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.

 

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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

 

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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

 

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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

 

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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

 

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