Exhibit 10.36

 

EXECUTION VERSION

 

ABN AMRO CAPITAL USA LLC
100 Park Avenue
New York, New York 10017

 

NIBC BANK N.V.
Carnegieplein 4
2517 KJ, The Hague
The Netherlands

 

CONFIDENTIAL

 

July 27, 2015

 

To:

 

GENER8 MARITIME, INC. (f/k/a GENERAL MARITIME CORPORATION)

299 Park Avenue

New York, New York 10171-0002

Attention: Leonidas J. Vrondissis, Chief Financial Officer and Executive Vice
President

 

NORDEA BANK FINLAND PLC, NEW YORK BRANCH

437 Madison Avenue, 21st Floor

New York, New York 10022

 

CITIBANK, N.A.

390 Greenwich Street

New York, New York 10013

 

DNB MARKETS, INC.

DNB CAPITAL LLC

200 Park Avenue, 31st Floor

New York, New York 10166

 

DVB BANK SE

Platz der Republik 6

0325 Frankfurt, Germany

 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

Kungsträdgårdsgatan 8,

106 40, Stockholm, Sweden

 

Re:                             Up to $1,912,491,200 of Senior Secured Credit
Facilities — Joinder Agreement to Commitment Letter and Arrangement Fee Letter

 

Ladies and Gentlemen:

 

Reference is made to (a) that certain Commitment Letter, dated June 12, 2015
(together with the annexes and exhibits attached thereto, the “Commitment
Letter”), among

 

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Nordea Bank Finland plc, New York Branch (“Nordea”), Citi (as defined in the
Commitment Letter), DNB Markets, Inc. (“DNB Markets”), DNB Capital LLC (“DNB
Lender”), DVB Bank SE (“DVB”), and Skandinaviska Enskilda Banken AB (publ)
(“SEB” and together with Nordea, Citi, DNB Markets and DVB, the “Initial
Commitment Parties”) and Gener8 Maritime, Inc. (f/k/a General Maritime
Corporation), a Marshall Islands corporation (the “Parent” and “you”) and (b)
that certain Arrangement Fee Letter, dated June 12, 2015 (the “Arrangement Fee
Letter”) among the Initial Commitment Parties and you. This joinder agreement
(this “Joinder Agreement”) sets forth the agreement of you and the Initial
Lenders regarding the joinder of ABN AMRO Capital USA LLC (“ABN AMRO”) and NIBC
Bank N.V. (“NIBC”) to the Commitment Letter and the Arrangement Fee Letter.
Capitalized terms used but not defined herein are used with the meanings
assigned to them in the Commitment Letter.

 

1.                                      Commercial Commitments.

 

Subject to the terms and conditions set forth in the Commitment Documents:

 

(a)                                 ABN AMRO is pleased to confirm its (or its
affiliate’s) commitment to provide Commercial Commitments in the amount of
$75,000,000, to be allocated exclusively to the Korean Commercial Tranche
(except as otherwise agreed between the Administrative Agent and ABN AMRO) (such
Commercial Commitments provided by ABN AMRO and any Commercial Commitments
provided by any other Commitment Party and allocated to the Korean Commercial
Tranche, the “Korean Commercial Commitments”); and

 

(b)                                 NIBC is pleased to confirm its (or its
affiliate’s) commitment to provide Commercial Commitments in the amount of
$50,000,000, to be allocated exclusively to the Commercial Credit Facility
(except as otherwise agreed between the Administrative Agent and NIBC) (such
Commercial Commitments provided by NIBC and any Commercial Commitments provided
by any other Commitment Party and allocated to the Commercial Credit Facility,
the “Commercial Credit Facility Commitments”).

 

In addition, subject to the terms and conditions set forth in the Commitment
Documents, you hereby appoint each of ABN AMRO and NIBC to act, and each of ABN
AMRO and NIBC hereby agrees to act, together with the Mandated Lead Arrangers
and any other additional agents appointed pursuant to the Commitment Letter, as
a joint lead arranger and bookrunner for (x) in the case of ABN AMRO, the Korean
Commercial Tranche and (y) in the case of NIBC, the Commercial Credit Facility;
in each case upon the terms and subject to the conditions set forth or referred
to in the Commitment Letter.

 

2.                                      Reduction of Commercial Commitments.
Each of the parties hereto hereby agrees that, in the event that an additional
financial institution agrees to provide additional Commercial Commitments (such
additional financial institution and such additional Commercial Commitments to
be satisfactory to the Parent and the Commitment Parties) and becomes a
Commitment Party pursuant to a joinder agreement to the Commitment Letter and
the Arrangement Fee Letter and, after giving effect thereto, (x) the aggregate
Korean Commercial Commitments provided by the Commitment Parties exceeds
$286,404,690 (the “Korean Commercial Commitments Threshold”), the Korean
Commercial Commitments provided by

 

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each Commitment Party (including ABN AMRO) shall be reduced pro rata to the
proportion of the aggregate Korean Commercial Commitments provided by each such
Commitment Party to the extent required to reduce the aggregate Korean
Commercial Commitments to the Korean Commercial Commitments Threshold and (y)
the aggregate Commercial Credit Facility Commitments provided by the Commitment
Parties exceeds $581,000,000 (the “Commercial Credit Facility Threshold”), the
Commercial Credit Facility Commitments provided by each Commitment Party
(including NIBC) shall be reduced pro rata to the proportion of the aggregate
Commercial Credit Facility Commitments provided by each such Commitment Party to
the extent required to reduce the aggregate Commercial Credit Facility
Commitments to the Commercial Credit Facility Threshold. In such event, the
arrangement fees payable to each Commitment Party under the Arrangement Fee
Letter in respect of the Commercial Credit Facility and the Korean Commercial
Tranche (as applicable) shall be calculated based on the Commercial Credit
Facility Commitments and the Korean Commercial Commitments (as applicable)
provided by each Commitment Party, as reduced in accordance with this paragraph.

 

3.                                      Agreement to Be Bound; Titles; Etc. Each
of ABN AMRO (solely with respect to the Korean Commercial Tranche) and NIBC
(solely with respect to the Commercial Credit Facility) agrees to be and shall
become and be bound by the terms and conditions, subject to all commitments and
obligations, and entitled to all of the rights and benefits (including the
titles), of a “Commitment Party”, “Mandated Lead Arranger”, “Bookrunner” and
“Initial Lender” under the Commitment Letter and the Arrangement Fee Letter as
if each of ABN AMRO and NIBC was originally a party thereto.

 

4.                                      Absence of Fiduciary Relationship. Each
of ABN AMRO and NIBC acknowledges that it has, independently and without any
reliance upon any Initial Commitment Party or any of their respective
affiliates, or any of their respective officers, directors, employees, agents,
advisors or representatives, and based on the financial statements of the Parent
and its subsidiaries and such other documents as it has deemed appropriate, made
its own credit analysis and decision to provide a commitment and enter into this
Joinder Agreement.

 

5.                                      Choice of Law; Jurisdiction; Waivers.

 

This Joinder Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

 

EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT
TO ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR CONTEMPLATED BY THIS
JOINDER AGREEMENT. YOU HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE
FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW YORK IN
CONNECTION WITH ANY DISPUTE RELATED TO THIS COMMITMENT LETTER, THE FEE LETTERS
OR ANY MATTERS CONTEMPLATED HEREBY OR THEREBY.

 

6.                                      Incorporation by Reference;
Interpretation. The provisions of Section 7 (Expenses; Indemnification), Section
8 (Confidentiality) and Section 9 (Survival) of the Commitment Letter shall be
incorporated by reference in and shall apply to this Joinder Agreement, mutatis
mutandis. From and after the Joinder Effective Date (as defined below), all

 

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references to the Commitment Letter or the Arrangement Fee Letter (as
applicable) contained therein or in any other Commitments Documents or the
Credit Documents shall be deemed to be references to the Commitment Letter or
the Arrangement Fee Letter (as applicable) as modified by this Joinder
Agreement.

 

7.                                      Miscellaneous. This Joinder Agreement
shall become effective on the date each party hereto shall have signed a
counterpart hereof (such date, the “Joinder Effective Date”) in accordance with
Section 9 (Survival) of the Commitment Letter.

 

[Remainder of page intentionally left blank]

 

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We are pleased to have been given the opportunity to assist you in connection
with the financing for the Commercial Facilities.

 

 

Very truly yours,

 

 

 

ABN AMRO CAPITAL USA LLC

 

 

 

 

 

By:

/s/ Urvashi Zutshi

 

 

Name:

Urvashi Zutshi

 

 

Title:

Managing Director

 

 

 

By:

/s/ Passchier Veefkind

 

 

Name:

Passchier Veefkind

 

 

Title:

Director - Energy Offshore

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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NIBC BANK N.V.

 

 

 

 

 

By:

/s/ Michael de Visser

 

 

Name:

Michael de Visser

 

 

Title:

Director

 

 

 

By:

/s/ Eric H. Snaterse

 

 

Name:

Eric H. Snaterse

 

 

Title:

Managing Director

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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AGREED TO AND ACCEPTED

as of the date first above written by:

 

NORDEA BANK FINLAND PLC, NEW YORK BRANCH

 

 

 

 

 

By:

/s/ Martin Lunder

 

 

Name:

Martin Lunder

 

 

Title:

Senior Vice President

 

 

 

 

 

By:

/s/ Lynn Sauro

 

 

Name:

Lynn Sauro

 

 

Title:

Vice President

 

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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CITIBANK, N.A.

 

 

 

 

 

By

/s/ Joseph Shanahan

 

 

Name:

Joseph Shanahan

 

 

Title:

Vice President and Managing Director

 

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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DNB MARKETS, INC.

 

 

 

 

 

By

/s/ Jae Kwon

 

 

Name:

Jae Kwon

 

 

Title:

Managing Director

 

 

 

 

 

By

/s/ John Kiremidjian

 

 

Name:

John Kiremidjian

 

 

Title:

SVP, Compliance

 

 

 

DNB CAPITAL LLC

 

 

 

 

 

By

/s/ Cathleen Buckley

 

 

Name:

Cathleen Buckley

 

 

Title:

Senior Vice President

 

 

 

 

 

By

/s/ Sybille Andaur

 

 

Name:

Sybille Andaur

 

 

Title:

Vice President

 

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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DVB BANK SE

 

 

 

 

 

By

/s/ Gill Driscoll

 

 

Name:

Gill Driscoll

 

 

Title:

Senior Vice President

 

 

 

 

 

By

/s/ Angelique Kounis

 

 

Name:

Angelique Kounis

 

 

Title:

Vice President

 

 

 

Legal Counsel

 

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

 

 

 

 

 

  By

/s/ [Illegible]

 

 

Name:

 

 

 

Title:

 

 

 

 

 

 

  By

/s/ Henrik Herodes

 

 

Name:

Henrik Herodes

 

 

Title:

 

 

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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GENER8 MARITIME, INC.

 

 

 

 

 

By:

/s/ Christopher F. Allwin

 

 

Name:

Christopher F. Allwin

 

 

Title:

Secretary & VP

 

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter
– ABN AMRO / NIBC

 

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