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EXHIBIT 10.1
 
SECOND AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT
AGREEMENT
 
SECOND AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT
AGREEMENT, dated as of March 29, 2012 (this “Second 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 (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 waive certain provisions of the Credit Agreement as
herein provided;
 
NOW, THEREFORE, it is agreed:
 
I.           Amendments to Credit Agreement.
 
1.           Section 9.08(b) of the Credit Agreement is hereby amended and
restated in its entirety as follows:
 
“(b)       The Parent will not permit cumulative Consolidated EBITDA for the
period commencing on January 1, 2012 and ending on the last day of a month set
forth below to be less than the amount set forth opposite such month below:
 
Month
 
Minimum EBITDA
 
February 2012
  $ 4,223,000  
March 2012
  $ 6,343,000  
April 2012
  $ 8,570,000  
May 2012
  $ 11,843,000  
June 2012
  $ 15,028,000  
July 2012
  $ 19,185,000  
August 2012
  $ 23,170,000  
September 2012
  $ 27,529,000  
October 2012
  $ 32,762,000”  

 
 
 

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II.           Miscellaneous Provisions.
 
1.           In order to induce the Lenders to enter into this Second Amendment,
each of the Borrowers and the Parent hereby represents and warrants that (i) no
Default or Event of Default exists as of the Second Amendment Effective Date (as
defined below) before (with the exception of any Default or Event of Default
resulting from non-compliance by the Parent with Section 9.08(b) for the period
commencing on November 1, 2011 and ending February 29, 2012, which Default(s) or
Event of Default(s), if any, are hereby waived by the Required Lenders) and
after giving effect to this Second 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 Second Amendment Effective
Date both before and after giving effect to this Second Amendment, with the same
effect as though such representations and warranties had been made on and as of
the Second 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 Second 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 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 or electronic mail by any party
hereto shall be effective as such party’s original executed counterpart.
 
4.           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.
 
5.           This Second Amendment shall become effective on the date (the
“Second Amendment Effective Date”) when 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).
 
 
 

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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 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
Second 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 Second 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 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,
 
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 Second Amendment to DIP Credit Agreement
 
 
 

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  ARLINGTON TANKERS LTD.,     as a Guarantor           
By: 
/s/ John. C. Georgiopoulos      
Name:  John. C. Georgiopoulos
      Title:    Director 

 

 
VISION LTD.
 
VICTORY LTD.
 
COMPANION LTD.
 
COMPATRIOT LTD.
 
CONSUL LTD.,
 
each as a Guarantor

 

 
By: 
/s/ John. C. Georgiopoulos      
Name:  John. C. Georgiopoulos
      Title:    Director 

 
Signature Page to Second 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 Second 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 Second 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 Second 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 Second 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 

 
Signature Page to Second 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         
ARLINGTON TANKERS, LLC,
 
as a Guarantor

 

 
By: 
/s/ John. C. Georgiopoulos      
Name:  John. C. Georgiopoulos
      Title:    President and Secretary

 
Signature Page to Second Amendment to DIP Credit Agreement
 
 
 

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LIMITED “GENERAL MARITIME CREWING”
         
By: 
/s/ Gennadiy Liventsov      
Name:  Gennadiy Liventsov
      Title:    Director 

 
 
 

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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/ Christian David Christensen      
Name: Christian David Christensen
     
Title:   Assistant Vice President

 
Signature Page to DIP Second Amendment
 

 
 

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SIGNATURE PAGE TO THE SECOND 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 Second Amendment
 
 
 

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SIGNATURE PAGE TO THE SECOND 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:
         
DNB Bank ASA
           
By: 
/s/ Sanjiv Nayar      
Name: Sanjiv Nayar
      Title:   Senior Vice President

 

 
By: 
/s/ Kjell Tore Egge      
Name: Kjell Tore Egge
      Title:   Senior Vice President  

 
Signature Page to DIP Second Amendment
 
 
 

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SIGNATURE PAGE TO THE SECOND 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/ Magnus Arve      
Name:
      Title:   

Signature Page to DIP Second Amendment
 

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