Document:

Exhibit 10.11

 

 

 

 

 

 

Dated
the 10th of April 2017

 

19th
SUPPLEMENTAL AGREEMENT

 

Relating
to the

 

REVENUE
SHARING AGREEMENT

DATED 25th FEBRUARY 2013

 

 

 

 

 

 

    	1 

     

    

THIS
SUPPLEMENTAL AGREEMENT is dated the 10th of April, 2017 and made between:

 

		1	Each
                                         of the Parties listed in Schedule 1 hereto (together the “Current Members”);

 

		2	C
                                         TRANSPORT HOLDING LTD., a Company incorporated in the Bermuda, having its registered
                                         office at Clarendon House, 2 Church Street, Hamilton, Bermuda (the “Manager”);
                                         and

 

		3	GOODBULK
                                         LTD. of at Clarendon House, 2 Church Street, Hamilton, Bermuda (the “New
                                         Member”).

 

WHEREAS:

 

		(A)	this
                                         Agreement is supplemental to a Revenue Sharing Agreement dated 25th February,
                                         2013, as amended or supplemented from time to time (the “Principal Agreement”)
                                         made between the current Members and the Manager, here attached as Schedule 3, whereby
                                         the Current Members agreed (inter alia) to employ the Member Vessels (as defined in the
                                         Principal Agreement) within the Principal Agreement;

 

		(B)	Pursuant
                                         to the provisions of clause 3.3 of the Principal Agreement, the Current Members have,
                                         subject to the terms set out in this Agreement and with effect as from the Effective
                                         Date as defined in clause 1.2, agreed to permit M.V. “Aquakula” to
                                         become Member Vessel and to admit the New Member into the Principal Agreement;

 

		(C)	this
                                         Agreement sets out the terms and conditions upon which the Current Members and the Manager
                                         shall permit the M.V. “Aquakula” (as well as any future vessel that
                                         the New Member may include) to become Member Vessel with effect as from the Effective
                                         Date and shall admit the New Member into the Principal Agreement, on the terms of the
                                         Principal Agreement as amended from time to time.

 

NOW IT IS
HEREBY AGREED as follows:

 

1.
Definitions 

 

1.1 Defined expressions

 

Words
and expressions defined in the Principal Agreement shall unless the context otherwise requires or unless otherwise defined herein,
have the same meanings when used in this Agreement.

 

1.2 Definitions 

 

In
this Agreement, unless the context otherwise requires:

 

“Effective
Date” means the 18th of April 2017 for the M.V. “Aquakula”, provided that the Manager
has received the documents and evidence specified in clause 5 herein and Schedule 2 in a form and substance satisfactory to it
within the 30th of April, 2017; and

 

    	2 

     

    

“New
Vessel” means M.V. “Aquakula” owned by the New Member and/or in the disponent Ownership of the New
Member.

 

1.3 Principal Agreement

 

References
in the Principal Agreement to “this Agreement” shall, with effect from the Effective Date and unless the context
otherwise requires, be references to the Principal Agreement as amended by this Agreement and words such as “herein”,
“hereof”, “hereunder”, “hereafter”, “hereby” and “hereto”,
where they appear in the Principal Agreement, shall be construed accordingly.

 

1.4 Headings 

 

Clause
headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of
this Agreement.

 

1.5 Construction of certain
terms

 

Clause
1.3 of the Principal Agreement shall apply to this agreement (mutatis mutandis) as if set out herein and as if references therein
to “this Agreement” were references to this Agreement.

 

2.       Consent
of Current Members and the Manager

 

The
Current Members and the Manager agree with the New Member that, subject to the terms and conditions of this Agreement and in particular,
but without prejudice to the generality of the foregoing, subject to fulfillment of the conditions contained in clause 5 herein
and schedule 2 herein, the Current Members and the Manager shall with effect on and from the Effective Date agree to:

 

		·	employ
                                         the New Vessels in the Principal Agreement as from the Effective Date; and

 

		·	admit
                                         the New Member as a member of the Principal Agreement as from the Effective Date.

 

3.       Assumption
of liability and obligations 

 

3.1 Additional party 

 

It
is hereby agreed that, with effect from the Effective Date, the New Member shall be, and is hereby made, an additional party to
the Principal Agreement and the Principal Agreement shall henceforth be construed in all respects as if references to the “Members”
included reference to the New Member in addition to the Current Members.

 

3.2 Assumption of Liability

 

The
New Member hereby agrees with the Current Members and the Manager that, as and with effect from the Effective Date, it shall,
severally with the

 

Current
Members (and proportionally with their participation percentages as per the Revenue Sharing Key), assume and duly and punctually
perform all the liabilities and obligations whatsoever from time to time to be performed or discharged by the Members under the
Principal Agreement and shall be bound by the terms of the Principal Agreement as if the New Member had at all times been named
therein as a Member. For the avoidance of doubt, the New Member shall, in relation to the New Vessels (and any other Member Vessel

 

    	3 

     

    

which
it may subsequently enter into the Principal Agreement) comply with all obligations of the Principal Agreement relating to the
Member Vessels including, without limitation, under clause 3.1 of the Principal Agreement.

 

4.
Amendments to Principal Agreement

 

4.1        Amendments

 

The
Principal Agreement shall, with effect on and from the Effective Date, be (and it is hereby) amended in accordance with the following
provisions (and the Principal Agreement, as so amended, will continue to be binding upon the Current Members and the Manager and
the New Member upon such terms as so amended):

 

a)
by construing all references to “Members” (as defined in the Principal Agreement) as including reference to the
New Member; and

 

b)
by construing all references to “Member Vessel” or “Member Vessels” (as defined in the Principal Agreement)
as including the New Vessels.

 

4.2       Continued
force and effect 

 

Save
as amended by this Agreement, the provisions of the Principal Agreement shall continue in full force and effect and the Principal
Agreement and this Agreement shall be read and construed as one instrument.

 

5.
    Conditions 

 

5.1       Documents
and evidence

 

The
consent of the Current Members and the Manager referred to in clause 2 herein shall be subject to the receipt by the Manager of
the documents and evidence specified in Schedule 2 in form and substance satisfactory to the Manager.

 

5.2       Waiver
of conditions precedent 

 

The
conditions specified in this clause 5 are inserted solely for the benefit of the Current Members and the Manager and may be waived
by the Current Members and the Manager in whole or in part with or without conditions.

 

6.
    Replacement of a Current Member

 

The
Current Members hereby agree that, as and with effect as from the Effective Date, CCI Sabulum III Co. Pte. LTD. shall be and is
hereby substituted by Castleton Commodities Shipping Co. Pte. Ltd. as a Current Member to the Principal Agreement.

 

Castleton
Commodities Shipping Co. Pte. Ltd. hereby agrees with the Current Members that, as and with effect as from the Effective Date,
Castleton Commodities Shipping Co. Pte. Ltd. shall duly and punctually perform and discharge all liabilities and/or obligations
whatsoever from time to time to be performed or discharged by it or by virtue of the Principal Agreement in all respects as if
Castleton Commodities Shipping Co. Pte. Ltd. was (and had at all times been) named in the Principal Agreement instead of CCI Sabulum
III Co. Pte. LTD.

 

    	4 

     

    

7.
       Miscellaneous and notices 

 

6.1       Notices

 

The
provisions of clause 17 of the Principal Agreement shall extend and apply to the giving or making of notices or demands hereunder
as if the same were expressly stated herein and for this purpose any notices to be sent to the New Member shall be sent to the
New Member at:

 

c/o C Transport Maritime
SAM

 

7 Rue du Gabian

 

98000 Principality of
Monaco

 

Att
: Luigi Pulcini

 

6.2       Counterparts

 

This
Agreement may be executed in any number of counterparts and by the different parties on separate counterparts, each of which when
so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument.

 

7.
        Applicable law 

 

This
Agreement is governed by and shall be construed in accordance with English law and the Arbitration provisions of the Principal
Agreement shall apply to this Agreement mutatis mutandis.

 

    	5 

     

    

Schedule
1 

 

Part
1 - Names and addresses of the Current Members 

 

		·	DRY
                                         BULK HANDY HOLDING INC. of Paseo del Mar and Pacific Avenues, Costa del Este, MMG
                                         Tower, 23rd. Floor (c/o Morgan & Morgan) Panama City, Republic of Panama
                                         (hereinafter referred to as “DBHH” in this Schedule)

 

		·	DRY
                                         BULK ARGENTINA INC. of Paseo del Mar and Pacific Avenues, Costa del Este, MMG Tower,
                                         23rd. Floor (c/o Morgan & Morgan), Panama City, Republic of Panama (hereinafter
                                         referred to as “DBA” in this Schedule)

 

		·	TRITON
                                         TRADING & TRANSPORTATION CO. LTD., of 80 Broad Street, Monrovia, Liberia (hereinafter
                                         referred to as “TRITON” in this Schedule)

 

		·	BOCIMAR
                                         INTERNATIONAL N.V., of De Gerlachekaai 20, 2000 Antwerpen, Belgium (hereinafter referred
                                         to as “BOCIMAR” in this Schedule)

 

		·	KUMIAI
                                         NAVIGATION (PTE) LTD, of 1 Raffles Place, #27-62 One Raffles Place Singapore 048616
                                         (hereinafter referred to as “KUMIAI” in this Schedule)

 

		·	BOCIMAR
                                         HONG KONG LIMITED of Room 3206 32nd Floor, Lippo Center Tower Two, No.
                                         89 Queensway Hong Kong (hereinafter referred to as “BOCIMAR HONG KONG”
                                         in this Schedule)

 

		·	C
                                         TRANSPORT MARITIME LTD. of Clarendon House, 2 Church Street, P.O. Box HM 666 Hamilton
                                         HM CX Bermuda (hereinafter referred to as “CTM Bermuda” in this Schedule)

 

		·	IONIC
                                         HOLDING INC. of c/o The Trust Company of the Marshall Islands, Ajeltake Road, Ajeltake
                                         Island, Majuro, Marshall Islands (hereinafter referred to as “IONIC”
                                         in this Schedule)

 

		·	AMPHITRITE
                                         SHIPPING & TRADING CO. LTD., of 80 Broad Street, Monrovia, Liberia (hereinafter
                                         referred to as “Amphitrite” in this Schedule).

 

		·	CBC
                                         HOLDING LTD., of 198 Old Bakery Street, VLT 1455, Valletta, Malta (hereinafter referred
                                         to as “CBC HOLDING LTD.” in this Schedule)

 

		·	KLEIMAR
                                         N.V., of Suikerrui 5, Antwerp, Belgium (hereinafter referred to as “KLEIMAR”
                                         in this Schedule)

 

		·	NAUTICAL
                                         BULK HOLDING LTD. of Clarendon House, 2 Church Street, P.O. Box HM 666 Hamilton HM
                                         CX Bermuda (hereinafter referred to as “Nautical Bulk” in this Schedule)

 

		·	SPV
                                         8 LLC. of Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands (hereinafter referred
                                         to as “SPV 8” in this Schedule)

 

		·	MATISSE
                                         SHIPPING CORPORATION of Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
                                         (hereinafter referred to as “MATISSE” in this Schedule)

 

		·	SPV
                                         6 LLC. of Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands (hereinafter referred
                                         to as “SPV 6” in this Schedule)

 

    	6 

     

    

		·	DRYLOG
                                         BULKCARRIERS LTD. of Commerce House, Wickhams Cay 1, Road Town, Tortola, British
                                         Virgin Islands (hereinafter referred to as “DLBC” in this Schedule)

 

		·	CASTLETON
                                         COMMODITIES SHIPPING CO, PTE. LTD. of One Raffles Place, 35-61 One Raffles Place,
                                         Tower Two, Singapore (hereinafter referred to as “CCI” in this Schedule)

 

		·	GOLDEN
                                         OCEAN GROUP LTD. of 14 Par-la-Ville Road, Hamilton HM08, Bermuda (hereinafter referred
                                         to as “GOLDEN OCEAN” in this Schedule)

 

		·	DEFENDER
                                         HOLDING LIMITED of 4 Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda
                                         (hereinafter referred to as “DEFENDER” in this Schedule)

 

    	7 

     

    

Part
2 - Member Vessels employed by Current Members 

 

	 	·	Bulk Costa Rica	(DBHH)
	 	·	Bulk Patagonia	(DBHH)
	 	·	Bulk Uruguay	(DBHH)
	 	·	Bulk Ecuador	(DBHH)
	 	·	Bulk Colombia	(DBHH)
	 	·	Bulk Peru	(DBHH)
	 	·	Bulk Guatemala	(DBHH)
	 	·	Bulk Phoenix	(DBHH)
	 	·	Bulk Atacama	(DBHH)
	 	·	Bulk Honduras	(DLBC)
	 	·	Bulk Bolivia	(DLBC)
	 	·	CMB Chikako	(BOCIMAR HONG KONG)
	 	·	CMB Coralie	(BOCIMAR HONG KONG)
	 	·	Indigo Flora	(BOCIMAR HONG KONG)
	 	·	St George	(MATISSE)
	 	·	St Paul	(MATISSE)
	 	·	KN Future	(KUMIAI)
	 	·	Ionic Storm	(IONIC)
	 	·	Ionic Spirit	(IONIC)
	 	·	Ionic Unicorn	(IONIC)
	 	·	Navios Vega	(Kleimar N.V.)
	 	·	Navios La Paix	(Kleimar N.V.)
	 	·	Navios Mercury	(Kleimar N.V.)
	 	·	Navios Hios	(Kleimar N.V.)
	 	·	Navios Kypros	(Kleimar N.V.)
	 	·	Navios Ulysses	(Kleimar N.V.)
	 	·	Aquaprosper	(Amphitrite)
	 	·	Navios Oriana	(CTM LTD)
	 	·	Navios Venus	(CTM LTD)
	 	·	Aquapride	(TRITON)
	 	·	Red Azalea	(CBC HOLDING)
	 	·	Red Cosmos	(CBC HOLDING)
	 	·	Red Orchid	(CBC HOLDING)
	 	·	Red Sakura	(CBC HOLDING)
	 	·	Nautical Hillary	(NAUTICAL BULK)
	 	·	Nautical Loredana	(NAUTICAL BULK)
	 	·	Nautical Elizabeth	(NAUTICAL BULK)
	 	·	Nautical Sif	(NAUTICAL BULK)
	 	·	Nautical Runa	(NAUTICAL BULK)
	 	·	Nautical Jennifer	(NAUTICAL BULK)
	 	·	Nautical Marie	(NAUTICAL BULK)
	 	·	Nautical Lucia	(NAUTICAL BULK)
	 	·	Nautical Anne	(NAUTICAL BULK)
	 	·	Nautical Alice	(NAUTICAL BULK)
	 	·	Nautical Amethyst	(NAUTICAL BULK)
	 	·	Nautical Aventurin	(NAUTICAL BULK)

 

    	8 

     

    

 

	 	·	Queen Jhansi	(SPV 8 LLC)
	 	·	Christinab	(SPV 6 LLC)
	 	·	Lindsaylou	(SPV 2 LLC)
	 	·	Loch Ness	(CCI)
	 	·	Loch Nevis	(CCI)
	 	·	Loch Shuna	(CCI)
	 	·	Loch Crinan	(CCI)
	 	·	Golden Christine	(GOLDEN OCEAN)
	 	·	Golden Cecilie	(GOLDEN OCEAN)
	 	·	Golden Virgo	(GOLDEN OCEAN)
	 	·	Sage Caledonia	(DEFENDER HOLDING LIMITED)

 

Schedule
2 

 

Documents
and evidence required as conditions precedent (referred to in clause 5.1)

 

a)
Corporate authorisation 

 

copies
of resolutions of the New Member’s board of directors and shareholders (shareholders’ resolution to be prepared if
required under constitutional documents) approving the execution of this Agreement and the terms and conditions hereof and thereof
and authorizing the signature, delivery and performance of this Agreement certified by an officer of the New Member:

 

(i)       being
true and correct; 

(ii)       being
duly passed at meetings of the directors and of the shareholders (shareholders’ resolution to be prepared if required under
constitutional documents) of the New Member each duly convened and held; 

(iii)      not
having been amended, modified or revoked; and 

(iv)      being
in full force and effect

 

together
with originals or certified copies of any powers of attorney (if necessary) issued by any party pursuant to such resolutions;
and

 

b)
Revenue Sharing Key

 

the
Revenue Sharing Key for the New Vessels to have been established;

 

c)
Information 

 

the
provision by the New Member to the Manager of such additional information, documents and evidence as the Manager or the New Members
shall require to determine whether or not the New Vessels shall be accepted as Member Vessels.

 

    	9 

     

    

IN WITNESS
whereof the parties to this Agreement have caused this Agreement to be duly executed as a Deed on the date first above written,
such Agreement having effect as from the Effective Date.

 

THE NEW MEMBER

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by J. M. Radziwill	)	 
	for and on behalf of	)	 
	GOODBULK LTD.	)	 
	in the presence of: E. Nontamaro	)	 

 

THE CURRENT MEMBERS 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Paolo Mondini	)	 
	for and on behalf of	)	 
	MATISSE SHIPPING CORPORATION	)	 
	in the presence of: Prato Longo	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Maria Danezi	)	 
	for and on behalf of	)	 
	SPV 6 LLC.	)	 
	in the presence of: E. Panaretou	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Maria Danezi	)	 
	for and on behalf of	)	 
	SPV 8 LLC.	)	 
	in the presence of: E. Panaretou	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by	)	 
	for and on behalf of	)	 
	KLEIMAR N.V.	)	 
	in the presence of: A. Pavilidou	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by J. Haramis	)	 
	for and on behalf of	)	 
	DRY BULK HANDY HOLDING INC.	)	 
	in the presence of:	)	 

 

    	10 

     

    

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by I. Iliopoulos	)	 
	for and on behalf of	)	 
	DRY BULK ARGENTINA INC.	)	 
	in the presence of: E. Nontanaro	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by L. Pulcini	)	 
	for and on behalf of	)	 
	TRITON TRADING & TRANSPORTATION CO. LTD.	)	 
	in the presence of: S. Faime	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Benoit Timmermans	)	 
	for and on behalf of	)	 
	BOCIMAR INTERNATIONAL N.V.	)	 
	in the presence of:	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by T. Kuroyanagi	)	 
	for and on behalf of	)	 
	KUMIAI NAVIGATION (PTE LTD)	)	 
	in the presence of:	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Benoit Timmermans	)	 
	for and on behalf of	)	 
	BOCIMAR HONG KONG LIMITED	)	 
	in the presence of:	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by L. Pulcini	)	 
	for and on behalf of	)	 
	C TRANSPORT MARITIME LTD.	)	 
	in the presence of: S. Faina	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Andrew Wetten	)	 
	for and on behalf of	)	 
	IONIC HOLDING INC.	)	 
	in the presence of: Meriadita Lingon	)	 

 

    	11 

     

    

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by T.S. Huxley	)	 
	for and on behalf of	)	 
	CBC HOLDING LTD.	)	 
	in the presence of: Cathy Hu	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by J. Sykes	)	 
	for and on behalf of	)	 
	AMPHITRITE SHIPPING & TRADING CO. LTD.	)	 
	in the presence of: E. Nontamaro	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by J. A. Petterson	)	 
	for and on behalf of	)	 
	NAUTICAL BULK HOLDING LTD.	)	 
	in the presence of: Anne Hallbing	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by J. Maranis	)	 
	for and on behalf of	)	 
	DRYLOG BULKCARRIERS LTD.	)	 
	in the presence of: E. Montanario	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Daniel F. Hines, Executive Vice President	)	 
	for and on behalf of	)	 
	CASTLETON COMMODITIES SHIPPING CO. PTE.	)	 
	in the presence of: Duane K. Duclaux, Esq., Secretary	)	 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Sverre Syberg, Senior  Chartering Manager	)	 
	for and on behalf of	)	 
	GOLDEN OCEAN GROUP LTD.	)	 
	in the presence of: Harald Thorsen, Senior Operation Manager	)	 

 

    	12 

     

    

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Mark Doherty	)	 
	for and on behalf of	)	 
	DEFENDER HOLDING LIMITED	)	 
	in the presence of: Katarina Lagetar	)	 

 

THE EXITING MEMBER, REPLACED
BY CASTLETON COMMODITIES SHIPPING CO. PTE. LTD. 

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	by Luke S. Justus, Authorized Representative	)	 
	for and on behalf of	)	 
	CCI Sabulum III Co. Pte. LTD.	)	 
	in the presence of: Duane K. Duclaux, Esq.	)	 

 

THE MANAGER

 

	SIGNED, SEALED and DELIVERED	)	 
	as a DEED	)	 
	By L. Pulcini	)	 
	for and on behalf of	)	 
	C TRANSPORT HOLDING LTD.	)	 
	in the presence of: S. Faina	)	 

 

    	13Exhibit

    

EXHIBIT 10.1

TWELFTH AMENDMENT TO AMENDED AND 
RESTATED REVOLVING CREDIT AGREEMENT

This Twelfth Amendment to Amended and Restated Revolving Credit Agreement (herein, the “Amendment”) is entered into as of June 1, 2018, by and among World Acceptance Corporation, a South Carolina corporation (the “Borrower”), Wells Fargo Bank, National Association together with the other financial institutions a party hereto (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent for the Lenders (the “Administrative Agent”).
PRELIMINARY STATEMENTS
A.The Borrower, the Lenders, and the Administrative Agent are parties to a certain Amended and Restated Revolving Credit Agreement, dated as of September 17, 2010, as amended (the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
B.    The Borrower has requested that the Lenders agree to make certain amendments to the Credit Agreement, and the Lenders are willing to do so under the terms and conditions set forth in this Amendment.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
SECTION 1.    AMENDMENTS.
Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:
1.1.    The following definition in Section 5.1 of the Credit Agreement (Definitions) shall be amended and restated as follows:
“Termination Date” means June 15, 2020, or such earlier date on which the Commitments are terminated in whole pursuant to Sections 2.9, 9.3 or 9.4 hereof.
1.2.    The following new Section 8.26 is added to the Credit Agreement (Deposit Accounts):
Section 8.26    Deposit Accounts.  The Borrower and its Restricted Subsidiaries do not maintain any deposit accounts other than those listed on Schedule 8.26 attached hereto as of June 1, 2018 and the Borrower shall thereafter provide an updated Schedule 8.26 on a quarterly basis to the Administrative Agent together with the 

-1-

financial statements delivered for the calendar months ending March 31, June 30, September 30 and December 31 of each calendar year.  The Borrower shall cause all proceeds of Collateral to be deposited into or transferred to a deposit account subject to a deposit account control agreement in favor the Administrative Agent as soon as possible but in any event within two (2) Business Days of receipt.
1.3.    Schedule 8.26 of the Loan Agreement is attached hereto.
SECTION 2.    CONDITIONS PRECEDENT.
The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent (the date on which the following conditions precedent have been satisfied being referred to herein as the “Effective Date”):
2.1.    The Borrower and the Lenders, shall have executed and delivered this Amendment to the Administrative Agent.
2.2.    The Restricted Subsidiaries parties to the Subsidiary Guaranty Agreement shall have executed and delivered to the Administrative Agent their consent to this Amendment in the form set forth below.
2.3.    The Borrower shall have paid to Administrative Agent the non-refundable fee in the amount and for the account of the Lenders as set forth on Schedule A attached hereto, which fees shall be fully earned by such Lenders upon the effectiveness of this Amendment.
2.4.    The Borrower shall deliver copies of resolutions for the Borrower and the Restricted Subsidiaries which authorize the applicable officer to execute this Amendment and the consent to this Amendment.
2.5.    Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.
SECTION 3.    REPRESENTATIONS.
In order to induce the Lenders to execute and deliver this Amendment, the Borrower hereby represents to the Administrative Agent, the Collateral Agent, and the Lenders that as of the date hereof, (a) the representations and warranties set forth in Section 6 of the Credit Agreement and in the other Loan Documents are and shall be and remain true and correct (except that the representations contained in Section 6.6 shall be deemed to refer to the most recent financial statements of the Borrower delivered to the Agent) and (b) the Borrower and the Restricted Subsidiaries are in compliance with the terms and conditions of the Credit Agreement and the other Loan Documents and no Default or Event of Default exists or shall result after giving effect to this Amendment. 

-2-

SECTION 4.    MISCELLANEOUS.
4.1.    Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.  
4.2.    The Borrower heretofore executed and delivered, among other things, the Company Security Agreement and hereby acknowledges and agrees that the security interests and liens created and provided for therein secure the payment and performance of the Obligations under the Credit Agreement as amended hereby, which are entitled to all of the benefits and privileges set forth therein.  Without limiting the foregoing, the Borrower acknowledges that the “Secured Indebtedness” as defined in, and secured by the Collateral pursuant to, the Company Security Agreement shall be deemed amended to include all “Obligations” as defined in the Credit Agreement as amended hereby.
4.3.    The Borrower agrees to pay on demand all costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment and the other instruments and documents to be executed and delivered in connection herewith, including the fees and expenses of counsel for the Administrative Agent.
4.4.    This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of a Portable Document Format File (also known as an “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois (without regard to principles of conflicts of laws).
[SIGNATURE PAGES TO FOLLOW]

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This Amendment is entered into as of the date and year first above written.
	
			
	 
	WORLD ACCEPTANCE CORPORATION

	 
	 

	 
	By:
	/s/ James H. Wanserski

	 
	Name: James H. Wanserski

	 
	Title: President and Chief Executive Officer

	 
	 

Accepted and agreed to:
	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually as a Lender and as Administrative Agent and Collateral Agent

	 
	 

	 
	By:
	/s/ Thomas M. Romanowski

	 
	Name: Thomas M. Romanowski

	 
	Title: Vice President

	 
	 

-4-

	
			
	 
	BANK OF AMERICA, N.A.

	 
	 

	 
	By:
	/s/ Bruce Jenks

	 
	Name: Bruce Jenks

	 
	Title: Senior Vice President

	 
	 

	 
	 

	 
	BANK OF MONTREAL

	 
	 

	 
	By:
	/s/ Daniel Ryan

	 
	Name: Daniel Ryan

	 
	Title: Vice President

	 
	 

	 
	 

	 
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION

	 
	 

	 
	By:
	/s/ Stephanie Bowman

	 
	Name: Stephanie Bowman

	 
	Title: Senior Vice President

	 
	 

	 
	 

	 
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION

	 
	 

	 
	By:
	/s/ Blake Chandler

	 
	Name: Blake Chandler

	 
	Title: Vice President

	 
	 

	 
	 

	 
	BANK UNITED, N.A.

	 
	 

	 
	By:
	/s/ Beverly Abrahams

	 
	Name: Beverly Abrahams

	 
	Title: Senior Vice President

	 
	 

 

-5-

ACKNOWLEDGMENT AND CONSENT
Each of the undersigned is a Restricted Subsidiary of World Acceptance Corporation who has executed and delivered to the Collateral Agent, the Administrative Agent, and the Lenders the Subsidiary Guaranty Agreement and the Subsidiary Security Agreement.  Each of the undersigned hereby acknowledges and consents to the Twelfth Amendment to Amended and Restated Revolving Credit Agreement set forth above and confirms that the Loan Documents executed by it, and all of its obligations thereunder, remain in full force and effect, and that the security interests and liens created and provided for therein continue to secure the payment and performance of the Obligations of the Borrower under the Credit Agreement after giving effect to the Amendment.  
Dated as of June 1, 2018.
[SIGNATURE PAGE TO ACKNOWLEDGMENT AND CONSENT TO FOLLOW]

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Each of the undersigned acknowledges that the Collateral Agent, the Administrative Agent, and the Lenders are relying on the foregoing in entering into the Eleventh Amendment to Amended and Restated Revolving Credit Agreement set forth above.
	
		
	 
	World Acceptance Corporation of Alabama

	 
	World Acceptance Corporation of Missouri

	 
	World Finance Corporation of Georgia

	 
	World Finance Corporation of Louisiana

	 
	World Acceptance Corporation of Oklahoma, Inc.

	 
	World Finance Company of South Carolina, LLC

	 
	World Finance Corporation of Tennessee

	 
	WFC of South Carolina, Inc.

	 
	World Finance Corporation of Illinois

	 
	World Finance Corporation of New Mexico

	 
	World Finance Company of Kentucky LLC

	 
	World Finance Corporation of Colorado

	 
	World Finance Corporation of Wisconsin

	 
	WFC Services, Inc.

	 
	World Finance Corporation of Texas

	 
	World Finance Company of Indiana, LLC

	 
	World Finance Company of Mississippi, LLC

	 
	World Finance Company of Idaho, LLC

	
			
	 
	By:
	/s/ James H. Wanserski

	 
	Name: James H. Wanserski

	 
	Title: President and Chief Executive Officer

	 
	 

	 
	WFC Limited Partnership

	 
	 

	 
	By: WFC of South Carolina, Inc.,
	WFC of South Carolina, Inc.,

	 
	 
	as sole general partner

	 
	 
	 

	 
	By:
	/s/ James H. Wanserski

	 
	Name: James H. Wanserski

	 
	Title: President and Chief Executive Officer

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