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10-K - 10-K - Euronav MI II Inc.a09-35898_110k.htm
EX-31.2 - EX-31.2 - Euronav MI II Inc.a09-35898_1ex31d2.htm
EX-23.1 - EX-23.1 - Euronav MI II Inc.a09-35898_1ex23d1.htm
EX-21.1 - EX-21.1 - Euronav MI II Inc.a09-35898_1ex21d1.htm
EX-32.1 - EX-32.1 - Euronav MI II Inc.a09-35898_1ex32d1.htm
EX-31.1 - EX-31.1 - Euronav MI II Inc.a09-35898_1ex31d1.htm
EX-32.2 - EX-32.2 - Euronav MI II Inc.a09-35898_1ex32d2.htm
EX-10.99 - EX-10.99 - Euronav MI II Inc.a09-35898_1ex10d99.htm
EX-10.95 - EX-10.95 - Euronav MI II Inc.a09-35898_1ex10d95.htm
EX-10.63 - EX-10.63 - Euronav MI II Inc.a09-35898_1ex10d63.htm
EX-10.98 - EX-10.98 - Euronav MI II Inc.a09-35898_1ex10d98.htm
EX-10.97 - EX-10.97 - Euronav MI II Inc.a09-35898_1ex10d97.htm
EX-10.100 - EX-10.100 - Euronav MI II Inc.a09-35898_1ex10d100.htm
EX-10.101 - EX-10.101 - Euronav MI II Inc.a09-35898_1ex10d101.htm
EX-10.102 - EX-10.102 - Euronav MI II Inc.a09-35898_1ex10d102.htm

Exhibit 10.96

 

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Second Amendment”), dated as of December    , 2009, by and among GENERAL MARITIME CORPORATION, a Marshall Islands corporation (the “Parent”), GENERAL MARITIME SUBSIDIARY CORPORATION, a Marshall Islands corporation (the “Borrower”), the Lenders party from time to time to the Credit Agreement referred to below (the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent.  Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined.

 

W I T N E S S E T H :

 

WHEREAS, the Parent, the Borrower, the Lenders and the Administrative Agent are parties to an Amended and Restated Credit Agreement, dated as of October 20, 2008 and amended on October 27, 2009 (as further amended, modified and/or supplemented to, but not including, the date hereof, 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.             The definition of “Change of Control” appearing in Section 11.01 of the Credit Agreement is hereby amended by deleting all instances of the text “each Subsidiary Guarantor” appearing in such Section and inserting the text “each Subsidiary Guarantor which owns a Mortgaged Vessel” in lieu thereof.

 

2.             The definition of “Collateral Disposition” appearing in Section 11.01 of the Credit Agreement is hereby amended by deleting the text “Subsidiary Guarantor” appearing in such Section and inserting the text “Subsidiary Guarantor which owns a Mortgaged Vessel” in lieu thereof.

 

3.             The definition of “Subsidiary Guarantor” appearing in Section 11.01 of the Credit Agreement is hereby restated in its entirety as follows:

 

Subsidiary Guarantor” shall mean (x) each direct and indirect Subsidiary of the Parent (other than the Borrower) which owns a Mortgaged Vessel or which owns, directly or indirectly, any of the capital stock of any such direct or indirect Subsidiary and (y) to the extent not otherwise captured in clause (x) hereof, each direct and indirect Subsidiary of the Parent required to guarantee the Obligations pursuant to Section 8.15.”

 

4.             Section 7.26 of the Credit Agreement is hereby amended by deleting the text “or the Republic of Liberia” appearing in such Section and inserting the text “, Britain, Bermuda or the Republic of Liberia (or any other Acceptable Flag Jurisdiction)” in lieu thereof.

 



 

5.             Section 7.27 of the Credit Agreement is hereby amended by (i) deleting all instances of the text “the Republic of Malta or the Republic of Liberia” appearing in such Section and inserting the text “Britain, Bermuda or the Republic of Liberia (or any other Acceptable Flag Jurisdiction)” in lieu thereof and (ii) deleting the text “such Credit Document in the Republic of Marshall Islands or the Republic of Liberia” appearing in such Section and inserting the text “such Credit Document in the Republic of Marshall Islands, the Republic of Liberia, Britain or Bermuda (or any other Acceptable Flag Jurisdiction)” in lieu thereof.

 

6.             Section 8.13 of the Credit Agreement is hereby amended by inserting the text “described in clause (x) of the definition thereof)” immediately after all instances of the text “Subsidiary Guarantor” appearing in clauses (a) and (b) of said Section.

 

7.             Section 8.14(a) of the Credit Agreement is hereby restated in its entirety as follows:

 

(a)  The Parent shall, and shall cause each of its Subsidiaries to, cause each Mortgaged Vessel to be registered under the laws and flag of (v) the Republic of Liberia, (w) the Republic of Marshall Islands, (x) Bermuda, (y) Britain or (z) any other jurisdiction acceptable to the Administrative Agent in its sole discretion (each jurisdiction in clauses (v) through and including (z), an “Acceptable Flag Jurisdiction”).  Notwithstanding the foregoing, any Credit Party may transfer a Mortgaged Vessel to another Acceptable Flag Jurisdiction pursuant to a Flag Jurisdiction Transfer.”

 

8.             Section 9.03(i) of the Credit Agreement is hereby amended by (i) deleting the text “(x) any Subsidiary of the Parent which is not a Subsidiary Guarantor may pay Shareholder Payments to the Parent or any Wholly-Owned Subsidiary of the Parent,” appearing in said Section and inserting the text “(x) any Wholly-Owned Subsidiary of the Parent may pay Shareholder Payments to the Parent or any other Wholly-Owned Subsidiary of the Parent,” in lieu thereof.

 

9.             Section 9.04(b) of the Credit Agreement is hereby amended by deleting the text “no Subsidiary Guarantor described in the definition thereof” and inserting the text “no Subsidiary Guarantor (other than Arlington) described in clause (x) of the definition thereof” in lieu thereof.

 

10.           Section 9.05(v) of the Credit Agreement is hereby restated in its entirety as follows:

 

“(v)         the Parent, the Borrower and the Subsidiary Guarantors may make Investments in the Subsidiary Guarantors;”

 

11.           Section 9.05(vi) of the Credit Agreement is hereby restated in its entirety as follows:

 

“(vi) so long as no Event of Default exists and is continuing, the Parent and its Subsidiaries (other than the Subsidiary Guarantors which own a Mortgaged Vessel) may make Investments in their Wholly-Owned Subsidiaries that are not Subsidiary Guarantors so long as management of the Parent or its Subsidiaries (other than the Subsidiary

 

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Guarantors which own a Mortgaged Vessel), as applicable, in good faith believe that, after giving effect to such Investment, the Parent, the Borrower and the Subsidiary Guarantors, as applicable, shall be able to meet its payment obligations in respect of this Agreement;”

 

12.           Section 9.05(vii) of the Credit Agreement is hereby amended by deleting the text “this clause (vi)” appearing in such Section and inserting the text “this clause (vii)” in lieu thereof.

 

13.           Section 9.05(ix) of the Credit Agreement is hereby amended by inserting the text “described in clause (x) of the definition thereof” immediately after the text “Subsidiary Guarantors” appearing in said Section.

 

14.           Section 9.10 of the Credit Agreement is hereby amended by deleting the text “provided that such Subsidiary Guarantor” appearing in such Section and inserting the text “provided that any Subsidiary Guarantor described in clause (x) of the definition thereof” in lieu thereof.

 

15.           Section 9.12(b) of the Credit Agreement is hereby amended by deleting all instances of the text “any Subsidiary Guarantor” appearing in such Section and inserting the text “any Subsidiary Guarantor described in clause (x) of the definition thereof” in lieu thereof.

 

16.           Section 9.13 of the Credit Agreement is hereby amended by deleting the text “described in clause (x) of the definition thereof” appearing in such Section and inserting the text “which owns a Mortgaged Vessel” in lieu thereof.

 

17.           Section 12.01(b) of the Credit Agreement is hereby amended by the deleting the text “and Liberian flag vessels” appearing in such Section and inserting the text “, Liberian, Bermuda and British flag vessels” in lieu thereof.

 

18.           Section 13.20 of the Credit Agreement is hereby amended by deleting the instances of the text “the Republic of Malta” and inserting the text “Britain, Bermuda (or any other Acceptable Flag Jurisdiction)” in lieu thereof.

 

19.           Section 13.22 of the Credit Agreement is hereby amended by deleting all instances of the text “Borrower” appearing in such Section and inserting the text “Parent” in lieu thereof.

 

20.           Schedule XIII to the Credit Agreement is hereby amended by deleting the text “Genmar Electra” and “GMR Electra LLC” appearing in such Schedule and inserting the text “Genmar Elektra” and “GMR Elektra LLC”, respectively, in lieu thereof.

 

III.           Miscellaneous Provisions.

 

1.             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. Delivery of any executed counterpart of this Second Amendment by telecopy

 

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or electronic mail by any party hereto shall be effective as such party’s original executed counterpart.

 

2.             THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

3.             This Second Amendment shall become effective on the date (the “Second Amendment Effective Date”) when the Parent, the Borrower, the Administrative Agent and the Lenders constituting the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of pdf, facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: Binoy Dharia (facsimile number: 212-354-8113 / e-mail address: bdharia@whitecase.com);

 

4.             From and after each of 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 on the Second Amendment Effective Date.

 

*        *        *

 

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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.

 

 

 

GENERAL MARITIME CORPORATION

 

 

 

 

 

By:

/s/ Jeffrey D. Pribor

 

 

Name: Jeffrey D. Pribor

 

 

Title: Chief Financial Officer

 

 

 

 

 

GENERAL MARITIME SUBSIDIARY CORPORATION

 

 

 

 

 

By:

/s/ Jeffrey D. Pribor

 

 

Name: Jeffrey D. Pribor

 

 

Title: President

 



 

 

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

 

Individually and as Administrative Agent and Collateral Agent

 

 

 

 

 

By:

/s/ Colleen Durkin

 

 

Name: Colleen Durkin

 

 

Title:   Vice President

 

 

 

 

 

By:

/s/ Hans Kjeslrud

 

 

Name: Hans Kjeslrud

 

 

Title:   Executive Vice President

 

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By executing and delivering a copy hereof, each Subsidiary Guarantor hereby acknowledges and agrees that all Guaranteed Obligations of the Subsidiary Guarantors shall be fully guaranteed pursuant to the Subsidiaries Guaranty and shall be fully secured pursuant to the Security Documents, in each case in accordance with the respective terms and provisions thereof.  Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the Credit Agreement referenced in the foregoing Second Amendment, hereby consents to the entering into of the Second Amendment and agrees to the provisions thereof.

 

 

 

Acknowledged and Agreed by:

 

 

 

GMR DAPHNE LLC

 

GMR AGAMEMNON LLC

 

GMR AJAX LLC

 

GMR ALEXANDRA LLC

 

GMR ARGUS LLC

 

GMR CONSTANTINE LLC

 

GMR DEFIANCE LLC

 

GMR GEORGE T. LLC

 

GMR GULF LLC

 

GMR HARRIET G. LLC

 

GMR HOPE LLC

 

GMR HORN LLC

 

GMR KARA G. LLC

 

GMR MINOTAUR LLC

 

GMR ORION LLC

 

GMR PHOENIX LLC

 

GMR PRINCESS LLC

 

GMR PROGRESS LLC

 

GMR REVENGE LLC

 

GMR SPYRIDON LLC

 

GMR ST. NIKOLAS LLC

 

GMR STRENGTH LLC

 

 

 

 

 

By: 

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title:  Manager

 

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ARLINGTON TANKERS LTD.

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: Deputy Chairman and Vice President

 

 

 

 

VISION LTD.

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

 

 

 

VICTORY LTD.

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

 

 

 

COMPANION LTD.

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

 

 

 

COMPATRIOT LTD.

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

 

 

 

CONCEPT LTD.

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

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CONCORD LTD.

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

 

 

 

CONSUL LTD.

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

 

 

 

CONTEST LTD.

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

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GMR CHARTERING LLC

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

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GENERAL MARITIME MANAGEMENT

 

(PORTUGAL) LLC

 

 

 

 

 

 

 

By:

/s/ Rui Jorge Pais Pereira

 

 

Name: Rui Jorge Pais Pereira

 

 

Title: Manager

 

 

 

 

GMR ELEKTRA LLC

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name: John C. Georgiopoulos

 

 

Title: President

 

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THE COMMON SEAL of

 

GENERAL MARITIME CREWING PTE. LTD.

 

was hereunto affixed by

 

 

 

 

 

 

 

By:

/s/ James Edward Paisley

 

 

Name: James Edward Paisley

 

 

Title: Director

 

 

 

 

 

 

 

By:

/s/ Cher Choon Teck

 

 

Name: Cher Choon Teck

 

 

Title: Secretary

 

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GENERAL MARITIME MANAGEMENT

 

(PORTUGAL), LDA.

 

 

 

 

 

 

 

By:

/s/ Rui Jorge Pais Pereira

 

 

Name: Rui Jorge Pais Pereira

 

 

Title: Manager

 

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LIMITED “GENERAL MARITIME CREWING”

 

 

 

 

 

 

 

By:

 /s/ Gennadiy Liventsov

 

 

Name: Gennadiy Liventsov

 

 

Title: Director

 



 

 

GMR ADMINISTRATION CORP.,

 

as Subsidiary Guarantor

 

 

 

 

 

By: 

/s/ Jeffrey D. Pribor

 

 

Name: Jeffrey D. Pribor  

 

 

Title: Director, Vice President and Treasurer

 

 

 

 

GENERAL MARITIME MANAGEMENT LLC,

 

as Subsidiary Guarantor

 

 

 

 

 

By:  

/s/ Milton H. Gonzales 

 

 

Name: Milton H. Gonzales 

 

 

Title:   Manager and Technical Director

 



 

 

SIGNATURE PAGE TO THE SECOND AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

 

 

 

NAME OF INSTITUTION:

 

 

 

[LENDER]

 

 

 

 

 

By:

/s/ Nikolai A. Nachamkin

 

 

Name: Nikolai A. Nachamkin

 

 

Title:   Senior Vice President

 

 

 

 

By:

/s/ Andreas T Hagen

 

 

Name: Andreas T Hagen

 

 

Title:   Assistant Vice President