Exhibit 10.1
FOURTH AMENDMENT TO THE CREDIT AGREEMENT
FOURTH AMENDMENT TO THE CREDIT AGREEMENT (this "Amendment"), dated as of
March 28, 2008, among GENERAL MARITIME 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 Borrower, the Lenders and the Administrative Agent have entered
into a Credit Agreement, dated as of October 26, 2005 (the "Credit Agreement");
WHEREAS, subject to the terms and conditions set forth below, the parties hereto
wish to amend certain provisions of the Credit Agreement as provided herein;
NOW, THEREFORE, it is agreed;
A.
AMENDMENTS TO THE CREDIT AGREEMENT
1.
SECTION 7.08(B) OF THE CREDIT AGREEMENT IS HEREBY AMENDED BY
ADDING THE FOLLOWING TEXT AT THE END OF THE FIRST SENTENCE THEREOF:
"EXCEPT TO PURCHASE OR CARRY OR EXTEND CREDIT FOR THE PURPOSE OF PURCHASING OR
CARRYING SUCH MARGIN STOCK AS MAY BE PERMITTED TO BE PURCHASED OR CARRIED
PURSUANT TO THE TERMS OF SECTION 9.05(VI) AND (VIII)."
2.
SECTION 9.02 OF THE CREDIT AGREEMENT IS HEREBY AMENDED BY ADDING
THE FOLLOWING SENTENCE AT THE END THEREOF:
"NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED ABOVE, THE FOREGOING
COVENANT SHALL NOT BE VIOLATED AS A RESULT OF SALES OF MARGIN STOCK FOR CASH AT
FAIR MARKET VALUE (AS DETERMINED IN GOOD FAITH BY THE BORROWER AT THE TIME OF
THE RESPECTIVE SALE)."
3.
SECTION 9.03(IV) OF THE CREDIT AGREEMENT IS HEREBY AMENDED BY
DELETING THE TEXT "$50,000,000" APPEARING THEREIN AND INSERTING "$150,000,000"
IN LIEU THEREOF.
4.
SECTION 9.05 OF THE CREDIT AGREEMENT IS HEREBY AMENDED BY
(X) DELETING THE TEXT "AND" APPEARING AT THE END OF CLAUSE (VI) THEREIN,
(Y) DELETING THE PERIOD "." APPEARING AT THE END OF CLAUSE (VII) THEREIN AND
INSERTING THE TEXT "; AND" IN LIEU THEREOF AND (Z) ADDING THE FOLLOWING NEW
CLAUSE (VIII) AT THE END THEREOF:
"(viii) the Borrower and its Subsidiaries (other than the Subsidiary Guarantors)
may make Investments in non-Subsidiaries; provided that (x) no Default or Event
of Default has occurred and is continuing or would result following such
Investment and (y) such Investments shall only be made in entities engaged in
(A) the businesses permitted by Section 9.14 and (B) other maritime related
businesses reasonably satisfactory to the Administrative Agent."
5.
SECTION 10.04 OF THE CREDIT AGREEMENT IS HEREBY AMENDED BY
(A) ADDING THE TEXT "(X)" IMMEDIATELY FOLLOWING THE TEXT "PROVIDED THAT"
APPEARING THEREIN AND (B) INSERTING THE FOLLOWING TEXT IMMEDIATELY FOLLOWING THE
TEXT "$10,000,000" APPEARING THEREIN:
"AND (Y) IN DETERMINING WHETHER THERE IS ANY DEFAULT OR EVENT OF DEFAULT
PURSUANT TO PRECEDING CLAUSES (II) AND (III), THERE SHALL BE EXCLUDED ANY
CONDITION DESCRIBED IN SAID CLAUSES (II) AND/OR (III) SOLELY