Document:

Exhibit 10.4

 

Execution Version

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

This SECOND AMENDMENT to
the Credit Agreement referred to below, dated as of June 14, 2018 (this “Second Amendment”), by and among
International Seaways, Inc., a Marshall Islands corporation (“Holdings”), International Seaways Operating
Corporation, a Marshall Islands corporation (the “Administrative Borrower”), OIN Delaware LLC, a Delaware
limited liability company (the “Co-Borrower” and, together with the Administrative Borrower, the “Borrowers”),
the other Guarantors (as defined in the Credit Agreement referred to below) party hereto, the Lenders (as defined in the Credit
Agreement referred to below) party hereto, and Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders. Capitalized terms used herein but not otherwise defined in this Second Amendment have the
same meanings as specified in the Credit Agreement referenced below, as amended by this Second Amendment.

 

RECITALS

 

WHEREAS, the Borrowers,
Holdings, the other Guarantors from time to time party thereto, the several Lenders from time to time party thereto, the Administrative
Agent and the other parties thereto have entered into that certain Credit Agreement, dated as of June 22, 2017 (as amended, restated,
supplemented or otherwise modified prior to the date hereof, including pursuant to that certain First Amendment to Credit Agreement,
dated as of July 24, 2017, the “Credit Agreement”); and

 

WHEREAS, the Borrowers,
Holdings, the other Guarantors, each Lender party hereto and the Administrative Agent have agreed to amend the Credit Agreement
as hereinafter set forth;

 

NOW, THEREFORE, in consideration
of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1.         Amendments to Credit Agreement. The Credit Agreement is, effective as of the Second Amendment Effective Date,
and subject to the satisfaction of the conditions precedent set forth in Section 3 below, hereby amended by (i) deleting
the stricken text (indicated textually in the same manner as the following example: stricken text),
and (ii) adding the double underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the amended Credit Agreement attached hereto as Exhibit A.

 

SECTION
2.          Representations and Warranties. In order to induce the Lenders party hereto to enter into this Second Amendment
and to amend the Credit Agreement in the manner provided herein, each Loan Party hereby represents and warrants that:

 

(a)       the
representations and warranties set forth in Article III of the Credit Agreement and in each
other Loan Document shall be true and correct in all material respects (or true and correct in all respects in the case of representations
and warranties qualified by materiality or Material Adverse Effect) on and as of the Second Amendment Effective Date with the same
effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall be true and correct in all material respects (or true and correct
in all respects in the case of representations and warranties qualified by materiality or Material Adverse Effect) on and as of
such earlier date).

 

(b)       both
before and after giving effect to this Second Amendment, no Default or Event of Default shall have occurred and be continuing;
and

 

     

     

    

 

(c)       this
Second Amendment has been duly authorized, executed and delivered by each Loan Party party hereto and each of this Second Amendment
and the Credit Agreement, as amended hereby, constitutes a legal, valid and binding obligation, enforceable against each Loan Party
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

SECTION
3.         Conditions of Effectiveness. The effectiveness of this Second Amendment (including the amendments contained
in Section 1 hereof) are subject to the satisfaction of the following conditions (the date of satisfaction of such conditions
being referred to herein as the “Second Amendment Effective Date”):

 

(a)       this
Second Amendment shall have been duly executed by the Borrowers, Holdings, each other Guarantor, the Lenders constituting the Required
Lenders (calculated immediately prior to the making of the Second Amendment Prepayment described below) and the Administrative
Agent (which may include a copy transmitted by facsimile or PDF or other electronic method), and delivered to the Administrative
Agent;

 

(b)       (i)
prior to the Second Amendment Effective Date the Borrowers shall have made a Discounted Prepayment Offer to prepay (the “Second
Amendment Prepayment Offer” and the principal amount of such Second Amendment Prepayment Offer being the “Second
Amendment Prepayment Offer Amount”) Term Loans in an aggregate principal amount of not less than $60,000,000 in connection
with the effectiveness of this Second Amendment in accordance with Section 2.22 of the Credit Agreement (as amended hereby), together
with a premium equal to 1.00% of the aggregate principal amount of Terms Loan so prepaid (the “Second Amendment Prepayment
Premium”), and shall have specified a settlement date for such Second Amendment Prepayment Offer of not later than
the Second Amendment Effective Date and (ii) on or prior to the Second Amendment Effective Date, the Borrowers shall have settled
the Second Amendment Prepayment Offer in accordance with Section 2.22 of the Credit Agreement (as amended hereby) and prepaid (or
shall prepay substantially concurrently with the effectiveness of this Second Amendment) at an amount not less than the principal
amount of Term Loans of all Lenders accepting such Second Amendment Prepayment Offer in an aggregate principal amount not exceeding
the Second Amendment Prepayment Offer Amount (such settlement and prepayment, the “Second Amendment Prepayment”),
the Second Amendment Prepayment Premium on such prepaid Term Loans and all accrued and unpaid interest, if any, on such prepaid
Term Loans up to the settlement date of such prepayment, which Second Amendment Prepayment and the payment of such Second Amendment
Prepayment Premium and of accrued and unpaid interest relating thereto may be funded with the cash proceeds of the Permitted Holdings
Unsecured Second Amendment Debt;

 

(c)       the
Borrowers shall have paid (or shall pay substantially concurrently with the effectiveness of this Second Amendment), by wire transfer
of immediately available funds, to the Administrative Agent, for the benefit of each Lender that executes a counterpart hereof
and delivers a copy of same to the Administrative Agent by no later than 12:00 noon, New York City time, on May 9, 2018, a consent
fee in an amount equal to 1.00% of the aggregate principal amount of all Term Loans held by each such Lender on the Second Amendment
Effective Date (but, for this purpose, calculated immediately after giving effect to the Second Amendment Prepayment (to the extent
accepted by the respective Lenders) that is to occur substantially concurrently with the occurrence of the Second Amendment Effective
Date), it being understood and agreed that the consent fee described in this clause (c) shall only be payable if the Second Amendment
Effective Date occurs;

 

    	 	2	 

     

    

 

(d)       the
Borrowers shall have paid all other costs, fees, expenses and other amounts due and payable pursuant to the Loan Documents and
any other fee due and payable to the Administrative Agent or any affiliate thereof as may have been separately agreed to by the
Borrowers and the Administrative Agent or such affiliate in connection with this Second Amendment, including the reasonable fees
and expenses of White & Case LLP;

 

(e)       the
Administrative Agent and the Mortgage Trustee shall have received, in each case in form and substance reasonably satisfactory to
the Administrative Agent and the Mortgage Trustee, an amendment to each Collateral Vessel Mortgage duly executed by the owner of
the relevant Collateral Vessel giving effect to this Second Amendment, and evidence that such amendment has been duly recorded
in accordance with the laws of the Applicable Flag Jurisdiction;

 

(f)       (i)
all representations and warranties set forth in Section 2 of this Second Amendment shall
be true and correct in all material respects (or true and correct in all respects in the case of representations and warranties
qualified by materiality or Material Adverse Effect) on and as of the Second Amendment Effective
Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects
(or true and correct in all respects in the case of representations and warranties qualified by materiality or Material Adverse
Effect) on and as of such earlier date), (ii) no Default shall have occurred and be continuing or would occur after giving
effect to this Second Amendment, and (iii) the Administrative Agent shall have received an Officer’s
Certificate of the Administrative Borrower, dated the Second Amendment Effective Date, certifying
compliance with the preceding clauses (i) and (ii);

 

(g)       Holdings
shall have incurred or issued at least $50,000,000 in Permitted Holdings Unsecured Second Amendment Debt and shall have contributed
the Net Cash Proceeds from the first $50,000,000 of such incurrence or issuance to the Administrative Borrower as a cash common
equity contribution; and

 

(h)       simultaneously with
the effectiveness of this Second Amendment, the supplemental agreement to the Sinosure Agreement and the related amending and restating
deed, in each case necessary to permit the SPV VLCC Transactions, shall be effective.

 

SECTION
4.           Effects on Loan Documents.

 

(a)       Except
as specifically amended herein or contemplated hereby, all Loan Documents shall continue to be in full force and effect and are
hereby in all respects ratified and confirmed.

 

(b)       The
execution, delivery and effectiveness of this Second Amendment shall not operate as a waiver of any right, power or remedy of any
Lender or any Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents or in any way
limit, impair or otherwise affect the rights and remedies of the Lenders or any Agent under the Loan Documents.

 

(c)       (i)
Each Loan Party acknowledges and agrees that, on and after the Second Amendment Effective Date, this Second Amendment shall constitute
a Loan Document for all purposes of the Credit Agreement (as amended by this Second Amendment) and (ii) each Loan Party hereby
(A) agrees that all Obligations shall be guaranteed pursuant to the Guarantees in accordance with the terms and provisions thereof
and shall be secured pursuant to the Security Documents in accordance with the terms and provisions thereof, and that, notwithstanding
the effectiveness of this Second Amendment, on and after the Second Amendment Effective Date, the Guarantees and the Liens created
pursuant to the Security Documents for the benefit of the Secured Parties continue to be in full force and effect on a continuous
basis and (B) affirms, acknowledges and confirms all of its obligations and liabilities under the Credit Agreement and each other
Loan Document to which it is a party, in each case after giving effect to this Second Amendment, all as provided in such Loan Documents,
and acknowledges and agrees that such obligations and liabilities continue in full force and effect on a continuous basis in respect
of, and to secure, the Obligations under the Credit Agreement and the other Loan Documents, in each case after giving effect to
this Second Amendment.

 

    	 	3	 

     

    

 

(d)       On
and after the Second Amendment Effective Date, each reference in the Credit Agreement (as amended by this Second Amendment) to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring
to the Credit Agreement, and each reference in the other Loan Documents to “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement
as amended by this Second Amendment, and this Second Amendment and the Credit Agreement as amended by this Second Amendment shall
be read together and construed as a single instrument.

 

(e)       Nothing
herein shall be deemed to entitle the Borrowers, Holdings nor the other Guarantors to a further consent to, or a further waiver,
amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement as amended by this Second Amendment or any other Loan Document in similar or different circumstances.

 

SECTION
5.          Expense Reimbursement and Indemnification. Each Borrower hereby confirms that the expense reimbursement and
indemnification provisions set forth in Section 11.03 of the Credit Agreement as amended by this Second Amendment shall
apply to this Second Amendment and the transactions contemplated hereby.

 

SECTION
6.           Amendments; Severability.

 

(a)       This
Second Amendment, (i) prior to the Second Amendment Effective Date, may not be amended except by an instrument in writing signed
by the Loan Parties, the Administrative Agent and the Lenders and (ii) after the Second Amendment Effective Date, may not be amended
nor may any provision hereof be waived except in accordance with the provisions of Section 11.02 of the Credit Agreement.

 

(b)       To
the extent any provision of this Second Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such
provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting
or invalidating such provision in any other jurisdiction or the remaining provisions of this Second Amendment in any jurisdiction.

 

SECTION
7.          Governing Law; Waiver of Jury Trial; Jurisdiction. THIS SECOND AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECOND AMENDMENT
AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE
STATE OF NEW YORK. The provisions of Sections 11.09(b), 11.09(c), 11.09(d) and 11.10 of the Credit
Agreement as amended by this Second Amendment are incorporated herein by reference, mutatis mutandis.

 

SECTION
8.           Headings. Section headings in Second Amendment are included herein for convenience of reference only, are not
part of this Second Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this
Second Amendment.

 

    	 	4	 

     

    

 

SECTION
9.           Counterparts. This Second Amendment may be executed by one or more of the parties hereto on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures
delivered by facsimile or PDF or other electronic means shall have the same force and effect as manual signatures delivered in
person.

 

[Remainder of page intentionally left blank.]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Second Amendment to be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

 

	 	HOLDINGS:
	 	 	 
	 	INTERNATIONAL SEAWAYS, INC.
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   President and Chief Executive Officer
	 	 	 
	 	BORROWERS:
	 	 	 
	 	INTERNATIONAL SEAWAYS OPERATING CORPORATION
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   President
	 	 	 
	 	OIN DELAWARE LLC
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   Manager

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

  

	 	
        GUARANTORS:

         

        1372 TANKER CORPORATION

        AFRICA TANKER CORPORATION

        ALCESMAR LIMITED

        ALCMAR LIMITED

        AMALIA PRODUCT CORPORATION

        AMBERMAR PRODUCT CARRIER CORPORATION

        ANDROMAR LIMITED

        ANTIGMAR LIMITED

        ARIADMAR LIMITED

        ATALMAR LIMITED

        ATHENS PRODUCT TANKER CORPORATION

        AURORA SHIPPING CORPORATION

        BATANGAS TANKER CORPORATION

        CABO HELLAS LIMITED

        CABO SOUNION LIMITED

        CARIBBEAN TANKER CORPORATION

        CARL PRODUCT CORPORATION

        CONCEPT TANKER CORPORATION

        DELTA AFRAMAX CORPORATION

        EIGHTH AFRAMAX TANKER

        CORPORATION

        EPSILON AFRAMAX CORPORATION,

        FIRST UNION TANKER CORPORATION

        FRONT PRESIDENT INC.

        GOLDMAR LIMITED

        HATTERAS TANKER CORPORATION

        JADEMAR LIMITED

        KATSURA TANKER CORPORATION

        KIMOLOS TANKER CORPORATION

        KYTHNOS CHARTERING CORPORATION

        LEYTE PRODUCT TANKER CORPORATION

        LUXMAR PRODUCT TANKER CORPORATION

        MAJESTIC TANKERS CORPORATION

        MAPLE TANKER CORPORATION

        MAREMAR PRODUCT TANKER CORPORATION

        MILOS PRODUCT TANKER CORPORATION

        MINDANAO TANKER CORPORATION

	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   President

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

  

	 	
        MONTAUK TANKER CORPORATION

        OAK TANKER CORPORATION

        OCEANIA TANKER CORPORATION

        OIN CHARTERING, INC.

        OSG CLEAN PRODUCTS INTERNATIONAL, INC.

        OVERSEAS SHIPPING (GR) LTD.

        PEARLMAR LIMITED

        PETROMAR LIMITED

        REYMAR LIMITED

        RICH TANKER CORPORATION

        ROSALYN TANKER CORPORATION

        ROSEMAR LIMITED

        RUBYMAR LIMITED

        SAKURA TRANSPORT CORP.

        SAMAR PRODUCT TANKER CORPORATION

        SERIFOS TANKER CORPORATION

        SEVENTH AFRAMAX TANKER CORPORATION

        SHIRLEY AFRAMAX CORPORATION

        SIFNOS TANKER CORPORATION

        SILVERMAR LIMITED

        SIXTH AFRAMAX TANKER CORPORATION

        SKOPELOS PRODUCT TANKER CORPORATION

        STAR CHARTERING CORPORATION

        THIRD UNITED SHIPPING CORPORATION

        TOKYO TRANSPORT CORP.

        URBAN TANKER CORPORATION

        VIEW TANKER CORPORATION

	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   President
	 	 	 
	 	INTERNATIONAL SEAWAYS SHIP MANAGEMENT LLC
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   President, Chief Executive Officer and Manager
	 	 	 
	 	LIGHTERING LLC
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name: Lois K. Zabrocky
	 	 	Title:   Senior Vice President and Manager

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OSG SHIP MANAGEMENT (UK) LTD.
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	 	Name:   Lois K. Zabrocky
	 	 	Title:     Director
	 	 	 
	 	JEFFERIES FINANCE LLC, as Administrative Agent and as a Lender
	 	 	 
	 	By:	/s/ J.R. Young
	 	 	Name:   J.R. Young 
	 	 	Title:     Senior Vice President

 

	 	APEX CREDIT CLO 2018 LTD.,

as Lender
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director
	 	 
	 	APEX CREDIT CLO 2015-II LTD.,

as Lender
	 	 
	 	By: Apex Credit Partners, its Asset Manager
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director
	 	 
	 	APEX CREDIT CLO 2016 LTD., as Lender
	 	 	 
	 	By:	Apex Credit Partners, its Asset Manager
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	APEX CREDIT CLO 2017 LTD., as Lender
	 	 
	 	By: Apex Credit Partners, its Asset Manager
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director
	 	 
	 	APEX CREDIT CLO 2017-II LTD., as Lender
	 	 	 
	 	By:	Credit Partners LLC
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director
	 	 
	 	ATRIUM IX, as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	ATRIUM VIII, as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	ATRIUM XI, as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	ATRIUM XII, as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	ATRIUM XIII, as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	BENEFIT STRET PARTNERS CLO II, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer

  

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	BENEFIT STRET PARTNERS CLO V, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer
	 	 
	 	BENEFIT STRET PARTNERS CLO VI, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer
	 	 
	 	BENEFIT STRET PARTNERS CLO VII, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer
	 	 
	 	BENEFIT STRET PARTNERS CLO VIII, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer
	 	 
	 	BENEFIT STRET PARTNERS CLO X, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer
	 	 
	 	BENEFIT STRET PARTNERS CLO XI, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	BENEFIT STRET PARTNERS CLO XIV, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Todd Marsh
	 	 	Name:	Todd Marsh
	 	 	Title:	Authorized Signer
	 	 
	 	BLACK DIAMOND CLO 2013-1 LTD.,

as Lender
	 	 	 
	 	By:	Black Diamond CLO 2013-1 Adviser, L.L.C. as its Collateral Manager
	 	 	 
	 	By:	/s/ Stephen H. Deckoff
	 	 	Name:	Stephen H. Deckoff
	 	 	Title:	Managing Principal
	 	 
	 	BLACK DIAMOND CLO 2014-1 LTD.,

as Lender
	 	 	 
	 	By:	Black Diamond CLO 2014-1 Adviser, L.L.C. as its Collateral Manager
	 	 	 
	 	By:	/s/ Stephen H. Deckoff
	 	 	Name:	Stephen H. Deckoff
	 	 	Title:	Managing Principal
	 	 
	 	BLACK DIAMOND CLO 2015-1 DESIGNATED ACTIVITY COMPANY, as Lender
	 	 	 
	 	By:	Black Diamond CLO 2015-1 Adviser, L.L.C. as its Collateral Manager
	 	 	 
	 	By:	/s/ Stephen H. Deckoff
	 	 	Name:	Stephen H. Deckoff
	 	 	Title:	Managing Principal
	 	 

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	BLACK DIAMOND CLO 2016-1 LTD.,

as Lender
	 	 	 
	 	By:	Black Diamond CLO 2016-1 Adviser, L.L.C. as its Collateral Manager
	 	 	 
	 	By:	/s/ Stephen H. Deckoff
	 	 	Name:	Stephen H. Deckoff
	 	 	Title:	Managing Principal
	 	 
	 	BLACK DIAMOND CLO 2017-1 LTD., as Lender
	 	 	 
	 	By:	Black Diamond CLO 2017-1 Adviser, L.L.C. as its Collateral Manager
	 	 	 
	 	By:	/s/ Stephen H. Deckoff
	 	 	Name:	Stephen H. Deckoff
	 	 	Title:	Managing Principal
	 	 
	 	BLACK DIAMOND CLO 2017-2 DESIGNATED ACTIVITY COMPANY, as Lender
	 	 	 
	 	By:	Black Diamond CLO 2017-2 Adviser, L.L.C. as its Collateral Manager
	 	 	 
	 	By:	/s/ Stephen H. Deckoff
	 	 	Name:	Stephen H. Deckoff
	 	 	Title:	Managing Principal
	 	 
	 	BLUE CROSS OF IDAHO HEALTH SERVICE, INC., as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Investment Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Principal
	 	 

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as investment manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Principal
	 	 
	 	CANYON CAPITAL CLO 2012-1, LTD.,

as Lender
	 	 	 
	 	BY:	Canyon Capital Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory
	 	 
	 	CANYON CAPITAL CLO 2014-1, LTD.,

as Lender
	 	 	 
	 	BY:	Canyon Capital Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory
	 	 
	 	CANYON CAPITAL CLO 2014-2, LTD.,

as Lender
	 	 	 
	 	By:	Canyon Capital Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	CANYON CAPITAL CLO 2015-1, LTD.,

as Lender
	 	 	 
	 	By:	Canyon Capital Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory
	 	 
	 	CANYON CAPITAL CLO 2016-1, LTD.,

as Lender
	 	 	 
	 	By:	Canyon CLO Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory
	 	 
	 	CANYON CAPITAL CLO 2016-2, LTD.,

as Lender
	 	 	 
	 	By:	Canyon CLO Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory
	 	 
	 	CANYON CAPITAL CLO 2017-1, LTD.,

as Lender
	 	 	 
	 	By:	Canyon CLO Advisors LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Jonathan M. Kaplan
	 	 	Name:	Jonathan M. Kaplan
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	CITI LOAN FUNDING BR 534 LLC,

as Lender
	 	 	 
	 	By:	Citibank, N.A.
	 	 	 
	 	By:	/s/ Cynthia Gonzalvo
	 	 	Name:	Cynthia Gonzalvo
	 	 	Title:	Associate Director
	 	 
	 	CITI LOAN FUNDING BR MUST LLC,

as Lender
	 	 	 
	 	By:	Citibank, N.A.
	 	 	 
	 	By:	/s/ Cynthia Gonzalvo
	 	 	Name:	Cynthia Gonzalvo
	 	 	Title:	Associate Director
	 	 
	 	BCA LOAN FUNDING LLC,

as Lender
	 	 	 
	 	By:	Citibank, N.A.
	 	 	 
	 	By:	/s/ Cynthia Gonzalvo
	 	 	Name:	Cynthia Gonzalvo
	 	 	Title:	Associate Director
	 	 
	 	CITY NATIONAL ROCHDALE FIXED INCOME OPPORTUNITIES FUND,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Subadviser
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	CORBIN OPPORTUNITY FUNDS, L.P.,

as Lender
	 	 	 
	 	By:	Corbin Capital Partner, L.P., its investment manager
	 	 	 
	 	By:	/s/ Daniel Friedman
	 	 	Name:	Daniel Friedman
	 	 	Title:	General Counsel
	 	 
	 	GLENDON OPPORTUNITIES FUND, LP,

as Lender
	 	 	 
	 	By:	/s/ Brian Lanktree
	 	 	Name:	Brian Lanktree
	 	 	Title:	Principal & Head Trader, Glendon Capital Management, LP
	 	 
	 	ALTAIR GLOBAL CREDIT OPPORTUNITIES FUND (A), LLC,

as Lender
	 	 	 
	 	By:	/s/ Brian Lanktree
	 	 	Name:	Brian Lanktree
	 	 	Title:	Principal & Head Trader, Glendon Capital Management, LP
	 	 
	 	CORNELL UNIVERSITY,

as Lender
	 	 	 
	 	By:	/s/ Brian Lanktree
	 	 	Name:	Brian Lanktree
	 	 	Title:	Principal & Head Trader, Glendon Capital Management, LP

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	CREDIT SUISSE FLOATING RATE TRUST,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as its Investment Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	CREDIT SUISSE STRATEGIC INCOME FUND,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as its Investment Advisor
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	CVP CASCADE CLO-1 LTD.,

as Lender
	 	 	 
	 	By:	CVP CLO Manager, LLC as Investment Manager
	 	 	 
	 	By:	/s/ Joseph Matteo
	 	 	Name:	Joseph Matteo
	 	 	Title:	Portfolio Manager
	 	 
	 	CVP CASCADE CLO-2 LTD.,

as Lender
	 	 	 
	 	By:	CVP CLO Manager, LLC as Investment Manager
	 	 	 
	 	By:	/s/ Joseph Matteo
	 	 	Name:	Joseph Matteo
	 	 	Title:	Portfolio Manager

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	CVP CLO 2017-1 LTD.,

as Lender
	 	 	 
	 	By:	CVP CLO Advisors, LLC as Investment Manager
	 	 	 
	 	By:	/s/ Joseph Matteo
	 	 	Name:	Joseph Matteo
	 	 	Title:	Partner
	 	 
	 	CVP CLO 2017-2 LTD.,

as Lender
	 	 	 
	 	By:	CVP CLO Advisors, LLC as Investment Manager
	 	 	 
	 	By:	/s/ Joseph Matteo
	 	 	Name:	Joseph Matteo
	 	 	Title:	Partner
	 	 
	 	DOLLAR SENIOR LOAN FUND, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	ELLINGTON CLO management LLC

ON BEHALF OF:

ELLINGTON CLO I, LTD.

ELLINGTON CLO II, LTD.

ELLINGTON CLO III, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Mark Heron
	 	 	Name:	Mark Heron
	 	 	Title:	Portfolio Manager
	 	 

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	ERIE INDEMNITY COMPANY,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	ERIE INSURANCE EXCHANGE,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC., as its Investment Manager For Erie Indemnity Company, as Attorney-In-Fact For Erie Insurance Exchange
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	FIDELITY ADVISOR SERIES I: FIDELITY ADVISOR FLOATING RATE HIGH INCOME FUND,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	ADVANCED SERIES TRUST-AST FI PYRAMIS QUANTITATIVE PORTFOLIO, FIAM LLC, 
	 	 	 
	 	By:	FIAM LLC as Investment Manager,

as Lender
	 	 	 
	 	By:	/s/ Daniel Campbell
	 	 	Name:	Daniel Campbell
	 	 	Title:	VP

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	FIDELITY FLOATING RATE HIGH INCOME INVESTMENT TRUST,
	 	 	 
	 	By:	For Fidelity Investments Canada ULC as Trustee Of Fidelity Floating Rate High Income Investment Trust, as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 
	 	FIDELITY FLOATING RATE HIGH INCOME FUND
	 	 	 
	 	By:	
        For Fidelity Investments
Canada ULC as Trustee Of Fidelity Floating Rate High Income Fund, as Lender

	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 
	 	FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC: FIDELITY FLOATING RATE CENTRAL FUND,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 
	 	FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC: FIDELITY HIGH INCOME CENTRAL FUND 2,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	FIAM FLOATING RATE HIGH INCOME COMMINGLED POOL
	 	 	 
	 	By:	Fidelity Institutional Asset Management Trust Company, as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 
	 	FIAM LEVERAGED LOAN, LP
	 	 	 
	 	By:	FIAM LLC as Investment Manager, as Lender
	 	 	 
	 	By:	/s/ Daniel Campbell
	 	 	Name:	Daniel Campbell
	 	 	Title:	VP
	 	 	 
	 	FIDELITY SUMMER STREET TRUST: FIDELITY SERIES FLOATING RATE HIGH INCOME FUND,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 	 
	 	FIDELITY SUMMER STREET TRUST: FIDELITY SERIES HIGH INCOME FUND,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 	 
	 	FIDELITY SUMMER STREET TRUST: FIDELITY HIGH INCOME FUND,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	FIDELITY INCOME FUND: FIDELITY TOTAL BOND FUND,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 
	 	FIDELITY QUALIFYING INVESTOR FUNDS PLC
	 	 	 
	 	By:	FIAM LLC as Sub Advisor, as Lender
	 	 	 
	 	By:	/s/ Daniel Campbell
	 	 	Name:	Daniel Campbell
	 	 	Title:	VP
	 	 
	 	VARIABLE INSURANCE PRODUCTS FUND: FLOATING RATE HIGH INCOME PORTFOLIO,

as Lender
	 	 	 
	 	By:	/s/ Colm Hogan
	 	 	Name:	Colm Hogan
	 	 	Title:	Authorized Signatory
	 	 
	 	FIGUEROA CLO 2013-2, LTD,

as Lender
	 	 	 
	 	By:	TCW Asset Management Company as Investment Manager
	 	 	 
	 	By:	/s/ Nora Olan
	 	 	Name:	Nora Olan
	 	 	Title:	Senior Vice President
	 	 
	 	If Second Signature is Required:
	 	 
	 	By:	/s/ Ryan Gable
	 	 	Name:	Ryan Gable
	 	 	Title:	Senior Vice President

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	FIGUEROA CLO 2014-1, LTD,

as Lender
	 	 	 
	 	By:	TCW Asset Management Company as Investment Manager
	 	 	 
	 	By:	/s/ Nora Olan
	 	 	Name:	Nora Olan
	 	 	Title:	Senior Vice President
	 	 
	 	If Second Signature is Required:
	 	 
	 	By:	/s/ Ryan Gable
	 	 	Name:	Ryan Gable
	 	 	Title:	Senior Vice President
	 	 
	 	FLATIRON FUNDING II, LLC,

as Lender
	 	 	 
	 	By:	/s/ Gregg Bresner
	 	 	Name:	Gregg Bresner
	 	 	Title:	President and CIO
	 	 
	 	NEBRASKA INVESTMENT COUNCIL,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer
	 	 
	 	KANSAS PUBLIC EMPLOYEES RETIRMENT SYSTEM,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	FRANKLIN TEMPLETPN SERIES II FUNDS - FRANKLIN FLOATING RATE II FUND,

as Lender
	 	 	 
	 	By:	/s/ Madeline Lam
	 	 	Name:	Madeline Lam
	 	 	Title:	Vice President
	 	 	 
	 	FRANKLIN FLOATING RATE MASTER TRUST - FRANKLIN FLOATING RATE MASTER SERIES,

as Lender
	 	 	 
	 	By:	/s/ Madeline Lam
	 	 	Name:	Madeline Lam
	 	 	Title:	Vice President
	 	 	 
	 	FRANKLIN INVESTORS SECURITIES TRUST - FRANKLIN FLOATING RATE DAILY ACCESS FUND,

as Lender
	 	 	 
	 	By:	/s/ Madeline Lam
	 	 	Name:	Madeline Lam
	 	 	Title:	Vice President
	 	 	 
	 	COMMONWEALTH FIXED  INTEREST FUND 17,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer
	 	 	 
	 	FRANKLIN FLOATING RATE MASTER TRUST - FRANKLIN LOWER TIER FLOATING RATE FUND,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	FRANKLIN STRATEGIC SERIES-FRANKLIN STRATEGIC INCOME FUND,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer
	 	 
	 	FRANKLIN STRATEGIC INCOME FUND (CANADA),

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer
	 	 
	 	FRANKLIN TEMPLETON VARIABLE INSURANCE TRUST-FRANKLIN STRATEGIC INCOME VIP FUND,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer
	 	 
	 	FRANKLIN INVESTORS SECURITIES TRUST-FRANKLIN LOW DURATION TOTAL RETURN FUND,

as Lender
	 	 	 
	 	By:	/s/ Hague Van Dillen
	 	 	Name:	Hague Van Dillen
	 	 	Title:	Authorized Signer
	 	 
	 	government of guam retirement fund,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	GRAHAM MACRO STRATEGIC LTD,

as Lender
	 	 	 
	 	By:	/s/ Paul Sedlack
	 	 	Name:	Paul Sedlack
	 	 	Title:	COO, Graham Capital Management, L.P. as Sole Director
	 	 
	 	HOTCHKIS AND WILEY CAPITAL INCOME FUND,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director
	 	 
	 	HOTCHKIS AND WILEY HIGH YIELD FUND FUND,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director
	 	 
	 	JFIN CLO 2014-II LTD.,

as Lender
	 	 	 
	 	By:	Apex Credit Partners LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director
	 	 
	 	JFIN CLO 2015 LTD.,

as Lender
	 	 	 
	 	By:	Apex Credit Partners LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	JFIN CLO 2014-LTD,

as Lender
	 	 	 
	 	By:	Apex Credit Partners LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Andrew Stern
	 	 	Name:	Andrew Stern
	 	 	Title:	Managing Director
	 	 
	 	OZLM XVII, Ltd.,

as Lender
	 	 	 
	 	By:	OZ CLO Management LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	KP FIXED INCOME FUND,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Sub-Adviser For Callan Associates Inc., The Adviser For The KP Funds, The Trust For KP Fixed Income Fund
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	LIBERTY MUTUAL INSURANCE COMPANY,

as Lender
	 	 	 
	 	By:	/s/ Scott Russian
	 	 	Name:	Scott Russian
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	LIBERTY MUTUAL RETIREMENT PLAN MASTER TRUST, as Assignee,

as Lender
	 	 	 
	 	By:	Liberty Mutual Group Asset Management Inc. Acting For And On Behalf Of Liberty Mutual Retirement Plan Master Trust
	 	 	 
	 	By:	/s/ Scott Russian
	 	 	Name:	Scott Russian
	 	 	Title:	Authorized Signatory
	 	 
	 	LINCOLN SQUARE FUNDING ULC,

as Lender
	 	 	 
	 	By:	/s/ Madonna Sequeira
	 	 	Name:	Madonna Sequeira
	 	 	Title:	Authorized Signatory
	 	 
	 	LORD ABBETT BANK LOAN TRUST,

as Lender
	 	 	 
	 	By:	Lord Abbett & Co LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Kearney Posner
	 	 	Name:	Kearney Posner
	 	 	Title:	Associate Portfolio Manager
	 	 
	 	LORD ABBETT FLOATING RATE FUND LTD.,

as Lender
	 	 	 
	 	By:	Lord, Abbett & Co LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Kearney Posner
	 	 	Name:	Kearney Posner
	 	 	Title:	Associate Portfolio Manager

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	LORD ABBETT INVESTMENT TRUST - LORD ABBETT FLOATING RATE FUND,

as Lender
	 	 	 
	 	By:	Lord Abbett & Co LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Kearney Posner
	 	 	Name:	Kearney Posner
	 	 	Title:	Associate Portfolio Manager
	 	 
	 	MADISON PARK FUNDING X, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XII, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XIV, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	MADISON PARK FUNDING XIX, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XV, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XVI, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XVII, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	MADISON PARK FUNDING XVIII, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XX, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XXI, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XXII, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	MADISON PARK FUNDING XXIII, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XXIV, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	MADISON PARK FUNDING XXV, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	METROPOLITAN WEST FLOATING RATE INCOME FUND,

as Lender
	 	 	 
	 	By:	Metropolitan West Asset Management as Investment Manager
	 	 	 
	 	By:	/s/ Nora Olan
	 	 	Name:	Nora Olan
	 	 	Title:	Senior Vice President

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	If Second Signature is Required:
	 	 
	 	By:	/s/ Ryan Gable
	 	 	Name:	Ryan Gable
	 	 	Title:	Senior Vice President
	 	 
	 	MOUNTAIN VIEW CLO 2013-1 LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	MOUNTAIN VIEW CLO 2014-1 LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	MOUNTAIN VIEW CLO 2016-1 LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	MOUNTAIN VIEW CLO 2017-2 LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	MOUNTAIN VIEW CLO 2017-1 LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	MOUNTAIN VIEW CLO IX LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	MOUNTAIN VIEW CLO X LTD.,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Collateral Manager
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	MSD CREDIT OPPORTUNITY FUND,

as Lender
	 	 	 
	 	By:	/s/ Marcello Liguori
	 	 	Name:	Marcello Liguori
	 	 	Title:	Managing Director
	 	 
	 	NASSAU 2017-I LTD,

as Lender
	 	 	 
	 	By:	/s/ Chris LaJaunie
	 	 	Name:	Chris LaJaunie
	 	 	Title:	Senior Analyst
	 	 
	 	NASSAU 2017-II LTD.,

as Lender
	 	 	 
	 	By:	/s/ Chris LaJaunie
	 	 	Name:	Chris LaJaunie
	 	 	Title:	Senior Analyst
	 	 
	 	NATIONAL ELECTRICAL BENEFIT FUND,

as Lender
	 	 	 
	 	By:	Lord Abbett & Co LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Kearney Posner
	 	 	Name:	Kearney Posner
	 	 	Title:	Associate Portfolio Manager
	 	 
	 	NATIONAL ELEVATOR INDUSTRY PENSION PLAN,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director
	 	 

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OHIO CASUALTY INSURANCE COMPANY,

as Lender
	 	 	 
	 	By:	/s/ Scott Russian
	 	 	Name:	Scott Russian
	 	 	Title:	Authorized Signatory
	 	 
	 	ONE ELEVEN FUNDING I, LTD.,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, as Portfolio Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	OZLM FUNDING II, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Portfolio Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM FUNDING III, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Portfolio Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OZLM FUNDING IV, LTD.

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Portfolio Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM FUNDING, LTD.,

as Lender
	 	 	 
	 	By:	OZ CLO Management LLC, its Portfolio Manager
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM IX, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	 	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OZLM VI, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Asset Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM VII, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM VIII, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OZLM XI, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM XII, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM XIII, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OZLM XIV, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM XV, LTD.,

as Lender
	 	 	 
	 	By:	Och-Ziff Loan Management LP, its Collateral Manager
	 	 	 
	 	By:	Och-Ziff Loan Management LLC, its General Partner
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	OZLM XVI, LTD.,

as Lender
	 	 	 
	 	By:	OZ CLO Management LLC, its Successor Portfolio Manager
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	OZLM XXII, LTD.,

as Lender
	 	 	 
	 	By:	OZ CLO Management LLC, its Collateral Manager
	 	 	 
	 	By:	/s/ Alesia J. Haas
	 	 	Name:	Alesia J. Haas
	 	 	Title:	CFO
	 	 
	 	PEERLESS INSURANCE COMPANY,

as Lender
	 	 	 
	 	By:	 
	 	 	 
	 	By:	/s/ Scott Russian
	 	 	Name:	Scott Russian
	 	 	Title:	Authorized Signatory
	 	 
	 	PONTUS HOLDINGS LTD.,

as Lender
	 	 	 
	 	By:	/s/ Russell Bryant
	 	 	 	 
	 	 	Name:	Russell Bryant
	 	 	Title:	
        Chief Financial Officer

        Quadrant Capital Advisors, Inc.

        Investment Advisor to Pontus Holdings Ltd.

	 	 
	 	REDWOOD MASTER FUND, LTD.,

as Lender
	 	 	 
	 	By:	Redwood Capital Management, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Ruben Kliksberg
	 	 	Name:	Ruben Kliksberg
	 	 	Title:	Co-Chief Executive Officer

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	REDWOOD OPPORTUNITY MASTER FUND, LTD.,

as Lender
	 	 	 
	 	By:	Redwood Capital Management, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Ruben Kliksberg
	 	 	Name:	Ruben Kliksberg
	 	 	Title:	Co-Chief Executive Officer
	 	 
	 	SAFECO INSURANCE COMPANY OF AMERICA,

as Lender
	 	 	 
	 	By:	/s/ Scott Russian
	 	 	Name:	Scott Russian
	 	 	Title:	Authorized Signatory
	 	 
	 	SAN DIEGO COUNTY EMPLOYEES RETIREMENT ASSOCIATION,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director
	 	 
	 	SANTA BARBARA COUNTY EMPLOYEES RETIREMENT SYSTEM,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	SEIX MULTI-SECTOR ABSOLUTE RETURN FUND L.P.,

as Lender
	 	 	 
	 	By:	Seix Multi-Sector Absolute Return Fund GP LLC, In its Capacity as Sole General Partner
	 	 	 
	 	By:	Seix Investment Advisors LLC, its Sole Member
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	
        SENIOR SECURED FLOATING RATE LOAN

        FUND,

        as Lender

	 	 	 
	 	By:	Credit Suisse Asset Management, LLC, The Portfolio Manager For Propel Capital Corporation, The Manager For Senior Secured Floating Rate Loan Fund
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director
	 	 
	 	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

as Lender
	 	By:	 
	 	 	 
	 	By:	/s/ Per Bjernekull
	 	 	Name:	Per Bjernekull
	 	 	Title:	General Manager
	 	 
	 	If Second Signature is Required:
	 	 
	 	By:	/s/ Anthony Racanelli 
	 	 	Name:	Anthony Racanelli
	 	 	Title:	SVP

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	STEELE CREEK CLO 2014-1R, LTD,

as Lender
	 	 	 
	 	By:	/s/ Alan DeKeukelaere
	 	 	Name:	Alan DeKeukelaere
	 	 	Title:	Senior Research Analyst
	 	 
	 	STEELE CREEK CLO 2015-1, LTD, 

as Lender
	 	 	 
	 	By:	/s/ Alan DeKeukelaere
	 	 	Name:	Alan DeKeukelaere
	 	 	Title:	Senior Research Analyst
	 	 
	 	STEELE CREEK CLO 2016-1, LTD,

as Lender
	 	 	 
	 	By:	/s/ Alan DeKeukelaere
	 	 	Name:	Alan DeKeukelaere
	 	 	Title:	Senior Research Analyst
	 	 
	 	STEELE CREEK CLO 2017-1, LTD,

as Lender
	 	 	 
	 	By:	/s/ Alan DeKeukelaere
	 	 	Name:	Alan DeKeukelaere
	 	 	Title:	Senior Research Analyst
	 	 
	 	TCW CLO 2017-1, LTD.,

as Lender
	 	 	 
	 	By:	/s/ Nora Olan
	 	 	Name:	Nora Olan
	 	 	Title:	Senior Vice President

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	If Second Signature is Required:
	 	 
	 	By:	/s/ Ryan Gable
	 	 	Name:	Ryan Gable
	 	 	Title:	Senior Vice President
	 	 
	 	TCW CLO 2018-1, LTD.,

as Lender
	 	 	 
	 	By:	TCW Asset Management Company LLC as Asset Manager
	 	 	 
	 	By:	/s/ Nora Olan
	 	 	Name:	Nora Olan
	 	 	Title:	Senior Vice President
	 	 
	 	If Second Signature is Required:
	 	 
	 	By:	/s/ Ryan Gable
	 	 	Name:	 
	 	 	Title:	Senior Vice President
	 	 
	 	TEXAS COUNTY AND DISTRICT RETIREMENT SYSTEM,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director
	 	 
	 	THE CITY OF NEW YORK GROUP TRUST,

as Lender
	 	 	 
	 	By:	Credit Suisse Asset Management, LLC. as its Manager
	 	 	 
	 	By:	/s/ Louis Farano
	 	 	Name:	Louis Farano
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	UNIVERSITY OF DAYTON,

as Lender
	 	 	 
	 	By:	/s/ Sue Park
	 	 	Name:	Sue Park
	 	 	Title:	Managing Director
	 	 
	 	THE WESTERN AND SOUTHERN LIFE INSURANCE COMPANY,

as Lender
	 	 	 
	 	By:	/s/ Bernie M. Casey
	 	 	Name:	Bernie M. Casey
	 	 	Title:	AVP & Senior Credit Analyst
	 	 
	 	VENTURE 28A CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE X CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Collateral Manager, MJX Venture Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	VENTURE XII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XIV CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XIX CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Asset Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XV CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Asset Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	VENTURE XVI CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XVII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Asset Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XVIII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XX CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	VENTURE XXI CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXIII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Asset Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXIV CLO, LIMITED, LP,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Asset Management LLC
	 	 	 
	 	By:	/s/ Lewis I. Brown
	 	 	Name:	Lewis I. Brown
	 	 	Title:	Managing Director / Head of Trading

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	VENTURE XXIX CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXV CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Asset Management LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXVI CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXVII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	VENTURE XXVIII CLO, LIMITED,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VENTURE XXX CLO, LIMITED, LP,

as Lender
	 	 	 
	 	By:	its Investment Advisor MJX Venture Management II LLC
	 	 	 
	 	By:	/s/ Lewis Brown
	 	 	Name:	Lewis Brown
	 	 	Title:	Managing Director / Head of Trading
	 	 
	 	VIRTUS SEIX FLOATING RATE HIGH INCOME FUND,

as Lender
	 	 	 
	 	By:	Seix Investment Advisors LLC, as Subadviser
	 	 	 
	 	By:	/s/ George Goudelias
	 	 	Name:	George Goudelias
	 	 	Title:	Managing Director
	 	 
	 	ZAIS CLO 1, LIMITED,

as Lender
	 	 	 
	 	By:	ZAIS CLO 1, Limited
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ignato
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	ZAIS CLO 2, LIMITED,

as Lender
	 	 	 
	 	By:	ZAIS CLO 2, Limited
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ingato
	 	 	Title:	Managing Director
	 	 
	 	ZAIS CLO 3, LIMITED,

as Lender
	 	 	 
	 	By:	ZAIS CLO 3, Limited
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ingato
	 	 	Title:	Managing Director
	 	 
	 	ZAIS CLO 5, LIMITED,

as Lender
	 	 	 
	 	By:	Zais Leveraged Loan Master Manager, LLC its Collateral Manager
	 	 	 
	 	By:	Zais Group, LLC, its Sole Member
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ingato
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

	 	ZAIS CLO 6, LIMITED,

as Lender
	 	 	 
	 	By:	Zais Leveraged Loan Master Manager, LLC its Collateral Manager
	 	 	 
	 	By: 	Zais Group, LLC, its Sole Member
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ingato
	 	 	Title:	Managing Director
	 	 
	 	ZAIS CLO 7, LIMITED,

as Lender
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ingato
	 	 	Title:	Managing Director
	 	 
	 	ZAIS CLO 8, LIMITED,

as Lender
	 	 	 
	 	By:	Zais Leveraged Loan Master Manager, LLC its Collateral Manager
	 	 	 
	 	By:	Zais Group, LLC, its Sole Member
	 	 	 
	 	By:	/s/ Vincent Ingato
	 	 	Name:	Vincent Ingato
	 	 	Title:	Managing Director

 

[Signature Page to Second Amendment to INSW
Credit Agreement]

 

     

     

    

 

EXHIBIT A Amended

 

Credit Agreement

 

[See attached]

 

     

     

    

  

Composite
Credit Agreement Including

the First Amendment Described Herein

 

 

 

CREDIT AGREEMENT,

 

dated as of June 22, 2017,

 

among

 

INTERNATIONAL SEAWAYS OPERATING
CORPORATION,

as the Administrative Borrower,

 

OIN DELAWARE LLC,

as the Co-Borrower,

 

INTERNATIONAL SEAWAYS, INC.,

as Holdings,

 

THE OTHER GUARANTORS PARTY
HERETO,

as Guarantors,

 

THE LENDERS PARTY HERETO,

 

JEFFERIES FINANCE LLC,

as Administrative Agent,

 

JEFFERIES FINANCE LLC,

as Collateral Agent and
Mortgage Trustee,

SKANDINAVISKA ENSKILDA BANKEN
AB (PUBL),

as Swingline Lender,

 

and

 

SKANDINAVISKA ENSKILDA BANKEN
AB (PUBL),

as Issuing Bank

 

 

 

JEFFERIES FINANCE LLC

and

JPMORGAN CHASE BANK, N.A.,

as Joint Lead Arrangers,

 

JEFFERIES FINANCE LLC, JPMORGAN
CHASE BANK, N.A.

and

UBS SECURITIES LLC,

as Joint Bookrunners,

 

and

 

DNB MARKETS, INC., FEARNLEY
SECURITIES INC.,

PARETO SECURITIES INC.

and

SKANDINAVISKA ENSKILDA BANKEN
AB (PUBL),

as Co-Managers

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	Section 1.01	Defined Terms	2
	Section 1.02	Classification of Loans and Borrowings	6165
	Section 1.03	Terms Generally	6165
	Section 1.04	Accounting Terms; GAAP	6166
	Section 1.05	Resolution of Drafting Ambiguities	6266
	Section 1.06	Rounding	6266
	Section 1.07	Currency Equivalents Generally.	6266
	Section 1.08	Change in Currency	6267
	Section 1.09	Available Amount Transactions	6367
	ARTICLE II THE CREDITS	6367
	Section 2.01	Commitments	6367
	Section 2.02	Loans	6368
	Section 2.03	Borrowing Procedure	6469
	Section 2.04	Repayment of Loans	6570
	Section 2.05	Fees.	6671
	Section 2.06	Interest on Loans	6872
	Section 2.07	Termination and Reduction of Commitments	6873
	Section 2.08	Interest Elections	6973
	Section 2.09	Amortization of Term Borrowings	7075
	Section 2.10	Optional and Mandatory Prepayments of Loans	7075
	Section 2.11	Alternate Rate of Interest	7579
	Section 2.12	Increased Costs; Change in Legality	7580
	Section 2.13	Breakage Payments	7782
	Section 2.14	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	7782
	Section 2.15	Taxes	7984
	Section 2.16	Mitigation Obligations; Replacement of Lenders.	8186
	Section 2.17	Swingline Loans	8590
	Section 2.18	Letters of Credit.	8792
	Section 2.19	Nature of Obligations	9398
	Section 2.20	Extensions of Term Loans and Revolving Commitments.	94100
	Section 2.21	Increases of the Commitments.	97102
	Section 2.22	Discounted Voluntary Prepayments	101106
	Section 2.23	Specified Refinancing Term Loans and Specified Refinancing Revolving Commitments	103108
	ARTICLE III REPRESENTATIONS AND WARRANTIES	105109
	Section 3.01	Organization; Powers	106110
	Section 3.02	Authorization; Enforceability	106110
	Section 3.03	No Conflicts; No Default	106110
	Section 3.04	Financial Statements; Projections	106110
	Section 3.05	Properties.	107111
	Section 3.06	Intellectual Property	108112
	Section 3.07	Equity Interests and Subsidiaries	108112
	Section 3.08	Litigation; Compliance with Legal Requirements	109113
	Section 3.09	Agreements	110114

 

    	 	i	 

     

    

 

	 	 	Page
	 	 	 
	Section
    3.10	Federal Reserve Regulations	110114
	Section
    3.11	Investment Company Act; etc.	110114
	Section
    3.12	Use of Proceeds	110114
	Section
    3.13	[Reserved].	111115
	Section
    3.14	Taxes	111115
	Section
    3.15	No Material Misstatements	111115
	Section
    3.16	Labor Matters	111115
	Section
    3.17	Solvency	111115
	Section
    3.18	Employee Benefit Plans	111116
	Section
    3.19	Environmental Matters	112116
	Section
    3.20	Insurance	113117
	Section
    3.21	Security Documents	113117
	Section
    3.22	Anti-Terrorism Law; Foreign
    Corrupt Practices Act.	115119
	Section
    3.23	Concerning Vessels.	116120
	Section
    3.24	Form of Documentation; Citizenship.	116120
	Section
    3.25	Compliance with ISM Code and
    ISPS Code	116121
	Section
    3.26	Threatened Withdrawal of DOC,
    SMC or ISSC	117121
	Section
    3.27	Deposit Accounts and Securities
    Accounts	117121
	ARTICLE IV CONDITIONS
    TO CREDIT EXTENSIONS	117121
	Section
    4.01	Conditions to Initial Credit
    Extension	117121
	Section
    4.02	Conditions to All Credit Extensions	121125
	ARTICLE
    V AFFIRMATIVE COVENANTS	121126
	Section
    5.01	Financial Statements, Reports,
    etc.	122126
	Section
    5.02	Litigation and Other Notices	125129
	Section
    5.03	Existence; Businesses and Properties	125130
	Section
    5.04	Insurance	126130
	Section
    5.05	Obligations and Taxes	127131
	Section
    5.06	Employee Benefits	127132
	Section
    5.07	Maintaining Records; Access
    to Properties and Inspections; Quarterly	 
		Lender Calls	127132
	Section
    5.08	Use of Proceeds	128132
	Section
    5.09	Compliance with Environmental
    Laws and other Legal Requirements.	128132
	Section
    5.10	Additional Collateral; Additional
    Guarantors	128133
	Section
    5.11	Security Interests; Further
    Assurances	131135
	Section
    5.12	Certain Information Regarding
    the Loan Parties	131136
	Section
    5.13	Appraisals	132137
	Section
    5.14	Deposit Accounts; Securities
    Accounts	132137
	Section
    5.15	Post-Closing Matters	133138
	Section
    5.16	Flag of Vessel; Vessel Classifications;
    Operation of Vessels.	133138
	Section
    5.17	Designation of Subsidiaries.	135140
	Section
    5.18	Material Agreements	136141
	Section
    5.19	Ship Management	136141
	Section
    5.20	Maintenance of Ratings	136141
	Section
    5.21	Agent for Service of Process.	136141
	ARTICLE VI NEGATIVE
    COVENANTS	136141
	Section
    6.01	Indebtedness	137142

 

    	 	ii	 

     

    

  

	 	 	Page
	 	 	 
	Section 6.02	Liens	139144
	Section 6.03	Sale and Leaseback Transactions	143148
	Section 6.04	Investments, Loans and Advances	143148
	Section 6.05	Mergers and Consolidations	145150
	Section 6.06	Asset Sales	146151
	Section 6.07	Acquisitions	147153
	Section 6.08	Dividends	148153
	Section 6.09	Transactions with Affiliates	149155
	Section 6.10	Loan to Value Test; Vessel Value Test.	149155
	Section 6.11	Prepayments of Other Indebtedness; Modifications of Organizational Documents and Certain Other Documents, etc.	150156
	Section 6.12	Limitation on Certain Restrictions on Subsidiaries	151156
	Section 6.13	Limitation on Issuance of Capital Stock.	151157
	Section 6.14	Business	152158
	Section 6.15	[Reserved] 153SPV VLCC Vessel Owners; SPV VLCC Vessels; etc. Notwithstanding anything to the contrary contained herein:	159
	Section 6.16	Fiscal Periods	153159
	Section 6.17	No Further Negative Pledge	153160
	Section 6.18	Anti-Terrorism Law; Anti-Money Laundering	153160
	Section 6.19	Embargoed Person	153160
	Section 6.20	Restrictions on Chartering, etc.	154160
	Section 6.21	Additional Covenants	154161
	ARTICLE VII GUARANTEE	154161
	Section 7.01	The Guarantee	154161
	Section 7.02	Obligations Unconditional	154161
	Section 7.03	Reinstatement	156162
	Section 7.04	Subrogation; Subordination	156163
	Section 7.05	Remedies	156163
	Section 7.06	Instrument for the Payment of Money	156163
	Section 7.07	Continuing Guarantee	156163
	Section 7.08	General Limitation on Guarantee Obligations	156163
	Section 7.09	Release of Guarantors	156163
	Section 7.10	Right of Contribution	157164
	Section 7.11	Keepwell	157164
	ARTICLE VIII EVENTS OF DEFAULT	157164
	Section 8.01	Events of Default	157164
	Section 8.02	Rescission	160167
	ARTICLE IX APPLICATION OF COLLATERAL PROCEEDS	160167
	Section 9.01	Application of Proceeds	160167
	ARTICLE X THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT	162169
	Section 10.01	Appointment	162169
	Section 10.02	Agent in Its Individual Capacity	162169
	Section 10.03	Exculpatory Provisions	163170
	Section 10.04	Reliance by Agent	163170
	Section 10.05	Delegation of Duties	164171
	Section 10.06	Successor Agent	164171

 

    	 	iii	 

     

    

  

	 	 	Page
	 	 	 
	Section
    10.07	Non-Reliance on Agent and Other
    Lenders	164171
	Section
    10.08	Name Agents	165172
	Section
    10.09	Indemnification	165172
	Section
    10.10	Withholding Taxes	165172
	Section
    10.11	Lender’s Representations,
    Warranties and Acknowledgements  	166173
	Section
    10.12	Security Documents and Guarantees.	166173
	Section
    10.13	Administrative Agent May File
    Bankruptcy Disclosure and Proofs of	 
		Claim	167174
	Section
    10.14	Ship Mortgage Trust	168175
	ARTICLE XI MISCELLANEOUS	169176
	Section
    11.01	Notices.	169176
	Section
    11.02	Waivers; Amendment	171179
	Section
    11.03	Expenses; Indemnity	174181
	Section
    11.04	Successors and Assigns	177184
	Section
    11.05	Survival of Agreement	182189
	Section
    11.06	Counterparts; Integration; Effectiveness	182190
	Section
    11.07	Severability	183190
	Section
    11.08	Right of Setoff; Marshalling;
    Payments Set Aside	183190
	Section
    11.09	Governing Law; Jurisdiction;
    Consent to Service of Process	183190
	Section
    11.10	Waiver of Jury Trial	184192
	Section
    11.11	Headings	185192
	Section
    11.12	Confidentiality	185192
	Section
    11.13	Interest Rate Limitation	186193
	Section
    11.14	Assignment and Acceptance	186193
	Section
    11.15	Obligations Absolute	186193
	Section
    11.16	Waiver of Defenses; Absence
    of Fiduciary Duties	186194
	Section
    11.17	Patriot Act	187194
	Section
    11.18	Bank Product Providers	187195
	Section
    11.19	EXCLUDED SWAP OBLIGATIONS	188195
	Section
    11.20	[Reserved].	188195
	Section
    11.21	Judgment Currency	188196
	Section
    11.22	Waiver of Sovereign Immunity	189196
	Section
    11.23	Revolving Credit Facility Priority	189196
	Section
    11.24	Acknowledgment and Consent to
    Bail-In of EEA Financial Institutions	190198

 

    	 	iv	 

     

    

 

	 	ANNEXES 		 
	 	 	 	 
	 	Annex I 	—	Initial Lenders and Commitments
	 	 	 	 
	 	SCHEDULES	 	 
	 	 	 	 
	 	Schedule 1.01(a)	—	Collateral Vessels
	 	Schedule 1.01(b)	—	Approved Classification Societies
	 	Schedule 1.01(c)	—	Acceptable Flag Jurisdictions
	 	Schedule 1.01(d)	—	Acceptable Third Party Technical Managers
	 	Schedule 1.01(e)	—	Unrestricted Subsidiaries
	 	Schedule 1.01(f)	—	Mortgaged Property
	 	Schedule 1.01 (g)	—	Demise Charters
	 	Schedule 1.01 (h)	—	Subsidiary Guarantors
	 	Schedule 1.01(i)	—	Restricted  Parent  Subsidiaries  and  Restricted Parent
	 	 	 	Joint Ventures
	 	Schedule 3.05(b)	—	Real Property
	 	Schedule 3.07(a)	—	Equity Interests
	 	Schedule 3.07(c)	—	Corporate Organizational Chart
	 	Schedule 3.07(d)	—	Immaterial Subsidiaries
	 	Schedule 3.07(e)	—	Direct Subsidiaries of Holdings
	 	Schedule 3.20	—	Required Insurance
	 	Schedule 3.27	—	Specified Accounts and Excluded Accounts
	 	Schedule 4.01(f)	—	Local Counsel
	 	Schedule 5.15	—	Post-Closing Matters
	 	Schedule 6.01(c)	—	Existing Indebtedness
	 	Schedule 6.02(c)	—	Existing Liens
	 	Schedule 6.04(b)	—	Existing Investments
	 	Schedule 6.09(e)	—	Certain Affiliate Transactions
	 	Schedule 6.09(f)	—	Certain Affiliate Transactions - Intercompany Claims

 

	 	EXHIBITS	 
	 	Exhibit A	—	Form of Assignment and Acceptance
	 	Exhibit B	—	Form of Borrowing Request
	 	Exhibit C	—	Form of Compliance Certificate
	 	Exhibit D	—	Form of Intercompany Subordination Agreement
	 	Exhibit E	—	Form of Interest Election Request
	 	Exhibit F	—	Form of LC Request
	 	Exhibit G	—	Form of Auction Procedures
	 	Exhibit H-1	—	Form of Term Note
	 	Exhibit H-2	—	Form of Revolving Note
	 	Exhibit H-3	—	Form of Swingline Note
	 	Exhibit I	—	Form of Perfection Certificate
	 	Exhibit J-1	—	Form of Security Agreement
	 	Exhibit J-2	—	Form of Holdings Pledge Agreement
	 	Exhibit K	—	Form of Portfolio Interest Certificate
	 	Exhibit L	—	Form of Solvency Certificate
	 	Exhibit M	—	Form of Bank Product Provider Letter Agreement
	 	Exhibit N	—	Form of Joinder Agreement
	 	Exhibit O	—	Form of Quiet Enjoyment Agreement
	 	Exhibit P	—	Form of Collateral Vessel Mortgage

 

    	 	v	 

     

    

 

CREDIT AGREEMENT

 

This
CREDIT AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”), dated
as of June 22, 2017, is among International Seaways, Inc., a Marshall Islands corporation (“Holdings”), International
Seaways Operating Corporation, a Marshall Islands corporation (the “Administrative Borrower”), OIN Delaware
LLC, a Delaware limited liability company (the “Co-Borrower”), the other Guarantors from time to time party
hereto, the Lenders from time to time party hereto, Jefferies Finance LLC, as administrative agent for the Lenders (in such capacity,
the “Administrative Agent”), Jefferies Finance LLC, as collateral agent and mortgage trustee for the Secured
Parties (in such capacity, the “Collateral Agent” or the “Mortgage Trustee” as the context
requires), Skandinaviska Enskilda Banken AB (publ), as swingline lender (in such capacity, the “Swingline Lender”),
and Skandinaviska Enskilda Banken AB (publ), as an issuing bank for the Lenders.

 

WITNESSETH:

 

WHEREAS,
the Borrowers have requested, and the Lenders have agreed, to make available a senior secured term loan facility to be available
for borrowings on the date hereof, in an aggregate principal amount of $500,000,000 and a senior secured revolving credit facility
to be available for borrowings from time to time on and after the date hereof until the Revolving Maturity Date, in an aggregate
principal amount not in excess of $50,000,000, in each case all as more particularly set forth herein;

 

WHEREAS,
the Borrowers have requested the Swingline Lender to extend credit, at any time and from time to time prior to the Revolving Maturity
Date, in the form of Swingline Loans, in an aggregate principal amount at any time outstanding not in excess of $10,000,000. The
Borrowers also have requested the Issuing Banks to issue Letters of Credit, in an aggregate face amount at any time outstanding
not in excess of $20,000,000, to be used by the Administrative Borrower and its Wholly Owned Restricted Subsidiaries as provided
herein;

 

WHEREAS,
the Borrowers have agreed to secure all of their respective Obligations by granting to the Collateral Agent and the Mortgage Trustee
(as applicable), for the benefit of the Secured Parties, a perfected lien on substantially all of their respective assets, subject
to certain agreed exceptions contained herein and in the other Loan Documents;

 

WHEREAS,
the Guarantors have agreed to guarantee the Obligations of the Borrowers hereunder and to secure their respective Obligations by
granting to the Collateral Agent, for the benefit of the Secured Parties, a perfected lien on substantially all of their respective
assets, subject to certain agreed exceptions contained herein and in the other Loan Documents; and

 

WHEREAS,
the Lenders are willing to extend such credit to the Borrowers, the Swingline Lender is willing to extend such Swingline Loans
to the Borrowers, and the Issuing Banks are willing to issue Letters of Credit for the account of the Borrowers, in each case on
the terms and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and in the other Loan Documents, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

     

     

    

 

ARTICLE I

 

DEFINITIONS

 

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

 

“ABR”
when used in reference to any Loan or Borrowing, is used when such Loan comprising such Borrowing is, or the Loans comprising such
Borrowing are, bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions
of Article II.

 

“ABR Borrowing”
shall mean a Borrowing comprised of ABR Loans.

 

“ABR Loan”
shall mean any ABR Term Loan, ABR Revolving Loan or Swingline Loan.

 

“ABR
Revolving Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Alternate
Base Rate in accordance with the provisions of Article II.

 

“ABR
Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Alternate Base Rate in
accordance with the provisions of Article II.

 

“Acceptable
Flag Jurisdiction” shall mean such flag jurisdictions as are listed on Schedule 1.01(c) or otherwise approved
by the Administrative Agent (such approval not to be unreasonably withheld).

 

“Acceptable
Third Party Technical Managers” shall mean those third party technical managers as are listed on Schedule 1.01(d).

 

“Acquisition
Consideration” shall mean the purchase consideration for a Permitted Acquisition and all other payments (including related
acquisition fees, costs and expenses), directly or indirectly, by any Restricted Party in exchange for, or as part of, or in connection
with, a Permitted Acquisition, whether paid in cash or by exchange of Equity Interests or of properties or otherwise and whether
payable at or prior to the consummation of a Permitted Acquisition or deferred for payment at any future time, whether or not any
such future payment is subject to the occurrence of any contingency, and includes any and all payments representing the purchase
price and any assumptions or repayments of Indebtedness and/or Contingent Obligations, “earn-outs” and other agreements
to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon
the revenues, income, cash flow or profits (or the like) of any person or business; provided that any such future payment
that is subject to a contingency shall be considered Acquisition Consideration only to the extent of the reserve, if any, required
under GAAP (as determined at the time of the consummation of such Permitted Acquisition) to be established in respect thereof by
a Restricted Party.

 

    	 	2	 

     

    

 

“Additional
Permitted Unsecured Debt” shall mean unsecured Indebtedness of the Administrative Borrower, which may be (x) incurred
on a joint and several unsecured basis by the Co- Borrower and (y) guaranteed on an unsecured basis by the Co-Borrower (if not
a co-issuer thereof) and the Guarantors (other than as provided in the last paragraph of Section 6.01), so long as (i) any
such Indebtedness does not mature earlier than 91 days after the Latest Maturity Date in effect at the time of the incurrence or
issuance of such Indebtedness, (ii) such Indebtedness does not have any scheduled prepayment, amortization, redemption, sinking
fund or similar obligations prior to 91 days after such Latest Maturity Date (other than customary offers to purchase upon a change
of control or asset sale), (iii) such Indebtedness otherwise contains terms and conditions (excluding economic terms such as interest
rate and redemption premiums) which, taken as a whole, are not more restrictive on the Administrative Borrower and its Restricted
Subsidiaries in any material respect than the terms and conditions of the Loan Documents as in effect at the time of the incurrence
or issuance thereof; provided, however, to the extent that such Indebtedness includes any financial maintenance covenant
(whether stated as a covenant, default or otherwise) or a loan to value test in addition to, or more restrictive than, those set
forth in this Agreement, such financial covenant or additional or more restrictive loan to value test shall be reasonably acceptable
to the Administrative Agent and also shall apply for the benefit of the Lenders hereunder until such time as such Additional Permitted
Unsecured Debt containing such financial maintenance covenant or additional or more restrictive loan to value test is paid in full
and the Administrative Agent is authorized by the Lenders to amend this Agreement to incorporate such terms (and any related definitions)
hereunder (provided that a certificate of a Responsible Officer of the Administrative Borrower that is delivered to the
Administrative Agent in good faith at least five Business Days prior to the incurrence or issuance of such Additional Permitted
Unsecured Debt, together with a reasonably detailed description of the material terms and conditions of such Additional Permitted
Unsecured Debt or drafts of the documentation relating thereto, stating that the Administrative Borrower has determined in good
faith that such terms and conditions satisfy the requirements set forth in this clause (iii) shall be conclusive evidence that
such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the Administrative Borrower
of an objection (including a reasonable description of the basis upon which it objects) within five Business Days after being notified
of such determination by the Administrative Borrower), and (iv) such Indebtedness is not guaranteed by any person other than the
Co-Borrower, a Subsidiary Guarantor (but otherwise subject to the last paragraph of Section 6.01) or Holdings.

 

“Additional
Permitted Unsecured Debt Documents” shall mean any indenture, purchase agreement, note agreement, loan agreement or other
agreement, document or instrument (including any note or guarantee) issued or executed and delivered with respect to any Additional
Permitted Unsecured Debt.

 

“Adjusted
LIBOR Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the greater of (x)
an interest rate per annum (rounded upward, if necessary, to the next 1/100th of 1.00%) determined by the Administrative Agent
to be equal to the LIBOR Rate for such Eurodollar Borrowing in effect for such Interest Period divided by 1 minus the Statutory
Reserves (if any) for such Eurodollar Borrowing for such Interest Period and (y) 1.00% per annum.

 

“Administrative
Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as
the successor administrative agent pursuant to Article X.

 

“Administrative
Agent Fees” shall have the meaning assigned to such term in Section 2.05(b).

 

“Administrative
Borrower” shall have the meaning assigned to such term in the preamble hereto.

 

“Administrative
Borrower Concentration Account” shall mean the Deposit Account of the Administrative Borrower at JPMorgan Chase Bank,
N.A. with account number 880312025 (and any replacement Deposit Account or Deposit Accounts in respect thereof).

 

“Administrative
Questionnaire” shall mean an administrative questionnaire in the form supplied from time to time by the Administrative
Agent.

 

    	 	3	 

     

    

 

“Advisors”
shall mean legal counsel (including local and foreign counsel), auditors, accountants, consultants, appraisers, engineers or other
advisors.

 

“Affiliate”
shall mean, when used 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; provided, however, that (x) for
purposes of Section 6.09, the term “Affiliate” shall also include (i) any person that directly or indirectly
owns 15% or more of any class of Equity Interests of the person specified and (ii) any person that is an officer or director of
the person specified and (y) for purposes of this Agreement, Jefferies LLC and its Affiliates shall be deemed to be Affiliates
of Jefferies Finance LLC.

 

“Agent
Fee Letter” shall mean the confidential Agent Fee Letter, dated May 30, 2017, between the Administrative Borrower and
Jefferies Finance LLC.

 

“Agents”
shall mean the Arrangers, the Bookrunners, the Administrative Agent, the Collateral Agent and the Mortgage Trustee; and “Agent”
shall mean any of them, as the context may require.

 

“Agreement”
shall have the meaning assigned to such term in the preamble hereto.

 

“Alternate Base Rate” shall mean,
for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1.00%) equal to the greatest of (a) the
Base Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.50%, (c) the Adjusted
LIBOR Rate for an Interest Period of one month, plus 1.00% and (d) 2.00% per annum. If the Administrative Agent shall have
reasonably determined that it is unable to ascertain the Federal Funds Effective Rate or the Adjusted LIBOR Rate for any
reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the
terms of the definition thereof, the Alternate Base Rate shall be determined without regard to clause (b) or (c), as
applicable, of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in
the Alternate Base Rate due to a change in the Base Rate, the Federal Funds Effective Rate or the then applicable Adjusted
LIBOR Rate shall be effective on the effective date of such change in the Base Rate, the Federal Funds Effective Rate or the
then applicable Adjusted LIBOR Rate, respectively.

 

“Alternative
Currency” shall mean, for Letters of Credit, Euros, Pounds Sterling and any other currency agreed to by the Administrative
Agent, each Issuing Bank and the Administrative Borrower; provided that each such currency is a lawful currency that is
readily available, freely transferable and not restricted, able to be converted into Dollars and readily available in the London
interbank deposit market.

 

“Anti-Terrorism
Laws” shall have the meaning assigned to such term in Section 3.22(a).

 

“Applicable
Amortization Percentage” shall mean, for each fiscal quarter during any period set forth below, with respect to the Initial
Term Loans (as increased on the First Amendment Effective Date by the July 2017 Incremental Term Loans), the percentage set forth
opposite such period below:

 

	Period	 	Applicable Amortization Percentage	 
	September 30, 2017 – June 30, 2018 (or, if June 30, 2018 is not a Business Day, the first Business Day thereafter)	 	 	0.625	%
	September 30, 2018 and thereafter	 	 	1.25	%

 

    	 	4	 

     

    

 

“Applicable
Margin” shall mean, (i) for any day
prior to the Second Amendment Effective Date, with respect
to (ia) any Term Loan
that is an ABR Loan, 4.50% per annum, and (iib)
any Term Loan that is a Eurodollar Loan, 5.50% per annum, (iiiii)
for any day on or after the Second Amendment Effective Date, with respect to (a) any Term Loan that is an ABR Loan, 5.00% per annum,
and (b) any Term Loan that is a Eurodollar Loan, 6.00% per annum and (iii) for any day, with respect to (a)
any Revolving Loan that is an ABR Loan, 2.50% per annum, (ivb)
any Revolving Loan that is a Eurodollar Loan, 3.50% per annum, and (vc)
any Swingline Loan, 2.50% per annum.

 

“Approved
Broker” shall mean any of Compass Maritime Services, H. Clarkson & Co., Ltd., Charles B. Weber Company, Inc. or any
other independent shipbroker to be mutually agreed upon between the Administrative Agent and the Administrative Borrower.

 

“Approved
Classification Society” shall mean any classification society set forth on Schedule1.01(b) or otherwise approved
by the Administrative Agent (such approval not to be unreasonably withheld).

 

“Approved
Electronic Communications” shall mean any notice, demand, communication, information, document or other material that
any Loan Party provides to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein which
is distributed to the Agents or the Lenders by means of electronic communications pursuant to Section 11.01(b).

 

“Approved
Fund” shall mean, with respect to any Lender (including an Eligible Assignee that becomes a Lender), any person (other
than a natural person) that is engaged in making, purchasing, holding or investing in bank and other commercial loans and similar
extensions of credit in the ordinary course of its business and that is administered, advised (in an investment advisory capacity)
or managed by (a) such Lender (or such Eligible Assignee), (b) an Affiliate of such Lender (or such Eligible Assignee) or (c) an
entity or an Affiliate of an entity that administers, advises (in an investment advisory capacity) or manages such Lender (or such
Eligible Assignee).

 

“Arrangers”
shall mean Jefferies Finance LLC and JPMorgan Chase Bank, N.A., as joint lead arrangers for the credit facilities hereunder.

 

“Asset
Sale” shall mean (a) any disposition of any property by any Restricted Party and (b) any issuance or sale of any
Equity Interests of any Restricted Subsidiary of the Administrative Borrower, in each case, to any person other than the
Administrative Borrower or a Wholly Owned Restricted Subsidiary thereof. Notwithstanding the foregoing, (a) an “Asset
Sale” shall not include any disposition of property by a Restricted Party permitted by, or expressly referred to in, Section
6.06(a), 6.06(c), 6.06(e), 6.06(f), 6.06(g), 6.06(h), 6.06(i), 6.06(j), 6.06(k)
or 6.06(l) and (b) an “Asset Sale” shall include any sale by Holdings of Equity Interests of another
person (subject to the provisions of Section

6.21).

 

“Assignee
Group” shall mean two or more Approved Funds administered, advised (in an investment advisory capacity) or managed by
the same investment advisor or manager or by an Affiliate of such investment advisor or manager.

 

“Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender, as assignor, and an assignee (with
the consent of any party whose consent is required pursuant to Section 11.04(b)), and accepted by the Administrative Agent,
substantially in the form of Exhibit A, or such other form approved by the Administrative Agent.

 

    	 	5	 

     

    

 

“Attributable
Indebtedness” shall mean, 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 Administrative Borrower’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.

 

“Auction
Manager” shall mean (i) Jefferies Finance LLC or an Affiliate of Jefferies Finance LLC designated by it to the extent
that Jefferies Finance LLC or such Affiliate agrees to act as an Auction Manager in connection with a Discounted Prepayment Offer
or (ii) another investment bank of recognized standing selected by the Administrative Borrower which shall have been engaged by
the Administrative Borrower to act as an Auction Manager in connection with a Discounted Prepayment Offer.

 

“Auction
Notice” shall mean an auction notice given by the Administrative Borrower in accordance with the Auction Procedures with
respect to a Discounted Prepayment Offer.

 

“Auction
Procedures” shall mean the auction procedures with respect to Discounted Prepayment Offers set forth in Exhibit G
(and, solely with respect to the Second Amendment Prepayment, with
appropriate modifications to reflect the par plus premium nature of such prepayment).

 

“Available
Amount” shall mean, as of any date, an amount (which shall not be less than zero), determined on a cumulative basis,
equal to, without duplication:

 

(a)          $10,000,0007,500,000;
plus

 

(b)          the
Retained Excess Cash Flow Amount; plus

 

(c)          the
cumulative amount of Net Cash Proceeds received after the Closing Date that have been contributed as a capital contribution to
Holdings or otherwise received by Holdings in respect of the issuance of Qualified Capital Stock by Holdings (in each case, solely
to the extent that such Net Cash Proceeds have been substantially contemporaneously contributed to the capital of the Administrative
Borrower), but excluding (x) any such sale or issuance by Holdings of its Equity Interests upon exercise of any warrant or option
to directors, officers or employees of any Company or any Subsidiary thereof and (y) any such amounts received from any Subsidiary
or Joint Venture of Holdings; provided that (in either case) such proceeds were not used to pay Dividends pursuant to Section

6.08(f)(x); plus

 

(d)          to
the extent not already reflected as a return of capital with respect to such Investment, the aggregate amount of Dividends, profits,
returns or similar amounts actually received by the Administrative Borrower or any Restricted Subsidiary in cash or Cash Equivalents
on Investments previously made pursuant to Section 6.04(o) using the Available Amount, but excluding (i)
the aggregate amount of Dividends, profits, returns or similar amounts paid by any Unrestricted Subsidiary
to the Administrative Borrower or any Restricted Subsidiary in respect of the payment of any tax liability of such Unrestricted
Subsidiary and (ii) the amount of the Second Amendment FSO
JV Debt Dividend; plus

 

(e)          the
aggregate amount received by the Administrative Borrower or any Restricted Subsidiary thereof in cash or Cash Equivalents from
any Dividend by an Unrestricted Subsidiary, to the extent that the Investment corresponding to the designation of such Subsidiary
as an Unrestricted Subsidiary or any subsequent Investment in such Unrestricted Subsidiary was made pursuant to Section
6.04(o), but excluding the amount of the Second Amendment FSO JV Debt Dividend;
minus

 

    	 	6	 

     

    

  

(f)          the
cumulative amount used to make Permitted Acquisitions in reliance on clause (xi)(II) of the definition of “Permitted
Acquisition” contained herein; minus

 

(g)          the
cumulative amount of Investments made in reliance on Section 6.04(o); minus

 

(h)          the
cumulative amount of Dividends made in reliance on Section 6.08(g); minus

 

(i)          the
cumulative amount of Restricted Debt Payments made in reliance on Section 6.11(a).

 

“Bail-In
Action” shall mean 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” shall mean, 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.

 

“Bank
Product” shall mean transactions under Hedging Agreements extended to any Borrower or a Subsidiary Guarantor by a
Bank Product Provider.

 

“Bank
Product Agreements” shall mean those agreements entered into from time to time by any Borrower or Subsidiary Guarantor
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 is obligated to pay to a Bank Product
Provider as a result of the 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 any Borrower or any Subsidiary Guarantor; 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 Closing Date and the Administrative Agent shall have received a Bank Product Provider Letter Agreement from the applicable
Bank Product Provider (and acknowledged by the Administrative Borrower) within 30 days after the date of the provision of the applicable
Bank Product to any Borrower or any Subsidiary Guarantor.

 

“Bank
Product Provider” shall mean any Agent, any Lender 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 an Agent, a Lender or an Affiliate thereof); provided,
however, that no such person shall constitute a Bank Product Provider with respect to a Bank Product unless and until the
Administrative Agent shall have received a Bank Product Provider Letter Agreement from such person with respect to the applicable
Bank Product (and acknowledged by the Administrative Borrower) within 30 days after the provision of such Bank Product to any Borrower
or Subsidiary Guarantor.

 

    	 	7	 

     

    

 

“Bank
Product Provider Letter Agreement” shall mean a letter agreement substantially in the form of Exhibit M, or in
such other form reasonably satisfactory to the Administrative Agent, duly executed by the applicable Bank Product Provider, the
applicable Borrower or Subsidiary Guarantor, the Administrative Agent and, in any event, acknowledged by the Administrative Borrower.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect,
or any successor thereto.

 

“Base
Rate” shall mean, for any day, the prime rate published in The Wall Street Journal for such day; provided
that if The Wall Street Journal ceases to publish for any reason such rate of interest, “Base Rate” shall
mean the prime lending rate as set forth on the Bloomberg page PRIMBB Index (or successor page) for such day (or such other service
as reasonably determined by the Administrative Agent from time to time for purposes of providing quotations of prime lending interest
rates); each change in the Base Rate shall be effective on the date such change is effective. The Base Rate is not necessarily
the lowest rate charged by any financial institution to its customers.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States.

 

“Board
of Directors” shall mean, with respect to any person, (a) in the case of any corporation, the board of directors of such
person, (b) in the case of any limited liability company, the board of managers or board of directors, as applicable, of such person,
or if such limited liability company does not have a board of managers or board of directors, the functional equivalent of the
foregoing, (c) in the case of any partnership, the board of directors or board of managers, as applicable, of the general partner
of such person, or if such general partner does not have a board of managers or board of directors, the functional equivalent of
the foregoing, and (d) in any other case, the functional equivalent of the foregoing.

 

“Bookrunners”
shall mean the Arrangers and UBS Securities LLC, as joint bookrunners for the credit facilities hereunder.

 

“Borrowers”
shall mean, collectively, the Administrative Borrower and the Co- Borrower; and “Borrower” shall mean any one of them.

 

“Borrowing”
shall mean (a) Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect or (b) a Swingline Loan.

 

“Borrowing
Request” shall mean a request by the Administrative Borrower in accordance with the terms of Section 2.03 and
substantially in the form of Exhibit B, or such other form as mutually agreed to by the Administrative Agent and the Administrative
Borrower from time to time.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which banks in New York City are authorized or
required by law or other governmental action to close; provided, however, that when used in connection with a Eurodollar
Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits
in the London interbank market.

 

    	 	8	 

     

    

 

“Capital
Expenditures” shall mean, without duplication, (a) any expenditure for any purchase or other acquisition of any
asset, including capitalized leasehold improvements, which would be classified as a fixed or capital asset on a consolidated
balance sheet of the Administrative Borrower and its Restricted Subsidiaries prepared in accordance with GAAP, and (b)
Capital Lease Obligations and Synthetic Lease Obligations, but excluding (i) expenditures made in connection with the
replacement, substitution or restoration of property to the extent made with the Net Cash Proceeds from Asset Sales or
Casualty Events, (ii) the purchase price of equipment that is purchased substantially contemporaneously with the trade-in of
existing equipment to the extent of the gross amount of such purchase price that is reduced by the credit granted by the
seller of such equipment for the equipment being traded in at such time and (iii) Permitted Acquisitions.

 

“Capital
Lease” shall mean, 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 shall mean 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 Closing 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 Closing Date.

 

“Capital
Requirements” shall mean, as to any person, any matter, directly or indirectly, (i) regarding capital adequacy, capital
ratios, capital requirements, liquidity requirements, the calculation of such person’s capital or similar matters, or (ii)
affecting the amount of capital required to be obtained or maintained by such person or any person controlling such person (including
any direct or indirect holding company), or the manner in which such person or any person controlling such person (including any
direct or indirect holding company), allocates capital to any of its contingent liabilities (including letters of credit), advances,
acceptances, commitments, assets or liabilities.

 

“Cash
Collateralized” shall mean, with respect to any Letter of Credit, as of any date, that the Borrowers shall have deposited
with the Collateral Agent for the benefit of the Secured Parties, an amount in cash equal to 103% of the LC Exposure as at such
date plus any accrued and unpaid interest thereon. “Cash Collateralize” shall have the correlative meaning.

 

“Cash
Equivalents” shall mean, 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 Lender or 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 Restricted 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.

 

    	 	9	 

     

    

 

“Cash
Interest Expense” shall mean, for any period, Consolidated Interest Expense for such period, less the sum of (a) interest
on any debt paid by the increase in the principal amount of such debt including by issuance of additional debt of such kind or
the accretion or capitalization of interest as principal and (b) items described in clause (c) or, other than to the extent paid
in cash or Cash Equivalents, clause (g) of the definition of “Consolidated Interest Expense”.

 

“Casualty
Event” shall mean 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 any Restricted Party. “Casualty Event” shall include any taking of all or any part of
any Real Property, Vessel or Chartered Vessel of 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 any Restricted Party or any part thereof by any Governmental Authority,
or any settlement in lieu thereof.

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. § 9601
et seq.

 

“Change in Control”
shall mean the occurrence of any of the following:

 

(a)    
Holdings at any time ceases to own directly 100% of the Equity Interests of the Administrative Borrower or ceases to have the power
to vote, or direct the voting of, any such Equity Interests; or

 

(b)
    any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but
excluding any employee benefit plan of such person or group or its respective subsidiaries, and any person acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that, for purposes of this clause, such person or group
shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to
acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option
right”)), directly or indirectly, of either (x) Voting Equity Interests of Holdings representing 50% or more of the
voting power of the total outstanding Voting Equity Interests of Holdings or (y) 50% or more of the total economic interests
of the Equity Interests of Holdings (in either case, taking into account in the numerator all such securities that such
person or group has the right to acquire (whether pursuant to an option right or otherwise) and taking into account in the
denominator all securities that any person has the right to acquire (whether pursuant to an option right or otherwise)).

 

    	 	10	 

     

    

 

“Change
in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, order, rule, regulation, policy, or treaty, (b) any change in any law, order, 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) requests, rules, guidelines or directives under the Dodd-Frank Wall
Street Reform and Consumer Protection Act 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.

 

“Charges”
shall have the meaning assigned to such term in Section 11.13.

 

“Charter
Contract Lien Restrictions” shall mean, subject to Section 5.16(h), any provisions in a charter contract for a
Vessel that prohibits or limits the placing of a preferred ship mortgage or other Lien for the benefit of the Collateral Agent
on such Vessel.

 

“Chartered
Vessels” shall mean the vessels demise chartered by the Administrative Borrower or any of its Restricted Subsidiaries
from a third party. The Chartered Vessels as of the Closing Date are identified as such on Schedule 1.01(a).

 

“Claims”
shall have the meaning assigned to such term in Section 11.03(b).

 

“Class”
shall mean the respective facility and commitments utilized in making Loans hereunder, including (i) as of the Closing Date, (x)
the Revolving Loans and the Initial Term Loans made pursuant to Section 2.01 on such date and (y) the Swingline Loans and
(ii) additional Classes of Revolving Loans or Term Loans that may be added after the Closing Date pursuant to Sections 2.20,
2.21 and 2.23.

 

“Closing Date”
shall mean June 22, 2017.

 

“Co-Borrower”
shall have the meaning assigned to such term in the preamble hereto.

 

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

 

“Collateral”
shall mean, collectively, all of the Collateral Vessels, the Security Agreement Collateral, the Mortgaged Property and all other
property of whatever kind and nature, whether now existing or hereafter acquired, pledged or purported to be pledged as collateral
or otherwise subject to a security interest or purported to be subject to a security interest under any Security Document other
than, in each case, the Excluded Collateral.

 

“Collateral
Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as
the successor collateral agent pursuant to Article X (it being understood that, unless the context expressly requires otherwise,
the term “Collateral Agent” shall include the Collateral Agent acting in its capacity as the Mortgage Trustee).

 

“Collateral Vessel”
shall mean (i) initially, the Vessels identified on Schedule 1.01(a) and (ii) thereafter, (x) any additional Vessel acquired
by a Borrower or a Subsidiary Guarantor after the Closing Date (other than an Excluded Vessel) and (y) any Vessel that ceases to
be an Excluded Vessel after the Closing Date.

 

    	 	11	 

     

    

 

“Collateral
Vessel Mortgage” shall mean a first preferred ship mortgage substantially in the form of Exhibit P or such other
form as may be reasonably satisfactory to the Administrative Agent and the Administrative Borrower.

 

“Commitment”
shall mean, with respect to any Lender, such Lender’s Revolving Commitment (including an Extended Revolving Commitment and
a Specified Refinancing Revolving Commitment), Swingline Commitment or Term Commitment.

 

“Commitment Fee”
shall have the meaning assigned to such term in Section 2.05(a).

 

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

 

“Communications”
shall have the meaning assigned to such term in Section 11.01(b).

 

“Companies”
shall mean Holdings, the Co-Borrower, the Administrative Borrower and its Restricted Subsidiaries; and “Company”
shall mean any one of them.

 

“Compliance
Certificate” shall mean a certificate of a Financial Officer of the Administrative Borrower substantially in the form
of Exhibit C or such other form as the Administrative Agent and the Administrative Borrower may agree to from time to time.

 

“Confidential
Information Memorandum” shall mean that certain confidential information memorandum dated May 2017 and relating to the
Transactions.

 

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

 

“Consolidated
Amortization Expense” shall mean, for any period, the amortization expense of the Administrative Borrower and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

 

“Consolidated
Current Assets” shall mean, as at any date of determination, the total assets of the Administrative Borrower and its
Restricted Subsidiaries (other than cash, Cash Equivalents and marketable securities) which may properly be classified as current
assets on a consolidated balance sheet of the Administrative Borrower and its Restricted Subsidiaries in accordance with GAAP.

 

“Consolidated
Current Liabilities” shall mean, as at any date of determination, the total liabilities of the Administrative Borrower
and its Restricted Subsidiaries which may properly be classified as current liabilities (other than the current portion of any
Loans or other long-term Indebtedness) on a consolidated balance sheet of the Administrative Borrower and its Restricted Subsidiaries
in accordance with GAAP.

 

“Consolidated
Depreciation Expense” shall mean, for any period, the depreciation expense of the Administrative Borrower and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

 

    	 	12	 

     

    

 

“Consolidated
EBITDA” shall mean, for any period, Consolidated Net Income for such period, adjusted by (i) adding thereto, without
duplication, in each case only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income
(and, with respect to the portion of Consolidated Net Income attributable to any Restricted Subsidiary of the Administrative Borrower,
only if a corresponding amount of cash would be permitted to be distributed to the Administrative Borrower by such Restricted Subsidiary
by operation of the terms of its Organizational Documents and all agreements, instruments, Orders and other Legal Requirements
applicable to such Restricted Subsidiary or its equityholders during such period):

 

(a)       Consolidated Interest
Expense for such period;

 

(b)      Consolidated Amortization
Expense for such period;

 

(c)      Consolidated Depreciation
Expense for such period;

 

(d)      Consolidated Tax Expense
for such period;

 

(e)     non-recurring transaction costs and expenses (including legal, accounting, tax and appraisal and collateral field exam costs and
expenses) incurred, prior to, or within 135 days following, the Closing Date, in connection with the Transactions during such period;

 

(f)      extraordinary losses
or charges for such period;

 

(g)
     the aggregate amount of all other non-cash charges reducing Consolidated Net Income during such period (including (x) any write-down,
write-off or impairment of assets (other than current assets) and (y) non-cash stock based compensation expense, but excluding
the amortization of a prepaid cash item that was paid in a prior period);

 

(h)
     non-recurring fees and expenses incurred during such period in connection with any Permitted Acquisition or incurrence or issuance
of Indebtedness (other than intercompany Indebtedness);

 

(i)
     non-recurring cash charges incurred during such period in respect of restructurings, business process optimizations, headcount
reductions or other similar actions, including severance charges in respect of employee terminations and related employee replacement
costs;

 

(j)
     to the extent actually reimbursed in cash to the Administrative Borrower or any Restricted Subsidiary thereof, expenses incurred
during such period to the extent covered by indemnification provisions in any agreement in connection with a Permitted Acquisition;

 

(k)     
to the extent covered by insurance and actually reimbursed in cash to the Administrative Borrower or any Restricted Subsidiary
thereof, expenses incurred during such period with respect to liability or Casualty Events or business interruption;

 

(l)
     other non-recurring charges incurred during such period in an aggregate amount not to exceed $10,000,000; and

 

(m)     to the extent that any Holdings Specified Expenses would have been added back to Consolidated EBITDA pursuant to clauses
(i)(a) through (l) above had such charge, tax or expense been incurred directly by the Administrative Borrower, such Holdings
Specified Expenses.

 

    	 	13	 

     

    

  

(ii) subtracting therefrom,
without duplication,

 

(a)
     the aggregate amount of all non-cash income increasing Consolidated Net Income (other than the accrual of revenue or recording
of receivables in the ordinary course of business) for such period;

 

(b)     
any extraordinary income or gains for such period;

 

(c)     
any gains on extinguishment of debt (including as a result of the acquisition of any Term Loans by the Administrative Borrower
or any of its Subsidiaries); and

 

(d)
     the aggregate amount of any cash payments or cash charges during such period on account of any non-cash charges that were added
back to Consolidated EBITDA in a prior period pursuant to clause (i)(g) above.

 

Notwithstanding
anything to the contrary contained herein, for the purpose of calculating the Total Secured Leverage Ratio and the Total
Leverage Ratio for any period that includes the fiscal quarters of the Administrative Borrower ended on June 30, 2016,
September 30, 2016, December 31, 2016 and March 31, 2017, (i) Consolidated EBITDA for the fiscal quarter ended on June 30,
2016 shall be deemed to be $62,338,000, (iii) Consolidated EBITDA for the fiscal quarter ended on September 30, 2016 shall be
deemed to be $37,114,000, (iv) Consolidated EBITDA for the fiscal quarter ended on December 31, 2016 shall be deemed to be
$37,514,000, and (v) Consolidated EBITDA for the fiscal quarter ended on March 31, 2017 shall be deemed to be
$46,387,000.

 

“Consolidated
Indebtedness” shall mean, as at any date, an amount equal to the sum of, without duplication, (i) the aggregate principal
amount of all Indebtedness of the Administrative Borrower and its Restricted Subsidiaries on such date (to the extent such Indebtedness
would be included on a balance sheet prepared in accordance with GAAP) consisting only of Indebtedness for borrowed money and obligations
in respect of Capital Lease Obligations, (ii) the aggregate principal amount of all debt obligations of the Administrative Borrower
and its Restricted Subsidiaries evidenced by bonds, debentures, notes, loan agreements or similar instruments (other than performance,
surety or similar bonds to the extent not otherwise included in clause (i) above), (iii) the aggregate amount of unreimbursed drawings
in respect of letters of credit (or similar facilities) issued for the account of the Administrative Borrower or any of its Restricted
Subsidiaries, (iv) the aggregate principal amount of all Pool Financing Indebtedness of the Administrative Borrower or any of its
Restricted Subsidiaries (whether such Pool Financing Indebtedness is a several or joint and several obligation of the Administrative
Borrower or any such Restricted Subsidiary and whether the obligations of the Administrative Borrower or any such Restricted Subsidiary
are directly to the lender thereof, the respective Pool Operator or otherwise) and (v) the aggregate amount of all Contingent Obligations
of the Administrative Borrower and its Restricted Subsidiaries in respect of Indebtedness of third persons of the type described
in preceding clauses (i) through (iv), in each case calculated on a consolidated basis for the Administrative Borrower and its
Restricted Subsidiaries.

 

“Consolidated
Interest Expense” shall mean, for any period, the total consolidated interest expense of the Administrative Borrower
and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP plus, without duplication:

 

    	 	14	 

     

    

  

(a)     
imputed interest on Capital Lease Obligations and Attributable Indebtedness of the Administrative Borrower and its Restricted Subsidiaries
for such period;

 

(b)     
commissions, discounts and other fees and charges owed by the Administrative Borrower or any of its Restricted Subsidiaries with
respect to letters of credit securing financial obligations, bankers’ acceptance financing, receivables financings and similar
credit transactions for such period;

 

(c)
     amortization of debt issuance costs, debt discount or premium and other financing fees and expenses incurred by the Administrative
Borrower or any of its Restricted Subsidiaries for such period;

 

(d)
     cash contributions to any employee stock ownership plan or similar trust made by the Administrative Borrower or any of its Restricted
Subsidiaries to the extent such contributions are used by such plan or trust to pay interest or fees to any person (other than
the Administrative Borrower or any of its Wholly Owned Restricted Subsidiaries) in connection with Indebtedness incurred by such
plan or trust for such period;

 

(e)    
  all interest paid or payable with respect to discontinued operations of the Administrative Borrower or any of its
Restricted Subsidiaries for such period;

 

(f)     
the interest portion of any payment obligations of the Administrative Borrower or any of its Restricted Subsidiaries for such period
deferred for payment at any future time, whether or not such future payment is subject to the occurrence of any contingency, and
includes any and all payments representing the purchase price and any assumptions of Indebtedness and/or Contingent Obligations,
“earn-outs” and other agreements to make any payment the amount of which is, or the terms of payment of which are,
in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of any person or business;
and

 

(g)
     all interest on any Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries of the type described in
clause (e) or (j) of the definition of “Indebtedness” contained herein for such period;

 

provided
that Consolidated Interest Expense shall be calculated after giving effect to Hedging Agreements (including associated costs) intended
to protect against fluctuations in interest rates, but excluding unrealized gains and losses with respect to any such Hedging Agreements.

 

“Consolidated
Net Income” shall mean, for any period, the consolidated net income (or loss) of the Administrative Borrower and its
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (after deduction for minority
interests and adjusted to reflect any Holdings Specified Expenses during such period as though such Holdings Specified Expenses
had been incurred directly by the Administrative Borrower and such Holdings Specified Expenses would have been included in the
calculation of the net income (or loss) of the Administrative Borrower for such period); provided that there shall be excluded
from such net income (to the extent otherwise included therein), without duplication:

 

    	 	15	 

     

    

  

(a)
    the net income (or loss) for such period of any person (other than the Administrative Borrower) that is not a Restricted
Subsidiary of the Administrative Borrower (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
Administrative Borrower or (subject to clause (b) below) any of its Restricted Subsidiaries 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 Subsidiary of the Administrative Borrower during such period to the extent that the declaration
and/or payment of dividends or similar distributions by such Restricted Subsidiary of that income is not permitted by operation
of the terms of its Organizational Documents or any agreement (other than any Loan Document), instrument, Order or other Legal
Requirement applicable to that Restricted Subsidiary or its equityholders during such period, except that the Administrative Borrower’s
equity in the net loss of any such Restricted Subsidiary 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 Subsidiary of the Administrative Borrower or all or substantially all of the property of such
person is acquired by the Administrative Borrower or any of its Restricted Subsidiaries.

 

“Consolidated
Secured Indebtedness” shall mean, as at any date of determination, the aggregate amount of Consolidated Indebtedness
that, as of such date, is secured by a Lien on any asset or property of the Administrative Borrower or any of its Restricted Subsidiaries.

 

“Consolidated
Tax Expense” shall mean, for any period, the sum of, without duplication, (i) the tax expense (including federal, state,
local and foreign income taxes) of the Administrative Borrower and its Restricted Subsidiaries for such period, determined on a
consolidated basis in accordance with GAAP and (ii) the aggregate amount of all Permitted Tax Distributions made during such period.

 

“Consolidated
Total Assets” shall mean, at any date of determination, the net book value of all assets of the Administrative Borrower
and its Restricted Subsidiaries (or, for purposes of Sections 3.07(d)(ii) and 5.17, all of its Subsidiaries) determined
on a consolidated basis in accordance with GAAP on such date; provided that, except for purposes of Sections 3.07(d)(ii)
and 5.17, the net book value attributable to any Unrestricted Subsidiaries shall be excluded.

 

“Contingent
Obligation” shall mean, as to any person, any obligation, agreement, understanding or arrangement of such person
guaranteeing any Indebtedness, leases or other obligations (including dividends on Disqualified Capital Stock)
(“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. 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.

 

    	 	16	 

     

    

  

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

 

“Control”
shall mean 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, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Controlled
Account” shall mean each Specified Account that is not a Non-Controlled Account (it being understood and agreed that
the Administrative Borrower Concentration Account shall at all times be deemed to be a Controlled Account).

 

“Corrective Extension
Amendment” shall have the meaning assigned to such term in Section 2.20(e).

 

“Credit
Extension” shall mean, as the context may require, (i) the making of a Loan by a Lender or (ii) the issuance of any Letter
of Credit, or the extension of the expiry date or renewal, or an amendment or other modification to increase the amount, of any
then existing Letter of Credit, by an Issuing Bank.

 

“Debt
Issuance” shall mean the incurrence by any Restricted Party of any Indebtedness after the Closing Date (other than as
permitted by Section 6.01).

 

“Debt
Service” shall mean, for any period, the sum of (i) Cash Interest Expense for such period plus (ii) scheduled principal
amortization of all Indebtedness (including the principal component of Capital Lease Obligations) of the Administrative Borrower
and its Restricted Subsidiaries for such period.

 

“Default”
shall mean any event, occurrence or condition which is, or upon notice, lapse of time or both would constitute, an Event of Default.

 

“Default Excess”
shall have the meaning assigned to such term in Section 2.16(c).

 

“Default Period”
shall have the meaning assigned to such term in Section 2.16(c).

 

“Default Rate”
shall have the meaning assigned to such term in Section 2.06(c).

 

“Defaulted Loans”
shall have the meaning assigned to such term in Section 2.16(c).

 

    	 	17	 

     

    

 

“Defaulting Lender”
shall mean any Lender that has (a) failed to fund its portion of any Borrowing, or any portion of its participation in any Letter
of Credit or Swingline Loan, within one Business Day of the date on which it shall have been required to fund the same (unless
the subject of a good faith dispute between the Administrative Borrower and such Lender related hereto), (b) notified the Administrative
Borrower, the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender in writing that it does not intend
to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not
intend to comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit generally,
(c) failed, within three Business Days after written request by the Administrative Agent or the Administrative Borrower, to confirm
that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in
then outstanding Letters of Credit and Swingline Loans (unless the subject of a good faith dispute between the Administrative Borrower
and such Lender); provided, that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt
of such confirmation by the Administrative Agent or the Administrative Borrower, (d) otherwise failed to pay over to the Administrative
Borrower, the Administrative Agent, any Issuing Bank or any other Lender any other amount required to be paid by it hereunder within
one Business Day of the date when due (unless the subject of a good faith dispute), or (e) at any time after the Closing Date (i)
been (or has a parent company that has been) adjudicated as, or determined by any Governmental Authority having regulatory authority
over such person or its properties or assets to be, insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with
reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject
of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit
of creditors or similar person charged with reorganization or liquidation of its business or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment
unless, in the case of any Lender referred to in this clause (e), the Administrative Borrower, the Administrative Agent, the Swingline
Lender and each Issuing Bank shall be satisfied that such Lender intends, and has all approvals required to enable it, to continue
to perform its obligations as a Lender hereunder, or (iii) become the subject of a Bail-In Action. For the avoidance of doubt,
a Lender shall not be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest
in such Lender or its parent by a Governmental Authority; provided, that, as of any date of determination, the determination
of whether any Lender is a Defaulting Lender hereunder shall not take into account, and shall not otherwise impair, any amounts
funded by such Lender which have been assigned by such Lender to an SPC pursuant to Section 11.04(h). Any determination
by the Administrative Agent that a Lender is a Defaulting Lender shall be conclusive and binding absent manifest error, and such
Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination by the Administrative Agent
to the Administrative Borrower and each other. In no event shall the reallocation of funding obligations provided for in Section
2.16(c) as a result of a Lender being a Defaulting Lender nor the performance by non-Defaulting Lenders of such reallocated
funding obligations by themselves cause the relevant Defaulting Lender to become a non-Defaulting Lender.

 

“Deposit
Account” shall mean a demand, time, savings, passbook or like account with a bank, savings and loan association, credit
union or like organization, other than an account evidenced by a negotiable certificate of deposit.

 

“Deposit Account
Bank” shall mean a financial institution with whom a Deposit Account is maintained.

 

“Deposit
Account Control Agreement” shall mean a letter agreement, in form and substance reasonably satisfactory to the
Collateral Agent, executed by the relevant Loan Party, the Collateral Agent and the relevant Deposit Account Bank (or, with
respect to any Deposit Accounts located outside of the United States, customary security arrangements in the applicable
jurisdictions for perfecting a security interest in such Deposit Accounts and the assets deposited therein or credited
thereto).

 

    	 	18	 

     

    

 

“Discounted Prepayment
Offer” shall have the meaning assigned to such term in Section 2.22(a).

 

“Disposition”
or “disposition” shall mean, with respect to any property, any conveyance, sale, lease, sublease, assignment,
transfer or other disposition of such property (including (i) by way of merger or consolidation, (ii) any Sale and Leaseback Transaction
and (iii) any Synthetic Lease).

 

“Disqualified
Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms of any security or instrument into
which it is convertible or for which it is exchangeable or exercisable), or upon the happening of any event, (a) matures (excluding
any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the 91st
day after the Latest Maturity Date in effect at the time of the issuance of such Disqualified Capital Stock, (b) is convertible
into or exchangeable or exercisable (unless at the sole option of the issuer thereof) for (i) debt securities or other indebtedness
or (ii) any Equity Interests referred to in clause (a) above, in each case at any time on or prior to the date that is 91 days
after the Latest Maturity Date in effect at the time of the issuance of such Disqualified Capital Stock, or (c) contains any repurchase
or payment obligation which may come into effect prior to the date that is 91 days after such Latest Maturity Date. For the avoidance
of doubt, any Equity Interest that may or shall be repurchased or redeemed (but only to the extent permitted hereunder at such
time) from officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries
under their estates) of any Company, upon their death, disability, retirement, severance or termination of employment or service
shall not be deemed to be “Disqualified Capital Stock” for such reason alone.

 

“Disqualified
Institutions” shall mean those persons (including any such person’s Affiliates that are clearly identifiable solely
on the basis of such Affiliates’ names) identified by the Administrative Borrower to the Administrative Agent in writing
from time to time to the extent such person is identified by name and is directly engaged in substantially similar business operations
as the Administrative Borrower or any of its Restricted Subsidiaries (in each case, other than a bona fide debt fund or an investment
vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions
of credit in the ordinary course), which designations (x) shall not apply retroactively to disqualify any persons that have previously
acquired an assignment or participation interest in the Loans or the Commitments and (y) shall be effective on the third Business
Days after delivery to the Administrative Agent of any such written notice by the Administrative Borrower.

 

“Dividend”
shall mean, with respect to any person, that such person has declared or paid a dividend or returned any equity capital to the
holders of its Equity Interests or authorized or made any other distribution, payment or delivery of property (other than Qualified
Capital Stock of such person) or cash to the holders of its Equity Interests as such, or redeemed, retired, purchased or otherwise
acquired, directly or indirectly, for consideration any of its Equity Interests outstanding (or any options or warrants issued
by such person with respect to its Equity Interests), or set aside or otherwise reserved, directly or indirectly, any funds for
any of the foregoing purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for consideration
any of the outstanding Equity Interests of such person (or any options or warrants issued by such person with respect to its Equity
Interests). Without limiting the foregoing, “Dividends” with respect to any person shall also include all payments
made or required to be made by such person with respect to any stock appreciation rights, plans, equity incentive or achievement
plans or any similar plans or setting aside of or otherwise reserving any funds for the foregoing purposes.

 

    	 	19	 

     

    

 

“Dollar
Amount” shall mean, at any time, with respect to any Letter of Credit (and any related LC Exposure), (A) if denominated
in Dollars, the amount thereof and (B) if denominated in any Alternative Currency, the amount thereof converted to Dollars in accordance
with Sections1.07, 2.18(e) and 2.18(m).

 

“Dollars”
or “$” shall mean lawful money of the United States.

 

“EEA
Financial Institution” shall mean (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” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” shall mean 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.

 

“Effective
Yield” shall mean, as to any tranche of term loans (including the Term Loans), the effective yield on such tranche of
term loans, as reasonably determined by the Administrative Agent, taking into account the applicable interest rate margins, interest
rate benchmark floors and all fees, including recurring, up-front or similar fees or original issue discount (amortized over four
years following the date of incurrence thereof; provided, that if the stated maturity date of a new tranche of term loans
is less than four years from the date of determination, then the “Effective Yield” for such tranche of term loans shall
be determined using an assumed amortization period equal to the actual remaining life to maturity of such tranche) payable generally
to the lenders making such tranche of term loans, but excluding any arrangement, structuring or other fees payable in connection
therewith that are not generally shared with the lenders thereunder.

 

“Eligible
Assignee” shall mean any person that meets the requirements to be an assignee under Section 11.04(b) (subject
to such consents, if any, as may be required under Section 11.04(b)) but, in any event, excluding Disqualified Institutions.

 

“Embargoed
Person” shall have the meaning assigned to such term in Section 6.19.

 

“Employee Benefit
Plan” shall mean any “employee benefit plan” as defined in Section 3(3) of ERISA which is, or at any
time during which the applicable statute of limitations remains open was, maintained or contributed to by any Company or any
of its ERISA Affiliates, other than a Multiemployer Plan. For the avoidance of doubt, the definition of “Employee
Benefit Plan” does not include Non-U.S. Plans.

 

“EMU
Legislation” shall mean the legislative measures of the European Council for the introduction of, changeover to or operation
of a single or unified European currency.

 

    	 	20	 

     

    

  

“Engagement
Letter” shall mean the Engagement Letter, dated May 30, 2017 (as amended, modified or supplemented prior to the Closing
Date (including pursuant to any joinder of “Additional Agents” thereunder)), among the Administrative Borrower, the
Arrangers and the Bookrunners.

 

“Environment”
shall mean air, land, soil, surface waters, ground waters, stream and river sediments.

 

“Environmental
Claim” shall mean any claim, notice, demand, Order, action, suit or proceeding alleging or asserting liability or obligations
under Environmental Law, including liability or obligation for investigation, assessment, remediation, removal, cleanup, response,
corrective action, monitoring, post-remedial or post-closure studies, investigations, operations and maintenance, injury, damage,
destruction or loss to natural resources, personal injury, wrongful death, property damage, fines, penalties or other costs resulting
from, related to or arising out of (i) the presence, Release or threatened Release of Hazardous Material in, on, into or from the
Environment at any location or from any Vessel or Chartered Vessel or (ii) any violation of or non-compliance with Environmental
Law.

 

“Environmental
Law” shall mean any and all applicable current and future Legal Requirements relating to the Environment, the Release
or threatened Release of Hazardous Material, exposure to Hazardous Materials, natural resource damages, or occupational safety
or health.

 

“Environmental
Permit” shall mean any permit, license, approval, consent, registration, notification, exemption or other authorization
required by or from a Governmental Authority under any Environmental Law.

 

“Equity
Interest” shall mean, with respect to any person, any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity
of such person, including, if such person is a partnership, partnership interests (whether general or limited), or if such person
is a limited liability company, membership interests, and 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 property of, such partnership, whether outstanding on the
date hereof or issued on or after the Closing Date, but excluding debt securities convertible or exchangeable into such equity.

 

“Equity
Issuance” shall mean, without duplication, (i) any issuance or sale by Holdings after the Closing Date of any Equity
Interests in Holdings (including any Equity Interests issued upon exercise of any warrant or option or equity-based derivative)
or any warrants or options or equity-based derivatives to purchase Equity Interests in Holdings or (ii) any contribution to the
capital of Holdings; provided, however, that an Equity Issuance shall not include any issuance of Disqualified Capital
Stock or Debt Issuance.

 

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

 

“ERISA
Affiliate” shall mean, 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.

 

    	 	21	 

     

    

  

“ERISA
Event” shall mean: (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 any Company or any of its 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 any Company or any of its 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 any Company or any of its 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 any Company or any of its
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 any Company or any of its ERISA
Affiliates, or the receipt by any Company or any of its 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 any Company or any of its ERISA Affiliates.

 

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

 

“Euro”
shall mean the single currency of the participating member states as described in any EMU Legislation.

 

“Eurodollar Borrowing”
shall mean a Eurodollar Revolving Borrowing or a Eurodollar

Term Borrowing.

 

“Eurodollar Loan”
shall mean any Eurodollar Revolving Loan or Eurodollar Term Loan.

 

“Eurodollar Revolving
Borrowing” shall mean a Borrowing comprised of Eurodollar

Revolving Loans.

 

“Eurodollar
Revolving Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR
Rate in accordance with the provisions of Article II.

 

“Eurodollar Term
Borrowing” shall mean a Borrowing comprised of Eurodollar Term Loans.

 

“Eurodollar
Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in
accordance with the provisions of Article II.

 

    	 	22	 

     

    

 

“Event of Default”
shall have the meaning assigned to such term in Section 8.01.

 

“Excess Cash Flow”
shall mean, for any Excess Cash Flow Period, the difference (if positive) of:

 

(a)           the
sum, without duplication, of:

 

(i)          Consolidated
EBITDA for such Excess Cash Flow Period;

 

(ii)
       cash items of income (including cash gains) during such Excess Cash Flow Period not included in calculating Consolidated EBITDA
(other than cash items of income (including cash gains) to the extent arising from any Asset Sale permitted hereunder or any Casualty
Event, in each case, so long as the Net Cash Proceeds received therefrom are applied and/or reinvested pursuant to Section 2.10(b)(vi)
or are applied to consummate the SPV VLCC Transactions);

 

(iii)
     the decrease, if any, in the Net Working Capital from the beginning to the end of such Excess Cash Flow Period;

 

(iv)
     the amount of any refund received in cash during such Excess Cash Flow Period on account of cash taxes (including penalties and
interest) paid in any prior Excess Cash Flow Period to the extent deducted from Excess Cash Flow in any prior Excess Cash Flow
Period pursuant to clause (b)(i) below and, without duplication, the reversal, during such Excess Cash Flow Period, of any reserve
established pursuant to clause (b)(i) below; and

 

(v)
       the amount of any FSO JV Debt Dividend received during such Excess Cash Flow Period;
minus, but excluding the amount of the Second Amendment FSO JV Debt
Dividend; and

 

(vi)
       the amount of any SPV VLCC Pre-Designation Sale Proceeds Dividend; minus

 

(b)          the
sum, without duplication, of:

 

(i)
        the amount of any cash Consolidated Tax Expense paid or payable by the Administrative Borrower and its Restricted Subsidiaries
with respect to such Excess Cash Flow Period and for which, to the extent required under GAAP, reserves have been established;

 

(ii)         the
amount of any Permitted Tax Distributions paid in cash during such Excess Cash Flow Period;

 

(iii)        the
amount of Debt Service for such Excess Cash Flow Period;

 

(iv)       amounts actually paid and applied to the permanent repayments and prepayments of principal of Indebtedness (other than Loans or
in connection with the Refinancing) made by the Administrative Borrower and its Restricted Subsidiaries during such Excess Cash
Flow Period but only to the extent that (A) (i) such repayments and prepayments by their terms cannot be reborrowed or redrawn,
and (ii) such repayments and prepayments do not occur in connection with a refinancing of all or a portion of such Indebtedness,
and (B) the amounts used to make such payments are funded from Internally Generated Funds (other than on reliance on the use of
the Available Amount (other than clause (a) of the definition thereof));

 

    	 	23	 

     

    

 

 

(v)        the
sum of (i) Capital Expenditures made in cash during such Excess Cash Flow Period, to the extent funded from Internally Generated
Funds, and (ii) cash consideration paid during such Excess Cash Flow Period to make Permitted Acquisitions to the extent funded
from Internally Generated Funds (other than on reliance on the use of the Available Amount (other than clause (a) of the definition
thereof));

 

(vi)       the
increase, if any, in the Net Working Capital from the beginning to the end of such Excess Cash Flow Period;

 

(vii)      cash
items of expense (including cash losses) during such Excess Cash Flow Period not deducted in calculating Consolidated EBITDA;
and

 

(viii)     the
aggregate amount of Investments made pursuant to Sections 6.04(m) and (n) (other than to the extent made in a
Restricted Subsidiary of the Administrative Borrower) and the aggregate amount of Dividends paid pursuant to SectionSections 6.08(h) and
(i), in each case, to the extent made or paid during the respective Excess Cash Flow
Period with Internally Generated Funds.

 

“Excess
Cash Flow Period” shall mean (i) the period commencing on (and including) April 1, 2017 through and including December
31, 2017 and (ii) each fiscal year of the Administrative Borrower thereafter.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Exchange
Rate” shall mean and refer to the rate determined by the applicable Issuing Bank to be the rate quoted by the
person acting in such capacity as the spot rate for the purchase by such person of such currency with Dollars through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of
which the foreign exchange computation is made; provided that such Issuing Bank may obtain such spot rate from another
financial institution designated by such Issuing Bank if the person acting in such capacity so elects; and provided
further that such Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is
made in the case of any Letter of Credit denominated in an Alternative Currency.

 

“Exchange
Rate Reset Date” shall have the meaning assigned to such term in Section 2.18(m).

 

“Excluded
Account” shall mean any Deposit Account or Securities Account (a) (i) to secure corporate credit card obligations of
the Administrative Borrower or any of its Restricted Subsidiaries or (ii) to secure operating lease obligations of the Administrative
Borrower or any of its Restricted Subsidiaries, in each case, in the ordinary course of business and solely to the extent that
(x) the granting of a security interest in any such Deposit Account or Securities Account is prohibited by, or constitutes a violation
or breach of, a restriction pursuant to the applicable contract governing the respective credit card or lease obligations and (y)
the only proceeds held in such Deposit Account or Securities Account are used for the purposes set forth in preceding clause (i)
or (ii), as applicable, or (b) that is identified as such on Schedule 3.27 as being maintained, and for so long as it remains
maintained, by any Borrower or Subsidiary Guarantor in the ordinary course of business as agent or administrator exclusively for
any pool arrangement with third parties so long as the proceeds held in (or credited to) such Deposit Accounts or Securities Accounts
are distributed promptly pursuant to the rules of the relevant pool arrangement to such Borrower, Subsidiary Guarantor and third
parties.

 

    	 	24	 

     

    

 

“Excluded
Collateral” shall mean: (i) any contract, instrument, license or other agreement to which any Loan Party is a
party, any of its rights or interests thereunder, or any assets subject thereto, the granting of a security interest in which
is prohibited by, or constitutes a violation or breach of a restriction pursuant to applicable Legal Requirements or the
respective contract, instrument, license or other agreement (including any requirement to obtain the consent of any
Governmental Authority or third party (other than Holdings or any of its Subsidiaries or Controlled Affiliates)), in each
case, only for so long as the grant of such security interest shall constitute or result in (x) the abandonment, invalidation
or unenforceability of any right, title or interest of any Loan Party therein or (y) a breach or termination pursuant to the
terms of, or a default under, any such contract, instrument, license, property rights or other agreement (other than to the
extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any
relevant or any other applicable Legal Requirement (including the Bankruptcy Code) or principles of equity); provided, however,
that such security interest shall attach immediately and automatically at such time as the condition causing such
abandonment, invalidation or unenforceability shall be remedied or any such consent has been obtained; and provided, further,
that, to the extent severable, shall attach immediately to any portion of such contract, instrument, license or other
agreement or any rights or interests thereunder or any assets subject thereto that does not result in any of the consequences
specified in preceding clause (x) or (y) including any proceeds and receivables of any such contract, instrument, license or
other agreement or any rights or interests thereunder or any assets subject thereto; (ii) any Margin Stock; (iii) any Equity
Interests in, and assets of, any Joint Ventures or non-Wholly Owned Subsidiaries to the extent the pledge thereof would (A)
violate or breach the terms of, or require the consent of any third party (other than Holdings or any of its Subsidiaries or
Controlled Affiliates) pursuant to, any shareholder, joint venture or similar arrangements relating to such Joint Venture or
non-Wholly Owned Subsidiary, except to the extent that any such consent has been obtained, or (B) result (including following
any exercise of remedies) in a change in control, repurchase obligation or other materially adverse consequence to any of the
Loan Parties; (iv) any property subject to a Lien securing Purchase Money Obligations permitted hereunder to the extent that
a grant of a security interest therein would violate the terms of such Indebtedness, other than proceeds and
receivables thereof; (v) any United States “intent to use” trademark applications filed pursuant to Section 1(b)
of the Lanham Act, 15 U.S.C. Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a
“Certificate of Registration” pursuant to Section 1(d) of the Lanham Act or an accepted filing of an
“Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a “use in
commerce” application pursuant to Section 1(c) of the Lanham Act and any other Intellectual Property in any
jurisdiction where the grant of a Lien thereon would cause the invalidation or abandonment of such Intellectual Property
under applicable law; (vi) assets to the extent a security interest in such assets would result in a material adverse tax
consequence to the Administrative Borrower, as reasonably determined by the Administrative Borrower in consultation with the
Administrative Agent; (vii) assets as to which the costs of obtaining and/or perfecting such security interest are excessive
in relation to the practical benefit of the security to be afforded thereby (as reasonably determined by the Administrative
Borrower and the Administrative Agent); (viii) assets owned by a Subsidiary Guarantor after release of the Subsidiary
Guarantor from its Guarantee pursuant to the Loan Documents; (ix) any Equity Interests of an SPV Buyer and any property of an
SPV Buyer or Vessel Holding Person, in each case, to the extent that (and only for so long as) such Equity Interests or
property have been pledged as collateral pursuant to Section 6.02(y); (x) any leasehold interests in Real Property;
(xi) any Excluded Accounts; (xii) motor vehicles, aircraft and other assets subject to certificates of title (other than
Vessels) to the extent that a Lien on such assets cannot be perfected solely by the filing of a financing statement;
(xiii) commercial tort claims with respect to claimed damages of less than $2,500,000; (xiv) letter of credit rights (other
than to the extent consisting of supporting obligations that can be perfected solely by the filing of a financing statement);
(xv) any Equity Interests in any Unrestricted Subsidiary other than the SPV VLCC
Parent; and (xvi) Pool Financing Receivables and any proceeds thereof that are the
subject of a Lien incurred under a Pool Financing (for so long as such Lien remains in effect); provided, however,
it is understood and agreed that (x) to the extent any consent of a third party (that is not Holdings or any of its
Subsidiaries or Controlled Affiliates) is required by the terms of any charter to a third party with respect to any Vessel
that will comprise Collateral in order for a Loan Party to grant a Collateral Vessel Mortgage on such Vessel, such Loan Party
shall use its commercially reasonable efforts to promptly obtain such consent in coordination with the Administrative
Agent and, (y)
to the extent that any asset or property (including a Vessel) that is owned by a Loan Party ceases to be Excluded Collateral
because none of the applicable exclusions set forth above continue to apply to such asset or property, such asset or property
shall thereafter constitute Collateral and the applicable Loan Party shall take all such actions as may be required by the
Loan Documents to grant a perfected security interest therein to the Collateral Agent for the benefit of the Secured
Parties and (z) the Equity Interests in the SPV VLCC Parent shall not
constitute Excluded Collateral pursuant to clause (i) as a result of any restriction contained in the Sinosure Facility Agreement.

 

    	 	25	 

     

    

 

“Excluded
Subsidiary” shall mean (a) any Immaterial Subsidiary, (b) any Subsidiary that is not a Wholly Owned Subsidiary, (c) any
Subsidiary that is prohibited by any applicable Legal Requirement of any Governmental Authority or by any contractual obligation
existing on the Closing Date (or, if later, the date it became a Restricted Subsidiary so long as such contractual obligation was
existing prior to becoming a Restricted Subsidiary and was not entered into in contemplation thereof and only applies to such Restricted
Subsidiary) from guaranteeing the Obligations or which would require governmental (including regulatory) consent, approval, license
or authorization to provide a Guarantee unless such consent, approval, license or authorization has been received, (d) any SPV
Buyer that has incurred Indebtedness pursuant to Section 6.01(q) and its Vessel Holding Persons (if any), but only so long
as such Indebtedness remains outstanding and (e) any Unrestricted Subsidiary; provided, that (i) any Subsidiary of Holdings
that provides a guarantee or is otherwise an obligor in respect of the obligations under the Additional Permitted Unsecured Debt
Documents shall be required to be a Subsidiary Guarantor hereunder and (ii) in no event shall any Borrower constitute an Excluded
Subsidiary.

 

“Excluded
Swap Obligation” shall mean, with respect to any Guarantor, any Swap Obligation incurred after the Closing Date 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 would otherwise have become effective with respect to such Swap Obligation but for such Guarantor’s failure to constitute
an “eligible contract participant” at such time. 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 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 the applicable Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and
the regulations thereunder.

 

    	 	26	 

     

    

 

“Excluded
Taxes” shall mean, with respect to a Recipient of any payment to be made by or on account of any obligation of any Borrower
hereunder, (a) income or franchise taxes and backup withholding taxes imposed on (or measured by) its net income (i) by the jurisdiction
under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender,
in which its applicable lending office is located or (ii) that are Other Connection Taxes, including (for the avoidance of doubt)
U.S. federal income tax imposed on the net income of a Foreign Lender as a result of such Foreign Lender engaging in a trade or
business in the United States; (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrowers
under Section 2.16), any U.S. Federal withholding tax that is imposed on amounts payable to such Foreign Lender at the time
such Foreign Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign
Lender (or its assignor) was entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts with respect to such withholding tax pursuant to Section 2.15 (it being understood and agreed, for the avoidance
of doubt, that any withholding tax imposed on a Foreign Lender as a result of a Change in Law or regulation or interpretation thereof
occurring after the time such Foreign Lender became a party to this Agreement shall not be an Excluded Tax under this clause (b));
(c) taxes imposed as a result of a Foreign Lender’s failure to comply with Section 2.15(f); (d) branch profits taxes
imposed by any jurisdiction described in clause (a) above; (e) any U.S. federal withholding taxes imposed under FATCA; and (f)
any U.S. federal withholding taxes imposed as a result of such Foreign Lender’s failure to comply with Section 2.15(g).

 

“Excluded
Vessel” shall mean any Vessel owned by a Loan Party that constitutes Excluded Collateral. The Excluded Vessels as of
the Closing Date are identified as such on Schedule 1.01(a), which Schedule also sets forth the basis for each such Vessel
being an Excluded Vessel.

 

“Executive Order”
shall have the meaning assigned to such term in Section 3.22(a).

 

“Existing Lien”
shall have the meaning assigned to such term in Section 6.02(c).

 

“Existing Credit Agreement”
shall mean that certain Credit Agreement, dated as of August 5, 2014 (as amended, supplemented or otherwise modified prior to the
Closing Date), by and among Holdings, the Borrowers, Jefferies Finance LLC, as administrative agent and the other parties party
thereto.

 

“Extended Revolving Commitments”
shall have the meaning assigned to such term in Section 2.20(a).

 

“Extended Revolving Loans”
shall have the meaning assigned to such term in Section 2.20(a).

 

“Extended Term Loans”
shall have the meaning assigned to such term in Section 2.20(a).

 

“Extending Lender”
shall have the meaning assigned to such term in Section 2.20(a).

 

“Extending Revolving Lender”
shall have the meaning assigned to such term in Section 2.20(a).

 

“Extending Term Lender”
shall have the meaning assigned to such term in Section 2.20(a).

 

“Extension” shall
have the meaning assigned to such term in Section 2.20(a).

 

    	 	27	 

     

    

 

“Extension Amendment”
shall have the meaning assigned to such term in Section 2.20(d).

 

“Extension
Election” shall have the meaning assigned to such term in Section 2.20(c).

 

“Extension
Request” shall have the meaning assigned to such term in Section 2.20(a).

 

“Fair
Market Value” shall mean, with respect to any asset (including any Equity Interests of any person), the price at
which a willing buyer, not an Affiliate of the seller, and a willing seller who does not have to sell, would agree to
purchase and sell such asset, as determined (x) in good faith by the Board of Directors or, pursuant to a specific delegation
of authority by such Board of Directors or a designated senior executive officer, of the Administrative Borrower, or the
Subsidiary of the Administrative Borrower selling such asset or (y) in the case of Collateral Vessels and, the
FSO JV Equity Interests and the SPV VLCC Parent Equity
Interests for purposes of calculating the Loan to Value Test, by the most recent applicable appraisal that has been delivered
to the Administrative Agent pursuant to the terms hereof (subject, in the case of the FSO JV Equity Interests and
the SPV VLCC Parent Equity Interests, to any adjustments pursuant to clause
(I)(b) or (II)(b) below,
as applicable); provided, however, in the case of (I) the
FSO JV Equity Interests, (a) prior to the earlier to occur of (i) the first appraisal delivered to the Administrative Agent
pursuant to the terms hereof and (ii) the date on which the Compliance Certificate is delivered to the Administrative Agent
pursuant to Section 5.01(f)(ii)(x) for the fiscal year ending December 31, 2017 (and subject to any adjustments
pursuant to clause (b) below), the Fair Market Value of the FSO JV Equity Interests shall be deemed to be $250,000,000 and
(b) upon the occurrence or consummation of any condition, event or transaction (or one or more related conditions, events or
transactions) (such as, but not limited to, any sale or other disposition by any FSO JV of any asset, any casualty or
condemnation event affecting any asset of any FSO JV, any incurrence of any Indebtedness by any FSO JV or the incurrence by,
or imposition of any liability on, any FSO JV) that could, in the good faith judgment of the Administrative Borrower (in
consultation with the Administrative Agent), impact the Fair Market Value of the FSO JV Equity Interests by 10% or more, the
Administrative Borrower shall, promptly after the occurrence or consummation of such condition, event or transaction (or
series of related conditions, events or transactions), provide the Administrative Agent with an updated valuation of the Fair
Market Value of the FSO JV Equity Interests (in form and detail reasonably satisfactory to the Administrative Agent) and at
such time, the Fair Market Value of the FSO JV Equity Interests shall be automatically adjusted to reflect such updated
valuation until such time as a new appraisal is delivered to the Administrative Agent in accordance with the terms
hereof. and (II) the SPV VLCC Parent Equity
Interests, (a) prior to the earlier to occur of (i) the first appraisal delivered to the Administrative Agent pursuant to the
terms hereof and (ii) the date on which the Compliance Certificate is delivered to the Administrative Agent for the fiscal
year ending December 31, 2018 (and subject to any adjustments pursuant to clause (b) below), the Fair Market Value of the SPV
VLCC Parent Equity Interests shall be deemed to be $172,000,000 and (b) upon the occurrence or consummation of any condition,
event or transaction (or one or more related conditions, events or transactions) (such as, but not limited to, any sale or
other disposition of any SPV VLCC Vessel or SPV VLCC Vessel Owner, any casualty or condemnation event affecting any asset of
any SPV VLCC Vessel Owner, any incurrence of any Indebtedness by SPV VLCC Parent or any of its Subsidiaries or the incurrence
by, or imposition of any liability on, SPV VLCC Parent or any of its Subsidiaries) that could, in the good faith judgment of
the Administrative Borrower (in consultation with the Administrative Agent), impact the Fair Market Value of the SPV VLCC
Parent Equity Interests by 10% or more, the Administrative Borrower shall, promptly after the occurrence or consummation of
such condition, event or transaction (or series of related conditions, events or transactions), provide the Administrative
Agent with an updated valuation of the Fair Market Value of the SPV VLCC Parent Equity Interests (in form and detail
reasonably satisfactory to the Administrative Agent) and at such time, the Fair
Market Value of the SPV VLCC Parent Equity Interests shall be automatically adjusted to reflect such updated valuation until
such time as a new appraisal is delivered to the Administrative Agent in accordance with the terms
hereof.

 

    	 	28	 

     

    

  

“FATCA”
shall mean 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) and any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (and related
legislation or official administrative guidance) implementing the foregoing.

 

“FCPA” shall have
the meaning assigned to such term in Section 3.22(d).

 

“Federal
Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System of the United States arranged by federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day,
the average (rounded upwards, if necessary to the next 1/100th of 1.00%) of the quotations for the day for such transactions received
by the Administrative Agent from three federal funds brokers of recognized standing selected by it.

 

“Fees”
shall mean the Commitment Fees, the Administrative Agent Fees, the LC Participation Fees, the Fronting Fees and the other fees
referred to in Section 2.05.

 

“Financial
Officer” of any person shall mean any of the chief financial officer, principal accounting officer, treasurer or assistant
treasurer of such person.

 

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

 

“FIRREA”
shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

 

“First
Amendment” shall mean that certain First Amendment to Credit Agreement, dated as of the First Amendment Effective Date,
among the Borrowers, Holdings, the other Guarantors, the Administrative Agent and the Lenders party thereto.

 

“First Amendment Effective
Date” shall mean July 24, 2017.

 

“First
Priority” shall mean, with respect to any Lien purported to be created in any Collateral pursuant to any Security Document,
that such Lien is (a) the most senior Lien to which such Collateral is subject (subject only to non-consensual Permitted Liens
that arise under any Legal Requirement), or (b) a Collateral Vessel Mortgage duly recorded or registered in accordance with the
laws of the applicable Acceptable Flag Jurisdiction in which such Collateral Vessel is registered covering a Collateral Vessel
(subject only to Permitted Collateral Vessel Liens which may, under applicable law, be entitled to priority over such Collateral
Vessel Mortgage).

 

“Flood
Laws” shall mean, collectively, (a) the National Flood Insurance Act of 1968, (b) the Flood Disaster Protection Act of
1973, (c) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of 1968
and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (d) the Flood Insurance
Reform Act of 2004 as now or hereafter in effect or any successor statue thereto and (e) the Biggert-Waters Flood Insurance Reform
Act of 2012, each as now or hereafter in effect or any successor statute thereto and any and all official rulings and interpretation
thereunder or thereof.

 

    	 	29	 

     

    

 

“Foreign
Lender” shall mean any Lender that is not a “United States person” within the meaning of Section 7701(a)(30)
of the Code.

 

“Foreign Restricted Subsidiary”
shall mean any Foreign Subsidiary that is a Restricted Subsidiary.

 

“Foreign
Subsidiary” shall mean a Subsidiary that is organized under the laws of a jurisdiction other than the United States,
any state thereof or the District of Columbia.

 

“Fronting Fee”
shall have the meaning assigned to such term in Section 2.05(c).

 

“FSO
JV” shall mean each of TI Africa Limited and TI Asia Limited, in each case, a limited corporation formed under the laws
of Hong Kong.

 

“FSO JV Debt Dividend”
shall have the meaning assigned to such term in Section 6.02.

 

“FSO
JV Equity Interests” shall mean the Equity Interests of an FSO JV to the extent owned by an FSO Parent, (a) the Fair
Market Value of which Equity Interests owned by an FSO Parent have been appraised through an appraisal in form, scope and methodology,
and by an independent third party appraiser, in either case, reasonably satisfactory to the Administrative Agent not less than
once during each fiscal year of the Administrative Borrower (or more frequently as may be requested by the Administrative Agent
at any time an Event of Default has occurred and is continuing) (but otherwise subject to the proviso to the definition of “Fair
Market Value” contained herein) and (b) either (i) such Equity Interests have been pledged by the applicable FSO Parent as
Collateral to secure the Secured Obligations under the Loan Documents or (ii) the Equity Interests of such FSO JV’s FSO Parent
have been pledged by its direct parent company as Collateral to secure the Secured Obligations under the Loan Documents and such
FSO Parent has no Indebtedness other than Indebtedness permitted pursuant to the last paragraph of Section6.01. Each such
appraisal shall be addressed to the Administrative Agent and upon which the Administrative Agent, the Collateral Agent and the
Lenders are expressly permitted to rely and shall have been delivered to the Administrative Agent.

 

“FSO
JV Net Debt Proceeds” shall mean the cash proceeds received by an FSO JV from the incurrence of Indebtedness by it after
the Closing Date, net of (i) the repayment of any Indebtedness of such FSO JV with the cash proceeds therefrom and (ii) reasonable
and customary fees, commissions, costs and expenses incurred in connection therewith.

 

“FSO
Parent” shall mean a direct or indirect Wholly Owned Subsidiary of the Administrative Borrower that is a Subsidiary Guarantor
and directly owns FSO JV Equity Interests (it being understood that, on the Closing Date, the FSO Parent is Africa Tanker Corporation,
a Marshall Islands corporation and a direct Wholly Owned Subsidiary of the Administrative Borrower that is a Subsidiary Guarantor).

 

“Funding
Default” shall have the meaning assigned to such term in Section 2.16(c).

 

“GAAP” shall mean
generally accepted accounting principles in the United States applied on a consistent basis.

 

    	 	30	 

     

    

 

“Governmental
Approval” shall mean any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation,
registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” shall mean 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).

 

“Granting Lender”
shall have the meaning assigned to such term in Section 11.04(h).

 

“Guaranteed Obligations”
shall have the meaning assigned to such term in Section 7.01.

 

“Guarantees”
shall mean the guarantees issued pursuant to Article VII by each of the Guarantors.

 

“Guarantors”
shall mean (i) Holdings, (ii) each Subsidiary Guarantor and (iii) each Borrower in its capacity as a guarantor of the Bank
Product Obligations of another Restricted Party.

 

“Hazardous
Materials” shall mean hazardous substances, hazardous wastes, hazardous materials, or any other pollutants, contaminants,
chemicals, wastes, materials, compounds, constituents or substances, defined under, subject to regulation under, or which can give
rise to liability or obligations under, any Environmental Laws, including polychlorinated biphenyls (“PCBs”)
or any substance or compound containing PCBs, asbestos or any asbestos-containing materials in any form or condition, lead- based
paint, urea formaldehyde, pesticides, radon or any other radioactive materials including any source, special nuclear or by-product
material, petroleum, petroleum products, petroleum-derived substances, crude oil or any fraction thereof, or any mold, microbial
or fungal contamination that could pose a risk to human health or the Environment.

 

“Hedging
Agreement” shall mean (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.

 

    	 	31	 

     

    

 

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

 

“Hedging
Termination Value” shall mean, 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).

 

“Holdings” shall
have the meaning assigned to such term in the preamble hereto.

 

“Holdings
Pledge Agreement” shall mean a Pledge Agreement substantially in the form of Exhibit J-2 between Holdings
and the Collateral Agent for the benefit of the Secured Parties.

 

“Holdings
Specified Expenses” shall mean any charge, tax or expense incurred or accrued by Holdings during any period to the extent
that the Administrative Borrower or any of its Restricted Subsidiaries has paid a Dividend (or has made an Investment in lieu thereof
pursuant to Section 6.04(q)) to Holdings in respect thereof pursuant to Sections 6.08(c), (d) and (e).

 

“Immaterial
Subsidiary” shall mean, as of any date of determination, any Wholly Owned Restricted Subsidiary of the Administrative
Borrower (i) whose total assets (on a consolidated basis including its Restricted Subsidiaries, but excluding the value attributable
to any Unrestricted Subsidiary) as of the last day of the most recently ended Test Period for which financial statements have been
delivered pursuant to Section 5.01(a) or (b) did not exceed 2.00% of Consolidated Total Assets as of such date or
(ii) whose gross revenues (on a consolidated basis including its Restricted Subsidiaries, but excluding the revenues of any Unrestricted
Subsidiary) for such Test Period did not exceed 2.00% of the consolidated gross revenues of the Administrative Borrower and its
Restricted Subsidiaries for such period, but excluding the revenues of any Unrestricted Subsidiary; provided, however,
(x) a Wholly Owned Restricted Subsidiary of the Administrative Borrower that no longer meets the foregoing requirements of this
definition or is otherwise required to become a Loan Party pursuant to Section 5.10 shall no longer constitute an Immaterial
Subsidiary for purposes of this Agreement and (y) notwithstanding the foregoing, (A) the Administrative Borrower may elect to cause
an Immaterial Subsidiary to become a Loan Party pursuant to Section5.10, in which case such Immaterial Subsidiary shall,
upon satisfaction of the provisions of such Section, no longer constitute an Immaterial Subsidiary, and (B) in no event shall the
Co-Borrower be an Immaterial Subsidiary. Notwithstanding the foregoing, (i) the total assets (as determined above) of all Immaterial
Subsidiaries shall not exceed 5.00% of the Consolidated Total Assets, (ii) the gross revenues (as determined above) of all Immaterial
Subsidiaries shall not exceed 5.00% of the consolidated gross revenues of the Administrative Borrower and its Restricted Subsidiaries
(as determined above) and (iii) any Restricted Subsidiary of the Administrative Borrower that guarantees or is an obligor of the
Indebtedness incurred under this Agreement and the other Loan Documents or Indebtedness under the Additional Permitted Unsecured
Debt Documents shall not be deemed an Immaterial Subsidiary. For the avoidance of doubt, an Immaterial Subsidiary shall include
any Wholly Owned Restricted Subsidiary that is a Parent Restricted Subsidiary and that would meet the qualifications set forth
above.

 

    	 	32	 

     

    

 

“Increasing Lenders”
shall have the meaning assigned to such term in Section 2.21(b).

 

“Incremental Joinder Agreement”
shall have the meaning assigned to such term in Section 2.21(d).

 

“Incremental Loan Amendment”
shall have the meaning assigned to such term in Section 2.21(d).

 

“Incremental Revolving Loans”
shall have the meaning assigned to such term in Section 2.21(a).

 

“Incremental
Revolving Commitments” shall have the meaning assigned to such term in Section 2.21(a).

 

“Incremental Term Loans”
shall have the meaning assigned to such term in Section 2.21(a).

 

“Indebtedness”
of any person shall mean, 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 Administrative Borrower nor any Restricted
Subsidiary thereof has any obligation with respect thereto and the holder of such Indebtedness has no recourse to the Administrative
Borrower or any Restricted Subsidiary thereof with respect thereto, and (v) those intercompany payment obligations as and to the
extent described in Schedule 6.09(e). 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.

 

    	 	33	 

     

    

 

“Indemnified
Taxes” shall mean (a) all Taxes other than Excluded Taxes and (b) to the extent not covered in preceding clause (a),
Other Taxes.

 

“Indemnitee” shall
have the meaning assigned to such term in Section 11.03(b).

 

“Information” shall
have the meaning assigned to such term in Section 11.12.

 

“Initial Term Loans”
shall mean the term loans made on the Closing Date pursuant to Section 2.01(a).

 

“Insolvency
Laws” shall mean the Bankruptcy Code, and all other insolvency, bankruptcy, receivership, liquidation, conservatorship,
assignment for the benefit of creditors, moratorium, rearrangement, reorganization, or similar Legal Requirements of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“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 Code.

 

“Insurance
Deliverables Requirement” shall mean, in relation to each Collateral Vessel, with respect to (i) marine, hull and machinery
insurance and increased value insurance, (ii) marine protection and indemnity insurance (including (x) insurance for liability
arising out of pollution and spillage or leakage of cargo and (y) cargo liability insurance), (iii) war risks insurance and increased
value insurance, (iv) such other marine insurance that has been reasonably requested by the Administrative Agent with the written
consent of the Administrative Borrower (not to be unreasonably withheld or delayed), in each case that is required to be maintained
in accordance with the terms of this Agreement, the Administrative Borrower shall have delivered to, or cause to be delivered,
a letter of undertaking from a marine insurance broker attaching cover notes and certificates of entry evidencing such insurance,
together with notices of assignment and loss payee clauses, and letters of undertaking issued by the protection and indemnity association,
each of which shall be reasonably satisfactory to the Administrative Agent.

 

“INSW
FSO JV Percentage” shall mean, with respect to any FSO JV at any time, a fraction (expressed as a percentage) the numerator
of which is the FSO JV Equity Interests issued by such FSO JV to the applicable FSO Parent at such time and the denominator of
which is the total amount of FSO JV Equity Interests issued by such FSO JV to all of its equity holders at such time.

 

“Intellectual Property”
shall have the meaning assigned to such term in the Security Agreement.

 

“Intercompany
Note” shall mean a promissory note (which may be a global intercompany note) in form and substance reasonably satisfactory
to the Administrative Agent.

 

    	 	34	 

     

    

 

“Intercompany
Subordination Agreement” shall mean an intercompany subordination agreement substantially in the form of Exhibit D.

 

“Interest
Election Request” shall mean a request by the Administrative Borrower to convert or continue a Revolving Borrowing or
a Term Borrowing in accordance with Section2.08(b), substantially in the form of ExhibitE or such other form as the
Administrative Agent and the Administrative Borrower may agree to from time to time.

 

“Interest
Payment Date” shall mean (a) with respect to any ABR Loan (including all Swingline Loans), the last Business Day of each
March, June, September and December to occur during any period in which such ABR Loan is outstanding, (b) with respect to any Eurodollar
Loan, the last day of the Interest Period applicable to the Borrowing of which such Eurodollar Loan is a part and, in the case
of a Eurodollar Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such
Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, (c) with
respect to any Term Loan, the applicable Maturity Date for such Term Loan, and (d) with respect to any Revolving Loan or Swingline
Loan, the Revolving Maturity Date (or such earlier date on which the Revolving Commitments are terminated).

 

“Interest
Period” shall mean, with respect to any Eurodollar Borrowing, the period commencing on the date of such Eurodollar Borrowing
and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the
Administrative Borrower may elect; provided, that (a) 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, and (b) 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. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter
shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Internally
Generated Funds” shall mean funds not constituting the proceeds of any Indebtedness, Debt Issuance, Equity Issuance,
Asset Sale or Casualty Event (in each case, without regard to the exclusions from the definitions thereof, other than in the case
of an Asset Sale only, any disposition of assets permitted by Section 6.06(a) or (h)).

 

“Interpolated
Screen Rate” shall mean, with respect to the applicable Eurodollar Loan, the rate which results from interpolating on
a linear basis between:

 

(a)          the
applicable LIBOR Screen Rate for the longest period for which a LIBOR Screen Rate is available for such Eurodollar Loan, which
period is less than the Interest Period of such Eurodollar Loan; and

 

(b)          the
applicable LIBOR Screen Rate for the shortest period for which a LIBOR Screen Rate is available for such Eurodollar Loan, which
period exceeds the Interest Period of such Eurodollar Loan.

 

“Investments”
shall have the meaning assigned to such term in Section 6.04. 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
or any write- offs or write-downs thereof.

 

    	 	35	 

     

    

 

“ISM
Code” shall mean the International Safety Management Code for the Safe Operation of Ships and for Pollution
Prevention, adopted by the International Maritime Organization.

 

“ISP”
shall mean, with respect to any Letter of Credit, the ‘International Standby Practices 1998’ (or ‘ISP 98’)
published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect
at the time of issuance of such Letter of Credit).

 

“ISPS
Code” shall mean the International Code for the Security of Ships and Port Facilities adopted by the International
Maritime Organization.

 

“Issuing
Bank” shall mean, as the context may require, (a) each of (i) Skandinaviska Enskilda Banken AB (publ) and (ii) any other
Lender reasonably acceptable to the Administrative Agent and the Administrative Borrower that agrees to issue Letters of Credit
hereunder, with respect to Letters of Credit issued by it; (b) any other Lender that may become an Issuing Bank pursuant to Sections
2.18(j) and (k) with respect to Letters of Credit issued by such Lender; and/or (c) collectively, all of the foregoing,
as the context may require. In addition to the provisions of clause (a)(i) above, any Issuing Bank may, in its discretion, arrange
for one or more Letters of Credit to be issued by one or more Affiliates of such Issuing Bank (and such Affiliate shall be deemed
to be an “Issuing Bank” for all purposes of the Loan Documents).

 

“Joinder Agreement”
shall mean a joinder agreement substantially in the form of Exhibit N.

 

“Joint
Venture” shall mean any person other than a Subsidiary of the Administrative Borrower (i) in which Holdings, the Administrative
Borrower or any Restricted Subsidiary thereof 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 6.14(b).

 

“Judgment Currency”
shall have the meaning assigned to such term in Section 11.21(a).

 

“Judgment
Currency Conversion Date” shall have the meaning assigned to such term in Section 11.21(a).

 

“July
2017 Incremental Term Loan Commitments” shall mean the Term Commitments provided to the Borrowers on the First Amendment
Effective Date pursuant to the First Amendment.

 

“July
2017 Incremental Term Loans” shall mean the Incremental Term Loans made to the Borrowers on the First Amendment Effective
Date pursuant to the First Amendment.

 

“Latest
Maturity Date” shall mean, at any date of determination, the latest Maturity Date applicable to any Class of Loans
at such time under this Agreement.

 

“LC
Commitment” shall mean the aggregate commitments of the Issuing Banks to issue Letters of Credit pursuant to Section
2.18. The amount of the LC Commitment shall be $20,000,000 on the Closing Date, but in no event shall the LC Commitment exceed
the Total Revolving Commitments.

 

“LC
Disbursement” shall mean a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit.

 

    	 	36	 

     

    

 

“LC
Exposure” shall mean, at any time, the sum of (a) the aggregate amount available to be drawn under all outstanding Letters
of Credit at such time plus (b) the aggregate principal amount of all Reimbursement Obligations outstanding at such time. The LC
Exposure of any Lender at any time shall mean its Pro Rata Percentage of the aggregate LC Exposure at such time. For all purposes
of this Agreement and the other Loan Documents, if, on any date of determination, a Letter of Credit has expired by its terms but
any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP (or any other equivalent applicable
rule with respect to force majeure events), such Letter of Credit shall be deemed to be “outstanding” in the amount
so remaining available to be drawn thereunder.

 

“LC Participation Fee”
shall have the meaning assigned to such term in Section 2.05(c).

 

“LC
Request” shall mean a request by the Administrative Borrower in accordance with the terms of Section 2.18(b)
and substantially in the form of Exhibit F, or such other form as the applicable Issuing Bank and the Administrative
Borrower may agree to from time to time.

 

“LC
Sub-Account” shall mean a cash collateral account maintained with, and under the sole dominion and control of, the Collateral
Agent, which shall contain amounts deposited therein as cover for liabilities in respect of Letters of Credit as collateral security
to be applied in accordance with Section 2.18(i).

 

“LCT Election” shall
have the meaning assigned to such term in the definition of “Pro Forma Basis”.

 

“LCT Test Date”
shall have the meaning assigned to such term in the definition of “Pro Forma Basis”.

 

“Legal
Requirements” shall mean, 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.

 

“Lenders”
shall mean (a) the financial institutions and other persons party hereto as “Lenders” on the date hereof, and (b) each
financial institution or other person that becomes a party hereto pursuant to an Assignment and Acceptance, other than, in each
case, any such financial institution or person that has ceased to be a party hereto pursuant to an Assignment and Acceptance. Unless
the context clearly indicates otherwise, the term “Lenders” shall include each Issuing Bank and the Swingline Lender.

 

“Letter
of Credit” shall mean any letter of credit issued or to be issued by an Issuing Bank for the account of the
Borrowers pursuant to Section 2.18.

 

“Letter
of Credit Expiration Date” shall mean, subject to Section 2.18(c), the date which is five Business Days prior
to the Revolving Maturity Date.

 

    	 	37	 

     

    

 

“LIBOR
Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period therefor, (x) the rate per annum equal
to the rate determined by the Administrative Agent at approximately 11:00 a.m., London, England time, on the date that is two Business
Days prior to the commencement of such Interest Period to be the London interbank offered rate as administered by ICE Benchmark
Administration Limited (or any other person that takes over the administration of such rate) that appears on the Reuters Screen
LIBOR01 Page (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such
screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion, in each case, the “LIBOR Screen Rate”)
for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period
(or, if such LIBOR Screen Rate is not available for the Interest Period of that Eurodollar Loan, the LIBOR Rate shall be the rate
per annum determined by the Administrative Agent to be the Interpolated Screen Rate for such Eurodollar Loan) or, if different,
the date on which quotations would customarily be provided by leading banks in the London interbank market for deposits in Dollars
for delivery on the first day of such Interest Period, provided that if such rate is below zero, the LIBOR Rate will be
deemed to be zero, or (y) if the rates referenced in preceding clause (x) are not available, the rate per annum equal to the rate
at which the Administrative Agent is offered deposits in Dollars at approximately 11:00 a.m., London, England time, two Business
Days prior to the first day of such Interest Period in the London interbank market for delivery on the first day of such Interest
Period for the number of days comprised therein and in an amount comparable to its portion of the amount of such Eurodollar Borrowing
to be outstanding during such Interest Period. “Reuters Screen LIBOR01 Page” shall mean the display designated
on the Reuters 3000 Xtra Page (or such other page as may replace such page on such service for the purpose of displaying the rates
at which Dollar deposits are offered by leading banks in the London interbank deposit market).

 

“LIBOR
Screen Rate” shall have the meaning provided in the definition of “LIBOR Rate” contained herein.

 

“Lien”
shall mean, 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.

 

“Limited
Condition Acquisition” shall mean any Permitted Acquisition whose consummation is not conditioned on the availability
of, or on obtaining, third party financing.

 

“Loan”
or “Loans” shall mean, as the context may require, a Revolving Loan, a Swingline Loan or a Term Loan.

 

“Loan
Documents” shall mean this Agreement, the Notes, if any, the Security Documents, each Joinder Agreement, the Intercompany
Subordination Agreement, each Intercompany Note, each Incremental Joinder Agreement, any documents or certificates executed by
any Borrower in favor of an Issuing Bank relating to Letters of Credit, the Letters of Credit and all other documents, certificates,
instruments or agreements executed by or on behalf of a Loan Party for the benefit of any Agent, any Issuing Bank or any Lender
in connection herewith on or after the date hereof and, except for purposes of Section11.02(b), the Agent Fee Letter. 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.

 

    	 	38	 

     

    

 

“Loan Parties”
shall mean the Borrowers and the Guarantors.

 

“Loan
to Value Test” shall mean, at any time, that (a) the sum of (i) the then aggregate outstanding principal amount of all
Loans at such time plus (ii) the Dollar Amount of the aggregate LC Exposure at such time plus (iii) the then aggregate outstanding
principal amount of all Refinancing Notes at such time that are secured on a pari passu basis with the Loans plus (iv) the then
aggregate outstanding principal amount of all secured Indebtedness incurred pursuant to Sections 6.01(m) and (q)
minus (v) the aggregate amount of all unrestricted cash and Cash Equivalents of the Loan Parties (other than Holdings and other
than, for purposes of determining compliance with clause (v) of Section 2.21(a), cash proceeds of any Incremental Term Loans
or Incremental Revolving Loans) that are deposited in Controlled Accounts at such time shall be no greater than (b) 65% of the
sum of (i) the aggregate Fair Market Value of all Collateral Vessels at such time that are subject to a Collateral Vessel Mortgage
plus (ii) the aggregate Fair Market Value of the FSO JV Equity Interests and, prior to the
SPV VLCC Designations, the SPV VLCC Parent Equity Interests at such time (so long as,
in each case, the applicable requirements of the definition thereof have been satisfied).

 

“Majority
Revolving Lenders” shall mean, at any time, Revolving Lenders having outstanding Revolving Loans, LC Exposure and
unused Revolving Commitments representing more than 50% of the sum of all outstanding Revolving Loans, LC Exposure and unused
Revolving Commitments at such time; provided, that, (a) if there are fewer than three Revolving Lenders at any time,
then Majority Revolving Lenders shall then mean all Revolving Lenders, (b) if there are three Revolving Lenders at any time,
then Majority Revolving Lenders shall then mean, in addition to, and not in limitation of, the provisions of this definition
that precede this proviso, at least two Revolving Lenders and (c) Revolving Lenders that are Affiliates of one another shall
be counted as a single Revolving Lender for purposes of foregoing clauses (a) and (b) of this proviso.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U.

 

“Material
Adverse Effect” shall mean (a) 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 Restricted Parties,
taken as a whole (including, for the avoidance of doubt, as a result of any event, change, effect, circumstance, condition, development
or occurrence relating to Holdings that is 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 Restricted Parties,
taken as a whole), (b) an impairment of the ability of the Loan Parties to fully and timely perform any of their payment or other
material obligations under any Loan Document, (c) a material impairment of the rights of or benefits or remedies available to the
Lenders, the Issuing Banks or any Agent under any Loan Document, or (d) a material adverse effect on the Collateral or any material
portion thereof or on the Liens in favor of the Collateral Agent (for its benefit and for the benefit of the other Secured Parties)
on the Collateral or the validity, enforceability, perfection or priority of such Liens.

 

“Material
Non-Public Information” shall mean information and documentation that is (i) not publicly available and (ii) material
with respect to Holdings, the Administrative Borrower and its Subsidiaries or any of their respective securities for purposes of
foreign, United States Federal and state securities laws.

 

“Maturity
Date” shall mean, as the context may require, the Term Loan Maturity Date or the Revolving Maturity Date.

 

    	 	39	 

     

    

 

“Maximum
Rate” shall have the meaning assigned to such term in Section 11.13.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and its successors.

 

“Mortgage”
shall mean an agreement, including a mortgage, deed of trust or any other document, creating and evidencing a First Priority Lien
in favor of the Collateral Agent on Mortgaged Property in form and substance reasonably satisfactory to the Administrative Agent,
with such schedules and including such provisions as shall be necessary to conform such document to applicable local or foreign
law or as shall be customary under applicable local or foreign Legal Requirements.

 

“Mortgage
Policy” shall mean an ALTA mortgage title insurance policy or an unconditional commitment therefor issued by one or more
title insurance companies reasonably satisfactory to the Collateral Agent (it being understood that the Collateral Agent may, in
its reasonable discretion, accept a municipal zoning letter in lieu of a zoning endorsement to such Mortgage Policy).

 

“Mortgage Trustee”
shall have the meaning assigned to such term in the preamble hereto.

 

“Mortgaged
Property” shall mean (a) each Real Property owned in fee (if any) identified in Schedule 1.01(f) and (b) each
other Real Property owned in fee by any Borrower or Subsidiary Guarantor with a Fair Market Value in excess of $10,000,000, if
any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.10.

 

“Multiemployer
Plan” shall mean 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 any Company or any of its 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” shall mean: (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 any Restricted Party (including cash proceeds subsequently received (as and when received
by any Restricted Party) 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 Administrative Borrower’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 any Restricted Party 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 (including, if applicable,
any Indebtedness incurred pursuant to Section 6.01(q)) 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 Obligations); (b) with respect to any Debt Issuance, incurrence or issuance of any Specified Refinancing Term
Loans or Refinancing Notes or issuance or sale of Equity Interests by any Restricted Subsidiary of the Administrative Borrower,
the cash proceeds thereof received by any Restricted Party, net of reasonable and customary fees, commissions, costs and other
expenses incurred in connection therewith; and (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation
awards and other compensation received by any Restricted Party 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.

 

    	 	40	 

     

    

 

“Net
Working Capital” shall mean, at any time, Consolidated Current Assets at such time minus Consolidated Current Liabilities
at such time.

 

“New Lender”
shall have the meaning assigned to such term in Section 2.21(c).

 

“Non-Conforming
Plan of Reorganization” shall mean any Plan of Reorganization that does not provide for payments pursuant to such Plan
of Reorganization in respect of the Revolving Exposure to be made with the priority specified in Article IX and that has
not been approved by the Majority Revolving Lenders.

 

“Non-Controlled
Account” shall mean any Specified Account (or newly established Deposit Account or Securities Account into which proceeds
of Collateral are paid (or required to be paid)) with respect to which any of the following is true:

 

(a)          such
Deposit Account or Securities Account is used exclusively as a payroll or pension account; or

 

(b)          the
aggregate average daily balances of such Deposit Account or Securities Account, when aggregated with the aggregate average daily
balances of all other Deposit Accounts and Securities Accounts deemed Non-Controlled Accounts pursuant to this clause (b), does
not exceed $2,500,000 in the aggregate (it being understood that the average daily balances of the Deposit Accounts or Securities
Accounts described in clause (a) of this definition shall not be counted toward such $2,500,000 limit).

 

“Non-Recourse Debt”
shall mean Indebtedness:

 

(a)          as
to which neither the Administrative Borrower nor any of its Restricted Subsidiaries (i) provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness), (ii) is directly or indirectly liable as a guarantor
or otherwise, or (iii) constitutes the lender;

 

(b)          no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against
an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Administrative
Borrower or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness
to be accelerated or payable prior to its stated maturity; and

 

(c)          as
to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Administrative
Borrower or any of its Restricted Subsidiaries.

 

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

 

    	 	41	 

     

    

 

“Notes”
shall mean any notes evidencing the Term Loans, Revolving Loans or Swingline Loans issued pursuant to Section2.04(e), if
any, substantially in the form of ExhibitH-1, H-2 or H-3, respectively.

 

“Obligation Currency”
shall have the meaning assigned to such term in Section 11.21.

 

“Obligations”
shall mean (a) all obligations of the Borrowers and the other Loan Parties from time to time arising under or in respect of
the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during
the pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such Insolvency Proceeding) on the
Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii)
each payment required to be made by the Borrowers and the other Loan Parties from time to time under this Agreement in
respect of any Letter of Credit, when and as due, including payments in respect of Reimbursement Obligations, interest
thereon and obligations to provide cash collateral, and (iii) all other monetary obligations, including fees (including the
fees provided for in the Agent Fee Letter), costs, expenses and indemnities, whether primary, secondary, direct, contingent,
fixed or otherwise (including monetary obligations incurred during the pendency of any Insolvency Proceeding, regardless of
whether allowed or allowable in such Insolvency Proceeding), of the Borrowers and the other Loan Parties under this Agreement
and the other Loan Documents and (b) the due and punctual performance of all covenants, agreements, obligations and
liabilities of the Borrowers and the other Loan Parties under or pursuant to this Agreement and the other Loan Documents, in
each case, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due,
now existing or hereafter arising; provided, that in no circumstances shall Excluded Swap Obligations constitute
Obligations.

 

“OFAC” shall have
the meaning assigned to such term in Section 3.22(b).

 

“Officer’s
Certificate” shall mean, as to any person, a certificate executed by any of the chairman of the Board of Directors (if
an officer), the chief executive officer, the president or one of the Financial Officers of such person, each in his or her official
(and not individual) capacity.

 

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

 

“Organizational
Documents” shall mean, with respect to any person, (i) in the case of any corporation, the certificate of incorporation,
articles of incorporation or deed of incorporation and by- laws (or similar documents) of such person, (ii) in the case of any
limited liability company, the certificate or articles of formation or organization and operating agreement or memorandum and articles
of association (or similar constituent documents) of such person, (iii) in the case of any limited partnership, the certificate
of formation and limited partnership agreement (or similar constituent documents) of such person (and, where applicable, the equityholders
or shareholders registry of such person), (iv) in the case of any general partnership, the partnership agreement (or similar constituent
document) of such person, (v) in any other case, the functional equivalent of the foregoing, and (vi) any shareholder, voting trust
or similar agreement between or among any holders of Equity Interests of such person.

 

“Other
Connection Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction (including any subdivision or taxing authority thereof) 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 sold or assigned an interest in any Loan or Loan Document).

 

    	 	42	 

     

    

 

“Other
Taxes” shall mean any and all present or future stamp, documentary, intangible, recording, filing or similar Taxes or
any other excise or property Taxes, charges (including fees and expenses to the extent incurred with respect to any such Taxes
or charges) or similar levies (including interest, fines, penalties and additions with respect to any of the foregoing) arising
from any payment made or required to be made under any Loan Document or from the execution, delivery or enforcement of, or otherwise
with respect to, any Loan Document.

 

“Participant” shall
have the meaning assigned to such term in Section 11.04(e).

 

“Participant Register”
shall have the meaning assigned to such term in Section 11.04(e).

 

“Patriot Act” shall
have the meaning assigned to such term in Section 3.22(a).

 

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

 

“Pension
Plan” shall mean 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 any Company or any of its ERISA Affiliates or to which
any Company or any of its ERISA Affiliates has an obligation to contribute.

 

“Pensions
Regulator” shall mean the body corporate called the Pensions Regulator established under Part 1 of the Pensions Act 2004.

 

“Perfection
Certificate” shall mean a perfection certificate in the form of Exhibit I or any other form reasonably approved
by the Collateral Agent.

 

“Permitted
Acquisition” shall mean any transaction or series of related transactions for the direct or indirect (a) acquisition
of all or substantially all of the property of any person, or of any business or division of any person, (b) acquisition of all
of the Equity Interests of any person, and otherwise causing such person to become a Wholly Owned Restricted Subsidiary of such
person, or (c) merger or consolidation or any other combination with any person, if each of the following conditions is met:

 

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

 

(ii)         after
giving effect to such transaction on a Pro Forma Basis, the Administrative Borrower shall be in compliance with the Loan to
Value Test;

 

(iii)        no Restricted Party shall, in connection with any such transaction, assume or remain liable with respect to any Indebtedness of
the related seller or the business, person or properties acquired, except to the extent permitted to be incurred under Section
6.01;

 

(iv)        the person or business to be acquired shall be, or shall be engaged in, a business of the type that the Administrative Borrower
and its Restricted Subsidiaries are permitted to be engaged in under Section 6.14(b);

 

    	 	43	 

     

    

 

(v)         the
Board of Directors of the person to be acquired shall not have indicated its opposition to the consummation of such acquisition
(which opposition has not been publicly withdrawn);

 

(vi)        all
transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable Legal Requirements
and the Organizational Documents of the relevant Companies;

 

(vii)       the
Administrative Borrower shall have provided the Administrative Agent with (A) historical financial statements for the last three
fiscal years (or, if less, the number of years since formation) of the person or business to be acquired (audited if available
without undue cost or delay) and unaudited financial statements thereof for the most recent interim period that is available and
(B) all such other information and data relating to such transaction or the person or business to be acquired as may be reasonably
requested by the Administrative Agent;

 

(viii)      prior
to the proposed date of consummation of the transaction, the Administrative Borrower shall have delivered to the Administrative
Agent an Officer’s Certificate of the Administrative Borrower certifying that such transaction complies with this definition
(which shall have attached thereto reasonably detailed backup data and calculations showing such compliance);

 

(ix)         (a)
in the case of an acquisition of all or substantially all of the property of any person, (A) the person making such acquisition
is the Administrative Borrower or a Subsidiary Guarantor, and (B) to the extent required under the Loan Documents, including Section
5.10, upon consummation of the Permitted Acquisition, the person being so acquired becomes a Subsidiary Guarantor, (b) in the
case of an acquisition of the Equity Interests of any person, (A) the person making such acquisition is the Administrative Borrower
or a Subsidiary Guarantor, (B) no less than 100% of the Equity Interests of the target person shall be acquired by the person making
such acquisition, and (C) to the extent required under the Loan Documents, including Section 5.10, upon consummation of
the Permitted Acquisition, the person the Equity Interests of which are being so acquired becomes a Subsidiary Guarantor, and (c)
in the case of a merger or consolidation or any other combination with any person, the person surviving such merger, consolidation
or other combination (x) is the Administrative Borrower or a Subsidiary Guarantor or (y) to the extent required under the Loan
Documents, including Section 5.10, upon consummation of the Permitted Acquisition becomes a Subsidiary Guarantor;

 

(x)          in
the case of the acquisition of 100% of the Equity Interests of any person (including by way of merger, consolidation or other combination),
such person shall own no Equity Interests of any other person (other than de minimis amounts) unless either (x) such person
owns 100% of the Equity Interests of such other person or (y) if such person owns Equity Interests in any other person which is
not a Wholly Owned Subsidiary of such person, (1) such non-Wholly Owned Subsidiary shall not have been created or established in
contemplation of, or for purposes of, the respective Permitted Acquisition, (2) any such non-Wholly Owned Subsidiary of the respective
person shall have been a non-Wholly Owned Subsidiary of such person prior to the date of the respective Permitted Acquisition and
(3) such person and/or its Wholly Owned Subsidiaries own at least 90% of the total value of all the assets owned by such person
and its Subsidiaries (for purposes of such determination, excluding the value of the Equity Interests of non-Wholly Owned Subsidiaries
held by such person and its Wholly Owned Subsidiaries); and

 

    	 	44	 

     

    

 

(xi)         other
than with respect to the Qualified Capital Stock of Holdings issued as Acquisition Consideration, the aggregate amount of Acquisition
Consideration paid in respect of all Permitted Acquisitions in which the assets will not be held by the Administrative Borrower
or a Subsidiary Guarantor or the entities so acquired do not become Subsidiary Guarantors (or are not merged into the Administrative
Borrower or a Subsidiary Guarantor) shall not exceed the sum of (I) $15,000,000 plus (II) the Available Amount as in effect immediately
prior to such Permitted Acquisition.

 

“Permitted Charter”
shall mean a charter to a third party:

 

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

 

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

 

(c)          demise
charters existing on the Closing Date as identified on Schedule 1.01(g).

 

“Permitted
Chartered Vessel Liens” shall have the meaning assigned to such term in Section 5.16(e)(ii).

 

“Permitted
Collateral Vessel Liens” shall mean the Liens permitted pursuant to clauses (a), (e), (j), (n), (r), (s), (t) and
(v) of Section 6.02.

 

“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
Holdings Unsecured Second Amendment Debt” shall mean unsecured Indebtedness of Holdings incurred or issued on or about
(but not after) the Second Amendment Effective Date so long as (i) the Net Cash Proceeds of at least $50,000,000 in principal indebtedness
thereunder have been substantially contemporaneously contributed to the capital of the Administrative Borrower, (ii) no direct
or indirect Subsidiary, Restricted Parent Joint Venture or Joint Venture of either Holdings or the Administrative Borrower (x)
provides any credit support of any kind in respect thereof (including any undertaking, agreement or instrument that would constitute
Indebtedness, although the Administrative Borrower shall be permitted to pay Dividends as, and to the extent, provided in Section
6.08(i)), (y) is directly or indirectly liable as a guarantor or otherwise in respect thereof or (z) is the lender in respect thereof,
(iii) such Indebtedness does not mature earlier than five years after the incurrence or issuance thereof, and (iv) such Indebtedness
does not have any scheduled prepayment, amortization, redemption, sinking fund or similar obligation prior to the fifth anniversary
of the incurrence or issuance thereof (other than customary offers to purchase upon
a change of control).

 

“Permitted Liens”
shall have the meaning assigned to such term in Section 6.02.

 

“Permitted
Refinancing Indebtedness” shall mean any Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries
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 Administrative Borrower or any of its Restricted Subsidiaries, as applicable; provided that:

 

    	 	45	 

     

    

 

(i)       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);

 

(ii)       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;

 

(iii)       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;

 

(iv)       such
Permitted Refinancing Indebtedness is incurred by the 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;
and

 

(v)       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.

 

“Permitted
Tax Distributions” shall mean payments, dividends or distributions by the Administrative Borrower to Holdings to enable
Holdings to pay its federal, state, local or foreign taxes (including consolidated or combined taxes) then due and payable for
the respective period, which payments by the Administrative Borrower to Holdings are not in excess of the lesser of (x) the tax
liabilities that would have been payable by Holdings for the respective period, taking into account only items of income, gain,
loss and deduction attributable to the Administrative Borrower and its Restricted Subsidiaries (calculated, for the avoidance of
doubt, without regard to the operations of any Unrestricted Subsidiary and without regard to any investment credits, foreign tax
credits, net operating losses, capital losses or other tax attributes to the extent Holdings previously reimbursed the Administrative
Borrower or its Restricted Subsidiary for utilizing such tax attribute in calculating Holdings’ consolidated or combined
federal, state or local tax liability) and (y) the actual tax liabilities then due and payable by Holdings for the respective period;
provided, however, that the amount of any Permitted Tax Distribution may include amounts attributable to any income
of any Unrestricted Subsidiary so long as any such Unrestricted Subsidiary has paid a cash distribution to the Administrative Borrower
to cover such Unrestricted Subsidiary’s allocable share of such Permitted Tax Distribution.

 

“Person”
and “person” shall mean any natural person, corporation, business trust, joint venture, trust, association,
company (whether limited in liability or otherwise), partnership (whether limited in liability or otherwise) or Governmental Authority,
or any other entity, in any case, whether acting in a personal, fiduciary or other capacity.

 

    	 	46	 

     

    

 

“Plan
of Reorganization” shall mean any plan of reorganization, plan of liquidation, agreement for composition, or other type
of plan of arrangement proposed in or in connection with any Insolvency Proceeding.

 

“Platform”
shall mean IntraLinks, SyndTrak or a substantially similar electronic transmission system.

 

“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 Administrative Borrower 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.

 

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

 

“Pounds
Sterling” shall mean freely transferable lawful money of the United Kingdom.

 

“Pro
Forma Basis” shall mean:

 

(a)
in connection with any calculation of compliance with any financial covenant, financial test or financial term hereunder, the calculation
thereof after giving effect on a pro forma basis to (x) the incurrence of any Indebtedness (other than revolving Indebtedness,
except to the extent the same is incurred to refinance other outstanding Indebtedness, to finance a Permitted Acquisition or other
Investment or to finance a Dividend or Restricted Debt Payment) after the first day of the relevant Test Period, as if such Indebtedness
had been incurred (and the proceeds thereof applied) on the first day of such Test Period, (y) the permanent repayment of any Indebtedness
(other than revolving Indebtedness, except to the extent accompanied by a corresponding permanent commitment reduction) after the
first day of the relevant Test Period, as if such Indebtedness had been retired or repaid on the first day of such Test Period,
and (z) any Permitted Acquisition or other Investment then being consummated as well as any other Permitted Acquisition or other
Investment if consummated after the first day of the relevant Test Period and on or prior to the date of the respective Permitted
Acquisition or other Investment then being effected, with the following rules to apply in connection therewith:

 

    	 	47	 

     

    

 

(i)       all
Indebtedness (x) (other than revolving Indebtedness, except to the extent that the same is incurred to refinance other outstanding
Indebtedness, to finance Permitted Acquisitions or other Investments or to finance a Dividend or Restricted Debt Payment) incurred
or issued after the first day of the relevant Test Period (whether incurred to finance a Permitted Acquisition or other Investment,
to pay a Dividend to refinance Indebtedness or otherwise) shall be deemed to have been incurred or issued (and the proceeds thereof
applied) on the first day of such Test Period and remain outstanding through the date of determination and (y) (other than revolving
Indebtedness, except to the extent accompanied by a corresponding permanent commitment reduction) permanently retired or redeemed
after the first day of the relevant Test Period shall be deemed to have been retired or redeemed on the first day of such Test
Period and remain retired through the date of determination;

 

(ii)       all
Indebtedness assumed to be outstanding pursuant to preceding clause (i) shall be deemed to have borne interest at (x) the rate
applicable thereto, in the case of fixed rate indebtedness, or (y) the rates which would have been applicable thereto during the
respective period when same was deemed outstanding, in the case of floating rate Indebtedness (although interest expense with respect
to any Indebtedness for periods while same was actually outstanding during the respective period shall be calculated using the
actual rates applicable thereto while same was actually outstanding); and

 

(iii)       in
making any determination of Consolidated EBITDA on a Pro Forma Basis, pro forma effect shall be given to any Permitted Acquisition
or other Investment if effected during the respective Test Period as if same had occurred on the first day of the respective Test
Period, and taking into account, in the case of any Permitted Acquisition or other Investment, factually supportable and identifiable
cost savings and expenses which would otherwise be accounted for as an adjustment pursuant to Article 11 of Regulation S-X under
the Securities Act, as if such cost savings or expenses were realized on the first day of the respective period; and

 

(b)
in connection with any action being taken in connection with a Limited Condition Acquisition, for purposes of determining compliance
with any provision of this Agreement which requires the calculation of any financial ratio or test, including the Total Secured
Leverage Ratio, the Total Leverage Ratio and the Loan to Value Test, in each case, at the option of the Administrative Borrower
(the Administrative Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an
“LCT Election”), the date of determination of whether any such action is permitted hereunder shall be deemed
to be the date the binding definitive agreements for such Limited Condition Acquisition are entered into (the “LCT Test
Date”), and if, after giving pro forma effect to the Limited Condition Acquisition (and the other transactions to be
entered into in connection therewith), the Administrative Borrower or any of its Restricted Subsidiaries would have been permitted
to take such action on the relevant LCT Test Date in compliance with such ratio or test, such ratio or test shall be deemed to
have been complied with (or satisfied). Upon making an LCT Election, the Administrative Borrower shall deliver a certificate of
a Responsible Officer to the Administrative Agent demonstrating compliance on a Pro Forma Basis after giving effect to such Limited
Condition Acquisition on such LCT Test Date with any relevant ratios or tests. For the avoidance of doubt, if the Administrative
Borrower has made an LCT Election and any of the ratios or tests for which compliance was determined or tested as of the LCT Test
Date would have failed to have been complied with as a result of fluctuations in any such ratio or test, including due to fluctuations
in Consolidated EBITDA of the Administrative Borrower or the Person subject to such Limited Condition Acquisition, at or prior
to the consummation of the relevant transaction or action, such tests or ratios will not be deemed to have failed to have been
complied with as a result of such fluctuations. If the Administrative Borrower has made an LCT Election for any Limited Condition
Acquisition, then in connection with any calculation of any event or transaction (each, a “Subsequent Transaction”)
occurring after the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is
consummated or the date that the binding definitive agreement or irrevocable notice for such Limited Condition Acquisition is terminated
or expires without consummation of such Limited Condition Acquisition, for purposes of determining whether such Subsequent Transaction
is permitted under this Agreement, any such ratio or test shall be required to be satisfied on a Pro Forma Basis (i) assuming such
Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the
use of proceeds thereof) have been consummated and (ii) assuming such Limited Condition Acquisition and other transactions in connection
therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have not been consummated.

 

    	 	48	 

     

    

 

“Pro
Rata Percentage” of any Revolving Lender at any time shall mean the percentage of the Total Revolving Commitments of
all Lenders represented by such Lender’s Revolving Commitment.

 

“Process
Agent” shall have the meaning assigned to such term in Section 11.09(d).

 

“Projections”
shall have the meaning assigned to such term in Section 3.04(c).

 

“property” shall mean any right, title
or interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible
and including Equity Interests of any person and whether now in existence or owned or hereafter entered into or acquired, including
all Real Property, Vessels, Chartered Vessels, cash, securities, accounts, revenues and contract rights.

 

“Public
Lenders” shall mean Lenders that do not wish to receive Material Non-Public Information with respect to Holdings,
the Administrative Borrower or its Subsidiaries.

 

“Purchase
Money Obligation” shall mean, 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 or the cost of installation, construction or improvement of any fixed or capital assets; provided, however,
that (i) such Indebtedness is incurred within 120 days after such acquisition, installation, construction or improvement of
such fixed or capital assets by such person and (ii) the amount of such Indebtedness (x) does not exceed the lesser of 100%
of the Fair Market Value of such fixed or capital asset or the cost of the acquisition, installation, construction or
improvement thereof, as the case may be, and (y) equals at least 50% of the lesser of the two amounts referred to in
preceding clause (x).

 

“Purchase
Price” shall have the meaning assigned to such term in Section 11.04(k).

 

“Qualified
Capital Stock” of any person shall mean any Equity Interests of such person that do not constitute Disqualified
Capital Stock.

 

“Qualified
ECP Guarantor” shall mean, 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.

 

“Qualified
Public Equity Offering” shall mean the offering by Holdings of shares of its common Equity Interests or shares of its
preferred Equity Interests (in either case, which constitute Qualified Capital Stock) in an underwritten primary public offering
(other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement
filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering).

 

    	 	49	 

     

    

 

“Real
Property” shall mean, 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.

 

“Recipient” shall
mean the Administrative Agent, any Lender or any Issuing Bank, as applicable.

 

“Refinancing”
shall mean the repayment in full of (together with any applicable prepayment premium or fee, with the commitments thereunder being
terminated, and all guarantees and security in respect thereof being released) all of the outstanding indebtedness of Holdings
and its Subsidiaries under the Existing Credit Agreement.

 

“Refinancing
Amendment” shall mean an amendment to this Agreement, in form and substance reasonably satisfactory to the Administrative
Agent, among the Borrowers, the Administrative Agent and the Lenders providing Specified Refinancing Term Loans or Specified Refinancing
Revolving Commitments, effecting the incurrence of such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments
in accordance with Section 2.23.

 

“Refinancing
Notes” shall mean one or more series of (1) senior secured notes secured by the Collateral on a first lien
“equal and ratable” basis with the Liens securing the Obligations; provided, however, for the
avoidance of doubt, any such Liens securing such senior secured notes shall provide for the Revolving Obligations to have the
same priority (and to have the same protective provisions) vis-à-vis such senior secured notes (and the holders and
representatives thereof) as are set forth in this Agreement and the other Loan Documents vis-à-vis the Term Loans, or
(2) senior unsecured notes or senior secured notes secured by the Collateral on a “junior” basis with the Liens
securing the Obligations, in each case, in respect of a refinancing of outstanding Indebtedness of the Borrowers under any
one or more Classes of Term Loans (subject to the proviso at the end of clause (e) below) with the consent of the
Administrative Agent (not to be unreasonably withheld, conditioned or delayed); provided that, (a) if such Refinancing
Notes shall be secured, then such Refinancing Notes shall only be secured by a security interest in the Collateral that
secured the Class or Classes of Term Loans being refinanced; (b) if such Refinancing Notes shall be secured or subordinated
in right of payment to the Obligations, then such Refinancing Notes shall be issued subject to customary intercreditor and/or
subordination arrangements that are reasonably satisfactory to the Administrative Agent (but giving effect to the proviso in
clause (1) above, if applicable); (c) no Refinancing Notes shall (i) mature prior to the Latest Maturity Date then in effect
immediately after giving effect to such refinancing or (ii) be subject to any amortization prior to the final maturity
thereof, or be subject to any mandatory redemption or prepayment provisions or rights prior to such final maturity (except
customary assets sale or change of control offer provisions); (d) the covenants, events of default, guarantees, collateral
and other terms of such Refinancing Notes are customary for similar debt securities in light of then prevailing
market conditions at the time of issuance (it being understood that no Refinancing Notes shall include any financial
maintenance covenants (including by way of a cross-default to this Agreement), but that customary cross- acceleration
provisions may be included and that any negative covenants with respect to indebtedness, investments, liens or restricted
payments shall be incurrence-based) and in any event are not more restrictive, when taken as a whole, to the Administrative
Borrower and its Restricted Subsidiaries than those set forth in this Agreement (other than with respect to interest rate,
prepayment premiums and redemption provisions), except for covenants or other provisions applicable only to periods after the
Latest Maturity Date then in effect immediately after giving effect to such refinancing (provided that a certificate
of a Responsible Officer of the Administrative Borrower that is delivered to the Administrative Agent in good faith at least
five Business Days prior to the incurrence of such Refinancing Notes, together with a reasonably detailed description of the
material terms and conditions of such Refinancing Notes or drafts of the documentation relating thereto, stating that the
Administrative Borrower has determined in good faith that such terms and conditions satisfy the requirement set forth in this
clause (d), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative
Agent provides notice to the Administrative Borrower of its objection during such five Business Day period (including a
reasonable description of the basis upon which it objects)); (e) (w) such Refinancing Notes may not have Liens that are more
extensive (or on different collateral) than those which applied to the Class of Term Loans being refinanced, (x) the borrower
or issuer of the Refinancing Notes shall be the Administrative Borrower, although the Co-Borrower may be a co-borrower or
co-issuer with respect thereto, (y) the guarantors with respect to the Refinancing Notes shall only be one or more of the
Guarantors (but otherwise subject to the last paragraph of Section6.01) and, if not otherwise a co- borrower or
co-issuer thereof, the Co-Borrower, and (z) the aggregate principal amount (or accreted value, if applicable) of
such Refinancing Notes shall not exceed the aggregate principal amount (or accreted value, if applicable) of the Term Loans
being so refinanced (plus all accrued and unpaid interest on such Term Loans and the amount of all fees and expenses,
including premiums, incurred in connection therewith); and (f) the Net Cash Proceeds of such Refinancing Notes shall be
applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Term Loans under
the applicable Classes of Term Loans being so refinanced; provided, however, the Net Cash Proceeds from any
issuance of Refinancing Notes may not be used to prepay any Class of outstanding Term Loans that are either unsecured or
secured on a junior basis to the Obligations at a time when more senior Term Loans are outstanding (or will remain
outstanding after giving effect to any such prepayment).

 

    	 	50	 

     

    

 

“Refinancing
Notes Indentures” shall mean, collectively, the indentures or other similar agreements pursuant to which any Refinancing
Notes are issued, together with all instruments and other agreements in connection therewith, as amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof, but only to the extent permitted under the terms of the Loan Documents.

 

“Register”
shall have the meaning assigned to such term in Section 11.04(c).

 

“Regulation D” shall mean Regulation
D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Reimbursement
Obligations” shall mean the Borrowers’ obligations under Section 2.18(e) to reimburse LC
Disbursements.

 

“Reinvestment
Proceeds Account” shall have the meaning assigned to such term in Section 2.10(b)(vi).

 

“Related
Person” shall mean, with respect to any person, (a) each Affiliate of such person and each of the officers, directors,
employees, Advisors, attorneys, agents, representatives, controlling persons and shareholders, partners, members and trustees of
each of the foregoing, and (b) if such person is an Agent, each other person designated, nominated or otherwise mandated by or
assisting such Agent pursuant to Section 10.05 or any comparable provision of any Loan Document.

 

    	 	51	 

     

    

 

“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, dispersing, emanating or migrating of any Hazardous Materials in, into, onto, from or through the Environment.

 

“Required
Insurance” shall mean insurance of the type, deductibles and amounts as set forth on Schedule 3.20.

 

“Required
Lenders” shall mean, at any date of determination, Lenders having Loans, LC Exposure, unused Revolving Commitments
and Term Loan Commitments representing more than 50% of the sum of all outstanding Loans, LC Exposure, unused Revolving
Commitments and Term Loan Commitments at such time; provided, however, for purposes of determining the Required
Lenders at any time, the LC Exposure shall be the Dollar Amount thereof at such time.

 

“Responsible
Officer” of any person shall mean any executive officer or Financial Officer of such person and any other officer or
similar official thereof with significant responsibility for the administration of the obligations of such person in respect of
this Agreement.

 

“Restricted
Debt Payment” shall mean any payment, prepayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition
for value of any Restricted Indebtedness.

 

“Restricted
Indebtedness” shall mean Indebtedness of any Company, the payment, prepayment, repurchase, defeasance or acquisition
for value of which is restricted under Section 6.11.

 

“Restricted
Parent Joint Ventures” shall mean those Joint Ventures owned, in whole or in part, directly or indirectly by Holdings
on or after the Closing Date (and that are not otherwise direct or indirect Joint Ventures of the Administrative Borrower), The
Restricted Parent Joint Ventures as of the Closing Date are listed on Part B of Schedule 1.01(i).

 

“Restricted
Parent Subsidiaries” shall mean those Subsidiaries owned, in whole or in part, directly or indirectly by Holdings on
or after the Closing Date (and that are not otherwise Subsidiaries of the Administrative Borrower or the Administrative Borrower
itself) that have not been designated Unrestricted Subsidiaries in accordance with Section 5.17 or pursuant to the definition
of “Unrestricted Subsidiaries”. The Restricted Parent Subsidiaries as of the Closing Date are listed on Part A of Schedule
1.01(i).

 

“Restricted
Parties” shall mean the Administrative Borrower and its Restricted Subsidiaries; and “Restricted
Party” shall mean any one of them.

 

“Restricted
Subsidiary” shall mean, at any time, (i) any direct or indirect Subsidiary of the Administrative Borrower that is not
then an Unrestricted Subsidiary and (ii) the Restricted Parent Subsidiaries; provided 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”.
For purposes hereof, unless expressly stated to the contrary, (i) any reference herein to “the Administrative Borrower and
its Restricted Subsidiaries” or like reference shall be deemed to include the Restricted Parent Subsidiaries and (ii) any
Restricted Parent Joint Venture shall be considered owned by a Restricted Party.

 

    	 	52	 

     

    

 

“Retained
Excess Cash Flow Amount” shall mean, at any date of determination, an amount equal to (a) the sum of the amounts
of Excess Cash Flow for all Excess Cash Flow Periods ending on or prior to the date of determination for which the amount of
Excess Cash Flow shall have been calculated as provided in Section 5.01(f) and with respect to which any payment
required under Section 2.10(b)(v) has been paid, minus (b) the sum at the time of determination of the aggregate
amount of prepayments required to be made pursuant to Section 2.10(b)(v) through the date of determination (whether or
not such prepayments are accepted by Lenders), minus (c) the amount by which the required Excess Cash Flow payment for the
respective Excess Cash Flow Period has been reduced pursuant to the proviso to Section 2.10(b)(v).

 

“Revolver Covenant Event of
Default” shall have the meaning assigned to such term in Section 8.01(d).

 

“Revolving
Availability Period” shall mean the period from and including the Closing Date to but excluding the earlier of (i) the
Business Day preceding the Revolving Maturity Date and (ii) the date of termination of the Revolving Commitments.

 

“Revolving Borrowing”
shall mean a Borrowing comprised of Revolving Loans.

 

“Revolving
Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Revolving Loans hereunder
up to the amount set forth on Annex I hereto or on Schedule 1 to the Assignment and Acceptance pursuant to which such Lender
assumed its Revolving Commitment, as applicable, as the same may be (a) increased from time to time pursuant to Section 2.21,
(b) reduced from time to time pursuant to Section2.07 and (c) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 11.04. In addition, the Revolving Commitment of each Lender shall include any
Extended Revolving Commitments and Specified Refinancing Revolving Commitments of such Lender. The aggregate principal amount
of the Lenders’ Revolving Commitments on the Closing Date is $50,000,000.

 

“Revolving
Commitment Increase Lender” shall have the meaning assigned to such term in Section 2.21(e).

 

“Revolving
Exposure” shall mean, with respect to any Lender at any time, the aggregate principal amount at such time of all outstanding
Revolving Loans of such Lender, plus the aggregate Dollar Amount at such time of such Lender’s LC Exposure, plus the aggregate
principal amount at such time of such Lender’s Swingline Exposure.

 

“Revolving
Facility” shall mean, at any time and with respect to any Revolving Lender, such Revolving Lender’s respective
Revolving Commitments and the extensions of credit thereunder at such time.

 

“Revolving
Lender” shall mean a Lender with a Revolving Commitment or with outstanding Revolving Exposure.

 

“Revolving
Loan” shall mean a revolving loan made by the Lenders to the Borrowers pursuant to Section 2.01(a); provided
that, at any time that any Incremental Revolving Commitments, Specified Refinancing Revolving Commitments or Extended Revolving
Commitments have been made available, the Incremental Revolving Loans, Extended Revolving Loans and other revolving loans outstanding
in respect thereof also shall be Revolving Loans.

 

    	 	53	 

     

    

 

 

“Revolving
Maturity Date” shall mean December 22, 2021; provided, however, (i) that with respect to any Extended Revolving
Commitments (and any related outstandings), the Revolving Maturity Date with respect thereto instead shall be the final maturity
date as specified in the applicable Extension Amendment and (ii) that with respect to any Specified Refinancing Revolving Commitments
(and related outstandings), the Revolving Maturity Date with respect thereto instead shall be the final maturity date as specified
in the applicable Refinancing Amendment.

 

“Revolving
Obligations” shall mean (i) all Revolving Loans, Swingline Loans, Letters of Credit (including LC Exposure and the requirement
to Cash Collateralize such LC Exposure) and Revolving Commitments and (ii) all Obligations relating to the Indebtedness and Revolving
Commitments described in preceding clause (i). For the avoidance of doubt, Revolving Obligations includes all interest, fees and
expenses accruing or incurred during the pendency of any Insolvency Proceeding with respect to Revolving Obligations, whether or
not such interest, fees or expenses are allowed claims under any such Insolvency Proceeding.

 

“S&P” shall
mean S&P Global Ratings and any successor thereto.

 

“Sale and
Leaseback Transaction” shall have the meaning assigned to such term in Section 6.03.

 

“Sanctions
Authority” shall mean the respective governmental institutions and agencies of the United States, European Union, United
Kingdom and the United Nations, including the U.S. Treasury Department, the U.S. Commerce Department, the U.S. State Department,
the United Nations Security Council, or other relevant sanctions authority of the United States, European Union, United Kingdom
or the United Nations.

 

“Sanctions
Laws” shall mean the economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive
measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced
by any Sanctions Authority.

 

“SEC” shall
mean the United States Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions
thereof.

 

“Second
Amendment” shall mean that certain Second Amendment to Credit Agreement, dated as of the Second Amendment Effective Date,
among the Borrowers, Holdings, the other Guarantors, the Administrative Agent and the
Lenders party thereto.

 

“Second
Amendment Effective Date” shall mean June 14, 2018.

 

“Second
Amendment FSO JV Debt Dividend” shall mean the cash Dividend paid by a FSO JV to the Administrative Borrower prior to
the Second Amendment Effective Date of 100% of the Second Amendment FSO JV Net Debt Proceeds in an amount equal to $110,000,000,
to the extent such Second Amendment FSO JV Net Debt Proceeds were not otherwise used to increase the Available Amount.

 

“Second
Amendment FSO JV Net Debt Proceeds” shall mean the cash proceeds received by an FSO JV from the incurrence of Indebtedness
by it after the Closing Date, net of (i) the repayment of any Indebtedness of such
FSO JV with the cash proceeds therefrom, (ii) costs related to any Permitted Hedging Agreement entered into by the FSO JV
in connection with such Indebtedness and (iii) reasonable and customary fees, commissions,
costs and expenses incurred in connection therewith.

 

    	 	54	 

     

    

  

“Second
Amendment Prepayment” has the meaning specified in the Second Amendment.

 

“Second
Amendment Prepayment Premium” has the meaning specified in the Second Amendment.

 

“Secured
Obligations” shall mean (a) the Obligations and (b) the due and punctual payment and performance of all Bank Product
Obligations of the Borrowers and the Subsidiary Guarantors; provided, that in no circumstances shall Excluded Swap Obligations
constitute Secured Obligations.

 

“Secured Parties”
shall mean, collectively, (a) the Administrative Agent, (b) the Collateral Agent, (c) the Lenders, (d) the Issuing Banks and (e)
each Bank Product Provider.

 

“Securities Account”
has the meaning specified in the UCC.

 

“Securities
Account Control Agreement” shall mean a letter agreement, in form and substance reasonably satisfactory to the Collateral
Agent, executed by the relevant Loan Party, the Collateral Agent and the relevant Securities Intermediary (or, with respect to
any Securities Accounts located outside of the United States, customary security arrangements in the applicable jurisdictions for
perfecting a security interest in such Securities Accounts and the assets deposited therein or credited thereto).

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Securities Collateral”
shall mean “Securities Collateral” (as defined in each of the Security Agreement and the Holdings Pledge Agreement).

 

“Securities Intermediary”
has the meaning specified in the UCC.

 

“Security
Agreement” shall mean a Security Agreement substantially in the form of Exhibit J-1 among the Borrowers, the Subsidiary
Guarantors and the Collateral Agent for the benefit of the Secured Parties.

 

“Security
Agreement Collateral” shall mean all property from time to time pledged or granted as collateral pursuant to the Security
Agreement or the Holdings Pledge Agreement.

 

“Security
Documents” shall mean the Security Agreement, the Holdings Pledge Agreement, each Collateral Vessel Mortgage, each Mortgage,
each Deposit Account Control Agreement, each Securities Account Control Agreement and each other security document or pledge agreement
delivered in accordance with applicable local Legal Requirements to grant a valid, enforceable, perfected security interest (with
the priority required under the Loan Documents) in any property as collateral for the Secured Obligations, and all UCC or other
financing statements or instruments of perfection required by this Agreement, the Security Agreement, the Holdings Pledge Agreement,
any Collateral Vessel Mortgage, any Mortgage, any Deposit Account Control Agreement, any Securities Account Control Agreement or
any other such security document or pledge agreement to be filed or registered with respect to the security interests in property
created pursuant to the Security Agreement, the Holdings Pledge Agreement, any Collateral Vessel Mortgage, any Mortgage, any Deposit
Account Control Agreement, any Securities Account Control Agreement and any other document or instrument utilized to pledge any
property as collateral for the Secured Obligations.

 

    	 	55	 

     

    

  

“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.

 

“short-form
Intellectual Property security agreement” shall have the meaning assigned to such term in Section 3.21(b).

 

“Sinosure
Facility Agreement” shall mean that certain facility agreement originally dated 30 November 2015 as supplemented by a
supplemental agreement dated 28 December 2015, as amended and restated by an amending and restating deed dated 29 June 2016, as
supplemented by a supplemental agreement dated 8 November 2017, as supplemented by a supplemental agreement, dated as of June 13,
2018, and as further supplemented, amended and modified thereafter not in contravention of this Agreement, by and among Gener8
Maritime Subsidiary VII Inc., Seaways Holding Corporation and International Seaways, Inc., and the Sinosure Lenders, with an aggregate
principal amount of Indebtedness thereunder not exceeding $311,000,000, less the amount of any payments or prepayments of the
principal amount thereof occurring after the Second Amendment Effective Date.

 

“Sinosure
Facility Documents” shall mean the Sinosure Facility Agreement and the supplements, deeds, fee letters security documents,
hedging agreements or other documents executed in connection with the Sinosure Facility
Agreement.

 

“Sinosure
Lenders” shall mean Citibank, N.A., London Branch, The Export-Import Bank
of China and Bank of China, New York Branch (and its successors and assigns).

 

“Solvent”
shall mean, 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 Closing 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.

 

“SPC” shall
have the meaning assigned to such term in Section 11.04(h).

 

“SPV
Acquisition” shall mean an acquisition by an SPV Buyer of (i) Vessels or (ii) 100% of the Equity Interests of a Vessel
Holding Person, so long as (a) no Default then exists or would result therefrom, (b) such acquisition is funded with the proceeds
of Indebtedness incurred in accordance with the requirements of Section6.01(q) and cash equity Investments made in accordance
with the requirements of Section6.04(a), (c) neither the applicable SPV Buyer nor any Vessel Holding Person thereof shall,
in connection with any such transaction, assume or remain liable with respect to any Indebtedness of the related seller or the
business, person or properties acquired, except to the extent permitted to be incurred under Section 6.01, (d) the Board
of Directors of the person to be acquired shall not have indicated its opposition to the consummation of such acquisition (which
opposition has not been publicly withdrawn) and (e) all transactions in connection therewith shall be consummated, in all material
respects, in accordance with all applicable Legal Requirements and the Organizational Documents of the relevant Companies.

 

    	 	56	 

     

    

  

“SPV
Buyer” shall mean a Wholly Owned Restricted Subsidiary of the Administrative Borrower that is a special purpose vehicle
created or formed for the purpose of acquiring Vessels (or acquiring 100% of the Equity Interests of a Vessel Holding Person) so
long as the principal asset or assets of such special purpose vehicle are Vessels or 100% of the Equity Interests of the Vessel
Holding Person owning such Vessels (and the principal asset or assets of such Vessel Holding Person are Vessels).

 

“SPV
VLCC Acquisition” shall mean the acquisition (whether directly or indirectly through the acquisition of all of the Equity
Interests of SPV VLCC Vessel Owners) by SPV VLCC Unrestricted Subsidiary of all of the SPV VLCC Vessels on or after the Second
Amendment Effective Date.

 

“SPV
VLCC Designations” shall have the meaning assigned to such term in Section 5.17(a).

 

“SPV
VLCC Equity Interests” shall mean the Equity Interests of SPV VLCC Parent to the extent owned by the Administrative Borrower
directly or indirectly through a Subsidiary Guarantor, (a) the Fair Market Value of which Equity Interests have been appraised
through an appraisal in form, scope and methodology, and by an independent third party appraiser, in either case, reasonably satisfactory
to the Administrative Agent not less than once during each fiscal year of the Administrative Borrower (or more frequently as may
be requested by the Administrative Agent at any time an Event of Default has occurred and is continuing) (but otherwise subject
to the proviso to the definition of “Fair Market Value” contained herein) and (b) such Equity Interests have been pledged
by its direct parent company as Collateral to secure the Secured Obligations under the Loan Documents. Each such appraisal shall
be addressed to the Administrative Agent and upon which the Administrative Agent, the Collateral Agent and the Lenders are expressly
permitted to rely and shall have been delivered to the Administrative Agent.

 

“SPV
VLCC Investment” shall mean the Investment of Net Cash Proceeds from the Specified Vessel Sales, Specified Sale and Leaseback
Transactions, the Second Amendment FSO JV Debt Dividend and/or the Permitted Holdings Unsecured Second Amendment Debt in an aggregate
amount not to exceed the sum of: (a) $434,000,000 and (b) additional amounts necessary to fund working capital, the debt service
reserve accounts and the minimum liquidity accounts of the SPV VLCC Unrestricted Subsidiary and the SPV Vessel Owners, up to a
maximum of $50,000,000, made by the Administrative Borrower or any Restricted Subsidiary in SPV VLCC Parent, to the extent that
such cash is substantially simultaneously therewith contributed to the SPV VLCC Unrestricted Subsidiary and is used by the SPV
VLCC Unrestricted Subsidiary to consummate the SPV VLCC Acquisition within 90 days after the Second Amendment Effective Date and
for the ongoing working capital and debt service needs of the SPV VLCC Unrestricted
Subsidiary and the SPV VLCC Vessel Owners.

 

“SPV
VLCC Parent” shall mean Seaways Holding Corporation, a Wholly Owned Subsidiary of the Administrative Borrower that is
a special purpose vehicle created or formed to acquire, indirectly through SPV VLCC Unrestricted Subsidiary, the SPV VLCC Vessels
and, prior to the SPV VLCC Designation, is an Unrestricted Subsidiary.

 

    	 	57	 

     

    

  

“SPV
VLCC Pre-Designation Sale Proceeds Dividend” shall have the meaning assigned
to such term in Section 6.15(a).

 

“SPV
VLCC Transactions” shall mean, collectively, (a) the SPV VLCC Investment, (b) the Second Amendment Prepayment, (c) the
contribution of the remaining funds (in an amount not less than $10,000,000) to the balance sheet of the Administrative Borrower
from the proceeds of the Specified Asset Sales, the Specified Sale and Leaseback Transactions, the Second Amendment FSO JV Debt
Dividend and the Permitted Holdings Unsecured Second Amendment Debt after payment of the SPV VLCC Investment and (d) the payment
of fees and expenses in connection therewith and in connection with the effectiveness
of the Second Amendment.

 

“SPV
VLCC Unrestricted Subsidiary” shall mean Gener8 Maritime, Inc., a direct Wholly Owned Subsidiary of SPV VLCC Parent that
is a special purpose vehicle created or formed to acquire, directly, the SPV VLCC Vessel Owners and, directly or indirectly, the
SPV VLCC Vessels and, prior to the SPV VLCC Designation, is an Unrestricted Subsidiary.

 

“SPV
VLCC Vessel Owners” shall mean each of the following Persons that own an SPV VLCC Vessel on the Second Amendment Effective
Date: (i) Gener8 Andriotis LLC, (ii) Gener8 Chiotis LLC, (iii) Gener8 Militiades LLC, (iv) Gener8 Strength LLC, (v) Gener8 Success
LLC and (vi) Gener8 Supreme LLC.

 

“SPV
VLCC Vessels” shall mean the following VLCC vessels to be acquired from Euronav NV on or after the Second Amendment Effective
Date: (i) Gener8 Andriotis, whose record owner is Gener8 Andriotis LLC, whose official number is 6446, which is registered and
under the flag of the Marshall Islands, (ii) Gener8 Chiotis, whose record owner is Gener8 Chiotis LLC, whose official number is
6448, which is registered and under the flag of the Marshall Islands, (iii) Gener8 Militiades, whose record owner is Gener8 Militiades
LLC, whose official number is 6447, which is registered and under the flag of the Marshall Islands, (iv) Gener8 Strength, whose
record owner is Gener8 Strength LLC, whose official number is 6312, which is registered and under the flag of the Marshall Islands,
(v) Gener8 Success, whose record owner is Gener8 Success LLC, whose official number is 6313, which is registered and under the
flag of the Marshall Islands and (vi) Gener8 Supreme, whose record owner is Gener8 Supreme LLC, whose official number is 6314,
which is registered and under the flag of the Marshall Islands.

 

“Specified
Accounts” shall mean (i) each Reinvestment Proceeds Account, (ii) the Administrative Borrower Concentration Account and
(iii) any other Deposit Account or Securities Account into which payments in respect of receivables, accounts, chattel paper, payment
intangibles, charters and other contracts owed to any Borrower or Subsidiary Guarantor are paid (or credited to) or are required
to be paid (or credited to), but excluding the Excluded Accounts.

 

“Specified
Asset Sales” shall mean the sale of each of the Seaways Alcesmar, the Seaways Alcmar, the Seaways Raphael, the Seaways
Raffles, the Seaways Josefa Camejo and the Seaways Laura Lynn.

 

“Specified
Joint Venture” shall mean any Restricted Party’s Equity Interest in the following Joint Ventures: (a) TI Africa
Limited; (b) TI Asia Limited; and (c) OSG Nakilat Corporation.

 

“Specified
Refinancing Revolving Commitment” shall have the meaning assigned to such term in Section 2.23(a).

 

    	 	58	 

     

    

  

“Specified
Refinancing Term Loans” shall have the meaning assigned to such term in Section 2.23(a).

 

“Specified
Sale and Leaseback Transactions” shall mean the Sale and Leaseback Transaction of each of the Seaways Yellowstone and
the Seaways Yosemite, in each case, occurring on or prior to the Second Amendment Effective
Date.

 

“Statutory
Reserves” shall mean for any day during any Interest Period for any Eurodollar Borrowing, the average maximum rate at
which reserves (including any marginal, supplemental or emergency reserves) are required to be maintained during such Interest
Period under regulations issued from time to time (including Regulation D, issued by the Board (the “Reserve Requirements”))
by member banks of the United States Federal Reserve System in New York City with deposits exceeding one billion Dollars against
Eurocurrency funding liabilities (currently referred to as “Eurocurrency liabilities” (as such term is used in Regulation
D)). Eurodollar Borrowings shall be deemed to constitute Eurodollar liabilities and to be subject to such reserve requirements
without benefit of or credit for proration, exceptions or offsets which may be available from time to time to any Lender under
the Reserve Requirements.

 

“Subordinated
Indebtedness” shall mean unsecured Indebtedness of the Administrative Borrower or any of its Restricted Subsidiaries
that is by its terms subordinated (on terms reasonably satisfactory to the Administrative Agent) in right of payment to all or
any portion of the Obligations.

 

“Subsequent
Transaction” shall have the meaning assigned to such term in the definition of “Pro Forma Basis”.

 

“Subsidiary”
shall mean, with respect to any person (the “parent”) at any date, (i) any person the accounts of which would
be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, (ii) any other corporation, limited liability company, association or other business
entity of which securities or other ownership interests representing more than 50% of the voting power of all Equity Interests
entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as
of such date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a)
the sole general partner or the managing general partner of which is the parent and/or one or more subsidiaries of the parent or
(b) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other person that
is otherwise Controlled by the parent and/or one or more subsidiaries of the parent. Unless the context requires otherwise, “Subsidiary”
refers to a Subsidiary of the Administrative Borrower.

 

“Subsidiary
Guarantor” shall mean each Restricted Subsidiary of the Administrative Borrower (including, for the avoidance of doubt,
the Restricted Parent Subsidiaries) listed on Schedule 1.01(h), as well as any additional Restricted Subsidiary of the Administrative
Borrower (including, for the avoidance of doubt, the Restricted Parent Subsidiaries) that is not an Excluded Subsidiary and becomes
a Subsidiary Guarantor pursuant to Section 5.10.

 

“Swap
Obligation” shall mean, with respect to any Borrower and any Subsidiary 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.

 

“Swingline Borrowing”
shall mean a Borrowing comprised of Swingline Loans.

 

    	 	59	 

     

    

  

“Swingline
Commitment” shall mean the commitment of the Swingline Lender to make revolving loans pursuant to Section 2.17,
as the same may be reduced from time to time pursuant to Section 2.17; provided that in no event shall the Swingline
Commitment exceed the Total Revolving Commitments. The aggregate principal amount of the Swingline Commitment shall be $10,000,000
on the Closing Date.

 

“Swingline
Exposure” shall mean, at any time, the aggregate principal amount at such time of all outstanding Swingline Loans. The
Swingline Exposure of any Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure
at such time.

 

“Swingline
Lender” shall have the meaning assigned to such term in the preamble hereto.

 

“Swingline
Loan” shall mean any revolving loan made by the Swingline Lender pursuant to Section 2.17.

 

“Synthetic
Lease” shall mean, 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 Insolvency Laws to such person, would be characterized as the
indebtedness of such person (without regard to accounting treatment).

 

“Synthetic
Lease Obligations” shall mean, 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.

 

“Synthetic
Purchase Agreement” shall mean any swap, derivative or other agreement or combination of agreements pursuant to which
any Restricted Party is or may become obligated to make (a) any payment in connection with a purchase by any third party from a
person other than a Restricted Party of any Equity Interest or Restricted Indebtedness or (b) any payment (other than on account
of a permitted purchase by it of any Equity Interest or Restricted Indebtedness) the amount of which is determined by reference
to the price or value at any time of any Equity Interest or Restricted Indebtedness.

 

“Tax
Returns” shall mean all returns, statements, filings, attachments and other documents or certifications filed or required
to be filed in respect of Taxes.

 

“Taxes”
shall mean (i) any and all present or future taxes, duties, levies, imposts, assessments, fees, deductions, withholdings or other
similar charges, imposed by a Governmental Authority, whether computed on a separate, consolidated, unitary, combined or other
basis and any and all liabilities (including interest, fines, penalties or additions with respect to any of the foregoing) with
respect to the foregoing, and (ii) any transferee, successor, joint and several, contractual or other liability (including liability
pursuant to Treasury Regulation § 1.1502-6 (or any similar provision of state, local or non-U.S. law)) in respect of any item
described in clause (i).

 

    	 	60	 

     

    

  

“Term Borrowing”
shall mean a Borrowing comprised of Term Loans.

 

“Term
Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder on the
Closing Date in the amount set forth on Annex I hereto or on Schedule 1 to the Assignment and Acceptance pursuant to which
such Lender assumed its Term Commitment, as applicable, as the same may be (a) increased from time to time pursuant to Section
2.21 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.04.
In addition, the Term Commitment of each Lender shall include any commitment to make Extended Term Loans or Specified Refinancing
Term Loans. The aggregate principal amount of the Lenders’ Term Commitments on the Closing Date is $500,000,000.

 

“Term
Lender” shall mean a Lender with a Term Commitment or outstanding Term Loans.

 

“Term
Loans” shall mean the Initial Term Loans made by the Lenders to the Borrowers on the Closing Date pursuant to Section
2.01(a). Unless the context shall otherwise require, the term “Term Loans” also shall include any Incremental Term
Loans, any Extended Term Loans and any Specified Refinancing Term Loans made or extended after the Closing Date.

 

“Term
Loan Maturity Date” shall mean June 22, 2022; provided, however, that with respect to (i) any Class of
Incremental Term Loans, the Term Loan Maturity Date with respect thereto shall be as specified in the applicable Incremental Loan
Amendment, (ii) any Class of Specified Refinancing Term Loans, the Term Loan Maturity Date with respect thereto shall be as specified
in the applicable Refinancing Amendment and (iii) any Class of Extended Term Loans, the Term Loan Maturity Date with respect thereto
instead shall be as specified in the applicable Extension Amendment.

 

“Term Loan Repayment Date”
shall have the meaning specified in Section 2.09.

 

“Test
Period” shall mean each period of four consecutive fiscal quarters of the Administrative Borrower then last ended (in
each case taken as one accounting period) for which financial statements of the Administrative Borrower have been delivered pursuant
to Section 5.01(a) or (b), as the case may be (it being understood and agreed that, until the delivery of the Administrative
Borrower’s financial statements in respect of its fiscal quarter ending June 30, 2017, the Test Period then last ended shall
be the period of four consecutive fiscal quarters of the Administrative Borrower ended March 31, 2017).

 

“Total
Leverage Ratio” shall mean, at any date of determination, the ratio of (i) Consolidated Indebtedness of the Administrative
Borrower and its Restricted Subsidiaries on such date to (ii) Consolidated EBITDA of the Administrative Borrower and its Restricted
Subsidiaries for the Test Period then most recently ended.

 

“Total Revolving Commitments”
shall mean the aggregate principal amount of all Revolving Commitments, which as of the Closing Date is in the aggregate amount
of $50,000,000.

 

“Total
Revolving Exposure” shall mean, with respect to all Revolving Lenders at any time, the aggregate principal amount at
such time of all outstanding Revolving Loans, plus the aggregate Dollar Amount at such time of the LC Exposure, plus (other than
for purposes of calculating the Commitment Fee) the aggregate principal amount at such time of the Swingline Exposure.

 

“Total
Secured Leverage Ratio” shall mean, at any date of determination, the ratio of (i) Consolidated Secured Indebtedness
of the Administrative Borrower and its Restricted Subsidiaries on such date to (ii) Consolidated EBITDA of the Administrative Borrower
and its Restricted Subsidiaries for the Test Period then most recently ended.

 

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“Transactions”
shall mean, collectively, (a) the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan
Documents to which they are a party and the initial Credit Extension hereunder on the Closing Date and the use of the proceeds
thereof, (b) the Refinancing and (c) the payment of the fees and expenses related to the foregoing.

 

“Transferred
Guarantor” shall have the meaning assigned to such term in Section 7.09.

 

“Treasury
Regulations” shall mean the regulations promulgated by the United States Department of the Treasury under the Code, as
amended from time to time.

 

“Trust
Property” shall mean (a) the security, powers, rights, titles, benefits and interests (both present and future) constituted
by and conferred on the Mortgage Trustee under or pursuant to the Collateral Vessel Mortgages (including the benefits of all covenants,
undertakings, representations, warranties and obligations given, made or undertaken to the Mortgage Trustee in the Collateral Vessel
Mortgages), (b) all moneys, property and other assets paid or transferred to or vested in the Mortgage Trustee, or any agent of
the Mortgage Trustee whether from any Loan Party or any other person, and (c) all money, investments, property and other assets
at any time representing or deriving from any of the foregoing, including all interest, income and other sums at any time received
or receivable by the Mortgage Trustee or any agent of the Mortgage Trustee in respect of the same (or any part thereof).

 

“Type”
shall mean, when used in reference to any Loan or Borrowing, shall refer to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBOR Rate or the Alternate Base Rate.

 

“UCC”
shall mean the Uniform Commercial Code as in effect from time to time (except as otherwise specified) in any applicable state or
jurisdiction.

 

“UKBA” shall
mean the U.K. Bribery Act 2010.

 

“Unfunded
Pension Liability” shall mean the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA,
over the current value of that Pension Plan’s assets, determined in accordance with the actuarial assumptions used for funding
the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

 

“United States”
and “U.S.” shall mean the United States of America.

 

“Unrestricted
Subsidiary” shall mean (a) as of the Closing Date, any Subsidiary of Holdings that is set forth on Schedule 1.01(e)
and (b) (i) any other Subsidiary of the Administrative Borrower (other than the Co-Borrower)
or, at any time the direct parent of the SPV VLCC Parent is not the Administrative Borrower, the
direct parent of the SPV VLCC Parent) and/or (ii) if necessary for purposes of the liquidation
or winding down thereof, OSG-NNA Ship Management Services, Inc., in each case, that is designated by the Board of Directors of
the Administrative Borrower after the Closing Date as an Unrestricted Subsidiary pursuant to a resolution of such Board of Directors
and such designation otherwise complies with Section 5.17 (in each case until such time (if any) as the Board of Directors
of the Administrative Borrower designates any such Subsidiary as a Restricted Subsidiary pursuant to such Section 5.17),
but (in each case) only to the extent that such Subsidiary:

 

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(i)          has
no Indebtedness other than Non-Recourse Debt;

 

(ii)         except
as permitted by Section6.09, is not party to any agreement, contract, arrangement or understanding with Holdings, the Administrative
Borrower or any Restricted Subsidiary of the Administrative Borrower unless the terms of any such agreement, contract, arrangement
or understanding are not less favorable to Holdings, the Administrative Borrower or such Restricted Subsidiary than those that
might be obtained at the time from persons who are not Affiliates of the Administrative Borrower;

 

(iii)        is
a person with respect to which none of Holdings, the Administrative Borrower or any of its Restricted Subsidiaries has any direct
or indirect obligation (x) to subscribe for additional Equity Interests or (y) to maintain or preserve such person’s financial
condition or to cause such person to achieve any specified levels of operating results (other than, with respect to Holdings, an
unsecured performance guaranty or unsecured credit support guaranty, in each case, on customary terms in respect of the obligations
of such Unrestricted Subsidiary;

 

(iv)        has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Administrative Borrower
or any of its Restricted Subsidiaries; and

 

(v)         does
not hold any Indebtedness of, or Lien on any property of, Holdings, the Administrative Borrower or any of its Restricted Subsidiaries,
and does not own any Equity Interests in the Administrative Borrower or any of its Restricted Subsidiaries.

 

For
the avoidance of doubt, (x) a Subsidiary of an Unrestricted Subsidiary shall be an Unrestricted Subsidiary and (y) after the Closing
Date, no Subsidiary of Holdings that is not also a Subsidiary of the Administrative Borrower may be designated as an Unrestricted
Subsidiary.

 

“Vessel
Appraisal” shall mean a written desktop appraisal of each Collateral Vessel delivered to the Administrative Agent and
the Collateral Agent, in form, scope and methodology reasonably acceptable to the Collateral Agent and prepared by an Approved
Broker, addressed to the Collateral Agent and upon which the Administrative Agent, the Collateral Agent and the Lenders are expressly
permitted to rely.

 

“Vessel
Collateral Requirements” shall mean, with respect to a Collateral Vessel, the requirement that:

 

(a)          the
entity that owns such Collateral Vessel shall have duly authorized, executed and delivered, and caused to be recorded or registered
in accordance with the laws of the applicable Acceptable Flag Jurisdiction in which such Collateral Vessel is registered, a Collateral
Vessel Mortgage with respect to such Collateral Vessel and such Collateral Vessel Mortgage shall be effective to create in favor
of the Mortgage Trustee for the benefit of the Secured Parties a legal, valid and enforceable first preferred ship mortgage lien
upon such Collateral Vessel, subject only to Permitted Collateral Vessel Liens related thereto;

 

(b)          all
filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Collateral Agent to
perfect and preserve the security interests described in clause(a) above under the laws of the Acceptable Flag Jurisdiction
in which such Collateral Vessel is registered and (if required) in the jurisdiction of organization of the entity that is the owner
of such Collateral Vessel shall have been duly effected and the Collateral Agent shall have received evidence thereof in form and
substance reasonably satisfactory to it and such customary legal opinions reasonably satisfactory to it; and

 

    	 	63	 

     

    

  

(c)          the
Administrative Agent shall have received each of the following:

 

(i)          certified copies of all technical management agreements and commercial management agreements, if any, and all pooling agreements
and charter contracts having a remaining term in excess of six months related to such Collateral Vessel;

 

(ii)         a
confirmation of class certificate issued by an Approved Classification Society showing the Collateral Vessel to be free of overdue
recommendations issued not more than 10 days prior to the date such vessel becomes a Collateral Vessel and copies of all ISM Code
and ISPS Code documentation for such Collateral Vessel and its owner or manager, as appropriate, which shall be valid and unexpired;

 

(iii)        a
certificate of ownership and encumbrance or transcript of register confirming registration of such Collateral Vessel under the
law and flag of the applicable Acceptable Flag Jurisdiction, the record owner of the Collateral Vessel and all Liens of record
(which shall be only Permitted Collateral Vessel Liens) for such Collateral Vessel, such certificate to be issued within 60 days
of the date such vessel becomes a Collateral Vessel, and reasonably satisfactory to the Administrative Agent;

 

(iv)        a report, addressed to and in form and scope reasonably acceptable to the Administrative Agent, from a firm of marine insurance
brokers reasonably acceptable to the Administrative Agent (including Marsh and Willis), confirming the particulars and placement
of the marine insurances covering such Collateral Vessel and its compliance with the provisions hereunder, the endorsement of loss
payable clauses and notices of assignment on the policies, and containing such other confirmations and undertakings as are customary
in the New York market (including the Insurance Deliverables Requirement);

 

(v)         a
customary letter of undertaking addressed to the Administrative Agent, issued by the protection and indemnity association in which
such Collateral Vessel is entered; and

 

(vi)        a report from an independent marine insurance consultant appointed by the Administrative Agent confirming the adequacy of the marine
insurances covering such Collateral Vessel.

 

“Vessel
Holding Person” shall mean a Subsidiary of an SPV Buyer, the principal assets of which are Vessels.

 

“Vessels”
shall mean the vessels owned by the Administrative Borrower or any of its Restricted Subsidiaries. The Vessels as of the Closing
Date are identified on Schedule 1.01(a).

 

“Voting
Equity Interests” shall mean, with respect to any person, any class or classes of Equity Interests pursuant to which
the holders thereof have the power under ordinary circumstances to vote for persons to serve on the Board of Directors of such
person.

 

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“Weighted
Average Life to Maturity” shall mean, 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” shall mean a Wholly Owned Subsidiary that is a Restricted Subsidiary. Unless the context
requires otherwise, “Wholly Owned Restricted Subsidiary” refers to a Wholly Owned Restricted Subsidiary of the Administrative
Borrower.

 

“Wholly
Owned Subsidiary” shall mean, as to any person, (a) any corporation 100% of whose capital stock (other than directors’
qualifying shares and other nominal shares required to be held by local nationals, in each case to the extent required under applicable
Legal Requirements) is at the time owned by such person and/or one or more Wholly Owned Subsidiaries of such person and (b) any
partnership, association, joint venture, limited liability company or other entity in which such person and/or one or more Wholly
Owned Subsidiaries of such person have a 100% Equity Interest (other than directors’ qualifying share and other nominal shares
required to be held by local nationals, in each case to the extent required under applicable Legal Requirements) at such time.
Unless the context requires otherwise, “Wholly Owned Subsidiary” refers to a Wholly Owned Subsidiary of the Administrative
Borrower.

 

“Write-Down
and Conversion Powers” shall mean, 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.

 

Section
1.02      Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to
by Class (e.g., a “Revolving Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).
Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Class and Type
(e.g., a “Eurodollar Revolving Borrowing”).

 

Section
1.03      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 phrase “Material Adverse Effect” shall be deemed to be followed by the phrase “, individually
or in the aggregate.” The words “asset” and “property” shall be construed to have the same meaning
and effect. 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 Loan Document, agreement, instrument or other
document herein shall be construed as referring to such Loan Document, 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 in any Loan Document), (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, exhibits, Schedules and schedules shall be construed to refer to Articles and Sections of, and
Exhibits, exhibits, Schedules and schedules to, this Agreement, unless otherwise indicated and (e) any reference to any law or
regulation shall (i) include all statutory and regulatory provisions consolidating, amending, replacing or interpreting or supplementing
such law or regulation, and (ii) unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time. This Section 1.03 shall apply, mutatis mutandis, to all Loan Documents.

 

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Section
1.04      Accounting Terms; GAAP. Except as otherwise expressly provided herein, all financial statements to be delivered
pursuant to this Agreement shall be prepared in accordance with, and all terms of an accounting or financial nature shall be construed
and interpreted in accordance with, GAAP as in effect from time to time. If at any time any change in GAAP would affect the computation
of any financial ratio set forth in any Loan Document, and the Administrative Borrower, the Required Lenders or the Administrative
Agent shall so request, the Administrative Agent and the Administrative Borrower shall negotiate in good faith to amend such ratio
or requirement to preserve the original intent thereof in light of such change in GAAP (subject to approval by the Required Lenders
and the Administrative Borrower); provided, that, until so amended, such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein, and the Administrative Borrower shall provide to the Administrative Agent
and the Lenders within five days after delivery of each certificate or financial report required hereunder that is affected thereby
a written statement of a Financial Officer of the Administrative Borrower setting forth in reasonable detail the differences that
would have resulted if such financial statements had been prepared as if such change had been implemented.

 

Section
1.05     Resolution of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel in
connection with the execution and delivery of this Agreement and the other Loan Documents to which it is a party, that it and its
counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

 

Section
1.06      Rounding. Any financial ratios required to be satisfied in order for a specific action to be permitted under this
Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more
than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with
a rounding-up if there is no nearest number).

 

Section 1.07       Currency Equivalents
Generally.

 

(a)          Any
amount specified in this Agreement (other than in Section 2.18 or as set forth in clause (b) of this Section 1.07)
or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than
Dollars, such equivalent amount to be determined at the applicable Exchange Rate; provided that (x) the determination of
any Dollar Amount shall be made in accordance with Section2.18(m) and (y) if any basket amount expressed in Dollars is exceeded
solely as a result of fluctuations in applicable currency exchange rates after the last time such basket was utilized, such basket
will not be deemed to have been exceeded solely as a result of such fluctuations in currency exchange rates.

 

(b)          For
purposes of determining the Total Secured Leverage Ratio and the Total Leverage Ratio, amounts denominated in a currency other
than Dollars will be converted to Dollars at the Exchange Rate as of the date of calculation, and will, in the case of Indebtedness,
reflect the currency translation effects, determined in accordance with GAAP, of Swap Obligations permitted hereunder for currency
exchange risks with respect to the applicable currency in effect on the date of determination of the Dollar equivalent of such
Indebtedness.

 

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(c)          For
the purposes of determining the Dollar Amount of any amount specified in ArticleII on any date, any amount in a currency
other than Dollars shall be converted to Dollars at the Exchange Rate as of the most recent Exchange Rate Reset Date occurring
on or prior to such date.

 

Section 1.08       Change in
Currency.

 

(a)          Each
obligation of any Loan Party to make a payment denominated in the national currency unit of any member state of the European Union
that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption
(in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest
expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank
market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro as its lawful currency.

 

(b)          Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant
market conventions or practices relating to the Euro.

 

(c)          If
a change in any currency of a country occurs, this Agreement will, to the extent the Administrative Agent (acting reasonably and
after consultation with the Administrative Borrower) specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice relating to the applicable currency and otherwise to reflect the change in currency.

 

Section
1.09     Available Amount Transactions. If more than one action occurs on any given date the permissibility of the taking
of which is determined hereunder by reference to the amount of the Available Amount immediately prior to the taking of such action,
the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such
actions be treated as occurring simultaneously.

 

ARTICLE II

 

THE CREDITS

 

Section
2.01      Commitments. Subject to the terms and conditions and relying upon the representations and warranties herein set
forth, (a) each Term Lender agrees, severally and not jointly, to make Initial Term Loans to the Borrowers (on a joint and several
basis) on the Closing Date in the principal amount equal to its Term Commitment on the Closing Date and (b) each Revolving Lender
agrees, severally and not jointly, to make Revolving Loans to the Borrowers (on a joint and several basis), at any time and from
time to time on or after the Closing Date until the earlier of the Revolving Maturity Date and the termination of the Revolving
Commitment of such Revolving Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding
that will not result in such Revolving Lender’s Revolving Exposure exceeding such Revolving Lender’s Revolving Commitment;
provided, however, no Revolving Loans shall be permitted to be made on the Closing Date. Amounts paid or prepaid
in respect of Term Loan may not be reborrowed. Within the limits set forth in clause (b) of the second preceding sentence and subject
to the terms, conditions and limitations set forth herein, the Borrowers may borrow, pay or prepay and reborrow Revolving Loans.

 

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Section
2.02      Loans. (a) Each Loan (other than Swingline Loans) shall be made as part of a Borrowing consisting of Loans made
by the Lenders ratably in accordance with their applicable Commitments; provided, that the failure of any Lender to make
any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however,
that no Lender shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender).
Except for Revolving Loans deemed made pursuant to Section 2.18(e), any Borrowing shall be in an aggregate principal amount
that is (i) an integral multiple of $100,000 and not less than $500,000 or (ii) equal to the remaining available balance of the
applicable Commitments.

 

(b)          Subject to Sections2.11 and 2.12, each Borrowing of Loans shall be comprised entirely of ABR Loans or Eurodollar
Loans as the Administrative Borrower may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar
Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise
of such option shall not affect the obligation of the Lender to make such Loan or the Borrowers to repay such Loan in accordance
with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided, that the
Administrative Borrower shall not be entitled to request any Borrowing that, if made, would result in more than 10 Eurodollar Borrowings
in the aggregate outstanding hereunder at any one time (or such greater number of Eurodollar Borrowings as may be acceptable to
the Administrative Agent in its sole discretion). For purposes of the foregoing, Borrowings having different Interest Periods,
regardless of whether they commence on the same date, shall be considered separate Borrowings.

 

(c)         
Except with respect to Revolving Loans made pursuant to Section 2.18(e), each Lender shall make each Loan to be made by
it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the
Administrative Agent may designate from time to time not later than 10:00 a.m., New York City time, and the Administrative Agent
shall promptly credit or remit the amounts so received to an account in the United States as directed by the Administrative Borrower
in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified
shall not have been met, promptly return the amounts so received to the respective Lenders.

 

(d)       
  Unless the Administrative Agent shall have received written notice from a Lender prior to the date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may
assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance
with clause (c) above, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make
available to the Borrowers on such date a corresponding amount. If the Administrative Agent shall have so made funds available,
then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender
and the Borrowers (on a joint and several basis) agree to repay to the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is made available to the Borrowers until the date
such amount is repaid to the Administrative Agent at (i) in the case of such Lender, the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules or practices on interbank compensation,
and (ii) in the case of the Borrowers, the greater of the interest rate applicable at the time to ABR Loans of the applicable Class
and the interest rate applicable to such Borrowing. If such Lender shall subsequently repay to the Administrative Agent such corresponding
amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement, and the
Borrowers’ obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.02(d)
shall cease and any amounts previously so repaid by the Borrowers shall be returned to the Borrowers.

 

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(e)         
Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or
continue, any Eurodollar Borrowing if the Interest Period requested with respect thereto would end after the applicable Maturity
Date.

 

Section
2.03      Borrowing Procedure. (a) To request a Revolving Borrowing or a Term Borrowing, the Administrative Borrower shall
deliver a written request (by hand delivery, email through a “pdf” copy or telecopier, or facsimile transmission (or
transmit by other electronic transmission if arrangements for doing so have been approved in writing by the Administrative Agent)),
a duly completed and executed Borrowing Request to the Administrative Agent (i) in the case of a Eurodollar Borrowing, not later
than 1:00 p.m., New York City time, on the third Business Day before the date of the proposed Borrowing or (ii) in the case of
an ABR Borrowing, not later than 1:00 p.m., New York City time, one Business Day prior to the proposed Borrowing. Each Borrowing
Request for a Revolving Loan or a Term Loan shall be irrevocable and shall specify the following information in compliance with
Section 2.02:

 

(i)         the
aggregate principal amount of such Borrowing, which shall comply with the requirements of Section 2.02(a);

 

(ii)        the
date of such Borrowing, which shall be a Business Day;

 

(iii)       whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

 

(iv)       in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period” contained herein;

 

(v)        the
location and number of the respective Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.02(c);

 

(vi)       that
the conditions set forth in Sections 4.02(b) and (c) are satisfied as of the date of the notice; and

 

(vii)      whether
the requested Borrowing is to be a Revolving Borrowing or a Term Borrowing.

 

If
no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period
is specified with respect to any requested Eurodollar Borrowing, then the Administrative Borrower shall be deemed to have selected
an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section
2.03, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s
Loan to be made as part of the requested Borrowing.

 

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(b)          The
Co-Borrower hereby irrevocably appoints the Administrative Borrower as its agent to request and receive Loans and Letters of Credit
pursuant to this Agreement in the name or on behalf of the Co-Borrower. The Administrative Agent and the Lenders may disburse the
Loans to such bank account of the Administrative Borrower or the Co-Borrower or otherwise make such Loans to a Borrower and provide
such Letters of Credit to a Borrower as the Administrative Borrower may designate or direct, without notice to the other Borrower
or any Guarantor. The Administrative Borrower hereby accepts the appointment by the Co-Borrower to act as the agent of the Co-Borrower
and agrees to ensure that the disbursement of any Loans to a Borrower requested by or paid to or for the account of such Borrower,
or the issuance of any Letter of Credit for a Borrower hereunder, shall be paid to or for the account of such Borrower. The Co-Borrower
hereby irrevocably appoints and constitutes the Administrative Borrower as its agent to receive statements on account and all other
notices from the Agents and the Lenders with respect to the Obligations or otherwise under or in connection with this Agreement
and the other Loan Documents. Any notice, election, representation, warranty, agreement or undertaking made on behalf of the Co-Borrower
by the Administrative Borrower shall be deemed for all purposes to have been made by the Co-Borrower, as the case may be, and shall
be binding upon and enforceable against the Co-Borrower to the same extent as if made directly by the Co-Borrower.

 

(c)          All
Loans or Letters of Credit requested by the Administrative Borrower for ultimate use by the Loan Parties may be drawn or obtained
in the name of the Administrative Borrower or the name of the Co-Borrower. Upon request, the Administrative Borrower shall promptly
confirm for the Administrative Agent that each Loan or Letter of Credit has been issued in the name of the appropriate Borrower
and, in the event of any error, the respective records shall be adjusted without prejudice to the rights of the Agents or the Lenders.

 

Section
2.04      Repayment of Loans. (a) Each of the Borrowers hereby unconditionally promises, jointly and severally, to pay to
(i) the Administrative Agent for the account of each Term Lender, the principal amount of each Term Loan of such Term Lender as
provided in Section 2.09, (ii) the Administrative Agent for the account of each Revolving Lender, the then unpaid principal
amount of each Revolving Loan of such Revolving Lender on the Revolving Maturity Date and (iii) the Swingline Lender, the then
unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the date that is three Business
Days after such Swingline Loan is made; provided, that on each date that a Revolving Borrowing is made, the Borrowers shall
repay all Swingline Loans that were outstanding on the date such Borrowing was requested.

 

(b)          Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers
to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time under this Agreement.

 

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

 

(d)          The
entries made in the accounts maintained pursuant to clauses (b) and (c) above shall be prima facie evidence of the existence and
amounts of the obligations therein recorded; provided, that the failure of any Lender or the Administrative Agent to maintain
such accounts or any error therein shall not in any manner affect the obligations of the Borrowers and the other Loan Parties to
pay, and perform, the Obligations in accordance with the Loan Documents. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such entries, the accounts
and records of the Administrative Agent shall control in the absence of manifest error.

 

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(e)          Any
Lender by written notice to the Administrative Borrower (with a copy to the Administrative Agent) may request that Loans of any
Class made by it be evidenced by a promissory note. In such event, the Borrowers shall promptly execute and deliver to such Lender
a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns)
in the form of Exhibit H-1, H-2 or H-3, as the case may be.

 

Section 2.05       Fees.

 

(a)          CommitmentFee.
The Borrowers, jointly and severally, agree to pay to the Administrative Agent for the account of each Revolving Lender a commitment
fee (a “Commitment Fee”) equal to 1.40% per annum of the average daily unused amount of the Revolving Commitment
of such Revolving Lender during the period from and including the date hereof to but excluding the date on which such Revolving
Commitment terminates. Accrued Commitment Fees shall be payable in arrears (A) on the last Business Day of March, June, September
and December of each year, commencing on the first such date to occur after the date hereof, and (B) on the date on which such
Revolving Commitment terminates. Commitment Fees 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). For purposes of computing Commitment Fees,
the Revolving Commitment of a Revolving Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and
Dollar Amount of the LC Exposure of such Revolving Lender (and the Swingline Exposure of such Revolving Lender shall be disregarded
for such purpose).

 

(b)          Administrative
Agent and Collateral Agent Fees. The Borrowers, jointly and severally, agree to pay to the Administrative Agent and the Collateral
Agent (as applicable), for their own account, the fees set forth in the Agent Fee Letter and such other fees payable in the amounts
and at the times separately agreed upon between and/or among the Administrative Borrower, the Administrative Agent and the Collateral
Agent (the “Administrative Agent Fees”).

 

(c)           LC
and Fronting Fees. The Borrowers, jointly and severally, agree to pay (i) to the Administrative Agent for the account of each
Revolving Lender a participation fee (the “LC Participation Fee”) with respect to its participations in Letters
of Credit, which shall accrue at a rate per annum equal to the Applicable Margin from time to time used to determine the interest
rate on Eurodollar Revolving Loans pursuant to Section2.06 on the average daily amount of the Dollar Amount of such Revolving
Lender’s LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and
including the Closing Date to but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates
and the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to each Issuing Bank for its own account,
with respect to Letters of Credit issued by such Issuing Bank, a fronting fee (“Fronting Fee”), which shall
accrue at the rate of 0.25% per annum (or such other rate per annum as such Issuing Bank and the Administrative Borrower may from
time to time agree) on the average daily amount of the Dollar Amount of the LC Exposure (excluding any portion thereof attributable
to Reimbursement Obligations) during the period from and including the Closing Date to but excluding the later of the date of termination
of the Revolving Commitments and the date on which there ceases to be any LC Exposure in respect of Letters of Credit issued by
such Issuing Bank, as well as each Issuing Bank’s customary fees and charges with respect to the administration, issuance,
amendment, negotiation, renewal, payment or extension of any Letter of Credit or processing of drawings thereunder. Accrued LC
Participation Fees and Fronting Fees shall be payable in arrears (i) on the last Business Day of March, June, September and December
of each year, commencing on the first such date to occur after the Closing Date, and (ii) on the date on which the Revolving Commitments
terminate and no Letters of Credit remain outstanding. Any such fees accruing after the date on which the Revolving Commitments
terminate shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this Section2.05(c) shall be
payable within five Business Days after demand therefor. All LC Participation Fees and Fronting Fees 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). Notwithstanding the foregoing, upon the occurrence and during the continuance of any Default under Section 8.01(a)
or (b) or any Event of Default under Section 8.01(a), (b), (g) or (h), the LC Participation Fee and
the Fronting Fee shall accrue, after as well as before judgment, at a rate per annum equal to 2.00% in excess of the rate then
borne by the LC Participation Fee or the Fronting Fee, as the case may be. Each payment of fees hereunder on any Letters of Credit
denominated in an Alternative Currency shall be made in Dollars.

 

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(d)          Other
Fees. The Borrowers, jointly and severally, agree to pay to the Agents, each for their own accounts, such fees payable in the
amounts and at the times as have been or may be separately agreed upon between the Borrowers and the applicable Agent.

 

(e)          Payment
of Fees. All Fees shall be paid on the dates due, in immediately available funds in Dollars, to the Administrative Agent for
distribution, if and as appropriate, among the Lenders, except that the Borrowers shall pay (i) the Fronting Fees directly to the
applicable Issuing Bank and (ii) the Fees provided under Section 2.05(d) directly to the applicable Agents. Once paid, none
of the Fees shall be refundable under any circumstances.

 

(f)          
Any fees otherwise payable by the Borrowers to any Defaulting Lender pursuant to this Section 2.05 shall be subject to Section
2.16(c).

 

Section
2.06      Interest on Loans. (a) Subject to the provisions of Section 2.06(c), the Loans comprising each ABR Borrowing,
including each Swingline Loan, shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to
time plus the Applicable Margin.

 

(b)          Subject
to the provisions of Section 2.06(c), the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum
equal to the Adjusted LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.

 

(c)          Notwithstanding
the foregoing, (i) upon the occurrence and during the continuance of any Default under Section 8.01(a) or (b) or
any Event of Default under Section 8.01(a), (b), (g) or (h), each Loan shall bear interest, after as
well as before judgment, at a rate per annum equal to the rate which is 2.00% in excess of the rate then borne by such Loans, and
(ii) without duplication of any amounts payable pursuant to preceding clause (i), (x) overdue principal and, to the extent permitted
by applicable law, overdue interest, in respect of the Loans shall bear interest, after as well as before judgment, at a rate per
annum equal to the rate which is 2.00% in excess of the rate applicable to respective Term Loans from time to time, and (y) without
duplication of any amounts payable pursuant to the last sentence of Section 2.05(c) in respect of the LC Participation Fee,
all other overdue amounts owing under the Loan Documents shall bear interest, after as well as before judgment, at a rate per annum
equal to the rate which is 2.00% in excess of the rate otherwise applicable to ABR Loans from time to time (in each such case,
the “Default Rate”).

 

(d)          Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided, that (i) interest
accrued pursuant to Section 2.06(c) (and all interest on past due interest) shall be payable on demand, (ii) in the event
of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or Swingline Loan), accrued interest
on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of
any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall
be payable on the effective date of such conversion.

 

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(e)          All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base
Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the
actual numbers of days elapsed (including the first day but excluding the last day); provided, that any Loan that is repaid
on the same day on which it is made shall, subject to Section 2.13, bear interest for one day. The applicable Alternate
Base Rate or Adjusted LIBOR Rate shall be determined by the Administrative Agent in accordance with the provisions of this Agreement
and such determination shall be conclusive absent manifest error. Interest hereunder shall be due and payable in accordance with
the terms hereof before and after judgment, and before and after the commencement of any Insolvency Proceeding.

 

Section
2.07       Termination and Reduction of Commitments. (a) Subject to the provisions of Section2.21, (i) the initial Term
Commitments made effective on the Closing Date shall automatically terminate on the Closing Date immediately upon the making of
the Initial Term Loans on such date and (ii) the July 2017 Incremental Term Loan Commitments made effective on the First Amendment
Effective Date shall automatically terminate upon the making of the July 2017 Incremental Term Loans on the First Amendment Effective
Date. The Revolving Commitments, the Swingline Commitment and the LC Commitment shall automatically terminate on the Revolving
Maturity Date.

 

(b)          At
their option, the Borrowers may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided,
that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $100,000 and not
less than $500,000 and (ii) the Revolving Commitments shall not be terminated or reduced if, after giving effect to any concurrent
prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.10, the Total Revolving Exposure would
exceed the Total Revolving Commitments.

 

(c)          Upon
the incurrence of any Specified Refinancing Revolving Commitments, the Revolving Commitments of the Revolving Lenders under the
Class of Revolving Loans being refinanced shall be automatically and permanently reduced on a ratable basis by an amount equal
to 100% of the Specified Refinancing Revolving Commitments so incurred.

 

(d)          The
Administrative Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce Commitments of
any Class under Section2.07(b) at least three Business Days prior to the effective date of such termination or reduction
(which effective date shall be a Business Day), specifying such election and the effective date thereof. Promptly following receipt
of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered
by the Administrative Borrower pursuant to this Section2.07 shall be irrevocable; provided, that a notice of termination
of all then remaining Commitments delivered by the Administrative Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities in order to refinance in full the Obligation hereunder, in which case such notice may be revoked by
the Administrative Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition
is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments
of any Class shall be made ratably among the Lenders in accordance with their respective Commitments for such Class.

 

Section
2.08       Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in
the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section2.08.
The Borrowers may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each
such portion shall be considered a separate Borrowing. Notwithstanding anything herein to the contrary, the Borrowers shall not
be entitled to request any conversion or continuation that, if made, would result in more than eight Interest Periods with respect
to Eurodollar Borrowings outstanding hereunder at any one time (or such greater number of Eurodollar Borrowings as may be acceptable
to the Administrative Agent in its sole discretion). This Section 2.08 shall not apply to Swingline Borrowings, which may
not be converted into a Eurodollar Borrowing and shall, at all times, be maintained as an ABR Borrowing.

 

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(b)          To
make an election pursuant to this Section 2.08, the Administrative Borrower shall deliver, by hand delivery, email through
“pdf” copy or telecopies, or facsimile transmission (or transmit by other electronic transmission if arrangements for
doing so have been approved in writing by the Administrative Agent), a duly completed and executed Interest Election Request to
the Administrative Agent not later than the time that a Borrowing Request would be required under Section 2.03 if the Administrative
Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each Interest Election Request shall be irrevocable.

 

(c)         
Each Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)         the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, or if outstanding Borrowings are being combined, allocation to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)        the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)       whether
the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

(iv)       if
the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period” contained herein.

 

If
any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Administrative
Borrower shall be deemed to have selected an Interest Period of one month’s duration.

 

(d)          Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and
of such Lender’s portion of each resulting Borrowing.

 

(e)          If
an Interest Election Request with respect to a Eurodollar Borrowing is not timely delivered prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and
is continuing, the Administrative Agent or the Required Lenders may require, by notice to the Administrative Borrower, that (i)
no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing
shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

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Section
2.09      Amortization of Term Borrowings. (a) The Borrowers, jointly and severally, shall pay to the Administrative Agent,
for the account of the Term Lenders, on each March 31, June 30, September 30 and December 31 (commencing on September 30, 2017)
or, if any such date is not a Business Day, on the immediately following Business Day (each such date, a “Term Loan Repayment
Date”), a principal amount of the Initial Term Loans equal to the Applicable Amortization Percentage of the initial aggregate
principal amount of such Initial Term Loans (as adjusted from time to time pursuant to Section 2.10 and/or Section 2.21),
together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

 

(b)          To
the extent not previously irrevocably paid in full in cash, all Term Loans of a Class shall be due and payable on the Term Loan
Maturity Date for such Class of Term Loans.

 

Section
2.10      Optional and Mandatory Prepayments of Loans. (a) Optional Prepayments.
Subject to the provisions of Section 2.10(h), the Borrowers shall have the right at any time and from time to time to prepay
any Borrowing, in whole or in part, without premium or penalty (except as provided in Section 2.10(g)) subject to the requirements
of this Section 2.10; provided, that each partial prepayment shall be in an amount that is an integral multiple of
$100,000 and not less than $500,000.

 

(b)          Mandatory
Prepayments.

 

(i)         
In the event of the termination of all the Revolving Commitments, the Borrowers, jointly and severally, shall, on the date of such
termination, repay or prepay all outstanding Revolving Loans and Swingline Loans and either (A) replace all outstanding Letters
of Credit or (B) Cash Collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section
2.18(i).

 

(ii)         
In the event of any partial reduction of the Revolving Commitments by the Borrowers, then (x) at or prior to the effective date
of such reduction, the Administrative Agent shall notify the Administrative Borrower and the Revolving Lenders of the Total Revolving
Exposure after giving effect thereto and (y) if the Total Revolving Exposures would exceed the aggregate amount of Revolving Commitments
after giving effect to such reduction, then the Borrowers, jointly and severally, shall, on the date of such reduction, first,
repay or prepay Swingline Loans, second, repay or prepay Revolving Loans and third, replace outstanding Letters of Credit or Cash
Collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i) in an aggregate
amount sufficient to eliminate such excess.

 

(iii)        
If at any time the Total Revolving Exposure exceeds the Revolving Commitments at such time, the Borrowers, jointly and severally,
shall, without notice or demand, immediately first, repay or prepay Swingline Loans, second, repay or prepay Revolving Loans, and
third, replace outstanding Letters of Credit or Cash Collateralize outstanding Letters of Credit in accordance with the procedures
set forth in Section 2.18(i) in an aggregate amount sufficient to eliminate such excess.

 

(iv)         In the event that the aggregate Dollar Amount of the LC Exposure exceeds the LC Commitment then in effect, the Borrowers, jointly
and severally, shall, without notice or demand, immediately replace outstanding Letters of Credit or Cash Collateralize outstanding
Letters of Credit in accordance with the procedures set forth in Section2.18(i) in an aggregate amount sufficient to eliminate
such excess.

 

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(v)          No
later than the earlier of (i) 90 days after the end of each Excess Cash Flow Period and (ii) the date on which the financial statements
with respect to such fiscal year in which such Excess Cash Flow Period occurs are delivered pursuant to Section5.01(a),
the Borrowers, jointly and severally, shall (subject to Section 2.10(h)) make prepayments in accordance with Section
2.10(d) in an aggregate principal amount equal to 5075%
of Excess Cash Flow for the Excess Cash Flow Period then ended; provided that the aggregate principal amount of optional
prepayments of Term Loans made pursuant to Section2.10(a) (and including any Term Loans prepaid pursuant to a Discounted
Prepayment Offer(otherthaninconnectionwiththeSecond Amendment Prepayment),
but in the case of a Discounted Prepayment Offer, limited to the amount of cash actually expended to purchase principal of such
Term Loans) and the aggregate principal amount of optional prepayments of Revolving Loans (but only to the extent accompanied by
a permanent reduction in the Total Revolving Commitments), in each case made during such Excess Cash Flow Period with Internally
Generated Funds shall reduce on a dollar- for-dollar basis the amount of such mandatory prepayment otherwise required pursuant
to this Section 2.10(b)(v) in respect of such Excess Cash Flow Period.

 

(vi)        
Not later than five Business Days following the receipt of any Net Cash Proceeds of any Asset Sale or Casualty Event by any Restricted
Party (other than Net Cash Proceeds of less than $5,000,000 in the aggregate in any fiscal year of the Administrative Borrower),
the Borrowers, jointly and severally, shall (subject to Section 2.10(h)) apply 100% of such Net Cash Proceeds to make prepayments
in accordance with Section 2.10(d); provided that: (x) so long as no Default shall then exist or would arise therefrom,
such Net Cash Proceeds shall not be required to be so applied on such date to the extent that the Administrative Borrower shall
have delivered an Officer’s Certificate to the Administrative Agent on or prior to such date stating that such Net Cash Proceeds
are reasonably expected to be reinvested (or committed to be reinvested) in fixed or capital assets of any Borrower or any Subsidiary
Guarantor (or, with respect to the Net Cash Proceeds from the sale of any Equity Interests in any Specified Joint Venture, in a
vessel (or vessels) that will become a Collateral Vessel (or Collateral Vessels)) within 12 months following the date of such Asset
Sale or Casualty Event, as applicable (which Officer’s Certificate shall set forth the estimates of the Net Cash Proceeds
to be so expended); provided that, if the property subject to such Asset Sale or Casualty Event constituted Collateral or
Equity Interests in a Specified Joint Venture, then all property purchased or otherwise acquired with the Net Cash Proceeds thereof
pursuant to this subsection shall be made subject to the First Priority perfected Lien (subject to Permitted Liens or, in the case
of any Vessels, Permitted Collateral Vessel Liens) of the applicable Security Documents in favor of the Collateral Agent, for its
benefit and for the benefit of the other Secured Parties in accordance with Section 5.10 and the preceding proviso in the
case of the sale of any Equity Interests in any Specified Joint Ventures; and (y) if all or any portion of such Net Cash Proceeds
is not so reinvested within such 12-month period (or if committed to be reinvested pursuant to a legally binding commitment within
such 12-month period and not so reinvested within six months thereafter), such unused portion shall be applied on the last day
of such period as a mandatory prepayment as provided in this Section 2.10(b)(vi); and
provided, further, that (x) so long as no Default then exists or would result therefrom
and (y) if the Net Cash Proceeds of any Asset Sales and/or Casualty Events exceed $10,000,000 in the aggregate, such Net Cash Proceeds
shall be deposited in a Deposit Account (a “Reinvestment Proceeds Account”) of the Administrative Borrower with
the Administrative Agent (or another Deposit Account Bank reasonably satisfactory to the Administrative Agent) pursuant to a cash
collateral arrangement in form and substance reasonably satisfactory to the Administrative Agent (and subject to a Deposit Account
Control Agreement) whereby such Net Cash Proceeds shall be disbursed to the Administrative Borrower from time to time as needed
to pay actual costs incurred by it or the applicable Subsidiary Guarantor in connection with the replacement or restoration of
the respective properties or assets (or, with respect to the Net Cash Proceeds from the sale of any Equity Interests in any Specified
Joint Venture, in connection with the reinvestment in or purchase of a Collateral Vessel (or Collateral Vessels)) (pursuant to
such certification requirements as may be reasonably established by the Administrative Agent) (it being understood and agreed that
at any time while an Event of Default has occurred and is continuing, the Required Lenders may direct the Administrative Agent
(in which case the Administrative Agent shall, and is hereby authorized by the Administrative Borrower to, follow said directions)
to apply any or all proceeds then on deposit in such Reinvestment Proceeds Account to the repayment of the Secured Obligations).;
and provided, further, that (A) so long as no Event of Default shall then exist or would arise therefrom, such Net Cash Proceeds
from the Specified Asset Sales and Specified Sale and Leaseback Transaction shall not be required to be so applied on such date
to the extent that the Administrative Borrower shall have, within 90 days after the Second Amendment Effective Date, (x) applied
such Net Cash Proceeds to consummate the SPV VLCC Transactions and (y) delivered an Officer’s Certificate to the Administrative
Agent on or prior to such date stating that such Net Cash Proceeds have been so applied and invested within 90 days following the
Second Amendment Effective Date (which Officer’s Certificate shall describe in reasonable detail the Net Cash Proceeds so
applied and invested) and (B) if all or any portion of such Net Cash Proceeds are not so used to consummate the SPV VLCC Transactions
within such 90 day period, such unused portion shall be applied and/or reinvested as (and to the extent) required or permitted
by the immediately preceding proviso (and within the applicable time periods set forth
therein).

 

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(vii)        Not
later than one Business Day following the receipt of any Net Cash Proceeds of any Debt Issuance by any Restricted Party, the Borrowers,
jointly and severally, shall (subject to Section 2.10(h)) make prepayments in accordance with Section 2.10(d) in
an aggregate principal amount equal to 100% of such Net Cash Proceeds.

 

(viii)
     Upon the incurrence or issuance by any Borrower of any Refinancing Notes or any Specified Refinancing Term Loans, the Borrowers,
jointly and severally, shall (subject to Section 2.10(h)) prepay an aggregate principal amount of the applicable Class or
Classes of Term Loans that are to be refinanced with the proceeds of such Refinancing Notes or Specified Refinancing Term Loans
in accordance with Section2.10(d) in an aggregate principal amount equal to 100% of the Net Cash Proceeds received therefrom.

 

(c)          [Reserved].

 

(d)          ApplicationofPrepayments.
Prior to any optional prepayment hereunder, the Administrative Borrower shall select the Borrowing or Borrowings to be prepaid
and shall specify such selection in the notice of such prepayment pursuant to Section2.10(e), subject to the provisions
of this Section 2.10(d). Any prepayments pursuant to Sections 2.10(b)(v)-(vii) shall be applied (i) first,
to prepay principal of outstanding Term Loans and, to the extent so applied, to reduce future scheduled amortization payments required
under Section2.09 (including the payment due on the applicable Term Loan Maturity Date) on a pro rata basis among the payments
remaining to be made on each Term Loan Repayment Date, and (ii) second, to the extent there are prepayment amounts remaining
after the application of such prepayments under preceding clause (i), such excess amounts shall be applied to the prepayment of
principal of outstanding Revolving Loans (but without any corresponding reduction in Revolving Commitments (unless an Event of
Default then exists, in which case the Revolving Commitments shall be so reduced and the Borrowers shall comply with Sections
2.10(b)(i)-(iv)); provided, however, to the extent that a prepayment is required pursuant to Section2.10(b)(vi)
with Net Cash Proceeds from the sale of a Vessel within six months after the Borrowers incurred Revolving Loans to pay all or a
portion of the consideration attributable to the purchase of a Collateral Vessel, such Net Cash Proceeds may be applied (x) first,
to the prepayment of principal of outstanding Revolving Loans up to the amount so incurred to purchase such Collateral Vessel (without
any corresponding reduction in Revolving Commitments unless an Event of Default then exists, as provided in preceding clause (ii))
and (y) thereafter, to prepay the principal of outstanding Loans in accordance with clauses (i) and (ii) above. Any prepayments
of Term Loans pursuant to Section 2.10(b)(viii) shall be applied to reduce future scheduled amortization payments required
under Section 2.09 (including the payment due on the applicable Term Loan Maturity Date) on a pro rata basis among the payments
remaining to be made on each Term Loan Repayment Date. Optional prepayments of Term Loans pursuant to Section 2.10(a) shall
be applied to reduce future scheduled amortization payments under Section 2.09 (including the payment due on the applicable
Term Loan Maturity Date) in the manner directed by the Administrative Borrower in the respective notice of prepayment or, in the
absence of such direction, in direct order of maturity. Amounts to be applied pursuant to this Section 2.10 to the prepayment
of Loans of any Class shall be applied first to reduce outstanding ABR Loans of such Class. Any amounts remaining after
each such application shall be applied to prepay Eurodollar Loans of such Class.

 

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(e)          Notice
of Prepayment. The Administrative Borrower shall notify the Administrative Agent (and, in the case of
prepayment of a Swingline Loan, the Swingline Lender) by written notice of any prepayment hereunder (i) in the case of prepayment
of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, on the third Business Day before the date of prepayment
(ii) in the case of prepayment of an ABR Borrowing (other than a Swingline Borrowing), not later than 1:00 p.m., New York City
time, one Business Day before the date of prepayment, and (iii) in the case of prepayment of a Swingline Borrowing, not later than
1:00 p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable; provided, that a notice
of prepayment of all outstanding Loans may state that such notice is conditioned upon the effectiveness of other credit facilities
in order to refinance in full all Obligations hereunder, in which case such notice may be revoked by the Administrative Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Each such
notice shall specify the Class of Loans being prepaid, the prepayment date, the principal amount of each Borrowing or portion thereof
to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly
following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise
the applicable Lenders of the contents thereof. Such notice to the Lenders may be by electronic communication. Each partial prepayment
of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section
2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall
be applied ratably to the Loans included in the prepaid Borrowing and otherwise in accordance with this Section 2.10. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.06.

 

(f)         
Notwithstanding the foregoing provisions of this Section 2.10, (i) in the case of any mandatory prepayment of the Term Loans
(other than any mandatory prepayment pursuant to Section 2.10(b)(vii) or (viii)), any Term Lender may waive, by written
notice to the Administrative Borrower and the Administrative Agent on or before the date on which such mandatory prepayment would
otherwise be required to be made hereunder, the right to receive its pro rata share of the amount of such mandatory prepayment
of its Term Loans, and (ii) if any Term Lender or Term Lenders elect to waive the right to receive the amount of such mandatory
prepayment, all of the amount that otherwise would have been applied to mandatorily prepay the Term Loans of such Term Lender or
Term Lenders may be retained by the Borrowers.

 

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(g)          Any
(x) prepayment, repayment, refinancing, substitution, conversion or replacement of any Initial Term Loans (other than pursuant
to Section 2.09(a), 2.10(b)(v), 2.10(b)(vi) (but in the case of such Section 2.10(b)(vi), only in respect
of a Casualty Event) or 2.22), in whole or in part, (y) acceleration in accordance with the Loan Documents of the then outstanding
principal amount of Initial Term Loans, and (z) amendment to this Agreement that, directly or indirectly, reduces the Effective
Yield applicable to the Initial Term Loans, in each case, occurring on or prior to June
22December 31,
2019, shall be accompanied by the payment by the Borrowers (on a joint and several basis) of (i) in the case of preceding clause
(x) or (y), a prepayment premium equal to (A) 2.00% of the aggregate principal amount of the Initial Term Loans so prepaid, repaid,
refinanced, substituted, replaced, converted or accelerated on or prior to the first
anniversary of the Closing DateDecember 31, 2018, and
(B) 1.00% of the aggregate principal amount of the Initial Term Loans so prepaid, repaid, refinanced, substituted, replaced, converted
or accelerated after the first anniversary of the Closing DateDecember
31, 2018, but on or prior to the second anniversary
of the Closing DateDecember 31, 2019, and
(ii) in the case of preceding clause (z), a fee equal to (A) 2.00% of the aggregate principal amount of the applicable Initial
Term Loans so amended on or prior to the first anniversary of the Closing DateDecember
31, 2018, and (B) 1.00% of the aggregate principal amount of the applicable Initial Term
Loans so amended after the first anniversary of the Closing DateDecember
31, 2018, but on or prior to the second anniversary
of the Closing DateDecember 31, 2019. Any
determination by the Administrative Agent as contemplated by clause (z) of the immediately preceding sentence shall be conclusive
and binding on the Borrowers and all Lenders, absent manifest error.

 

(h)          Restrictions
on Term Loan Prepayments. Notwithstanding anything to the contrary set forth in this Agreement or in any other Loan Document,
(x) if any Revolving Lender has any Revolving Exposure or any other outstanding Revolving Obligations and any Event of Default
has occurred and is continuing, no optional prepayment of Term Loans shall be permitted pursuant to this Section2.10 and
(y) if any Event of Default has occurred and is continuing at the time any mandatory repayment of Terms Loans is otherwise required
to be made pursuant to this Section2.10, then (i) (x) Swingline Loans, and if no Swingline Loans are or remain outstanding,
Revolving Loans, and if no Swingline Loans or Revolving Loans are or remain outstanding, LC Exposure, shall first be repaid in
full in cash or, in the case of Letters of Credit, Cash Collateralized, as applicable, in the amount otherwise required to be applied
to the repayment of Term Loans pursuant to this Section 2.10 in the absence of this clause (h) and (y) if any Event of Default
has occurred and is continuing, the Revolving Commitments also shall be permanently reduced by the amount of any required payment
pursuant to preceding clause (x) (determined as if Revolving Loans and Swingline Loans were outstanding in such amount) and (ii)
after application pursuant to preceding clause (i), any excess portion of such mandatory repayment of Term Loans not so applied
shall be applied to the repayment of Term Loans as otherwise required by this Section 2.10 in the absence of this clause
(h). If any Lender collects or receives any amounts received on account of the Obligations to which it is not entitled as a result
of the application of this Section 2.10(h), such Lender shall hold the same in trust for the Revolving Lenders and shall
forthwith deliver the same to the Administrative Agent and/or the Collateral Agent, for the account of the applicable Revolving
Lenders, to be applied in accordance with this Section2.10(h). Without limiting the generality of the foregoing, this Section
2.10(h) is intended to constitute and shall be deemed to constitute a “subordination agreement” within the meaning
of Section 510(a) of the Bankruptcy Code and is intended to be and shall be interpreted to be enforceable to the maximum extent
permitted pursuant to applicable non-bankruptcy law.

 

Section
2.11      Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(a)          the
Administrative Agent determines (which determination shall be final and conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBOR Rate for such Interest Period; or

 

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(b)          the
Administrative Agent is advised in writing by the Required Lenders that the Adjusted LIBOR Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such
Interest Period; then the Administrative Agent shall give written notice thereof to the Administrative Borrower and the Lenders
as promptly as practicable thereafter and, until the Administrative Agent notifies the Administrative Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing
Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

Section 2.12       Increased
Costs; Change in Legality. (a) If any Change in Law shall:

 

(i)          
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge, liquidity or similar requirement
against property of, deposits with or for the account of, or credit extended by or participated in by, any Lender (except any such
reserve requirement reflected in the Adjusted LIBOR Rate) or any Issuing Bank;

 

(ii)          impose
on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than with respect
to Taxes) affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii)        
subject any Lender or any Issuing Bank to any Taxes (other than (A) Indemnified Taxes or Other Taxes indemnified pursuant to Section2.15,
(B) Taxes described in clauses (b) through (f) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its Loans,
principal, letters of credit, Commitments or other Obligations, or its deposits, reserves, other liabilities or capital attributable
thereto;

 

and
the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or
of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such Lender’s
or such Issuing Bank’s holding company, if any, of participating in, issuing or maintaining any Letter of Credit (or of maintaining
its obligation to participate in or to issue any Letter of Credit) or to reduce the amount of any sum received or receivable by
such Lender or such Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrowers will, jointly and
severally, pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such
Lender or such Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered; it being understood
that this Section 2.12 shall not apply to Taxes that are Indemnified Taxes or Other Taxes indemnified pursuant to Section
2.15.

 

(b)          If
any Lender or any Issuing Bank determines (in good faith, but in its sole absolute discretion) that any Change in Law regarding
Capital Requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s
capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this
Agreement, the Commitment of such Lender or the Loans made by such Lender, or participations in Letters of Credit or Swingline
Loans held by such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such
Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or
such Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Borrowers will, jointly
and severally, pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate
such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company, for any such reduction suffered.

 

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(c)          A
certificate of a Lender or an Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such
Lender or such Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b) of this Section 2.12
shall be delivered to the Administrative Borrower (with a copy to the Administrative Agent) and shall be conclusive and binding
absent manifest error. The Borrowers, jointly and severally, shall pay such Lender or such Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 10 Business Days after receipt thereof.

 

(d)         
Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 2.12 shall
not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided
that (i) the Borrowers shall not be required to compensate a Lender or an Issuing Bank for any increased costs or reductions incurred
more than 180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Administrative Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s
intention to claim compensation therefor, (ii) if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 180-day period referred to above shall be extended to indicate the period of retroactive effect thereof and (iii) such
increased costs or reductions shall only be payable by the Borrowers to the applicable Lender or the applicable Issuing Bank under
this Section2.12 to the extent that such Lender or such Issuing Bank is generally imposing such charges on similarly situated
borrowers.

 

(e)          Notwithstanding
any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar
Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to
the Administrative Borrower and to the Administrative Agent:

 

(i)         such
Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness (as determined in good faith
by such Lender)) be made by such Lender hereunder (or be continued for additional Interest Periods and ABR Loans will not thereafter
(for such duration) be converted into Eurodollar Loans), whereupon any request for a Eurodollar Loan (or to convert an ABR Loan
to a Eurodollar Loan or to continue a Eurodollar Loan for an additional Interest Period) shall, as to such Lender only, be deemed
a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a Eurodollar
Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn by such Lender by written notice
to the Administrative Borrower and to the Administrative Agent; and

 

(ii)        such
Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar
Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in Section 2.12(f).

 

In the event
any Lender shall exercise its rights under clause (i) or (ii) above, all payments and prepayments of principal that would otherwise
have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such
Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such
Eurodollar Loans.

 

(f)           For
purposes of clause (e) of this Section 2.12, a notice to the Administrative Borrower by any Lender shall be effective as
to each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar
Loan; in all other cases such notice shall be effective on the date of receipt by the Administrative Borrower.

 

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Section
2.13      Breakage Payments. In the event of (a) the payment or prepayment, whether optional or mandatory, of any principal
of any Eurodollar Loan earlier than the last day of an Interest Period applicable thereto (including as a result of an Event of
Default), (b) the conversion of any Eurodollar Loan earlier than the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto
(whether or not such notice is permitted to be withdrawn by the Borrowers), or (d) the assignment of any Eurodollar Loan earlier
than the last day of the Interest Period applicable thereto as a result of a request by the Administrative Borrower pursuant to
Section 2.16, then, in any such event, the Borrowers, jointly and severally, shall compensate each Lender for the loss,
cost and expense attributable to such event (including any loss, expense or liability incurred by reason of the liquidation or
reemployment of deposits or other funds required by such Lender to fund its Eurodollar Loans but excluding loss of anticipated
profits). Each Lender shall calculate any amount or amounts in good faith and in a commercially reasonable manner. A certificate
of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this
Section 2.13 shall be delivered to the Administrative Borrower (with a copy to the Administrative Agent) and shall be conclusive
and binding absent manifest error. The Borrowers, jointly and severally, shall pay such Lender the amount shown as due on any such
certificate within 10 Business Days after receipt thereof. Notwithstanding the foregoing, this Section 2.13 shall not apply
to losses, costs or expenses resulting from Taxes, as to which Section 2.15 shall govern.

 

Section
2.14      Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The Borrowers shall make each payment required to
be made hereunder or under any other Loan Document (whether of principal, interest, fees or Reimbursement Obligations or of amounts
payable under Section 2.12, 2.13 or 2.15, or otherwise) on or before the time expressly required hereunder
or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City
time), on the date when due, in immediately available funds, without setoff, deduction or counterclaim. Any amounts received after
such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices
at 520 Madison Avenue, New York, New York, 10022; Attn: Account Manager – International Seaways Operating Corporation, except
that payments pursuant to Sections 2.12, 2.13, 2.15 and 11.03 shall be made directly to the persons
entitled thereto and payments pursuant to other Loan Documents shall be made to the persons specified therein. The Administrative
Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly
following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, unless specified
otherwise, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing
interest, interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made
in Dollars; provided that, LC Disbursements paid by the Borrowers in respect of Letters of Credit denominated in an Alternative
Currency shall be made in such Alternative Currency.

 

(b)          Subject
to Section9.01, if at any time insufficient funds are received by and available to the Administrative Agent to pay in full
all amounts of principal, premium, Reimbursement Obligations, interest and fees then due hereunder, such funds shall be applied
(i) first, towards payment of interest, premium and fees then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of interest, premium and fees then due to such parties, and (ii) second, towards payment of principal and Reimbursement
Obligations then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and Reimbursement
Obligations then due to such parties.

 

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(c)          Other
than in connection with a prepayment of the Term Loans pursuant to Section 2.22 or as provided in Section 2.10(b)(viii),
if any Lender shall, by exercising any right of setoff or counterclaim (including pursuant to Section 11.08) or otherwise
(including by exercise of its rights under the Security Documents), obtain payment in respect of any principal of or premium or
interest on any of its Revolving Loans, Term Loans, or participations in LC Disbursements or Swingline Loans resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans, Term Loans and participations
in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender entitled
thereto, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving
Loans, Term Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary 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 and premium on their respective Revolving Loans, Term Loans and participations in LC Disbursements and Swingline
Loans; 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 Section2.14(c) shall not be construed to apply to (A) any payment made by the Borrowers
pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender (x) as consideration
for the assignment of or sale of a participation in any of its Revolving Loans, Term Loans or participations in LC Disbursements
or Swingline Loans to any Eligible Assignee or participant, other than to any Company or any Affiliate thereof (as to which the
provisions of this Section 2.14(c) shall apply) or (y) in connection with any prepayment of Revolving Loans in accordance
with Section 2.21(e). Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Legal Requirements, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of such Loan Party in the amount of such participation. If under applicable Insolvency Law any Secured Party receives a secured
claim in lieu of a setoff or counterclaim to which this Section 2.14(c) applies, such Secured Party shall to the extent
practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights to which the Secured Party
is entitled under this Section 2.14(c) to share in the benefits of the recovery of such secured claim.

 

(d)          Unless
the Administrative Agent shall have received written notice from the Administrative Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of the Lenders or any Issuing Bank hereunder that the Borrowers will not make
such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount due.
In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or such Issuing Bank, as the case
may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such
Issuing Bank 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 Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules or practices on interbank compensation.

 

(e)          If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.14(d), 2.17(d),
2.18(d), 2.18(e) or 11.03(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

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Section
2.15      Taxes. (a) Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other
Loan Document shall be made without setoff, counterclaim or other defense and free and clear of and without deduction, reduction
or withholding for any and all Taxes except as required by applicable Legal Requirements. If any amounts on account of Indemnified
Taxes are required to be deducted or withheld from such payments, then (i) the sum payable by or on behalf of such Loan Party shall
be increased as necessary so that after making all required deductions (including deductions, reductions or withholdings applicable
to additional sums payable under this Section 2.15) the Administrative Agent, any Lender or any Issuing Bank, as the case
may be, receives an amount equal to the sum it would have received had no such deductions, reductions or withholdings been made,
(ii) the Borrowers shall make such deductions, reductions or withholdings and (iii) the Borrowers, jointly and severally, shall
timely pay to the relevant Governmental Authority the full amount deducted or withheld in accordance with applicable Legal Requirements.

 

(b)          In
addition, the Borrowers, jointly and severally, shall timely pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable Legal Requirements, or at the option of the Administrative Agent reimburse it for payment of any Other Taxes.

 

(c)          The
Borrowers agree, jointly and severally, to indemnify the Administrative Agent, each Lender and each Issuing Bank within 10 Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent,
such Lender or such Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the
Borrowers hereunder or under any other Loan Document or any Other Taxes paid by the Administrative Agent or such Lender (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section2.15) and any
penalties, interest and expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Administrative Borrower by a Lender or an Issuing Bank (in each case with a copy delivered concurrently
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank shall
be conclusive absent manifest error.

 

(d)          Each
Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that the Borrowers have not already indemnified the Administrative Agent for
such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 11.04(e) 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 Administrative 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 Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative 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 Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under
this clause (d).

 

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(e)          As
soon as practicable after any payment of Indemnified Taxes or Other Taxes, and in any event within 30 days following any such payment
being due by the Borrowers to a Governmental Authority, the Administrative Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the Tax Return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. If the Borrowers
fail to pay any Indemnified Taxes or Other Taxes when due to the appropriate Governmental Authority or fail to remit to the Administrative
Agent the required receipts or other documentary evidence, the Borrowers, jointly and severally, shall indemnify the Administrative
Agent, each Lender and each Issuing Bank for any incremental Taxes or expenses that may become payable by the Administrative Agent
or such Lender or such Issuing Bank, as the case may be, as a result of any such failure.

 

(f)           Any
Foreign 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 Administrative Borrower and the Administrative Agent such properly completed and executed documentation
and information reasonably requested by the Administrative Borrower or the Administrative Agent as will permit such payments to
be made without withholding or at a reduced rate of withholding. Without limiting the generality of the foregoing, each Foreign
Lender shall, to the extent it is legally able to do so, (i) furnish to the Administrative Borrower and the Administrative Agent
on or prior to the date it becomes a party hereto, either (a) two accurate and complete originally executed U.S. Internal Revenue
Service Forms W-8BEN or W-8BEN-E, as applicable (or successor form) (claiming the benefits of an applicable tax treaty), (b) two
accurate and complete originally executed U.S. Internal Revenue Service Forms W-8ECI (or successor form), together with required
attachments, (c) two accurate and complete originally executed U.S. Internal Revenue Service Forms W-8IMY (or successor form),
(d) two accurate and complete originally executed U.S. Internal Revenue Service Forms W-8EXP (or successor form) or (e) if such
Foreign Lender is relying on the so-called “portfolio interest exemption,” an accurate and complete originally executed
“Portfolio Interest Certificate” in the form of Exhibit K and two accurate and complete originally executed
U.S. Internal Revenue Service Forms W-8BEN or W-8BEN-E, as applicable (or successor form), in the case of each of the preceding
clauses (a) through (e), together with any required schedules or attachments, certifying, in each case, to such Foreign Lender’s
legal entitlement to an exemption or reduction from U.S. federal withholding tax with respect to all payments hereunder, (ii) promptly
notify the Administrative Borrower and the Administrative Agent if such Foreign Lender no longer qualifies for the exemption or
reduction that it previously claimed as a result of change in such Foreign Lender’s circumstances, and (iii) to the extent
it may lawfully do so at such times, provide a new Form W-8BEN or W-8BEN-E, as applicable (or successor form), Form W-8ECI (or
successor form), Form W-8IMY (or successor form), Form W-8EXP (or successor form) and/or Portfolio Interest Certificate upon the
expiration or obsolescence of any previously delivered form, or at any other time upon the reasonable request of the Administrative
Borrower or the Administrative Agent, to reconfirm any complete exemption from, or any entitlement to a reduction in, U.S. federal
withholding tax with respect to any payment hereunder. Each Lender that is not a Foreign Lender shall (i) furnish to the Administrative
Borrower and the Administrative Agent on or prior to the date it becomes a party hereto two accurate and complete originally executed
U.S. Internal Revenue Service Form W-9 (or successor form) or otherwise establish an exemption from U.S. backup withholding and
(ii) to the extent it may lawfully do so at such times, provide a new Form W-9 (or successor form) upon the expiration or obsolescence
of any previously delivered form, or at any other time upon the reasonable request of the Administrative Borrower or the Administrative
Agent, to reconfirm its complete exemption from U.S. federal withholding tax with respect to any payment hereunder.

 

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(g)          If
a payment made to a Lender under any Loan Document may be subject to U.S. federal withholding Tax imposed under 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 Administrative Borrower and the Administrative Agent, at the time
or times prescribed by law and at such times reasonably requested by the Administrative Borrower and the Administrative Agent,
(A) such documentation prescribed by applicable Legal Requirements (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code), and (B) such other documentation reasonably requested by the Administrative Borrower and the Administrative Agent as may
be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA, to determine that such
Lender has complied with such Lender’s obligations under FATCA, or to determine the amount to deduct and withhold from such
payment, or notify the Administrative Agent and the Administrative Borrower that such Lender is not in compliance with FATCA. Solely
for purposes of this Section 2.15(g), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement.

 

(h)          If
the Administrative Agent or a Lender (or an assignee) determines in its sole discretion that it has received a refund of any Indemnified
Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional
amounts pursuant to this Section2.15, it shall pay over such refund to the Borrowers (but only to the extent of indemnity
payments made, or additional amounts paid, by the Borrowers under this Section2.15 with respect to the Indemnified Taxes
or the Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (or
assignee) and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided, however, that if the Administrative Agent or such Lender (or assignee) is required to repay all or a portion
of such refund to the relevant Governmental Authority, the Borrowers, upon the request of the Administrative Agent or such Lender
(or assignee), shall repay the amount paid over to the Borrowers that is required to be repaid (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender (or assignee) within three
Business Days after receipt of written notice that the Administrative Agent or such Lender (or assignee) is required to repay such
refund (or a portion thereof) to such Governmental Authority. Nothing contained in this Section2.15(h) shall require the
Administrative Agent or any Lender (or assignee) to make available its Tax Returns or any other information which it deems confidential
or privileged to the Borrowers or any other person. Notwithstanding anything to the contrary, in no event will the Administrative
Agent or any Lender (or assignee) be required to pay any amount to the Borrowers the payment of which would place the Administrative
Agent or such Lender (or assignee) in a less favorable net after-tax position than the Administrative Agent or such Lender (or
assignee) would have been in if the additional amounts giving rise to such refund or credit of any Indemnified Taxes or Other Taxes
had never been paid.

 

Section 2.16       Mitigation Obligations;
Replacement of Lenders.

 

(a)          Mitigation
of Obligations. If any Lender requests compensation under Section 2.12(a) or (b), or if the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15,
then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder
or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment
of such Lender, such designation or assignment (i) would eliminate or reduce materially amounts payable pursuant to Section
2.12(a), 2.12(b) or 2.15, as the case may be, in the future, (ii) would not subject such Lender to any unreimbursed
cost or expense, (iii) would not require such Lender to take any action inconsistent with its internal policies or legal or regulatory
restrictions, and (iv) would not otherwise be disadvantageous to such Lender. The Borrowers, jointly and severally, shall pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. A certificate setting
forth such costs and expenses submitted by such Lender to the Administrative Agent shall be conclusive absent manifest error.

 

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(b)          Replacement
of Lenders. In the event (i) any Lender or any Issuing Bank delivers a certificate requesting compensation pursuant to Section2.12(a)
or (b), (ii) any Lender or any Issuing Bank delivers a notice described in Section 2.12(e), (iii) the Borrowers are
required to pay any additional amount to any Lender or any Issuing Bank or any Governmental Authority on account of any Lender
or any Issuing Bank pursuant to Section 2.15, (iv) any Lender refuses to consent to any amendment, waiver or other modification
of any Loan Document requested by the Borrowers that requires the consent of 100% of the Lenders or 100% of all affected Lenders
and which, in each case, has been consented to by the Required Lenders or (v) any Lender becomes a Defaulting Lender, the Borrowers
may, at their sole expense and effort (including with respect to the processing and recordation fee referred to in Section 11.04(b)),
upon notice to such Lender or such Issuing Bank and the Administrative Agent, require such Lender or such Issuing Bank to transfer
and assign, without recourse (in accordance with and subject to restrictions contained in Section 11.04; provided
that the failure of such assigning Lender to execute an Assignment and Acceptance shall not affect the validity and effect of such
assignment), all of its interests, rights and obligations under this Agreement to an Eligible Assignee which shall assume such
assigned obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided, that
(w) except in the case of clause (iv) above if the effect of such amendment, waiver or other modification of the applicable Loan
Document would cure any Default then ongoing, no Default shall have occurred and be continuing, (x) such assignment shall not conflict
with any applicable Legal Requirement, (y) the Administrative Borrower shall have received the prior written consent of the Administrative
Agent (and, if a Revolving Commitment is being assigned, each Issuing Bank and the Swingline Lender), which consent shall not unreasonably
be withheld or delayed, and (z) the Borrowers or such assignee shall have paid to the affected Lender or the affected Issuing Bank
in immediately available funds an amount equal to the sum of the principal of and interest and any prepayment premium or penalty
(if any) accrued to the date of such payment on the outstanding Loans or LC Disbursements of such Lender or such Issuing Bank,
respectively, affected by such assignment (including, in the case of any replacement of a Term Lender pursuant to clause (iv) above
on or prior to the six month anniversary of the Closing DateDecember
31, 2019, any premium payable pursuant to Section 2.10(g) on the principal amount
of the Initial Term Loans of such Lender subject to such assignment) plus all Fees and other amounts owing to or accrued for the
account of such Lender or such Issuing Bank hereunder (including any amounts under Sections 2.12 and 2.13); provided,
further, that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lender’s
or such Issuing Bank’s claim for compensation under Section 2.13(a) or (b) or notice under Section 2.12(e)
or the amounts paid pursuant to Section 2.15, as the case may be, cease to cause such Lender or such Issuing Bank to suffer
increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences
specified in Section 2.12(e), or cease to result in amounts being payable under Section 2.15, as the case may be
(including as a result of any action taken by such Lender or such Issuing Bank pursuant to clause (a) of this Section 2.16),
or if such Lender or such Issuing Bank shall waive its right to claim further compensation under Section 2.12(a) or (b)
in respect of such circumstances or event or shall withdraw its notice under Section 2.12(e) or shall waive its right to
further payments under Section 2.15 in respect of such circumstances or event or shall consent to the proposed amendment,
waiver, consent or other modification, as the case may be, then such Lender or such Issuing Bank shall not thereafter be required
to make any such transfer and assignment hereunder. Each Lender and each Issuing Bank hereby grants to the Administrative Agent
an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender and
such Issuing Bank as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s or such
Issuing Bank’s interests hereunder in the circumstances contemplated by this Section 2.16(b). After the replacement
of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but
shall not be required to issue any additional Letters of Credit.

 

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(c)          Defaulting
Lenders. Anything contained herein to the contrary notwithstanding, in the event that any Lender becomes a Defaulting Lender,
then (i) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender,”
and the amount of such Defaulting Lender’s Revolving Commitment, Revolving Loans, Term Commitments, Term Loans, Swingline
Exposure and LC Exposure shall be excluded for purposes of voting, and the calculation of voting, on any matters (including the
granting of any consents or waivers) with respect to any of the Loan Documents, except that the amount of such Defaulting Lender’s
Revolving Commitment, Revolving Loans, Term Commitments, Term Loans, Swingline Exposure and LC Exposure shall be included for purposes
of voting, and the calculation of voting, on the matters set forth in Sections 11.02(b)(i)-(viii) and 11.02(b)(x)-(xii)
(including the granting of any consents or waivers) only to the extent that any such matter disproportionately affects such Defaulting
Lender; (ii) to the extent permitted by applicable Legal Requirements, until such time as the Default Excess with respect to such
Defaulting Lender shall have been reduced to zero, (A) any optional prepayment of the Revolving Loans pursuant to Section 2.10(a)
shall, if the Administrative Borrower so directs at the time of making such optional prepayment, be applied to the Revolving Loans
of other Revolving Lenders in accordance with Section 2.10 as if such Defaulting Lender had no Revolving Loans outstanding
and the Revolving Exposure of such Defaulting Lender were zero, and (B) any mandatory prepayment of the Revolving Loans pursuant
to Section2.10 shall, if the Administrative Borrower so directs at the time of making such mandatory prepayment, be applied
to the Revolving Loans and Revolving Exposure of other Revolving Lenders (but not to the Revolving Loans and Revolving Exposure
of such Defaulting Lender) in accordance with Section2.10 as if such Defaulting Lender had funded all Defaulted Loans of
such Defaulting Lender, it being understood and agreed that the Borrowers shall be entitled to retain any portion of any mandatory
prepayment of the Revolving Loans that is not paid to such Defaulting Lender solely as a result of the operation of the provisions
of this clause (B); (iii) the amount of such Defaulting Lender’s Revolving Commitment, Revolving Loans and LC Exposure shall
be excluded for purposes of calculating the Commitment Fee payable to Revolving Lenders pursuant to Section 2.05(a) in respect
of any day during any Default Period with respect to such Defaulting Lender, and such Defaulting Lender shall not be entitled to
receive any Commitment Fee pursuant to Section 2.05(a) with respect to such Defaulting Lender’s Revolving Commitment
in respect of any Default Period with respect to such Defaulting Lender; (iv) if any Swingline Exposure or LC Exposure exists at
the time a Revolving Lender becomes a Defaulting Lender then: (A) all or any part of such Swingline Exposure and LC Exposure shall
be reallocated among the Revolving Lenders that are not Defaulting Lenders in accordance with their respective Revolving Commitments
but, in any case, only to the extent the sum of the Revolving Exposures of all Revolving Lenders that are not Defaulting Lenders
does not exceed the total of the Revolving Commitments of all Revolving Lenders that are not Defaulting Lenders; (B) if the reallocation
described in clause (A) above cannot, or can only partially, be effected (as reasonably determined by the Administrative Agent),
the Borrowers, jointly and severally, shall within one Business Day following notice by the Administrative Agent (x) prepay such
Swingline Exposure of such Defaulting Lender and (y) Cash Collateralize such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (A) above) in accordance with the procedures set forth in Section 2.18(i)
for so long as such LC Exposure is outstanding; (C) if the Borrowers Cash Collateralize any portion of such Defaulting Lender’s
LC Exposure pursuant to this clause (iv), the Borrowers shall not be required to pay any LC Participation Fee to such Defaulting
Lender pursuant to Section 2.05(c) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting
Lender’s LC Exposure is Cash Collateralized; (D) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant
to this clause (iv), then the fees payable to the Revolving Lenders pursuant to Section 2.05 shall be adjusted in accordance
with such non-Defaulting Lenders’ reallocated LC Exposure; and (E) if any Defaulting Lender’s LC Exposure is neither
Cash Collateralized nor reallocated pursuant to this clause (iv), then, without prejudice to any rights or remedies of any Issuing
Bank or any Lender hereunder, all Commitment Fees that otherwise would have been payable to such Defaulting Lender (solely with
respect to the portion of such Defaulting Lender’s Revolving Commitment that was utilized by such LC Exposure) and LC Participation
Fee payable under Section 2.05 with respect to such Defaulting Lender’s LC Exposure shall be payable to each applicable
Issuing Bank until such LC Exposure is Cash Collateralized and/or reallocated; (v) the Revolving Exposure of all Lenders as at
any date of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender;
and (vi) so long as any Revolving Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline
Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related
exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided
by the Borrowers in accordance with clause (iv) of this Section 2.16(c), and participating interests in any such newly issued
or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent
with clause (iv)(A) of this Section 2.16(c) (and Defaulting Lenders shall not participate therein). In the event that each
of the Administrative Agent, the Borrowers, the Issuing Banks and the Swingline Lender agree that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure, LC Exposure and Revolving
Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Revolving Lender’s Revolving Commitment
and on such date such Revolving Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders as the
Administrative Agent shall determine may be necessary in order for such Revolving Lender to hold such Revolving Loans in accordance
with its Revolving Commitment.

 

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For
purposes of this Agreement, (i) “Funding Default” shall mean, with respect to any Defaulting Lender, the occurrence
of any of the events set forth in the definition of “Defaulting Lender,” (ii) “Default Period” shall
mean, with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding Default and ending on
the earliest of the following dates: (a) the date on which all Commitments are cancelled or terminated and/or the Obligations are
declared or become immediately due and payable; (b) with respect any Funding Default (other than any such Funding Default arising
pursuant to clause (e) of the definition of “Defaulting Lender”), the date on which (1) the Default Excess with respect
to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Revolving Loan
of such Defaulting Lender (such Revolving Loans being “Defaulted Loans”) or by the non-pro rata application
of any optional or mandatory prepayments of the Revolving Loans in accordance with the terms hereof or any combination thereof)
and (2) such Defaulting Lender shall have delivered to the Administrative Borrower and the Administrative Agent a written reaffirmation
of its intention to honor its obligations under this Agreement with respect to its Revolving Commitment; and (c) the date on which
the Administrative Borrower (on behalf of the Borrowers), the Administrative Agent and the Required Lenders waive all Funding Defaults
of such Defaulting Lender in writing, and (iii) “Default Excess” shall mean, with respect to any Defaulting
Lender, the excess, if any, of such Defaulting Lender’s Pro Rata Percentage of the aggregate outstanding principal amount
of Revolving Loans of all Revolving Lenders (calculated as if all Defaulting Lenders (including such Defaulting Lender) had funded
all of their respective Defaulted Loans) over the aggregate outstanding principal amount of Revolving Loans of such Defaulting
Lender.

 

No
amount of the Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in
Section 2.16(c), performance by the Borrowers of their obligations under this Agreement and the other Loan Documents shall
not be excused or otherwise modified, as a result of any Funding Default or the operation of Section 2.16(c). The rights
and remedies against a Defaulting Lender under Section2.16(c) are in addition to other rights and remedies that the Borrowers
may have against such Defaulting Lender with respect to any Funding Default and that the Administrative Agent or any Lender may
have against such Defaulting Lender with respect to any Funding Default.

 

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Section 2.17       Swingline
Loans

 

(a)          Swingline
Commitment. Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the
Borrowers (on a joint and several basis) from time to time on any Business Day after the Closing Date and during the Revolving
Availability Period, in an aggregate principal amount at any time outstanding that will not result in (and upon each such Borrowing
of Swingline Loans, each Borrower shall be deemed to represent and warrant that such Borrowing will not result in) (i) the aggregate
principal amount of outstanding Swingline Loans exceeding the Swingline Commitment, or (ii) the Total Revolving Exposure exceeding
the Total Revolving Commitments at such time; provided, that the Swingline Lender shall not be required to make a Swingline
Loan to refinance, in whole or in part, any outstanding Swingline Loans. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Borrowers may borrow, repay and reborrow Swingline Loans.

 

(b)          Swingline
Loans. To request a Swingline Loan, the Administrative Borrower shall deliver, by hand delivery, email through a “pdf”
copy or telecopier, or facsimile transmission (or transmit by other electronic transmission if arrangements for doing so have been
approved in writing by the Administrative Agent), a duly completed and executed Borrowing Request to the Administrative Agent and
the Swingline Lender, not later than 1:00 p.m., New York City time, on the Business Day of a proposed Swingline Loan. Each such
notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), the amount of the requested Swingline
Loan, the location and number of the respective Borrower’s account to which the funds are to be disbursed (which shall comply
with the requirements of Section 2.02(c)), and that the conditions set forth in Sections 4.02(b) and (c))
are satisfied as of the date of the notice. Each Swingline Loan shall be (and shall be maintained as) an ABR Loan. The Swingline
Lender shall make each Swingline Loan available to the Borrowers by means of a credit to the general deposit account of the Administrative
Borrower with the Swingline Lender, if any, or otherwise remitted to an account (which shall comply with the requirements of Section2.02(c))
as directed by the Administrative Borrower in the applicable Borrowing Request (or, in the case of a Swingline Loan made to finance
the reimbursement of an LC Disbursement as provided in Section 2.18(e), by remittance to the respective Issuing Bank). The
Swingline Lender shall endeavor to fund each Swingline Loan by 3:00 p.m., New York City time and shall in all events fund each
Swingline Loan by no later than 4:00 p.m., New York City time, on the requested date of such Swingline Loan. Swingline Loans shall
be made in minimum amounts of $100,000 and integral multiples of $100,000 above such amount.

 

(c)          Prepayment.
The Borrowers shall have the right at any time and from time to time to repay any Swingline Loan, in whole or in part, upon the
Administrative Borrower giving written notice to the Swingline Lender and the Administrative Agent before 2:00 p.m., New York City
time, on the proposed date of repayment.

 

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(d)          Participations.
The Swingline Lender (i) may at any time in its discretion and (ii) as directed by the Administrative Agent from time to time on
not less than one Business Day’s written notice to the Swingline Lender shall, by written notice given to the Administrative
Agent (provided such notice requirements shall not apply if the Swingline Lender and the Administrative Agent are the same
entity) not later than 12:00 p.m., New York City time, on the Business Day immediately following such notice, require the Revolving
Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans then outstanding. Such notice
shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such
notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender’s
Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt
of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Revolving Lender’s
Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this Section 2.17(d) is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including the occurrence and continuance of a Default or a reduction or termination of the Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever (so long
as such payment shall not cause such Revolving Lender’s Revolving Exposure to exceed such Revolving Lender’s Revolving
Commitment). Each Revolving Lender shall comply with its obligation under this Section 2.17(d) by wire transfer of immediately
available funds, in the same manner as provided in Section 2.02(c) with respect to Revolving Loans made by such Revolving
Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative
Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent
shall notify the Administrative Borrower of any participations in any Swingline Loan acquired by the Revolving Lenders pursuant
to this Section2.17(d), and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent
and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrowers (or other party on behalf of the
Borrowers) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein
shall be promptly remitted to the Administrative Agent. Any such amounts received by the Administrative Agent shall be promptly
remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this Section2.17(d),
as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this Section 2.17(d) shall
not relieve the Borrowers of any default in the payment thereof. Subject to Sections 2.10(c), 2.14(b) and 9.01,
the Administrative Agent may apply payments on Revolving Loans to Swingline Loans, regardless of any designation by the Borrowers
to the contrary. The provisions of this Section 2.17(d) are solely for the benefit of the Swingline Lender and the other
Lenders, and none of the Loan Parties may rely on this Section 2.17(d) or have any standing to enforce its terms.

 

(e)          Resignation
or Removal of the Swingline Lender. The Swingline Lender may resign as Swingline Lender hereunder at any time upon at least
30 days’ prior written notice to the Lenders, the Administrative Agent and the Administrative Borrower. Following such notice
of resignation from the Swingline Lender, the Swingline Lender may be replaced at any time by written agreement among the Administrative
Borrower (with the Administrative Borrower’s agreement not to be unreasonably withheld, delayed or conditioned), the Administrative
Agent and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Swingline
Lender. At the time any such resignation or replacement shall become effective, the Borrowers, jointly and severally, shall repay
the outstanding principal amount of all Swingline Loans and shall pay all interest and unpaid fees accrued for the account of the
replaced Swingline Lender. From and after the effective date of any such resignation or replacement, (i) the successor Swingline
Lender shall have all the rights and obligations of the Swingline Lender under this Agreement with respect to Swingline Loans to
be made by it thereafter and (ii) references herein and in the other Loan Documents to the term “Swingline Lender”
shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline
Lenders, as the context shall require. After the resignation or replacement of the Swingline Lender hereunder, the replaced Swingline
Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Swingline Lender under this
Agreement with respect to Swingline Loans made by it prior to such resignation or replacement, but shall not be required to make
additional Swingline Loans. Notwithstanding anything to the contrary in this Section 2.17(e) or otherwise, the Swingline
Lender may not resign until such time as a successor Swingline Lender has been appointed.

 

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Section 2.18      Letters of
Credit.

 

(a)          General.
Subject to the terms and conditions set forth herein, the Administrative Borrower may request an Issuing Bank, and each Issuing
Bank agrees, to issue Letters of Credit for the Administrative Borrower’s account or the account of the Co-Borrower or another
Wholly Owned Restricted Subsidiary of the Administrative Borrower, in each case to support payment and performance obligations
incurred in the ordinary course of business by the Administrative Borrower and its Wholly Owned Restricted Subsidiaries (other
than obligations in respect of any Restricted Indebtedness or Equity Interests) in a form reasonably acceptable to the applicable
Issuing Bank, at any time and from time to time during the Revolving Availability Period (provided, that each Borrower shall
be a co-applicant, and shall be jointly and severally liable with respect to each Letter of Credit issued for the account of any
Borrower or another Wholly Owned Restricted Subsidiary of the Administrative Borrower). No Issuing Bank shall have any obligation
to issue, and the Administrative Borrower shall not request the issuance of, any Letter of Credit at any time if after giving effect
to such issuance, (i) the Dollar Amount of the LC Exposure would exceed the LC Commitment, (ii) the Total Revolving Exposure would
exceed the Total Revolving Commitments at such time, or (iii) the expiry date of the proposed Letter of Credit is, subject to Section
2.18(c), on or after the close of business on the Letter of Credit Expiration Date. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement
submitted by the Administrative Borrower to, or entered into by the Administrative Borrower with, an Issuing Bank relating to any
Letter of Credit, the terms and conditions of this Agreement shall control. Each Letter of Credit shall be denominated in Dollars
or in an Alternative Currency.

 

(b)          RequestforIssuance,Amendment,Renewal,Extension;CertainConditions.
To request the issuance of a Letter of Credit or the amendment, renewal or extension of an outstanding Letter of Credit, the Administrative
Borrower shall deliver by hand, email through a “pdf” copy or telecopies, or facsimile transmission (or transmit by
other electronic communication if arrangements for doing so have been approved in writing by the respective Issuing Bank) an LC
Request to the respective Issuing Bank and the Administrative Agent not later than 11:00 a.m., New York City time, on the fifth
Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable
to the respective Issuing Bank).

 

A
request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the respective
Issuing Bank:

 

(i)        the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day); Currency) thereof;

 

(ii)        the
face amount and currency (which must be Dollars or an Alternative

 

(iii)
     the expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on
the Letter of Credit Expiration Date);

 

(iv)       the
name and address of the beneficiary thereof;

 

(v)       
whether the Letter of Credit is to be issued for the Administrative Borrower’s own account or for the account of the Co-Borrower
or another Wholly Owned Restricted Subsidiary of the Administrative Borrower (provided, that each Borrower shall be a co-applicant,
and be jointly and severally liable, with respect to each Letter of Credit issued for the account of any Borrower or a Wholly Owned
Restricted Subsidiary of the Administrative Borrower);

 

(vi)       the
documents to be presented by such beneficiary in connection with any drawing thereunder;

 

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(vii)      the
full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and

 

(viii)     such
other matters as the respective Issuing Bank may reasonably require.

 

A
request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably
satisfactory to the respective Issuing Bank:

 

(i)         the
Letter of Credit to be amended, renewed or extended;

 

(ii)       the
proposed date of amendment, renewal or extension thereof (which shall be a Business Day);

 

(iii)      the
nature of the proposed amendment, renewal or extension;

 

(iv)       the
expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on the Letter of Credit
Expiration Date); and

 

(v)        such
other matters as the respective Issuing Bank may reasonably require.

 

If
requested by an Issuing Bank, the Administrative Borrower also shall submit a letter of credit application on such Issuing Bank’s
standard form in connection with any request for a Letter of Credit; provided that the provisions of this Section 2.18
shall apply in respect of all such applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and,
upon issuance, amendment, renewal or extension of each Letter of Credit, the Administrative Borrower shall be deemed to represent
and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the Dollar Amount of the LC Exposure
shall not exceed the LC Commitment, (ii) the Total Revolving Exposure shall not exceed the Total Revolving Commitments at such
time, and (iii) the conditions set forth in Article IV in respect of such issuance, amendment, renewal or extension shall
have been satisfied. Unless an Issuing Bank shall agree otherwise, no Letter of Credit shall be in an initial amount less than
the Dollar Amount of $50,000.

 

(c)          Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date which is one year
after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such
renewal or extension) and (ii) the Letter of Credit Expiration Date; provided, that this Section2.18(c) shall not
prevent an Issuing Bank from agreeing that a Letter of Credit (x) will, upon the request of the Administrative Borrower, automatically
be extended for one or more successive periods not to exceed one year each (and, in any case, not to extend beyond the Letter of
Credit Expiration Date) unless such Issuing Bank elects not to extend for any such additional period or (y) may have an expiry
date beyond the Letter of Credit Expiration Date so long as the requested Letter of Credit has been Cash Collateralized by the
Borrowers in accordance with Section 2.18(i) at least five Business Days prior to the Letter of Credit Expiration Date.

 

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(d)          Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of any Issuing Bank or the Lenders, such Issuing Bank hereby irrevocably grants to each Revolving Lender, and
each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to the Dollar Amount
of such Revolving Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Letter of Credit.
In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay
to the Administrative Agent, for the account of the applicable Issuing Bank, the Dollar Amount of such Revolving Lender’s
Pro Rata Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the date due as provided
in Section 2.18(e), or of any reimbursement payment required to be refunded to the Borrowers for any reason. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section2.18(d) in respect
of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment,
renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the
Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever
(so long as such payment shall not cause the Dollar Amount of such Revolving Lender’s Revolving Exposure to exceed such Revolving
Lender’s Revolving Commitment).

 

(e)          Reimbursement.
(i) If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers, jointly and severally,
shall reimburse such LC Disbursement by paying to such Issuing Bank an amount equal to the amount of such LC Disbursement (and
in the same currency in which such LC Disbursement was made or, at the option of such Issuing Bank in the case of an LC Disbursement
in respect of a Letter of Credit denominated in an Alternative Currency, in the Dollar Amount thereof) not later than 1:00 p.m.,
New York City time, on the date that such LC Disbursement is made if the Administrative Borrower shall have received notice of
such LC Disbursement prior to 1:00 p.m., New York City time, on such date, or, if such notice has not been received by the Administrative
Borrower prior to such time on such date, then not later than 1:00 p.m., New York City time, on the Business Day immediately following
the day that the Administrative Borrower receives such notice; provided, that the Administrative Borrower may, subject to
the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with
ABR Revolving Loans in an equivalent Dollar Amount and, to the extent so financed, the Borrowers’ obligation to make such
payment shall be discharged and replaced by the resulting ABR Revolving Loans.

 

(ii)      
If the Borrowers fail to make such payment when due, or if the amount is not financed pursuant to the proviso to Section2.18(e)(i),
the applicable Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Lender
of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and the Dollar Amount of such Revolving
Lender’s Pro Rata Percentage thereof. Each Revolving Lender shall pay by wire transfer of immediately available funds to
the Administrative Agent not later than 1:00 p.m., New York City time, on such date (or, if such Revolving Lender shall have received
such notice later than 1:00 p.m., New York City time, on any day, not later than 1:00 p.m., New York City time, on the immediately
following Business Day), an amount equal to the Dollar Amount of such Revolving Lender’s Pro Rata Percentage of the unreimbursed
LC Disbursement in the same manner as provided in Section 2.02(c) with respect to Revolving Loans made by such Revolving
Lender, and the Administrative Agent will promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving
Lenders. The Administrative Agent will promptly pay to the applicable Issuing Bank any amounts received by it from the Borrowers
pursuant to clause (i) of this Section 2.18(e) prior to the time that any Revolving Lender makes any payment pursuant to
the preceding sentence and any such amounts received by the Administrative Agent from the Borrowers thereafter will be promptly
remitted by the Administrative Agent to the Revolving Lenders that shall have made such payments and to such Issuing Bank, as appropriate.

 

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(iii)      If
any Revolving Lender shall not have made the Dollar Amount of its Pro Rata Percentage of such LC Disbursement available to the
Administrative Agent as provided above, each of the Borrowers (on a joint and several basis) and such Revolving Lender severally
agrees to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance
with the foregoing to but excluding the date such amount is paid, to the Administrative Agent for the account of the applicable
Issuing Bank at (i) in the case of the Borrowers, the interest rate applicable to ABR Revolving Loans; provided, that, if
the Borrowers fail to reimburse such LC Disbursement when due pursuant to clause (i) of this Section 2.18(e), then the Default
Rate shall apply and (ii) in the case of such Revolving Lender, at the greater of the Federal Funds Effective Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules or practices on interbank compensation.

 

(f)          
Obligations Absolute. The Reimbursement Obligations of the Borrowers as provided in Section2.18(e) shall be absolute,
unconditional and irrevocable, and shall be paid and performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein; (ii) any draft or other document presented under a Letter of Credit being proved to
be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
(iii) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that fails to comply
with the terms of such Letter of Credit; (iv) any other event or circumstance whatsoever, whether or not similar to any of the
foregoing, that might, but for the provisions of this Section 2.18, constitute a legal or equitable discharge of, or provide
a right of setoff against, the obligations of any Borrower hereunder; (v) the fact that a Default shall have occurred and be continuing;
(vi) any material adverse change in the condition (financial or otherwise), results of operations, assets, liabilities (contingent
or otherwise), material agreements, properties, solvency, business, management, prospects or value of any Company; or (vii) any
other fact, circumstance or event whatsoever. None of the Agents, the Lenders, the Issuing Banks or any of their respective Affiliates
shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of the applicable Issuing Bank; provided, that
the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrowers to the extent of any direct damages
(as opposed to consequential, exemplary, special, punitive or other indirect damages, claims in respect of which are hereby waived
by each Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrowers that are caused by such Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply
with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the
part of the applicable Issuing Bank (as determined by a court of competent jurisdiction in a final non-appealable decision) with
respect to such a determination, such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance
of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which
appear on their face to be in substantial compliance with the terms of a Letter of Credit, such Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit.

 

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(g)          Disbursement
Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly give written notice to the Administrative Agent
and the Administrative Borrower of such demand for payment (and the amount thereof stated in the applicable currency) and whether
such Issuing Bank has made or will make an LC Disbursement thereunder; provided, that any failure to give or delay in giving
such notice shall not relieve the Borrowers of their joint and several Reimbursement Obligations to such Issuing Bank and the Revolving
Lenders with respect to any such LC Disbursement (other than with respect to the timing of such Reimbursement Obligation set forth
in Section 2.18(e)).

 

(h)          Interim
Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the Dollar Amount of the unpaid amount thereof shall bear interest payable on
demand, for each day from and including the date such LC Disbursement is paid or disbursed to but excluding the date such Issuing
Bank was reimbursed by the Borrowers therefor at a rate per annum equal to the Alternate Base Rate as in effect from time to time
plus the Applicable Margin for ABR Revolving Loans; provided, however, to the extent such amounts are not reimbursed
prior to 1:00 p.m., New York City time, on the third Business Day following such payment or disbursement or following the occurrence
of a Default or an Event of Default under Section 8.01(g) or (h), interest shall thereafter accrue on the Dollar
Amount of the amounts so paid or disbursed by such Issuing Bank (and until reimbursed by the Borrowers) at a rate per annum equal
to the Default Rate. Interest accrued pursuant to this Section2.18(h) shall be for the account of the applicable Issuing
Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to Section 2.18(e)
to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment.

 

(i)          
Cash Collateralization. If (x) any Event of Default shall occur and be continuing, on the Business Day that the Administrative
Borrower receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant
to this Section2.18(i) or (y) if any other event occurs or condition exists requiring the Borrowers to Cash Collateralize
Letters of Credit, the Borrowers, jointly and severally, shall deposit in the LC Sub-Account, in the name of the Collateral Agent
and for the benefit of the Secured Parties, an amount in cash equal to 103% of the Dollar Amount of the LC Exposure as of such
date plus any accrued and unpaid interest thereon; provided, that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon
the occurrence of any Event of Default with respect to any Borrower described in clause (g) or (h) of Section
8.01. Funds in the LC Sub-Account shall be applied by the Collateral Agent to reimburse each Issuing Bank for LC Disbursements
for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of outstanding Reimbursement
Obligations or, if the maturity of the Loans has been accelerated, be applied to satisfy other Secured Obligations of the Borrowers
in accordance with ArticleIX. If the Borrowers are required to provide an amount of cash collateral hereunder as a result
of the occurrence of an Event of Default, such amount plus any accrued interest with respect to such amounts (to the extent not
applied as aforesaid) shall, in accordance with ArticleIX, be returned to the Administrative Borrower within 10 Business
Days after all Events of Default have been cured or waived. To secure the LC Exposure and the other Secured Obligations, the Borrowers
and Subsidiary Guarantors hereby grant a security interest to the Collateral Agent in any cash collateral deposited with the Collateral
Agent, including the LC Sub-Account.

 

(j)         
Additional Issuing Banks. The Administrative Borrower may, at any time and from time to time, designate one or more additional
Revolving Lenders to act as an issuing bank under the terms of this Agreement, with the written consent of each of the Administrative
Agent (which consent shall not be unreasonably withheld or delayed), each then existing Issuing Bank (which consent shall not be
unreasonably withheld or delayed) and such Revolving Lender(s). Any Revolving Lender designated as an issuing bank pursuant to
this Section 2.18(j) shall be deemed (in addition to being a Revolving Lender) to be the Issuing Bank with respect to Letters
of Credit issued or to be issued by such Revolving Lender, and all references herein and in the other Loan Documents to the term
“Issuing Bank” shall, with respect to such Letters of Credit, be deemed to refer to such Lender in its capacity
as Issuing Bank, as the context shall require.

 

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(k)          Resignation
and Replacement of an Issuing Bank. An Issuing Bank may resign as Issuing Bank hereunder at any time upon at least 30 days’
prior written notice to the Lenders, the Administrative Agent and the Administrative Borrower. Following such resignation, such
Issuing Bank may be replaced at any time by written agreement among the Administrative Borrower, the Administrative Agent and the
successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank or any such
additional Issuing Bank. At the time any such resignation or replacement shall become effective, the Borrowers, jointly and severally,
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section2.05(c). From and after
the effective date of any such resignation or replacement or addition, as applicable, (i) the successor or additional Issuing Bank
shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued
by it thereafter and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall
be deemed to refer to such successor or such additional or to any previous Issuing Bank, or to such successor or such additional
and all previous Issuing Banks, as the context shall require. After the resignation or replacement of an Issuing Bank hereunder,
the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank
under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be
required to issue additional Letters of Credit. If at any time there is more than one Issuing Bank hereunder, the Administrative
Borrower may, in its discretion, select which Issuing Bank is to issue any particular Letter of Credit.

 

(l)          
Other. No Issuing Bank shall be under any obligation to issue (or increase or extend or otherwise amend) any Letter of Credit
if:

 

(i)        
any Order of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing
such Letter of Credit, or any Legal Requirement applicable to such Issuing Bank or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such
Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon
such Issuing Bank with respect to such Letter of Credit any restriction, reserve, liquidity or Capital Requirement (for which such
Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing Bank
any unreimbursed loss, cost or expense which was not applicable on the Closing Date and, in each case, which such Issuing Bank
deems material to it; or

 

(ii)        the
issuance of such Letter of Credit would violate one or more policies of general application of such Issuing Bank.

 

No
Issuing Bank shall be under any obligation to amend any Letter of Credit if (A) such Issuing Bank would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

 

(m)        
Currency Equivalents. The Administrative Agent shall determine the Dollar Amount of each Letter of Credit denominated in
an Alternative Currency and any Reimbursement Obligation in respect thereof (i) as of the day of any issuance of a Letter of Credit,
(ii) as of the day of any increase in the amount of any Letter of Credit, (iii) as of the day of any drawing thereunder, (iv) as
of the end of each month of the Administrative Borrower and (v) as of any other day as any Issuing Bank may reasonably require,
and shall promptly notify the Administrative Borrower and the Revolving Lenders of each Dollar Amount so determined by it. Each
such determination shall be based on the Exchange Rate (w) on the date of the related LC Request for purposes of the initial such
determination for any Letter of Credit or any increase in the amount thereof, (x) as of the date of any drawing under any such
Letter of Credit, (y) on the fourth Business Day prior to the date as of which such Dollar Amount is to be determined and (z) as
of such other date as any Issuing Bank may reasonably require, for purposes of any subsequent determination (any such date pursuant
to clause (w), (x), (y) or (z) an “Exchange Rate Reset Date”).

 

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Section 2.19       Nature of
Obligations.

 

(a)          Notwithstanding
anything to the contrary contained elsewhere in this Agreement or any other Loan Document, it is understood and agreed by the various
parties to this Agreement that all Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans,
Letters of Credit and all other Obligations pursuant to this Agreement and each other Loan Document (including all fees, indemnities,
taxes and other Obligations in connection therewith or in connection with the related Revolving Commitments) shall constitute the
joint and several obligations of each of the Borrowers. The Borrowers shall be jointly and severally liable for all Obligations
regardless of which Borrower actually receives the proceeds of any Loan or the benefit of any Letter of Credit. In addition to
the direct (and joint and several) obligations of the Borrowers with respect to Obligations as described above, all such Obligations
shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantees.

 

(b)          The
obligations of each Borrower with respect to the Obligations are independent of one another and of the obligations of the Guarantors
under the Guarantees of such Obligations, and a separate action or actions may be brought and prosecuted against each Borrower
and each Guarantor (in its capacity as a Guarantor), whether or not any other Borrower or Guarantor is joined in any such action
or actions. Each Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its
liability hereunder or the enforcement thereof. Any payment by any Borrower or other circumstance which operates to toll any statute
of limitations as to any Borrower shall, to the fullest extent permitted by law, operate to toll the statute of limitations as
to each Borrower.

 

(c)          Each
of the Borrowers authorizes the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders without notice or
demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability
hereunder, from time to time to, to the maximum extent permitted by applicable law and the Loan Documents:

 

(i)         exercise
or refrain from exercising rights against the other Borrower or any Guarantor or others or otherwise act or refrain from acting;

 

(ii)        release
or substitute the other Borrower, endorsers, Guarantors or other obligors;

 

(iii)      
settle or compromise any of the Obligations of the other Borrower or any other Loan Party, any security therefor or any liability
(including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment
of all or any part thereof to the payment of any liability (whether due or not) of the Borrower to its creditors other than the
Lenders;

 

(iv)      
apply any sums paid by the other Borrower or any other person, howsoever realized to any liability or liabilities of such other
Borrower or other person regardless of what liability or liabilities of such other Borrower or other person remain unpaid; and/or

 

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(v)        consent
to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to
herein, or otherwise, by the other Borrower or any other person.

 

(d)          It
is not necessary for the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender to inquire into the capacity
or powers of any Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting
to act on its behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall constitute
the joint and several obligations of the respective Borrowers hereunder.

 

(e)          No
Borrower shall exercise any rights of contribution or subrogation with respect to any other Borrower as a result of payments made
by it hereunder at any time that an Event of Default exists and is continuing (or would result therefrom). This clause (e) is intended
only to define the relative rights of the Borrowers, and nothing set forth in this clause (e) is intended or shall impair the joint
and several obligations of each Borrower to pay the Obligations as and when the same shall become due and payable in accordance
with the terms hereof.

 

(f)         
Each Borrower waives any right to require the Administrative Agent, the Collateral Agent, the Issuing Banks or the Lenders to (a)
proceed against the other Borrower, any Guarantor or any other party, (b) proceed against or exhaust any security held from either
Borrower, any Guarantor or any other party or (c) pursue any other remedy in the Administrative Agent’s, the Collateral Agent’s,
the Issuing Banks’ or Lenders’ power whatsoever. Each Borrower waives any defense based on or arising out of suretyship
or any impairment of security held from any Borrower, any Guarantor or any other party or on or arising out of any defense of the
other Borrower, any Guarantor or any other party other than payment in full in cash of the Obligations, including any defense based
on or arising out of the disability of any other Borrower, any Guarantor or any other party, or the unenforceability of the Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of any other Borrower, in each case other
than as a result of the payment in full in cash of the Obligations.

 

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Section 2.20       Extensions
of Term Loans and Revolving Commitments.

 

(a)          Notwithstanding
anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Request”) made
from time to time by the Borrowers to all Lenders of Term Loans with a like Maturity Date or Revolving Commitments with a like
Maturity Date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans
or Revolving Commitments with a like Maturity Date, as the case may be) and on the same terms to each such Lender, the Borrowers
are hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such
Extension Request to extend the Maturity Date of each such Lender’s Term Loans and/or Revolving Commitments and otherwise
modify the terms of such Term Loans and/or Revolving Commitments pursuant to the terms of the relevant Extension Request (including
by increasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Commitments (and related outstandings)
and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”,
and each group of Term Loans or Revolving Commitments (and related outstandings), as applicable, in each case as so extended, as
well as the original Term Loans and the original Revolving Commitments (and related outstandings) (in each case not so extended),
being a “Class”; any Extended Term Loans shall constitute a separate Class of Term Loans from the Class of Term
Loans from which they were converted and any Extended Revolving Commitments shall constitute a separate Class of Revolving Commitments
from the Class of Revolving Commitments from which they were converted), so long as the following terms are satisfied: (i) except
as to interest rates, fees, optional redemption or prepayment terms, final maturity, and after the final maturity date of the Revolving
Commitment, any other covenants and provisions (which shall be determined by the Borrowers and the relevant Revolving Lenders and
set forth in the relevant Extension Request), the Revolving Commitment of any Revolving Lender extended pursuant to an Extension
(an “Extended Revolving Commitment”, such Revolving Lender, an “Extending Revolving Lender”,
and the Revolving Loans thereunder, “Extended Revolving Loans”), and the related outstandings, shall be a Revolving
Commitment (or related outstandings, as the case may be) with such other terms substantially identical to, or taken as a whole,
no more favorable to the Extending Revolving Lenders, as the original Revolving Commitments (and related outstandings); provided
that (1) the borrowing and repayment (except (A) for payments of interest and fees at different rates on Extended Revolving Commitments
(and related outstandings), (B) for repayments required upon the maturity date of the non-extending Revolving Commitments) of Revolving
Loans with respect to Extended Revolving Commitments after the applicable Extension date, and (C) as otherwise provided in Section
2.23 with respect to Specified Refinancing Revolving Commitments that are unsecured or secured on a junior basis shall be made
on a pro rata basis with all other Revolving Commitments, (2) to the extent dealing with Letters of Credit and Swingline Loans
which mature or expire after a Maturity Date when there exist Extended Revolving Commitments with a longer Maturity Date, all Swingline
Loans and Letters of Credit shall be participated on a pro rata basis by all Revolving Lenders with Revolving Commitments in accordance
with their percentage of the Revolving Commitments (without giving effect to changes thereto on an earlier maturity date with respect
to Letters of Credit theretofore incurred or issued, although the respective Extension Amendment may contain technical changes
related to the borrowing, replacement Letter of Credit and Swingline Loan procedures of the Revolving Commitments in respect of
which the Extended Revolving Commitments were extended), (3) the permanent repayment of Revolving Loans with respect to, and termination
of, Extended Revolving Commitments after the applicable Extension date shall be made on a pro rata basis with all other Revolving
Commitments, except that the Borrowers shall be permitted to permanently repay and terminate commitments of any Revolving Facility
on a better than pro rata basis as compared to any other Revolving Facility with a later Maturity Date (x) if agreed to by the
Revolving Lenders in respect of such Revolving Facility with a later Maturity Date in the respective Extension Amendment or (y)
if such Extended Revolving Commitments are unsecured or secured on a junior basis, (4) assignments and participations of Extended
Revolving Commitments shall be governed by the same assignment and participation provisions applicable to Revolving Commitments
(and related outstandings) and (5) at no time shall there be Revolving Commitments hereunder (including Extended Revolving Commitments,
Specified Refinancing Revolving Commitments and any original Revolving Commitments) which have more than three different Revolving
Maturity Dates; (ii) except as to interest rates, fees, amortization, final maturity date, optional prepayments, premium, required
prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iii), (iv) and (vi),
be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Extension Request), the Term Loans
of any Lender that agrees to an Extension with respect to such Term Loans (an “Extending Term Lender” and, collectively
with the applicable Extending Revolving Lender, the “Extending Lenders”) extended pursuant to any Extension
(“Extended Term Loans”) shall be substantially identical to, or (taken as a whole) no more favorable to the
Extending Term Lenders than those applicable to the Term Loans subject to such Extension Request (except for covenants or other
provisions applicable only to periods after the then Latest Maturity Date), (iii) the final maturity date of any Extended Term
Loans shall be no earlier than the then Latest Maturity Date, (iv) the Weighted Average Life to Maturity of any Extended Term Loans
shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby, (v) the Extended Term
Loans and the Extended Revolving Commitments shall not be (A) secured by any Lien on any asset other than the Collateral and (B)
guaranteed by any person other than the Guarantors, (vi) any Extended Term Loans may participate on a pro rata basis or a less
than pro rata basis (but not greater than a pro rata basis) in any optional or mandatory repayments or prepayments hereunder, in
each case as specified in the respective Extension Request, (vii) if the aggregate principal amount of Term Loans (calculated on
the face amount thereof) or Revolving Commitments, as the case may be, in respect of which Term Lenders or Revolving Lenders, as
the case may be, shall have accepted the relevant Extension Request shall exceed the maximum aggregate principal amount of Term
Loans or Revolving Commitments, as the case may be, offered to be extended by the Borrowers pursuant to such Extension Request,
then the Term Loans or Revolving Commitments, as the case may be, of such Term Lenders or Revolving Lenders, as the case may be,
shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings
of record) with respect to which such Term Lenders or Revolving Lenders, as the case may be, have accepted such Extension Request
(subject to rounding required by the Administrative Agent) and (viii) all documentation in respect of such Extension shall be consistent
with the foregoing. No Lender shall have any obligation to agree to have any of its Term Loans or Revolving Commitments extended
pursuant to an Extension Request.

 

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(b)          With
respect to all Extensions consummated by the Borrowers pursuant to this Section 2.20, (i) such Extensions shall not constitute
optional or mandatory payments or prepayments for purposes of Section 2.10 and (ii) no Extension Request is required to
be in any minimum amount or any minimum increment. The Administrative Agent and the Lenders hereby consent to the Extensions and
the other transactions contemplated by this Section 2.20 (including, for the avoidance of doubt, payment of any interest,
fees or premium in respect of any Extended Term Loans and/or Extended Revolving Commitments, as the case may be, on such terms
as may be set forth in the relevant Extension Request) and hereby waive the requirements of any provision of this Agreement (including
Sections 2.10 and 2.14(a)) or any other Loan Document that may otherwise prohibit any such Extension or any other
transaction contemplated by this Section 2.20.

 

(c)          The
Administrative Borrower shall provide the applicable Extension Request at least 15 Business Days (or such shorter period as the
Administrative Agent may determine in its sole discretion) prior to the date on which Lenders under the applicable Class of Term
Loans or Revolving Commitments are requested to respond, and shall agree to such procedures, if any, as may be established by,
or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purpose of this Section 2.20.
Any Extending Lender wishing to have all or a portion of its Term Loans or Revolving Commitments subject to such Extension Request
converted into Extended Term Loans or Extended Revolving Commitments, as applicable, shall notify the Administrative Agent (an
“Extension Election”) on or prior to the date specified in such Extension Request of the amount of its existing
Term Loans or Revolving Commitments subject to such Extension Request that it has elected to convert into Extended Term Loans or
Extended Revolving Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent
and proration as provided in clause (vii) of Section 2.20(a)).

 

(d)          Extended
Term Loans and Extended Revolving Commitments, as applicable, shall be established pursuant to an amendment (an “Extension
Amendment”) to this Agreement and, if reasonably requested by the Administrative Agent, the other Loan Documents (which,
except to the extent expressly contemplated by the penultimate sentence of this Section2.20(d) and notwithstanding anything
to the contrary set forth in Section 11.02, shall not require the consent of any Lender other than the Extending Lenders
with respect to the Extended Term Loans or Extended Revolving Commitments, as applicable, established thereby) executed by the
Loan Parties, the Administrative Agent and the respective Extending Lenders. In addition to any terms and changes required or permitted
by Section 2.20(a), each Extension Amendment may amend this Agreement to ensure ratable participation in Letters of Credit
and Swingline Loans by Extended Revolving Commitments. It is understood and agreed that each Lender hereunder has consented, and
shall at the effective time thereof be deemed to consent, to each amendment to this Agreement and the other Loan Documents authorized
by this Section 2.20 and the arrangements described above in connection therewith.

 

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In
connection with any Extension Amendment, the Borrowers shall deliver an opinion of counsel reasonably acceptable to the Administrative
Agent (i) as to the enforceability of such Extension Amendment, this Agreement as amended thereby, and such of the other Loan Documents
(if any) as may be amended thereby (in the case of such other Loan Documents as contemplated by the immediately preceding sentence)
and (ii) covering such other matters as the Administrative Agent may reasonably request in connection therewith.

 

(e)          In
the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans or Extended
Revolving Commitments to a given Lender was incorrectly determined as a result of manifest administrative error in the receipt
and processing of an Extension Election timely submitted by such Lender in accordance with the procedures set forth in the applicable
Extension Amendment, then the Administrative Agent, the Administrative Borrower and such affected Lender may (and hereby are authorized
to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other
Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of such
Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension
of Revolving Commitments (and related Revolving Exposure) or Term Loans, as the case may be, in such amount as is required to
cause such Lender to hold Extended Revolving Commitments (and related Revolving Exposure) or Extended Term Loans, as the case
may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the
minimum allocation of the applicable Term Loans or Revolving Commitments to which it was entitled under the terms of such Extension
Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the
Administrative Borrower and such Lender may agree (including conditions of the type required to be satisfied for the effectiveness
of an Extension Amendment described in Section2.20(d)), and (iii) effect such other amendments of the type (with appropriate
reference and nomenclature changes) described in the penultimate sentence of Section 2.20(d).

 

(f)          
No exchange or conversion of Term Loans or Revolving Commitments pursuant to any Extension Amendment in accordance with this Section
2.20 shall (x) be made at any time an Event of Default shall have occurred and be continuing (and no Extension Request shall
be delivered to the Lenders at any time an Event of Default shall have occurred and be continuing) and (y) constitute an optional
or mandatory payment or prepayment for purposes of this Agreement.

 

Section 2.21       Increases of
the Commitments.

 

(a)          The
Borrowers may, from time to time after the Closing Date, request to increase the then effective aggregate principal amount of (x)
the Term Commitments and make Term Loans pursuant thereto (such Term Loans, “Incremental Term Loans”) and/or
(y) the Revolving Commitments of any Revolving Facility (such Revolving Commitments, “Incremental Revolving Commitments”)
and make Revolving Loans pursuant thereto (such Revolving Loans, “Incremental Revolving Loans”); provided
that:

 

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(i)         
the aggregate principal amount of (x) all increases in the Term Commitments pursuant to this Section 2.21 and the aggregate
principal amount of all Incremental Term Loans made pursuant thereto and (y) all increases in the Revolving Commitments pursuant
to this Section 2.21 shall not exceed $50,000,000, and the aggregate principal amount of any requested increase shall be
in a minimum amount of $10,000,000 (or $5,000,000 in the case of Incremental Revolving Commitments or, in either case, such lower
amount that represents all remaining availability pursuant to this Section 2.21); provided that the Borrowers may
not obtain more than $25,000,000 in the aggregate of Incremental Revolving Commitments pursuant to this Section 2.21;

 

(ii)          the
incurrence of any Incremental Term Loans pursuant to any such increase shall be on the effective date of the respective Incremental
Loan Amendment and the proceeds of such Incremental Term Loans and Incremental Revolving Loans shall be used for the purposes permitted
by Section 3.12;

 

(iii)         the
Borrowers and the Guarantors shall execute and deliver such agreements, instruments and documents and take such other actions as
may be reasonably requested by the Administrative Agent in connection with such increases and at the time of any such proposed
increase;

 

(iv)         (x) no Default shall have occurred and be continuing or would occur after giving effect to such increase and the application of
proceeds therefrom (or, in the case of Incremental Term Loans the proceeds of which are used to finance a Limited Condition Acquisition,
no Default shall have occurred and be continuing on the date that the definitive agreements relating to such Limited Condition
Acquisition are executed and become effective) and (y) except to the extent otherwise agreed to by the respective Increasing Lenders
and/or New Lenders in the case of Incremental Term Loans the proceeds of which are used to finance a Limited Condition Acquisition,
both immediately before and after giving effect to any such increase and the application of proceeds therefrom, each of the representations
and warranties made by any Loan Party set forth in Article III or in any other Loan Document shall be true and correct in
all material respects (or true and correct in all respects in the case of representations and warranties qualified by materiality
or Material Adverse Effect) on and as of the date of such increase with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations
and warranties shall be true and correct in all material respects (or true and correct in all respects in the case of representations
and warranties qualified by materiality or Material Adverse Effect) on and as of such earlier date);

 

(v)         immediately
after giving effect to any such increase and/or the incurrence of any such Incremental Term Loans and the application of proceeds
therefrom (but, for this purpose, assuming that Incremental Revolving Loans are incurred at such time in an aggregate principal
amount equal to the aggregate Incremental Revolving Commitments so obtained (whether or not such Incremental Revolving Loans are
actually incurred at such time), the Administrative Borrower shall be in compliance with the Loan to Value Test; and

 

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(vi)         (A)
in the case of any Revolving Facility, Incremental Revolving Commitments may only take the form of an increase in Revolving Commitments
hereunder, and the terms of any respective Incremental Revolving Commitments (including as to maturity and pricing rates but excluding
upfront fees) shall be the same as the Revolving Facility being increased and the documentation applicable to such Revolving Facility
shall apply and (B) in the case of any Incremental Term Loans, except as otherwise required below, all other terms of such Incremental
Term Loans, if not consistent with the terms of the Initial Term Loans, will be as agreed between the Borrowers and the Lenders
providing such Incremental Term Loans (and to the extent not consistent with the Initial Term Loans, reasonably satisfactory to
the Administrative Agent); provided, however, that (x) in the case of a new Class of Incremental Term Loans, (I)
the maturity and amortization of such Class of Incremental Term Loans may differ, so long as such Class of Incremental Term Loans
shall have (a) a final stated maturity date of no earlier than the Latest Maturity Date then in effect and (b) a Weighted Average
Life to Maturity of no less than the Weighted Average Life to Maturity as then in effect for the Initial Term Loans (other than
to the extent of nominal amortization for periods where amortization has been eliminated or reduced as a result of prepayment of
such Initial Term Loans) and (II) the Effective Yield for such new Class of Incremental Term Loans may exceed the Effective Yield
then applicable to the Initial Term Loans, provided that, in the event that the Effective Yield for such new Class of Incremental
Term Loans exceeds the Effective Yield for the Initial Term Loans by more than 0.50%, the Effective Yield for the Initial Term
Loans shall be increased (to the extent necessary) such that the Effective Yield thereof is not less than the Effective Yield of
such new Class of Incremental Term Loans minus 0.50%, (y) Incremental Term Loans will share ratably in right of prepayment with
the Initial Term Loans pursuant to Section 2.10 (unless the Lenders holding such Incremental Term Loans agree to participate
on a less than ratable basis) and (z) in the case of Incremental Term Loans to be made pursuant to (and to constitute a part of)
the Initial Term Loans, (I) such new Incremental Term Loans shall have the same Term Loan Repayment Dates as then remain with respect
to such Initial Term Loans (with the amount of each payment on each Term Loan Repayment Date applicable to such new Incremental
Term Loans to be the same (on a proportionate basis) as is theretofore applicable to the Initial Term Loans, thereby increasing
the amount of each then remaining payment on each Term Loan Repayment Date proportionately, (II) such new Incremental Term Loans
shall have the same Applicable Margin as the Initial Term Loans; provided that, if the Applicable Margin for such new Incremental
Term Loans is greater than the Applicable Margin for the Initial Term Loans, the Applicable Margin for such Initial Term Loans
shall be increased by an amount necessary to eliminate such deficiency, (III) subject to preceding clause (II), the Effective Yield
applicable to such new Incremental Term Loans shall be determined by the Borrowers and the Lenders providing such Incremental Term
Loans; provided that if the Effective Yield of such new Incremental Term Loans exceeds the Effective Yield for the Initial
Term Loans, the Effective Yield for such Initial Term Loans shall be increased (to the extent necessary) such that the Effective
Yield thereof is not less than the Effective Yield of such new Incremental Term Loans minus 0.50%, and (IV) on the date of the
making of such new Incremental Term Loans, and notwithstanding anything to the contrary set forth in Section 2.08, such
new Incremental Term Loans shall be added to (and form part of) each Borrowing of outstanding Initial Term Loans on a pro rata
basis (based on the relative sizes of the various outstanding Borrowings), so that each Lender will participate proportionately
in each then outstanding Borrowing of Initial Term Loans and the Borrowers hereby agree, jointly and severally, to compensate the
Lenders making the new Incremental Term loans of the respective Class for funding Eurodollar Loans during an existing Interest
Period on such basis as may be agreed by the Administrative Borrower and the respective Lender or Lenders or as may otherwise be
provided in the respective Incremental Loan Amendment.

 

(b)          Any
request under this Section2.21 shall be submitted by the Administrative Borrower in writing to the Administrative Agent
(which shall promptly forward copies to the Lenders). The Administrative Borrower may also specify any fees offered to those Lenders
(the “Increasing Lenders”) that agree to increase the principal amount of their Term Commitments and make Incremental
Term Loans pursuant thereto and/or their Revolving Commitments and make Incremental Revolving Loans pursuant thereto, which fees
may be variable based upon the amount by which any such Lender is willing to increase the amount of its Term Commitment and make
Incremental Term Loans and/or its Revolving Commitments and make Incremental Revolving Loans pursuant thereto. No Lender shall
have any obligation, express or implied, to offer to increase the aggregate amount of its Term Commitment or Revolving Commitment.
Only the consent of each Increasing Lender shall be required for an increase in the aggregate amount of the Term Commitments and/or
Revolving Commitments, as applicable, pursuant to this Section2.21. No Lender which declines to increase the amount of its
Term Commitment and/or Revolving Commitments may be replaced with respect to its existing Term Commitment or Revolving Commitment
as a result thereof without such Lender’s consent.

 

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(c)          Each
Increasing Lender shall as soon as reasonably practicable specify in writing the amount of the proposed increase of the Term Commitments
and/or Revolving Commitments, as applicable, that it is willing to assume (provided that any Lender not so responding within
five Business Days (or such shorter period as may be specified by the Administrative Agent) shall be deemed to have declined such
a request). The Borrowers may accept some or all of the offered amounts or designate new lenders that are reasonably acceptable
to the Administrative Agent and, in the case of Incremental Revolving Commitments, to each Issuing Bank and the Swingline Lender,
as additional Lenders hereunder in accordance with this Section2.21 (each such new lender being a “New Lender”),
which New Lenders may assume all or a portion of the increase in the aggregate amount of the applicable Term Commitments and/or
Revolving Commitments, as applicable. The Administrative Agent, in consultation with the Administrative Borrower, shall have discretion
jointly to adjust the allocation of the increased aggregate principal amount of the Term Commitments and/or Revolving Commitments,
as applicable, among Increasing Lenders and New Lenders.

 

(d)          Subject
to the foregoing, any increase requested by the Borrowers shall be effective upon (A) delivery to the Administrative Agent of each
of the following documents: (i) an originally executed copy of a joinder agreements in form and substance reasonably satisfactory
to the Administrative Agent (each, an “Incremental Joinder Agreement”) signed by a duly authorized officer of
each New Lender (if any); (ii) a notice to the Increasing Lenders and New Lenders, in form and substance reasonably acceptable
to the Administrative Agent, signed by a Financial Officer of the Administrative Borrower; (iii) an Officer’s Certificate
of the Administrative Borrower, in form and substance reasonably acceptable to the Administrative Agent; (iv) to the extent requested
by any New Lender or Increasing Lender, executed Notes issued by the Borrowers in accordance with Section 2.04(e); (v) an
amendment (an “Incremental Loan Amendment”) to this Agreement and, as appropriate, the other Loan Documents,
executed by each Borrower, each Guarantor, each Increasing Lender (if any), each New Lender (if any) and the Administrative Agent;
and (vi) any other certificates or documents that the Administrative Agent shall reasonably request, in form and substance reasonably
satisfactory to the Administrative Agent, and (B) satisfaction on the effective date of the Incremental Loan Amendment of (x) each
of the conditions specified in Section 4.02 (it being understood that all references to “the date of such Credit Extension”
or similar language in Section 4.02 shall be deemed to refer to the effective date of the Incremental Loan Amendment), and
(y) such other conditions as the parties thereto shall agree. Any such increase shall be in an aggregate amount equal to (A) the
amount that Increasing Lenders are willing to assume as increases to the amount of their Term Commitments or Revolving Commitments,
as applicable, plus (B) the amount offered by New Lenders with respect to the Term Commitments or Revolving Commitments, as applicable,
in either case as adjusted by the Administrative Borrower and the Administrative Agent pursuant to this Section 2.21. Notwithstanding
anything to the contrary in Section 11.02, the Administrative Agent is expressly permitted, without the consent of the other
Lenders, to amend the Loan Documents to the extent necessary or appropriate in the reasonable opinion of the Administrative Agent
to give effect to any increases pursuant to this Section 2.21.

 

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(e)          On
each effective date with respect to any increase to any Revolving Facility pursuant to this Section 2.21, (x) each Revolving
Lender in respect of such Revolving Facility immediately prior to such increase or incurrence will automatically and without further
act be deemed to have assigned to each Increasing Lender and/or New Lender, as applicable, providing a portion of the increase
to such Revolving Commitments under such Revolving Facility (each, a “Revolving Commitment Increase Lender”),
and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion
of such Revolving Lender’s participations hereunder in outstanding LC Exposure under the applicable Revolving Facility and
Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage
of the aggregate outstanding (i) participations hereunder in LC Exposure and (ii) participations hereunder in Swingline Loans held
by each Revolving Lender (including each such Revolving Commitment Increase Lender) under the applicable Revolving Facility will
equal the percentage of the aggregate Revolving Commitments in respect of such Revolving Facility of all Revolving Lenders represented
by such Revolving Lender’s Revolving Commitment in respect of such Revolving Facility and (y) if, on the date of such increase,
there are any Revolving Loans under the applicable Revolving Facility outstanding, such Revolving Loans shall on or prior to the
effective date of such increase be prepaid from the proceeds of Revolving Loans under the applicable Revolving Facility made hereunder
(reflecting such increase in Revolving Commitments), which prepayment shall be accompanied by accrued interest on the Revolving
Loans being prepaid and any costs incurred by any Revolving Lender in accordance with Section 2.13. The Administrative Agent
and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere
in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

 

Section 2.22       Discounted
Voluntary Prepayments.

 

(a)          Notwithstanding
anything to the contrary contained in Section 2.10 or any other provision of this Agreement, subject to the terms and conditions
set forth or referred to below, the Borrowers may from time to time, at their discretion, offer to prepay Term Loans at less than
the principal amount thereof (or, in the case of the Second Amendment Prepayment only, at
a price equal to the principalamountthereofplustheSecondAmendmentPrepaymentPremium) (each,
a “Discounted Prepayment Offer”), and with each such Discounted Prepayment Offer to be managed exclusively by
the Auction Manager, so long as the following conditions are satisfied:

 

(i)       
each Discounted Prepayment Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section
2.22 and the Auction Procedures;

 

(ii)        no
Default shall have occurred and be continuing on the date of the delivery of any Auction Notice and at the time of prepayment of
any Term Loans in connection with any Discounted Prepayment Offer;

 

(iii)      
the minimum aggregate principal amount (calculated on the face amount thereof) of all Term Loans that the Borrowers shall offer
to prepay in any such Discounted Prepayment Offer shall be no less than $10,000,000 (unless another amount is agreed to by the
Administrative Agent);

 

(iv)      
all Term Loans so prepaid by the Borrowers shall automatically be cancelled and retired by the Borrowers on the applicable settlement
date (and, for the avoidance of doubt, may not be reborrowed);

 

(v)        no
more than one Discounted Prepayment Offer may be ongoing at any one time and no more than four Discounted Prepayment Offers may
be made in any four-quarter period;

 

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(vi)     
the Borrowers represent and warrant that, at the commencement and settlement of the Discounted Prepayment Offer, they do not have
material information regarding the Term Loans or Holdings, the Administrative Borrower, their respective Subsidiaries or their
respective Affiliates that has not been disclosed to those who are not Lenders or shall disclose to the Lenders that it cannot
make such representation and warranty;

 

(vii)      each
Discounted Prepayment Offer shall be open and offered to all Lenders of the relevant Class of Term Loans on a pro rata basis;

 

(viii)     no
purchase of Term Loans pursuant to this Section 2.22 shall be made with proceeds received from the incurrence of Revolving
Loans or Swingline Loans; and

 

(ix)      
at the time of the consummation of each purchase of Term Loans through a Discounted Prepayment Offer, the Administrative Borrower
shall have delivered to the Auction Manager and the Administrative Agent an officer’s certificate of a Responsible Officer
of the Administrative Borrower certifying as to compliance with preceding clauses (ii), (vi) and (vii).

 

(b)          The
Borrowers must terminate any Discounted Prepayment Offer if they fail to satisfy one or more of the conditions set forth above
which are required to be satisfied at the time at which the Term Loans would have been prepaid pursuant to such Discounted Prepayment
Offer (and, in the case of the Discounted Prepayment Offer in connection with the Second
Amendment Prepayment, in the event that the Second Amendment Effective Date does not otherwise occur).
If the Borrowers commence any Discounted Prepayment Offer (and all relevant requirements set forth above which are required to
be satisfied at the time of the commencement of such Discounted Prepayment Offer have in fact been satisfied), and if at such time
of commencement the Borrowers reasonably believe that all required conditions set forth above which are required to be satisfied
at the time of the consummation of such Discounted Prepayment Offer shall be satisfied, then the Borrowers shall have no liability
to any Lender or any other person for any termination of such Discounted Prepayment Offer as a result of their failure to satisfy
one or more of the conditions set forth above which are required to be satisfied at the time which otherwise would have been the
time of consummation of such Discounted Prepayment Offer, and any such failure shall not result in any Default hereunder. With
respect to all prepayments of Term Loans made by the Borrowers pursuant to this Section 2.22, the Borrowers, jointly and
severally, shall pay on the settlement date of each such prepayment all accrued and unpaid interest (except to the extent otherwise
set forth in the relevant Auction Procedures), if any, on the prepaid Term Loans up to the settlement date of such prepayment.

 

(c)        
All Term Loan prepayments conducted pursuant to Discounted Prepayment Offers shall not constitute optional or mandatory prepayments
for purposes of Section 2.10, but the face amount of the Term Loans prepaid pursuant to this Section2.22 shall be
applied against the remaining scheduled installments of principal due in respect of the Term Loans in inverse order of maturity
(or, in the case of the Second Amendment Prepayment only, on a pro rata basis against such remaining
installments of principal due in respect of the Term Loans of the Lenders accepting such Discounted
Prepayment Offer).

 

(d)          Immediately
upon a prepayment of the Term Loans pursuant to this Section2.22, (x) such Term Loans and all rights and obligations as
a Lender related thereto shall for all purposes (including under this Agreement, the other Loan Documents and otherwise) be deemed
to be irrevocably prepaid, terminated, extinguished, cancelled and of no further force and effect and the Borrowers shall neither
obtain nor have any rights as a Lender hereunder or under the other Loan Documents by virtue of such payment and (y) the Borrowers
shall take all actions necessary to cause such Term Loans to be extinguished or otherwise cancelled in its books and records in
accordance with GAAP.

 

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(e)          The
Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article X
and Section 11.03 to the same extent as if each reference therein to the “Administrative Agent” were
a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested
by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Discounted Prepayment
Offer.

 

(f)           No
Lender shall be obligated or required to participate in any Discounted Prepayment Offer.

 

Section 2.23       Specified
Refinancing Term Loans and Specified Refinancing Revolving Commitments.

 

(a)           The
Borrowers may, from time to time after the Closing Date, and subject to the consent of the Administrative Agent (which consent
shall not be unreasonably withheld, delayed or conditioned), add one or more new term loan facilities (“Specified Refinancing
Term Loans”) or new revolving credit facilities (“Specified Refinancing Revolving Commitments”) under
this Agreement pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrowers,
to refinance all or any portion of any Class of Term Loan or Revolving Commitments (and related outstandings), as applicable, then
outstanding under this Agreement (subject to clause (A) of the proviso at the end of this sentence), in each case pursuant to a
Refinancing Amendment; provided that any such Specified Refinancing Term Loans and Specified Refinancing Revolving Commitments:
(i) will rank pari passu in right of payment as the other Term Loans or Revolving Commitments, as applicable, hereunder;
(ii) will be incurred, jointly and severally, by the Borrowers and will not be guaranteed by any person that is not a Guarantor;
(iii) will be, if secured, (1) secured solely by the Collateral on a pari passu or junior basis with the Liens securing
the Obligations and (2) subject to intercreditor arrangements reasonably satisfactory to the Administrative Agent; (iv) will have
such pricing and optional prepayment terms as may be agreed by the Borrowers and the applicable Lenders thereof; (v) will have
a maturity date that is not prior to the Maturity Date of the Term Loans or the Revolving Commitments, as applicable, being refinanced
and (x) in the case of any Specified Refinancing Revolving Commitments, shall not have any mandatory commitment reductions or amortization
that is prior to the scheduled Maturity Date of the Revolving Commitments being refinanced (other than a mandatory commitment reduction
in conjunction with a mandatory prepayment of Revolving Loans made pursuant thereto on the same basis as is applicable to the existing
Revolving Commitments pursuant to Sections 2.10(d) and (h)) and (y) in the case of any Specified Refinancing Term Loans, will have
a Weighted Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity then in effect of the Term Loans
being refinanced; (vi) any Specified Refinancing Term Loans and Specified Refinancing Revolving Commitments will share ratably
(or if unsecured or junior as to security, on a junior basis in respect of) any optional and mandatory prepayments of Term Loans
or Revolving Loans, as applicable (unless the Lenders providing such Specified Refinancing Term Loans or Specified Refinancing
Revolving Commitments, as applicable, agree to participate on a less than pro rata basis in any such optional or mandatory prepayments);
(vii) subject to clauses (iv) and (v) above, will have terms and conditions (other than pricing and optional prepayment
and redemption terms) that are substantially identical to, or less favorable, when taken as a whole, to the Lenders providing such
Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable, than, the terms and conditions
of the Term Loans or Revolving Commitments being refinanced (provided that a certificate of a Responsible Officer of the
Administrative Borrower delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence
of such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable, together with a reasonably
detailed description of the material terms and conditions of such Specified Refinancing Term Loans or drafts of the documentation
relating thereto, stating that the Administrative Borrower has determined in good faith that such terms and conditions satisfy
the requirements set forth in this clause (vii) shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent provides notice to the Administrative Borrower of an objection (including a reasonable description
of the basis upon which it objects) within five Business Days after being notified of such determination by the Administrative
Borrower); and (viii) (x) the Net Cash Proceeds of such Specified Refinancing Term Loans shall be applied, substantially concurrently
with the incurrence thereof, to the pro rata prepayment of outstanding Term Loans being so refinanced, in each case pursuant to
Section 2.10(b)(viii) and (y) upon the incurrence of any Specified Refinancing Revolving Commitments, the Revolving Commitments
being refinanced shall be permanently reduced as, and to the extent, provided in Section 2.07(c); provided, however,
that (A) the Net Cash Proceeds from any incurrence of Specified Refinancing Term Loans may not be used to prepay any Class of outstanding
Term Loans that are either unsecured or secured on a junior basis to the Obligations at a time when more senior Term Loans are
outstanding (or will remain outstanding after giving effect to any such prepayment), (B) Specified Refinancing Revolving Commitments
may not be used to refinance any Class of Revolving Commitments that are either unsecured or secured on a junior basis to other
Classes of Revolving Commitments at a time when more senior Revolving Commitments are outstanding (or will remain outstanding after
giving effect to any such refinancing) and (C) such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments,
as applicable, (x) may provide for any additional or different financial or other covenants or other provisions that are agreed
among the Administrative Borrower and the Lenders thereof and applicable only during periods after the then Latest Maturity Date
in effect and (y) shall not have a principal amount (or accreted value) greater than the Term Loans being refinanced (plus all
accrued and unpaid interest thereon, and all fees, discounts, premiums or expenses incurred in connection therewith) or the Revolving
Commitments being refinanced, as applicable. The Administrative Borrower shall make any request for Specified Refinancing Term
Loans or Specified Refinancing Revolving Commitments, as applicable, pursuant to a written notice to the Administrative Agent specifying
in reasonable detail the proposed terms thereof. Any proposed Specified Refinancing Term Loans or Specified Refinancing Revolving
Commitments, as applicable, shall first be requested on a ratable basis from existing Lenders in respect of the Term Loans or Revolving
Commitments being refinanced. At the time of sending such notice to such Lenders, the Administrative Borrower (in consultation
with the Administrative Agent) shall specify the time period within which each applicable Lender is requested to respond (which
shall in no event be less than 15 Business Days from the date of delivery of such notice or such shorter period as may be agreed
by the Administrative Agent in its sole discretion). Each applicable Lender shall notify the Administrative Agent within such time
period whether or not it agrees to participate in providing such Specified Refinancing Term Loans or Specified Refinancing Revolving
Commitments, as applicable, and, if so, whether by an amount equal to, greater than, or less than its ratable portion (based on
such Lender’s ratable share in respect of the applicable Term Loans or Revolving Commitments) of such Specified Refinancing
Term Loans or Specified Refinancing Revolving Commitments. Any Lender approached to provide all or a portion of any Specified Refinancing
Term Loans or Specified Refinancing Revolving Commitments may elect or decline, in its sole discretion, to provide such Specified
Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable. Any Lender not responding within such time
period shall be deemed to have declined to participate in providing such Specified Refinancing Term Loans or Specified Refinancing
Revolving Commitments. The Administrative Agent shall notify the Administrative Borrower and each applicable Lender of the Lenders’
responses to each request made hereunder. To achieve the full amount of a requested issuance of Specified Refinancing Term Loans
or Specified Refinancing Revolving Commitments, and subject to the approval of the Administrative Agent (which approval shall not
be unreasonably withheld, conditioned or delayed), the Administrative Borrower may also invite additional Eligible Assignees to
become Lenders in respect of such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable,
pursuant to a joinder agreement to this Agreement in form and substance reasonably satisfactory to the Administrative Agent. The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set
forth in clause (a) above and Section4.02, and delivery to the Administrative Agent of a certificate of the Administrative
Borrower dated the date thereof signed by a Responsible Officer of the Administrative Borrower, certifying and attaching the resolutions
adopted by the Borrowers approving such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments, as applicable,
and certifying that the conditions precedent set forth in clause (a) above and Section 4.02 have been satisfied and, to
the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of legal opinions, board resolutions,
officers’ certificates and/or reaffirmation agreements, including any supplements or amendments to the Security Documents
providing for such Specified Refinancing Term Loans or Specified Refinancing Revolving Commitments to be secured thereby, all in
form and substance reasonably satisfactory to the Administrative Agent. The Lenders hereby authorize the Administrative Agent to
enter into amendments to this Agreement and the other Loan Documents with the Borrowers and the Loan Parties as may be necessary
in order to establish new Classes of Term Loans and Revolving Commitments and to make such technical amendments as may be necessary
or appropriate in the reasonable opinion of the Administrative Agent and the Administrative Borrower in connection with the establishment
of such new Classes of Term Loans and Revolving Commitments, in each case on terms consistent with and/or to effect the provisions
of this Section 2.23.

 

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(c)           Each
Class of Specified Refinancing Term Loans incurred under this Section 2.23 shall be in an aggregate principal amount that
is not less than $25,000,000. Each Class of Specified Refinancing Revolving Commitments incurred under this Section 2.23
shall be in an aggregate amount that is not less than $10,000,000.

 

(d)          The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties
hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent
(but only to the extent) necessary to reflect the existence and terms of the Specified Refinancing Term Loans or Specified Refinancing
Revolving Commitments incurred pursuant thereto (including for purposes of prepayments and voting). Any Refinancing Amendment may,
without the consent of any person other than the Borrowers, the Administrative Agent and the Lenders providing such Specified Refinancing
Term Loans or Specified Refinancing Revolving Commitments, as applicable, effect such amendments to this Agreement and the other
Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Administrative
Borrower, to effect the provisions of or consistent with this Section 2.23.

 

ARTICLE
III REPRESENTATIONS AND

WARRANTIES

 

Each
Loan Party hereby represents and warrants to the Administrative Agent, the Collateral Agent, each Issuing Bank and each of the
Lenders on the Closing Date and upon each Credit Extension thereafter that:

 

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Section
3.01     Organization; Powers. Each Company (a) is duly incorporated or organized and validly existing under the laws of
the jurisdiction of its incorporation or organization, as the case may be, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to carry on its business as now conducted and to own, lease and operate
its property, except for such governmental licenses, authorizations, consents and approvals that the failure to obtain would not
reasonably be expected to result in a Material Adverse Effect, and (c) is registered, qualified, licensed and in good standing
to do business in every jurisdiction where such qualification is required (including qualification as a foreign maritime entity
in such jurisdiction where such qualification is required for ownership of a Vessel), except in such jurisdictions where the failure
to so register, qualify, be licensed or be in good standing would not reasonably be expected to result in a Material Adverse Effect.

 

Section
3.02      Authorization; Enforceability. The Loan Documents to be entered into by each Loan Party are within such Loan Party’s
powers and have been duly authorized by all necessary corporate or other organizational action on the part of each such Loan Party.
Each Loan Document has been duly executed and delivered by each Loan Party party thereto and constitutes a legal, valid and binding
obligation of each such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law.

 

Section
3.03      No Conflicts; No Default. The Loan Documents (a) do not require any consent, exemption, authorization or approval
of, registration or filing with, or any other action by, any Governmental Authority or other person, except (i) such as have been
obtained or made and are in full force and effect, (ii) filings necessary to perfect or maintain the perfection or priority of
the Liens created by the Security Documents and (iii) consents, approvals, exemptions, authorizations, registrations, filings,
permits or actions the failure of which to obtain or perform would not reasonably be expected to result in a Material Adverse Effect,
(b) will not violate the Organizational Documents of any Company, (c) will not violate or result in a default or require any consent
or approval under any indenture, instrument, agreement, or other document binding upon any Company or any of its property or to
which any Company or any of its property is subject, or give rise to a right thereunder to require any payment to be made by any
Company, except for violations, defaults or the creation of such rights that would not reasonably be expected to result in a Material
Adverse Effect, (d) will not violate any Legal Requirement, except for violations that would not reasonably be expected to result
in a Material Adverse Effect, and (e) will not result in the creation or imposition of (or the obligation to create or impose)
any Lien on any property of any Company, other than the Liens created by the Security Documents. No Default has occurred and is
continuing.

 

Section
3.04      Financial Statements; Projections. (a) The Administrative Borrower has heretofore delivered to the Lenders (i) the
audited consolidated balance sheets and related consolidated statements of income, stockholders’ equity and cash flows of
Holdings and its Subsidiaries as of the fiscal years ended December 31, 2016, December 31, 2015 and December 31, 2014, (ii) the
unaudited consolidated balance sheets and related consolidated statements of income of the Administrative Borrower and its Subsidiaries
(including, for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries) as of the fiscal
years ended December 31, 2016, December 31, 2015 and December 31, 2014 and (iii) (x) the unaudited consolidated balance sheets
and related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries and (y)
the unaudited consolidated balance sheets and related consolidated statements of income of the Administrative Borrower and its
Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries), in
each case, for the fiscal quarter ended March 31, 2017. Such financial statements, and all financial statements delivered pursuant
to Sections 5.01(a), (b) and (c), have been prepared in accordance with GAAP consistently applied throughout
the applicable period covered, respectively, thereby and present fairly and accurately in all material respects the financial condition
and results of operations and, if applicable, cash flows of Holdings, the Administrative Borrower and its Subsidiaries (including,
for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries), in each case, as of the dates
and for the periods to which they relate (subject, in the case of interim financial statements, to normal year-end audit adjustments
and the absence of footnotes). Except as set forth in such financial statements, as of the Closing Date, there are no liabilities
of Holdings, the Administrative Borrower or any of their respective Subsidiaries of any kind, whether accrued, contingent, absolute,
determined, determinable or otherwise, that would reasonably be expected to have a Material Adverse Effect.

 

    	 	110	 

     

    

  

(b)          The
Administrative Borrower has heretofore delivered to the Lenders an unaudited pro forma consolidated balance sheet and related pro
forma consolidated statement of income of the Administrative Borrower and its Subsidiaries (including, for purposes of this clause,
the Restricted Parent Subsidiaries and their respective Subsidiaries) as of and for the twelve-month period ended March 31, 2017,
in each case after giving effect to the Transactions as if they had occurred on such date in the case of the balance sheet and
as of the beginning of such period in the case of the statement of income. Such pro forma financial statements (a) have been prepared
in good faith by the Administrative Borrower based upon (i) in each case, the assumptions stated therein (which assumptions are
believed by the Administrative Borrower on the Closing Date to be reasonable) and (ii) the best information available to the Administrative
Borrower as of the date of delivery thereof, (b) in the case of the balance sheet, accurately reflect all adjustments required
to be made to give effect to the Transactions, and (c) present fairly in all material respects the pro forma consolidated financial
position and results of operations of the Administrative Borrower and its Subsidiaries, as of such date and for such period.

 

(c)           The
Administrative Borrower has heretofore delivered to the Lenders the forecasts of financial performance consisting of projected
income statements, balance sheets and cash flows of (x) Holdings and its Subsidiaries and (y) the Administrative Borrower and its
Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries), in
each case, for the fiscal years 2017–2021 (the “Projections”) and the assumptions upon which the Projections
are based. The Projections have been prepared in good faith by the Administrative Borrower based upon assumptions that are reasonable
at the time made and at the time the related Projections are made available to the Lenders (it being understood by the parties
that projections by their nature are inherently uncertain, no assurances are being given that the results reflected in such Projections
will be achieved, that actual results may differ and that such differences may be material).

 

(d)          Since
December 31, 2016, there has been no event, change, effect, circumstance, condition, development or occurrence that has had, or
would reasonably be expected to result in, a Material Adverse Effect.

 

Section
3.05      Properties. (a) Each Restricted Party has good and marketable title to, or valid leasehold interests in, all its
tangible property material to its business, free and clear of all Liens and irregularities, deficiencies and defects in title except
for Permitted Liens (or (x) in the case of Collateral Vessels, Permitted Collateral Vessel Liens and (y) in the case of Chartered
Vessels, Permitted Charter Vessel Liens) and minor irregularities, deficiencies and defects in title that, individually or in the
aggregate, do not, and would not reasonably be expected to, interfere with its ability to conduct its business as currently conducted
or to utilize such property for its intended purpose. The tangible property of the Restricted Parties (x) taken as a whole, (i)
is in good operating order, condition and repair (ordinary wear and tear excepted), but excluding, for purposes of this clause
(i), the Vessels and Chartered Vessels (which are covered by Section 5.16) and (ii) constitutes all the tangible property
which is required for the business and operations of the Restricted Parties as presently conducted and (y) with respect to Vessels
and Chartered Vessels, satisfies the requirements set forth in Section 5.16.

 

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(b)          Schedule
3.05(b) contains a true and complete list of each ownership and leasehold interest in Real Property (including all modifications,
amendments and supplements thereto with respect to leased Real Property) (i) owned by any Restricted Party as of the Closing Date
and describes the use and type of interest therein held by such Restricted Party and (ii) leased or subleased or otherwise occupied
or utilized by any Restricted Party, as lessee or sublessee, franchisee or licensee, as of the Closing Date and describes the use
and type of interest therein held by such Restricted Party.

 

(c)          No
Mortgage encumbers improved Real Property or a portion thereof that is located in an area that has been designated a “flood
hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency)
with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter
in effect or successor act thereto), unless flood insurance available under the Flood Laws and Regulation H of the Board of Governors
has been obtained in accordance with Section 5.04.

 

(d)          Each
Restricted Party owns or has rights to use all of its tangible property and all rights with respect to any of the foregoing used
in, necessary for or material to such Restricted Party’s business as currently conducted, subject to Permitted Liens (or
(x) in the case of Collateral Vessels, Permitted Collateral Vessel Liens and (y) in the case of Chartered Vessels, Permitted Chartered
Vessel Liens). The use by each Restricted Party of its tangible property and all such rights with respect to the foregoing do not
infringe on the rights or other interests of any person, other than any infringement that would not reasonably be expected to result
in a Material Adverse Effect. No claim has been made upon any Restricted Party and remains outstanding that any Restricted Party’s
use of any of its tangible property does or may violate the rights of any third party that has had, or would reasonably be expected
to result in, a Material Adverse Effect.

 

Section
3.06       Intellectual Property. Except as would not reasonably be expected to result in a Material Adverse Effect, each Restricted
Party owns, free and clear of all Liens (other than Permitted Liens), is licensed to use, or otherwise has the right to use all
Intellectual Property reasonably necessary for the operation of such Restricted Party’s business. The respective businesses
of each Restricted Party as currently conducted does not infringe upon, misappropriate, or violate any Intellectual Property held
by any Person, except for any such infringement, misappropriation or violation that would not reasonably be expected to result
in a Material Adverse Effect. There are no actions, suits, claims, disputes, proceedings or, to the knowledge of any Loan Party,
investigations, by or before any Governmental Authority now pending or, to the knowledge of any Loan Party, threatened in writing
against any Restricted Party regarding any of the Intellectual Property owned by any Restricted Party, except to the extent that
any such actions, suits, claims, disputes, proceedings or investigations would not reasonably be expected to result in a Material
Adverse Effect.

 

Section
3.07       Equity Interests and Subsidiaries. (a) Schedule 3.07(a) sets forth, as of the Closing Date and after giving
effect to the Transactions, a list of (i) each Company and each such Company’s jurisdiction of incorporation or organization,
and (ii) the number of each class of each Company’s Equity Interests authorized, and the number outstanding, and the number
of Equity Interests covered by all outstanding options, warrants, rights of conversion or purchase and similar rights. All Equity
Interests of each Company are duly and validly issued and are fully paid and non-assessable, and (a) all Equity Interests of the
Administrative Borrower and Co-Borrower are directly owned by Holdings, (b) all Equity Interests of each Subsidiary Guarantor (other
than the Restricted Parent Subsidiaries) are owned by the Administrative Borrower directly or indirectly through other Subsidiary
Guarantors and (c) all Equity Interests of the Restricted Parent Subsidiaries are owned by Holdings directly or indirectly through
other Restricted Parent Subsidiaries that are Subsidiary Guarantors. Each Loan Party is the record and beneficial owner of, and
has good and marketable title to, the Equity Interests pledged by (or purporting to be pledged by) it under the Security Documents,
free of any and all Liens, rights or claims of other persons, except any Permitted Liens that arise by operation of applicable
Legal Requirements and are not voluntarily granted. As of the Closing Date, except as set forth in Schedule 3.07(a), there
are no outstanding warrants, options or other rights (including derivatives) to purchase, or shareholder, voting trust or similar
agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any such
Equity Interests (or any economic or voting interests therein).

 

    	 	112	 

     

    

  

(b)          No
consent of any person, including any general or limited partner, any other member or manager of a limited liability company, any
shareholder, any other trust beneficiary or derivative counterparty, is necessary in connection with the creation, perfection or
First Priority Lien status (or the maintenance thereof) of the security interest of the Collateral Agent in any Equity Interests
pledged to the Collateral Agent under the Security Documents or the exercise by the Collateral Agent or any Lender of the voting
or other rights provided for in the Security Documents or the exercise of remedies in respect of such Equity Interests as provided
therein.

 

(c)          A
complete and accurate organization chart, showing the ownership structure of the Restricted Parties as of the Closing Date, after
giving effect to the Transactions, is set forth on Schedule 3.07(c).

 

(d)          As
of the Closing Date (or, with respect to the parenthetical contained in clause (ii)(x) below, as of the date and/or for the period
described therein), (i) the Subsidiaries of the Administrative Borrower set forth on Schedule3.07(d) are the only Immaterial
Subsidiaries (and such Schedule 3.07(d) also lists the total assets and revenues for each such Immaterial Subsidiary) and
(ii) (x) the Subsidiaries set forth on Schedule 1.01(e) are the only Unrestricted Subsidiaries (and such Schedule 1.01(e)
also lists the total assets (excluding intercompany accounts and investments in Subsidiaries) as of March 31, 2017 and revenues
for the three month period ending on March 31, 2017 for each such Unrestricted Subsidiary), (y) the aggregate assets of all such
Unrestricted Subsidiaries (excluding intercompany accounts and investments in Subsidiaries) as of the Closing Date does not exceed
2.50% of Consolidated Total Assets (excluding intercompany accounts and investments in Subsidiaries) as of the Closing Date and
(z) no such Unrestricted Subsidiary (I) owns or charters a vessel to or from a third party, (II) manages or operates a vessel or
(III) is otherwise party to a vessel charter or hiring agreement with a third party.

 

(e)          As
of the Closing Date (or, with respect to clauses (I) and (II) of the parenthetical contained in clause (x) below, as of the date
and/or for the period described therein), (x) the Subsidiaries of Holdings set forth on Schedule 3.07(e) are, in addition
to the Administrative Borrower, the only direct Subsidiaries of Holdings (and such Schedule 3.07(e) also lists (I) the total
assets for each such Subsidiary and investments in such Subsidiaries as of March 31, 2017, (II) the revenues of such Subsidiary
for the three month period ending on March 31, 2017, (III) all other assets directly held by Holdings and (IV) all liabilities
(other than the Obligations) of Holdings) and (y) other than with respect to the Administrative Borrower, OSG Nakilat Corporation
and, with respect to the Obligations, the Co-Borrower, (i) all such Subsidiaries, and all other assets directly held by Holdings,
are either immaterial or non-operational and (ii) no such Subsidiary (I) owns or charters a vessel to or from a third party, (II)
manages or operates a vessel or (III) is otherwise party to a vessel charter or hiring agreement with a third party, in each case,
except in the capacity as agent for a Restricted Subsidiary (other than for purposes of accepting payments).

 

Section
3.08      Litigation; Compliance with Legal Requirements. (a) There are no actions, suits, claims, disputes, proceedings or,
to the knowledge of any Loan Party, investigations at law or in equity by or before any Governmental Authority now pending or,
to the knowledge of any Loan Party, threatened against any Company or any business, property or rights of any Company (i) that
purport to affect or involve any Loan Document or, as of the Closing Date, any of the Transactions or (ii) that have resulted,
or would reasonably be expected to result, in a Material Adverse Effect.

 

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(b)          Each
Company is in compliance with all Legal Requirements of, and all applicable restrictions imposed by, all Governmental Authorities
in respect of the conduct of its business and the ownership of its property, except such non-compliance as would not reasonably
be expected to result in a Material Adverse Effect.

 

Section
3.09      Agreements. No Company is a party to or has violated any agreement, instrument or other document to which it is
a party, or is subject to any corporate or other constitutional restriction, or any restriction (including under its Organizational
Documents) to which it is subject, that has resulted, or would reasonably be expected to result, in a Material Adverse Effect.

 

Section
3.10      Federal Reserve Regulations. (a) No Company is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of purchasing, buying or carrying Margin Stock.

 

(b)          No part of the proceeds of any Credit Extension will be used, whether directly or indirectly, and whether immediately, incidentally
or ultimately, for any purpose that entails a violation of, or that is inconsistent with, Regulation U or X. The pledge of the
Securities Collateral pursuant to the Security Agreement or the Holdings Pledge Agreement, as applicable, does not violate such
regulations.

 

Section
3.11      Investment Company Act; etc.. No Company is an “investment company” or a company “controlled”
by an “investment company,” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

 

Section
3.12      Use of Proceeds. (a) The Borrowers will use the proceeds of the Revolving Loans (including Incremental Revolving
Loans) and Swingline Loans after the Closing Date to finance general corporate and working capital purposes (including for Capital
Expenditures, Permitted Acquisitions, other Investments, Dividends and Restricted Debt Payments permitted hereunder); provided,
however, proceeds of Swingline Loans may not be used to refinance any then outstanding Swingline Loans.

 

(b)          The
Borrowers will use the proceeds of the Initial Term Loans incurred on the Closing Date solely to finance the Transactions and for
general corporate and working capital purposes (including for Capital Expenditures, Permitted Acquisitions, other Investments,
Dividends and Restricted Debt Payments permitted hereunder).

 

(c)          The
Borrowers will use the proceeds of any Incremental Term Loans solely for general corporate and working capital purposes (including
for Capital Expenditures, Permitted Acquisitions, other Investments, Dividends and Restricted Debt Payments permitted hereunder);
provided, however, the proceeds of the July 2017 Incremental Term Loans shall only be used for the purpose set forth
in the second recital of the First Amendment.

 

(d)          The
Borrowers will use the proceeds of any Specified Refinancing Term Loans solely for the purposes set forth in Section 2.23(a)(viii)(x)
and to pay any related fees and expenses.

 

(e)          The
Borrowers will have Letters of Credit issued hereunder solely to support payment or performance obligations incurred by the Administrative
Borrower and its Wholly Owned Restricted Subsidiaries in the ordinary course of business or for general corporate purposes (other
than to support obligations in respect of Restricted Indebtedness or Equity Interests).

 

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Section 3.13       [Reserved].

 

Section
3.14      Taxes. Each Company has (a) timely filed or caused to be timely filed all U.S. federal and material state, local
and foreign Tax Returns required to have been filed by it and all such Tax Returns are true and correct in all material respects
and (b) duly and timely paid or caused to be duly and timely paid all Taxes (whether or not shown on any Tax Return) due and payable
by it and all assessments received by it, except (i) Taxes that are being contested in good faith by appropriate proceedings and
for which such Company has set aside on its books adequate reserves in accordance with GAAP or (ii) Taxes the nonpayment of which
would not reasonably be expected to result in a Material Adverse Effect. Each Company has made adequate provision in accordance
with GAAP for all Taxes not yet due and payable. No Loan Party has knowledge of any proposed or pending tax assessments, deficiencies,
audits or other proceedings and no proposed or pending tax assessments, deficiencies, audits or other proceedings have resulted,
or would reasonably be expected to result in, a Material Adverse Effect. No Company has ever “participated” in a “reportable
transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2). No Company is a party to any tax sharing or
similar agreement.

 

Section
3.15      No Material Misstatements. As of the Closing Date, the Loan Parties have disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which they or any of their respective Subsidiaries are subject, and all other
matters known to any Loan Party, that would reasonably be expected to result in a Material Adverse Effect. Neither the Confidential
Information Memorandum nor any of the reports, financial statements, certificates or other information furnished by or on behalf
of any Loan Party to the Administrative Agent or any Lender in connection with the Transactions or delivered hereunder (as modified
or supplemented by other information so furnished), when taken as a whole, contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that, with respect to projected financial information and other forward looking information, each
Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at
the time and, if such projected financial information was delivered prior to the Closing Date, as of the Closing Date, it being
understood that any such projected financial information may vary from actual results and such variations could be material.

 

Section
3.16      Labor Matters. There are no strikes, lockouts or slowdowns against any Company pending or, to the knowledge of the
Loan Parties, 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 Company have not been in violation of the Fair Labor Standards Act of 1938, as
amended, or any other applicable Legal Requirement 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 Company, or for which any claim may be made against
any Company, 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 Company, 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.

 

Section
3.17      Solvency. Immediately after the consummation of the Transactions to occur on the Closing Date and immediately following
the making of each Credit Extension, and after giving effect to the application of the proceeds of each Credit Extension, the Companies,
on a consolidated basis, and the Restricted Parties, on a consolidated basis, are, Solvent.

 

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Section
3.18      Employee Benefit Plans. (a) Except as would not reasonably be expected to result in a Material Adverse Effect, (i)
the Companies and each of their ERISA Affiliates are in compliance with all applicable Legal Requirements, including all applicable
provisions of ERISA and the Code and the regulations and published interpretations thereunder, with respect to all Employee Benefit
Plans, (ii) each Employee Benefit Plan complies, and is operated and maintained in compliance, with its terms and all applicable
Legal Requirements, including the applicable provisions of ERISA and the Code and the regulations thereunder and (iii) each Employee
Benefit Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter
from the Internal Revenue Service (or an opinion letter or determination letter will be applied for during the applicable remedial
amendment period) and nothing has occurred which is reasonably likely to prevent, or cause the loss of, such qualification.

 

(b)          No
ERISA Event has occurred or is reasonably expected to occur that would reasonably be expected to result in a Material Adverse Effect.
Within the last six years, no Pension Plan with an Unfunded Pension Liability been transferred outside of the “controlled
group” (within the meaning of Section 4001(a)(14) of ERISA) of any Company or any of its ERISA Affiliates. The aggregate
liabilities of any Company or any of its ERISA Affiliates to all Multiemployer Plans in the event of a complete withdrawal therefrom
have not resulted in, and would not reasonably be expected to result in, a Material Adverse Effect.

 

(c)          There
are no actions, suits or claims pending against or involving an Employee Benefit Plan (other than routine claims for benefits)
or, to the knowledge of any Loan Party, threatened, which would reasonably be expected to result in a Material Adverse Effect.

 

(d)          There
is no (i) ongoing investigation by the Pensions Regulator, which may lead to the issue of a Financial Support Direction or a Contribution
Notice or (ii) Financial Support Direction or Contribution Notice that has been issued, to Holdings or any Subsidiary of Holdings,
imposing an aggregate liability which has or would reasonably be expected to have a Material Adverse Effect.

 

(e)          Except
as would not reasonably be expected to result in a Material Adverse Effect, (i) each Non-U.S. Plan has been maintained in compliance
with its terms and with the requirements of any and all applicable Legal Requirements and has been maintained, where required,
in good standing with applicable regulatory authorities and rules applicable thereto, including all funding requirements (including,
but not limited to, Part 3 of the Pensions Act 2004) and the respective requirements of the governing documents in relation to
any such Non-U.S. Plan, (ii) there are no actions, suits or claims (other than routine claims for benefits) pending or, to the
knowledge of any Loan Party, threatened against Holdings or any Subsidiary of Holdings in respect of Non-U.S. Plans, and (iii)
no Non- U.S. Plan has been terminated or wound-up and no actions or proceedings have been taken or instituted to terminate or wind-up
such a Non-U.S. Plan.

 

Section
3.19      Environmental Matters. Except as would not reasonably be expected to result in a Material Adverse Effect:

 

(i)         the
Companies and their businesses, operations, Real Property, Vessels and Chartered Vessels are in compliance with any applicable
Environmental Law;

 

(ii)        the
Companies have obtained all Environmental Permits required for the conduct of their businesses and operations, and their ownership,
operation and use of any Real Property, Vessel and Chartered Vessel, under all applicable Environmental Laws. The Companies are
in compliance with the terms and conditions of such Environmental Permits, and all such Environmental Permits are valid and in
good standing;

 

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(iii)       there has been no Release or threatened Release or any handling, management, generation, treatment, storage or disposal of Hazardous
Materials by any Company or, to the knowledge of the Loan Parties, by any other person on, at, under or from any Real Property,
Vessel or Chartered Vessel, or facility presently or formerly owned, leased or operated by any of the Companies or their predecessors
in interest, or at any other location that has resulted in, or is reasonably likely to result in, liability or investigatory or
remediation obligations by any of the Companies under Environmental Law or in an Environmental Claim against any of the Companies
or otherwise related to any Real Property or the operation of any Vessel or Chartered Vessel;

 

(iv)       there is no Environmental Claim pending or, to the knowledge of the Loan Parties, threatened against any of the Companies relating
to any Real Property, Vessel or Chartered Vessel currently or formerly owned, leased or operated by any of the Companies or relating
to the operations of any of the Companies, and, to the knowledge of the Loan Parties, there are no actions, activities, circumstances,
conditions, events or incidents that are reasonably likely to form the basis of such an Environmental Claim;

 

(v)        no
Real Property, Vessel, Chartered Vessel or facility owned, operated or leased by the Companies and, to the knowledge of the Loan
Parties, no Real Property or facility formerly owned, operated or leased by any of the Companies or any of their predecessors in
interest is (i) listed or, to the knowledge of the Loan Parties, proposed for listing on the National Priorities List as defined
in and promulgated pursuant to CERCLA or (ii) included on any similar list maintained by any Governmental Authority that indicates
that any Company has or may have an obligation to undertake investigatory or remediation obligations under applicable Environmental
Laws; and

 

(vi)      
no Lien has been recorded or threatened under any Environmental Law with respect to any Real Property, Vessel or any other property
of the Companies.

 

Section
3.20      Insurance. Schedule 3.20 sets forth a true, complete and accurate description in reasonable detail of all
Required Insurance. Each Restricted Party (i) has insurance in such amounts and covering such risks and liabilities as are customary
for companies of a similar size engaged in similar businesses in similar locations and (ii) maintains the Required Insurance. All
insurance (including Required Insurance) maintained by each Restricted Party is in full force and effect, all premiums due have
been duly paid, no Restricted Party has received notice of violation, invalidity, or cancellation thereof. Each Collateral Vessel
owned by a Restricted Party and the use and operation thereof comply in all material respects with the Required Insurance, and
there exists no material default under any such Required Insurance.

 

Section
3.21      Security Documents. (a) (i) Each of the Security Agreement and the Holdings
Pledge Agreement, upon execution and delivery thereof by the parties thereto, is effective to create in favor of the Collateral
Agent for the benefit of the Secured Parties, 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) Liens on, and security interests in, the Security Agreement Collateral
and (x) when financing statements in appropriate form are filed in the offices specified on Schedule 6 of the Perfection Certificate
in respect of the Security Agreement Collateral with respect to which a security interest may be perfected by filing of a financing
statement or (y) upon the taking of possession or control by the Collateral Agent of the Security Agreement Collateral with respect
to which a security interest may be perfected only by possession or control (which possession or control shall be given to the
Collateral Agent to the extent possession or control by the Collateral Agent is required by each Security Document), the Liens
created by each of the Security Agreement and the Holdings Pledge Agreement in such Security Agreement Collateral shall constitute
fully perfected First Priority Liens in each case subject to no Liens other than Permitted Liens.

 

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(b)          With
respect to material registered United States trademarks and United States patents, United States trademark and patent applications
and United States registered copyrights included in the Intellectual Property Collateral (as defined in the Security Agreement),
if any, upon the filing of the financing statements in appropriate form, as provided in Section 3.21(a)(x), and the filing
of the Security Agreement or a short form thereof in appropriate form (hereinafter, a “short-formIntellectualProperty
securityagreement”) in the United States Patent and Trademark Office or the United States Copyright Office, as applicable,
the Liens created by such Security Agreement shall constitute perfected First Priority Liens on, and security interests in, all
right, title and interest of the grantors thereunder in all such material United States registered Intellectual Property Collateral
as may be perfected by such filings (it being understood that subsequent recordings in the United States Patent and Trademark Office
and the United States Copyright Office may be necessary to perfect a Lien on any material registered United States trademarks and
United States patents, United States trademark and patent applications and United States registered copyrights included in Intellectual
Property Collateral acquired or developed by the Borrowers or the Subsidiary Guarantors after the date hereof).

 

(c)          Each
Mortgage (if any), when executed and delivered, will be effective to create, in favor of the Collateral Agent, for its benefit
and the benefit of the Secured 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) First Priority Liens on, and security interests in, all of the Loan
Parties’ right, title and interest in and to the Mortgaged Properties thereunder and the proceeds thereof, subject only to
Permitted Liens, and when the Mortgages are filed in the offices specified on Schedule 1.01(b) (or, in the case of any Mortgage
executed and delivered after the date thereof in accordance with the provisions of Section5.10, when such Mortgage is filed
in the offices specified in the local counsel opinion delivered with respect thereto in accordance with the provisions of Section5.10),
the Mortgages shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the Loan Parties
in the Mortgaged Properties and the proceeds thereof, in each case, subject to no Liens other than Permitted Liens.

 

(d)          Each
Collateral Vessel Mortgage is effective to create, in favor of the Mortgage Trustee, for its benefit and the benefit of the Secured
Parties, 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) a first priority preferred ship mortgage Lien on the Collateral Vessel subject to such Collateral Vessel Mortgage
and the proceeds thereof, subject only to Permitted Collateral Vessel Liens, and when the Collateral Vessel Mortgage is recorded
or registered in accordance with the laws of the relevant Acceptable Flag Jurisdiction (or, in the case of any Collateral Vessel
Mortgage executed and delivered after the date thereof in accordance with the provisions of Section5.10, when such Collateral
Vessel Mortgage is recorded or registered in accordance with the laws of the relevant Acceptable Flag Jurisdiction), such Collateral
Vessel Mortgage shall constitute a fully perfected preferred ship mortgage Lien on the Collateral Vessel subject to such Collateral
Vessel Mortgage, in each case, subject to no Liens other than Permitted Collateral Vessel Liens.

 

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(e)          Each
Security Document delivered pursuant to Sections 5.10, 5.11 and 5.14 will, upon execution and delivery thereof,
be effective to create in favor of the Collateral Agent (or, in the case of Collateral Vessel Mortgages, the Mortgage Trustee),
for the benefit of the Secured 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, all of the Borrowers’ and Subsidiary
Guarantors’ right, title and interest in and to the Collateral thereunder, and (i) when all appropriate filings or recordings
are made in the appropriate offices as may be required under applicable Legal Requirements and (ii) upon the taking of possession
or control by the Collateral Agent 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 Collateral Agent to the extent required by any Security Document),
the Liens in favor of the Collateral Agent created under such Security Document will constitute perfected First Priority Liens
on, and security interests in, all right, title and interest of the Borrowers and the Subsidiary Guarantors in such Collateral,
in each case subject to no Liens other than Permitted Liens.

 

Section 3.22       Anti-Terrorism
Law; Foreign Corrupt Practices Act.

 

(a)          No
Company and, to the knowledge of the Loan Parties, none of its Affiliates, is in violation of any Legal Requirements relating to
terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001 (the “Executive Order”), and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the “Patriot Act”)

 

(b)          No
Company, and to the knowledge of the Loan Parties, no Affiliate or broker or other agent of any Company acting or benefiting solely
in such capacity in connection with the Credit Extensions, is a person with whom dealings are restricted or prohibited under any
Sanctions Laws, including U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”),
or is included on the Specially Designated Nationals and Blocked Persons List maintained by OFAC; no Company is in violation of
any U.S. or other applicable Sanctions Laws; and the Borrowers will not directly or indirectly use the proceeds of the Credit Extensions
or otherwise make available such proceeds to any person, for the purpose of financing the activities of any person with whom dealings
are restricted or prohibited under any Sanctions Laws administered by OFAC or any other applicable Sanctions Authority, in each
case as would result in a violation of applicable Sanctions Laws.

 

(c)          No
Company and, to the knowledge of the Loan Parties, no broker or other agent of any Company acting solely in any such capacity in
connection with the Credit Extensions, (i) conducts any business or engages in making or receiving any contribution of funds, goods
or services to or for the benefit of any person described in Section 3.22(b) or Section 6.19, (ii) deals in, or otherwise
engages in any transaction relating to, any property or interests in property blocked pursuant to any executive order or any laws
or regulations administered and enforced by any Sanctions Authority, or (iii) engages in or conspires to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any Anti-Terrorism Law or laws, regulations, and orders administered and enforced by any Sanctions Authority, in each case as would
result in a violation of Sanctions Laws.

 

(d)          No
Company nor any director or officer, nor to the knowledge of the Loan Parties, any agent, employee or Affiliate, has, in the course
of its actions for, or on behalf of, any Company, directly or indirectly (i) used any corporate funds for any material unlawful
contribution, gift, entertainment or other material unlawful expenses relating to political activity or to influence official action,
(ii) made any material unlawful payment to any foreign or domestic government official or employee from corporate funds, (iii)
made any material unlawful bribe or kickback to any foreign or domestic government official or employee, (iv) is or has at any
time since July 1, 2009 engaged in any activity, practice, or conduct proscribed under any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (“FCPA”) or the UKBA or (v) used
the proceeds of any Loans or any Letter of Credit in a manner or for a purpose prohibited by the FCPA or the UKBA. The Companies
have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
compliance therewith. The Companies have and will maintain in place adequate procedures designed to prevent any person who, directly
or indirectly, performs or has performed services for or on behalf of any Company from undertaking any conduct that would give
rise to an offence under section 7 of the UKBA. To the knowledge of any Loan Party, no Company is or has been the subject of any
enforcement proceedings or any investigation or inquiry by any governmental, administrative, or regulatory body regarding any offense
or alleged offense under the FCPA or UKBA, and, to the knowledge of any Loan Party, no such investigation, inquiry, or proceedings
have been threatened or are pending.

 

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(e)          Each
Company and its Affiliates, directors, officers and employees has been and is in compliance with Sanctions Laws.

 

Section 3.23       Concerning
Vessels.

 

(a)          The
name, record owner (and whether or not such registered owner is a Loan Party), official number, jurisdiction of registration and
flag (which shall be in an Acceptable Flag Jurisdiction) of each Vessel and Chartered Vessel as of the Closing Date is set forth
on Schedule 1.01(a). Each Vessel owned by a Restricted Party and each Chartered Vessel demise chartered by a Restricted
Party is operated in compliance with all applicable Legal Requirements, except where the failure to so comply would not reasonably
be expected to result in a Material Adverse Effect.

 

(b)          Each
Restricted Party which owns, charters by demise or operates one or more Vessels or Chartered Vessels is qualified in all material
respects to own, lease or operate such Vessels or Chartered Vessels under the laws of its jurisdiction of incorporation and flag
jurisdiction of such Vessel or Chartered Vessel.

 

(c)          Each
Vessel and Chartered Vessel owned, demise chartered or operated by a Restricted Party is classed with an Approved Classification
Society, free of any overdue recommendations, other than as permitted under the Collateral Vessel Mortgages related thereto.

 

(d)          As
of the Closing Date, there is no pending or, to the knowledge of any Loan Party, threatened condemnation, confiscation, requisition,
purchase, seizure or forfeiture of, or any taking of title to, any Vessel owned by a Restricted Party or any Chartered Vessel demise
chartered by a Restricted Party.

 

(e)          Each
Vessel owned by a Restricted Party is free and clear of all Liens other than Permitted Collateral Vessel Liens.

 

Section 3.24       Form of Documentation;
Citizenship.

 

No
Loan Party is organized in any jurisdiction, and none of the Vessels owned by any Restricted Party is flagged in any jurisdiction
other than an Acceptable Flag Jurisdiction, and none of the Security Documents are required to be filed or registered with any
Governmental Authority outside the United States or such Acceptable Flag Jurisdiction to ensure the validity of the Security Documents
(except for registration or recording of each Collateral Vessel Mortgage in accordance with the Acceptable Flag Jurisdiction of
the relevant Collateral Vessel) and no stamp or similar tax is required to be paid in respect of the registration of any Security
Document or perfection of any security interest in the Collateral pledged thereunder.

 

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Section
3.25      Compliance with ISM Code and ISPS Code. Each Vessel and Chartered Vessel owned, leased or operated by a Restricted
Party complies with the requirements of the ISM Code and the ISPS Code in all material respects, including the maintenance and
renewal of valid certificates pursuant thereto.

 

Section
3.26      Threatened Withdrawal of DOC, SMC or ISSC. There is no actual or, to the knowledge of the Loan Parties, threatened
withdrawal of (a) any document of compliance (“DOC”) issued to an Operator in accordance with rule 13 of the
ISM Code in respect of any of the Restricted Parties’ Vessels or Chartered Vessels (and, for these purposes, the “Operator”
of a vessel shall mean the person who is concerned with the operation of such vessel and falls within the definition of “Company”
set out in rule 1.1.2 of the ISM Code), (b) safety management certificate (“SMC”) issued in respect of any of
the Restricted Parties’ Vessels or Chartered Vessels in accordance with rule 13 of the ISM Code or (c) the international
ship security certificate (“ISSC”) issued pursuant to the ISPS Code in respect of any of the Restricted Parties’
Vessels or Chartered Vessels.

 

Section
3.27      Deposit Accounts and Securities Accounts. As of the Closing Date, (i) the Deposit Accounts and Securities Accounts
listed on Part A of Schedule 3.27 constitute all of the Specified Accounts and (ii) the Deposit Accounts listed on Part
B of Schedule3.27 constitute all of the Excluded Accounts.

 

ARTICLE IV

 

CONDITIONS TO CREDIT EXTENSIONS

 

Section
4.01      Conditions to Initial Credit Extension. The obligation of each Lender and, if applicable, each Issuing Bank to fund
any initial Credit Extension on the Closing Date requested to be made by it shall be subject to the prior or concurrent satisfaction
or waiver of each of the conditions precedent set forth in this Section 4.01.

 

(a)           Loan
Documents. There shall have been delivered to the Administrative Agent a properly executed counterpart of each of the Loan
Documents (excluding any such Loan Documents that are to be permitted to be delivered after the date hereof in accordance with
the terms of this Agreement) and the Perfection Certificate.

 

(b)          Corporate
Documents. The Administrative Agent shall have received:

 

(i)         a
certificate of the secretary or assistant secretary of each Loan Party dated the Closing Date, certifying (A) that attached thereto
is a true and complete copy of each Organizational Document of such Loan Party certified (to the extent applicable) as of a recent
date by the Secretary of State of the state of its incorporation or organization, as the case may be, (B) that attached thereto
is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution,
delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrowers, the making of
the Credit Extensions hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and
effect and (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered
in connection herewith and the other Loan Documents on behalf of such Loan Party (together with a certificate of another officer
as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate required by this
clause (i)); and

 

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(ii)      
a certificate as to the good standing of each Loan Party (in so-called “long-form” if available) as of a recent date
and a “bring down” good standing certificate of each Loan Party as of the Closing Date (or, in each case, local equivalent
thereof), in each case, from such Secretary of State.

 

(c)          Officer’s
Certificate. The Administrative Agent shall have received an Officer’s Certificate of the Administrative Borrower, dated
the Closing Date, confirming compliance with the conditions precedent set forth in this Section 4.01.

 

(d)          Transactions,
Etc.

 

(i)       
In connection with the Refinancing, evidence that all Indebtedness under the Existing Credit Agreement has been (or substantially
simultaneously with the incurrence of the Initial Term Loans hereunder, shall be) prepaid or repaid in full and all commitments
relating thereto terminated and all security interests granted and guarantees provided in connection therewith released.

 

(ii)        The
Collateral Agent, for the benefit of the Secured Parties, shall have been granted (to the extent required on the Closing Date)
First Priority Liens and security interests in the Collateral.

 

(iii)       Each of the Collateral Vessel Mortgages required to be recorded on the Closing Date shall have been executed and delivered to the
Mortgage Trustee for submission to the appropriate ship registry of the applicable Acceptable Flag Jurisdiction for filing and
recording and all actions reasonably necessary or advisable in connection therewith (and in connection with the other Collateral)
shall have been taken.

 

(e)           Financial
Statements. The Administrative Agent shall have received the historical financial statements, pro forma financial statements
and projections described in Section 3.04 (it being understood and agreed that the Administrative Agent has received such historical
financial statements, pro forma financial statements and projections).

 

(f)         
Opinions of Counsel. The Administrative Agent shall have received, on behalf of itself, the other Agents, the Lenders and
the Issuing Banks favorable written opinions from each of (i) Cleary Gottlieb Steen & Hamilton LLP, special counsel for the
Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent, (ii) Burke & Parsons, special maritime
counsel for the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent, and (iii) each counsel
listed on Schedule4.01(f), in form and substance reasonably satisfactory to the Administrative Agent, in each case (A) dated
the Closing Date, (B) addressed to the Agents, the Lenders and the Issuing Banks (and allowing for reliance by their permitted
successors and assigns on customary terms) and (C) covering such matters relating to the Loan Documents and the Transactions as
the Administrative Agent shall reasonably request.

 

(g)          Solvency
Certificate. The Administrative Agent shall have received (i) a solvency certificate in the form of Exhibit L (appropriately
completed), dated the Closing Date and signed by the chief financial officer of the Administrative Borrower, certifying that the
Restricted Parties on a consolidated basis after giving effect to the Transactions are Solvent, and (ii) a solvency certificate
in the form of Exhibit L (appropriately completed), dated the Closing Date and signed by the chief financial officer of
Holdings, certifying that the Companies on a consolidated basis after giving effect to the Transactions are Solvent.

 

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(h)          Fees.
The Agents and the Lenders shall have received all amounts due and payable under any Loan Document, the Engagement Letter and the
Agent Fee Letter on or prior to the Closing Date, including all Fees and reasonable and documented costs, expenses (including legal
fees and expenses of White & Case LLP, Watson Farley & Williams and other counsel to the Agents, appraisal and collateral
field exam fees and expenses and charges and recording taxes and fees) and other compensation and amounts required to be reimbursed
or paid by the Loan Parties hereunder, under any other Loan Document, the Engagement Letter and the Agent Fee Letter.

 

(i)           Personal
Property Requirements. The Collateral Agent shall have received:

 

(i)          all
certificates, agreements or instruments representing or evidencing the Securities Collateral accompanied by instruments of transfer
and stock powers undated and endorsed in blank;

 

(ii)         the
Intercompany Subordination Agreement, executed by and among Holdings and the Restricted Parties;

 

(iii)        subject
to Section 5.14(a), all other certificates, agreements or instruments necessary to perfect the Collateral Agent’s
security interest in all Chattel Paper, Instruments, Deposit Accounts and Securities Accounts identified in Schedules 10, 12(a)
and 12(b) to the Perfection Certificate and all Investment Property of each Loan Party (as each such term is defined in, and to
the extent required by, the Security Agreement or the Holdings Pledge Agreement, as applicable);

 

(iv)        UCC
financing statements in appropriate form for filing under the UCC in each U.S. jurisdiction as may be necessary or appropriate
or, in the reasonable opinion of the Administrative Agent, desirable to perfect the First Priority Liens in all Collateral created,
or purported to be created, by the Security Documents; and

 

(v)         copies,
each as of a recent date, of (w) the UCC searches required by the Perfection Certificate, (x) tax and judgment lien searches and
pending U.S. lawsuit searches or equivalent reports or searches listing all effective lien notices or comparable documents that
name any Company as debtor and that are filed in the state and county jurisdictions in which any Company is organized or maintains
its principal place of business and (y) such other searches that the Administrative Agent deems reasonably necessary or appropriate.

 

(j)          
Insurance. (i) The Administrative Agent shall have received, with respect to (x) general property insurance policies and
(y) general liability insurance policies, in each case, with an individual policy value in excess of $1,000,000, required by Section5.04
and which do not relate to the Vessels, a copy of, or a certificate as to coverage under, any such general insurance policies required
by Section 5.04 and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended
to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable)
(or comparable language customary in the overseas insurance market) and shall name the Collateral Agent, on behalf of the Secured
Parties, as additional insured (or comparable language customary in the overseas insurance market), in form and substance reasonably
satisfactory to the Administrative Agent, and (ii) the Administrative Agent shall be satisfied that the Insurance Deliverables
Requirement shall have been satisfied with respect to each Collateral Vessel.

 

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(k)          Bank
Regulatory Documentation. The Administrative Agent and the Lenders shall have received at least three Business Days before
the Closing Date, all documentation and other information required by bank regulatory authorities under or in respect of applicable
Anti-Terrorism Laws or “know-your-customer” Legal Requirements, including the Patriot Act.

 

(l)           Maritime
Registry Searches; Maritime Insurance; Etc. The Administrative Agent shall have received with respect to each Collateral Vessel:

 

(i)         certified
copies of all technical management agreements and commercial management agreements, if any, and all pooling agreements and charter
contracts having a remaining term in excess of 6 months;

 

(ii)        an
undertaking in customary form by V. Ships UK Limited or any other Acceptable Third Party Technical Manager, as applicable, with
respect to such Collateral Vessel;

 

(iii)       a
confirmation of class certificate issued by an Approved Classification Society showing such Collateral Vessel to be free of overdue
recommendations, issued not more than 10 days prior to the Closing Date, and copies of all ISM Code and ISPS Code documentation
for such Collateral Vessel and its owner or manager, as appropriate, which shall be valid and unexpired;

 

(iv)       a
certificate of ownership and encumbrance confirming registration of such Collateral Vessel under the law and flag of the applicable
Acceptable Flag Jurisdiction, the record owner of the Collateral Vessel, the recording of a Collateral Vessel Mortgage on such
Collateral Vessel in accordance with the law and flag of the applicable Acceptable Flag Jurisdiction, and all Liens of record (which
shall be only Permitted Collateral Vessel Liens or Liens to be discharged on or prior to the Closing Date), such certificate to
be issued not earlier than 30 days prior to the Closing Date, and reasonably satisfactory to the Administrative Agent; and

 

(v)       
a report, addressed to and in form and scope reasonably acceptable to the Administrative Agent, from a firm of marine insurance
brokers reasonably acceptable to the Administrative Agent (including Marsh and Willis), confirming the particulars and placement
of the marine insurances covering the Collateral Vessels and their compliance with the provisions hereunder, the endorsement of
loss payable clauses and notices of assignment on the policies, and containing such other confirmations and undertakings as are
customary in the New York market.

 

(m)       
Appointment of Process Agent. The Administrative Agent shall have received a duly executed letter evidencing the acceptance
by the Co-Borrower of its appointment as agent for the service of process for each Loan Party, which acceptance shall be in form
and substance reasonably satisfactory to the Administrative Agent.

 

(n)          No
Material Adverse Effect. Since December 31, 2016, there shall not have occurred any event, change, effect, development, circumstance
or condition that, either individually or in the aggregate, has caused or would reasonably be expected to cause a Material Adverse
Effect.

 

(o)          Ratings.
The Administrative Agent shall have received (i) a monitored public corporate rating and a monitored public corporate family rating
for the Administrative Borrower from each of S&P and Moody’s, respectively, (ii) a ratings assessment letter from S&P
with respect to the Administrative Borrower and (iii) a monitored public facility rating for the Loans from each of S&P and
Moody’s.

 

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(p)          Holdings
Closing Date Cash Limit. After giving effect to the Transactions on the Closing Date (and all payments to be made in connection
therewith on the Closing Date, including the payment of all fees and expenses), Holdings shall have no more than $5,000,000 in
unrestricted cash and Cash Equivalents on hand to be used to pay its operating expenses (other than taxes) incurred in the ordinary
course of business and other similar corporate overhead costs and expenses incurred in the ordinary course of its business.

 

(q)          Appraisals.
The Administrative Agent shall have received a recent desktop appraisal of each Vessel prepared by an Approved Broker in form,
scope and methodology reasonably acceptable to the Collateral Agent, addressed to the Collateral Agent and upon which the Administrative
Agent, the Collateral Agent and the Lenders are expressly permitted to rely (it being understood and agreed that the appraisals
from Charles B. Weber Company, Inc. dated March 10, 2017, which were received by the Administrative Agent pursuant to the Existing
Credit Agreement, shall satisfy this condition).

 

Section
4.02      Conditions to All Credit Extensions. The obligation of each Lender and each Issuing Bank to make any Credit Extension
(including the initial Credit Extensions on the Closing Date) shall be subject to, and to the satisfaction of, each of the conditions
precedent set forth below.

 

(a)          Notice.
The Administrative Agent shall have received a Borrowing Request as required by Section 2.03 (or such notice shall have
been deemed given in accordance with Section 2.03) if Loans are being requested or, in the case of the issuance, amendment,
extension or renewal of a Letter of Credit, the Issuing Bank and the Administrative Agent shall have received a notice requesting
the issuance, amendment, extension or renewal of such Letter of Credit as required by Section 2.18(b) or, in the case of
the Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have received a Borrowing Request as
required by Section 2.17(b).

 

(b)          NoDefault.
Subject to clause (iv) of Section2.21(a), at the time of, and after giving effect to the making of, any Credit Extension
and the use of proceeds thereof, no Default shall have occurred and be continuing.

 

(c)          Representations
and Warranties. Subject to clause (iv) of Section 2.21(a), each of the representations and warranties made by any Loan
Party set forth in Article III or in any other Loan Document shall be true and correct in all material respects (or true
and correct in all respects in the case of representations and warranties qualified by materiality or Material Adverse Effect)
on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall
be true and correct in all material respects (or true and correct in all respects in the case of representations and warranties
qualified by materiality or Material Adverse Effect) on and as of such earlier date).

 

Each
of the delivery of a Borrowing Request or notice requesting the issuance, amendment, extension or renewal of a Letter of Credit
and the acceptance by the Borrowers of the proceeds of such Credit Extension shall constitute a representation and warranty by
each Borrower and each other Loan Party that on the date of such Credit Extension (both immediately before and after giving effect
to such Credit Extension and the application of the proceeds thereof) the conditions contained in this Section 4.02 have
been satisfied.

 

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ARTICLE V

 

AFFIRMATIVE
COVENANTS

 

Each
Loan Party covenants and agrees with the Administrative Agent, the Collateral Agent, each Issuing Bank and each Lender that so
long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest
and premium (if any) on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid
in full (other than contingent indemnification obligations for which no claim or demand has been made) and all Letters of Credit
have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full (or all such Letters of Credit
shall have been Cash Collateralized), each Loan Party will, and each Loan Party will cause each of its Restricted Subsidiaries
to:

 

Section
5.01      Financial Statements, Reports, etc.. Furnish to the Administrative Agent for distribution to the Lenders and, in
the case of clauses (d) and (e) below, to the Collateral Agent:

 

(a)          Annual
Reports. Within 90 days after the end of each fiscal year of Holdings and the Administrative Borrower, (i) the audited consolidated
balance sheet of Holdings and its Subsidiaries as of the end of such fiscal year and related consolidated statements of income,
cash flows and stockholders’ equity for such fiscal year, in comparative form with such financial statements as of the end
of, and for, the preceding fiscal year, and notes thereto, accompanied by an opinion of Ernst & Young LLP or other independent
public accountants of recognized national standing reasonably satisfactory to the Administrative Agent (which opinion shall not
be qualified as to scope or contain any going concern or other qualification or exemption), stating that such financial statements
fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of Holdings
and its Subsidiaries as of the dates and for the periods specified in accordance with GAAP, (ii) management’s discussion
and analysis of the financial condition, results of operations and cash flows of Holdings and its Subsidiaries for such fiscal
year, as compared to the previous fiscal year, (iii) the unaudited consolidated balance sheet of the Administrative Borrower and
its Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries)
as of the end of such fiscal year and related consolidated statements of income, cash flows and stockholders’ equity for
such fiscal year, in comparative form with such financial statements as of the end of, and for, the preceding fiscal year, accompanied
by a certificate of a Financial Officer of the Administrative Borrower, stating that such financial statements fairly present,
in all material respects, the consolidated financial condition, results of operations and cash flows of the Administrative Borrower
and its Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries)
as of the dates and for the periods specified in accordance with GAAP, and (iv) management’s discussion and analysis of the
financial condition, results of operations and cash flows of the Administrative Borrower and its Subsidiaries (including, for purposes
of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries) for such fiscal year, as compared to the
previous fiscal year;

 

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(b)   
      QuarterlyReports. Within 45 days after the end of each of the first three fiscal quarters of
each fiscal year of Holdings and the Administrative Borrower, (i) the unaudited consolidated balance sheet of Holdings and
its Subsidiaries as of the end of such fiscal quarter and related consolidated statements of income, cash flows and
stockholders equity for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative form with (x)
the consolidated balance sheet as of the end of the immediately preceding fiscal year and (y) the consolidated statements of
income, cash flows and stockholders equity for the comparable periods in the previous fiscal year, accompanied by a
certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material
respects, the consolidated financial condition, results of operations and cash flows of Holdings and its Subsidiaries as of
the date and for the periods specified in accordance with GAAP consistently applied, and on a basis consistent with audited
financial statements referred to in clause (a)(i) of this Section 5.01, subject to normal year-end audit
adjustments and the absence of footnotes, (ii) management’s analysis and discussion of the financial condition, results
of operations and cash flows of Holdings and its Subsidiaries for such fiscal quarter and for the then elapsed portion of the
fiscal year, (iii) the unaudited consolidated balance sheet of the Administrative Borrower and its Subsidiaries (including,
for purposes of this clause, the Restricted Parent Subsidiaries and their respective Subsidiaries) as of the end of such
fiscal quarter and related consolidated statements of income and cash flows for such fiscal quarter and for the then elapsed
portion of the fiscal year, in comparative form with (x) the consolidated balance sheet as of the end of the immediately
preceding fiscal year and (y) the consolidated statements of income and cash flows for the comparable periods in the previous
fiscal year, accompanied by a certificate of a Financial Officer of the Administrative Borrower stating that such financial
statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash
flows of the Administrative Borrower and its Subsidiaries (including, for purposes of this clause, the Restricted Parent
Subsidiaries and their respective Subsidiaries) as of the date and for the periods specified in accordance with GAAP
consistently applied, and on a basis consistent with the annual financial statements referred to in clause (iii) of Section
5.01(a), subject to normal year-end audit adjustments and the absence of footnotes, and (iv)
management’s discussion and analysis of the financial condition, results of operations and cash flows of the
Administrative Borrower and its Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries and
their respective Subsidiaries) for such fiscal quarter and for the then elapsed portion of the fiscal year;

 

(c)          Monthly
Reports. Within 30 days after the end of each fiscal month (other than the last fiscal month of any fiscal quarter) of Holdings
and the Administrative Borrower (commencing with their respective fiscal month ending May 31, 2017), (i) the unaudited consolidated
balance sheet of Holdings and its Subsidiaries as of the end of such fiscal month and the related consolidated statement of income
of Holdings and its Subsidiaries for such fiscal month and for the then elapsed portion of the fiscal year, in comparative form
with (x) the consolidated balance sheet as of the end of the immediately preceding fiscal year and (y) the consolidated statement
of income for the comparable periods in the previous fiscal year, accompanied by a certificate of a Financial Officer of Holdings
stating that such financial statements fairly present, in all material respects, the consolidated financial condition and results
of operations of Holdings and its Subsidiaries as of the date and for the periods specified in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes, and (ii) the unaudited consolidated balance
sheet of the Administrative Borrower and its Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries
and their respective Subsidiaries) as of the end of such fiscal month and the related consolidated statement of income of the Administrative
Borrower and its Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries and their respective
Subsidiaries) for such fiscal month and for the then elapsed portion of the fiscal year, in comparative form with (x) the consolidated
balance sheet as of the end of the immediately preceding fiscal year and (y) the consolidated statement of income for the comparable
periods in the previous fiscal year, accompanied by a certificate of a Financial Officer of the Administrative Borrower stating
that such financial statements fairly present, in all material respects, the consolidated financial condition and results of operations
of the Administrative Borrower and its Subsidiaries (including, for purposes of this clause, the Restricted Parent Subsidiaries
and their respective Subsidiaries) as of the date and for the periods specified in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes;

 

(d)          [Reserved];

 

(e)          [Reserved];

 

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(f)          
Compliance Certificates. (i) Concurrently with any delivery of financial statements under Sections 5.01(a), (b)
and (c), a Compliance Certificate certifying that no Default exists or, if a Default does exist and is continuing, specifying
in reasonable detail the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto,
(ii) concurrently with any delivery of financial statements under Section5.01(a) or (b), a Compliance Certificate
setting forth (x) computations in reasonable detail and reasonably satisfactory to the Administrative Agent demonstrating the calculation
of the Available Amount as at the end of such fiscal year or fiscal quarter, as the case may be, and any utilizations of the Available
Amount during such fiscal year or fiscal quarter, as the case may be, as well as the aggregate utilization thereof since the Closing
Date, (y) a list of all Collateral Vessels, Excluded Vessels, Immaterial Subsidiaries and Unrestricted Subsidiaries as of the end
of such fiscal year or fiscal quarter, as the case may be, and (z) computations in reasonable detail and reasonably satisfactory
to the Administrative Agent demonstrating compliance with the Loan to Value Test as at the end of such fiscal year or fiscal quarter,
as the case may be, and (iii) concurrently with any delivery of financial statements pursuant to Section 5.01(a), computations
in reasonable detail and reasonably satisfactory to the Administrative Agent demonstrating the Administrative Borrower’s
calculation of the Excess Cash Flow and the amount of the respective payment pursuant to Section2.10(b)(v) for the respective
Excess Cash Flow Period;

 

(g)          Consolidating
Financial Statements. Concurrently with the delivery of any consolidated financial statements of the Administrative Borrower
pursuant to Sections 5.01(a), (b) and (c), the related consolidating financial statements reflecting the adjustments
necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements;

 

(h)          Management
Letters. Promptly after the receipt thereof by any Company, a copy of any “management letter” received by any such
person from its certified public accountants and the management’s responses thereto;

 

(i)      
   Budgets. No later than 45 days following the first day of each fiscal year of the Administrative
Borrower, a budget (statements of income) in form reasonably satisfactory to the Administrative Agent prepared by the
Administrative Borrower for each fiscal month of such fiscal year prepared in detail of the Administrative Borrower and its
Restricted Subsidiaries, with appropriate presentation and discussion in reasonable detail of the principal assumptions upon
which such budget is based, accompanied by a certificate of a Financial Officer of the Administrative Borrower certifying
that the budget is a reasonable estimate for the periods covered thereby;

 

(j)         
Other Reports and Filings. Promptly after the filing or delivery thereof, copies all financial information, proxy materials
and reports, if any, which any Company shall publicly file with the SEC or deliver to the holders (or any trustee, agent or other
representative therefor) of the Administrative Borrower’s or any of its Restricted Subsidiaries’ material Indebtedness
pursuant to the terms of the documentation governing such Indebtedness, in each case, to the extent that any such information,
proxy materials or reports are not independently delivered pursuant to this Agreement;

 

(k)           Environmental
Information. At any time that any Company has breached the representation and warranty in Section 3.19, is not in compliance
with Section 5.09(a) or has delivered a notice pursuant to Section 5.02(e), provide, at the Borrowers’ sole
expense and at the request of the Administrative Agent, either (a) an environmental site assessment report concerning the Real
Property owned, leased or operated by such Company that is the subject of any such breach, noncompliance or notice, prepared by
an environmental consulting firm reasonably approved by the Administrative Agent, provided that if the Borrowers fail to
provide the same within 45 days after such request was made, the Administrative Agent may order the same at any time thereafter
if the Borrowers are not diligently pursuing the completion of such report, the cost of which shall be borne by the Borrowers,
and in such case the respective Loan Party shall grant and hereby grants to the Administrative Agent and the Lenders and their
respective agents reasonable access to such Real Property and specifically grant the Administrative Agent and the Lenders a license
to undertake such an assessment at any reasonable time upon reasonable notice to the Administrative Borrower, all at the sole expense
of the Borrowers; or (b) copies of the reports of the United States Coast Guard, Environmental Protection Agency and National Transportation
Safety Board, and of any applicable state or foreign agency, if and when issued, concerning such breach, noncompliance or notice
if related to a Vessel or Chartered Vessel owned, chartered to or operated by such Company; and

 

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(l)          
Other Information. Promptly, from time to time, such other information regarding the operations, business affairs and financial
condition of any Company, or compliance with the terms of any Loan Document, or the environmental condition of any Vessel, Chartered
Vessel or Real Property, as the Administrative Agent, the Collateral Agent or any Lender may reasonably request. Each Lender acknowledges
that the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred
to in this Section5.01, and in any event shall have no responsibility to monitor compliance by any Loan Party with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery (from the Administrative Agent) of or
maintaining its copies of such documents:

 

Each
Borrower and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to
be delivered pursuant to this Section 5.01 or otherwise are being distributed through a Platform, any document or notice
that the Administrative Borrower has indicated contains Material Non-Public Information shall not be posted on that portion of
the Platform designated for such Public Lenders. Holdings and the Administrative Borrower agree to clearly designate all information
provided to the Administrative Agent by or on behalf of the Administrative Borrower which is suitable to make available to Public
Lenders. If Holdings or the Administrative Borrower has not indicated whether a document or notice delivered pursuant to this Section
5.01 contains Material Non- Public Information, the Administrative Agent reserves the right to post such document or notice
solely on that portion of the Platform designated for Lenders who wish to receive Material Non-Public Information with respect
to Holdings, the Administrative Borrower, their respective Subsidiaries and their respective securities.

 

Section
5.02       Litigation and Other Notices. Furnish to the Administrative Agent and each Lender written notice of the following
promptly (and, in any event, within five Business Days of obtaining knowledge thereof):

 

(a)          any
Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect
thereto;

 

(b)          the
filing or commencement of, or notice of intention of any person to file or commence, any action, suit, litigation or proceeding,
whether at law or in equity or otherwise by or before any Governmental Authority, (i) against any Company that has had, or would
reasonably be expected to result in, a Material Adverse Effect, (ii) with respect to any Loan Document or (iii) with respect to
any of the other Transactions;

 

(c)          any
event, change, effect, development, circumstance, or condition that has resulted, or would reasonably be expected to result, in
a Material Adverse Effect;

 

(d)          the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected
to result in a Material Adverse Effect;

 

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(e)          the
receipt by any Company of any notice of any Environmental Claim, violation by any Company of Environmental Law, or knowledge by
any Company that there exists a condition that has resulted, or would reasonably be expected to result, in an Environmental Claim
or a violation of or liability under, any Environmental Law, except for Environmental Claims, violations, conditions and liabilities
the consequence of which would not be reasonably expected to result in a Material Adverse Effect; and

 

(f)          
(i) the incurrence of any Lien (other than Permitted Liens) on, or claim assessed against, all or any material portion of the Collateral
or (ii) the occurrence of any other event which would reasonably be expected to materially and adversely affect all or a material
portion of the Collateral.

 

Section
5.03      Existence; Businesses and Properties. (a) Do or cause to be done all things necessary to preserve, renew and maintain
in full force and effect its legal existence and all rights, franchises, licenses, privileges, permits, Governmental Approvals
and Intellectual Property, except (x) as otherwise permitted under the Loan Documents or (y) other than in the case of the legal
existence of any Loan Party, to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse
Effect.

 

(b)          Except
as otherwise permitted under any Loan Document, do or cause to be done all things necessary to obtain, maintain or cause to be
maintained in good repair, working order and condition, ordinary wear and tear excepted, all material tangible properties used
or useful in the business of the Restricted Parties and from time to time will make, or cause to be made, all appropriate repairs,
renewals and replacements thereof.

 

Section
5.04      Insurance. (a) Keep its insurable property adequately insured at all times by financially sound and reputable insurers;
maintain such other insurance with financially sound and reputable insurers, to such extent and against such risks as is customary
with companies in the same or similar businesses operating in the same or similar locations, including insurance with respect to
Mortgaged Properties and the Vessels, Chartered Vessels and other properties material to the business of the Restricted Parties
against such casualties and contingencies and of such types and in such amounts with such deductibles as is customary in the case
of similar businesses operating in the same or similar locations, or as otherwise required by any Legal Requirements; provided,
however, in addition to the requirements set forth above in this sentence, the Restricted Parties will at all times cause
at least the Required Insurance to be maintained with respect to the Collateral Vessels.

 

(b)          All
general property insurance policies and general liability insurance policies (in each case, with an individual policy value in
excess of $1,000,000, except with respect to insurance related to the Vessels (which are covered by clause (c) below)) maintained
by a Loan Party shall (i) provide that no cancellation, material reduction in amount or material reduction in coverage thereof
shall be effective until at least 14 days (or 10 days in the case of non-payment of premium) after receipt by the Collateral Agent
of written notice thereof (or if such provision is not customary in the overseas insurance market, notice as soon as reasonably
practicable), and (ii) name the Collateral Agent as loss payee (in the case of general property insurance) (or comparable language
customary in the overseas insurance market) or additional insured on behalf of the Secured Parties (in the case of general liability
insurance) (or comparable language customary in the overseas insurance market), as applicable; provided, however,
that war risk insurance shall be subject to customary automatic termination of cover provisions in accordance with market practice.

 

(c)          Cause
the Insurance Deliverables Requirement to be satisfied at all times.

 

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(d)          Notify
the Administrative Agent and the Collateral Agent as soon as reasonably practicable whenever any separate insurance concurrent
in form or contributing in the event of loss with that required to be maintained under this Section5.04 is taken out by
(or on behalf of) any Restricted Party; and promptly as soon as reasonably practicable deliver to the Administrative Agent and
the Collateral Agent a copy of such policy or policies.

 

(e)          With
respect to any Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the Required Lenders
may from time to time reasonably require, if at any time the area in which any improvements located on any Mortgaged Property is
designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency
(or any successor agency), and otherwise comply with the Flood Laws and Regulation H of the Board of Governors.

 

(f)          
No Restricted Party that is an owner or charterer of any Vessel or Chartered Vessel will take any action that is reasonably likely
to be the basis for termination, revocation or denial of any material insurance coverage required to be maintained under the Loan
Documents in respect of any Vessel or Chartered Vessel or that could reasonably be the basis for a defense to any material claim
under any insurance policy maintained in respect of the Vessels and Chartered Vessels, and the Restricted Parties shall otherwise
comply in all material respects with all insurance policies in respect of the Vessels and Chartered Vessels. At no time on or after
the Closing Date shall Holdings or any Unrestricted Subsidiary of Holdings that is not a Subsidiary of the Administrative Borrower
directly own or charter any Vessel or Chartered Vessel.

 

Section
5.05     Obligations and Taxes. (a) Pay and discharge promptly when due all material Taxes, assessments and governmental
charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent
or in default, as well as all lawful material claims for labor, services, materials and supplies or otherwise that, if unpaid,
might give rise to a Lien (other than a Permitted Lien) upon such properties or any part thereof; provided, that such payment
and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as (i) the validity
or amount thereof shall be contested in good faith by appropriate proceedings timely instituted and diligently conducted and the
applicable Company shall have set aside on its books adequate reserves or other appropriate provisions with respect thereto in
accordance with GAAP, and (ii) such contest operates to suspend collection of the contested Tax, assessment or charge and enforcement
of a Lien other than a Permitted Lien.

 

(b)          Timely
and correctly file all federal, state, foreign and other material Tax Returns required to be filed by it.

 

(c)          No
Borrower intends to treat the Loans as being a “reportable transaction” within the meaning of Treasury Regulation Section
1.6011-4. In the event any Borrower determines to take any action inconsistent with such intention, it will promptly notify the
Administrative Agent thereof.

 

(d)          Pay,
perform and observe all of the terms and provisions of its Indebtedness and other contractual obligations promptly and in accordance
with their respective terms except to the extent any failure to pay, perform or observe any such Indebtedness or other contractual
obligations either would not constitute a Default or would not be reasonably expected to result in a Material Adverse Effect.

 

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Section
5.06     Employee Benefits. (a) Comply with all applicable Legal Requirements, including the applicable provisions of ERISA,
those relating to any Non-U.S. Plan and the Code, with respect to all Employee Benefit Plans and, as applicable, all Non-U.S. Plans,
except where such non- compliance would not be reasonably expected to result in a Material Adverse Effect and (b) furnish to the
Administrative Agent, upon request, copies of (i) annual report (Form 5500 Series) filed by any Company or any of its ERISA Affiliates
with the Employee Benefits Security Administration with respect to each Pension Plan sponsored or maintained by any Company, (ii)
the most recent actuarial valuation report for each such Pension Plan or Non-U.S. Plan, (iii) all notices received by any Company
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, Non-U.S. Plan or Multiemployer Plan as the
Administrative Agent shall reasonably request, (v) any Financial Support Direction or Contribution Notice received by Holdings
or a Subsidiary of Holdings, and (vi) any warning notice or other document or letter received by Holdings or a Subsidiary of Holdings
from the Pensions Regulator, that may lead to the issue of a Financial Support Direction or a Contribution Notice.

 

Section
5.07      Maintaining Records; Access to Properties and Inspections; Quarterly Lender Calls. (a) Keep proper books of record
and account in which full, true and correct entries in conformity with GAAP and all Legal Requirements are made of all dealings
and transactions in relation to its business and activities (including accurate and complete records of its Pool Financing Receivables
and all payments and collection thereon). Each Company will permit any representatives designated by the Administrative Agent and
the Collateral Agent upon two Business Days’ advance notice, during normal business hours, and not more than twice during
any fiscal year of Holdings or the Administrative Borrower (unless an Event of Default exists) to visit and inspect the financial
records and the property of such Company and to make extracts from and copies of such financial records, and permit any representatives
designated by the Administrative Agent and the Collateral Agent to discuss the affairs, finances, accounts and condition of any
Company with the officers and employees thereof and advisors thereof (including independent accountants thereof); provided,
however, nothing in this Section5.07(a) either shall limit the rights of the Administrative Agent and the Collateral
Agent, or the obligations of the Loan Parties, under Section 5.13.

 

(b)          Within
60 days after the close of each fiscal quarter of the Administrative Borrower (or within 120 days after the close of the fourth
fiscal quarter of the Administrative Borrower in any fiscal year of the Administrative Borrower), host a conference call (the cost
of which conference call is to be paid by the Borrowers) with representatives of the Administrative Agent and all Lenders who choose
to attend such conference call upon reasonable prior notice to be held at such time as reasonably agreed by the Administrative
Borrower and the Administrative Agent, at which conference call shall be reviewed the financial results of the previous fiscal
quarter and the year-to-date financial condition of the Companies and the budgets presented for the current fiscal year of the
Administrative Borrower; provided, however, at the request of the Administrative Agent, in lieu of a conference call
in respect of the fourth fiscal quarter of any fiscal year of the Administrative Borrower, the Administrative Borrower instead
shall hold a meeting (at a mutually agreeable location and time) with all Lenders who choose to attend such meeting.

 

Section
5.08      Use of Proceeds. Use the proceeds of the Loans only for the purposes set forth in Section3.12 and request
the issuance of Letters of Credit only in accordance with (and for purposes set forth in) Section 3.12.

 

Section 5.09       Compliance with
Environmental Laws and other Legal Requirements.

 

(a)          Comply,
and use commercially reasonable efforts to cause all third party lessees and other persons occupying its properties to comply,
with all Environmental Laws applicable to its operations and properties; obtain and renew all Environmental Permits necessary for
its operations and properties; and conduct any remedial action required by Environmental Laws; provided, however,
that no Company shall be required to take any of the foregoing actions in this Section 5.09 to the extent that the failure
to do so would not reasonably be expected to result in a Material Adverse Effect.

 

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(b)          Comply
with all other Legal Requirements of, and all applicable restrictions imposed by, all Governmental Authorities in respect of the
conduct of its business and the ownership of its property, except for such non-compliance as would not reasonably be expected to
have a Material Adverse Effect.

 

Section
5.10      Additional Collateral; Additional Guarantors.  (a) Subject to this Section5.10, with
respect to (x) any property acquired after the Closing Date (other than Excluded Collateral) by any Borrower or any Subsidiary
Guarantor and (y) any property constituting Equity Interests of the Administrative Borrower or any Restricted Parent Subsidiary
or Restricted Parent Joint Venture (unless constituting Excluded Collateral) or any intercompany Indebtedness owed to Holdings
by any of the Restricted Parties, in each case, that is intended to be subject to the Lien created by any of the Security Documents
but is not so subject, promptly (and in any event (A) within
30 days after the acquisition thereof (as such date may be extended by the Administrative
Agent in its sole discretion) or (B) with respect to SPV VLCC Parent, SPV VLCC Unrestricted Subsidiary and the SPV VLCC Vessel
Owners, within 30 days after the repayment in full of the Indebtedness outstanding under the Sinosure Facility Agreement (other
than contingent obligations not yet then due and payable) (as such date may be extended
by the Administrative Agent in its sole discretion)) (i) execute and deliver to the Administrative Agent and the Collateral Agent
such amendments or supplements to the relevant Security Documents or such other documents as the Administrative Agent or the Collateral
Agent shall reasonably deem necessary or advisable to grant to the Collateral Agent, for its benefit and for the benefit of the
other Secured Parties, a Lien on such property subject to no Liens other than Permitted Liens, (ii) to the extent reasonably requested
by the Administrative Agent, deliver opinions of counsel to the Loan Parties in form and substance, and from counsel, reasonably
acceptable to the Administrative Agent, and (iii) take all actions necessary to cause such Lien to be duly perfected to the extent
required by such Security Documents in accordance with all applicable Legal Requirements, including the filing of financing statements
in such jurisdictions as may be reasonably requested by the Administrative Agent or the Collateral Agent and with respect to any
material registered United States trademarks and United States patents, United States trademark and patent applications and United
States registered copyrights included in the Intellectual Property Collateral, the filing of short-form Intellectual Property security
agreements or supplements thereto in the United States Patent and Trademark Office or the United States Copyright Office, as applicable;
provided, however, that neither any Borrower nor any Guarantor shall be required to take any actions to perfect any
Liens in Collateral consisting of Intellectual Property (x) arising, protected or otherwise existing in any jurisdiction outside
of the United States or (y) that is not material Intellectual Property. The Borrowers and the other Loan Parties shall otherwise
take such actions and execute and/or deliver to the Collateral Agent such documents as the Administrative Agent or the Collateral
Agent shall reasonably require to confirm the validity, perfection and priority of the Lien of the Security Documents against such
after-acquired properties.

 

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(b)          With
respect to any person that becomes a direct or indirect Subsidiary of Holdings after the Closing Date, promptly (and in any event
(A) within 30 days after such person becomes a direct or
indirect Subsidiary of Holdings (as such date may be extended by the Administrative Agent
in its sole discretion), (B) with respect to SPV VLCC Parent (x) with respect to the actions described in clause (i) below, on
or prior to the Second Amendment Effective Date and (y) with respect to the actions described in clause (ii) below, within 30 days
after the repayment in full of the Indebtedness outstanding under the Sinosure Facility Agreement (other than contingent obligations
not yet then due and payable) (as such date may be extended by the Administrative Agent in its sole discretion) or (C) with respect
to SPV VLCC Unrestricted Subsidiary and SPV VLCC Vessel Owners, within 30 days after the
repayment in full of the Indebtedness outstanding under the Sinosure Facility Agreement (other than  contingent obligations
not yet then due and payable) (as such date may be extended by the Administrative Agent
in its sole discretion)) (i) deliver to the Collateral Agent the certificates, if any, representing all of the Equity Interests
of such Subsidiary owned by a Borrower or a Guarantor (except to the extent constituting Excluded Collateral), together with undated
stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s)
of such Equity Interests, and all intercompany notes owing from such Subsidiary to any Loan Party, together with undated instruments
of transfer executed and delivered in blank by a duly authorized officer of such Loan Party and (ii) in the case such Subsidiary
is a Wholly Owned Restricted Subsidiary (other than an Excluded Subsidiary), cause such new Wholly Owned Restricted Subsidiary
to (A) execute a Joinder Agreement to become a Subsidiary Guarantor and a party to the Security Agreement, (B) deliver to the Administrative
Agent an opinion or opinions of counsel to such Wholly Owned Restricted Subsidiary in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent, and (C) take all actions necessary or advisable in the opinion of the Administrative
Agent and the Collateral Agent to cause the Lien created by the applicable Security Documents to be duly perfected to the extent
required by such Security Documents in accordance with all applicable Legal Requirements, including the filing of financing statements
(or equivalent registrations) in such jurisdictions as may be reasonably requested by the Administrative Agent or the Collateral
Agent and with respect to any material registered United States trademarks and United States patents, United States trademark and
patent applications and United States registered copyrights included in the Intellectual Property Collateral, the filing of short-form
Intellectual Property security agreements in the United States Patent and Trademark Office or the United States Copyright Office,
as applicable; provided, however, that no such Subsidiary shall be required to take any actions to perfect any Liens
in Collateral consisting of Intellectual Property (x) arising, protected or otherwise existing in any jurisdiction outside of the
United States or (y) that is not material Intellectual Property.

 

(c)          With
respect to any person that is or becomes a Subsidiary of a Borrower or a Guarantor after the Closing Date, promptly (and in any
event within 30 days after such person becomes a Subsidiary (as such date may be extended by the Administrative Agent in its sole
discretion)) execute and deliver (or cause such Subsidiary to execute and deliver) to the Collateral Agent a counterpart to the
Intercompany Subordination Agreement.

 

(d)          Promptly
grant to the Collateral Agent (and in any event (A) within
90 days of the acquisition thereof unless extended by the Administrative Agent in its reasonable
discretion or (B) with respect to the SPV VLCC Parent, the SPV VLCC Unrestricted Subsidiary and the SPV VLCC Vessel Owners, within
90 days after the repayment in full of the Indebtedness outstanding under the Sinosure Facility Agreement (other than contingent
obligations not yet then due and payable) unless extended by the Administrative Agent in
its reasonable discretion) a Mortgage on each Real Property owned in fee by such Borrower or Guarantor as is acquired by such Borrower
or Guarantor after the Closing Date and that, together with any improvements thereon, individually has a Fair Market Value in excess
of $10,000,000 as additional security for the Secured Obligations (unless the subject property constitutes Excluded Collateral).
Such Mortgages shall constitute 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) perfected First Priority Liens subject only to Permitted Liens. The Mortgages or instruments
related thereto shall be duly recorded or filed by the Administrative Agent in such manner and in such places as are required by
applicable Legal Requirements to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to
be granted pursuant to the Mortgages and all taxes, fees and other charges payable in connection therewith shall be paid in full.
Such Borrower or Guarantor shall otherwise take such actions and execute and/or deliver to the Collateral Agent such documents
as the Administrative Agent or the Collateral Agent shall reasonably require to confirm the validity, enforceability, perfection
and priority of the Lien of any existing Mortgage or new Mortgage against such after-acquired Real Property (including with respect
to each Mortgage, a Mortgage Policy insuring the Lien of such Mortgage as a valid First Priority mortgage Lien subject to Permitted
Liens on the Mortgaged Property and fixtures described therein in an amount reasonably satisfactory to the Administrative Agent
(but not to exceed the Fair Market Value of such Mortgaged Property), a survey (in form and substance sufficient for the title
insurance company to remove the standard survey exceptions from the Mortgage Policy and issue the title endorsements reasonably
requested by the Administrative Agent) and local counsel opinion (in form and substance reasonably satisfactory to the Administrative
Agent) in respect of such Mortgage) and shall take such actions relating to insurance with respect to such after-acquired Real
Property and execute and/or deliver to the Administrative Agent such insurance certificates and other documentation (including
with respect to title, flood certifications and evidence of flood insurance), in each case in form and substance reasonably satisfactory
to the Administrative Agent, as the Administrative Agent shall reasonably request.

 

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(e)           If,
at any time, either (x) an Excluded Subsidiary no longer constitutes an Excluded Subsidiary pursuant to the definition thereof
or (y) the aggregate total assets or total revenues of one or more Immaterial Subsidiaries exceeds the thresholds set forth in
the definition thereof, cause such Excluded Subsidiary (in the case of preceding clause (x)) or one or more Excluded Subsidiaries
selected by the Administrative Borrower to the extent not otherwise an Excluded Subsidiary (other than by virtue solely of clause
(b) of the definition thereof) (in the case of preceding clause (y)) to take the actions specified above in this Section 5.10
on the basis that each such Excluded Subsidiary ceased to be an Excluded Subsidiary hereunder, in each case to the extent that
such Excluded Subsidiary is a Wholly Owned Restricted Subsidiary of the Administrative Borrower; provided, however,
in the case of preceding clause (y), such actions shall only be required to the extent that, after giving effect to such actions,
the aggregate total assets and total revenues of all then remaining Immaterial Subsidiaries do not exceed the thresholds set forth
in the second sentence of the definition thereof.

 

(f)         
Promptly after, and in any event within (x) 45 days
(as such date may be extended by the Administrative Agent in its sole discretion) of, (i) the acquisition by a Borrower or a Subsidiary
Guarantor of a vessel after the Closing Date (other than an Excluded Vessel), (ii) any person that owns a vessel (other than a
vessel that would be an Excluded Vessel) becoming a Subsidiary Guarantor hereunder after the Closing Date or (iii) any Excluded
Vessel of a Borrower or a Subsidiary Guarantor ceasing to be an Excluded Vessel or (y) or,
with respect to the SPV VLCC Vessels, within 45 days after the repayment in full of the Indebtedness outstanding under the Sinosure
Facility Agreement (other than contingent obligations not yet then due and payable) (as such date may be extended by the Administrative
Agent in its sole discretion), grant to the Mortgage Trustee a security interest in and
Collateral Vessel Mortgage on such Vessel (which shall be registered in an Acceptable Flag Jurisdiction). Such Collateral Vessel
Mortgage shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent and
the Mortgage Trustee and shall satisfy the provisions of the Vessel Collateral Requirements and such Collateral Vessel Mortgage
shall constitute a valid and enforceable perfected First Priority Lien subject only to Permitted Collateral Vessel Liens related
thereto.

 

Section
5.11      Security Interests; Further Assurances. (a) Promptly upon the reasonable request of the Administrative Agent or
the Collateral Agent, at the sole cost and expense of the Loan Parties, (i) execute, acknowledge and deliver, or cause the execution,
acknowledgment and delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate
governmental office, any document or instrument supplemental to or confirmatory of the Security Documents or otherwise deemed by
the Administrative Agent or the Collateral Agent reasonably necessary or desirable for the continued validity, enforceability,
perfection and priority of the Liens on the Collateral intended to be covered by the Security Documents, subject to no other Liens
except Permitted Liens (or, in the case of Collateral Vessels, Permitted Collateral Vessel Liens), or obtain any consents or waivers
as may be necessary or appropriate in connection therewith and (ii) without limiting the generality of the foregoing, execute,
if required, and file, or cause to be filed, such financing or continuation statements under the UCC, or amendments thereto, such
amendments or supplements to the Collateral Vessel Mortgages (including any amendments required to maintain the Liens granted by
such Collateral Vessel Mortgages), and such other instruments or notices, as may be reasonably necessary, or that the Administrative
Agent or the Collateral Agent may reasonably require (subject to any limitations that may be set forth in the Security Documents),
to protect and preserve the Liens granted or purported to be granted by the Security Documents. Notwithstanding the foregoing,
with respect to Intellectual Property, the Borrowers and Subsidiary Guarantors shall only be required to file and record short-form
Intellectual Property security agreements with respect to any material registered United States trademarks and United States patents,
United States trademark and patent applications and United States registered copyrights included in the Intellectual Property Collateral
in the United States Patent and Trademark Office or in the United States Copyright Office, as applicable (it being understood,
without limiting the foregoing, that the Borrowers and Subsidiary Guarantors shall not be obligated to take any actions to perfect
any Liens in the Collateral that is Intellectual Property arising, protected or otherwise existing under the laws of any jurisdiction
outside of the United States).

 

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(b)         
If the Administrative Agent, the Collateral Agent or the Required Lenders determine that they are required by any Legal Requirements
to have appraisals prepared in respect of the Real Property of any Borrower or Subsidiary Guarantor constituting Collateral, the
Borrowers and the Subsidiary Guarantors shall arrange for the Administrative Agent (at such Loan Parties’ expense) to obtain
appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA and are otherwise
in form and substance reasonably satisfactory to the Administrative Agent.

 

(c)          At
the reasonable written request of any counterparty to a Bank Product Agreement entered into after the Closing Date, the applicable
Loan Party shall promptly execute an amendment to each Collateral Vessel Mortgage confirming that the obligations under such Bank
Product Agreement are Secured Obligations under each Collateral Vessel Mortgage, and cause the same to be promptly and duly recorded,
and such amendment shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

Section
5.12      Certain Information Regarding the Loan Parties. (a) Furnish 30 days prior (or such shorter period acceptable to
the Administrative Agent in its sole discretion) written notice to the Administrative Agent of any change (i) in any Loan Party’s
legal name, (ii) in the location of any Loan Party’s chief executive office, (iii) in any Loan Party’s organizational
structure, (iv) in any Loan Party’s Federal Taxpayer Identification number or organizational identification number, if any,
(v) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing,
dissolving, liquidating, reorganizing or organizing in any other jurisdiction), or (vi) any change in the Acceptable Flag Jurisdiction
of a Collateral Vessel to a different Acceptable Flag Jurisdiction. Each Loan Party agrees not to effect any change referred to
in the immediately preceding sentence unless, within five Business Days after such change (or such longer period acceptable to
the Administrative Agent in its sole discretion), all filings have been made under the UCC or otherwise that are required (x) for
the Collateral Agent to maintain the validity, enforceability, perfection and priority of the security interest of the Collateral
Agent for the benefit of the Secured Parties in the Collateral, if applicable, and (y) in the case of a Collateral Vessel, to ensure
that the Vessel Collateral Requirements remain satisfied with respect to such Collateral Vessel. Each Loan Party shall promptly
provide the Administrative Agent with certified Organizational Documents reflecting any of the changes described in the first sentence
of this Section 5.12.

 

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Section 5.13       Appraisals.
The Borrowers agree that:

 

(a)          the
Collateral Agent and the Administrative Agent (and their respective agents, representatives and consultants) shall be permitted
to obtain from time to time Vessel Appraisals by Approved Brokers of the Collateral Vessels (and related assets); provided,
that (i) the Collateral Agent and the Administrative Agent shall only be permitted to obtain two Vessel Appraisals (or, in the
discretion of the Administrative Agent or the Collateral Agent, three Vessel Appraisals) in the aggregate for each Collateral Vessel
at the Borrowers’ expense in any 12 month period and (ii) during the existence and continuation of an Event of Default, there
shall be no limit on the number of additional Vessel Appraisals of each Collateral Vessel that the Collateral Agent and the Administrative
Agent may obtain at the Borrowers’ expense in any 12 month period; and

 

(b)          the
Collateral Agent and the Administrative Agent (and their respective agents, representatives and consultants) shall be permitted
to obtain one appraisal of each of the FSO JV
Equity Interests and, prior to the SPV VLCC Designations, the SPV VLCC Parent Equity
Interests in any 12 month period at the Borrowers’ expense;
provided that, subject to clause (b) of the proviso to the definition of “Fair Market Value” contained herein,
(A) no delivery of any appraisal of the FSO JV Equity Interests
shall be required prior to date on which the Compliance Certificate is required to be delivered to the Administrative Agent pursuant
to Section 5.01(f)(ii)(x) for the fiscal year ended December 31, 2017 (and with the first such appraisal to be delivered
with the annual financial statements delivered pursuant to Section 5.01(a) in respect of the fiscal year ending December
31, 2017) and (B) no delivery of any appraisal of the SPV VLCC Parent Equity Interests shall
be required prior to date on which the Compliance Certificate is required to be delivered to the Administrative Agent pursuant
to Section 5.01(f)(ii)(x) for the fiscal year ended December 31, 2018 (and with the first such appraisal to be delivered with the
annual financial statements delivered pursuant to Section 5.01(a) in respect of the fiscal year ending December 31, 2018);
provided further, however, that during the existence and continuation of an Event of Default, there shall be no limit on the number
of additional appraisals of the FSO JV Equity Interests or, prior to the SPV VLCC Designations,
the SPV VLCC Parent Equity Interests that the Collateral Agent and the Administrative Agent
may obtain at the Borrowers’ expense in any 12 month period (including in respect of the period prior to the delivery of
such Compliance Certificate in respect of the fiscal year ending December 31, 2017 or
December 31, 2018,    as applicable).

 

None
of the Collateral Agent, the Administrative Agent and the Lenders shall have any duty to any Loan Party to make any appraisal,
nor to share any results of any such appraisal or report with any Loan Party. Each of the Loan Parties acknowledges that all appraisals
and reports described in this Section5.13 are obtained by the Collateral Agent, the Administrative Agent and the Lenders
for their purposes and the Borrowers shall not be entitled to rely upon them.

 

Section 5.14       Deposit Accounts;
Securities Accounts.

 

(a)          Within
90 days following the Closing Date (as such date may be extended by the Administrative Agent in its sole discretion), the Borrowers
and the Subsidiary Guarantors shall (i) have provided an updated Part A and Part B of Schedule 3.27, reflecting true, correct
and complete list of their respective Deposit Accounts and Securities Accounts that are Specified Accounts and Excluded Accounts
at such time, (ii) have caused each Deposit Account Bank and each Securities Intermediary with whom a Controlled Account is maintained
to enter into a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable, and (iii) have deposited
(and thereafter continue to deposit) in a Specified Account all cash received by them in respect of any Collateral. Except to the
extent permitted by the immediately preceding sentence, the Borrowers and the Subsidiary Guarantors shall not establish or maintain
any Specified Account unless a Deposit Account Control Agreement or a Securities Account Control Agreement, as applicable, has
been entered into or such Specified Account is a Non-Controlled Account. Each Restricted Party shall instruct all account debtors
of such Restricted Party to remit all payments in Dollars to the appropriate Specified Account. All amounts received by any Restricted
Party in respect of any account of an account debtor of any Restricted Party shall upon receipt be deposited into a Specified Account.
At no time shall any Restricted Party (x) instruct any account debtor of such Restricted Party to remit any payments to a Deposit
Account or Securities Account of Holdings and, to the extent that any such payments are received in a Deposit Account or Securities
Account of Holdings, Holdings shall transfer such amounts within five Business Days to a Specified Account of the Administrative
Borrower or (y) deposit any amounts received by any Restricted Party in respect of any account of an account debtor of any Restricted
Party into a Deposit Account or Securities Account of Holdings.

 

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(b)          In
the event that (i) any Borrower, any Subsidiary Guarantor or any Deposit Account Bank or Securities Intermediary at a financial
institution at which a Controlled Account is open, in either case shall terminate a Deposit Account Control Agreement or a Securities
Account Control Agreement for any reason or (ii) the Collateral Agent shall demand such termination as a result of the Deposit
Account Bank or the Securities Intermediary at which a Controlled Account is open to fail to comply with the applicable Security
Document or this Section 5.14, the applicable Loan Party shall notify all of its obligors that were making payments to such
terminated Controlled Account, to make all future payments to another Controlled Account of the Administrative Borrower or a Subsidiary
Guarantor in which a Deposit Account Control Agreement or Securities Account Control Agreement is in effect.

 

(c)          The
parties hereto hereby acknowledge, confirm and agree that the implementation of the cash management arrangements contemplated herein
is a contractual right provided to the Agents and the Lenders hereunder in order for the Agents and the Lenders to manage and monitor
their collateral position and not a proceeding for enforcement or recovery of a claim, or pursuant to, or an enforcement of, any
security or remedies whatsoever, that the cash management arrangements contemplated herein are critical to the structure of the
lending arrangements contemplated herein, that the Lenders are relying on the Loan Parties’ acknowledgement, confirmation
and agreement with respect to such cash management arrangements in making accommodations of credit available to the Borrowers.

 

Section 5.15      Post-Closing
Matters. Execute and deliver the documents and complete the tasks set forth on Schedule 5.15, in each case within the
time limits specified therein. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents,
the parties hereto acknowledge and agree that, at all times prior to the applicable time limits specified on such Schedule 5.15,
all conditions precedent and representations contained in this Agreement and the other Loan Documents shall be deemed modified
to the extent necessary to effect the foregoing (and to permit the taking of the actions described on Schedule 5.15 within
the time periods required thereon, rather than as elsewhere provided in the Loan Documents).

 

Section 5.16       Flag of Vessel;
Vessel Classifications; Operation of Vessels.

 

(a)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will remain qualified in all material
respects to own and operate such Vessel or Chartered Vessel under the laws of the Acceptable Flag Jurisdiction in
which such Vessel or Chartered Vessel is registered.

 

(b)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will (i) comply with and satisfy all applicable
Legal Requirements of the applicable Acceptable Flag Jurisdiction (in the case of a Vessel) or the flag of such vessel (in the
case of a Chartered Vessel) in order that such Vessel or Chartered Vessel shall continue to be registered pursuant to the laws
of such Acceptable Flag Jurisdiction or flag, as appropriate and (ii) not do or allow to be done anything whereby such registration
is or would reasonably be expected to be forfeited, unless the failure to comply with such Legal Requirements or obtain such registration
for such Vessel or Chartered Vessel would not reasonably be expected have a Material Adverse Effect.

 

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(c)           Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will ensure that each Vessel or Chartered
Vessel is in all respects seaworthy and fit for its intended service and maintains its classification in effect as of the Closing
Date (or a higher classification) or is classed in the highest class available for vessels of its age and type with an Approved
Classification Society free of any overdue conditions or recommendations affecting class, unless the failure to maintain such seaworthiness
or to remain fit for its intended service or obtain such classification or the existence of any overdue conditions or recommendations
affecting class would not reasonably be expected to have a Material Adverse Effect or result in any suspensions, discontinuances
or withdrawal of class.

 

(d)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will submit such Vessel or Chartered Vessel
to such surveys as may be required for classification purposes and, upon the reasonable written request of the Administrative Agent,
supply to the Administrative Agent copies of all such survey reports and classification certificates issued in respect thereof.

 

(e)          Each
Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will promptly pay and discharge all tolls,
dues, taxes, assessments, governmental charges, fines, penalties, debts, damages and liabilities whatsoever which have given or
may give rise to maritime or possessory Liens (other than Permitted Collateral Vessel Liens) on, or claims (other than Permitted
Collateral Vessel Liens) enforceable against, such Vessel or Chartered Vessel other than any of the foregoing (i) being contested
in good faith and diligently by appropriate proceedings, and, in the event of arrest of any Vessel or Chartered Vessel pursuant
to legal process, or in the event of its detention in exercise or purported exercise of any such Lien or claim as aforesaid, procure,
if possible, the release of such Vessel or Chartered Vessel from such arrest or detention forthwith upon receiving notice thereof
by providing bail or otherwise as the circumstances may require, (ii) Liens incurred or placed on Chartered Vessels by their respective
owners to the extent permitted by the terms of the respective charter (“Permitted Chartered Vessel Liens”),
or (iii) which would not reasonably be expected to have a Material Adverse Effect.

 

(f)          
Each Restricted Party which owns, charters by demise or operates a Vessel or Chartered Vessel will maintain a valid Certificate
of Financial Responsibility (Oil Pollution) issued by the United States Coast Guard pursuant to the Federal Water Pollution Control
Act to the extent that such certificate may be required by applicable Legal Requirements for any Vessel or Chartered Vessel and
such other similar certificates as may be required in the course of the operations of any Vessel or Chartered Vessel pursuant to
the International Convention on Civil Liability for Oil Pollution Damage of 1969, or other applicable Legal Requirements (including
the ISM Code and the ISPS Code).

 

(g)          Promptly
after, and in any event within 45 days after, (i) the acquisition by a Restricted Party of a vessel after the Closing Date, (ii)
any person that owns a vessel becomes a Subsidiary Guarantor hereunder after the Closing Date or (iii) any change of the documented
owner, name or official number, of a Vessel, (x) the Administrative Borrower shall provide the Administrative Agent with the name,
documented owner, official number and, if such Vessel is a Collateral Vessel, the applicable Subsidiary Guarantors shall take such
action as the Mortgage Trustee may reasonably request to ensure the Mortgage Trustee has a valid and perfected preferred mortgage
Lien thereon and (y) in the case of preceding clauses (i) and (ii) as they relate to a Collateral Vessel, the Administrative Agent
shall (at the Borrowers’ or Subsidiary Guarantors’ expense and reasonable request) cooperate with the Administrative
Borrower to record any filings that are required to ensure that the Vessel Collateral Requirements are satisfied.

 

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(h)          Each
Restricted Party which enters into a Permitted Charter of a Collateral Vessel for an initial or extended period (in each case,
including extension options) in excess of 24 months shall cause to be included in such Permitted Charter or extension thereof a
provision confirming the priority of any preferred ship mortgages covering such Collateral Vessel over the rights of the charterer
under such Permitted Charter, and upon such Restricted Party’s request, the Mortgage Trustee shall enter into, with such
charterer, a quiet enjoyment agreement substantially in the form of Exhibit O together with such additional terms reasonably
requested by such charterer, subject to the Mortgage Trustee’s consent, such consent not to be unreasonably withheld or delayed.

 

Section 5.17       Designation
of Subsidiaries.

 

(a)          The
Board of Directors of the Administrative Borrower may at any time designate any Restricted Subsidiary of the Administrative Borrower
(other than the Co-Borrower or, at any time the direct parent of the SPV VLCC Parent is
not the Administrative Borrower, the direct parent of the SPV VLCC Parent) to be an Unrestricted
Subsidiary or designate (or re-designate, as the case may be) any Unrestricted Subsidiary as a Restricted Subsidiary of the Administrative
Borrower (provided, that with respect to the SPV VLCC Parent, the SPV VLCC Unrestricted
Subsidiary and the SPV VLCC Vessel Owners, within 10 Business Days after the repayment in full of the Indebtedness outstanding
under the Sinosure Facility Agreement (other than contingent obligations not yet then due and payable) (as such date may be extended
by the Administrative Agent in its sole discretion), the Board of Directors of the Administrative Borrower shall designate each
such Person as a Restricted Subsidiary of the Administrative Borrower (such designations, the “SPV VLCC Designations”));
provided that (i) immediately before and after such designation (or re-designation), no Default shall have occurred and be continuing,
(ii) in the case of the designation of a Subsidiary as an Unrestricted Subsidiary, (x) the Subsidiary to be so designated does
not (directly, or indirectly, through its Subsidiaries) at such time own any Equity Interests or Indebtedness of, or own or hold
any Lien on any property of, Holdings, the Administrative Borrower or any of its Restricted Subsidiaries and (y) the Investment
resulting from the designation of such Subsidiary as an Unrestricted Subsidiary as described in the immediately succeeding sentence
is permitted by Sections 6.04(n) and/or (o), (iii) in the case of the designation of a Restricted Subsidiary as an
Unrestricted Subsidiary, 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 5.00% of Consolidated Total Assets, and
(iv) in the case of the designation (or re-designation, as the case may be) of an Unrestricted Subsidiary as a Restricted Subsidiary
of the Administrative Borrower, the incurrence of Indebtedness and Liens resulting from the designation (or re-designation, as
the case may be) of such Unrestricted Subsidiary as a Restricted Subsidiary as described in the second succeeding sentence is permitted
by Sections 6.01 and Section 6.02; provided, further, that (x) no Restricted Subsidiary may be designated
as an Unrestricted Subsidiary if it is a “restricted subsidiary” immediately after giving effect to any such designation
hereunder and any other contemporaneous designation under any Refinancing Notes Indenture or any Additional Permitted Unsecured
Debt and (y) no Subsidiary of Holdings that is not also a Subsidiary of the Administrative Borrower may be designated as an Unrestricted
Subsidiary after the Closing Date. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary shall constitute
an Investment by the Administrative Borrower therein at the date of designation in an amount equal to the aggregate Fair Market
Value of the Administrative Borrower’s and its Restricted Subsidiaries’ Investment therein. The designation (or re-designation,
as the case may be) of any Unrestricted Subsidiary as a Restricted Subsidiary of the Administrative Borrower shall constitute,
at the time of designation (or re-designation, as the case may be), the incurrence of any Indebtedness or Liens of such Subsidiary
existing at such time. Notwithstanding the foregoing, any Unrestricted Subsidiary that has been re-designated a Restricted Subsidiary
may not be subsequently re-designated as an Unrestricted Subsidiary.

 

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(b)          Any
designation (or re-designation, as the case may be) of a Restricted Subsidiary of the Administrative Borrower as an Unrestricted
Subsidiary will be evidenced to the Administrative Agent by delivery of a certificate from a Responsible Officer of the Administrative
Borrower to the Administrative Agent (i) attaching a certified copy of a resolution of the Board of Directors of the Administrative
Borrower giving effect to such designation and (ii) certifying that such designation (or re-designation, as the case may be) complies
with the provisions of this Section 5.17 and was permitted by this Agreement.

 

Section
5.18       Material Agreements. Comply with all contracts (including any charter contracts) and other agreements to which any
Company is a party, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

Section
5.19      Ship Management. Cause all Vessels owned by the Restricted Parties to be managed by the Administrative Borrower
or any Subsidiary or Affiliate of the Administrative Borrower (other than Holdings), V Ships UK Limited or any other Acceptable
Third Party Technical Manager.

 

Section
5.20       Maintenance of Ratings.    Use commercially reasonable efforts to maintain (but not maintain
a specific rating) (a) a public corporate family rating of the Administrative Borrower and a public rating of the Loans, in each
case, from Moody’s and (b) a public corporate credit rating of the Administrative Borrower and a public rating of the Loans,
in each case, from S&P (it being understood that “commercially reasonable efforts” shall, in any event, include
the payment by the Administrative Borrower of customary rating agency fees and cooperation by Holdings, the Administrative Borrower
and their respective Subsidiaries with information and data requests by Moody’s and S&P in connection with their ratings
process).

 

Section 5.21       Agent for
Service of Process.

 

The
Administrative Borrower shall cause to be maintained at all times the Co-Borrower or another agent reasonably acceptable to the
Administrative Agent, as its and the other Loan Parties’ agent for service of process in the State of New York and shall
cause any other such agent to execute and deliver to the Administrative Borrower and the Administrative Agent a letter in form
and substance reasonably satisfactory to the Administrative Agent, accepting such agency, prior to or concurrently with such other
agent’s acceptance of its appointment as agent for service of process for the Loan Parties.

 

ARTICLE VI

 

NEGATIVE COVENANTS

 

Holdings
(solely with respect to Section 6.14(a), Section 6.14(e), Section 6.15,
Section 6.17, Section 6.18, Section 6.19 and Section 6.21) and each other Loan Party covenants and
agrees with the Administrative Agent, the Collateral Agent, each Issuing Bank and each Lender that, so long as this Agreement shall
remain in effect and until the Commitments have been terminated and the principal of and interest and premium (if any) on each
Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full (other than contingent
indemnification obligations for which no claim or demand has been made) and all Letters of Credit have been canceled or have expired
and all amounts drawn thereunder have been reimbursed in full (or all such Letters of Credit shall have been Cash Collateralized),
Holdings (solely with respect to Section 6.14(a), Section 6.14(e), Section 6.15,
Section 6.17, Section 6.18, Section
6.19 and Section 6.21) and each other Loan Party will not, nor will any Loan Party cause or permit any of its Restricted
Subsidiaries to:

 

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Section
6.01     Indebtedness. Incur, create, assume or permit to exist, directly or indirectly, any Indebtedness, except:

 

(a)           Indebtedness
incurred under this Agreement and the other Loan Documents and any Specified Refinancing Term Loans, Specified Refinancing Revolving
Commitments and Refinancing Notes in respect thereof incurred or issued in accordance with the terms of this Agreement;

 

(b)          [Reserved];

 

(c)           Indebtedness
outstanding on the Closing Date and listed on Schedule 6.01(c) and any Permitted Refinancing Indebtedness in respect of
thereof;

 

(d)          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 by the Loan Documents 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;

 

(e)           Indebtedness
arising from Investments permitted by Section 6.04;

 

(f)           (x)
Indebtedness in respect of Purchase Money Obligations, and Permitted Refinancing Indebtedness in respect thereof, in an
aggregate principal amount not to exceed $25,000,000 at any time outstanding and (y) additional Indebtedness in respect of
Purchase Money Obligations incurred for the purpose of financing all or any part of the purchase price or cost of
construction, installation or improvement of Vessels of the Restricted Parties or Chartered Vessels, so long as (i)
immediately before and after giving pro forma effect to the incurrence of such additional Indebtedness, no Event of Default
then exists or would result therefrom, and (ii) the Administrative Borrower shall be in compliance, on a Pro Forma Basis,
with a Total Secured Leverage Ratio of no greater than 3.00:1.00 for the Test Period then most recently ended;

 

(g)          assumed
Indebtedness of any person that becomes a Restricted Subsidiary of the Administrative Borrower (or is merged or consolidated with
and into the Administrative Borrower or a Restricted Subsidiary of the Administrative Borrower) after the date hereof in connection
with a Permitted Acquisition or other Investment permitted hereunder in an aggregate principal amount not to exceed $30,000,000
at any time outstanding for all such Indebtedness; provided, that such Indebtedness (i) exists at the time of such Permitted
Acquisition or other Investment, and (ii) is not created in anticipation or contemplation of such Permitted Acquisition or other
Investment;

 

(h)          Indebtedness
in respect of bid, performance, customs or surety bonds issued for the account of any Restricted Party in the ordinary course of
business, including guarantees or obligations of 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;

 

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(i)             Contingent
Obligations (i) of the Administrative Borrower in respect of Indebtedness of any Restricted Subsidiary of the Administrative Borrower
and (ii) of any Restricted Subsidiary of the Administrative Borrower in respect of Indebtedness of the Administrative Borrower
or any other Restricted Subsidiary of the Administrative Borrower, in each case, to the extent that such Indebtedness is otherwise
permitted to be incurred pursuant to this Section 6.01 (other than clauses (b), (c) and (g) of this Section 6.01);
provided that (A) Contingent Obligations of any Borrower or any Subsidiary Guarantor of Indebtedness of any Restricted Subsidiary
of the Administrative Borrower which is not a Loan Party shall be subject to compliance with Section 6.04(f), (B) if a Restricted
Subsidiary of the Administrative Borrower which is not a Loan Party provides a guarantee of Indebtedness of a Loan Party in accordance
with this clause (i), then the Administrative Borrower will cause such Restricted Subsidiary to guarantee the Obligations pursuant
to the Guarantee, and (C) if the Indebtedness to be guaranteed is subordinated to the Obligations, then the guarantees permitted
under this clause (i) shall be subordinated to the Obligations of the applicable Borrower or Subsidiary Guarantor to the same extent
and on the same terms as the Indebtedness so guaranteed is subordinated to the Obligations;

 

(j)          
 Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided,
however, that such Indebtedness is extinguished within five Business Days of incurrence;

 

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

 

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

 

(m)           other Indebtedness in an aggregate principal amount for all Restricted Parties not to exceed $50,000,000 at any time outstanding,
of which up to (but not more than) $30,000,000 may be secured to the extent permitted by Section 6.02(w);

 

(n)            Additional
Permitted Unsecured Debt under the Additional Permitted Unsecured Debt Documents, so long as (i) the requirements set forth in
the definition of “Additional Permitted Unsecured Debt” contained herein are (and continue to be) satisfied, (ii) no
Default exists immediately before or after giving effect to the incurrence of such Indebtedness, (iii) at the time of the incurrence
of such Indebtedness and immediately after giving effect thereto, the Administrative Borrower shall be in compliance, on a Pro
Forma Basis, with a Total Leverage Ratio of no greater than 4.00:1.00 for the Test Period then most recently ended, and (iv) prior
to the incurrence of such Indebtedness, the Administrative Borrower shall have delivered to the Administrative Agent an Officer’s
Certificate of the Administrative Borrower certifying as to compliance with the requirements of preceding clauses (i) through (iii)
and containing the calculations (in reasonable detail) required by preceding clause (iii);

 

(o)            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 any Restricted Party in the
ordinary course of business, (ii) dry-docking of any of the Vessels or Chartered Vessels owned or leased by 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 Closing Date in applicable law or regulation;

 

(p)            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 Administrative Borrower or any
of its Restricted Subsidiaries 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);

 

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(q)            Indebtedness,
and Permitted Refinancing Indebtedness in respect thereof, of SPV Buyers in an aggregate principal amount not to exceed $100,000,000
at any time outstanding that is incurred by an SPV Buyer for the purpose of effecting an SPV Acquisition, so long as (i) other
than with respect to the obligations of (x) such SPV Buyer and any Vessel Holding Person in respect thereof and (y) the Administrative
Borrower pursuant Section 6.02(y) related solely to the SPV Buyer’s Equity Interests, such Indebtedness is Non-Recourse
Debt, (ii) to the extent that such Indebtedness is guaranteed by Holdings, such guaranty shall be on an unsecured basis, (iii)
no Default exists immediately before or after giving effect to the incurrence of such Indebtedness and the consummation of the
transactions to occur in connection therewith, (iv) at the time of the incurrence of such Indebtedness and immediately after giving
effect thereto and the consummation of the transactions to occur in connection therewith, the Administrative Borrower shall be
in compliance, on a Pro Forma Basis, with the Loan to Value Test, (v) such Indebtedness does not contain any covenants (whether
stated as a covenant, default or otherwise) that are applicable to any Restricted Party other than such SPV Buyer, any applicable
Vessel Holding Person and, to the extent that a guaranty is provided in accordance with section (ii) above, Holdings, (vi) such
Indebtedness does not represent more than 55% of the aggregate purchase price for the related SPV Acquisition, and (vii) prior
to the incurrence of such Indebtedness, the Administrative Borrower shall have delivered to the Administrative Agent an Officer’s
Certificate of the Administrative Borrower in form and substance reasonably satisfactory to the Administrative Agent certifying
as to compliance with the foregoing requirements and the requirements of the definition of SPV Acquisition contained herein; and

 

(r)            
to the extent constituting Indebtedness, pledges by the Administrative Borrower or any Restricted Subsidiary of the Equity Interests
of an SPV Buyer to the extent permitted by Section 6.02(y).

 

Notwithstanding
anything to the contrary contained above in this Section 6.01, (I) to
the extent that an FSO Parent has not pledged its FSO JV Equity Interests as Collateral under the applicable Security Documents,
such FSO Parent shall not be permitted to incur any Indebtedness under this Section 6.01 other than pursuant to clauses
(a) (other than in respect of Refinancing Notes), (c), (e) (but only to the extent constituting intercompany Indebtedness owing
to a Borrower or another Subsidiary Guarantor otherwise permitted hereunder), (j) and (k) above.,
(II) in no event shall the Administrative Borrower, any Subsidiary Guarantor or any Restricted Subsidiary incur (including by
way of guarantee) any Indebtedness in respect of the Sinosure Facility Documents and (III) in no event shall the Administrative
Borrower or any of its Subsidiaries permit any of SPV VLCC Parent or any Subsidiary of SPV VLCC Parent prior to the time that
any such Subsidiary becomes a Restricted Subsidiary hereunder pursuant to Section 5.17 to incur any Indebtedness other than pursuant
to the Sinosure Facility Agreement (which, in the case of SPV VLCC Parent, shall consist of a guarantee of the Sinosure Facility
Agreement by the SPV VLCC Parent which is secured only by the Equity Interests of the SPV VLCC Unrestricted Subsidiary owned by
the SPV VLCC Parent), other than pursuant to (i) the Sinosure Facility Documents, (ii) Permitted Hedging Agreements of the Subsidiaries
of the SPV VLCC Parent permitted under, and entered into in connection with, the Sinosure Facility Documents, and (iii) intercompany
indebtedness among the SPV VLCC Parent and any of its Subsidiaries.

 

Section
6.02         Liens. Create, incur, assume or permit to exist, directly or indirectly,
any Lien on any property now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof,
except the following (collectively, the “Permitted Liens”):

 

    	 	144	 

     

    

  

(a)          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;

 

(b)          Liens
in respect of property (other than Vessels) of 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 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;

 

(c)          any
Lien in existence on the Closing Date and set forth on Schedule 6.02(c) and any Lien granted as a replacement or substitute
therefor; provided that any such replacement or substitute Lien (i) does not secure an aggregate amount of Indebtedness
or other obligations, if any, greater than that secured on the Closing Date (minus the aggregate amount of any permanent repayments
and prepayments thereof since the Closing Date but only to the extent that such repayments and prepayments by their terms cannot
be reborrowed or redrawn and do not occur in connection with a refinancing of all or a portion of such Indebtedness) and (ii) does
not encumber any property other than the property subject thereto on the Closing Date (any such Lien, an “Existing Lien”);

 

(d)          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 Restricted Party at or otherwise with respect to such Real Property;

 

(e)          Liens
arising out of judgments, attachments or awards not resulting in an Event of Default and in respect of which 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;

 

(f)          
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 clauses (x), (y) and (z) of this Section 6.02(f), 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;

 

    	 	145	 

     

    

  

(g)          leases
of the properties of any Restricted Party, in each case entered into in the ordinary course of 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 any Restricted Party or (ii) materially impair the use (for its intended purposes) or the value of the property
subject thereto;

 

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

 

(i)          
Liens securing Indebtedness incurred by any Restricted Party pursuant to Section6.01(f), provided, that (i) any such
Liens attach only to the property being financed pursuant to such Indebtedness and (ii) do not encumber any other property of any
Restricted Party;

 

(j)          
so long as the applicable intercreditor agreement is then in effect and subject to the terms thereof, Liens on Collateral securing
obligations under the Specified Refinancing Term Loans, Specified Refinancing Revolving Commitments and Refinancing Notes incurred
in accordance with the terms of this Agreement;

 

(k)          Liens
on property rented to, or leased by, any Restricted Party pursuant to a Sale and Leaseback Transaction; provided, that (i)
such Sale and Leaseback Transaction is permitted by Section6.03, (ii) such Liens do not encumber any other property of any
Restricted Party, and (iii) such Liens secure only the Attributable Indebtedness incurred in connection with such Sale and Leaseback
Transaction;

 

(l)          
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 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;

 

(m)        
Liens on property of a person existing at the time such person is acquired or merged with or into or consolidated with 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 6.01(g);

 

(n)          Liens
granted pursuant to the Loan Documents to secure the Secured Obligations;

 

    	 	146	 

     

    

 

(o)          non-exclusive
licenses of Intellectual Property granted by any Restricted Party in the ordinary course of business or that do not materially
impair the conduct of the business of the Administrative Borrower or any of its Restricted Subsidiaries or otherwise prohibit the
Collateral Agent from obtaining a security interest in the Intellectual Property;

 

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

 

(q)          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;

 

(r)          
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;

 

(s)          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);

 

(t)         
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 by the marine insurance broker placing
the applicable Required Insurance;

 

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

 

(v)          Liens
arising pursuant to a Permitted Charter;

 

(w)         additional
Liens of the Restricted Parties not otherwise permitted by this Section 6.02 and 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 any Restricted Party and (ii) do not
secure obligations in excess of $30,000,000 in the aggregate for all such Liens at any time;

 

(x)           Liens
on Pool Financing Receivables and the proceeds thereof securing Pool Financing Indebtedness incurred pursuant to Section 6.01(p);
and

 

(y)          Liens
granted in the Equity Interests of an SPV Buyer or by an SPV Buyer and its Vessel Holding Persons to secure Indebtedness of such
SPV Buyer that is permitted pursuant to Section 6.01(q); provided that such Liens shall not extend to any assets
other than the Equity Interests of such SPV Buyer or the assets of such SPV Buyer and any Vessel Holding Person acquired by such
SPV Buyer with the proceeds of such Indebtedness.

 

    	 	147	 

     

    

 

Any
reference in any of the Loan Documents to a Permitted Lien (including a Permitted Collateral Vessel Lien) is not intended to and
shall not be interpreted as subordinating or postponing, or as any agreement to subordinate or postpone, any Lien created by any
of the Loan Documents to any Permitted Lien (including any Permitted Collateral Vessel Lien). Notwithstanding anything to the contrary
contained above in this Section6.02, in no event shall an FSO Parent create, incur, assume or permit to exist any Lien on
its FSO JV Equity Interests other than (v) under the Security Documents, (w) in respect of secured Refinancing Notes (but only
to the extent that such FSO JV Equity Interests have been pledged as Collateral under the Security Documents), (x) any applicable
non-consensual Permitted Liens, (y) Liens existing on the Closing Date and described on Schedule6.02(c) and (z) Liens to
secure Indebtedness incurred after the Closing Date by the FSO JV that issued such FSO JV Equity Interests, provided that
the INSW FSO JV Percentage of the FSO JV Net Debt Proceeds from the incurrence of such Indebtedness have been distributed as a
cash Dividend to the applicable FSO Parent substantially concurrently with the incurrence of such Indebtedness (each such Dividend,
an “FSO JV Debt Dividend”). Notwithstanding anything to the contrary
contained above in this Section 6.02, in no event shall any Loan Party or any Restricted Subsidiary, prior to the SPV VLCC Designations,
create, incur, assume or permit to exist any Lien on SPV VLCC Parent Equity Interests, Liens on the Equity Interests of SPV VLCC
Unrestricted Subsidiary or the SPV VLCC Vessel Owners or Liens on the SPV VLCC Vessels (or any other assets of SPV VLCC Parent
or any of its Subsidiaries) other than (w) under the Security Documents, (x) in respect of Secured Refinancing Notes (but only
to the extent that such Equity Interests have been pledged as Collateral under the Security Documents), (y) to secure the obligations
under the Sinosure Facility Documents pursuant to the terms thereof and (z) Liens expressly permitted thereon
pursuant to the terms of the Sinosure Facility Agreement.

 

Section
6.03         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 Sections 6.06
and 6.17 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 Section 6.02(k), (iv) the Sale and Leaseback
Transaction would be permitted under Section6.01, assuming the Attributable Indebtedness with respect to the Sale and Leaseback
Transaction constituted Indebtedness under Section 6.01, and (v) the aggregate Attributable Indebtedness incurred with respect
to all such Sale and Leaseback Transactions shall not exceed $35,000,000 at any time outstanding; provided, however,
in no event shall any Restricted Party enter into a Sale and Leaseback Transaction with respect to a Collateral Vessel unless,
subject to the final proviso to Section 2.10(b)(vi), the Net Cash Proceeds therefrom either
(A) have been used to prepay outstanding Loans in accordance with Section 2.10(b)(vi) (without regard to reinvestment rights
thereunder) 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.

 

Section
6.04         Investments, Loans and Advances. Directly or indirectly, lend
money or credit (by way of guarantee, assumption of debt or otherwise) or make advances to any person, or purchase or acquire any
stock, bonds, notes, debentures or other obligations or securities of, or any other interest in, or make any capital contribution
to, any other person, or purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or
other commodities at a future date in the nature of a futures contract (all of the foregoing, collectively, “Investments”),
except that the following shall be permitted:

 

(a)          Investments
made by the Administrative Borrower or any Restricted Subsidiary in an SPV Buyer at the time of the consummation of an SPV Acquisition
for the purpose of effecting such SPV Acquisition in an aggregate amount not to exceed 45% of the aggregate cash consideration
payable by the applicable SPV Buyer in connection with such SPV Acquisition, so long as (i) no Default exists immediately before
or after the making of such Investment and the consummation of the transactions to occur in connection therewith and (ii) such
Investment is made in the form of a cash contribution to the common capital of the applicable SPV Buyer;

 

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(b)          Investments
outstanding on the Closing Date and identified on Schedule 6.04(b);

 

(c)          the
Restricted Parties may (i) acquire and hold accounts receivable owing to any of them if created or acquired in the ordinary course
of business and payable or dischargeable in accordance with customary terms, (ii) invest in, acquire and hold cash and Cash Equivalents,
(iii) endorse negotiable instruments held for collection in the ordinary course of business or (iv) make lease, utility and other
similar deposits in the ordinary course of business;

 

(d)          Hedging
Obligations permitted pursuant to Section 6.01(d);

 

(e)          loans
and advances to directors, employees and officers of the Administrative Borrower and its Restricted Subsidiaries for bona fide
business purposes and to purchase Equity Interests of Holdings, in an aggregate amount not to exceed $1,000,000 at any time outstanding;

 

(f)         
Investments by (i) any Borrower or Subsidiary Guarantor in any Borrower or any Subsidiary Guarantor, (ii) any Restricted Subsidiary
of the Administrative Borrower that is not a Loan Party in any Borrower or any Subsidiary Guarantor, (iii) any Restricted Subsidiary
of the Administrative Borrower that is not a Loan Party in any other Restricted Subsidiary of the Administrative Borrower that
is not a Loan Party and (iv) any Borrower or Subsidiary Guarantor in any Restricted Subsidiary of the Administrative Borrower that
is not a Loan Party; provided, that (x) any Investment in the form of a loan or advance shall be evidenced by an Intercompany
Note and shall be subject to the terms of the Intercompany Subordination Agreement and, in the case of a loan or advance by Holdings
to any Restricted Party or by the Administrative Borrower or Subsidiary Guarantor, each such Intercompany Note shall be pledged
by such Loan Party as Collateral pursuant to the Security Documents and (y) the aggregate amount of all Investments made by Loan
Parties to Restricted Subsidiaries of the Administrative Borrower that are not Loan Parties pursuant to preceding clause (iv) shall
not exceed

$20,000,000 at any time outstanding;

 

(g)          Investments
in securities of trade creditors or customers in the ordinary course of business that are received in settlement of bona fide
disputes or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such
trade creditors or customers;

 

(h)          mergers
and consolidations in compliance with Section 6.05;

 

(i)          
Investments made by any Restricted Party as a result of consideration received in connection with a disposition of property made
in compliance with Section 6.06;

 

(j)           acquisitions
of property in compliance with Section 6.07 (other than Section 6.07(a));

 

(k)          Dividends
in compliance with Section 6.08;

 

(l)          
Investments of any person that becomes a Restricted Subsidiary of the Administrative Borrower after the date hereof pursuant to
a Permitted Acquisition or other Investment permitted hereunder; provided, that (i) such Investments exist at the time such
person becomes a Restricted Subsidiary or is acquired, (ii) such Investments are not made in anticipation or contemplation of such
person becoming a Restricted Subsidiary, and (iii) such Investments are not directly or indirectly recourse to any of the Restricted
Parties or any of their respective assets, other than to the person that becomes a Restricted Subsidiary;

 

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(m)         so long as no Event of Default then exists or would result therefrom, Investments in Joint Ventures in an aggregate amount not
to exceed $20,000,000 at any time outstanding;

 

(n)          so
long as no Event of Default then exists or would result therefrom, other Investments in an aggregate amount not to exceed $20,000,000
at any time outstanding;

 

(o)          any
other Investments in an aggregate amount not to exceed the Available Amount as in effect immediately prior to the respective Investment
so long as (x) no Default has occurred and is continuing immediately prior to and after giving effect to such Investment and (y)
with respect to Investments made in, to or for the benefit of, any Unrestricted Subsidiary (including in connection with the designation
of any Restricted Subsidiary of the Administrative Borrower as an Unrestricted Subsidiary) other than Investments made in reliance
on clause (a) or (c) of the definition of “Available Amount” contained herein, the Administrative Borrower shall be
in compliance, on a Pro Forma Basis, with a Total Secured Leverage Ratio of no greater than 3.00:1.00 for the Test Period then
most recently ended;

 

(p)          to
the extent constituting an Investment, payments to the Administrative Borrower permitted pursuant to Section 6.09(e);

 

(q)          unsecured
intercompany loans made by any Borrower or any Subsidiary Guarantor to Holdings subject to the Intercompany Subordination Agreement
and evidenced by an Intercompany Note for the purposes, at the times and in amounts that would otherwise be permitted to be made
as Dividends to Holdings pursuant to Sections 6.08(b) through (d), inclusive (and with all such intercompany loans
made pursuant to this clause (q) to reduce Dollar-for-Dollar the amounts that would otherwise be permitted to be paid for such
purpose in the form of Dividends pursuant to such Sections

6.08(b) through
(d));

 

(r)           so
long as no Event of Default then exists or would result therefrom, cash Investments in Unrestricted Subsidiaries for the purposes
of or in connection with the winding down or liquidation of such Unrestricted Subsidiaries in an aggregate amount not to exceed
$5,000,000; and

 

(s)          other
Investments by the Administrative Borrower or any of its Restricted Subsidiaries to the extent that the consideration therefor,
in whole or in part, is Qualified Capital Stock of Holdings; provided that all consideration in respect of such any such
Investment other than in the form of Qualified Capital Stock of Holdings is expressly permitted pursuant to another clause of this
Section

6.04.;
and

 

(t)          
so long as (i) no Default exists immediately before or after the making of such Investment and the consummation of the transactions
to occur in connection therewith and (ii) such Investment is made in the form of a cash contribution to the common capital of SPV
VLCC Parent and SPV VLCC Unrestricted Subsidiary, as applicable, the SPV VLCC Investment.

 

Section 6.05          Mergers
and Consolidations. Wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, except
that the following shall be permitted:

 

(a)          [reserved];

 

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(b)          dispositions
of assets in compliance with Section 6.06 (other than Sections 6.06(e), (f) and (g));

 

(c)          Permitted
Acquisitions;

 

(d)          any
solvent Restricted Party (other than the Administrative Borrower or the Co- Borrower) may merge or consolidate with or into the
Administrative Borrower or a Subsidiary Guarantor (so long as (i) in the event the Administrative Borrower is a party to such merger
or consolidation, the Administrative Borrower shall be the surviving person, and (ii) in any other case, a Subsidiary Guarantor
shall be the surviving person and shall remain, directly or indirectly, a Wholly Owned Restricted Subsidiary of the Administrative
Borrower); provided, that the Lien on and security interest in such property granted or to be granted in favor of the Collateral
Agent under the Security Documents shall be maintained or created in accordance with the provisions of Section 5.10 or Section
5.11, as applicable;

 

(e)          any
Restricted Subsidiary of the Administrative Borrower that is not a Loan Party may merge into any other Restricted Subsidiary of
the Administrative Borrower that is not a Loan Party;

 

(f)          
any Restricted Subsidiary of the Administrative Borrower that is not a Loan 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 Agents
and the Lenders in any material respect; and

 

(g)          SPV
Acquisitions structured as a merger transaction.

 

To
the extent the requisite Lenders under Section 11.02(b) waive the provisions of this Section 6.05 with respect to
the sale of any Collateral not otherwise permitted under this Agreement, or any Collateral is sold as permitted by this Section
6.05, such Collateral (unless sold to another Loan Party), but not the proceeds thereof, shall be sold free and clear of the
Liens created by the Security Documents, and, so long as the Administrative Borrower shall have previously provided to the Collateral
Agent and the Administrative Agent such certifications or documents as the Collateral Agent and/or the Administrative Agent shall
reasonably request in order to demonstrate compliance with this Section 6.05, the Collateral Agent shall take all actions
it deems appropriate in order to effect the foregoing.

 

Section
6.06         Asset Sales. Effect any disposition of any property, except that
the following shall be permitted:

 

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

 

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(b)          other
dispositions of property (other than the Equity Interests of the Co- Borrower or a Subsidiary Guarantor unless, in the case of
a Subsidiary Guarantor, all of the Equity Interests of such Subsidiary Guarantor is sold in compliance with this clause (b)); provided,
that (i) no Event of Default then exists or would result therefrom, (ii) the Loan 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 Administrative Borrower 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 Administrative Agent) during the period set forth
in the parenthetical in preceding clause (x), with (A) the Loan to Value Test and (B) the financial covenant set forth in Section
6.10(b) for the most recently ended fiscal quarter of the Administrative Borrower as if such disposition (or dispositions and/or
purchases) occurred on the last day of such fiscal quarter, (iii) the aggregate consideration received in respect of all dispositions
of property pursuant to this clause (b) 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 (b) 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, (iv) such dispositions of property are made for Fair Market Value and on an
arms-length commercial basis and (v) 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;

 

(c)          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 applicable Security Documents;

 

(d)          [reserved];

 

(e)          Investments
in compliance with Section 6.04;

 

(f)          dispositions
consisting of mergers and consolidations in compliance with Section 6.05;

 

(g)          Dividends
in compliance with Section 6.08;

 

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

 

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

 

(j)          
any disposition of property by (i) the Administrative Borrower or any Restricted Subsidiary of the Administrative Borrower to the
Administrative Borrower or any other Subsidiary Guarantor and (ii) any Restricted Subsidiary of the Administrative Borrower that
is not a Loan Party to another Restricted Subsidiary of the Administrative Borrower that is not a Loan Party; provided,
that if the transferor of such property is a Loan Party, the transferee thereof must be the Administrative Borrower or a Subsidiary
Guarantor;

 

(k)          grants
of non-exclusive licenses or sublicenses in the ordinary course of business to use the Administrative Borrower’s or any Restricted
Subsidiaries’ Intellectual Property 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 Administrative Borrower
or any of its Restricted Subsidiaries or otherwise prohibit the Collateral Agent from obtaining a security interest in the Intellectual
Property or technology subject to such license or sublicense;

 

(l)         
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;
and

 

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(m)         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.

 

To
the extent the requisite Lenders under Section 11.02(b) waive the provisions of this Section 6.06, with respect to
the sale of any Collateral not otherwise permitted under this Agreement, or any Collateral is sold as permitted by this Section
6.06, such Collateral (unless sold to a Loan Party), but not the proceeds thereof, shall be sold free and clear of the Liens
created by the Security Documents, and, so long as the Administrative Borrower shall have previously provided to the Administrative
Agent and the Collateral Agent such certifications or documents as the Administrative Agent and/or the Collateral Agent shall reasonably
request in order to demonstrate compliance with this Section6.06, the Collateral Agent shall take all actions it deems appropriate
in order to effect the foregoing.

 

Section
6.07          Acquisitions. Purchase or otherwise acquire (in one or a series
of related transactions) any part of the property (whether tangible or intangible) of any person except that the following shall
be permitted:

 

(a)          Investments
in compliance with Section 6.04;

 

(b)          Capital
Expenditures by the Administrative Borrower and its Restricted Subsidiaries;

 

(c)          purchases
and other acquisitions of inventory, materials, equipment and intangible property in the ordinary course of business;

 

(d)          leases
or licenses of real or personal property in the ordinary course of business and in accordance with this Agreement and the applicable
Security Documents;

 

(e)          [reserved];

 

(f)           Permitted
Acquisitions;

 

(g)          mergers
and consolidations in compliance with Section 6.05;

 

(h)          Dividends
in compliance with Section 6.08;

 

(i)           Sale
and Leaseback Transactions in compliance with Section 6.03;

 

(j)           SPV
Acquisitions structured as a merger transaction.

 

provided,
that the Lien on and security interest in such property granted or to be granted in favor of the Collateral Agent under the Security
Documents shall be maintained or created in accordance with the provisions of Section 5.10 or Section 5.11, as applicable.

 

Section
6.08         Dividends. Authorize, declare or pay, directly or indirectly,
any Dividends with respect to any Restricted Party (including pursuant to any Synthetic Purchase Agreement) or incur any obligation
(contingent or otherwise) to do so, except that the following shall be permitted:

 

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(a)          (i)
any Restricted Subsidiary of the Administrative Borrower may pay Dividends to the Administrative Borrower or any other Subsidiary
Guarantor, (ii) any Restricted Subsidiary of the Administrative Borrower that is not a Loan Party also may pay Dividends to any
other Wholly Owned Restricted Subsidiary of the Administrative Borrower and (iii) any non-Wholly Owned Restricted Subsidiary of
the Administrative Borrower may pay cash Dividends to its shareholders, members or partners generally, so long as the Administrative
Borrower or the respective Restricted Subsidiary of the Administrative Borrower which owns the Equity Interest in the Restricted
Subsidiary paying such Dividends receives at least its proportionate share thereof (based upon its relative holding of the Equity
Interest in the Restricted Subsidiary paying such Dividends and taking into account the relative preferences, if any, of the various
classes of Equity Interests of such Restricted Subsidiary);

 

(b)          
so long as no Event of Default then exists or would result therefrom, cash Dividends by the Administrative Borrower to Holdings
at the times and in the amounts needed to permit Holdings to repurchase or redeem shares of its capital stock from directors or
employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of any
Company, upon their death, disability, retirement, severance or termination of employment or service; provided that the
aggregate amount of all such payments shall not exceed, in any period of 12 consecutive months, $2,500,000 and, in the aggregate,
$5,000,000;

 

(c)          to
the extent constituting a Dividend, payments to Holdings permitted pursuant to Section 6.09(e);

 

(d)          the
Administrative Borrower may pay cash Dividends to Holdings at the times and in the amounts necessary for Holdings to pay its operating
expenses (other than taxes) incurred in the ordinary course of business and other similar corporate overhead costs and expenses
incurred in the ordinary course of its business;

 

(e)            so
long as no Event of Default then exists or would result therefrom, the Administrative Borrower may make Permitted Tax Distributions
to Holdings;

 

(f)          
(x) so long as no Event of Default then exists or would result therefrom, cash Dividends by the Administrative Borrower to Holdings
in an aggregate amount not to exceed 6.00% per annum of the Net Cash Proceeds from the initial Qualified Public Equity Offering
by Holdings after the Closing Date, to the extent such Net Cash Proceeds have been contributed to the capital of the Administrative
Borrower and were not otherwise used to increase the Available Amount pursuant to clause (c) of the definition thereof, and (y)
Dividends by the Restricted Parent Subsidiaries to Holdings, provided that, in the case of this clause (y), 100% of the
cash or other proceeds of such Dividend have been substantially concurrently contributed to the capital of the Administrative Borrower;

 

(g)          any
cash Dividends in an aggregate amount not to exceed the Available Amount as in effect immediately prior to the respective Dividend
so long as (x) no Default has occurred and is continuing immediately prior to and after giving effect to such Dividend and (y)
other than with respect to Dividends made in reliance on clause (a) of the definition of “Available Amount” contained
herein, the Administrative Borrower shall be in compliance, on a Pro Forma Basis, with a Total Secured Leverage Ratio of no greater
than 3.00:1.00 for the Test Period then most recently ended; and

 

(h)            so
long as no Default then exists or would result therefrom, the Administrative Borrower may pay cash Dividends to Holdings in an
aggregate amount not to exceed $5,000,000.;
and

 

(i)             so
long as no Event of Default then exists or would result therefrom, the Administrative
Borrower may pay cash Dividends to Holdings at the times, and in the amounts, necessary  to pay regularly accruing interest
expense on that portion of the Permitted Holdings Unsecured Second Amendment Debt,
the Net Cash Proceeds of which were used to pay the Discounted Prepayment Offer.

 

    	 	154	 

     

    

  

Section
6.09         Transactions with Affiliates. 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 any
Restricted Party (other than between or among the Borrowers and the Subsidiary Guarantors to the extent otherwise permitted under
this Agreement), other than on terms and conditions at least as favorable to such Restricted Party as would reasonably be obtained
by 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)          Dividends
permitted by Section 6.08;

 

(b)          Investments
permitted by Section 6.04;

 

(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;

 

(d)          [reserved];
and

 

(e)          Affiliate
transactions to the extent set forth on Schedule 6.09(e).

 

Section
6.10         Loan to Value Test; Vessel Value Test. Permit:

 

(a)          at
any time (x) the sum of (i) the aggregate outstanding principal amount of all Loans at such time plus (ii) the Dollar Amount of
the aggregate LC Exposure at such time plus (iii) the aggregate outstanding principal amount of all Refinancing Notes at such time
that are secured on a pari passu basis with the Loans plus (iv) the then aggregate outstanding principal amount of all secured
Indebtedness incurred pursuant to Sections 6.01(m) and (q) minus (v) the aggregate amount of all unrestricted cash
and Cash Equivalents of the Loan Parties (other than Holdings) that are deposited in Controlled Accounts at such time to be greater
than (y) 65% of the sum of (I) the aggregate Fair Market Value of all Collateral Vessels at such time that are subject to a Collateral
Vessel Mortgage plus (II) the aggregate Fair Market Value of the FSO JV Equity Interests and,
prior to the SPV VLCC Designations, the SPV VLCC Parent Equity Interests at such time (subject,
in each case, to the satisfaction of the requirements of the definition
of FSO JV Equity Interestsrespective definitions
thereof at such time); or

 

(b)          the
aggregate Fair Market Value of the Collateral Vessels that are subject to a Collateral Vessel Mortgage to be less than or equal
to $300,000,000 as of the last day of any fiscal quarter of the Administrative Borrower.

 

For purposes of clause
(b) of the preceding sentence, the Fair Market Value of a Collateral Vessel at any time shall be as set forth in the Vessel Appraisal
most recently delivered to the Administrative Agent pursuant to this Agreement from one (or, if requested by the Administrative
Agent, two) Approved Brokers and determined on the basis of a charter-free arm’s length transaction between a willing and
able buyer and a seller not under duress.

 

    	 	155	 

     

    

  

Section
6.11         Prepayments of Other Indebtedness; Modifications of Organizational
Documents and Certain Other Documents, etc. Directly or indirectly:

 

(a)          
make or offer to make (or give any notice in respect thereof) any voluntary or optional payment or prepayment on or redemption,
retirement, defeasance, or acquisition for value of, or any prepayment, repurchase or redemption, retirement, defeasance as a result
of any asset sale, change in control or similar event of, any Subordinated Indebtedness, any Additional Permitted Unsecured Debt
or any Refinancing Notes; provided, that Restricted Debt Payments shall be permitted in an aggregate amount not to exceed
the Available Amount as in effect immediately prior to the respective Restricted Debt Payment so long as (x) no Default has occurred
and is continuing immediately prior to and after giving effect to such Restricted Debt Payment and (y) other than with respect
to the use of the Available Amount in reliance on clause (a) of the definition thereof, the Administrative Borrower shall be in
compliance, on a Pro Forma Basis, with a Total Secured Leverage Ratio of no greater than 3.00:1.00 for the Test Period then most
recently ended;

 

(b)          amend
or modify, or permit the amendment or modification of, any provision of (x) any
Additional Permitted Unsecured Debt Documents, any Refinancing Notes Indenture or any documents related to Subordinated Indebtedness
in any manner that is, or would reasonably be expected to be, adverse in any material respect to the interests of any Agent or
any Lender (it being understood and agreed that, in any event, any amendment or modification to any Additional Permitted Unsecured
Debt Document or any Refinancing Notes Indenture which, in its amended or modified form, shall no longer satisfy the requirements
of the definition of “Additional Permitted Unsecured Debt” or any “Refinancing Notes Indenture,” as the
case may be, contained herein shall not be permitted); or or
(y) the Permitted Holdings Unsecured Second Amendment Debt to increase the interest rate thereon or to make the interest payments
thereon paid more frequently or to modify the other terms thereof to the extent that such terms, in their amended or modified form,
shall no longer satisfy the requirements of the definition of “Permitted Holdings
Unsecured Second Amendment Debt”;

 

(c)          (x)
terminate, amend, modify (including electing to treat any Pledged Interests (as defined in the Security Agreement and the Holdings
Pledge Agreement) as a “security” under Section 8-103 of the UCC) or change any of its Organizational Documents (including
by the filing or modification of any certificate of designation) or any agreement to which it is a party with respect to its Equity
Interests (including any stockholders’ agreement), or enter into any new agreement with respect to its Equity Interests,
other than any such amendments, modifications or changes or such new agreements which are not, and would not reasonably be expected
to be, adverse in any material respect to the interests of any Agent or any Lender, or (y) amend or modify any tax sharing or similar
agreement without the consent of the Administrative Agent (such consent not to unreasonably withheld or delayed).;
or

 

(d)          amend
or modify, or permit the amendment or modification of, any provision of the Sinosure Facility Agreement or any of the documentation
governing the same after the Second Amendment Effective Date to increase or refinance the principal amount of Indebtedness thereof
or permit any additional Liens, encumbrances or restrictions on the Equity Interests issued by, or assets of, the
SPV VLCC Parent, the SPV VLCC Unrestricted Subsidiary or any SPV VLCC Vessel Owner.

 

Section
6.12         Limitation on Certain Restrictions on Subsidiaries. (A)
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 Subsidiary of the Administrative Borrower to (i) pay Dividends or make
any other distributions on its Equity Interests or any other interest or participation in its profits owned by any Restricted Party,
or pay any Indebtedness owed to any Restricted Party, (ii) make loans or advances to any Restricted Party or (iii) transfer any
of its properties to any Restricted Party, except for such encumbrances, restrictions or conditions existing under or by reason
of:

 

(a)          applicable
mandatory Legal Requirements;

 

    	 	156	 

     

    

  

(b)          this
Agreement and the other Loan Documents;

 

(c)          [reserved]solely
with respect to the Equity Interests of SPV VLCC Unrestricted Subsidiary, the terms
of the Sinosure Facility Agreement;

 

(d)          Additional
Permitted Unsecured Debt Documents and any Refinancing Notes Indenture;

 

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

 

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

 

(g)          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;

 

(h)          any
encumbrances, restrictions or conditions imposed by any amendments that are otherwise permitted by the Loan Documents of the contracts,
instruments or obligations referred to in clause (d) above; provided, that such amendments are not materially restrictive
with respect to such encumbrances and restrictions than those prior to such amendment;

 

(i)          
any encumbrances, restrictions or conditions set forth in any document evidencing Indebtedness permitted to be incurred by an SPV
Buyer (and Vessel Holding Person, as the case may be) pursuant to Section6.01(q) so long as such encumbrances, restrictions
or conditions only apply to the applicable SPV Buyer, and any Vessel Holding Person acquired by it; or

 

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

 

or (B), prior to
the SPV VLCC Designations, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance,
restriction or condition on the ability of any Subsidiary of SPV VLCC Parent to (i) pay Dividends or make any other distributions
on its Equity Interests or any other interest or participation in its profits owned, directly or indirectly, by any Restricted
Party, or pay any Indebtedness owed to any Restricted Party, (ii) make loans or advances to any Restricted Party or (iii) transfer
any of its properties to any Restricted Party, except for such encumbrances, restrictions or conditions existing under or by reason
of the Sinosure Facility Agreement or of the type described in clauses (a), (b), (d),
(e), (f), (g) and (h) of Section 6.12(A).

 

Section
6.13         Limitation on Issuance of Capital Stock.

 

(a)          With
respect to the Administrative Borrower, issue any Equity Interest that is Disqualified Capital Stock.

 

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(b)          With
respect to any Restricted Subsidiary of the Administrative Borrower, issue any Equity Interest (including by way of sales of treasury
stock) or any options or warrants to purchase, or securities convertible into, any Equity Interest, except (i) for stock splits,
stock dividends and additional issuances of Equity Interests which do not decrease the percentage ownership of the Administrative
Borrower or any of its Restricted Subsidiaries in any class of the Equity Interests of such Restricted Subsidiary and (ii) Restricted
Subsidiaries of the Administrative Borrower formed or acquired after the Closing Date in accordance with this Agreement may issue
Equity Interests to the Administrative Borrower, a Wholly Owned Restricted Subsidiary of the Administrative Borrower which is to
own such Equity Interests and, in the case of a Restricted Subsidiary of the Administrative Borrower that is not a Loan Party,
to other persons which are to own such Equity Interests to the extent otherwise permitted hereunder. All Equity Interests issued
to a Loan Party in accordance with this Section 6.13(b) shall, to the extent required by Section 5.10 and Section
5.11 or any Security Document, be delivered to the Collateral Agent for pledge pursuant to the applicable Security Document.

 

Section
6.14         Business. (a) With respect to Holdings, engage in any business
activities or have any properties, other than (i) its ownership of the Equity Interests of the Administrative Borrower, the Co-Borrower,
the Restricted Parent Subsidiaries and the Restricted Parent Joint Ventures, each as listed on Schedule 1.01(i), and the
immaterial and non-operational assets described on Schedule 3.07(e) to the extent owned as of the Closing Date (as limited
by Section4.01(p)) or permitted to be received by it from the Administrative Borrower after the Closing Date in accordance
with the applicable provisions of Section6.08, (ii) the holding of any cash and Cash Equivalents (but not operating any
property) to the extent held as of the Closing Date (as limited by Section 4.01(p)) or permitted to be received by it from
the Administrative Borrower after the Closing Date in accordance with the applicable provisions of Section 6.08 or reasonably
incidental to the issuance by Holdings of shares of its Qualified Capital Stock or incurrence by Holdings of Indebtedness, (iii)
incurring Indebtedness under the Loan Documents, the Additional Permitted Unsecured Debt Documents and the Refinancing Notes Indentures,
(iv) incurring unsecured Indebtedness and other unsecured liabilities otherwise not restricted by this Agreement, (v) maintaining
its existence in compliance with applicable law and (vi) special purpose holding company activities reasonably incidental to the
foregoing clauses (i) through (v), inclusive. At no time on or after the Closing Date shall Holdings directly own or charter any
Vessel or Chartered Vessel.

 

(b)           With
respect to the Administrative Borrower and its Restricted Subsidiaries, engage (directly or indirectly) in any businesses other
than those businesses in which the Administrative Borrower and its Restricted Subsidiaries are engaged on the Closing Date (or
which are substantially related thereto or are reasonable extensions thereof).

 

(c)          With
respect to the Co-Borrower, (a) engage in any business or own any assets or have any material liabilities other than (i) those
liabilities which it is responsible for under this Agreement and the other Loan Documents to which it is a party, as well as any
liabilities under any Refinancing Notes Indenture or Additional Permitted Unsecured Debt Documents to which it is a party; provided
that the Co-Borrower may engage in those activities that are incidental to (x) the maintenance of its existence in compliance with
applicable law and (y) legal, tax and accounting matters in connection with any of the foregoing activities and (b) take any action
that would result in the Co-Borrower not being treated as a disregarded entity for U.S. federal income tax purposes.

 

(d)          With respect to any SPV Buyer and Vessel Holding Person, engage in any operating activities or own any material assets other than
the operation, management and ownership of, and the ownership of cash or Cash Equivalents related thereto, of any Vessels and/or
Equity Interests in a Vessel Holding Person acquired by it with the proceeds of Indebtedness incurred pursuant to Section 6.01(q) and/or with cash Investments made to it to the extent permitted by Section 6.04(a).

 

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Section 6.15
[Reserved].

 

(e)            With
respect to each Restricted Party, permit SPV VLCC Parent, SPV VLCC Unrestricted Subsidiary or any SPV VLCC Vessel Owner to engage
in any operating activities or own any material assets other than the operation, management and ownership of, and the ownership
of any SPV VLCC Vessels and/or Equity Interests in the SPV VLCC Unrestricted Subsidiary, the SPV VLCC Vessel
Owners and activities and assets related thereto.

 

Section
6.15       SPV VLCC Vessel Owners; SPV VLCC Vessels; etc. Notwithstanding anything
to the contrary contained herein:

 

(a)            (a)
Prior to the SPV VLCC Designations, no Restricted Party shall, directly or indirectly, sell or otherwise dispose of or permit
the direct or indirect sale or other disposition of the Equity Interests of SPV VLCC Parent, SPV VLCC Unrestricted Subsidiary,
or any SPV Vessel Owner or any SPV VLCC Vessel, unless (i) no Event of Default then exists or would result therefrom, (ii) such
sales or other dispositions are made for Fair Market Value and on an arm’s-length commercial basis, (iii) at least 75% of
the consideration payable in respect of such sale or other disposition is in the form of cash or Cash Equivalents and is received
at the time of any such sale or other disposition, and (iv) the Net Cash Proceeds therefrom are applied by the recipients therefrom
(x) first, as to repay the Indebtedness and other amounts outstanding under the Sinosure Facility Agreement associated with the
applicable SPV VLCC Vessels or SPV Vessel Owners, (y) second, to satisfy the mandatory liquidity covenants or as otherwise required
under the Sinosure Facility Documents, and (z) third, to the extent permitted by the terms of the Sinosure Facility Agreement
as in effect at such time to, not later than 5 Business Days after the receipt of such Net Cash Proceeds, directly or indirectly
distribute such Net Cash Proceeds to the Administrative Borrower in the form of a Dividend (any such Dividend an “SPV
VLCC Pre- Designation Sale Proceeds Dividend”); and

 

(b)            at
any time prior to the SPV VLCC Designations, no Restricted Party shall, directly or indirectly, permit SPV VLCC Parent, SPV VLCC
Unrestricted Subsidiary or any SPV VLCC Vessel Owner to (i) create, incur, assume or suffer to exist any Lien on the Equity Interests
or assets of any such Person other than (w) under the Security Documents, (x) in respect of secured Refinancing Notes (but only
to the extent that such Equity Interests or other assets have been pledged as Collateral under the Security Documents), (y) Liens
expressly permitted thereon pursuant to the terms of the Sinosure Facility Agreement and (z) of Section 6.02, and (z) Liens on
the Equity Interests of SPV VLCC Unrestricted Subsidiary and the SPV VLCC Vessel Owners and Liens on the SPV VLCC Vessels and
other assets of SPV VLCC Unrestricted Subsidiary and its subsidiaries to secure the obligations owing to the Sinosure Lender under
the Sinosure Facility Agreement to the extent required pursuant to the terms thereof, or (iii) directly or indirectly, wind up,
liquidate or dissolve its affairs or enter into any transaction of merger or consolidation.

 

Section
6.16         Fiscal Periods. Change its fiscal year-end to a date other than
December 31, or its fiscal quarters to a date other than March 31, June 30, September 30 and December 31.

 

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Section
6.17         No Further Negative Pledge. Enter into (or
permit SPV VLCC Parent, SPV VLCC Unrestricted Subsidiary or any SPV VLCC Vessel Owner to enter into) any
agreement, instrument, deed or lease which prohibits or limits the ability of any Restricted Party to create, incur, assume or
suffer to exist any Lien upon any of its properties or revenues, whether now owned or hereafter acquired, or which requires the
grant of any security for an obligation if security is granted for another obligation, except the following: (a) this Agreement
and the other Loan Documents; (b) covenants in documents creating Liens permitted by Section 6.02 prohibiting further Liens
(other than Liens permitted under Section 6.02(n)) on the properties encumbered thereby; (c) covenants in documents related
to Indebtedness incurred pursuant Section6.01(q) in connection with an SPV Acquisition so long as such restrictions only
apply to the applicable SPV Buyer and any Vessel Holding Person thereof; (d) any prohibition or limitation that (i) exists pursuant
to applicable Legal Requirements, (ii) consists of customary restrictions and conditions contained in any agreement relating to
the sale of any property pending the consummation of such sale; provided, that (x) such restrictions apply only to such
property to be sold or disposed of, and (y) such sale is permitted hereunder, (iii) consists of customary restrictions on the assignment
of leases, licenses and other contracts entered into in the ordinary course of business, (iv) consists of Charter Contract Lien
Restrictions with respect to any Vessel, (v) consists of customary prohibitions or limitations in joint venture agreements, pooling
agreements and other similar agreements restricting the pledge or assignment thereof or (vi) consists of other contractual restrictions
on pledges or assignments in agreements entered into in the ordinary course of business solely to the extent such restrictions
would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any
other applicable Legal Requirement (including the Bankruptcy Code) or principles of equity; and (e) covenants in documents creating
Liens that secure Pool Financing Indebtedness prohibiting Liens on Pool Financing Receivables.,
and (f) at any time prior to the SPV VLCC Designations, covenants in the Sinosure Facility Agreement prohibiting Liens on (x) the
Equity Interests issued by SPV VLCC Unrestricted Subsidiary and the SPV VLCC Vessel Owners and (y) the assets
of SPV VLCC Parent, SPV VLCC Unrestricted Subsidiary and the SPV Vessel Owners.

 

Section
6.18         Anti-Terrorism Law; Anti-Money Laundering. (a) Directly or indirectly
(i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of
any person described in Section 3.22 that would result in a violation of Sanctions Laws, (ii) deal in, or otherwise engage
in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism
Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and the Loan Parties shall deliver to the
Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming
the Companies’ compliance with this Section 6.18).

 

(b)          Cause
or permit any of the funds of such Loan Party that are used to repay the Credit Extensions to be derived from any unlawful activity
with the result that the making of the Credit Extensions would be in violation of Legal Requirements.

 

Section
6.19         Embargoed Person. Cause or permit (a) any of the funds or properties
of any Company that are used to repay the Loans or other Credit Extensions to constitute property of, or be beneficially owned
directly or indirectly by, any person (individual or entity) with whom dealings are restricted or prohibited under United States
or any other applicable Sanctions Laws (“Embargoed Person” or “Embargoed Persons”) that is
identified on the “List of Specially Designated Nationals and Blocked Persons” maintained by OFAC and/or any other
similar list maintained by any Sanctions Authority, or 50% or greater owned by any such designated individual or entity that would
result in a violation of Sanctions Laws, or (b) any Embargoed Person to have any direct or indirect interest, of any nature whatsoever
in any Company, with the result that the investment in any Company (whether directly or indirectly) is prohibited by applicable
Legal Requirements or the Credit Extensions are in violation of applicable Legal Requirements.

 

Section
6.20         Restrictions on Chartering, etc. (i) Let a Vessel or Chartered
Vessel on demise charter for any period or (ii) enter into any charter in respect of a Vessel or Chartered Vessel other than (x)
a Permitted Charter or (y) with the prior written consent of the Administrative Agent (in its reasonable discretion) and solely
in respect of a Vessel or Chartered Vessel acquired by an SPV Buyer (directly or through a Vessel Holding Person owned by it) pursuant
to an SPV Acquisition, any other charter on such Vessel or Chartered Vessel existing at the time of consummation of the applicable
SPV Acquisition (and, if the Administrative Agent has so consented to such charter, any renewals thereof).

 

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Section
6.21         Additional Covenants. (a) Holdings will not (i) directly or indirectly,
take any action that would result in a Change in Control, (ii) create, incur, assume or suffer to exist any Lien on the Equity
Interests of any Borrower, any Restricted Parent Subsidiary or any Restricted Parent Joint Venture other than Permitted Liens of
the type described in clauses (a), (j) and (n) of Section6.02, (iii) directly or indirectly, wind up, liquidate or dissolve
its affairs or enter into any transaction of merger or consolidation or (iv) dispose of (x) any Equity Interest of any Borrower
or (y) except to the extent contributed to the capital of the Administrative Borrower or treated as an Asset Sale pursuant to (and
in accordance with the terms and limitations set forth in) Section6.06(b) (and with any Net Cash Proceeds received therefrom
to be contributed to the capital of the Administrative Borrower), any other Equity Interests owned by it and (b) to the extent
that Holdings receives any cash or other Dividends or distributions from a Restricted Parent Subsidiary or Restricted Parent Joint
Venture or any cash payments on any Indebtedness, receivables or other balances owed by the Administrative Borrower, the Co- Borrower,
any Restricted Subsidiary or any Joint Venture, substantially concurrently with the receipt thereof, Holdings will contribute such
cash or other Dividends, distributions or payments, as the case may be, to the capital of the Administrative Borrower.

 

ARTICLE
VII

 GUARANTEE

 

Section
7.01         The Guarantee. The Guarantors hereby, jointly and severally, guarantee,
as primary obligors and not as sureties, to each Secured 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 Loans
made by the Lenders to, and the Notes, if any, held by each Lender of, the Borrowers, and all other Secured Obligations from time
to time owing to the Secured Parties by any Loan Party in each case strictly in accordance with the terms thereof (such obligations
being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly and severally
agree that if the Borrowers or other Guarantors shall fail to pay in full when due (whether at stated maturity, by acceleration
or otherwise) any of the Guaranteed Obligations, the Guarantors 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.

 

Section
7.02         Obligations Unconditional. The obligations of the Guarantors under
Section 7.01 shall constitute a guaranty of payment and performance and not of collection and, to the fullest extent permitted
by applicable Legal Requirements, 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:

 

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(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;

 

(d)          any
Lien or security interest granted to, or in favor of, any Secured 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; or

 

(e)            the
release of any other Guarantor pursuant to Section 7.09.

 

The
Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement
that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers or any Guarantor 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
Secured Party upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively
be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between the Borrowers
and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee.
This Guarantee 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 Secured
Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit
by the Secured Parties or any other person at any time of any right or remedy against the Borrowers 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. This Guarantee 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 Secured 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.

 

Section
7.03         Reinstatement. The obligations of the Guarantors under this Article
VII shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers
or other Loan 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.

 

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Section
7.04         Subrogation; Subordination. Each Guarantor hereby agrees that
until the indefeasible payment and satisfaction in full in cash of all Guaranteed 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 7.01, whether by subrogation or otherwise,
against any of the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed
Obligations. Any Indebtedness or other Obligation of any Loan Party to a Guarantor shall be subordinated to such Loan Party’s
Secured Obligations in the manner set forth in the Intercompany Subordination Agreement.

 

Section
7.05         Remedies. The Guarantors jointly and severally agree that, as
between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and other Loan Documents may be declared
to be forthwith due and payable as provided in ArticleVIII (and shall be deemed to have become automatically due and payable
in the circumstances provided in Article VIII) for purposes of Section7.01, notwithstanding any stay, injunction
or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against any
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 any Borrower) shall forthwith become due and payable by the Guarantors for
purposes of Section 7.01.

 

Section
7.06         Instrument for the Payment of Money. Each Guarantor hereby acknowledges
that the guarantee in this Article VII constitutes an instrument for the payment of money, and consents and agrees that
any Lender or 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.

 

Section
7.07         Continuing Guarantee. The guarantee in this Article VII
is a continuing guarantee of payment and performance, and shall apply to all Guaranteed Obligations whenever arising.

 

Section
7.08         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 Legal Requirement affecting the rights of creditors generally, if the
obligations of any Guarantor under Section7.01 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 7.01, then,
notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor,
any Loan 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 7.04 and 7.10, 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.

 

Section
7.09         Release of Guarantors. If, in compliance with the terms and provisions
of the Loan Documents, (i) all of the Equity Interests of any Subsidiary Guarantor are sold or otherwise transferred or (ii) any
Subsidiary Guarantor is designated as an Unrestricted Subsidiary (in any such case, a “Transferred Guarantor”)
to a person or persons (other than any Loan Party), such Transferred Guarantor shall, upon the consummation of such sale or transfer
or designation, be released from its obligations under this Agreement (including under Section 11.03) and its obligations
to pledge and grant any Collateral owned by it pursuant to any Security Document and, in the case of the sale of all of the Equity
Interests of the Transferred Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Security Documents
shall be released, and so long as the Administrative Borrower shall have previously provided the Collateral Agent and the Administrative
Agent such certifications or documents as the Collateral Agent and/or the Administrative Agent shall reasonably request, the Collateral
Agent shall take, and the Lenders hereby irrevocably authorize the Collateral Agent to take, such actions as are necessary to effect
each release described in this Section 7.09 in accordance with the relevant provisions of the Security Documents.

 

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Section
7.10         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 7.04.
The provisions of this Section 7.10 shall in no respect limit the obligations and liabilities of any Guarantor to any Secured
Party, and each Guarantor shall remain liable to the Secured Parties for the full amount guaranteed by such Guarantor hereunder.

 

Section
7.11         Keepwell. Each Qualified ECP Guarantor hereby jointly and severally
absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time
by each other Loan Party to honor all of its obligations under Section7.01 in respect of Swap Obligations (provided,
however, that each Qualified ECP Guarantor shall only be liable under this Section7.11 for the maximum amount of
such liability that can be hereby incurred without rendering its obligations under this Section 7.11, or otherwise under
Section 7.01, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater
amount). The obligations of each Qualified ECP Guarantor under this Section7.11 shall remain in full force and effect until
a discharge of Guaranteed Obligations. Each Qualified ECP Guarantor intends that this Section 7.11 constitute, and this
Section 7.11 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each
other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

ARTICLE
VIII

 

EVENTS
OF DEFAULT

 

Section
8.01         Events of Default. Upon the occurrence and during the continuance
of any of the following events (each, an “Event of Default”):

 

(a)          default shall be made in the payment of any principal of any Loan or any Reimbursement Obligation when and as the same shall become
due and payable, whether at the due date thereof or at a date fixed for prepayment (whether optional or mandatory) thereof or by
acceleration thereof or otherwise;

 

(b)          default
shall be made in the payment of any interest on any Credit Extension or any Fee or any other amount (other than an amount referred
to in clause (a) above) due under any Loan Document, when and as the same shall become due and payable, whether at the due date
thereof (including an Interest Payment Date) or at a date fixed for prepayment (whether optional or mandatory) or by acceleration
or demand thereof or otherwise, and such default shall continue unremedied for a period of five Business Days;

 

(c)          any
representation or warranty made or deemed made by any Loan Party in any Loan Document, or in any certificate, financial statement
or other instrument furnished in connection with or required to be given or delivered by any Loan Party pursuant to any Loan Document,
shall prove to have been false or misleading in any material respect when so made, deemed made or so furnished;

 

(d)          default
shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in Section
5.02(a), Section 5.03(a) (as it relates to a Loan Party), Section 5.04, Section 5.08, Section 5.10,
Section 5.13, Section 5.14, Section 5.16, Section 5.17, Section 5.19 or in Article VI;
provided, that a default under either Section 6.06(b)(ii)(B) or Section 6.10(b) (each, a “Revolver
Covenant Event of Default”) shall not constitute an Event of Default with respect to any Class of Term Loans unless and
until the Majority Revolving Lenders shall have terminated their Revolving Commitments and declared all amounts outstanding under
the Revolving Facilities to be due and payable;

 

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(e)          default
shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in any Loan
Document (other than those specified in clause (a), (b) or (d) above) and such default shall continue unremedied or shall not have
been waived (i) in the case of the Agent Fee Letter, for a period of five Business Days, and (ii) in the case of any other covenant,
condition or agreement for a period of 30 days after the earlier of (x) any Loan Party obtaining knowledge thereof and (y) written
notice thereof from the Administrative Agent or the Required Lenders to the Administrative Borrower;

 

(f)          
any Company shall (i) fail to pay any principal, premium or interest, regardless of amount, due in respect of any Indebtedness
(other than the Obligations), when and as the same shall become due and payable beyond any applicable grace period, or (ii) fail
to 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 (f) unless
the aggregate amount of all such Indebtedness referred to in clauses (i) and (ii) equals or exceeds $25,000,000 at any one time;

 

(g)          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 any Company or of a substantial part of the property of any Company, under the Bankruptcy Code, 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 any Company for a substantial part of the property of any Company; or (iii) the winding-up or liquidation of any Company;
and such proceeding or petition shall continue undismissed for 60 days or an Order approving or ordering any of the foregoing shall
be entered;

 

(h)          any
Company shall (i) voluntarily commence any proceeding or file any petition seeking relief under the Bankruptcy Code, as now constituted
or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar Legal Requirement;
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any Insolvency Proceeding or the filing
of any petition described in clause (g) above; (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator, liquidator, rehabilitator or similar official for any Company or for a substantial part of the property
of any Company; (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; (vi) become unable, admit in writing its inability or fail generally to
pay its debts as they become due; (vii) except to the extent permitted by Section6.05, wind up or liquidate; or (viii) take
any action for the purpose of effecting any of the foregoing;

 

(i)             one
or more Orders for the payment of money in an aggregate amount of $25,000,000 or more that are not covered by insurance from an
unaffiliated insurance company with an A.M. Best financial strength rating of at least A- (it being understood that even if such
amounts are covered by insurance from such an insurance company, such amounts shall count against such basket if responsibility
for such amounts has been denied by such insurance company or such insurance company has not been promptly notified of such amounts)
shall be rendered against any Company or any combination thereof and the same shall remain undischarged, unvacated or unbonded
for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken
by a judgment creditor to levy upon properties of any Company to enforce any such Order;

 

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(j)          
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;

 

(k)          any
security interest and Lien purported to be created by any Security Document shall cease to be in full force and effect, or shall
cease to give the Collateral Agent, for the benefit of the Secured Parties, the Liens, rights, powers and privileges purported
to be created and granted under such Security Documents (including a valid, enforceable, perfected First Priority (except as otherwise
expressly provided in this Agreement or such Security Document) Lien on and security interest in, all of the Collateral (other
than an immaterial portion) thereunder) in favor of the Collateral Agent, or shall be asserted by or on behalf of any Company not
to be, a valid, enforceable, perfected, First Priority (except as otherwise expressly provided in this Agreement or such Security
Document) Lien on and security interest in the Collateral (other than an immaterial portion) covered thereby;

 

(l)          
(x) any Loan Document or any material provisions thereof shall at any time and for any reason be declared by a court of competent
jurisdiction to be null and void, (y) a proceeding shall be commenced by or on behalf of any Loan Party or any Affiliate thereof,
or by any Governmental Authority, seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation
of any provision thereof), or (z) any Loan Party (directly or indirectly) shall repudiate, revoke, terminate or rescind (or purport
to do any of the foregoing) or deny any portion of its liability or obligation for the Obligations; or

 

(m)           there
shall have occurred a Change in Control;

 

then, and in every such
event (other than an event with respect to any Borrower described in clause (g) or (h) above), and at any time thereafter during
the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders (or, (x) if a Revolver
Covenant Event of Default occurs and is continuing and/or (y) if any other Event of Default has continued for a period of 180 days
and (in the case of this clause (y)) the Required Lenders have not exercised their rights and remedies hereunder or under the Security
Documents (and shall not be diligently pursuing such rights and remedies) at such time, in either case, at the request of the Majority
Revolving Lenders only, and in each such case, without limiting Section8.01(b), only with respect to the Revolving Facilities,
any Letters of Credit and other Revolving Obligations) shall, by notice to the Administrative Borrower, take any or all of the
following actions, at the same or different times: (i) terminate forthwith the Commitments; (ii) declare the Obligations then outstanding
to be forthwith due and payable in whole or in part, whereupon the principal of the Obligations so declared to be due and payable,
together with accrued interest thereon, any fees or repayment premiums applicable under Section 2.10(g), and any unpaid
accrued Fees and all other liabilities of the Loan Parties accrued hereunder and under any other Loan Document, shall become forthwith
due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived
by the Loan Parties, anything contained herein or in any other Loan Document or otherwise to the contrary notwithstanding; and
(iii) exercise (and/or direct the Collateral Agent to exercise) any and all of its (or the Collateral Agent’s) other rights
and remedies under applicable Legal Requirements, hereunder and under the other Loan Documents; and in any event with respect to
any Borrower described in clause (g) or (h) above, the Commitments shall automatically terminate and the principal of the Obligations
then outstanding, together with accrued interest thereon, any fees or repayment premiums applicable under Section 2.10(g),
and any unpaid accrued Fees and all other liabilities of the Loan Parties accrued hereunder and under any other Loan Document,
shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which
are hereby expressly waived by the Loan Parties, anything contained herein or in any other Loan Document or otherwise to the contrary
notwithstanding.

 

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In
addition, without limiting the foregoing, in the event of a foreclosure (or other similar exercise of remedies) by the Collateral
Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent, the Administrative
Agent or any Secured Party may be the purchaser of any or all of such Collateral at any such sale or other disposition and, in
addition, the Collateral Agent or the Administrative Agent, as agent for and representative of all of Secured Parties (but not
any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing)
shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such sale or other disposition, to use and apply any of the Obligations as a credit on account of the
purchase price for any Collateral payable by Collateral Agent at such sale.

 

Section
8.02         Rescission.  If at any time
after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest
and Fees and all payments on account of principal of the Loans and Reimbursement Obligations owing by them that shall have become
due otherwise than by acceleration (with interest on principal and Fees and, to the extent permitted by law, on overdue interest,
at the rates specified herein) and all Defaults (other than non- payment of principal of and accrued interest on the Loans due
and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.02, then upon the written
consent of the Required Lenders (which may be given or withheld in their sole discretion) and written notice to the Administrative
Borrower, the termination of the Commitments or the acceleration of the Loans and their consequences may be rescinded and annulled;
but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the
preceding sentence are intended merely to bind the Lenders, the Issuing Banks and the other Secured Parties to a decision that
may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not
give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set
forth herein are met.

 

ARTICLE IX

 

APPLICATION OF COLLATERAL
PROCEEDS

 

Section
9.01         Application of Proceeds. Subject to the provisions of Section
11.23, the proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all
or any part of the Collateral, pursuant to the exercise by the Collateral Agent of its remedies shall be applied, in full or in
part, together with any other sums then held by or distributed or paid to the Collateral Agent or the Administrative Agent pursuant
to this Agreement or any other Loan Document (including as a result of any exercise of any right or remedy hereunder or thereunder),
promptly by the Collateral Agent as follows:

 

(a)          First,
to the indefeasible payment in full in cash of all reasonable and documented out-of-pocket costs and expenses, and all fees, commissions
and taxes of such sale, collection or other realization (including compensation to the Administrative Agent, the Collateral Agent
and their respective agents and counsel, and all expenses, liabilities and advances made or incurred by the Administrative Agent
and/or the Collateral Agent in connection therewith and all amounts for which the Administrative Agent or Collateral Agent are
entitled to indemnification pursuant to the provisions of any Loan Document), together with interest on each such amount at the
highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full;

 

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(b)          Second,
to the indefeasible payment in full in cash of all other reasonable costs and expenses of such sale, collection or other realization
(including compensation to the other Secured Parties and their agents and counsel and all costs, liabilities and advances made
or incurred by the other Secured Parties in connection therewith), together with interest on each such amount at the highest rate
then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full;

 

(c)          Third,
without duplication of amounts applied pursuant to clauses (a) and (b) above, to the indefeasible payment in full in cash, pro
rata, of principal, interest and other amounts constituting Revolving Obligations (including Reimbursement Obligations and obligations
to Cash Collateralize Letters of Credit), in each case, equally and ratably in accordance with the respective amounts thereof then
due and owing (it being agreed that, for purposes of applying this clause (c), all interest and all other amounts described herein
will be deemed payable in accordance with this Agreement regardless of whether such claims are allowed in any proceeding described
in Section 8.01(g) or (h));

 

(d)          Fourth,
to the extent proceeds remain after the application pursuant to preceding clauses (a) through (c), to the indefeasible payment
in full in cash, pro rata, of interest and other amounts constituting Obligations (other than principal), and any fees, premiums,
interest and scheduled periodic payments due under Bank Product Obligations, in each case equally and ratably in accordance with
the respective amounts thereof then due and owing;

 

(e)          Fifth,
to the extent proceeds remain after the application pursuant to preceding clauses (a) through (d), to the indefeasible payment
in full in cash, pro rata, of the principal amount of the Secured Obligations (including principal on any Bank Product Obligations
then due and owing);

 

(f)          
Sixth, to the indefeasible payment in full in cash, pro rata, to any other Secured Obligations then due and owing with any
balance to be paid to the Administrative Agent, for the ratable benefit of the Bank Product Providers, as cash collateral; and

 

(g)          Seventh,
the balance, if any, to the person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns)
or as a court of competent jurisdiction may direct;

 

provided, that
in each case, for the avoidance of doubt, in no event shall the proceeds of any Collateral pledged by a Guarantor or any payment
made by a Guarantor be applied to payment of any Excluded Swap Obligations of such Guarantor.

 

In
the event that any such proceeds are insufficient to pay in full the items described in clauses (a) through (g) of this Section
9.01, the Loan Parties shall remain liable, jointly and severally, for any deficiency.

 

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ARTICLE X

 

THE ADMINISTRATIVE AGENT
AND THE COLLATERAL AGENT

 

Section
10.01      Appointment. (a) Each Lender and each Issuing Bank hereby irrevocably designates and appoints (and by entering into
a Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably designate and appoint) each of the Administrative
Agent and the Collateral Agent as an agent of such Lender under this Agreement and the other Loan Documents. Each Lender and each
Issuing Bank irrevocably authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed
to irrevocably authorize) each Agent, in such capacity, through its agents or employees, to take such actions on its behalf under
the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are delegated
to such Agent by the terms of this Agreement and the other Loan Documents, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article X are solely for the benefit of the Agents, the Lenders, the Issuing
Banks and the Bank Product Providers, and no Loan Party shall have rights as a third party beneficiary of any such provisions.
Without limiting the generality of the foregoing, the Agents are hereby expressly authorized to execute any and all documents (including
releases) with respect to the Collateral and any rights of the Secured Parties with respect thereto as contemplated by and in accordance
with the provisions of this Agreement and the other Loan Documents. In performing its functions and duties hereunder, each Agent
shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation towards
or relationship of agency or trust with or for any Loan Party or any of their respective Subsidiaries. Without limiting the generality
of the foregoing, the use of the term “agent” in this Agreement with reference to the Administrative Agent or the Collateral
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 merely as a matter of market custom and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

(b)          Each
Lender irrevocably appoints each other Lender, and the Collateral Agent irrevocably appoints the Administrative Agent, as its agent
and bailee for the purpose of perfecting Liens (whether pursuant to Section 8-301(a)(2) of the UCC or otherwise), for the benefit
of the Secured Parties, in assets in which, in accordance with the UCC or any other applicable Legal Requirement, a security interest
can be perfected by possession or control. Should any Lender (other than the Collateral Agent) obtain possession or control of
any such Collateral, such Lender shall notify the Collateral Agent thereof, and, promptly following the Collateral Agent’s
request therefor, shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with
the Collateral Agent’s instructions. The Lenders hereby acknowledge and agree (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to acknowledge and authorize) that the Collateral Agent may act as the collateral agent
for the Secured Parties.

 

Section
10.02       Agent in Its Individual Capacity. Each person serving as an Agent 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 an Agent, and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the person
serving as an Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits from, lend money to,
act as financial advisor or in any other advisory capacity for, and generally engage in any kind of business with, any Company
or any Affiliate thereof as if it were not an Agent hereunder and without duty to account therefor to the Lenders or the Issuing
Banks.

 

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Section
10.03      Exculpatory Provisions. No Agent shall have any duties or obligations except
those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) no Agent shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) no
Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated by the Loan Documents that such Agent is required to exercise in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section
8.01 or 11.02); provided, that no Agent shall be required to take any action that, in its opinion or the
opinion of its counsel, may expose such Agent to liability, if the Agent is not indemnified to its satisfaction, or that is
contrary to any Loan Document or applicable Legal Requirements including, for the avoidance of doubt, any action that may be
in violation of the automatic stay under any Insolvency Law or that may effect a foreclosure, modification or termination of
property of a Defaulting Lender under any Insolvency Law, and (c) except as expressly set forth in the Loan Documents, no
Agent shall have any duty to disclose or shall be liable for the failure to disclose, any information relating to any Company
or any of its Affiliates that is communicated to or obtained by the person serving as such Agent or any of its Affiliates in
any capacity. No Agent shall be liable for any action taken or not taken by it 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 any Agent shall believe in
good faith shall be necessary, under the circumstances as provided in Section 8.01 or 11.02) or in the absence
of its own gross negligence or willful misconduct as determined by a final and non-appealable judgment of a court of
competent jurisdiction. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof
describing such Default is given to such Agent by any Borrower, a Lender or an Issuing Bank, and no Agent 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 any 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 in any Loan Document or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document. Each party to this Agreement
acknowledges and agrees that the Administrative Agent and/or the Collateral Agent may from time to time use one or more
outside service providers for the tracking of all UCC financing statements (and/or other collateral related filings and
registrations from time to time) required to be filed or recorded pursuant to the Loan Documents and the notification to the
Administrative Agent and/or the Collateral Agent, of, among other things, the upcoming lapse or expiration thereof, and that
each of such service providers will be deemed to be acting at the request and on behalf of the Borrowers and the other Loan
Parties. No Agent shall be liable for any action taken or not taken by any such service provider. Neither any Agent nor any
of its officers, partners, directors, employees or agents shall be liable to the Lenders for any action taken or omitted by
any Agent under or in connection with any of the Loan Documents.

 

Section
10.04       Reliance by Agent. Each Agent 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) believed by it to be genuine and to have been signed, sent, or otherwise
authenticated by a proper person. Each Agent also may rely upon any statement made to it orally or by telephone and 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 a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to
the satisfaction of a Lender or an Issuing Bank, each Agent may presume that such condition is satisfactory to such Lender or such
Issuing Bank unless each Agent shall have received written notice to the contrary from such Lender or such Issuing Bank prior to
the making of such Loan or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel
for the Loan Parties), independent accountants and other advisors selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel, accountants or advisors.

 

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Section
10.05       Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers under this
Agreement or under any other Loan Document by or through, or delegate any and all such rights and powers to, any one or more sub-agents
appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Affiliates. The exculpatory, indemnification and other provisions of the preceding paragraphs shall
apply to any such sub-agent and to the Affiliates of each Agent and any such sub-agent, and shall apply, without limiting the foregoing
to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Agent. The Agents shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court
of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful
misconduct in the selection of such sub-agent.

 

Section
10.06       Successor Agent. Each Agent may resign as such at any time upon at least 10 days’ prior notice to the Lenders,
the Issuing Banks and the Administrative Borrower and without notice to the Bank Product Providers. Upon any such resignation,
the Required Lenders shall have the right, in consultation with the Administrative Borrower, so long as no Event of Default shall
have then occurred and be continuing, to appoint a successor Agent from among the Lenders. If no successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 10 days after the retiring Agent gives notice of its resignation,
then the retiring Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Agent, which successor shall be
a commercial banking institution or other finance or trust company organized under the laws of the United States (or any State
thereof) or a United States branch or agency of a commercial banking institution, in each case, having combined capital and surplus
of at least $500,000,000; provided, that if such retiring Agent is unable to find a commercial banking institution or other
finance or trust company that is willing to accept such appointment and which meets the qualifications set forth above, the retiring
Agent’s resignation shall nevertheless thereupon become effective and the retiring (or retired) Agent shall be discharged
from its duties and obligations under the Loan Documents, and the Lenders shall assume and perform all of the duties of the Agent
under the Loan Documents until such time, if any, as the Required Lenders appoint a successor Agent.

 

Upon
the acceptance of its appointment as an Agent hereunder by a successor, such successor shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Agent, and the retiring (or retired) Agent shall be discharged from
its duties and obligations under the Loan Documents. The fees payable by the Borrowers to a successor Agent shall be the same as
those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After an Agent’s resignation
hereunder, the provisions of this Article X, Section 11.03 and Sections 11.08 to 11.10 shall continue
in effect for the benefit of such retiring Agent, its sub-agents and their respective Affiliates in respect of any actions taken
or omitted to be taken by any of them while it was acting as Agent.

 

Section
10.07      Non-Reliance on Agent and Other Lenders. Each Lender, Bank Product Provider and Issuing Bank acknowledges that it
has, independently and without reliance upon any Agent or any other Lender or any of their respective Affiliates and based on such
documents and information as it has deemed appropriate, conducted its own independent investigation of the financial condition
and affairs of the Loan Parties and their Subsidiaries and made its own credit analysis and decision to enter into this Agreement.
Each Lender further represents and warrants that it has reviewed each document made available to it on the Platform in connection
with this Agreement and has acknowledged and accepted the terms and conditions applicable to the recipients thereof (including
any such terms and conditions set forth, or otherwise maintained, on the Platform with respect thereto). Each Lender (and each
Bank Product Provider) and each Issuing Bank also acknowledges that it will, independently and without reliance upon any Agent
or any other Lender or any of their respective Affiliates 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 related agreement or any document furnished hereunder or thereunder.

 

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Section
10.08       Name Agents. The parties hereto acknowledge that the Arrangers, the Bookrunners and the persons named as Co-Managers
on the cover page of this Agreement hold their titles in name only, and that such titles confer no additional rights or obligations
relative to those conferred on any Lender or any Issuing Bank hereunder.

 

Section
10.09       Indemnification. The Lenders severally agree to indemnify each Agent in its capacity as such and each of its Related
Persons (to the extent not reimbursed by the Borrowers or the Guarantors and without limiting the obligation of the Borrowers or
the Guarantors to do so), ratably according to their respective outstanding Loans and Commitments in effect on the date on which
indemnification is sought under this Section10.09 (or, if indemnification is sought after the date upon which all Commitments
shall have been terminated and the Loans shall have been paid in full, ratably in accordance with such outstanding Loans and Commitments
as in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, fines, penalties,
actions, claims, suits, judgments, litigations, investigations, inquiries or proceedings, costs, expenses or disbursements of any
kind whatsoever that may at any time (whether before or after the payment of the Loans and Reimbursement Obligations) be imposed
on, incurred by or asserted against such Agent or Related Person in any way relating to or arising out of, the Commitments, the
Loans, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein, the Transactions
or any of the other transactions contemplated hereby or thereby or any action taken or omitted by such Agent or Related Person
under or in connection with any of the foregoing (IN ALL CASES, WHETHER OR NOT CAUSED OR ARISING, IN WHOLE OR IN PART, OUT OF THE
COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF ANY AGENT OR RELATED PERSON); provided, that no Lender shall be liable for
the payment of any portion of such liabilities, obligations, losses, damages, fines, penalties, actions, claims, suits, judgments,
litigations, investigations, inquiries or proceedings, costs, expenses or disbursements that are found by a final and non-appealable
judgment of a court of competent jurisdiction to have directly resulted solely and directly from such Agent’s or Related
Person’s, as the case may be, gross negligence or willful misconduct. The agreements in this Section 10.09 shall survive
the payment of the Loans and all other amounts payable hereunder and the termination of the Commitments.

 

Section
10.10      Withholding Taxes. To the extent required by any applicable Legal Requirements, the Administrative Agent may withhold
from any payment to any Lender an amount equivalent to any applicable withholding Tax. If any payment has been made to any Lender
by the Administrative Agent without the applicable withholding Tax being withheld from such payment and the Administrative Agent
has paid over the applicable withholding Tax to the Internal Revenue Service or any other Governmental Authority, or the Internal
Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold Tax
from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed
or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from,
or reduction of, withholding Tax ineffective or for any other reason, or if the Administrative Agent reasonably determines that
a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding tax from such payment, such
Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent
as Tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal
costs and out-of-pocket expenses) incurred.

 

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Section
10.11       Lender’s Representations, Warranties and Acknowledgements. (b) Each Lender represents and warrants that it has
made its own independent investigation of the financial condition and affairs of the Companies in connection with Credit Extensions
hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of the Companies. No Agent
shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal
on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its
possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect
to the accuracy of or the completeness of any information provided to the Lenders. Each Lender and each Issuing Bank acknowledges
that no Agent or Related Person of any Agent has made any representation or warranty to it. Except for documents expressly required
by any Loan Document to be transmitted by an Agent to the Lenders or the Issuing Banks, no Agent shall have any duty or responsibility
(either express or implied) to provide any Lender or any Issuing Bank with any credit or other information concerning any Loan
Party or any Affiliate of a Loan Party, including the business, prospects, operations, property, financial and other condition
or creditworthiness of any Loan Party or any Affiliate of a Loan Party, that may come in to the possession of an Agent or any of
its Related Persons.

 

(c)          Each
Lender, by delivering its signature page to this Agreement or an Assignment and Acceptance Agreement, shall be deemed to have acknowledged
receipt of, and consented to and approved, each Loan Document and each other document required to be approved by any Agent, the
Required Lenders or the Lenders, as applicable, on the Closing Date.

 

Section
10.12      Security Documents and Guarantees.

 

(a)          Each
Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the
benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Guarantees, the
Collateral and the Loan Documents; provided that neither the Administrative Agent nor the Collateral Agent shall owe any
fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder of Bank Product
Obligations with respect to any Bank Product Agreement. Subject to Section 11.02, without further written consent or authorization
from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments
necessary to (i) in connection with a sale or disposition of assets permitted by this Agreement, release any Lien encumbering any
item of Collateral that is the subject of such sale or other disposition of assets or to which the Required Lenders (or such other
Lenders as may be required to give such consent under Section 8.01 or 11.02) have otherwise consented or (ii) release
any Guarantor from the Guarantees pursuant to Section 7.09 or with respect to which the Required Lenders (or such other
Lenders as may be required to give such consent under Section 8.01 or 11.02) have otherwise consented.

 

(b)          Anything
contained in any of the Loan Documents to the contrary notwithstanding, each Loan Party, the Administrative Agent, the Collateral
Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the
Collateral or to enforce the Guarantees, it being understood and agreed that all powers, rights and remedies hereunder and under
any of the Loan Documents may be exercised solely by the Administrative Agent or the Collateral Agent, as applicable, for the benefit
of the Secured Parties in accordance with the terms hereof and thereof and all powers, rights and remedies under the Security Documents
may be exercised solely by the Collateral Agent for the benefit of the Secured Parties in accordance with the terms thereof, and
(ii) in the event of a foreclosure or similar enforcement action by the Collateral Agent on any of the Collateral pursuant to a
public or private sale or other disposition (including pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the
Bankruptcy Code), the Collateral Agent (or any Lender, except with respect to a “credit bid” pursuant to Section 363(k),
Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code) may be the purchaser or licensor of any or all of such Collateral
at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not
any Lender or Lenders in its or their respective individual capacities) shall be entitled, upon instructions from the Required
Lenders (or the Majority Revolving Lenders, as the case may be), for the purpose of bidding and making settlement or payment of
the purchase price for all or any portion of the Collateral sold at any such sale or disposition, to use and apply any of the Obligations
as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition.

 

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(c)         (i)          Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent and the Collateral
Agent, as applicable, shall (without notice to, or vote or consent of, any Lender, or any Affiliate of any Lender that is a party
to any Bank Product Agreement) take such actions as shall be required to release its security interest in any Collateral subject
to any disposition permitted by the Loan Documents, and to release any guarantee obligations under any Loan Document of any person
subject to such disposition, to the extent necessary to permit consummation of such disposition in accordance with the Loan Documents.

 

(ii)         Notwithstanding
anything to the contrary contained herein or any other Loan Document, when all Secured Obligations (other than Secured Obligations
in respect of any Bank Product Agreement and contingent indemnification obligations for which no claim or demand has been made)
have been paid in full, all Commitments have terminated or expired and all Letters of Credit have terminated or expired (or have
been Cash Collateralized), upon request of the Administrative Borrower, the Administrative Agent and the Collateral Agent shall
(without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Bank Product Agreement)
take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations
provided for in any Loan Document, whether or not on the date of such release there may be outstanding Secured Obligations in respect
of Bank Product Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee
obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby
shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of any Loan Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, the Administrative Borrower or any other Loan Party or any substantial part of its property, or otherwise, all as
though such payment had not been made.

 

(d)         The
Agents 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 Collateral Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Agents be responsible or liable to the Lenders
for any failure to monitor or maintain any portion of the Collateral.

 

Section
10.13       Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim. In case of the pendency of any Insolvency
Proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on any Loan Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

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(a)          to
file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that, in its sole opinion, complies
with such rule’s disclosure requirements for entities representing more than one creditor;

 

(b)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans 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 and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its respective agents and counsel and all other amounts due the Administrative Agent under Sections
2.03 and 10.03) allowed in such judicial proceeding; and

 

(c)          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 Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under this Agreement. To the extent that the payment of any such compensation, expenses, disbursements and advances of the
Administrative Agent, its agents and counsel, and any other amounts due the Administrative Agent under this Agreement out of the
estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other properties that the Lenders may be entitled to receive
in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section
10.14       Ship Mortgage Trust. The Mortgage Trustee agrees and declares, and each of the other Secured Parties acknowledges,
that, subject to the terms and conditions of this Section 10.14, the Mortgage Trustee holds the Trust Property in trust
for the Secured Parties absolutely. Each of the other Secured Parties agrees that the obligations, rights and benefits vested in
the Mortgage Trustee shall be performed and exercised in accordance with this Section 10.14. For the avoidance of doubt,
the Mortgage Trustee shall have the benefit of all of the provisions of this Agreement (including exculpatory and indemnification
provisions) benefiting it in its capacity as Collateral Agent for the Secured Parties. In addition, the Mortgage Trustee and any
attorney, agent or delegate of the Mortgage Trustee may indemnify itself or himself out of the Trust Property against all liabilities,
costs, fees, damages, charges, losses and expenses sustained or incurred by it or him in relation to the taking or holding of any
of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested
in the Mortgage Trustee or any other such person by or pursuant to the Collateral Vessel Mortgages or in respect of anything else
done or omitted to be done in any way relating to the Collateral Vessel Mortgages.

 

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ARTICLE XI

 

MISCELLANEOUS

 

Section 11.01        Notices.

 

(a)            Notices
and other communications provided for herein shall, except as provided in Section11.01(b), be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile transmission, as follows:

 

(i)          if
to any Loan Party, to the Administrative Borrower at:

 

International Seaways Operating
Corporation

c/o International Seaways Ship
Management LLC

600 Third Avenue, 39th
Floor

New York, New York 10016

Attention: President

Telephone: 212-953-4100

Fax: 212-578-1881

Email: lzabrocky@intlseas.com
and LegalDepartment@intlseas.com

 

(ii)         if
to the Administrative Agent, to it at:

 

Jefferies Finance LLC

520 Madison Avenue

New York, NY 10022

Attention: Account Manager –
International Seaways Operating Corporation

Facsimile No.: (212) 284-3444

Electronic Mail: JFIN.Admin@Jefferies.com

 

(iii)        if
to a Lender, to it at its address (or facsimile number) set forth on Annex I or in the Assignment and Acceptance pursuant to which
such Lender shall have become a party hereto;

 

(iv)        if
to the Swingline Lender, to it at:

 

Skandinaviska Enskilda Banken
AB (publ)

Rissneleden 110

SE-106 40 Stockholm, Sweden

Attention: Structured Credits
Operations

Facsimile No.: +46 8 611 03
84

Electronic Email: sco@seb.se

 

(v)         if
to any Issuing Bank, to such Issuing Bank at (as applicable):

 

Skandinaviska Enskilda Banken
AB (publ)

Rissneleden 110

SE-106 40 Stockholm, Sweden

Attention: Structured Credits
Operations

Facsimile No.: +46 8 611 03
84

Electronic Email: sco@seb.se

 

    	 	176	 

     

    

  

Notice
and other communications to the Lenders and the Issuing Banks hereunder may (subject to Section 11.01(b)) be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent. Any party hereto may change its address, facsimile number or e-mail address for notice and other communications
hereunder by notice to the other parties hereto. The Administrative Agent or the Administrative Borrower 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. Unless the Administrative
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 acknowledgment from the intended recipient (including by the “return receipt requested” function, as
available, return e-mail or other written acknowledgment); provided, that if such notice 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, 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.

 

(b)          Each
Loan Party hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it
is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other Loan Document, including all notices,
requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such
communication that (i) relates to a request for a new, or a conversion of an existing, Borrowing or other extension of credit (including
any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount
due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default under this Agreement or (iv)
is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other
extension of credit hereunder (all such non-excluded communications, collectively, the “Communications”), by
transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent at the
e-mail address(es) provided to the Administrative Borrower by the Administrative Agent from time to time or in such other form,
including hard copy delivery thereof, as the Administrative Agent shall require. In addition, each Loan Party agrees to continue
to provide the Communications to the Administrative Agent in the manner specified in this Agreement or any other Loan Document
or in such other form, including hard copy delivery thereof, as the Administrative Agent shall require. Nothing in this Section
11.01 shall prejudice the right of the Agents, any Lender, any Issuing Bank or any Loan Party to give any notice or other communication
pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document
or as any such Agent shall require.

 

(c)          To
the extent consented to by the Administrative Agent in writing from time to time, the Administrative Agent agrees that receipt
of the Communications by the Administrative Agent at its e-mail address(es) set forth above shall constitute effective delivery
of the Communications to the Administrative Agent for purposes of the Loan Documents.

 

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(d)          Each
Loan Party further agrees that the Administrative Agent may make the Communications available to the other Agents, the Lenders
or the Issuing Banks by posting the Communications on a Platform. The Platform and any Approved Electronic Communications are provided
“as is” and “as available.” The Agents do not warrant the accuracy or completeness of the Communications,
or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Platform and the Approved Electronic
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
in connection with the Communications or the Platform. In no event shall any Agent have any liability to any Loan Party, any Lender
or any other person for damages of any kind, whether or not based on strict liability and including direct or indirect, special,
incidental or consequential damages, losses or expenses (whether in contract, tort or otherwise) arising out of or related to any
Loan Party’s or any Agent’s transmissions of Communications through the Internet (including the Platform). 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 (a) of notification that such notice or communication is available and
identifying the website address therefor. Each Loan Party understands that the distribution of material through an electronic medium
is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes
the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence
of the Administrative Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.

 

(e)          The
Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
receipt of notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform
shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees
to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s
e-mail address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to
such e-mail address. Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other
communication pursuant to any Loan Document in any other manner specified in such Loan Document.

 

(f)          
Each Loan Party, each Lender and each Agent agrees that the Administrative Agent may, but shall not be obligated to, store any
Approved Electronic Communications on the Platform in accordance with the Administrative Agent’s customary document retention
procedures and policies.

 

(g)          Each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public
Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United
States federal and state securities laws, to make reference to information that is not made available through the “Public
Side Information” portion of the Platform and that may contain Material Non-Public Information with respect to the Administrative
Borrower, its Subsidiaries or their securities for purposes of United States federal or state securities laws. In the event that
any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public
Lender acknowledges that (i) other Lenders may have availed themselves of such information and (ii) neither any Borrower nor the
Administrative Agent has any responsibility for such Public Lender’s decision to limit the scope of the information it has
obtained in connection with this Agreement and the other Loan Documents.

 

    	 	178	 

     

    

  

Section
11.02      Waivers; Amendment. (b) No failure or delay by any Agent, any Issuing Bank or any Lender in exercising any right or
power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of each Agent, each Issuing Bank
and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom
shall in any event be effective unless the same shall be permitted by Section 11.02(b), and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing,
the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether
any Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on
any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances.

 

(b)            Subject
to Sections 2.16(c), 11.02(d) and 11.02(e), neither this Agreement nor any other Loan Document nor any provision
hereof or thereof may be waived, amended, supplemented or modified except, in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by the Loan Parties and the Required Lenders (other than with respect to any amendment or
waiver contemplated in clause (b)(xiv) below, which shall only require the consent of the Majority Revolving Lenders) or, in the
case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent, the
Collateral Agent (in the case of any Security Document) and the Loan Party or Loan Parties that are parties thereto, in each case
with the written consent of the Required Lenders; provided, that no such agreement shall:

 

(i)            
increase or extend the expiry date of any Commitment of any Lender without the written consent of such Lender (it being understood
that no amendment, modification, termination, waiver or consent with respect to any condition precedent, covenant or Default (or
any definition used, respectively, therein) shall constitute an increase in or an extension of the expiry date of any Commitment
of any Lender for purposes of this clause (i));

 

(ii)            reduce
the principal amount or premium, if any, of any Loan or LC Disbursement or reduce the rate of interest thereon (other than waiver
of any increase in the rate of interest pursuant to Section 2.06(c)), or reduce any Fees payable hereunder, or change the
form or currency of payment of any Obligation, without the written consent of each Lender directly affected thereby (including,
if directly affected, each Issuing Bank);

 

(iii)          
postpone or extend the maturity of any Loan, the required date of payment of any Reimbursement Obligation or any scheduled date
of payment of or the installment otherwise due on the principal amount of any Term Loan under Section 2.09, or any date
for the payment of any interest, premium or fees payable hereunder, or reduce the amount of, waive or excuse any such payment (other
than a waiver of any increase in the rate of interest pursuant to Section 2.06(c)), or postpone the scheduled date of expiration
of any Commitment or postpone the scheduled date of expiration of any Letter of Credit beyond the Letter of Credit Expiration Date,
without the written consent of each Lender directly affected thereby (including, if directly affected, each Issuing Bank);

 

(iv)         
change Section 11.04(b) in a manner which further restricts assignments thereunder without the written consent of each Lender
directly affected thereby (provided that any amendment that clarifies any ambiguity or defect in the definition or use of
Disqualified Institutions shall require only the consent of the Required Lenders and the Loan Parties);

 

(v)           change
Section 2.14(b) or (c) or Section 9.01 in a manner that would alter the order of or the pro rata sharing of
payments or setoffs required thereby, without the written consent of each Lender directly affected thereby;

 

    	 	179	 

     

    

  

(vi)         
change the percentage set forth in the definition of “Required Lenders”, “Majority Revolving Lenders”,
or any other provision of any Loan Document (including this Section 11.02) specifying the number or percentage of Lenders
(or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent
thereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be);

 

(vii)          release
all or substantially all of the Guarantors from their respective Guarantees (except as expressly provided in Article VII),
or limit their liability in respect of such Guarantees, without the written consent of each Lender;

 

(viii)
      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 Secured Obligations entitled to the Liens of the Security
Documents (except in connection with securing additional Secured Obligations equally and ratably with the other Secured Obligations),
in each case without the written consent of each Lender;

 

(ix)        
 change the order of application of prepayments among Term Loans and Revolving Commitments (and related Revolving Obligations) under
Section 2.10(d) or change the application of prepayments of Term Loans set forth in Section 2.10(d) in each case
without the consent of the Majority Revolving Lenders and Term Lenders holding more than 50% of the aggregate principal amount
of the outstanding Term Loans;

 

(x)            without
the written consent of the Majority Revolving Lenders, amend, modify or waive (w) the provisions of Section 2.10(h) or Article
IX, in each case, in a manner adversely affecting the priority status of the Revolving Obligations, (x) the provisions of Section
11.04(k) or 11.23, (y) any condition precedent set forth in Section4.02 with respect to the making of any Revolving
Loan or Swingline Loan or the issuance of any Letter of Credit or (z) alter the rights or remedies of the Majority Revolving Lenders
arising pursuant to ArticleVIII as a result of the failure of the Required Lenders to exercise their rights and remedies
within the time period set forth therein;

 

(xi)          
without the written consent of the Term Lenders holding more than 50% of the aggregate principal amount of the outstanding Term
Loans, amend or modify this Agreement to provide for aggregate Revolving Commitments under all Classes to exceed $75,000,000;

 

(xii)          subordinate
the Obligations under the Loan Documents to any other Indebtedness without the written consent of each Lender;

 

(xiii)         modify
the protections afforded to an SPC pursuant to the provisions of Section 11.04(h) without the written consent of such SPC;
or

 

(xiv)         (w)
amend or otherwise modify Section6.06(b)(ii)(B), (x) amend or otherwise modify Section 6.10(b) (or for the purposes
of determining compliance with Section 6.10(b), any defined terms used therein), or (y) waive or consent to any Default
resulting from a breach of either Section 6.06(b)(ii)(B) or Section 6.10(b) or (z) alter the rights or remedies of
the Majority Revolving Lenders arising pursuant to Article VIII as a result of a breach of either Section 6.06(b)(ii)(b)
or Section 6.10(b), in each case, without the written consent of the Majority Revolving Lenders; provided, however, that
the amendments, modifications, waivers and consents described in this clause (xiv) shall not require the consent of any Lenders
other than the Majority Revolving Lenders;

 

    	 	180	 

     

    

  

provided,
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent,
the Collateral Agent, any Issuing Bank or the Swingline Lender without the prior written consent of the Administrative Agent, the
Collateral Agent, such Issuing Bank or the Swingline Lender, as the case may be. Notwithstanding the foregoing, any provision of
this Agreement may be amended by an agreement in writing entered into by the Borrowers, the Required Lenders and the Administrative
Agent (and, if their rights or obligations are affected thereby, the Collateral Agent, the Issuing Banks and the Swingline Lender)
if (1) by the terms of such agreement the Commitments of each Lender not consenting to the amendment provided for therein shall
terminate upon the effectiveness of such amendment, (2) at the time such amendment becomes effective, each Lender not consenting
thereto receives payment in full of the principal of, premium, if any, and interest accrued on each Loan made by it and all other
amounts owing to it or accrued for its account under this Agreement, and (3) Section 2.16(b) is complied with.

 

(c)           Without
the consent of any other person, the applicable Loan Party or Loan Parties and the Administrative Agent and/or Collateral Agent
may (in its or their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment
or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit
of the Secured Parties, or as required by applicable Legal Requirements to give effect to, or protect any security interest for
the benefit of the Secured Parties, in any property or assets so that the security interests therein comply with applicable Legal
Requirements.

 

(d)           Notwithstanding
the foregoing, if, following the Closing Date, the Administrative Agent and the Administrative Borrower shall have agreed in their
sole and absolute discretion that there is an ambiguity, inconsistency, manifest error or any error or omission of a technical
or immaterial nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Administrative
Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent
of any other party to any Loan Documents if the same is not objected to in writing by the Required Lenders within five Business
Days following receipt of notice thereof (it being understood that the Administrative Agent has no obligation to agree to any such
amendment).

 

(e)           Further,
notwithstanding the foregoing, any provision of this Agreement and the other Loan Documents may be amended to effect (x) any amendment
as, and to the extent, provided in the definition of “Additional Permitted Unsecured Debt” contained herein and (y)
any Extension Amendment, any Corrective Extension Amendment, any Incremental Loan Amendment or any Refinancing Amendment as, and
to the extent, provided in Sections 2.20, 2.21 and 2.23.

 

Section
11.03       Expenses; Indemnity. (a) The Loan Parties agree, jointly and severally, to pay, promptly
upon demand:

 

(i)            
all reasonable and documented out-of-pocket costs and expenses incurred by the Arrangers, the Bookrunners, the Administrative Agent,
the Collateral Agent, the Issuing Banks and the Swingline Lender (including (i) the reasonable and documented fees, disbursements
and other charges of Advisors for the Arrangers, the Bookrunners, the Administrative Agent, the Collateral Agent, the Issuing Banks
and the Swingline Lender in connection with the syndication of the Loans and Commitments, the preparation, negotiation, execution
and delivery of the Loan Documents, the administration of the Credit Extensions and Commitments (including with respect to the
establishment and maintenance of a Platform and including the reasonable fees and disbursements of counsel as may be necessary
or appropriate in the judgment of the Agents, and the charges of IntraLinks, SyndTrak or a similar service), the perfection and
maintenance of the Liens securing the Collateral and any actual or proposed amendment, supplement or waiver of any of the Loan
Documents (whether or not the transactions contemplated hereby or thereby shall be consummated);

 

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(ii)            all
reasonable and documented out-of-pocket costs and expenses incurred by the Arrangers, the Bookrunners, the Administrative Agent,
the Collateral Agent, any other Agent, the Issuing Banks, the Swingline Lender, or any Lender (including the fees, charges and
disbursements of Advisors for any of the foregoing) incurred in connection with the enforcement or protection of its rights under
the Loan Documents, including its rights under this Section 11.03(a), or in connection with the Loans made or Letters of
Credit issued hereunder and the collection of the Obligations, including all such costs and expenses incurred during any workout,
restructuring or negotiations in respect of the Obligations; provided that, in the case of charges of outside counsel, such
payment shall be limited to the reasonable and documented fees, disbursements and charges of (x) one primary counsel for
the Agents and the Lenders (collectively with the Agents, taken as a group), (y) one local counsel and foreign counsel in each
relevant jurisdiction for each of the Agents and the Lenders (collectively with the Agents, taken as a group) and (z) one maritime
counsel in each relevant jurisdiction for each of the Agents and the Lenders (collectively with the Agents, taken as a group) (and,
in each case, in the case of an actual or a potential conflict of interest, (A) one additional counsel for each affected person
(or group of similarly affected persons), (B) one local counsel and/or foreign counsel for each affected person (or group of similarly
affected persons) in any relevant jurisdiction and (C) one maritime counsel for each affected person (or group of similar affected
persons) in each relevant jurisdiction;

 

(iii)          
subject to Section5.13, all reasonable and documented out-of-pocket costs and expenses incurred by (or on behalf of) the
Administrative Agent and the Collateral Agent in respect of Vessel Appraisal fees and expenses and fees and expenses for appraisals
of the FSO JV Equity Interests and, prior to the SPV VLCC Designations, SPV VLCC Parent
Equity Interests; and

 

(iv)           all
Other Taxes in respect of the Loan Documents.

 

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(b)            The
Loan Parties agree, jointly and severally, to indemnify the Agents, each Lender, each Issuing Bank, the Swingline Lender and each
Related Person of each of the foregoing (each such person being called an “Indemnitee”) against, and to hold
each Indemnitee harmless from, all reasonable and documented expenses (including reasonable and documented fees, disbursements
and other charges of one counsel for all Indemnitees and, if necessary, one maritime counsel, local and foreign counsel in each
appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions for all Indemnitees (and,
in the case of an actual or potential conflict of interest of another firm of counsel (and maritime counsel and one firm of local
and foreign counsel in each appropriate jurisdiction) for such affected Indemnitee))) and any and all claims, damages, losses and
liabilities, fees, fines, penalties, actions, judgments, suits and related expenses, including reasonable Advisors fees, charges
and disbursements (collectively, “Claims”), incurred by or asserted against any Indemnitee, directly or indirectly,
arising out of, relating to or in connection with (i) the execution, delivery, performance, administration or enforcement of the
Loan Documents, the Engagement Letter or any agreement or instrument contemplated thereby or the performance by the parties thereto
of their respective obligations thereunder, (ii) any actual or proposed use of the proceeds of the Loans or issuance of Letters
of Credit, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee
is a party thereto, (iv) any actual or alleged presence or Release or threatened Release of Hazardous Materials, on, at, under
or from any property (A) owned, leased or operated by any Company or (B) formerly owned, leased or operated by any Company at the
time of its ownership, lease or operations, (v) any Environmental Claim or threatened Environmental Claim against any of the Companies
relating to any Real Property, Vessel, Chartered Vessel or other property currently or formerly owned, leased or operated by any
of the Companies or relating to the operations of any of the Companies, (vi) any non-compliance with, or violation of, applicable
Environmental Laws or Environmental Permits by any of the Companies or any of their businesses, operations, Real Property, Vessels,
Chartered Vessels and other properties, (vii) the imposition of any environmental Lien encumbering Real Property or Vessels or
Chartered Vessels owned, leased or operated by any Company, (viii) the consummation of the Transactions (including the syndication
of the Loans and the Commitments) and the other transactions contemplated hereby or (ix) any actual or prospective claim, action,
suit, litigation, inquiry, investigation, or other proceeding or preparation of a defense in connection with any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party or any of their respective
subsidiaries, affiliates or shareholders or otherwise, 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 or other Claims are determined by a court of competent jurisdiction by final and non-appealable judgment to
have resulted primarily from (i) the gross negligence or willful misconduct of such Indemnitee or any of its Related Persons, (ii)
a material breach by such Indemnitee or any of its Related Persons of any of its or their respective obligations under the Loan
Documents or (iii) any claims brought by an Indemnitee against another Indemnitee (other than against the Administrative Agent
or any other Agent in its capacity as such) not arising out of any act or omission by any Loan Party or any Affiliate thereof.

 

(c)            The
Loan Parties agree, jointly and severally, that, without the prior written consent of the Agents and any affected Lender (such
consent not to be unreasonably withheld), the Loan Parties will not enter into any settlement of a Claim in respect of the subject
matter of Section 11.03(b) and asserted against an Indemnitee unless such settlement includes an explicit and unconditional
release from the party bringing such Claim of all Indemnitees and does not include any statement as to or an admission of fault,
culpability or failure to act by or on behalf of any Indemnitee.

 

(d)           The
provisions of this Section 11.03 shall remain operative and in full force and effect regardless of the expiration of the
term of this Agreement, the consummation of the Transactions and the other transactions contemplated hereby, the repayment of the
Loans and any other Secured Obligations, the release of any Guarantor or of all or any portion of the Collateral, the expiration
of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of this
Agreement or any other Loan Document, or any investigation made by or on behalf of the Agents, the Issuing Bank or any Lender.
All amounts due under this Section 11.03 shall be accompanied by reasonable documentation with respect to any reimbursement,
indemnification or other amount requested.

 

(e)           To
the extent that the Loan Parties fail to indefeasibly pay any amount required to be paid by them to the Agents, the Issuing Banks
or the Swingline Lender under clause (a) or (b) of this Section11.03 in accordance with Section10.03, each Lender
severally agrees to pay to the Agents, the Issuing Banks or the Swingline Lender, 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) of such unpaid amount
(such indemnity shall be effective whether or not the related losses, claims, damages, liabilities and related expenses are incurred
or asserted by any party hereto or any third party); provided, that the unreimbursed Claim was incurred by or asserted against
any of the Agents, the Issuing Banks, or the Swingline Lender in its capacity as such. For purposes of this clause (e),
a Lender’s “pro rata share” shall be determined based upon its share of the sum of the Total Revolving
Exposure, the principal amount of outstanding Term Loans and unused Term Commitments at the time.

 

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(f)          
To the fullest extent permitted by applicable Legal Requirements, no party hereto shall assert, and each party hereto hereby waives,
any claim against any other party hereto, on any theory of liability, for special, indirect, exemplary, consequential or punitive
damages (including any loss of profits, business or anticipated savings as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, any Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof; provided, that such waiver of special, punitive, indirect
or consequential damages shall not limit the indemnification obligations of the Loan Parties to the extent such special, punitive,
indirect or consequential damages are included in any third party claim with respect to which the applicable Indemnitee is entitled
to indemnification under this Section 11.03. No Indemnitee 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 the Loan Documents or the transactions contemplated hereby or thereby.

 

(g)          All
amounts due under this Section 11.03 shall be payable no later than 10 Business Days after written demand (accompanied by
an invoice or other reasonable documentation) therefor; provided, however, that any Indemnitee shall promptly refund
an indemnification payment received hereunder to the extent that there is a final and non-appealable judicial determination of
a court of competent jurisdiction that such Indemnitee was not entitled to indemnification with respect to such payment pursuant
to this Section 11.03.

 

Section
11.04       Successors and Assigns. (a) 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 (including any Affiliate or designee
of any Issuing Bank that issues any Letter of Credit), except that the Loan Parties may not assign or otherwise transfer any of
their respective rights or obligations hereunder without the prior written consent of the Administrative Agent, the Collateral
Agent, the Issuing Banks, the Swingline Lender and each Lender, which consent may be withheld in their respective sole discretion
(and any attempted assignment or transfer by any Loan Party without such consent shall be null and void ab initio). Nothing in
this Agreement or any other Loan Document, express or implied, shall be construed to confer upon any person (other than the parties
hereto, their respective successors and assigns permitted hereby (including any Affiliate or designee of any Issuing Bank that
issues any Letter of Credit), Participants to the extent expressly provided in clause (e) of this Section 11.04 and, to
the extent expressly contemplated hereby, the other Indemnitees) any legal or equitable right, remedy or claim under or by reason
of this Agreement or any other Loan Document.

 

(b)          Any
Lender shall have the right at any time to assign to one or more assignees (other than any Company or any Affiliate thereof (except
as provided in Section 2.22) or a natural person) all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans at the time owing to it); provided, that:

 

(i)            
except in the case of (A) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, (B) any assignment made in connection
with the primary syndication by the Arrangers of the Commitments and the Loans or (C) an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative
Agent) shall not be less than (x) in the case of Term Loans, $1,000,000 (or, in the case of any assignment made in connection with
the primary syndication of the Term Commitments and Term Loans by Jefferies Finance LLC and its Affiliates, $100,000), and (y)
in the case of Revolving Commitments or Revolving Loans, $2,500,000; provided, however, that concurrent assignments
to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or
to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether
such minimum amounts has been met;

 

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(ii)           each
partial assignment shall be made as an assignment of a proportionate part of all of the assigning Lender’s rights and obligations
under this Agreement , except that this clause (ii) shall not be construed to prohibit the assignment of a proportionate part of
all of the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(iii)        
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with
a processing and recordation fee of $3,500 (unless such fee is waived by the Administrative Agent in its sole discretion); provided,
however, in the case of contemporaneous assignments by any Lender to one or more Approved Funds, only a single processing
and recording fee shall be payable for such assignments;

 

(iv)          the
assignee, if it shall not then be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;

 

(v)           the
assignee shall represent and warrant to the Administrative Borrower and the Administrative Agent that it is an Eligible Assignee;
and

 

(vi)          each
of (x) the Administrative Agent, (y) with respect to any assignment of Revolving Loans and Revolving Commitments, the Swingline
Lender and each Issuing Bank, and (z) (except (I) when an Event of Default has occurred and is continuing or (II) in the case of
an assignment to a Lender, an Affiliate of a Lender or an Approved Fund) the Administrative Borrower must give its prior written
consent to such assignment (which consent shall not be unreasonably withheld, delayed or conditioned); provided, that (i)
the Administrative Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within five Business Days after having received notice thereof and (ii) the consent of the Administrative
Agent shall not be required if such assignment is in respect of Term Loans that is made to a Lender, an Affiliate of a Lender or
an Approved Fund.

 

Notwithstanding
the foregoing, if an Event of Default has occurred and is continuing, any consent of the Issuing Banks and the Swingline Lender
required under this clause (b) may be withheld by such person in its sole discretion. Subject to acceptance and recording thereof
pursuant to Section 11.04(d), from and after the effective date specified in each Assignment and Acceptance, the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights
and obligations of a Lender under this Agreement (provided, that any liability of the Borrowers to such assignee under
Section 2.12, 2.13 or 2.15 shall be limited to the amount, if any, that would have been payable thereunder
by the Borrowers in the absence of such assignment, except to the extent any such amounts are attributable to a Change in Law
occurring after the date of such assignment), and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance 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 2.12, 2.13, 2.15 and 11.03.

 

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(c)          The
Administrative Agent, acting for this purpose as an agent of the Administrative Borrower, shall maintain at one of its offices
a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive in the absence of manifest
error, and the Borrowers, the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders may 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 and
the other Loan Documents, notwithstanding notice to the contrary. The Register shall be available for inspection by the Administrative
Borrower, the Issuing Bank, the Collateral Agent, the Swingline Lender and any Lender (with respect to its own interest only),
at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in Section 11.04(b) and any written consent to such assignment required by Section11.04(b),
the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the
Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as
provided in this Section11.04(d). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with the requirements of this Section 11.04 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 Section 11.04(e).

 

(e)          Any
Lender shall have the right at any time, without the consent of, or notice to any Borrower, the Administrative Agent, any Issuing
Bank or the Swingline Lender or any other person to sell participations to any person (other than any Company or any Affiliate
thereof or a natural person) (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans 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) the Borrowers, the Administrative Agent, the Collateral Agent, the Issuing
Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. 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 the Loan Documents and to approve any amendment, modification
or waiver of any provision of the Loan Documents; 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 that (1) is described in clauses
(i), (ii) or (iii) of the proviso to Section 11.02(b) and (2) directly affects such Participant. Each Participant shall
be entitled to the benefits of Sections 2.12, 2.13 and 2.15 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to Section 11.04(b). To the extent permitted by Legal Requirements, each
Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided, that such
Participant agrees in writing to be subject to Section 2.14(c) as though it were a Lender. Each Lender shall, acting for
this purpose as a “non-fiduciary” agent of the Borrowers, maintain at one of its offices a register for the recordation
of the names and addresses of its Participants, and the amount and terms of its participations (the “Participant Register”).
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender (and the Borrowers, to the extent
that the Participant requests payment from the Borrowers) 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. No Lender shall
have any obligation to disclose all or any portion of the Participant Register to any person (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) except to the extent that such disclosure is necessary to establish that such commitment, loan, or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.

 

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(f)          A
Participant shall not be entitled to receive any greater payment under Section 2.12, 2.13 or 2.15 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale
of the participation to such Participant is made with the prior written consent of the Administrative Borrower (which consent shall
not be unreasonably withheld, delayed or conditioned) or the greater payment results from a Change in Law after the date the participation
was sold to the Participant. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits
of Section 2.15 unless such Participant agrees to comply with Section 2.15(f) as though it were a Lender (it being
understood that the documentation required in Section 2.15(f) shall be delivered to the participating Lender).

 

(g)          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 or any central bank,
and this Section11.04 shall not apply to any such pledge or assignment of a security interest; provided, that no
such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto. Without limiting the foregoing, in the case of any Lender that is a
fund that invests in bank loans or similar extensions of credit, such Lender may, without the consent of the Borrowers, each Issuing
Bank, the Swingline Lender, the Administrative Agent or any other person, collaterally assign or pledge all or any portion of its
rights under this Agreement, including the Loans and the Notes or any other instrument evidencing its rights as a Lender under
this Agreement, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued,
by such fund, as security for such obligations or securities.

 

(h)          
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special
purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to
the Administrative Agent and the Administrative Borrower, the option to provide to the Borrowers all or any part of any Loan that
such Granting Lender would otherwise be obligated to make to a Borrower pursuant to this Agreement; provided, that (i) nothing
herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof;
provided further that nothing herein shall make the SPC a “Lender” for the purposes of this Agreement, obligate
the Borrowers or any other Loan Party or the Administrative Agent to deal with such SPC directly, obligate the Borrowers or any
other Loan Party in any manner to any greater extent than they were obligated to the Granting Lender, or increase costs or expenses
of the Borrowers. The Loan Parties and the Administrative Agent shall be entitled to deal solely with, and obtain good discharge
from, the Granting Lender and shall not be required to investigate or otherwise seek the consent or approval of any SPC, including
for the approval of any amendment, waiver or other modification of any provision of any Loan Document. The making of a Loan by
an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such
Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under
this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto
hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute
against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained
in this Section 11.04(h), any SPC may (i) with notice to, but without the prior written consent of, the Administrative Borrower
and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans
to the Granting Lender or to any financial institutions (consented to by the Administrative Borrower and the Administrative Agent)
providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and
(ii) disclose on a confidential basis any Material Non-Public Information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.

 

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(i)          
The words “execution,” “signed,” “signature,” and words of like import in any Assignment and
Acceptance 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 Legal Requirement, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
laws domestic or foreign, federal, state, provincial or otherwise, based on or analogous or similar to the Uniform Electronic Transactions
Act.

 

(j)          
Any assignor Lender of all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) or seller of a participation hereunder shall be entitled to rely conclusively on a representation
of the assignee Lender or Participant in the relevant Assignment and Acceptance or participation agreement, as applicable, that
such assignee or purchaser is not a Disqualified Institution. None of the Agents shall have any responsibility or liability for
monitoring the list or identities of, or enforcing provisions relating to, Disqualified Institutions. Upon request by any Lender
or prospective Lender, the Administrative Agent shall be permitted to disclose to such Lender or prospective Lender the identity
of the Disqualified Institutions.

 

(k)          (i)
Without prejudice to the enforcement of any of the Agents’ or Lenders’ rights and remedies under the Loan Documents,
at law or in equity or otherwise, the Revolving Lenders agree that at any time following (a) the commencement of any Insolvency
Proceeding with respect to any Loan Party, (b) any acceleration of the Revolving Obligations or (c) each election by the Majority
Revolving Lenders to assert any rights or withhold any consent under or in respect of any provision of Section 11.23 at
any time and from time to time, the Revolving Lenders will offer the Term Lenders, by written notice to the Administrative Agent,
the option to purchase the entire aggregate amount of outstanding Revolving Obligations (including unfunded Revolving Commitments)
at the Purchase Price without warranty or representation or recourse except as provided in Section11.04(k)(iii), on a pro
rata basis among the Revolving Lenders. The “Purchase Price” will equal the sum of (1) the aggregate principal
amount of all Revolving Loans, Swingline Loans and Reimbursement Obligations included in the Obligations (including an amount in
cash equal to 103% of the undrawn amount of outstanding Letters of Credit), and all accrued and unpaid interest thereon through
the date of purchase (but excluding any prepayment penalties or premiums) and (2) all accrued and unpaid fees, expenses and other
amounts owed to the Revolving Lenders under the Loan Documents as of the date of purchase.

 

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(ii)            The
Term Lenders (or any one or more of them) may in their sole and absolute discretion irrevocably accept such offer within 10 Business
Days of the receipt thereof (it being understood that a failure to affirmatively accept such offer within such time frame shall
be deemed to be a rejection of such offer). If the Term Lenders (or any one or more of them) accept such offer, it shall be exercised
not more than 20 days, nor less than 10 days, after the receipt by the Revolving Lenders of the notice of election by such Term
Lenders, subject to any required approval of any court or other Governmental Authority then in effect, if any. Such sale shall
be pursuant to documentation mutually acceptable to the Revolving Lenders and such Term Lenders, without the prior written consent
of the Administrative Borrower or any other Loan Party. If the all of the Term Lenders reject such offer (or any one or more of
them does not so irrevocably accept such offer within the required timeframe), the Revolving Lenders shall have no further obligations
pursuant to this Section 11.04(k). Each Revolving Lender will retain all rights to indemnification provided in the relevant
Loan Documents for all claims and other amounts relating to periods prior to the purchase of the Revolving Obligations pursuant
to this Section11.04(k). The Purchase Price shall be remitted by wire transfer in federal funds to such bank account of
the Administrative Agent for the ratable account of the Revolving Lenders in New York, New York, as the Administrative Agent may
designate in writing to such Term Lenders for such purpose. Interest shall be calculated to but excluding the Business Day on which
such purchase and sale shall occur if the amounts so paid by such Term Lenders that have exercised such option to the bank account
designated by the Administrative Agent are received in such bank account prior to 1:00 p.m., New York City time, and interest shall
be calculated to and including such Business Day if the amounts so paid by such Term Lenders to the bank account designated by
the Administrative Agent are received in such bank account later than 1:00 p.m., New York City time, on such Business Day.

 

(iii)         
The Term Lenders agree that the purchase and sale of the Revolving Obligations under this Section 11.04(k) will be expressly
made without recourse and without representation or warranty of any kind by the Revolving Lenders, except that the Revolving Lenders
shall severally and not jointly represent and warrant to the Term Lenders that on the date of the purchase, immediately before
giving effect to such purchase:

 

(a)          
the principal of and accrued and unpaid interest on the Revolving Obligations, and the fees and expenses thereof owed to the respective
Revolving Lenders, are as stated in any assignment agreement prepared in connection with the purchase and sale of the Revolving
Obligations; and

 

(b)          each
Revolving Lender owns the Revolving Obligations purported to be owned by it free and clear of any Liens (other than participation
interests not prohibited by this Agreement, in which case the Purchase Price will be appropriately adjusted so that the Term Lenders
do not pay amounts represented by participation interests).

 

Section
11.05        Survival of Agreement. All covenants, agreements, representations and warranties made by the
Loan Parties in the Loan Documents and in the reports, certificates or other instruments delivered in connection with or pursuant
to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless
of any investigation made by any such other party or on its behalf and notwithstanding that the Agents, any Issuing Bank or any
Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended
hereunder, and shall continue in full force and effect so long as any Obligation or any Letter of Credit is outstanding (or Cash
Collateralized) and so long as the Commitments have not expired or terminated. The provisions of Article X and Sections
2.12, 2.13, 2.15, 11.03, 11.05, 11.09, 11.10 and 11.12 shall survive and remain
in full force and effect regardless of the consummation of the Transactions and the other transactions contemplated hereby, the
repayment of the Loans, the payment of the Reimbursement Obligations, the expiration or termination of the Letters of Credit and
the Revolving Commitments or the termination of this Agreement or any provision hereof.

 

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Section
11.06       Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Agreement, the Agent Fee Letter and the other Loan Documents,
and any separate letter agreements with respect to fees payable to the Administrative Agent and/or other Agents, 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. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

Section
11.07       Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section
11.08       Right of Setoff; Marshalling; Payments Set Aside. If an Event of Default shall have occurred
and be continuing, each Lender, each Issuing Bank and each of their respective Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by applicable Legal Requirements, 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, such Issuing Bank or any such Affiliate to or for the credit or the account of any
Loan Party against any and all of the obligations of any Loan Party now or hereafter existing under this Agreement or any other
Loan Documents held by such Lender or such Issuing Bank, irrespective of whether or not such Lender shall have made any demand
under this Agreement or any other Loan Document and although such obligations may be contingent or unmatured or are owed to a branch
or office of such Lender or such Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness.
The rights of each Lender and each Issuing Bank under this Section11.08 are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have. None of any Agent, any Lender or any Issuing Bank shall be under any obligation
to marshal any assets in favor of any Loan Party or any other Person or against or in payment of any or all of the Obligations.
To the extent that any Loan Party makes a payment or payments to the Administrative Agent, the Collateral Agent, any Issuing Bank
or any Lender (or to the Administrative Agent or the Collateral Agent, on behalf of the Lenders or the Issuing Banks), or any Agent,
any Issuing Bank or any Lender enforces any security interests or exercises any right of setoff, and such payment or payments or
the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside and/or required to be repaid to a trustee, receiver or any other party under any Insolvency Law or any equitable cause,
then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights
and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments
had not been made or such enforcement or setoff had not occurred.

 

Section
11.09       Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement and the other
Loan Documents and any claims, controversy, dispute or cause of action (whether sounding in contract, 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,
and governed by, the law of the State of New York.

 

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(b)          Each
Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court 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 , located in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New
York State court or, to the extent permitted by applicable Legal Requirements, in such federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by applicable Legal Requirements. Nothing in this Agreement or any other Loan
Document or otherwise, however, shall affect any right that the Administrative Agent, the Collateral Agent, any other Agent,
any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against any Loan Party or its properties in the courts of any jurisdiction.

 

(c)          Each
Loan Party hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirements, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any other Loan Document in any court referred to in Section 11.09(b). Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

 

(d)          Each
party to this Agreement irrevocably consents to service of process in any action or proceeding arising out of or relating to any
Loan Document, in the manner provided for notices (other than facsimile or email) in Section 11.01. Notwithstanding anything
to the contrary contained in this Agreement or any other Loan Document, each Loan Party hereby irrevocably and unconditionally
appoints the Co-Borrower, with an office for service of process delivery on the date hereof at c/o International Seaways Ship Management
LLC, 600 Third Avenue, 39th  Floor, New York, New York 10016, and its successors (the “Process
Agent”), as its agent to receive on behalf of such Loan Party and its property all writs, claims, process, and summonses
in any action or proceeding brought against such Loan Party in the State of New York. Such service may be made by mailing or delivering
a copy of such process to any Loan Party in care of the Process Agent at the address specified above for the Process Agent, and
such Loan Party irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Failure by the Process
Agent to give notice to the applicable Loan Party, or failure of the applicable Loan Party, to receive notice of such service of
process shall not impair or affect the validity of such service on the Process Agent or any such Loan Party, or of any judgment
based thereon. Each Loan Party covenants and agrees that it shall take any and all reasonable action, including the execution and
filing of any and all documents that may be necessary to continue the designation of the Process Agent above in full force and
effect, and to cause the Process Agent to act as such. Each Loan Party hereto further covenants and agrees to maintain at all times
an agent with offices in New York City to act as its Process Agent. Nothing in this Agreement or any other Loan Document will affect
the right of any party to this Agreement to serve process in any other manner permitted by applicable Legal Requirements.

 

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Section
11.10       Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT, THE TRANSACTIONS OR THE OTHER 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 PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.10.

 

Section
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.

 

Section
11.12        Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Arrangers, the
Bookrunners, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates’ and Approved Funds’ directors, officers, employees,
partners, trustees, agents, advisors and other representatives, including accountants, legal counsel and other advisors (it being
understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential pursuant to the terms hereof, and any failure of such persons acting on behalf
of the Administrative Agent, the Collateral Agent, an Arranger, an Issuing Bank or a Lender to comply with this Section 11.12
shall constitute a breach of this Section 11.12 by the Administrative Agent, the Collateral Agent, such Arranger, such Issuing
Bank or such Lender, as applicable), (b) to the extent (i) requested by any regulatory authority or any self-regulatory authority
(such as (but not limited to) the National Association of Insurance Commissioners and the SEC) or (ii) to the extent required by
applicable Legal Requirements or by any subpoena or similar legal process or in connection with any pledge or assignment made pursuant
to Section 11.04(g), provided that, solely to the extent permitted by law and other than in connection with routine
audits and reviews by regulatory and self-regulatory authorities, such disclosing entity shall notify the Administrative Borrower
as promptly as practicable of any such requested or required disclosure in connection with any legal or regulatory proceeding,
(c) to any other party to this Agreement, (d) in connection with the exercise of any remedies under the Loan Documents or any suit,
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(e) subject to an agreement containing provisions substantially the same as those of this Section 11.12, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the any of the
Borrower and their respective obligations, (iii) any rating agency for the purpose of obtaining a credit rating applicable to any
Loan or Loan Party or (iv) any actual or prospective investor in an SPC, (f) with the consent of the Borrowers, (g) to an investor
or prospective investor in securities issued by an Approved Fund of any Lender that also agrees that Information shall be used
solely for the purpose of evaluating an investment in such securities issued by an Approved Fund of any Lender or to a trustee,
collateral manager, servicer, backup servicer, noteholder or secured party in securities issued by an Approved Fund of any Lender
in connection with the administration, servicing and reporting on the assets serving as collateral for securities issued by such
Approved Fund (it being agreed that the persons to whom such disclosure is made will be informed of the confidential nature of
such Information) or (h) to the extent such Information (a) is publicly available at the time of disclosure or becomes publicly
available other than as a result of a breach of this Section 11.12 or (b) becomes available to the Administrative Agent,
any Issuing Bank or any Lender on a non-confidential basis from a source other than Holdings, the Borrowers or any Subsidiary of
Holdings. In addition, the Agents, the Issuing Banks and the Lenders may disclose the existence of this Agreement and the information
about this Agreement to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP
numbers with respect to the Loans, market data collectors, similar service providers to the lending industry, and service providers
to the Administrative Agents, the Issuing Banks and the Lenders in connection with the administrative and management of this Agreement
and the other Loan Documents. For the purposes of this Section 11.12, “Information” shall mean all non-public
information received from Holdings and the Borrowers relating to Holdings and the Borrowers or any of their respective Subsidiaries
or their business, other than any such information that is available to the Administrative Agent, the Issuing Banks or any Lender
on a non-confidential basis prior to disclosure by Holdings and the Borrowers. Any person required to maintain the confidentiality
of Information as provided in this Section 11.12 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 accords to its
own confidential information.

 

    	 	192	 

     

    

  

Section
11.13        Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time
the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such
Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable Legal Requirements, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable
in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been
payable in respect of such Loan but were not payable as a result of the operation of this Section 11.13 shall be cumulated
and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender.

 

Section
11.14       Assignment and Acceptance. Each Lender to become a party to this Agreement (other than the
Administrative Agent and any other Lender that is a signatory hereto) shall do so by delivering to the Administrative Agent an
Assignment and Acceptance duly executed by such Lender, the Administrative Borrower (if the Administrative Borrower’s consent
to such assignment is required hereunder) and the Administrative Agent.

 

Section
11.15        Obligations Absolute. To the fullest extent permitted by applicable law, all obligations of
the Loan Parties hereunder shall be absolute and unconditional irrespective of:

 

(a)          any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Loan Party;

 

(b)          
any lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto against any Loan
Party;

 

(c)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other
amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto;

 

(d)          any
exchange, release or non-perfection or loss of priority of any Liens on any or all of the Collateral, or any release or amendment
or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations;

 

(e)          any
exercise or non-exercise, or any waiver of any right, remedy, power or privilege under or in respect hereof or any Loan Document;
or

 

    	 	193	 

     

    

  

(f)          
any other circumstances which might otherwise constitute a defense available to, or a discharge of, the Loan Parties.

 

Section
11.16       Waiver of Defenses; Absence of Fiduciary Duties. (a) Each of the Loan Parties hereby waives
any and all suretyship defenses available to it as a Guarantor arising out of the joint and several nature of its respective duties
and obligations hereunder (including any defense contained in Article VII).

 

(b)          Each of the Loan Parties agrees that in connection with all aspects of the transactions contemplated hereby or by the other Loan
Documents and any communications in connection therewith, the Loan Parties and their respective Affiliates, on the one hand, and
each Lender and each Agent, on the other hand, will have a business relationship that does not create, by implication or otherwise,
any fiduciary duty on the part of any Lender or any Agent or any of their respective Affiliates, and no such duty will be deemed
to have arisen in connection with any such transactions or communications.

 

(c)          Each
Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have
economic interests that conflict with those of the Loan Parties, their stockholders and/or their affiliates. Each Loan Party agrees
that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Lender, on the one hand, and such Loan Party, its stockholders or its affiliates, on the other.
The Loan Parties acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of
rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand,
and the Loan Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed
an advisory or fiduciary responsibility in favor of any Loan Party, its stockholders or its affiliates with respect to the transactions
contemplated hereby the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether
any Lender has advised, is currently advising or will advise any Loan Party, its stockholders or its Affiliates on other matters)
or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender
is acting solely as principal and not as the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any
other person. Each Loan Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent
it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and
the process leading thereto. Each Loan Party agrees that it will not claim that any Lender has rendered advisory services of any
nature or respect, or owes a fiduciary or similar duty to such Loan Party, in connection with such transaction or the process leading
thereto.

 

Section
11.17       Patriot Act. Each Lender hereby notifies each Loan Party that pursuant to the requirements
of the Patriot Act, it may be required to obtain, verify and record information that identifies the Loan Parties and Responsible
Officers thereof, which information includes the name, address and taxpayer identification number of each Loan Party and other
information that will allow such Lender to identify such Loan Party and Responsible Officers in accordance with the Patriot Act.

 

    	 	194	 

     

    

  

Section
11.18      Bank Product Providers. Each Bank Product Provider shall be deemed a third party beneficiary
hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom
the Administrative Agent is acting. The Administrative Agent hereby agrees to act as agent for such Bank Product Providers and,
by virtue of entering into a Bank Product Agreement, the applicable Bank Product Provider shall be automatically deemed to have
appointed the Administrative Agent as its agent and to have accepted the benefits of the Loan Documents; it being understood and
agreed that the rights and benefits of each Bank Product Provider under the Loan Documents consist exclusively of such Bank Product
Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted to the Collateral
Agent and the right to share in payments and collections out of the Collateral as more fully set forth herein. In addition, each
Bank Product Provider, by virtue of entering into a Bank Product Agreement, shall be automatically deemed to have agreed that the
Administrative Agent shall have the right, but shall have no obligation, to establish, maintain, relax, or release reserves in
respect of the Bank Product Obligations and that if reserves are established there is no obligation on the part of the Administrative
Agent to determine or insure whether the amount of any such reserve is appropriate or not. In connection with any such distribution
of payments or proceeds of Collateral, the Administrative Agent shall be entitled to assume no amounts are due or owing to any
Bank Product Provider unless such Bank Product Provider has provided a written certification (setting forth a reasonably detailed
calculation) to the Administrative Agent as to the amounts that are due and owing to it and such written certification is received
by the Administrative Agent a reasonable period of time prior to the making of such distribution. The Administrative Agent shall
have no obligation to calculate the amount due and payable with respect to any Bank Products, but may rely upon the written certification
of the amount due and payable from the relevant Bank Product Provider. In the absence of an updated certification, the Administrative
Agent shall be entitled to assume that the amount due and payable to the relevant Bank Product Provider is the amount last certified
to the Administrative Agent by such Bank Product Provider as being due and payable (less any distributions made to such Bank Product
Provider on account thereof). The Borrowers may obtain Bank Products from any Bank Product Provider, although the Borrowers are
not required to do so. The Borrowers acknowledge and agree that no Bank Product Provider has committed to provide any Bank Products
and that the providing of Bank Products by any Bank Product Provider is in the sole and absolute discretion of such Bank Product
Provider. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any Bank
Product shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider
or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder
be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or under any of the
other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or Guarantors.

 

Section
11.19      EXCLUDED SWAP OBLIGATIONS. NOTWITHSTANDING ANYTHING TO THE CONTRARY
CONTAINED HEREIN OR IN ANY OTHER LOAN DOCUMENT, (I) ANY EXCLUDED SWAP OBLIGATIONS SHALL BE EXCLUDED FROM (X) THE DEFINITION OF
“SECURED OBLIGATIONS” (OR ANY EQUIVALENT DEFINITION) CONTAINED HEREIN OR IN ANY SECURITY DOCUMENT AND (Y) THE DEFINITION
OF “GUARANTEED OBLIGATIONS” (OR ANY EQUIVALENT DEFINITION) IN THE GUARANTEE OR IN ANY OTHER GUARANTEE OF THE GUARANTEED
OBLIGATIONS; (II) NO LIEN GRANTED PURSUANT TO ANY SECURITY DOCUMENT SHALL SECURE ANY EXCLUDED SWAP OBLIGATIONS; AND (III) NO EXCLUDED
SWAP OBLIGATIONS SHALL BE GUARANTEED PURSUANT TO THE GUARANTEE OR ANY OTHER GUARANTEE OF THE GUARANTEED OBLIGATIONS.

 

Section
11.20        [Reserved].

 

    	 	195	 

     

    

  

Section
11.21       Judgment Currency. (a) The Loan Parties’ obligations hereunder and under the other Loan
Documents to make payments in Dollars or, in the case of a Letter of Credit denominated in an Alternative Currency, such Alternative
Currency (each, the “Obligation Currency”), shall not be discharged or satisfied by any tender or recovery pursuant
to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such
tender or recovery results in the effective receipt by the Administrative Agent, the Collateral Agent, the respective Issuing Bank
or the respective Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent, the
Collateral Agent, each Issuing Bank or such Lender under this Agreement or the other Loan Documents. If for the purpose of obtaining
or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from
any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”)
an amount due in the Obligation Currency, the conversion shall be made, at the rate of exchange (as quoted by the Administrative
Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated
by the Administrative Agent) determined, in each case, as of the day on which the judgment is given (such day being hereinafter
referred to as the “Judgment Currency Conversion Date”).

 

(b)          If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment
of the amount due, each Loan Party jointly and severally covenants and agrees to pay, or cause to be paid, such additional amounts,
if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could
have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate or exchange prevailing
on the Judgment Currency Conversion Date.

 

(c)          For
purposes of determining any rate of exchange for this Section 11.21, such amounts shall include any premium and costs payable
in connection with the purchase of the Obligation Currency.

 

Section
11.22      Waiver of Sovereign Immunity. Each of Holdings, the Borrowers
it's the Subsidiary Guarantors, in respect of itself, its Subsidiaries, its process agents, and its properties and revenues, hereby
irrevocably agrees that, to the extent that such Loan Party, its Subsidiaries or any of its properties has or may hereafter acquire
any right of immunity, whether characterized as sovereign immunity or otherwise, from any legal proceedings, whether in the United
States, the Marshall Islands or elsewhere, to enforce or collect upon the Loans or any Loan Document or any other liability or
obligation of such Loan Party or any of its Subsidiaries related to or arising from the transactions contemplated by any of the
Loan Documents, including, without limitation, immunity from service of process, immunity from jurisdiction or judgment of any
court or tribunal, immunity from execution of a judgment, and immunity of any of its property from attachment prior to any entry
of judgment, or from attachment in aid of execution upon a judgment, such Loan Party, for itself and on behalf of its Subsidiaries,
hereby expressly waives, to the fullest extent permissible under applicable law, any such immunity, and agrees not to assert any
such right or claim in any such proceeding, whether in the United States, the Marshall Islands or elsewhere. Without limiting the
generality of the foregoing, each Loan Party further agrees that the waivers set forth in this Section11.22 shall have the
fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable
for purposes of such Act.

 

Section
11.23      Revolving Credit Facility Priority. (a) EACH TERM LENDER ACKNOWLEDGES AND AGREES THAT, EXCEPT
TO THE EXTENT OTHERWISE EXPRESSLY PROVIDED IN SECTION 2.10(h) AND ARTICLE IX, THE REVOLVING OBLIGATIONS ARE ENTITLED
TO DISTRIBUTIONS AND OTHER PAYMENTS PURSUANT TO SECTION 2.10(h), ARTICLE IX AND THIS SECTION 11.23 (INCLUDING
DISTRIBUTIONS AND OTHER PAYMENTS PURSUANT TO AN INSOLVENCY PROCEEDING) PRIOR TO ANY DISTRIBUTIONS OR OTHER PAYMENTS BEING APPLIED
TO THE OTHER OBLIGATIONS (INCLUDING OBLIGATIONS IN RESPECT OF OUTSTANDING TERM LOANS). Each Term Lender hereby agrees that it will
not provide the Administrative Borrower or any other Loan Party post-petition financing (or support any third party providing any
post-petition financing) unless upon the effectiveness of such post-petition financing, all outstanding Revolving Obligations (other
than contingent indemnification obligations not then due and payable) shall have been paid in full in cash and the Revolving Commitments
and all Letters of Credit shall have been terminated (or such Letters of Credit shall have been Cash Collateralized on terms and
pursuant to arrangements reasonably satisfactory to the Administrative Agent and the Issuing Banks) or the Majority Revolving Lenders
shall have consented to such post-petition financing.

 

    	 	196	 

     

    

  

(b)          Each
Term Lender agrees that it will raise no objection to, oppose or contest (or join with or support any third party opposing, objecting
to or contesting), a sale or other disposition of any Collateral free and clear of its Liens or other claims under Section 363
of the Bankruptcy Code if the Majority Revolving Lenders have consented to such sale or disposition of such assets.

 

(c)          The
provisions of preceding clause (b) shall not prohibit Term Lenders from agreeing to or supporting a sale or other disposition of
any Collateral free and clear of the Secured Parties’ Liens or other claims under Section 363 of the Bankruptcy Code so long
as all outstanding Revolving Obligations (other than contingent indemnification obligations not then due and payable) are paid
in full in cash and the Revolving Commitments and all Letters of Credit are terminated (or such Letters of Credit are Cash Collateralized
on terms and pursuant to arrangements reasonably satisfactory to the Administrative Agent and the Issuing Bank) at the time of
the consummation of such sale or other disposition unless the Majority Revolving Lenders otherwise agree to such sale or other
disposition.

 

(d)          Each
Term Lender agrees that it will not support or agree to any Non- Conforming Plan of Reorganization.

 

(e)          Notwithstanding
the provisions of Section 2.14 or anything to the contrary contained in this Agreement (other than as expressly provided
in Section 2.10(h) and Article IX), after the exercise of remedies (including rights of setoff) provided for in ArticleVIII,
any amounts received on account of the Secured Obligations (whether as a result of a payment under a Guarantee, any realization
on the Collateral, any setoff rights, any distribution or other payment in connection with any insolvency or liquidation proceeding
under the Bankruptcy Code or otherwise) shall be applied as provided in Article IX, in any such case until the prior payment
in full in cash of all Revolving Obligations (other than contingent indemnification obligations not then due and payable) and the
termination of all Letters of Credit (or the Cash Collateralization of such Letters of Credit on terms and pursuant to arrangements
reasonably satisfactory to the Administrative Agent and the Issuing Bank). If any Secured Party collects or receives any amounts
on account of the Secured Obligations to which it is not entitled under Article IX , such Secured Party shall hold the same
in trust for the Secured Parties and shall forthwith deliver the same to the Administrative Agent, for the account of the Secured
Parties, to be applied in accordance with this clause (e).

 

(f)          Without limiting the generality of the foregoing provisions of this Section11.23, (i) this Section11.23 is intended
to constitute and shall be deemed to constitute a “subordination agreement” within the meaning of Section 510(a) of
the Bankruptcy Code and is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to
applicable non-bankruptcy law and (ii) it is the intention of the parties hereto that (and to the maximum extent permitted by law
the parties hereto agree that) the Revolving Exposure and Revolving Commitments (and the security therefor) constitute a separate
and distinct class (and separate and distinct claims) from the other Secured Obligations (and security therefor).

 

    	 	197	 

     

    

  

Section
11.24       Acknowledgment 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)

 

    	 	198Exhibit 4.8

 

MILESTONE PHARMACEUTICALS INC.

 

2019 EQUITY INCENTIVE PLAN

 

ADOPTED BY THE BOARD OF DIRECTORS: APRIL 10, 2019

APPROVED BY THE SHAREHOLDERS: APRIL 29, 2019

IPO DATE: MAY 8, 2019

 

1.                                      GENERAL.

 

(a)                                 Successor to and Continuation of Prior Plan. The Plan is intended as the successor to and continuation of the Milestone Pharmaceuticals Inc. Third Amended and Restated Stock Option Plan (the “Prior Plan”). From and after 12:01 a.m. Eastern time on the IPO Date, no additional share awards will be granted under the Prior Plan. All Awards granted on or after 12:01 a.m. Eastern Time on the IPO Date will be granted under this Plan. All share awards granted under the Prior Plan will remain subject to the terms of the Prior Plan.

 

(i)                                    Any shares that would otherwise remain available for future grants under the Prior Plan as of 12:01 a.m. Eastern Time on the IPO Date (the “Prior Plan’s Available Reserve”) will cease to be available under the Prior Plan at such time. Instead, that number of Common Shares equal to the Prior Plan’s Available Reserve will be added to the Share Reserve (as further described in Section 3(a) below) and will be immediately available for grants and issuance pursuant to Share Awards hereunder, up to the maximum number set forth in Section 3(a) below.

 

(ii)                                In addition, from and after 12:01 a.m. Eastern time on the IPO Date, any shares subject, at such time, to outstanding share awards granted under the Prior Plan that (i) expire or terminate for any reason prior to exercise or settlement; (ii) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award or to satisfy the purchase price or exercise price of a share award (such shares the “Returning Shares”) will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when such shares become Returning Shares, up to the maximum number set forth in Section 3(a) below.

 

(b)                                 Eligible Award Recipients. Employees, Directors and Consultants are eligible to receive Awards.

 

(c)                                  Available Awards. The Plan provides for the grant of the following types of Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Share Appreciation Rights (iv) Restricted Share Awards, (v) Restricted Share Unit Awards, (vi) Performance Share Awards, (vii) Performance Cash Awards, and (viii) Other Share Awards.

 

(d)                                 Purpose. The Plan, through the granting of Awards, is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Shares.

 

2.                                      ADMINISTRATION.

 

(a)                                 Administration by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c).

 

1

 

(b)                                 Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)                                    To determine (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Shares under the Award; (E) the number of Common Shares subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Share Award.

 

(ii)                                To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement or in the written terms of a Performance Cash Award, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

 

(iii)                            To settle all controversies regarding the Plan and Awards granted under it.

 

(iv)                             To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at which cash or Common Shares may be issued in settlement thereof).

 

(v)                                 To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or termination of the Plan will not materially impair a Participant’s rights under the Participant’s then-outstanding Award without the Participant’s written consent except as provided in subsection (viii) below.

 

(vi)                             To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan or Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they are exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek shareholder approval of any amendment of the Plan that (A) materially increases the number of Common Shares available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which Common Shares may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Awards available for issuance under the Plan. Except as otherwise provided in the Plan or an Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding Award without the Participant’s written consent.

 

(vii)                         To submit any amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding incentive stock options or (B) Rule 16b-3.

 

(viii)                     To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that a Participant’s rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a

 

2

 

Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent (A) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws or listing requirements.

 

(ix)                             Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards.

 

(x)                                 To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

 

(xi)                             To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of any outstanding Share Award; (B) the cancellation of any outstanding Share Award and the grant in substitution therefor of a new (1) Option or SAR, (2) Restricted Share Award, (3) Restricted Share Unit Award, (4) Other Share Award, (5) cash and/or (6) other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of Common Shares as the cancelled Share Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles.

 

(c)                                  Delegation to Committee.

 

(i)                                    General. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(ii)                                Rule 16b-3 Compliance. The Committee may consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3.

 

(d)                                 Delegation to an Officer. The Board may delegate to one or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Share Awards) and, to the extent permitted by applicable law, the terms of such Awards, and (ii) determine the number of Common Shares to be subject to such Share Awards granted to such Employees; provided, however, that the Board resolutions regarding

 

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such delegation will specify the total number of Common Shares that may be subject to the Share Awards granted by such Officer and that such Officer may not grant a Share Award to himself or herself. Any such Share Awards will be granted on the form of Share Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(w)(iii) below.

 

(e)                                  Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

 

3.                                      SHARES SUBJECT TO THE PLAN.

 

(a)                                 Share Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, and the following sentence regarding the annual increase, the aggregate number of shares of Common Stock that may be issued pursuant to Share Awards will not exceed 4,710,564 shares (the “Share Reserve”), which number is the sum of (i) 1,923,501 new shares, plus (ii) the number of shares subject to the Prior Plan’s Available Reserve plus (iii) the number of shares that are Returning Shares, as such shares become available from time to time. In addition, the Share Reserve will automatically increase on January 1st of each year, for a period of not more than ten years, commencing on January 1st of the year following the year in which the IPO Date occurs and ending on (and including) January 1, 2029, in an amount equal to 4% of the total number of shares of Capital Shares outstanding on December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of Common Shares than would otherwise occur pursuant to the preceding sentence.

 

For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of Common Shares that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Share Awards except as provided in Section 7(a). Shares may be issued in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.

 

(b)                                 Reversion of Shares to the Share Reserve. If a Share Award or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Share Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than shares), such expiration, termination or settlement will not reduce (or otherwise offset) the number of Common Shares that may be available for issuance under the Plan. If any Common Shares issued pursuant to a Share Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares subject to a Share Award (or portion thereof) that are surrendered to the Company in satisfaction of tax withholding obligations on a Share Award or as consideration for the exercise or purchase price of a Share Award will again become available for issuance under the Plan.

 

(c)                                  Incentive Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of Common Shares that may be issued pursuant to the exercise of Incentive Stock Options will be 14,131,692 Common Shares.

 

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(d)                                 Limitation on Grants to Non-Employee Directors. The maximum number of shares of Common Stock subject to Share Awards granted under the Plan or otherwise during a single calendar year to any Non-Employee Director, taken together with any cash fees paid by the Company to such Non-Employee Director during such calendar year for service on the Board, will not exceed seven hundred fifty thousand dollars ($750,000) in total value (calculating the value of any such Share Awards based on the grant date fair value of such Share Awards for financial reporting purposes), or, with respect to the calendar year in which a Non-Employee Director is first appointed or elected to the Board,                  .

 

(e)                                  Source of Shares. The shares issuable under the Plan will be authorized but unissued Common Shares.

 

4.                                      ELIGIBILITY.

 

(a)                                 Eligibility for Specific Share Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Share Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Share Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405 of the Securities Act, unless (i) the shares underlying such Share Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Share Awards are granted pursuant to a corporate transaction such as a spin off transaction), (ii) the Company, in consultation with its legal counsel, has determined that such Share Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel, has determined that such Share Awards comply with the distribution requirements of Section 409A of the Code.

 

(b)                                 Ten Percent Shareholders. A Ten Percent Shareholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.

 

5.                                      PROVISIONS RELATING TO OPTIONS AND SHARE APPRECIATION RIGHTS.

 

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Common Shares purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:

 

(a)                                 Term. Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, no Option or SAR will be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b)                                 Exercise Price. Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Shares subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower

 

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than 100% of the Fair Market Value of the Common Shares subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or share appreciation right pursuant to a corporate transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in Common Shares equivalents.

 

(c)                                  Purchase Price for Options. The purchase price of Common Shares acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment are as follows:

 

(i)                                    by cash, check, bank draft or money order payable to the Company;

 

(ii)                                pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the shares subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii)                            if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Common Shares issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Common Shares will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares otherwise issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares otherwise issuable are withheld to satisfy tax withholding obligations; or

 

(iv)                             in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

 

(d)                                 Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Share Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of Common Shares equal to the number of Common Share equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Share equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Shares, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR.

 

(e)                                  Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply:

 

(i)                                    Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer of

 

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the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration.

 

(ii)                                Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation Section 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

 

(iii)                            Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Shares or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Shares or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(f)                                   Vesting Generally. The total number of Common Shares subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of Common Shares as to which an Option or SAR may be exercised.

 

(g)                                 Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service), but only within the period of time ending on the earlier of (i) the date that is three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Award Agreement, which period will not be less than thirty (30) days if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR as applicable will terminate.

 

(h)                                 Extension of Termination Date. Except as otherwise provided in the applicable Award Agreement or other written agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of Common Shares would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements or other applicable securities laws, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s Award Agreement, if the sale of any Common Shares received on exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would

 

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violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Shares received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.

 

(i)                                    Disability of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement, which period will not be less than six (6) months if necessary to comply with applicable laws) and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(j)                                    Death of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Award Agreement, which period will not be less than six (6) months if necessary to comply with applicable laws) and (ii) the expiration of the term of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(k)                                 Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service.

 

(l)                                    Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any Common Shares until at least six (6) months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement, in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act

 

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to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Share Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Share Awards and are hereby incorporated by reference into such Share Award Agreements.

 

6.                                      PROVISIONS OF SHARE AWARDS OTHER THAN OPTIONS AND SARS.

 

(a)                                 Restricted Share Awards. Each Restricted Share Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, Common Shares may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Share Award lapse; or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Share Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Award Agreements need not be identical. Each Restricted Share Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i)                                    Consideration. A Restricted Share Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)                                Vesting. Common Shares awarded under the Restricted Share Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.

 

(iii)                            Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the Common Shares held by the Participant as of the date of termination of Continuous Service under the terms of the Restricted Share Award Agreement.

 

(iv)                             Transferability. Common Shares acquired under the Restricted Share Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Share Award Agreement, as the Board will determine in its sole discretion, so long as Common Shares awarded under the Restricted Share Award Agreement remains subject to the terms of the Restricted Share Award Agreement.

 

(v)                                 Dividends. A Restricted Share Award Agreement may provide that any dividends paid on Common Shares will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Share Award to which they relate.

 

(b)                                 Restricted Share Unit Awards. Each Restricted Share Unit Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. The terms and conditions of Restricted Share Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Unit Award Agreements need not be identical. Each Restricted Share Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i)                                    Consideration. At the time of grant of a Restricted Share Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each Common Share subject to the Restricted Share Unit Award. The consideration to be paid (if any) by the Participant for each

 

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Common Share subject to a Restricted Share Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)                                Vesting. At the time of the grant of a Restricted Share Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Share Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)                            Payment. A Restricted Share Unit Award may be settled by the delivery of Common Shares, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Share Unit Award Agreement.

 

(iv)                             Additional Restrictions. At the time of the grant of a Restricted Share Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the Common Shares (or their cash equivalent) subject to a Restricted Share Unit Award to a time after the vesting of such Restricted Share Unit Award.

 

(v)                                 Dividend Equivalents. Dividend equivalents may be credited in respect of Common Shares covered by a Restricted Share Unit Award, as determined by the Board and contained in the Restricted Share Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional Common Shares covered by the Restricted Share Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Share Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Share Unit Award Agreement to which they relate.

 

(vi)                             Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Share Unit Award Agreement or other written agreement between a Participant and the Company or an Affiliate, such portion of the Restricted Share Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service.

 

(c)                                  Performance Awards.

 

(i)                                    Performance Share Awards. A Performance Share Award is a Share Award that is payable (including that may be granted, may vest or may be settled) contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Share Award may, but need not, require the Participant’s completion of a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Board or Committee, in its sole discretion. In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board or the Committee may determine that cash may be used in payment of Performance Share Awards.

 

(ii)                                Performance Cash Awards. A Performance Cash Award is a cash award that is payable contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Board or Committee, in its sole discretion. The Board or Committee may specify the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Performance Cash Award, or such portion thereof as the Board may specify, to be paid in whole or in part in cash or other property.

 

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(iii)                            Board Discretion. The Board retains the discretion to adjust or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Share Award Agreement or the written terms of a Performance Cash Award.

 

(d)                                 Other Share Awards. Other forms of Share Awards valued in whole or in part by reference to, or otherwise based on, Common Shares, including the appreciation in value thereof (e.g., options or share rights with an exercise price or strike price less than 100% of the Fair Market Value of the Common Shares at the time of grant) may be granted either alone or in addition to Share Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Share Awards will be granted, the number of Common Shares (or the cash equivalent thereof) to be granted pursuant to such Other Share Awards and all other terms and conditions of such Other Share Awards.

 

7.                                      COVENANTS OF THE COMPANY.

 

(a)                                 Availability of Shares.  The Company will keep available at all times the number of Common Shares reasonably required to satisfy then outstanding Share Awards.

 

(b)                                 Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan, as necessary, such authority as may be required to grant Share Awards and to issue Common Shares upon exercise or settlement of the Share Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act or other securities or applicable laws, the Plan, any Share Award or any Common Shares issued or issuable pursuant to any such Share Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance of Common Shares under the Plan, the Company will be relieved from any liability for failure to issue Common Shares upon exercise or settlement of such Share Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Shares pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

 

(c)                                  No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder as to the tax treatment or time or manner of exercising such Share Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

 

8.                                      MISCELLANEOUS.

 

(a)                                 Use of Proceeds from Issuance of Common Shares. Proceeds from the issuance of Common Shares pursuant to Share Awards will constitute general funds of the Company.

 

(b)                                 Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action

 

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approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents.

 

(c)                                  Shareholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Common Shares subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of Common Shares under, the Award pursuant to its terms, and (ii) the issuance of the Common Shares subject to such Award has been entered into the books and records of the Company.

 

(d)                                 No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Company or an Affiliate to terminate (i) subject to applicable employment standards legislation, the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is domiciled or incorporated, as the case may be.

 

(e)                                  Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes a leave of absence) after the date of grant of any Award to the Participant, subject to applicable employment standards legislation, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

 

(f)                                   Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Shares with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(g)                                 Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Shares under any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that such Participant is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Shares subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Shares. The foregoing requirements, and any assurances given pursuant

 

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to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Shares under the Share Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on share certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Shares.

 

(h)                                 Withholding Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal, foreign, state, provincial or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding Common Shares from the Common Shares issued or otherwise issuable to the Participant in connection with the Share Award; provided, however, that no Common Shares are withheld with a value exceeding the maximum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Share Award as a liability for financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement.

 

(i)                                    Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).

 

(j)                                    Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code or the Tax Act, as applicable. Consistent with Section 409A of the Code or the Tax Act, as applicable, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

 

(k)                                 Clawback/Recovery. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired Common Shares or other cash or property upon the occurrence of an event constituting Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntary terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company.

 

(l)                                    Compliance with Section 409A of the Code. Unless otherwise expressly provided for in an Award Agreement, to the extent applicable, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code.

 

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To the extent Section 409A of the Code is applicable, if the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the Common Shares are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

 

9.                                      ADJUSTMENTS UPON CHANGES IN COMMON SHARES; OTHER CORPORATE EVENTS.

 

(a)                                 Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iv) the class(es) and maximum number of securities that may be awarded to any Non-Employee Director pursuant to Section 3(d), and (v) the class(es) and number of securities and price per share subject to outstanding Share Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.

 

(b)                                 Dissolution. Except as otherwise provided in the Share Award Agreement, in the event of a Dissolution of the Company, all outstanding Share Awards (other than Share Awards consisting of vested and outstanding Common Shares not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such Dissolution, and the Common Shares subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Share Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some or all Share Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Share Awards have not previously expired or terminated) before the Dissolution is completed but contingent on its completion.

 

(c)                                  Transaction. The following provisions will apply to Share Awards in the event of a Transaction unless otherwise provided in the Share Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of a Share Award. In the event of a Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Share Awards, contingent upon the closing or completion of the Transaction:

 

(i)                                    arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or continue the Share Award or to substitute a similar share award for the Share Award (including, but not limited to, an award to acquire the same consideration paid to the shareholders of the Company pursuant to the Transaction);

 

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(ii)                                arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Shares issued pursuant to the Share Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);

 

(iii)                            accelerate the vesting, in whole or in part, of the Share Award (and, if applicable, the time at which the Share Award may be exercised) to a date prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the Transaction), with such Share Award terminating if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Transaction, which exercise is contingent upon the effectiveness of such Transaction;

 

(iv)                             arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Share Award;

 

(v)                                 cancel or arrange for the cancellation of the Share Award, to the extent not vested or not exercised prior to the effective time of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and

 

(vi)                             make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Share Award immediately prior to the effective time of the Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be $0 if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Company’s Common Shares in connection with the Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

 

The Board need not take the same action or actions with respect to all Share Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of a Share Award.

 

(d)                                 Change in Control. A Share Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Share Award Agreement for such Share Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

 

10.                               PLAN TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN.

 

The Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of (i) the date the Plan is adopted by the Board (the “Adoption Date”), or (ii) the date the Plan is approved by the shareholders of the Company. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

11.                               EXISTENCE OF THE PLAN; TIMING OF FIRST GRANT OR EXERCISE.

 

The Plan will come into existence on the Adoption Date; provided, however, that no Share Award may be granted prior to the IPO Date. In addition, no Share Award will be exercised (or, in the case of a Restricted Share Award, Restricted Share Unit Award, Performance Share Award, or Other Share Award, no Share Award will be granted) and no Performance Cash Award will be settled unless and until the Plan has been approved by the shareholders of the Company, which approval will be within 12 months after the date the Plan is adopted by the Board.

 

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12.                               CHOICE OF LAW.

 

The laws of the province of Quebec and the laws of Canada applicable therein will govern all questions concerning the construction, validity and interpretation of this Plan.

 

13.                               DEFINITIONS. As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)                                 “Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.

 

(b)                                 “Award” means a Share Award or a Performance Cash Award.

 

(c)                                  “Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award.

 

(d)                                 “Board” means the Board of Directors of the Company.

 

(e)                                  “Capital Shares” means each and every class of common shares of the Company, regardless of the number of votes per share.

 

(f)                                   “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Shares subject to the Plan or subject to any Share Award after the Adoption Date without the receipt of consideration by the Company through merger, amalgamation, arrangement, consolidation, reorganization, recapitalization, reincorporation, share dividend, dividend in property other than cash, large nonrecurring cash dividend, share split, reverse share split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(g)                                 “Cause” shall have the meaning ascribed to such term in any written agreement between the Participant and the Company or an Affiliate defining such term and, in the absence of such agreement, such term means, with respect to a Participant, in addition to such meaning as shall have been or shall hereafter be ascribed to such term or similar terms from time to time by the jurisprudence or law: (i) a failure or refusal by the Participant to perform his or her customary duties or services for the Company or any Affiliate without lawful justification after being provided with 10 business days’ notice from the Company and an opportunity to cure such failure to perform, in a manner satisfactory to the Company or any Affiliate; (ii) the Participant’s conviction for a criminal act or other indictable offence pursuant to the provisions of the Criminal Code or of any other criminal or penal statute of any jurisdiction which the Company or any Affiliate reasonably determines may have an adverse effect upon the reputation or good will of the Company or any Affiliate or on the performance of the Participant’s duties, or the commission by the Participant of any indictable or criminal offence or act which denotes moral turpitude, whether relating or not to the course of employment; (iii) a breach by the Participant of, or his or her failure or refusal to perform, in any material respect, any of his or her obligations under any employment agreement, employee invention and confidentiality agreement or such other material written agreement between participant and the company or any related entity; (iv) wanting in adequate capacity or qualification to fulfil the Participant’s employment functions; (v) any breach of any non-compete or non-solicitation covenant of the participant; or (vi) any dishonest or fraudulent act relating directly or indirectly to the course of

 

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employment. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant shall have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(h)                                 “Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

(i)                                    any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, amalgamation, arrangement, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, (C) on account of the acquisition of securities of the Company by any individual who is, on the IPO Date, either an executive officer or a Director (either, an “IPO Investor”) and/or any entity in which an IPO Investor has a direct or indirect interest (whether in the form of voting rights or participation in profits or capital contributions) of more than 50% (collectively, the “IPO Entities”) or on account of the IPO Entities continuing to hold shares that come to represent more than 50% of the combined voting power of the Company’s then outstanding securities as a result of the conversion of any class of the Company’s securities into another class of the Company’s securities having a different number of votes per share pursuant to the conversion provisions set forth in the Company’s Amended and Restated Certificate of Incorporation; or (D) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;

 

(ii)                                there is consummated a merger, amalgamation, arrangement, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, amalgamation, arrangement, consolidation or similar transaction, the shareholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, amalgamation, arrangement, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such merger, amalgamation, arrangement, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; provided, however, that a merger, amalgamation, arrangement, consolidation or similar transaction will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the surviving Entity or its parent are owned by the IPO Entities;

 

(iii)                            there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its

 

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Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by shareholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; provided, however, that a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the acquiring Entity or its parent are owned by the IPO Entities;

 

(iv)                             the shareholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or

 

(v)                                 individuals who, on the IPO Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

Notwithstanding the foregoing definition or any other provision of the Plan, (A) the term Change in Control will not include a sale of assets, merger amalgamation, arrangement, or other transaction effected exclusively for the purpose of changing the domicile of the Company and the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will apply.

 

(i)                                    “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(j)                                    “Committee” means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(k)                                 “Common Share” means, as of the IPO Date, a common share in the share capital of the Company.

 

(l)                                    “Company” means Milestone Pharmaceuticals Inc and any successor corporation thereto.

 

(m)                             “Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.

 

(n)                                 “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not

 

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terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.

 

(o)                                 “Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

(i)                                    a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated assets of the Company and its Subsidiaries;

 

(ii)                                a sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii)                            a merger, amalgamation, arrangement, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)                             a merger, amalgamation, arrangement, consolidation or similar transaction following which the Company is the surviving corporation but the Common Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, amalgamation, arrangement, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(p)                                 “Director” means a member of the Board.

 

(q)                                 “Disability” means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(r)                                  “Dissolution” means when the Company, after having executed a certificate of dissolution with the Registraire des entreprises du Quebec, has completely wound up its affairs.

 

(s)                                   “Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(t)                                    “Entity” means a corporation, partnership, limited liability company or other entity.

 

(u)                                 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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(v)                                 “Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their Ownership of shares of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the IPO Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.

 

(w)                               “Fair Market Value” means, as of any date, the value of the Common Shares determined as follows:

 

(i)                                    If the Common Shares are listed on any established stock exchange or traded on any established market, the Fair Market Value of a Common Share will be, unless otherwise determined by the Board, the closing sales price for such share as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Shares) on the date of determination, as reported in a source the Board deems reliable.

 

(ii)                                Unless otherwise provided by the Board, if there is no closing sales price for the Common Shares on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

 

(iii)                            In the absence of such markets for the Common Shares, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

 

(x)                                 “Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(y)                                 “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s) managing the initial public offering of the Common Shares, pursuant to which the Common Shares are priced for the initial public offering.

 

(z)                                  “Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

 

(aa)                          “Nonstatutory Stock Option” means any Option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option.

 

(bb)                          “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

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(cc)                            “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase Common Shares granted pursuant to the Plan.

 

(dd)                          “Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(ee)                            “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(ff)                              “Other Share Award” means an award based in whole or in part by reference to the Common Shares which is granted pursuant to the terms and conditions of Section 6(d).

 

(gg)                          “Other Share Award Agreement” means a written agreement between the Company and a holder of an Other Share Award evidencing the terms and conditions of an Other Share Award grant. Each Other Share Award Agreement will be subject to the terms and conditions of the Plan.

 

(hh)                          “Own,” “Owned,” “Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(ii)                                “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

 

(jj)                                “Performance Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

 

(kk)                          “Performance Criteria” means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Board: (i) sales; (ii) revenues; (iii) assets; (iv) expenses; (v) market penetration or expansion; (vi) earnings from operations; (vii) earnings before or after deduction for all or any portion of interest, taxes, depreciation, amortization, incentives, service fees or extraordinary or special items, whether or not on a continuing operations or an aggregate or per share basis; (viii) net income or net income per common share (basic or diluted); (ix) return on equity, investment, capital or assets; (x) one or more operating ratios; (xi) borrowing levels, leverage ratios or credit rating; (xii) market share; (xiii) capital expenditures; (xiv) cash flow, free cash flow, cash flow return on investment, or net cash provided by operations; (xv) share price, dividends or total shareholder return; (xvi) development of new technologies or products; (xvii) sales of particular products or services; (xviii) economic value created or added; (xix) operating margin or profit margin; (xx) customer acquisition or retention; (xxi) raising or refinancing of capital; (xxii) successful hiring of key individuals; (xxiii) resolution of significant litigation; (xxiv) acquisitions and divestitures (in whole or in part); (xxv) joint ventures and strategic alliances; (xxvi) spin-offs, split-ups and the like; (xxvii) reorganizations; (xxviii) recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings; (xxix) or strategic business criteria, consisting of one or more objectives based on the following goals: achievement of timely development, design management or enrollment, meeting specified market penetration or value added, payor acceptance, patient adherence, peer reviewed publications, issuance of new patents, establishment of or securing of licenses to intellectual property, product development or introduction (including, without limitation, any clinical trial accomplishments, regulatory or other filings, approvals or milestones, discovery of novel products,

 

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maintenance of multiple products in pipeline, product launch or other product development milestones), geographic business expansion, cost targets, cost reductions or savings, customer satisfaction, operating efficiency, acquisition or retention, employee satisfaction, information technology, corporate development (including, without limitation, licenses, innovation, research or establishment of third party collaborations), manufacturing or process development, legal compliance or risk reduction, patent application or issuance goals, or goals relating to acquisitions, divestitures or other business combinations (in whole or in part), joint ventures or strategic alliances; and (xxx) other measures of performance selected by the Board.

 

(ll)                                “Performance Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. The Board is authorized at any time in its sole discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants, (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development; (b) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; or (c) in view of the Board’s assessment of the business strategy of the Company, performance of comparable organizations, economic and business conditions, and any other circumstances deemed relevant. Specifically, the Board is authorized to make adjustment in the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude the dilutive effects of acquisitions or joint ventures; (ii) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; and (iii) to exclude the effect of any change in the outstanding Common Shares of the Company by reason of any share dividend or split, share repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common shareholders other than regular cash dividends. In addition, the Board is authorized to make adjustment in the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude restructuring and/or other nonrecurring charges; (ii) to exclude exchange rate effects, as applicable, for non-U.S. dollar denominated net sales and operating earnings; (iii) to exclude the effects of changes to generally accepted accounting standards required by the Financial Accounting Standards Board; (iv) to exclude the effects of any items that are “unusual” in nature or occur “infrequently” as determined under generally accepted accounting principles; (v) to exclude the effects to any statutory adjustments to corporate tax rates; and (vi) to make other appropriate adjustments determined by the Board.

 

(mm)                  “Performance Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Share Award or a Performance Cash Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.

 

(nn)                          “Performance Share Award” means a Share Award granted under the terms and conditions of Section 6(c)(i).

 

(oo)                          “Plan” means this Milestone Pharmaceuticals Inc. 2019 Equity Incentive Plan.

 

(pp)                          “Restricted Share Award” means an award of Common Shares which is granted pursuant to the terms and conditions of Section 6(a).

 

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(qq)                          “Restricted Share Award Agreement” means a written agreement between the Company and a holder of a Restricted Share Award evidencing the terms and conditions of a Restricted Share Award grant. Each Restricted Share Award Agreement will be subject to the terms and conditions of the Plan.

 

(rr)                            “Restricted Share Unit Award” means a right to receive Common Shares which is granted pursuant to the terms and conditions of Section 6(b).

 

(ss)                              “Restricted Share Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Share Unit Award evidencing the terms and conditions of a Restricted Share Unit Award grant. Each Restricted Share Unit Award Agreement will be subject to the terms and conditions of the Plan.

 

(tt)                                “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

(uu)                          “Securities Act” means the Securities Act of 1933, as amended.

 

(vv)                          “Share Appreciation Right” or “SAR” means a right to receive the appreciation on Common Shares that is granted pursuant to the terms and conditions of Section 5.

 

(ww)                      “Share Appreciation Right Agreement” means a written agreement between the Company and a holder of a Share Appreciation Right evidencing the terms and conditions of a Share Appreciation Right grant. Each Share Appreciation Right Agreement will be subject to the terms and conditions of the Plan.

 

(xx)                          “Share Award” means any right to receive Common Shares granted under the Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Share Award, a Restricted Share Unit Award, a Share Appreciation Right, a Performance Share Award or any Other Share Award.

 

(yy)                          “Share Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of a Share Award grant. Each Share Award Agreement will be subject to the terms and conditions of the Plan.

 

(zz)                            “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

 

(aaa)                   “Tax Act” means the Income Tax Act (Canada), as amended, including any applicable regulations and guidance thereunder.

 

(bbb)                   “Ten Percent Shareholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) shares possessing more than 10% of the total combined voting power of all classes of shares of the Company or any Affiliate.

 

(ccc)                      “Transaction” means a Corporate Transaction or a Change in Control.

 

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