Document:

Exhibit 10.6 Split Dollar Life Insurance Agreement
with William R. Kitchen

 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

THIS SPLIT DOLLAR
AGREEMENT (this “Agreement”) is adopted this 16th day of November, 2011, by and between Valley Business Bank, a California
corporation (hereinafter referred to as the “Employer”), and Bill Kitchen (hereinafter referred to as the “Executive”),
effective as of the 16th day of November, 2011, formalizes the agreements and understanding between the Employer and the Executive.

WITNESSETH:

WHEREAS, the Executive
is employed by the Employer;

WHEREAS, the Employer
recognizes the valuable services the Executive has performed for the Employer and wishes to encourage the Executive’s continued
employment and to provide the Executive with additional incentive to achieve corporate objectives;

WHEREAS, the Employer
wishes to provide the terms and conditions upon which the Employer shall share the death proceeds of certain life insurance policies
with the Executive’s designated beneficiary;

NOW THEREFORE, in
consideration of the premises and of the mutual promises herein contained, the Employer and the Executive agree as follows:

ARTICLE 1

DEFINITIONS

Whenever used in
this Agreement, the following terms shall have the meanings specified:

1.1             
“Accrued Benefit” means the dollar value of the liability that should be accrued by the Employer, under Generally
Accepted Accounting Principles, for the Employer’s obligation to the Executive under Salary Continuation Agreement, calculated
by applying by applying Accounting Standards Codification 710-10 and the Discount Rate.

1.2             
“Administrator” means the Board or its designee.

1.3             
“Beneficiary” means each designated person, or the estate of the deceased Executive, entitled to benefits upon
the death of the Executive.

1.4             
“Beneficiary Designation Form” means the form established from time to time by the Administrator that the Executive
completes, signs and returns to the Administrator to designate one or more Beneficiaries.

1.5             
“Board” means the Board of Directors of the Employer.

1.6             
“Code” means the Internal Revenue Code of 1986, as amended.

1.7             
“Insurer” means the insurance company issuing the Policy.

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1.8             
“Net Death Proceeds” means the total death proceeds of the Policy minus the greater of (i) the Policy’s
cash surrender value or (ii) the aggregate premiums paid on the Policy by the Employer.

1.9             
“Policy” means the individual insurance policy or policies adopted by the Employer for purposes of insuring
the Executive’s life under this Agreement.

1.10         
“Salary Continuation Agreement” means the Salary Continuation Agreement executed on or about the same date as
this Agreement, as such agreement may be amended from time to time, which provides post-employment benefits to the Executive during
the Executive’s life.

1.11         
“Separation from Service” means a termination of the Executive’s employment with the Employer for reasons
other than death. A Separation from Service may occur as of a specified date for purposes of the Agreement even if the Executive
continues to provide some services for the Employer after that date, provided that the facts and circumstances indicate that the
Employer and the Executive reasonably anticipated at that date that either no further services would be performed after that date,
or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent
contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed
over the immediately preceding thirty-six (36) month period (or the full period during which the Executive performed services for
the Employer, if that is less than thirty-six (36) months). A Separation from Service will not be deemed to have occurred while
the Executive is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed
six (6) months or, if longer, the period for which a statute or contract provides the Executive with the right to reemployment
with the Employer. If the Executive’s leave exceeds six (6) months but the Executive is not entitled to reemployment under
a statute or contract, the Executive incurs a Separation of Service on the next day following the expiration of such six (6) month
period. The Administrator shall have full and final authority, to determine conclusively whether a Separation from Service occurs,
and the date of such Separation from Service.

ARTICLE 2

POLICY OWNERSHIP/INTERESTS

2.1Employer’s
Interest. The Employer shall own the Policy and shall have the right to exercise all incidents of ownership and the Employer may
terminate a Policy without the consent of the Executive. The Employer shall be the beneficiary of the remaining death proceeds
of the Policy after the Executive’s interest is determined according to Section 2.2 below.

2.2Executive’s
Interest. The Executive, or the Executive’s assignee, shall have the right to designate the Beneficiary of an amount of death
proceeds as specified in this Section 2.2. The Executive shall also have the right to elect and change settlement options with
respect to the Executive’s interest by providing written notice to the Employer and the Insurer.

2.2.1Death
Prior to Separation from Service. If the Executive dies prior to Separation from Service, the Beneficiary shall be entitled to
the lesser of (i) Eight Hundred Thousand Dollars ($800,000) or (ii) the Net Death Proceeds.

2.2.2Death
After Separation from Service. If the Executive dies after Separation from Service, the Beneficiary shall be entitled to the lesser
of (i) the Accrued Benefit as of the day prior to the date of the Executive’s death or (ii) the Net Death Proceeds.

 

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ARTICLE 3

PREMIUMS AND IMPUTED INCOME

3.1Premium Payment.
The Employer shall pay all premiums due on the Policy from its general assets.

3.2Economic
Benefit. The Employer shall determine the economic benefit attributable to the Executive based on the life insurance premium factor
for the Executive's age multiplied by the aggregate death benefit payable to the Beneficiary. The "life insurance premium
factor" is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any
subsequent authority.

3.3Imputed Income.
The Employer shall impute the economic benefit to the Executive on an annual basis, by adding the economic benefit to the Executive’s
Form w-2.

ARTICLE 4

SUICIDE OR
MISSTATEMENT

No benefits shall
be payable if the Executive commits suicide within two years after the date of this Agreement, or if the Insurer denies coverage
(i) for material misstatements of fact made by the Executive on any application for the Policy, or (ii) for any other reason; provided,
however that the Employer shall evaluate the reason for the denial, and upon advice of legal counsel and in its sole discretion,
consider judicially challenging any denial.

ARTICLE 5

BENEFICIARIES

5.1 Designation
of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s
death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will
revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only
when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the
Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required
to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator.
The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive
or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

5.2Absence of
Beneficiary Designation. In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a
Beneficiary, there is no living Beneficiary validly named by the Executive, the Employer shall pay the benefit payment to the Executive’s
spouse. If the spouse is not living then the Employer shall pay the benefit payment to the Executive’s living descendants
per stirpes, and if there no living descendants, to the Executive’s estate. In determining the existence or identity of anyone
entitled to a benefit payment, the Employer may rely conclusively upon information supplied by the Executive’s personal representative,
executor, or administrator.

 

 

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5.3Facility
of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may
make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or
her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any
such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.

ARTICLE 6

ASSIGNMENT

The Executive may
irrevocably assign without consideration all of the Executive’s interest in this Agreement to any person, entity, or trust.
In the event the Executive shall transfer all of the Executive’s Interest, then all of the Executive's interest in this Agreement
shall be vested in the Executive’s transferee, who shall be substituted as a party hereunder, and the Executive shall have
no further interest in this Agreement.

ARTICLE 7

INSURER

The Insurer shall
be bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of
this Agreement. The Insurer shall have the right to rely on the Employer’s representations with regard to any definitions,
interpretations or Policy interests as specified under this Agreement.

ARTICLE 8

ADMINISTRATION

8.1Administrator
Duties. The Administrator shall be responsible for the management, operation, and administration of the Agreement. When making
a determination or calculation, the Administrator shall be entitled to rely on information furnished by the Employer, Executive
or Beneficiary. No provision of this Agreement shall be construed as imposing on the Administrator any fiduciary duty under ERISA
or other law, or any duty similar to any fiduciary duty under ERISA or other law.

8.2Administrator
Authority. The Administrator shall enforce this Agreement in accordance with its terms, shall be charged with the general administration
of this Agreement, and shall have all powers necessary to accomplish its purposes. Such powers include, but are not limited to,
the following:

(a)To construe
and interpret the terms and provisions of this Agreement and to reconcile any inconsistency;

(b)To compute
and certify the amount payable to the Executive and the Beneficiary; to determine the time and manner in which such benefits are
paid; and to determine the amount of any withholding taxes to be deducted;

(c)To maintain
all records that may be necessary for the administration of this Agreement;

(d)To provide
for the disclosure of all information and the filing or provision of all reports and statements to the Executive, the Beneficiary
and governmental agencies as required by law;

(e)To make
and publish such rules for the regulation of this Agreement and procedures for the administration of this Agreement so long as
no such rules or procedures are not inconsistent with the terms hereof;

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(f)To administer
this Agreement’s claims procedures;

(g)To approve
the forms and procedures for use under this Agreement; and

(h)To
employ others, including actuaries, attorneys, accountants, independent fiduciaries, recordkeepers and administrative consultants,
to render advice or perform services with respect to the responsibilities of the Administrator under the Agreement.

8.3Binding Effect
of Decision. The decision or action of the Administrator with respect to any question arising out of or in connection with the
administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall be final,
conclusive and binding upon all persons having any interest in this Agreement.

8.4Compensation,
Expenses and Indemnity. The Administrator shall serve without compensation for services rendered hereunder. The Administrator is
authorized at the expense of the Employer to employ such legal counsel and recordkeeper as it may deem advisable to assist in the
performance of its duties hereunder. Expense and fees in connection with the administration of this Agreement shall be paid by
the Employer.

8.5Employer
Information. The Employer shall supply full and timely information to the Administrator on all matters relating to the Executive’s
death, Separation from Service, and such other information as the Administrator reasonably requires.

ARTICLE 9

CLAIMS AND REVIEW PROCEDURE

9.1Claims Procedure.
A Claimant who has not received benefits under this Agreement that he or she believes should be distributed shall make a claim
for such benefits as follows.

(a)Initiation
– Written Claim. The Claimant initiates a claim by submitting to the Administrator a written claim for the benefits. If such
a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after
such notice was received by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on
which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the
Claimant.

 

(b)Timing
of Administrator Response. The Administrator shall respond to such Claimant within ninety (90) days after receiving the claim.
If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator
can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end of the
initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special circumstances
and the date by which the Administrator expects to render its decision.

 

(c)Notice
of Decision. If the Administrator denies part or all of the claim, the Administrator shall notify the Claimant in writing of such
denial. The Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification
shall set forth: (i) the specific reasons for the denial; (ii) a reference to the specific provisions of this Agreement on which
the denial is based; (iii) a description of any additional information or material necessary for the Claimant to perfect the claim
and an explanation of why it is needed; (iv) an explanation of this Agreement’s review procedures and the time limits applicable
to such procedures; and (v) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

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9.2Review Procedure. If the
Administrator denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Administrator
of the denial as follows.

(a)Initiation
– Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Administrator’s
notice of denial, must file with the Administrator a written request for review.

 

(b)Additional
Submissions – Information Access. The Claimant shall then have the opportunity to submit written comments, documents, records
and other information relating to the claim. The Administrator shall also provide the Claimant, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations)
to the Claimant’s claim for benefits.

 

(c)Considerations
on Review. In considering the review, the Administrator shall take into account all materials and information the Claimant submits
relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

(d)Timing
of Administrator Response. The Administrator shall respond in writing to such Claimant within sixty (60) days after receiving the
request for review. If the Administrator determines that special circumstances require additional time for processing the claim,
the Administrator can extend the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to
the end of the initial sixty (60) day period, that an additional period is required. The notice of extension must set forth the
special circumstances and the date by which the Administrator expects to render its decision.

 

(e)Notice
of Decision. The Administrator shall notify the Claimant in writing of its decision on review. The Administrator shall write the
notification in a manner calculated to be understood by the Claimant. The notification shall set forth: (i) the specific reasons
for the denial; (ii) a reference to the specific provisions of this Agreement on which the denial is based; (iii) a statement that
the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits; and (iv)
a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

ARTICLE 10

AMENDMENTS AND TERMINATION

This Agreement may
be amended only by a written agreement signed by both the Employer and the Executive. In the event that the Employer decides to
maintain the Policy after termination of the Agreement, the Employer shall be the direct beneficiary of the entire death proceeds
of the Policy.

ARTICLE 11

MISCELLANEOUS

11.1No Effect
on Employment Rights. This Agreement constitutes the entire agreement between the Employer and the Executive as to the subject
matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.
Nothing contained herein will confer upon the Executive the right to be retained in the service of the Employer nor limit the right
of the Employer to discharge or otherwise deal with the Executive without regard to the existence hereof.

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11.2State Law.
To the extent, not governed by ERISA, the provisions of this Agreement shall be construed and interpreted according to the internal
law of the State of California without regard to its conflicts of laws principles.

11.3Validity.
In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall affect
the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal or invalid provision had never
been inserted herein.

11.4Notice.
Any notice, consent or demand required or permitted to be given to the Employer or Administrator under this Agreement shall be
sufficient if in writing and hand-delivered or sent by registered or certified mail to the Employer’s principal business
office. Any notice or filing required or permitted to be given to the Executive or Beneficiary under this Agreement shall be sufficient
if in writing and hand-delivered or sent by mail to the last known address of the Executive or Beneficiary, as appropriate. Any
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or
on the receipt for registration or certification.

11.5Headings
and Interpretation. Headings and sub-headings in this Agreement are inserted for reference and convenience only and shall not be
deemed part of this Agreement. Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will
permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

11.6Coordination
with Other Benefits. The benefits provided for the Executive or the Beneficiary under this Agreement are in addition to any other
benefits available to the Executive under any other plan or program for employees of the Employer. This Agreement shall supplement
and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided herein.

11.7Inurement.
This Agreement shall be binding upon and shall inure to the benefit of the Employer, its successor and assigns, and the Executive,
the Executive’s successors, heirs, executors, administrators, and the Beneficiary.

IN WITNESS WHEREOF,
the Executive and a duly authorized representative of the Employer have signed this Agreement.

 

	EXECUTIVE	EMPLOYER
	 	 	 
	 	 	 
	 	By:	 
	Title: EVP Chief Credit Officer	Title: President/Chief Executive Officer

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SPLIT DOLLAR LIFE INSURANCE AGREEMENT

Beneficiary Designation

I designate the following as Beneficiary
under this Agreement:

Primary

___________________________________________________________________________________________%

___________________________________________________________________________________________%

Contingent

___________________________________________________________________________________________%

___________________________________________________________________________________________%

 

I understand that I may change this
beneficiary designation by delivering a new written designation to the Administrator, which shall be effective only upon receipt
by the Administrator prior to my death. I further understand that the designation will be automatically revoked if the Beneficiary
predeceases me or if I have named my spouse as Beneficiary and our marriage is subsequently dissolved.

Signature:_______________________________Date:_______

	
        SPOUSAL CONSENT (Required only if Administrator
        requests and someone other than spouse is named Beneficiary)

        I consent to the beneficiary designation
        above. I also acknowledge that if I am named Beneficiary and my marriage is subsequently dissolved, the beneficiary designation
        will be automatically revoked.

        Spouse Name:_______________________________

        Signature:       _______________________________          Date: _________

         

 

By:     ________________________________

 

Title:  ________________________________

 

 

 

 

 

    	8d1272570_ex4-20.htm

Exhibit 4.20

 

Execution Version

AMENDMENT NO. 2 TO SENIOR SECURED CREDIT FACILITY

 

AMENDMENT NO. 2 DATED AS OF JUNE 1, 2010 (the "Amendment No. 2"), among the undersigned (i) EXCEL MARITIME CARRIERS LTD., a Liberian corporation, as borrower (the "Borrower"), (ii) the banks, financial institutions and other institutional lenders listed Lenders on the signature pages hereof, (iii) NORDEA BANK FINLAND PLC, LONDON BRANCH individually ("Nordea") and as Administrative Agent (the "Administrative Agent") for the Secured Parties, (iv) NORDEA, DVB BANK SE, DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHAFT ("DB"), GENERAL ELECTRIC CAPITAL CORPORATION, and HSH NORDBANK AG, as lead arrangers (the "Lead Arrangers"), (v) NATIONAL BANK OF GREECE S.A., CREDIT SUISSE AG (previously known as Credit Suisse) and BNP PARIBAS FORTIS, as co-arrangers (the "Co-Arrangers"), (vi) NORDEA and DB, as book runners and (vii) NORDEA, as Issuing Bank, to the SENIOR SECURED CREDIT FACILITY, dated as of April 14, 2008, as amended by Amendment No. 1 to Senior Credit Facility dated as March 31, 2009 as so amended, (the "Original Credit Agreement"), among (i) the Borrower, (ii) the Lenders party thereto, (iii) the Administrative Agent appointed thereunder, (iv) the Lead Arrangers, (v) the Co-Arrangers, (vi) the book runners and (vii) the Issuing Bank.  The Original Credit Agreement as amended by this Amendment No.2, and as the same may be further amended, modified or supplemented from time to time, is herein called the "Credit Agreement."  Capitalized terms used herein and not otherwise defined shall have the meaning defined in the Credit Agreement.

PRELIMINARY STATEMENTS:

 

(1)           The Borrower, the Administrative Agent, the Lenders and the other parties thereto have executed and delivered the Credit Agreement and the other Loan Documents; the Lenders have made Advances to the Borrower; and to secure the Obligations of the Loan Parties under the Credit Agreement and the other Loan Documents, the Collateral Documents have been executed and delivered and the Ship Mortgages have been duly recorded in the relevant ship registries in accordance with applicable law.

(2)           The Borrower has requested, and the Lenders have agreed to, certain amendments to the Original Credit Agreement, subject to the terms and conditions and otherwise as set forth herein.

(3)           The Lenders, by their respective signatures set forth below, hereby direct the Administrative Agent (i) to facilitate the execution and delivery of this Amendment No. 2, and (ii) to carry out the transactions hereby contemplated.

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

1

  

Nordea Senior Secured Credit Facility Amendment No. 2

  

ARTICLE I

CERTAIN AMENDMENTS TO THE ORIGINAL CREDIT AGREEMENT

	
  

	
Section 1.  Section 5.01(r) of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:

	
  

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

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

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

(iv)           On and after December 31, 2010, to and including December 31, 2013, no fewer than 50% of the Collateral Vessels' total available calendar days for the period of the next 12 months shall be employed, actively and in service, under time charters being arm's-length with companies unaffiliated with the Borrower, its Subsidiaries and management.  This clause (r)(iv) shall be tested semi-annually on and after December 31, 2010

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

2

  

Nordea Senior Secured Credit Facility Amendment No. 2

  

ARTICLE II

BORROWER'S REPRESENTATIONS AND WARRANTIES

Section 1. The Borrower represents and warrants as follows:

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

(b)           The execution, delivery and performance of this Amendment No. 2 is within its powers, has been duly authorized by all necessary corporate action, and does not (i) contravene its charter or bylaws; (ii) violate any law, rule, regulation (including, without limitation, Regulations T, U and X of the Board of Governors of the United States Federal Reserve System), order, writ, judgment, injunction, decree, determination or award, (iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, any agreement respecting Indebtedness or any other material contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting it or any of its properties or (iv) except for the Liens created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any Collateral.  No Loan Party or any of it Subsidiaries is in material violation of any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award except to the extent that any such violation, individually or in the aggregate, could not be reasonably expected to have a Material Adverse Effect.

(c)           This Amendment No. 2 has been duly authorized, executed and delivered by the Borrower and each other Loan Party as applicable to each such Loan Party.  This Amendment No. 2 constitutes the legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors' rights and by equitable principles (regardless of whether enforcement is sought in equity or at law) but not excepting fraudulent conveyance laws.

(d)           No Default or Event of Default has occurred and is continuing, or will result upon execution and delivery of this Amendment No. 2 or giving effect to the transactions hereby contemplated.

3

  

Nordea Senior Secured Credit Facility Amendment No. 2

  

ARTICLE III

 

MISCELLANEOUS

Section 1.  Except as expressly modified by this Amendment No. 2, all of the terms and conditions of the Original Credit Agreement and each other Loan Document remain in full force and effect and are hereby ratified and confirmed by the parties and are incorporated by reference in this Amendment No. 2 and in each other Loan Document to the same extent as if set forth in this Amendment No. 2 in their entirety.

Section 2.  This Amendment No. 2 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, respectively, when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery by telecopier or other electronic means of an executed counterpart of a signature page to this Amendment No. 2 shall be effective as delivery of an original executed counterpart of this Amendment No. 2.

Section 3.  The Borrower agrees to pay a fee of $15,000 to each of the Lenders, who has given its written consent hereto on or before May 28, 2010.  Such fee shall be paid to the Administrative Agent for distribution by it to the relevant Lenders.  Such fee is payable by the Borrower on or prior to the execution of the Amendment No. 2 as a precondition thereof.

Section 4.  THIS AMENDMENT NO. 2 SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAW RULES.

4

  

Nordea Senior Secured Credit Facility Amendment No. 2

  

Section 5.  EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

	
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

5

  

Nordea Senior Secured Credit Facility Amendment No. 2

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

 

	
EXCEL MARITIME CARRIERS LTD., as Borrower

	
 

	
By: /s/ P. Kanellopoulos

	
 Name: P. Kanellopoulos

 Title:   CFO

	
 

	
NORDEA BANK FINLAND PLC, LONDON BRANCH, 

as Administrative Agent

	 
	
By: /s/

	
Name:

	
Title:

 

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	
EXCEL MARITIME CARRIERS LTD., as Borrower

	
By: /s/

	
Name:

Title:

	
 

	
NORDEA BANK FINLAND PLC, LONDON BRANCH, 

as Administrative Agent

	
 

	
By: /s/ M.D. Sheppard

	
 Name: M.D. Sheppard

	
 Title: Vice President

	 
	
By: /s/ Ulf B. Andersson

	
 Name: Ulf B. Andersson

	
 Title:  Head of Shipping, 

 Offshore & Oil Services London

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
NORDEA BANK FINLAND PLC, LONDON BRANCH, 

as Lender

	 
	
 

	
By: /s/ M.D. Sheppard

	
Name: M.D. Sheppard

	
Title: Vice President

	 
	
 

	
By: /s/Ulf B. Andersson

	
 Name: Ulf B. Andersson

	
 Title: Head of Shipping, 

 Offshore & Oil Services  London

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
CREDIT SUISSE AG (previously known as Credit Suisse), as Lender

	 
	
 

	
By: /s/ Stephen Schurch

	
 Name:  Stephan Schurch

	
 Title:   Vice President

	 
	
 

	
By: /s/ Lydia Lampadaridou

	
 Name:  Lydia Lampadaridou

	
 Title:  Assistant Vice President

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
DVB BANK SE, as Lender

	 
	
 

	
By: /s/ Ingo Fruhauf

	
 Name:  Ingo Fruhauf

	
 Title:   Vice President

	 
	
 

	
By: /s/ Klaus Schurmann

	
 Name:  Klaus Schurmann

	
 Title:  Vice President

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	DEUTSCHE BANK AG FILIALE  
	
DEUTSCHLANDGESCHAFT, as Lender

	 
	  
	By: /s/ Tilman Stein
	
 Name:  Tilman Stein

	
 Title:     Director

	 
	
 

	
By: /s/ Duhmert

	
 Name:  Duhmert

	
 Title:

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
HSH NORDBANK AG, as Lender

	 
	
 

	By: /s/ Bjorn Kaufmann
	
 Name: Bjorn Kaufmann

	

 Title:   Senior Vice President

	 
	
 

	
By: /s/ Dr. Christina Stahn

	
 Name:  Dr. Christina Stahn

	
 Title:    Vice President

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

 

 

	
BNP PARIBAS FORTIS, as Lender

	
 

	
 

	
By:  /s/:  P. Papatheodorou

	
Name: P. Papatheodorou

	
 

	
 

	
By:  /s/   E. Tastsidi

	
Name: E. Tastsidi

 

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
LANDESBANK HESSEN – THURINGEN GIROZENTRALE

	 
	
 

	By: /s/ Andre Mele
	
 Name:  Andre Mele

	

 Title:

	 
	 
	
By: /s/ Stefan Muhling

	
 Name:  Stefan Muhling

	
 Title:

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	SKANDINAVISKA ENSKILDA BANKEN AB (publ)  
	 
	
 

	By: /s/ Roger Gifford
	
 Name:  Roger Gifford

	
 Title:    Head of London Branch

	 
	
 

	
By: /s/ M. Stoneh

	
 Name:    M. Stoneh

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
THE ROYAL BANK OF SCOTLAND N.V.

	 
	
 

	
By: /s/  Elena Evangelatou

	
 Name:  Elena Evangelatou

	
 Title:    Vice President

	
 

	
 

	
By: /s/  Efthynia Tomazou

	
 Name:  Efthynia Tomazou

	
 Title:   Credit Administration

	
 

	
 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
CITIBANK INTERNATIONAL plc 

	GREECE
	 
	
 

	
By: /s/ Takis Constantaras

	
 Name:  Takis Constantaras

	
 Title:    Managing Director Corporate Bank

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
NATIONAL BANK OF GREECE S.A., as Lender

	 
	
 

	
By: /s/ Konstantinos N. Simos

	
 Name: Konstantinos N. Simos

	
 Title:

	
 

	
 

	
By: /s/ Florakis Panagiotis

	
 Name: Florakis Panagiotis

	
 Title:

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
BNP PARIBAS (SUISSE) SA

	
 

	
 

	
By: /s/ Olivier Blanchet

	
 Name:  Olivier Blanchet

	
 Title:    Member of Management

	
 

	
 

	
By: /s/ Louis-Valentin Neaul

	
 Name: Louis-Valentin Neaul

	
 Title: Relationship Manager

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
GENERAL ELECTRIC CAPITAL CORPORATION, 

	as Lender
	
 

	
 

	
By: /s/ Steven V. Gonzalez

	
 Name: Steven V. Gonzalez

	
 Title: Attorney-in-Fact

 

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

  

  

  

	
NATIXIS

	
 

	
 

	
By: /s/ Didier Berger

	
 Name:  Didier Berger

	
 Title:

	
 

	
NATIXIS

	
 

	
 

	
By: /s/ Sylvie Noel

	
 Name:  Sylvie Noel

	
 Title:

 

 

 

 

 

Nordea Senior Secured Credit Facility Amendment No. 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]