Document:

Exhibit

Exhibit 4.49

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT
SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”), dated as of October 21, 2015, by and among SCORPIO BULKERS INC., a company incorporated under the laws of the Republic of the Marshall Islands, as borrower (the “Borrower”), the Lenders party hereto and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent (in such capacity, the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to a Credit Agreement, dated as of December 30, 2014 (as amended by that certain First Amendment to Credit Agreement, dated as of March 6, 2015 and as further amended, restated, modified or otherwise supplemented from time to time, the “Credit Agreement”); and
WHEREAS, subject to the terms and conditions of this Second Amendment, the parties hereto wish to amend certain provisions of the Credit Agreement as herein provided.
NOW, THEREFORE, it is agreed:
		
	I.
	Amendments to Credit Agreement.

1.Section 8.07(d) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
“(d)    Minimum Interest Coverage.  Commencing with the Test Period ending on March 31, 2017, the Borrower will not permit the Interest Coverage Ratio for any Test Period to be less than:
(i)    on the last day of each Test Period from and including the Test Period ending March 31, 2017 to and including the Test Period ending December 31, 2017: 1.00 to 1.00, calculated:
		
	(A)
	in respect of the Test Period ending March 31, 2017, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarter ending March 31, 2017 only; 

		
	(B)
	in respect of the Test Period ending June 30, 2017, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2017 and June 30, 2017 only;

		
	(C)
	in respect of the Test Period ending September 30, 2017, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2017, June 30, 2017 and September 30, 2017 only; and 

		
	(D)
	in respect of the Test Period ending December 31, 2017, using Consolidated EBITDA and Consolidated Net Interest Expense for the four fiscal quarter period ending December 31, 2017; and

Exhibit 4.49

(ii)    on the last day of each Test Period from and including the Test Period commencing January 1, 2018: 2.50 to 1.00, calculated quarterly on a trailing four-quarter basis.”
2.Section 8.07(e) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

“(e)    Collateral Maintenance.  The Borrower will not permit the sum of (x) the Aggregate Appraised Value of the Collateral Vessels which have not been sold, transferred, lost or otherwise disposed of (it being understood that permitted chartering arrangements do not constitute disposals for this purpose) and (y) any Additional Collateral to fall below an amount that is equal to or less than 140% of the aggregate outstanding principal amount of the Loans; provided that, from the date that is the earlier of (A) the final Vessel Acquisition Borrowing Date and (B) February 6, 2017 until December 31, 2017, the sum of clause (x) and (y) above shall not be less than 150% of the aggregate outstanding principal amount of the Loans; provided, further, that any non-compliance with this Section 8.07(e) shall not constitute an Event of Default (but shall constitute a Default), so long as within 60 days of the occurrence of such non-compliance, the Borrower shall either (x) post Additional Collateral (and shall during such period, and prior to satisfactory completion thereof, be diligently carrying out such actions) or (y) prepay Loans in an amount sufficient to cure such non-compliance.”
II.    Miscellaneous Provisions.
1.In order to induce the Lenders to enter into this Second Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Second Amendment Effective Date (as defined herein) after giving effect to this Second Amendment and (ii) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the Second Amendment Effective Date after giving effect to this Second Amendment, with the same effect as though such representations and warranties had been made on and as of the Second Amendment Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all material respects as of such specific date).

2.This Second Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement and the other Credit Documents or any of the other instruments or agreements referred to therein except as set forth herein or (ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, as amended hereby, the other Credit Documents or any of the other instruments or agreements referred to therein.  The Administrative Agent, the Collateral Agent and the Lenders expressly reserve all their rights and remedies except as expressly set forth in this Second Amendment.

3.This Second Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent.

4.THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

Exhibit 4.49

5.This Second Amendment shall become effective as of September 30, 2015 (the “Second Amendment Effective Date”) when:

(i)the Borrower and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036; Attention:  May Yip (facsimile number: 212-354-8113 / e-mail: myip@whitecase.com); and
(ii)the Borrower shall have paid to the Administrative Agent all reasonable out-of-pocket costs and expenses in connection with the Second Amendment (including, without limitation, the reasonable fees and expenses of White & Case LLP).

6.From and after the Second Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby.  From and after the Second Amendment Effective Date, this Second Amendment shall for all purposes constitute a Credit Document.
*        *        *

Exhibit 4.49

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Second Amendment as of the date first above written.
SCORPIO BULKERS INC., as Borrower

/s/ Cameron Mackey
By:__________________________________
Name: Cameron Mackey 
Title:   Chief Operating Officer     

[signature page to Scorpio Bulkers Inc. Second Amendment]

Exhibit 4.49

NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent and as Lender 

/s/ Erik Havnvik
By:__________________________________
Name:   Erik Havnvik
Title:   Vice President

/s/ Martin Lunder
By:__________________________________
Name: Martin Lunder
Title: Senior Vice President

[signature page to Scorpio Bulkers Inc. Second Amendment]

Exhibit 4.49

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as Lender
		
	By:
	/s/ Ame Juell-Skielse

Name:      Ame Juell-Skielse
Title:
		
	By:
	/s/ Helene Hellners

Name:     Helene Hellners
Title:Exhibit

Exhibit 4.50

EXECUTION VERSION

THIRD AMENDMENT TO CREDIT AGREEMENT
THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”), dated as of December 14, 2015, by and among SCORPIO BULKERS INC., a company incorporated under the laws of the Republic of the Marshall Islands, as borrower (the “Borrower”), the Lenders party hereto and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent (in such capacity, the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to a Credit Agreement, dated as of December 30, 2014 (as amended by that certain First Amendment to Credit Agreement, dated as of March 6, 2015, that certain Second Amendment to Credit Agreement, dated as of October 21, 2015 and as further amended, restated, modified or otherwise supplemented from time to time, the “Credit Agreement”); and
WHEREAS, subject to the terms and conditions of this Third Amendment, the parties hereto wish to amend certain provisions of the Credit Agreement as herein provided.
NOW, THEREFORE, it is agreed:
		
	I.
	Amendments to Credit Agreement.

1.The definition of “Acceptable Flag Jurisdiction” appearing in Section 1.01 of the Credit Agreement is hereby amended by inserting the text “Liberia,” after the text “shall mean” appearing in such definition.

2.The definition of “Collateral Vessel Amortization Amount” appearing in Section 1.01 of the Credit Agreement is hereby amended by adding the following text at the end of such definition:

“and, provided, further, that the Collateral Vessel Amortization Amount payable in respect of the Loans in connection with the SBI Behike, SBI Monterrey, SBI Reggae, SBI Rock and SBI Sousta on each Payment Date prior to the June 30, 2017 Payment Date shall be zero.”. 

3.Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definitions in appropriate alphabetical order:

“SBI Behike” shall mean the Term Loan Vessel named SBI Behike, as more particularly described on Schedule VI. 
“SBI Monterrey” shall mean the Term Loan Vessel named SBI Monterrey, as more particularly described on Schedule VI.
“SBI Reggae” shall mean the Term Loan Vessel named SBI Reggae, as more particularly described on Schedule VI.
“SBI Rock” shall mean the Term Loan Vessel named SBI Rock, as more particularly described on Schedule VI.

Exhibit 4.50

“SBI Sousta” shall mean the Term Loan Vessel named SBI Sousta, as more particularly described on Schedule VI.
“Third Amendment” shall mean the Third Amendment to this Agreement, dated as of December 14, 2015.
“Third Amendment Effective Date” shall mean December 14, 2015.
4.Section 2.01(c) of the Credit Agreement is hereby amended by inserting the text “(except that this sub-clause (C) shall not apply in relation to SBI Behike, SBI Monterrey, SBI Reggae, SBI Rock and SBI Sousta)” after the text “Collateral and Guaranty Requirements for such Relevant Vessel” appearing in sub-clause (C) of such Section.

5.Schedule I to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Schedule I. 

6.Schedule VI to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Schedule VI. 

II.    Miscellaneous Provisions.
1.In order to induce the Lenders to enter into this Third Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Third Amendment Effective Date (as defined herein) after giving effect to this Third Amendment and (ii) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the Third Amendment Effective Date after giving effect to this Third Amendment, with the same effect as though such representations and warranties had been made on and as of the Third Amendment Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all material respects as of such specific date).

2.This Third Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement and the other Credit Documents or any of the other instruments or agreements referred to therein except as set forth herein or (ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, as amended hereby, the other Credit Documents or any of the other instruments or agreements referred to therein.  The Administrative Agent, the Collateral Agent and the Lenders expressly reserve all their rights and remedies except as expressly set forth in this Third Amendment.

3.This Third Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent.

4.THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

Exhibit 4.50

5.This Third Amendment shall become effective as of the date hereof (the “Third Amendment Effective Date”) when:

(i)the Borrower and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036; Attention:  May Yip (facsimile number: 212-354-8113 / e-mail: myip@whitecase.com); and

(ii)the Borrower shall have paid to the Administrative Agent all reasonable out-of-pocket costs and expenses in connection with the Third Amendment (including, without limitation, the reasonable fees and expenses of White & Case LLP).
(iii)

6.From and after the Third Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby.  From and after the Third Amendment Effective Date, this Third Amendment shall for all purposes constitute a Credit Document.
*        *        *

Exhibit 4.50

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Third Amendment as of the date first above written.
SCORPIO BULKERS INC., as Borrower

/s/ Hugh Baker
By:__________________________________
Name: Hugh Baker 
Title:   Chief Financial Officer     

[Signature page -Third Amendment to Scorpio Bulkers Inc. Credit Agreement]

Exhibit 4.50

NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent and as Lender 

/s/ Henning Lyche Christiansen
By:__________________________________
Name:  Henning Lyche Christiansen
Title:    First Vice President

/s/ Martin Lunder
By:__________________________________
Name: Martin Lunder
Title:  Senior Vice President

[Signature page -Third Amendment to Scorpio Bulkers Inc. Credit Agreement]

Exhibit 4.50

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as Lender
By:    /s/ Ame Juell-Skielse                           
Name:   Ame Juell-Skielse
Title:   

By:   /s/  Magnus Rundgren                                   
Name:  Magnus Rundgren
Title:

[Signature page -Third Amendment to Scorpio Bulkers Inc. Credit Agreement]

Exhibit 4.50

Schedule I

COMMITMENTS

	
			
	Lender
	Term Loan Commitments
	Revolving Loan Commitments 

	Nordea Bank Finland Plc, New York Branch 
	$103,232,802.63 
	$56,843,750.00

	Skandinaviska Enskilda Banken AB (publ)
	$103,232,802.63
	$56,843,750.00

	Total
	$206,465,605.26
	$113,687,500.00

Exhibit 4.50

SCHEDULE VI

A.  Term Loan Vessels1 

	
									
	Vessel Name
	Registered Owner
	Type
	Flag
	DWT
	Builder’s Hull Number
	Estimated Delivery Date
	Contract Price
	Maximum
Loan Amount

	SBI Athena
	SBI Athena Shipping
Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0610
	Q1 2015
	$27,250,000
	$14,485,348.58

	SBI Conga
	SBI Conga Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1722A
	Q4 2015
	$31,310,000
	$17,220,500.00

	SBI Behike
	SBI Behike Shipping
Company Limited
	Capesize
	Marshall Islands
	180,000
	HN1058
	Q1 2016
	$61,400,000
	$31,518,666.67

	SBI Bolero
	SBI Bolero Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1723A
	Q4 2015
	$31,310,000
	$17,220,500.00

	SBI Monterrey
	SBI Monterrey Shipping Company Limited
	Capesize
	Marshall Islands
	180,000
	HN1059
	Q1 2016
	$61,400,000
	$31,518,666.67

	SBI Sousta
	SBI Sousta Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1724A
	Q1 2016
	$31,310,000
	$16,072,466.67

	SBI Rock
	SBI Rock Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	1092
	Q1 2016
	$29,313,000
	$15,047,340.00

	SBI Thalia
	SBI Thalia Shipping
Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0612
	Q4 2015
	$27,250,000
	$14,987,500.00

	SBI Twist
	SBI Twist Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	1093
	Q2 2016
	$29,313,000
	$16,122,150.00

1 The information in this SCHEDULE VI shall be updated for each Collateral Vessel after each Borrowing Date, and may be supplemented by written notice to the Administrative Agent and Collateral Agent prior to each such Borrowing Date pursuant to Section 6.18 of this Agreement.

Exhibit 4.50

	
									
	SBI Reggae
	SBI Reggae Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1725A
	Q1 2016
	$31,310,000
	$16,072,466.67

	SBI Parapara
	SBI Parapara Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1735A
	Q1 2016
	$31,310,000
	$16,200,000.00

B.  Revolving Loan Vessels

	
									
	Vessel Name
	Registered Owner
	Type
	Flag
	DWT
	Builder’s Hull Number
	Estimated Delivery Date
	Contract Price
	Maximum
Loan Amount

	SBI Echo
	SBI Echo Shipping Company Limited
	Ultramax
	Marshall Islands
	61,000
	S870
	Q3 2015
	$30,750,000
	$14,987,500.00

	SBI Zumba
	SBI Zumba Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1726A
	Q1 2016
	$31,310,000
	$16,200,000.00

	SBI Mazurka
	SBI Mazurka Shipping
Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1736A
	Q2 2016
	$31,310,000
	$16,500,000.00

	SBI Hera
	SBI Hera Shipping
Company Limited
	Ultramax
	Marshall Islands
	60,200
	1907
	Q2 2016
	$31,045,490
	$16,500,000.00

	SBI Zeus
	SBI Zeus Shipping
Company Limited
	Ultramax
	Marshall Islands
	60,200
	1906
	Q2 2016
	$31,045,490
	$16,500,000.00

	SBI Poseidon
	SBI Poseidon Shipping
Company Limited
	Ultramax
	Marshall Islands
	60,200
	1911
	Q2 2016
	$31,045,490
	$16,500,000.00

	SBI Apollo
	SBI Apollo Shipping
Company Limited
	Ultramax
	Marshall Islands
	60,200
	1912
	Q2 2016
	$31,045,490
	$16,500,000.00

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