Document:

Fourth Supplemental Subsidiary Guarantee Agreement

 

EXHIBIT 10.47

Fourth Supplemental Subsidiary Guarantee Agreement

     This Fourth Supplemental Subsidiary Guarantee Agreement (this “Supplemental Subsidiary
Guarantee Agreement”) dated June 10, 2005, among Seabulk International, Inc., a Delaware
corporation (the “Borrower”) and Fortis Capital Corp. (the “Agent”).

Preliminary Statement

     Pursuant to the terms of the Swap Agreements, each of the Counterparties agreed to provide the
Borrower with an interest rate swap to enable the Borrower to manage its interest rate exposure.
As a condition to providing such Swap Agreements and any other Swap Agreements from time to time
outstanding, each of the Counterparties has requested that the Subsidiary Guarantors, jointly and
severally, guarantee the Obligations of the Borrower under the Swap Agreements by entering into the
Guarantee Agreement and securing the Subsidiary Guarantors’ obligations hereunder by granting to
the Agent, on behalf of the Counterparties, a lien in, to and under the Guarantee Collateral. The
Borrower has requested that the SEABULK MASSACHUSETTS (the “Vessel”), presently owned by Offshore
Marine Management International, Inc., one of the Subsidiary Guarantors, be re-flagged from the
maritime registry of the Republic of Liberia to the maritime registry of the Republic of the
Marshall Islands and that in connection therewith, ownership of the Vessel be transferred to
Seabulk Offshore Enterprises, Inc., a Marshall Islands corporation (the “Additional Subsidiary
Guarantor”). In order to induce the Counterparties to permit the re-flagging and transfer of
ownership, the Additional Subsidiary Guarantor has agreed to become a Subsidiary Guarantor and to
execute and deliver (and cause to be recorded where appropriate) in favor of the Agent, on behalf
of the Counterparties, any and all documents necessary to evidence the continuation of the lien in,
to and under the Vessel and the Collateral related thereto, concurrently with or immediately
following the re-documentation and change of ownership of the Vessel so that the Vessel shall
remain for all purposes a “Vessel” under the Transaction Documents.

     All things necessary to make this Fourth Supplemental Subsidiary Guarantee Agreement a valid
agreement of the Borrower, the Additional Subsidiary Guarantor and the other Subsidiary Guarantors
in accordance with its terms have been done.

     NOW, THEREFORE, and in consideration of the premises, it is mutually covenanted and agreed,
for the equal and proportionate benefit of the Agent and each of the Counterparties, as follows:

     the Additional Subsidiary Guarantor hereby confirms that it has agreed to become a Subsidiary
Guarantor, and that it unconditionally and irrevocably guarantees, jointly and severally, to the
Agent and the Counterparties (i) the full and prompt payment of an amount equal to each and all of
the payments and other sums when and as the same shall become due, required to be paid by the
Borrower under each of the Swap Agreements and (ii) the full and prompt performance and observance
by the Borrower of the obligations, covenants and

 

 

agreements required to be performed and observed by the Borrower under each of the Swap
Agreements (items (i) and (ii), the “Subsidiary Guarantee Obligations”). The Additional Subsidiary
Guarantor hereby confirms that it irrevocably and unconditionally agrees that upon any default by
the Borrower in the payment, when due, of any amounts (including amounts in respect of fees and
indemnification owing to the Agent or the Counterparties) due under the Swap Agreements, the
Additional Subsidiary Guarantor will promptly pay the same within ten (10) days after receipt of
written demand therefor from the Agent or any Counterparty. The Additional Subsidiary Guarantor
further hereby confirms that it irrevocably and unconditionally agrees that upon any default by the
Borrower in any of its obligations, covenants and agreements required to be performed and observed
by the Borrower under the Swap Agreements, the Additional Subsidiary Guarantor will effect the
observance of such obligations, covenants and agreements within ten (10) days after receipt of
written demand therefor from the Agent or any Counterparties.

     The Additional Subsidiary Guarantor further confirms that it agrees that the Subsidiary
Guarantee Obligations may be extended or renewed, in whole or in part, without notice or further
assent from the Additional Subsidiary Guarantor and that the Additional Subsidiary Guarantor will
remain bound under the Subsidiary Guarantee Agreement notwithstanding any extension or renewal of
any Subsidiary Guarantee Obligation. The Additional Subsidiary Guarantor confirms that it is
subject to all the provisions of the Subsidiary Guarantee Agreement applicable to a Subsidiary
Guarantor. Without limiting the effect of the foregoing, the Additional Subsidiary Guarantor hereby
agrees that it is hereby bound by the provisions of Section 5.02 of the Subsidiary Guarantee
Agreement relating to the assignment to the Agent as security, and hereby grants to the Agent a
security interest in (subject to the provisions of the Assignment of Earnings and Insurances), all
the freights, hires, charters and Insurances to which the Additional Subsidiary Guarantor is
entitled in respect of the Vessel and the other Vessels that it owns subject to the Mortgages.

     SECTION 1. The Subsidiary Guarantee Agreement, as supplemented and amended by this Fourth
Supplemental Subsidiary Guarantee Agreement and all other Subsidiary Guarantee Agreements
supplemental thereto, is in all respects ratified and confirmed, and the Subsidiary Guarantee
Agreement, this Fourth Supplemental Subsidiary Guarantee Agreement and all Subsidiary Guarantee
Agreements supplemental thereto shall be read, taken and construed as one and the same instrument.

     SECTION 2. If any provision hereof limits, qualifies or conflicts with another provision
hereof which is required to be included in this Fourth Supplemental Subsidiary Guarantee Agreement
by any of the provisions of the Subsidiary Guarantee Agreement, such required provision shall
control.

     SECTION 3. All covenants and agreements in this Fourth Supplemental Subsidiary Guarantee
Agreement by Additional Subsidiary Guarantor shall bind its successors and assigns, whether so
expressed or not.

     SECTION 4. In case any provision in this Fourth Supplemental Subsidiary Guarantee Agreement
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

 

     SECTION 5. Nothing in this Fourth Supplemental Subsidiary Guarantee Agreement, expressed or
implied, shall give to any Person, other than the parties hereto and their successors hereunder,
and the Counterparties any benefit or any legal or equitable right, remedy or claim under this
Fourth Supplemental Subsidiary Guarantee Agreement.

     SECTION 6. THIS FOURTH SUPPLEMENTAL CREDIT AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW.

     SECTION 7. All terms used in this Fourth Supplemental Subsidiary Guarantee Agreement not
otherwise defined herein that are defined in Appendix A to the Subsidiary Guarantee Agreement shall
have the meanings set forth therein.

     SECTION 8. This Fourth Supplemental Subsidiary Guarantee Agreement may be executed in any
number of counterparts, each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

 

 

     WHEREOF, the parties have caused this Supplemental Subsidiary Guarantee Agreement to be duly
executed as of the date first written above.

SEABULK INTERNATIONAL, INC.,

as Borrower,

/s/ Patrice M. Johnston

                                                            

Name: Patrice M. Johnston

Title: Attorney-in-Fact

FORTIS CAPITAL CORP.

as Agent,

/s/ C. Tobias Backer

                                                            

Name: C. Tobias Backer

Title: Senior Vice President

/s/ Lisa Walker

                                                            

Name: Lisa Walker

Title: Vice President

SEABULK OFFSHORE ENTERPRISES,

INC., hereby acknowledges and agrees to the
terms, conditions and provisions of the above
Fourth Supplemental Subsidiary Guarantee Agreement.

/s/ Patrice M. Johnston

                                                            

Name: Patrice M. Johnston

Title: Attorney-in-FactFifth Supplemental Credit Agreement

 

EXHIBIT 10.48

Fifth Supplemental Credit Agreement

     Fifth Supplemental Credit Agreement (the “Fifth Supplemental Credit Agreement”) dated June 23,
2005, among Seabulk International, Inc., a Delaware corporation (the “Borrower”); Seabulk Towing,
Inc., a Delaware corporation; each of the four Additional Subsidiary Guarantors hereinbelow
specified; and Fortis Capital Corp. (the “Agent”).

Preliminary Statement

     Pursuant to the Amended and Restated Credit Agreement, dated as of August 5, 2003, as amended
by Amendment No. 1 thereto dated March 26, 2004; a Supplemental Credit Agreement dated as of June
17, 2004; a Second Supplemental Credit Agreement dated August 6, 2004; a Third Supplemental Credit
Agreement dated December 10, 2004; and a Fourth Supplemental Credit Agreement dated June 10, 2005,
(as so amended, the “Credit Agreement”), among Seabulk International, Inc., (the “Borrower”), the
Subsidiary Guarantors named therein, the Released Subsidiary Guarantors named therein, Fortis, NIB
Capital Bank N.V. (“NIB”), The Governor & Company of The Bank of Scotland and each other financial
institution which may hereafter execute and deliver an Assignment and Acceptance with respect to
the Credit Agreement pursuant to Section 10.11 thereof (any one individually, a “Lender”, and
collectively, the “Lenders”), Fortis, as administrative agent on behalf of the Lenders (when acting
in its capacity as administrative agent under any Transaction Document, herein referred to,
together with any successor administrative agent, as the “Agent”) and as book runner and as an
arranger (when acting in such capacity, an “Arranger”) and NIB, as an arranger (when acting in such
capacity, an “Arranger”, and together with Fortis, the “Arrangers”), the Lenders agreed to make the
Facility available to the Borrower, in accordance with the terms of the Credit Agreement. As a
condition to providing such Facility, each of the Lenders requested that the Subsidiary Guarantors,
jointly and severally, guarantee the Obligations of the Borrower under the Credit Agreement by
entering into the Credit Agreement and securing the Subsidiary Guarantors’ obligations hereunder by
granting to the Agent, on behalf of the Lenders, a lien in, to and under the Collateral (as defined
therein).

     In connection with the restructuring, for commercial reasons, of the ownership and/or
operation of certain assets belonging to the Borrower or, in some cases, to subsidiaries of the
Borrower, the Borrower has requested the consent of the Agent, on behalf of the Lenders, to the
transfer, by way of capital contributions, of all of Borrower’s right, title and interest in and to
the following U.S.-Flag Vessels and the Collateral related thereto to certain wholly-owned
subsidiaries of Borrower (indicated below), subject to the continuation of the lien of the Agent,
on behalf of the Lenders, in, to and under each of said Vessels and the Collateral related thereto:

SEABULK
CHALLENGE (O.N. 642151) to Seabulk Petroleum Transport, Inc.
(“SPT”)

SEABULK TRADER (O.N. 638899) to Seabulk Energy Transport, Inc. (“SET”)

SEABULK POWER (O.N. 518738) to Seabulk Ocean Transport, Inc. (“SOT”)

HOLLYWOOD (O.N. 678702) to Seabulk Towing, Inc.

     Borrower will contribute each of the SEABULK CHALLENGE, SEABULK TRADER and SEABULK POWER to
the corresponding subsidiary through an intermediate, wholly-owned holding company, Seabulk Energy
Carriers, Inc.(“SEC”), which will take and immediately

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transfer “flash” title in each Vessel, via capital contribution, to the corresponding
transferee-subsidiary shown above.

     Although Seabulk Towing, Inc., is and remains a Subsidiary Guarantor under the Credit
Agreement, SPT, SET, SOT and SEC are not. Accordingly, in order to induce the Agent, on behalf of
the Lenders, to consent to the above-described transfers by way of capital contributions to
Borrower’s wholly-owned subsidiaries, Borrower has agreed to cause each of those subsidiaries — -
SPT, SET, SOT and SEC (hereinafter the “Additional Subsidiary Guarantors”) — - to become a
Subsidiary Guarantor, pursuant to Sections 6.19 and 11.04(b) of the Credit Agreement, by executing
this Fifth Supplemental Credit Agreement. As further inducement to the Agent, on behalf of the
Lenders, to give such consent, each of the Borrower; Seabulk Towing, Inc.; and the Additional
Subsidiary Guarantors has agreed to execute and deliver (and cause to be recorded where
appropriate) in favor of the Agent, on behalf of the Lenders, any and all documents necessary to
evidence the continuation of the lien of the Agent, on behalf of the Lenders, in, to and under the
corresponding Vessel and the Collateral related thereto, concurrently with or immediately following
its transfer or assumption of title to said Vessel (as the case may be) in connection herewith and
(in the case of each of SPT, SET, SOT and Seabulk Towing, Inc.) the re-documentation of same under
its ownership. All things necessary to make this Fifth Supplemental Credit Agreement a valid
agreement of the Borrower, Seabulk Towing, Inc., and each of the Additional Subsidiary Guarantors
in accordance with its terms have been done.

Statement of Agreement

     NOW, THEREFORE, and in consideration of the premises, it is mutually covenanted and agreed,
for the equal and proportionate benefit of the Agent and each of the Lenders, as follows:

     SECTION 1. Each Additional Subsidiary Guarantor hereby agrees to become a Subsidiary Guarantor
under the Credit Agreement and, together with each other Subsidiary Guarantor, hereby
unconditionally and irrevocably guarantees, jointly and severally, to the Agent and each of the
Lenders (i) the full and prompt payment of the principal of the Notes and the indebtedness
represented thereby and the L/C Obligations when and as the same shall become due and payable,
whether at the stated maturity thereof, by acceleration, call for redemption or otherwise; (ii) the
full and prompt payment of interest on the Notes and the L/C Obligations when and as the same shall
become due and payable (including interest at the Overdue Rate on any part of the principal amount,
interest amount or other amount due under this Agreement and not paid when due); (iii) the full and
prompt payment of an amount equal to each and all of the payments and other sums when and as the
same shall become due, required to be paid by the Borrower under the terms of the Credit Agreement
and under each of the other Transaction Documents to which it is a party and (iv) the full and
prompt performance and observance by the Borrower of the obligations, covenants and agreements
required to be performed and observed by the Borrower under the terms of the Credit Agreement and
under each of the other Transaction Documents to which it is a party (items (i) through (iv), the
“Subsidiary Guarantee Obligations”). Each Additional Subsidiary Guarantor hereby irrevocably and
unconditionally agrees that, upon any default by the Borrower in the payment, when due, of any
principal of, interest on or other amounts (including amounts in respect of fees and
indemnification owing to the Agent or the Lenders) due under the Notes, the Credit Agreement or any
other Transaction Document, it will promptly pay the same within ten (10) days after the receipt of
written demand therefor from the Agent or any Lender. Each Additional Subsidiary Guarantor further
hereby

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irrevocably and unconditionally agrees that, upon any default by the Borrower in any of its
obligations, covenants and agreements required to be performed and observed by the Borrower under
the Credit Agreement and under each of the other Transaction Documents to which it is a party, it
will effect the observance of such obligations, covenants and agreements within ten (10) days after
receipt of written demand therefor from the Agent or any Lender.

     Each Additional Subsidiary Guarantor further agrees that the Subsidiary Guarantee Obligations
may be extended or renewed, in whole or in part, without notice to or further assent from said
Additional Subsidiary Guarantor and that said Additional Subsidiary Guarantor will remain bound
under the Credit Agreement, notwithstanding any extension or renewal of any Subsidiary Guarantee
Obligation. Each Additional Subsidiary Guarantor is subject to all the provisions of the Credit
Agreement applicable to a Subsidiary Guarantor. Without limiting the effect of the foregoing, each
Additional Subsidiary Guarantor hereby agrees that it is hereby bound by the provisions of Section
6.19 of the Credit Agreement relating to the assignment to the Agent as security, and hereby grants
to the Agent a security interest in (subject to the provisions of the applicable Assignment of
Earnings and Insurances), all the freights, hires, charters and Insurances to which such Additional
Guarantor is entitled in respect of the Vessel and any other Vessels that it owns which are
subject to the Mortgages.

     SECTION 2. Each of the Borrower; Seabulk Towing, Inc.; and the Additional Subsidiary
Guarantors hereby agrees to execute and deliver (and cause to be recorded where appropriate) in
favor of the Agent, on behalf of the Lenders, any and all documents necessary to evidence the
continuation of the lien of the Agent, on behalf of the Lenders, in, to and under the corresponding
Vessel and the Collateral related thereto, concurrently with or immediately following its transfer
or assumption of title to said Vessel (as the case may be) in connection herewith and (in the case
of each of SPT, SET, SOT and Seabulk Towing, Inc.) the re-documentation of same under its
ownership.

     SECTION 3. The Credit Agreement, as supplemented and amended by this Fifth Supplemental Credit
Agreement and all other Credit Agreements supplemental thereto, is in all respects ratified and
confirmed, and the Credit Agreement, this Fifth Supplemental Credit Agreement and all Credit
Agreements supplemental thereto shall be read, taken and construed as one and the same instrument.

     SECTION 4. If any provision hereof limits, qualifies or conflicts with another provision
hereof which is required to be included in this Fifth Supplemental Credit Agreement by any of the
provisions of the Credit Agreement, such required provision shall control.

     SECTION 5. All covenants and agreements in this Fifth Supplemental Credit Agreement by each of
Seabulk Towing, Inc., and the Additional Subsidiary Guarantors shall bind its successors and
assigns, whether so expressed or not.

     SECTION 6. In case any provision in this Fifth Supplemental Credit Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

     SECTION 7. Nothing in this Fifth Supplemental Credit Agreement, expressed or implied, shall
give to any Person, other than the parties hereto and their successors hereunder,

3

 

and the Lenders any benefit or any legal or equitable right, remedy or claim under this Fifth
Supplemental Credit Agreement.

     SECTION 8. THIS FIFTH SUPPLEMENTAL CREDIT AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW.

     SECTION 9. All terms used in this Fifth Supplemental Credit Agreement not otherwise defined
herein that are defined in Appendix A to the Credit Agreement shall have the meanings set forth
therein.

     SECTION 10. This Fifth Supplemental Credit Agreement may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute
but one and the same instrument.

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

4

 

     WHEREOF, the parties have caused this Fifth Supplemental Credit Agreement to be duly executed
as of the date first written above.

	 	 	 	 	 	 	 
	SEABULK INTERNATIONAL, INC.

	 	 	 	SEABULK ENERGY TRANSPORT,	 	 
	as Borrower,

	 	 	 	INC. hereby acknowledges and agrees to
the terms, conditions and provisions of
the above Fifth Supplemental Credit Agreement	 	 
	 
	 	 	 	 	 	 
	/s/ Patrice M. Johnston

	 	 	 	/s/ Patrice M. Johnston	 	 
	 

	 	 	 	 	 	 
	Name: Patrice M. Johnston

	 	 	 	Name: Patrice M. Johnston	 	 
	Title: Attorney-in-Fact

	 	 	 	Title: Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	FORTIS CAPITAL CORP.

	 	 	 	SEABULK OCEAN TRANSPORT, INC.	 	 
	as Agent,

	 	 	 	hereby acknowledges and agrees to the
terms, conditions and provisions of the
above Fifth Supplemental Credit Agreement	 	 
	 
	 	 	 	 	 	 
	/s/ C. Tobias Backer

	 	 	 	/s/ Patrice M. Johnston	 	 
	 

	 	 	 	 	 	 
	Name: C. Tobias Backer

	 	 	 	Name: Patrice M. Johnston	 	 
	Title: Senior Vice President

	 	 	 	Title: Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	/s/ Carl Rasmussen
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name: Carl Rasmussen
	 	 	 	 	 	 
	Title: Senior Vice President
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SEABULK TOWING, INC.

	 	 	 	SEABULK ENERGY CARRIERS, INC.	 	 
	hereby acknowledges and agrees to the
terms, conditions and provisions of the
above Fifth Supplemental Credit
Agreement.

	 	 	 	hereby acknowledges and agrees to the
terms, conditions and provisions of the
above Fifth Supplemental Credit
Agreement.	 	 
	 
	 	 	 	 	 	 
	/s/ Patrice M. Johnston

	 	 	 	/s/ Patrice M. Johnston	 	 
	 

	 	 	 	 	 	 
	Name: Patrice M. Johnston

	 	 	 	Name: Patrice M. Johnston	 	 
	Title: Attorney-in-Fact

	 	 	 	Title: Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	SEABULK PETROLEUM
	 	 	 	 	 	 
	TRANSPORT, INC.
	 	 	 	 	 	 
	hereby acknowledges and agrees to the
terms, conditions and provisions of the
above Fifth Supplemental Credit
Agreement.
	 
	 
	 	 	 	 	 	 
	/s/ Patrice M. Johnston
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name: Patrice M. Johnston
	 	 	 	 	 	 
	Title: Attorney-in-Fact
	 	 	 	 	 	 

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