnings or the Insurances, and, forthwith upon receiving notice of the arrest of the Vessel, or
of its detention in exercise or purported exercise of any lien or claim, the Upstream Guarantor shall procure its release by providing
bail or otherwise as the circumstances may require within 45 days of such arrest or detention.

 

5.29       Use
of Proceeds. Each Obligor will use the proceeds of the Loan only for the purposes set forth in Section 3.23.

 

5.30       Subordination
of Loans. Neither the Borrower nor the Upstream Guarantor shall incur indebtedness extended by an Affiliate (collectively,
the “Subordinated Debt”), unless such Subordinated Debt, including all sums and other obligations (financial
or otherwise) owed by such entity under such indebtedness is fully subordinated to all Obligations pursuant to a subordination
agreement in Agreed Form which provides that such loans and other obligations shall be unsecured and subject and subordinate to
the prior payment in full of the Obligations (other than contingent indemnification or reimbursement obligations) (a “Subordination
Agreement”); provided, however, that the Borrower and the Upstream Guarantor may not make payments of principal
or interest on Subordinated Debt unless, after giving effect thereto, the Borrower delivers to the Facility Agent a certificate
of an officer, confirming that (A) excluding balances standing to the credit of the Debt Service Reserve Account and the Dry Dock
Reserve Account, the Borrower shall have cash or Cash Equivalents on a consolidated basis in an amount not less than $1,500,000
per vessel (with respect to the Vessel and any Additional Vessels); (B) the Borrower shall be in compliance with Articles V, VI
and VII; and (C) the Debt Service Reserve Account contains a balance of not less than $2,500,000.

 

5.31       Anti-Corruption
Laws. Each Obligor will maintain in effect policies and procedures designed to promote compliance by such Obligor and its respective
directors, officers, employees, and agents with the FCPA and any other applicable anti-corruption laws.

 

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5.32       “Know
Your Customer” Documentation. Each Obligor will produce such documents and evidence as the Facility Agent and each Lender
shall from time to time require, based on applicable law and regulations from time to time and the Lender’s own internal
guidelines from time to time relating to each Lender’s knowledge of its customers.

 

5.33       Asset
Control.

 

(a)          Each
Obligor shall ensure that: (a) it is not (i) owned, directly or indirectly, by one or more Prohibited Persons in the aggregate,
or (ii) controlled by a Prohibited Person, or (iii) acting directly on behalf of a Prohibited Person to the extent such action
would be prohibited if the Obligor were resident or organized in the United States, the European Union or the United Kingdom; (b)
it does not own or control a Prohibited Person; (c) it is not acting indirectly for the benefit of a Prohibited Person to the extent
that such action would be prohibited if the Obligor were resident or organized in the United States, the European Union or the
United Kingdom; and (d) no proceeds of the Borrowing (i) shall be made available directly or indirectly to a Prohibited Person
to the extent that such action by such Obligor would be prohibited if the Obligor were resident or organized in the United States,
the European Union or the United Kingdom or (ii) otherwise shall be directly or indirectly applied in a manner or for a purpose
prohibited by Sanctions.

 

(b)          Each
Obligor shall ensure that no proceeds from any activity or dealing with a Prohibited Person are credited to any bank account held
with any Finance Party or any Affiliate of a Finance Party, to the extent crediting such bank account would lead to non-compliance
by it, any Finance Party or any Affiliate of a Finance Party with any applicable Sanctions.

 

5.34       Scrapping.
The Borrower shall use reasonable efforts to develop and implement a policy that any scrapping of the Vessel is conducted in compliance
with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009, and with the guidelines
issued by the International Maritime Organization in connection with such Convention.

 

5.35       Maintenance
of Ratings. Use commercially reasonable efforts to maintain (but not maintain a specific rating) (a) a public corporate family
rating of the Parent from Moody’s (or, any other Credit Rating Agency if Moody’s ceases to provide a rating for the
Parent) and (b) a public corporate credit rating of the Parent from S&P (or any other Credit Rating Agency if S&P ceases
to provide a rating for the Parent); it being understood that “commercially reasonable efforts” shall, in any event,
include the payment by the Parent of customary rating agency fees and cooperation by the Parent with information and data requests
by Moody’s and S&P (or any other Credit Rating Agency, as applicable) in connection with their ratings process.

 

5.36       Sanctions.
If any Obligor or its Affiliates obtains any actual knowledge or receives any written notice of a breach of Section 3.16(b) or
other violation of any Sanctions of such Persons described therein (a “Sanctions Event”), the Borrower shall
(a) promptly give written notice to the Facility Agent of such Sanctions Event and (b) comply with all Sanctions with respect to
such Sanctions Event (regardless of whether the Person that is the subject of such Sanctions is located within the jurisdiction
of the United States of America.

 

5.37       Vessel
Amounts; Borrower Operating Account. The Upstream Guarantor shall cause all amounts payable to the Upstream Guarantor in respect
of the Vessel to be paid into the Borrower Operating Account.

 

5.38       Parent
Covenants Relating to ISOC Share Pledge. The Parent shall procure that, with respect to the ISOC Share Pledge:

 

(a)          ISOC
shall deliver or cause to be delivered to the Security Trustee any and all certificates, instruments or other documents representing
or evidencing the Pledged Interests (as defined in the ISOC Share Pledge) on or prior to the date of the ISOC Share Pledge;

 

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(b)          upon
delivery to the Security Trustee, (i) any certificate, instrument or document representing or evidencing the Pledged Interests
(as defined in the ISOC Share Pledge) shall be accompanied by undated stock powers duly executed in blank in the form attached
to the ISOC Share Pledge as Exhibit A thereto or other undated instruments of transfer reasonably satisfactory to the Security
Trustee and duly executed in blank and by such other instruments and documents as the Security Trustee may reasonably request and
(ii) all other property comprising part of the Pledged Collateral (as defined in the ISOC Share Pledge) shall be accompanied by
proper instruments of assignment, if applicable, duly executed by ISOC, as pledgor, and such other instruments or documents as
the Security Trustee may reasonably request;

 

(c)          ISOC
shall take the same actions referred to in clauses (i) and (ii) of this Section 5.38 with respect to any other Equity Interests
(as defined in the ISOC Share Pledge) in the Borrower, as issuer, obtained in the future by ISOC forthwith upon the receipt thereof
by ISOC;

 

(d)          ISOC
will continue to be the direct owner, beneficially and of record, of the Pledged Interests (as defined in the ISOC Share Pledge)
as owned by ISOC, except to the extent that the transfer thereof is permitted under this Agreement;

 

(e)          ISOC
will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien
on, the Pledged Collateral (as defined in the ISOC Share Pledge), other than as permitted under this Agreement;

 

(f)           subject
to section 2.05 of the ISOC Share Pledge (Voting Rights; Dividends and Interest, Etc.), ISOC will cause any and all Pledged
Collateral (as defined in the ISOC Share Pledge), whether for value paid by ISOC or otherwise, to be forthwith deposited with the
Security Trustee and pledged or collaterally assigned to the Security Trustee;

 

(g)          except
for (i) restrictions and limitations imposed by this Agreement or securities laws generally and (ii) customary restrictions, encumbrances
and limitations in joint venture agreements and similar arrangements, the Pledged Collateral (as defined in the ISOC Share Pledge)
will continue to be freely transferable and assignable, and none of the Pledged Collateral (as defined in the ISOC Share Pledge)
will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction
of any nature that could reasonably be expected to prohibit, impair, delay or otherwise adversely affect the pledge of the Pledged
Collateral (as defined in the ISOC Share Pledge) under the ISOC Share Pledge, the sale or disposition thereof pursuant to the ISOC
Share Pledge or the exercise by the Security Trustee of its rights and remedies under the ISOC Share Pledge;

 

(h)          ISOC
will not create, incur, assume or permit to exist, and will defend its title or interest to the Pledged Collateral (as defined
in the ISOC Share Pledge) or in the Pledged Collateral (as defined in the ISOC Share Pledge ) against any and all Liens, however
arising, of all Persons whomsoever (other than Permitted Liens);

 

(i)           in
respect of any Pledged Collateral (as defined in the ISOC Share Pledge) acquired after the date of the ISOC Share Pledge, ISOC
shall, promptly thereafter, take any and all such additional action necessary to protect and perfect a legal and valid first priority
Lien on such after-acquired Pledged Collateral (as defined in the ISOC Share Pledge);

 

(j)           except
with the prior written consent of the Security Trustee which consent may be granted or withheld at the sole discretion of the Security
Trustee, ISOC shall cause the Borrower:

 

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(i)          except
as permitted under the Loan Documents, not to make any dividend with respect to its shares or directly or indirectly redeem, purchase
or otherwise acquire any of its shares, or issue, sell or in any way dispose of any of its shares or any rights therein or thereto,
including options and warrants, or to make any transfer with respect thereto;

 

(ii)         except
as permitted under the Loan Documents, not to amend or modify its articles of incorporation or by-laws;

 

(iii)        not
to issue any additional shares; and

 

(iv)         not
to enter into any agreement or make any commitment to take any of the types of action described in subparagraphs (i) through (iii)
above;

 

(k)          ISOC
shall promptly after the signing of the ISOC Pledge notify the Borrower, as issuer, in accordance with the form of notice contained
in Exhibit B to the ISOC Share Pledge, that the Pledged Collateral (as defined in the ISOC Share Pledge) has been pledged to the
Security Trustee pursuant to the provisions of the ISOC Share Pledge, and in which notice ISOC shall instruct the Borrower, as
issuer, to make appropriate notations in the books and records of the Borrower, as issuer, in accordance with the form of notice
and instructions contained in Exhibit B to the ISOC Share Pledge. ISOC shall cause the Borrower, as issuer, to confirm receipt
of said notice and its compliance with said instructions by signing and delivering to the Security Trustee, a copy of a document
substantially in the form of Exhibit B to the ISOC Share Pledge;

 

(l)          upon
execution of the ISOC Share Pledge, ISOC shall cause to be delivered to the Security Trustee a signed but undated resignation letter
and a related letter of authority in the forms set out in Exhibit C and Exhibit D, respectively, to the ISOC Share Pledge, signed
by each of the directors and officers of the Borrower;

 

(m)         ISOC
shall promptly notify the Security Trustee of the appointment of any new directors or officers of the Borrower, as issuer, and,
promptly following that new person’s appointment, deliver to the Security Trustee a letter or letters of resignation in the
form set out in Exhibit C to the ISOC Share Pledge and related letter or letters of authority in the form set out in Exhibit D
to the ISOC Share Pledge duly signed by each such additional person;

 

(n)          following
the occurrence and during the continuance of an Enforcement Event (as defined in the ISOC Share Pledge), ISOC will promptly give
to the Security Trustee copies of any notices or other communications received by it with respect to the Pledged Stock (as defined
in the ISOC Share Pledge) in its capacity as the registered owner thereof;

 

(o)          with
respect to section 2.05(a)(i) of the ISOC Share Pledge, ISOC’s rights and powers described therein shall not be exercised
in any manner that will materially and adversely affect the Security Trustee’s Lien against the Pledged Stock (as defined
in the ISOC Share Pledge) as granted under the ISOC Share Pledge or the rights and remedies of the Security Trustee under the ISOC
Share Pledge or any other Loan Document in respect of the Pledged Stock (as defined in the ISOC Share Pledge) or the ability of
the Security Trustee to exercise the same;

 

(p)          with
respect to section 2.05(a)(ii) of the ISOC Share Pledge, if any non-cash dividends, interest, principal or other distributions
that would constitute the Pledged Stock (as defined in the ISOC Share Pledge), whether resulting from a subdivision, combination
or reclassification of the outstanding Equity Interests (as defined in the ISOC Share Pledge) of the Borrower, as issuer, or received
in exchange for the Pledged Stock (as defined in the ISOC Share Pledge) or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to which the Borrower, as issuer, may be a party or
otherwise, is received by ISOC, it shall not be commingled by ISOC with any of its other funds or property but shall be held separate
and apart therefrom, shall be held in trust for the benefit of the Security Trustee and shall be forthwith delivered to the Security
Trustee in the same form as so received (with any necessary endorsement or instrument of assignment requested by the Security Trustee);
and

 

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(q)          all
dividends, interest, principal or other distributions received by ISOC contrary to the provisions of Section 2.05(b) of the ISOC
Share Pledge shall be held in trust for the benefit of the Security Trustee, shall be segregated from other property or funds of
ISOC and shall be forthwith delivered to the Security Trustee upon demand in the same form as so received (with any necessary endorsement
or instrument of assignment).

 

ARTICLE VI

NEGATIVE COVENANTS

 

Until the Commitments have
expired or been terminated and all Obligations have been paid in full (other than contingent indemnification or reimbursement obligations),
the Obligors covenant and agree with the Finance Parties that:

 

6.01       Indebtedness.
Neither the Borrower nor the Upstream Guarantor will create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          Indebtedness
under the Loan Documents;

 

(b)          Indebtedness
owing to any Affiliate, subject to the provisions of Section 5.30;

 

(c)          Indebtedness
(i) resulting from a bank or other financial institution honoring a check, draft or similar instrument in the ordinary course of
business or (ii) arising under or in connection with cash management services in the ordinary course of business;

 

(d)          Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or
liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary
course of business;

 

(e)          Indebtedness
in respect of letters of credit, performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case
provided in the ordinary course of business;

 

(f)           any
Indebtedness relating to judgments that do not constitute an Event of Default;

 

(g)          Indebtedness
constituting trade credits and other Indebtedness incurred in the ordinary course of business (i) not exceeding 30 days overdue,
and (ii) in an aggregate amount not exceeding $2,000,000 per vessel (with respect to the Vessel and any Additional Vessels) at
any time outstanding; and

 

(h)          Indebtedness
relating to Swap Contracts (including, for the avoidance of doubt, any forward fuel contracts).

 

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6.02       Liens.
Neither the Borrower nor the Upstream Guarantor will create, incur, assume or suffer to exist any Lien upon any of its property,
assets or revenues, including, with respect to the Upstream Guarantor, the Vessel, whether now owned or hereafter acquired, other
than the following (each a “Permitted Lien”):

 

(a)          Liens
securing Indebtedness permitted under Section 6.01(a), 6.01(g) and 6.01(h);

 

(b)          Liens
existing on the date hereof (including, but not limited to, the Term Loan B Liens), such Liens (except any Liens listed on Schedule
V) to be discharged prior to or simultaneous with the Borrowing;

 

(c)          Liens
arising in the ordinary course of business (including carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law) securing Indebtedness and other obligations (i) not exceeding 30 days overdue,
and (ii) in an aggregate amount not exceeding $2,000,000 per vessel (with respect to the Vessel and any Additional Vessels) at
any time outstanding;

 

(d)          Liens
in favor of the Account Bank in respect of its customary charges in maintaining the Borrower Operating Account, Dry Dock Reserve
Account and Debt Service Reserve Account or any of them or for reimbursement for reversal of any provisional credits granted by
the Account Bank to the Borrower Operating Account, Dry Dock Reserve Account or Debt Service Reserve Account or any of them, to
the extent, in each case, that any of the Obligors have not separately paid or reimbursed the Account Bank therefor;

 

(e)          Liens
imposed by law for Taxes that are not required to be paid pursuant to Section 5.14;

 

(f)           Liens
on insurance policies and the proceeds of insurance policies solely to the extent securing the Indebtedness permitted by Section
6.01(d); and

 

(g)          Liens
that are contractual rights of set-off or rights of pledge (under and pursuant to the general terms and conditions of the Account
Bank) (i) relating to the establishment of depository relations with the Account Bank and not given in connection with the issuance
of Indebtedness and (ii) relating to any pooled deposit or sweep accounts held with the Account Bank to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business;

 

6.03       Fundamental
Changes. Neither the Borrower nor the Upstream Guarantor will, without the prior written approval of the Required Lenders,
merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of
transactions) any of its assets (whether now owned or hereafter acquired) to or in favor of any Person.

 

6.04       Restricted
Payments. The Borrower and the Upstream Guarantor will not, and will not permit the Borrower or the Upstream Guarantor to,
declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except
that, so long as no Event of Default shall have occurred and be continuing at the time of any action described below or would result
therefrom:

 

(a)          the
Borrower may make Restricted Payments to the Upstream Guarantor, and the Upstream Guarantor may make Restricted Payments to the
Borrower, including in accordance with Section 7.03;

 

(b)          the
Borrower may distribute the proceeds of the Borrowing to the Upstream Guarantor (i) in connection with the financing, refinancing
or reimbursing of a part of the acquisition cost of the Vessel and (ii) for general corporate purposes; and

 

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(c)          the
Borrower may declare or pay cash dividends to its shareholders only if the Borrower delivers to the Facility Agent a certificate
of an officer confirming that, after giving effect thereto, (A) excluding balances standing to the credit of the Debt Service Reserve
Account and the Dry Dock Reserve Account, the Borrower shall have cash or Cash Equivalents on a consolidated basis in an amount
not less than $1,500,000 per vessel (with respect to the Vessel and any Additional Vessels); (B) the Borrower shall be in compliance
with Articles V, VI and VII; and (C) the Debt Service Reserve Account contains a balance of not less than $2,500,000.

 

6.05       Investments.
Neither the Borrower nor the Upstream Guarantor will without the prior written consent of the Required Lenders (1) acquire any
capital assets by purchase, charter or otherwise (including any vessel other than the Vessel or Additional Vessels) or (2) make
any Investment, except:

 

(a)          Investments
held by the Borrower or the Upstream Guarantor in the form of Cash Equivalents; and

 

(b)          to
the extent constituting an Investment, transactions otherwise permitted by Sections 6.01, 6.03, 6.04 or 6.06.

 

6.06       Transactions
with Affiliates. The Borrower and the Upstream Guarantor will not, and will not permit any Subsidiary thereof to, enter into
any transaction of any kind with any Affiliate of the Borrower or the Upstream Guarantor, whether or not in the ordinary course
of business, other than: (a) in the ordinary course of business, on fair and reasonable terms substantially as favorable, taken
as a whole, to the Borrower, Upstream Guarantor or such Subsidiary as would be obtainable by the Borrower, Upstream Guarantor or
such Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate, provided that
any Indebtedness owing by the Borrower or Upstream Guarantor to any Affiliate shall be subject to Section 5.30; (b) transactions
permitted pursuant to Sections 6.01 through 6.05 above; (c) the transactions contemplated by the Loan Documents, (d) the payment
or reimbursement of the Borrower’s, Upstream Guarantor’s and their Subsidiaries’ pro rata share of expenses for
shared personnel, office facilities, and administrative overhead of the Parent and its Subsidiaries, as fairly and reasonably allocated
by the Parent; and (e) management services on economic terms at least as favorable to the Upstream Guarantor as those set forth
on Schedule VI.

 

6.07       Changes
in Fiscal Periods. The Borrower will not permit the last day of its fiscal year to end on a day other than December 31
or change the Borrower’s method of determining its fiscal quarters.

 

6.08       Changes
in Nature of Business. Neither the Borrower nor the Upstream Guarantor will, without the prior written consent of the Required
Lenders, engage to any material extent in any business other than those businesses conducted by the Borrower and the Upstream Guarantor
on the date hereof or any business reasonably related or incidental thereto.

 

6.09       Changes
in Name; Organizational Documents Amendments. Neither the Borrower nor the Upstream Guarantor will, without the prior consent
of the Required Lenders, permit any change to its entity name or any amendment of its Organizational Documents.

 

6.10       Place
of Business. Except for as specified in Section 3.19, neither the Borrower nor the Upstream Guarantor will establish or change
any place of business in the United States of America, the District of Columbia, the United States Virgin Islands, or any territory
or insular possession subject to the jurisdiction of the United States of America unless thirty (30) days’ prior written
notice of such establishment is given to the Facility Agent.

 

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6.11       Change
of Control; Negative Pledge. No Obligor will take any action that would result in a Change of Control. The Borrower shall not
permit any pledge or assignment of the Upstream Guarantor’s Equity Interests except in favor of the Security Trustee to secure
the Obligations. The Parent shall not permit any pledge or assignment of the Borrower’s Equity Interests except in favor
of the Security Trustee to secure the Obligations.

 

6.12       Restriction
on Chartering. The Borrower and Upstream Guarantor will not, without the consent of the Facility Agent, which consent shall
not unreasonably be withheld (i) let the Vessel on demise charter for any period; (ii) enter into any time or consecutive voyage
charter in respect of the Vessel which would result in the chartering of a greater number of vessels than the Vessel owned by the
Upstream Guarantor at the time; (iii) de-activate or lay up the Vessel; (iv) put the Vessel into the possession of any Person for
the purpose of work being done upon her in an amount exceeding or likely to exceed $2,000,000 (or the equivalent in any other currency);
(v) enter into any sale-and-leaseback arrangements with respect to the Vessel or (vi) agree to charter-in any other vessel.

 

6.13       Lawful
Use. The Borrower and the Upstream Guarantor will not permit the Vessel to be employed: (a) in any way or in any activity which
is unlawful under international law or the domestic laws of any relevant country; (b) in carrying illicit or prohibited goods;
(c) in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; or (d) in carrying
contraband goods; and the Obligors shall use commercially reasonable efforts to procure that the persons responsible for the operation
of the Vessel shall take all necessary and proper precautions to ensure that this does not happen including participation in industry
or other voluntary schemes available to the Vessel and in which leading operators of vessels operating under the same flag or engaged
in similar trades generally participate at the relevant time.

 

6.14       Approved
Manager. The Upstream Guarantor will not employ a manager of the Vessel other than an Approved Manager, or change the terms
and conditions of the management of the Vessel in any material respect other than upon such terms and conditions as the Required
Lenders shall approve (such approval not to be unreasonably withheld).

 

6.15       Insurances.
The Upstream Guarantor will not:

 

(a)          agree
to any amendment or supplement (other than related confirmations) to, or waive or fail to enforce, any obligatory insurance or
material provisions thereof;

 

(b)          do
nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance
invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part;
and, in particular: (i) the Upstream Guarantor shall take all necessary action and comply with all requirements which may from
time to time be applicable to the obligatory insurances, and ensure that the obligatory insurances are not made subject to any
exclusions or qualifications to which the Security Trustee has not given its prior approval; (ii) the Upstream Guarantor shall
not make any changes relating to the classification or classification society or manager or operator of the Vessel unless approved
by the underwriters of the obligatory insurances; and (iii) the Upstream Guarantor shall not employ the Vessel, nor allow it to
be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the
consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify; or

 

(c)          settle,
compromise or abandon any claim under any obligatory insurance for Total Loss without the consent of the Security Trustee (not
to be unreasonably withheld or delayed), and if so requested by the Security Trustee shall do all things necessary and provide
all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become
payable in respect of the obligatory insurances.

 

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6.16       Modification;
Removal of Parts. The Upstream Guarantor will not (a) make any modification or repairs to, or replacement of, the Vessel or
equipment installed on the Vessel which would or is reasonably likely to materially alter the structure, type or performance characteristics
of the Vessel or materially reduce its value; or (b) remove any material part of the Vessel, or any item of equipment installed
on, the Vessel unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition
as or better condition than the part or item removed, is free from any security interest or any right in favor of any person other
than the Security Trustee and becomes on installation on the Vessel, the property of the Upstream Guarantor and subject to the
security constituted by the Vessel Mortgage, provided that the Upstream Guarantor may install and remove equipment owned by a third
party if the equipment can be removed without any risk of damage to the Vessel.

 

6.17       Sanctions.

 

(a)          No
Obligor will, directly or indirectly, use the proceeds of the Loan, or lend, contribute or otherwise make available such proceeds
to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any
country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, to the extent such
funding by such Obligor would be prohibited if the Obligor were resident or organized in the United States, the European Union
or the United Kingdom, (ii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any Anti-Corruption Laws or (iii) in any other manner that would result
in a violation of Sanctions or any Anti-Corruption Laws by any Person (including any Person participating in the transactions contemplated
hereby, whether as a lender, borrower, guarantor, underwriter, advisor, investor, or otherwise).

 

(b)          Without
limiting paragraph (a) above, no Obligor shall charter or, to its knowledge, permit the charter of the Vessel to a Prohibited Person
to the extent that such charter would be prohibited if the Obligor were resident or organized in the United States, the European
Union or the United Kingdom.

 

(c)          None
of the Obligors’ funds that are used to repay any obligation under this Agreement shall constitute property of, or shall
be beneficially owned directly or indirectly by, any Prohibited Person to the extent that such would be prohibited if the Obligor
were resident or organized in the United States, the European Union or the United Kingdom.

 

6.18       No
Upstream Guarantor Accounts. The Upstream Guarantor shall not hold any account at any bank or financial institution.

 

6.19       Swap
Contracts.

 

(a)          The
Borrower shall not enter into any Swap Contract, other than Swap Contracts that are otherwise entered into in the ordinary course
of business, and not for speculative purposes, in respect of changes in interest rates, commodity prices or foreign exchange rates.

 

(b)          The
Borrower shall not permit more than 100% of the aggregate principal amount outstanding of the Loan to be subject to interest rate
protection Swap Contracts.

 

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ARTICLE VII

FINANCIAL COVENANTS

 

7.01       Financial
Covenants.

 

(a)          Minimum
Liquidity. The Borrower shall maintain, at all times after the Closing Date, free cash or Cash Equivalents on a consolidated
basis (exclusive of any balance held in the Debt Service Reserve Account and the Dry Dock Reserve Account) in an amount of $825,000
per vessel (with respect to the Vessel and any Additional Vessels as applicable), in the Borrower Operating Account.

 

(b)          Most
Favored Nation. If, after the Closing Date, the Parent shall execute any agreement or series of related agreements evidencing
Indebtedness in an aggregate principal amount greater than $50,000,000 with one or more lenders that include financial covenants
(excluding collateral maintenance covenants) binding on the Parent as obligor thereunder which financial covenants are materially
more advantageous to those lenders than the terms set forth herein, the parties hereto shall as promptly as reasonably practicable
thereafter amend this Agreement to incorporate such more advantageous provisions herein.

 

7.02       Debt
Service Reserve Account. Prior to the Drawdown Date, the Borrower shall deposit into the Debt Service Reserve Account an amount
of $2,500,000. In the event that there is insufficient liquidity (in excess of the level required to be maintained under Section
7.01(a)), the Borrower may withdraw from the Debt Service Reserve Account any amounts necessary in order to repay the Loan and
to pay any interest in accordance with the provisions of Sections 2.06 and 2.09.

 

7.03       Dry
Dock Reserve Account.

 

(a)          The
Borrower shall deposit into the Dry Dock Reserve Account (i) an amount of $1,260,000 prior to the Drawdown Date and (ii) an amount
of $105,000 on the First Repayment Date and on each of the seven (7) consecutive quarterly repayment dates thereafter, for a total
amount of $2,100,000, in order to fund the projected dry dock expenses for the Vessel.

 

(b)          If
there is no continuing Event of Default and both immediately before and after any withdrawal from the Dry Dock Reserve Account
the Borrower would be in compliance with Section 5.04, the Borrower may withdraw any amounts from the Dry Dock Reserve Account
for payments of such amounts necessary to meet the costs of dry docking, including special and intermediate surveys and any repairs
in connection with dry docking or withdraw any excess amount on deposit in the Dry Dock Reserve Account based on the latest dry
dock schedule provided to the Facility Agent.

 

7.04       Borrower
Operating Account. During the term of this Agreement, no sum may be withdrawn from the Borrower Operating Account without the
prior written consent of the Security Trustee provided that withdrawals relating to payments permitted pursuant to the terms of
this Agreement, including payments for Operating Expenses, payments made in accordance with Section 6.04 and payments made in accordance
with Section 6.05, shall not require the prior written consent of the Security Trustee. The Borrower Operating Account shall not
be overdrawn during the term of this Agreement.

 

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ARTICLE VIII

GUARANTY

 

8.01       Guaranty.
The Guarantors hereby, jointly and severally, guarantee, as primary obligors and not as sureties, to each Finance Party and their
respective successors and assigns, the prompt payment and performance in full when due (whether at stated maturity, by required
prepayment, declaration, demand, by acceleration or otherwise) of the principal of, premium (if any) and interest (including any
interest, fees, costs or charges that would accrue but for the provisions of the Bankruptcy Code after any bankruptcy or insolvency
petition under Title 11 of the Bankruptcy Code) on the Loan made by the Lenders to, and the Notes, if any, held by each Lender
of, the Borrower, and all other Obligations from time to time owing to the Finance Parties in each case strictly in accordance
with the terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”). Notwithstanding
the foregoing, “Guaranteed Obligations”, with respect to any Guarantor, shall not include any Excluded Swap Obligations
of such Guarantor. Each Guarantor hereby agrees that if the Borrower or other Guarantors shall fail to pay in full when due (whether
at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, such Guarantor will promptly pay the same
in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of
the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise)
in accordance with the terms of such extension or renewal.

 

8.02       Obligations
Unconditional. The obligations of the Guarantors under Section 8.01 shall constitute a guaranty of payment and performance
and not of collection and, to the fullest extent permitted by applicable Laws, are absolute, irrevocable and unconditional, joint
and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations under
this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release
or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and irrespective of any other circumstance
whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment
in full in cash of the Guaranteed Obligations). Without limiting the generality of the foregoing, it is agreed that the occurrence
of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute,
irrevocable and unconditional under any and all circumstances as described above: (a) at any time or from time to time, without
notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended,
or such performance or compliance shall be waived; (b) any of the acts mentioned in any of the provisions of this Agreement, the
other Loan Documents or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or
omitted; (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall
be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein
shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor
shall be released or exchanged in whole or in part or otherwise dealt with; or (d) any Lien or security interest granted to, or
in favor of, any Finance Party as security for any of the Guaranteed Obligations shall fail to be valid, perfected or to have the
priority required under the Loan Documents.

 

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The Guarantors hereby expressly
waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that any Finance Party
exhaust any right, power or remedy or proceed against any Obligor under this Agreement or the Notes, if any, or any other agreement
or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of
the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or
accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Finance Party upon the guarantee in this
Article VIII or acceptance of such guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred in reliance upon such guarantee, and all dealings between the Borrower and the Finance
Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon such guarantee. The guarantee
in this Article VIII shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment and performance
without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by the Finance
Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit
by the Finance Parties or any other person at any time of any right or remedy against the Borrower or against any other person
which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or
guarantee therefor or right of offset with respect thereto. The guarantee in this Article VIII shall remain in full force and effect
and be binding in accordance with and to the extent of its terms upon the Guarantors and their respective successors and assigns,
and shall inure to the benefit of the Finance Parties, and their respective successors and assigns, notwithstanding that from time
to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

 

8.03       Reinstatement.
The obligations of the Guarantors under this Article VIII shall be automatically reinstated if and to the extent that for any reason
any payment by or on behalf of the Borrower or other Security Party in respect of the Guaranteed Obligations is rescinded or must
be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy
or reorganization or otherwise.

 

8.04       Subrogation;
Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed
Obligations (other than contingent indemnification or reimbursement obligations) and the expiration and termination of the Commitments
of the Lenders under this Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising
by reason of any performance by it of its guarantee in Section 8.01, whether by subrogation or otherwise, against the Borrower
or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

 

8.05       Remedies.
The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under
this Agreement and other Loan Documents may be declared to be forthwith due and payable as provided in Article IX (and shall be
deemed to have become automatically due and payable in the circumstances provided in Article IX) for purposes of Section 8.01,
notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically
due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become
automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and
payable by the Guarantors for purposes of Section 8.01.

 

8.06       Instrument
for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article VIII constitutes an instrument
for the payment of money, and consents and agrees that any Lender or Facility Agent, at its sole option, in the event of a dispute
by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR
Section 3213.

 

8.07       Continuing
Guarantee. The guarantee in this Article VIII is a continuing guarantee of payment and performance, and shall apply to all
Guaranteed Obligations whenever arising.

 

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8.08       General
Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate, limited partnership or limited
liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Laws affecting
the rights of creditors generally, if the obligations of any Guarantor under Section 8.01 would otherwise be held or determined
to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount
of its liability under Section 8.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall,
without any further action by such Guarantor, any Security Party or any other person, be automatically limited and reduced to the
highest amount (after giving effect to the rights of subrogation and contribution established in Sections 8.04 and 8.09, respectively)
that is valid and enforceable, not void or voidable and not subordinated to the claims of other creditors as determined in such
action or proceeding.

 

8.09       Right
of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate
share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other
Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall
be subject to the terms and conditions of Section 8.04. The provisions of this Section 8.09 shall in no respect limit the
obligations and liabilities of any Guarantor to any Finance Party, and each Guarantor shall remain liable to the Finance Parties
for the full amount guaranteed by such Guarantor hereunder.

 

8.10       Set-off.
If any of the Guarantors shall fail to pay any of its obligations hereunder when the same shall become due and payable, each Finance
Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and 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 each Finance Party to or for the Guarantor’s credit or account against any and all of the Guaranteed Obligations,
whether or not any Lender shall have made any demand under this Article VIII. Each Finance Party agrees promptly to notify the
relevant Guarantor after any such set-off and application, provided that the failure to give such notice shall not affect the validity
of such set-off and application. The rights of the Finance Parties under this paragraph are in addition to any other rights and
remedies (including, without limitation, other rights of set-off) which any Finance Party may have.

 

8.11       Keepwell.
Each Obligor that is a Qualified ECP Guarantor at the time this Agreement or the grant of a Lien under the Loan Documents, in each
case, by any Specified Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely,
unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to
such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the
Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can
be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article VIII
voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations
and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Obligations
have been paid and performed in full. Each Specified Loan Party intends this Section to constitute, and this Section shall be deemed
to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of,
each Specified Loan Party for all purposes of the Commodity Exchange Act.

 

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8.12       Parallel
Liability. 

 

(a)          The
Borrower irrevocably and unconditionally undertakes to pay to the Security Trustee an amount equal to the aggregate amount of its
Corresponding Liabilities (as these may exist from time to time).

 

(b)          The
parties hereto agree that:

 

(i)          the
Borrower’s Parallel Liability is due and payable at the same time as, for the same amount of and in the same currency as
its Corresponding Liabilities;

 

(ii)         the
Borrower’s Parallel Liability is decreased to the extent that its Corresponding Liabilities have been irrevocably paid or
discharged and its Corresponding Liabilities are decreased to the extent that its Parallel Liability has been irrevocably paid
or discharged;

 

(iii)        the
Borrower’s Parallel Liability is independent and separate from, and without prejudice to, its Corresponding Liabilities,
and constitutes a single obligation of the Borrower to the Security Trustee (even though the Borrower may owe more than one Corresponding
Liability to the Finance Parties under the Loan Documents) and an independent and separate claim of the Security Trustee to receive
payment of that Parallel Liability (in its capacity as the independent and separate creditor of that Parallel Liability and not
as a co-creditor in respect of the Corresponding Liabilities); and

 

(iv)         for
purposes of this Section 8.12, the Security Trustee acts in its own name and not as agent, representative or trustee of the Finance
Parties and accordingly holds neither its claim resulting from a Parallel Liability nor any security interest securing a Parallel
Liability on trust.

 

ARTICLE IX

EVENTS OF DEFAULT

 

9.01       Events
of Default. If any of the following events (each, an “Event of Default”) shall occur and be continuing:

 

(a)          the
Borrower or any other Security Party fails to pay when due any sum payable by such entity under a Loan Document or, only in the
case of sums payable on demand, within three (3) Business Days after the date when first demanded, provided that if such
failure to pay a sum when due is solely the result of an administrative or technical error, it shall not constitute an Event of
Default unless such failure continues unremedied for more than five (5) Business Days from the occurrence thereof;

 

(b)          Any
representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Security
Party in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or
any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to
or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or any waiver
hereunder or thereunder, shall prove to have been incorrect or misleading in any material respect (or, in the case of any such
representation or warranty under this Agreement or any other Loan Document already qualified by materiality, such representation
or warranty shall prove to have been incorrect or misleading in any respect as so qualified) when made, deemed made or so furnished;

 

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(c)          
any Obligor shall fail to perform or observe any term, covenant or agreement contained in Articles VI and VII or in Sections 5.01
(Financial Statements), 5.04 (Vessel Value Maintenance), 5.06 (Preservation of Existence, Etc.), 5.08 (Maintenance
of Properties), 5.09 (Insurances), 5.10 (Insurance Documentation; Letters of Undertaking; Certificates), 5.15
(Vessel Registration), 5.29 (Use of Proceeds), 5.30 (Subordination of Loans), 5.31 (Anti-Corruption Laws),
5.33 (Asset Control) or 5.36 (Sanctions) to be observed by it;

 

(d)          any
Obligor shall fail to perform or observe any term, covenant or agreement contained in this Agreement or any other Loan Document
on its part to be performed or observed (other than those specified in paragraphs (a) through (c) above) if such failure shall
remain unremedied (A) beyond the expiration of any applicable notice and/or grace period or (B) if there is no applicable notice
and/or grace period, for ten (10) Business Days after written notice thereof shall have been given to the Borrower by the Facility
Agent;

 

(e)          (i)
any Obligor shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) in respect of any Indebtedness (other than Indebtedness under the Loan Documents) having an aggregate principal amount
of more than $2,000,000 (with respect to the Borrower or the Upstream Guarantor) or $25,000,000 (with respect to the Parent), in
each case beyond the applicable grace period with respect thereto, if any; or (ii) any Obligor shall fail to observe or perform
any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing
or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder
or holders or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity;

 

(f)           an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Obligor or its debts, or of a substantial part of its assets, under any Debtor Relief Law now or
hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
any Obligor or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(g)          any
Obligor shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief
under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in clause (g) of this Section, (iii) apply for or consent
to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Obligor or for a substantial
part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of
the foregoing;

 

(h)          any
Obligor shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(i)           an
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result
in liability of any Obligor under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
that could reasonably be expected to have a Material Adverse Effect;

 

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(j)           there
is entered against any Obligor (i) a final judgment or order for the payment of money in an aggregate amount (as to any such
judgment or order) exceeding $2,000,000 (with respect to the Borrower or the Upstream Guarantor) or $25,000,000 (with respect to
the Parent) (in each case to the extent not covered by independent third-party insurance as to which the insurer has been notified
of such judgment or order and has not denied or failed to acknowledge coverage), or (ii) a non-monetary final judgment or
order that, either individually or in the aggregate, has or could reasonably be expected to have a Material Adverse Effect and,
in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period
of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise,
is not in effect;

 

(k)          any
Obligor ceases or suspends or threatens to cease or suspend the carrying on of its business, or a part of its business which, in
the opinion of the Required Lenders, is material in the context of this Agreement;

 

(l)           it
becomes impossible or unlawful for any Obligor to fulfill any of the covenants and obligations required to be fulfilled as contained
in any Loan Document or any of the instruments granting or creating rights in any of the Collateral, in each case in any material
respect, or for any Finance Party to exercise any of the rights or remedies vested in it under any Loan Document, any of the Collateral
or any of such instruments in any material respect;

 

(m)         any
material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or any Obligor
contests in writing the validity or enforceability of any provision of any Loan Document; or any Obligor denies in writing that
it has any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any
Loan Document;

 

(n)          there
occurs or develops a Material Adverse Effect; or

 

(o)          there
occurs under any Secured Swap Contract an Early Termination Date or similar term (as defined in such Secured Swap Contract) resulting
from (A) any event of default under such Secured Swap Contract as to which the Borrower is the Defaulting Party or similar term
(as defined in such Secured Swap Contract) or (B) any Termination Event or similar term(as so defined) under such Secured Swap
Contract as to which the Borrower is an Affected Party or similar term (as so defined);

 

then, and in any such event, the Facility Agent
may, by notice to the Borrower, (i) declare the Commitments terminated, whereupon the same shall forthwith terminate, (ii) declare
the principal of and accrued interest on the Loan, the Notes, and all other amounts payable under this Agreement to be forthwith
due and payable, whereupon the same shall become and be forthwith due and payable, without presentment, demand, protest or further
notice of any kind, all of which are hereby expressly waived by the Borrower; (iii) exercise any and all of its other rights and
remedies under applicable Laws, hereunder and under the other Loan Documents, provided that, in any event described in clauses
(f) and (g) above, (A) the Commitments shall automatically be terminated and (B) principal of and accrued interest on the Loan,
the Notes, and all other amounts payable under this Agreement shall automatically become and be due and payable, without presentment,
demand, protest or any notice of any kind, all of which are hereby expressly waived by the Obligors.

 

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9.02       Application
of Payments. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event
of Default, and notice thereof to the Facility Agent by the Borrower or the Required Lenders, all payments received on account
of the Obligations shall, subject to Section 2.20, be applied by the Facility Agent as follows:

 

(i)          first,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees and disbursements
and other charges of counsel payable under Section 11.03) payable to the Facility Agent in its capacity as such;

 

(ii)         second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest
payable to the Lenders) payable to the Lenders (including fees and disbursements and other charges of counsel payable under Section 11.03)
arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii)
payable to them;

 

(iii)        third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loan and any ordinary course swap
settlements pursuant to any Secured Swap Contracts ratably among the Lenders and the Swap Banks in proportion to the respective
amounts described in this clause (iii) payable to them;

 

(iv)         fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loan and any swap termination payments pursuant
to any Secured Swap Contracts ratably among the Lenders and the Swap Banks in proportion to the respective amounts described in
this clause (iv) payable to them;

 

(v)          fifth,
to the payment in full of all other Obligations (except Obligations in respect of a Secured Swap Contract and Obligations referenced
under paragraphs (vi) and (vii) below), in each case ratably among the Facility Agent and the Lenders based upon the respective
aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable;

 

(vi)         sixth,
in or towards satisfaction of the Obligations constituting of any amounts then due and payable under any Secured Swap Contracts
in the following order and proportions: (A) first, in or towards satisfaction pro rata of all amounts then due and payable to the
Swap Banks under the Secured Swap Contracts other than those amounts referred to at paragraphs (B) and (C); (B) secondly, in or
towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Swap Banks under the Secured
Swap Contracts (and, for this purpose, the expression "interest" shall include any net amount which the Borrower
shall have become liable to pay or deliver under Section 2(e) (Obligations) of a Master Agreement but shall have failed to pay
or deliver to the relevant Swap Bank (or any of them) at the time of application or distribution under this Section 9.02); and
(C) thirdly, in or towards satisfaction pro rata of the aggregate Swap Termination Value (calculated as at the actual Early Termination
Date applying to the Secured Swap Contracts (or any of them), or if no such Early Termination Date shall have occurred, calculated
as if an Early Termination Date occurred on the date of application or distribution hereunder and pro rata as between them);

 

(vii)        seventh,
to the payment in full of all other Obligations, in each case ratably among the Finance Parties based upon the respective aggregate
amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and

 

(viii)      finally,
the balance, if any, after all Obligations have been paid in full, to the Borrower or as otherwise required by Law.

 

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(ix)         Notwithstanding
the foregoing, no amount received from any Guarantor in respect of its Guaranteed Obligations shall be applied to any Excluded
Swap Obligations.

 

ARTICLE X

AGENCY

 

10.01     Appointment
and Authority.

 

(a)          The
Facility Agent. Each Lender and each Swap Bank hereby irrevocably appoints the Facility Agent to act as its agent on its behalf
hereunder and under the other Loan Documents and authorizes the Facility Agent, in such capacity, to take such actions on its behalf
and to exercise such powers as are delegated to the Facility Agent by the terms hereof or thereof, together with such actions and
powers as are reasonably incidental thereto. Except as otherwise provided in Section 10.06(b), the provisions of this Article are
solely for the benefit of the Facility Agent, the Security Trustee, the Lenders and the Swap Banks, and the Borrower shall not
have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) with reference to the Facility Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term
is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting
parties.

 

(b)          The
Security Trustee.

 

(i)          Each
Lender, each Swap Bank and the Facility Agent appoints and authorizes (with a right of revocation) the Security Trustee to act
as security trustee hereunder and under the other Loan Documents (other than the Notes) with such powers as are specifically delegated
to the Security Trustee by the terms of this Agreement and such other Loan Documents, together with such other powers as are reasonably
incidental thereto.

 

(ii)         To
secure the payment of all sums of money from time to time owing to each Lender and each Swap Bank under the Loan Documents, and
the performance of the covenants of the Borrower and any other Security Party herein and therein contained, and in consideration
of the premises and of the covenants herein contained and of the extensions of credit by the Lenders, the Security Trustee does
hereby declare that it will hold as such trustee in trust for the benefit of each Lender, each Swap Bank and the Facility Agent,
from and after the execution and delivery thereof, all of its right, title and interest as mortgagee in, to and under the Vessel
Mortgage and its right, title and interest as assignee and secured party under the other Security Documents (the right, title and
interest of the Security Trustee in and to the property, rights and privileges described above, from and after the execution and
delivery thereof, and all property hereafter specifically subjected to the security interest of the indenture created hereby and
by the Security Documents by any amendment hereto or thereto are herein collectively called the “Estate”); TO
HAVE AND TO HOLD the Estate unto the Security Trustee and its successors and assigns forever, BUT IN TRUST, NEVERTHELESS, for the
equal and proportionate benefit and security of each Lender, each Swap Bank and the Facility Agent and their respective successors
and assigns without any priority of any one over any other, UPON THE CONDITION that, unless and until an Event of Default under
this Agreement shall have occurred and be continuing, the relevant Security Party shall be permitted, to the exclusion of the Security
Trustee, to possess and use the Vessel. IT IS HEREBY COVENANTED, DECLARED AND AGREED that all property subject or to become subject
hereto is to be held, subject to the further covenants, conditions, uses and trusts hereinafter set forth, and each Security Party,
for itself and its respective successors and assigns, hereby covenants and agrees to and with the Security Trustee and its successors
in said trust, for the equal and proportionate benefit and security of the each Lender, each Swap Bank and the Facility Agent as
hereinafter set forth.

 

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(iii)        The
Security Trustee hereby accepts the trusts imposed upon it as Security Trustee by this Agreement, and the Security Trustee covenants
and agrees to perform the same as herein expressed and agrees to receive and disburse all monies constituting part of the Estate
in accordance with the terms hereof.

 

(c)          Except
as otherwise provided in Section 10.03 and 10.06, the provisions of this Article are solely for the benefit of the Facility Agent,
Security Trustee, the Lenders and the other Finance Parties under the Loan Documents, and neither the Borrower nor any Guarantor
shall have rights as a third-party beneficiary of any of such provisions.

 

10.02     Rights
as a Lender. The Person serving as the Facility Agent or Security Trustee hereunder shall have the same rights and powers in
its capacity as a Lender as any other Lender and may exercise the same as though it were not the Facility Agent or Security Trustee,
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Facility Agent or Security Trustee hereunder in its individual capacity. Such Person
and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for, and generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if
such Person were not the Facility Agent or Security Trustee hereunder and without any duty to account therefor to the Lenders.

 

10.03     Exculpatory
Provisions.

 

(a)          Neither
the Facility Agent nor the Security Trustee shall have any duties or obligations except those expressly set forth herein and in
the other Loan Documents, and their duties hereunder shall be administrative in nature. Without limiting the generality of the
foregoing, neither the Facility Agent nor the Security Trustee:

 

(i)          shall
be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)         shall
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Facility Agent or Security Trustee is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents); provided that neither the Facility Agent nor the Security Trustee shall be required to take any
action that, in its opinion or the opinion of its counsel, may expose such Facility Agent or Security Trustee to liability or that
is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of
the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting
Lender in violation of any Debtor Relief Law; and

 

(iii)        shall,
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and neither the Facility Agent
nor the Security Trustee shall be liable for the failure to disclose, any information relating to the Borrower, any Guarantor,
or any of their Affiliates that is communicated to or obtained by the Person serving as the Facility Agent, Security Trustee, or
any of their Affiliates in any capacity.

 

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(b)          Neither
the Facility Agent nor the Security Trustee shall be liable for any action taken or not taken by it (i) with the consent or
at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Facility
Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.01 and 11.02), or
(ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final and nonappealable judgment. The Facility Agent or Security Trustee shall be deemed not to have knowledge of any Default unless
and until notice describing such Default is given to the either (as applicable) in writing by the Borrower, any Guarantor, or a
Lender.

 

(c)          Neither
the Facility Agent nor the Security Trustee shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence
of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Facility Agent or Security Trustee.

 

10.04     Reliance
by Agent. Each of the Facility Agent and Security Trustee shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) reasonably believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. Each of the Facility Agent and the Security Trustee may also rely upon any
statement made to it orally or by telephone and reasonably believed by it to have been made by the proper Person, and shall not
incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of the Loan, each
of the Facility Agent and the Security Trustee may presume that such condition is satisfactory to each Lender unless the Facility
Agent or the Security Trustee shall have received notice to the contrary from such Lender prior to the making of the Loan. Each
of the Facility Agent and the Security Trustee may consult with legal counsel (who may be counsel for the Borrower or Guarantors),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in good
faith in accordance with the advice of any such counsel, accountants or experts.

 

10.05     Delegation
of Duties. Each of the Facility Agent and the Security Trustee may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Facility Agent
or the Security Trustee (as the case may be). Each of the Facility Agent, the Security Trustee and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions
of this Article shall apply to any such sub-agent and to the Related Parties of the Facility Agent, Security Trustee and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the Commitments as well as activities
as Facility Agent or the Security Trustee (as the case may be). Neither the Facility Agent nor the Security Trustee shall be responsible
for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a
final and nonappealable judgment that the Facility Agent or Security Trustee acted with gross negligence or willful misconduct
in the selection of such sub-agents.

 

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10.06     Resignation
of Agent.

 

(a)          Each
of the Facility Agent or the Security Trustee may at any time give notice of its resignation to the Lenders, the Borrower, and
the Guarantors. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with
the Borrower and Guarantors, to appoint a successor, which shall be a bank with an office in New York, or an Affiliate of any such
bank with an office in New York. If no such successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Facility Agent or Security Trustee gives notice of its resignation
(or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the
retiring Facility Agent or Security Trustee may (but shall not be obligated to), on behalf of the Lenders, appoint a successor
Facility Agent or Security Trustee (as applicable) meeting the qualifications set forth above; provided that in no event shall
any such successor be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective
in accordance with such notice on the Resignation Effective Date.

 

(b)          If
the Person serving as Facility Agent or Security Trustee is a Defaulting Lender pursuant to clause (d) of the definition thereof,
the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrower, the Guarantors and such
Person remove such Person as Facility Agent or Security Trustee and, in consultation with the Borrower and Guarantors, appoint
a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”),
then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)          With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Facility
Agent or Security Trustee shall be discharged from its duties and obligations hereunder and under the other Loan Documents and
(ii) except for any indemnity payments owed to the retiring or removed Facility Agent or Security Trustee, all payments, communications
and determinations provided to be made by, to or through the Facility Agent or Security Trustee shall instead be made by or to
each Lender directly, until such time, if any, as the Required Lenders appoint a successor Facility Agent or Security Trustee as
provided for above. Upon the acceptance of a successor’s appointment as Facility Agent or Security Trustee hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Facility
Agent (other than any rights to indemnity payments owed to the retiring or removed Facility Agent) or Security Trustee (other than
any rights to indemnity payments owed to the retiring or removed Security Trustee), and the retiring or removed Facility Agent
or Security Trustee shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The
fees payable by the Borrower or Guarantor to a successor Facility Agent or Security Trustee shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower, the Guarantors and such successor. After the retiring or removed
Facility Agent or Security Trustee’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article and Section 11.03 shall continue in effect for the benefit of such retiring or removed Facility Agent, Security
Trustee, their sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of
them while the retiring or removed Facility Agent was acting as Facility Agent or while the retiring or removed Security Trustee
was acting as Security Trustee (as the case may be).

 

10.07     Non-Reliance
on Agents and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Facility Agent,
the Security Trustee or any other Lender or any of their Related Parties and based on such 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 Facility Agent, the Security Trustee or any other Lender or any of their Related
Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder.

 

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10.08     No
Other Duties. Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers or Mandated Lead Arrangers
listed on the cover page hereof shall (a) have any powers, duties or responsibilities under this Agreement or any of the other
Loan Documents, except in its capacity, as applicable, as the Facility Agent, the Security Trustee, or a Lender, and (b) none are
required to execute any Loan Document or any amendment thereto, including this Agreement.

 

10.09     Facility
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to the Borrower or any Guarantor, the Facility Agent (irrespective of whether the principal of the Loan shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Facility Agent shall
have made any demand on the Borrower or applicable Guarantor) shall be entitled and empowered (but not obligated) by intervention
in such proceeding or otherwise:

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loan and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders, the Facility Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Lenders, the Security Trustee and the Facility Agent and their respective agents and counsel and all other amounts due the
Lenders, the Security Trustee and the Facility Agent under Section 11.03) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make
such payments to the Facility Agent and, in the event that the Facility Agent shall consent to the making of such payments directly
to the Lenders, to pay to the Facility Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of the Facility Agent and its agents and counsel, and any other amounts due the Facility Agent under Section 11.03.

 

10.10     Collateral
and Guaranty Matters. The Lenders irrevocably authorize each of the Facility Agent and the Security Trustee, at its option
and in its discretion, to release any Lien on any property granted to or held by the Facility Agent or the Security Trustee under
any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification
or reimbursement obligations), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or
in connection with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) subject to Section
11.02, if approved, authorized or ratified in writing by the Required Lenders.

 

Upon request by the Facility Agent at any time,
the Required Lenders will confirm in writing to the Facility Agent’s authority to release or subordinate its interest in
particular types or items of property, or to release any Guarantor from its obligations under the Loan Documents pursuant to this
Section 10.10. The Facility Agent and the Security Trustee shall not be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority
or perfection of the Facility Agent’s or the Security Trustee’s Lien thereon, or any certificate prepared by any Obligor
in connection therewith, nor shall the Facility Agent or the Security Trustee be responsible or liable to the Lenders for any failure
to monitor or maintain any portion of the Collateral.

 

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ARTICLE XI

MISCELLANEOUS

 

11.01     Notices;
Public Information.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email as follows:

 

		(i)	if to any Obligor:

 

c/o International Seaways Ship Management
LLC

600 Third Avenue, 39th Floor

New York, New York 10016

Attention: Legal Department

Telephone: 212-578-1600

Fax: 212-578-1832

Email: lzabrocky@intlseas.com and LegalDepartment@intlseas.com

 

		(ii)	if to a Lender:

 

At the address below its name in Schedule
I

 

		(iii)	if to the Facility Agent or Security Trustee:

 

ABN AMRO Capital USA LLC

100 Park Avenue, 17th floor

New York, NY 10017

Attention: Wudasse Zaudou

Facsimile: 917-284-6697

Email: wudasse.zaudou@abnamro.com

 

Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be
deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed
to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic
communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail, FpML, and Internet or intranet websites) pursuant to procedures approved by the Facility Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Facility
Agent that it is incapable of receiving notices under such Article by electronic communication. The Facility Agent or any Obligor
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

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Unless the Facility Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of
an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return
e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i),
of notification that such notice or communication is available and identifying the website address therefor; provided that, for
both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient.

 

(c)          Change
of Address, etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto.

 

(d)          Platform.

 

(i)          The
Obligors agree that the Facility Agent may, but shall not be obligated to, make the Communications (as defined below) available
to the other Lenders by posting the Communications on the Platform.

 

(ii)         The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Platform. In no event shall the Facility Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to the Borrower, any Guarantor, any Lender 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 any Obligor’s or the Facility Agent’s transmission of communications through the Platform. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Obligor pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Facility Agent or any
Lender by means of electronic communications pursuant to this Section, including through the Platform.

 

(e)          Public
Information. The Borrower hereby acknowledges that certain of the Lenders (each, a “Public Lender”) may
have personnel who do not wish to receive material non-public information with respect to any Obligor or their Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect
to such Persons’ securities. Each Obligor hereby agrees that it will use commercially reasonable efforts to identify that
portion of the materials and information provided by or on behalf of any Obligor hereunder and under the other Loan Documents (collectively,
“Obligor Materials”) that may be distributed to the Public Lenders and that (1) all such Obligor Materials
shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (2) by marking Obligor Materials “PUBLIC,” such Obligor shall
be deemed to have authorized the Facility Agent and the Lenders to treat such Obligor Materials as not containing any material
non-public information with respect to such Obligor or its securities for purposes of U.S. Federal and state securities Laws (provided,
however, that to the extent that such Obligor Materials constitute Information, they shall be subject to Section 11.12);
(3) all Obligor Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Side Information;” and (4) the Facility Agent shall be entitled to treat any Obligor Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information”. Each Public Lender will designate one or more representatives that shall be permitted to receive information
that is not designated as being available for Public Lenders.

 

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11.02     Waivers;
Amendments.

 

(a)          No
Waiver; Remedies Cumulative; Enforcement. No failure or delay by the Facility Agent, the Security Trustee or any Lender in
exercising any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance of
steps to enforce such a right, remedy, power or privilege, preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges of the Facility Agent, the Security Trustee
and the Lenders hereunder and under the Loan Documents are cumulative and are not exclusive of any rights, remedies, powers or
privileges that any such Person would otherwise have.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Borrower shall be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, the Facility Agent in accordance with Section 9.01 for
the benefit of all the Lenders; provided that the foregoing shall not prohibit (i) the Facility Agent from exercising on its own
behalf the rights and remedies that inure to its benefit (solely in its capacity as Facility Agent) hereunder and under the other
Loan Documents, (ii) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section
2.13), (iii) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of
a proceeding relative to the Borrower under any Debtor Relief Law or (iv) the Security Trustee from exercising the rights and remedies
under, and in accordance with, the Security Documents; provided, further, that if at any time there is no Person acting as Facility
Agent hereunder and under the other Loan Documents, then (x) the Required Lenders shall have the rights otherwise provided to the
Facility Agent pursuant to Section 9.01 and (y) in addition to the matters set forth in clauses (ii), (iii) and (iv) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights or remedies available
to it and as authorized by the Required Lenders.

 

(b)          Amendments,
Etc. Except as otherwise expressly set forth in this Agreement, no amendment or waiver of any provision of this Agreement or
any other Loan Document, and no consent to any departure by any Obligor therefrom, shall be effective unless in writing executed
by the Obligors and the Required Lenders, and acknowledged by the Facility Agent, or by the Obligors and the Facility Agent with
the consent of the Required Lenders (provided, however, that any amendment or waiver of any provision of this Agreement
or any other Loan Document which relates to any definitions or provisions or other matters relating to Sanctions shall additionally
require the consent of the Required Lenders and the Facility Agent), and each such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent shall:

 

(i)          extend
or increase any Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any condition
precedent set forth in Article IV or the waiver of any Default shall not constitute an extension or increase of any Commitment
of any Lender);

 

(ii)         reduce
the principal of, or rate of interest specified herein on, the Loan, or any fees or other amounts payable hereunder or under any
other Loan Document, without the written consent of each Lender directly and adversely affected thereby (provided that only
the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive
the obligation of the Borrower to pay interest at the Default Rate);

 

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(iii)        postpone
any date scheduled for any payment of principal of, or interest on, the Loan, or any fees or other amounts payable hereunder or
under any other Loan Document, or reduce the amount of, waive or excuse any such payment, without the written consent of each Lender
directly and adversely affected thereby;

 

(iv)         change
Section 2.12(b) or Section 2.13 in a manner that would alter the pro rata sharing of payments required thereby without
the written consent of each Lender directly and adversely affected thereby;

 

(v)          release
all or substantially all of the Guarantors from their respective Guarantees, or limit their liability in respect of such Guarantees,
without the written consent of each Lender, except to the extent the release of any Guarantor is in connection with a disposition
permitted pursuant to Section 6.03 (in which case such release may be made by the Facility Agent acting alone);

 

(vi)         except
as expressly permitted in this Agreement or any Security Document, release all or substantially all of the Collateral from the
Liens of the Security Documents or alter the relative priorities of the Obligations entitled to the Liens of the Security Documents
(except in connection with securing additional Obligations equally and ratably with the other Obligations), in each case without
the written consent of each Lender;

 

(vii)        waive
any conditions set forth in Article IV, without the written consent of each Lender;

 

(viii)      change
any provision of this Section or the percentage in the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender; or

 

(ix)         waive
any provisions of Section 5.04 or Section 7.01 without the written consent of each Lender;

 

provided, further, that no such
amendment, waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any other Loan Document
of (A) the Facility Agent, unless in writing executed by the Facility Agent, and (B) the Security Trustee, unless in
writing executed by the Security Trustee, in each case in addition to the Obligors and the Lenders required above.

 

Notwithstanding anything
herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder
(and any amendment, waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders, except that (x) the Commitment of any Defaulting
Lender may not be increased or extended, or the maturity of any of its portions of the Loan may not be extended, the rate of interest
on any of its portions of the Loan may not be reduced and the principal amount of any of its portions of the Loan may not be forgiven,
in each case without the consent of such Defaulting Lender and (y) any amendment, waiver or consent requiring the consent
of all the Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than the other affected
Lenders shall require the consent of such Defaulting Lender.

 

Notwithstanding anything
to the contrary in this Agreement, Incremental Commitments may be effected in accordance with Section 2.21 without the consent
of any Person other than as specified in Section 2.21.

 

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In addition, notwithstanding
anything in this Section to the contrary, if the Facility Agent and the Borrower shall have jointly identified an obvious error
or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Facility Agent and
the Borrower shall be permitted to amend such provision, and, in each case, such amendment shall become effective without any further
action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders to
the Facility Agent within ten (10) Business Days following receipt of notice thereof.

 

11.03     Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. Each Obligor shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Facility
Agent, the Security Trustee and any Affiliates thereof (including the reasonable fees, charges and disbursements of one outside
counsel in each relevant jurisdiction for the Facility Agent and the Security Trustee, taken as a whole), in connection with the
syndication of the facility, preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Facility
Agent, the Security Trustee or any Lender (including the reasonable fees, charges and disbursements of one lead outside counsel
for the Facility Agent, the Security Trustee and the Lenders, taken as a whole, one local counsel in each relevant jurisdiction
and, in the event of any actual or potential conflict of interest, one additional firm of counsel (and local counsel) in each relevant
jurisdiction for the Lender or group of Lenders subject to such conflict and similarly situated), in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with the Loan made hereunder, and (iii) all reasonable and documented out-of-pocket expenses incurred
by the Facility Agent, Security Trustee or any Lender (including the reasonable fees, charges and disbursements of any counsel
for the Facility Agent, Security Trustee or any Lender) during any workout or restructuring or negotiations relating to any workout
or restructuring in respect of the Loan.

 

(b)          Indemnification
by the Obligors. Each Obligor shall indemnify the Facility Agent (and any sub-agent thereof), the Security Trustee (and any
sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee), incurred by any
Indemnitee or asserted against any Indemnitee by any Person (including the Borrower) arising out of, in connection with, or as
a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation
of the transactions contemplated hereby or thereby, (ii) the Loan or the use or proposed use of the proceeds therefrom, (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Obligor or any Subsidiaries
thereof, or any Environmental Liability related in any way to any Obligor or any Subsidiaries thereof, or (iv) any actual
or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort
or any other theory, whether brought by a third party or by any Obligor, and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by any Obligor against
an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document, if such Obligor
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or
(z) result from a claim not involving an act or omission of such Obligor and that is brought by an Indemnitee against another Indemnitee
(other than against the Arranger or the Facility Agent in their capacities as such). Paragraph (b) of this Section shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)          Reimbursement
by Lenders. To the extent that any Obligor for any reason fails to indefeasibly pay any amount required under paragraph (a)
or (b) of this Section to be paid by it to the Facility Agent (or any sub-agent thereof), the Security Trustee (and any sub-agent
thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Facility Agent (or any such sub-agent),
the Security Trustee (and any sub-agent thereof) or such Related Party, as the case may be, such Lender’s pro rata share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s
Applicable Percentage at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such
Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Facility Agent (or any such sub-agent), the Security Trustee (and any sub-agent thereof)
or against any Related Party of any of the foregoing acting for the Facility Agent (or any such sub-agent), the Security Trustee
(and any sub-agent thereof), in connection with such capacity. The obligations of the Lenders under this paragraph (c) are
subject to the provisions of Section 2.12(e).

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, each Obligor shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, the Loan, or the
use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from
the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

 

(e)          Payments.
All amounts due under this Section shall be payable not later than ten (10) days after demand therefor.

 

(f)          Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations
hereunder.

 

11.04     Successors
and Assigns.

 

(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that each Obligor may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Facility Agent and each Lender, and no Lender may
assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d)
of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (e)
of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the
extent expressly contemplated hereby, the Related Parties of each of the Facility Agent and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

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(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loan at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

 

(i)          Required
Consents. No consent shall be required for any assignment except:

 

(A)         the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default
has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall
object thereto by written notice to the Facility Agent within five (5) Business Days after having received written notice thereof
and provided, further, that the Borrower’s consent shall not be required during the primary syndication of
the Commitments; and

 

(B)         the
consent of the Facility Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments to a
Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

 

(ii)         Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Facility Agent an Assignment and Assumption,
together with a processing and recordation fee of $7,500; provided that the Facility Agent may, in its sole discretion,
elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender,
shall deliver to the Facility Agent an Administrative Questionnaire.

 

(iii)        No
Assignment to Certain Persons. No such assignment shall be made to (A) any Obligor or any Obligors’ Affiliates or
Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute a Defaulting Lender or a Subsidiary thereof.

 

(iv)         No
Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment vehicle
or trust for, or owned and operated for the primary benefit of, a natural Person).

 

(v)          Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Facility Agent in an aggregate amount sufficient, upon distribution thereof
as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of the Borrower and the Facility Agent, the applicable pro rata share of the Loan
previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Facility Agent,
the Security Trustee and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)
its full pro rata share of the Loan in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that
any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

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Subject to acceptance and recording thereof
by the Facility Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.14, 2.15,
2.16 and 11.03 (subject in each case to the requirements and limitations therein) with respect to facts and circumstances occurring
prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected
parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of
a participation in such rights and obligations in accordance with paragraph (d) of this Section.

 

(c)          Register.
The Facility Agent, acting solely for this purpose as an agent of each Obligor, shall maintain at its office in New York, New York
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the portion of the Loan owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and the Obligors, the Facility Agent, the Security Trustee and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall
be available for inspection by any Obligor, the Security Trustee and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, any Obligor or the Facility Agent, sell participations to any
Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural Person, or each Obligor or any of the Obligors’ Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loan owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and
(iii) each Obligor, the Facility Agent, the Security Trustee and Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender
shall be responsible for the indemnity under Section 11.03(c) with respect to any payments made by such Lender to its Participant(s).

 

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Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in Sections 11.02(b)(i) through (vii) that affects such Participant. Each Obligor agrees that each Participant
shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations therein, including
the requirements under Section 2.16(g) (it being understood that the documentation required under Section 2.16(g) shall
be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions
of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive
any greater payment under Section 2.15 or 2.16, with respect to any participation, than its participating Lender would have
been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b)
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of each Obligor, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loan or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Facility Agent (in its capacity as
Facility Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

 

11.05     Survival.
All covenants, agreements, representations and warranties made by each Obligor herein and in any Loan Document or other documents
delivered in connection herewith or therewith or pursuant hereto or thereto shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery hereof and thereof and the making of the Borrowing hereunder,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Facility Agent, the
Security Trustee or any Lender may have had notice or knowledge of any Default at the time of the Borrowing, and shall continue
in full force and effect as long as the Loan or any other Obligation hereunder shall remain unpaid or unsatisfied and so long as
the Commitments have not expired or been terminated. The provisions of Sections 2.14, 2.15, 11.03, 11.15 and Article X 
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the payment
in full of the Obligations, the expiration or termination of the Commitments or the termination of this Agreement or any provision
hereof.

 

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11.06     Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Facility Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been executed
by the Facility Agent and when the Facility Agent shall have received counterparts hereof that, when taken together, bear the signatures
of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.

 

11.07     Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability
of any provision of this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good
faith by the Facility Agent, as applicable, then such provision shall be deemed to be in effect only to the extent not so limited.

 

11.08     Right
of Setoff. If an Event of Default shall have occurred and be continuing, 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 Applicable Law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender, or any 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 this Agreement or any other
Loan Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have
made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent
or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding
such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any
such right of setoff, (x) all amounts so set off shall be paid over immediately to the Facility Agent for further application
in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Facility Agent, the Security Trustee and the Lenders, and
(y) the Defaulting Lender shall provide promptly to the Facility Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates
under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective
Affiliates may have. Each Lender agrees to notify the Borrower and the Facility Agent promptly after any such setoff and application;
provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

    	 	[Signature Page – Credit Agreement]
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11.09     Governing
Law; Jurisdiction; Etc.

 

(a)          Governing
Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other
Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of New York (including Sections 5-1401 and 5-1402 of the General Obligations Law but otherwise
excluding the laws applicable to conflicts or choice of law).

 

(b)          Jurisdiction.
Each Obligor irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind
or description, whether in law or equity, whether in contract or in tort or otherwise, against the Facility Agent, the Security
Trustee, any Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or
the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County,
and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each
of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims
in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest
extent permitted by Applicable Law, in such federal court.  Each of the parties hereto agrees that a final judgment in any
such action, litigation 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 or in any other Loan Document shall affect any right that
the Facility Agent, the Security Trustee or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against any Obligor or its properties in the courts of any jurisdiction.

 

(c)          Waiver
of Venue. Each Obligor irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(d)          Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 11.01.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable
Law.

 

11.10     WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	[Signature Page – Credit Agreement]
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11.11     Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

11.12     Treatment
of Certain Information; Confidentiality. Each of the Facility Agent, the Security Trustee and the Lenders agree to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and agree to keep such Information confidential); (b) to the extent required or requested by any
regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners); (c) to the extent required by Applicable Laws or by any subpoena
or similar legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder
or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement
of rights hereunder or thereunder, but solely to the extent required in connection therewith; (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective party
(or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any Obligor
and its obligations, this Agreement or payments hereunder; (g) on a confidential basis to any rating agency in connection
with rating any Obligor or its Subsidiaries; (h) with the consent of the Borrower; or (i) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Facility
Agent, the Security Trustee, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than
the Borrower. In addition, the Facility Agent and the Lenders may disclose the existence of this Agreement and information about
this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Facility
Agent or any Lender in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

For purposes of this Section, “Information”
means all information received from any Obligor or any of the Subsidiaries thereof relating to any Obligor or any of the Subsidiaries
thereof or any of their respective businesses, other than any such information that is available to the Facility Agent or any Lender
on a nonconfidential basis prior to disclosure by any Obligor or any of the Subsidiaries thereof. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.

 

11.13     PATRIOT
Act. Each Lender subject to the PATRIOT Act hereby notifies each Obligor that pursuant to the requirements of the PATRIOT Act,
it may be required to obtain, verify and record information that identifies any Obligor, which information includes the name and
address of each Obligor and other information that will allow such Lender to identify each Obligor in accordance with the PATRIOT
Act.

 

    	 	[Signature Page – Credit Agreement]
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11.14     Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to the Loan,
together with all fees, charges and other amounts that are treated as interest on the Loan under Applicable Law (collectively,
“charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted
for, charged, taken, received or reserved by the Lender holding such portion of the Loan in accordance with Applicable Law, the
rate of interest payable in respect of the Loan hereunder, together with all charges payable in respect thereof, shall be limited
to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of the Loan but were not
paid as a result of the operation of this Section shall be cumulated and the interest and charges payable to such Lender in respect
of other portions of the Loan or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor)
until such cumulated amount, together with interest thereon at the Federal Funds Rate for each day to the date of repayment, shall
have been received by such Lender. Otherwise, any amount collected by such Lender that exceeds the maximum amount collectible at
the Maximum Rate shall be applied to the reduction of the principal balance of the Loan or refunded to the Borrower so that at
no time shall the interest and charges paid or payable in respect of the Loan exceed the maximum amount collectible at the Maximum
Rate.

 

11.15     Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Facility Agent or any Lender, or the
Facility Agent, or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement
entered into by the Facility Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Facility Agent upon
demand its applicable share (without duplication) of any amount so recovered from or repaid by the Facility Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from
time to time in effect.

 

11.16     No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Obligor acknowledges and
agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no fiduciary, advisory or agency relationship
between any Obligor and Subsidiaries and any Arranger, the Facility Agent, the Security Trustee or any Lender is intended to be
or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of whether
the Arranger, the Facility Agent, the Security Trustee or any Lender has advised or is advising any Obligor or any Subsidiary thereof
on other matters, (ii) the arranging and other services regarding this Agreement provided by the Arranger, the Facility Agent,
the Security Trustee and the Lenders are arm’s-length commercial transactions between each Obligor and its Affiliates, on
the one hand, and the Arranger, the Facility Agent, the Security Trustee and the Lenders, on the other hand, (iii) each Obligor
has consulted its own legal, accounting, regulatory and tax advisors to the extent that it has deemed appropriate and (iv) each
Obligor is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; and (b) (i) the Arranger, the Facility Agent, the Security Trustee, and the Lenders
each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been,
is not, and will not be acting as an advisor, agent or fiduciary for any Obligor or any of their Affiliates, or any other Person;
(ii) none of the Arranger, the Facility Agent, the Security Trustee and the Lenders has any obligation to any Obligor or any
of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and
in the other Loan Documents; and (iii) the Arranger, the Facility Agent, the Security Trustee and the Lenders and their respective
Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests
that differ from those of the Borrower and its Affiliates, and none of the Arranger, the Facility Agent, the Security Trustee and
the Lenders has any obligation to disclose any of such interests to any Obligor or its Affiliates. To the fullest extent permitted
by Law, each Guarantor hereby waives and releases any claims that it may have against any of the Arranger, the Facility Agent,
the Security Trustee and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with
any aspect of any transaction contemplated hereby.

 

    	 	[Signature Page – Credit Agreement]
 97	 

     

    

 

11.17     Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

[Signature Pages Follow]

 

    	 	[Signature Page – Credit Agreement]
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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above
written.

 

	 	SEAWAYS SHIPPING CORPORATION,
	 	as Borrower
	 	 	 	 
	 	By 	/s/ Lois K.  Zabrocky
	 	 	Name:	Lois K. Zabrocky
	 	 	Title:	President

 

    	 	[Signature Page – Credit Agreement]
 99	 

     

    

 

	INTERNATIONAL SEAWAYS, INC.,	 
	as Initial Guarantor	 
	 	 	 	 
	By	/s/ Lois K. Zabrocky	 
	 	Name:	Lois K. Zabrocky	 
	 	Title:	President and Chief Executive Officer	 
	 	 	 	 
	SECOND KATSURA TANKER CORPORATION,	 
	as Initial Guarantor	 
	 	 	 	 
	By 	/s/ Jeffrey D. Pribor	 
	 	Name:	Jeffrey D. Pribor	 
	 	Title:	Senior Vice President and Treasurer	 

 

    	 	[Signature Page – Credit Agreement]
 100	 

     

    

 

	LENDERS	 
	 	 
	ABN AMRO CAPITAL USA LLC,	 
	as Lender	 
	 	 	 	 
	By	/s/ Eden Rahman	 
	 	Name:	Eden Rahman	 
	 	Title:	Vice President	 
	 	 	 	 
	By	/s/ John Sullivan	 
	 	Name:	John Sullivan	 
	 	Title:	Managing Director	 

 

    	 	[Signature Page – Credit Agreement]
 101	 

     

    

 

	SWAP BANKS	 
	 	 
	ABN AMRO BANK N.V.,	 
	as Swap Bank	 
	 	 	 	 
	By 	/s/ Nicholas G. Santangelo	 
	 	Name:	Nicholas G. Santangelo	 
	 	Title:	Attorney-in-Fact	 

 

    	 	[Signature Page – Credit Agreement]
 102	 

     

    

 

	MANDATED LEAD ARRANGER	 
	 	 
	ABN AMRO CAPITAL USA LLC,	 
	as Mandated Lead Arranger	 
	 	 	 	 
	By 	/s/ Eden Rahman	 
	 	Name:	Eden Rahman	 
	 	Title:	Vice President	 
	 	 	 	 
	By 	/s/ John Sullivan	 
	 	Name:	John Sullivan	 
	 	Title:	Managing Director	 

 

    	 	[Signature Page – Credit Agreement]
 103	 

     

    

 

	ABN AMRO CAPITAL USA LLC,	 	ABN AMRO CAPITAL USA LLC,
	as Security Trustee	 	as Arranger
	 	 	 	 	 
	By	/s/ John Sullivan	 	By	/s/ John Sullivan
	Name:	John Sullivan	 	Name:	John Sullivan
	Title:	Managing Director	 	Title:	Managing Director
	 	 	 	 	 
	By	/s/ Eden Rahman	 	By	/s/ Eden Rahman
	Name:	Eden Rahman	 	Name:	Eden Rahman
	Title:	Vice President	 	Title:	Vice President
	 	 	 	 	 
	ABN AMRO CAPITAL USA LLC,	 	ABN AMRO CAPITAL USA LLC,
	as Facility Agent	 	as Bookrunner
	 	 	 	 	 
	By	/s/ John Sullivan	 	By	/s/ John Sullivan
	Name:	John Sullivan	 	Name:	John Sullivan
	Title:	Managing Director	 	Title:	Managing Director
	 	 	 	 	 
	By	/s/ Eden Rahman	 	By	/s/ Eden Rahman
	Name:	Eden Rahman	 	Name:	Eden Rahman
	Title:	Vice President	 	Title:	Vice President

 

    	 	[Signature Page – Credit Agreement]
 104

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