Document:

EXECUTION VERSION

 

Exhibit 10.12

 

U.S.$1,149,478,742

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of June 20, 2012

 

for

 

EAGLE BULK SHIPPING INC.

 

arranged by

THE ROYAL BANK OF SCOTLAND plc

 

with

 

THE ROYAL BANK OF SCOTLAND plc

acting as Agent and Security Trustee

 

    	 

    	 

    

 

CONTENTS

 

	CLAUSE	 	PAGE
	 	 	 
	 	SECTION 1	 
	 	 	 
	 	INTERPRETATION	 
	 	 	 
	1	Definitions and Interpretation	3
	 	 	 
	 	SECTION 2	 
	 	 	 
	 	THE FACILITies	 
	 	 	 
	2	The Facilities	29
	 	 	
	3	Purpose	30
	 	 	 
	4	Conditions of EFFECTIVENESS AND Utilization	30
	 	 	 
	 	SECTION 3	 
	 	 	 
	 	UTILIZATION	 
	 	 	 
	5	Utilization	32
	 	 	 
	 	SECTION 4	 
	 	 	 
	 	Reduction, REPAYMENT, PREPAYMENT AND CANCELLATION	 
	 	 	 
	6	Reduction and Repayment	35
	 	 	 
	7	Prepayment and cancellation	37
	 	 	 
	 	seCTION 5	 
	 	 	 
	 	COSTS OF UTILIZATION	 
	 	 	 
	8	Interest	42
	 	 	 
	9	Interest Periods	44
	 	 	 
	10	Changes to the calculation of interest	45
	 	 	 
	11	Fees	46
	 	 	 
	 	SECTION 6	 
	 	 	 
	 	ADDITIONAL PAYMENT OBLIGATIONS	 
	 	 	 
	12	Tax gross up and indemnities	48

 

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	13	Increased costs	51
	 	 	 
	14	Other indemnities	52
	 	 	 
	15	Mitigation by the Lenders	53
	 	 	 
	16	Costs and expenses	54
	 	 	 
	 	SECTION 7	 
	 	 	 
	 	GUARANTEE	 
	 	 	 
	17	Guarantee and indemnity	55
	 	 	 
	 	SECTION 8	 
	 	 	 
	 	REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	 
	 	 	 
	18	Representations	60
	 	 	 
	19	Information undertakings	68
	 	 	 
	20	Financial covenants	72
	 	 	 
	21	VALUATION OF SHIPS	74
	 	 	 
	22	General undertakings	75
	 	 	 
	23	INSURANCE	87
	 	 	 
	24	SHIP COVENANTS	91
	 	 	 
	25	APPLICATION OF EARNINGS; swap payments	96
	 	 	 
	26	Events of Default	96
	 	 	 
	 	SECTION 9	 
	 	 	 
	 	CHANGES TO PARTIES	 
	 	 	 
	27	Changes to the Lenders	101
	 	 	 
	28	Changes to the Obligors	106
	 	 	 
	29	CHANGES TO SWAP BANKS	107
	 	 	 
	 	SECTION 10	 
	 	 	 
	 	THE FINANCE PARTIES	 
	 	 	 
	30	Role of the SERVICING BANKS, the Arranger AND THE bOOKRUNNER	108
	 	 	 
	31	Conduct of business by the Finance Parties	115
	 	 	 
	32	Sharing among the Finance Parties	116

 

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	 	SECTION 11	 
	 	 	 
	 	ADMINISTRATION	 
	 	 	 
	33	Payment mechanics	118
	 	 	 
	34	Set-off	120
	 	 	 
	35	Notices	120
	 	 	 
	36	Calculations and certificates	122
	 	 	 
	37	Partial invalidity	122
	 	 	 
	38	Remedies and waivers	122
	 	 	 
	39	Amendments and waivers	122
	 	 	 
	40	Counterparts	124
	 	 	 
	41	eNTIRE AGREEMENT	124
	 	 	 
	 	SECTION 12	 
	 	 	 
	 	GOVERNING LAW AND ENFORCEMENT	 
	 	 	 
	42	Governing law	125
	 	 	 
	43	Enforcement	125
	 	 	 
	 	SECTION 13	 
	 	 	 
	 	MISCELLANEOUS	 
	 	 	 
	44	WAIVERS, RELEASES AND CONFIRMATIONS	127

 

	SCHEDULES
	 	 	 
	SCHEDULE 1	THE ORIGINAL PARTIES	129
	 	 	 
	SCHEDULE 2	CONDITIONS PRECEDENT	131
	 	 	 
	SCHEDULE 3	REQUESTS	137
	 	 	 
	SCHEDULE 4	MANDATORY COST FORMULA	139
	 	 	 
	SCHEDULE 5	FORM OF TRANSFER CERTIFICATE	141
	 	 	 
	SCHEDULE 6	FORM OF ACCESSION LETTER	143
	 	 	 
	SCHEDULE 7	FORM OF RESIGNATION LETTER	145
	 	 	 
	SCHEDULE 8	FORM OF COMPLIANCE CERTIFICATE	146
	 	 	 
	SCHEDULE 9	FORM OF CONFIDENTIALITY UNDERTAKING	152

 

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	SCHEDULE 10	TIMETABLES	158
	 	 	 
	SCHEDULE 11	FORM OF DESIGNATION NOTICE	159
	 	 	 
	SCHEDULE 12	DETAILS OF EXISTING SHIPS AND APPROVED CHARTERS	160
	 	 	 
	SCHEDULE 13	FORM OF SWAP BANK ACCESSION LETTER	164
	 	 	 
	SCHEDULE 14	ERISA	165
	 	 	 
	SCHEDULE 15	INACTIVE SUBSIDIARIES	166
	 	 	 
	SCHEDULE 16	CUMULATIVE CONVERTIBLE PREFERRED STOCK	167
	 	 	 
	SCHEDULE 17	BANK ACCOUNTS	175
	 	 	 
	SCHEDULE 18	MATERIAL CONTRACTS	179
	 	 	 
	SIGNATORIES	 
	 	 	 
	EXHIBITS
	 	 	 
	EXHIBIT A - FORM OF NOTE	 

 

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THIS FOURTH AMENDED AND RESTATED CREDIT
AGREEMENT (this “Agreement”) is dated as of June 20, 2012 and made between:

 

	(1)	EAGLE BULK SHIPPING INC., a corporation incorporated in the Republic of the Marshall Islands, as borrower (the “Borrower”);

 

	(2)	THE SUBSIDIARIES of the Borrower listed in Part II of Schedule 1 as original guarantors (the “Original Guarantors”);

 

	(3)	THE ROYAL BANK OF SCOTLAND plc as mandated lead arranger (the “Arranger”) and as bookrunner (the “Bookrunner”);

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Part III of Schedule 1 (The Original Parties) as original lenders (the “Original Lenders”);

 

	(5)	THE ROYAL BANK OF SCOTLAND plc as original swap bank (the “Original Swap Bank”);

 

	(6)	THE ROYAL BANK OF SCOTLAND plc as agent of the other Finance Parties (the “Agent”); and

 

	(7)	THE ROYAL BANK OF SCOTLAND plc as trustee for the other Finance Parties (the “Security Trustee”).

 

PRELIMINARY STATEMENTS:

 

		(A)	The Borrower, the Existing Guarantors and the Original
Lenders are parties to a Third Amended and Restated Credit Agreement dated as of October 19, 2007 as amended by an Amendatory
Agreement dated as of July 3, 2008, a Second Amendatory Agreement dated as of December 17, 2008, a Third Amendatory Agreement
dated as of August 4, 2009, a Fourth Amendatory Agreement dated as of August 4, 2010, a Sixth Amendatory and Commercial Framework
Implementation Agreement dated as of September 26, 2011 (the “Sixth Amendatory Agreement”) and a Supplement
to Sixth Amendatory and Commercial Framework Implementation Agreement dated as of December 31, 2011 (the “Original Credit
Agreement”) providing for a secured reducing revolving credit facility in the principal amount of $1,200,000,000 (the
“Original Facility”) for the purposes described therein.

 

	(B)	On August 4, 2010, a Fifth Amendatory Agreement in relation to the Original Credit Agreement was entered into, but the amendments to the terms of the Original Credit Agreement contemplated therein did not come into effect.

 

	(C)	The Sixth Amendatory Agreement provided for certain amendments to the Original Credit Agreement (as in effect as at the date of the Sixth Amendatory Agreement) to apply during the Framework Period as defined therein (the “Framework Period”). The expiry date of the Framework Period was extended to June 20, 2012.

 

	(D)	As of the date hereof $1,129,478,742 of the Original Facility has been borrowed by the Borrower and remains outstanding, and $21,875,735 remains available thereunder.

 

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	(E)	WHEREAS, the Borrower has requested that the Original Lenders agree to amend and restate the Original Credit Agreement in its entirety in accordance with the terms and conditions set forth herein to, among other things, decrease the amount of the Original Facility to a principal amount of $1,149,478,742, extend the maturity of the loans thereunder, convert the aggregate amount of loans outstanding under the Original Facility to term loans, and provide for a revolving facility in the aggregate amount of $20,000,000 for the purposes set forth in Clause 3 (Purpose).

 

	(F)	At the request of the Borrower and the Original Lenders, the Agent and the Security Trustee have agreed to serve in their respective capacities under the terms of this Agreement.

 

	(G)	The Original Swap Bank has entered into certain hedging transactions with the Borrower and may enter into further hedging transactions with the Borrower from time to time to hedge the Borrower’s exposure to fluctuations in interest rates, foreign exchange rates, ocean freight rates and bunker fuel prices.

 

		(H)	The Parties intend that (i) the provisions of the Original
Credit Agreement and the documents executed as security for the Original Facility (the “Original Security Documents”),
to the extent amended, restated, restructured, renewed, extended and modified hereby, be superseded and replaced by the provisions
of this Agreement and the Finance Documents and the provisions thereof, (ii) this Agreement and the Finance Documents to be issued
pursuant to this Agreement will not extinguish the obligations of the Borrower or the Existing Guarantors arising under the Original
Credit Agreement, nor does this transaction constitute a novation of the Original Credit Agreement and Original Security Documents,
(iii) all liens evidenced by the Original Credit Agreement and the Original Security Documents to the extent amended, restated,
restructured, renewed, extended and modified hereunder, are hereby ratified, confirmed and continued, and (iv) this Agreement
and the Finance Documents are intended to amend, restate, restructure, renew, extend and modify the Original Credit Agreement
and the Original Security Documents.

 

		(G)	The Original Lenders have agreed with the Original Swap
Bank that the Original Swap Bank will share in the security under the Finance Documents on a subordinated basis.

 

The Original Guarantors have agreed, in
order to induce the Original Lenders to agree to amend and restate the Original Credit Agreement and certain of the Original Security
Documents, to guarantee all of the obligations of the Borrower under this Agreement and the other Finance Documents, and the Master
Agreements and to grant certain additional security in respect of such obligations as provided herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements contained herein, it is agreed as follows:

 

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SECTION
1

 

INTERPRETATION

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“Accession
Letter” means a document in the form set out in Schedule 6 (Form of Accession Letter) or in any other form agreed
between the Borrower and the Agent.

 

“Account
Charge” means a deed containing, among other things, a first priority account charge made or to be made by a Guarantor
in favor of the Security Trustee in respect of such Guarantor’s Operating Account.

 

“Accounting
Information” means the quarterly financial statements and/or the annual audited financial statements to be provided by
the Borrower to the Lender in accordance with Clause 19.1 (Financial Statements).

 

“Accounting
Period” means each consecutive period of approximately three months (ending on the last day in March, June, September
and December of each year) for which quarterly Accounting Information is required to be delivered in accordance with Clause 19.1
(Financial Statements).

 

“Additional
Cost Rate” has the meaning given to it in Schedule 4 (Mandatory Cost formula).

 

“Additional
Guarantor” means a Wholly-Owned Subsidiary of the Borrower which becomes an Additional Guarantor in accordance with Clause
28 (Changes to the Obligors).

 

“Additional
Ship” means a dry bulk carrier (other than an Existing Ship) purchased or to be purchased by a Guarantor after the Effective
Date in accordance with Clause 22.12 (Acquisitions).

 

“Affiliate”
means, as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with
such person or is a director or officer of such person. For purposes of this definition, the term “control” (including
the terms “controlling”, “controlled by” and “under common control with”) of a person means
the possession, direct or indirect, of the power to vote 50% or more of the voting stock, membership or partnership interests,
or other similar interests of such person or to direct or cause direction of the management and policies of such person, whether
through the ownership of voting stock, membership or partnership interests, or other similar interests, by contract or otherwise.

 

“Agent”
has the meaning specified in the recital hereof, and shall include any successor thereto.

 

“Agreement”
has the meaning specified in the recital hereto.

 

“Alternative
Approved Flag” means, in relation to a Ship, such flag (other than the flag of the Republic of the Marshall Islands)
as may be approved in writing by the Majority Lenders.

 

“Approved
Broker” means, as the context may require, any of H. Clarkson & Co. Ltd., Galbraiths Limited, Braemar Seascope or
such other independent London based sale and purchase ship broker as may from time to time be appointed by the Agent.

 

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“Approved
Charter” means, collectively, (i) the time charters described in Part II of Schedule 12 (Details of Existing Ships
and Approved Charters), and (ii) any other time or consecutive voyage charter in respect of a Ship for a term which exceeds,
or which by virtue of any optional extensions may exceed, 24 months and has been approved by the Agent.

 

“Approved
Manager” means, as the context may require, Eagle Shipping International (USA) LLC, a Marshall Islands limited liability
company with offices currently at 477 Madison Avenue, New York, New York, or any other person approved by the Agent from time to
time as the commercial manager of a Ship, which approval shall not unreasonably be withheld, and (i) V Ships Management Ltd., an
Isle of Man company with offices at Eaglehurst, Belmont Hill, Douglas, Isle of Man, (ii) Wilhelmsen Ship Management (formerly Barber
International Ltd.), a Hong Kong company with offices at West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong,
(iii) Anglo-Eastern International (Macau Commercial Offshore) Limited, Avenida Sir Anders Ljungstetd No. 160, Edf. Jardim Brilhantismo,
No. 12 Andar “L”, Macau, (iv) any Subsidiary of the Borrower, (v) any Affiliate of any of the foregoing or (vi) any
other person approved by the Agent from time to time as the technical manager of a Ship, which approval shall not unreasonably
be withheld.

 

“Approved
Manager’s Undertaking” means each of the undertakings made or to be made by an Approved Manager in favor of the
Security Trustee in respect of a Ship.

 

“Arranger”
has the meaning specified in the recital hereof.

 

“Assignment
of Earnings” means a first priority assignment of Earnings made or to be made by a Guarantor in favor of the Security
Trustee in respect of a Ship.

 

“Assignment
of Insurances” means a first priority assignment of Insurances made or to be made by a Guarantor in favor of the Security
Trustee in respect of a Ship.

 

“Assignment
of Shipbuilding Contract and Refund Guarantee” means a first priority assignment made by a Guarantor in favor
of the Security Trustee in respect of a Shipbuilding Contract and related refund guarantee.

 

“Authorization”
means an authorization, consent, approval, resolution, permit, license, exemption, filing or registration.

 

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

 

“Available
Commitment”, in relation to the Revolving Facility, means a Lender’s Revolving Facility Commitment minus:

 

		(a)	the amount of its participation in any outstanding Revolving Loans; and

 

		(b)	in relation to any proposed Utilization, the amount of its participation in any Revolving Loans
that are due to be made on or before the proposed Utilization Date,

 

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other than,
in relation to any proposed Utilization, that Lender’s participation in any Revolving Loans that are due to be repaid or
prepaid on or before the proposed Utilization Date.

 

“Available
Facility” means the aggregate for the time being of each Lender’s Available Commitment.

 

“Bookrunner”
has the meaning specified in the recital hereof.

 

“Borrower”
has the meaning specified in the recital hereof.

 

“Break
Costs” means the amount (if any) by which:

 

		(a)	the interest which a Lender should have received for the period from the date of receipt of all
or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan
or Unpaid Sum, had the principal amount of that Loan or Unpaid Sum received been paid on the last day of that Interest Period

 

exceeds

 

		(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal
amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the
Business Day following receipt or recovery and ending on the last day of the current Interest Period.

 

“Business
Day” means a day of the year on which dealings are carried on in the London interbank market and banks are open for business
in London and not required or authorized to close in New York City.

 

“Capitalized
Margin” means a percentage per annum determined in accordance with Clause 8.1(b) (Calculation of interest).

 

“Capitalized
Interest” has the meaning specified in Clause 8.2 (Payment of interest).

 

“Cash
Flow Forecast” means, as at any date, a consolidated Group cash flow forecast of cash receipts and disbursements for
the immediately succeeding 13 week period that is certified by the chief financial officer of the Borrower as being true and correct
in all material respects and based upon good faith estimates and assumptions believed to be reasonable at the time made, in substantially
the form delivered by the Borrower during the Framework Period and otherwise acceptable in form and detail to the Agent, to be
reviewed by the Agent’s advisors in the Agent’s discretion.

 

“Cash
Interest Expenses” means, in respect of an Accounting Period, Interest Charges less (i) Capitalized Interest and
(ii) the amortization of deferred financing costs (including amendment fees payable to the Lenders on the Effective Date and as
provided in Clause 11.4 (Amendment Fee), work fees payable to the Agent under any Fee Letter, and extension fees payable
to the Lenders under Clause 6.4 (Extension of Termination Date)), in each case, during such Accounting Period. 

 

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“Cash
Pay Margin” means a percentage per annum determined in accordance with Clause 8.1(b) (Calculation of interest).

 

“Cash
Pooling Deed” means a deed containing, among other things, instructions regarding an Operating Account made or to be
made by the Borrower and the relevant Guarantor in favor of the Agent.

 

“Change
of Control” means the occurrence of any of the following: (a) a person or group (as such term is defined in Section
13(d)(3) of the Securities Exchange Act of 1934, as amended) shall at any time become the owner, directly or indirectly, beneficially
or of record, of shares representing more than 30% of the outstanding voting or economic equity interests of the Borrower, or (b)
the board of directors of the Borrower ceases to consist of a majority of the existing directors who constitute the board of directors
as of the date of this Agreement or directors nominated by such existing directors, or (c) Sophocles
Zoullas shall cease to be the chief executive officer of the Borrower.

 

“Classification
Society” means in respect of any Ship, Bureau Veritas, Det Norske Veritas, Nippon Kaiji Kyokai, American Bureau of Shipping,
Lloyd’s Register of Shipping or, in any case, such other classification society as is selected by the Borrower with the prior
consent of the Agent.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued
thereunder. Section references to the Code are to the Code as in effect at the date of this Agreement and any subsequent provisions
of the Code, amendatory thereof, supplemental thereto or substituted therefor.

 

“Collateral
Coverage Ratio” means, as at any date, a percentage determined in accordance with the following formula:

 

		(a)	the aggregate of the Term Loans and of the Swap Exposure of each Swap Counterparty as at such date,

 

divided by

 

		(b)	the Security Value as at such date.

 

“Collection
Account” means an account in the name of the Borrower with the Agent in London, England designated “EAGBUSH-USD1”,
or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent) which
is designated by the Agent as the Collection Account for the purposes of this Agreement.

 

“Commitment”
means a Term Facility Commitment or a Revolving Facility Commitment.

 

“Compliance
Certificate” means a certificate of the chief financial officer and chief executive officer of the Borrower in the form
set out in Schedule 8 (Form of Compliance Certificate) or in any other form agreed between the Borrower and the Agent.

 

“Confidentiality
Undertaking” means a confidentiality undertaking in the form set out in Schedule 9 (Form of Confidentiality Undertaking)
or in any other form agreed between the Borrower and the Agent.

 

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“Confirmation”
and “Early Termination Date”, in relation to any continuing Designated Transaction, have the meanings given
in the relevant Master Agreement.

 

“Confirmation
Agreement” means the Confirmation Agreement dated on or about the date hereof between the Borrower, certain Guarantors,
the Agent and the Security Trustee in respect of certain of the Original Security Documents.

 

“Cumulative
Free Cash” means, for any Accounting Period, the net of (i) 20% of Excess Cash as at the Excess Cash Testing Date falling
on the last day of such Accounting Period, less (ii) any amount of such Excess Cash applied or to be applied towards the purchase
of an Additional Ship in accordance with Clause 22.12 (Acquisitions), less (iii) Cash Interest Expenses for such Accounting
Period, and less (iv) a reasonable reserve for drydocking and maintenance for all Ships during the twelve months following such
Accounting Period.

 

“Cumulative
Convertible Preferred Stock” means a series of cumulative convertible preferred stock of the Borrower with such voting
powers, preferences and relative, participating, optional and other special rights and qualifications, limitations or restrictions
as are set forth in Schedule 16 hereto, which series has been duly issued pursuant to a resolution of the Board of Directors of
the Borrower setting forth the designation and amount thereof.

 

“DBS
Vickers Account” means the consolidated account listed in Part III of Schedule 17 (Bank Accounts), the aggregate
balance of which, as at the date of this Agreement, is approximately US$129,638.82, or such replacement account as Eagle Chartering
shall open and maintain in accordance with Clause 22.14(d) (Accounts).

 

“Debt”
means in relation to any member of the Group (the “debtor”):

 

		(a)	Financial Indebtedness of the debtor;

 

		(b)	liability for any credit to the debtor from a supplier of goods or services or under any instalment
purchase or payment plan or other similar arrangement;

 

		(c)	contingent liabilities of the debtor (including without limitation any taxes or other payments
under dispute) which have been or, under GAAP, should be recorded in the notes to the Accounting Information, but excluding any
contingent liabilities in respect of Deferred Revenue and Fair Value Below Contract Value from charters of Ships;

 

		(d)	deferred tax of the debtor; and

 

		(e)	liability under a guarantee, indemnity or similar obligation entered into by the debtor in respect
of a liability of another person who is not a member of the Group which would fall within (a) to (d) if the references to the debtor
referred to the other person.

 

“Default”
means an Event of Default or any event or circumstance specified in Clause 26 (Events of Default) which would (with the
expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination
of any of the foregoing) be an Event of Default.

 

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“Defaulting
Lender” means any Lender:

 

		(a)	which has failed to make its participation in a Loan available (or has notified the Agent or the
Borrower (which has notified the Agent) that it will not make its participation in a Loan available) by the Utilization Date of
that Loan in accordance with Clause 5.4 (Lenders’ participation);

 

		(b)	which has otherwise rescinded or repudiated a Finance Document; or

 

		(c)	with respect to which an Insolvency Event has occurred and is continuing,

 

unless, in
the case of paragraph (a) above:

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

payment
is made within 3 Business Days of its due date; or

 

		(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in
question.

 

“Deferred
Revenue” means, in relation to any charter of a Ship where the charterer agrees to pay in advance a portion of charter
hire payable for the duration of such charter based on the difference between the daily hire rate under such charter and the daily
hire rate prevailing in the market for similar vessels at the time of such agreement, the amount so paid in advance (as such amount
may be reduced from time to time as it is recognized ratably as charter revenue).

 

“Delphin
Group” means Delphin Shipping LLC and each of its Affiliates.

 

“Designated
Transaction” means a Transaction which fulfils the following requirements:

 

		(a)	it is entered into by the Borrower pursuant to a Master Agreement with a Swap Bank which, at the
time the Transaction is entered into, is also a Lender;

 

		(b)	it is an interest rate swap transaction to hedge the Borrower’s exposure under this Agreement
to fluctuations in LIBOR arising from the funding of a Loan (or any part thereof) for a period expiring no later than the Termination
Date and/or a forward foreign exchange transaction to hedge the Borrower’s exposure in respect of any Shipbuilding Contract
to currency exchange rate fluctuations and/or a forward freight transaction to hedge the Borrower’s exposure in respect of
ocean freight rate fluctuations and/or a forward bunker contract to hedge the Borrower’s exposure in respect of fluctuations
in bunker fuel prices; and

 

		(c)	it is designated by the Borrower, by delivery by the Borrower to the Agent of a notice of designation
in the form set out in Schedule 11 (Form of Designation Notice), as a Designated Transaction for the purposes of the Finance
Documents.

 

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“Disruption
Event” means either or both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets
which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in
order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond
the control of, any of the Parties; or

 

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related
nature) to the treasury or payments operations of a Party preventing that, or any other Party:

 

		(i)	from performing its payment obligations under the Finance Documents; or

 

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

 

and which
(in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

 

“Document
of Compliance” has the meaning given to it in the ISM Code.

 

“Dollars”
and “$” mean the lawful currency, for the time being, of the United States of America.

 

“Eagle
Chartering” means Eagle Bulk Pte. Ltd., a Singapore company and a direct Wholly-Owned
Subsidiary of the Borrower.

 

“Earnings”
means, in relation to any Ship:

 

		(a)	all freights, hire and any other moneys earned and to be earned, due or to become due, or paid
or payable to, or for the account of, the Obligor that owns such Ship, of whatsoever nature, arising out of or as a result of the
ownership and operation by such Obligor or its agents of such Ship;

 

		(b)	all moneys and claims for moneys due and to become due to such Obligor, and all claims for damages,
arising out of the breach of any and all present and future charter parties, bills of lading, contracts and other engagements of
affreightment or for the carriage or transportation of cargo, mail and/or passengers, and operations of every kind whatsoever of
such Ship and in and to any and all claims and causes of action for money, loss or damages that may accrue or belong to such Obligor
arising out of or in any way connected with the present or future use, operation or management of such Ship or arising out of or
in any way connected with any and all present and future requisitions, charter parties, bills of lading, contracts and other engagements
of affreightment or for the carriage or transportation of cargo, mail and/or passengers, and other operations of such Ship, including,
if and whenever such Ship is employed on terms whereby any or all of such moneys as aforesaid are pooled or shared with any other
person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to such Ship,

 

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		(c)	all moneys and claims due and to become due to such Obligor, and all claims for damages, in respect
of the actual or constructive total loss of or requisition of use of or title to such Ship, and

 

		(d)	any proceeds of any of the foregoing, including, without limitation, any proceeds of the sale of
shares of Korea Line Corporation received in settlement of claims under chartering contracts pursuant to any settlement agreement
entered into or which may be entered into between the joint receivers of Korea Line Corporation and certain of the Obligors.

 

“EBITDA”
means, in respect of an Accounting Period, net income of the Borrower and its Subsidiaries for such period, calculated before taking
into account: (a) federal, state and local income taxes, (b) Interest Charges, (c) extraordinary and unusual items, (d) depreciation,
(e) amortization (including the amortization of amounts recorded as fair value below/above contract value of time charters acquired
on the income statement of the Borrower and its Subsidiaries for such Accounting Period), and (f) non-cash management and Board
of Directors incentive compensation expenses, all of the foregoing determined on a consolidated basis without duplication in accordance
with GAAP.

 

“Effective
Date” has the meaning specified in Clause 4.1 (Conditions Precedent to Effectiveness and post-Effective Date obligations).

 

“Environmental
Claim” means:

 

		(a)	any claim by any governmental, judicial or regulatory authority which arises out of an Environmental
Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

 

		(b)	any claim by any other person which relates to an Environmental Incident or to an alleged Environmental
Incident or which relates to any Environmental Law,

 

and a “claim”
includes a claim, demand, order, decree or action for damages, compensation, fines, penalties or any other payment of any kind
whether or not similar to the foregoing; an injunction, order or direction to take, or not to take, certain action or to desist
from or suspend certain action; and any form of judgment, settlement, enforcement or regulatory action, including the arrest or
attachment of any asset.

 

“Environmental
Incident” means any incident, accident, fact, circumstance or condition that could reasonably be expected to have
an adverse impact on the environment, natural resources, or human or animal health or safety, including but not limited to:

 

		(a)	any release of Environmentally Sensitive Material from a Ship; or

 

		(b)	any incident in which Environmentally Sensitive Material is released from a vessel other than a
Ship and which involves a collision between a Ship and such other vessel or some other incident of navigation or operation, in
either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted
and/or a Ship and/or any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable
to any legal or administrative action; or

 

    	10

    	 

    

 

		(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from
a Ship and in connection with which a Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any
operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action.

 

“Environmental
Law” means federal, state, local or international law, statute, rule, regulation, order, notice, directive, requirement,
Authorization, code, ordinance, administrative ruling, judgment, decree or treaty relating to pollution, protection, investigation,
reclamation or restoration of, or prevention of harm to, the environment, natural resources, or human health or safety, to the
carriage, handling, management, use, transport, storage, disposal or presence of Environmentally Sensitive Material or waste or
to actual or threatened releases of or exposure to Environmentally Sensitive Material or waste.

 

“Environmentally
Sensitive Material” means oil, oil products, byproducts, components or derivatives, and any other substance, material,
mixture or waste (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming)
polluting, toxic, dangerous, harmful or hazardous, or with respect to which any law or governmental, judicial or regulatory authority
requires investigation, reporting or remedial action.

 

“Equity”
means the net cash proceeds (after deducting costs and expenses) from the issuance of common or preferred stock of the
Borrower, including any net cash proceeds from the issuance by the Borrower of instruments convertible into stock.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and
rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent
provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor.

 

“ERISA
Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) which together with the Borrower or a Subsidiary
of the Borrower would be deemed to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of
the Code.

 

“Event
of Default” means any event or circumstance specified as such in Clause 26 (Events of Default).

 

“Excess
Cash” means, as at any Excess Cash Testing Date, any amount by which the aggregate amount of cash and cash equivalents
(including cash, currency, credit balances in deposit and other bank accounts and short term investments) held by the Borrower
and its Subsidiaries on such date less Excluded Cash exceeds $20,000,000.00.

 

“Excess
Cash Testing Date” shall have the meaning assigned to such term in Clause 7.5(d) (Mandatory prepayment).

 

    	11

    	 

    

 

“Excluded
Cash” means, on any Excess Cash Testing Date:

 

		(a)	the aggregate amount posted as cash collateral to secure the obligations of Subsidiaries in respect
of letters of credit issued to landlords in support of the rental obligations of such Subsidiaries to be recorded as restricted
cash on the balance sheet of the Borrower and its Subsidiaries as at such date (to the extent included in the computation of cash
and cash equivalents held by the Borrower and its Subsidiaries on such date for the purposes of the determination of Excess Cash);

 

		(b)	the aggregate balance of the DBS Vickers Account on that date (to the extent included in the computation
of cash and cash equivalents held by the Borrower and its Subsidiaries on such date for the purposes of the determination of Excess
Cash); and

 

		(c)	an amount equal to the aggregate Retained Excess Cash Amount for each prior Excess Cash Testing
Date, less the aggregate amount of (i) dividends or other redemptions, distributions or payments restricted under Clause 22.8 (Dividends)
paid since the Effective Date and (ii) the aggregate Retained Excess Cash Amount for each prior Excess Cash Testing Date that has
been applied towards the purchase of an Additional Ship in accordance with Clause 22.12 (Acquisitions).

 

“Excluded
Taxes” shall have the meaning assigned to such term in Clause 12.1(a) (Gross up for Taxes).

 

“Existing
Guarantor” means an Original Guarantor listed beneath the column heading “Existing Guarantors” as set forth
in Part II of Schedule 1 (Original Parties).

 

“Existing
Lender” has the meaning specified in Clause 27.1 (Assignments and transfers by the Lenders).

 

“Existing
Security” means the Security created by the Original Security Documents.

 

“Existing
Ships” means collectively, the ships described in Part I of Schedule 12 (Details of Existing Ships and Approved Charters).

 

“Facility”
means the Term Facility or the Revolving Facility.

 

“Facilities”
means the Term Facility and the Revolving Facility.

 

“Facility
Office” means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender
(or, following that date, by not less than 5 Business Days’ written notice) as the office or offices through which it will
perform its obligations under this Agreement.

 

“Fair
Value Below Contract Value” means, in relation to any Ship acquired subject to an existing charter where the daily
hire rate prevailing in the market for similar vessels at the time of such acquisition is greater than the daily hire rate under
such charter, the amount equal to the difference between the charter hire payable at such daily hire rate prevailing in the market
and the daily hire rate under such charter, for the duration of such charter (as such amount may be amortized for the duration
of such charter as increases to charter revenue).

 

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“FATCA”
means Sections 1471, 1472, 1473 or 1474 of the Code, any U.S. Treasury regulations or authoritative guidance promulgated thereunder,
and any law or agreement implementing an intergovernmental approach thereto.

 

“FATCA
Agreement” means any agreement made by a person (or an affiliate of that person) with the U.S. Internal Revenue Service
or applicable taxing or governmental authority pursuant to FATCA.

 

“FATCA
Exempt Party” means, in respect of a payment to be made pursuant to any Finance Document on or after 1 January 2014,
a Finance Party that is able to receive such payment without the need for FATCA Withholding by either an Obligor or the Agent.

 

“FATCA
Withholding” means any withholding or Tax deduction under FATCA or pursuant to a FATCA Agreement.

 

“Fee
Letter” means any letter or letters dated on or about the date of this Agreement or the Original Credit Agreement Closing
Date between the Agent and the Borrower setting out any of the fees referred to in Clause 11 (Fees).

 

“Finance
Document” means:

 

		(a)	this Agreement;

 

		(b)	any Fee Letter;

 

		(c)	any Note;

 

		(d)	any Account Charge;

 

		(e)	the Security Interest Deed;

 

		(f)	any Mortgage;

 

		(g)	any Assignment of Earnings;

 

		(h)	any Assignment of Insurances;

 

		(i)	any Pledge Agreement;

 

		(j)	any General Security Agreement;

 

		(k)	any General Account Charge;

 

		(l)	any Approved Manager’s Undertaking;

 

		(m)	any Assignment of Shipbuilding Contract and Refund Guarantee;

 

		(n)	any Accession Letter;

 

		(o)	any Resignation Letter;

 

		(p)	any Master Agreement Assignment;

 

    	13

    	 

    

 

		(q)	the Confirmation Agreement;

 

		(r)	any Letter Agreement; and

 

		(s)	any other document designated as such by the Agent and the Borrower.

 

“Finance
Party” means the Agent, the Security Trustee, the Arranger, the Bookrunner, a Lender or a Swap Bank.

 

“Financial
Indebtedness” means, in relation to any member of the Group (the “debtor”), a liability of the debtor:

 

		(a)	for principal, interest or any other sum payable in respect of any moneys borrowed by the debtor;

 

		(b)	under any loan stock, bond, note or other security issued by the debtor;

 

		(c)	under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

 

		(d)	under a financial lease, a deferred purchase consideration arrangement (in each case, other than
in respect of assets or services obtained on normal commercial terms in the ordinary course of business) or any other agreement
having the commercial effect of a borrowing or raising of money by the debtor;

 

		(e)	under any foreign exchange transaction, interest or currency swap or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of
mutual liabilities, the liability of the debtor for the net amount; or

 

		(f)	under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability
of another person which would fall within (a) to (e) if the references to the debtor referred to the other person.

 

“Financial
Plan” shall have the meaning assigned to such term in Clause 19.4(f) (Information: Miscellaneous).

 

“Foreign
Pension Plan” shall mean any plan, fund (including, without limitation, any superannuation fund) or other similar program
established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries primarily
for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States of America, which plan, fund
or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments
to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

 

“Framework
Period” has the meaning specified in the Preliminary Statements.

 

“GAAP”
means accounting principles, concepts, bases and policies generally adopted and accepted in the United States of America consistently
applied.

 

    	14

    	 

    

 

“General
Account Charge” means a deed containing, among other things, a first priority account charge made or to be made by the
Borrower or a Guarantor in favor of the Security Trustee in respect of any account held by the Borrower or that Guarantor (other
than a Guarantor’s Operating Account or the DBS Vickers Account).

 

“General
Security Agreement” means a first priority general security agreement made or to be made by the Borrower or a Guarantor
in favor of the Security Trustee in respect of the personal property of the Borrower or such Guarantor.

 

“Group”
means the Borrower and its Subsidiaries (whether direct or indirect and including, but not limited to, the Guarantors) from time
to time and “member of the Group” shall be construed accordingly.

 

“Guaranteed
Obligations” has the meaning specified in Clause 17.1 (Guarantee and indemnity).

 

“Guarantor”
means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 28 (Changes
to the Obligors).

 

“Inactive
Subsidiary” means a Subsidiary of the Borrower listed in Schedule 15 (Inactive Subsidiaries).

 

“Insolvency
Event” in relation to a Finance Party means that the Finance Party:

 

		(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due;

 

		(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

 

		(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization
or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar official;

 

		(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such
proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

 

		(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making
of an order for its winding-up or liquidation; or

 

    	15

    	 

    

 

		(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution
or presentation thereof;

 

		(f)	has exercised in respect of it one or more of the stabilization powers pursuant to Part 1 of the
Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a
bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

 

		(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant
to a consolidation, amalgamation or merger);

 

		(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;

 

		(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter;

 

		(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

 

		(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts.

 

“Insurances”
means, in relation to any Ship:

 

		(a)	all policies and contracts of insurance, including entries of that Ship in any protection and indemnity
or war risks association, which are effected in respect of that Ship, its Earnings or otherwise in relation to it; and

 

		(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights
to a return of a premium.

 

“Interest
Charges” means, in respect of an Accounting Period, the aggregate on a consolidated basis of (i) all interest incurred
by any member of the Group (including commitment fees payable under Clause 11.1 (Commitment fee) during such Accounting
Period), (ii) any net amounts payable under interest rate hedge agreements during such Accounting Period, and (iii) the amortization
of deferred financing costs (including amendment fees payable to the Lenders on the Effective Date and as provided in Clause 11.4
(Amendment Fee), work fees payable to the Agent under any Fee Letter, and extension fees payable to the Lenders under Clause
6.4 (Extension of Termination Date), in each case, during such Accounting Period).

 

“Interest
Period” means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and,
in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest).

 

    	16

    	 

    

 

“ISM
Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the
International Maritime Organization Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended, updated or supplemented
from time to time (and the terms “Safety Management System”, “Safety Management Certificate”
and “Document of Compliance” have the same meanings as are given to them in the ISM Code).

 

“ISPS
Code” means the International Ship and Port Facility Security Code constituted pursuant to resolution A.924(22) of the
International Maritime Organization (“IMO”) adopted by a Diplomatic conference of the IMO on Maritime Security
on December 13, 2002 and now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS) 1974 (as amended).

 

“Lender”
means:

 

		(a)	any Original Lender; and

 

		(b)	any person which has become a Party as a New Lender in accordance with Clause 27 (Changes to
the Lenders),

 

which in each
case has not ceased to be a Party in accordance with this Agreement.

 

“Letter
Agreement” means a deed made or to be made by the Borrower and a Guarantor providing for the joinder of such Guarantor
as a party to the Security Interest Deed.

 

“LIBOR”
means, in relation to any Interest Period for any Loan or Unpaid Sum:

 

		(a)	the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to,
or as near as possible equal to, the relevant Interest Period which appears on REUTERS BBA Page LIBOR 01 at or about the Specified
Time on the Quotation Date for that Interest Period (and, for the purposes of this Agreement, “REUTERS BBA Page LIBOR 01”
means the display designated as “REUTERS BBA Page LIBOR 01” on the Reuters Money News Service or such other page as
may replace REUTERS BBA Page LIBOR 01 on that service for the purpose of displaying rates comparable to that rate or on such other
service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British
Bankers’ Association Interest Settlement Rates for Dollars); or

 

		(b)	if no rate is quoted on REUTERS BBA Page LIBOR 01, the rate per annum determined by the Agent to
be the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one percent) of the rates per annum notified
to the Agent by each Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks
in the Relevant Interbank Market at that Reference Bank’s request at or about the Specified Time on the Quotation Date for
that Interest Period for a period equal to that Interest Period and for delivery on the first Business Day of it.

 

“Loan”
means a Term Loan, a Revolving Loan or a PIK Loan.

 

    	17

    	 

    

 

“Major
Casualty” means, in relation to any Ship, any casualty to that Ship in respect of which the claim or the aggregate of
the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent
in any other currency.

 

“Majority
Lenders” means a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments
(or, if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments
immediately prior to the reduction).

 

“Manager”
means a Guarantor that manages a vessel or vessels owned by a member of the Delphin Group or a Third Party Ship Owner. 

 

“Mandate
Letter” means the letter dated August 29, 2007 between the Arranger and the Borrower.

 

“Mandatory
Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 4 (Mandatory Cost formula).

 

“Margin”
means the aggregate of the Cash Pay Margin and the Capitalized Margin.

 

“Margin
Stock” has the meaning specified in Regulation U of the Board of Governors of the Federal Reserve System and any successor
regulations thereto, as in effect from time to time.

 

“Master
Agreement” means each master agreement made between the Borrower and a Swap Bank and includes all Designated Transactions
from time to time entered into and confirmations from time to time exchanged under each such master agreement.

 

“Master
Agreement Assignment” means, in relation to each Master Agreement, a first priority assignment of such Master Agreement
between the Borrower and the Security Trustee.

 

“Material
Adverse Effect” means a material adverse effect on:

 

		(a)	the condition (financial or otherwise), operations, assets or business of any member of the Group
or the Group as a whole; or

 

		(b)	the ability of any Obligor to perform any of its material obligations under any Finance Document
or Master Agreement; or

 

		(c)	the material rights and remedies of any Finance Party under any Finance Document or Master Agreement
or the perfection, validity or priority of the Finance Parties’ security interests in the Finance Documents.

 

“Material
Contract” means any contract or other arrangement to which any member of the Group is a party (other than the Finance
Documents, the Master Agreements and any contract for the charter of the Ships) for which breach, nonperformance, cancellation
or failure to renew could have a Material Adverse Effect, including, without limitation, any contract with a member of the Delphin
Group and any contract with DBS Vickers Securities (Singapore) Pte Ltd or any of its Affiliates.

 

    	18

    	 

    

 

“Memorandum
of Agreement” means, in relation to an Additional Ship, a memorandum of agreement or other contract executed by, among
others, the registered owner of such ship, as seller, and the Borrower and/or a direct Wholly-Owned Subsidiary of the Borrower,
as buyer, providing for the purchase or acquisition by the Borrower and/or such Subsidiary of the registered ownership of such
ship.

 

“Month”
means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month,
except that:

 

		(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business
Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business
Day; and

 

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end,
that period shall end on the last Business Day in that calendar month.

 

The above
rules will only apply to the last Month of any period.

 

“Mortgage”
means (i) a first preferred Marshall Islands ship mortgage made or to be made by a Guarantor in favor of the Security Trustee in
respect of a Ship, as the same may be amended from time to time, or (ii) a first priority Alternative Approved Flag ship mortgage
in form and substance satisfactory to the Agent.

 

“Multiemployer
Plan” shall mean a “multiemployer plan” as defined in Section 3(37) of ERISA.

 

“New
Guarantor” means an Original Guarantor listed beneath the column heading “New Guarantors” as set forth in
Part II of Schedule 1 (Original Parties).

 

“New
Lender” has the meaning specified in Clause 27.1 (Assignments and transfers by the Lenders).

 

“New
Swap Bank” has the meaning specified in Clause 29.1 (Procedure for accession).

 

“Non-Excluded
Taxes” shall have the meaning assigned to such term in Clause 12.1 (Gross up for Taxes).

 

“Note”
has the meaning specified in Clause 5.5 (Notes).

 

“Obligor”
means the Borrower or a Guarantor.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of Treasury.

 

“Operating
Account” means, in relation to any Ship, an account in the name of the Guarantor which owns that Ship with the Agent
in London, England designated “[l] - Operating Account”, or any other account
(with that or another office of the Agent or with a bank or financial institution other than the Agent) which is designated by
the Agent as the Operating Account in relation to that Ship for the purposes of this Agreement.

 

“Original
Credit Agreement” has the meaning specified in the Preliminary Statements.

 

    	19

    	 

    

 

“Original
Credit Agreement Closing Date” means October 19, 2007.

 

“Original
Facility” has the meaning specified in the Preliminary Statements.

 

“Original
Financial Statements” means in relation to the Borrower, the audited consolidated financial statements of the Group for
the financial year ended December 31, 2011.

 

“Original
Guarantors” has the meaning specified in the recital hereof.

 

“Original
Lender” has the meaning specified in the recital hereof.

 

“Original
Obligor” means the Borrower or an Original Guarantor.

 

“Original
Security Documents” has the meaning specified in the Preliminary Statements.

 

“Original
Swap Bank” has the meaning specified in the recital hereof.

 

“Party”
means a party to this Agreement.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

“Permitted
Security” means:

 

		(a)	Security created by the Finance Documents;

 

		(b)	liens for current crew wages and salvage;

 

		(c)	liens imposed by any governmental authority for taxes, assessments or charges not yet due (after
giving effect to any applicable grace period) or which are being contested in good faith and by appropriate proceedings if adequate
reserves with respect thereto are maintained on the books of the relevant Obligor in accordance with generally accepted accounting
principles;

 

		(d)	liens securing claims which are completely covered by insurance and the deductible applicable thereto,
so long as there has not been any action by the lienholder to enforce such lien;

 

		(e)	liens arising from the supply of goods and/or services to any Ship in the ordinary course of business,
so long as such obligations are not overdue for more than sixty (60) days or are being contested in good faith by appropriate proceedings
and there has not been any action by the lienholder to enforce such lien; and

 

		(f)	liens arising under charters entered into in the ordinary course of business.

 

“PIK
Loan” means a loan evidencing an amount of interest that has been capitalized in accordance with Clause 8.2 (Payment
of interest) or the principal amount outstanding for the time being of that loan.

 

    	20

    	 

    

 

“Plan”
shall mean any pension plan as defined in Section 3(2) of ERISA, which is maintained or contributed to by (or to which there is
an obligation to contribute of) the Borrower or a Subsidiary of the Borrower or any ERISA Affiliate, and each such plan for the
five-year period immediately following the latest date on which the Borrower or a Subsidiary of the Borrower or any ERISA Affiliate
maintained, contributed to or had an obligation to contribute to such plan.

 

“Pledge
Agreement” means a first priority pledge and security agreement made or to be made by the Borrower of its interests
in each Guarantor that is the owner of a Ship.

 

“Preliminary
Statements” means the Preliminary Statements following the recital hereof.

 

“Quotation
Day” means, in relation to any period for which an interest rate is to be determined, 2 Business Days before the first
day of that period unless market practice differs in the Relevant Interbank Market in which case the Quotation Day will be determined
by the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by
leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

 

“Reference
Banks” means (i) prior to the date following “close of primary syndication” (as defined in the Mandate Letter)
on which all the Lenders subject to such syndication become party to this Agreement, the principal London office of the Original
Lender, and (ii) on and after the date referred to in the preceding clause (i), the principal London offices of the Original Lender
and any 2 other Lenders as may be appointed by the Agent from time to time in its sole discretion in consultation with the Borrower.

 

“Registration
Rights Agreement” means the Warrant Shares Registration Rights Agreement between the Borrower and the Original Lenders
or their nominees made on or about the Effective Date.

 

“Registration
Statement” means the registration statement on Form S-3 to be filed by the Borrower with the Securities and Exchange
Commission in connection with the Registration Rights Agreement.

 

“Released
Guarantor” means an Inactive Subsidiary listed beneath the column heading “Released Guarantors” as set forth
in Schedule 15 (Inactive Subsidiaries).

 

“Relevant
Interbank Market” means the London interbank market.

 

“Repeating
Representations” means each of the representations set out in Clauses 18.1 (Status), 18.2 (Binding obligations),
18.3 (Non-conflict with other obligations), 18.4 (Power and authority). 18.5 (Validity and admissibility in evidence),
18.6 (Governing law and enforcement), 18.9 (No default), 18.11 (Financial statements), 18.12 (Pari passu
ranking), Clause 18.28 (Sanctions) and Clause 18.29 (No prohibited payments).

 

“Reportable
Event” shall mean an event described in Section 4043(c) of ERISA with respect to a Plan that is subject to Title IV of
ERISA other than those events as to which the 30-day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC
Regulation Section 4043.

 

    	21

    	 

    

 

“Resignation
Letter” means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter).

 

“Restricted
Party” means any person that is:

 

		(a)	listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed
on the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC or any similar list maintained
by, or any public announcement of Sanctions designation made by, the United States Department of State or any other U.S. government
entity, the United Nations, the European Union or any of its Member States including, without limitation, the United Kingdom and
Her Majesty's Treasury;

 

		(b)	located in, incorporated under the laws of, or owned by, controlled by or acting on behalf of a
person located in or organized under the laws of, any country or territory that is the target of country- or territory-wide Sanctions;
or

 

		(c)	otherwise a target of Sanctions (“target of Sanctions” signifying that a U.S. person
or national from the sanctioning jurisdiction would be restricted from doing business with that person).

 

“Retained
Equity Amount” shall have the meaning assigned to such term in Clause 7.5(c) (Mandatory prepayment).

 

“Retained
Excess Cash Amount” shall have the meaning assigned to such term in Clause 7.5(d) (Mandatory prepayment).

 

“Revolving
Facility” means the revolving loan facility made available under this Agreement as described in Clause 2 (The Facilities).

 

“Revolving
Facility Commitment” means:

 

		(a)	in relation to an Original Lender, the Dollar amount set opposite its name under the heading “Revolving
Facility Commitment” in Part III of Schedule 1 (The Original Parties) and the amount of any other Revolving Facility
Commitment transferred to it under this Agreement; and

 

		(b)	in relation to any other Lender, the Dollar amount of any Revolving Facility Commitment transferred
to it under this Agreement,

 

in each case,
to the extent not cancelled, reduced or transferred by it under this Agreement.

 

“Revolving
Loan” means a loan made or to be made under the Revolving Facility or the principal amount outstanding for the time being
of that loan.

 

“Safety
Management Certificate” has the meaning given to it in the ISM Code.

 

“Safety
Management System” has the meaning given to it in the ISM Code.

 

“Sanctions”
means the economic sanctions laws, regulations, rules or restrictive measures administered, enacted or enforced by OFAC, the United
States Department of State, any other U.S. government entity, the United Nations, or the European Union and its Member States,
including, without limitation, the United Kingdom and Her Majesty’s Treasury. 

 

    	22

    	 

    

 

“Securities
and Exchange Commission” shall mean the United States Securities and Exchange Commission or any other governmental authority
of the United States of America at the time administrating the Securities Act of 1933, as amended, the Investment Company Act of
1940, as amended, or the Securities Exchange Act of 1934, as amended.

 

“Security”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference,
priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, any financing or similar statement or notice filed under the Uniform Commercial Code of any relevant
jurisdiction or any other similar recording or notice statute, and any lease having substantially the same effect as any of the
foregoing).

 

“Security
Interest Deed” means the Amended and Restated Security Interest Deed dated December 17, 2007 among the Borrower, certain
Guarantors and The Royal Bank of Scotland, plc containing, among other things, a charge in respect of the Collection Account.

 

“Security
Period” means the period starting on the Original Credit Agreement Closing Date and ending on the date on which the Agent
is satisfied that all amounts outstanding under the Finance Documents have been irrevocably paid and discharged in full (both dates
inclusive).

 

“Security
Trustee” has the meaning specified in the recital hereto, and shall include any successor thereto.

 

“Security
Value” means, in respect of any relevant date, the aggregate amount of the market value of each Ship then subject
to a Mortgage and which has not become the subject of a Total Loss, determined in accordance with Clause 21.3 (Valuation of
Ships) on the basis of the most recent valuation delivered pursuant to Clause 21.6 (Provision of valuations and information).

 

“Selection
Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in accordance
with Clause 9 (Interest Periods).

 

“Servicing
Bank” means the Agent or the Security Trustee.

 

“Ships”
means collectively, the Existing Ships and all Additional Ships.

 

“Shipbuilding
Contract” means a shipbuilding contract made between the shipyard undertaking to build a Ship and a Guarantor,
as buyer, providing for the purchase by such Guarantor of such Ship.

 

"Singapore
Companies Act" means the Companies Act (Chapter 50) of Singapore.

 

“Sixth
Amendatory Agreement” has the meaning specified in the Preliminary Statements.

 

    	23

    	 

    

 

“Solvent”
means, with respect to any person on a particular date, that on such date (a) the fair value of the property of such person is
greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such person, (b) the present
fair saleable value of the assets of such person is not less than the amount that will be required to pay the probable liability
of such person on its debts as they become absolute and matured, (c) such person does not intend to, and does not believe that
it will, incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities mature and (d) such
person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such person’s
property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as
the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

 

“Specified
Time” means a time determined in accordance with Schedule 10 (Timetables).

 

“Subsidiary”
of any person means any corporation, limited liability company, partnership, joint venture, trust or estate or other entity of
which (or in which) more than 50% of (a) the voting stock or membership interests of such corporation or company, (b) the interest
in the capital or profits of such partnership or joint venture or (c) the beneficial interest in such trust or estate is at the
time directly or indirectly owned or controlled by such person, by such person and one or more of its other Subsidiaries or by
one or more of such person’s other Subsidiaries.

 

“Swap
Bank” means:

 

		(a)	the Original Swap Bank; and

 

		(b)	any Lender which has become a New Swap Bank in accordance with Clause 29 (Changes to Swap Banks).

 

“Swap
Bank Accession Letter” means a document in the form set out in Schedule 13 (Form of Swap Bank Accession Letter)
or in any other form agreed between the Borrower, the Agent and the Original Swap Bank.

 

“Swap
Counterparty” means, at any relevant time and in relation to a continuing Designated Transaction, the Swap Bank which
is a party to that Designated Transaction.

 

“Swap
Exposure” means, as at any relevant date and in relation to a Swap Counterparty, the amount certified by the Swap Counterparty
to the Agent to be the aggregate net amount in Dollars which would be payable by the Borrower to the Swap Counterparty under (and
calculated in accordance with) section 6(e) (Payments on Early Termination) of the Master Agreement entered into by the Swap Counterparty
with the Borrower if an Early Termination Date had occurred on the relevant date in relation to all continuing Designated Transactions
entered into between the Borrower and the Swap Counterparty.

 

“Tax”
means any tax, levy, impost, duty or other charge, assessment or withholding of a similar nature and all liabilities in respect
thereof (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 

“Term
Facility” means the term loan facility described in Clause 2 (The Facilities).

 

    	24

    	 

    

 

“Term
Facility Commitment” means:

 

		(a)	in relation to an Original Lender, the Dollar amount set opposite its name under the heading “Term
Facility Commitment” in Part III of Schedule 1 (The Original Parties) and the amount of any other Term Facility Commitment
transferred to it under this Agreement; and

 

		(b)	in relation to any other Lender, the Dollar amount of any Term Facility Commitment transferred
to it under this Agreement,

 

in each case,
to the extent not cancelled, reduced or transferred by it under this Agreement.

 

“Term
Loan” means a loan deemed to have been made under the Term Facility or the principal amount outstanding for the time
being of that loan.

 

“Termination
Date” means December 31, 2015 or, if extended pursuant to Clause 6.4 (Extension of Termination Date), June
30, 2017.

 

“Third
Party Ship Owner” has the meaning specified in Clause 22.6(c) (Change of business).

 

“Total
Commitments” means the aggregate of the Total Term Facility Commitments and the Total Revolving Facility Commitments.

 

“Total
Revolving Facility Commitments” means the aggregate of the Revolving Facility Commitments, being $20,000,000 at the Effective
Date.

 

“Total
Term Facility Commitments” means the aggregate of the Term Facility Commitments, being $1,129,478,742 at the Effective
Date.

 

“Total
Loss” means, in relation to any Ship:

 

		(a)	actual, constructive, compromised, agreed or arranged total loss of that Ship;

 

		(b)	any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding
a requisition for hire for a fixed period not exceeding 90 days without any right to an extension) unless it is within 30 days
redelivered to the full control of the Guarantor which owns that Ship; and

 

		(c)	any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless
it is within 30 days redelivered to the full control of the Guarantor which owns that Ship.

 

“Total
Loss Date” means, in relation to the Total Loss of any Ship:

 

		(a)	in the case of an actual loss of that Ship, at noon Greenwich Mean Time on the date on which it
occurred or, if that is unknown, the date when that Ship was last heard of;

 

    	25

    	 

    

 

		(b)	in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier
of:

 

		(i)	at noon Greenwich Mean Time on the date on which a notice of abandonment is given to the insurers;
and

 

		(ii)	at noon Greenwich Mean Time on the date of any compromise, arrangement or agreement made by or
on behalf of the Guarantor which owns that Ship with that Ship’s insurers in which the insurers agree to treat that Ship
as a total loss; and

 

		(c)	in the case of any other type of total loss, at noon Greenwich Mean Time on the date (or the most
likely date) on which it appears to the Agent, acting reasonably, that the event constituting the total loss occurred.

 

“Transaction”
has the meaning given in each Master Agreement.

 

“Transfer
Certificate” means a certificate in the form set out in Schedule 5 (Form of Transfer Certificate) or any other
form agreed between the Agent and the Borrower.

 

“Transfer
Date” means, in relation to a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the Transfer Certificate; and

 

		(b)	the date on which the Agent executes the Transfer Certificate.

 

“Trust
Property” means:

 

		(a)	all Security and other rights granted to, or held or exercisable by, the Security Trustee under
or by virtue of the Finance Documents, except rights intended for the sole benefit or protection of the Security Trustee;

 

		(b)	all moneys or other assets which are received or recovered by or on behalf of the Security Trustee
under or by virtue of any Security or right covered by paragraph (a) above, including any moneys or other assets which are received
or recovered by it as a result of the enforcement or exercise by it of such a Security or right; and

 

		(c)	all moneys or other assets which may accrue in respect of, or be derived from, any moneys or other
assets covered by paragraph (b) above,

 

except any
moneys or other assets which the Security Trustee has transferred to the Agent or (being entitled to do so) has retained in accordance
with the provisions of Clause 30 (Role of the Servicing Banks, the Arranger and the Bookrunner).

 

“Unfunded
Current Liability” of any Plan shall mean the amount, if any, by which the value of the accumulated plan benefits under
the Plan determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed
by the PBGC for purposes of Section 4044 of ERISA, exceeds the fair market value of all plan assets allocable to such liabilities
under Title IV of ERISA (excluding any accrued but unpaid contributions).

 

    	26

    	 

    

 

“Unpaid
Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents.

 

“Utilization”
means a utilization of the Revolving Facility.

 

“Utilization
Date” means the date of a Utilization, being the date on which the relevant Revolving Loan is to be made.

 

“Utilization
Request” means a notice substantially in the form set out in Part I of Schedule 3 (Requests).

 

"Warrants"
means the warrants to be issued pursuant to the Warrant Agreement.

 

"Warrant
Agreement" means the Warrant Agreement between the Borrower and the Original Lenders or their nominees made on or about
the Effective Date.

 

“Wholly-Owned
Subsidiary” of any person means any corporation, limited liability company, partnership, joint venture, trust or estate
or other entity of which 100% of (a) the voting stock or membership interests of such corporation or company, (b) the interest
in the capital or profits of such partnership or joint venture or (c) the beneficial interest in such trust or estate is at the
time directly or indirectly owned or controlled by such person, by such person and one or more of its other Wholly-Owned Subsidiaries
or by one or more of such person’s other Wholly-Owned Subsidiaries.

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears, any reference in this Agreement to:

 

		(i)	any “Finance Party”, any “Obligor” or any other “person”
shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

 

		(ii)	“assets” includes present and future properties, revenues and rights of every
description;

 

		(iii)	a “Finance Document” or any other agreement or instrument is a reference to
that Finance Document or other agreement or instrument as amended, restated, supplemented, extended or novated;

 

		(iv)	“indebtedness” includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money, whether present or future, actual or contingent;

 

		(v)	a “person” includes an individual, partnership, corporation (including a business
trust), joint stock company, limited liability company, trust, unincorporated association, joint venture or other entity, or a
government or any political subdivision or agency thereof;

 

		(vi)	a “regulation” includes any regulation, rule, official directive, request or
guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department
or regulatory, self-regulatory or other authority or organization;

 

    	27

    	 

    

 

		(vii)	a provision of law is a reference to that provision as amended or re-enacted; and

 

		(viii)	a time of day is a reference to London time.

 

		(b)	Section, Clause, Schedule and Exhibit headings are for ease of reference only and are not to be
used for the purposes of construction or interpretation of the Finance Documents.

 

		(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice
given under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		(d)	When used in this Agreement, (i) the words “herein”, “hereof” and “hereunder”
and words of similar import shall refer to this Agreement as a whole and not to any provision of this Agreement, and the words
“Section”, “Clause”, “Schedule” and “Exhibit” shall refer to Sections and Clauses
of, and Schedules and Exhibits to, this Agreement unless otherwise specified and (ii) whenever the context so requires, the neuter
gender includes the masculine or feminine, the masculine gender includes the feminine, and the singular number includes the plural,
and vice versa.

 

		(e)	In this Agreement in the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including” and the words “to” and “until”
each means “to but excluding”.

 

		(f)	All accounting terms not specifically defined herein shall be construed in accordance with GAAP.

 

		(g)	A Default (other than an Event of Default) is “continuing” if it has not been
remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived.

 

		1.3	Third party rights

 

The
agreements of each Finance Party under this Agreement are made solely for the benefit of the Borrower and may not be relied upon
or enforced by any other person.

 

    	28

    	 

    

 

SECTION
2

 

THE FACILITies

 

		2	The Facilities

 

		2.1	The Facilities

 

		(a)	As of the date of this Agreement, an aggregate amount of $1,129,478,742 is outstanding under the
Original Credit Agreement.

 

		(b)	On the Effective Date:

 

		(i)	An aggregate amount of the Total Commitments under the Original Credit Agreement equal to $1,875,735
shall be cancelled pro rata among the Lenders;

 

		(ii)	An aggregate amount of Loans equal to $1,129,478,742 shall automatically convert into term loans,
and such term loans shall be deemed to have been made available to the Borrower under a term loan facility in an aggregate amount
equal to the Total Term Facility Commitments;

 

		(iii)	Subject to the terms of this Agreement, the Lenders shall make available to the Borrower a Dollar
revolving credit facility in an aggregate amount equal to the Total Revolving Facility Commitments.

 

		2.2	Finance Parties’ rights and obligations

 

		(a)	The obligations of each Finance Party under the Finance Documents and under the Master Agreements
are several. Failure by a Finance Party to perform its obligations under the Finance Documents or under any Master Agreement does
not affect the obligations of any other Party under the Finance Documents or under any other Master Agreement. No Finance Party
is responsible for the obligations of any other Finance Party under the Finance Documents and under the Master Agreements.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents and the Master
Agreements are separate and independent rights and any debt arising under the Finance Documents or any Master Agreement to a Finance
Party from an Obligor shall be a separate and independent debt.

 

		(c)	A Finance Party may separately sue for any Unpaid Sum due to it.

 

		(d)	Except as provided in paragraph (c) above, no Finance Party may commence proceedings against any
Obligor in connection with a Finance Document without the prior consent of the Majority Lenders.

    	29

    	 

    

 

		3	Purpose

 

		3.1	Purpose

 

The
Borrower shall apply all amounts borrowed by it under the Revolving Facility for the working capital purposes of the Group.

 

		3.2	[Reserved]

 

		3.3	Monitoring

 

No Finance
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		4	Conditions of EFFECTIVENESS AND Utilization

 

		4.1	Conditions precedent to Effectiveness and post-Effective Date obligations

 

		(a)	The amendment and restatement of the Original Credit Agreement pursuant hereto, and the waivers
set forth in Clause 44.1 and releases of certain Guarantors in Clause 44.4 shall become effective on and as of the first date (the
“Effective Date”) on which the Agent has received all of the documents and other evidence listed in Part I of
Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Borrower and
the Lenders promptly upon being so satisfied, and the Borrower may not deliver a Utilization Request unless and until the Agent
has so notified the Borrower.

 

		(b)	The Borrower must cause the Registration Statement to be filed with the Securities and Exchange
Commission, and any applicable fees payable in connection therewith to be paid, on or before June 30, 2012, as contemplated by
Clause 22.27 (Registration Statement).

 

		4.2	Conditions precedent to Utilization

 

The Lenders
will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the proposed Utilization Date and before
the requested Loan is made available:

 

		(a)	no Default is continuing or would result from the proposed Loan;

 

		(b)	the representations and warranties contained in Clause 18 (Representations) (other than
Clauses 18.7 (Deduction of Tax), 18.8 (No filing or stamp taxes), 18.14 (Status of security), 18.23 (Place
of Business), 18.30 (Bank accounts) and 18.31 (Material Contracts)) are true and correct in all material respects,
as though made on and as of such date (or, if such representation or warranty is expressly stated to have been made as of a specific
date, as of such specific date);

 

		(c)	the amount of such proposed Loan shall be an amount which conforms to
the applicable provisions of Clause 5.3 (Currency and amount);

 

    	30

    	 

    

 

		(d)	the Agent has received a certificate of an officer of the Borrower, dated as of the proposed Utilization
Date (the statements made in such certificate shall be true on and as of such Utilization Date), certifying as to (A) the absence
of any amendments to the articles of incorporation and by-laws, or certificate of formation and limited liability company agreement
of each Obligor previously certified to the Agent pursuant to Clause 4.1, (B) the due incorporation or formation, as the case may
be, and good standing of each Obligor, as a corporation or limited liability company formed under the laws of the its jurisdiction
of organization and the absence of any proceeding for the dissolution or liquidation of such Obligor, (C) that the representations
and warranties referred to in paragraph (b) of this Clause 4.2 are true in all material respects and (D) the absence of any event
occurring and continuing, or resulting from the making of the relevant Loan that constitutes a Default; and  

 

		(e)	the Utilization Request was accompanied by a Cash Flow Forecast prepared as at a date no earlier
than seven days prior to the proposed Utilization Date.

 

    	31

    	 

    

 

SECTION
3

 

UTILIZATION

 

		5	Utilization

 

		5.1	Delivery of a Utilization Request

 

The Borrower
may utilize the Revolving Facility by delivery to the Agent of a duly completed Utilization Request not later than the Specified
Time.

 

		5.2	Completion of a Utilization Request

 

		(a)	Each Utilization Request is irrevocable and will not be regarded as having been duly completed
unless:

 

		(i)	the proposed Utilization Date is a Business Day within the Availability Period;

 

		(ii)	the currency and amount of the Utilization comply with Clause 5.3 (Currency and amount);

 

		(iii)	the proposed Interest Period complies with Clause 9 (Interest Periods); and

 

		(iv)	it specifies the purpose of the proposed Loan.

 

		(b)	Only one (1) Loan may be requested in each Utilization Request.

 

		5.3	Currency and amount

 

		(a)	The currency specified in a Utilization Request must be Dollars.

 

		(b)	The amount of the proposed Utilization shall not exceed the amount of additional cash that the
Cash Flow Forecast delivered pursuant to Clause 4.2(e) indicates that the Group will require in order to maintain an aggregate
minimum cash balance (including, for the avoidance of doubt, cash not held in an account with the Agent) of $10,000,000 in the
week immediately following the proposed Utilization Date.

 

		(c)	The amount of any proposed Revolving
Loan shall be an amount which, together with the aggregate amount of all outstanding Revolving Loans, shall not exceed the Total
Revolving Facility Commitments.

 

		5.4	Lenders’ participation

 

		(a)	If the conditions set out in this Agreement have been met, each Lender shall make its participation
in each Loan available by the Utilization Date through its Facility Office.

 

    	32

    	 

    

 

		(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne
by its Available Commitment to the Available Facility immediately before making the Loan.

 

		(c)	The Agent shall notify each Lender of the amount of each Loan and the amount of its participation
in that Loan by the Specified Time.

 

		5.5	Notes

 

		(a)	The Borrower’s obligation to pay the principal of, and interest on, the Loans made by each
Lender shall, if requested by such Lender, be evidenced by a promissory note duly executed and delivered by the Borrower substantially
in the form of Exhibit A with blanks appropriately completed in conformity herewith (each, a “Note”).

 

		(b)	Each Note shall (i) be executed by the Borrower, (ii) be payable to the order of such
Lender and be dated the Effective Date (or, in the case of Notes issued after the Effective Date, be dated the date of issuance
thereof), (iii) be in a stated principal amount (together with the principal amount of any other Note held by such
Lender) equal to the Commitment of such Lender on the date of issuance thereof, (iv) mature on the Termination Date, (v) bear
interest as provided in Clause 8 (Costs of Utilization), (vi) be subject to voluntary prepayment and mandatory repayment
as provided in Section 4 (Reduction, Repayment, Prepayment and Cancellation) and (vii) be entitled to the benefits
of this Agreement and the other Finance Documents.

 

		(c)	Each Lender will note on its internal records the amount of each Loan made by it and each payment
in respect thereof and will, prior to any transfer of its Note, endorse on the reverse side thereof the outstanding principal amount
of Loans evidenced thereby. Failure to make any such notation or any error in any such notation or endorsement shall not affect
the Borrower’s obligations in respect of such Loans.

 

		(d)	Notwithstanding anything to the contrary contained above in this Clause 5.5 or elsewhere in this
Agreement, a Note shall be delivered only to Lenders that at any time specifically request the delivery of such Notes. No failure
of any Lender to request or obtain a Note evidencing its Loans to the Borrower shall affect or in any manner impair the obligations
of the Borrower to pay the Loans (and all related obligations) incurred by the Borrower that would otherwise be evidenced thereby
in accordance with the requirements of this Agreement, and shall not in any way affect the security or guaranties therefor provided
pursuant to the Finance Documents. Any Lender that does not have a Note evidencing its outstanding Loans shall in no event be required
to make the notations otherwise described in preceding paragraph (c). At any time (including, without limitation, to replace any
Note that has been destroyed or lost) when any Lender requests the delivery of a Note to evidence its Loans, the Borrower shall
promptly execute and deliver to such Lender the requested Note in the appropriate amount provided that, in the case of a
substitute or replacement Note, the Borrower shall have received from such requesting Lender (i) an affidavit of loss or destruction
and (ii) a customary lost/destroyed Note indemnity, in each case in form and substance reasonably acceptable to the Borrower
and such requesting Lender, and duly executed by such requesting Lender.

 

    	33

    	 

    

 

		(e)	On the Effective Date or as soon thereafter as practicable, each Original Lender shall surrender
any promissory note made by the Borrower to the Original Lender; provided the Original Lenders may request a new Note in
accordance with the preceding provisions of this Clause 5.5 (Notes).

 

    	34

    	 

    

 

SECTION
4

 

Reduction,
REPAYMENT, PREPAYMENT AND CANCELLATION

 

		6	Reduction and Repayment

 

		6.1	Cancellation of Total Commitments

 

The Total
Commitments shall be reduced to zero and cancelled on the Termination Date.

 

		6.2	Repayment of Loans

 

		(a)	Subject to paragraph (b), the Borrower shall repay the Loans on the Termination Date.

 

		(b)	At the election of the Borrower, on the Termination Date, the whole or any part of the PIK Loans
(the “Relevant PIK Loans”) may be converted into such number of shares of Cumulative Convertible Preferred Stock
that shall be obtained by dividing the aggregate amount of Relevant PIK Loans then outstanding by US$10, to be issued to each Lender
(or its nominee) (each, a “Recipient”) on a pro rata basis, provided that:

 

		(i)	no Default or Event of Default shall have occurred and be continuing on the Termination Date; and

 

		(ii)	the Borrower shall have delivered to the Agent:

 

		(A)	at least ninety days prior to the Termination Date, notice of the Borrower's intention to convert
pursuant to this Clause 6.2(b);

 

		(B)	at least 10 Business Days prior to the Termination Date, an opinion of counsel in form and substance
reasonably acceptable to the Agent that the Cumulative Convertible Preferred Stock is duly authorized, validly issued, fully paid
and nonassessable;

 

		(C)	at least 10 Business Days prior to the Termination Date, a certificate of an authorized officer
of the Borrower confirming that all necessary approvals have been obtained, including, but not limited to, any shareholder approvals
required by the rules of any relevant national securities exchange;

 

		(D)	at least 10 Business Days prior to the Termination Date, a duly executed counterpart of a registration
rights agreement between the Borrower and the Recipients granting registration rights to each Recipient in respect of the Cumulative
Convertible Preferred Stock and the common shares issuable upon conversion thereof, in the form of the Registration Rights Agreement
relating to the Warrants; and

 

    	35

    	 

    

 

		(E)	at least 10 Business Days prior to the Termination Date, a copy of a duly executed amendment to
the Rights Agreement dated on or about the date hereof between the Borrower and Computershare Trust Company, N.A. (as such Rights
Agreement may then be amended or replaced, the “Rights Agreement”), pursuant to which the Borrower has exempted
the issuance or ownership of the Cumulative Convertible Preferred Stock (and of any common stock or other securities issuable upon
the conversion thereof) from the application of the Rights Agreement, in form and substance reasonably acceptable to the Agent.

 

To the extent
not exercised on the Termination Date, the conversion right set forth in this paragraph (b) shall completely and automatically
terminate and expire, and thereafter it shall be of no force or effect whatsoever.

 

		6.3	Termination Date

 

On the Termination
Date, the Borrower shall additionally pay to the Agent for the account of the Finance Parties all other sums then accrued and
owing under the Finance Documents.

 

		6.4	Extension of Termination Date

 

		(a)	The Borrower may, by notice to the Agent not earlier than 90 days and not later than 60 days prior
to the Termination Date, extend the Termination Date to June 30, 2017, provided that such extension shall not take effect
unless:

 

		(i)	The Collateral Coverage Ratio as at the end of the last Accounting Period prior to the Extension
Date is less than 80%;

 

		(ii)	No Default or Event of Default shall have occurred and be continuing on the Extension Date;

 

		(iii)	The representations and warranties contained in Clause 18 (Representations) (other than
Clauses 18.7 (Deduction of Tax), 18.8 (No filing or stamp taxes), 18.14 (Status of security), 18.23 (Place
of Business), 18.30 (Bank accounts) and 18.31 (Material Contracts)) are true and correct on and as of the Extension
Date, as though made on and as of such date (or, if such representation or warranty is expressly stated to have been made as of
a specific date, as of such specific date);

 

		(iv)	On or before the Extension Date, the Borrower shall have paid in full an extension fee equal to
1.0% of the Loans and Commitments then outstanding (such extension fee to be shared pro rata among the Lenders and to be non-refundable
and fully earned on the Extension Date); and

 

		(v)	The Agent has received a certificate, dated as of the Extension Date and signed by the chief financial
officer and the chief executive officer of the Borrower, certifying that the conditions set forth in paragraphs (ii) and (iii)
of this Clause 6.4(a) have been satisfied.

 

		(b)	Any notice delivered to the Agent pursuant to paragraph (a) above must be accompanied by a certificate,
signed by the chief financial officer and the chief executive officer of the Borrower, demonstrating in reasonable detail the calculation
of the Collateral Coverage Ratio as at the end of the last Accounting Period prior to the Extension Date.

 

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		(c)	For the purposes of this Clause 6.4, “Extension Date” means December 31, 2015.

 

		7	Prepayment and cancellation

 

		7.1	Illegality

 

If it becomes
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to
fund or maintain its participation in any Loan:

 

		(a)	that Lender shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled;
and

 

		(c)	the Borrower shall repay that Lender’s participation in the Loans on the last day of the
Interest Period for each Loan occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender
in the notice delivered to the Agent (being no earlier than the day following the date on which the notice was given by the Lender
to the Agent or, if later, the last day of any applicable grace period permitted by law).

 

		7.2	Change of Control

 

If a Change
of Control occurs:

 

		(a)	the Borrower shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	a Lender shall not be obliged to fund a Utilization; and

 

		(c)	if the Majority Lenders so require, the Agent shall, by not less than 5 days’ notice to the
Borrower, cancel the Facilities and declare all outstanding Loans, together with accrued interest, and all other amounts accrued
under the Finance Documents immediately due and payable, whereupon the Total Commitments shall be cancelled and all such outstanding
amounts will become immediately due and payable.

 

		7.3	Voluntary cancellation

 

The Borrower
may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior
notice, cancel the whole or any part (being a minimum amount of $5,000,000) of the Available Facility. Any cancellation under
this Clause 7.3 shall reduce the Commitments of the Lenders rateably.

 

		7.4	Voluntary prepayment of Loans

 

The Borrower
may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior
notice, prepay the whole or any part of any Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum
amount of $5,000,000); provided that no amount prepaid under this Clause 7.4 may be applied towards payment
of any PIK Loans until the Term Loans and any Revolving Loans then outstanding have been repaid in full.

 

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		7.5	Mandatory prepayment

 

The Loans
shall be prepaid and/or the Commitments shall be permanently reduced in the amounts and under the circumstances set forth below,
all such prepayments and/or reductions to be applied as set forth below:

 

		(a)	The Borrower shall prepay the Loans in an amount equal to 100% of the net cash proceeds of the
sale, transfer, disposition or loss of any asset, including the Total Loss or sale of a Ship. Such repayment shall be made:

 

		(i)	in the case of a sale of a Ship, on or before the date on which the sale is completed;

 

		(ii)	in the case of a Total Loss of a Ship, on the earlier of the date falling 150 days after the Total
Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance or other compensation relating to such Total
Loss; and

 

		(iii)	in any other case, on the date of receipt of such proceeds.

 

		(b)	On the date of receipt thereof, the Borrower shall repay the Loans in an amount equal to 100% of
the net proceeds from the issuance of any Financial Indebtedness of any Obligor other than Financial Indebtedness that is permitted
under Clause 22.9;

 

		(c)	On the date of receipt thereof, the Borrower shall repay the Loans in an amount equal to seventy-five
percent (75%) of the aggregate amount of any Equity received by the Borrower (the 25% of the aggregate amount of such Equity received
and not required to be applied to prepayment being a “Retained Equity Amount”);

 

		(d)	In the event that there shall be Excess Cash as at the last day of any Accounting Period (an “Excess
Cash Testing Date”), no later than ten (10) Business Days after such Excess Cash Testing Date:

 

		(i)	if the Collateral Coverage Ratio as at such Excess Cash Testing Date is greater than or equal to
80%, the Borrower shall repay the Loans in an amount equal to 100% of any Excess Cash; and

 

		(ii)	if the Collateral Coverage Ratio as at such Excess Cash Testing Date is less than 80%, the Borrower
shall repay the Loans in an amount equal to 80% of any Excess Cash (the 20% of Excess Cash not required to be applied to prepayment
being a “Retained Excess Cash Amount”).

 

Concurrently
with any repayment of the Loans pursuant to this paragraph (d) (or, if no such prepayment and reduction is made with respect to
an Excess Cash Testing Date, by no later than ten (10) Business Days after such Excess Cash Testing Date), the Borrower shall
deliver to the Agent a certificate, signed by the chief financial officer and the chief executive officer of the Borrower, demonstrating
in reasonable detail the calculation of the amount of Excess Cash as at the applicable Excess Cash Testing Date.

 

    	38

    	 

    

 

		(e)	All amounts prepaid under paragraphs (a), (b), or (c) shall be applied in the following order:

 

		(i)	first, in or towards payment pro rata of any Term Loans then outstanding, until the Term Loans
have been repaid in full (and the Term Facility Commitments of the Lenders shall be reduced pro rata in an equivalent amount);

 

		(ii)	second, in or towards payment pro rata of any PIK Loans then outstanding, until the PIK Loans have
been repaid in full; and

 

		(iii)	third, in or towards payment pro rata of any Revolving Loans then outstanding (and the Revolving
Facility Commitments of the Lenders shall be reduced pro rata in an equivalent amount).

 

		(f)	All amounts prepaid under paragraph (d) shall be applied:

 

		(i)	first, in or towards payment pro rata of any Revolving Loans then outstanding (without reducing
the Revolving Facility Commitments);

 

		(ii)	second, in or towards payment pro rata of any Term Loans then outstanding, until the Term Loans
have been repaid in full (and the Term Facility Commitments of the Lenders shall be reduced pro rata in an equivalent amount);
and

 

		(iii)	third, in or towards payment pro rata of any PIK Loans then outstanding, until the PIK Loans have
been repaid in full.

 

		(g)	On the third Business Day of each week, if any Revolving Loan is outstanding, the Borrower shall
immediately repay the Revolving Loans to the extent that:

 

		(i)	the Group’s actual aggregate free cash on that date exceeds $10,000,000; and

 

		(ii)	the Cash Flow Forecast delivered on that date pursuant to Clause 19.4(g) (Information: miscellaneous)
shows that prepayment would not cause the Group’s projected free cash to fall below $10,000,000 in aggregate during the seven
days after that date.

 

		7.6	Right of repayment and cancellation in relation to a single Lender

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under Clause 12.1 (Gross-up
for Taxes); or

 

		(ii)	any Lender claims indemnification from the Borrower under Clause 12.2 (Tax Indemnity) or
Clause 13.1 (Increased costs);

 

    	39

    	 

    

 

the Borrower
may, so long as the circumstance giving rise to the requirement or indemnification continues, give the Agent notice of cancellation
of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans.

 

		(b)	On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender shall
immediately be reduced to zero.

 

		(c)	On the last day of each Interest Period which ends after the Borrower has given notice under paragraph
(a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender’s participation
in that Loan.

 

		7.7	Restrictions

 

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable
and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation
or prepayment is to be made and the amount of that cancellation or prepayment.

 

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount
prepaid and all other sums payable under the terms of this Agreement (including any sums pursuant to Clause 14.2 (Other Indemnities))
but otherwise without premium or penalty.

 

		(c)	The Borrower may not reborrow any part of the Term Facility which is prepaid.

 

		(d)	Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which
is repaid or prepaid may be reborrowed in accordance with the terms of this Agreement.

 

		(e)	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of
the Commitments except at the times and in the manner expressly provided for in this Agreement.

 

		(f)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

 

		(g)	If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice
to either the Borrower or the affected Lender, as appropriate.

 

		(h)	If all or part of a Loan under a Facility is repaid or prepaid and is not available for redrawing
(other than by operation of Clause 4.2 (Conditions Precedent to Utilization)), an amount of the Commitments (equal to the
amount of the Loan which is repaid or prepaid) in respect of that Facility will be deemed to be cancelled on the date of repayment
or prepayment. Any cancellation under this paragraph (h) shall reduce the Commitments of the Lenders rateably under that Facility.

 

    	40

    	 

    

 

		7.8	Replacement of Lender

 

		(a)	If any event described in paragraphs (i) or (ii) of Clause 7.6(a) (Right of repayment and cancellation
in relation to a single Lender) shall occur, the Borrower may, as an alternative to exercising its rights under Clause 7.6,
on 15 Business Days’ prior written notice to the Agent and the relevant Lender, replace such Lender by requiring such Lender
to (and such Lender shall) transfer pursuant to Clause 27 (Changes to the Lenders) all (and not part only) of its rights
and obligations under this Agreement to another Lender or other bank, financial institution, trust, fund or other entity (a “Replacement
Lender”) selected by the Borrower, and which is acceptable to the Agent (acting reasonably), which confirms its willingness
to assume and does assume all the obligations of the transferring Lender’s participations on the same basis as the transferring
Lender, for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s
participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under
the Finance Documents.

 

		(b)	The replacement of a Lender pursuant to this Clause 7.8 shall be subject to the following:

 

		(i)	the Borrower shall have no rights to replace the Agent or the Security Trustee;

 

		(ii)	neither the Agent nor any Lender shall have any obligation to the Borrower to find a Replacement
Lender; and

 

		(iii)	in no event shall the Lender replaced under this Clause 7.8 be required to pay or surrender to
the Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents.

 

		7.9	Unwinding of Designated Transactions

 

On or prior
to any repayment or prepayment of a Loan under this Clause 7 or any other provision of this Agreement, the Borrower shall wholly
or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions which are interest
rate swap transactions relating to the Loans so that the notional principal amount of the continuing Designated Transactions which
are interest rate swap transactions relating to the Loans thereafter remaining does not and will not in the future exceed the
amount of the Loans.

 

		7.10	[Reserved]

 

    	41

    	 

    

 

seCTION
5

 

COSTS OF
UTILIZATION

 

		8	Interest

 

		8.1	Calculation of interest

 

		(a)	The rate of interest on each Loan for each Interest Period is the percentage rate per annum which
is the aggregate of:

 

		(i)	the Margin;

 

		(ii)	LIBOR; and

 

		(iii)	the Mandatory Cost, if any.

 

		(b)	The Cash Pay Margin and the Capitalized Margin for each Interest Period shall be determined by
reference to the Collateral Coverage Ratio as of the end of the last Accounting Period, as set forth below:

 

	Collateral Coverage Ratio	 	Cash Pay Margin	 	 	Capitalized 
Margin	 	 	All-in margin	 
	≥90%	 	 	3.5	%	 	 	2.5	%	 	 	6.0	%
	< 90% ≥ 80%	 	 	3.5	%	 	 	2.0	%	 	 	5.5	%
	< 80%  ≥ 70%	 	 	3.5	%	 	 	1.5	%	 	 	5.0	%
	< 70%  ≥ 60%	 	 	3.0	%	 	 	1.0	%	 	 	4.0	%
	<60%	 	 	3.0	%	 	 	0.0	%	 	 	3.0	%

 

provided
that the Capitalized Margin shall decrease from time to time by an amount of 0.25% for each $50,000,000 of Equity received
by the Borrower after the Effective Date, in an aggregate Equity amount not to exceed $200,000,000.

 

		8.2	Payment of interest

 

		(a)	The Borrower shall pay accrued interest on each Loan on the last day of each Interest Period (and,
if the Interest Period is longer than 3 Months, on the dates falling at 3 monthly intervals after the first day of the Interest
Period); provided that Cash Pay Interest (as hereinafter defined) shall not be payable on PIK Loans. The amount of interest
payable in cash (the “Cash Pay Interest”) will be equal to the amount of interest accrued at the rate applicable
to the Loan excluding the portion accrued in respect of Capitalized Interest during that Interest Period under Clause 8.1 (Calculation
of Interest).

 

		(b)	In addition to the Cash Pay Interest, interest (the “Capitalized Interest”)
will accrue on each Loan (including, for the avoidance of doubt, PIK Loans) at a rate per annum equal to the Capitalized Margin.
Any such Capitalized Interest accrued on the Loans will be capitalized and evidenced by PIK Loans on the last day in March, June,
September and December of each year.

 

    	42

    	 

    

 

		(c)	Capitalized Interest accruing but not yet capitalized shall become immediately payable if, during
the relevant Interest Period, all amounts due in respect of the Loans shall become immediately due and payable under Clause 26.14
(Acceleration), or the Loans are repaid in full in accordance with Clause 7 (Prepayment and cancellation).

 

		(d)	If part of any Loan is repaid in accordance with Clause 7 (Prepayment and cancellation),
Capitalized Interest which has accrued but has not yet been capitalized as at the date of that repayment on that repaid amount
shall be capitalized and evidenced by a PIK Loan on that date.

 

		8.3	Default interest

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which,
subject to paragraph (b) below, is two percent (2.0%) higher than the rate which would have been payable if the Unpaid Sum had,
during the period of non-payment, constituted a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of
a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable
by the Obligor on demand by the Agent.

 

		(b)	If an Unpaid Sum consists of all or part of a Loan which became due on a day which was not the
last day of an Interest Period relating to the relevant Loan:

 

		(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion
of the current Interest Period relating to the relevant Loan; and

 

		(ii)	the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two
percent (2.0%) higher than the rate which would have applied if that Unpaid Sum had not become due.

 

		(c)	To the extent permitted by applicable law, default interest (if unpaid) arising on an Unpaid Sum
will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately
due and payable.

 

		8.4	[Reserved]

 

		8.5	Application to Master Agreements

 

For the avoidance
of doubt, Clause 8.3 (Default Interest) does not apply to any amount payable under a Master Agreement in respect of any
continuing Designated Transaction as to which section 2(e) (Default Interest; Other Amounts) of that Master Agreement shall apply.

 

    	43

    	 

    

 

		8.6	Notification of rates of interest

 

The Agent
shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.

 

		9	Interest Periods

 

		9.1	Selection of Interest Periods

 

		(a)	The Borrower may select an Interest Period for a Loan in the Utilization Request for that Loan
or (if that Loan has already been borrowed) in a Selection Notice; provided that with respect to each Loan that is outstanding
on the Effective Date, the initial Interest Period for such Loan shall be the “Interest Period” in effect under the
Original Credit Agreement prior to the Effective Date until the earlier of (i) the end of such Interest Period, or (ii) the date
falling 60 days after the Effective Date.

 

		(b)	Each Selection Notice for a Loan is irrevocable and must be delivered to the Agent by the Borrower
not later than the Specified Time.

 

		(c)	If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b)
above, the relevant Interest Period will be 3 Months.

 

		(d)	Subject to this Clause 9, the Borrower may select an Interest Period of 2 weeks, 1, 3 or 6 Months
or any other period agreed between the Borrower and the Agent. In addition the Borrower may select an Interest Period of a period
of less than 3 Months if such period ends on the Termination Date or the last day of any Interest Period then subsisting for another
Loan.

 

		(e)	The Borrower may not select any Interest Period for a Loan that ends after the Termination Date.

 

		(f)	Each Interest Period for a Loan shall start on the Utilization Date or (if already made) on the
last day of its preceding Interest Period.

 

		9.2	Non-Business Days

 

Except as
otherwise provided in this Agreement, if an Interest Period would otherwise end on a day which is not a Business Day, that Interest
Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there
is not).

 

		9.3	Consolidation and division of Loans

 

		(a)	Subject to paragraph (b) below, if two (2) or more Interest Periods:

 

		(i)	relate to Loans; and

 

		(ii)	end on the same date,

 

    	44

    	 

    

 

those Loans
will, unless the Borrower specifies to the contrary in the Selection Notice for the next Interest Period, be consolidated into,
and treated as, a single Loan on the last day of that Interest Period.

 

		(b)	Subject to Clause 5.3 (Currency and amount), if the Borrower requests in a Selection Notice
that a Loan be divided into two (2) or more Loans, that Loan will, on the last day of its Interest Period, be so divided into the
amounts specified in that Selection Notice, being an aggregate amount equal to the amount of the Loan immediately before its division.

 

		10	Changes to the calculation of interest

 

		10.1	Absence of quotations

 

Subject to
Clause 10.2 (Market disruption), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank
does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis
of the quotations of the remaining Reference Banks.

 

		10.2	Market disruption

 

		(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate
of interest on each Lender’s share of that Loan for the Interest Period shall be the rate per annum which is the sum of:

 

		(i)	the Margin;

 

		(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest
is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that
Lender of funding its participation in that Loan from whatever source it may reasonably select; and

 

		(iii)	the Mandatory Cost, if any, applicable to that Lender’s participation in the Loan.

 

		(b)	In this Agreement “Market Disruption Event” means:

 

		(i)	at or about noon Greenwich Mean Time on the Quotation Day for the relevant Interest Period, REUTERS
BBA Page LIBOR 01 is not available and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR
for the relevant Interest Period; or

 

		(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent
receives notifications from a Lender or Lenders (whose participations in a Loan exceed thirty five percent (35%) of that Loan)
that the cost to it or them of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR.

 

    	45

    	 

    

 

 

		10.3	Substitute basis of interest

 

		(a)	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the
Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining
the rate of interest.

 

		(b)	Any substitute basis agreed pursuant to paragraph (a) above shall, with the prior consent of all
the Lenders and the Borrower, be binding on all Parties.

 

		10.4	Break Costs

 

		(a)	The Borrower shall, within 3 Business Days of demand by a Finance Party, pay to that Finance Party
its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day other than the last
day of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		11	Fees

 

		11.1	Commitment fee

 

		(a)	The Borrower shall pay to the Agent (for the account of each Lender) a fee computed at the rate
of 0.70% per annum on that Lender’s Available Commitment for the Availability Period.

 

		(b)	The accrued commitment fee is payable on the last day of each successive period of 3 Months which
ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount
of the relevant Lender’s Commitment at the time the cancellation is effective.

 

		(c)	No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment
of that Lender for any day on which that Lender is a Defaulting Lender.

 

		11.2	[Reserved]

 

		11.3	Agency fee

 

The Borrower shall pay to the
Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

		11.4	Amendment Fee

 

		(a)	Subject to paragraph (b), as a condition to the effectiveness of this Agreement the Borrower shall
pay to the Agent an amendment fee (the “Amendment Fee”) equal to 0.50% of the aggregate amount of the outstanding
Loans and Available Commitments on the Effective Date (without taking account of any reduction in the Commitments contemplated
by this Agreement). The Amendment Fee shall be shared pro rata between the Lenders and shall be non-refundable and fully earned
on the Effective Date.

 

    	46

    	 

    

 

		(b)	The Amendment Fee shall be payable as follows:

 

		(i)	50% of the Amendment Fee must be paid by the Borrower on or before the Effective Date;

 

		(ii)	25% of the Amendment Fee must be paid by the Borrower on or before September 30, 2012; and

 

		(iii)	the remaining 25% of the Amendment Fee must be paid by the Borrower on or before December 31, 2012.

 

		(c)	As a condition to the effectiveness of this Agreement the Borrower shall pay to the Agent a work
fee (the “Agent’s Work Fee”) in an amount to be agreed and on the dates set forth in a Fee Letter. The
Agent’s Work Fee shall be non-refundable and fully earned on the Effective Date

 

    	47

    	 

    

 

SECTION
6

 

ADDITIONAL
PAYMENT OBLIGATIONS

 

		12	Tax gross up and indemnities

 

		12.1	Gross Up for Taxes

 

		(a)	All payments made by the Borrower or any other Obligor (or, with respect to FATCA, the Agent) hereunder
and under any Note will be made without setoff, counterclaim or other defense. Except as provided in Clause 12.4 (Marshall
Islands Taxation), all such payments will be made free and clear of, and without deduction or withholding for, any present
or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any
jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to such payments (but excluding,
except as provided in Clause 12.1(b), any tax imposed on or measured by the net income or net profits of a Lender pursuant to the
laws of the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable lending office
of such Lender is located or any subdivision of any such jurisdiction (such taxes being referred to collectively as “Excluded
Taxes”)) and all interest, penalties or similar liabilities with respect to such non-excluded taxes, levies, imposts,
duties, fees, assessments or other charges (all such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges
being referred to collectively, as “Non-Excluded Taxes”). If any Non-Excluded Taxes are so levied or imposed,
the Borrower agrees to pay the full amount of such Non-Excluded Taxes, and such additional amounts as may be necessary so that
every payment of all amounts due under this Agreement or under any Note, after withholding or deduction for or on account of any
Non-Excluded Taxes, will not be less than the amount provided for herein or in such Note.

 

		(b)	If any amounts are payable by an Obligor (or, with respect to FATCA, the Agent) in respect of Non-Excluded
Taxes pursuant to Clause 12.1(a), the Borrower agrees to reimburse each Lender, upon the written request of such Lender, for taxes
imposed on or measured by the net income or net profits of such Lender pursuant to the laws of the jurisdiction in which such Lender
is organized or in which the principal office or applicable lending office of such Lender is located or under the laws of any political
subdivision or taxing authority of any such jurisdiction in which such Lender is organized or in which the principal office or
applicable lending office of such Lender is located arising as a result of the payment of such Non-Excluded Taxes by the Borrower
to such Lender and for any withholding of taxes as such Lender shall determine are payable by, or withheld from, such Lender, in
respect of such amounts so paid to or on behalf of such Lender pursuant to Clause 12.1(a) and in respect of any amounts paid to
or on behalf of such Lender pursuant to this Clause 12.1(b).

 

		(c)	The Borrower will furnish to the Agent within 45 days after the date the payment of any Non-Excluded
Taxes is due pursuant to applicable law certified copies of tax receipts evidencing such payment by the Borrower.

 

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		12.2	Tax Indemnity

 

Each of the Obligors agrees to
indemnify and hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of any Non-Excluded
Taxes levied or imposed on and paid by such Lender in respect of the transactions contemplated by the Finance Documents.

 

		12.3	Stamp Taxes

 

Each of the Obligors agrees that
it shall pay and hold each Finance Party harmless from and against any and all present and future stamp, documentary, transfer,
sales and use, value added, excise and other similar taxes with respect to the Finance Documents or the transactions contemplated
thereby and save each Finance Party harmless from and against any and all costs, losses or liabilities with respect to or resulting
from any delay or omission (other than to the extent attributable to such Finance Party) to pay such taxes.

 

		12.4	Marshall Islands Taxation

 

In the event that withholding
taxes are imposed under the laws of the Republic of the Marshall Islands or any other jurisdiction in respect of payments on the
Loan or other amounts due under this Agreement and if certain documentation provided by certain qualifying Lenders could reduce
or eliminate such withholding taxes under the laws of the Republic of the Marshall Islands or such other jurisdiction or any treaty
to which the Republic of the Marshall Islands or such other jurisdiction is a party, then, upon request by the Borrower, a Lender
that is entitled to an exemption from, or reduction of, such withholding taxes shall deliver to the Borrower (with a copy to the
Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation requested by the
Borrower, if any, as will permit such payments to be made without withholding or at a reduced rate; provided that such
Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s reasonable judgment
such completion, execution or delivery would not materially prejudice the legal position of such Lender. Notwithstanding the foregoing,
nothing in this Clause 12.4 shall require a Lender to disclose any confidential information (including, without limitation, its
tax returns or its calculations); provided, however, that information equivalent to that required by current versions of
U.S. IRS Forms W-8 and W-9 shall not be treated as confidential.

 

		12.5	Tax Benefit Reimbursement

 

If the Borrower or any other
Obligor pays any additional amount under this Clause 12 to a Lender and such Lender determines in its sole discretion that it
has actually received or realized in connection therewith any refund or any reduction of, or credit against, its Tax liabilities
in or with respect to the taxable year in which the additional amount is paid (a “Tax Benefit”), such Lender
shall pay to Borrower an amount that the Lender shall, in its sole discretion, determine is equal to the net benefit, after tax,
which was obtained by the Lender in such year as a consequence of such Tax Benefit; provided, however, that (i) any
Lender may determine, in its sole discretion consistent with the policies of such Lender, whether to seek a Tax Benefit; (ii) any
Taxes that are imposed on a Lender as a result of a disallowance or reduction (including through the expiration of any tax credit
carryover or carryback of such Lender that otherwise would not have expired) of any Tax Benefit with respect to which such Lender
has made a payment to the Borrower pursuant to this Clause 12.5 shall be treated as a Non-Excluded Tax for which the Borrower
is obligated to indemnify such Lender pursuant to this Clause 12 without any exclusions or defenses; (iii) nothing in this
Clause 12.5 shall require the Lender to disclose any confidential information to the Borrower (including, without limitation,
its tax returns); and (iv) no Lender shall be required to pay any amounts pursuant to this Clause 12.5 at any time which
a Default or Event of Default is continuing.

 

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		12.6	FATCA Withholding

 

Notwithstanding anything to the
contrary in this Agreement:

 

		(a)	if an Obligor, the Agent or any other Party is required to make a FATCA Withholding then that Obligor,
Agent or other Party may make such FATCA Withholding; and

 

		(b)	the Agent shall not be required to increase any payment made by it under or in connection with
a Finance Document in the event the Agent is required to make a FATCA Withholding in respect of such payment.

 

		12.7	FATCA Compliance and Information

 

		(a)	If any Obligor or the Agent reasonably believes that, in order to comply with FATCA or a FATCA
Agreement or to determine whether it or an Obligor may be required to make a Tax payment which may be attributable (directly or
indirectly) to a FATCA Withholding, it requires information as to the status under FATCA of any Finance Party then the Obligor
or the Agent may, on or after 30 June 2013, (acting reasonably) request that Finance Party to provide that information and that
Finance Party must comply with that request or advise that it does not consider that it is a FATCA Exempt Party within 20 Business
Days of receipt of that request, provided that compliance with the request would not involve that Finance Party in any unlawful
activity or any activity that is contrary to any request, guidance or directive of any competent authority (whether or not having
the force of law, but if not having the force of law being of a type with which that Finance Party is accustomed to comply) and
would not breach any contractual confidentiality or data protection obligations it is subject to.

 

		(b)	If the Agent receives any information in accordance with paragraph (a) above it shall provide copies
of that information to the relevant Obligor and the Lenders hereby agree to such information being sent to the relevant Obligor.

 

		(c)	If a Lender reasonably believes that, in order to comply with FATCA or a FATCA Agreement, it requires
information as to the status under FATCA of an Obligor then that Lender may, on or after 30 June 2013, (acting reasonably) request
that Obligor to provide that information and that Obligor must comply with that request within 20 Business Days of receipt of that
request, provided that compliance with the request would not involve such Obligor in any unlawful activity or any activity that
is contrary to any request, guidance or directive of any competent authority (whether or not having the force of law, but if not
having the force of law being of a type with which such Obligor is accustomed to comply) and would not breach any contractual confidentiality
or data protection obligations it is subject to.

 

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		13	Increased costs

 

		13.1	Increased costs

 

		(a)	Subject to Clause 13.3 (Exceptions), the Borrower shall, within 3 Business Days of a demand
by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of
its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation or application of) any law or
regulation or (ii) compliance by that Finance Party with any guideline or request from any central bank or other governmental authority
(whether or not having the force of law) made after the date of this Agreement provided that, notwithstanding anything to the contrary
herein, (A) the Dodd-Frank Wall Street Reform and Consumer Protection Act, and all requests, rules, guidelines or directives thereunder
or issued in connection therewith, and (B) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities of competent jurisdiction, in each case pursuant to Basel III, shall in each case be deemed to be a change
in law for the purposes of this 13.1, regardless of the date enacted, adopted or issued.

 

		(b)	In this Agreement, “Increased Costs” means:

 

		(i)	a reduction in the rate of return from the Facilities or on a Finance Party’s (or its Affiliate’s)
overall capital;

 

		(ii)	an additional or increased cost; or

 

		(iii)	a reduction of any amount receivable under any Finance Document,

 

which is incurred or suffered
by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its
Commitment or funding or performing its obligations under any Finance Document.

 

		13.2	Increased cost claims

 

		(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall
notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

 

		(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate
confirming the amount of its Increased Costs.

 

		13.3	Exceptions

 

Clause 13.1 (Increased costs)
does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a deduction or withholding required by law to be made by an Obligor for or on account
of Tax from a payment under a Finance Document;

 

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		(b)	compensated for by Clause 12.2 (Tax Indemnity) (or would have been compensated for
under Clause 12.2 (Tax Indemnity) but was not so compensated solely because of the exclusions in the definition of Excluded
Tax);

 

		(c)	compensated for by the payment of the Mandatory Cost; or

 

		(d)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or
regulation.

 

		14	Other indemnities

 

		14.1	Currency indemnity

 

		(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

 

		(i)	making or filing a claim or proof against that Obligor;

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

               
 

that Obligor
shall as an independent obligation, within 3 Business Days of demand, indemnify each Finance Party to which that Sum is due against
any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of
exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum.

 

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

		14.2	Other indemnities

 

The Borrower shall (or shall
procure that an Obligor will), within 3 Business Days of demand, indemnify each Finance Party against any cost, loss or liability
incurred by that Finance Party as a result of:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including
without limitation, any cost, loss or liability arising as a result of Clause 32 (Sharing among the Finance Parties);

 

		(c)	funding, or making arrangements to fund, its participation in a Loan requested by the Borrower
in a Utilization Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by that Lender alone); or

 

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		(d)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by
the Borrower.

 

In circumstances where a Finance
Party receives all or any part of a Loan otherwise than on the last day of an Interest Period the Borrower shall pay to such Finance
Party in addition to Break Costs an amount equal to the Margin which would, but for receipt of the relevant part of the Loan, have
accrued on the relevant part of such Loan from the date of such receipt to the earlier of (i) the end of the then current Interest
Period relating thereto, and (ii) the 90th day following the date of such receipt.

 

		14.3	Indemnity to the Agent and the Security Trustee

 

The Borrower shall promptly indemnify
the Agent and the Security Trustee against any cost, loss or liability incurred by the Agent or the Security Trustee (acting reasonably)
as a result of:

 

		(a)	investigating any event which it reasonably believes is a Default; or

 

		(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorized.

 

		14.4	Environmental Indemnity

 

The Borrower shall indemnify,
defend and hold harmless each Finance Party and their respective directors, officers, employees, representatives, agents, subsidiaries,
Affiliates, successors and assigns (each, an “Indemnified Party”) on demand against all costs, expenses (including
reasonable professionals’ fees and expenses), damages, obligations, commitments, liabilities and losses sustained or incurred
in connection with or in respect of the Loan or any Finance Documents as a result of, or in connection with, Environmental Claims
being made against the Borrower, any other member of the Group, any Indemnified Party or any Affiliate, successor or assign of
the foregoing, or otherwise howsoever arising out of any Environmental Incident.

 

		15	Mitigation by the Lenders

 

		15.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under, or cancelled pursuant to, any of Clause
7.1 (Illegality), Clause 12 (Tax gross-up and indemnities), Clause 13 (Increased Costs) or paragraph 3 of
Schedule 4 (Mandatory Cost Formula) including (but not limited to) transferring its rights and obligations under the Finance
Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance
Documents.

 

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		15.2	Limitation of liability

 

		(a)	The Borrower shall indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the
opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

		16	Costs and expenses

 

		16.1	Transaction expenses

 

The Borrower shall promptly on
demand pay the Agent, the Security Trustee, the Arranger and the Bookrunner the amount of all costs and expenses (including legal
fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of:

 

		(a)	this Agreement and any other documents referred to in this Agreement; and

 

		(b)	any other Finance Documents executed after the date of this Agreement.

 

		16.2	Amendment costs

 

If an Obligor requests an amendment,
waiver or consent, the Borrower shall, within 3 Business Days of demand, reimburse the Agent and the Security Trustee for the amount
of all costs and expenses (including legal fees) reasonably incurred by the Agent or the Security Trustee in responding to, evaluating,
negotiating or complying with that request or requirement.

 

		16.3	Enforcement costs

 

The Borrower shall, within 3
Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that
Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

 

		16.4	Authority to debit Collection Account

 

The Agent shall, without prejudice
to any other of the provisions of this Agreement, be entitled (but not obliged) at any time and from time to time (without prior
notice) to debit the Collection Account in order to satisfy amounts payable by the Borrower to any Finance Party pursuant to this
Clause 16. The Agent shall promptly notify the Borrower after any such debit to the Collection Account, provided that
the failure to give such notice shall not affect the validity of such debit.

 

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SECTION
7

 

GUARANTEE

 

		17	Guarantee and indemnity

 

		17.1	Guarantee and indemnity

 

		(a)	Each Guarantor irrevocably and unconditionally jointly and severally:

 

		(i)	guarantees, as primary guarantor and not as surety merely, to each Finance Party punctual payment
and performance when due, whether at stated maturity, by acceleration or otherwise, by each Obligor of all the Obligors’
obligations under the Finance Documents and the Master Agreements whether for principal, interest, fees, expenses, indemnity payments
or obligations or otherwise (collectively, the “Guaranteed Obligations”);

 

		(ii)	undertakes with each Finance Party that whenever an Obligor does not pay any amount when due under
or in connection with any Finance Document or Master Agreement, such Guarantor shall immediately on demand pay that amount as if
it were the principal obligor; and

 

		(iii)	indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered
by that Finance Party (i) if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, or (ii) by operation
of law as a consequence of the transactions contemplated by the Finance Documents and the Master Agreements. The amount of the
cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover.

 

		(b)	Each Existing Guarantor hereby confirms its guarantee pursuant to the Original Credit Agreement
(each, an “Existing Guarantee”) with effect from the date such Existing Guarantor became a party to the
Original Credit Agreement in the terms set forth in this Clause 17.1, and acknowledges and agrees that (i) the Existing Guarantees
remain in full force and effect after giving effect to this Agreement, and (ii) the Existing Guarantees extend to the Guaranteed
Obligations as restated in this Clause 17.1.

 

		17.2	Continuing guarantee

 

This guarantee is a continuing
guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents and the Master Agreements,
regardless of any intermediate payment or discharge in whole or in part.

 

		17.3	Reinstatement

 

If any payment by an Obligor
or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations
or otherwise) is avoided or reduced as a result of insolvency, liquidation, judicial management or any similar event:

 

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		(a)	the liability of each Obligor shall continue or be reinstated, as the case may be, as if the payment,
discharge, avoidance or reduction had not occurred; and

 

		(b)	each Finance Party shall be entitled to recover the value or amount of that security or payment
from each Obligor, as if the payment, discharge, avoidance or reduction had not occurred.

 

		17.4	Waiver of defenses

 

		(a)	The obligations of each Guarantor under this Clause 17 will not be affected by, and each Guarantor
irrevocably waives any defense it might have by virtue of, any act, omission, matter or thing which, but for this Clause, would
reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and whether or not known to it or
any Finance Party) including:

 

		(i)	any time, waiver or consent granted to, or composition with, any Obligor or other person;

 

		(ii)	the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

 

		(iii)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security;

 

		(iv)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of an Obligor or any other person;

 

		(v)	any amendment (however fundamental) or replacement of a Finance Document, a Master Agreement or
any other document or security;

 

		(vi)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document, any Master Agreement or any other document or security; or

 

		(vii)	any bankruptcy, insolvency, liquidation, judicial management or similar proceedings; or

 

		(viii)	any other circumstance whatsoever that might otherwise constitute a defense available to, or a
legal or equitable discharge of, any Obligor.

 

		(b)	Each Guarantor unconditionally and irrevocably waives:

 

		(i)	diligence, presentment, demand for performance, notice of nonperformance, protest, notice of protest,
notice of dishonor, notice of the creation or incurring of new or additional indebtedness of the Obligors to the Finance Parties,
notice of acceptance of this Guarantee, and notices of any other kind whatsoever;

 

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		(ii)	the filing of any claim with any court in the event of a receivership, insolvency, bankruptcy,
liquidation or judicial management;

 

		(iii)	the benefit of any statute of limitations affecting any Obligor’s obligations under the Finance
Documents or any Master Agreement or the Guarantor’s obligations under this Guaranty or the enforcement of this Guaranty;
and

 

		(iv)	any offset or counterclaim or other right, defense, or claim based on, or in the nature of, any
obligation now or later owed to the Guarantor by the Obligors or any Finance Party.

 

		17.5	Immediate recourse

 

Each Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This waiver applies
irrespective of any law or any provision of a Finance Document or Master Agreement to the contrary.

 

		17.6	Deferral of Guarantors’ rights

 

		(a)	Until all amounts which may be or become payable by the Obligors under or in connection with the
Finance Documents and the Master Agreements have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor
will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:

 

		(i)	to be indemnified by an Obligor;

 

		(ii)	to claim any contribution from any other guarantor of any Obligor’s obligations under the
Finance Documents; and/or

 

		(iii)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Finance Parties under the Finance Documents, the Master Agreements or of any other guarantee or security taken pursuant
to, or in connection with, the Finance Documents or the Master Agreements by any Finance Party.

 

		(b)	Each Obligor acknowledges and agrees that:

 

		(i)	until the Guaranteed Obligations have been indefeasibly paid in full, all obligations owing to
it from any other Obligor whether contractually, under rights of subrogation, contribution, reimbursement or otherwise shall be
junior and subordinate to any rights of any Finance Party against such Obligor;

 

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		(ii)	it shall not exercise such rights prior to the indefeasible payment in full of all obligations
under the Finance Documents and any Master Agreement, unless requested or consented to by the Agent; and

 

		(iii)	it shall hold in trust for and pay or transfer to the Agent any payment or distribution received
by it contrary to this Clause 17.

 

		17.7	Additional security

 

This guarantee is in addition
to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

 

		17.8	Right of Contribution

 

At any time a payment in respect
of the Guaranteed Obligations is made under this guarantee, the right of contribution of each Guarantor against each other Guarantor
shall be determined as provided in the immediately following sentence, with the right of contribution of each Guarantor to be
revised and restated as of each date on which a payment (a “Relevant Payment”) is made on the Guaranteed Obligations
under this guarantee. At any time that a Relevant Payment is made by a Guarantor that results in the aggregate payments made by
such Guarantor in respect of the Guaranteed Obligations to and including the date of the Relevant Payment exceeding such Guarantor’s
Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of the Guaranteed Obligations
to and including the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Guarantor
shall have a right of contribution against each other Guarantor who has made payments in respect of the Guaranteed Obligations
to and including the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s Contribution Percentage
of the aggregate payments made to and including the date of the Relevant Payment by all Guarantors in respect of the Guaranteed
Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x)
a fraction the numerator of which is the Aggregate Excess Amount of such Guarantor and the denominator of which is the Aggregate
Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A Guarantor’s right
of contribution pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment to the
time of each computation; provided that no Guarantor may take any action to enforce such right until the Guaranteed Obligations
have been paid in full in cash, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right
of contribution arising pursuant to this Clause 17.8 against any other Guarantor shall be expressly junior and subordinate to
such other Guarantor’s obligations and liabilities in respect of the Guaranteed Obligations and any other obligations under
this guarantee. As used in this Clause 17.8: (i) each Guarantor’s “Contribution Percentage” shall mean
the percentage obtained by dividing (x) the Relevant Net Worth (as defined below) of such Guarantor by (y) the aggregate Relevant
Net Worth of all Guarantors; (ii) the “Relevant Net Worth” of each Guarantor shall mean the greater of (x)
the Net Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor
shall mean the amount by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds
its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations
arising under this guarantee) on such date. All parties hereto recognize and agree that, except for any right of contribution
arising pursuant to this Clause 17.8, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have
no right of contribution or subrogation against any other Guarantor in respect of such payment until all of the Guaranteed Obligations
have been irrevocably paid in full in cash. Each Guarantor recognizes and acknowledges that the rights to contribution arising
hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has
the right to waive its contribution right against any Guarantor to the extent that after giving effect to such waiver such Guarantor
would remain Solvent, in the determination of the Agent.

 

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		17.9	Limitation of Liability

 

Each of the Guarantors and the
Finance Parties hereby confirms that it is its intention that the Guaranteed Obligations not constitute a fraudulent transfer or
conveyance for purposes of the U.S. Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar Federal or state law. To effectuate the foregoing intention, each of the Guarantors and the Finance Parties hereby
irrevocably agrees that the Guaranteed Obligations guaranteed by each Guarantor shall be limited to such amount as will, after
giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Guarantor that are relevant under
such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution
among such Guarantor and the other Guarantors, result in the Guaranteed Obligations of such Guarantor in respect of such maximum
amount not constituting a fraudulent transfer or conveyance.

 

		17.10	Information concerning the Obligors

 

Each Guarantor represents and
warrants to each Finance Party that the Guarantor is affiliated with each Obligor and is otherwise in a position to have access
to all relevant information bearing on the present and continuing creditworthiness of each Obligor and the risk that any Obligor
will be unable to pay the Guaranteed Obligations when due. The Guarantor waives any requirement that any Finance Party advise the
Guarantor of information known to that Finance Party regarding the financial condition or business of any Obligor, or any other
circumstance bearing on the risk of non-performance of the Guaranteed Obligations, and the Guarantor assumes sole responsibility
for keeping informed of the financial condition and business of each Obligor.

 

		17.11	Singapore financial assistance limitation

 

This guarantee does not apply
to any liability of any Guarantor incorporated in Singapore to the extent it would result in its guarantee under this Agreement
constituting unlawful financial assistance within the meaning of Section 76 of the Singapore Companies Act.

 

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SECTION
8

 

REPRESENTATIONS,
UNDERTAKINGS AND EVENTS OF DEFAULT

 

		18	Representations

 

Each of the Obligors jointly
and severally makes the representations and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement
and on the Effective Date.

 

		18.1	Status

 

		(a)	It is a corporation or a limited liability company, duly incorporated or formed and validly existing
in good standing under the law of its jurisdiction of incorporation or formation.

 

		(b)	It is duly qualified and in good standing as a foreign company in each other jurisdiction in which
it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed.

 

		(c)	It and each of its Subsidiaries has all requisite corporate or company power and authority to own
or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted.

 

		(d)	It is not, and shall not become, a “foreign financial institution” as that term is
defined under FATCA.

 

		18.2	Binding obligations

 

The obligations expressed to
be assumed by it in this Agreement are, and, upon execution and delivery of each Finance Document and Master Agreement to which
it is to be a party, the obligations expressed to be assumed by it in each such Finance Document and Master Agreement will be,
legal, valid, binding and enforceable obligations, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforceability of creditor’s rights generally.

 

		18.3	Non-conflict with other obligations

 

The entry into and performance
by it of, and the transactions contemplated by, the Finance Documents and the Master Agreements do not and will not conflict with:

 

		(a)	any law or regulation applicable to it;

 

		(b)	its constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its assets.

 

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		18.4	Power and authority

 

It has the power to enter into,
perform and deliver, and has taken all necessary action to authorize its entry into, performance and delivery of, the Finance Documents
and the Master Agreements to which it is a party and the transactions contemplated by those Finance Documents and the Master Agreements.

 

		18.5	Validity and admissibility in evidence

 

All Authorizations of any governmental
authority or regulatory body or of any other person required or desirable:

 

		(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the
Finance Documents and the Master Agreements to which it is a party;

 

		(b)	for the grant by any Obligor of the Security granted by it pursuant to the Finance Documents, and
the perfection or maintenance of such Security (including the first priority nature thereof), and

 

		(c)	to make the Finance Documents and the Master Agreements to which it is a party admissible in evidence
in its jurisdiction of incorporation,

 

have been obtained or effected
and are in full force and effect.

 

		18.6	Governing law and enforcement

 

		(a)	The choice of Marshall Islands law, New York law, Singapore law or English law, as the case may
be, as the governing law of the Finance Documents and the Master Agreements will be recognized and enforced in its jurisdiction
of incorporation or formation.

 

		(b)	Any judgment obtained in any court sitting in New York City or in England in relation to a Finance
Document or a Master Agreement will be recognized and enforced in its jurisdiction of incorporation or formation.

 

		18.7	Deduction of Tax

 

It is not required under the
law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any
Finance Document or any Master Agreement to which it is a party.

 

		18.8	No filing or stamp taxes

 

Under the law of its jurisdiction
of incorporation or formation it is not necessary that the Finance Documents (other than the Mortgages) and the Master Agreements
be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar
tax be paid on or in relation to the Finance Documents and the Master Agreements or the transactions contemplated by the Finance
Documents and the Master Agreements.

 

		18.9	No default

 

No Event of Default is continuing
or might reasonably be expected to result from the making of any Utilization.

 

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		18.10	No misleading information

 

No representation, warranty or
statement made or certificate or document statement provided by any of the Obligors in or pursuant to this Agreement, any other
Finance Document or any Master Agreement, or in any other document furnished in connection therewith, is untrue or incomplete in
any material respect or contains any misrepresentation of a material fact or omits to state any material fact necessary to make
any such statement herein or therein not misleading.

 

		18.11	Financial statements

 

		(a)	Its Original Financial Statements were prepared in accordance with GAAP consistently applied.

 

		(b)	Its Original Financial Statements fairly present in all material respects the financial condition
and operations of the Borrower and its Subsidiaries as at the date thereof.

 

		(c)	There has been no material adverse change in its business or financial condition (or the business
or consolidated financial condition of the Group, in the case of the Borrower) since December 31, 2011.

 

		18.12	Pari passu ranking

 

Its payment obligations under
the Finance Documents and Master Agreements rank at least pari passu with the claims of all its other unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law.

 

		18.13	No proceedings pending or threatened

 

No material litigation, arbitration
or administrative proceedings (including proceedings relating to any alleged or actual breach of the ISM Code) of or before any
court, arbitral body or agency have (to the best of its knowledge and belief) been started or threatened against it or any of
its properties that could, if adversely determined, reasonably be expected to have a Material Adverse Effect, other than as disclosed
in writing to the Agent prior to the date of this Agreement. 

 

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		18.14	Status of security

 

		(a)	The provisions of each Finance Document do now or, as the case may be, will upon execution and
delivery (and, where applicable, registration as provided for in the Finance Documents), create in favor of the Security Trustee
(i) in the case of the Mortgages, a valid first “preferred mortgage” within the meaning of Chapter 3 of the Marshall
Islands Maritime Act, 1990, as amended (or, if applicable, a first priority ship mortgage under the laws of the relevant Alternative
Approved Flag), on the respective Ships, subject to the recording or registration of the Mortgages as described in the following
paragraph, (ii) in the case of the Assignments of Shipbuilding Contract and Refund Guarantee, the Assignments of Earnings, the
Assignments of Insurances, the Pledge Agreement and the General Security Agreements a valid, binding and executed and enforceable
security interest in all right, title and interest in the collateral therein described, and shall constitute a fully perfected
first priority security interest in favor of the Security Trustee in all right, title and interest in such collateral, subject
to no other Security and subject in the case of (A) the Assignments of Shipbuilding Contract and Refund Guarantee and the Assignments
of Earnings, to notice being given to account parties and to filing proper financing statements in the District of Columbia and
the State of New York, and consent of such account parties being obtained, and (B) the Assignments of Insurances, to notice being
given to underwriters and protection and indemnity clubs, and their consent being obtained where policy provisions or club rules
so require), and (iii) in the case of the Account Charges, the General Account Charges, the Security Interest Deed and the Master
Agreement Assignments, a valid, binding and executed and enforceable Security Interest over the assets to which such Finance Documents,
by their terms, relate;

 

		(b)	upon execution and delivery by the relevant Guarantor and recording in accordance with the laws
of the Republic of The Marshall Islands (or, if applicable, registration in accordance with the law of the relevant Alternative
Approved Flag), each of the Mortgages will be a first “preferred mortgage” within the meaning of Chapter 313 of Title
46 of the United States Code and will qualify for the benefits accorded a “preferred mortgage” under Chapter 313 of
Title 46 of the United States Code and no other filing or recording or refiling or rerecording or any other act is necessary or
advisable to create or perfect such security interest under the Mortgages or in the mortgaged property therein described; and

 

		(c)	no third party will have any Security (except for Permitted Security) over any asset to which such
Security, by its terms, relates.

 

		18.15	Compliance with Authorizations

 

To the best of its knowledge,
after due inquiry, it is in compliance with all applicable Authorizations, statutes, regulations and laws.

 

		18.16	Margin Stock

 

It is not engaged in the business
of extending credit for the purpose of purchasing or carrying Margin Stock and no proceeds of any Loan will be used to purchase
or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock.

 

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		18.17	Compliance with ERISA

 

		(a)	Schedule 14 sets forth each Plan as of the date of this Agreement.

 

		(b)	Subject to Clause 18.17(d) below, each Plan (and each related trust, insurance contract or fund)
is in substantial compliance with its terms and with all applicable laws, including, without limitation, ERISA and the Code; each
Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable
determination letter from the Internal Revenue Service to the effect that it meets the requirements of Sections 401(a) and 501(a)
of the Code covering all tax law changes prior to the Economic Growth and Tax Relief Reconciliation Act of 2001; no Reportable
Event has occurred; no Plan which is a Multiemployer Plan is insolvent or in reorganization; no Plan has an Unfunded Current Liability
which, when added to the aggregate amount of Unfunded Current Liabilities with respect to all other Plans, exceeds $100,000; no
Plan which is subject to Section 412 of the Code or Section 302 of ERISA has an unpaid minimum required contribution, within the
meaning of such sections of the Code or ERISA, or has applied for or received a waiver of an unpaid minimum required contribution
or an extension of any amortization period, within the meaning of Section 412 or 430(d) of the Code or Section 304 of ERISA; all
contributions required to be made with respect to a Plan have been timely made; none of the Borrower, any Subsidiary of the Borrower
or any ERISA Affiliate has incurred any material liability (including any indirect, contingent or secondary liability) to or on
account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section
4971 or 4975 of the Code or expects to incur any such liability under any of the foregoing sections with respect to any Plan; no
condition exists which presents a material risk to the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate of incurring
a liability to or on account of a Plan pursuant to the foregoing provisions of ERISA and the Code; no proceedings have been instituted
to terminate or appoint a trustee to administer any Plan which is subject to Title IV of ERISA; no action, suit, proceeding, hearing,
audit or investigation with respect to the administration, operation or the investment of assets of any Plan (other than routine
claims for benefits) is pending, expected or threatened; there has been no violation of the applicable requirements of Section
404 or 405 of ERISA or the exclusive benefit rule of under Section 401(a) of the Code by any fiduciary or disqualified person with
respect to any Plan for which the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate may be directly or indirectly
liable; none of the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate has filed, or is considering filing, an application
under the IRS Employee Plans Compliance Resolution System or the Department of Labor’s Voluntary Fiduciary Correction Program
with respect to any Plan; using actuarial assumptions and computation methods consistent with Part 1 of subtitle E of Title IV
of ERISA, the aggregate liabilities of the Borrower and its Subsidiaries and its ERISA Affiliates to all Plans which are Multiemployer
Plans in the event of a complete withdrawal therefrom, as of the close of the most recent fiscal year of each such Plan ended prior
to the date of the most recent Credit Event, would not exceed $100,000; each group health plan (as defined in Section 607(1) of
ERISA or Section 4980B(g)(2) of the Code) which covers or has covered employees or former employees of the Borrower, any Subsidiary
of Borrower or any ERISA Affiliate has at all times been operated in compliance with the provisions of Part 6 of subtitle B of
Title I of ERISA and Section 4980B of the Code; each group health plan (as defined in 45 Code of Federal Regulations Section 160.103)
which covers or has covered employees or former employees of the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate
has at all times been operated in compliance with the provisions of the Health Insurance Portability and Accountability Act of
1996 and the regulations promulgated thereunder; no lien imposed under the Code or ERISA on the assets of the Borrower or any Subsidiary
of the Borrower or any ERISA Affiliate exists or is likely to arise on account of any Plan; and the Borrower and its Subsidiaries
may cease contributions to or terminate any employee benefit plan maintained by any of them without incurring any material liability.

 

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		(c)	Subject to Clause 18.17(d) below, each Foreign Pension Plan has been maintained in substantial
compliance with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and orders and
has been maintained, where required, in good standing with applicable regulatory authorities. All contributions required to be
made with respect to a Foreign Pension Plan have been timely made. None of the Borrower or any of its Subsidiaries has incurred
any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan. The present value of the accrued
benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of the Borrower’s most
recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value
of the assets of such Foreign Pension Plan allocable to such benefit liabilities.

 

		(d)	The foregoing representations in Clauses 18.17(b) and 18.17(c) are made only to the extent that
the failure to be true, either individually or in the aggregate, could reasonably be expected to result in material liability to
the Borrower and its Subsidiaries.

 

		18.18	Not “Investment Company”

 

It is not an “investment
company”, or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended.

 

		18.19	Not “National”

 

It is not a “national”
of any “designated foreign country”, within the meaning of the Foreign Asset Control Regulations or the Cuban Asset
Control Regulations of the U.S. Treasury Department, 31 C.F.R., Subtitle B, Chapter V, as amended, or any regulations or rulings
issued thereunder.

 

		18.20	No Restriction

 

Neither the making of any Loan
nor the use of the proceeds thereof nor the performance by the Obligors of this Agreement violates any statute, regulation or executive
order restricting loans to, investments in, or the export of assets to, foreign countries or entities doing business there.

 

		18.21	Solvency

 

It is, individually, and the
Borrower and its Subsidiaries are, together, Solvent.

 

		18.22	Use of Proceeds

 

The Borrower is using the proceeds
of the Revolving Loans solely for the purposes set forth in Clause 3 (Purpose), and has used the proceeds of the Term Loans
solely for the purposes permitted under the Original Credit Agreement.

 

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		18.23	Place of Business

 

The Borrower has a place of business
in New York City. None of the Obligors (other than the Borrower) has a place of business in the United States of America, the District
of Columbia, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United
States of America.

 

		18.24	Ownership of Obligors

 

All of the outstanding limited
liability company interests or shares, as the case may be, of each of the Original Guarantors is, and each Additional Guarantor
shall be, directly or indirectly owned and controlled by the Borrower, and none of the Guarantors (except for Eagle Shipping International
(USA) LLC) has any direct or indirect Subsidiaries.

 

		18.25	Tax Returns and Payments

 

None of the Borrower’s
Subsidiaries at the date hereof is required to file any U.S. federal income tax returns. Each of the Borrower and its Subsidiaries
has timely filed with the appropriate taxing authority, all material returns, statements, forms and reports for taxes (the “Returns”)
required to be filed by or with respect to the income, properties or operations of the Borrower and/or any of its Subsidiaries.
The Returns accurately reflect in all material respects all liability for taxes of the Borrower and its Subsidiaries as a whole
for the periods covered thereby. The Borrower and each of its Subsidiaries have at all times paid, or have provided adequate reserves
(in accordance with GAAP) for the payment of all taxes payable by them. There is no material action, suit, proceeding, investigation,
audit, or claim now pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened by any authority regarding
any taxes relating to the Borrower or any of its Subsidiaries. Neither the Borrower nor any of its Subsidiaries has entered into
an agreement or waiver or been requested to enter into an agreement or waiver extending any statute of limitations relating to
the payment or collection of taxes of the Borrower or any of its Subsidiaries, or is aware of any circumstances that would cause
the taxable years or other taxable periods of the Borrower or any of its Subsidiaries not to be subject to the normally applicable
statute of limitations. Neither the Borrower nor any of its Subsidiaries has incurred, nor will any of them incur, any material
tax liability in connection with any transactions contemplated hereby (it being understood that the representation contained in
this sentence does not cover any future tax liabilities of the Borrower or any of its Subsidiaries arising as a result of the
operation of their businesses in the ordinary course of business).

 

		18.26	No money laundering

 

It is acting for its own account
and the borrowing of the Facilities by the Borrower and the performance and discharge of each Obligor’s obligations and liabilities
under this Agreement, the Master Agreements and the other Finance Documents to which it is a party and other arrangements effected
or contemplated by this Agreement will not involve or lead to contravention of any law, official requirement or other regulatory
measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directives (91/308/EEC)
of the Council of the European Community).

 

 

	18.27	Environmental matters

 

		(a)	To the best of its knowledge, after due inquiry, it is in compliance with all applicable Environmental
Laws in all material respects, and it possesses and is in compliance with all relevant Authorizations pursuant to Environmental
Laws.

 

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		(b)	There are no Environmental Claims outstanding or pending, and it has not received any notice of
or entered into, inherited or assumed, any Environmental Claims, in each case, which might, if adversely determined, have a Material
Adverse Effect.

 

		18.28	Sanctions

 

Neither it nor any member of
the Group, any Affiliate of any of them, nor any of their respective officers, directors, employees or, to its knowledge, agents
or other persons acting on their behalf:

 

		(a)	is a Restricted Party;

 

		(b)	has received funds or other property from a Restricted Party or conducted any activities or business
dealings, directly or indirectly, with or for the benefit of any Restricted Party;

 

		(c)	has engaged or is engaging, directly or indirectly, in any transaction or conduct that would reasonably
be expected to result in it or its Affiliates becoming a Restricted Party, or which evades or avoids, or is intended for the purpose
of evading or avoiding, any prohibitions or restrictions set forth in any Sanctions; or

 

		(d)	is in breach of, or is the subject of any action, proceeding, litigation, claim or investigation
concerning, any Sanctions.

 

		18.29	No prohibited payments

 

Neither it nor any of its Affiliates,
nor any of their respective officers, directors, employees or, to its knowledge, agents or other persons acting on their behalf,
directly or indirectly, has:

 

		(a)	violated or is in violation of any applicable anti-corruption law;

 

		(b)	made, offered to make, promised to make or authorized the payment or giving of, directly or indirectly,
any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals
or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, any political
party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other
person who is connected or associated personally with any of the foregoing that is prohibited under any applicable law or regulation
or otherwise for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to
do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence
with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality (a
“Prohibited Payment”); or

 

		(c)	is or has been subject to any action, proceeding, litigation, claim or investigation with regard
to any actual or alleged Prohibited Payment.

 

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It and its Affiliates have taken
reasonable measures, including implementation of appropriate compliance policies and procedures, to ensure compliance with applicable
anti-corruption laws and to monitor, detect and prevent the making, offer to make, promise to make or authorization of the payment
or giving of any Prohibited Payment.

 

		18.30	Bank accounts

 

Schedule 17 contains a true,
correct and complete list of all accounts with any bank or financial institution held by a Group member on the Effective Date.

 

		18.31	Material Contracts

 

Schedule 18 contains a true,
correct and complete list of all the Material Contracts to which a Group member is a party on the Effective Date.

 

		18.32	Repetition

 

		(a)	The Repeating Representations are deemed to be made by each Obligor by reference to the facts and
circumstances then existing on the first day of each Interest Period.

 

		(b)	In the case of an Additional Guarantor, the representations and warranties set forth in Clause
28.3 (Repetition of Representations) are deemed to be made on the day on which the relevant Subsidiary becomes (or it is
proposed that such Subsidiary becomes) an Additional Guarantor.

 

		19	Information undertakings

 

The undertakings in this Clause
19 remain in force throughout the Security Period.

 

		19.1	Financial statements

 

The Borrower shall supply to
the Agent in sufficient copies for all the Lenders:

 

		(a)	as soon as available, but in any event within 90 days after the end of each of its financial years,
the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such financial year and the related consolidated
statements of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such financial year, setting
forth in each case in comparative form the corresponding figures for the previous financial year, together with a report thereon
of PricewaterhouseCoopers or other independent certified public accountants of recognized national standing satisfactory to the
Agent, without a “going concern” qualification or any qualification or exception as to the scope of its audit, which
report shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial
position of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows
for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed
in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements
has been made in accordance with generally accepted auditing standards;

 

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		(b)	as soon as available, but in any event within 45 days after the end of each quarter of each of
its financial years, the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such financial quarter
and the related consolidated statements of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries
for such financial quarter and for the period from the beginning of the then current financial year to the end of such quarter,
setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous financial
year; and

 

		(c)	if requested by the Agent, management accounts to include (i) a balance sheet, (ii) an income statement,
and (iii) a statement of changes in retained earnings (and any other financial information as requested by the Agent, acting on
behalf of the Lenders, in a format acceptable to the Agent) for the Borrower for any Accounting Period prepared on a separate company
basis (i.e., not consolidated).

 

		19.2	Compliance Certificate

 

		(a)	The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant
to paragraph (a) or (b) of Clause 19.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail)
(i) computations as to compliance with Clauses 20 (Financial covenants) and 22.23(a) (Eagle Chartering) as at the
date at which those financial statements were drawn up, (ii) a valuation of each Ship made by an Approved Broker pursuant to Clause
21.6 (Provision of valuations and information) indicating the market value of such Ship (such valuation to be obtained by
the Agent and reviewed by the Borrower).

 

		(b)	Each Compliance Certificate shall be signed by the chief financial officer and the chief executive
officer of the Borrower.

 

		19.3	Requirements as to financial statements

 

		(a)	Each set of financial statements delivered by the Borrower pursuant to Clause 19.1 (Financial
statements) shall be certified by the chief financial officer of the Borrower as fairly presenting its financial condition
as at the date as at which those financial statements were drawn up.

 

		(b)	The Borrower shall procure that each set of financial statements delivered pursuant to Clause 19.1
(Financial statements) is prepared using GAAP.

 

		19.4	Information: miscellaneous

 

The Borrower shall supply to
the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

 

		(a)	[Reserved]

 

		(b)	promptly upon the filing thereof, copies of all registration statements and reports on Forms 10-K,
10-Q and 8-K (or their equivalents) and other material filings which the Borrower shall have filed with the Securities and Exchange
Commission or any similar governmental authority, or any national securities exchange, including, any reports or other disclosures
required to be made in relation to the Borrower under Regulation FD or the Sarbanes-Oxley Act of 2002;

 

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		(c)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings (including proceedings relating to any alleged or actual breach of the ISM Code or the ISPS Code) which are current,
threatened or pending against any member of the Group, and which might, if adversely determined, have a Material Adverse Effect;

 

		(d)	no later than five (5) Business Days after the end of each Month (i) in relation to each Ship,
full employment details (including details of charter rates and tenor), and (ii) details of charter activity for vessels owned
by any person not a member of the Group that are managed by a member of the Group, during the preceding month;

 

		(e)	promptly, such further information regarding any Ship, its Earnings or Insurances or the financial
condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably request;

 

		(f)	as soon as practicable and in any event no later than 75 days after the beginning of each of its
financial years, a consolidated plan and financial forecast for such financial year and the next succeeding financial year (the
“Financial Plan” for such financial year), including (i) forecasted consolidated balance sheets and forecasted
consolidated statements of income and cash flows of the Borrower and its Subsidiaries for each such financial year, together with
pro forma Compliance Certificates for each such financial year and an explanation of the assumptions on which such forecasts are
based, (ii) forecasted consolidated statements of income and cash flows of the Borrower and its Subsidiaries for each quarter of
each such financial year, together with an explanation of the assumptions on which such forecasts are based, (iii) detailed projections
for scheduled maintenance and dry-docking of the Ships, and (iv) such other information and projections as any Lender may reasonably
request. Each Financial Plan shall be reviewed by the Agent’s advisors in the discretion of the Agent;

 

		(g)	on the third Business Day of each week, if any Revolving Loan is outstanding, an updated Cash Flow
Forecast;

 

		(h)	promptly, and in any event within ten Business Days after any Material Contract of the Borrower
or any of its Subsidiaries is terminated or amended in a manner that is adverse to the Borrower or such Subsidiary, as the case
may be, or any new Material Contract is entered into, a written statement describing such event with copies of such material amendments
or new contracts, and an explanation of any actions being taken with respect thereto;

 

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		(i)	promptly, upon receipt of the same, copies of all notices, requests and other documents received
by any member of the Group under or pursuant to any Material Contract or instrument, indenture or other agreement regarding or
related to any breach or default by any party thereto or any other event that could materially impair the value of the interests
or the rights of any member of the Group or otherwise have a Material Adverse Effect, and copies of the foregoing and such information
and reports regarding Material Contracts and such instruments, indentures, and other agreements as the Agent may request from time
to time.

 

		19.5	Notification of default

 

		(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy
it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided
by another Obligor).

 

		(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed
by 2 of its senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the
Default and the steps, if any, being taken to remedy it).

 

		19.6	“Know Your Customer” Checks

 

		(a)	If:

 

		(i)	the introduction of or any change in (or the interpretation, administration or application of)
any law or regulation made after the date of this Agreement;

 

		(ii)	any change in the status of any Obligor after the date of this Agreement; or

 

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

 

obliges the Agent or any Lender
(or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly
upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably
requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described
in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event
described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions
contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be
satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws
and regulations pursuant to the transactions contemplated in the Finance Documents.

 

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		(c)	The Borrower shall, by not less than 10 Business Days’ prior written notice to the Agent,
notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an
Additional Guarantor pursuant to Clause 28 (Changes to the Obligors).

 

		(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Guarantor obliges the Agent or any Lender to comply with “know your customer” or similar identification procedures
in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of
the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the
Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for
the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary “know
your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary
to this Agreement as an Additional Guarantor.

 

		19.7	Patriot Act Notice

 

Each Finance Party hereby
notifies the Obligors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.: 107-56 (signed into law
October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify, and record information that
identifies each Obligor, which information includes the name of each Obligor and other information that will allow such
Finance Party to identify each Obligor in accordance with the PATRIOT Act. Each Obligor agrees to provide such information
from time to time to any Finance Party.

 

		20	Financial covenants

 

		20.1	Leverage Ratio

 

The Borrower shall not permit
the ratio, as of the last day of any Accounting Period set forth below, of (i) the aggregate of the Term Loans as at such day to
(ii) EBITDA for the consecutive four Accounting Periods ending on such day, to exceed the correlative ratio indicated:

 

	Accounting Period ending:	 	 	Leverage ratio	 
	 	September 30, 2013	 	 	13.9 : 1	 
	 	December 31, 2013	 	 	12.3 : 1	 
	 	March 31, 2014	 	 	10.6 : 1	 
	 	June 30, 2014	 	 	9.2 : 1	 
	 	September 30, 2014	 	 	8.5 : 1	 
	 	December 31, 2014	 	 	8.1 : 1	 
	 	March 31, 2015	 	 	7.8 : 1	 
	 	June 30, 2015	 	 	7.6 : 1	 
	 	September 30, 2015	 	 	7.5 : 1	 
	 	December 31, 2015	 	 	7.3 : 1	 
	 	March 31, 2016	 	 	7.1 : 1	 
	 	June 30, 2016	 	 	6.9 : 1	 
	 	September 30, 2016	 	 	6.6 : 1	 
	 	December 31, 2016	 	 	6.4 : 1	 
	 	March 31, 2017	 	 	6.2 : 1	 

 

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		20.2	Minimum Interest Coverage Ratio

 

The Borrower shall not permit
the ratio, as of the last day of any Accounting Period set forth below, of (i) EBITDA for the consecutive four Accounting Periods
ending on such day to (ii) Cash Interest Expenses for the consecutive four Accounting Periods ending on such day, to be less than
the correlative ratio indicated:

 

	Accounting Periods ending:	 	 	Minimum Interest Coverage Ratio	 
	 	June 30, 2013	 	 	1.3 : 1	 
	 	September 30, 2013	 	 	1.4 : 1	 
	 	December 31, 2013	 	 	1.6 : 1	 
	 	March 31, 2014	 	 	1.8 : 1	 
	 	June 30, 2014	 	 	2.0 : 1	 
	 	September 30, 2014	 	 	2.1 : 1	 
	 	December 31, 2014	 	 	2.2 : 1	 
	 	March 31, 2015	 	 	2.2 : 1	 
	 	June 30, 2015	 	 	2.2 : 1	 
	 	September 30, 2015	 	 	2.2 : 1	 
	 	December 31, 2015	 	 	2.2 : 1	 
	 	March 31, 2016	 	 	2.2 : 1	 
	 	June 30, 2016	 	 	2.2 : 1	 
	 	September 30, 2016	 	 	2.3 : 1	 
	 	December 31, 2016	 	 	2.3 : 1	 
	 	March 31, 2017	 	 	2.3 : 1	 

 

 

		20.3	Minimum Liquidity

 

The Borrower and its Subsidiaries
shall maintain, as at the last day of each Accounting Period, free cash in one or more accounts with the Agent in an aggregate
amount not less the product of $500,000 multiplied by the number of Ships owned by the Borrower or any of its Subsidiaries; provided
that any amount of the then unutilized Revolving Facility shall be deemed to constitute free cash for the purposes of this
Clause 20.3 only; provided further that the full amount of such availability shall be included, such that no deduction
shall be made in respect of any Defaulting Lender.

 

		20.4	Collateral Coverage Ratio

 

The Borrower shall not permit
the Collateral Coverage Ratio, as of the last day of any Accounting Period set forth below, to exceed the correlative ratio indicated:

 

	Accounting Period ending:	 	Collateral Coverage Ratio	 
	 	September 30, 2014	 	 	100	%
	 	December 31, 2014	 	 	100	%
	 	March 31, 2015	 	 	95	%
	 	June 30, 2015	 	 	90	%
	 	September 30, 2015	 	 	80	%
	 	December 31, 2015	 	 	80	%
	 	March 31, 2016	 	 	80	%
	 	June 30, 2016	 	 	80	%
	 	September 30, 2016	 	 	80	%
	 	December 31, 2016	 	 	75	%
	 	March 31, 2017	 	 	70	%

.

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		21	VALUATION OF SHIPS

 

		21.1	[Reserved]

 

		21.2	[Reserved]

 

		21.3	Valuation of Ships

 

The market value of a Ship at
any date is that shown by a valuation prepared:

 

		(a)	as at a date not more than 21 days
previously;

 

		(b)	by an Approved Broker;

 

		(c)	with or without physical inspection of that Ship (as the Agent may require); and

 

		(d)	on the basis of a sale for prompt delivery for cash on normal arm’s
length commercial terms as between a willing seller and a willing buyer.

 

		21.4	[Reserved]

 

		21.5	Valuations binding

 

Any valuation under this Clause
21 shall be binding and conclusive as regards the Borrower.

 

		21.6	Provision of valuations and information

 

		(a)	For the purpose of this Clause 21 and in order to determine if the Collateral
Coverage Ratio is being met, the Obligors at their expense shall cause a valuation of each Ship to be made by an Approved Broker
indicating the market value of such Ship at any time the Agent may request upon not less than 5 days’ prior written notice
from the Agent to the Borrower. 

 

		(b)	The Obligors shall promptly provide the Agent and any relevant Approved Broker with any information
which the Agent or such Approved Broker may reasonably request for the purposes of the valuation; and, if the Obligors fail to
provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which such
Approved Broker or the Agent considers prudent.

  

		21.7	Valuation Expenses

 

The Borrower shall, on demand,
pay the Agent the amount of fees and expenses of the Approved Broker instructed by the Agent under this Clause and all legal and
other expenses incurred by the Agent in connection with any matter arising out of this Clause 21.

 

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		22	General undertakings

 

The undertakings in this Clause
22 remain in force throughout the Security Period.

 

		22.1	Authorizations

 

Each Obligor shall promptly:

 

		(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and

 

		(b)	upon request of the Agent, supply copies to the Agent of,

 

any Authorization required under
any law or regulation of its jurisdiction of incorporation or formation, or the flag-state of any Ship to enable it (i) to perform
its obligations under the Finance Documents and under the Master Agreements and to ensure the legality, validity, enforceability
or admissibility in evidence in its jurisdiction of incorporation or formation, or in the flag-state of any Ship of any Finance
Document or any Master Agreement to which it is a party, and (ii) to operate the Ships.

 

		22.2	Compliance with laws

 

		(a)	Each Obligor shall comply in all respects with all laws to which it may be subject including ERISA,
if failure to so comply would materially impair its ability to perform its obligations under the Finance Documents and under the
Master Agreements.

 

		(b)	No Obligor or other member of the Group shall engage in any conduct that could result in it becoming
a Restricted Party.

 

		(c)	As regards the Guarantors, this Clause 22.2 (Compliance with laws) is not a limitation of
Clause 24.8, (Compliance with laws etc.), and vice versa.

 

		22.3	Negative pledge

 

		(a)	No Obligor shall create or permit to subsist any Security over any of its assets, or sign or file,
under the Uniform Commercial Code (or analogous statute or law) of any jurisdiction, a financing statement that names it as debtor,
or sign any security agreement authorizing any secured party thereunder to file such financing statement.

 

		(b)	No Obligor shall:

  

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by an Obligor;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

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		(iv)	enter into any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to:

 

		(i)	any Permitted Security; and

 

		(ii)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course
of its banking arrangements for the purpose of netting debit and credit balances or under any Master Agreement.

 

		22.4	Disposals

 

		(a)	Subject to paragraphs (b) and (c), no Obligor shall (and the Borrower shall ensure that no other
member of the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary
or involuntary to sell, lease, transfer or otherwise dispose of any asset (including any Ship, its Earnings or Insurances).

 

		(b)	Paragraph (a) does not apply to any sale, lease, transfer or other disposal:

 

		(i)	made in the ordinary course of trading of the disposing entity; or

 

		(ii)	of obsolete, worn out or surplus property disposed of in the ordinary course of business.

 

		(c)	No Obligor shall sell, lease, transfer or otherwise dispose of (except for charters in the ordinary
course of its business) any Ship unless agreed in writing by the Majority Lenders in their absolute discretion; provided,
that an Obligor may dispose of a Ship if each of the following conditions are satisfied as at the date of the proposed sale:

 

		(i)	no Default or Event of Default is continuing or would result from the proposed sale;

 

		(ii)	the Collateral Coverage Ratio as at the end of the last Accounting Period is less than 100%;

 

		(iii)	the Collateral Coverage Ratio immediately after the sale will be less than the Collateral Coverage
Ratio as at the end of the last Accounting Period;

 

		(iv)	the sale would not cause the Permitted Annual Asset Sale Maximum to be exceeded;

 

		(v)	the sales price for the Ship is equal to or greater than the valuation for that Ship as stated
in the most recent Compliance Certificate delivered by the Borrower;

 

		(vi)	the sale is on arm’s length commercial terms and does not provide for any recourse to any
member of the Group in connection with the sale (including, without limitation, guarantees, representations, warranties or obligations
of any other kind with respect to the Ship, its operations or its charters) other than recourse through the standard representations
and warranties provided by a seller under a standard Norwegian Sale Form of sale contract or any equivalent sale form customarily
used in the market for the sale and purchase of commercial vessels;

 

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		(vii)	promptly upon request by the Agent, the Borrower shall provide to the Agent a copy of the relevant
ship sale agreement and such other information concerning the sale as the Agent may reasonably request; and

 

		(viii)	the net cash proceeds of the sale are applied towards prepayment of the Loans pursuant to Clause
7.5 (Mandatory prepayment).

 

		(d)	In this Clause 22.4, “Permitted Annual Asset Sale Maximum” for any calendar
year means 2 Ships, provided that the aggregate gross purchase price of such Ships does not exceed 2 times the average valuation
of all the Ships owned by the Group, determined by reference to the Compliance Certificate most recently delivered by the Borrower
prior to the first such Ship sale.

 

		22.5	Merger

 

No Obligor shall enter into any
consolidation, demerger, merger or corporate reconstruction.

 

		22.6	Change of business

 

The Borrower shall procure that
no member of the Group shall engage in any line of business other than:

 

		(a)	directly or indirectly owning and operating the Ships or acquiring and operating the Additional
Ships (and, in the case of Eagle Chartering only, chartering in dry bulk vessels on a limited basis in accordance with Clause 22.23
(Eagle Chartering) or as identified in Material Contracts in effect as at the date of this Agreement);

 

		(b)	the management as manager or agent of vessels owned by the Delphin Group, on the terms of the agreement
between the Borrower and Delphin Shipping LLC dated August 4, 2009, with such further amendments as are agreed in writing by the
Majority Lenders; provided that the Majority Lenders shall not withhold their consent to any proposed amendment if
the sole effect of such amendment is to increase the amount payable to the Borrower under the agreement, and no additional guarantees,
representations, warranties or obligations of any other kind are provided, made or incurred by the Borrower pursuant to such proposed
amendment;

 

		(c)	the management as manager or agent by a Manager of vessels owned by third parties other than the
Delphin Group (each, a “Third Party Ship Owner”) provided that:

 

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		(i)	the management agreement is on arm’s length commercial terms based on those contained in
the standard form of BIMCO Shipman Contract and in particular, but without limitation, containing (A) the obligation of the owner
of the vessel contained in such standard form BIMCO Shipman Contract to procure that the vessel is insured in accordance with the
best practice of prudent owners of vessels of a similar type to the vessel, with financially sound and reputable insurance companies,
and (B) the limitation as to liability contained in such standard form BIMCO Shipman Contract limiting the liability of the Manager,
each Group member, and each of their respective directors, officers, employees, representatives, sub-contractors and their respective
successors and assigns (each, a “Management Party”) to the Third Party Ship Owner for any loss, damage, delay
or expense arising out of the management services, and a credit-worthy party shall indemnify each Management Party in full against,
and hold each Management Party harmless from, any and all losses, claims, damages, actions, proceedings, costs, expenses and liabilities
of whatsoever nature which may be imposed on, asserted against or incurred by the Management Party arising out of or in connection
with or as a result of the management of the vessel;

 

		(ii)	the Manager maintains, with financially sound and reputable insurance companies, insurance in such
amounts and against such risks, and with such deductibles, as in each case are customarily maintained by companies engaged in the
same or similar business as the Manager; and

 

		(iii)	promptly upon request by the Agent, the Borrower provides the Agent with such information regarding
the management arrangement as the Agent may reasonably request.

 

		22.7	Ownership of Guarantors

 

The Borrower shall procure that
each Guarantor remains a Wholly-Owned Subsidiary of the Borrower.

 

		22.8	Dividends

 

		(a)	The Borrower may not pay any dividend, distribution on stock or other equity interest, or other
payment to its shareholders nor purchase nor redeem any of its own stock or other interest in it; provided, that
the Borrower shall be permitted to pay a dividend, distribution on stock or other equity interests, or other payment to its shareholders
or purchase or redeem any of its own stock for any Accounting Period if:

 

		(i)	the Collateral Coverage Ratio on the last day of such Accounting Period is less than 70%;

 

		(ii)	both immediately before and after the declaration and payment of such dividend, distribution, payment,
purchase or redemption, no Default or Event of Default shall have occurred and be continuing;

 

		(iii)	such dividend, distribution, payment, purchase or redemption does not exceed the amount of Cumulative
Free Cash at the time it is declared and paid; and

 

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		(iv)	the Borrower’s most recent Financial Plan (prepared on a basis satisfactory to the Majority
Lenders) reflects compliance with Clause 20 (Financial covenants) through the Termination Date.

 

		(b)	Any Guarantor may make distributions to the Borrower.

 

		22.9	Debt

 

No Obligor shall create, incur,
assume or suffer to exist any Debt other than (i) Debt under the Finance Documents, and, prior to the Effective Date, under the
Original Credit Agreement, (ii) Debt in respect of Designated Transactions under the Master Agreements, (iii) Debt for (x) trade
payables and expenses accrued in the ordinary course of business and that are not overdue, or (y) customer advance payments and
customer deposits received in the ordinary course of business, and (iv) Debt owing to Affiliates provided that such Debt is subordinated
on terms and conditions acceptable to the Agent and subject in right of payment to the prior payment in full of all amounts outstanding
under this Agreement.

 

		22.10	Approved Charter

 

Each relevant Obligor undertakes
to advise the Agent reasonably in advance of any agreement to amend or supplement, or any determination to waive or forbear from
enforcing, any Approved Charter or any of its provisions in any material respect.

 

		22.11	Loans; Investments

 

No Obligor shall make any loan
or advance to, make any investment in, or enter into any working capital maintenance or similar agreement with respect to any
person whether by acquisition of stock or indebtedness, by loan, guarantee or otherwise, except loans to another Obligor to the
extent such Obligor is permitted to incur such Debt under Clause 22.9 (Debt), and subject to Clause 22.23(e) (Eagle
Chartering).

 

		22.12	Acquisitions

 

		(a)	Subject to paragraph (b), no Obligor shall make any acquisition of an
asset outside the ordinary course of its business.

 

		(b)	The Group may acquire up to two Additional Ships in any calendar year if each of the following
conditions are satisfied in respect of any proposed purchase:

  

		(i)	no Default or Event of Default is continuing or would result from the proposed purchase;

 

		(ii)	the purchase price for the ship shall not exceed the market value of the Additional Ship as shown
by a valuation prepared (A) as at a date not more than 21 days prior to the propose date of acquisition, (B) by an Approved Broker,
(C) with or without physical inspection of that Ship (as the Agent may require), and (D) on the basis of a sale for prompt delivery
for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer;

 

		(iii)	the purchase is on arm’s length commercial terms that are consistent with a standard Norwegian
Sale Form of sale contract or any equivalent sale form customarily used in the market for the sale and purchase of commercial vessels;

 

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		(iv)	the purchase price for the ship is funded solely from (A) Retained Equity Amounts retained by the
Borrower following the receipt of Equity, 75% of which has been prepaid in accordance with Clause 7.5(c) (Mandatory prepayment),
and/or (B) Retained Excess Cash Amounts retained by the Borrower following one or more Excess Cash Testing Dates in accordance
with Clause 7.5(d)(ii) (Mandatory prepayment), and in each case, to the extent such Retained Equity Amounts or Retained
Excess Cash Amounts have not previously been applied towards the purchase of an Additional Ship pursuant to this Clause 22.12 or
the payment of dividends or other redemptions, distributions or payments restricted under Clause 22.8 (Dividends);

 

		(v)	the Additional Ship is a Supramax vessel and the average age of the Ships will not increase as
a result of such purchase;

 

		(vi)	the Borrower shall notify the Agent, not less than 30 days prior to the proposed date of purchase
of (A) the name of such ship, (B) the age of such ship, (C) the identity of the current owner, (D) the identity of the Subsidiary
that will purchase such ship, and (E) the purchase price of such ship to be paid;

 

		(vii)	promptly upon request by the Agent, the Borrower shall provide to the Agent a copy of the relevant
Memorandum of Agreement and such other information concerning the proposed purchase as the Agent may reasonably request; and

 

		(viii)	such ship shall be purchased by a direct Wholly-Owned Subsidiary of the Borrower that is organized
under the laws of the Republic of the Marshall Islands (or such other jurisdiction as the Agent shall approve) and that shall become
an Additional Guarantor and shall grant security in respect of the Additional Ship in accordance with Clause 28.2 (Additional
Guarantors).

 

		22.13	Additional Guarantors

 

Subject to Clause 22.26 (Inactive
Subsidiaries), the Borrower shall procure that each of its Subsidiaries not party to this Agreement shall accede to this Agreement
as an Additional Guarantor and grant security in accordance with Clause 28.2 (Additional Guarantors).

 

		22.14	Accounts

 

		(a)	Subject to paragraph (d), no Obligor shall open or maintain any account with any bank or financial
institution other than the bank accounts listed in Schedule 17 and, in the case of an Additional Guarantor that has purchased an
Additional Ship, its Operating Account, and accounts with the Agent or Security Trustee for the purposes of the Finance Documents.

 

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		(b)	No Obligor shall make any withdrawal from any of the Operating Accounts except in accordance with
the Cash Pooling Deeds and except, so long as no Event of Default shall have occurred and be continuing, any amount credited to
an Operating Account shall be available to the relevant Obligor to pay (i) the reasonable operating expenses of its Ship, (ii)
the principal amount of the Loans, interest thereon and any other amounts payable to the Finance Parties hereunder or under the
other Finance Documents or the Master Agreements, (iii) the reasonable overhead, legal and other expenses of the Obligors, and
(iv) any dividends or distributions permitted under Clause 22.8 (Dividends).

 

		(c)	No Obligor shall transfer, or permit to be transferred on its behalf, any cash or cash equivalents
to the DBS Vickers Account.

 

		(d)	Eagle Chartering may transfer the aggregate balance of the DBS Vickers Account to a depository
other than DBS Vickers Securities (Singapore) Pte Ltd; provided that Eagle Chartering has provided at least 30 days
prior written notice of such transfer to the Agent.

 

		(e)	No Obligor shall transfer, or permit to be transferred on its behalf, any cash or cash equivalents
to the account listed in Part IV of Schedule 17 (Bank Accounts) (it being understood that such account is to be used solely
for the purpose of administering payments on behalf of the Delphin Group in connection with activities permitted under Clause 22.6(b)
(Change of Business), and that no property of any member of the Group shall be held in such account).

 

		22.15	Preservation of Corporate/Company Existence, Etc.

 

Each Obligor shall preserve
and maintain its corporate or company existence, as the case may be, as well as its material rights and franchises, and shall
not permit any amendment of its articles of incorporation, by-laws, certificate of formation, limited liability company agreement
or other relevant incorporation or constitutional documents, as the case may be, without giving the Agent prior written notice
of such proposed amendment. 

 

		22.16	Payment of Taxes

 

The Borrower will pay and discharge,
and will cause each of its Subsidiaries to pay and discharge, all material taxes, assessments and governmental charges or levies
imposed upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on which penalties attach
thereto, and all lawful claims which, if unpaid, might become a lien or charge upon any properties of the Borrower or any of its
Subsidiaries not otherwise permitted under Clause 22.3 (Negative pledge), provided that none of the Borrower or
any of its Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim which is being contested in good
faith and by appropriate proceedings if it has maintained adequate reserves with respect thereto in accordance with generally
accepted accounting principles.

 

		22.17	Use of Proceeds

 

		(a)	Each Obligor shall use the proceeds of the Revolving Loans solely for the purposes set forth in
the Clause 3 (Purpose).

 

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		(b)	No Obligor shall, directly or indirectly, use all or any part of the proceeds of any Loan, or lend,
make payments, contribute or otherwise make available all or part of such proceeds (or permit or authorize any of the foregoing
activities) to any Subsidiary, joint venture partner or other person to fund any activities or business with any Restricted Party
or in any other manner that could result in a violation by any person (including any person participating in the transaction, whether
as Lender, advisor, investor or otherwise) of Sanctions, which Sanctions are in effect at the time such use, lending, payment,
contribution, funding or making funds available.

 

		22.18	Transactions with Affiliates

 

No Obligor shall, and the Borrower
shall ensure that no other member of the Group will, enter into or become a party to any material transaction or arrangement with
any Affiliate (including, without limitation, the purchase from, sale to or exchange of property with, or the rendering of any
service by or for, any Affiliate), except pursuant to (i) the reasonable requirements of its business and upon terms which are
fair and reasonable and in its best interests, or (ii) existing arrangements heretofore disclosed to the Agent in writing and approved
by the Agent.

 

		22.19	Place of Business

 

No Guarantor shall establish
a place of business in the United States of America, the District of Columbia, the United States Virgin Islands, or any territory
or insular possession subject to the jurisdiction of the United States of America unless 60 days’ prior written notice of
such establishment is given to the Agent.

 

		22.20	Capital Stock

 

The Borrower shall not issue
any class of capital stock unless such stock is legally or effectively subordinated to the right of the Finance Parties to payment
of any and all amounts due to the Finance Parties under the Finance Documents and the Master Agreements.

 

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		22.21	ERISA

 

As soon as reasonably possible
and, in any event, within 10 days after the Borrower or any of its Subsidiaries or any ERISA Affiliate knows or has reason to know
of the occurrence of any of the following, the Borrower will deliver to the Agent, with sufficient copies for each of the Lenders,
a certificate of the chief financial officer of the Borrower setting forth the full details as to such occurrence and the action,
if any, that the Borrower, such Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices required
or proposed to be given to or filed with or by the Borrower, the Subsidiary, the ERISA Affiliate, the PBGC, a Plan participant
or the Plan administrator with respect thereto: that a Reportable Event has occurred (except to the extent that the Borrower has
previously delivered to the Agent a certificate and notices (if any) concerning such event pursuant to the next clause hereof);
that a contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan subject to Title IV of ERISA is subject to the
advance reporting requirement of PBGC Regulation Section 4043.61 (without regard to subparagraph (b)(1) thereof), and an event
described in subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 is reasonably expected to occur with
respect to such Plan within the following 30 days; that an unpaid minimum required contribution, within the meaning of Section
412 of the Code or Section 302 of ERISA, has been incurred or an application may be or has been made for a waiver or modification
of the minimum funding standard (including any required installment payments) or an extension of any amortization period under
Section 412 or 430(d) of the Code or Section 304 of ERISA with respect to a Plan; that any contribution required to be made with
respect to a Plan or Foreign Pension Plan has not been timely made and such failure could result in a material liability for the
Borrower or any of its Subsidiaries; that a Plan has been or may be reasonably expected to be terminated, reorganized, partitioned
or declared insolvent under Title IV of ERISA with a material amount of unfunded benefit liabilities; that a Plan (in the case
of a Multiemployer Plan, to the best knowledge of the Borrower or any of its Subsidiaries or ERISA Affiliates) has a material Unfunded
Current Liability; that proceedings may be reasonably expected to be or have been instituted by the PBGC to terminate or appoint
a trustee to administer a Plan which is subject to Title IV of ERISA; that a proceeding has been instituted pursuant to Section
515 of ERISA to collect a material delinquent contribution to a Plan; that the Borrower, any Subsidiary of the Borrower or any
ERISA Affiliate may be directly or indirectly liable for a violation of the applicable requirements of Section 404 or 405 of ERISA
or the exclusive benefit rule of under Section 401(a) of the Code by any fiduciary or disqualified person with respect to any Plan;
that the Borrower, any of its Subsidiaries or any ERISA Affiliate will or may reasonably expect to incur any material liability
(including any indirect, contingent, or secondary liability) to or on account of the termination of or withdrawal from a Plan under
Section 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or with respect to a Plan under Section 4971, 4975 or 4980 of the Code
or Section 409 or 502(i) or 502(l) of ERISA or with respect to a group health plan (as defined in Section 607(1) of ERISA or Section
4980B(g)(2) of the Code or 45 Code of Federal Regulations Section 160.103) under Section 4980B of the Code and/or the Health Insurance
Portability and Accountability Act of 1996; or that the Borrower, or any of its Subsidiaries may incur any material liability pursuant
to any employee welfare benefit plan (as defined in Section 3(1) of ERISA) that provides benefits to retired employees or other
former employees (other than as required by Section 601 of ERISA) or any Plan or any Foreign Pension Plan. Upon request, the Borrower
will deliver to the Agent with sufficient copies to the Lenders (i) a complete copy of the annual report (on Internal Revenue
Service Form 5500-series) of each Plan (including, to the extent required, the related financial and actuarial statements and opinions
and other supporting statements, certifications, schedules and information) required to be filed with the Internal Revenue Service
and (ii) copies of any records, documents or other information that must be furnished to the PBGC with respect to any Plan
pursuant to Section 4010 of ERISA. In addition to any certificates or notices delivered to the Lenders pursuant to the first sentence
hereof, copies of annual reports and any records, documents or other information required to be furnished to the PBGC, and any
notices received by the Borrower, any of its Subsidiaries or any ERISA Affiliate with respect to any Plan or Foreign Pension Plan
with respect to any circumstances or event that could reasonably be expected to result in a material liability shall be delivered
to the Lenders no later than ten (10) days after the date such annual report has been filed with the Internal Revenue Service or
such records, documents and/or information has been furnished to the PBGC or such notice has been received by the Borrower, such
Subsidiary or such ERISA Affiliate, as applicable.

 

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		22.22	Master Agreements; Hedging

 

The Borrower shall not without
the prior written consent of the Original Swap Bank, enter into any Master Agreement, including any Transaction, or agree to any
amendment or supplement to, or waive or fail to enforce, any Master Agreement or any of its provisions.

 

		22.23	Eagle Chartering

 

Anything
contained in this Agreement to the contrary notwithstanding:

 

		(a)	Eagle Chartering may charter in dry bulk vessels on a voyage charter or time charter basis solely
as is necessary to fulfill obligations under charters, contracts of affreightment or other employment arrangements entered into
which the Ships cannot reasonably fulfill; provided that:

 

		(i)	the aggregate market exposure of Eagle Chartering at any time in relation to vessels operated by
it (including any vessel chartered-in by Eagle Chartering under Material Contracts in effect as at the date of this Agreement)
shall not exceed $5,000,000. For the purpose of this Clause 22.23, the term “market exposure” means the difference
between (A) charter hire payable by Eagle Chartering, and (B) earnings contracted by way of physical contracts entered into by
Eagle Chartering or by way of freight derivative contracts entered into by Eagle Chartering, in each case, in respect of vessels
chartered in;

 

		(ii)	Eagle Chartering shall not charter in any vessel for a term (including any optional extensions)
which exceeds 9 months;

 

		(iii)	at any time, the number of vessels chartered in by Eagle Chartering shall not exceed 6, and the
aggregate deadweight tonnage of the chartered-in vessels shall not exceed 15% of the aggregate deadweight tonnage of the Ships;

 

		(iv)	Eagle Chartering may not charter in any vessel that is managed by any member of the Group pursuant
to paragraphs (b) or (c) of Clause 22.6 (Change of Business); and

 

		(v)	for the avoidance of doubt, Eagle Chartering shall not charter in any vessel except in circumstances
where the chartered-in vessel will be utilized at all times under employment arrangements that are in place at the time of entering
into the chartering contract.

 

		(b)	Eagle Chartering may enter into charters, contracts of affreightment, options and forward freight
agreements for the purpose of securing fixed income in relation to vessels chartered by Eagle Chartering, to the extent funded
from amounts held in the DBS Vickers Account.

 

		(c)	Eagle Chartering may enter into contracts to hedge exposure to fluctuations in exchange rates and
fuel prices in relation to the Ships and chartered-in vessels to the extent such hedging activity is funded from amounts held in
the DBS Vickers Account.

 

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		(d)	The Borrower shall supply to the Agent, (i) quarterly with each Compliance Certificate delivered
pursuant to Clause 19.2 (Compliance Certificate), and (ii) on request of the Agent at any time, a certificate signed by
the Borrower’s chief financial officer setting out the aggregate market exposure of Eagle Chartering.

 

		(e)	No Obligor shall make any loan or advance to, make any investment in, or enter into any working
capital maintenance or similar agreement with respect to Eagle Chartering, whether by acquisition of stock or indebtedness, by
loan, guarantee or otherwise (in this Clause 22.23(e), “financial assistance”), without the prior written consent
of the Majority Lenders; provided, however, the Borrower shall be permitted to make loans to Eagle Chartering so
long as (i) any such loans are made with cash in an aggregate amount not in excess of $10,000,000 (inclusive of amounts used to
fund the DBS Vickers Account), (ii) the management of the Borrower in good faith believe that, after giving effect to any such
loan, the Borrower shall be able to meet its payment obligations under this Agreement, and (iii) the proceeds any such loan shall
be used by Eagle Chartering for working capital purposes and solely in connection with activities permitted under Clause 22.6 (Change
of Business). The Agent shall use its best endeavors to procure a decision by Majority Lenders within 48 hours of its receipt
of any request for such consent.

 

		(f)	The Borrower shall cause Eagle Chartering:

 

		(i)	to have separate management distinct from the management of the Borrower or its other Affiliates,
and not to have as a director, officer or employee any person who is a director, officer or employee of the Borrower or its other
Affiliates (except that, so long as Eagle Chartering has not less than three directors, one of the directors of Eagle Chartering
may be an officer and/or employee of Eagle Shipping International (USA) LLC);

 

		(ii)	to have paid up share capital in an amount not less than $500,000;

 

		(iii)	to maintain all of its books, records, financial statements and bank accounts separate from those
of the Borrower and its other Affiliates; provided, however, that financial statements of Eagle Chartering may be
included in consolidated financial statements of the Borrower;

 

		(iv)	to enter into contracts in its own name for its own account as principal and not as agent for the
Borrower or its other Affiliates; provided, however, that any contract entered between Eagle Chartering on the one
hand and any of the Borrower and its other Affiliates on the hand shall be on terms which are fair and reasonable and substantially
similar to those that would be available on an arms-length basis between unrelated persons;

 

		(v)	to maintain its principal executive office in Singapore, and to utilize separate stationary, invoices
and checks bearing its own name;

 

		(vi)	to pay the salaries of its own employees from its own funds, and to maintain a sufficient number
of employees to conduct the business contemplated by this Clause 22.23;

 

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		(vii)	to maintain insurance with responsible companies against such risks as is customarily carried by
persons engaged in businesses similar to the business contemplated by this Clause 22.23;

 

		(viii)	to discharge from its own funds and assets all obligations of any kind incurred by it to the extent
such funds and assets are available for such discharge; and

 

		(ix)	to conduct in its own name the business contemplated by this Clause 22.23, and to hold itself out
to the public as a legal entity separate and distinct from any other person (including the Borrower and any other Affiliate of
the Borrower).

 

		22.24	Material Contracts

 

Except as permitted under Clause
22.6 (Change of Business), no Obligor shall, and the Borrower shall ensure that no other member of the Group will, execute,
amend or otherwise modify any Material Contract without in each case obtaining the prior written consent of the Majority Lenders.

 

		22.25	Additional collateral

 

Each Obligor shall take such
actions and execute such documents and instruments as may be necessary or reasonably requested by the Agent to create in favor
of the Security Trustee for the benefit of the Finance Parties a valid and perfected first priority lien on all of the personal
property assets of such Obligor as to which the Security Trustee does not have a perfected first priority lien, promptly, and in
any event within 30 days of acquiring such property.

  

		22.26	Inactive Subsidiaries

 

		(a)	The Borrower shall:

  

		(i)	Ensure that no Inactive Subsidiary shall have any assets or liabilities, except as disclosed to
the Agent in writing prior to the date of this Agreement;

 

		(ii)	Procure that each of the Inactive Subsidiaries shall be liquidated or dissolved on or before the
date falling three months after the date of this Agreement; and

 

		(iii)	Promptly, and in any event within five Business Days of the liquidation or dissolution of any Inactive
Subsidiary, provide evidence of such liquidation or dissolution to the Agent.

 

		(b)	The Borrower shall procure that any Inactive Subsidiary that is not liquidated or dissolved pursuant
to paragraph (a) shall accede to this Agreement as an Additional Guarantor pursuant to Clause 22.13 (Additional Guarantors).

 

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		22.27	Registration Statement

 

The Borrower must cause the Registration
Statement to be filed with the Securities and Exchange Commission, and any applicable fees payable in connection therewith to be
paid, on or before June 30, 2012.

 

		23	INSURANCE

 

The undertakings in this Clause
23 remain in force throughout the Security Period.

 

		23.1	Definitions

 

		(a)	In this Clause 23:

               
 

“excess risks” means, in relation to any Ship, the proportion of claims for general average, salvage
and salvage charges not recoverable under the hull and machinery policies in respect of that Ship in consequence of its insured
value being less than the value at which that Ship is assessed for the purpose of such claims.

               
 

“obligatory
insurances” means, in relation to any Ship, all insurances effected, or which the Guarantor which owns that Ship is
obliged to effect, under this Clause 23 or any other provision of this Agreement or of another Finance Document.

               
 

“policy”,
in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance
or its terms.

               
 

“protection
and indemnity risks” means the usual risks covered by a protection and indemnity association managed in London, including
pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are
not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 1 of the Institute Time
Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls)(1/11/1995) or the Institute Amended Running Down Clause
(1/10/71) or any equivalent provision.

           
 

“war
risks” includes the risk of mines and all risks excluded by clause 23 of the Institute Time Clauses (Hulls)(1/10/83)
or clause 24 of the Institute Time Clauses (Hulls) (1/11/1995).

 

		(b)	In this Clause 23, a reference to “approved” means approved in writing by the
Agent.

 

		23.2	Maintenance of obligatory insurances

 

Each
Guarantor shall keep the Ship owned by it insured at its expense against:

 

		(a)	fire and usual marine risks (including hull and machinery and excess risks);

 

		(b)	war risks;

 

		(c)	protection and indemnity risks; and

 

		(d)	any other risks against which the Agent considers, having regard to practices and other circumstances
prevailing at the relevant time, it would be commercially reasonable for that Guarantor to insure and which are specified by the
Agent by notice to that Guarantor, and, upon request of the Agent, such Guarantor shall assign any insurances for such other risks
to the Security Trustee as additional security.

 

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		23.3	Terms of obligatory insurances

 

Each Guarantor shall effect such
insurances in respect of the Ship owned by it:

 

		(a)	in Dollars;

 

		(b)	in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis
at least the greater of:

 

		(i)	when aggregated with the agreed values of all other Ships mortgaged to the Security Trustee as
security for the Loans, 120% of the aggregate of the outstanding Loans; and

 

		(ii)	the market value of the Ship owned by it;

 

		(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level
of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance
market;

 

		(d)	in the case of protection and indemnity risks, in respect of the full tonnage of the Ship owned
by it;

 

		(e)	on terms approved by the Agent (such approval not to be unreasonably withheld or delayed); and

 

		(f)	through brokers and with insurance companies and/or underwriters approved by the Agent or, in the
case of war risks and protection and indemnity risks, in war risks and protection and indemnity risks associations approved by
the Agent.

 

		23.4	Further protections for the Finance Parties

 

In addition to the terms set
out in Clause 23.3 (Terms of obligatory insurances), each Guarantor shall procure that the obligatory insurances effected
by it shall:

 

		(a)	in relation only to the obligatory insurances for fire and usual marine risks and war risks, name
(or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational
interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being
liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

 

		(b)	name the Security Trustee as loss payee in accordance with the form of loss payable clause set
out in Exhibit A to the Assignment of Insurances;

 

		(c)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the
Security Trustee shall, to the extent the applicable persons referred to in Clause 23.3(f) are willing to agree, be made without
set-off, counterclaim or deductions or condition whatsoever;

 

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		(d)	provide that such obligatory insurances shall be primary without right of contribution from other
insurances which may be carried by the Security Trustee or any other Finance Party; and

 

		(e)	provide that the Security Trustee may make proof of loss if the Guarantor concerned fails to do
so.

 

		23.5	Renewal of obligatory insurances

 

Each Guarantor shall:

 

		(a)	at least 14 days before the expiry of any obligatory insurance effected by it:

 

		(i)	notify the Agent of the brokers (or other insurers) and any protection and indemnity or war risks
association through or with which that Guarantor proposes to renew that obligatory insurance and of the proposed terms of renewal;
and

 

		(ii)	obtain the Agent’s approval to the matters referred to in paragraph (a) (i) above;

 

		(b)	at least 2 days before the expiry of any obligatory insurance effected by it, renew that obligatory
insurance in accordance with the Agent’s approval pursuant to paragraph (a) above; and

 

		(c)	procure that the approved brokers and/or the approved war risks and protection and indemnity associations
with which such a renewal is effected shall promptly after the renewal notify the Agent in writing of the terms and conditions
of the renewal.

 

		23.6	Copies of policies; letters of undertaking

 

Each Guarantor shall ensure that
all approved brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which
they are to effect or renew and of a letter or letters or undertaking in a form customary for the market from time to time.

 

		23.7	Copies of certificates of entry

 

Each Guarantor shall ensure that
any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provides the Security Trustee
with:

 

		(a)	a copy of the certificate of entry for that Ship; and

 

		(b)	a letter or letters of undertaking in the form customary for the market from time to time.

 

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		23.8	Deposit of original policies

 

Each Guarantor shall ensure that
all policies relating to obligatory insurances effected by it are deposited with the approved brokers through which the insurances
are effected or renewed.

 

		23.9	Payment of premiums

 

Each Guarantor shall punctually
pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts
when so required by the Agent or the Security Trustee.

 

		23.10	Guarantees

 

Each Guarantor shall ensure that
any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and
effect.

 

		23.11	Compliance with terms of insurances

 

No Guarantor shall do nor omit
to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid,
void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in
particular:

 

		(a)	each Guarantor shall take all necessary action and comply with all requirements which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 23.6 (Copies
of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications
to which the Agent has not given its prior approval;

 

		(b)	no Guarantor shall make any change relating to the classification or classification society or
manager or operator of the Ship owned by it which is not approved by the underwriters of the obligatory insurances;

 

		(c)	each Guarantor shall make (and promptly supply copies to the Agent of) all quarterly or other voyage
declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to
maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution
Act 1990 or any other applicable legislation); and

 

		(d)	no Guarantor shall employ the Ship owned by it, nor allow it to be employed, otherwise than in
conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and
complying with any requirements (as to extra premium or otherwise) which the insurers specify.

 

		23.12	Alteration to terms of insurances

 

No Guarantor shall either make
or agree to any alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance.

 

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		23.13	Settlement of claims

 

No Guarantor shall settle, compromise
or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and
provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time
become payable in respect of such obligatory insurances.

 

		23.14	Provision of information

 

Each Guarantor shall promptly
provide the Agent (or any persons which it may designate) with any information which the Agent (or any such designated person)
requests for the purpose of:

 

		(a)	obtaining or preparing any report from an independent marine insurance broker as to the adequacy
of the obligatory insurances effected or proposed to be effected; and/or

 

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 23.15 (Mortgagee’s
interest and additional perils insurances) or dealing with or considering any matters relating to any such insurances,

 

and the Borrower shall, forthwith
upon demand, indemnify the Security Trustee in respect of all fees and other expenses incurred by or for the account of the Security
Trustee in connection with any such report as is referred to in paragraph (a) above.

 

		23.15	Mortgagee’s interest and additional perils insurances

 

The Security Trustee shall (unless
otherwise instructed by the Majority Lenders) from time to time effect, maintain and renew in its own name in respect of each Ship
all or any of the following in an amount, together with the amount of such coverage in respect of all other Ships mortgaged to
the Security Trustee as security for the Loans, equal to one hundred twenty percent (120%) of the aggregate of the Loans, on such
terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate:

 

		(i)	a mortgagee’s interest marine insurance policy in respect of such Ship (which policy may
be issued solely in respect of such Ship or on a fleet basis in respect of all Ships mortgaged to the Security Trustee as security
for the Loans); and

 

		(ii)	a mortgagee’s interest additional perils policy providing for the indemnification of the
Security Trustee against any matter capable of being insured against under a mortgagee’s interest additional perils policy,
including (without limitation) any possible losses or other consequences of any Environmental Claim,

 

and the relevant Guarantor shall,
upon demand, fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection
with or with a view to effecting, maintaining or renewing any such insurance.

 

		24	SHIP COVENANTS

 

The undertakings in this Clause
24 remain in force throughout the Security Period.

 

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		24.1	Ships’ names and registration

 

Each Guarantor shall:

 

		(a)	keep the Ship owned by it registered in its name under the laws and flag of the Republic of The
Marshall Islands or an Alternative Approved Flag;

 

		(b)	not do or allow to be done anything as a result of which such registration might be cancelled or
imperilled; and

 

		(c)	not change the name of the Ship owned by it.

 

		24.2	Repair and classification

 

Each Guarantor shall keep the
Ship owned by it in a good and safe condition and state of repair:

 

		(a)	consistent with first-class ship ownership and management practice;

 

		(b)	so as to maintain the highest classification and rating for ships of the same age and type with
the Classification Society free of overdue recommendations and conditions affecting that Ship’s class; and

 

		(c)	so as to comply with all laws and regulations applicable to ships registered in the Republic of
the Marshall Islands (or, if applicable, the relevant Alternative Approved Flag) or to ships trading to any jurisdiction to which
that Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code.

 

		24.3	Modification

 

Except as may be required by
applicable law or the Classification Society, no Guarantor shall make any modification or repairs to, or replacement of, the Ship
owned by it or equipment installed on it which would or might materially alter the structure, type or performance characteristics
of that Ship or materially reduce its value.

 

		24.4	Removal of parts

 

No Guarantor shall remove any
material part of the Ship owned by it, or any item of equipment installed on, that Ship unless the part or item so removed is
forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed,
is free from any Security (other than Permitted Security) in favor of any person other than the Security Trustee and becomes on
installation on that Ship the property of the Guarantor concerned and subject to the security constituted by the relevant Mortgage;
provided that a Guarantor may install equipment owned by a third party if the equipment can be removed without any
risk of damage to the Ship owned by it.

 

		24.5	Surveys

 

Each Guarantor shall submit
the Ship owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so required
by the Agent provide the Agent, with copies of all survey reports. 

 

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		24.6	Inspection

 

Each Guarantor shall permit the
Security Trustee (acting through surveyors or other persons appointed by it for that purpose) to board the Ship owned by it at
all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all
proper facilities for such inspections.

 

		24.7	Prevention of and release from arrest

 

Each Guarantor shall promptly
discharge:

 

		(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable
against the Ship owned by it, its Earnings or Insurances;

 

		(b)	all taxes, dues and other amounts charged in respect of the Ship owned by it, its Earnings or Insurances;
and

 

		(c)	all other outgoings whatsoever in respect of the Ship owned by it, its Earnings or Insurances,

 

unless the same are being contested
in good faith, adequate reserves have been established on the books of such Guarantor respect thereto and there exists no danger
of arrest or forfeiture of the Ship by reason of the non-payment thereof and, forthwith upon receiving notice of the arrest of
the Ship owned by it, or of its detention in exercise or purported exercise of any lien or claim, that Guarantor shall procure
its release by providing bail or otherwise as the circumstances may require.

 

		24.8	Compliance with laws etc.

 

Each Guarantor shall:

 

		(a)	comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws, all relevant
Authorizations pursuant to Environmental Laws, Sanctions and all other laws or regulations relating to the Ship owned by it, its
ownership, operation and management or to the business of that Guarantor;

 

		(b)	without limiting the generality of paragraph (a) above, not employ the Ship owned by it nor allow
its employment in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM
Code and the ISPS Code, all Environmental Laws, all relevant Authorizations pursuant to Environmental Laws, and Sanctions;

 

		(c)	not engage in any conduct, nor employ the Ship owned by it nor allow its employment in any manner,
that could result in it, or the Ship, becoming a Restricted Party; and

 

		(d)	in the event of hostilities in any part of the world (whether war is declared or not), not cause
or permit the Ship owned by it to enter or trade to any zone which is declared a war zone by that Ship’s war risks insurers
unless the prior written consent of the Security Trustee has been given and that Guarantor has (at its expense) effected any special,
additional or modified insurance cover which the Security Trustee may require.

 

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		24.9	Provision of information

 

Each Guarantor shall promptly
provide the Agent with any information which it requests regarding:

 

		(a)	the Ship owned by it, its employment, position and engagements;

 

		(b)	the Earnings of the Ship owned by it and payments and amounts due to its master and crew;

 

		(c)	any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance
or repair of the Ship owned by it and any payments made by it in respect of that Ship;

 

		(d)	any towages and salvages;

 

		(e)	its compliance, the Approved Manager’s compliance and the compliance of the Ship owned by
it with the ISM Code and the ISPS Code,

 

and, upon the Agent’s request,
provide copies of any current charter relating to the Ship owned by it, of any current guarantee of any such charter and of that
Ship’s Safety Management Certificate and any relevant Document of Compliance or other Authorization.

 

		24.10	Notification of certain events

 

Each Guarantor shall immediately
upon acquiring knowledge thereof notify the Agent by fax, confirmed forthwith by letter, of:

 

		(a)	any casualty to the Ship owned by it which is or is likely to be or to become a Major Casualty;

 

		(b)	any occurrence as a result of which the Ship owned by it has become or is, by the passing of time
or otherwise, likely to become a Total Loss;

 

		(c)	any requirement or recommendation affecting class made in relation to the Ship owned by it by any
insurer or classification society or by any competent authority which is not complied with during the specified period given to
such Guarantor to comply with such requirement or recommendation;

 

		(d)	any arrest or detention of the Ship owned by it, any exercise or purported exercise of any lien
on that Ship or its Earnings or any requisition of that Ship for hire;

 

		(e)	any intended dry docking of the Ship owned by it (in respect of which notification by fax only
shall be required);

 

		(f)	(i) any actual or alleged non-compliance with Environmental Laws or with Authorizations pursuant
to Environmental Laws, (ii) any material notice received relating to Environmental Laws, (iii) any circumstances that arise whereby
any remedial action with respect to environmental, health or safety matters is reasonably likely to be required or (iv) any material
Environmental Claim or material Environmental Incident, and in each case such notice must include details of the steps such Obligor
is pursuing to remedy or mitigate any adverse impacts, and shall provide the Agent with periodic reports on the progress of any
remedy undertaken;

 

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		(g)	any claim for breach of the ISM Code or the ISPS Code being made against that Guarantor, the Approved
Manager or otherwise in connection with the Ship owned by it; or

 

		(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead
to the ISM Code or the ISPS Code not being complied with,

 

and that Guarantor shall keep
the Agent advised in writing on a regular basis and in such detail as the Agent shall require of that Guarantor’s, the Approved
Manager’s or any other person’s response to any of those events or matters.

 

		24.11	Restrictions on chartering, appointment of managers etc.

 

No Guarantor shall, in relation
to the Ship owned by it:

 

		(a)	let that Ship on demise charter for any period;

 

		(b)	enter into any time or consecutive voyage charter (other than an Approved Charter) in respect of
that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 24 months;

 

		(c)	enter into any charter in relation to that Ship under which more than 2 months’ hire (or
the equivalent) is payable in advance;

 

		(d)	charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship
is fixed;

 

		(e)	appoint a manager of that Ship other than an Approved Manager or agree to any alteration to the
terms of such Approved Manager’s appointment in any material respect;

 

		(f)	de-activate or lay up that Ship;

 

		(g)	put that Ship into the possession of any person for the purpose of work being done upon it unless
the expense of such work is within such Guarantor’s financial capability and will not result in a claim or lien against the
Ship in violation of this Agreement or any other Finance Document; or

 

		(h)	renew or extend the term of any Approved Charter with Korea Line Corporation of Seoul, Korea.

 

		24.12	Notice of Mortgage

 

Each Guarantor shall keep the
Mortgage recorded against the Ship owned by it as a valid first preferred mortgage, carry on board that Ship a certified copy of
the Mortgage and place and maintain in a conspicuous place in the navigation room and the master’s cabin of that Ship a framed
printed notice stating that that Ship is mortgaged by that Guarantor to the Security Trustee.

 

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		24.13	Sharing of Earnings

 

Except for a Cash Pooling Deed,
no Guarantor shall enter into any agreement or arrangement for the sharing of any Earnings of the Ship owned by it.

 

		25	APPLICATION OF EARNINGS; swap payments

 

		25.1	Payment of Earnings and Swap Payments

 

		(a)	Each Guarantor shall ensure that, subject only to the provisions of the Assignment of Earnings
to which it is a party, all the Earnings of the Ship owned by it are paid to its Operating Account.

 

		(b)	The Borrower shall ensure that, subject only to the provisions of any Master Agreement Assignment,
all payments by the relevant Swap Counterparty to the Borrower under each Designated Transaction are paid to the Collection Account.

 

		25.2	Location of accounts

 

Each Obligor shall promptly:

 

		(a)	comply with any requirement of the Agent as to the location or re-location of the Operating Accounts
and the Collection Account (or any of them); and

 

		(b)	execute any documents which the Agent specifies to create or maintain in favor of the Security
Trustee a Security over (and/or rights of set-off, consolidation or other rights in relation to) the Operating Accounts and the
Collection Account.

 

The Agent agrees it shall not
charge any Obligor for any cost or expense of any such re-location.

 

		26	Events of Default

 

Each of the events or circumstances
set out in Clauses 26.1 to 26.13 inclusive is an Event of Default.

 

		26.1	Non-payment

 

An Obligor does not pay on the
due date (or, in the case of sums expressed to be payable on demand, within 3 days of the Agent’s demand) any amount payable
pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless (i) its failure
to pay is caused by administrative or technical error, and (ii) payment is made within 3 Business Days of its due date.

 

		26.2	Financial covenants and Insurance

 

Any requirement of Clause 20
(Financial Covenants) or Clause 23 (Insurance) is not satisfied.

 

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		26.3	Other obligations

 

		(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred
to in Clause 26.1 (Non-payment) and Clause 26.2 (Financial Covenants and Insurance)).

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is, in the opinion
of the Agent, capable of remedy and is remedied within 15 days of the Agent giving notice to the Borrower or the Borrower becoming
aware of the failure to comply.

 

		26.4	Misrepresentation

 

Any representation or statement
made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor
under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when
made or deemed to be made.

 

		26.5	Cross default

 

		(a)	Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable
grace period.

 

		(b)	Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).

 

		(c)	Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor
of any Obligor as a result of an event of default (however described).

 

		(d)	Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor
due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 26.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than $500,000 (or its equivalent in
any other currency).

 

		26.6	Bankruptcy, Insolvency, Etc.

 

		(a)	Any Obligor shall:

 

		(i)	generally fail to pay, or admit in writing its inability to pay, its debts as they become due;

 

		(ii)	apply for, consent to, or acquiesce in, the appointment of a trustee, judicial manager, receiver,
sequestrator or other custodian for it or any of its property, or make a general assignment for the benefit of creditors;

 

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		(iii)	in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment
of a trustee, judicial manager, receiver, sequestrator or other custodian for it or for a substantial part of its property, and
such trustee, judicial manager, receiver, sequestrator or other custodian shall not be discharged within 45 days; provided that
each Obligor hereby expressly authorizes each Finance Party to appear in any court conducting any relevant proceeding during such
45-day period to preserve, protect and defend their respective rights under the Finance Documents;

 

		(iv)	permit or suffer to exist the commencement of any judicial management, bankruptcy, reorganization,
debt arrangement or other case or proceeding under any bankruptcy or insolvency law (including, for the avoidance of doubt, the
Singapore Companies Act), or any dissolution, winding up or liquidation proceeding, by or against such Obligor, and, if any such
case or proceeding is not commenced by such Obligor, such case or proceeding shall be consented to or acquiesced in by such Obligor
or shall result in the entry of an order for relief or shall remain for 45 days undismissed; provided that each Obligor
hereby expressly authorizes each Finance Party to appear in any court conducting any such case or proceeding during such 45-day
period to preserve, protect and defend their respective rights under the Finance Documents; or

 

		(v)	take any corporate action authorizing, or in furtherance of, any of the foregoing.

 

		(b)	The Minister (being the Minister for the purposes of Section 229 of the Singapore Companies Act)
declares an Obligor to be a company to which the provisions of Part IX of the Singapore Companies Act apply.

 

		26.7	Ownership of the Obligors

 

An Obligor (other than the Borrower)
is not or ceases to be a Wholly-Owned Subsidiary of the Borrower.

 

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		26.8	ERISA

 

		(a)	Any Plan shall fail to satisfy the minimum funding standard required for any plan year or part
thereof under Section 412 or 430 of the Code or Section 302 of ERISA or a waiver of such standard or extension of any amortization
period is sought or granted under Section 412 or 430(d) of the Code or Section 304 of ERISA, a Reportable Event shall have occurred,
a contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan subject to Title IV of ERISA shall be subject to
the advance reporting requirement of PBGC Regulation Section 4043.61 (without regard to subparagraph (b)(1) thereof) and an event
described in subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 shall be reasonably expected to occur
with respect to such Plan within the following 30 days, any Plan which is subject to Title IV of ERISA shall have had or is likely
to have a trustee appointed to administer such Plan, any Plan which is subject to Title IV of ERISA is, shall have been or is likely
to be terminated or to be the subject of termination proceedings under ERISA, any Plan shall have an Unfunded Current Liability,
a contribution required to be made with respect to a Plan or a Foreign Pension Plan has not been timely made, the Borrower, any
Subsidiary of the Borrower or any ERISA Affiliate has incurred or is likely to incur any liability for a violation of the applicable
requirements of Section 404 or 405 of ERISA or the exclusive benefit rule of under Section 401(a) of the Code by any fiduciary
or disqualified person with respect to any Plan, the Borrower or any Subsidiary of the Borrower or any ERISA Affiliate has incurred
or is likely to incur any liability to or on account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069,
4201, 4204 or 4212 of ERISA or Section 4971 or 4975 of the Code or on account of a group health plan (as defined in Section 607(1)
of ERISA, Section 4980B(g)(2) of the Code or 45 Code of Federal Regulations Section 160.103) under Section 4980B of the Code and/or
the Health Insurance Portability and Accountability Act of 1996, or the Borrower or any Subsidiary of the Borrower has incurred
or is likely to incur liabilities pursuant to one or more employee welfare benefit plans (as defined in Section 3(1) of ERISA)
that provide benefits to retired employees or other former employees (other than as required by Section 601 of ERISA) or Plans
or Foreign Pension Plans, a “default,” within the meaning of Section 4219(c)(5) of ERISA, shall occur with respect
to any Plan; any applicable law, rule or regulation is adopted, changed or interpreted, or the interpretation or administration
thereof is changed, in each case after the date hereof, by any governmental authority (a “Change in Law”), or,
as a result of a Change in Law, an event occurs following a Change in Law, with respect to or otherwise affecting any Plan;

 

		(b)	There shall result from any such event or events the imposition of a lien, the granting of a security
interest, or a liability or a material risk of incurring a liability; and

 

		(c)	Such lien, security interest or liability, individually, and/or in the aggregate, in the opinion
of the Majority Lenders, has had, or could reasonably be expected to have, a Material Adverse Effect.

 

		26.9	Unlawfulness

 

It is or becomes unlawful for
an Obligor to perform any of its obligations under the Finance Documents in any material respect.

 

		26.10	Repudiation

 

An Obligor repudiates a Finance
Document or evidences an intention to repudiate a Finance Document.

 

		26.11	Material adverse change

 

Any event occurs or any other
circumstances arise or develop including, without limitation, a change in the financial position, state of affairs or prospects
of the Borrower or its Subsidiaries in the light of which in the judgment of the Majority Lenders there is a significant risk that
the Borrower is, or will later become, unable to discharge its liabilities as they fall due.

 

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		26.12	Ranking of security

 

Any Security created by a Finance
Document (i) proves to have been or becomes invalid or unenforceable, (ii), in the case of any Mortgage, ceases to be a valid first
preferred mortgage under the Marshall Islands Maritime Act, 1990, as amended, or a first priority ship mortgage under the law of
any relevant Alternative Approved Flag, or (iii) in the case of any Finance Document other than a Mortgage, such Security proves
to have ranked after, or loses its priority to, other Security.

 

		26.13	Master Agreements

 

		(a)	an Event of Default (as defined in section 14 of a Master Agreement) occurs; or

 

		(b)	a Master Agreement is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases
to remain in full force and effect for any reason except with the consent of the Agent acting on instructions of the Majority Lenders.

 

		26.14	Acceleration

 

On and at any time after the
occurrence of an Event of Default, the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower:

 

		(a)	terminate the Total Commitments whereupon they shall immediately be terminated; and/or

 

		(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued
or outstanding under the Finance Documents, and any Note, be immediately due and payable, whereupon they shall become immediately
due and payable, without further notice, demand or presentment;

 

provided, however, that,
in the event of an Event of Default described in paragraphs (a)(ii) through (a)(iv) of Clause 26.6 (Bankruptcy, Insolvency,
Etc.) shall occur, (i) the Total Commitments shall automatically be terminated, and (ii) the Loans, together with accrued
interest, and all other amounts accrued or outstanding under the Finance Documents, shall automatically be and become immediately
due and payable, without notice or demand.

 

		26.15	Enforcement of security

 

On and at any time after the
occurrence of an Event of Default the Security Trustee may, and shall if so directed by the Majority Lenders, take any action which,
as a result of the Event of Default or any notice served under Clause 26.14 (Acceleration), the Security Trustee is entitled
to take under any Finance Document or any applicable law or regulation.

 

		26.16	Position of Swap Counterparties

 

Neither the Agent nor the Security
Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to the foregoing provisions
of this Clause 26, to have any regard to the requirements of a Swap Counterparty except to the extent that such Swap Counterparty
is also a Lender.

 

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SECTION
9

 

CHANGES
TO PARTIES

 

		27	Changes to the Lenders

 

		27.1	Assignments and transfers by the Lenders

 

Subject to this Clause 27, a
Lender (the “Existing Lender”) may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its rights and obligations,

 

to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing
or investing in loans, securities or other financial assets (the “New Lender”).

 

		27.2	Conditions of assignment or transfer

 

		(a)	An assignment will only be effective on receipt by the Agent of written confirmation from the New
Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance
Parties as it would have been under if it were an original Party to this Agreement as a Lender.

 

		(b)	A transfer will only be effective if the procedure set out in Clause 27.5 (Procedure for transfer)
is complied with.

 

		(c)	If:

 

		(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; and

 

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an
Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax
gross-up and indemnities) or Clause 13 (Increased Costs),

 

then the New Lender or Lender
acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing
Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.

 

		27.3	Assignment or transfer fee

 

The New Lender shall, on the
date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of $3,000.

 

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		27.4	Limitation of responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any
other documents;

 

		(ii)	the financial condition of any Obligor;

 

		(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or
any other documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance
Document or any other document,

 

and any representations or warranties
implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred
under this Clause 27; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or otherwise.

 

		27.5	Procedure for transfer

 

		(a)	Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer)
and Clause 27.6 (Register), a transfer is effected in accordance with paragraph (b) below when the Agent executes an otherwise
duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, as soon as reasonably
practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and
delivered in accordance with this Agreement, execute that Transfer Certificate.

 

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		(b)	On the Transfer Date:

 

		(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation
its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further
obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents
shall be cancelled (being the “Discharged Rights and Obligations”);

 

		(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire
rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender
have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

 

		(iii)	the Agent, the Security Trustee, the Arranger, the Bookrunner, the New Lender and other Lenders
shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the
New Lender been an original Party to this Agreement as a Lender with the rights and/or obligations acquired or assumed by it as
a result of the transfer and to that extent the Agent, the Security Trustee, the Arranger, the Bookrunner and the Existing Lender
shall each be released from further obligations to each other under the Finance Documents; and

 

		(iv)	the New Lender shall become a Party as a “Lender”.

 

		(c)	At the time of the delivery of such the Transfer Certificate to the Agent for acceptance and registration
of transfer of all or part of the Loan, or as soon thereafter as practicable, the Existing Lender shall surrender any Note evidencing
such Lender’s Loans, and upon the request of the New Lender or the Existing Lender, the Borrower will, at its expense, issue
one or more new Notes in the same aggregate principal amount issued to the Existing Lender and/or the New Lender in conformity
with the requirements of Clause 5.5 (Notes) (with appropriate modifications).

 

		27.6	Register

 

		(a)	The Borrower hereby designates the Agent to serve as the Borrower’s agent, solely for purposes
of this Clause 27 to maintain a register (the “Register”) on which it will record the Commitments from time
to time of each of the Lenders, the Loans made by each of the Lenders and each repayment and prepayment in respect of the principal
amount of the Loans of each Lender. Failure to make any such recordation, or any error in such recordation shall not affect the
Borrower’s obligations in respect of the Loans.

 

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		(b)	With respect to any Lender, the transfer of any Commitment of such Lender and the rights to the
principal of, and interest on, any Loan made pursuant to such Commitment shall not be effective until such transfer is recorded
on the Register maintained by the Agent with respect to ownership of such Commitment and Loan and prior to such recordation all
amounts owing to the transferor with respect to such Commitment and Loan shall remain owing to the transferor. The registration
of assignment or transfer of all or part of any Commitment and Loan shall be recorded by the Agent on the Register only upon the
execution by the Agent of a duly completed and delivered Transfer Certificate.

 

		(c)	The Borrower agrees to indemnify the Agent from and against any and all losses, claims, damages
and liabilities of whatsoever nature which may be imposed on, asserted against or incurred by the Agent in performing its duties
under this Clause 27.6, except to the extent caused by the Agent’s own gross negligence or willful misconduct.

 

		(d)	The Register shall be available for inspection by the Borrower or any Lender (with respect to such
Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice.

 

		27.7	Disclosure of information

 

		(a)	Any Finance Party may disclose to:

 

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors and partners;

 

		(ii)	and any other person:

 

		(1)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all
or any of its rights and obligations under this Agreement;

 

		(2)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation
in relation to, or any other transaction under which payments are to be made by reference to, this Agreement or any Obligor; or

 

		(3)	to whom, and to the extent that, information is required to be disclosed by any applicable law
or regulation,

 

any information about any Obligor,
the Group and the Finance Documents as that Lender shall consider appropriate if, in relation to paragraphs (ii)(2) and (3) above,
the person to whom the information is to be given has entered into a Confidentiality Undertaking. Any Lender may also disclose
the size and term of the Facilities and the name of each of the Obligors to any investor or a potential investor in a securitization
(or similar transaction of the broadly equivalent economic effect) of that Lender’s rights or obligations under the Finance
Documents.

 

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		(b)	Any Finance Party may disclose to any national or international numbering service provider appointed
by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more
Obligors the following information: (i) names of Obligors; (ii) country of domicile of Obligors; (iii) place of incorporation of
Obligors; (iv) date of this Agreement; (v) the names of the Agent and the Arranger; (vi) date of each amendment and restatement
of this Agreement; (vii) amount of Total Commitments; (viii) currencies of the Facilities; (ix) type of Facilities; (x) ranking
of Facilities; (xi) Termination Date for Facilities; (xii) changes to any of the information previously supplied pursuant to paragraphs
(i) to (xi) above; and (xiii) such other information agreed between such Finance Party and the Borrower, to enable such numbering
service provider to provide its usual syndicated loan numbering identification services.

 

		(c)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such number may
be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

		(d)	Each Obligor represents that none of the information set out in paragraphs (i) through (xiii) of
paragraph (b) above is, nor will at any time be, unpublished price-sensitive information.

 

		(e)	The Agent shall notify the Borrower and the other Finance Parties of:

 

		(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement,
the Facilities and/or one or more Obligors; and

 

		(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one
or more Obligors by such numbering service provider.

 

		27.8	Security over Lenders' rights

 

In addition to the other rights
provided to Lenders under this Clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any
time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central
bank; and

 

		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to
any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for
those obligations or securities,

 

except that no such charge, assignment
or Security shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

 

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		(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person
any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

 

		28	Changes to the Obligors

 

		28.1	Assignments and transfer by Obligors

 

Except as otherwise expressly
permitted by this Agreement, no Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance
Documents.

 

		28.2	Additional Guarantors

 

		(a)	A Subsidiary of the Borrower may become an Additional Guarantor if:

 

		(i)	the Borrower delivers to the Agent a duly completed and executed Accession Letter; and

 

		(ii)	the Agent has received all of the documents and other evidence listed in Part II of Schedule 2
(Conditions Precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

 

		(b)	The Agent shall notify the Borrower and the Lenders promptly upon being satisfied that it has received
(in form and substance satisfactory to it) all the documents and other evidence required under paragraph (a) above.

 

		28.3	Repetition of Representations

 

Delivery of an Accession Letter
constitutes confirmation by the relevant Subsidiary that the representations of the Obligors contained in Clauses 18.1 (Status),
18.2 (Binding obligations), 18.3 (Non-conflict with other obligations), 18.4 (Power and authority), 18.5
(Validity and admissibility in evidence), 18.6 (Governing law and enforcement) and 18.12 (Pari passu ranking)
are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then
existing.

 

		28.4	Resignation of a Guarantor

 

		(a)	The Borrower may request that a Guarantor ceases to be a Guarantor after the Ship owned by it has
been sold or becomes a Total Loss and the Borrower has complied with the provisions of Clause 7.5 (Mandatory prepayment)
by delivering to the Agent a Resignation Letter.

 

		(b)	The Agent shall accept a Resignation Letter and notify the Borrower and the Lenders of its acceptance
if:

 

		(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the
Borrower has confirmed this is the case); and

 

		(ii)	all the Lenders have consented to the Borrower’s request.

 

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		29	CHANGES TO SWAP BANKS

 

		29.1	Procedure for accession

 

The Original Swap Bank may,
with the consent of the Borrower which consent must not be unreasonably withheld, invite any Lender to become a Swap Bank (a “New
Swap Bank”). Such Lender shall become a New Swap Bank if:

 

		(a)	such Lender delivers to the Agent a duly completed and executed Swap Bank Accession Letter; and

 

		(b)	the Agent has received a copy of the Master Agreement made between the Borrower and such Lender.

 

		29.2	New Swap Bank

 

Upon receipt by the Agent of
the documents specified in Clause 29.1 (Procedure for accession) from a New Swap Bank:

 

		(a)	the Borrower, the Security Trustee, the Arranger, the Bookrunner, the Lenders, the Swap Banks and
the New Swap Bank shall acquire the same rights and assume the same obligations between themselves as they would have acquired
and assumed had the New Swap Bank been an original Party to this Agreement as a Swap Bank; and

 

		(b)	the New Swap Bank shall become a Party as a “Swap Bank”.

 

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SECTION
10

 

THE FINANCE
PARTIES

 

		30	Role of the SERVICING BANKS, the Arranger AND THE bOOKRUNNER

 

		30.1	Appointment of the Agent

 

		(a)	Each other Finance Party appoints the Agent to act as its agent under and in connection with the
Finance Documents.

 

		(b)	Each other Finance Party authorizes the Agent to exercise the rights, powers, authorities and discretions
specifically given to the Agent under, or in connection with, the Finance Documents together with any other incidental rights,
powers, authorities and discretions.

 

		30.2	Appointment of the Security Trustee

 

		(a)	Each other Finance Party irrevocably appoints and authorizes the Security Trustee to act as security
trustee hereunder and under the other Finance Documents (other than the Notes) with such powers as are specifically delegated to
the Security Trustee by the terms of this Agreement and such other Finance Documents, together with such other powers as are reasonably
incidental thereto.

 

		(b)	To secure the payment of all sums of money from time to time owing to the Finance Parties under
this Agreement, the other Finance Documents and the Master Agreements plus any amounts payable under the Master Agreements and
accrued interest thereon and all other amounts owing to the Finance Parties pursuant to this Agreement, the other Finance Documents
and the Master Agreements, and the performance of the covenants of the Borrower and any other Obligor herein and therein contained,
and in consideration of the premises and of the covenants herein contained and of the extensions of credit by the Lenders, the
Security Trustee does hereby declare that it will hold as such trustee in trust for the benefit of the other Finance Parties, from
and after the execution and delivery thereof, all of the Trust Property; TO HAVE AND TO HOLD the Trust Property unto the Security
Trustee and its successors and assigns forever BUT IN TRUST, NEVERTHELESS, for the equal and proportionate benefit and security
of the Lenders, the Swap Banks and the Agent and their respective successors and assigns without any priority of any one over any
other (except as provided in Clause 33.5 (Partial payments) of this Agreement), UPON THE CONDITION that, unless and until
an Event of Default under this Agreement shall have occurred and be continuing, each of the Obligors shall be permitted, to the
exclusion of the Security Trustee, to possess and use the Ships. IT IS HEREBY COVENANTED, DECLARED AND AGREED that all property
subject or to become subject hereto is to be held, subject to the further covenants, conditions, uses and trusts hereinafter set
forth, and each Obligor, for itself and its respective successors and assigns, hereby covenants and agrees to and with the Security
Trustee and its successors in said trust, for the equal and proportionate benefit and security of the other Finance Parties as
hereinafter set forth.

 

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		(c)	The Security Trustee hereby accepts the trusts imposed upon it as Security Trustee by this Agreement,
and the Security Trustee covenants and agrees to perform the same as herein expressed and agrees to receive and disburse all monies
constituting part of the Trust Property in accordance with the terms hereof.

 

		30.3	Duties of each Servicing Bank

 

		(a)	Each Servicing Bank shall promptly forward to a Party the original or a copy of any document which
is delivered to such Servicing Bank for that Party by any other Party.

 

		(b)	Except where a Finance Document specifically provides otherwise, neither Servicing Bank is obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(c)	If a Servicing Bank receives notice from a Party referring to this Agreement, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

 

		(d)	If a Servicing Bank is aware of the non-payment of any principal, interest, commitment fee or other
fee payable to a Finance Party (other than a Servicing Bank, the Arranger or the Bookrunner) under this Agreement it shall promptly
notify the other Finance Parties.

 

		(e)	Each Servicing Bank’s duties under the Finance Documents are solely mechanical and administrative
in nature.

 

		30.4	Roles of the Arranger and Bookrunner

 

Except as specifically provided
in the Finance Documents, neither the Arranger nor the Bookrunner has any obligation of any kind to any other Party under, or in
connection with, any Finance Document.

 

		30.5	No fiduciary duties

 

		(a)	Neither Servicing Bank shall have any duties or obligations to any person under this Agreement
or the other Finance Documents except to the extent that they are expressly set out in those documents; and neither Servicing Bank
shall have any liability to any person in respect of its obligations and duties under this Agreement or the other Finance Documents
except as expressly set out in Clauses 30.2 and 30.6, and as excluded or limited by Clauses 30.10, 30.11, 30.12 and 30.13.

 

		(b)	The provisions of Clause 30.5(a) shall apply even if, notwithstanding and contrary to Clause 30.5(a),
any provision of this Agreement or any other Finance Document by operation of law has the effect of constituting either Servicing
Bank as a fiduciary.

 

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		30.6	Application of receipts

 

Except as expressly stated to
the contrary in any Finance Document, any moneys which the Security Trustee receives or recovers and which are Trust Property
shall (without prejudice to the rights of the Security Trustee under any Finance Document to credit any moneys received or recovered
by it to any suspense account) be transferred to the Agent for application in accordance with Clause 33.2 (Distributions by
the Agent) and Clause 33.5 (Partial payments).

 

		30.7	Deductions from receipts

 

Before transferring any moneys
to the Agent under Clause 30.6 (Application of receipts), the Security Trustee may deduct any sum then due and payable
under this Agreement or any other Finance Document to the Security Trustee or any receiver, agent or other person appointed by
it and retain that sum for itself or, as the case may require, pay it to the other person to whom it is then due and payable;
for this purpose if the Security Trustee has become entitled to require a sum to be paid to it on demand, that sum shall be treated
as due and payable, even if no demand has yet been served.

 

		30.8	Agent and Security Trustee the same person

 

Where the same person is the
Security Trustee and the Agent, it shall be sufficient compliance with Clause 30.6 (Application of receipts) for the moneys
concerned to be credited to the account to which the Agent remits or credits the amounts which it receives from the Borrower under
this Agreement for distribution to the other Finance Parties.

 

		30.9	Business with the Group

 

The Agent, the Security Trustee,
the Arranger and the Bookrunner may accept deposits from, lend money to, and generally engage in any kind of banking or other business
with, any member of the Group.

 

		30.10	Rights and discretions of the Servicing Banks

 

		(a)	Each Servicing Bank may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorized; and

 

		(ii)	any statement made by an officer, authorized signatory or employee of any person regarding any
matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

		(b)	Each Servicing Bank may assume (unless it has received notice to the contrary in its capacity as
agent or, as the case may be, trustee for the other Finance Parties) that:

 

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.1
(Non-payment));

 

		(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been
exercised; and

 

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		(iii)	any notice or request made by the Borrower (other than a Utilization Request or Selection Notice)
is made on behalf of and with the consent and knowledge of all the Obligors.

 

		(c)	Each Servicing Bank may engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts.

 

		(d)	Each Servicing Bank may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	Each Servicing Bank may disclose to any other Party any information it reasonably believes it has
received as agent or security trustee under this Agreement.

 

		(f)	Without prejudice to the generality of paragraph (e) above, the Agent may disclose the identity
of a Defaulting Lender to the other Finance Parties and the Borrower and shall, as soon as reasonably practicable, disclose the
same upon the written request of the Borrower or the Majority Lenders.

 

		(g)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Servicing
Banks, the Arranger or the Bookrunner is obliged to do or omit to do anything if it would or might, in its reasonable opinion,
constitute a breach of any law or regulation or a breach of a duty of confidentiality.

 

		30.11	Majority Lenders’ instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, each Servicing Bank shall:

 

		(i)	exercise any right, power, authority or discretion vested in it as Agent or Security Trustee in
accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from
exercising any right, power, authority or discretion vested in it as Agent or Security Trustee), and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders.

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders will be binding on all the Finance Parties.

 

		(c)	Each Servicing Bank may refrain from acting in accordance with the instructions of the Majority
Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability
which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), each
Servicing Bank may act (or refrain from taking action) as it considers to be in the best interest of the relevant Finance Party
or Parties concerned.

 

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		(e)	Neither Servicing Bank is authorized to act on behalf of any other Finance Party (without first
obtaining that Finance Party’s consent) in any legal or arbitration proceedings relating to any Finance Document.

 

		30.12	Responsibility for documentation

 

None of the Servicing Banks,
the Arranger or the Bookrunner:

 

		(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral
or written) supplied by the Agent, the Security Trustee, the Arranger, the Bookrunner, an Obligor or any other person given in,
or in connection with, any Finance Document; or

 

		(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance
Document or any other agreement, arrangement or document entered into or made or executed in anticipation of, or in connection
with, any Finance Document.

 

		30.13	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below, neither Servicing Bank will be liable for any action taken
by it under, or in connection with, any Finance Document, unless directly caused by its gross negligence or wilful misconduct.

 

		(b)	No Party may take any proceedings against any officer, employee or agent of a Servicing Bank in
respect of any claim it might have against the Servicing Bank concerned or in respect of any act or omission of any kind by that
officer, employee or agent in relation to any Finance Document, and each officer, employee or agent of a Servicing Bank may rely
on this Clause subject to Clause 1.3 (Third party rights).

 

		(c)	A Servicing Bank will not be liable for any delay (or any related consequences) in crediting an
account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably
practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by it for
that purpose.

 

		30.14	Lenders’ indemnity to the Servicing Banks

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify each Servicing Bank, within 3 Business Days of demand, against any cost, loss or liability
incurred by the Servicing Bank concerned (otherwise than by reason of its gross negligence or wilful misconduct) in acting as Agent
or Security Trustee under the Finance Documents (unless the Agent or Security Trustee has been reimbursed by an Obligor pursuant
to a Finance Document).

 

		30.15	Resignation of a Servicing Bank

 

		(a)	A Servicing Bank may resign and appoint one of its Affiliates acting through an office in the United
Kingdom as successor by giving notice to the other Finance Parties and the Borrower.

 

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		(b)	Alternatively, a Servicing Bank may resign by giving notice to the other Finance Parties and the
Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent or Security Trustee.

 

		(c)	If the Majority Lenders have not appointed a successor Agent or Security Trustee in accordance
with paragraph (b) above within 30 days after notice of resignation was given, the Agent or Security Trustee (after consultation
with the Borrower) may appoint a successor Agent or Security Trustee (acting through an office in the United Kingdom).

 

		(d)	The retiring Agent or Security Trustee shall, at its own cost, make available to the successor
Agent or Security Trustee such documents and records and provide such assistance as the successor Agent or Security Trustee may
reasonably request for the purposes of performing its functions as Agent or Security Trustee under the Finance Documents.

 

		(e)	A Servicing Bank’s resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Servicing Bank shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 30. Its successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
been an original Party.

 

		(g)	After consultation with the Borrower, the Majority Lenders may, by notice to a Servicing Bank,
require it to resign in accordance with paragraph (b) above. In this event, the Servicing Bank shall resign in accordance with
paragraph (b) above.

 

		30.16	Confidentiality

 

		(a)	In acting as agent or, as the case may be, trustee for the Finance Parties, a Servicing Bank shall
be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or
departments.

 

		(b)	If information is received by a division or department of a Servicing Bank other than that division
or department responsible for complying with the obligations assumed by that Servicing Bank under the Finance Documents, that information
may be treated as confidential to that division or department, and the Servicing Bank concerned shall not be deemed to have notice
of it nor shall it be obliged to disclose such information to any Party.

 

		30.17	Relationship with the Lenders

 

		(a)	Each Servicing Bank may treat each Lender as a Lender entitled to payments under this Agreement
and acting through its Facility Office unless it has received not less than 5 Business Days prior notice from that Lender to the
contrary in accordance with the terms of this Agreement.

 

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		(b)	Each Lender shall supply the Agent with any information required by the Agent in order to calculate
the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost formula).

 

		30.18	Credit appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
each of the Servicing Banks, the Arranger and the Bookrunner that it has been, and will continue to be, solely responsible for
making its own independent appraisal and investigation of all risks arising under, or in connection with, any Finance Document
including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under, or in connection with, any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document; and

 

		(d)	the adequacy, accuracy and/or completeness of any other information provided by the either Servicing
Bank, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document.

 

		30.19	Reference Banks

 

If a Reference Bank ceases to
be a Lender, the Agent shall (in consultation with the Borrower) appoint another Lender to replace that Reference Bank.

 

		30.20	Servicing Bank’s management time

 

Any amount payable to the Agent
or the Security Trustee under Clause 14.3 (Indemnity to the Agent and the Security Trustee), Clause 16 (Costs and expenses)
and Clause 30.14 (Lenders’ indemnity to the Servicing Banks) shall include the cost of utilizing the Agent’s
or the Security Trustee’s management time or other resources and will be calculated on the basis of such reasonable daily
or hourly rates as the Agent or the Security Trustee may notify to the Borrower and the Lenders, and is in addition to any fee
paid or payable to the Agent or the Security Trustee under Clause 11 (Fees).

 

		30.21	Deduction from amounts payable by a Servicing Bank

 

If any Party owes an amount to
either Servicing Bank under the Finance Documents, such Servicing Bank may, after giving notice to that Party, deduct an amount
not exceeding that amount from any payment to that Party which such Servicing Bank would otherwise be obliged to make under the
Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance
Documents that Party shall be regarded as having received any amount so deducted.

 

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		30.22	Full freedom to enter into transactions

 

Notwithstanding any rule of law
or equity to the contrary, each Servicing Bank shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting the Borrower or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to the Borrower or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by the Borrower or any such other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, each Servicing
Bank shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to applicably law) any
information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such
dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit
all profits and benefits derived from the dealings transactions or other matters.

 

		31	Conduct of business by the Finance Parties

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise)
or any computations in respect of Tax.

 

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		32	Sharing among the Finance Parties

 

		32.1	Payments to Finance Parties

 

If a Finance Party (a “Recovering
Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 33 (Payment
mechanics) and applies that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Finance Party shall, within 3 Business Days, notify details of the receipt or recovery,
to the Agent;

 

		(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance
with Clause 33 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall, within 3 Business Days of demand by the Agent, pay to the Agent
an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines
may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 33.5 (Partial
payments).

 

		32.2	Redistribution of payments

 

The Agent shall treat the Sharing
Payment as if it had been paid by the relevant Obligor and distribute it among the Finance Parties (other than the Recovering
Finance Party) in accordance with Clause 33.5 (Partial payments).

 

		32.3	Recovering Finance Party’s rights

 

		(a)	On a distribution by the Agent under Clause 32.2 (Redistribution of payments), the Recovering
Finance Party will be subrogated to the rights of the Finance Parties which have shared in the redistribution.

 

		(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under
paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment
which is immediately due and payable.

 

		32.4	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

		(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause
32.2 (Redistribution of payments) shall, upon request of the Agent, pay to the Agent for account of that Recovering Finance
Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse
that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is
required to pay); and

 

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		(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall
be cancelled and the relevant Obligor will be liable to the reimbursing Finance Party for the amount so reimbursed.

 

		32.5	Exceptions

 

		(a)	This Clause 32 shall not apply to the extent that the Recovering Finance Party would not, after
making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

 

		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which
the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

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SECTION
11

 

ADMINISTRATION

 

		33	Payment mechanics

 

		33.1	Payments to the Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account with such bank as the Agent specifies.

 

		33.2	Distributions by the Agent

 

Each payment received by the
Agent under the Finance Documents for another Party shall, subject to Clause 33.3 (Distributions to an Obligor) and Clause
33.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment
in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party
may notify to the Agent by not less than 5 Business Days’ notice with a bank in the principal financial center of the country
of that currency.

 

		33.3	Distributions to an Obligor

 

The Agent may (with the consent
of the Obligor or in accordance with Clause 34 (Set-off)) apply any amount received by it for that Obligor in or towards
payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied.

 

		33.4	Clawback

 

		(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been
able to establish to its satisfaction that it has actually received that sum.

 

		(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not
actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by
the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date
of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

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		33.5	Partial payments

 

		(a)	Except as otherwise provided in Clause 7.5 (Mandatory prepayment), if the Agent receives
a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents and
the Master Agreements, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents and
the Master Agreements in the following order:

 

		(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent
under the Finance Documents;

 

		(ii)	second, in or towards payment pro rata of any accrued interest (other than Capitalized Interest)
or commission due but unpaid under this Agreement;

 

		(iii)	third, in or towards payment pro rata of any principal due but unpaid under this Agreement
(other than any PIK Loans);

 

		(iv)	fourth, in or towards payment pro rata of any PIK Loans that are due but unpaid;

 

		(v)	fifth, in or towards payment pro rata of any other sum due but unpaid under the Finance
Documents; and

 

		(vi)	sixth, in or towards payment pro rata of the Swap Exposure of each Swap Counterparty (calculated
as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date
occurred on the date of application or distribution hereunder);

 

		(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii)
to (v) above; provided that no amount may be applied towards payment of any PIK Loans until the Term Loans and any Revolving
Loans have been paid in full.

 

		33.6	No set-off by Obligors

 

All payments to be made by an
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim.

 

		33.7	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

		33.8	Currency of account

 

		(a)	Subject to paragraphs (b) to (c) below, Dollars is the currency of account and payment for any
sum due from an Obligor under any Finance Document.

 

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		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or Taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than Dollars shall be paid in that other
currency.

 

		34	Set-off

 

A Finance Party may set off any
matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against
any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency
of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market
rate of exchange in its usual course of business for the purpose of the set-off.

 

		35	Notices

 

		35.1	Communications in writing

 

Any communication to be made
under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

 

		35.2	Addresses

 

The address and fax number (and
the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or
document to be made or delivered under or in connection with the Finance Documents are:

 

		(a)	in the case of the Borrower, that identified with its name below;

 

		(b)	in the case of each Original Guarantor, in care of the Borrower;

 

		(c)	in the case of each Original Lender, that identified with its name below;

 

		(d)	in the case of the Original Swap Bank, that identified with its name below;

 

		(e)	in the case of each New Lender, each New Swap Bank or any other Obligor, that notified in writing
to the Agent on or before the date on which it becomes a Party;

 

		(f)	in the case of the Agent, that identified with its name below; and

 

		(g)	in the case of the Security Trustee, that identified with its name below,

 

or any substitute address, fax
number, or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change
is made by the Agent) by not less than 5 Business Days’ notice.

 

		35.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

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		(i)	if by way of fax, when received in legible form; or

 

		(ii)	if by way of letter, when it has been left at the relevant address or 5 Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address;

 

and, if a particular department
or officer is specified as part of its address details provided under Clause 35.2 (Addresses), if addressed to that department
or officer.

 

		(b)	Any communication or document to be made or delivered to the Agent or the Security Trustee will
be effective only when actually received by the Agent or the Security Trustee and then only if it is expressly marked for the attention
of the department or officer identified with the Agent’s or the Security Trustee’s signature below (or any substitute
department or officer as the Agent or the Security Trustee shall specify for this purpose).

 

		(c)	All notices from or to an Obligor shall be sent through the Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause
will be deemed to have been made or delivered to each of the Obligors.

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d)
above, after 5.00p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		35.4	Notification of address and fax number

 

Promptly upon receipt of notification
of an address and fax number or change of address, or fax number pursuant to Clause 35.2 (Addresses) or changing its own
address or fax number, the Agent shall notify the other Parties.

 

		35.5	English language

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

 

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		36	Calculations and certificates

 

		36.1	Accounts

 

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance
Party are prima facie evidence of the matters to which they relate.

 

		36.2	Certificates and determinations

 

Any certification or determination
by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

 

		36.3	Day count convention

 

Any interest, commission or fee
accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market
practice.

 

		37	Partial invalidity

 

If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		38	Remedies and waivers

 

No failure to exercise, nor any
delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver,
nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other
right or remedy. The rights and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or remedies
provided by law.

 

		39	Amendments and waivers

 

		39.1	Required consents

 

		(a)	Subject to Clause 39.2 (Exceptions) any term of the Finance Documents may be amended or
waived only with the consent of the Majority Lenders and the Obligors and any such amendment or waiver will be binding on all Parties.

 

		(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this
Clause.

 

		39.2	Exceptions

 

		(a)	An amendment or waiver that has the effect of changing or which relates to:

 

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		(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions);

 

		(ii)	a postponement of the date of payment of any amount under the Finance Documents;

 

		(iii)	a reduction in the Margin or the amount of any payment of principal, interest, fees or commission
payable;

 

		(iv)	an increase in or extension of any Commitment, including any waiver of the conditions to the extension
of the Termination Date set forth in Clause 6.4(a) (Extension of Termination Date);

 

		(v)	a change to the Borrower or Guarantors other than in accordance with Clause 28 (Changes to the
Obligors);

 

		(vi)	any provision which expressly requires the consent of all the Lenders; or

 

		(vii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 27 (Changes to the
Lenders) or this Clause 39;

 

shall not be made without the
prior consent of all the Lenders.

 

		(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Trustee,
the Arranger or the Bookrunner may not be effected without the consent of the Agent, the Security Trustee, the Arranger or the
Bookrunner.

 

		(c)	Any amendment or waiver of the requirements set forth in Clause 20 (Financial covenants),
and any amendment or wavier of Clause 26.2 (Financial covenants and Insurance) that relates to a breach of Clause
20 (Financial covenants), shall not be made without the consent of the Majority Lenders, provided that the consent of at
least three Lenders that are not Affiliates of each other to such amendment or waiver has been obtained.

 

		39.3	Disenfranchisement of Defaulting Lenders

 

		(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the Majority Lenders; or

 

		(ii)	whether:

 

		(1)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments;
or

 

		(2)	the agreement of any specified group of Lenders,

 

has
been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents,

 

that Defaulting Lender’s
Commitments will be reduced by the amount of its Available Commitment and, to the extent that that reduction results in that Defaulting
Lender’s Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs
(i) and (ii) above.

 

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		(b)	For the purposes of this Clause 39.3, the Agent may assume that the following Lenders are Defaulting
Lenders:

 

		(i)	any Lender which has notified the Agent that it has become a Defaulting Lender;

 

		(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to
in paragraphs (a), (b), or (c) of the definition of “Defaulting Lender” has occurred,

 

unless it has received notice
to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent
is otherwise aware that the Lender has ceased to be a Defaulting Lender.

 

		39.4	Excluded Commitments

 

If any Defaulting Lender fails
to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote
of Lenders under the terms of this Agreement within 3 Business Days (unless the Borrower and the Agent agree to a longer time period
in relation to any request) of that request being made:

 

		(a)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when
ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained
to approve that request; and

 

		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement
of any specified group of Lenders has been obtained to approve that request.

 

		40	Counterparts

 

Each Finance Document may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document.

 

		41	eNTIRE AGREEMENT

 

This Agreement and the Schedules
and Exhibits hereto, together with the Mandate Letter, embody the entire agreement between the Parties relating to the subject
matter hereof and supersede all prior agreements, representations and understandings, if any, relating to such subject matter;
provided, that in case of any conflict between this Agreement and the Mandate Letter, the provisions of this Agreement
shall prevail.

 

 

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SECTION
12

 

GOVERNING
LAW AND ENFORCEMENT

 

		42	Governing law

 

THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE IN THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

		43	Enforcement

 

		43.1	Jurisdiction

 

		(a)	EACH OBLIGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
NONEXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK CITY,
AND ANY APPELLATE COURT THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OBLIGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL
COURT. EACH OBLIGOR AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. SUBJECT TO THE FOREGOING AND TO PARAGRAPH (b) BELOW,
NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT AGAINST ANY OTHER PARTY HERETO IN THE COURTS OF ANY JURISDICTION.

 

		(b)	EACH OBLIGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY
AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY NEW YORK STATE OR FEDERAL COURT AND THE DEFENSE OF AN INCONVENIENT FORUM TO
THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL
PROCESS WITH RESPECT TO ITSELF OR ITS PROPERTY.

 

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		43.2	Service of process

 

EACH OBLIGOR AGREES THAT SERVICE
OF PROCESS MAY BE MADE ON IT BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT,
ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO ITS ADDRESS SPECIFIED IN CLAUSE 35.2 (Addresses),
OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE LAWS IN EFFECT IN THE STATE OF NEW YORK.

 

		43.3	Waiver of Jury Trial

 

EACH OF THE OBLIGORS AND THE
FINANCE PARTIES 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 ANY OF THE FINANCE DOCUMENTS, THE LOANS OR THE ACTIONS OF THE FINANCE PARTIES
IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

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SECTION
13

 

MISCELLANEOUS

 

		44	WAIVERS, RELEASES AND CONFIRMATIONS

 

		44.1	Certain waivers

 

With effect on the Effective
Date:

 

		(a)	The Framework Period, to the extent not already expired or terminated, shall terminate;

 

		(b)	The Majority Lenders shall:

 

		(i)	permanently waive the requirement to report on compliance with clause 20.1 (Minimum Adjusted Net
Worth) of the Original Credit Agreement for the Accounting Periods ending March 31, 2011, June 30, 2011, September 30, 2011, December
31, 2011 and March 31, 2012;

 

		(ii)	permanently waive any Defaults or Events of Default that were the subject of a temporary waiver
during the Framework Period pursuant to clause 8.1(c)-(h) of the Sixth Amendatory Agreement; and

 

		(iii)	permanently waive any Event of Default arising from any breach of clause 20.1 (Minimum Adjusted
Net Worth) of the Original Credit Agreement that may have occurred as result of any failure to maintain Adjusted Net Worth (as
defined in the Original Credit Agreement) at the prescribed level during the Accounting Periods ended September 30, 2011, December
31, 2011 and March 31, 2012 (it being acknowledged that the Borrower and the Lenders disagreed as to the interpretation of clause
20.1 (Minimum Adjusted Net Worth) of the Original Credit Agreement and in the Borrower’s opinion, no such Event of Default
occurred).

 

		44.2	Confirmations

 

		(a)	This Agreement and the Finance Documents to be issued pursuant to this
Agreement will not extinguish the obligations of the Borrower arising under the Original Credit Agreement, nor does this transaction
constitute a novation of the Original Credit Agreement and Original Security Documents. This Agreement and the Finance Documents
are intended to amend, restate, restructure, renew, extend and modify the Original Credit Agreement and the Original Security Documents.

 

		(b)	The Borrower and the Existing Guarantors acknowledge and agree that (i) all
liens evidenced by the Original Credit Agreement and the Original Security Documents are hereby ratified, confirmed and continued,
(ii) the amendment and restatement of the Original Credit Agreement pursuant to this Agreement shall not constitute a regrant of
the Existing Security, (ii) the Existing Security shall remain in full force and effect after giving effect to this Agreement,
and (iii) the Existing Security extends to the Guaranteed Obligations as amended pursuant to this Agreement.

 

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		44.3	Release of Finance Parties and related parties

 

Each member of the Group shall
voluntarily and knowingly release, hold harmless, and forever discharge each of the Finance Parties and each of the Finance Parties’
predecessors, agents, shareholders, partners, directors, officers, employees, representatives, professionals and their respective
successors and assigns (the “Released Parties”) from all possible claims, demands, actions, causes of action,
damages, costs or expenses, and liabilities whatsoever, known or unknown, anticipated or unanticipated, suspected or unsuspected,
fixed, contingent, or conditional, at law or in equity, originating in whole or in part on or before the Effective Date which
any member of the Group may now or hereafter have against any of the Released Parties and irrespective of whether any such claims
arise out of contract, tort, violation of law or regulations, or otherwise, including, without limitation, the exercise of any
rights and remedies under the Finance Documents and the Master Agreements, and the negotiation and execution of this Agreement.

 

		44.4	Released Guarantors

 

With effect from the Effective
Date, each of the Released Guarantors shall be released from its obligations as a Guarantor under the Original Credit Agreement.

 

This Agreement has
been entered into on the date stated at the beginning of this Agreement.

 

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SCHEDULES 

 

SCHEDULE 1

THE ORIGINAL PARTIES

 

PART I

 

THE BORROWER

 

	Name of Borrower	 	Place of Incorporation	 	Registration number
	Eagle Bulk Shipping Inc.	 	Marshall Islands	 	14155

  

PART II

 

THE ORIGINAL GUARANTORS

Existing Guarantors

 

		(a)	Existing Guarantors that are owners of the Ships

 

	Name of Guarantor	 	Place of Formation	 	Registration number
	Avocet Shipping LLC	 	Marshall Islands	 	961535
	Bittern Shipping LLC	 	Marshall Islands	 	961510
	Canary Shipping LLC	 	Marshall Islands	 	961511
	Cardinal Shipping LLC	 	Marshall Islands	 	960647
	Condor Shipping LLC	 	Marshall Islands	 	960610
	Crane Shipping LLC	 	Marshall Islands	 	961536
	Crested Eagle Shipping LLC	 	Marshall Islands	 	961008
	Crowned Eagle Shipping LLC	 	Marshall Islands	 	961009
	Egret Shipping LLC	 	Marshall Islands	 	961537
	Falcon Shipping LLC	 	Marshall Islands	 	960609
	Gannet Shipping LLC	 	Marshall Islands	 	961584
	Golden Eagle Shipping LLC	 	Marshall Islands	 	960908
	Goldeneye Shipping LLC	 	Marshall Islands	 	961351
	Grebe Shipping LLC	 	Marshall Islands	 	961585
	Harrier Shipping LLC	 	Marshall Islands	 	960611
	Hawk Shipping LLC	 	Marshall Islands	 	960608
	Ibis Shipping LLC	 	Marshall Islands	 	961586
	Imperial Eagle Shipping LLC	 	Marshall Islands	 	960909
	Jaeger Shipping LLC	 	Marshall Islands	 	960845
	Jay Shipping LLC	 	Marshall Islands	 	961654
	Kestrel Shipping LLC	 	Marshall Islands	 	960846
	Kingfisher Shipping LLC	 	Marshall Islands	 	961655
	Kite Shipping LLC	 	Marshall Islands	 	960635
	Kittiwake Shipping LLC	 	Marshall Islands	 	960847
	Martin Shipping LLC	 	Marshall Islands	 	961656
	Merlin Shipping LLC	 	Marshall Islands	 	960723
	Nighthawk Shipping LLC	 	Marshall Islands	 	961842
	Oriole Shipping LLC	 	Marshall Islands	 	960848
	Osprey Shipping LLC	 	Marshall Islands	 	960634
	Owl Shipping LLC	 	Marshall Islands	 	961886
	Peregrine Shipping LLC	 	Marshall Islands	 	960646
	Petrel Shipping LLC	 	Marshall Islands	 	961146
	Puffin Shipping LLC	 	Marshall Islands	 	961147
	Redwing Shipping LLC	 	Marshall Islands	 	961354
	Roadrunner Shipping LLC	 	Marshall Islands	 	961148
	Sandpiper Shipping LLC	 	Marshall Islands	 	961149
	Shrike Shipping LLC	 	Marshall Islands	 	961010
	Skua Shipping LLC	 	Marshall Islands	 	961011
	Sparrow Shipping LLC	 	Marshall Islands	 	960636
	Stellar Eagle Shipping LLC	 	Marshall Islands	 	961061
	Tern Shipping LLC	 	Marshall Islands	 	960850
	Thrasher Shipping LLC	 	Marshall Islands	 	961512
	Thrush Shipping LLC	 	Marshall Islands	 	961781
	Woodstar Shipping LLC	 	Marshall Islands	 	961391
	Wren Shipping LLC	 	Marshall Islands	  	961353

 

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		(b)	Other Existing Guarantors

 

	Name of Guarantor	 	Place of Formation	 	Registration number
	Agali Shipping S.A.	 	Marshall Islands	 	22708
	Eagle Bulk Pte. Ltd.	 	Singapore	 	201014311N
	Griffon Shipping LLC	 	Marshall Islands	 	960644
	Heron Shipping LLC	 	Marshall Islands	 	960722
	Kampia Shipping S.A.	 	Marshall Islands	 	22441
	Marmaro Shipping S.A.	 	Marshall Islands	 	22711
	Mesta Shipping S.A.	 	Marshall Islands	 	22440
	Mylos Shipping S.A.	 	Marshall Islands	 	22709
	Nagos Shipping S.A.	 	Marshall Islands	 	22799
	Rahi Shipping S.A.	 	Marshall Islands	 	22710
	Sirikari Shipping S.A.	 	Marshall Islands	 	22707
	Spilia Shipping S.A.	 	Marshall Islands	 	23053

 

New Guarantors

 

	Name of Guarantor	 	Place of Formation	 	Registration number
	Anemi Maritime Services S.A.	 	Liberia	 	C-107667
	Eagle Bulk (Delaware) LLC	 	Delaware	 	4205214
	Eagle Management Consultancy Pte. Ltd.	 	Singapore	 	201014812W
	Eagle Management Consultants LLC	 	Delaware	 	4697620
	Eagle Ship Management LLC	 	Delaware	 	4697618
	Eagle Shipping International (USA) LLC	 	Marshall Islands	  	960607

 

PART III

 

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Revolving Facility 
Commitment (US$)	 	 	Term Facility 
Commitment (US$)	 
	The Royal Bank of Scotland plc	 	 	13,750,000	 	 	 	776,516,635.14	 
	WestLB AG, London Branch	 	 	1,875,000	 	 	 	105,888,632.06	 
	Bank of China Limited, London Branch	 	 	1,250,000	 	 	 	70,592,421.37	 
	Lloyds TSB Bank plc	 	 	1,250,000	 	 	 	70,592,421.37	 
	Santander Asset Finance plc	 	 	937,500	 	 	 	52,944,316.03	 
	Sumitomo Mitsui Banking Corporation	 	 	625,000	 	 	 	35,296,210.68	 
	Crédit Industriel et Commercial	 	 	312,500	 	 	 	17,648,105.34	 
	Total	 	 	20,000,000	 	 	 	1,129,478,742	 

 

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SCHEDULE 2

CONDITIONS PRECEDENT

 

PART I

CONDITIONS PRECEDENT TO EFFECTIVENESS

 

		1.	Original Obligors

 

		(a)	A copy of the constitutional documents of each Original Obligor (in the case of any Original Obligor
the interests in which will be pledged to the Security Trustee under the Pledge Agreement, reflecting such amendments as may be
required by the Security Trustee in connection with the Pledge Agreement).

 

		(b)	A copy of a resolution of the board of directors or sole member, as appropriate, of each Original
Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents and all other
documents, instruments and agreements contemplated to be entered into in connection with this Agreement (the “Transaction
Documents”) to which it is a party and resolving that it execute the Transaction Documents to which it is a party;

 

		(ii)	authorizing a specified person or persons to execute the Transaction Documents to which it is a
party on its behalf; and

 

		(iii)	authorizing a specified person or persons, on its behalf, to sign and/or deliver all documents
and notices (including, if relevant, any Utilization Request and Selection Notice) to be signed and/or delivered by it under, or
in connection with, the Transaction Documents to which it is a party.

 

		(c)	A specimen signature of each person authorized by the resolution referred to in paragraph (b) above.

 

		(d)	In the case of each Original Guarantor incorporated under the laws of Singapore, a copy of a resolution
of the sole member or sole shareholder, as appropriate, of such Original Guarantor, approving the terms of, and the transactions
contemplated by, the Transaction Documents to which such Original Guarantor is a party.

 

		(e)	A certificate issued by the appropriate authority in the jurisdiction of incorporation or formation
of each Original Obligor confirming its valid existence in good standing in such jurisdiction as at a date no earlier than 3 business
days prior to the Effective Date.

 

		(f)	A certificate of an authorized signatory of the relevant Original Obligor certifying that each
copy document relating to it specified in this Part 1 of Schedule 2 is correct, complete and in full force and effect as at a date
no earlier than the date of this Agreement.

 

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		(g)	A written confirmation from the Borrower as to which individuals are authorized to execute and
deliver Selection Notices.

 

		2.	Transaction Documents

 

		(a)	A duly executed original of:

 

		(i)	this Agreement;

 

		(ii)	if requested by any Lender, a Note in form appropriate for such Lender;

 

		(iii)	a General Security Agreement from each Original Obligor;

 

		(iv)	the Pledge Agreement;

 

		(v)	a General Account Charge in respect of each account listed in Part II of Schedule 17 (Bank Accounts)
by the relevant Obligor in whose name the account is held;

 

		(vi)	Amendment and Restatement of First Preferred Marshall Islands Mortgage in respect of each Ship;

 

		(vii)	the Warrant Agreement;

 

		(viii)	the Registration Rights Agreement;

 

		(ix)	any Fee Letter to be entered into in connection with this Agreement;

 

		(x)	amended swap documentation to the extent required;

 

		(xi)	the Confirmation Agreement; and

 

		(xii)	such other amendments to the Original Security Documents as the Agent may reasonably request.

 

		3.	Legal opinions

 

A favorable legal opinion from
lawyers appointed by the Borrower and acceptable to the Agent on such matters concerning the laws of New York, the federal laws
of the United States, the laws of the Republic of the Marshall Islands, the laws of Singapore, English law, and the laws of the
Republic of Liberia and such other relevant jurisdictions as the Agent may require, including, without limitation, with respect
to the Warrant Agreement and the Registration Rights Agreement.

 

		4.	Other documents and evidence

 

		(a)	A corporate structure chart in respect of the Group certified by the chief financial officer of
the Borrower as true, complete and correct as at the Effective Date.

 

		(b)	Evidence that the warrant certificates to be issued pursuant to the Warrant Agreement have been
issued by the Borrower and delivered to each Lender or its nominee.

 

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		(c)	Evidence that the Borrower has finalized the Registration Statement, including any exhibits thereto,
in form and substance satisfactory to the Agent, subject only to the review and approval of the Borrower’s auditor.

 

		(d)	A copy of each Approved Charter described in Part II of Schedule 12.

 

		(e)	A copy of each Material Contract described in Schedule 18.

 

		(f)	The Original Financial Statements of the Borrower and its Subsidiaries.

 

		(g)	Such documents and evidence in respect of any New Guarantor as each Lender shall require based
on applicable laws and regulations and that Lender’s own internal guidelines, relating to that Lender’s knowledge of
its customers.

 

		(h)	Evidence of the completion of all other recordings and filings of, or with respect to, the Transaction
Documents executed in connection with this Agreement that the Agent may deem necessary or desirable in order to perfect and protect
the Security created thereby, including under the Uniform Commercial Code of New York (or such other jurisdiction where any Original
Obligor and/or any collateral may be located), and including evidence that the Amendment and Restatement of First Preferred Marshall
Islands Mortgage in respect of each Ship described in paragraph 2(a)(vi) above has been duly recorded against such Ship in accordance
with the laws of the Marshall Islands.

 

		(i)	Evidence that any process agent referred to in any Finance Document has accepted its appointment
(including confirmation that the appointment of any process agent in respect of each Original Security Document remains valid and
in effect).

 

		(j)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees)
and Clause 16 (Costs and expenses) have been paid or will be paid by the Effective Date.

 

		(k)	Evidence that any interest, fees, costs and expenses payable by the Borrower under the Original
Credit Agreement have been paid or will be paid by the Effective Date.

 

		(l)	Evidence, in form and substance satisfactory to the Agent, of the assets and liabilities of each
Inactive Subsidiary.

 

		(m)	Evidence that any stamp duty payable under the laws of Singapore in connection with the Finance
Documents has been paid.

 

		(n)	A copy of any other Authorization or other document, opinion or assurance which the Agent considers
to be necessary (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions
contemplated by any Finance Document or for the validity and enforceability of any Transaction Document.

 

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PART II

CONDITIONS PRECEDENT FOR ADDITIONAL GUARANTORS

 

		1.	An Accession Letter, duly executed by the Additional Guarantor and the Borrower.

 

		2.	Documents respecting such Additional Guarantor specified mutatis mutandis in Clause 1 of
Part 1 of this Schedule 2.

 

		3.	Such documents and evidence in respect of the Additional Guarantor as each Lender shall require
based on applicable laws and regulations and that Lender’s own internal guidelines, relating to that Lender’s knowledge
of its customers.

 

		4.	If the Additional Guarantor is to purchase an Additional Ship:

 

		(a)	A copy of the relevant Memorandum of Agreement;

 

		(b)	A certificate of an officer of the Borrower certifying that each copy document specified in this
Clause 4 of Part II of this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date
of the Accession Letter;

 

		(c)	Evidence that the Additional Guarantor has duly opened an Operating Account and has delivered to
the Agent all resolutions, signature cards and other documents or evidence required in connection with the opening, maintenance
and operation of such Operating Account;

 

		(d)	A duly executed original of each of the following documents, in each case, substantially in the
form executed in connection with the Existing Ships:

 

		(i)	a Cash Pooling Deed by the Borrower and the Additional Guarantor relating to the Operating Account
of the Additional Guarantor;

 

		(ii)	an Account Charge by the Additional Guarantor;

 

		(iii)	a Mortgage on the Additional Ship;

 

		(iv)	an Assignment of Earnings on the Additional Ship;

 

		(v)	an Assignment of Insurances on the Additional Ship, together with a Notice of Assignment attached
thereto;

 

		(vi)	a Pledge Agreement in respect of the Borrower’s interests in the Additional Guarantor;

 

		(vii)	a Letter Agreement by the Borrower and the Additional Guarantor in respect of the Security Interest
Deed; and

 

		(viii)	a Approved Manager’s Undertaking from each Approved Manager in respect of the Additional
Ship;

 

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		(e)	Documentary evidence that the Additional Ship:

 

		(i)	has been unconditionally delivered by the relevant seller to the Additional Guarantor in accordance
with all the terms of the relevant Memorandum of Agreement, warranted free and clear of all liens, and the relevant seller has
been paid in full under the terms of the relevant Memorandum of Agreement;

 

		(ii)	is definitively and permanently registered in the name of the Additional Guarantor under Marshall
Islands flag or an Alternative Approved Flag, and that the relevant Mortgage has been duly recorded against the Additional Ship
in accordance with the laws of the Marshall Islands or, if applicable, the relevant Alternative Approved Flag;

 

		(iii)	is in the absolute and unencumbered ownership of the Additional Guarantor except as contemplated
by the Finance Documents;

 

		(iv)	maintains the highest classification and rating for ships of the same age and type class with the
relevant Classification Society, free of all overdue recommendations and conditions of such Classification Society; and

 

		(v)	is insured in accordance with this Agreement and all requirements therein in respect of insurances
have been complied with;

 

		(f)	Documents establishing that the Additional Ship will, as from the date of the Accession Letter,
be managed by an Approved Manager on terms acceptable to the Agent, together with:

 

		(i)	copies of the Approved Manager’s Document of Compliance and of the Additional Ship’s
Safety Management Certificate (together with any other details of the applicable Safety Management System which the Agent requires);
and

 

		(ii)	a copy of the ISPS Code Certificate of the Additional Ship; and

 

		(g)	A favorable opinion from an independent insurance consultant acceptable to the Agent on such matters
relating to the insurances for the Additional Ship as the Agent may require; and

 

		(h)	A valuation of any relevant Additional Ship and each other Ship addressed to the Agent dated not
earlier than 21 days before the date of the Accession Letter, from an Approved Broker.

 

		5.	A duly executed original of:

 

		(a)	a General Security Agreement from the Additional Guarantor;
and

 

		(b)	a General Account Charge in respect of each account held by the Additional Guarantor (other than,
if applicable, such Additional Guarantor’s Operating Account).

 

		6.	Favorable legal opinions from lawyers appointed by the Borrower and acceptable to the Agent on
such matters concerning the laws of New York and the Republic of the Marshall Islands and such other relevant jurisdictions as
the Agent may require.

 

    	135

    	 

    

 

		7.	Evidence of the completion of all other recordings and filings of, or with respect to, the Finance
Documents executed in connection with the Accession Letter that the Agent may deem necessary or desirable in order to perfect and
protect the Security created thereby, including under the Uniform Commercial Code of New York (or such other jurisdiction where
the Additional Guarantor and/or any of its collateral may be located).

 

		8.	Evidence that any process agent referred to in any Finance Document executed in connection with
the Accession Letter has accepted its appointment.

 

		9.	A copy of any other Authorization or other document, opinion or assurance which the Agent considers
to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of
the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document.

 

		10.	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees)
and Clause 16 (Costs and expenses) have been paid.

 

    	136

    	 

    

 

SCHEDULE 3

REQUESTS

 

PART I

UTILIZATION REQUEST

 

		From:	Eagle Bulk Shipping Inc.

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		Dated:	__________

Dear Sirs

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Utilization Request. Terms defined in the Agreement have the
same meaning in this Utilization Request unless given a different meaning in this Utilization Request.

 

		2.	We wish to borrow a Loan on the following terms:

	 	 
	Proposed Utilization Date:	__________ (or, if that is not a Business Day, the next Business Day)
	Facility to be utilized	Revolving Facility
	 	 
	Amount:	__________ or, if less, the Available Facility
	 	 
	Interest Period:	__________

 

		3.	The Loan is for the following working capital purposes: [provide details].

 

		4.	We confirm that each condition specified in Clause 4.2 (Conditions precedent to Utilization)
of the Agreement is satisfied on the date of this Utilization Request, except for the delivery of the certificate specified in
Clause 4.2(d) of the Credit Agreement as to which appropriate arrangements for delivery have been made.

 

		5.	The proceeds of this Loan should be credited to [account].

 

		6.	This Utilization Request is irrevocable.

	 	EAGLE BULK SHIPPING INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	137

    	 

    

 

PART II

SELECTION NOTICE

 

		From:	Eagle Bulk Shipping Inc.

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		Dated:	__________

 

Dear Sirs

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the
same meaning in this Selection Notice unless given a different meaning in this Selection Notice.

 

		2.	We refer to the following Loan(s) with
                                                          an Interest Period ending on __________.*

 

		3.	[We request that the above Loans[s]
                                                          be divided into __________ Loans with the following amounts and Interest
                                                          Period:]**

 

or

 

[We request that the next Interest
Period for the above Loan[s] be __________].

 

		4.	This Selection Notice is irrevocable.

 

	 	EAGLE BULK SHIPPING INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

 

* Insert details of all Loans which have an Interest
Period ending on the same date.

** Use this portion if division of Loans is requested.

 

    	138

    	 

    

 

SCHEDULE 4

MANDATORY COST FORMULA

 

		1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance
with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority
which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

 

		2.	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate,
as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs
set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates
(weighted in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage
rate per annum.

 

		3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member
State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its notice
to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in
all Loans made from that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect
of loans made from that Facility Office.

 

		4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will
be calculated by the Agent as follows:

 

	E x 0.01	  per cent. per annum
	300

 

Where:

 

		E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by
the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to paragraph
7 below and expressed in pounds per £1,000,000.

 

		5.	For the purposes of this Schedule:

 

		(a)	“Special Deposits” has the meaning given to it from time to time under or pursuant
to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

 

		(b)	“Fees Rules” means the rules on periodic fees contained in the Financial Services
Authority Fees Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for
the acceptance of deposits;

 

		(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity
group A.l Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account
any applicable discount rate);

 

    	139

    	 

    

 

		(d)	“Participating Member State” means any member state of the European Union that
adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to European
Monetary Union; and

 

		(e)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance
with, the Fees Rules.

 

		6.	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication
by the Financial Services Authority, supply to the Agent, the rate of charge payable by that Reference Bank to the Financial Services
Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated
for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial
year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank.

 

		7.	Each Lender shall supply any information required by the Agent for the purpose of calculating its
Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information on or prior to
the date on which it becomes a Lender:

 

		(a)	the jurisdiction of its Facility Office; and

 

		(b)	any other information that the Agent may reasonably require for such purpose.

 

Each Lender shall promptly notify
the Agent of any change to the information provided by it pursuant to this paragraph.

 

		8.	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the
Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender
notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are
the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its
Facility Office.

 

		9.	The Agent shall have no liability to any person if such determination results in an Additional
Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any Lender
or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects.

 

		10.	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to
the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and each
Reference Bank pursuant to paragraphs 3, 6 and 7 above.

 

		11.	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory
Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and binding
on all Parties.

 

		12.	The Agent may from time to time, after consultation with the Borrower and the Lenders, determine
and notify to all Parties any amendments which are required to be made to this Schedule in order to comply with any change in law,
regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European
Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall,
in the absence of manifest error, be conclusive and binding on all Parties.

 

    	140

    	 

    

 

SCHEDULE 5

FORM OF TRANSFER CERTIFICATE

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		From:	[Existing Lender] (the “Existing Lender”) and [New Lender] (the
“New Lender”)

 

		Dated:	__________

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have
the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

 

		2.	We refer to Clause 27.5 (Procedure for transfer) of the Agreement:

 

		(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
by novation all or part of the Existing Lender's Commitment(s), rights and obligations referred to in the Schedule to this Transfer
Certificate in accordance with Clause 27.5 (Procedure for transfer) of the Agreement.

 

		(b)	The proposed Transfer Date is __________.

 

		(c)	The Facility Office and address, fax number and attention details for notices of the New Lender
for the purposes of Clause 35.2 (Addresses) of the Agreement are set out in the Schedule.

 

		3.	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set
out in paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders) of the Agreement.

 

		4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		5.	This Transfer Certificate shall be governed by, and construed in accordance with, the laws applicable
in the State of New York (without regard to conflicts of law principles law).

 

    	141

    	 

    

 

THE SCHEDULE

 

Commitment(s)/rights and obligations
to be transferred

 

[insert relevant details]

[Facility Office address, fax number and attention details for notices and account details for payments.]

 

	[Existing Lender]	 	[New Lender]
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Title:	 	Title:

 

This Transfer Certificate is
accepted by the Agent and the Transfer Date is confirmed as __________.

 

	 	THE ROYAL BANK OF SCOTLAND PLC, as Agent
	 	 	 
	 	By:	_____________________________
	 	 	Name:
	 	 	Title:

 

    	142

    	 

    

 

SCHEDULE 6

FORM OF ACCESSION LETTER

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		From:	[Subsidiary] and Eagle Bulk Shipping Inc.

 

		Dated:	__________

 

Dear Sirs

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the
same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

 

		2.	[Subsidiary] agrees to become an Additional Guarantor and to be bound by the terms of the
Agreement as an Additional Guarantor pursuant to Clause 28.2 (Additional Guarantors) of the Agreement. [Subsidiary]
is a [corporation/limited liability company] duly [incorporated/formed] under the laws of [the Republic of the Marshall
Islands].

 

		3.	[Subsidiary’s] administrative details are as follows:

 

		Address:	   _____________________________________________

 

		Fax No:	 

 

		Attention:	 

 

		4.	This Accession Letter shall be governed by, and construed in accordance with, the laws applicable
in the State of New York (without regard to conflicts of law principles law).

 

    	143

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Accession Letter to be duly executed and delivered as of the date first written above.

 

	 	EAGLE BULK SHIPPING INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[SUBSIDIARY]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC, as Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC, as Security Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	144

    	 

    

 

SCHEDULE 7

 

FORM OF RESIGNATION LETTER

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		From:	[resigning Obligor] and Eagle Bulk Shipping Inc.

 

		Dated:	__________

 

Dear Sirs

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the
same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

 

		2.	Pursuant to Clause 28.4 (Resignation of a Guarantor) of the Agreement, we request that [resigning
Obligor] be released from its obligations as a Guarantor under the Agreement.

 

		3.	We confirm that:

 

		(a)	no Default is continuing or would result from the acceptance of this request;

 

		(b)	[[resigning Obligor] has sold its Ship - or - [resigning Obligor]’s Ship has
become a Total Loss]; and

 

		(c)	The Borrower has complied with the provisions of Clause 7.5 (Mandatory Prepayment).

 

		4.	This Resignation Letter shall be governed by, and construed in accordance with, the laws applicable
in the State of New York (without regard to conflicts of law principles law).

 

	 	EAGLE BULK SHIPPING INC.	[resigning Obligor]
	 	 	 
	 	By:	 	 	By:	 	 
	 	Name:	Name:
	 	Title:	Title:

 

    	145

    	 

    

 

 

SCHEDULE 8

 

FORM OF COMPLIANCE CERTIFICATE

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		From:	Eagle Bulk Shipping Inc.

 

		Dated:	__________

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have
the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

 

		2.	The undersigned hereby certifies as of the date hereof that he/she is the Chief Financial Officer
of the Borrower and that, as such, he/she is authorized to execute and deliver this Certificate to the Agent on behalf of the Borrower,
and that:

 

[Use following paragraph (a) for fiscal
year-end financial statements]

 

		(a)	Attached hereto as Schedule 1 are the year-end audited financial statements required by
Clause 19.1(a) of the Agreement for the fiscal year of the Borrower and its Subsidiaries ended as of the above date, together with
the certification of an independent certified public accountant. Such financial statements fairly present the financial condition,
results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such
period, subject only to normal year-end adjustments.

 

[Use following paragraph (a) for fiscal
quarter-end financial statements]

 

		(a)	Attached hereto as Schedule 1 are the unaudited financial statements required by Clause 19.1(b)
of the Agreement for the fiscal quarter of the Borrower and its Subsidiaries ended as of the above date. Such financial statements
fairly present the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance
with GAAP as at such date and for such period, subject only to normal year-end adjustments.

 

		(b)	A review of the activities of the Obligors during such fiscal period has been made under the supervision
of the undersigned with a view to determining whether during such fiscal period the Obligors performed and observed all their respective
obligations under the Finance Documents, and

 

[select one]

 

[no Default or Event of Default
exists on the date of this Certificate.]

 

[or]

 

    	146

    	 

    

 

[the following sets forth the
details of each Default or Event of Default that has occurred and is continuing, and the action which the Borrower is taking or
proposes to take with respect thereto:]

 

		3.	As at the date of this Certificate, the Obligors are in compliance with the financial covenants
set forth in Clause 20 (Financial Covenants) and the requirements of Clause 22.23(a) (Eagle Chartering) of the Agreement.

 

		4.	The financial covenant analyses and information set forth on Schedule 2 attached hereto
are true and accurate on and as of the date of this Certificate.

 

		5.	Attached hereto as Schedule 3 is a valuation of each Ship made by an Approved Broker indicating
the market value of such Ship.

 

IN WITNESS WHEREOF, the undersigned has
executed this Certificate as of __________.

 

	 	 
	 	[Name]
	 	Chief Financial Officer

 

The undersigned, the Chief Executive Officer
of the Borrower, hereby certify that:

 

		1.	[Name] is the duly elected and qualified Chief Financial Officer of the Borrower and the
signature above is his/her genuine signature.

 

		2.	The certifications made by [Name] above are true and correct.

 

IN WITNESS WHEREOF, the undersigned has
executed this Certificate as of ________.

 

	 	 
	 	[Name]
	 	Chief Executive Officer

 

    	147

    	 

    

 

 

For the Quarter/Year ended ___________________(“Statement
Date”)

 

Schedule 2

to the Compliance Certificate

 

[Include those of the following ratios
that are to be tested for the relevant Account Period for which the Compliance Certificate is delivered.]

 

	I.	Clause 20.1 (Leverage Ratio).	 	 	 	 
	 	 	 	 	 	 
	 	A.	Term Loans at Statement Date:1	 	$	 	 
	 	 	 	 	 	 	 
	 	B.	EBITDA for the Accounting Period ending on the Statement Date:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	net income of Borrower and Subsidiaries:	 	$	 	 
	 	 	 	 	 	 	 	 
	 	 	2.	less income or plus loss from extraordinary and unusual items:	 	$	 	 
	 	 	 	 	 	 	 	 
	 	 	3.	plus Interest Charges:	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	a.	all interest incurred by any Group member, including commitment fees and net amounts payable under interest rate hedge agreements:	 	$ 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	b.	amortization of deferred financing costs, including amendment fees, work fees and extension fees:	 	$ 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	4.	plus income taxes:	 	$ 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	5.	plus depreciation:	 	$ 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	6.	less income or plus charges for amortization (including the amortization of amounts recorded as fair value below/above contract value of time charters acquired on the income statements of the Borrower and its Subsidiaries):	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	7.	plus non-cash management and Board of Directors incentive compensation expenses:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	8.	Total EBITDA for the Accounting Period ending on the Statement Date:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	C.	EBITDA for previous three Accounting Periods:	 	 	 	 

 

 

1 To be provided by the Agent. 

 

    	148

    	 

    
 

	 	 	1.	Total EBITDA for Accounting Period ending on [insert date]:	 	$ 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	2.	Total EBITDA for Accounting Period ending on [insert date]:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	3.	Total EBITDA for Accounting Period ending on [insert date]:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	D.	Total EBITDA for consecutive four Accounting Periods ending on the Statement Date (sum of I.B.8, I.C.1, I.C.2 and I.C.3): 	 	$ 	 	 
	 	 	 	 	 	 	 
	 	E.	Ratio (Line I.A to Line I.D):	 	 	: 1	 
	 	 	 	 	 	 	 
	 	F.	Maximum permitted ratio:	 	 	: 1	 
	 	 	 	 	 	 	 
	II.	Clause 20.2 (Minimum Interest Coverage Ratio).	 	 	 	 
	 	 	 	 	 	 
	 	A.	EBITDA for the consecutive four Accounting Periods ending on the Statement Date (see I.D above):	 	$ 	 	 
	 	 	 	 	 	 	 
	 	B.	Cash Interest Expenses for the Accounting Period ending on the Statement Date:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	Interest Charges (see I.B.3 above):	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	2.	less Capitalized Interest:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	3.	less amortization of deferred financing costs (including amendment fees, work fees and extension fees):	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	4.	Total Cash Interest Expenses:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	C.	Cash Interest Expenses for previous three Accounting Periods:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1. Cash Interest Expenses for Accounting Period ending on [insert date]: 	 	$	 	 
	 	 	 	 	 	 	 
	 	 	2. Cash Interest Expenses for Accounting Period ending on [insert date]: 	 	$	 	 
	 	 	 	 	 	 	 
	 	 	3. Cash Interest Expenses for Accounting Period ending on [insert date]: 	 	$	 	 
	 	 	 	 	 	 	 
	 	D.	Total Cash Interest Expenses for the consecutive four Accounting Periods ending on the Statement Date (sum of II.B.4, II.C.1, II.C.2 and II.C.3):	 	$ 	 	 
	 	 	 	 	 	 	 
	 	E.	Ratio (Line II.A to Line II.D):	 	 	: 1	 

 

    	149

    	 

    
 

	 	F.	Minimum required ratio:	 	 	: 1	 
	 	 	 	 	 	 	 
	III.	Clause 20.3 (Minimum Liquidity).	 	 	 	 
	 	 	 	 	 	 
	 	A.	Free cash at Statement Date:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	Free cash in accounts with Agent:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	2.	plus unutilized Revolving Facility:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	3.	Total liquidity:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	B.	Minimum required liquidity at Statement Date:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	Number of Ships owned x $500,000	 	$ 	 	 
	 	 	 	 	 	 	 	 
	IV.	Clause 20.4 (Collateral Coverage Ratio).	 	 	 	 
	 	 	 	 	 	 
	 	A.	Term Loans and Swap Exposure at Statement Date2:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	Term Loans:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	2.	Swap Exposure:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	3.	Total:	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	B.	Security Value at Statement Date:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	Market Value of Ships:3	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	C.	Ratio (Line IV.A.3 divided by Line IV.B.1):	 	 		%
	 	 	 	 	 	 	 
	 	D.	Maximum permitted ratio:	 	 		%
	 	 	 	 	 	 	 
	V.	Clause 22.23(a) (Eagle Chartering).	 	 	 	 
	 	 	 	 	 	 
	 	A.	Aggregate market exposure of Eagle Chartering as at Statement Date:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.	Charter hire payable by Eagle Chartering: 	 	$ 	 	 
	 	 	 	 	 	 	 	 
	 	 	2.	Earnings contracted by way of physical contracts entered into by Eagle Chartering or by way of freight derivative contracts entered into by Eagle Chartering, in each case, in respect of vessels chartered in:	 	$ 	 	 
	 	 	 	 	 	 	 	 	 

 

2
To be provided by the Agent.

3 Determined on the basis of
the most recent valuations delivered pursuant to Clause 21.6 (Provision of valuations and information).

 

    	150

    	 

    
 

	 	 	[provide details]	 	 	 	 
	 	 	 	 	 	 	 
	 	B.	Aggregate market exposure (difference between A.1 and A.2):	 	$	 	 
	 	 	 	 	 	 	 	 	 
	 	C.	Maximum permitted market exposure:	 	$	5,000,000.	 

 

    	151

    	 

    

 

SCHEDULE 9

 

FORM OF CONFIDENTIALITY UNDERTAKING

 

		To:	[Existing Lender/Existing
Lender’s Agent/Broker]

 

		From:	[Potential Purchaser/Purchaser’s agent/broker]

 

		Dated:	__________

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

Dear Sirs:

 

We are considering [acquiring]4
[arranging the acquisition of]5 an interest in the Agreement (the “Acquisition”). In consideration
of you agreeing to make available to us certain information, by our signature of this letter we agree as follows (acknowledged
and agreed by you by your signature of a copy of this letter):

 

		1.	Confidentiality Undertaking

 

We undertake (a) to keep the
Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2 below and to ensure
that the Confidential Information is protected with security measures and a degree of care that would apply to our own confidential
information, (b) to use the Confidential Information only for the Permitted Purpose, and (c) to use all reasonable endeavors to
ensure that any person to whom we pass any Confidential Information (unless disclosed under paragraph 2[(c)/(d)] below) acknowledges
and complies with the provisions of this letter as if that person were also a party to it.

 

		2.	Permitted Disclosure

 

You agree that we may disclose
Confidential Information:

 

		(a)	to members of the Purchaser Group and their officers,
directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of members
of the Purchaser Group;

 

		(b)	[subject to the requirements of the Agreement, in accordance
with the Permitted Purpose so long as any prospective purchaser has delivered a letter to us in equivalent form to this letter;]5

 

		[(b/c)]6	subject to the requirements of the Agreement, to any
person to (or through) whom we assign or transfer (or may potentially assign or transfer) all or any of the rights, benefits and
obligations which we may acquire under the Agreement or with (or through) whom we enter into (or may potentially enter into) any
sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Agreement
or the Borrower or any member of the Group in each case so long as that person has delivered a letter to us in equivalent form
to this letter; and

 

4 Delete if potential purchaser
is acting as broker or agent.

5 Delete if potential purchaser
is acting as principal.

6 Delete as applicable.

 

    	152

    	 

    

 

		[(c/d)]6	(i) where requested or required by any court of competent
jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules of any
stock exchange on which the shares or other securities of any member of the Purchaser Group are listed or (iii) where required
by the laws or regulations of any country with jurisdiction over the affairs of any member of the Purchaser Group.

 

		3.	Notification of Required or Unauthorized Disclosure

 

We agree (to the extent permitted
by law and except where disclosure is to be made to any competent supervisory or regulatory body during the ordinary course of
its supervisory or regulatory function over us) to inform you of the full circumstances of any disclosure under paragraph 2[(c)/(d)]6
or upon becoming aware that Confidential Information has been disclosed in breach of this letter.

 

		4.	Return of Copies

 

If you so request in writing,
we shall return all Confidential Information supplied by you to us and destroy or permanently erase (to the extent technically
practicable) all copies of Confidential Information made by us and use all reasonable endeavors to ensure that anyone to whom we
have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential
Information and any copies made by them, in each case save to the extent that we or the recipients are required to retain any such
Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory
body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2[(c)/(d)]6
above.

 

		5.	Continuing Obligations

 

The obligations in this letter
are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us. Notwithstanding
the previous sentence, the obligations in this letter shall cease on the earlier of (a) the date we become a party to or otherwise
acquire (by assignment, sub-participation or otherwise) an interest, direct or indirect, in the Agreement [and] (b) twelve months
after we have returned all Confidential Information supplied to us by you and destroyed or permanently erased (to the extent technically
practicable) all copies of Confidential Information made by us (other than any such Confidential Information or copies which have
been disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required
to be returned or destroyed) [and (c) in any event [ ] months from the date of this
letter].

 

    	153

    	 

    

 

		6.	No Representation; Consequences of Breach, etc

 

We acknowledge and agree that:

 

		(a)	neither you, [nor your principal]7 nor any
member of the Group nor any of your or their respective officers, employees or advisers (each a “Relevant Person”)
(i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability
or completeness of any of the Confidential Information or any other information supplied by you or the assumptions on which it
is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other
information supplied by you or be otherwise liable to us or any other person in respect to the Confidential Information or any
such information; and

 

		(b)	you [or your principal]7 or members of the
Group may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant Person
may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by us.

 

		7.	No Waiver; Amendments, etc

 

This letter sets out the full
extent of our obligations of confidentiality owed to you in relation to the information the subject of this letter. No failure
or delay in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial
exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privileges
hereunder. The terms of this letter and our obligations hereunder may only be amended or modified by written agreement between
us.

 

		8.	Inside Information

 

We acknowledge that some or all
of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated
or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and we undertake
not to use any Confidential Information for any unlawful purpose.

 

		9.	Nature of Undertakings

 

The undertakings given by us
under this letter are given to you and (without implying any fiduciary obligations on your part) are also given for the benefit
of [your principal,]4 the Borrower and each other member of the Group.

 

		10.	Third Party Rights

 

		(a)	Subject to this paragraph 10 and to paragraphs 6 and
9, a person who is not a party to this letter has no right to enforce or to enjoy the benefit of any term of this letter.

 

 

 7
Delete if letter is addressed to the Existing Lender rather than the Existing Lender’s broker or agent.

 

    	154

    	 

    

 

		(b)	The Relevant Persons may enjoy the benefit of and rely
on the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10.

 

		(c)	The parties to this letter do not require the consent
of the Relevant Persons to rescind or vary this letter at any time.

 

		11.	Governing Law and Jurisdiction

 

		(a)	This letter (including the agreement constituted by your
acknowledgment of its terms) shall be governed by, and construed in accordance with, the laws applicable in the State of New York
(without regard to conflicts of laws principles).

 

		(b)	The parties submit to the non-exclusive jurisdiction
of any New York State Court or Federal Court of the United States of America sitting in New York City in any action or proceeding
arising out of or relating to this letter.

 

		12.	Definitions

 

In this letter (including the
acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning
and:

 

“Confidential Information”
means any information relating to the Borrower, the Group, the Agreement and/or the Acquisition provided to us by you or any of
our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other
way of representing or recording information which contains or is derived or copied from such information but excludes information
that (a) is or becomes public knowledge other than as a direct or indirect result of any breach of this letter or (b) is known
by us before the date the information is disclosed to us by you or any of your affiliates or advisers or is lawfully obtained by
us thereafter, other than from a source which is connected with the Group and which, in either case, as far as we are aware, has
not been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality.

 

“Permitted Purpose”
means [subject to the terms of this letter, passing on information to a prospective purchaser for the purpose of]2 considering
and evaluating whether to enter into the Acquisition.

 

“Purchaser Group”
means us and any other person that, directly or indirectly, controls, is controlled by or is under common control with us or is
a director or officer of us or such person. For purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a person means the possession,
direct or indirect, of the power to vote 50% or more of the voting stock, membership or partnership interests, or other similar
interests of such person or to direct or cause direction of the management and policies of such person, whether through the ownership
of voting stock, membership or partnership interests, or other similar interests, by contract or otherwise.

 

Please acknowledge your agreement to the
above by signing and returning the enclosed copy.

 

 

    	155

    	 

    

 

 

	 	Very Truly Yours,
	 	 
	 	[POTENTIAL PURCHASER/PURCHASER’S
	 	AGENT/BROKER]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

    	156

    	 

    

 

To:      [Potential Purchaser/Purchaser’s
Agent/Broker]

We acknowledge and agree to the above:

 

[EXISTING
LENDER/EXISTING LENDER’S AGENT/BROKER]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	157

    	 

    

 

SCHEDULE 10

 

TIMETABLES

 

	
        Delivery of a duly completed Utilization Request
        (Clause 5.1 (Delivery of a Utilization Request))

         
	 	Not later than 11.00 a.m. London time 3 Business Days before the relevant Utilization Date
	
        Delivery of a duly completed Selection Notice
        (Clause 9.1 (Selection of Interest Periods))

         
	 	Not later than 11.00 a.m. London time 5 Business Days before relevant Interest Period
	LIBOR is fixed	 	Quotation Day as of 11:00 a.m. London time
	 	 	 
	Agent notifies the Lenders of each Loan in accordance with Clause 5.4(c) (Lender’s Participation)	 	Not later than 11.00a.m. London time 2 Business Days before the relevant Utilization Date

 

    	158

    	 

    

 

SCHEDULE 11

 

FORM OF DESIGNATION NOTICE

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		From:	Eagle Bulk Shipping Inc.

 

		Dated:	__________

 

Dear Sirs

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Designation Notice.
Terms defined in the Agreement have the same meaning in this Designation Notice unless given a different meaning in this Designation
Notice.

 

		2.	Pursuant to the Master Agreement dated __________ between
ourselves and [Swap Bank], we have entered into a Confirmation delivered pursuant to the said Master Agreement dated __________
and addressed by [Swap Bank] to us.

 

		3.	In accordance with the terms of the Agreement, we hereby
give you notice of the said Confirmation and hereby confirm that the Transaction evidenced by it will be designated as a “Designated
Transaction” for the purposes of the Agreement and the Finance Documents.

 

	 	EAGLE BULK SHIPPING INC.
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	159

    	 

    

 

SCHEDULE 12

 

DETAILS OF EXISTING SHIPS AND APPROVED
CHARTERS

 

PART I

EXISTING SHIPS

 

	Name of Vessel	 	Official Number	 	Name of Owner
	 	 	 	 	 
	AVOCET	 	3819	 	Avocet Shipping LLC
	 	 	 	 	 
	BITTERN	 	3710	 	Bittern Shipping LLC
	 	 	 	 	 
	CANARY	 	3777	 	Canary Shipping LLC
	 	 	 	 	 
	CARDINAL	 	2349	 	Cardinal Shipping LLC
	 	 	 	 	 
	CONDOR	 	2238	 	Condor Shipping LLC
	 	 	 	 	 
	CRANE	 	3817	 	Crane Shipping LLC
	 	 	 	 	 
	CRESTED EAGLE	 	3477	 	Crested Eagle Shipping LLC
	 	 	 	 	 
	CROWNED EAGLE	 	3413	 	Crowned Eagle Shipping LLC
	 	 	 	 	 
	EGRET BULKER	 	3818	 	Egret Shipping LLC
	 	 	 	 	 
	FALCON	 	2239	 	Falcon Shipping LLC
	 	 	 	 	 
	GANNET BULKER	 	3902	 	Gannet Shipping LLC
	 	 	 	 	 
	GOLDEN EAGLE	 	3794	 	Golden Eagle Shipping LLC
	 	 	 	 	 
	GOLDENEYE	 	3248	 	Goldeneye Shipping LLC
	 	 	 	 	 
	GREBE BULKER	 	3905	 	Grebe Shipping LLC
	 	 	 	 	 
	HARRIER	 	2240	 	Harrier Shipping LLC
	 	 	 	 	 
	HAWK 1	 	2237	 	Hawk Shipping LLC
	 	 	 	 	 
	IBIS BULKER	 	3946	 	Ibis Shipping LLC
	 	 	 	 	 
	IMPERIAL EAGLE	 	3820	 	Imperial Eagle Shipping LLC
	 	 	 	 	 
	JAEGER	 	2659	 	Jaeger Shipping LLC
	 	 	 	 	 
	JAY	 	3972	 	Jay Shipping LLC
	 	 	 	 	 
	KESTREL I	 	2658	 	Kestrel Shipping LLC

 

    	160

    	 

    

 

	KITE	 	2352	 	Kite Shipping LLC
	 	 	 	 	 
	KITTIWAKE	 	2882	 	Kittiwake Shipping LLC
	 	 	 	 	 
	KINGFISHER	 	3974	 	Kingfisher Shipping LLC
	 	 	 	 	 
	MARTIN	 	3973	 	Martin Shipping LLC
	 	 	 	 	 
	MERLIN	 	2488	 	Merlin Shipping LLC
	 	 	 	 	 
	NIGHTHAWK	 	4193	 	Nighthawk Shipping LLC
	 	 	 	 	 
	ORIOLE	 	4303	 	Oriole Shipping LLC
	 	 	 	 	 
	OSPREY I	 	2355	 	Osprey Shipping LLC
	 	 	 	 	 
	OWL	 	4337	 	Owl Shipping LLC
	 	 	 	 	 
	PEREGRINE	 	2353	 	Peregrine Shipping LLC
	 	 	 	 	 
	PETREL BULKER	 	4338	 	Petrel Shipping LLC
	 	 	 	 	 
	PUFFIN BULKER	 	4339	 	Puffin Shipping LLC
	 	 	 	 	 
	REDWING	 	3271	 	Redwing Shipping LLC
	 	 	 	 	 
	ROADRUNNER BULKER	 	4340	 	Roadrunner Shipping LLC
	 	 	 	 	 
	SANDPIPER BULKER	 	4341	 	Sandpiper Shipping LLC
	 	 	 	 	 
	SHRIKE	 	2876	 	Shrike Shipping LLC
	 	 	 	 	 
	SKUA	 	2885	 	Skua Shipping LLC
	 	 	 	 	 
	SPARROW	 	2354	 	Sparrow Shipping LLC
	 	 	 	 	 
	STELLAR EAGLE	 	3521	 	Stellar Eagle Shipping LLC
	 	 	 	 	 
	TERN	 	2657	 	Tern Shipping LLC
	 	 	 	 	 
	THRASHER	 	3788	 	Thrasher Shipping LLC
	 	 	 	 	 
	THRUSH	 	4106	 	Thrush Shipping LLC
	 	 	 	 	 
	WOODSTAR	 	3369	 	Woodstar Shipping LLC
	 	 	 	 	 
	WREN	 	3236	 	Wren Shipping LLC

 

    	161

    	 

    

 

PART II

APPROVED CHARTERS

 

Charterer: Korea Line Corporation of
Seoul, Korea

  

	Vessel 	 	  Name of
        Owner	 	 Date of
        Charter
	 	 	 	 	 
	AVOCET	 	Avocet Shipping LLC	 	02/27/07
	 	 	 	 	 
	BITTERN	 	Bittern Shipping LLC	 	02/01/07
	 	 	 	 	 
	CANARY	 	Canary Shipping LLC	 	02/01/07
	 	 	 	 	 
	CRANE	 	Crane Shipping LLC	 	02/01/07
	 	 	 	 	 
	JAY	 	Jay Shipping LLC	 	04/17/07
	 	 	 	 	 
	KINGFISHER	 	Kingfisher Shipping LLC	 	04/17/07
	 	 	 	 	 
	MARTIN	 	Martin Shipping LLC	 	04/23/07
	 	 	 	 	 
	NIGHTHAWK	 	Nighthawk Shipping LLC	 	04/23/07
	 	 	 	 	 
	ORIOLE	 	Oriole Shipping LLC	 	04/23/07
	 	 	 	 	 
	OWL	 	Owl Shipping LLC	 	04/23/07
	 	 	 	 	 
	THRASHER	 	Thrasher Shipping LLC	 	02/27/07
	 	 	 	 	 
	WOODSTAR	 	Woodstar Shipping LLC	 	02/01/07
	 	 	 	 	 
	WREN	 	Wren Shipping LLC	 	04/17/07

 

Charterer: Lauritzen Bulkers A/S of Copenhagen

 

 

	Vessel 	 	  Name of
        Owner	 	 Date of
        Charter

	 	 	 	 	 
	EGRET BULKER	 	Egret Shipping LLC	 	04/30/07
	 	 	 	 	 
	GANNET BULKER	 	Gannet Shipping LLC	 	04/30/07
	 	 	 	 	 
	GREBE BULKER	 	Grebe Shipping LLC	 	04/30/07
	 	 	 	 	 
	IBIS BULKER	 	Ibis Shipping LLC	 	04/30/07
	 	 	 	 	 
	PETREL BULKER	 	Petrel Shipping LLC	 	05/11/07
	 	 	 	 	 
	PUFFIN BULKER	 	Puffin Shipping LLC	 	05/11/07
	 	 	 	 	 

 

    	162

    	 

    

 

	Vessel	 	Name of Owner	 	Date of Charter
	 	 	 	 	 
	ROADRUNNER BULKER	 	Roadrunner Shipping LLC	 	05/11/07
	 	 	 	 	 
	SANDPIPER BULKER	 	Sandpiper Shipping LLC	 	05/11/07

 

 

    	163

    	 

    

 

SCHEDULE 13

 

FORM OF SWAP BANK ACCESSION LETTER

 

		To:	The Royal Bank of Scotland plc, as Agent

 

		From:	[New Swap Bank] and The Royal Bank of Scotland
plc, as Original Swap Bank

 

		Dated:	__________

 

Dear Sirs

 

Eagle Bulk Shipping Inc. – $1,149,478,742
Facility Agreement

dated as of June 20, 2012 (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Swap Bank Accession
Letter. Terms defined in the Agreement have the same meaning in this Swap Bank Accession Letter unless given a different meaning
in this Accession Letter.

 

		2.	[New Swap Bank] agrees to become a New Swap Bank
and to be bound by the terms of the Agreement as a New Swap Bank pursuant to Clause 29.2 (New Swap Bank) of the Agreement.

 

		3.	A copy of the Master Agreement made between the Borrower
and [New Swap Bank] is attached hereto.

 

		4.	[New Swap Bank’s] administrative details
are as follows:

 

Address:        ______________________________________________

 

Fax No:         ______________________________________________

 

Attention:     ______________________________________________

 

		5.	This Accession Letter shall be governed by, and construed
in accordance with, the laws applicable in the State of New York (without regard to conflicts of law principles law).

 

	[NEW SWAP BANK]	 	THE ROYAL BANK OF SCOTLAND PLC, as 

Original Swap Bank
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

    	164

    	 

    

 

SCHEDULE 14

 

ERISA

 

None.

 

    	165

    	 

    

SCHEDULE 15

 

INACTIVE SUBSIDIARIES

 

Released Guarantors

 

	Name of Subsidiary	 	Place of Formation	 	Registration number
	Avlona Shipping S.A.	 	Marshall Islands	 	23056
	Delfini Shipping S.A.	 	Marshall Islands	 	23055
	Drosato Shipping S.A.	 	Marshall Islands	 	22706
	Fountana Shipping S.A.	 	Marshall Islands	 	22444
	Kofina Shipping S.A.	 	Marshall Islands	 	23058
	Nenita Shipping S.A.	 	Marshall Islands	 	22442
	Olympi Shipping S.A.	 	Marshall Islands	 	22443
	Pelineo Shipping S.A.	 	Marshall Islands	 	23054
	Pyrgi Shipping S.A.	 	Marshall Islands	 	22439
	Besra Shipping LLC	 	Marshall Islands	 	961274
	Cernicalo Shipping LLC	 	Marshall Islands	 	961275
	Fulmar Shipping LLC	 	Marshall Islands	 	961276
	Goshawk Shipping LLC	 	Marshall Islands	 	961277
	Raptor Shipping LLC	 	Marshall Islands	 	961152
	Saker Shipping LLC	 	Marshall Islands	 	961153
	Snipe Shipping LLC	 	Marshall Islands	 	961150
	Swift Shipping LLC	 	Marshall Islands	 	961151

 

Other Inactive Subsidiaries

 

	Name of Subsidiary	 	Place of Formation	 	Registration number
	Falcon Bulk Shipping Inc.	 	Marshall Islands	 	40728
	Robin Shipping LLC	 	Marshall Islands	 	960849
	Shikra Shipping LLC	 	Marshall Islands	 	960645
	Sparrowhawk Shipping LLC	 	Marshall Islands	  	961352

 

    	166

    	 

    

 

SCHEDULE 16

 

CUMULATIVE CONVERTIBLE PREFERRED STOCK

 

DESIGNATION, PREFERENCES AND RIGHTS

OF CUMULATIVE CONVERTIBLE PREFERRED STOCK OF THE BORROWER

 

In this Schedule 16, Articles of Incorporation
means the Amended and Restated Articles of Incorporation of the Borrower, dated as of June 3, 2005, as amended on May 21, 2012,
and Corporation means the Borrower.

 

		1.	Dividends and Distributions.

 

		(a)	Subject to the prior and superior rights of the holders
of any shares of any series of Preferred Stock ranking prior and superior to the shares of the Cumulative Convertible Preferred
Stock (the issuance of which would require the consent of the holders of the Cumulative Convertible Preferred Stock), the holders
of shares of Cumulative Convertible Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors
out of funds legally available for the purpose, preferential cumulative quarterly dividends payable in cash on the 1st day of
January, April, July and October in each year (each such date being referred to herein as a Quarterly Dividend Payment Date),
commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Cumulative
Convertible Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the Coupon Rate multiplied by the Liquidation
Preference (minus the portion thereof representing unpaid dividends, if any). The Coupon Rate means (i) the trailing twelve
month dividend yield of the S&P US Preferred Stock Index as of the last business day of the month immediately preceding the
date of issuance or (ii) if the Corporation has refinanced the Term Loans after the Effective Date, the lower of (A) the Coupon
Rate as determined under clause (i) above and (B) the interest rate on the senior debt incurred in such refinancing plus 200bps.

 

		(b)	Dividends shall begin to accrue and be cumulative on
outstanding shares of Cumulative Convertible Preferred Stock from the Quarterly Dividend Payment Date next preceding the date
of issue of such shares of Cumulative Convertible Preferred Stock, unless the date of issue of such shares is prior to the record
date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for
the determination of holders of shares of Cumulative Convertible Preferred Stock entitled to receive a quarterly dividend and
before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative
from such Quarterly Dividend Payment Date. Dividends on the Cumulative Convertible Preferred Stock shall accrue whether or not
the Corporation has earnings, whether or not the Corporation has legally available funds, and whether or not declared by the Board
of Directors or authorized or paid by the Corporation. Any dividend payable on the Cumulative Convertible Preferred Stock for
any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

    	167

    	 

    

 

		(c)	Accrued but unpaid dividends shall not bear interest.
Dividends paid on the shares of Cumulative Convertible Preferred Stock in an amount less than the total amount of such dividends
at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at
the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Cumulative Convertible
Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more
than 30 days prior to the date fixed for the payment thereof. Dividends on the Cumulative Convertible Preferred Stock will be
payable in arrears to holders of record as they appear on the Corporation’s records at the close of business on the applicable
dividend record date.

 

		(d)	Unless full cumulative dividends on the Cumulative Convertible
Preferred Stock have been (a) paid or (b) declared and set apart for payment for all past dividend periods, (i) no dividends will
be declared or paid or set apart for payment on Common Stock (as defined below) or any other Junior Stock (as defined below),
(ii) no Junior Stock will be redeemed, purchased or otherwise acquired (except for purposes of an employee benefit plan) for any
consideration, nor shall any monies be paid or made available for a sinking fund for the redemption of any Junior Stock, and (iii)
no other cash or property will be paid or distributed to or for the benefit of holders of any Junior Stock.

 

2.             Default
Period.

 

		(a)	(i)	If
at any time dividends on any Cumulative Convertible Preferred Stock shall be in arrears in an amount equal to six (6) quarterly
dividends thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a default period)
which shall extend until such time when all accrued and unpaid dividends for all previous quarterly dividend periods and for the
current quarterly dividend period on all shares of Cumulative Convertible Preferred Stock then outstanding shall have been declared
and paid or set apart for payment. During each default period, all holders of "Preferred Stock" (as defined in the Articles
of Incorporation) (Preferred Stock) (including holders of the Cumulative Convertible Preferred Stock) with dividends in
arrears in an amount equal to six (6) quarterly dividends thereon, voting as a class, irrespective of series, shall have the right
to elect two (2) directors.

 

    	168

    	 

    

 

		(ii)	During any default period, such voting right of the holders
of Cumulative Convertible Preferred Stock may be exercised initially at a special meeting called pursuant to subparagraph (iii)
of this Section 2(a) or at any annual meeting of stockholders, and thereafter at annual meetings of stockholders, provided that
such voting right shall not be exercised unless the holders representing a quorum in number of shares of Preferred Stock outstanding
shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock shall not affect the exercise by
the holders of Preferred Stock of such voting right, provided that a quorum is present in accordance with the provisions of the
Articles of Incorporation. At any meeting at which the holders of Preferred Stock shall exercise such voting right initially during
an existing default period, they shall have the right, voting as a class, to elect directors to fill such vacancies, if any, in
the Board of Directors as may then exist up to two (2) directors or, if such right is exercised at an annual meeting, to elect
two (2) directors. If the number which may be so elected at any special meeting does not amount to the required number, the number
of directors shall be increased to the extent necessary to permit the election of two directors by the holders of the Preferred
Stock. After the holders of the Preferred Stock shall have exercised their right to elect directors in any default period and
during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the holders
of Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking senior to or pari passu with
the Cumulative Convertible Preferred Stock.

 

		(iii)	Unless the holders of Preferred Stock shall, during an
existing default period, have previously exercised their right to elect directors, the Board of Directors may order, or any stockholder
or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares of Preferred Stock outstanding,
irrespective of series, may request, the calling of a special meeting of the holders of Preferred Stock, which meeting shall thereupon
be called by the President, a Vice-President or the Secretary of the Corporation. Notice of such meeting and of any annual meeting
at which holders of Preferred Stock are entitled to vote pursuant to this Paragraph (a)(iii) shall be given to each holder of
record of Preferred Stock by mailing a copy of such notice to him at his last address as the same appears on the books of the
Corporation. Such meeting shall be called for a time not earlier than 20 days and not later than 60 days after such order or request
or in default of the calling of such meeting within 60 days after such order or request, such meeting may be called on similar
notice by any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares
of Preferred Stock outstanding. Notwithstanding the provisions of this Paragraph (a)(iii), no such special meeting shall be called
during the period within 60 days immediately preceding the date fixed for the next annual meeting of the stockholders.

 

		(iv)	In any default period, the holders of Common Stock, and
other classes of stock of the Corporation if applicable, shall continue to be entitled to elect the whole number of directors
until the holders of Preferred Stock shall have exercised their right to elect two (2) directors voting as a class, after the
exercise of which right (x) the directors so elected by the holders of Preferred Stock shall continue in office until their successors
shall have been elected by such holders of Preferred Stock or until the expiration of the default period, and (y) any vacancy
in the Board of Directors may (except as provided in Paragraph (a)(ii) of this Section 2) be filled by vote of a majority of the
remaining directors theretofore elected by the holders of the class of stock which elected the director whose office shall have
become vacant. References in this Paragraph (a) to directors elected by the holders of a particular class of stock shall include
directors elected by such directors to fill vacancies as provided in clause (y) of the foregoing sentence.

 

    	169

    	 

    

 

		(v)	Immediately upon the expiration of a default period,
(x) the right of the holders of Preferred Stock as a class to elect directors shall cease, (y) the term of any directors elected
by the holders of Preferred Stock as a class shall terminate, and (z) the number of directors shall be such number as may be provided
for in the Articles of Incorporation or by-laws of the Corporation irrespective of any increase made pursuant to the provisions
of Paragraph (a)(ii) of this Section 2 (such number being subject, however, to change thereafter in any manner provided by law
or in the Articles of Incorporation or by-laws of the Corporation). Any vacancies in the Board of Directors effected by the provisions
of clauses (y) and (z) in the preceding sentence may be filled by a majority of the remaining directors.

 

		(b)	Except as set forth herein, holders of Cumulative Convertible
Preferred Stock shall have no special voting rights and their consent shall not be required for taking any corporate action.

 

		3.	Certain Restrictions.

 

		(a)	Whenever quarterly dividends or other dividends or distributions
payable on the Cumulative Convertible Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued
and unpaid dividends and distributions, whether or not declared, on shares of Cumulative Convertible Preferred Stock outstanding
shall have been paid in full, the Corporation shall not:

 

		(i)	declare or pay dividends on, make any other distributions
on, or redeem or purchase or otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or
upon liquidation, dissolution or winding up) to the Cumulative Convertible Preferred Stock (Junior Stock);

 

		(ii)	declare or pay dividends on or make any other distributions
on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Cumulative
Convertible Preferred Stock, except dividends paid ratably on the Cumulative Convertible Preferred Stock and all such parity stock
on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then
entitled;

 

		(iii)	redeem or purchase or otherwise acquire for consideration
shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Cumulative
Convertible Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any
such parity stock in exchange for shares of any Junior Stock; or

 

    	170

    	 

    

 

		(iv)	purchase or otherwise acquire for consideration any shares
of Cumulative Convertible Preferred Stock, or any shares of stock ranking on a parity with the Cumulative Convertible Preferred
Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors)
to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend
rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result
in fair and equitable treatment among the respective series or classes.

 

		(b)	The Corporation shall not permit any subsidiary of the
Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could,
under subclause (a)(iv) of this Section 3, purchase or otherwise acquire such shares at such time and in such manner.

 

4.          Reacquired
Shares. Any shares of Cumulative Convertible Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation
become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created
by resolution or resolutions of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein.

 

5.          Liquidation,
Dissolution or Winding Up. If the Corporation shall commence a voluntary case under the federal bankruptcy laws or any other
applicable federal or state bankruptcy, insolvency or similar law, or consent to the entry of an order for relief in an involuntary
case under any law or to the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar
official) of the Corporation or of substantially all of its property, or make an assignment for the benefit of its creditors, or
if a decree or order for relief in respect of the Corporation shall be entered by a court having jurisdiction in the premises in
an involuntary case under the federal bankruptcy laws or any other applicable federal or state bankruptcy, insolvency or similar
law resulting in the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official)
of the Corporation or of substantially all of its property, or ordering the winding up or liquidation of its affairs, and any such
decree or order shall be unstayed and in effect for a period of 60 consecutive days and, on account of any such event the Corporation
shall liquidate, dissolve or wind up, or if the Corporation shall otherwise liquidate, dissolve or wind up, no distribution shall
be made to the holders of any shares of Junior Stock unless, prior thereto, the holders of shares of Cumulative Convertible Preferred
Stock shall have received an amount equal to $10 per share of Cumulative Convertible Preferred Stock plus an amount equal to accrued
and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the Liquidation Preference).
Following the payment of the full amount of the Liquidation Preference, no additional distributions shall be made to the holders
of shares of Cumulative Convertible Preferred Stock.

 

    	171

    	 

    

 

6.          Consolidation,
Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which
the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in
any such case the shares of Cumulative Convertible Preferred Stock shall at the same time be similarly exchanged or changed in
an amount per share (subject to the provision for adjustment hereinafter set forth) equal to the aggregate amount of stock, securities,
cash and/or any other property (payable in kind), as the case may be, into which or for which the Common Stock issuable upon the
conversion of the Cumulative Convertible Preferred Stock (assuming conversion immediately prior to the event of liquidation), is
changed or exchanged. In the event the Corporation shall at any time after the date on which the series of Cumulative Convertible
Preferred Stock was created (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding
Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the amount
set forth in the preceding sentence with respect to the exchange or change of shares of Cumulative Convertible Preferred Stock
shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

 

7.          Optional
Redemption. The shares of Cumulative Convertible Preferred Stock shall be redeemable in whole or in part at the Corporation’s
option in accordance with the provisions set forth in Section 8 below at any time prior to the fifth anniversary of the Termination
Date; provided that, if the Corporation redeems less than all of the shares of Cumulative Convertible Preferred Stock, such
redemption shall be on a pro rata basis among all holders of Cumulative Convertible Preferred Stock.

 

8.          Mandatory
Redemption by the Corporation. All Cumulative Convertible Preferred Stock not previously redeemed by the Corporation will be
redeemed by the Corporation in whole and not in part on the fifth anniversary of the Termination Date (any date on which the Corporation
redeems Cumulative Convertible Preferred Stock is referred to herein as a Redemption Date). Upon a Redemption Date, the
Corporation will redeem the relevant Cumulative Convertible Preferred Stock at a cash redemption price per share (the Redemption
Price) equal to the Liquidation Preference. Holders of such Cumulative Convertible Preferred Stock shall also be entitled to
receive on the Redemption Date an amount equal to all accumulated, accrued and unpaid dividends (whether or not the Corporation
has earnings and whether or not authorized by the Board of Directors or declared by the Corporation) to the Redemption Date.

 

		9.	Conversion.

 

		(a)	In case the Corporation shall propose to convert the
shares of Cumulative Convertible Preferred Stock, then the Corporation shall give to each holder of Cumulative Convertible Preferred
Stock notice of such proposed action, which shall specify the date on which such conversion is to take place. Such notice shall
be given at least thirty (30) days prior to the record date for determining holders of the Cumulative Convertible Preferred Stock
for purposes of such action.

 

		(b)	The Corporation shall be entitled to convert all or any
portion of the shares of Cumulative Convertible Preferred Stock into a number of fully paid and non-assessable shares (calculated
as to each conversion to the nearest 1/100,000th of a share) of Common Stock; provided, that if the Corporation converts
less than all of the shares of Cumulative Convertible Preferred Stock, such conversion shall be on a pro rata basis among all
holders of Cumulative Convertible Preferred Stock; provided, further, that the Corporation shall have received the prior
consent of a majority of the votes of those holders of Common Stock attending and voting at a meeting of stockholders, but in
any event no less than holders of at least 33% of the outstanding shares of Common Stock. The number of shares of Common Stock
to which a holder of Cumulative Convertible Preferred Stock shall be entitled upon conversion shall be determined by dividing
(x) the Liquidation Preference by (y) the market price of the Common Stock as of the close of business on the Conversion Date
(the Conversion Price). Holders of Cumulative Convertible Preferred Stock shall also be entitled to receive on the Conversion
Date an amount equal to all accumulated, accrued and unpaid dividends (whether or not the Corporation has earnings and whether
or not authorized by the Board of Directors or declared by the Corporation) to the Conversion Date.

 

    	172

    	 

    

 

 

		(c)	Fractions of Shares. Unless the holder of shares of Cumulative Convertible Preferred Stock
being converted specifies otherwise, the Corporation shall issue fractional shares of Common Stock (carried out to seven decimal
places) upon conversion of shares of Cumulative Convertible Preferred Stock. If more than one share of Cumulative Convertible Preferred
Stock shall be surrendered for conversion at one time by the same holder, the number of full shares of Common Stock to be issued
shall be computed on the basis of the aggregate number of shares of Cumulative Convertible Preferred Stock so surrendered. Instead
of any fractional shares of Common Stock which would otherwise be issuable upon conversion of any shares of Cumulative Convertible
Preferred Stock, the Corporation shall pay a cash adjustment in respect of such fractional share in an amount equal to the product
of such fraction multiplied by the Conversion Price.

 

		(d)	Exercise of Conversion Privilege.

 

		(i)	In connection with the conversion of shares of Cumulative Convertible Preferred Stock, a holder
must surrender the certificate or certificates evidencing such holder's shares of Cumulative Convertible Preferred Stock, duly
endorsed, at the office of the Corporation.

 

		(ii)	Cumulative Convertible Preferred Stock shall be deemed to have been converted immediately prior
to the close of business on the day (the Conversion Date) of surrender of such shares of Cumulative Convertible Preferred
Stock for conversion in accordance with the foregoing provisions and at such time the rights of the holders of such shares of Cumulative
Convertible Preferred Stock as holder shall cease, and the Person or Persons entitled to receive the Common Stock issuable upon
conversion shall be treated for all purposes as the record holder or holders of such Common Stock as and after such time. As promptly
as practicable on or after the Conversion Date, the Corporation shall issue and shall deliver at any office or agency of the Corporation
maintained for the surrender of Cumulative Convertible Preferred Stock a certificate or certificates for the number of full shares
of Common Stock issuable upon conversion, together with payment in lieu of any fraction of a share, as provided in Section 9(b).

 

    	173

    	 

    

 

		(e)	Corporation to Reserve Common Stock. The Corporation shall at all times reserve and keep
available, free from preemptive rights, out of the authorized but unissued Common Stock or out of the Common Stock held in treasury,
for the purpose of effecting the conversion of Cumulative Convertible Preferred Stock, the full number of shares of Common Stock
then issuable upon the conversion of all outstanding shares of Cumulative Convertible Preferred Stock. Before taking any action
that would cause an adjustment reducing the Conversion Price below the then par value (if any) of the shares of Common Stock deliverable
upon conversion of the Cumulative Convertible Preferred Stock or that would cause the number of shares of Common Stock deliverable
upon conversion of the Cumulative Convertible Preferred Stock to exceed (when taken together with all other outstanding shares
of Common Stock) the number of shares of Common Stock that the Corporation is authorized to issue, the Corporation will take any
corporate action that, in the opinion of its counsel, is necessary in order that the Corporation may validly and legally issue
the full number of fully paid and non-assessable shares of Common Stock issuable upon conversion at such adjusted conversion price.

 

		(f)	Taxes on Conversions. The Corporation will pay any and all original issuance, transfer,
stamp and other similar taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of
Cumulative Convertible Preferred Stock pursuant hereto.

 

 

10.         Ranking.
The Cumulative Convertible Preferred Stock shall rank prior or senior to the Common Stock and all other series of the Corporation’s
Preferred Stock as to the payment of dividends and the distribution of assets, redemption rights and rights upon liquidation, dissolution
or winding up of the Corporation, unless the terms of any such series shall provide otherwise (which would require the consent
of the holders of a majority or more of the outstanding shares of Cumulative Convertible Preferred Stock).

 

11.         Amendment.
At any time when any shares of Cumulative Convertible Preferred Stock are outstanding, neither the Articles of Incorporation nor
the certificate of designation designating the Cumulative Convertible Preferred Stock shall be amended in any manner which would
materially alter or change the powers, preferences or special rights of the Cumulative Convertible Preferred Stock so as to affect
them adversely without the affirmative vote of the holders of a majority or more of the outstanding shares of Cumulative Convertible
Preferred Stock, voting separately as a class.

 

12.         Fractional
Shares. Cumulative Convertible Preferred Stock may be issued in fractions of a share which shall entitle the holder, in proportion
to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have
the benefit of all other rights of holders of Cumulative Convertible Preferred Stock.

 

    	174

    	 

    

 

SCHEDULE 17

 

BANK ACCOUNTS

 

PART I

 

BANK ACCOUNTS SUBJECT TO EXISTING SECURITY

 

	Obligor account holder	 	Account no.	 	Currency	 	Name and location of bank or financial institution
	 	 	 	 	 	 	 
	Eagle Bulk Shipping Inc.	 	EAGBUSH-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Avocet Shipping LLC	 	AVOCSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Bittern Shipping LLC	 	BITTSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Canary Shipping LLC	 	CANASHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Cardinal Shipping LLC	 	CARDISHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Condor Shipping LLC	 	CONDSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Crane Shipping LLC	 	CRANSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Crested Eagle Shipping LLC	 	CREEAGSH-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Crowned Eagle Shipping LLC	 	CROEAGSH-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Egret Shipping LLC	 	EGRESHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Falcon Shipping LLC	 	FALCSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Gannet Shipping LLC	 	GANNSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Golden Eagle Shipping LLC	 	GOEASH-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Goldeneye Shipping LLC	 	GOEYSHIP-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Grebe Shipping LLC	 	GREBSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Griffon Shipping LLC	 	GRIFSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Harrier Shipping LLC	 	HARSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Hawk Shipping LLC	 	HAWKSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Heron Shipping LLC	 	HEROSHIP-USD1	 	USD	 	RBS, London

 

    	175

    	 

    

 

	Obligor account holder	 	Account no.	 	Currency	 	Name and location of bank or financial institution
	 	 	 	 	 	 	 
	Ibis Shipping LLC	 	IBISSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Imperial Eagle Shipping LLC	 	IMEASH-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Jaeger Shipping LLC	 	JAESHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Jay Shipping LLC	 	JAYSHI-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Kestrel Shipping LLC	 	KESSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Kingfisher Shipping LLC	 	KINSHI-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Kite Shipping LLC	 	KITESHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Kittewake Shipping LLC	 	KITTSHI-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Martin Shipping LLC	 	MARTSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Merlin Shipping LLC	 	MERLSHIP-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Nighthawk Shipping LLC	 	NIGSHI-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Oriole Shipping LLC	 	ORIOSHIP-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Osprey Shipping LLC	 	OSPRSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Owl Shipping LLC	 	OWLSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Peregrine Shipping LLC	 	PERESHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Petrel Shipping LLC	 	PETSHIPL-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Puffin Shipping LLC	 	PUFSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Redwing Shipping LLC	 	REDWSHIP-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Roadrunner Shipping LLC	 	ROASHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Sandpiper Shipping LLC	 	SANDSHIP-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Shrike Shipping LLC	 	SHRSHI-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Skua Shipping LLC	 	SKUASH-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Sparrow Shipping LLC	 	SPARSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Stellar Eagle Shipping LLC	 	STEEAGSH-USDA	 	USD	 	RBS, London

 

    	176

    	 

    

 

	Obligor account holder	 	Account no.	 	Currency	 	Name and location of bank or financial institution
	 	 	 	 	 	 	 
	Tern Shipping LLC	 	TERNSHI-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Thrasher Shipping LLC	 	THRASHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Thrush Shipping LLC	 	THRSHIP-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Woodstar Shipping LLC	 	WOODSHIP-USD1	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Wren Shipping LLC	 	WRENSHIP-USD1	 	USD	 	RBS, London

 

PART II

 

ADDITIONAL BANK ACCOUNTS TO BE SUBJECT
TO GENERAL ACCOUNT CHARGES

 

	Obligor account holder	 	Account no.	 	Currency	 	
        Name and location

        of bank or financial

        institution

	 	 	 	 	 	 	 
	Eagle Shipping International 
 (USA) LLC	 	EASHINUS-USD1 	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Eagle Shipping International 
 (USA) LLC	 	50028634	 	GBP	 	RBS, London
	 	 	 	 	 	 	 
	Eagle Shipping International 
 (USA) LLC	 	SBCPLCES-USD1 (L/C security deposit)*	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	Eagle Shipping International 
 (USA) LLC	 	705741605	 	USD	 	HSBC Bank USA, N.A., New York
	 	 	 	 	 	 	 
	Eagle Ship Management LLC	 	EASHMA-USDA	 	USD	 	RBS, London
	 	 	 	 	 	 	 
	 Eagle Management Consultants LLC	 	EAMACO-USDA 	 	USD	 	 RBS, London

 

 

* Each of (i) the standby letter
of credit undertaken by The Royal Bank of Scotland plc in favor of J.A.B. Madison Holdings, L.L.C. at the request of Eagle Shipping
International (USA) LLC, and (ii) the security interest granted under the Specific Counter-Indemnity secured by Deposit dated
March 10, 2008 between Eagle Shipping International (USA) LLC and The Royal Bank of Scotland plc in respect of account no. SBCPLCES-USD1
as security for the commitment of The Royal Bank of Scotland plc under such letter of credit, each of which were in place prior
to the date of this Agreement and the date on which Eagle Shipping International (USA) LLC acceded as a Guarantor, shall be permitted
under this Agreement notwithstanding Clauses 22.9 (Debt) and 22.3 (Negative pledge).

 

    	177

    	 

    

 

	Obligor account holder	 	Account no.	 	Currency	 	
        Name and location

        of bank or financial

        institution

	 	 	 	 	 	 	 
	Eagle Bulk Pte. Ltd.	 	05.03.22.672	 	USD	 	The Royal Bank of Scotland N.V., Singapore
	 	 	 	 	 	 	 
	Eagle Bulk Pte. Ltd.	 	62-9319237-001	 	SGD	 	Oversea-Chinese Banking Corporation Limited, Singapore
	 	 	 	 	 	 	 
	Eagle Management Consultancy Pte. Ltd.	 	05.03.22.702	 	USD	 	The Royal Bank of Scotland N.V., Singapore

 

PART III

 

DBS VICKERS ACCOUNT

 

	Obligor account holder	 	Account no.	 	Currency	 	
        Name and location

        of bank or financial

        institution

	 	 	 	 	 	 	 
	Eagle Bulk Pte. Ltd.	 	72396 (Short Code: EBPL)	 	USD	 	DBS Vickers – Singapore
	 	 	 	 	 	 	 
	Eagle Bulk Pte. Ltd.	 	
        72396-2 (Short Code: EBPL-2)

        (Cons. Acct Short Code: EBPLG)
	 	USD	 	DBS Vickers – Singapore

 

PART IV

 

OTHER ACCOUNTS 

 

	Obligor account holder	 	Account no.	 	Currency	 	
        Name and location of bank

        or financial institution

	 	 	 	 	 	 	 
	Eagle Management Consultants LLC	 	705790738	 	USD	 	HSBC Bank USA, N.A., New York

 

In this Schedule 17, “RBS”
means The Royal Bank of Scotland, plc.

 

    	178

    	 

    

 

SCHEDULE 18

 

MATERIAL CONTRACTS

 

Time Charter dated July 28, 2011 between Shoei
Kisen Kaisha, Ltd., Japan, and Eagle Bulk Pte. Ltd. in respect of the motorship T.B.N. / Imabari Hull No. S-H605

 

Account documentation dated on or about October
8, 2010 between Eagle Bulk Pte. Ltd. and DBS Vickers Securities (Singapore) Pte Ltd in respect of the DBS Vickers Account

 

Management Agreement dated as of August 4,
2009 between the Borrower and Delphin Shipping LLC

 

    	179

    	 

    

 

SIGNATORIES

 

	Address for notices:	BORROWER
	 	 
	c/o Eagle Shipping International (USA) LLC	EAGLE BULK SHIPPING INC.
	477 Madison Avenue, Suite 1405	 
	New York, New York 10022	 
	Fax Number: +1 212 785 3311	 
	Attention: Sophocles Zoullas	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title:   Chief Financial Officer

 

	 	ORIGINAL GUARANTORS 
	 	 	 
	 	AVOCET SHIPPING LLC 
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg 
	 	 	Title:  Attorney-in-Fact 

 

	 	BITTERN SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title:   Attorney-in-Fact

  

	 	CANARY SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title:   Attorney-in-Fact

 

	 	CARDINAL SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title:   Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	CONDOR SHIPPING LLC
	 	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

  

	 	CRANE SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	CRESTED EAGLE SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	CROWNED EAGLE SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	EGRET SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	FALCON SHIPPING LLC
	 	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	GANNET SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	GOLDEN EAGLE SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	GOLDENEYE SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	GREBE SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	HARRIER SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	HAWK SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	IBIS SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	IMPERIAL EAGLE SHIPPING LLC
	 	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	JAEGER SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg 
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	JAY SHIPPING LLC 
	 	 	 
	 	By: 	/s/ Alan Ginsberg  
	 	 	Name: Alan Ginsberg 
	 	 	Title: Attorney-in-Fact 

 

	 	KESTREL SHIPPING LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact
	 	 

 

	 	KINGFISHER SHIPPING LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	KITE SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	KITTIWAKE SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	MARTIN SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	MERLIN SHIPPING LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	NIGHTHAWK SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	ORIOLE SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	OSPREY SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	OWL SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	PEREGRINE SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	PETREL SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	PUFFIN SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	REDWING SHIPPING LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	ROADRUNNER SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	SANDPIPER SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	SHRIKE SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	SKUA SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	SPARROW SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	STELLAR EAGLE SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	TERN SHIPPING LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	THRASHER SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	THRUSH SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	WOODSTAR SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	WREN SHIPPING LLC
	 	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	 Name: Alan Ginsberg
	 	 	 Title: Attorney-in-Fact

 

	 	AGALI SHIPPING S.A.
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	EAGLE BULK PTE. LTD.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	GRIFFON SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	HERON SHIPPING LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	KAMPIA SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	MARMARO SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	MESTA SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	MYLOS SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	NAGOS SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	RAHI SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	SIRIKARI SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	SPILIA SHIPPING S.A.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	ANEMI MARITIME SERVICES S.A.
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	EAGLE BULK (DELAWARE) LLC
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	EAGLE MANAGEMENT CONSULTANCY PTE. LTD.
	 	 
	 	By: 	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	EAGLE MANAGEMENT CONSULTANTS LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	EAGLE SHIP MANAGEMENT LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

	 	EAGLE SHIPPING INTERNATIONAL (USA) LLC
	 	 
	 	By:	/s/ Alan Ginsberg
	 	 	Name: Alan Ginsberg
	 	 	Title: Attorney-in-Fact

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	ARRANGER AND BOOKRUNNER
	 	 
	Address for notices:	THE ROYAL BANK OF SCOTLAND PLC
	 	 
	 The Royal Bank of Scotland plc	 
	Shipping Business Centre	 
	1 Princes Street	By:	/s/ Gauri Ketcher
	London EC2R 8PB	 	Name: Gauri Ketcher
	United Kingdom	 	Title: Managing Director
	 	 
	Fax Number: +44 207 106 6550	 
	Attention: Ship Finance Portfolio Management	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	ORIGINAL LENDERS
	 	 
	Address for notices:	THE ROYAL BANK OF SCOTLAND PLC
	 	 
	The Royal Bank of Scotland plc	 
	Shipping Business Centre	 
	1 Princes Street	By:	/s/ Gauri Ketcher
	London EC2R 8PB	 	Name:	Gauri Ketcher
	United Kingdom]	 	Title:	Managing Director
	 	 
	Fax Number: +44 207 106 6550	 
	Attention:   Ship Finance Portfolio Management	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	Address for notices:	WESTLB AG, LONDON BRANCH
	 	 
	WestLB AG, London Branch	 	 
	 	 	 
	Address: WestLB AG, London Branch	By:	/s/ Maximilien Faré
	Woolgate Exchange	 	Name:	Maximilien Faré
	25 Basinghall Street	 	Title:	Executive Director
	London EC2V 5HA	 	 
	 	 	 
	Fax Number: +44 20 7020 7620	By:	/s/ Christian Grane
	Attention: Credit Administration	 	Name:	Christian Grane
	Jutta Brown / Paula Renouf /	 	Title:	Executive Director
	William Josephson / Gillian	 
	Greenwood	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	Address for notices:	BANK OF CHINA LIMITED, LONDON
	 	BRANCH
	Bank of China Limited, London Branch	 
	1 Lothbury	 	 
	London EC2R 7DB	 	 
	United Kingdom	By:	/s/ Huabin Wang
	 	 	Name:	Huabin Wang
	Fax Number: +44 20 7282 8899	 	Title:	Assistant General Manager
	Attention:   Loan Administration Department	 
	 	By:	/s/ Zhibin Xie
	 	 	Name:	Zhibin Xie
	 	 	Title:	Head of Corporate Banking

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	Address for notices:	LLOYDS TSB BANK PLC
	 	 
	Lloyds TSB Bank plc	 
	Princess House, 1 Suffolk Lane	 
	London EC4R 0AX	 
	United Kingdom	By:	/s/ Celia Shek
	 	 	Name:	Celia Shek
	Attention:   Jason Murray	 	Title:	Associate Director
	Specialist Finance BSU	 	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	Address for notices:	SANTANDER ASSET FINANCE PLC
	 	 
	Santander Asset Finance plc	 
	298 Deansgate	 
	Manchester M3 4HH	 
	United Kingdom	By:	/s/ Mark McCarthy
	 	 	Name:	Mark McCarthy
	Fax Number: +44 (0) 161 953 3517	 	Title:	Head of Shipping
	Attention:   The Corporate Admin Manager	 	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	Address for notices:	SUMITOMO MITSUI BANKING
	 	CORPORATION
	Sumitomo Mitsui Banking Corporation	 
	 	 	 
	Address:  Neo Building,	 	 
	Rue Montoyer 51, Box 6, 1000	By:	/s/ Takeshi Shirai
	Brussels, Belgium	 	Name:	Takeshi Shirai
	 	 	Title:	General Manager
	Fax Number: +32 2 502 07 80	 	 	 
	Attention:  Françoise Bouchat	By:	/s/ Kazushige Onishi
	Nadine Boudart	 	Name:	Kazushige Onishi
	 	 	Title:	Joint General Manager

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	Address for notices:	CRÉDIT INDUSTRIEL ET COMMERCIAL
	 	 
	Crédit Industriel et Commercial	 
	520 Madison Avenue	 
	New York, NY 10022	By:	/s/ Andrew McKuin
	USA	 	Name:	Andrew McKuin
	 	 	Title:	Vice President
	Fax Number: +1 212 715 4535	 	 	 
	Attention:   Andrew McKuin	By:	/s/ Edwige Sucher
	 	 	Name:	Edwige Sucher
	 	 	Title:	Vice President

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	ORIGINAL SWAP BANK
	 	 
	Address for notices:	THE ROYAL BANK OF SCOTLAND PLC
	 	 
	The Royal Bank of Scotland plc	 
	c/o RBS Global Banking & Markets	 
	280 Bishopsgate	By:	/s/ Gauri Ketcher
	London EC2M 4RB	 	Name:	Gauri Ketcher
	United Kingdom	 	Title:	Managing Director
	 	 	 	 
	Fax Number: +44 207 085 5050	 	 	 
	Attention:   Swaps Administration	 	 	 

 

	 	SECURITY TRUSTEE
	 	 
	Address for notices:	THE ROYAL BANK OF SCOTLAND PLC
	 	 
	The Royal Bank of Scotland plc	 
	Ground Floor	 
	15 Bishopsgate	 
	London EC2P 2AP	By:	/s/ Gauri Ketcher
	United Kingdom	 	Name:	Gauri Ketcher
	 	 	Title:	Managing Director
	Fax Number +44 207 085 4564	 	 
	Attention:  Syndicated Loans Agency	 	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

	 	AGENT
	 	 
	Address for notices:	THE ROYAL BANK OF SCOTLAND PLC
	 	 
	in respect of operational matters (such as drawdowns, interest rate fixing, interest/fee calculations and payments)	 
	 	By:	/s/ Robert Ottewill
	The Royal Bank of Scotland plc	 	Name:	Robert Ottewill
	Bankside 3	 	Title:	Director
	90-100 Southwark Street	 	 	 
	London SE1 0SW	 	 
	United Kingdom	 	 
	 	 	 
	Fax Number +44 203 043 6688	 	 
	Attention:  Loans Administration/LAU	 	 
	 	 	 
	in respect of non-operational matters (such as documentation, covenant compliance, covenants and waivers etc.)	 	 
	 	 	 
	The Royal Bank of Scotland plc	 	 
	Ground Floor	 	 
	15 Bishopsgate	 	 
	London EC2P 2AP	 	 
	United Kingdom	 	 
	 	 	 
	Fax Number +44 207 085 4564	 	 
	Attention:  Syndicated Loans Agency	 	 

 

[Signature Page to Fourth Amended and Restated
Credit Agreement]

 

    	 

    	 

    

 

EXHIBITS

 

EXHIBIT A

 

FORM OF NOTE

  

PROMISSORY NOTE

 

	U.S.$_____________	 	_____________, 20__

 New York, New York

 

FOR VALUE RECEIVED, the undersigned, EAGLE
BULK SHIPPING INC., a Marshall Islands corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of
______________ or its registered assigns (the “Lender”), in lawful money of the United States of America in
immediately available funds at the office of The Royal Bank of Scotland plc (the “Agent”) located at Ground
Floor, 15 Bishopsgate, London EC2P 2AP, United Kingdom on December 31, 2015 the principal sum of __________________ Dollars
(U.S.$______________) or, if less, the then aggregate unpaid principal amount of all Loans (as defined in the Credit Agreement)
made by the Lender pursuant to the Credit Agreement.

 

The Borrower also promises to pay interest
as provided on the unpaid principal amount hereof in like money at said office from the date hereof until paid at the rates and
at the times provided in Clause 8 of the Credit Agreement.

 

This Note is one of the Notes referred
to in the Fourth Amended and Restated Credit Agreement dated as of June 20, 2012 (as the same may be further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among the Borrower, the
other companies and corporations described therein as Guarantors, the Original Lenders named therein and The Royal Bank of Scotland
plc as Arranger, Bookrunner, Original Swap Bank, Agent and Security Trustee. Reference is made to the Credit Agreement for provisions
relating to the prepayment, repayment and the acceleration of the maturity hereof. This Note is also entitled to the benefits of
the Finance Documents referred to therein.

 

The Borrower hereby waives presentment,
demand, protest, notice of dishonor and notice of intent to accelerate in connection with this Note.

 

If an Event of Default (as defined in Clause
26 of the Credit Agreement) shall occur and be continuing, the principal of and accrued interest on this Note may become or be
declared to be due and payable in the manner and with the effect provided in the Credit Agreement.

 

THIS NOTE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE IN THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

	 	EAGLE BULK SHIPPING INC.
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

[Exhibit A to Fourth Amended and Restated
Credit Agreement]execution version

 

WARRANT
AGREEMENT

 

JUNE
20, 2012

 

By and Between

 

EAGLE BULK SHIPPING INC.

as the ISSUER

 

and

 

THE LENDER HOLDERS

as HOLDERS

 

Warrants to Purchase Common Stock

 

 

Allen & Overy LLP

 

    	 

    	 

    

 

Contents

 

	Clause	 	Page
	 	 	 
	1.	Interpretation	1
	2.	Issuance of Warrants	6
	3.	Representations and Warranties	6
	4.	Form of Warrants	7
	5.	Execution of Warrant Certificates	7
	6.	Registration	8
	7.	Registration of Transfers and Exchanges	8
	8.	Duration and Exercise of Warrants	9
	9.	Cancellation of Warrants	11
	10.	Mutilated or Missing Warrant Certificates	11
	11.	Payment of Taxes	11
	12.	Reservation of Common Stock	12
	13.	Adjustment	12
	14.	Fractional Units	16
	15.	Notices to Holders of Warrants	17
	16.	Rule 144 Information	17
	17.	Registration Rights	17
	18.	Cashless Exercise	17
	19.	Holder of Warrant not Deemed a Shareholder	18
	20.	Notices	18
	21.	Amendments	18
	22.	Consents of Holders	19
	23.	Successors and Assigns	19
	24.	Termination	19
	25.	Governing Law	19
	26.	No Third Party Beneficiaries	19
	27.	Counterparts	19
	28.	Severability	19
	29.	Waiver	20
	30.	Further Assurances	20
	31.	Entire Agreement	20
	 	 	 
	Schedule	 
	 	 	 
	1.	Pro Rata Share of Lender Holders	21
	 	 	 
	Signatories	1
	 	 
	Exhibit	 
	 	 	 
	1.	Form of Warrant Certificate	1
	2.	Form of Assigment	3
	3.	Exercise Form	4

  

    	i

    	 

    

 

This WARRANT AGREEMENT
(as amended, supplemented or otherwise modified from time to time, this Agreement), is entered into as of June 20, 2012,
by and between (a) EAGLE BULK SHIPPING INC., a corporation incorporated in the Republic of the Marshall Islands (the Company),
as Issuer (as defined below), and (b) each of the undersigned financial institutions (each, with its successors or assigns, a Lender
Holder and, collectively, the Lender Holders).

 

WHEREAS,
it is a condition to the effectiveness of the Fourth Amended and Restated Credit Agreement among Eagle Bulk Shipping Inc., as Borrower,
certain of its subsidiaries as Guarantors, and The Royal Bank of Scotland Plc as Agent and Security Trustee, and the financial
institutions listed therein as Original Lenders, dated on or about the date hereof (as further amended and restated from time to
time) (the Credit Agreement) that the Company enter into this Agreement;

 

WHEREAS,
in consideration of the Lender Holders' execution of the Credit Agreement, the Company is issuing and delivering to each Lender
Holder warrants (each a Warrant) entitling such Lender Holder to purchase the number of shares of common stock, par value
$0.01 per share, of the Company (the Common Stock) identified in the respective Warrant Certificates (collectively, the
Warrant Shares) on the terms and subject to the conditions set forth herein;

 

WHEREAS,
the Company, pursuant to the Credit Agreement, desires to provide for the form and provisions of the Warrants, the terms upon which
they shall be issued and exercised, and the respective rights, obligations, limitations of rights, and immunities of the Company
and the holders of the Warrants; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company,
as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this
Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, the Company and the Lender
Holders each hereby agrees as follows:

 

		1.	Interpretation

 

		1.1	Definitions

 

The following
terms have meanings set forth below:

 

Aggregate
Warrant Exercise Asset Distribution Amount shall have the meaning ascribed to such term in Clause 13(c).

 

Aggregate
Warrant Exercise Cash Distribution Amount shall have the meaning ascribed to such term in Clause 13(e).

 

Agreement
shall have the meaning ascribed to such term in the preamble hereof.

 

Appropriate
Officer shall have the meaning ascribed to such term in Clause 5(a).

 

Articles
of Incorporation means the Amended and Restated Articles of Incorporation of the Company, dated as of June 3, 2005,
as amended on May 21, 2012, and as the same may be further amended or amended and restated from time to time.

 

Asset
Value shall have the meaning ascribed to such term in Clause 13(c).

 

    	 

    	 

    

 

Board
means the board of directors of the Company.

 

Business
Day means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are
not required to be open.

 

Bylaws
means the Amended and Restated By-Laws of the Company, effective June 3, 2005.

 

Capital
Stock means:

 

		(a)	in the case of a corporation, shares of capital stock;

 

		(b)	in the case of an association or business entity that is not a corporation, any and all shares,
interests, participations, rights or other equivalents (however designated) similar to corporate stock;

 

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

 

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

 

		(e)	any rights, options or warrants exercisable for, convertible into or exchange for the interests
described in clause (i) - (iv) above.

 

Cash
Distribution shall have the meaning ascribed to such term in Clause 13(e).

 

Cashless
Exercise shall have the meaning ascribed to such term in Clause 18.

 

Common
Stock shall have the meaning ascribed to such term in the recitals hereof.

 

Company
shall have the meaning ascribed to such term in the preamble hereof.

 

Credit
Agreement shall have the meaning ascribed to such term in the recitals hereof.

 

Distributed
Assets shall have the meaning ascribed to such term in Clause 13(c).

 

Effective
Date shall have the meaning ascribed to such term in the Credit Agreement.

 

Exchange
Act means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto, and the rules
and regulations of the SEC promulgated thereunder.

 

Excluded
Issuance means any of the following:

 

		(a)	the issuance of any Capital Stock by the Company subject to and in accordance with the terms of
the Credit Agreement including, without limitation, clause 7.5 (Mandatory prepayments) thereof and the issuance of Common Stock
upon conversion of the Company’s Cumulative Convertible Preferred Stock described in Schedule 16 thereof; and

 

		(b)	the issuance of any Common Stock upon exercise of any of the Warrants

 

Exercise
Amount shall have the meaning ascribed to such term in Clause 8(c)(i).

 

    	2

    	 

    

 

Exercise
Commencement Date shall have the meaning ascribed to such term in Clause 8(a).

 

Exercise
Form shall have the meaning ascribed to such term in Clause 8(c)(i).

 

Exercise
Price shall have the meaning ascribed to such term in Clause 2.

 

Exercise
Trigger Price B shall have the meaning ascribed to such term in Subclause 8(a)(ii).

 

Exercise
Trigger Price C shall have the meaning ascribed to such term in Subclause 8(a)(iii).

 

Exercise
Trigger Prices means Exercise Trigger Price B and Exercise Trigger Price C.

 

Expiration
Date means the date that is the tenth anniversary of the Effective Date or, if such date shall not be a Business Day,
the next succeeding Business Day.

 

Fair
Market Value of the Common Stock means, for any date, the price determined by the first of the following clauses that
applies:

 

		(a)	if the Common Stock is then listed or traded on a national securities exchange for at least ten
(10) consecutive Trading Days immediately preceding (but not including) such date of determination, the daily volume-weighted average
price of such security for the ten (10) consecutive Trading Days immediately preceding (but not including) such date of determination
as reported by Bloomberg, L.P. (or, if no such price is reported by Bloomberg, L.P. for any particular Trading Day during such
ten-Trading Day period, the daily volume-weighted average price of such security as officially reported for such Trading Day on
the principal securities exchange on which such security is then listed or admitted to trading shall be used for the purposes of
calculating such ten-Trading Day volume-weighted average price); or

 

		(b)	if the Common Stock is not then listed or traded on a national securities exchange for at least
ten (10) consecutive Trading Days immediately preceding (but not including) such date of determination, the fair market value without
regard to any illiquidity or minority discounts applicable to the Common Stock or any Capital Stock held, directly or indirectly,
by the Company, as reasonably determined by an independent appraiser selected by the Board with the approval of the Majority Holders,
and as promptly as reasonably practicable following delivery by the Holder exercising such Warrant of the Exercise Form in the
manner contemplated by Clause 8(c).

 

Form
of Assignment shall have the meaning ascribed to such term in Subclause 7(d)(iv).

 

Fundamental
Change Transaction shall have the meaning ascribed to such term in Clause 13(f).

 

Holder
or Holders means, in respect of any Warrant or any Common Stock issued upon exercise of any Warrant, as applicable, the
registered holder or holders thereof.

 

Issuer
means the Company as issuer of the Warrants pursuant to Clause 2.

 

Lender
Holder shall have the meaning ascribed to such term in the preamble hereof.

 

Majority
Holders as of a given date means one or more Holders holding an individual or aggregate interest of 50% or more
of the Warrant Shares relating to the Warrants outstanding as of such date.

 

    	3

    	 

    

 

Market
Price as of a certain date means the highest intraday trading price of one (1) share of Common Stock on such date (or
if such date is not a Trading Day, on the immediately preceding Trading Day).

 

New
Total Shares shall have the meaning ascribed to such term in Subclause 13(b)(i)(A).

 

Per
Share Asset Value shall have the meaning ascribed to such term in Clause 13(c).

 

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

 

Previous
Total Shares shall have the meaning ascribed to such term in Subclause 13(b)(i)(B).

 

Pro
Rata Share of a Lender Holder means, with respect to each Exercise Commencement Date, the number of shares of Common
Stock set forth opposite such Lender Holder's name for such Exercise Commencement Date on Schedule 1.

 

Record
Date means, with respect to any dividend, distribution or other transaction or event in which the holders of Common
Stock have the right to receive any cash, securities, assets or other property or in which the Common Stock (or other applicable
security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination
of holders of Common Stock entitled to receive such cash, securities, assets or other property (whether such date is fixed by the
Board or by statute, contract or otherwise).

 

SEC
means the United States Securities and Exchange Commission.

 

Securities
Act means the Securities Act of 1933, as amended, or any successor statute or statutes thereto, and the rules and regulations
of the SEC promulgated thereunder.

 

Settlement
Amount means the Exercise Amount multiplied by the Exercise Price.

 

Shares
Outstanding as of a particular date means the total number of shares that are outstanding on such date.

 

Substantial
Distribution of Assets means any sale or distribution that, individually or when aggregated with one or more prior sales
or distributions, constitutes the sale or distribution of all or substantially all of the assets of the Group as of the date of
such transaction(s). For purposes of this Agreement, the meaning of the phrase "the sale or distribution of all or substantially
all of the assets of the Group" shall have the meaning as interpreted by the Delaware Court of Chancery.

 

Total
Warrant Shares means 3,148,584 shares of Common Stock.

 

Trading
Day means, with respect to any security, (i) if such security is listed or traded on a national securities exchange,
a day on which such security is traded on the principal securities exchange on which such security is then listed or admitted to
trading, or (ii) if such security is not listed or traded on a national securities exchange, a Business Day.

 

Transfer
Agent means, collectively, the transfer agent for the Common Stock and every subsequent transfer agent for any Common
Stock or other securities issuable upon exercise of any of the Warrants, if any.

 

    	4

    	 

    

 

Volume
Weighted Average Sale Price means the volume weighted average sale price on the NASDAQ Global Market as reported by,
or based upon data reported by, Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to
and hereafter designated by the Majority Holders and the Company.

 

Warrant
shall have the meaning ascribed to such term in the recitals hereof.

 

Warrant
Certificates shall have the meaning ascribed to such term in Clause 4.

 

Warrant
Register shall have the meaning ascribed to such term in Clause 6(b).

 

Warrant
Shares shall have the meaning ascribed to such term in the recitals hereof.

 

Warrant
Shares Registration Rights Agreement means the Warrant Shares Registration Rights Agreement among the Company and the
Lender Holders dated as of the date hereof pursuant to which the Company grants to the Lender Holders registration rights in respect
of the Warrant Shares.

 

		1.2	Construction

 

		(a)	Any term defined in the Credit Agreement and not defined in this Agreement has the meaning given
to that term in the Credit Agreement.

 

		(b)	In this Agreement, unless the contrary intention appears, a reference to:

 

		(i)	an amendment includes a supplement, novation, restatement or re-enactment and amended
will be construed accordingly;

 

		(ii)	Clause, a Subclause a Schedule or an Exhibit is a reference to a Clause or Subclause of, or a Schedule
or an Exhibit to, this Agreement;

 

		(iii)	a law is a reference to that law as amended or re-enacted and to any successor law;

 

		(iv)	an agreement is a reference to that agreement as amended; and

 

		(v)	law includes any law, statute, regulation, regulatory requirement, rule, ordinance, ruling,
decision, treaty, directive, order, guideline, regulation, policy, writ, judgment, injunction or request of any court or other
governmental, inter-governmental or supranational body, officer or official, fiscal or monetary authority, or other ministry or
public entity (and their interpretation, administration and application), whether or not having the force of law.

 

		(c)	In this Agreement:

 

		(i)	includes and including are not limiting;

 

		(ii)	or is not exclusive; and

 

		(iii)	the headings are for convenience only, do not constitute part of this Agreement and are not to
be used in construing it.

 

    	5

    	 

    

 

		2.	Issuance of Warrants

 

On the terms
and subject to the conditions of this Agreement and in accordance with the terms of the Credit Agreement, on the Effective Date,
the Company will issue and deliver to the each Lender Holder separate Warrant Certificates in respect of each Exercise Commencement
Date, in each case entitling the Holder, subject to the provisions contained herein, to purchase that number of whole shares of
Common Stock (rounded to the nearest whole share) equal to such Lender Holder's Pro Rata Share at the exercise price of
one cent ($0.01) per share (the Exercise Price).

 

		3.	Representations and Warranties

 

		(a)	Representations and Warranties of the Company

 

The Company
hereby represents and warrants to the Lender Holders as follows:

 

		(i)	No Preemptive Rights

 

With respect
to the issuance of the Warrants and the Warrant Shares, there are no statutory or contractual stockholders preemptive rights or
rights of refusal.

 

		(ii)	Absence of Conflicting Obligations

 

The execution
and delivery by the Company of this Agreement and the issuance of Warrants or the Common Stock upon exercise of the Warrants do
not and shall not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default
under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Company's capital stock or assets
pursuant to, (iv) result in a violation of, or (v) require any authorization, consent, approval, exemption or other action by or
notice or declaration to, or filing with, any court of administrative or governmental body or agency pursuant to, the Company's
Articles of Incorporation or Bylaws with respect to the Common Stock, or any law in effect as of the date hereof to which the Company
is subject, or any agreement, instrument, order, judgment or decree to which the Company is subject as of the date hereof, except
for any such authorization, consent, approval or exemption that has been obtained.

 

		(iii)	Warrant Shares

 

The Total Warrant
Shares represent 19.99% of the Shares Outstanding as of the Effective Date. Any shares of Common Stock issued upon the exercise
of a Warrant in accordance with the provisions set forth herein will be duly and validly authorized and issued, fully paid and
nonassessable and free from all taxes, liens and charges.

 

		(b)	Representations and Warranties of the Lender Holders

 

Each Lender
Holder hereby represents and warrants to the Company as of the date hereof as follows, and acknowledges and agrees that Company’s
counsel may rely on the representations and warranties made below in connection with a legal opinion to be delivered by such counsel
to one or more of the Lender Holders:

 

    	6

    	 

    

 

		(i)	Accredited Investor

 

Such Lender Holder
is an “Accredited Investor” within the meaning of Rule 501 under the Securities Act.

 

		(ii)	Own Account

 

Such Lender Holder
is acquiring the Warrants, and intends to acquire the Warrant Shares, from the Company for its own account and without a view to
any distribution thereof in violation of the Securities Act.

 

		(iii)	No General Solicitation

 

Such Lender Holder
was not contacted by any means of general solicitation or advertising in connection with the offer or transfer of the Warrants
including, without limitation, any of the following:

 

		(A)	any advertisement, article, notice or other communication published in any newspaper, magazine,
or similar media or broadcast over television or radio or

 

		(B)	any seminar or meeting whose attendees have been invited by general solicitation or advertising.

 

		4.	Form of Warrants

 

Subject to
Clause 7, the Warrants shall be represented by one or more certificates in substantially the form set forth in Exhibit 1 (the Warrant
Certificates). The Warrant Certificates shall bear such appropriate insertions, omissions, substitutions and other variations
as are required by this Agreement, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the Articles of Incorporation or any law or with any rules made pursuant thereto
or with any rules of any securities exchange, inter-dealer quotation system or regulated quotation service on which the Warrants
may be listed or quoted (as the case may be). Each Warrant Certificate shall represent such number of the outstanding Warrants
as specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Warrants from time to
time endorsed thereon and that the aggregate amount of outstanding Warrants represented thereby may from time to time be reduced
or increased, as appropriate, in accordance with the terms of this Agreement.

 

		5.	Execution of Warrant Certificates

 

		(a)	The Warrant Certificates shall be executed for and on behalf of the Company by any one of the following:
its Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, any Vice President, its Corporate Secretary or any
other officer of the Company whose position is authorized by the Bylaws (each, an Appropriate Officer). Each such signature
upon the Warrant Certificates may be in the form of a facsimile signature of any such Appropriate Officer and may be imprinted
or otherwise reproduced on the Warrant Certificates and for that purpose the Company may adopt and use the facsimile signature
of any Appropriate Officer.

 

		(b)	If any Appropriate Officer who shall have signed any of the Warrant Certificates shall cease to
be an Appropriate Officer before the Warrant Certificates so signed shall have been delivered by the Company, such Warrant Certificates
nevertheless may be countersigned and delivered as though such Appropriate Officer had not ceased to be an Appropriate Officer,
and any Warrant Certificate may be signed on behalf of the Company by any individual who, at the actual date of the execution of
such Warrant Certificate, shall be a proper Appropriate Officer to sign such Warrant Certificate, although at the date of the execution
of this Agreement any such individual was not such an Appropriate Officer.

 

    	7

    	 

    

 

		6.	Registration

 

		(a)	Each Warrant Certificate shall be dated the date of signature. A Warrant Certificate shall be,
and shall remain, subject to the provisions of this Agreement until such time as all of the Warrants evidenced by such Warrant
Certificate shall have been duly exercised or shall have expired in accordance with the terms hereof.

 

		(b)	The Company shall keep books (the Warrant Register), in which it shall register Warrant
Certificates and exchanges and transfers of outstanding Warrants in accordance with the procedures set forth in Clause 7 of this
Agreement.

 

		(c)	Prior to due presentment for the registration of the transfer of any Warrant in accordance with
the procedures set forth in this Agreement, the Company may deem and treat the Holder of such Warrant as the absolute owner of
such Warrant (notwithstanding any notation of ownership or other writing on a Warrant Certificate made by anyone other than the
Company), for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes, and the Company
shall not be affected by notice to the contrary.

 

		7.	Registration of Transfers and Exchanges

 

		(a)	Transfer of Warrant Certificates

 

The Warrants
and all rights thereunder are transferable, in whole or in part, upon the books of the Company by the Holder thereof in accordance
with this Agreement. Subject to the provisions of this Agreement, when Warrants are presented to or deposited with a written instruction
of transfer properly completed and duly executed by the Holder thereof (or by the duly appointed legal representative thereof or
by a duly authorized attorney thereof), the Company shall register the transfer as requested, provided that the Company may request
an opinion of counsel in form reasonably satisfactory to the Company that such transfer does not require registration under the
Securities Act or any applicable state securities laws, prior to such registration of the transfer.

 

		(b)	Restrictions on Transfer

 

No Warrants
may be sold or otherwise transferred in violation of the Securities Act, state securities laws or the Articles of Incorporation.

 

		(c)	Cancellation of Warrant Certificate

 

At such time
as all Warrants have either been duly exercised in accordance with the terms hereof or cancelled in accordance with this Agreement,
the Company shall cancel or direct the cancellation of all Warrant Certificates.

 

		(d)	Obligations with Respect to Transfers

 

		(i)	To permit registrations of transfers, the Company shall execute Warrant Certificates.

 

    	8

    	 

    

 

		(ii)	All Warrant Certificates issued upon any registration of transfer of Warrant Certificates shall
be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Warrant Certificates surrendered
upon such registration of transfer.

 

		(iii)	No service charge shall be made to a Holder of Warrants for any registration of transfer.

 

		(iv)	The Company shall, from time to time, register the transfer of any outstanding Warrants in the
Warrant Register, upon delivery to the Company of a properly completed form of assignment substantially in the form of Exhibit
2 (Form of Assignment), duly signed by the Holder thereof (or by the duly appointed legal representative thereof or by a
duly authorized attorney thereof). Upon any such registration of transfer, a new Warrant Certificate shall be issued to the transferee.

 

		(e)	No Other Transfers

 

In the event
that any purported transfer of a Warrant is in violation of the provisions of this Agreement, such purported transfer shall, to
the fullest extent permitted by law, be null and void and of no effect and the Company shall not give effect to such transfer.

 

		(f)	Legend

 

Each Warrant
Certificate will bear the following legend:

 

The
Warrants represented by this Warrant Certificate have not been registered under the Securities Act of 1933, as amended (the Securities
Act) and may not be sold or transferred except in compliance with the Securities Act, any applicable state securities laws
and the rules and regulations promulgated thereunder.

 

The
Warrants represented by this Certificate have been issued pursuant to and are subject to a Warrant Agreement, which sets forth
the rights and obligations of the Company and the Holder of these Warrants. The Warrant Agreement contains prohibitions on the
transfer of this Warrant Certificate and the rights hereunder. By accepting any interest in the Warrants represented by this Certificate,
any transfer recipient shall be deemed to agree to and shall become bound by all of the provisions of the Warrant Agreement. A
copy of the Warrant Agreement is on file at the Company's principal office.

 

		8.	Duration and Exercise of Warrants

 

		(a)	Exercise Commencement Date

 

Subject to
Clause 13(f) below, the Holder of a Warrant may exercise the purchase rights represented by a Warrant:

 

		(i)	in the case of a Warrant issued in respect of Exercise Commencement Date A (as denoted on Schedule
1), at any time on or after the Effective Date;

 

    	9

    	 

    

 

		(ii)	in the case of a Warrant issued in respect of Exercise Commencement Date B (as denoted on Schedule
1), at any time on or after the earliest to occur of: (A) the first date on which the Market Price of the Common Stock is
at or above $10.00 per share (such amount, as may be adjusted from time to time pursuant to Clause 13(b), Exercise Trigger Price
B) or (B) the first date on which the Company fails to maintain the designation and quotation of the Common Stock on The
Nasdaq Stock Market or another national securities exchange or (C) the date of a Fundamental Change Transaction or (D) the
date of a Substantial Distribution of Assets; or

 

		(iii)	in the case of a Warrant issued in respect of Exercise Commencement Date C (as denoted on Schedule
1), at any time on or after the earliest to occur of: (A) the first date on which the Market Price of the Common Stock is
at or above $12.00 per share (such amount, as may be adjusted from time to time pursuant to Clause 13(b), Exercise Trigger Price
C) or (B) the first date on which the Company fails to maintain the designation and quotation of the Common Stock on The
Nasdaq Stock Market or another national securities exchange or (C) the date of a Fundamental Change Transaction or (D) the
date of a Substantial Distribution of Assets,

 

(each such
date, an Exercise Commencement Date) and, in each case, at any time thereafter, regardless of whether the Market Price of
the Common Stock subsequently falls below the values stated above.

 

		(b)	Duration of Warrants

 

The Holder
of a Warrant may exercise, in whole or in part, the purchase rights represented by such Warrant at any time and from time to time
during the period commencing on the relevant Exercise Commencement Date and terminating at 5:00 p.m., New York City time, on the
Expiration Date. Any Warrant, or any portion thereof, not exercised prior to 5:00 p.m., New York City time, on the Expiration Date,
shall be cancelled and become permanently and irrevocably null and void at 5:00 p.m., New York City time, on the Expiration Date,
and all rights thereunder and all rights in respect thereof under this Agreement shall cease at such time.

 

		(c)	Exercise of Warrants

 

		(i)	A Holder of a Warrant may exercise a Warrant by delivering a copy of the exercise form for the
election to exercise such Warrant substantially in the form of Exhibit 3 (Exercise Form) to the Company pursuant to the
notice provisions set forth herein, properly completed and duly executed by the Holder thereof, denoting the number of shares of
Common Stock in respect of which such Warrant is being exercised (the Exercise Amount) and complying with the provisions
set forth in subsection (ii) of this Clause 8(c).

 

		(ii)	Upon exercise of any Warrants, the Company shall promptly, at its expense, and in no event later
than three (3) Business Days thereafter, calculate and cause to be issued to the Holder of such Warrants the total number of whole
shares of Common Stock for which such Warrants are being exercised (after giving effect to the provisions of Clause 18 below) by
delivery to the address designated by such Holder on its Exercise Form of a certificate representing the number of shares of Common
Stock to which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such Holder
on its Exercise Form. The Company agrees that the Common Stock so issued will be deemed to have been issued to the Holder as of
the close of business on the date on which the Warrant is delivered to the Company, in accordance with the terms of this Agreement,
notwithstanding that the stock transfer books of the Company may then be closed or certificates representing such Common Stock
may not be actually delivered on such date. If such Common Stock is a “restricted security” as defined in Rule 144
of the Securities Act, the certificate issued pursuant to this subsection shall bear the appropriate legend. The Company will at
no time close its transfer books against transfer of any shares of Common Stock issued or issuable upon the exercise of a Warrant
in any manner which interferes with the timely exercise of the Warrant, unless required by law.

 

    	10

    	 

    

 

		(iii)	At the time of any issuance of Common Stock under subsection (ii) of this Clause 8(c), the Company
shall deliver or cause to be delivered to the applicable Holder written confirmation that such Common Stock have been duly issued
and recorded on the books of the Company as hereinafter provided. The Common Stock so issued shall be registered in the name of
the Holder or such other name as shall be designated by such Holder on its Exercise Form. Such Common Stock shall be deemed to
have been issued and any Person so designated to be named as the Holder thereof shall be deemed to have become the Holder of record
of such Common Stock as of the date of exercise of such Warrants. Notwithstanding any provision herein to the contrary, the Company
shall not be required to register Common Stock issuable upon exercise of a Warrant in the name of any Person who acquired any Warrant
otherwise than in accordance with this Agreement.

 

		(iv)	Warrants shall be exercisable in accordance with this Clause 8, at the election of the Holder thereof,
either as an entirety or from time to time for a portion of the number of shares of Common Stock issuable upon exercise of such
Warrants (as such number of shares of Common Stock may be adjusted from time to time in accordance with the terms of this Agreement).
If less than all of the Warrants evidenced by a Warrant Certificate surrendered upon the exercise of Warrants are exercised at
any time prior to the Expiration Date, the Company shall issue a new Warrant Certificate for the remaining number of Warrants evidenced
by such Warrant Certificate so surrendered, pursuant to the provisions of Clause 6 and this Clause 8.

 

		(v)	Any exercise of a Warrant pursuant to the terms of this Agreement shall be irrevocable and shall
constitute a binding agreement between the Holder and the Company, enforceable in accordance with its terms. The Warrants shall
not be redeemable by the Company or any other Person.

 

		9.	Cancellation of Warrants

 

The Company
shall cancel all Warrant Certificates surrendered for exchange, substitution, transfer or exercise in whole or in part. Such cancelled
Warrant Certificates shall thereafter be disposed of in a manner satisfactory to the Company.

 

		10.	Mutilated or Missing Warrant Certificates

 

If any Warrant
Certificates shall be mutilated, lost, stolen or destroyed, the Company shall issue and deliver, in exchange and substitution for
and upon cancellation of the mutilated Warrant Certificate or in lieu of and substitution for the Warrant Certificate that is lost,
stolen or destroyed, a new Warrant Certificate of like date and tenor and representing the right to purchase an equivalent number
of shares of Common Stock, but only upon receipt of an affidavit certifying the loss, theft or destruction of such Warrant Certificate
..

 

		11.	Payment of Taxes

 

No service
charge shall be made to any Holder of a Warrant for any exercise or registration of transfer of Warrants, and the Company will
pay all documentary stamp taxes attributable to the initial issuance of Common Stock upon the exercise of Warrants.

 

    	11

    	 

    

 

		12.	Reservation of Common Stock

 

For the purpose
of enabling it to satisfy any obligation to issue Common Stock upon exercise of Warrants, the Company will at all times through
the Expiration Date, reserve and keep available out of its aggregate authorized but unissued Common Stock, the number of shares
of Common Stock deliverable upon the exercise of all outstanding Warrants, and the Transfer Agent is hereby irrevocably authorized
and directed at all times to reserve such number of authorized and unissued or treasury Common Stock as shall be required for such
purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent. The Company will supply the Transfer Agent
with duly executed certificates issuable upon exercise of outstanding Warrants. The Company will furnish the Transfer Agent with
a copy of all notices of adjustments and certificates related thereto, transmitted to each Holder pursuant to Clause 15.

 

		13.	Adjustment

 

The number
of Warrant Shares issuable upon the exercise of each Warrant shall be adjusted from time to time as set forth in this Clause 13.

 

		(a)	Distributions of Common Stock

 

In case the Company
shall hereafter declare a distribution to all holders of the outstanding Common Stock in Common Stock, the number of Warrant Shares
shall be increased by dividing such number by a fraction:

 

		(i)	the numerator of which shall be the number of shares of Common Stock outstanding at the close of
business on such Record Date; and

 

		(ii)	the denominator of which shall be the sum of (x) the number of shares of Common Stock outstanding
at the close of business on such Record Date and (y) the total number of shares of Common Stock constituting such distribution.

 

If any distribution
of the type described in this Clause 13(a) is declared but not so paid or made, the number of Warrant Shares shall again be adjusted
to the Warrant Shares that would be issuable upon exercise of such Warrant if such distribution had not been declared.

 

		(b)	Subdivisions and Combinations

 

In case the outstanding
Common Stock shall be subdivided into a greater number of shares of Common Stock, or combined into a smaller number of shares of
Common Stock:

 

		(i)	the number of Warrant Shares shall be appropriately adjusted by multiplying such number by a fraction:

 

		(A)	the numerator of which shall be the total number of outstanding Common Stock after such subdivision
or combination (the New Total Shares); and

 

		(B)	the denominator of which shall be the total number of outstanding Common Stock prior to such subdivision
or combination (the Previous Total Shares); and

 

    	12

    	 

    

 

		(ii)	each of the Exercise Trigger Prices shall be appropriately adjusted by multiplying such Exercise
Trigger Price by a fraction:

 

		(A)	the numerator of which shall be Previous Total Shares; and

 

		(B)	the denominator of which shall be the New Total Shares.

 

		(c)	Distributions of Other Securities and Assets

 

In case the Company
shall hereafter declare a distribution to all holders of Common Stock of units of any class of equity interests of the Company,
debt securities, assets or other property of the Company (excluding (x) any distribution paid exclusively in cash, (y) any distribution
referred to in Clause 13(a) or (z) any distribution as a result of a Fundamental Change Transaction or the liquidation, dissolution
or winding up of the Company, whether voluntary or involuntary) (any of the foregoing non-excluded distributions, the Distributed
Assets), then, in each such case, the number of Warrant Shares shall be increased by multiplying such number by a fraction:

 

		(i)	the numerator of which shall be the Fair Market Value of one share of Common Stock on such Record
Date; and

 

		(ii)	the denominator of which shall be (x) the Fair Market Value of one share of Common Stock on the
Record Date minus (y) the Per Share Asset Value.

 

For purposes
of this Clause 13(c), (x) the Per Share Asset Value means (A) the Asset Value (as defined below) divided by (B) the total
number of shares of Common Stock outstanding on such Record Date, and (y) the Asset Value means the fair market value of
the Distributed Assets (without regard to any illiquidity or minority discounts), as reasonably determined by an independent appraiser
selected by the Board with the approval of Holders holding an individual or aggregate interest of 33% or more of the Warrant Shares
relating to the Warrants outstanding as of such date.

 

In the event
that any distribution of the type described in this Clause 13(c) is declared but not so paid or made, the number of Warrant Shares
shall again be adjusted to be the number of Warrant Shares that would then be in effect if such distribution had not been declared.

 

If the Asset
Value is equal to or greater than the Fair Market Value of all Common Stock on such Record Date, in lieu of the foregoing adjustment,
an amount equal to (the Aggregate Warrant Exercise Asset Distribution Amount) (x) the Asset Value multiplied by (y)(A) the
maximum number of shares of Common Stock that could be issued if all Warrants outstanding as of such Record Date were exercised
in accordance with this Agreement, and divided by (B) the sum of (I) the maximum number of shares of Common Stock that could be
issued if all Warrants outstanding as of such Record Date were exercised plus (II) the number of shares of Common Stock outstanding
at the close of business on such Record Date, shall not be distributed, but instead shall be placed in a segregated account and
paid to any Holder that exercises Warrants after such Record Date in accordance with this Agreement, in an amount equal to (x)
(A) the Aggregate Warrant Exercise Asset Distribution Amount divided by (B) the number of shares of Common Stock into which all
Warrants outstanding on such Record Date were exercisable on such Record Date in accordance with this Agreement, multiplied by
(y) the number of shares of Common Stock into which the Warrants being exercised were exercisable on such Record Date in accordance
with this Agreement prior to adjustments, if any, made pursuant to this Clause 13 between such Record Date and the date of exercise.

 

    	13

    	 

    

 

		(d)	Rights Offerings

 

		(i)	In case the Company shall hereafter issue to all holders of its outstanding shares of Common Stock
any rights, warrants or other instrument entitling them to subscribe for or purchase shares of Common Stock at a price per share
less than the Fair Market Value of the Common Stock on the Record Date fixed for the determination of holders entitled to receive
such rights or warrants, the number of Warrant Shares shall be increased by multiplying such number by a fraction:

 

		(A)	the numerator of which shall be equal to the sum of (x) the number of shares of Common Stock outstanding
at the close of business on such Record Date and (y) the total number of shares of Common Stock to be issued; and

 

		(B)	the denominator of which shall be equal to the sum of (x) the number of shares of Common Stock
outstanding at the close of business on such Record Date and (y) the number of shares of Common Stock which could be purchased
(at the Market Price on such Record Date) by the aggregate consideration receivable by the Company for the total number of shares
of Common Stock subject to such rights or warrants;

 

		(ii)	In case the Company shall hereafter issue any rights, warrants or other instrument entitling the
holder thereof to subscribe for or purchase shares of Common Stock at a price per share less than the Fair Market Value of the
Common Stock on the date of issuance, each of the Exercise Trigger Prices shall be appropriately adjusted by multiplying such number
by a fraction:

 

		(A)	the numerator of which shall be equal to the sum of (x) the number of shares of Common Stock outstanding
at the close of business on such date of issuance and (y) the number of shares of Common Stock which could be purchased (at the
Market Price on such date of issuance) by the aggregate consideration receivable by the Company for the total number of shares
of Common Stock subject to such rights or warrants; and

 

		(B)	the denominator of which shall be equal to the sum of (x) the number of shares of Common Stock
outstanding at the close of business on such date of issuance and (y) the total number of shares of Common Stock to be issued.

 

In the event
that any issuance of the type described in this Clause 13(d) is declared but not purchased in full, the number of Warrant Shares
and each Exercise Trigger Price shall again be adjusted to be the number of Warrant Shares or the Exercise Trigger Price, as applicable,
that would then be in effect if such issuance had been made only with respect to the number of shares of Common Stock actually
purchased.

 

		(e)	Cash Distributions

 

In case the Company
shall hereinafter declare a distribution to all holders of Common Stock in cash (a Cash Distribution) (excluding any distribution
in connection with a Fundamental Change Transaction or the liquidation, dissolution or winding up of the Company, whether voluntary
or involuntary), then the number of Warrant Shares shall be increased by multiplying such number by a fraction:

 

    	14

    	 

    

 

		(i)	the numerator of which shall be the aggregate Fair Market Values of all Common Stock outstanding
at the close of business on such Record Date, and

 

		(ii)	denominator of which shall be (x) the aggregate Fair Market Values of all Common Stock outstanding
at the close of business on such Record Date minus (y) the amount of cash to be distributed.

 

In the event
that any distribution of the type described in this Clause 13(e) is declared but not so paid or made, the number of Warrant Shares
shall again be adjusted to be the number of Warrant Shares that would then be in effect if such distribution had not been declared.

 

If the amount
of cash to be distributed under this Clause 13(e) is equal to or greater than the Fair Market Value of all Common Stock on such
Record Date, in lieu of the foregoing adjustment, an amount equal to (the Aggregate Warrant Exercise Cash Distribution Amount)
(x) the total amount of the Cash Distribution multiplied by (y)(A) the maximum number of shares of Common Stock that could be issued
if all Warrants outstanding as of such Record Date were exercised in accordance with this Agreement, and divided by (B) the sum
of (I) the maximum number of shares of Common Stock that could be issued if all Warrants outstanding as of such Record Date were
exercised plus (II) the number of shares of Common Stock outstanding at the close of business on such Record Date, shall not be
distributed, but instead shall be placed in a segregated account and paid to any Holder that exercises Warrants after such Record
Date, in an amount equal to (x) (A) the Aggregate Warrant Exercise Cash Distribution Amount divided by (B) the number of shares
of Common Stock into which all Warrants outstanding on such Record Date were exercisable in accordance with this Agreement, multiplied
by (y) the number of shares of Common Stock into which the Warrants being exercised were exercisable on such Record Date in accordance
with this Agreement prior to adjustments, if any, made pursuant to this Clause 13 between such Record Date and the date of exercise.

 

		(f)	Fundamental Change Transaction

 

If any transaction
or event (including, but not limited to, any merger, consolidation or other business combination, sale of assets, tender or exchange
offer, reorganization, reclassification, compulsory share exchange or liquidation, but excluding distributions, subdivisions or
combinations to which Clauses 13(a) and 13(b) apply) occurs in which all or substantially all of the outstanding Common Stock is
converted into, exchanged for, or the holders thereof are otherwise entitled to receive on account thereof stock, other securities,
cash or assets (each, a Fundamental Change Transaction), the Holder of each Warrant outstanding immediately prior to the
occurrence of such Fundamental Change Transaction shall have the right upon any subsequent exercise of all or any portion of such
Warrant to receive (but only out of legally available funds, to the extent required by applicable law) the kind and amount of stock,
other securities, cash and/or assets that such Holder would have received if such Warrant (or portion thereof being exercised)
had been exercisable and had been exercised pursuant to the terms hereof immediately prior to such Fundamental Change Transaction
(assuming such Holder failed to exercise his rights of election, if any, as to the kind or amount of stock, securities, cash, assets
or other property receivable upon such Fundamental Change Transaction).

 

The provisions
of this Clause 13(f) shall similarly apply to successive Fundamental Change Transactions.

 

    	15

    	 

    

 

		(g)	Calculations

 

All calculations
under this Clause 13 shall be made to the nearest cent, with one half-cent being rounded upward.

 

		(h)	Stock Not Deemed Outstanding

 

The number of
shares of Common Stock outstanding at any given time shall not include Common Stock owned or held by or for the account of the
Company.

 

		(i)	No Adjustment

 

No adjustment
need be made for:

 

		(i)	Excluded Issuances; or

 

		(ii)	any event for which an adjustment has already been provided under any subsection of this Clause
13; provided, however, that if any event occurs that would result in an adjustment under more than one subsection of this Clause
13, the subsection that results in the most favorable adjustment to the Holders of Warrants shall control.

 

		(j)	De Minimis Adjustments

 

No adjustment
under this Clause 13 shall be made unless such adjustment would require a cumulative increase or decrease of at least 1% in the
number of Warrant Shares; provided, however, that any adjustments which by reason of this Clause 13(i) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.

 

		(k)	Form of Warrant After Adjustment

 

The form of the
Warrant Certificate need not be changed because of any adjustments in the number of Warrant Shares, and Warrants theretofore or
thereafter issued may continue to express the same number and kind of Warrant Shares as are stated in Warrant Certificates, as
initially issued.

 

		(l)	Effective Date of Adjustment

 

Unless otherwise
expressly provided in this Clause 13, any adjustments made pursuant to this Clause 13 shall be effective immediately prior to the
opening of business on the first Business Day following the applicable Record Date.

 

		14.	Fractional Units

 

The Company
shall not be required to issue any fraction of a share of Common Stock in connection with the exercise of Warrants. All Common
Stock issuable upon exercise of more than one Warrant by a Holder thereof shall be aggregated for purposes of determining whether
the exercise would result in the issuance of any fractional share of Common Stock. If, after the aforementioned aggregations, the
exercise would result in the issuance of any fractional share of Common Stock, the Company shall, in lieu of issuing any fractional
share of Common Stock, round such fraction of a share of Common Stock to the nearest whole number of shares, with 0.5 being rounded
to 1.0.

 

    	16

    	 

    

 

		15.	Notices to Holders of Warrants

 

Upon any adjustment
of the number of Warrant Shares, the Company, within twenty (20) calendar days thereafter, shall prepare and deliver, or cause
to be given to each of the Holders of Warrants at such Holder's address appearing on the Warrant Register by first-class mail,
postage prepaid, written notice of the event giving rise to such adjustment, the resulting adjusted number of Warrant Shares and
setting forth in reasonable detail the method of calculation and the facts upon which each such adjustment was made. Where appropriate,
such notice may be given in advance and included as a part of the notice required to be mailed under the other provisions of this
Clause 15.

 

		16.	Rule 144 Information

 

The Company
covenants that it will timely file all reports and other documents required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations promulgated by the SEC thereunder (or, if the Company is not required to file such reports,
it will, upon the request of any Holder, make publicly available such information as necessary) to permit sales pursuant to Rule
144 or Regulation S under the Securities Act, and it will take such further action as any Holder may reasonably request, in each
case to the extent required from time to time to enable such Holder to, if permitted by the terms of this Agreement, sell a Warrant
without registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 or Regulation S
under the Securities Act, as such rules may be amended from time to time, or (B) any successor rule or regulation hereafter adopted
by the SEC. Upon the written request of any Holder, the Company will deliver to such Holder a written statement that it has complied
with such requirements.

 

		17.	Registration Rights

 

The Lender
Holders (and assignees thereof) are entitled to the benefit of such registration rights in respect of the Warrant Shares as are
set forth in the Warrant Shares Registration Rights Agreement, including the right to assign such rights, as set forth therein.

 

		18.	Cashless Exercise

 

The Holder
shall satisfy its obligation to pay the Settlement Amount through a "cashless exercise" pursuant to this Clause 18 (a
Cashless Exercise) in which event the Company shall issue to the Holder the number of Warrant Shares determined in accordance
with the following formula:

 

X=Y *[(A –
B)/A]

 

where:

 

		(i)	X equals the number of Warrant Shares to be issued to the holder after having given effect to the
Cashless Exercise;

 

		(ii)	Y equals the number of Warrant Shares issuable to the Holder upon exercise of the Warrant;

 

		(iii)	A equals the Fair Market Value of one (1) share of Common Stock as of the date on which the relevant
Warrant is exercised; and

 

		(iv)	B equals the Exercise Price.

 

    	17

    	 

    

 

For purposes
of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in
a Cashless Exercise transaction shall be deemed to have been acquired by the Holder and the holding period for the Warrant Shares
shall be deemed to have commenced, on the date the Warrant was originally issued pursuant to this Agreement.

 

		19.	Holder of Warrant not Deemed a Shareholder

 

		(a)	Prior to the proper exercise of a Warrant by the Holder thereof in accordance with this Agreement,
and the delivery by the Company of the certificates representing the Common Stock to which such Holder is entitled, such Holder
shall not be entitled to any rights of a holder of Common Stock or other equity interests in the Company with respect to the Common
Stock into which the Warrants shall be exercisable, including, without limitation, the right to vote or to receive dividends or
distributions or to consent or to receive notice as members in respect of the meetings of members or for the election of directors
of the Company or any other matter, or any rights whatsoever as holders of Common Stock or other equity interests in the Company.

 

		(b)	Prior to the proper exercise of a Warrant by the Holder thereof in accordance with this Agreement,
no Holder of a Warrant shall be liable for the Exercise Price hereunder, whether such liability is asserted by the Company or by
creditors of the Company, to the fullest extent permitted by law.

 

		20.	Notices

 

Subject to
Clause 15, all notices, requests or demands authorized by this Agreement to be given or made to be effective shall be in writing
(including by facsimile), and shall be deemed to have been duly given or made when delivered by hand, or two (2) Business Days
after being delivered to a recognized courier (whose stated terms of delivery are two (2) Business Days or less to the destination
of such notice), or five (5) calendar days after being deposited in the mail, first class and postage prepaid or, in the case of
facsimile notice, when received, addressed as set forth below (until another address is notified in writing by the relevant party
hereto).

 

		(a)	If to the Company:

 

EAGLE BULK
SHIPPING INC.

 

477 Madison Avenue,
Suite 1405

New
York, New York 10022

United States of
America

 

Fax:      +1
212 785 3311

 

		(b)	If to a Lender Holder, to the address set forth under such Lender Holder's signature hereto.

 

		21.	Amendments

 

Any provision
of this Agreement may only be amended or waived if such amendment or waiver is in writing and is signed by the Company and the
Majority Holders; provided, that any provision hereof may be waived by any Holder on such party's own behalf without the consent
of any other party.

 

Any amendment
or waiver effected in accordance with this Clause 21 shall be binding upon each Holder and the Company.

 

    	18

    	 

    

 

		22.	Consents of Holders

 

All consents,
approvals and other determinations to be made by the Holders pursuant to this Agreement shall be made by the Majority Holders,
unless otherwise specified.

 

Any consent,
approval or other determination effected in accordance with this Clause 22 shall be binding upon each Holder and the Company.

 

		23.	Successors and Assigns

 

Subject to
Clause 7, all the covenants and provisions of this Agreement by or for the benefit of the Company or the Holders of Warrants shall
bind and inure to the benefit of their respective successors and assigns hereunder.

 

		24.	Termination

 

This Agreement
shall terminate on the Expiration Date. Notwithstanding the foregoing, this Agreement will terminate on any earlier date when all
Warrants have been exercised. Termination of this Agreement shall not relieve the Company of any of its obligations arising prior
to the date of such termination.

 

		25.	Governing Law

 

This Agreement
and each Warrant issued hereunder shall be deemed to be a contract made under the laws of the State of New York (without giving
effect to the conflict of laws provisions thereof) and for all purposes shall be construed in accordance with the laws of such
State. The Company agrees (a) to submit to the non-exclusive personal jurisdiction of the State or Federal courts in the Borough
of Manhattan, The City of New York, (b) that non-exclusive jurisdiction and venue shall lie in the State or Federal courts in the
State of New York, and (c) that notice may be served upon such party at the address and in the manner set forth for the Company
in Clause 20. To the extent permitted by applicable law, each of the parties hereto hereby unconditionally waives trial by jury
in any legal action or proceeding relating to this Agreement or the Warrants or the transactions contemplated hereby or thereby.

 

		26.	No Third Party Beneficiaries

 

Nothing in
this Agreement shall be construed to give to any Person other than the Company and the Holders of the Warrants any legal or equitable
right, remedy or claim under this Agreement, and this Agreement shall be for the sole and exclusive benefit of the Company and
the Holders of the Warrants.

 

		27.	Counterparts

 

This Agreement
may be executed in any number of counterparts (including by facsimile or portable document format (PDF) signatures) and each of
such counterparts shall for all purposes be deemed to be an original, and such counterparts shall together constitute but one and
the same instrument.

 

		28.	Severability

 

Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provision of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

    	19

    	 

    

 

		29.	Waiver

 

Failure of
any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

 

		30.	Further Assurances

 

Each party
shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

		31.	Entire Agreement

 

This Agreement,
the Credit Agreement and the Warrant Certificates constitute the entire agreement of the Company and the Holders of the Warrants
with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the
Company and the Holders of the Warrants with respect to the subject matter hereof.

 

In
witness whereof, the parties hereto have caused this Warrant Agreement to be executed and delivered as of the day and
year first above written.

 

[Remainder of this page intentionally
left blank.]

 

    	20

    	 

    

 

Schedule
1

 

Pro Rata
Share of Lender Holders

 

	Lender	 	Number of Warrant Shares, 
by Exercise Commencement Date	 	 	Total 
Number of 
Warrant 
Shares	 	 	Percentage 
of Total 
Warrant 
Shares	 
	 	 	A	 	 	B	 	 	C	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	The Royal Bank of Scotland plc	 	 	721,550.50	 	 	 	721,550.50	 	 	 	721,550.50	 	 	 	2,164,651.50	 	 	 	68.75	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WestLB AG, London Branch	 	 	98,393.25	 	 	 	98,393.25	 	 	 	98,393.25	 	 	 	295,179.75	 	 	 	9.375	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of China Limited, London Branch	 	 	65,595.50	 	 	 	65,595.50	 	 	 	65,595.50	 	 	 	196,786.50	 	 	 	6.25	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Uberior Trading Limited	 	 	65,595.50	 	 	 	65,595.50	 	 	 	65,595.50	 	 	 	196,786.50	 	 	 	6.25	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Santander Asset Finance plc	 	 	49,196.63	 	 	 	49,196.63	 	 	 	49,196.63	 	 	 	147,589.88	 	 	 	4.6875	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sumitomo Mitsui Banking Corporation	 	 	32,797.75	 	 	 	32,797.75	 	 	 	32,797.75	 	 	 	98,393.25	 	 	 	3.125	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Crédit Industriel et Commercial	 	 	16,398.88	 	 	 	16,398.88	 	 	 	16,398.88	 	 	 	49,196.63	 	 	 	1.5625	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,148,584	 	 	 	100	 

 

    	21

    	 

    
 

Signatories

 

	EAGLE BULK SHIPPING INC.	 
	as the Issuer	 
	 	 	 	 
	By:	/s/ Sophocles N. Zoullas	 
	 	Name:	Sophocles N. Zoullas	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 
	ATTEST:	 
	 	 	 	 
	/s/ Alan S. Ginsberg	 
	Name:	Alan S. Ginsberg	 
	Title:	Secretary	 

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	THE ROYAL BANK OF SCOTLAND PLC.	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Gauri Ketcher	 
	 	Name:	Gauri Ketcher	 
	 	Title:	Managing Director	 
	 	 	 	 
	Address:	 
	280 Bishopsgate	 
	London, EC2M 4RB	 
	United Kingdom	 
	 	 	 	 
	Fax:	+44 20 7672 1829	 
	Attention:	Kate Wyeth / Frank Goebel	 

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	WESTLB AG, LONDON BRANCH.	 
	as Lender Holder	 
	 	 	 	 
	By:	Maximilien Faré	 
	 	Name:	Maximilien Faré	 
	 	Title:	Executive Director	 
	 	 	 	 
	By:	/s/ Christian Grane	 
	 	Name:	Christian Grane	 
	 	Title:	Executive Director	 

 

	Address:	WestLB AG, London Branch
	 	Woolgate Exchange
	 	25 Basinghall Street
	 	London EC2V 5HA
	 	 
	Fax:	+44 20 7020 7620
	Attention:	Credit Administration
	 	Jutta Brown / Paula Renouf / William Josephson / Gillian Greenwood

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	BANK OF CHINA LIMITED, LONDON BRANCH	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Huabin Wang	 
	 	Name:	Huabin Wang	 
	 	Title:	Assistant General Manager	 
	 	 	 	 
	By:	/s/Zhibin Xie	 
	 	Name:	Zhibin Xie	 
	 	Title:	Head of Corporate Banking	 

 

Address:

Bank of China Limited, London Branch

1 Lothbury

London
EC2R 7DB

United Kingdom

 

	Fax:	+44 20 7282 8899
	Attention:	Mr. KS Tung

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	Uberior Trading Limited	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Martin Robertson	 
	 	Name:	Martin Robertson	 
	 	Title:	Investment Director & Duly Authorized Attorney

 

Address:

care of Lloyds Banking Group plc

BSU Investments Team

6th Floor

Princess House

1 Suffolk Lane

London

EC4R 0AX

Great Britain

 

	Fax:	+44 20 7489 3600
	Attention:	Martin Robertson

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	SANTANDER ASSET FINANCE PLC	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Mark McCarthy	 
	 	Name:	Mark McCarthy	 
	 	Title:	Head of Shipping	 

 

Address:

Santander Asset Finance plc

298 Deansgate

Manchester

M3 4HH

United Kingdom

 

	Fax:	+44 (0) 161 953 3517
	Attention:	Tony Thomas / Keith Sullivan

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	SUMITOMO MITSUI BANKING CORPORATION	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Takeshi Shirai	 
	 	Name:	Takeshi Shirai	 
	 	Title:	General Manager	 
	 	 	 	 
	By:	/s/Kazushige Onishi	 
	 	Name:	Kazushige Onishi	 
	 	Title:	Joint General Manager	 

 

Address:

Sumitomo Mitsui Banking Corporation

Neo
Building, Rue Montoyer 51, Box 6, 1000 Brussels, Belgium

 

	Fax:	+32 2 502 07 80
	Attention:	Françoise Bouchat / Nadine Boudart

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

	CRÉDIT INDUSTRIEL ET COMMERCIAL	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Andrew McKuin	 
	 	Name:	Andrew McKuin	 
	 	Title:	Vice President	 
	 	 	 	 
	By:	/s/Edwige Sucher	 
	 	Name:	Edwige Sucher	 
	 	Title:	Vice President	 

 

Address:

520 Madison Avenue

New York,
NY 10022

United States of America

 

	Fax:	+1 212 715 4535
	Attention:	Andrew McKuin

 

Signature Page to Warrant Agreement

 

    	 

    	 

    

 

Exhibit
1

 

Form
of Warrant Certificate

 

The
Warrants represented by this Warrant Certificate have not been registered under the Securities Act of 1933, as amended (the "Securities
Act") and may not be sold or transferred except in compliance with the Securities Act, any applicable state securities laws
and the rules and regulations promulgated thereunder.

 

The
Warrants represented by this Certificate have been issued pursuant to and are subject to a Warrant Agreement, which sets forth
the rights and obligations of the Company and the Holder of these Warrants. The Warrant Agreement contains prohibitions on the
transfer of these Warrants and the rights related thereto. By accepting any interest in these Warrants, any transfer recipient
shall be deemed to agree to and shall become bound by all of the provisions of the Warrant Agreement. A copy of the Warrant Agreement
is on file at the Company's principal office.

 

Warrant
Certificate

 

Eagle
Bulk Shipping Inc.

 

	Warrant Certificate No.	________________	________________	Warrants
	Date:	________________,2012	 	 

 

This Warrant Certificate
certifies that [           ], or registered assigns, is the registered holder
of [           ] ([           ])
Warrants. Each Warrant entitles the owner thereof to purchase at any time on or after the date hereof and on or prior to the Expiration
Date, one (1) validly issued, fully paid and nonassessable share of Common Stock (as defined in the Amended and Restated Articles
of Incorporation of Eagle Bulk Shipping Inc., dated as of June 3, 2005, as amended on May 21, 2012) (hereinafter, a Common Share)
of Eagle Bulk Shipping Inc., a corporation incorporated in the Republic of the Marshall Islands (together with its successors and
assigns, the Company), at a purchase price (herein subject to adjustment as provided therein, the Exercise Price)
of one cent ($0.01) per share of Common Stock upon presentation and surrender of this Warrant Certificate to the Company with a
duly executed Election Form in the manner set forth in the Warrant Agreement (defined below). The number of shares of Common Stock
that may be initially purchased upon exercise of each Warrant is the number as of the date hereof, and is subject to adjustment
as referred to below.

 

The
Warrants are issued pursuant to a Warrant Agreement (as it may from time to time be amended or supplemented, the Warrant Agreement),
dated as of June [l], 2012, among the Company, as the issuer, and the Holders
specified therein, and are subject to all of the terms, provisions and conditions thereof, which Warrant Agreement is hereby incorporated
herein by reference and made a part hereof and to which Warrant Agreement reference is hereby made for a full description of the
rights, obligations, duties and immunities of the Company and the holders of the Warrant Certificates. Capitalized terms used,
but not defined, herein have the respective meanings ascribed to them in the Warrant Agreement.

 

    	 

    	 

    

 

As provided in the Warrant
Agreement, the Exercise Trigger Price and the number of shares of Common Stock that may be purchased upon the exercise of the Warrants
evidenced by this Warrant Certificate are, upon the happening of certain events, subject to adjustment. Except as otherwise set
forth in, and subject to, the Warrant Agreement, the Expiration Date of this Warrant Certificate is as set forth in the Warrant
Agreement.

 

This Warrant Certificate
shall be exercisable, at the election of the holder, at any time on or after [the Exercise Commencement Date]1 and
on or prior to the Expiration Date either as an entirety or in part from time to time. If this Warrant Certificate shall be exercised
in part, the holder shall be entitled to receive, upon surrender hereof, another Warrant Certificate or Warrant Certificates for
the number of Warrants not exercised. This Warrant Certificate, with or without other Warrant Certificates, upon surrender in
the manner set forth in the Warrant Agreement and subject to the conditions set forth in the Warrant Agreement, may be transferred
or exchanged for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants entitling the holder to
purchase a like aggregate number of shares of Common Stock as the Warrants evidenced by the Warrant Certificate or Warrant Certificates
surrendered shall have entitled such holder to purchase.

 

Prior to the proper exercise
of the Warrants evidenced by this Warrant Certificate by the holder thereof in accordance with the Warrant Agreement, and the delivery
by the Company of the certificates representing the shares of Common Stock to which such holder is entitled, no holder of this
Warrant Certificate shall be entitled to any rights of a holder of shares of Common Stock or other equity interests in the Company
or a member of the Company with respect to the shares of Common Stock into which the Warrants evidenced by this Warrant Certificate
shall be exercisable, including, without limitation, the right to vote or to receive dividends or distributions or to consent or
to receive notice as members in respect of the meetings of members or for the election of directors of the Company or any other
matter, or any rights whatsoever as holders of shares of Common Stock or other equity interests in the Company or as members of
the company.

 

This
Warrant Certificate shall be construed and enforced in accordance with, and the rights of the Company and the Holder hereof shall
be governed by, the internal laws of the State of New York, without giving effect to the conflict of laws rules thereof.

 

In
witness whereof, the undersigned proper officers of the Company have duly executed this Warrant Certificate as of the
date first above written.

 

	 	EAGLE BULK SHIPPING INC.
	 	 
	 	 
	 	By:
	 	Alan Ginsberg
	 	Chief Financial Officer
	 	 
	 	 
	 	By:
	 	Name:
	 	Title: [Corporate Secretary]

 

 

		1	The relevant Exercise Commencement Date clause shall be specified in lieu of this defined term
on the actual Certificate, by inserting the applicable text from the relevant subclause of Section 8(a).

 

    	 

    	 

    

 

Exhibit
2

 

Form
of AssigNment

 

(To be executed by the
registered holder if

such holder desires to transfer Warrants
evidenced by the Warrant Certificate)

 

FOR VALUE RECEIVED, ____________________________________
hereby sells, assigns and transfers unto

 

 

 

(Please print name and address of transferee.)

 

[           ]
Warrants represented by Warrant No. [           ], together with all right,
title and interest therein, and does hereby irrevocably constitute and appoint:

 

 

 

as his/her/its attorney, to transfer the accompanying Warrant
Certificate on the books of the Company with full power of substitution.

 

Dated: _____________________,
_________.

 

	 	 
	 	 
	 	By:	 

 

Notice

 

The signature to the
foregoing Assignment must correspond to the name as written upon the face of the Warrant Certificate identified above or any prior
assignment thereof in every particular, without alteration or enlargement or any change whatsoever.

 

    	 

    	 

    

 

Exhibit
3

 

Exercise
Form

 

(To be executed by the
registered holder if

such holder desires to exercise the Warrant
Certificate)

 

		To:	EAGLE BULK SHIPPING INC.

 

The
undersigned hereby irrevocably elects to exercise _____________________________ Warrants represented by the accompanying Warrant
Certificate to purchase shares of Common Stock (as defined in that certain Warrant Agreement, dated as of June [l],
2012, as the same may from time to time be amended or supplemented) issuable upon the exercise of such Warrants, and requests that
certificates for such Common Stock be issued in the name of:

 

 

 

(Please print name and address of transferee.)

 

 

 

(Please insert social security or other identifying number.)

 

If such number of Warrants
shall not be all the Warrants evidenced by the accompanying Warrant Certificate, a new Warrant Certificate for the balance remaining
of such Warrants shall be registered in the name of and delivered to:

 

 

 

(Please print name and address of transferee.)

 

 

 

(Please insert social security or other identifying number.)

 

The undersigned is paying
the Settlement Amount for the Common Stock to be issued on exercise of the foregoing Warrants pursuant to the Cashless Exercise
provisions set forth in Clause 18 of the Warrant Agreement.

 

Dated: _____________________,
_________.

 

	 	 
	 	 
	 	By:	 

 

    	 

    	 

    

 

Notice

 

The signature to the
foregoing Exercise must correspond to the name as written upon the face of the accompanying Warrant Certificate or any prior assignment
thereof in every particular, without alteration or enlargement or any change whatsoever.

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