CREDIT AGREEMENT among OVERSEAS SHIPHOLDING GROUP, INC., OSG BULK SHIPS, INC., OSG INTERNATIONAL, INC., VARIOUS LENDERS and DnB NOR BANK ASA, NEW YORK BRANCH, as Administrative Agent Dated as of May 26, 2011 DnB NOR BANK ASA, NEW YORK BRANCH, SWEDBANK...Credit Agreement • June 2nd, 2011 • Overseas Shipholding Group Inc • Deep sea foreign transportation of freight • New York
Page SECTION 1. Amount and Terms of Credit Facility 1 1.01 The Commitments 1 1.02 Minimum Amount of Each Borrowing; Limitation on Number of Borrowings 3 1.03 Notice of Borrowing 3 1.04 Disbursement of Funds 4 1.05 Notes 5 1.06 Pro Rata Borrowings 6 1.07 Interest 7 1.08 Interest Periods 7 1.09 Increased Costs, Illegality, Market Disruption Event; etc. 8 1.10 Compensation 11 1.11 Change of Lending Office 12 1.12 Replacement of Lenders 12 1.13 Defaulting Lenders 13 1.14 Incremental Credit Extensions 14 SECTION 2. Letters of Credit 15 2.01 Letters of Credit 15 2.02 Letter of Credit Requests; Minimum Stated Amount 17 2.03 Letter of Credit Participations 17 2.04 Agreement to Repay Letter of Credit Drawings 19 2.05 Increased Costs 20 SECTION 3. Commitment Commission; Fees; Reductions of Commitment 21 3.01 Commitment Commission 21 3.02 Voluntary Termination of Unutilized Commitments 22 3.03 Mandatory Termination of Commitments 22 SECTION 4. Prepayments; Payments; Taxes 23 4.01 Voluntary Prepay
