Exhibit 10.4

 

THIRD AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT
AGREEMENT

 

THIRD AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT
AGREEMENT, dated as of May 8, 2012 (this “Third Amendment”), by and among
GENERAL MARITIME CORPORATION, a Marshall Islands corporation (the “Parent”), the
other Guarantors listed on the signature pages hereto (the “Guarantors”),
GENERAL MARITIME SUBSIDIARY CORPORATION, a Marshall Islands corporation
(“GMSC”), GENERAL MARITIME SUBSIDIARY II CORPORATION, a Marshall Islands
corporation (together with GMSC, the “Borrowers”), 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 Borrowers, the Guarantors, the Lenders and the
Administrative Agent are parties to the Senior Secured Superpriority
Debtor-in-Possession Credit Agreement, dated as of November 17, 2011 and amended
as of February 14, 2012 and March 30, 2012 (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 Third Amendment, the
parties hereto wish to waive certain provisions of the Credit Agreement as
herein provided;

 

NOW, THEREFORE, it is agreed:

 

I.                                         Amendments to Credit Agreement.

 

1.                                       Section 9.02 of the Credit Agreement is
hereby amended by (i) deleting the text “and” appearing at the end of clause
(vii) of said Section, (ii) deleting the period (“.”) appearing at the end of
clause (viii) of said Section and inserting the text “; and” in lieu thereof,
and (iii) inserting the following new clause (ix) in the appropriate order:

 

“(ix)                          GMR Alexandra LLC may sell the M/V Genmar
Alexandra for cash provided that the Net Cash Proceeds thereof are applied in
accordance with the requirements of Section 4.02(b).”.

 

II.                                     Miscellaneous Provisions.

 

1.                                       In order to induce the Lenders to enter
into this Third Amendment, each of the Borrowers and the Parent hereby
represents and warrants that (i) no Default or Event of Default exists as of the
Third Amendment Effective Date (as defined below) before and after giving effect
to this Third Amendment and (ii) all of the representations and warranties
contained in the Credit Agreement or the other Credit Documents are true and
correct in all material respects on the Third Amendment Effective Date both
before and after giving effect to this Third Amendment, with the same effect as
though such representations and warranties had been made

 

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on and as of the Third Amendment Effective Date (it being understood that any
representation or warranty 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 or the other Credit Documents or any of the other instruments
or agreements referred to therein, 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, the Credit Documents or
any of the other instruments or agreements referred to therein.

 

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. Delivery of any executed counterpart of this Third Amendment by
telecopy or electronic mail by any party hereto shall be effective as such
party’s original executed counterpart.

 

4.                                       THIS THIRD 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.

 

5.                                       This Third Amendment shall become
effective on the date (the “Third Amendment Effective Date”) when (i) the
Parent, each Borrower, each Guarantor, 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:
May Yip-Daniels (facsimile number: 212-354-8113 / e-mail address:
myip@whitecase.com), (ii) the order of the Bankruptcy Court confirming an
Acceptable Plan shall (x) approve the sale of the M/V Genmar Alexandra and the
application of the Net Cash Proceeds therefrom to the repayment of Term Loans,
(y) provide that the minimum liquidity condition precedent to the consummation
of the transactions set forth in the Equity Commitment Agreement (as defined in
the Restructuring Support Agreement) shall be waived, and (z) provide that no
Material Adverse Effect (as defined in the Equity Commitment Agreement) has
occurred as of May 3, 2012, and such order shall be in form and substance
satisfactory to the Administrative Agent, and (iii) the Borrowers shall have
paid to the Administrative Agent all outstanding fees and expenses in connection
with the Credit Agreement to the extent due and invoiced prior to the Third
Amendment Effective Date (including, without limitation, the fees and expenses
of White & Case LLP and, with respect to the fees and expenses of Shearman &
Sterling LLP, the amount agreed to between Shearman & Sterling LLP and the
Borrowers).

 

6.                                       The Parent, each Borrower and each
Guarantor as debtor, grantor, pledgor or assignor, or in any other similar
capacity in which the Parent, each Borrower and each

 

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Guarantor grants liens or security interests in their respective property or
otherwise acts as accommodation party or guarantor, as the case may be, hereby
(i) ratifies and reaffirms all of its payment and performance obligations,
contingent or otherwise, under each of the Credit Documents to which it is a
party (after giving effect hereto) and (ii) to the extent the Parent, each
Borrower and each Guarantor granted liens on or security interests in any of its
property pursuant to any such Credit Document as security for the Parent, each
Borrower and each Guarantor’s Obligations under or with respect to the Credit
Documents, ratifies and reaffirms such guarantee and grant of security interests
and liens and confirms and agrees that such security interests and liens
hereafter secure all of the Obligations as amended hereby.  The Parent, each
Borrower and each Guarantor hereby consents to this Third Amendment and
acknowledges that each of the Credit Documents remains in full force and effect
and is hereby ratified and reaffirmed.  Except as otherwise provided herein, the
execution of this Third Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders, constitute a waiver
of any provision of any of the Credit Documents or serve to effect a novation of
the Obligations.

 

7.                                       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 on the Third Amendment Effective Date.

 

*        *        *

 

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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.

 

 

 

GENERAL MARITIME CORPORATION,

 

 

as Parent

 

 

 

 

 

 

 

By:

/s/ Jeffrey D. Pribor

 

 

Name:

Jeffrey D. Pribor

 

 

Title:

Executive Vice President & Chief Financial Officer

 

 

 

 

 

 

 

 

 

GENERAL MARITIME SUBSIDIARY CORPORATION,

 

 

as a Borrower

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey D. Pribor

 

 

Name:

Jeffrey D. Pribor

 

 

Title:

President

 

 

 

 

 

GENERAL MARITIME SUBSIDIARY II CORPORATION,

 

 

as a Borrower

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey D. Pribor

 

 

Name:

Jeffrey D. Pribor

 

 

Title:

President

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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ARLINGTON TANKERS LTD.,

 

 

as a Guarantor

 

 

 

 

 

 

 

 

 

By:

/s/ Brian Kerr

 

 

Name:

Brian Kerr

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

VISION LTD.

 

VICTORY LTD.

 

COMPANION LTD.

 

COMPATRIOT LTD.

 

CONSUL LTD.,

 

 

each as a Guarantor

 

 

 

 

 

 

 

 

 

By:

/s/ Brian Kerr

 

 

Name:

Brian Kerr

 

 

Title:

Director

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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GMR CHARTERING LLC

 

GMR AGAMEMNON LLC

 

GMR AJAX LLC

 

GMR ALEXANDRA LLC

 

GMR ARGUS LLC

 

GMR DAPHNE LLC

 

GMR DEFIANCE LLC

 

GMR ELEKTRA LLC

 

GMR GEORGE T 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 REVENGE LLC

 

GMR ST. NIKOLAS LLC

 

GMR SPYRIDON LLC

 

GMR STRENGTH LLC

 

GMR ATLAS LLC

 

GMR HERCULES LLC

 

GMR MANIATE LLC

 

GMR SPARTIATE LLC

 

GMR POSEIDON LLC

 

GMR ULYSSES LLC

 

GMR ZEUS LLC,

 

 

each as a Guarantor

 

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

Name:

John C. Georgiopoulos

 

 

Title:

Manager

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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GENERAL MARITIME MANAGEMENT LLC

 

GENERAL MARITIME MANAGEMENT (PORTUGAL) LLC

 

GENERAL MARITIME MANAGEMENT (PORTUGAL) LDA.,

 

GENERAL MARITIME MANAGEMENT (HELLAS) LTD.,

 

each as a Guarantor

 

 

 

 

 

 

 

 

 

By:

/s/ Milton H. Gonzales, Jr.

 

 

Name:

Milton H. Gonzales, Jr.

 

 

Title:

Manager

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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GENERAL MARITIME CREWING PTE. LTD.,

 

 

as Guarantor

 

 

 

 

 

 

 

 

The Common Seal of

)

 

 

General Maritime Crewing Pte. Ltd.

)

 

 

 

was hereunto affixed in accordance with

)

 

 

 

its Articles of Association

)

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ James Paisley

 

 

 

 

Name:

James Paisley

 

 

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Cher Choon Teck

 

 

 

 

Name:

Cher Choon Teck

 

 

 

 

Title:

Company Secretary

 

 

 

 

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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CONCORD LTD.

 

 

CONTEST LTD.

 

 

CONCEPT LTD.

 

 

GENERAL PRODUCT CARRIERS CORPORATION

 

 

GENERAL MARITIME SUBSIDIARY NSF CORPORATION

 

 

GMR ADMINISTRATION CORP.,

 

 

 

each as a Guarantor

 

 

 

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

 

Name:

John C. Georgiopoulos

 

 

 

Title:

Director

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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GENERAL MARITIME INVESTMENTS LLC

 

 

GMR CONCORD LLC

 

 

GMR CONSTANTINE LLC

 

 

GMR CONTEST LLC

 

 

GMR CONCEPT LLC

 

 

GMR GP LLC

 

 

GMR GULF LLC

 

 

GMR LIMITED LLC

 

 

GMR PRINCESS LLC

 

 

GMR PROGRESS LLC

 

 

GMR STAR LLC

 

 

GMR TRADER LLC

 

 

GMR TRUST LLC,

 

 

 

each as a Guarantor

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

 

Name:

John C. Georgiopoulos

 

 

 

Title:

Manager

 

 

 

 

 

 

 

 

 

 

 

 

ARLINGTON TANKERS, LLC,

 

 

 

as a Guarantor

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ John C. Georgiopoulos

 

 

 

Name:

John C. Georgiopoulos

 

 

 

Title:

President and Secretary

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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GENERAL MARITIME MANAGEMENT (UK) LLC,

 

 

 

as a Guarantor

 

 

 

 

 

 

 

 

 

 

By:

/s/ John P. Tavlarios

 

 

 

Name:

John P. Tavlarios

 

 

 

Title:

Manager

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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LIMITED “GENERAL MARITIME CREWING”

 

 

 

as a Guarantor

 

 

 

 

 

 

 

 

 

 

By:

/s/ Gennadiy Liventsov

 

 

 

Name:

Gennadiy Liventsov

 

 

 

Title:

Director

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

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NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

 

 

 

Individually and as Administrative Agent and Collateral Agent

 

 

 

 

 

 

 

 

 

 

By:

/s/ Martin Lunder

 

 

 

Name:

Martin Lunder

 

 

 

Title:

Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Lynn Sauro

 

 

 

Name:

Lynn Sauro

 

 

 

Title:

Vice President

 

 

Signature Page to DIP Third Amendment

 

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

 

 

 

 

 

 

 

NAME OF INSTITUTION:

 

 

 

 

 

Citibank N.A.

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Peter Baumann

 

 

 

Name:

Peter Baumann

 

 

 

Title:

Managing Director

 

 

Signature Page to DIP Third Amendment

 

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

 

 

 

 

 

NAME OF INSTITUTION:

 

 

 

 

 

HSH Nordbank AG

 

 

 

 

 

 

 

 

By:

/s/ Jorn Ohlsen

 

 

 

Name:

Jorn Ohlsen

 

 

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Steinar Pettersen

 

 

 

Name:

Steinar Pettersen

 

 

 

Title:

Authorized Signatory

 

 

Signature Page to DIP Third Amendment

 

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

 

 

 

 

 

NAME OF INSTITUTION:

 

 

 

 

 

THE ROYAL BANK OF SCOTLAND PLC

 

 

 

 

 

 

 

By:

/s/ Neil J. Bivona

 

 

 

Name:

Neil J. Bivona

 

 

 

Title:

Managing Director

 

 

Signature Page to DIP Third Amendment

 

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

 

 

 

 

 

NAME OF INSTITUTION:

 

 

 

 

 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

 

 

 

 

 

 

 

 

 

 

By:

/s/ Arne Juell-Skielse

 

 

 

Name:

Arne Juell Skielse

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Helene Hellners

 

 

 

Name:

Helene Hellners

 

 

 

Title:

 

 

 

Signature Page to DIP Third Amendment

 

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