Document:

d1079945_ex4-18.htm

    EXHIBIT
4.18

    

    AMENDMENT
NO. 1 TO STOCK PURCHASE

    AGREEMENT

    

    

    by and
among

    

    

    EXCEL MARITIME CARRIERS
LTD.,

    as
Seller

    

    

    and

    

    

    LHADA
HOLDINGS INC.

    

    

    and

    

    

    TANEW
HOLDINGS INC.,

    as
Purchasers

    

    

    

    

    

    

    

    

    

    

    

    

    Dated
as of March 30, 2009

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    AMENDMENT NO. 1 TO STOCK
PURCHASE AGREEMENT

    

    THIS
AMENDMENT NO. 1 TO SECURITIES PURCHASE AGREEMENT (this "Amendment"), dated as of
March 30, 2009, is entered into by and among EXCEL MARITIME CARRIERS LTD., a
corporation organized under the laws of the Republic of Liberia (the "Company"),
and LHADA HOLDINGS INC., a corporation organized under the laws of the Republic
of Liberia ("Lhada") and TANEW HOLDINGS INC., a corporation organized und under
the laws of the Republic of Liberia ("Tanew" and together with Lhada, the
"Purchasers" and each a "Purchaser").

    

    WHEREAS,
the Company and the Purchasers entered into that certain Stock Purchase
Agreement, dated as of March 2nd,
2009 (the "Agreement"), pursuant to which the Company agreed to issue sell the
Shares to the Purchasers on the terms and subject to the conditions set forth in
the Agreement.

    

    WHEREAS,
the Company, in order raise additional equity capital as required by the
Lenders, desires to issue and sell 25,714,286 of the Company's Class A common
shares, par value $0.01 per share (the "Shares"), also 5,500,000 warrants, each
such warrant exercisable to purchase one Class A common share for Three Dollars
and Fifty Cents ($3.50) during the period commencing on April 1st,
2009 and terminating on March 31, 2010 (the "Warrants" and together with the
Shares, the "Securities") to the Purchasers, and the Purchasers desire by buy
the Securities, subject to the terms and conditions set forth in this
Agreement.

    

    WHEREAS,
the Company and the Purchasers desire to amend the Agreement to reflect, among
other things, the issuance and sale of the Securities.

    

    NOW,
THEREFORE, in
consideration of the foregoing recitals and the mutual premises and covenants
herein set forth, the Company and the Purchasers hereby agree to amend the
Agreement as follows:

    

    1.            
Unless otherwise defined herein, capitalized terms when used herein shall have
the meanings ascribed to them in the Agreement.

    

    2.            
Article I of the Agreement is hereby amended to read in its entirety as
follows:

    

    ARTICLE
I

    PURCHASE
AND SALE OF SECURITIES

    

    Section
1.01    Authorization of Issuance
and Sale of Securities.  The Company's board of directors,
acting through a special independent committee, has authorized the issuance and
sale of the Securities to the Purchasers.

    

    Section
1.02    Sale and
Purchase.  Upon the terms and subject to the conditions of this
Agreement, the Company hereby agrees to issue and sell to the Purchasers, free
and clear of any lien, pledge, claim, security interest, encumbrance or charge
of any kind (together,
"Liens"), and the Purchasers agrees to purchase from the Company the Securities,
allocable between the Purchasers in the manner set forth on Schedule
A.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Section
1.03     Purchase
Price.  The aggregate purchase price for the Securities shall
be in an amount equal to Forty-Five Million Dollars (U.S.$45,000,000) (the
"Purchase Price"), allocable between the Purchasers in the manner set forth on
Schedule
A.

    

    Section
1.04     Time and Place of
Closing.  Upon the terms and subject to satisfaction or waiver
of the conditions contained in this Agreement, the closing of the transactions
contemplated by this Agreement (the "Closing") will take place as of the close
of business on March 31, 2009 at the offices of Seward & Kissel LLP or at
such other place or time as the parties may agree in writing.  The
date on which the Closing occurs is herein referred to as the "Closing Date" and
the Closing shall be deemed to have occurred as of the close of business on the
Closing Date.

    

    Section
1.05     Closing Payments and
Delivery of Securities.  Upon the terms and subject to the
satisfaction of the conditions contained in this Agreement, the Purchasers shall
deliver to the Company, pursuant to wire instructions furnished separately, an
amount equal to the Purchase Price in immediately available U.S. funds, and the
Company shall issue and deliver to the Purchasers stock certificates
representing the Shares and the warrant certificates in the form attached hereto
as Exhibit A
representing the Warrants, allocable between the Purchasers in the manner set
forth on Schedule
A.

    

    3.            
Schedule A to
the Agreement is hereby amended in the form annexed hereto.

    

    4.           
 Sections 2.01, 2.02, 2.03 and 4.04 are hereby amended to replace all
references to the "Shares" with the term "Securities".

    

    5.           
 Section 5.01 of the Agreement is hereby amended to read in its entirety as
follows:

    

    "Section
5.01       Lock-Up and
Legends

    

    (a)           Lock-Up.  Each
Purchaser hereby agrees that, without the prior written consent of the Company,
it will not, directly or indirectly, offer, sell, agree to offer or sell,
solicit offers to purchase, grant any call option or purchase any put option
with respect to, any of the Shares or any Class A common shares issuable upon
exercise of the Warrants (the "Warrant Shares") for a period ending March 31,
2010.  Notwithstanding the foregoing, the
Shares and the Warrant Shares may be pledged in connection with a bona fide
margin account or other loan secured by the Shares and/or the Warrant
Shares.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (b)           Legend.  Each
Purchaser hereby acknowledges and agrees that the share certificates
representing the Shares and the Warrant Shares will bear the following
legend:

    

    THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
SOLD OR OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS
COUNSEL THAT SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION.

    

    THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BY THE
REGISTERED HOLDER WITH THE COMPANY NOT TO TRANSFER, WITHOUT THE PRIOR WRITTEN
CONSENT OF THE COMPANY, SUCH SHARES FOR A PERIOD ENDING ON MARCH 31,
2010.  THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SHARES.

    

    6.            
All other terms of the Agreement shall remain in full force and
effect.

    

    7.            
This Amendment may be executed in several counterparts, and all counterparts so
executed shall constitute one agreement, binding on all of the parties hereto,
notwithstanding that all of the parties are not signatory to the original or the
same counterpart.

    

    [Signature Page
Follows]

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Company and each of the Purchasers have caused this
Amendment to be duly executed as of the date first above written.

     

    
      
        	
                EXCEL
      MARITIME CARRIERS LTD.

              	 	 
      LHADA
      HOLDINGS INC.
	Special
      Independent Committee	 	 	 
	 	 	 	 	 
	
                By:

              	/s/
      Frithjof Platou 	 	By:	
                /s/
      Villy Panayotides

              
	
                 

              	Name:
      Frithjof Platou	 	 	Name:
      Villy Panayotides
	 	Title:  
      Chairman	 	 	Title:

      

    
       

      
        
          	
                   

                	 	TANEW HOLDINGS INC.
	 	 	 	 
	 	 	 	 	 
	
                  By:

                	/s/  Apostolos
      Kontoyannis	 	By:	
                        
                    /s/
      Villy Panayotides

                  

                
	
                   

                	Name:
      Apostolos Kontoyannis	 	 	Name:
      Villy Panayotides
	 	Title:  
      Director	 	 	Title:

        

    

    
      
         

        
          	
                   

                	 	
                
	 	 	 	 
	 	 	 	 	 
	
                  By:

                	/s/  Evangelos
      Makris	 	 	
                   

                
	
                   

                	Name:
      Evangelos Makris	 	 	 
	 	Title:  
      Director	 	 	 

        

        
 

        
          
            
               

              
                
                  	
                           

                        	 	
                        
	 	 	 	 
	 	 	 	 	 
	
                          By:

                        	/s/  Trevor
      Williams	 	 	
                           

                        
	
                           

                        	Name:
      Trevor Williams	 	 	 
	 	Title:  
      Director	 	 	 

                

            

          

        

      

    

    
      
         

      

      
        [Signature Page to the Amendment No. 1 to the Stock
Purchase Agreement]

        
          

        

      

      
         

      

    

    Schedule
A

    

    SECURITIES
AND PURCHASE PRICE ALLOCATION

    

    

    
      	
              Purchaser

               

            	 	
              Shares

               

            	
              Warrants

               

            	
              Purchase Price

               

            
	
              LHADA
      HOLDINGS INC.

               

            	 	
              12,857,143

               

            	
              2,750,000

               

            	
              $22,500,000

               

            
	
              TANEW
      HOLDINGS INC.

               

            	 	
              12,857,143

               

            	
              2,750,000

               

            	
              $22,500,000

               

            
	
              TOTAL:

               

            	 	
              25,714,286

               

            	
              5,500,000

               

            	
              $45,000,000

               

            

    

    

    
      
         

      

      
         
[Schedule A to the Amendment No. 1 to the Stock
Purchase Agreement]

        
          

        

      

      
         

      

    

    Exhibit
A

    

    FORM
OF WARRANT

    

    [Attached]

     

     

    
 

    
      
        
        

      

      
        [Exhibit A
- Form of Warrant Certficiate]d1079852_ex4-19.htm

    EXHIBIT
4.19

    

    Execution
Version

    

    AMENDMENT
NO. 1 TO SENIOR SECURED CREDIT FACILITY

    

    AMENDMENT
NO. 1, DATED AS OF March 31, 2009 (the "Credit Agreement
Amendment"),  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 DEUTSCHLANDGESCHÄFT ("DB"), GENERAL
ELECTRIC CAPITAL CORPORATION, and HSH NORDBANK AG, as lead arrangers (the "Lead Arrangers"), (v)
NATIONAL BANK OF GREECE S.A., CREDIT SUISSE and FORTIS BANK, as co-arrangers
(the "Co-Arrangers"), (vi)
NORDEA and DB, as book runners and (vii) NORDEA, as Issuing Bank, to the SENIOR
SECURED CREDIT FACILITY, dated as of April 14, 2008 (the "Original Credit
Agreement"), among (i) the Borrower, (ii) 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 the Credit Agreement Amendment, 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 the Credit
Agreement Amendment, the Amendment Loan Documents, and, as appropriate,
amendments to the other Loan Documents to conform to the changes set forth
herein, 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:

     

    
      ARTICLE
I

       

    

    CERTAIN
AMENDMENTS TO THE ORIGINAL CREDIT AGREEMENT

     

    `      
        Section
1.           
  Section 1.01 of the Original Credit Agreement is hereby amended as
follows:

    

    (a)           Changes to
Definitions.  The Definition of "Applicable Margin" is
hereby amended and restated in its entirety to read as follows:

    

    
      
         

      

      
        
           

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    "Applicable Margin"
means 2.50% per annum during the period from and including December 4, 2008, to
and including the first Interest Payment Date, if any, after the Effective Date
on which the outstanding principal of Term Loan Advances is reduced to the
amount that would have been outstanding had the Term Loan Repayment Amounts set
forth in Section 2.06(a) of the Original Credit Agreement been paid as set forth
in the Original Credit Agreement.  Thereafter, provided, that the
Borrower is in compliance with all financial covenants under Article V of the
Original Credit Agreement (with the exception that Section 5.04(e) (Minimum
Liquidity) of the Original Credit Agreement shall be adjusted as set forth in
Article I, Section 13 of the Credit Agreement Amendment), and no Default or
Event of Default shall have occurred and be continuing (and the Borrower shall
have certified the same), Applicable Margin
means 1.25% per annum.  Notwithstanding the foregoing, "Applicable Margin"
means 2.55% per annum for any Interest Period during which any Deferred Option
Principal is outstanding.

    

    The
Definition of "Account
Pledge Agreement" is hereby amended to include the First Supplement to
Deed of Charge and the Capex Reserve Deed of Charge.

    

    The
Definition of  "Collateral Documents"
is hereby amended to include the Additional

    Collateral
Documents.

    

    The
Definition of "Collateral Vessels"
is hereby amended to exclude the Released

    Collateral
Vessel and to include the Additional Collateral Vessel, and Schedule III to the
Credit Agreement is revised as set forth on Revised Schedule III attached to the
Credit Agreement Amendment.

    

    The Definition of "Guaranty" is amended
to include the Guaranty (by way of supplement) entered into by the Sandra
Owner.

    

    (b)           The
following new Definitions in the appropriate alphabetical order are hereby added
to Section 1.01 of the Credit Agreement:

    

    "Additional Collateral
Documents" means collectively the Guaranty from the Sandra Owner as
additional Guarantor by way of supplement substantially in the form attached as
Exhibit A to Exhibit E to the Original Credit Agreement, a Ship Mortgage in
favor of the Administrative Agent covering the Additional Collateral Vessel,
together with an appropriate Assignment of Earnings (and Assignment of Charter
if applicable), Assignment of Insurances, Manager's Undertakings, Assignment of
Management Agreement, Account Pledge and Stock Pledge respecting the shares of
the Sandra Owner (each substantially in the form respectively attached to the
Original Credit Agreement).

    

    "Additional Collateral
Vessel" means the Marshall Islands flag vessel SANDRA, official number
3419, owned by the Sandra Owner.

    

    "Amendment Loan
Documents" means the Credit Agreement Amendment, the First Supplement to
Deed of Charge, the Capex Reserve Deed of Charge, the Ship Mortgage Amendments,
and the Additional Collateral Documents.

    

    "CAPEX Reserve
Account" means the separate account established by the Borrower with the
Administrative Agent to be funded as set forth in Section 5.01(y) of the Credit
Agreement and otherwise conforming to the requirements of such Section
5.01(y).

    

    "Capex Reserve Deed of
Charge" means  the Deed of Charge of the Capex Reserve Account
dated March 31, 2009 between the Borrower, as Chargor and the Administrative
Agent, as Chargee.

     

    
      
        
        

      

      
        
          2

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
        
        

      

    

     

    "Cash Sweep" has the
meaning set forth in section 5.01(x) of the Credit Agreement (Article I, Section
7 of Credit Agreement Amendment).

    

    "Committed CAPEX"
means capital expenditures required to be made by Borrower or its Subsidiaries
in accordance with the terms of the Newbuilding Contracts, or otherwise subject
to the Majority Lenders' prior written consent.

    

    "Credit Agreement
Amendment" means Amendment No. 1 dated as of March 31, 2009 to the
Original Credit Agreement.

    

    "Credit Suisse
Agreement" means the Credit Agreement dated November 27, 2007 between the
Borrower and Credit Suisse S.A.

    

    "Deferral Notice"
means a notice substantially in the form of Exhibit A to Credit Agreement
Amendment, to be delivered to the Administrative Agent  in accordance
with Section 2.18 of the Credit Agreement (Article I, Section 6 of the Credit
Agreement Amendment).

    

    "Deferral Option" has
the meaning specified in Section 2.18 of the Credit Agreement (Article I,
Section 6 of the Credit Agreement Amendment).

    

    "Deferred Option
Principal"  has the meaning specified in Section 2.18 of the
Credit Agreement.

    

    "Dividends and Other
Payments" has the meaning set forth in revised Section 5.02(f) of the
Credit Agreement (Article I, Section 7 of the Credit Agreement
Amendment).

    

    "Effective Date" means
the date, no later than April 1, 2009, on which the preconditions set forth in
Section 1 of Article II of Credit Agreement Amendment have been fulfilled,
(other than those that by the terms of Article II, of the Credit Agreement
Amendment may be fulfilled after the Effective Date)as determined by the
Administrative Agent.

    

    "Excess Cash Flow"
means an amount in Dollars, or converted to Dollars, equal to reported EBITDA
(adjusted for non-cash items) less cash dry docking and cash special survey
expenses (to the extent not included in EBITDA), less net interest expenses
(including payments due under any Swap Agreement with the Borrower), less
payments of loan principal (under the Credit Agreement, and the Credit Suisse
Agreement).

    

    "First Supplement to Deed of
Charge" means the First Supplemental Agreement dated March 31, 2009 to a
Deed of Charge dated April 15, 2008, between the Sandra Owner, and the other
Loan Parties described on the signature page thereof, as the Chargors, and the
Security Trustee, as Chargee.

    

    "Mandatory Equity"
means an amount being not less than Thirty Five Million Dollars ($35,000,000) in
cash received by the Borrower from the Permitted Holders.

    

    "New Equity" means all
net cash proceeds from equity issued by the Borrower in addition to (i)
Mandatory Equity and (ii) proceeds of the Warrants.

    

    "Newbuilding
Contracts" means the three (3) shipbuilding contracts listed on Exhibit B
of the Credit Agreement Amendment, as such contracts are in effect as of the
Effective Date.

    

    "Original Credit
Agreement" means the Senior Secured Credit Facility dated as of April 14,
2008, without including the amendments set forth in the Credit Agreement
Amendment.

    

    
      
         

      

      
        
          3

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    "RBS Agreement" means
the Credit Agreement between the Borrower and The Royal Bank of Scotland, as the
same shall be amended in accordance with the terms of Article II, Section 3 of
the Credit Agreement Amendment.

    

    "Released Collateral
Vessel" means the Panamanian flag vessel SWIFT, with ON. 30711-05, owned
by Liegh Jane Navigation S.A.

    

    "Sandra Owner" means
Sandra Shipco LLC, a non resident domestic limited liability company organized
and existing under the laws of the Republic of the Marshall
Islands.

    

    "Ship Mortgage
Amendment" means an amendment to each Ship Mortgage and/or Deed of
Covenants, respecting the Collateral Vessels, or if appropriate, a second
priority ship mortgage and deed of covenants, substantially in the form of
Exhibit C to the Credit Agreement Amendment or Exhibit G to the Original Credit
Agreement, as the case may be.

    

    "Shortfall" has the
meaning specified in Section 5.01(aa)(ii) of the Credit Agreement (Article I,
Section 7 of the Credit Agreement Amendment).

    

    "Waiver
Period"  means the period from December 4, 2008 to and
including January 1, 2011.

    

    "Warrants" means
warrants issued to the Permitted Holders by the Borrower for the purchase of
common stock for a cash consideration received by the Borrower from the
Permitted Holders equal to not less than the difference between (x) Fifty
Million Dollars ($50,000,000) and (y) the amount invested as Mandatory Equity,
such Warrants being exercisable in the form of a cash payment no later than
twelve (12) months from the date of their issuance.

    

    (c)           
From and after the Effective Date, all references in the Original Credit
Agreement to "this Agreement," "hereof," "hereto," "hereby," and the like shall
mean the Credit Agreement as amended by the Credit Agreement
Amendment.  From and after the Effective Date, all references in any
Loan Document to the Credit Agreement or the Ship Mortgages or other relevant
Loan Document, shall mean the Original Credit Agreement as amended by the Credit
Agreement Amendment, and by the other Amendment Loan Documents and shall include
the Additional Collateral Documents, as appropriate.  From and after
the execution and delivery thereof, all references to any Guaranty, Assignment
of Insurances, Assignment of Earnings, Assignment of Management Agreement,
Account Pledge Agreement, and Stock Pledge or any other Loan Document shall
include the respective Amendment Loan Document described herein, as
appropriate.  From and after the execution and delivery of the First
Supplement to Deed of Charge and the Capex Reserve Deed of Charge, references in
the Credit Agreement, and in any Collateral Document to the Account Pledge
Agreement, shall include the First Supplement to Deed of Charge and the Capex
Reserve Deed of Charge.

    

    (d)           All
documents and instruments defined herein, or by reference herein, shall mean
such documents and instruments as originally executed and delivered, as the same
may be amended, supplemented, modified, changed or restated from time to time in
accordance with the terms of the Credit Agreement Amendment" shall have the
respective meanings specifically set forth herein.

    

    Section
2. Section 2.04 of the Credit Agreement is amended by adding the
following new Section  2.04 (c) to read as follows:

    

    "(c)
Alternative Rate of
Interest. (i) If with respect to any Interest Period:

    

    
      
         

      

      
        
          4

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    (x)           the
Administrative Agent (acting on advice of Lenders having more than 50% of the
Commitment) determines (which determination shall be binding and conclusive on
all parties) that, by reason of circumstances affecting the London interbank
market or any other applicable financial market, adequate and reasonable means
do not exist for ascertaining LIBOR for such period; or

    

    (y)           the
Administrative Agent (acting on the advice of Lenders having more than 50% of
the Commitment) determines (which determination shall be binding and conclusive
on all parties) that LIBOR as determined in accordance with the provisions of
the Credit Agreement will not adequately and fairly reflect the cost to such
Lenders of maintaining or funding their respective Commitments for such Interest
Period

    

    (each, a
"Market Disruption
Event"), then (A) the Administrative Agent shall promptly notify the
Borrower and the relevant advising Lenders of such Market Disruption Event, and
(B) so long as such circumstances shall continue, each Commitment of a Lender
who has given advice of a Market Disruption Event shall bear interest, for each
Interest Period, at the cost of funds of such Lender, respectively, for such
Interest Period (determined as provided in paragraph (ii) below) plus the
Applicable Margin.

    

    (ii)           If
the provisions of this Section 2.04(c) are applicable, then each Lender who
experiences a Market Disruption Event shall report to the Administrative Agent
its quoted cost of funds for each Interest Period as soon as practicable and, in
any event, prior to the first day of such Interest Period (but not later than
promptly thereafter).  The Commitment of each Lender who experiences a
Market Disruption Event shall bear interest at such Lender's quoted cost of
funds for such period.  The Administrative Agent shall advise the
Borrower and each Lender who experiences a Market Disruption Event of the quoted
cost of funds respecting such Lender's Commitment for the relevant
period.

    

    (iii)           The
report by any Lender to the Administrative Agent of its quoted cost of funds for
any Interest Period shall be conclusive and shall constitute a certification by
such Lender that its quoted cost of funds so provided is an accurate and fair
calculation of its funding costs for such period and that such assessment has
been made on a fair and non-discriminatory basis.

    

    Section
3. Notwithstanding the provisions of Section 2.04 of the Original Credit
Agreement, the Borrower shall pay to the Lenders on the Effective Date, interest
in the amount of $5,028,250.34(note:  based on April 1, 2009 with a
daily factor of $41,940.72), representing the difference between the Applicable
Margin under the Original Credit Agreement of 1.25% per annum and the Applicable
Margin under the Credit Agreement of 2.50% per annum for the period from and
including December 4, 2008 to and including the Effective Date.

    

    Section
4. Section 2.06(a) of the Credit Agreement is amended and restated in its
entirety to read as follows:

    

     "(a)    Term Loan Advance.
The Borrower shall repay the Term Loan Advance ratably on each quarterly Payment
Date commencing July 1, 2008 that falls on or prior to the Maturity Date in the
aggregate principal amount (each such amount, a "Term Loan Repayment
Amount") set forth below opposite the relevant Payment Date.
Notwithstanding anything to the contrary herein, on the Maturity Date the
Borrower shall repay any unpaid additional outstanding Term Loan Advance amount.
The Term Loan Repayment Amounts due on the Quarterly Payment Dates of July 1,
2008, October 1, 2008 and January 1, 2009, respectively have been paid to the
Lenders as of January 2, 2009.

     

     

    
      
        
        

      

      
        
          5

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              
                Quarterly
      Payment Date

              

            	 	
              
                Amount
      of Term Loan Advance

                to
      be repaid on the relevant

                Payment
      Date

              

            
	
              1    July
      1,
      2008                                                                              

            	 	
              $            62,500,000.00

            
	
              2    October
      1,
      2008                                                                              

            	 	
              $            62,500,000.00

            
	
              3    January
      1,
      2009                                                                              

            	 	
              $            62,500,000.00

            
	
              4    April
      1,
      2009                                                                              

            	 	
              $            27,500,000.00

            
	
              5    July
      1,
      2009                                                                              

            	 	
              $            22,500,000.00

            
	
              6    October
      1,
      2009                                                                              

            	 	
              $            22,500,000.00

            
	
              7    January
      1,
      2010                                                                              

            	 	
              $            22,500,000.00

            
	
              8    April
      1,
      2010                                                                              

            	 	
              $            18,000,000.00

            
	
              9    July
      1,
      2010                                                                              

            	 	
              $            18,000,000.00

            
	
              10  October
      1,
      2010                                                                              

            	 	
              $            18,000,000.00

            
	
              11  January
      1,
      2011                                                                              

            	 	
              $            18,000,000.00

            
	
              12  April
      1,
      2011                                                                              

            	 	
              $            25,000,000.00

            
	
              13  July
      1,
      2011                                                                              

            	 	
              $            25,000,000.00

            
	
              14  October
      1,
      2011                                                                              

            	 	
              $            25,000,000.00

            
	
              15  January
      1,
      2012                                                                              

            	 	
              $            25,000,000.00

            
	
              16  April
      1,
      2012                                                                              

            	 	
              $            25,000,000.00

            
	
              17  July
      1,
      2012                                                                              

            	 	
              $            25,000,000.00

            
	
              18  October
      1,
      2012                                                                              

            	 	
              $            25,000,000.00

            
	
              19  January
      1,
      2013                                                                              

            	 	
              $            25,000,000.00

            
	
              20  April
      1,
      2013                                                                              

            	 	
              $            25,000,000.00

            
	
              21  July
      1,
      2013                                                                              

            	 	
              $            25,000,000.00

            
	
              22  October
      1,
      2013                                                                              

            	 	
              $            25,000,000.00

            
	
              23  January
      1,
      2014                                                                              

            	 	
              $            25,000,000.00

            
	
              24  April
      1,
      2014                                                                              

            	 	
              $            25,000,000.00

            
	
              25  July
      1,
      2014                                                                              

            	 	
              $            25,000,000.00

            
	
              26  October
      1,
      2014                                                                              

            	 	
              $            25,000,000.00

            
	
              27  January
      1,
      2015                                                                              

            	 	
              $            25,000,000.00

            
	
              28  April
      1,
      2015                                                                              

            	 	
              $            25,000,000.00

            
	
              29  July
      1,
      2015                                                                              

            	 	
              $            17,500,000.00

            
	
              30  October
      1,
      2015                                                                              

            	 	
              $            17,500,000.00

            
	
              31  January
      1,
      2016                                                                              

            	 	
              $            17,500,000.00

            
	
              32  April
      1,
      2016                                                                              

            	 	
              $          163,392,653.58

            

    

    

    Section
5. Notwithstanding
the provisions of Section 2.09 of the Credit Agreement, the proceeds from the
sale of the Released Collateral Vessel in the amount of Four Million Six Hundred
Seven Thousand Three Hundred Forty Six Dollars 42/100 ($4,607,346.42), has been
paid and applied to the Term Loan Repayment Amount due on April 1,
2016.  Such application is reflected in the revised repayment schedule
set forth in Section 2.06(a) of the Credit Agreement as of the date of Credit
Agreement Amendment.

    

     Section
6.  The Credit Agreement is hereby amended by adding the
following new Section 2.18:

    

    "Section
2.18.  Deferral
Option.  During the Waiver Period, so long as no Default or
Event of Default shall have occurred and be continuing, from time to time, the
Borrower shall have the option (the "Deferral Option"), by notice to the
Administrative Agent given at least ten (10) Business Days prior to the date
such payment otherwise would be due, to defer to April 1, 2016 payment of one or
more installments of the Term Loan Repayment Amounts that, absent the exercise
of such Deferral Option, would become due during the Waiver Period (the
aggregate of such
deferred installments outstanding from time to time, the "Deferred Option
Principal"), up to an aggregate principal amount equal to the aggregate amount
received by the Borrower as paid in Mandatory Equity and net proceeds received
by the Borrower from the exercise of the Warrants; provided that from
the date the Deferred Option Principal would have been due hereunder had the
Borrower not exercised the relevant Deferral Option each of the following are
complied with: (1) the Applicable Margin for all amounts outstanding under the
Credit Agreement is increased as set forth in the last sentence of the
definition of Applicable Margin as long as any Deferred Option Principal is
outstanding, (2) one hundred percent (100%) of New Equity and Cash Sweep
proceeds, shall be applied to prepayment of Deferred Option Principal amounts as
long as any Deferred Option Principal is outstanding, and (3) no Default or
Event of Default shall have occurred and be continuing, the Borrower is in
compliance with all financial covenants under Section 5.04 of the Credit
Agreement, and the Borrower shall have represented and warranted the same, provided, further, that
no Deferral Option may be declared, unless and until the Borrower shall
have delivered to the Administrative Agent, the Deferral Notice substantially in
the form attached to the Credit Agreement Amendment as Exhibit A, in form and
substance reasonably satisfactory to the Administrative Agent setting forth the
calculations and other relevant evidence of the Borrower's inability to pay the
Term Loan Repayment Amounts in respect of which the Deferral Option is being
sought. No Deferral Option may be declared later than ten (10) Business Days
prior to the end of the Waiver Period.

    
      
         

      

      
        
          6

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    

    Section
7.  Section 5.01 of the Credit Agreement is hereby amended to
include the following additional affirmative covenants in a new Section 5.01(x),
a new Section 5.01(y), a new Section 5.01(z) and a new Section 5.01(aa),
respectively, to read as follows:

    

    "(x)           (i)   Cash Sweep. Subject
to the provisions of Section 5.01(x)(ii), on a semi- annual basis not later than
each January 1 and July  1(commencing July 1, 2009), Excess Cash Flow
determined for the period of the preceding six (6) months ending on the above
dates shall be paid within sixty (60) days following the above dates and shall
be applied as follows, first, one hundred
percent (100%) to prepayment of all Deferred Option Principal, second, seventy
percent (70%) of the then remaining Excess Cash Flow shall be applied to the
Term Loan Repayment Amounts in inverse order of maturity, and third the balance of
the remaining Excess Cash Flow shall be used only to fund Committed CAPEX and to
build and maintain the CAPEX Reserve Account as set forth in Section 5.01(y) of
the Credit Agreement (the "Cash Sweep").

    

    (ii)           The
provisions of this Section 5.01(x) shall remain in effect until such date as the
following two conditions are met:  (x) the Borrower shall have paid
not less than the amount of Term Loan Repayment Amounts that the Borrower would
have paid in accordance with the terms of Section 2.06(a) of the Original Credit
Agreement (without taking into account the amendment thereof under the Credit
Agreement Amendment), and (y) the Borrower has complied with the financial
covenants set forth in Section 5.04(a) – (f) as applicable after the end of the
Waiver Period.

    

    (y)           CAPEX Reserve
Account. The Borrower shall create and maintain with the Administrative
Agent a capital expenditure reserve up to Fifty Million Dollars ($50,000,000) in
the CAPEX Reserve Account, pledged to the Administrative Agent as additional
collateral under the Capex Reserve Deed of Charge.  The Borrower is
entitled to withdraw amounts from the Capex Reserve Account only to pay amounts
due in respect of the Committed Capex.  Any withdrawal made from the
Capex Reserve Account is subject to the Borrower giving the Administrative Agent
at least three (3) Business Days written notice thereof, specifying the amount
to be withdrawn and details of the
accounts to which such amount should be remitted and attaching a copy of the
relevant invoice to be paid.  The CAPEX Reserve Account shall be
funded through Excess Cash Flow and the proceeds of New Equity
issued.  Funds standing to the credit of the CAPEX Reserve Account
after payment of the Committed CAPEX shall be applied as set forth in this
Section 5.01(y). The Borrower shall not, nor shall it permit any Vessel
Owning  Subsidiary or other Loan Party to, make any Investments (as
defined in Section 5.02(l) of the Credit Agreement), other than the Committed
CAPEX. At any time that the balance of the CAPEX Reserve Account exceeds Fifty
Million Dollars ($50,000,000), any such excess and all remaining proceeds of any
New Equity and Excess Cash Flow shall be applied first, to prepayment
of all Deferred Option Principal second, to increase
cash and Cash Equivalents to the level set forth in Section 5.04(e) as Minimum
Liquidity after January 1, 2011, and third, to reduce the
Term Loan Repayment Amounts inverse order of maturity.

    
      
         

      

      
        
          7

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    

    (z)            Earnings Account
Reporting.  The Borrower covenants and agrees to provide to the
Administrative Agent on a monthly basis within fifteen (15) days after the end
of each month a report as to all credits and debits to the Earnings Account and
CAPEX Reserve Account.

    

    (aa)            Permitted Holders'
Contribution; Warrants. (i)  On or prior to the Effective Date,
the Borrower shall (x) procure that the Permitted Holders shall invest at least
the Mandatory Equity (in cash) in the Borrower, and (y) issue to the Permitted
Holders Warrants for shares of the Borrower's capital stock in an amount, which
if exercised, together with the amount invested in Mandatory Equity by the
Permitted Holders, equals no less than Fifty Million Dollars
($50,000,000).

    

    (ii)           The
Borrower covenants and agrees that all proceeds from the Mandatory Equity and
the Warrants shall be applied by the Borrower to immediate prepayment of the
Term Loan Repayment Amounts in inverse order of maturity.

    

    (iii)           If
the Warrants have not been exercised or have been exercised only in part by the
first anniversary of the Effective Date and the Borrower has received less than
Fifty Million Dollars ($50,000,000) in net cash proceeds from the Permitted
Holders in respect of both such Mandatory Equity and Warrants, then within 30
Business Days after expiry of such Warrants, the Borrower shall raise cash funds to
cover the difference between (x) Fifty Million Dollars ($50,000,000) and (y) the
total net cash amount received by the Borrower from Mandatory Equity and the
Warrants (the difference between (x) and (y), the "Shortfall"), through a
subsequent cash equity issuance, to be issued by the Borrower
generally.  The proceeds of any subsequent equity issuance respecting
the Shortfall shall be applied as set forth in Section
5.01(aa)(ii).  If the Permitted Holders purchase the subsequent equity
issuance, the amount invested by the Permitted Holders shall be credited against
the Shortfall on a dollar for dollar basis. However, if the purchasers of the
subsequent equity issuance are not the Permitted Holders, the amount invested by
such purchasers shall be credited against the Shortfall on the basis of reducing
one dollar of the Shortfall by every two dollars invested.

    

    Section
8.  Section 5.02 (f) of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

    

    

    
      
         

      

      
        
          8

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    
      "(f)
Limitation on
Dividends and Other Payments.  (i) The Borrower will not
declare or pay any dividend on, or make any payment on account of, or set apart
assets for a sinking or other analogous fund for, the purchase,
redemption, defeasance, retirement or other acquisition of, any shares of any
class of Equity Interests of the Borrower, whether now or hereafter outstanding,
or make any other distribution in respect thereof, either directly or
indirectly, whether in cash or property or in obligations of the Borrower or any
Subsidiary (collectively, the foregoing are referred to as "Dividends and Other
Payments"), except only if each of the following conditions is met (and
the Borrower shall have certified in writing to the Administrative Agent that
such conditions are met and supplied to the Administrative Agent evidence to
back-up such conclusions as is satisfactory to the Administrative
Agent.):  (w) after giving effect thereto no Default or Event of
Default shall have occurred and be continuing or would result upon giving effect
to such Dividends and Other Payments, (x) the outstanding principal of Term Loan
Advances is reduced to an amount not greater than the amount that would have
been outstanding had Term Loan Repayment Amounts set forth in Section 2.06(a) of
the Original Credit Agreement been paid as set forth in such Section 2.06(a) of
the Original Credit Agreement, (y) the Borrower is in compliance with
all  covenants under Article V of the Original Credit Agreement
(including but not limited to financial covenants in Section 5.04 of the
Original Credit Agreement but with the covenant of Minimum Liquidity adjusted as
set forth in the Credit Agreement Amendment), and (z) no breach in any covenant
set forth in Section 5.04 exists or would result upon giving effect to such
Dividends and Other Payments;

    

    

    (ii)  The
Borrower will not, and will not permit any of its Subsidiaries to, repurchase
its convertible bonds unless through exchange offerings (i.e. without any cash
outflow from, or incurrence of debt by, the Borrower or any of its
Subsidiaries);

    

    (iii) The
Borrower will not, and will not permit any of its Subsidiaries to, make any cash
share buybacks.

    

    Section
9.  Section 5.02 of the Credit Agreement is hereby amended to
include the following further negative covenant in a new Section 5.02 (m) as
follows:

    

    "(m)           Equity
Proceeds.  Any New Equity shall be applied first, to prepayment
of all Deferred Option Principal and second, fifty percent
(50%) of the then remaining New Equity to immediate prepayment of the Term Loan
Repayment Amounts in inverse order of maturity, and third, the balance
shall be used to build and maintain the capital expenditure reserve in the CAPEX
Reserve Account as set forth in Section 5.01(y) of the Credit
Agreement."

    

    Section
10. Section 5.02(l) of the Credit Agreement is hereby amended by adding
the following sentence at the end thereof:

    

    "For the
avoidance of doubt, notwithstanding the foregoing, as set forth in Section
5.01(y) of the Credit Agreement, the Borrower shall not, nor shall it permit any
Vessel Owning Subsidiary or other Loan Party to, make any Investments (as
defined above) other than the Committed CAPEX."

    

    Section
11. Section 5.03 of the Credit Agreement shall be amended by adding the
following new Section 5.03(j):

    

    "(j) The
Borrower shall provide to the Administrative Agent the cash flow statements
required by Section 5.01(z) of the Credit Agreement."

    
      
         

      

      
        
          9

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    Section
12.  Section 5.04(a), and Section 5.04(b) of the Credit
Agreement are hereby amended and restated in their entirety to read as
follows:

     

    "(a)  Leverage.  (i)
during the Waiver Period, maintain at all times a ratio of not greater than
0.7:1.0 of (x) Total Debt less cash and Cash Equivalents to (y) Book Value less
cash and Cash Equivalents; and (ii) thereafter, maintain at all times a ratio of
not greater than 0.7:1.0 of (x) Total Debt less cash and Cash Equivalents to (y)
Market Value Adjusted Total Assets less cash and Cash
Equivalents.  For purposes of this Section 5.04(a), "Book Value" means
book value of all assets determined in accordance with US GAAP.

    

    (b)  Interest
Cover.  (i) during the Waiver Period, maintain, at the end of
each fiscal quarter of the Borrower, a ratio of EBITDA to gross interest expense
for the four fiscal quarters ended as of the end of such quarter greater than
1.75:1.00; and (ii) thereafter, maintain, at the end of each fiscal quarter of
the Borrower, a ratio of EBITDA to gross interest expense for the four fiscal
quarters ended as of the end of such quarter greater than 3.0:1.0."

    

    Section
13.  Section 5.04 (e) and Section 5.04 (f), respectively, of
the Credit Agreement are hereby amended and restated in their entirety to read
as follows:

    

    "(e)
Minimum
Liquidity.  (i) during the Waiver Period, maintain a minimum of
cash and Cash Equivalents of no less than Twenty-Five Million Dollars
($25,000,000) of which at least Five Hundred Thousand Dollars ($500,000) per
Collateral Vessel is held in the Earnings Account and pledged to the
Administrative Agent, and (ii) thereafter maintain a minimum of cash and Cash
Equivalents of no less than One Million Dollars ($1,000,000) per Collateral
Vessel.

    

    (f)  Vessel Fair
Market Value.  (i) during the Waiver Period, the aggregate Fair
Market Value of the Collateral Vessels shall at all times be at least 65% of the
sum of (a) the then aggregate outstanding principal amount of the Facilities and
(b) the Unused Commitment under the Revolving Credit Facility, and (ii)
thereafter the aggregate Fair Market Value of the Collateral Vessels shall at
all times be at least 135% of the sum of (a) the then aggregate outstanding
principal amount of the Facilities and (b) the Unused Commitment under the
Revolving Credit Facility; provided that, so
long as any Default in respect of this Section 5.04(f) is not caused by any
voluntary Vessel Disposition, such Default shall not constitute an Event of
Default so long as within 45 days of the occurrence of such Default, the
Borrower shall either (i) post additional collateral satisfactory to all Lenders
as set forth in Section 8.01(b), pursuant to security documentation reasonably
satisfactory in form and substance to all Lenders, sufficient to cure such
Default (and shall at all times during such period and prior to satisfactory
completion thereof, be diligently carrying out such actions) or (ii) make such
reductions of the Total Commitment in an amount sufficient to cure such Default
and repay the outstanding Advances (it being understood that any action taken in
respect of this proviso shall only be effective to cure such Default pursuant to
this Section 5.04(f) to the extent that no Default or Event of Default exists
hereunder immediately after giving effect thereto)."

    

    Section
14.  (a) Section
6.01(c) of the Credit Agreement is hereby amended and restated in its entirety
to read as follows:

    
      
         

      

      
        
          10

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    "(c) the
Borrower shall fail to perform or observe any term, covenant or agreement
contained in Sections 2.15, 5.01(a),(b),(d),(e), (f) (other than (f)(iii)), (m),
(q),(u),(v),(x),(y), (z) or (aa); or"

    

      (b)
A new Section 6.01(o) shall be added to the Credit Agreement to read as
follows:

    

    "(o) the
provisions of Article II, Section 3 of the Credit Agreement Amendment shall not
have been completed within the time period as set forth therein"

    

    Section
15.   Additional
Guarantor.  The parties hereto agree that from and after the
Effective Date, the Sandra Owner shall be an additional Guarantor in accordance
with the terms of the Loan Documents and the Sandra Owner shall execute and
deliver a Guaranty by way of supplement.

    

    ARTICLE
II

    

    PRECONDITIONS
AND CONDITIONS SUBSEQUENT

     

    Section
1.  The obligation of each party to execute and deliver the
Credit Agreement Amendment is subject to the following conditions precedent, and
all matters set forth below shall be satisfactory to the Administrative Agent in
its sole discretion.  The Administrative Agent shall declare by notice
to the Borrower and the Lenders satisfaction of conditions, and only upon such
declaration shall the Effective Date be deemed to occur:

    

    (a)           The
Mandatory Equity shall have been received in cash by the Borrower, and the
Warrants shall have been duly issued by the Borrower in favor of the Permitted
Holders, and the Borrower shall have delivered to the Administrative Agent
evidence satisfactory to the Administrative Agent of such cash investment and of
such issuance respectively.

    

    (b)           The HSH Existing Swap and the Fortis
Existing Swap shall have been amended, if relevant, and required by the
Administrative Agent so as not to be inconsistent with the provisions of
the Credit Agreement
Amendment.

    

    (c)           The
Credit Suisse Agreement shall have been amended so as not to be

    inconsistent
with the Credit Agreement, and the Administrative Agent shall have received a
copy of any such amendment certified by the Borrower to be true, correct and
complete.

    

    (d)           Unless
otherwise specified below, the Administrative Agent shall have
received

    on or
before the Effective Date, the following, each dated the Effective Date (or as
appropriate) in form and substance satisfactory to the Administrative Agent and
in sufficient copies for each Lender:

    

    (i)           Within
10 Business Days after the Effective Date, the Ship Mortgage Amendments, duly
executed and delivered by the relevant Guarantor shipowner, in due form for
recording, if appropriate, in the relevant ship's registry.

    

    (ii)           the
First Supplement to Deed of Charge.

    

    (iii)           the
Capex Reserve Deed of Charge.

    

    (iv)           the
Additional Collateral Documents.

    

    
      
         

      

      
        
          11

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    (v)           Evidence
of insurance respecting the Additional Collateral Vessel meeting the
requirements set forth in the Ship Mortgage covering such Vessel, together with
Broker's Letter of Undertaking and Broker's report summarizing such
insurances.

    

    (vi)           An
Officer's Certificate of each Loan Party certifying as to and attaching copies
of the resolutions of the Board of Directors (or similar body) of each Loan
Party approving the Credit Agreement Amendment and the other Amendment Loan
Documents and the transactions contemplated hereby and each other document
described herein and of all documents evidencing other necessary corporate, or
limited liability company, action and governmental and other third party
approvals and consents, if any, with respect to the Amendment Loan Documents and
the transactions thereby contemplated.

    

    (vii)           An
Officer's Certificate of each Loan Party certifying as to and attaching copies
of the articles of incorporation (or similar formation document) and by-laws or
operating agreement of each Loan Party, certifying the names and true signatures
of the officers of such Loan Party authorized to sign each Amendment Loan
Document to which it is or is to be a party and the other documents to be
delivered hereunder and thereunder (or a bringdown certificate of its
corresponding April 15, 2008 certificate) and certifying as to the absence of
any pending proceeding for the dissolution or liquidation of such Loan Party, or
to the knowledge of such Loan Party threatening its existence.

    

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

    

    (ix)           A
certificate signed by a Responsible Officer of the Borrower, dated the Effective
Date in form and substance satisfactory to the Administrative Agent, certifying
that (A) the representations and warranties made by each Loan Party contained in
each Amendment Loan Document to which each Loan Party is a party are correct in
all material respects as of the Effective Date and after giving effect to the
transactions hereby contemplated, (B) each Loan Party is Solvent and (C) no
Default or Event of Default has occurred and is continuing immediately after
giving effect to the transactions contemplated by the Credit Agreement
Amendment.

    

    (x)           If
requested by the Administrative Agent, appropriate Uniform Commercial Code, or
Companies Registry or Slavenberg filings.

    

    (xi)           In
each case, addressed to the Administrative Agent and the Lenders, (i) a
favorable opinion of in-house counsel to the Borrower as to such matters as the
Administrative Agent may reasonably request, (ii) a favorable opinion of special
Panamanian counsel to the Administrative Agent as to such matters as the
Administrative Agent may reasonably request, (iii) a favorable opinion of
special English counsel to the Administrative Agent as to such matters as the
Administrative Agent may reasonably request, (iv) a favorable opinion of special
Cyprus counsel to the Borrower as to such matters as the Administrative Agent
may reasonably request, (v) a favorable opinion of special Maltese counsel to
the Borrower as to such matters as the Administrative Agent may reasonably
request, (vi) advice satisfactory to the Administrative Agent from special
Bahamas counsel to the Borrower that no amendment to the Ship Mortgage or Deed
of Covenants covering the MV Birthday is necessary, (vii) a favorable opinion of
Seward & Kissel, special Liberian counsel to the Borrower, respecting the
Warrants as the Administrative
Agent may reasonably request; and (viii) a favorable opinion of Holland &
Knight LLP, special counsel to the Administrative Agent, covering Marshall
Islands, Liberian and New York law matters as to such matters as the
Administrative Agent may reasonably request.

    

    
      
         

      

      
        
          12

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    

    (xii)           Copies
certified by an officer of the Borrower as true, correct and complete of the
Newbuilding Contracts.

    

    (xiii)           Such
other items as the Administrative Agent may reasonably require.

    

    (e)           The
Borrower shall have paid to the Administrative Agent all accrued and unpaid fees
of the Administrative Agent and the Lenders in connection the transactions
contemplated by the Credit Agreement Amendment and all other amounts which are
due and payable on or prior to the date hereof under the Loan Documents and all
accrued expenses of the Administrative Agent (including any agreed accrued fees
and expenses of counsel to the Administrative Agent) hereunder.

    

    Section
2.  Promptly after the execution and delivery of the Credit
Agreement Amendment, but in any event not later than 10 Business Days after the
Effective Date, the Borrower shall have caused the Ship Mortgage Amendments to
have been duly filed and recorded in the applicable ship's registry in
accordance with applicable law of the place of registration and flag of the
relevant Collateral Vessel, and the filing of all other instruments and the
giving of all notices as the Administrative Agent may reasonably request in
connection with the Loan Documents, and shall have delivered in each case,
addressed to the Administrative Agent and the Lenders, a favorable opinion of
counsel acceptable to the Administrative Agent, as to the due recording of such
Ship Mortgage Amendments and as to such other matters as the Administrative
Agent may reasonably request.

    

    Section
3.  Not later than one hundred and twenty (120) days after the
Effective Date, the RBS Agreement shall have been amended, and/or the
obligations of the Borrower arising thereunder shall have been terminated,
settled or transferred, so as not to be inconsistent with the Credit Agreement,
and the Administrative Agent shall have received satisfactory evidence to this
effect.

    

    ARTICLE
III

    

    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).

    
      
         

      

      
        
          13

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    

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

    

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

    

    (d)           The
Credit Agreement Amendment has been, and each other Amendment Loan Document and
the Warrants when delivered hereunder will have been, duly authorized, executed
and delivered by each Loan Party thereto. The  Credit Agreement
Amendment is, each other Amendment Loan Document and the Warrants when delivered
hereunder will be, and each Loan Document that is amended by an Amendment Loan
Document will be upon execution and delivery of the relevant Amendment Loan
Document, the legal, valid and binding obligation of each Loan Party thereto,
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.

    
      
         

      

      
        
          14

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    

    (e)           The
representations and warranties of  the Loan Parties contained in each
Loan Document, as amended by the Amendment Loan Documents, are true and correct
on and as of the date hereof, as though made on and as of such date, other than
any such representations or warranties that, by their terms, refer to a date
other than the date hereof.

     
 

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

     

    ARTICLE
IV

    

    MISCELLANEOUS

    

    Section
1.  Except
as expressly modified by the Credit Agreement Amendment or any other Amendment
Loan Document, 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 the
Credit Agreement Amendment and in each other Loan Document to the same extent as
if set forth in the Credit Agreement Amendment in their entirety.

    

    Section
2. The Credit Agreement Amendment and the other Amendment Loan Documents
may be executed in any number of counterparts and by different parties hereto
and thereto 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 the
Credit Agreement Amendment shall be effective as delivery of an original
executed counterpart of the Credit Agreement Amendment.

    

    Section
3.  (a)  The Borrower agrees to pay an arrangement
fee to each of the Lenders, which is equal to 0.15% of the outstanding
Commitment as of the December 4, 2008 of such Lender, respectively. Such
arrangement fee shall be paid to the Administrative Agent for distribution by it
to the Lenders.  Such arrangement fee is payable by the Borrower on or
prior to the Effective Date as a precondition thereof.

    

    (b)           All
parties hereto agree that (unless the Administrative Agent shall have given its
prior written consent otherwise) no Lender or other Secured Party will receive
any compensation of any kind for its participation in the Credit Agreement
except as expressly provided herein.

    

    Section
4. THE CREDIT AGREEMENT AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS
CONFLICTS OF LAW RULES.

    

    Section
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.

    

    
      
         

      

      
        
          15

          Nordea Senior Secured Credit Facility Amendment No. 1

        

      

      
         

      

    

    Section
6.  By its
respective signature below each of the Administrative Agent and the Lenders
hereby instructs the Security Trustee (or Nordea, as appropriate) to execute and
deliver the Ship Mortgage Amendments, the Additional Collateral Vessel Ship
Mortgage, the other Amendment Loan Documents, and
any other amendment to a Collateral Document contemplated
hereby.

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
         

      

      
        
          16

          Nordea Senior Secured Credit Facility Amendment No. 1

        

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the parties hereto
have caused the Credit Agreement Amendment 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/ Eleftherios Papatrifon 
	 	 	Name: Eleftherios
      Papatrifon
	 	 	Title:  
      CFO

    

     

     

    
       

      
        	 	NORDEA BANK FINLAND PLC, LONDON
      BRANCH, as
      Administrative Agent
	 	 
	 	By:	/s/ Ulf Andersson 
	 	 	Name:
      Ulf Andersson
	 	 	Title: Head of
      Shipping, Offshore & Oil Services

      

       

      
        	
              	By:	/s/ Mike Sheppard
	 	 	Name: Mike
      Sheppard
	 	 	Title: Vice
      President

      

       

    

    

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
         

        
          	 	
                  NORDEA
      BANK FINLAND PLC, LONDON

                              
      BRANCH, as Lender

                
	 	 
	 	By:	/s/ Ulf Andersson  
	 	 	Name:
      Ulf Andersson
	 	 	Title: Head of
      Shipping, Offshore & Oil Services

        

         

        
           

          
            	
                  	By:	/s/ Mike Sheppard
	 	 	Name: Mike
      Sheppard
	 	 	Title: Vice
      President

          

           

        

      

    

     

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
 

    
      
         

        
          	 	
                  CREDIT
      SUISSE, as
      Lender

                
	 	 
	 	By:	/s/ Stephan Schürch
	 	 	Name: Stephan
      Schürch
	 	 	Title: Assistant
      Vice President

        

         

      

    

     

    
      
         

        
          	
                	By:	/s/ Lydia Lampadaridou
	 	 	Name: Lydia
      Lampadaridou
	 	 	Title: Assistant
      Vice President

        

         

      

    

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
        
           

          
            	 	
                    DVB
      BANK SE, as Lender

                  
	 	 
	 	By:	/s/ Robert Hesketh 
	 	 	Name: Robert
      Hesketh
	 	 	Title:
      Attorney-in-fact
	 	 	 
	 	 	 
	 	By:	/s/ Moira Maresky 
	 	 	Name: Moira
      Maresky
	 	 	Title:
      Attorney-in-fact

          

           

        

      

    

     
 

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
       

      
        
           

          
            	 	
                    DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT, as
      Lender

                  
	 	 
	 	By:	/s/ Tilman Stein 
	 	 	Name: Tilman
      Stein
	 	 	Title:
      Director

          

           

        

      

    

    
      
        
           

          
            	
                  	By:	/s/ Kerstin Seefeld
	 	 	Name: Kerstin
      Seefeld
	 	 	Title:
      Director

          

           

        

      

 
 

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

     

    
       

      
        
          
             

            
              	 	HSH
      NORDBANK AG, as Lender
	 	 
	 	By:	/s/ Maike Hantusch 
	 	 	Name: Mrs. Maike
      Hantusch
	 	 	Title: Senior Vice
      President
	 	 	 
	 	 	 
	 	By:	/s/ Björn
    Kaufmann 
	 	 	Name: Björn
      Kaufmann
	 	 	Title: Senior Vice
      President

            

             

          

        

      

    

     

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    
      
         

        
          
             

            
              	 	
                      GENERAL ELECTRIC CAPITAL CORPORATION, 

                      as Lender

                    
	 	 
	 	By:	/s/ Ricardo B. Silva 
	 	 	Name: Ricardo B.
      Silva
	 	 	Title: Vice
      President

            

             

          

        

      

    

     

    

     
 

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
         

        
          	 	
                  
                    NATIONAL
      BANK OF GREECE S.A., as Lender

                  

                
	 	 
	 	By:	/s/ Stavros Stylos 
	 	 	Name: Stavros
      Stylos
	 	 	Title:
    Manager

        

         

        
           

          
            
              
                 

                
                  	
                        	By:	/s/ Maria Moraitou
	 	 	Name: Maria
      Moraitou
	 	 	Title: Unit
      Leader

                

                 

              

            

          

        

      

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
       

      
        
           

          
            	 	
                    
                      FORTIS
      BANK, as Lender

                    

                  
	 	 
	 	By:	/s/ G. Arcadis 
	 	 	Name: G.
      Arcadis
	 	 	Title: CEO/General
      Manager

          

           

           

        

      

    

    
      
        
          
            
              
                	
                      	By:	/s/ 
	 	 	Name: 
	 	 	Title: Deputy
      General Manager

              

               

            

          

        

      

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

     

    
       

      
        
           

          
            	 	
                    LANDESBANK HESSEN – THÜRINGEN GIROZENTRALE

                  
	 	 
	 	By:	/s/ Bernd Claussen 
	 	 	Name: Dr. Bernd
      Claussen
	 	 	Title: Head of
      Shipping

          

           

        

      

    

     

    
      
        
          
            
              
                	
                      	By:	/s/ Stefan Muhling
	 	 	Name:  Stefan
      Muhling
	 	 	Title: Vice
      President

              

               

            

          

        

      

    

     

    
 

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    
      
         

        
          	 	
                  DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT

                
	 	 
	 	By:	/s/ Lars Bohlig 
	 	 	Name: Lars
      Bohlig
	 	 	Title: Deputy
      General Manager

        

         

      

       

       

      
        
          
            
              
                
                  	
                        	By:	/s/ Tanja Lauerer
	 	 	Name:  Tanja
      Lauerer
	 	 	Title: Deputy
      General Manager

                

                 

              

            

          

        

      

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
         

        
          	 	
                  BNP PARIBAS (SUISSE) SA

                
	 	 
	 	By:	/s/ O. Blanchet 
	 	 	Name: O.
      Blanchet
	 	 	Title:

        

         

         

        
           

           

          
            
              
                
                  
                    
                      	
                            	By:	/s/ Vincent Pascal
	 	 	Name:  Vincent
      Pascal
	 	 	Title:
  

                    

                     

                  

                

              

            

          

        

        
 

      

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
       

      
        	 	
                
                  SKANDINAVISKA
      ENSKILDA BANKEN AB (publ)

                

              
	 	 
	 	By:	/s/ Simon Wakefield 
	 	 	Name:
      Simon Wakefield
	 	 	Title: Head of
      Acquisition Finance

      

       

      
        
           

           

          
            
              
                
                  
                    
                      	
                            	By:	/s/ Egil Aarrestad
	 	 	Name:  Egil
      Aarrestad
	 	 	Title:  Client
      Executive

                    

                     

                  

                

              

            

          

        

 

      
 

      
        
          
            Nordea
Senior Secured Credit Facility Amendment No. 1

             

          

          
            
            

            
              

            

          

          
             

          

        

      

      

    

    
       

      
        	 	
                
                  
                    ABN
      AMRO BANK N.V.

                  

                

              
	 	 
	 	By:	/s/ Elena Evangelatou 
	 	 	Name: Elena
      Evangelatou
	 	 	Title: Vice
      President

      

       

      
         

        
          
            
              
                
                  
                    	
                          	By:	/s/ Christina Grispou
	 	 	Name: 
      Christina Grispou
	 	 	Title:  Credit
      Administration

                  

                   

                

              

            

          

        

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

      
        	 	
                
                  
                    
                      CITIBANK
      INTERNATIONAL plc

                    

                  

                

              
	 	 
	 	By:	/s/ Takis Constantaras 
	 	 	Name: Takis
      Constantaras
	 	 	Title: Managing
      Director

      

       

      

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

      
        	 	
                
                  
                    
                      NATIXIS

                    

                  

                

              
	 	 
	 	By:	/s/ Didier Berger 
	 	 	Name: Didier
      Berger 
	 	 	Title:

      

       

    

    
       

      
        
          
            
              
                
                  	
                        	By:	/s/ Franck Chambras
	 	 	Name:  Franck
      Chambras
	 	 	Title:

                

                 

              

            

          

        

      

 

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    The
undersigned Guarantors, by their respective signatures set forth below,
acknowledge notice, as of the date thereof, and consent to, the foregoing
AMENDMENT NO. 1, DATED AS OF March 31, 2009,  among (i) EXCEL MARITIME
CARRIERS LTD., a Liberian corporation, as borrower (the "Borrower"), (ii) the
banks, financial institutions and other institutional lenders listed as Lenders
on the signature pages thereof, (iii) NORDEA BANK FINLAND PLC, LONDON BRANCH
("Nordea"), as
"Administrative
Agent") for the Secured Parties (as therein defined), (iv) NORDEA, DVB
BANK SE, DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT ("DB"), GENERAL
ELECTRIC CAPITAL CORPORATION, and HSH NORDBANK AG, as lead arrangers, (v)
NATIONAL BANK OF GREECE S.A., CREDIT SUISSE and FORTIS BANK, as 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, and the Amendment Loan Documents and the transactions thereby
contemplated.

    

    
      
        	
                Whitelaw
      Enterprises Co.

                Marias
      Trading Inc.

                Amanda
      Enterprises Limited

                Yasmine
      International Inc.

                Snapper
      Marine Ltd.

                Harvey
      Development Corp.

                Tanaka
      Services Ltd.

                Candy
      Enterprises Inc.

                Fianna
      Navigation S.A.

                Barland
      Holdings Inc.

                Ingram
      Limited

                Thurman
      International Ltd.

                Fountain
      Services Limited

                Teagan
      Shipholding S.A.

                Castalia
      Services Ltd.

                Centel
      Shipping Company Limited

                Iron
      Miner Shipco LLC

                Lowlands
      Beilun Shipco LLC

                Kirmar
      Shipco LLC

                Iron
      Beauty Shipco LLC

                Iron
      Bradyn Shipco LLC

                Iron
      Manolis Shipco LLC

                Iron
      Brooke Shipco LLC

                Iron
      Lindrew Shipco LLC

                 

              	
                Coal
      Hunter Shipco LLC

                Santa
      Barbara Shipco LLC

                Ore
      Hansa Shipco LLC

                Iron
      Kalypso Shipco LLC

                Iron
      Bill Shipco LLC

                Pascha
      Shipco LLC

                Coal
      Gypsy Shipco LLC

                Iron
      Fuzeyya Shipco LLC

                Iron
      Anne Shipco LLC

                Iron
      Vassilis Shipco LLC

                Grain
      Express Shipco LLC

                Iron
      Knight Shipco LLC

                Grain
      Harvester Shipco LLC

                Coal
      Pride Shipco LLC

                Fearless
      Shipco LLC

                King
      Coal Shipco LLC

                Coal
      Glory Shipco LLC

                Coal
      Age Shipco LLC

                Iron
      Man Shipco LLC

                Barbara
      Shipco LLC

                Linda
      Leah Shipco LLC

                Sandra
      Shipco LLC

                Bird
      Acquisition Corp. (formerly known as

                Quintana
      Maritime Limited)

                Point
      Holdings Ltd.

                 

              

      

    

    
      	By: 	/s/ Viktoria
      Poziopoulou 	 	 	By: 	/s/ Viktoria
      Poziopoulou  	 
	 	Name:  Viktoria
      Poziopoulou 	 	Name:  Viktoria
      Poziopoulou  
	 	Title:
      Attorney-in-fact 	 	Title:
      Attorney-in-fact 
	 	 	 	 

    

     

     

    

    

    
      
        Nordea
Senior Secured Credit Facility Amendment No. 1

         

      

      
        
        

        
          

        

      

      
         

      

    

    REVISED
SCHEDULE III

    (March
31, 2009)

    

    
 

    

    Collateral
Vessels and Designated Vessels

    

    
      	
              #

            	
              Collateral
      Vessel

            	
              Flag
      & Official No.

            	
              Vessel
      Owning Subsidiary

            	
              Jurisdiction

            
	
              1

            	
              Birthday

            	
              Bahamas
      (8000437)

            	
              Whitelaw
      Enterprises Co.

            	
              Liberia

            
	
              2

            	
              Fortezza

            	
              Panama
      (31000-05)

            	
              Harvey
      Development Corp.

            	
              Liberia

            
	
              3

            	
              Rodon

            	
              Panama
      (30918-05)

            	
              Tanaka
      Services Ltd.

            	
              Liberia

            
	
              4

            	
              Angela
      Star

            	
              Panama
      (25283-98-D)

            	
              Marias
      Trading Inc.

            	
              Liberia

            
	
              5

            	
              Happy
      Day

            	
              Panama
      (31005-05)

            	
              Amanda
      Enterprises Limited

            	
              Liberia

            
	
              6

            	
              Renuar

            	
              Panama
      (30815-05)

            	
              Candy
      Enterprises Inc.

            	
              Liberia

            
	
              7

            	
              Isminaki

            	
              Panama
      (30709-05)

            	
              Fianna
      Navigation S.A.

            	
              Liberia

            
	
              8

            	
              Powerful

            	
              Panama
      (30850-05)

            	
              Fountain
      Services Limited

            	
              Liberia

            
	
              9

            	
              First
      Endeavour

            	
              Panama
      (30852-05)

            	
              Teagan
      Shipholding S.A.

            	
              Liberia

            
	
              10

            	
              Elinakos

            	
              Panama
      (30892-05)

            	
              Yasmine
      International Inc.

            	
              Liberia

            
	
              11

            	
              Lady

            	
              Cyprus
      (8307777)

            	
              Centel
      Shipping Co. Ltd.

            	
              Cyprus

            
	
              12

            	
              Attractive

            	
              Panama
      (30905-05)

            	
              Barland
      Holdings Inc.

            	
              Liberia

            
	
              13

            	
              Emerald

            	
              Panama
      (30864-05)

            	
              Ingram
      Limited

            	
              Liberia

            
	
              14

            	
              Marybelle

            	
              Panama
      (30784-05)

            	
              Snapper
      Marine Ltd.

            	
              Liberia

            
	
              15

            	
              Princess
      I

            	
              Panama
      (21328-94-D)

            	
              Castalia
      Services Ltd.

            	
              Liberia

            
	
              16

            	
              Sandra

            	
              MI
      (3419)

            	
              Sandra
      Shipco LLC

            	
              MI

            
	
              17

            	
              Iron
      Miner

            	
              MI
      (2644)

            	
              Iron
      Miner Shipco LLC

            	
              MI

            
	
              18

            	
              Lowlands
      Beilun

            	
              Malta
      (9172208)

            	
              Lowlands
      Beilun Shipco LLC

            	
              MI

            
	
              19

            	
              Kirmar

            	
              MI
      (2478)

            	
              Kirmar
      Shipco LLC

            	
              MI

            
	
              20

            	
              Iron
      Beauty

            	
              MI
      (2477)

            	
              Iron
      Beauty Shipco LLC

            	
              MI

            
	
              21

            	
              Iron
      Bradyn

            	
              MI
      (2227)

            	
              Iron
      Bradyn Shipco LLC

            	
              MI

            
	
              22

            	
              Iron
      Manolis

            	
              MI
      (2641)

            	
              Iron
      Manolis Shipco LLC

            	
              MI

            
	
              23

            	
              Iron
      Brooke

            	
              MI
      (2640)

            	
              Iron
      Brooke Shipco LLC

            	
              MI

            
	
              24

            	
              Iron
      Lindrew

            	
              MI
      (2639)

            	
              Iron
      Lindrew Shipco LLC

            	
              MI

            
	
              25

            	
              Coal
      Hunter

            	
              MI
      (2638)

            	
              Coal
      Hunter Shipco LLC

            	
              MI

            
	
              26

            	
              Santa
      Barbara

            	
              MI
      (2632)

            	
              Santa
      Barbara Shipco LLC

            	
              MI

            
	
              27

            	
              Ore
      Hansa

            	
              MI
      (2631)

            	
              Ore
      Hansa Shipco LLC

            	
              MI

            
	
              28

            	
              Iron
      Kalypso

            	
              MI
      (2635)

            	
              Iron
      Kalypso Shipco LLC

            	
              MI

            
	
              29

            	
              Iron
      Bill

            	
              MI
      (2630)

            	
              Iron
      Bill Shipco LLC

            	
              MI

            
	
              30

            	
              Pascha

            	
              MI
      (2637)

            	
              Pascha
      Shipco LLC

            	
              MI

            
	
              31

            	
              Coal
      Gypsy

            	
              MI
      (2636)

            	
              Coal
      Gypsy Shipco LLC

            	
              MI

            
	
              32

            	
              Iron
      Fuzeyya

            	
              MI
      (2634)

            	
              Iron
      Fuzeyya Shipco LLC

            	
              MI

            
	
              33

            	
              Iron
      Anne

            	
              MI
      (2633)

            	
              Iron
      Anne Shipco LLC

            	
              MI

            
	
              34

            	
              Iron
      Vassilis

            	
              MI
      (2629)

            	
              Iron
      Vassilis Shipco LLC

            	
              MI

            
	
              35

            	
              Grain
      Express

            	
              MI
      (2041)

            	
              Grain
      Express Shipco LLC

            	
              MI

            
	
              36

            	
              Iron
      Knight

            	
              MI
      (2070)

            	
              Iron
      Knight Shipco LLC

            	
              MI

            
	
              37

            	
              Grain
      Harvester

            	
              MI
      (2117)

            	
              Grain
      Harvester Shipco LLC

            	
              MI

            
	
              38

            	
              Coal
      Pride

            	
              MI
      (2423)

            	
              Coal
      Pride Shipco LLC

            	
              MI

            

    

    

    
      
         

      

      
        
          Nordea
Senior Secured Credit Facility Amendment No. 1

          Schedule
III - 1

        

        
          

        

      

      
         

      

    

    

    
      	
              #

            	
              Designated
      Vessel

            	
              Flag
      & Official No.

            	
              Designated
      Subsidiary Guarantor/Charterer

            	
              Jurisdiction

            
	
              1

            	
              Fearless
      I

            	
              MI
      (90328)

            	
              Fearless
      Shipco LLC

            	
              MI

            
	
              2

            	
              King
      Coal

            	
              MI
      (90326)

            	
              King
      Coal Shipco LLC

            	
              MI

            
	
              3

            	
              Coal
      Glory

            	
              MI
      (2340)

            	
              Coal
      Glory Shipco LLC

            	
              MI

            
	
              4

            	
              Coal
      Age

            	
              MI
      (90327)

            	
              Coal
      Age Shipco LLC

            	
              MI

            
	
              5

            	
              Iron
      Man

            	
              MI
      (2342)

            	
              Iron
      Man Shipco LLC

            	
              MI

            
	
              6

            	
              Barbara

            	
              MI
      (90325)

            	
              Barbara
      Shipco LLC

            	
              MI

            
	
              7

            	
              Linda
      Leah

            	
              MI
      (2422)

            	
              Linda
      Leah Shipco LLC

            	
              MI

            

    

    

    

    
      
         

      

      
        
          Nordea
Senior Secured Credit Facility Amendment No. 1

          Schedule
III - 2

        

        
          

        

      

      
         

      

    

    Exhibit
A

    

    [Excel
Maritime Carriers Ltd Letterhead]

    

    Deferral
Notice

     

    

    [Dated
during the Waiver Period]

    

    To:           Nordea
Bank Finland plc, London Branch, as Administrative Agent

                   
8th
Floor, City Place House,

    55
Basinghall Street,

    GB-London
EC2V 5NB,

    

    Attention:  Loans
Administrator

    

    
      	
               
      

            	
              RE:

            	
              U.S.
      $1,400,000,000 Senior Secured Credit Facility dated as of April 14, 2008,
      among Excel Maritime Carriers Ltd, as the Borrower (the "Borrower"),
      NORDEA BANK FINLAND PLC, LONDON BRANCH, ("Nordea"), as
      Administrative Agent, and the lenders and other entities defined therein
      as Lenders, Lead Arrangers, Co-Arrangers and Book Runners, as amended by
      Amendment No. 1 to Senior Secured Credit Facility dated as of March 31,
      2009 (collectively, the "Credit
      Agreement"). Capitalized terms used and not otherwise defined
      herein shall have the same meaning given thereto in the Credit
      Agreement.

            

    

    

    Dear
Sir/or Madam:

    

    We, the Borrower, hereby give you
notice, in accordance with Section 2.18 of the Credit Agreement, that our
financial circumstances are such that we have no alternative other than to make
a request to defer, to April 1, 2016,  the payment [or, as applicable,
payments] due on the Quarterly Payment Date(s) listed below respecting the Term
Loan Repayment Amounts set forth opposite each such Quarterly Payment Date(s)
representing the Deferred Option Principal under Section 2.18 of the Credit
Agreement of
$[                ],
which amount together with any amount previously deferred is not greater than
the aggregate amount received by the Borrower, as of the date of this Deferral
Notice, of (x) paid in Mandatory Equity, and (y) cash received from the exercise
of Warrants.                                   

    

    
      	[Quarterly Payment
      Date:	Term Loan Repayment
      Amount:]
	 	 	 	 
	 	
              1                                                                              

            	 	
              $

            
	 	
              2                                                                              

            	 	
              $

            
	 	
              3                                                                              

            	 	
              $

            
	 	
              4                                                                              

            	 	
              $

            
	 	
              5                                                                              

            	 	
              $

            
	 	
              6                                                                              

            	 	
              $

            

    

    

    We attach
as Exhibit A our calculations in support of our conclusion.

     

    We
understand that if this Deferral Notice and the supporting evidence enclosed
herewith is reasonably acceptable to the Lenders, and that as a consequence
thereof the Lenders do accept the Deferral Option, that, in accordance with
Section 2.18 of the Credit Agreement, (i) the Applicable Margin for all amounts
outstanding under the Credit Agreement shall be increased to 2.55% as long as
any Deferred Option Principal is outstanding, and (ii) one hundred percent
(100%) of New Equity and Cash

    
      
         

      

      
        
          
            Nordea
Senior Secured Credit Facility Amendment No. 1

          

          Exhibit A
- 1

        

        
          

        

      

      
         

      

    

    Sweep
proceeds, shall be applied to prepayment of Deferred Option Principal amounts as
long as any Deferred Option Principal is outstanding.

    

    We
represent and warrant, as of the date of this Deferral Notice that (i) we are in
compliance with all financial covenants under Section 5.04 of the Credit
Agreement, and (ii) no Default or Event of Default has occurred and is
continuing.

    

    We look
forward to hearing from you accordingly.

    
      
         

        
          	 	For
      and on behalf of:
	 	 
	 	
                  
                    
                      
                        EXCEL
      MARITIME CARRIERS LTD

                      

                    

                  

                
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

        

         

      

    

    

     

    

    

    

    

    

    

    

    
      
         

      

      
        
          
            Nordea
Senior Secured Credit Facility Amendment No. 1

          

          Exhibit A
- 2

        

        
          

        

      

      
         

      

    

    Exhibit
B

    

    Permitted
Payments of Committed CAPEX

    

    

    

    
      	
              1.

            	
              Shipbuilding
      Contract for the Construction of one 181,000 DWT Bulk Carrier Hull No.
      S-1335 between Quintana Maritime Limited as Buyer and STX Shipbuilding
      Co., LTD. as Builder dated April 16,
2007

            

    

    

    
      	
              2.

            	
              Memorandum
      of Agreement for the sale of Hull No. S-[2295] between Christine Shipco
      LLC as Buyer and Cosmos World Maritime S.A., as Seller dated April 5,
      2007

            

    

    

    
      	
              3.

            	
              Shipbuilding
      Contract for the Construction of one 181,000 DWT Bulk Carrier Hull No.
      S-1330 between Quintana Maritime Limited as Buyer and STX Shipbuilding
      Co., LTD. as Builder dated April 16,
2007

            

    

    

    

    
      
         

      

      
        
          
            Nordea
Senior Secured Credit Facility Amendment No. 1

          

          Exhibit A
- 3

        

        
          

        

      

      
         

      

    

    Exhibit
C

    

    FORM
OF SHIP MORTGAGE AMENDMENT

    

    

    AMENDMENT
NO. 1 TO FIRST PREFERRED SHIP MORTGAGE

    

    THIS AMENDMENT NO. 1 dated the [●] day
of [●], 20[●] (this "Amendment"), to FIRST
PREFERRED SHIP MORTGAGE dated April 15, 2008 (the "Mortgage") respecting
the [Marshall Islands] flag vessel [●], by [●], a [●] (the "Shipowner"), in favor
of NORDEA BANK FINLAND PLC, LONDON BRANCH ("Nordea"), not in its
individual capacity, but solely as Security Trustee (together with its
successors in trust and assigns as such Security Trustee, the "Mortgagee"), pursuant
to that certain Security Trust Agreement dated as of April 15, 2008 (as amended,
supplemented or otherwise modified from time to time, the "Security Trust
Agreement"), between Nordea, as Administrative Agent under the Credit
Agreement (as defined below), and the Security Trustee on behalf of the Secured
Parties as defined in that certain Credit Agreement (defined
below).

    

    WHEREAS:

    

    A.           The
Shipowner is the sole owner of the whole of the [Marshall Islands] flag vessel
[●], Official No. [●], of [●] gross tonnage and [●] net tonnage or thereabouts,
duly documented in the name of the Shipowner with her home port at the port of
[Majuro].

    

    B.           The
Mortgage was recorded at the [●]  on April 15, 2008
at  [●] A.M. E.D.S.T. New York, New York time, in Book PM [●], at
page [●].

    

    C.           The
Mortgage secures, among other things, the obligations of (i) Excel Maritime
Carriers Ltd. (the "Borrower") under that
certain Senior Secured Credit Facility, dated as of April 14, 2008 (as the same
has been or may be amended, supplemented, restated or otherwise modified from
time to time, the "Credit Agreement"),
among the Borrower, as borrower, Nordea, as Administrative Agent, and the
lenders and other entities defined therein as Lenders, Lead Arrangers,
Co-Arrangers and Book Runners, and (ii) the Loan Parties.

    

    D.           The
parties to the Credit Agreement have amended the Credit Agreement by Amendment
No. 1 to Senior Secured Credit Facility dated as of the date hereof ("Amendment No. 1 to Credit
Agreement"), in the form of Exhibit I hereto.

    

    E.           Consequently
the parties wish to amend the Mortgage to incorporate the terms of Amendment No.
1 to Credit Agreement referred to in paragraph D above.

    

    NOW, THEREFORE, in consideration of the
premises and other good and valuable consideration, the receipt whereof is
hereby acknowledged, the Shipowner and the Mortgagee hereby covenant and agree
as follows:

     

    
      
        
           

        

        
           
Mortgage Amendment [M/V [●]]

          
            

          

        

        
           

        

      

    

    

    1.           The
Credit Agreement attached as Exhibit C to the Mortgage is hereby amended by
attaching thereto Amendment No. 1 to Credit Agreement in the form attached
hereto as Exhibit I, which is hereby made a part hereof.

    

    2.           This
Amendment amends the Mortgage and wherever the term "Mortgage" is used in the
Mortgage or in any other Loan Document, it shall be deemed to refer to the
Mortgage as amended by this Amendment.  Except as amended hereby
specifically, the Mortgage remains in full force and effect.  The
total amount and maturity date of the Mortgage remain unchanged.  This
Amendment amends mortgage covenants.

    

    4.           All
capitalized terms used herein but not otherwise defined shall have the meaning
specified in, or by reference in, the Mortgage.

    

    5.           This
Amendment may be executed in any number of counterparts, each of which shall be
an original and all of which when taken together shall constitute one
instrument.

    

    [Signatures
on next page]

    

    
      
        
           

        

        
           Mortgage
Amendment [M/V [●]] 

          
            

          

        

        
           

        

      

    

    

    IN WITNESS WHEREOF, the Shipowner and
the Mortgagee have executed this Amendment No. 1 to First Preferred Ship
Mortgage as of the date and year first above written.

     

    
      
         

        
          	 	
                  
                    
                      
                        [●],
      as Shipowner

                      

                    

                  

                
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Attorney-in-Fact

        

         

      

      
         

        
          	 	
                  
                    
                      
                        NORDEA
      BANK FINLAND PLC, LONDON BRANCH, as Security Trustee, as
      Mortgagee

                      

                    

                  

                
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Attorney-in-Fact

        

         

      

    

    

     

     

    

    
      
        
           

        

        
          Mortgage
Amendment [M/V [●]] 

          
            

          

        

        
           

        

      

    

    

    
ACKNOWLEDGEMENT

    

    STATE OF
NEW
YORK                                     
)

    

    )   ss.:

    

    COUNTY OF
NEW
YORK                                  )

    

    On this
[●] day of [●] 20[●], before me personally appeared [●], known to me to be the
person who executed the foregoing instrument, who, being by me duly sworn did
depose and say that he/she resides at [●], that he/she is an attorney-in-fact of
[●], a [●] and the party described in and that executed the foregoing
instrument; that he/she signed her name pursuant to authority granted to him/her
by [●] and he/she further acknowledged the said instrument is the free act and
deed of the said entity.

     

    
      
         

        
          	 	 
	 	By:	 
	 	 	Notary
    Public

        

         

      

    

     

    

    

    
 

    

    

    

    
      
         

      

      
        Mortgage
Amendment [M/V [●]] 

        
          

        

      

      
         

      

    

    

    

    ACKNOWLEDGEMENT

    

    

    

    

    STATE OF
NEW
YORK                                     
)

    

    )   ss.:

    

    COUNTY OF
NEW
YORK                                  )

    

    On this
[●] day of [●] 20[●], before me personally appeared [●], known to me to be the
person who executed the foregoing instrument, who, being by me duly sworn did
depose and say that he/she resides at [●], that he/she is an attorney-in-fact of
NORDEA BANK FINLAND PLC, LONDON BRANCH, a Norwegian banking corporation and the
party described in and that executed the foregoing instrument as security
trustee; that he/she signed his/her name pursuant to authority granted to
him/her by NORDEA BANK FINLAND PLC, LONDON BRANCH and he/she further
acknowledged the said instrument is the free act and deed of the said
entity.

    

    
      
         

        
          	 	 
	 	By:	 
	 	 	Notary
    Public

        

         

      

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
I

    

    

    FORM OF
AMENDMENT NO. 1 TO SENIOR SECURED CREDIT FACILITY

    

    

    

    

    
 

    

    

    

    

    

    

    

    

    

    

    

      
        
           

        

        
          
            
              Nordea
Senior Secured Credit Facility Amendment No. 1

            

            Exhibit B
- 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]