Exhibit 10.3

Dated: 8 November 2017

GENER8 MARITIME SUBSIDIARY VII INC.
as Borrower

THE COMPANIES listed in Part A of Schedule 1
as joint and several Owner Guarantors and
joint and several Hedge Guarantors

GENER8 MARITIME, INC.
as Parent Guarantor

THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1
as Original Lenders

CITIBANK, N.A., LONDON BRANCH
as ECA Co-ordinator and ECA Agent

NORDEA BANK AB (PUBL), NEW YORK BRANCH
as Facility Agent and Security Agent

SECOND SUPPLEMENTAL AGREEMENT

relating to a Facility Agreement, dated as of 30 November 2015 (as supplemented
by a Supplemental
Agreement, dated as of 28 December 2015, and as amended and restated by an
Amending and
Restating Deed, dated as of 29 June 2016)
for certain term loan facilities of up to $385,227,495

 

 

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Index

ClausePage

1......................................................DEFINITIONS AND
INTERPRETATION3

2........................................AGREEMENT OF THE FINANCE PARTIES4

3........................................................................................CONDITIONS
PRECEDENT4

4............................................................................................................REPRESENTATIONS5

5.AMENDMENTS TO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS6

6..................................................................................................FURTHER
ASSURANCE7

7................................................................................................COSTS
AND EXPENSES7

8....................................................................................................................................................NOTICES7

9........................................................................................................................COUNTERPARTS7

10....................................................................................................................GOVERNING
LAW7

11........................................................................................................................ENFORCEMENT8

Schedules

Schedule 1 The
Parties.............................................................................................................................................9

Part A The
Obligors...................................................................................................................................................9

Part B The Original
Lenders.....................................................................................................................................11

Execution

Execution Pages

 

 

 

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THIS AGREEMENT is made on 8 November 2017 (this “Agreement”)

AMONG

GENER8 MARITIME SUBSIDIARY VII INC., a corporation incorporated and existing
under the laws of the Republic of the Marshall Islands whose registered office
is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960 as borrower (the “Borrower”);

THE LIMITED LIABILITY COMPANIES listed in Part A of Schedule 1 (The Parties)
hereto as joint and several owner guarantors (the “Owner Guarantors”) and as
joint and several hedge guarantors (the “Hedge Guarantors”);

GENER8 MARITIME, INC., a corporation incorporated and existing under the laws of
the Republic of the Marshall Islands whose registered office is at Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as the
parent guarantor (the “Parent Guarantor”);

THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The
Parties) hereto as lenders (the “Original Lenders” and each, an “Original
Lender”);

CITIBANK, N.A., LONDON BRANCH as ECA agent (the “ECA Agent”) and as ECA
co‑ordinator (the “ECA Co-ordinator”);

NORDEA BANK AB (PUBL), NEW YORK BRANCH as agent of the other Finance Parties (as
successor of Nordea Bank Finland Plc, New York Branch, the “Facility Agent”);
and

NORDEA BANK AB (PUBL), NEW YORK BRANCH as security agent for the Secured Parties
(as successor of Nordea Bank Finland Plc, New York Branch, the “Security
Agent”).

BACKGROUND

By the Facility Agreement, the Lenders agreed to make available to the Borrower
a facility of up to $385,227,495.00.

The Obligors have requested certain amendments be made to the financial ratios
provided for in the Facility Agreement.

This Agreement sets out the terms and conditions on which the Lenders and the
other Finance Parties agree, with effect on and from the Effective Date, at the
request of the Obligors, to make certain amendments to the financial covenants
in the Facility Agreement, certain consequential amendments to the Facility
Agreement and the other Finance Documents and certain other minor changes.

OPERATIVE PROVISIONS

1DEFINITIONS AND INTERPRETATION

1.1Definitions

In this Agreement:

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“Effective Date” means the later of (i) the date of this Agreement and (ii) the
date on which the conditions precedent in Clause 3 (Conditions Precedent) are
satisfied or waived.

“Facility Agreement” means the facility agreement dated as of 30 November 2015
and made between (i) the Borrower as borrower, (ii) the Owner Guarantors as
owner guarantors and as hedge guarantors, (iii) the Parent Guarantor, (iv) the
banks and financial institutions named therein as mandated lead arrangers, (v)
the Original Lenders as original lenders, (vi) the banks and financial
institutions named therein as original hedge counterparties, (vii) the ECA Agent
as ECA agent and as ECA co-ordinator, (viii) the Facility Agent as facility
agent and (ix) the Security Agent as security agent, as supplemented by a
Supplemental Agreement, dated as of 28 December 2015, and as amended and
restated by an Amending and Restating Deed, dated as of 29 June 2016.

“Party” means a party to this Agreement.

1.2Defined expressions

Defined expressions in the Facility Agreement shall have the same meanings when
used in this Agreement unless the context otherwise requires or unless otherwise
defined in this Agreement.

1.3Application of construction and interpretation provisions of Facility
Agreement

Clause 1.2 (construction) of the Facility Agreement applies to this Agreement as
if it were expressly incorporated in it with any necessary modifications.

1.4Designation as a Finance Document

The Borrower and the Facility Agent designate this Agreement as a Finance
Document.

1.5Third party rights

Unless provided to the contrary in a Finance Document, a person who is not a
Party has no right under the Third Parties Act to enforce or to enjoy the
benefit of any term of this Agreement.

2AGREEMENT OF THE FINANCE PARTIES

2.1Agreement of the Lenders and the other Finance Parties

The Lenders and the other Finance Parties agree, subject to and upon the terms
and conditions of this Agreement, to the amendments to the Facility Agreement
set out in Clause 5.1 (Specific amendments to the Facility Agreement).

2.2Effective Date

The agreement of the Lenders and the other Finance Parties contained in Clause
2.1 (Agreement of the Lenders and the other Finance Parties) shall have effect
on and from the Effective Date.

3CONDITIONS PRECEDENT

The agreement of the Lenders and the other Finance Parties contained in Clause
2.1 (Agreement of the Lenders and the other Finance Parties) is subject to:

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(a)no Default continuing on the date of this Agreement and the Effective Date or
resulting from the occurrence of the Effective Date;

(b)the Repeating Representations to be made by each Obligor being true in all
material respects (it being understood and agreed that such representations and
warranties shall be deemed to have been made on each of the date of this
Agreement and the Effective Date with reference to the facts and circumstances
existing as at such dates, except to the extent that such representations and
warranties specifically refer to an earlier date, in which they shall be true
and correct in all material respects as of such earlier date (but further
provided that the representation made under clause 18.7 (Financial Statements;
Financial Condition; Undisclosed Liabilities) of the Facility Agreement which
shall be made with reference to the latest financial statements provided under
the Facility Agreement and as at the last day of the financial period in
relation to which such financial statements relate);

(c)no event described in paragraph (a) of clause 7.2 (change of control) of the
Facility Agreement having occurred on the date of this Agreement or the
Effective Date; and

(d)the Facility Agent shall have received this Agreement, duly executed by the
Obligors and the Lenders.

4REPRESENTATIONS

4.1Corporate Power and Authority; Legal Validity and Enforceability

(a)Each Obligor has the corporate or other applicable power and authority to
execute, deliver and perform the terms and provisions of this Agreement and has
taken all necessary corporate or other applicable action to authorize the
execution, delivery and performance by it of this Agreement.

(b)Each Obligor has duly executed and delivered this Agreement, and this
Agreement constitutes the legal, valid and binding obligation of such Obligor
enforceable against such Obligor in accordance with its terms, except to the
extent that the enforceability thereof may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other similar
laws generally affecting creditors’ rights and by equitable principles
(regardless of whether enforcement is sought in equity or at law).

4.2No Violation

Neither the execution, delivery or performance by any Obligor of this Agreement,
nor compliance by it with the terms and provisions thereof, will:

(a)contravene any material provision of any applicable law, statute, rule or
regulation or any applicable order, judgment, writ, injunction or decree of any
court or governmental instrumentality;

(b)conflict with or result in any breach of any of the terms, covenants,
conditions or provisions of, or constitute a default under, or result in the
creation or imposition of (or the obligation to create or impose) any Security
(except Other Permitted Security) upon any of the material properties or assets
of such Obligor pursuant to the terms of any indenture, mortgage, deed of trust,
credit agreement or loan agreement, or any other material agreement, contract or
instrument, to which such Obligor is a party or by which it or any of its
material property or assets is bound or to which it may be subject; or

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(c)violate any provision of the Constitutional Documents of such Obligor.

5AMENDMENTS TO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS

5.1Specific amendments to the Facility Agreement

With effect on and from the Effective Date, the Facility Agreement shall be, and
shall be deemed by this Agreement to be, amended as follows:

(a)clause 1.1 of the Facility Agreement be amended by:

(i)deleting the definition of “Debt Service Coverage Ratio”;

(ii)inserting the following new definition in the appropriate alphabetical
order:

“Interest Expense Coverage Ratio”  shall mean, for any period, the ratio of the
Consolidated EBITDA for such period to the Consolidated Cash Interest Expense
for such period.”

(b)clause 20.2 of the Facility Agreement be amended by deleting the same in its
entirety and replacing it with the following instead:

“Interest Expense Coverage Ratio

The Parent Guarantor will not permit the Interest Expense Coverage Ratio for any
Test Period ending on or after 30 September 2017 to be less than 2.50:1.00.”

(c)clause 20.4 of the Facility Agreement be amended by deleting the same in its
entirety and replacing it with the following instead:

“Maximum Consolidated Leverage

The Parent Guarantor will not permit the Consolidated Leverage Ratio to be
greater than 0.60 to 1.00 on the last day of any Test Period ending on or after
30 September 2017.”

(d)the definition of, and references throughout to, each Finance Document shall
be construed as if the same referred to that Finance Document as amended and
supplemented by this Agreement; and

(e)by construing references throughout to “this Agreement” and other like
expressions as if the same referred to the Facility Agreement as amended and
supplemented by this Agreement.

5.2Amendments to Finance Documents

With effect on and from the Effective Date, each of the Finance Documents, other
than the Facility Agreement, shall be, and shall be deemed by this Agreement to
have been, amended as follows:

(a)the definition of, and references throughout each of the Finance Documents
to, the Facility Agreement and any of the other Finance Documents shall be
construed as if the same referred to the Facility Agreement and those Finance
Documents as amended and supplemented by this Agreement; and

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(b)by construing references throughout each of the Finance Documents to “this
Agreement”, “this Deed” and other like expressions as if the same referred to
such Finance Documents as amended and supplemented by this Agreement.

5.3Finance Documents to remain in full force and effect

The Finance Documents shall remain in full force and effect as amended and
supplemented by:

(a)the amendments to the Finance Documents contained or referred to in Clause
5.1 (Specific amendments to the Facility Agreement) and Clause 5.2 (Amendments
to Finance Documents); and

(b)such further or consequential modifications as may be necessary to give full
effect to the terms of this Agreement.

6FURTHER ASSURANCE

Clause 21.34 (Further Assurance) of the Facility Agreement shall apply, with any
necessary adaptations, in relation to this Agreement.

7COSTS AND EXPENSES

Notwithstanding anything to the contrary contained in the Facility Agreement,
none of the Obligors, the Lenders, the Mandated Lead Arrangers, the Facility
Agent or the Security Agent shall be responsible for any costs and expenses
(including legal fees) incurred in connection with the negotiation, preparation,
printing, execution, syndication and perfection of this Agreement.

8NOTICES

Clause 38 (notices) of the Facility Agreement, as amended and supplemented by
this Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

9COUNTERPARTS

This Agreement 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 Agreement.

10GOVERNING LAW

This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law.

11ENFORCEMENT

11.1Jurisdiction

(a)The courts of England have non-exclusive jurisdiction to settle any dispute
arising out of or in connection with this Agreement (including a dispute
regarding the existence, validity or termination of this Agreement or any
non-contractual obligation arising out of or in connection with this Agreement)
(a “Dispute”).

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(b)The Obligors accept that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no Obligor will argue to
the contrary.

(c)This Clause 11.1 (Jurisdiction) is for the benefit of the Secured Parties
only. As a result, no Secured Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Secured Parties may take concurrent proceedings in any
number of jurisdictions.

11.2Service of process

(a)Without prejudice to any other mode of service allowed under any relevant
law, each Obligor (other than an Obligor incorporated in England and Wales):

(i)irrevocably appoints Cheeswrights as its agent for service of process in
relation to any proceedings before the English courts in connection with this
Agreement; and

(ii)agrees that failure by a process agent to notify the relevant Obligor of the
process will not invalidate the proceedings concerned.

(b)If any person appointed as an agent for service of process is unable for any
reason to act as agent for service of process, the Borrower (on behalf of all
the Obligors) must immediately (and in any event within five (5) days of such
event taking place) appoint another agent on terms acceptable to the Facility
Agent. Failing this, the Facility Agent may appoint another agent for this
purpose.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

 

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SCHEDULE 1

THE PARTIES

PART A

THE OBLIGORS

 

 

 

 

Name of Borrower

Place of Incorporation or Formation

Registration number (or equivalent, if any)

Address for Communication

GENER8 MARITIME SUBSIDIARY VII INC.

REPUBLIC OF MARSHALL ISLANDS

78649

299 PARK AVENUE, 2nd Floor
NEW YORK, NY 10171-0002
Attn: Chief Financial Officer
Telephone: (212) 763-5600
Facsimile: (212) 763-5608
E-mail: finance@gener8maritime.com

 

 

 

With a copy to:

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
Attention: Kenneth Chin, Esq.

Telephone: +1 212 715 9100
Facsimile: +1 212 715 8000

 

 

 

 

 

 

Name of Parent Guarantor

Place of Incorporation or Formation

Registration number (or equivalent, if any)

Address for Communication

GENER8 MARITIME INC.

REPUBLIC OF MARSHALL ISLANDS

31343

299 PARK AVENUE, 2nd Floor
NEW YORK, NY 10171-0002
Attn: Chief Financial Officer
Telephone: (212) 763-5600
Facsimile: (212) 763-5608
E-mail: finance@gener8maritime.com

 

 

 

With a copy to:

 

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
Attention: Kenneth Chin, Esq.

 

Telephone: +1 212 715 9100
Facsimile: +1 212 715 8000

 

 

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Name of Owner Guarantor / Hedge Guarantor

Place of Incorporation or Formation

Registration number (or equivalent, if any)

Address for Communication

GENER8 STRENGTH LLC
GENER8 SUPREME LLC
GENER8 SUCCESS LLC
GENER8 ANDRIOTIS LLC

GENER8 CHIOTIS LLC GENER8 MILTIADES LLC

REPUBLIC OF
MARSHALL
ISLANDS

963430
963435
963434
963431

963432

963433

299 PARK AVENUE,
2nd Floor
NEW YORK, NY 10171-0002 
Attn: Chief Financial Officer
Telephone: (212) 763-5600
Facsimile: (212) 763-5608
E-mail: finance@gener8maritime.com

 

 

 

With a copy to:

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
Attention: Kenneth Chin, Esq.

Telephone: +1 212 715 9100
Facsimile: +1 212 715 8000

 

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PART B

THE ORIGINAL LENDERS

 

 

Name of Commercial Lender

Address for Communication

CITIBANK, N.A., LONDON BRANCH

Citibank N.A., London Branch,
Citigroup Centre, Canada Square,
London, E14 5LB
c/o Citibank International Limited,
Poland Branch
7/9 Traugutta str., 1st Floor
00-985 Warsaw, Poland
Attention: Loan Operations Department
(Kara Catt / Romina Coates — EAF Middle Office)
Telephone: +44 207986 4881
Facsimile: +44 207 655 2380
E-mail:  cibuk.loans@citi.com

With a copy to:

388 Greenwich Street,
New York, NY, 10013
Attention: Meghan O’Connor
Telephone: +1 212 816 8557
Facsimile: N/A
E-mail: meghan.oconnor@citi.com

THE EXPORT-IMPORT BANK OF CHINA

No.30 Fu Xing Men Nei St., Xicheng District
Beijing, China 100031
Attention: Transport Finance Department (Jenny Mi/ Wei Zhenyu)
Telephone: +86 10 83578412/83579512
Facsimile: +86 10 83578428/9

Email:

mijie@eximbank.gov.cn

weizhenyu@eximbank.gov.cn

BANK OF CHINA, NEW YORK BRANCH

Bank of China, New York Branch
410 Madison Avenue
New York, NY 10017

Attention: Operation Service Department
(Ms. Wenzhen Zhang)

Telephone: +1 646 231 3143
Facsimile: +1 212 371 4185

Email:

svnloanadmin.nvb@bocusa.com

wzhang@bocusa.com

 

 

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EXECUTION PAGES

 

 

GENER8 MARITIME SUBSIDIARY VII INC., as Borrower

 

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Vice President and Treasurer

 

 

 

 

 

 

 

GENER8 MARITIME, INC., as Parent Guarantor

 

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Controller and Treasurer

 

 

 

 

 

 

 

GENER8 STRENGTH LLC, as Owner Guarantor and Hedge Guarantor

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Manager

 

 

 

 

 

 

 

GENER8 SUPREME LLC, as Owner Guarantor and Hedge Guarantor

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Manager

 

 

 

 

 

 

 

GENER8 SUCCESS LLC, as Owner Guarantor and Hedge Guarantor

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Manager

 

 

[Signature page to Gener8 Sinosure Second Supplemental Agreement]

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GENER8 ANDRIOTIS LLC, as Owner Guarantor and Hedge Guarantor

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Manager

 

 

 

 

 

 

 

GENER8 CHIOTIS LLC, as Owner Guarantor and Hedge Guarantor

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Manager

 

 

 

 

 

 

 

GENER8 MILTIADES LLC, as Owner Guarantor and Hedge Guarantor

 

 

/s/ Dean Scaglione

 

Dean Scaglione

 

Manager

 

 

[Signature page to Gener8 Sinosure Second Supplemental Agreement]

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CITIBANK, N.A., LONDON BRANCH, as Original Lender

 

 

/s/ Meghan O’Connor

 

Name: Meghan O’Connor

 

Title: Vice President

 

 

[Signature page to Gener8 Sinosure Second Supplemental Agreement]

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/

 

THE EXPORT-IMPORT BANK OF CHINA, as Original Lender

 

 

/s/ Gao Zefeng

 

Name: Gao Zefeng

 

Title: Deputy Manager

 

 

[Signature page to Gener8 Sinosure Second Supplemental Agreement]

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BANK OF CHINA, NEW YORK BRANCH, as Original Lender

 

 

 

 

Name:

 

Title:

 

 

[Signature page to Gener8 Sinosure Second Supplemental Agreement]

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/C

 

CITIBANK, N.A., LONDON BRANCH, as ECA Co-ordinator and ECA Agent

 

 

/s/ Christopher Conway

 

Name: Christopher Conway

 

Title: Managing Director

 

 

 

 

 

 

 

Nordea Bank AB (publ), New York Branch,  as Facility Agent

 

 

/s/ Martin Lunder

 

Name: Martin Lunder

 

Title: Managing Director

 

 

 

 

 

/s/ Jessika Larsson

 

Name: Jessika Larsson

 

Title: Assistant Vice President

 

 

 

 

 

 

 

Nordea Bank AB (publ), New York Branch, as Security Agent

 

 

/s/ Martin Lunder

 

Name: Martin Lunder

 

Title: Managing Director

 

 

 

 

 

/s/ Jessika Larsson

 

Name: Jessika Larsson

 

Title: Assistant Vice President

 

 

[Signature page to Gener8 Sinosure Second Supplemental Agreement]

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