Document:

Exhibit 10.4

 

EXHIBIT G

[CONFORMED AS EXECUTED]

 

PLEDGE AND SECURITY
AGREEMENT

 

PLEDGE AND SECURITY
AGREEMENT (as amended, modified, restated and/or supplemented from time to
time, this “Agreement”), dated as of July 1, 2004, made by each of the
undersigned pledgors (each a “Pledgor” and, together with any other
entity that becomes a pledgor hereunder pursuant to Section 25 hereof, the “Pledgors”)
to NORDEA BANK FINLAND PLC, New York Branch, as collateral agent (in such
capacity, together with any successor collateral agent, the “Pledgee”),
for the benefit of the Secured Creditors (as defined below) and NORDEA BANK
FINLAND PLC, New York Branch, as Deposit Account Bank (in such capacity, as the
“Deposit Account Bank”).

 

W I T
N E S S E T H :

 

WHEREAS, General Maritime
Corporation (the “Borrower”), the various lenders from time to time
party thereto (the “Lenders”), and Nordea Bank Finland plc, New York
Branch, as Administrative Agent and Collateral Agent (in such capacity,
together with any successor Administrative Agent, the “Administrative Agent”),
have entered into a Credit Agree­ment, dated as of July 1, 2004 (as amended,
modified, restated and/or supplemented from time to time, the “Credit
Agreement”), providing for the making of Loans to the Borrower as con­tem­plated
therein (the Lenders holding from to time
outstanding Term Loans (and/or Term Loan Commitments) and Revolving Loans
(and/or Revolving Loan Commitments), the Administrative Agent and the
Pledgee, in each of the aforementioned capacities, are herein called the “Lender
Creditors”);

 

WHEREAS, pursuant to
Section 1.2 hereof, each applicable Pledgor and the Deposit Account Bank are
entering into the Control Agreement attached hereto as Annex H simultaneously
herewith;

 

WHEREAS, the Borrower may
at any time and from time to time after the date hereof enter into, or guaranty
the obligations of one or more other Pledgors or any of their respective
Subsidiaries under, one or more Interest Rate Protection Agreements or Other
Hedging Agreements with respect to the Borrower’s obligations under the Credit
Agreement with respect to the outstanding Loans and/or Commitments from time to
time with one or more Lenders or any affiliate thereof (each such Lender or
affiliate, even if the respective Lender subsequently ceases to be a Lender
under the Credit Agreement for any reason, together with such Lender’s or
affiliate’s successors and assigns, if any, collectively, the “Other
Creditors” and, together with the Lenders holding
from to time outstanding Loans (and/or Commitments), are herein called
the “Secured Creditors”);

 

WHEREAS, it is a
condition precedent to the making of the Loans to
the Borrower under the Credit Agreement that each Pledgor shall have executed
and delivered to the Pledgee this Agreement; and

 

WHEREAS, each Pledgor
desires to enter into this Agreement in order to satisfy the condition
described in the preceding paragraph;

 

 

NOW, THEREFORE, in
consideration of the foregoing and other benefits accru­ing to each Pledgor,
the receipt and sufficiency of which are hereby acknowledged, each Pledgor
hereby makes the following representations and warranties to the Pledgee for
the benefit of the Secured Creditors and hereby covenants and agrees with the
Pledgee for the benefit of the Secured Creditors as follows:

 

1.  SECURITY FOR OBLIGATIONS;
ESTABLISHMENT OF CONCENTRATION ACCOUNT.

 

1.1. Security.  This Agreement is made by each Pledgor for
the benefit of the Secured Creditors to secure:

 

(i)        the full and prompt payment when due
(whether at the stated maturity, by acceleration or otherwise) of all
obligations, liabilities and indebtedness (including, without limita­tion,
principal, premium, interest, fees and indemnities (including, without
limitation, all interest that accrues after the commencement of any case,
proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any Pledgor at the rate provided for in
the respective documentation, whether or not a claim for post-petition interest
is allowed in any such proceeding)) of such Pledgor to the Lender Creditors
(provided, in respect of the Lender Creditors which are Lenders, such
aforementioned obligations, liabilities and indebtedness shall arise only for
such Lenders (in such capacity) in respect of Loans and/or Commitments),
whether now existing or here­after incurred under, arising out of, or in
connection with, the Credit Agreement and the other Credit Documents to which
such Pledgor is a party (including, in the case of each Pledgor that is a
Subsidiary Guarantor, all such obligations, liabilities and indebt­ed­ness of
such Pledgor under the Subsidiaries Guaranty) and the due per­formance and
compliance by such Pledgor with all of the terms, conditions and agreements
contained in the Credit Agreement and in such other Credit Documents (all such
obli­gations, liabilities and indebtedness under this clause (i), except to the
extent consisting of obliga­tions, liabilities or indebted­ness with respect to
Interest Rate Protection Agreements or Other Hedging Agreements, being herein
collec­tively called the “Credit Document Obligations”);

 

(ii)       the full and prompt payment when due
(whether at the stated maturity, by acceleration or otherwise) of all
obligations, liabilities and indebtedness (including, without limitation, all
interest that accrues after the commencement of any case, proceeding or other
action relating to the bankruptcy, insolvency, reorganization or similar
proceeding of any Pledgor at the rate provided for in the respective
documentation, whether or not a claim for post-petition interest is allowed in
any such proceeding) owing by such Pledgor to the Other Creditors under, or
with respect to (including, in the case of each Pledgor that is a Subsidiary
Guarantor, all such obligations, liabilities and indebtedness of such Pledgor
under the Subsidiaries Guaranty), any Interest Rate Protection Agreement or
Other Hedging Agreement entered into in respect of the Borrower’s obligations
with respect to the outstanding Loans and/or Commitments from time to time,
whether such Interest Rate Protection Agree­ment or Other Hedging Agreement is
now in existence or here­after arising, and the due performance and compliance
by such Pledgor with all of the terms, conditions and agreements contained
therein (all such obligations, liabilities and indebtedness described in this
clause (ii) being herein collectively called the “Other Obligations”);

 

2

 

(iii)      any and all sums
advanced by the Pledgee in order to preserve the Collateral (as hereinafter
defined) or preserve its security interest in the Collateral;

 

(iv)      in the event of any proceeding for the
collection or enforcement of any indebted­ness, obligations or liabilities of
such Pledgor referred to in clauses (i) and (ii) above, after an Event of
Default shall have occurred and be continuing, the reasonable expenses of
retaking, holding, preparing for sale or lease, selling or otherwise disposing
of or realizing on the Collateral, or of any exercise by the Pledgee of its
rights hereunder, together with reasonable attorneys’ fees and court costs; and

 

(v)       all amounts paid by any Secured Creditor
as to which such Secured Creditor has the right to reimbursement under Section
11 of this Agreement;

 

all such obligations, liabilities, sums and expenses set forth in
clauses (i) through (v) of this Section 1.1 being herein collectively called
the “Obligations,” it being acknowledged and agreed that the “Obligations”
shall include extensions of credit of the types described above, whether
outstanding on the date of this Agreement or extended from time to time after
the date of this Agreement.

 

1.2. 
Concentration Accounts.  The relevant Pledgor and the Pledgee have
established in the name and for the benefit of the Pledgee, as agent for the
Secured Creditors, the Concentration Accounts for purposes of this Agreement
and the other relevant Credit Documents, which Concentration Accounts are
maintained with the Pledgee as the deposit account bank located at 11 West 42nd
Street, 7th Floor, New York, New York  10036 (the “Deposit Account Bank”).   Each relevant Pledgor and the Pledgee are
entering into the Control Agreement attached hereto as Annex H (the “Control
Agreement”) simultaneously herewith, which provides that the Concentration
Accounts shall be under the control of the Pledgee, as agent for the Secured
Creditors, and the Pledgee shall have the right to direct withdrawals from the
Concentration Accounts and to exercise all rights with respect to all of the
Earnings Collateral (as defined below) from time to time therein pursuant to
the terms of this Agreement and the Control Agreement.  All Earnings Collateral delivered
to, or held by or on behalf of, the Pledgee pursuant to each of the Assignments
of Earnings shall be held in the Concentration Accounts in accordance with the
provisions thereof.

 

2.  DEFINITIONS.
 (a)  Unless otherwise defined herein, all capitalized terms
used herein and defined in the Credit Agreement shall be used herein as therein
defined.  Reference to singular terms
shall include the plural and vice versa.

 

(b)           The following capitalized terms used
herein shall have the definitions specified below:

 

“Administrative Agent”
has the meaning set forth in the Recitals hereto.

 

“Adverse Claim”
has the meaning given such term in Section 8-102(a)(1)
of the UCC.

 

“Agreement” has
the meaning set forth in the first paragraph hereof.

 

“Borrower” has the
meaning set forth in the Recitals hereto.

 

“Certificated Security”
has the meaning given such term in Section 8-102(a)(4)
of the UCC.

 

3

 

“Clearing Corporation”
has the meaning given such term in Section 8-102(a)(5)
of the UCC.

 

“Collateral” has
the meaning set forth in Section 3.1 hereof.

 

“Concentration
Accounts” shall mean, collectively, the following accounts: General
Maritime Corporation 4060931303; General Maritime Corporation 4060931304;
General Maritime Corporation 4060944601; Genmar Management 7404802001; Genmar
Prince Ltd. 4060044502; Genmar Trader Ltd. 4060023901; GMR Agamemnon LLC
4060927101; GMR Ajax LLC 4060928901; GMR Alexandra LLC 4063494901; GMR Alta LLC
4060070001; GMR Argus LLC 7409102001; GMR Ariston LLC 7407872001; GMR Baltic
LLC 7407792001; GMR Boss LLC 4060273001; GMR Centaur LLC 7408032001; GMR Challenger
LLC 4060018901; GMR Champion LLC 4060012201; GMR Commander LLC 4062230801; GMR
Conqueror LLC 7424372001; GMR Constantine LLC 4060939601; GMR Defiance LLC
7424292001; GMR Endurance LLC 4060019701; GMR Gabriel LLC 4060934702; GMR
George 4062444501; GMR Gulf LLC 7408782001; GMR Harriet 4061135001; GMR Hector
LLC 4063555701; GMR Honour LLC 7424032001; GMR Hope LLC 7408942001; GMR Horn
LLC 7408862001; GMR Kestrel LLC 7407952001; GMR Leonidas 4060024701; GMR
Macedon 4063510201; GMR Minotaur 4060938801; GMR Nestor LLC 4060043701; GMR
Ocean LLC 7407612001; GMR Orion LLC 7408292001; GMR Pacific Limited 7407532001;
GMR Pericles LLC 4063556501; GMR Phoenix LLC 7408112001; GMR Princess LLC
7409772001; GMR Progress LLC 7409692001; GMR Prometheus LLC 7408372001; GMR Revenge
LLC 7423952001; GMR Sky LLC 7408452001; GMR Spartiate LLC 4063505201; GMR
Spirit LLC 4060011401; GMR Spyridon LLC 7409022001; GMR Star LLC 4060013001;
GMR Strength LLC 7424112001; GMR Sun LLC 4063037601; GMR Transporter LLC
7408522001; GMR Traveller LLC 7408602001; GMR Trust LLC 4060017101; and GMR Zoe
LLC 4060966901.

 

“Control Agreement”
shall have the meaning provided in Section 1.2.

 

“Credit Agreement”
has the meaning set forth in the Recitals hereto.

 

“Credit Document
Obligations” has the meaning set forth in Section 1.1(i) hereof.

 

“Deposit Account Bank”
shall have the meaning provided such term in Section 1.2 hereof.

 

“Earnings Collateral”
shall mean, collectively, all of the collateral granted, sold, conveyed,
assigned, transferred, mortgaged and pledged pursuant to, and in accordance
with, Section 1 of each Primary Assignment of Earnings.

 

“Event of Default”
means any Event of Default under, and as defined in, the Credit Agreement and
any payment default under any Interest Rate Protection Agreement or Other
Hedging Agreement entered into in respect of the Borrower’s obligations with
respect to the outstanding Loans and/or Commitments from time to time, after
any applicable grace period.

 

“Indemnitees” has
the meaning set forth in Section 11 hereof.

 

“Lender Creditors”
has the meaning set forth in the Recitals hereto.

 

4

 

“Lenders” has the
meaning set forth in the Recitals hereto.

 

“Limited Liability
Company Assets” means all assets, whether tangible or intang­ible and
whether real, personal or mixed (including, without limitation, all limited
liability com­pany capital and interest in other limited liability companies),
at any time owned or represented by any Limited Liability Company Interest.

 

“Limited Liability
Company Interests” means the entire limited liability company membership
interest at any time owned by any Pledgor in any limited liability company.

 

“Obligations” has
the meaning set forth in Section 1.1 hereof.

 

“Other Creditors”
has the meaning set forth in the Recitals hereto.

 

“Other Obligations”
has the meaning set forth in Section 1.1(ii) hereof.

 

“Partnership Assets”
means all assets, whether tangible or intangible and whether real, personal or
mixed (including, without limitation, all partnership capital and interest in
other partnerships), at any time owned or represented by any Partnership
Interest.

 

“Partnership Interest”
shall mean the entire general partnership interest or limited partnership
interest at any time owned by any Pledgor in any general partnership or limited
partnership.

 

“Person” means any
individual, partnership, joint venture, firm, corporation, association, limited
liability company, trust or other enterprise or any government or political
subdivision or any agency, department or instrumentality thereof.

 

“Pledgee” has the
meaning set forth in the first paragraph hereof.

 

“Pledgor” has the
meaning set forth in the first paragraph hereof.

 

“Primary Concentration
Account” shall have the meaning provided in Section 20(c).

 

“Proceeds” has the
meaning given such term in Section 9-102(64) of the UCC.

 

“Required Secured
Creditors” means (i) at any time when any Credit Document Obligations are
outstanding or any Commitments under the Credit Agreement exist, the Required
Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement,
each of the Lenders), and (ii) at any time after all of the Credit Document
Obligations have been paid in full in cash and all Commitments under the Credit
Agreement have been terminated and if any Other Obligations are outstanding,
the holders of a majority of the Other Obligations.

 

“Secured Creditors”
has the meaning set forth in the Recitals hereto.

 

“Secured Debt
Agreements” means and includes this Agreement, the other Credit Documents
and the Interest Rate Protection Agreements and Other Hedging Agreements
entered into

 

5

 

with any Other Creditors entered into in
respect of the Borrower’s obligations with respect to the outstanding Loans
and/or Commitments from time to time.

 

“Securities Act”
means the Securities Act of 1933, as amended, as in effect from time to time.

 

“Security” and “Securities”
has the meaning given such term in Section 8-102(a)(15)
of the UCC and shall in any event also include all Stock.

 

“Security Entitlement”
has the meaning given such term in Section 8-102(a)(17)
of the UCC.

 

“Stock” means all
of the issued and outstanding shares of capital stock of any corporation at any
time owned by any Pledgor.

 

“Subsidiary”
means, as to any Person, (i) any corporation more than 50% of whose stock of
any class or classes having by the terms thereof ordinary voting power to elect
a majority of the directors of such corporation (irrespective of whether or not
at the time stock of any class or classes of such corporation shall have or
might have voting power by reason of the happening of any contingency) is at
the time owned by such Person and/or one or more Subsidiaries of such Person
and (ii) any partnership, limited liability company, association, joint venture
or other entity in which such Person and/or one or more Subsidiaries of such
Person has more than a 50% equity interest at the time.

 

“Termination Date”
has the meaning set forth in Section 20 hereof.

 

“UCC” means the
Uniform Commercial Code as in effect in the State of New York from time to
time; provided that all references herein to specific sections or sub­sections
of the UCC are references to such sections or subsections, as the case may be,
of the Uniform Commercial Code as in effect in the State of New York on the
date hereof.

 

“Uncertificated
Security” has the meaning given such term in Section 8-102(a)(18) of the UCC.

 

3.  PLEDGE OF STOCK,
ACCOUNTS, ETC.

 

3.1  Pledge.  To secure the Obligations
now or hereafter owed or to be performed by such Pledgor, each Pledgor does
hereby grant and pledge to the Pledgee for the benefit of the Secured
Creditors, and does hereby create a continuing first priority security interest
in favor of the Pledgee for the benefit of the Secured Creditors in, all of the
right, title and interest in and to the following, whether now existing or
hereafter from time to time acquired (collectively, the “Collateral”):

 

(a)           the Concentration Accounts, together
with all of such Pledgor’s right, title and interest in and to all sums of
property (including cash equivalents and other investments) now or at any time
hereafter on deposit therein, credited thereto or payable thereon, and all
instruments, documents and other writings evidencing the Concentration
Accounts;

 

6

 

(b)           all Stock of
any Subsidiary Guarantor owned by such Pledgor from time to time and all
options and warrants owned by such Pledgor from time to time to purchase Stock
of any such Subsidiary Guarantor;

 

(c)           all Limited Liability Company
Interests in any Subsidiary Guarantor owned by such Pledgor from time to time
and all of its right, title and interest in each limited liability company to
which each such interest relates, whether now existing or hereafter acquired,
including, without limitation, to the fullest extent permitted under the terms
and provisions of the documents and agreements governing such Limited Liability
Company Interests and applicable law:

 

(A)          all the capital thereof and its
interest in all profits, losses, Limited Liability Company Assets and other
distributions to which such Pledgor shall at any time be entitled in respect of
such Limited Liability Company Interests;

 

(B)           all other payments due or to become
due to such Pledgor in respect of Limited Liability Company Interests, whether
under any limited liability com­pany agreement or otherwise, whether as
contractual obligations, damages, insur­ance proceeds or otherwise;

 

(C)           all of such Pledgor’s claims, rights,
powers, privileges, authority, options, secur­ity interests, liens and
remedies, if any, under any limited liability company agree­ment or operating
agreement, or at law or otherwise in respect of such Limited Liability Company
Interests;

 

(D)          all present and
future claims, if any, of such Pledgor against any such limited liability
company for moneys loaned or advanced, for services ren­dered or otherwise;

 

(E)           all of such Pledgor’s rights under
any limited liability company agree­ment or operating agreement or at law to
exercise and enforce every right, power, remedy, authority, option and
privilege of such Pledgor relating to such Limited Liability Company Interests,
including any power to terminate, cancel or modify any limited liability
company agreement or operating agreement, to execute any instruments and to
take any and all other action on behalf of and in the name of such Pledgor in
respect of such Limited Liability Company Interests and any such limited
liability company, to make determinations, to exercise any election (includ­ing,
but not limited to, election of remedies) or option or to give or receive any
notice, consent, amendment, waiver or approval, together with full power and
authority to demand, receive, enforce, collect or receipt for any of the
foregoing or for any Limited Liability Company Asset, to enforce or execute any
checks, or other instruments or orders, to file any claims and to take any
action in connection with any of the foregoing; and

 

(F)           all other
property hereafter delivered in substitution for or in addi­tion to any of the
foregoing, all certificates and instruments representing or evi­denc­ing such
other property and all cash, securities, interest, dividends, rights and other

 

7

 

property at any time and from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all thereof;

 

(d)           all Partnership Interests in any
Subsidiary Guarantor owned by such Pledgor from time to time and all of its
right, title and interest in each partnership to which each such interest
relates, whether now existing or hereafter acquired, including, without
limitation, to the fullest extent permitted under the terms and provisions of
the documents and agreements governing such Partnership Interests and
applicable law:

 

(A)          all the capital thereof and its
interest in all profits, losses, Partnership Assets and other distributions to
which such Pledgor shall at any time be entitled in respect of such Partnership
Interests;

 

(B)           all other
payments due or to become due to such Pledgor in respect of such Partnership
Interests, whether under any partnership agreement or otherwise, whether as
contractual obligations, damages, insurance proceeds or otherwise;

 

(C)           all of its claims, rights, powers,
privileges, authority, options, security interests, liens and remedies, if any,
under any partnership agreement or oper­at­ing agreement, or at law or
otherwise in respect of such Partnership Interests;

 

(D)          all present
and future claims, if any, of such Pledgor against any such partnership for
moneys loaned or advanced, for services rendered or otherwise;

 

(E)           all of such Pledgor’s rights under
any partnership agreement or operating agreement or at law to exercise and
enforce every right, power, remedy, authority, option and privilege of such
Pledgor relating to such Partnership Interests, including any power to
terminate, cancel or modify any partnership agreement or operating agreement,
to execute any instruments and to take any and all other action on behalf of
and in the name of any of such Pledgor in respect of such Partnership Interests
and any such partnership, to make determinations, to exercise any election
(including, but not limited to, election of remedies) or option or to give or
receive any notice, consent, amendment, waiver or approval, together with full
power and authority to demand, receive, enforce, collect or receipt for any of
the foregoing or for any Partnership Asset, to enforce or execute any checks,
or other instruments or orders, to file any claims and to take any action in
connection with any of the foregoing; and

 

(F)           all other property hereafter
delivered in substitution for or in addition to any of the foregoing, all
certificates and instruments representing or evidencing such other property and
all cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all thereof; and

 

(e)           all Proceeds
of any and all of the foregoing.

 

3.2. 
Procedures. (a)  To the
extent that any Pledgor at any time or from time to time owns, acquires or
obtains any right, title or interest in any Collateral, such Collateral shall
auto-

 

8

 

matically (and
without the taking of any action by such Pledgor) be pledged pursu­ant to
Section 3.1 of this Agreement and, in addition thereto, such Pledgor shall (to
the extent provided below) take, or, in the case of Section 3.2(a)(v),
authorize the Pledgee to take, the following actions as set forth below (as
promptly as practicable and, in any event, within 30 days after it obtains such
Collateral) for the benefit of the Pledgee and the Secured Creditors:

 

(i)        with respect to
a Certificated Security (other than a Certificated Security credited on the
books of a Clearing Corporation), such Pledgor shall deliver such Certificated
Security to the Pledgee with powers executed in blank;

 

(ii)       with respect to an Uncertificated Security
(other than an Uncertificated Security credited on the books of a Clearing
Corporation), such Pledgor shall cause the issuer of such Uncertificated
Security (or, in the case of an issuer that is not a Subsidiary of such
Pledgor, will use reasonable efforts to cause such issuer) to duly authorize
and execute, and deliver to the Pledgee, an agreement for the benefit of the
Pledgee and the other Secured Creditors substantially in the form of Annex G
hereto (appropri­ately completed to the reasonable satisfaction of the Pledgee
and with such modifications, if any, as shall be reasonably satisfactory to the
Pledgee) pursu­ant to which such issuer agrees to comply with any and all
instructions originated by the Pledgee without further con­sent by the registered
owner and not to comply with instructions regarding such Uncertificated
Security originated by any other Person other than a court of competent
jurisdiction;

 

(iii)      with respect to a Certificated Security,
Uncertificated Security, Partnership Interest or Limited Liability Company
Interest credited on the books of a Clearing Corporation (including a Federal
Reserve Bank, Participants Trust Company or The Depository Trust Company), such
Pledgor shall promptly notify the Pledgee thereof and shall promptly take all
actions required (i) to comply in all material respects with the applicable
rules of such Clearing Corporation and (ii) to perfect the security interest of
the Pledgee under applicable law (including, in any event, under Sections
9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC).  Such Pledgor further agrees to take such
actions as the Pledgee deems reasonably necessary to effect the foregoing;

 

(iv)      with respect to a Partnership Interest or
a Limited Liability Company Interest (other than a Partnership Interest or
Limited Liability Interest credited on the books of a Clearing Corporation),
(1) if such Partnership Interest or Limited Liability Company Interest is
represented by a certificate and is a Security for purposes of the UCC, the procedure
set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or
Limited Liability Company Interest is not represented by a certificate or is
not a Security for purposes of the UCC, the procedure set forth in Section
3.2(a)(ii) hereof; and

 

(v)       with respect to cash proceeds from any of
the Collateral described in Section 3.1 hereof which are not released to such
Pledgor in accordance with Section 6 hereof, (i) establishment by the Pledgee
of a cash account in the name of such Pledgor over which the Pledgee shall have
exclusive and absolute control and dominion (and no withdrawals or transfers
may be made therefrom by any Person except with the prior written consent of
the Pledgee) and (ii) deposit of such cash in such cash account.

 

9

 

(b)       In addition to the actions required to be
taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the following
additional actions with respect to the Collateral:

 

(i)        with respect to all Collateral of such
Pledgor whereby or with respect to which the Pledgee may obtain “control”
thereof within the meaning of Section 8-106 of the UCC (or under any provision
of the UCC as same may be amended or supplemented from time to time, or under
the laws of any relevant State other than the State of New York), such
Pledgor shall take all actions as may be reasonably requested from time to time
by the Pledgee so that “control” of such Collateral is obtained and at
all times held by the Pledgee; and

 

(ii)       each Pledgor shall from time to time
cause appropriate financing statements (on Form UCC-1 or other appropriate
form) under the Uniform Commercial Code as in effect in the various relevant
states, covering all Collateral hereunder (with the form of such financing statements
to be satisfactory to the Pledgee), to be filed in the relevant filing offices
so that at all times the Pledgee has a security interest in all Collateral
which is perfected by the filing of such financing statements (in each case to
the maximum extent perfection by filing may be obtained under the laws of the
relevant states, including, without limitation, Section 9-312(a) of the UCC).

 

3.3.  Subsequently Acquired Collateral.  If any Pledgor shall acquire
(by purchase, stock dividend or similar distribution or otherwise) any
additional Collateral at any time or from time to time after the date hereof,
such Collateral shall automatically (and without any further action being
required to be taken) be subject to the pledge and security interests created
pursuant to Section 3.1 hereof and, furthermore, such Pledgor will promptly
thereafter take (or cause to be taken) all action with respect to such
Collateral in accordance with the procedures set forth in Section 3.2 hereof,
and will promptly thereafter deliver to the Pledgee (i) a certificate executed
by a principal executive officer of such Pledgor describing such Collateral and
certifying that the same has been duly pledged in favor of the Pledgee (for the
benefit of the Secured Creditors) hereunder and (ii) supplements to Annexes A
through F hereto as are reasonably necessary to cause such annexes to be com­plete
and accurate at such time.

 

3.4.  Transfer Taxes.  Each pledge
of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by
any transfer tax stamps required in connection with the pledge of such
Collateral.

 

3.5.  Certain Representations and Warranties Regarding
the Collateral.  Each Pledgor represents and warrants that on
the date hereof: (i) the jurisdiction of organization of such Pledgor, and such
Pledgor’s organizational identification number, is listed on Annex A hereto;
(ii) each Subsidiary of such Pledgor that is a Subsidiary Guarantor is listed
in Annex B hereto; (iii) the Stock (and any warrants or options to
purchase Stock) of any Subsidiary Guarantor held by such Pledgor consists of
the number and type of shares of the stock (or warrants or options to purchase
any stock) of the corporations as described in Annex C hereto; (iv) such Stock
constitutes that percentage of the issued and outstanding capital stock of the
respective Subsidiary Guarantors as is set forth in Annex C hereto; (v) the
Limited Liability Company Interests in any and all Subsidiary Guarantors held
by such Pledgor consist of the number and type of interests of the respective
Subsidiary Guarantors described in Annex D hereto; (vi) each such Limited
Liability Company Interest constitutes that percentage of the issued and
outstanding equity interest of the respective Subsidiary Guarantors as

 

10

 

set forth in Annex
D hereto; (vii) the Partnership Interests held by such Pledgor in any and all
Subsidiary Guarantors consist of the number and type of interests of the
respective Subsidiary Guarantors described in Annex E hereto; (viii) each such
Partnership Interest constitutes that percentage or portion of the entire
partnership interest of the Partnership as set forth in Annex E hereto; (ix)
such Pledgor has complied with the respec­tive procedure set forth in Section
3.2(a) hereof with respect to each item of Collateral described in Annexes B
through E hereto; and (xi) on the date hereof, such Pledgor owns no other
Stock, Limited Liability Company Interests or Partnership Interests of, in each
case, any Subsidiary Guarantor.

 

4.  APPOINTMENT OF SUB-AGENTS;
ENDORSEMENTS, ETC.  If and to the extent
necessary to enable the Pledgee to perfect its security interest in any of the
Collateral or to exercise any of its remedies hereunder, the Pledgee shall have
the right to appoint one or more sub-agents for the purpose of retaining
physical possession of the Collateral, which may be held (in the discretion of
the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank
or in favor of the Pledgee or any nominee or nominees of the Pledgee or a
sub-agent appointed by the Pledgee.

 

5.  VOTING, ETC., WHILE NO EVENT
OF DEFAULT.  Unless and until there shall
have occurred and be continuing an Event of Default, each Pledgor shall be
entitled to exer­cise any and all voting and other consensual rights pertaining
to the Collateral owned by it, and to give consents, waivers or ratifications
in respect thereof; provided that, in each case, no vote shall be cast
or any consent, waiver or ratification given or any action taken or omitted to
be taken which would violate or be inconsistent with any of the terms of any
Secured Debt Agreement, or which could reasonably be expected to have the
effect of impairing the value of the Collateral or any part thereof or the
position or interests of the Pledgee or any other Secured Creditor in the
Collateral unless expressly permitted by the terms of the Secured Debt
Agreements.  All such rights of each
Pledgor to vote and to give consents, waivers and ratifications shall cease in
case an Event of Default has occurred and is continuing, and Section 7 hereof
shall become applicable.

 

6.  DIVIDENDS AND OTHER
DISTRIBUTIONS.  Unless and until there
shall have occurred and be continuing an Event of Default, all cash dividends,
cash distributions, cash Proceeds and other cash amounts payable in respect of
the Collateral shall be paid to the Pledgors. 
The Pledgee shall be entitled to receive directly, and to retain as part
of the Collateral:

 

(i)        all other or additional stock, notes,
limited liability company interests, partnership interests, instruments or
other securities or property (including, but not limited to, cash dividends
other than as set forth above in the first sentence of this Section 6) paid or
distributed by way of dividend or otherwise in respect of the Collateral;

 

(ii)       all other or additional stock, notes,
limited liability company interests, partnership interests, instruments or
other securities or property (including, but not limited to, cash) paid or
distributed in respect of the Collateral by way of stock-split, spin-off,
split-up, reclassification, combination of shares or similar rearrangement; and

 

(iii)      all other or additional stock, notes,
limited liability company interests, partnership interests,  instruments or other securities or property
(including, but not limited to, cash) which may be paid in respect of the
Collateral by reason of any consolidation, merger,

 

11

 

exchange of stock, conveyance of assets,
liquidation or similar corporate or other reorganization.

 

All dividends,
distributions or other payments which are received by any Pledgor contrary to
the provisions of this Section 6 and Section 7 hereof shall be received in
trust for the benefit of the Pledgee, shall be segregated from other property
or funds of such Pledgor and shall be forthwith paid over and/or delivered to
the Pledgee as Collateral in the same form as so received (with any necessary
endorsement).

 

7.  REMEDIES IN CASE OF AN EVENT
OF DEFAULT. If there shall have occurred and be continuing an Event of Default,
then and in every such case, the Pledgee shall be entitled to exercise all of
the rights, powers and remedies (whether vested in it by this Agreement, any
other Secured Debt Agreement or by law) for the protection and enforce­ment of
its rights in respect of the Collateral, and the Pledgee shall be entitled to
exercise all the rights and remedies of a secured party under the Uniform
Commercial Code as in effect in any relevant jurisdiction and also shall be
entitled, without limitation, to exercise the fol­lowing rights, which each
Pledgor hereby agrees to be commercially reasonable:

 

(i)        to receive all
amounts payable in respect of the Collateral otherwise payable under Section 6
hereof to the Pledgors;

 

(ii)       to transfer all
or any part of the Collateral into the Pledgee’s name or the name of its
nominee or nominees;

 

(iii)      to vote all or any part of the Collateral
(whether or not transferred into the name of the Pledgee) and give all consents,
waivers and ratifications in respect of the Collateral and otherwise act with
respect thereto as though it were the outright owner thereof (each Pledgor
hereby irrevocably constituting and appointing the Pledgee the proxy and
attorney-in-fact of such Pledgor, with full power of substitution to do so);

 

(iv)      at any time and from time to time to sell,
assign and deliver, or grant options to purchase, all or any part of the
Collateral, or any interest therein, at any public or private sale, without
demand of performance, advertisement or notice of intention to sell or of the
time or place of sale or adjournment thereof or to redeem or otherwise (all of
which are hereby waived by each Pledgor), for cash, on credit or for other
property, for immediate or future delivery without any assumption of credit
risk, and for such price or prices and on such terms as the Pledgee in its
absolute discretion may determine, provided that at least 10 days’
written notice of the time and place of any such sale shall be given to the
Pledgors.  The Pledgee shall not be
obligated to make any such sale of Collateral regardless of whether any such
notice of sale has theretofore been given. 
Each Pledgor hereby waives and releases to the fullest extent permitted
by law any right or equity of redemption with respect to the Collateral,
whether before or after sale hereunder, and all rights, if any, of marshalling
the Collateral and any other security for the Obligations or otherwise.  At any such sale, unless prohibited by
applicable law, the Pledgee on behalf of the Secured Creditors may bid for and
purchase all or any part of the Collateral so sold free from any such right or
equity of redemption. Neither the Pledgee nor any other Secured Creditor shall
be liable for failure to

 

12

 

collect or realize upon any or all of the
Collateral or for any delay in so doing nor shall any of them be under any
obligation to take any action whatsoever with regard thereto; and

 

(v)       to set-off any
and all Collateral against any and all Obligations.

 

8.  REMEDIES, ETC.,
CUMULATIVE.  Each and every right, power
and remedy of the Pledgee provided for in this Agreement or in any other
Secured Debt Agreement, or now or hereafter existing at law or in equity or by
statute shall be cumula­tive and concurrent and shall be in addition to every
other such right, power or remedy. The exercise or beginning of the exer­cise
by the Pledgee or any other Secured Creditor of any one or more of the rights,
powers or remedies provided for in this Agreement or any other Secured Debt
Agreement or now or here­after existing at law or in equity or by statute or
otherwise shall not preclude the simultaneous or later exercise by the Pledgee
or any other Secured Creditor of all such other rights, powers or remedies, and
no failure or delay on the part of the Pledgee or any other Secured Creditor to
exer­cise any such right, power or remedy shall operate as a waiver
thereof.  No notice to or demand on any
Pledgor in any case shall entitle it to any other or further notice or demand
in similar or other circumstances or constitute a waiver of any of the rights
of the Pledgee or any other Secured Creditor to any other or further action in
any circumstances without notice or demand. 
The Secured Creditors agree that this Agreement may be enforced only by
the action of the Pledgee, in each case acting upon the instructions of the
Required Lenders (or, after the date on which all Credit Document Obligations
have been paid in full, the holders of at least a majority of the outstanding
Other Obligations) and that no other Secured Creditor shall have any right
individually to seek to enforce or to enforce this Agreement or to realize upon
the security to be granted hereby, it being understood and agreed that such
rights and remedies may be exercised by the Pledgee for the benefit of the
Secured Creditors upon the terms of this Agreement.

 

9.  APPLICATION OF PROCEEDS.  (a) 
All monies collected by the Pledgee upon any sale or other disposition
of the Collateral of each Pledgor, together with all other monies received by
the Pledgee hereunder (except to the extent released in accordance with the
applicable provisions of this Agreement or any other Credit Document), shall be
applied to the payment of the Obligations as follows:

 

(i)            first, to
the payment of all amounts owing the Pledgee of the type described in clauses
(iii) and (iv) of Section 1.1;

 

(ii)           second, to the extent proceeds remain
after the application pursuant to the preceding clause (i), an amount equal to
the outstanding Primary Obligations (as defined below) constituting Credit
Document Obligations shall be paid to the Lenders as provided in Section 9(d)
hereof, with each Lender receiving an amount equal to such outstanding Primary
Obligations constituting Credit Document Obligations or, if the proceeds are
insufficient to pay in full all such Primary Obligations constituting Credit
Document Obligations, its Pro Rata Share (as defined below) of the amount
remaining to be distributed;

 

(iii)          third, to the extent proceeds remain
after the application pursuant to the preceding clauses (i) and (ii), an amount
equal to the outstanding Primary Obligations constituting Other Obligations
shall be paid to the Other Creditors as provided in Section 9(d) hereof, with
each Other Creditor receiving an amount equal to such outstanding Primary

 

13

 

Obligations constituting
Other Obligations or, if the proceeds are insufficient to pay in full all such
Primary Obligations constituting Other Obligations, its Pro Rata Share of the
amount remaining to be distributed;

 

(iv)          fourth, to the extent proceeds remain
after the application pursuant to the preceding clauses (i) through (iii),
inclusive, an amount equal to the outstanding Secondary Obligations shall be
paid to the Secured Creditors as provided in Section 9(d) hereof, with each
Secured Creditor receiving an amount equal to its outstanding Secondary
Obligations or, if the proceeds are insufficient to pay in full all such
Secondary Obligations, its Pro Rata Share of the amount remaining to be
distributed; and

 

(v)           fifth, to
the extent proceeds remain after the application pursuant to the preceding
clauses (i) through (iv), inclusive, and following the termination of this
Agreement pursuant to Section 20 hereof, to the relevant Pledgor or to whomever
may be lawfully entitled to receive such surplus.

 

(b)           For purposes of this Agreement, (x) “Pro
Rata Share” shall mean, when calculating a Secured Creditor’s portion of
any distribution or amount, that amount (expressed as a percentage) equal to a
fraction the numerator of which is the then unpaid amount of such Secured
Creditor’s Primary Obligations or Secondary Obligations, as the case may be,
and the denominator of which is the then outstanding amount of all Primary
Obligations or Secondary Obligations, as the case may be, (y) “Primary
Obligations” shall mean (i) in the case of the Credit Document Obligations,
all principal of, and interest on, all Loans and all fees, costs and expenses
incurred under the Credit Agreement with respect thereto and (ii) in the case
of the Other Obligations, all amounts due under such Interest Rate Protection
Agreements and Other Hedging Agreements (other than indemnities, fees (including,
without limitation, attorneys’ fees) and similar obligations and liabilities)
and (z) “Secondary Obligations” shall mean all Obligations other than Primary
Obligations.

 

(c)           When payments to Secured Creditors
are based upon their respective Pro Rata Shares, the amounts received by such
Secured Creditors hereunder shall be applied (for purposes of making
determinations under this Section 9 only) (i) first, to their Primary
Obligations and (ii) second, to their Secondary Obligations.  If any payment to any Secured Creditor of its
Pro Rata Share of any distribution would result in overpayment to such Secured
Creditor, such excess amount shall instead be distributed in respect of the
unpaid Primary Obligations or Secondary Obligations, as the case may be, of the
other Secured Creditors, with each Secured Creditor whose Primary Obligations
or Secondary Obligations, as the case may be, have not been paid in full to
receive an amount equal to such excess amount multiplied by a fraction the
numerator of which is the unpaid Primary Obligations or Secondary Obligations,
as the case may be, of such Secured Creditor and the denominator of which is
the unpaid Primary Obligations or Secondary Obligations, as the case may be, of
all Secured Creditors entitled to such distribution.

 

(d)           All payments required to be made
hereunder shall be made (x) if to the Lender Creditors, to the Administrative
Agent under the Credit Agreement for the account of the Lender Creditors, and
(y) if to the Other Creditors, to the trustee, paying agent or other similar
representative (each a “Representative”) for the Other Creditors or, in
the absence of such a Representative, directly to the Other Creditors.

 

14

 

(e)           For purposes of applying payments
received in accordance with this Section 9, the Pledgee shall be entitled to
rely upon (i) the Administrative Agent under the Credit Agreement and (ii) the
Representative for the Other Creditors or, in the absence of such a
Representative, upon the Other Creditors for a determination (which the
Administrative Agent, each Representative for any Other Creditors and the
Secured Creditors agree (or shall agree) to provide upon request of the
Pledgee) of the outstanding Primary Obligations and Secondary Obligations owed
to the Lender Creditors or the Other Creditors, as the case may be.  Unless it has actual knowledge (including by
way of written notice from a Lender Credi­tor or an Other Creditor) to the
contrary, the Administrative Agent and each Representative, in furnishing
information pursuant to the preceding sentence, and the Pledgee, in acting
hereunder, shall be entitled to assume that no Secondary Obligations are
outstanding. Unless it has actual knowledge (including by way of written notice
from an Other Creditor) to the contrary, the Pledgee, in acting hereunder,
shall be entitled to assume that no Interest Rate Protection Agreements are in
existence.

 

(f)            It is understood and agreed that
each Pledgor shall remain jointly and severally liable to the extent of any
deficiency between the amount of the proceeds of the Collateral pledged by it
hereunder and the aggregate amount of the Obligations of such Pledgor.

 

10.  PURCHASERS OF
COLLATERAL.  Upon any sale of the
Collateral by the Pledgee hereunder (whether by virtue of the power of sale
herein granted, pursuant to judicial process or otherwise), the receipt of the
Pledgee or the officer making the sale shall be a sufficient discharge to the
purchaser or purchasers of the Collateral so sold, and such purchaser or
purchasers shall not be obligated to see to the application of any part of the
purchase money paid over to the Pledgee or such officer or be answerable in any
way for the misapplication or non­application thereof.

 

11.  INDEMNITY.  Each Pledgor jointly
and severally agrees (i) to indemnify and hold harmless the Pledgee and each
other Secured Creditor and their respective successors, assigns, employees,
agents and affiliates (individually an “Indemnitee,” and collectively
the “Indemnitees”) from and against any and all claims, demands, losses,
judgments and liabilities (including liabilities for penalties) of whatsoever
kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs
and expenses, including reasonable attorneys’ fees, in each case growing out of
or resulting from this Agreement or the exercise by any Indemnitee of any right
or remedy granted to it hereunder or under any other Secured Debt Agreement
(but excluding any claims, demands, losses, judgments and liabilities or
expenses to the extent incurred by reason of gross negligence or willful
misconduct of such Indemnitee (as determined by a court of competent
jurisdiction in a final and non-appealable decision)).  In no event shall the Pledgee be liable, in
the absence of gross negligence or willful misconduct on its part, for any
matter or thing in connection with this Agreement other than to account for
monies actually received by it in accordance with the terms hereof.  If and to the extent that the obligations of
any Pledgor under this Section 11 are unenforceable  for any reason, such Pledgor hereby
agrees to make the max­imum contribution to the payment and satisfaction of
such obligations which is permissible under applicable law.

 

12.  PLEDGEE NOT A PARTNER OR LIMITED
LIABILITY COMPANY MEMBER.  (a)
  Nothing herein shall be construed to make the Pledgee or any other
Secured Creditor liable as a member of any limited liability company or as a
partner of any partnership and neither the Pledgee nor any other Secured Creditor
by virtue of this Agreement or otherwise (except

 

15

 

as referred to in the following sentence)
shall have any of the duties, obligations or liabilities of a member of any
limited liability company or partnership. 
The parties hereto expressly agree that, unless the Pledgee shall become
the absolute owner of Collateral consisting of a Limited Liability Company
Interest or Partnership Interest pursuant hereto, this Agreement shall not be
construed as creating a partnership or joint venture among the Pledgee, any
other Secured Creditor, any Pledgor and/or any other Person.

 

(b)           Except as provided in the last
sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this
Agreement, did not intend to become a member of any limited liability company
or a partner of any partnership or otherwise be deemed to be a co-venturer with
respect to any Pledgor, any limited liability company, partnership and/or any
other Person either before or after an Event of Default shall have
occurred.  The Pledgee shall have only
those powers set forth herein and the Secured Creditors shall assume none of
the duties, obligations or liabilities of a member of any limited liability
company or as a partner of any partnership or any Pledgor except as provided in
the last sentence of paragraph (a) of this Section 12.

 

(c)           The Pledgee and the other Secured
Creditors shall not be obligated to perform or discharge any obligation of any
Pledgor as a result of the pledge hereby effected.

 

(d)           The acceptance by the Pledgee of this
Agreement, with all the rights, powers, privileges and authority so created,
shall not at any time or in any event obligate the Pledgee or any other Secured
Creditor to appear in or defend any action or proceeding relating to the
Collateral to which it is not a party, or to take any action hereunder or
thereunder, or to expend any money or incur any expenses or perform or
discharge any obligation, duty or liability under the Collateral.

 

13.  FURTHER ASSURANCES;
POWER-OF-ATTORNEY.  (a)  Each Pledgor agrees that it will join with
the Pledgee in executing and, at such Pledgor’s own expense, file and refile
under the Uniform Commercial Code or other applicable law such financing
statements, continuation statements and other documents in such offices as the
Pledgee may deem reasonably necessary and wherever required by law in order to
perfect and preserve the Pledgee’s security interest in the Collateral and
hereby authorizes the Pledgee to file financing statements (including, without
limitation, ‘all assets’ financing statements) and amendments thereto relative
to all or any part of the Collateral without the signature of such Pledgor
where permitted by law, and agrees to do such further acts and things and to execute
and deliver to the Pledgee such additional convey­ances, assignments,
agreements and instruments as the Pledgee may rea­son­ably require or deem
necessary to carry into effect the purposes of this Agreement or to further
assure and confirm unto the Pledgee its rights, powers and remedies hereunder.

 

(b)           Each Pledgor hereby appoints the
Pledgee such Pledgor’s attorney-in-fact, with full authority in the place and
stead of such Pledgor and in the name of such Pledgor or otherwise, to act from
time to time solely after the occurrence and during the continuance of an Event
of Default in the Pledgee’s reasonable discretion to take any action and to
execute any instrument which the Pledgee may deem reasonably necessary or
advisable to accomplish the purposes of this Agreement.

 

14.  THE PLEDGEE AS AGENT.  The Pledgee will hold in accordance with this
Agreement all items of the Collateral at any time received under this
Agreement. It is expressly

 

16

 

understood and
agreed by each Secured Creditor that by accepting the benefits of this
Agreement each such Secured Creditor acknowledges and agrees that the
obligations of the Pledgee as holder of the Collateral and interests therein
and with respect to the disposition thereof, and otherwise under this
Agreement, are only those expressly set forth in this Agreement and in Section
12 of the Credit Agreement.  The Pledgee
shall act hereunder on the terms and conditions set forth herein and in Section
13 of the Credit Agreement.

 

15.  TRANSFER BY THE PLEDGORS.  No Pledgor will sell or otherwise dispose of,
grant any option with respect to, or mortgage, pledge or otherwise encumber any
of the Collateral or any interest therein (except as may be permitted in
accordance with the terms of the Secured Debt Agreements).

 

16.  REPRESENTATIONS, WARRANTIES
AND COVENANTS OF THE PLEDGORS.  Each
Pledgor represents, warrants and covenants that:

 

(i)        it is the legal, beneficial and record
owner of, and has good and marketable title to, all Collateral pledged by such
Pledgor hereunder and that it has sufficient interest in all Collateral pledged
by such Pledgor hereunder in which a security interest is purported to be
created hereunder for such security interest to attach (subject, in each case,
to no pledge, lien, mortgage, hypothe­cation, security interest, charge,
option, Adverse Claim or other encumbrance whatsoever, except the liens and
security interests created by this Agreement and Permitted Liens);

 

(ii)       it has the
corporate, limited partnership or limited liability company power and
authority, as the case may be, to pledge all the Collateral pledged by it
pursuant to this Agreement;

 

(iii)      this Agreement has been duly authorized,
executed and delivered by such Pledgor and constitutes a legal, valid and
binding obligation of such Pledgor enforceable against such Pledgor in
accordance with its terms, except to the extent that the enforce­ability hereof
may be limited by applicable bank­ruptcy, insolvency, reorganization, mora­torium
or other similar laws generally affecting creditors’ rights and by equitable
principles (regardless of whether enforcement is sought in equity or at law);

 

(iv)      except to the extent already obtained or
made, or, in the case of any filings or recordings of the Security Documents
(other than the Vessel Mortgages) executed on or before the Initial Borrowing
Date, to be made within 10 days of the Initial Borrowing Date, no consent of
any other party (in­cluding, without limitation, any stockholder, partner, member
or creditor of such Pledgor or any of its Subsidiaries) and no consent,
license, permit, approval or authori­za­tion of, exemption by, notice or report
to, or registration, filing or declaration with, any govern­mental authority is
required to be obtained by such Pledgor in connection with (a) the execution,
delivery or performance by such Pledgor of this Agreement, (b) the legality,
validity, binding effect or enforceability of this Agreement, (c) the
perfection or enforce­ability of the Pledgee’s security interest in the
Collateral pledged by such Pledgor hereunder or (d) except for compliance with
or as may be required by applicable securities laws, the exercise by the
Pledgee of any of its rights or remedies provided herein;

 

17

 

(v)       the execution, delivery and performance
of this Agreement will not violate any provision of any applicable law or
regulation or of any order, judgment, writ, award or decree of any court,
arbitrator or governmental author­ity, U.S. or non-U.S., applicable to such
Pledgor, or of the certificate or articles of incorporation, certificate of
formation, operating agreement, limited liabil­ity company agreement,
partnership agreement or by-laws of such Pledgor, as applicable, or of any
secur­ities issued by such Pledgor or any of its Subsidiaries, or of any
mortgage, deed of trust, indenture, lease, loan agreement, credit agreement or
other material contract, agree­ment or instrument or undertaking to which such
Pledgor or any of its Subsidiaries is a party or which purports to be binding
upon such Pledgor or any of its Subsidiaries or upon any of their respective
assets and will not result in the creation or imposition of (or the obligation
to create or impose) any lien or encumbrance on any of the assets of such
Pledgor or any of its Subsidiaries which are Credit Parties, except as
contemplated by this Agreement or the Credit Agreement;

 

(vi)      all of the
Collateral has been duly and validly issued and acquired, is fully paid and non-assessable
and is subject to no options to purchase or similar rights;

 

(vii)     the pledge and collateral assignment to,
and possession by, the Pledgee of the Collateral pledged by such Pledgor
hereunder consisting of Certificated Securities pursuant to this Agreement
creates a valid and per­fected first priority security interest in such
Certificated Securities, and the proceeds thereof, subject to no prior Lien or
to any agreement purporting to grant to any third party a Lien on the property
or assets of such Pledgor which would include the Certificated Securities,
except for Permitted Liens, and the Pledgee is entitled to all the rights,
priorities and benefits afforded by the UCC or other relevant law as enacted in
any relevant jurisdiction to perfect security interests in respect of such
Collateral; and;

 

(viii)    “control” (as defined in Section
8-106 of the UCC) has been obtained by the Pledgee over all Collateral pledged
by such Pledgor hereunder consisting of Stock with respect to which such “control”
may be obtained pursuant to Section 8-106 of the UCC, and “control” (as
defined in Section 9-104 of the UCC) has been obtained by the Pledgee over all
Concentration Accounts with respect to which such “control” may be
obtained pursuant to Section 9-104 of the UCC.

 

(b)           Each Pledgor covenants and agrees
that it will defend the Pledgee’s right, title and security interest in and to
the Collateral and the proceeds thereof against the claims and demands of all
persons whomsoever; and each Pledgor covenants and agrees that it will have
like title to and right to pledge any other property at any time hereafter
pledged to the Pledgee as Collateral hereunder and will likewise defend the
right thereto and security interest therein of the Pledgee and the Secured Creditors.

 

17.           JURISDICTION
OF ORGANIZATION; CHIEF EXECUTIVE OFFICE; RECORDS.  The jurisdiction of organization of each
Pledgor is specified in Annex A hereto. 
The chief executive office of each Pledgor is located at the address
specified in Annex F hereto.  Each
Pledgor will not change the jurisdiction of its organization or move its chief
executive office except to such new jurisdiction or location as such Pledgor
may establish in accordance with the last sentence of this Section 17.  The originals of all documents in the
possession of such Pledgor

 

18

 

evidencing all
Collateral, including but not limited to all Limited Liability Company
Interests and Partnership Interests, and the only original books of account and
records of such Pledgor relating thereto are, and will continue to be, kept at
such chief executive office as specified in Annex F hereto, or at such new
locations as such Pledgor may establish in accordance with the last sentence of
this Section 17.  All Limited Liability
Company Interests and Partnership Interests are, and will continue to be,
maintained at, and controlled and directed (including, with­out limitation, for
general accounting purposes) from, such chief executive office as specified in
Annex F hereto, or such new locations as such Pledgor may establish in
accordance with the last sentence of this Section 17.  No Pledgor shall establish a new jurisdiction
of organization or a new location for such chief executive offices until (i) it
shall have given to the Pledgee not less than 15 days’ prior written notice of
its intention so to do, providing clear details of such new jurisdiction of
organization or new location, as the case may be, and providing such other
information in connection therewith as the Pledgee may reasonably request, and
(ii) with respect to such new jurisdiction of organization or new location, as
the case may be, it shall have taken all action, satisfactory to the Pledgee
(and, to the extent applicable, in accordance with Section 3.2 hereof), to
maintain the security interest of the Pledgee in the Collateral intended to be
granted hereby at all times fully perfected and in full force and effect.  Promptly after establishing a new jurisdiction
of organization or new location for such chief executive offices in accordance
with the immedi­ately preceding sentence, the respective Pledgor shall deliver
to the Pledgee a supplement to Annex A hereto or Annex F hereto, as the case
may be, so as to cause such Annex A or F, as the case may be, to be complete
and accurate.

 

18.           PLEDGORS’
OBLIGATIONS ABSOLUTE, ETC.  The
obligations of each Pledgor under this Agreement shall be absolute and
unconditional and shall remain in full force and effect without regard to, and
shall not be released, suspended, discharged, terminated or otherwise affected
by, any circumstance or occurrence whatsoever, including, without
limitation:  (i) any renewal, extension,
amendment or modification of or addition or supplement to or deletion from any
Secured Debt Agreement or any other instrument or agreement referred to
therein, or any assignment or transfer of any thereof; (ii) any waiver,
consent, extension, indulgence or other action or inaction under or in respect
of any such agreement or instrument including, without limitation, this
Agreement; (iii) any furnishing of any additional security to the Pledgee or
its assignee or any acceptance thereof or any release of any security by the
Pledgee or its assignee; (iv) any limitation on any party’s liability or obligations
under any such instrument or agreement or any invalidity or unenforceability,
in whole or in part, of any such instrument or agreement or any term thereof;
or (v) any bankruptcy, insolvency, reorganization, composition, adjustment, dis­solu­tion,
liquidation or other like proceeding relating to any Pledgor or any Subsidiary
of any Pledgor, or any action taken with respect to this Agreement by any
trustee or receiver, or by any court, in any such proceeding, whether or not
such Pledgor shall have notice or knowledge of any of the foregoing (it being
understood and agreed that the enforcement hereof may be limited by applicable
bankruptcy, insolvency, restructuring, moratorium or other similar laws
generally affecting creditors’ rights and by equitable principles).

 

19.  REGISTRATION, ETC.  If at any time when the Pledgee shall
determine to exercise its right to sell all or any part of the Collateral
consisting of Stock, Limited Liability Company Interests or Partnership Interests
pursuant to Section 7 hereof, and the Collateral or the part thereof to be sold
shall not, for any reason whatsoever, be effectively registered under the
Securities Act, as then in effect, the Pledgee may, in its sole and absolute
discretion, sell such Collateral, as the case may be, or part thereof by
private sale in such manner and under such

 

19

 

circumstances as the Pledgee may deem necessary or
advisable in order that such sale may legally be effected without such
registration.  Without limiting the
generality of the foregoing, in any such event the Pledgee, in its sole and
absolute discretion (i) may proceed to make such private sale notwithstanding
that a registration statement for the purpose of registering such Collateral or
part thereof shall have been filed under such Securities Act, (ii) may approach
and negotiate with a single possible purchaser to effect such sale, and (iii)
may restrict such sale to a purchaser who will represent and agree that such
purchaser is purchasing for its own account, for investment, and not with a
view to the distribution or sale of such Collateral or part thereof.  In the event of any such sale, the Pledgee
shall incur no responsibility or liability for selling all or any part of the
Collateral at a price which the Pledgee, in its sole and absolute discretion,
in good faith deems reasonable under the circum­stances, notwithstanding the
possibility that a substantially higher price might be realized if the sale
were deferred until after registration as aforesaid.

 

20.  TERMINATION; RELEASE.  (a) 
After the Termination Date, this Agreement and the security interest
created hereby shall terminate (provided that all indemnities set forth herein
including, without limitation, in Section 11 hereof shall survive any such
termin­ation), and the Pledgee, at the request and expense of any Pledgor, will
as promptly as practicable execute and deliver to such Pledgor a proper
instrument or instruments acknowledging the satisfaction and termination of
this Agreement, and will duly assign, transfer and deliver to such Pledgor
(without recourse and without any representation or warranty) such of the
Collateral as has not theretofore been sold or otherwise applied or released
pursuant to this Agreement or any other Credit Document, together with any
monies at the time held by the Pledgee or any of its sub-agents hereunder.  As used in this Agreement, “Termination
Date” shall mean the date upon which the Total Term Loan Commitment and the
Total Revolving Loan Commitment under the Credit Agreement has been terminated
and all Interest Rate Protec­tion Agreements and Other Hedging Agreements
applicable to Loans (and/or the Commitments) entered into with any Other
Creditors have been terminated, no Note under the Credit Agreement is
outstanding and all Loans thereunder have been repaid in full and all
Obligations then due and payable have been paid in full.

 

(b)           In the event that any part of the
Collateral is sold in connection with a sale permitted by the Secured Debt
Agreements (other than a sale to any Pledgor or any Subsidiary thereof) or is
otherwise released with the consent of the Required Secured Creditors and the
proceeds of such sale or sales or from such release are applied in accordance
with the provisions of the Credit Agreement, to the extent required to be so
applied, the Pledgee, at the request and expense of the respective Pledgor,
will duly assign, transfer and deliver to such Pledgor (without recourse and
without any representation or warranty) such of the Collateral (and releases
therefor) as is then being (or has been) so sold or released and has not
theretofore been released pursuant to this Agreement.

 

(c)           At any time that a Pledgor desires to
close a Concentration Account, it shall, with the consent of the Pledgee,
redirect the contents of such Concentration Account to such other Concentration
Account as the Pledgee shall specify to such Pledgor, and all future deposits
shall be required to be made in such specified Concentration Account (the “Primary
Concentration Account”).

 

(d)           At any time that a Pledgor desires
that the Pledgee assign, transfer and deliver Collateral (and releases
therefor) as provided in Section 20(a) or (b) hereof, it shall deliver to the

 

20

 

Pledgee a
certificate signed by a principal executive officer of such Pledgor stating
that the release of the respective Collateral is permitted pursuant to such
Section 20(a) or (b).

 

(e)  The Pledgee shall have no liability
whatsoever to any other Secured Creditor as a result of any release of
Collateral by it in accordance with this Section 20.

 

21.  NOTICES, ETC.  Except as otherwise expressly provided
herein, all notices and other communications provided for hereunder shall be in
writing (including telexed, telegraphic or telecopier communication) and
mailed, telexed, telecopied or delivered: 
if to any Pledgor, at c/o General Maritime Corporation, 35 West 56th
Street, as agent, New York, New York, 10019, with copies to Kramer Levin Naftalis
& Frankel LLP, 919 Third Avenue, New York, New York  100022, Attention:  Thomas E. Molner, Esq., Telephone No.:  (212) 715-9100, Telecopier No.:  (212) 715-8000; if to any Lender Creditor, at
its address specified opposite its name on Schedule II to the Credit Agreement;
and if to the Pledgee, at its Notice Office; and, as to each Other Creditor, at
such other address as shall be designated by such Secured Creditor in a written
notice to the Borrower and the Administrative Agent.  All such notices and communications shall,
(i) when mailed, be effective three Business Days after being deposited in the
mails, prepaid and properly addressed for delivery, (ii) when sent by overnight
courier, be effective one Business Day after delivery to the overnight courier
prepaid and properly addressed for delivery on such next Business Day, or (iii)
when sent by telex or telecopier, be effective when sent by telex or
telecopier, except that notices and communications to the Pledgee or any
Pledgor shall not be effective until received by the Pledgee or such Pledgor,
as the case may be.

 

22.  WAIVER; AMENDMENT.  None of the terms and conditions of this
Agreement may be changed, waived, modified or varied in any manner whatsoever
except in writing duly signed by each Pledgor directly affected thereby and the
Pledgee (with the written consent of the Required Secured Creditors); provided,
that any change, waiver, modification or variance affecting the rights and
benefits of a single Class (as defined below) of Secured Creditors (and not all
Secured Creditors in a like or similar manner) shall also require the written
consent of the Requisite Creditors (as defined below) of such affected
Class.  For the purpose of this
Agreement, the term “Class” shall mean each class of Secured Creditors, i.e.,
whether (i) the Lender Creditors as holders of the Credit Document Obligations
or (ii) the Other Creditors as the holders of the Other Obligations. For the
purpose of this Agreement, the term “Requisite Creditors” of any Class
shall mean each of (i) with respect to the Credit Document Obligations, the
Required Lenders and (ii) with respect to the Other Obligations, the holders of
at least a majority of all obligations outstanding from time to time under the
Interest Rate Protection Agreements and Other Hedging Agreements with respect
to outstanding Loans (and/or the Commitments) from time to time.

 

23.  MISCELLANEOUS.  This Agreement shall be binding upon the
parties hereto and their respective successors and assigns and shall inure to
the benefit of and be enforceable by each of the parties hereto and its
successors and assigns, provided that no Pledgor may assign any of its rights
or obligations under this Agreement except in accordance with the terms of the
Secured Debt Agreements.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE
OF NEW YORK WITHOUT REGARD TO ITS CONFLICT OF LAWS RULES (OTHER THAN TITLE 14
OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH PARTY TO THIS AGREEMENT

 

21

 

IRREVOCABLY
WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.  The headings in this Agreement are for purposes of
reference only and shall not limit or define the meaning hereof.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which shall
constitute one instrument.  In the event
that any provision of this Agreement shall prove to be invalid or
unenforceable, such provision shall be deemed to be severable from the other
provisions of this Agreement which shall remain binding on all parties hereto.

 

24.           RECOURSE.  This Agreement is made with full recourse to
the Pledgors and pursuant to and upon all the representations, warranties,
covenants and agreements on the part of the Pledgors contained herein and in
the other Secured Debt Agreements and otherwise in writing in connection
herewith or therewith.

 

25.           ADDITIONAL
PLEDGORS. It is understood and agreed that any Subsidiary of the Borrower that
is required to become a party to this Agreement after the date hereof pursuant
to the requirements of the Credit Agreement shall automatically become a
Pledgor hereunder by (x) executing a counterpart hereof and/or a Subsidiary
assumption agreement, in each case in form and substance satisfactory to the
Pledgee, (y) delivering supplements to Annexes A through F hereto as are
necessary to cause such Annexes to be complete and accurate with respect to
such additional Pledgor on such date and (z) taking all actions as specified in
Section 3 of this Agreement as would have been taken by such Pledgor had it
been an original party to this Agreement, in each case with all documents
required above to be delivered to the Pledgee and with all actions required to
be taken above to be taken to the reasonable satisfaction of the Pledgee.

 

26.           RELEASE OF GUARANTORS.  In the event any Pledgor which is a
Subsidiary of the Borrower is released from its obligations pursuant to the
Subsidiaries Guaranty, such Pledgor (so long as not the Borrower) shall be
released from this Agreement and this Agreement shall, as to such Pledgor only,
have no further force or effect.

 

* * *

 

22

 

IN WITNESS WHEREOF, each Pledgor and the Pledgee have
caused this Agreement to be executed by their duly elected officers duly
authorized as of the date first above written.

 

	
   

  	
  GENERAL MARITIME
  CORPORATION,

  as a Pledgor

  
	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John C.
  Georgiopoulos

  	
   

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMR TRADER (LIBERIA) LLC,

  
	
   

  	
  GMR ADMINISTRATION
  CORP.,

  as Pledgors

  
	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John C.
  Georgiopoulos

  	
   

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GMR AGAMEMNON LLC,

  
	
   

  	
  GMR AJAX LLC,

  
	
   

  	
  GMR ALEXANDRA LLC,

  
	
   

  	
  GMR ALTA LLC,

  
	
   

  	
  GMR ARGUS LLC,

  
	
   

  	
  GMR ARISTON LLC,

  
	
   

  	
  GMR BOSS LLC,

  
	
   

  	
  GMR CENTAUR LLC,

  
	
   

  	
  GMR CHALLENGER LLC,

  
	
   

  	
  GMR CHAMP LLC,

  
	
   

  	
  GMR COMMANDER LLC,

  
	
   

  	
  GMR CONQUEROR LLC,

  
	
   

  	
  GMR CONSTANTINE LLC,

  
	
   

  	
  GMR DEFIANCE LLC,

  
	
   

  	
  GMR ENDURANCE LLC,

  
	
   

  	
  GMR GABRIEL LLC,

  
	
   

  	
  GMR GEORGE LLC ,

  
	
   

  	
  GMR GULF LLC,

  
	
   

  	
  GMR HARRIET LLC,

  
	
   

  	
  GMR HECTOR LLC,

  as Pledgors

  
	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John C.
  Georgiopoulos

  	
   

  
	
   

  	
   

  	
  Title:   Vice
  President

  
					

 

23

 

	
   

  	
  GMR HONOUR LLC,

  
	
   

  	
  GMR HOPE LLC,

  
	
   

  	
  GMR HORN LLC,

  
	
   

  	
  GMR KESTREL LLC,

  
	
   

  	
  GMR LEONIDAS LLC,

  
	
   

  	
  GMR MACEDON LLC,

  
	
   

  	
  GMR MINOTAUR LLC,

  
	
   

  	
  GMR NESTOR LLC,

  
	
   

  	
  GMR ORION LLC,

  
	
   

  	
  GMR PERICLES LLC,

  
	
   

  	
  GMR PHOENIX LLC,

  
	
   

  	
  GMR PRINCESS LLC,

  
	
   

  	
  GMR PROGRESS LLC,

  
	
   

  	
  GMR PROMETHEUS LLC,

  
	
   

  	
  GMR REVENGE LLC,

  
	
   

  	
  GMR SKY LLC,

  
	
   

  	
  GMR SPARTIATE LLC,

  
	
   

  	
  GMR SPIRIT LLC,

  
	
   

  	
  GMR SPYRIDON LLC,

  
	
   

  	
  GMR STAR LLC,

  
	
   

  	
  GMR STRENGTH LLC,

  
	
   

  	
  GMR SUN LLC,

  
	
   

  	
  GMR TRADER LTD,

  
	
   

  	
  GMR TRANSPORTER LLC,

  
	
   

  	
  GMR TRAVELLER LLC,

  
	
   

  	
  GMR TRUST LLC,

  
	
   

  	
  GMR ZOE LLC,

  as Pledgors

  
	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John C. Georgiopoulos

  	
   

  
	
   

  	
   

  	
  Title:   Vice President

  

 

24

 

	
  Accepted
  and Agreed to:

  
	
   

  
	
   

  
	
  NORDEA
  BANK FINLAND PLC,

  
	
  NEW YORK BRANCH,

  as Pledgee

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Hans Chr.
  Kjelsrud

  	
   

  	
   

  
	
   

  	
  Title: Senior Vice President

  	
   

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Alison B.
  Barber

  	
   

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  
	
   

  
	
  NORDEA
  BANK FINLAND PLC,

  
	
  NEW YORK BRANCH,

  as Deposit Account Bank

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Hans Chr.
  Kjelsrud

  	
   

  	
   

  
	
   

  	
  Title: Senior Vice President

  	
   

  
	
   

  
	
  By:

  	
   /s/ Alison B.
  Barber

  	
   

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  

 

25

 

ANNEX A 

to

PLEDGE AND SECURITY AGREEMENT

 

EXACT LEGAL NAME OF EACH
PLEDGOR AND JURISDICTION OF

ORGANIZATION

 

	
  Name of Pledgor

  	
   

  	
  Jurisdiction of Organization

  	
   

  	
  Organizational ID Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  General Maritime
  Corporation

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  Genmar Trader
  Ltd.

  	
   

  	
  Republic of Malta

  	
   

  	
  N/A

  	
   

  
	
  GMR
  Administration Corp.

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Agamemnon
  LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Ajax LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Alexandra
  LLC

  	
   

  	
  Republic of the Marshall
  Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Alta LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Argus LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Ariston LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Boss LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Centaur LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Challenger
  LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Champ LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Commander
  LLC (ex Nord Ltd.)

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Conqueror
  LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Constantine
  LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Defiance LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Endurance
  LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Gabriel LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR George LLC
  (ex Pacific Tankship Ltd.)

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Gulf LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Harriet LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Hector LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Honour LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Hope LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Horn LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Kestrel LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Leonidas LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Macedon LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Minotaur LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Nestor LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Orion LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Pericles LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Phoenix LLC

  	
   

  	
  Republic of the Marshall
  Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Princess LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Progress LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  

 

 

	
  Name of Pledgor

  	
   

  	
  Jurisdiction of Organization

  	
   

  	
  Organizational ID Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GMR Prometheus
  LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Revenge LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Sky LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Spartiate
  LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Spirit LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Spyridon LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Star LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Strength LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Sun LLC (ex
  Stavenger Sun Ltd.)

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Trader
  (Liberia) LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Transporter
  LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Traveller
  LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  
	
  GMR Trust LLC

  	
   

  	
  Republic of Liberia

  	
   

  	
  N/A

  	
   

  
	
  GMR Zoe LLC

  	
   

  	
  Republic of the
  Marshall Islands

  	
   

  	
  N/A

  	
   

  

 

2

 

ANNEX B 

to

PLEDGE AND SECURITY AGREEMENT

 

LIST OF SUBSIDIARIES

 

	
  Pledgor

  	
   

  	
  Direct Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  I.General
  Maritime Corporation

  	
   

  	
  General Maritime Management LLC

  	
   

  
	
   

  	
   

  	
  General Maritime
  Management (Hellas) Ltd.

  	
   

  
	
   

  	
   

  	
  General Maritime
  Management (Portugal) Ltd.

  	
   

  
	
   

  	
   

  	
  Genmar Trader
  Ltd.

  	
   

  
	
   

  	
   

  	
  GMR
  Administration Corp.

  	
   

  
	
   

  	
   

  	
  GMR Agamemnon
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Ajax LLC

  	
   

  
	
   

  	
   

  	
  GMR Alexandra
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Alta LLC

  	
   

  
	
   

  	
   

  	
  GMR Argus LLC

  	
   

  
	
   

  	
   

  	
  GMR Ariston LLC

  	
   

  
	
   

  	
   

  	
  GMR Boss LLC

  	
   

  
	
   

  	
   

  	
  GMR Centaur LLC

  	
   

  
	
   

  	
   

  	
  GMR Challenger
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Champ LLC

  	
   

  
	
   

  	
   

  	
  GMR Commander
  LLC (ex Nord Ltd.)

  	
   

  
	
   

  	
   

  	
  GMR Conqueror
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Constantine
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Defiance LLC

  	
   

  
	
   

  	
   

  	
  GMR Endurance
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Gabriel LLC

  	
   

  
	
   

  	
   

  	
  GMR George LLC
  (ex Pacific Tankship Ltd.)

  	
   

  
	
   

  	
   

  	
  GMR Gulf LLC

  	
   

  
	
   

  	
   

  	
  GMR Harriet LLC

  	
   

  
	
   

  	
   

  	
  GMR Hector LLC

  	
   

  
	
   

  	
   

  	
  GMR Honour LLC

  	
   

  
	
   

  	
   

  	
  GMR Hope LLC

  	
   

  
	
   

  	
   

  	
  GMR Horn LLC

  	
   

  
	
   

  	
   

  	
  GMR Kestrel LLC

  	
   

  
	
   

  	
   

  	
  GMR Leonidas LLC

  	
   

  
	
   

  	
   

  	
  GMR Macedon LLC

  	
   

  
	
   

  	
   

  	
  GMR Minotaur LLC

  	
   

  
	
   

  	
   

  	
  GMR Nestor LLC

  	
   

  
	
   

  	
   

  	
  GMR Orion LLC

  	
   

  
	
   

  	
   

  	
  GMR Pericles LLC

  	
   

  
	
   

  	
   

  	
  GMR Phoenix LLC

  	
   

  
	
   

  	
   

  	
  GMR Princess LLC

  	
   

  
	
   

  	
   

  	
  GMR Progress LLC

  	
   

  
	
   

  	
   

  	
  GMR Prometheus
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Revenge LLC

  	
   

  

 

 

	
  Pledgor

  	
   

  	
  Direct Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GMR Sky LLC

  	
   

  
	
   

  	
   

  	
  GMR Spartiate
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Spirit LLC

  	
   

  
	
   

  	
   

  	
  GMR Spyridon LLC

  	
   

  
	
   

  	
   

  	
  GMR Star LLC

  	
   

  
	
   

  	
   

  	
  GMR Strength LLC

  	
   

  
	
   

  	
   

  	
  GMR Sun LLC (ex
  Stavenger Sun Ltd.)

  	
   

  
	
   

  	
   

  	
  GMR Trader
  (Liberia) LLC

  	
   

  
	
   

  	
   

  	
  GMR Transporter
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Traveller
  LLC

  	
   

  
	
   

  	
   

  	
  GMR Trust LLC

  	
   

  
	
   

  	
   

  	
  GMR Zoe LLC

  	
   

  
	
  II.      All Other Pledgors

  	
   

  	
   

  	
   

  

 

2

 

ANNEX C

to

PLEDGE AND SECURITY AGREEMENT

 

LIST OF STOCK

 

1. General Maritime Corporation

 

	
  Name of Subsidiary

  	
   

  	
  Percent(%)

  Ownership

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GMR
  Administration Corp.

  	
   

  	
  100

  	
  %

  
	
  Genmar Trader
  Ltd.

  	
   

  	
  99.8

  	
  %

  

 

2 . GMR Trader (Liberia) LLC

 

	
  Name of Subsidiary

  	
   

  	
  Percent(%)

  Ownership

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Genmar Trader Ltd.

  	
   

  	
  0.2

  	
  %

  

 

 

ANNEX D

to

PLEDGE AND SECURITY AGREEMENT

 

LIST OF LIMITED LIABILITY COMPANY
INTERESTS

 

I.              General Maritime Corporation

 

	
  Name of Limited

  Liability Company

  	
   

  	
  Type of Interest

  	
   

  	
  Percentage Owned

  	
   

  	
  Sub-clause of Section 

  2(a) of First Priority

  Pledge and Security

  Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  General Maritime
  Management LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Agamemnon
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Ajax LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Alexandra
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Alta LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Argus LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Ariston LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Boss LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Centaur LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Challenger
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Champ LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Commander
  LLC (ex Nord Ltd.)

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Conqueror
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Constantine
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Defiance LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Endurance
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Gabriel LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  

 

 

	
  Name of Limited

  Liability Company

  	
   

  	
  Type of Interest

  	
   

  	
  Percentage Owned

  	
   

  	
  Sub-clause of Section 

  2(a) of First Priority

  Pledge and Security

  Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GMR George LLC
  (ex Pacific Tankship Ltd.)

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Gulf LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Harriet LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Hector LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Honour LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Hope LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Horn LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Kestrel LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Leonidas LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Macedon LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Minotaur LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Nestor LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Orion LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Pericles LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Phoenix LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Princess LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Progress LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Prometheus
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Revenge LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Sky LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Spartiate
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  

 

2

 

	
  Name of Limited

  Liability Company

  	
   

  	
  Type of Interest

  	
   

  	
  Percentage Owned

  	
   

  	
  Sub-clause of Section 

  2(a) of First Priority

  Pledge and Security

  Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GMR Spirit LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Spyridon LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Star LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Strength LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Sun LLC (ex
  Stavenger Sun Ltd.)

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Trader
  (Liberia) LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Transporter
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Traveller
  LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Trust LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  
	
  GMR Zoe LLC

  	
   

  	
  Limited liability company interest

  	
   

  	
  100

  	
  %

  	
  (i)

  	
   

  

 

II.            All Other Pledgors

 

None

 

3

 

ANNEX E

to

PLEDGE AND SECURITY AGREEMENT

 

LIST OF PARTNERSHIP INTERESTS

 

None

 

 

ANNEX F

to

PLEDGE AND SECURITY AGREEMENT

 

[LIST OF CHIEF EXECUTIVE OFFICES

 

	
  Name of Pledgor

  	
   

  	
  Address

  
	
   

  	
   

  	
   

  
	
  General Maritime Corporation

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  General Maritime Management LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  General Maritime Management (Hellas) Ltd.

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  General Maritime Management (Portugal) Ltd.

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  Genmar Trader Ltd.

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Administration Corp.

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Agamemnon LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Ajax LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Alexandra LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Alta LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Argus LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Ariston LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Boss LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Centaur LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Challenger LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Champ LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Commander LLC (ex Nord Ltd.)

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Conqueror LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Constantine LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Defiance LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  

 

 

	
  Name of Pledgor

  	
   

  	
  Address

  
	
   

  	
   

  	
   

  
	
  GMR Endurance LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Gabriel LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR George LLC (ex Pacific Tankship Ltd.)

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Gulf LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Harriet LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Hector LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Honour LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Hope LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Horn LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Kestrel LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Leonidas LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Macedon LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Minotaur LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Nestor LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Orion LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Pericles LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Phoenix LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Princess LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Progress LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Prometheus LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Revenge LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Sky LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  

 

2

 

	
  Name of Pledgor

  	
   

  	
  Address

  
	
   

  	
   

  	
   

  
	
  GMR Spartiate LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Spirit LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Spyridon LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Star LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Strength LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Sun LLC (ex Stavenger Sun Ltd.)

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Trader (Liberia) LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Transporter LLC

  	
   

  	
  35 West 56th Street

  New York, NY 10019

  
	
  GMR Traveller LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Trust LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  
	
  GMR Zoe LLC

  	
   

  	
  35 West 56th Street,

  New York, NY 10019

  

 

3

 

ANNEX G

to

PLEDGE AND SECURITY AGREEMENT

 

Form of Agreement Regarding Uncertificated Securities,
Limited Liability

Company Interests and Partnership Interests

 

AGREEMENT (as amended,
modified or supplemented from time to time, this “Agreement”), dated as
of                   ,
          , among the
undersigned pledgor (the “Pledgor”), Nordea Bank Finland, Plc, New York
Branch, not in its individual capacity but solely as collateral agent (the “Pledgee”),
and                     ,
as the issuer of the Uncertificated Securities, Limited Liability Company
Interests and/or Partnership Interests (each as defined below) (the “Issuer”).

 

W I T N E S S E T H :

 

WHEREAS, the Pledgor,
certain of its affiliates and the Pledgee have entered into a First Priority
Pledge and Security Agreement, dated as of July 1, 2004 (as amended, amended
and restated, modified or supplemented from time to time, the “Pledge
Agreement”), under which, among other things, in order to secure the
payment of the Obligations (as defined in the Pledge Agreement), the Pledgor
will pledge to the Pledgee for the benefit of the Secured Creditors (as defined
in the Pledge Agreement), and grant a first priority security interest in favor
of the Pledgee for the benefit of the Secured Creditors in, all of the right,
title and interest of the Pledgor in and to any and all (1) “uncertificated
securities” (as defined in Section 8-102(a)(18) of the Uniform Commercial
Code, as adopted in the State of New York) (“Uncertificated Securities”),
(2)  Partnership Interests (as defined in
the Pledge Agreement) and (3) Limited Liability Company Interests (as defined
in the Pledge Agreement), in each case issued from time to time by the Issuer,
whether now existing or hereafter from time to time acquired by the Pledgor
(with all of such Uncertificated Securities, Partnership Interests and Limited
Liability Company Interests being herein collectively called the “Issuer
Pledged Interests”); and

 

WHEREAS, the Pledgor
desires the Issuer to enter into this Agreement in order to protect the
security interest of the Pledgee under the Pledge Agreement in the Issuer
Pledged Interests, to vest in the Pledgee control of the Issuer Pledge
Interests and to provide for the rights of the parties under this Agreement;

 

NOW THEREFORE, in
consideration of the premises and the mutual promises and agreements contained
herein, and for other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.  The Pledgor hereby irrevocably authorizes and
directs the Issuer, and the Issuer hereby agrees, to comply with any and all instructions
and orders originated by the Pledgee (and its successors and assigns) regarding
any and all of the Issuer Pledged Interests without the further consent by the
registered owner (including the Pledgor), and, after receiving a notice from
the Pledgee stating that an “Event of Default” has occurred and is
continuing, not to comply with any instructions or orders regarding any or all
of the Issuer Pledged Interests

 

 

originated by any person or entity other than the
Pledgee (and its successors and assigns) or a court of competent jurisdiction.

 

2.  The Issuer hereby certifies that (i) no
notice of any security interest, lien or other encumbrance or claim affecting
the Issuer Pledged Interests (other than the security interest of the Pledgee)
has been received by it, and (ii) the security interest of the Pledgee in the
Issuer Pledged Interests has been registered in the books and records of the
Issuer.

 

3.  The Issuer hereby represents and warrants
that (i) the pledge by the Pledgor of, and the granting by the Pledgor of a
security interest in, the Issuer Pledged Interests to the Pledgee, for the
benefit of the Secured Creditors, does not violate the charter, by-laws,
partner­ship agreement, membership agreement or any other agreement governing
the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged
Interests are fully paid and nonassessable.

 

4.  All notices, statements of accounts, reports,
prospectuses, financial statements and other communications to be sent to the
Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee
at the following address:

 

Nordea Bank Finland, Plc,

New York Branch

437 Madison Avenue

21st Floor

New York, New York 10022

Attn:  [         ]

Telephone:  [            ]

Facsimile:   [             ]

 

5.  Until the Pledgee shall have delivered
written notice to the Issuer that all of the Obligations have been paid in full
and this Agreement is terminated, the Issuer will, upon receiving notice from
the Pledgee stating that an “Event of Default” has occurred and is
continuing, send any and all redemptions, distributions, interest or other
payments in respect of the Issuer Pledged Interests from the Issuer for the
account of the Pledgor only by wire transfers to such account as the Pledgee
shall instruct.

 

6.  Except as expressly provided otherwise in
Sections 4 and 5, all notices, shall be sent or delivered by mail, telegraph,
telex, telecopy, cable or overnight courier service and all such notices and
communications shall, when mailed, telegraphed, telexed, telecopied, or cabled
or sent by overnight courier, be effective when deposited in the mails,
delivered to the telegraph company, cable company or courier, as the case may
be, or sent by telex or telecopier, except that notices and communications to
the Pledgee, the Pledgor or the Issuer shall not be effective until received by
the Pledgee, the Pledgor or the Issuer, as the case may be.  All notices and other communications shall be
in writ­ing and addressed as follows:

 

(a)           if to any
Pledgor, at:

 

c/o General Maritime Corporation, as agent

35 West 56th
Street

New York, NY 10019

 

2

 

Attention:  Chief Executive Officer

Telephone No.:  (212) 763-5600

Telecopier No.:  (212) 763-5603

 

with copies to:

Kramer Levin Naftalis
& Frankel LLP

919 Third Avenue

New York, NY 10022

Attention:  Thomas E. Molner, Esq.

Telephone No.:  (212) 715-9100

Telecopier No.:  (212) 715-8000

 

(b)           if to the
Pledgee, at:

 

Nordea Bank Finland, Plc,

New York Branch

437 Madison Avenue

21st Floor

New York, New York 10022

Attn:  [        ]

Telephone:  [            ]

Facsimile:   [            ]

 

 (c)          if to the Issuer, at:

 

 

 

 

or at such other address as shall
have been furnished in writing by any Person described above to the party
required to give notice hereunder.

 

7.  This Agreement shall be binding upon the
successors and assigns of the Pledgor and the Issuer and shall inure to the
benefit of and be enforceable by the Pledgee and its successors and assigns.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which shall
constitute one instrument.  In the event
that any provision of this Agreement shall prove to be invalid or
unenforceable, such provision shall be deemed to be severable from the other
provisions of this Agreement which shall remain binding on all parties
hereto.  None of the terms and conditions
of this Agreement may be changed, waived, modified or varied in the manner
whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor.

 

8.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to its principles of conflict of laws (other than Title 14 of Articles 5 of the
New York General Obligations Law.

 

*              *              *

 

3

 

IN WITNESS
WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement to
be executed by their duly elected officers duly authorized as of the date first
above written.

 

	
   

  	
  [

  	
   

  	
  ],

  
	
   

  	
  as Pledgor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORDEA
  BANK FINLAND, PLC, NEW YORK 

  
	
   

  	
  BRANCH,

  
	
   

  	
  not in its individual
  capacity but solely as 

  
	
   

  	
  Pledgee

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [

  	
   

  	
  ],

  
	
   

  	
  the Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
							

 

4

 

ANNEX H

to

PLEDGE AND SECURITY AGREEMENT

 

Form of Control Agreement Regarding Deposit Accounts

 

CONTROL AGREEMENT
REGARDING DEPOSIT ACCOUNTS (as amended, modified or supplemented from time to
time, this “Agreement”), dated as of                 
     ,         ,
among the undersigned assignor (the “Assignor”) NORDEA BANK FINLAND,
PLC, New York Branch, not in its individual capacity but solely as Collateral
Agent (the “Collateral Agent” and the “Deposit Account Bank”), as
the bank (as defined in Section 9-102 of the UCC as in effect on the date
hereof in the State of                                       
(the “UCC”)) with which one or more deposit accounts (as defined in
Section 9-102 of the UCC) are maintained by the Assignor (with all such deposit
accounts now or at any time in the future maintained by the Assignor with the
Deposit Account Bank being herein called the “Deposit Accounts”).

 

W I T N E S S E T H :

 

WHEREAS, the Assignor,
various other Assignors and the Collateral Agent have entered into a Pledge and
Security Agreement, dated as of July 1, 2004 (as amended, amended and restated,
modified or supplemented from time to time, the “Pledge and Security Agreement”),
under which, among other things, in order to secure the payment of the
Obligations (as defined in the Pledge and Security Agreement), the Assignor has
granted a first priority security interest to the Collateral Agent for the
benefit of the Secured Creditors (as defined in the Pledge and Security
Agreement) in all of the right, title and interest of the Assignor in and into
any and all deposit accounts (as defined in Section 9-102 of the UCC) and in
all monies, securities, instruments and other investments deposited therein
from time to time (collectively, herein called the “Collateral”); and

 

WHEREAS, the Assignor
desires that the Deposit Account Bank enter into this Agreement in order to
establish “control” (as defined in Section 9-104 of the UCC) in each
Deposit Account at any time or from time to time maintained with the Deposit
Account Bank, and to provide for the rights of the parties under this Agreement
with respect to such Deposit Accounts;

 

NOW THEREFORE, in
consideration of the premises and the mutual promises and agreements contained
herein, and for other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.             Assignor’s
Dealings with Deposit Accounts; Notice of Exclusive Control. Until the
Deposit Account Bank shall have received from the Collateral Agent a Notice of
Exclusive Control (as defined below), the Assignor shall be entitled to present
items drawn on and otherwise to withdraw or direct the disposition of funds
from the Deposit Accounts and give instructions in respect of the Deposit
Accounts; provided, however, that the Assignor may not, and the
Deposit Account Bank agrees that it shall not permit the Assignor to, without
the Collateral Agent’s prior written consent, close any Deposit Account.  If upon the occurrence and during the
continuance of an Event of Default (as defined in the Pledge and Security
Agreement) the Collateral Agent shall give to the Deposit Account Bank a notice
of

 

 

the Collateral Agent’s exclusive control of the Deposit Accounts, which
notice states that it is a “Notice of Exclusive Control” (a “Notice of
Exclusive Control”), only the Collateral Agent shall be entitled to
withdraw funds from the Deposit Accounts, to give any instructions in respect
of the Deposit Accounts and any funds held therein or credited thereto or
otherwise to deal with the Deposit Accounts.

 

2.             Collateral
Agent’s Right to Give Instructions as to Deposit Accounts.  (a)  Notwithstanding the foregoing
or any separate agreement that the Assignor may have with the Deposit Account
Bank, the Collateral Agent shall be entitled, following the occurrence and
during the continuance of an Event of Default for purposes of this Agreement,
at any time to give the Deposit Account Bank instructions as to the withdrawal
or disposition of any funds from time to time credited to any Deposit Account,
or as to any other matters relating to any Deposit Account or any other
Collateral, without further consent from the Assignor.  The Assignor hereby irrevocably authorizes
and instructs the Deposit Account Bank, and the Deposit Account Bank hereby
agrees, to comply with any such instructions from the Collateral Agent without
any further consent from the Assignor. 
Such instructions may include the giving of stop payment orders for any
items being presented to any Deposit Account for payment.  The Deposit Account Bank shall be fully
entitled to rely on, and shall comply with,  such instructions from the Collateral
Agent even if such instructions are contrary to any instructions or demands
that the Assignor may give to the Deposit Account Bank.  In case of any conflict between instructions
received by the Deposit Account Bank from the Collateral Agent and the
Assignor, the instructions from the Collateral Agent shall prevail.

 

(b)           It is understood and agreed that the
Deposit Account Bank’s duty to comply with instructions from the Collateral
Agent regarding the Deposit Accounts is absolute, and the Deposit Account Bank
shall be under no duty or obligation, nor shall it have the authority, to
inquire or determine whether or not such instructions are in accordance with
the First Priority Pledge and Security Agreement or any other Credit Document
(as defined in the First Priority Pledge and Security Agreement), nor seek
confirmation thereof from the Assignor or any other Person.

 

3.             Assignor’s Exculpation and Indemnification of
Depository Bank.  The Assignor hereby
irrevocably authorizes and instructs the Deposit Account Bank to follow
instructions from the Collateral Agent regarding the Deposit Accounts even if
the result of following such instructions from the Collateral Agent is that the
Deposit Account Bank dishonors items presented for payment from any Deposit
Account.  The Assignor further confirms
that the Deposit Account Bank shall have no liability to the Assignor for
wrongful dishonor of such items in following such instructions from the
Collateral Agent.  The Deposit Account
Bank shall have no duty to inquire or determine whether the Assignor’s
obligations to the Collateral Agent are in default or whether the Collateral
Agent is entitled, under any separate agreement between the Assignor and the
Collateral Agent, to give any such instructions.  The Assignor further agrees to be responsible
for the Deposit Account Bank’s customary charges and to indemnify the Deposit
Account Bank from and to hold the Deposit Account Bank harmless against any
loss, cost or expense that the Deposit Account Bank may sustain or incur in
acting upon instructions which the Deposit Account Bank believes in good faith
to be instructions from

 

2

 

the Collateral Agent excluding any loss,
cost or expense to the extent incurred as a direct result of the gross
negligence or willful misconduct of the Deposit Account Bank.

 

4.             Subordination of Security Interests; Deposit Account
Bank’s Recourse to Deposit Accounts. 
The Deposit Account Bank hereby subordinates any claims and security
interests it may have against, or with respect to, any Deposit Account at any
time established or maintained with it by the Assignor (including any amounts,
investments, instruments or other Collateral from time to time on deposit
therein) to the security interests of the Collateral Agent (for the benefit of
the Secured Creditors) therein, and agrees that no amounts shall be charged by
it to, or withheld or set-off or otherwise recouped by it from, any Deposit
Account of the Assignor or any amounts, investments, instruments or other
Collateral from time to time on deposit therein; provided that the Deposit
Account Bank may, however, from time to time debit the Deposit Accounts for any
of its customary charges in maintaining the Deposit Accounts or for
reimbursement for the reversal of any provisional credits granted by the
Deposit Account Bank to any Deposit Account, to the extent, in each case, that
the Assignor has not separately paid or reimbursed the Deposit Account Bank
therefor.

 

5.             Representations, Warranties and Covenants of Deposit
Account Bank.  The Deposit Account
Bank represents and warrants to the Collateral Agent that:

 

(a)           The
Deposit Account Bank constitutes a “bank” (as defined in Section 9-102
of the UCC), that the jurisdiction (determined in accordance with Section 9-304
of the UCC) of the Deposit Account Bank for purposes of each Deposit Account
maintained by the Assignor with the Deposit Account Bank shall be one or more
States within the United States.

 

(b)           The
Deposit Account Bank shall not permit any Assignor to establish any demand,
time, savings, passbook or other account with it which does not constitute a “deposit
account” (as defined in Section 9-102 of the UCC).

 

(c)  The account agreements between the Deposit
Account Bank and the Assignor relating to the establishment and general
operation of the Deposit Accounts provide, whether specifically or generally,
that the laws of New York govern secured transactions relating to the Deposit
Accounts and that the Deposit Account Bank’s “jurisdiction” for purposes
of Section 9-304 of the UCC in respect of the Deposit Accounts is New
York.  The Deposit Account Bank will not,
without the Collateral Agent’s prior written consent, amend any such account
agreement so that the Deposit Account Bank’s jurisdiction for purposes of
Section 9-304 of the UCC is other than a jurisdiction permitted pursuant
to preceding clause (a).  All account
agreements in respect of each Deposit Account in existence on the date hereof
are listed on Annex A hereto and copies of all such account agreements have been
furnished to the Collateral Agent.  The
Deposit Account Bank will promptly furnish to the Collateral Agent a copy of
the account agreement for each Deposit Account hereafter established by the
Deposit Account Bank for the Assignor.

 

(d)           The Deposit Account Bank has not
entered and will not enter, into any agree­ment with any other Person by which
the Deposit Account Bank is obligated to comply with instructions from such
other Person as to the disposition of funds from any Deposit Account or other
dealings with any Deposit Account or other of the Collateral.

 

3

 

(e)           On the date hereof the Deposit
Account Bank maintains no Deposit Accounts for the Assignor other than the
Deposit Accounts specifically identified in Annex A hereto.

 

(f)            Any items or funds received by the
Deposit Account Bank for the Assignor’s account will be credited to said Deposit Accounts specified in paragraph (e) above or to
any other Deposit Accounts hereafter established by the Deposit Account Bank
for the Assignor in accordance with this Agreement.

 

(g)           The Deposit Account Bank will
promptly notify the Collateral Agent of each Deposit Account hereafter
established by the Deposit Account Bank for the Assignor (which notice shall
specify the account number of such Deposit Account and the location at which
the Deposit Account is maintained), and each such new Deposit Account shall be
subject to the terms of this Agreement in all respects.

 

6.             Deposit Account Statements and Information.  The Deposit Account Bank agrees, and is
hereby authorized and instructed by the Assignor, to furnish to the Collateral
Agent, at its address indicated below, copies of all account statements and
other information relating to each Deposit Account that the Deposit Account
Bank sends to the Assignor and to disclose to the Collateral Agent all
information requested by the Collateral Agent regarding any Deposit Account.

 

7.             Conflicting Agreements.  This Agreement shall have control over any
conflicting agreement between the Deposit Account Bank and the Assignor.

 

8.             Merger or Consolidation of Deposit Account Bank.  Without the execution or filing of any paper
or any further act on the part of any of the parties hereto, any bank into
which the Deposit Account Bank may be merged or with which it may be
consolidated, or any bank resulting from any merger to which the Deposit
Account Bank shall be a party, shall be the successor of the Deposit Account
Bank hereunder and shall be bound by all provisions hereof which are binding
upon the Deposit Account Bank and shall be deemed to affirm as to itself all
representations and warranties of the Deposit Account Bank contained herein.

 

9.             Notices. 
(a)  All notices and other
communications provided for in this Agreement shall be in writing (including
facsimile) and sent to the intended recipient at its address or telex or
facsimile number set forth below:

 

If to the Collateral Agent, at:

 

Nordea Bank Finland, Plc,

New York Branch

437 Madison Avenue

21st Floor

New York, New York 10022

Attn:  [       ]

Telephone:  [             ]

Facsimile:   [             ]

 

4

 

If to the Assignor, at:

 

 

 

 

 

If to the Deposit Account Bank, at:

 

[Nordea Bank Finland plc, New York Branch

11 West 42nd Street

7th Floor

New York, New York 10036

Attn:  Mr. Hans Chr. Kjelsrud

Telephone:  212-318-9634

Facsimile:  212-421-4420]

 

or, as to any party, to such other address
or telex or facsimile number as such party may designate from time to time by
notice to the other parties.

 

(b)           Except as otherwise provided herein,
all notices and other communications hereunder shall be delivered by hand or by
commercial overnight courier (delivery charges prepaid), or mailed, postage
prepaid, or telexed or faxed, addressed as aforesaid, and shall be effective
(i) three business days after being deposited in the mail (if mailed), (ii)
when delivered (if delivered by hand or courier) and (iii) or when transmitted
with receipt confirmed (if telexed or faxed); provided that notices to
the Collateral Agent shall not be effective until actually received by it.

 

10.           Amendment.  This Agreement may not be amended, modified
or supplemented except in writing executed and delivered by all the parties
hereto.

 

11.           Binding Agreement.  This Agreement shall bind the parties hereto
and their successors and assign and shall inure to the benefit of the parties
hereto and their successors and assigns. 
Without limiting the provisions of the immediately preceding sentence,
the Collateral Agent at any time or from time to time may designate in writing
to the Deposit Account Bank a successor Collateral Agent (at such time, if any,
as such entity becomes the Collateral Agent under the Pledge and Security
Agreement, or at any time thereafter) who shall thereafter succeed to the
rights of the existing Collateral Agent hereunder and shall be entitled to all
of the rights and benefits provided hereunder.

 

12.           Continuing Obligations.  The rights and powers granted herein to the
Collateral Agent have been granted in order to protect and further perfect its
security interests in the Deposit Accounts and other Collateral and are powers
coupled with an interest and will be affected neither by any purported
revocation by the Assignor of this Agreement or the rights

 

5

 

granted to the Collateral Agent hereunder or by
the bankruptcy, insolvency, conservatorship or receivership of the Assignor or
the Deposit Account Bank or by the lapse of time.  The rights of the Collateral Agent hereunder
and in respect of the Deposit Accounts and the other Collateral, and the
obligations of the Assignor and Deposit Account Bank hereunder, shall continue
in effect until the security interests of Collateral Agent in the Deposit
Accounts and such other Collateral have been terminated and the Collateral
Agent has notified the Deposit Account Bank of such termination in writing.

 

13.           Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

 

14.           Counterparts.  This Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and
any party hereto may execute this Agreement by signing and delivering one or
more counterparts.

 

15.           Termination.          This Agreement and the security
interest created hereby shall terminate, after the Termination Date, the date
upon which (i) the Total Revolving Loan Commitment and the Total Term Loan
Commitment under the Credit Agreement; (ii) all Interest Rate Protection
Agreements, including interest rate swap agreements, interest rate cap
agreements, interest collar agreements, interest rate hedging agreements,
interest rate floor agreements and other similar agreements and arrangements
with respect to the outstanding Loans and/or Commitments; and (iii) Other
Hedging Agreements, including foreign exchange contracts, currency swap
agreements, commodity agreements or other similar agreements or arrangements
designed to protect against the fluctuations in currency or commodity values
applicable to the Loans have been terminated and no Notes representing Borrower’s
obligation to pay the principal of, and interest on the Loans under the Credit
Agreement is outstanding and all Loans thereunder have been repaid in full and
all Obligations applicable to the Loans then due and payable have been paid in
full (provided that all indemnities set forth herein including, without
limitation, in Section 11 hereof shall survive any such termination).

 

6

 

IN WITNESS WHEREOF, the
parties hereto have duly executed and delivered this Agreement as of the date
first written above.

 

	
   

  	
  Assignor:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NAME
  OF ASSIGNOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Collateral Agent:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORDEA
  BANK FINLAND, PLC, NEW

  
	
   

  	
  YORK BRANCH,

  
	
   

  	
  as Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Deposit Account Bank:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORDEA
  BANK FINLAND, PLC, NEW

  
	
   

  	
  YORK BRANCH,

  
	
   

  	
  as Deposit Account Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
							

 

7Exhibit 10.5

 

SCHEDULE XI

 

CASH
COLLATERAL ACCOUNT AGREEMENT

 

THIS AGREEMENT (as amended, modified and/or
supplemented from time to time, this “Agreement”), dated as of August
31, 2004 is made by and among GENERAL MARITIME CORPORATION, a Marshall Islands
corporation (the “Assignor”), NORDEA BANK FINLAND PLC, NEW YORK BRANCH,
in its individual capacity, as bank as defined in Section 9-102 of the Uniform
Commercial Code as in effect on the date hereof in the State of New York (the “UCC”)(the
“Deposit Account Bank”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as
Collateral Agent (in such capacity, the “Collateral Agent”) for the
benefit of itself and the other Secured Creditors (as defined below).  Except as otherwise defined herein,
capitalized terms used herein and defined in the Credit Agreement referred to
below shall be used herein as so defined.

 

W I  T  N  E  S
S  E  T  H :

 

WHEREAS, the Assignor, the lenders from time to time
party thereto (the “Lenders”), and Nordea Bank Finland Plc, New York
Branch, as Administrative Agent (together with any successor Administrative
Agent, the “Administrative Agent”), have entered into a Credit
Agreement, dated as of July 1, 2004 (as amended, modified, restated and/or
supplemented from time to time, the “Credit Agreement”), providing for
the making of Loans to the Assignor as contemplated therein (the Lenders, the
Administrative Agent and the Collateral Agent are herein called the “Lender
Creditors”);

 

WHEREAS, the Assignor has entered into, or may at any
time and from time to time after the date hereof enter into, or guaranty the
obligations of one or more of its Subsidiaries under, one or more Interest Rate
Protection Agreements or Other Hedging Agreements with one or more Lender
Creditors or any affiliate of any Lender Creditor (each such Lender Creditor or
affiliate, even if the respective Lender Creditor subsequently ceases to be a
Lender under the Credit Agreement for any reason, together with such Lender
Creditor’s or affiliate’s successors and assigns, if any, collectively, the “Other
Creditors” and, together with the Lender Creditors, are herein called the “Secured
Creditors”);

 

WHEREAS, the Assignor and certain of the Lenders have
entered into that certain First Amendment to the Credit Agreement, dated as of
August 31, 2004 (the “First Amendment”), which permits the Assignor to
deposit proceeds from the sale of the Excluded Vessels into a Cash Collateral
Account instead of repaying Term Loans;

 

WHEREAS, the Credit Agreement requires, inter  alia,
that the Assignor deposit the portion of the proceeds from the sale of Excluded
Vessels into a cash collateral account pledged in favor of the Collateral Agent
in accordance with the Credit Agreement and First Amendment;

 

WHEREAS, the Assignor desires to execute and deliver
this Agreement in order to satisfy the requirements of the Credit Agreement and
First Amendment described in the preceding recital; and

 

WHEREAS, the Assignor and the Collateral Agent also
desire to execute this Agreement to establish the Account (as hereinafter
defined) with the Deposit Account Bank;

 

NOW, THEREFORE, in consideration of the benefits
accruing to the Assignor, the receipt and sufficiency of which are hereby
acknowledged, the Assignor hereby makes the following representations and

 

 

warranties to the Deposit Account Bank and the
Collateral Agent, and the parties hereto hereby covenant and agree, as follows:

 

ARTICLE
ONE

 

DEFINITIONS

 

Section 1.01  Definitions:  The following terms shall
have the meanings herein specified:

 

“Account Proceeds” shall mean any and all
assets of whatever type or kind deposited in the Account, whether now owned or
hereafter acquired, including all moneys, checks, drafts, instruments,
securities or interests therein of any type or nature deposited in the Account
and all investments and all certificates and other instruments from time to
time representing or evidencing the same, and all interest, distributions, cash
and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the foregoing and
all Proceeds (as defined in Section 102(a)(64) of the UCC) of any or all
of the foregoing.

 

“Collateral” shall mean and include the Account
and all Account Proceeds.

 

“Obligations” shall mean:

 

(i) the full and prompt payment when due (whether at
the stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, principal,
premium, interest (including, without limitation, all interest that accrues
after the commencement of any case, proceeding or other action relating to the
bankruptcy, insolvency, reorganization or similar proceeding of the Assignor at
the rate provided for in the respective documentation, whether or not a claim
for post-petition interest is allowed in any such proceeding)), fees, costs and
indemnities of the Assignor to the Lender Creditors, whether now existing or
hereafter incurred under, arising out of, or in connection with, the Credit
Agreement and the other Credit Documents to which the Assignor is a party and
the due performance and compliance by the Assignor with all of the terms,
conditions and agreements contained in the Credit Agreement and in such other
Credit Documents (all such obligations, liabilities and indebtedness under this
clause (i), except to the extent consisting of obligations or indebtedness with
respect to Interest Rate Protection Agreements or Other Hedging Agreements
entitled to the benefits of this Agreement, being herein collectively called
the “Credit Document Obligations”);

 

(ii) the full and prompt payment when due (whether at
the stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, all interest that
accrues after the commencement of any case, proceeding or other action relating
to the bankruptcy, insolvency, reorganization or similar proceeding of the
Assignor at the rate provided for in the respective documentation, whether or
not a claim for post-petition interest is allowed in any such proceeding) owing
by the Assignor to the Other Creditors under, or with respect to, each Interest
Rate Protection Agreement and Other Hedging Agreement, whether such Interest
Rate Protection Agreement or Other Hedging Agreement is now in existence or
hereafter arising, and the due performance and compliance by the Assignor with
all of the terms, conditions and agreements contained therein (all such
obligations, liabilities and indebtedness described in this clause (ii) being
herein collectively called the “Other Obligations”);

 

 

(iii) any and all sums
advanced by the Collateral Agent in order to maintain the Account, preserve the
Collateral and/or preserve its interest in the Account Proceeds and/or its
security interest in the Collateral;

 

(iv) in the event of any proceeding for the collection
or enforcement of any indebtedness, obligations or liabilities of the Assignor
referred to in clauses (i), (ii) and (iii) above or the enforcement of this
Agreement, the reasonable expenses of retaking, holding, preparing for sale or
lease, selling or otherwise disposing of or realizing on the Collateral, or of
any exercise by the Collateral Agent of its rights hereunder, together with
reasonable attorneys’ fees and court costs; and

 

(v) all amounts paid by any Indemnitee
(as defined in Section 8.01 hereof) as to which such Indemnitee has the
right to reimbursement under Article Eight of this Agreement;

 

it
being acknowledged and agreed that the “Obligations” shall include extensions
of credit of the types described above, whether outstanding on the date of this
Agreement or extended from time to time after the date of this Agreement.

 

“Release Certificate” shall have the meaning
provided in Section 5.02(b).

 

“Required Secured Creditors” shall have the
meaning provided in the Pledge Agreement.

 

“Termination Date” shall mean the earlier to
occur of (i) that date upon which the Total Revolving Loan Commitment and all
Interest Rate Protection Agreements and Other Hedging Agreements applicable to
Loans (and/or Commitments) entered into by Other Creditors have been
terminated, no Note under the Credit Agreement is outstanding and all Loans
have been repaid in full and all other Obligations (other than those arising
from indemnities for which no request has been made) have been paid in full in
cash and (ii) that date upon which all of the Account Proceeds shall have been
released from the Account and applied as provided in Article Four hereof or
Section 5.01 hereof.

 

ARTICLE
TWO

 

ESTABLISHMENT OF ACCOUNT, ETC.

 

Section
2.01  Establishment of Account:                         (a)  The Deposit Account Bank has established in
the name of the Assignor and, subject to the terms and conditions set forth
herein, for the benefit of the Collateral Agent (on behalf of the Secured
Creditors) a deposit account (as defined in Section 9-102 of the UCC)(Account
No. 7431533001, Account Name: General Maritime Corporation – Cash
Collateral (the “Account”) for purposes of this Agreement, which Account
is maintained at the Deposit Account Bank’s office located at 437 Madison, 21st
Floor, New York, NY 10022.  The Account
is maintained by the Deposit Account Bank and titled in the name of the
Assignor, for the benefit of the Collateral Agent (on behalf of the Secured
Creditors), but is under the sole dominion and control of the Collateral
Agent.  The Collateral Agent shall have
the sole right to make and authorize withdrawals from the Account and to
exercise all rights with respect to the Account Proceeds from time to time
therein pursuant to, and in accordance with the terms of, this Agreement.  All Account Proceeds delivered to or held by
the Deposit Account Bank on behalf of the Collateral Agent pursuant hereto
shall be held in the Account in accordance with the provisions hereof.

 

 

(b)                                 The
Collateral Agent hereby appoints Nordea Bank Finland Plc, New York Branch, in
its individual capacity, to act as the Collateral Agent’s custodian with
respect to any Account Proceeds at any time deposited, held or maintained in or
credited to the Account and to take such actions as the Collateral Agent may
direct.  Nordea Bank Finland Plc, New
York Branch, in its individual capacity, hereby accepts such appointment and
agrees to act as Deposit Account Bank upon the express terms and conditions contained
herein.

 

(c)                                  The
Deposit Account Bank shall hold all Account Proceeds in the Account pursuant to
this Agreement and shall take all such actions with respect to the Account and
all Account Proceeds as instructed in writing by the Collateral Agent in
accordance with this Agreement.  The Deposit
Account Bank hereby agrees to comply, strictly and promptly, with any and all
instructions, orders, directions and notifications communicated from time to
time to the Deposit Account Bank and originated by the Collateral Agent,
directing the transfer or redemption of, or the exercise of any rights with
respect to, any or all the Account Proceeds, or otherwise relating to any of
the Account Proceeds, without further consent by any other Person (including
the Assignor), and not to comply with any instructions, orders, directions or
notifications originated by any Person other than the Collateral Agent or a
court of competent jurisdiction.  It is
understood and agreed that the Deposit Account Bank’s duty to comply with
instructions and orders originated from the Collateral Agent is absolute, and
the Deposit Account Bank shall be under no duty or obligation nor shall have
the authority to inquire or determine whether or not such instructions or
orders have been made in accordance with this Agreement, nor seek confirmation
thereof from the Assignor or any other Person.

 

(d)                                 Notwithstanding
anything to the contrary in this Agreement or any other agreement, no amount
may be withdrawn from the Account within six days after such amount was
credited to the Account.

 

Section
2.02 Deposits to the Account; Withdrawals from the Account:  On the date hereof, the Assignor has
transferred $10,017,699.00 to the Collateral Agent, and the Collateral Agent
has deposited the same into the Account. 
Upon the transfer by the Assignor of such amount to the Collateral Agent
as provided above, such proceeds shall constitute Collateral subject to the
terms of this Agreement.

 

(b)                                 Withdrawals
from the Account shall be permitted only to the extent provided for in Articles
Four and Five hereof.

 

(c)                                  Settlement
of transactions and other activities with respect to the Account shall occur
only on Business Days.  Whenever any
release or disbursement is to be made pursuant hereto on a day which is not a
Business Day, such release or disbursement shall be made on the following
Business Day, whether or not expressly provided therefor herein.

 

ARTICLE
THREE

 

GRANT OF SECURITY INTEREST, ETC.

 

Section
3.01 Grant of Security Interest, etc.: 
As security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or
otherwise) of all of the Obligations, the Assignor hereby pledges, transfers
and assigns to the Collateral Agent for the benefit of the Secured Creditors, a
continuing possessory lien and first priority security interest in all of the
right, title and interest of the Assignor in and to the Collateral, from the
date of the establishment of the Account until the

 

 

termination thereof pursuant to
the terms hereof.  The Assignor hereby
irrevocably orders, directs and instructs the Deposit Account Bank, and the
Deposit Account Bank hereby agrees, to comply, strictly and promptly, with any
and all instructions, orders, directions and notifications communicated from
time to time to the Deposit Account Bank and originated by the Collateral
Agent, directing the transfer or redemption of, or the exercise of any rights
with respect to, any or all of the Collateral, or otherwise relating to any of
the Collateral, without further consent by the Assignor or any other Person,
and not to comply with any instructions, orders, directions or notifications
originated by any Person other than the Collateral Agent or a court of
competent jurisdiction.

 

Section
3.02  Further Assurances:  The Assignor agrees that it will, at any time
and from time to time, at its expense, promptly execute and deliver all further
agreements, instruments and other documents and take all further action that
may be necessary or that the Collateral Agent may reasonably request in order to
perfect and protect the first priority security interest purported to be
created hereby or otherwise to enable the Collateral Agent to exercise and
enforce its rights and remedies hereunder (including, without limitation, any
action as may be requested from time to time by the Collateral Agent so that “control”
(within the meaning of Section 9-104(a) of the Uniform Commercial Code as
in effect in the State of New York on the date hereof) of all Collateral of the
type over which the Collateral Agent may obtain such “control” is obtained).

 

Section
3.03  Appointment as Attorney-In-Fact:  The Assignor hereby
irrevocably appoints the Collateral Agent as its attorney-in-fact, with full
authority in the place and stead of the Assignor and in the name of the Assignor
or otherwise, from time to time in the Collateral Agent’s sole discretion to
execute any instrument and to take any other action which the Collateral Agent
may deem reasonably necessary or advisable to accomplish the purposes of this
Agreement or to facilitate the assignment or other transfer by the Collateral
Agent of any or all of its rights hereunder, including, without limitation, (i)
to receive, endorse and collect all instruments made payable to the Assignor
and representing any interest payment or other distribution in respect of the
Collateral and to give full discharge for the same, and (ii) to execute and
deliver any and all instruments and other documents that the Collateral Agent
may request in connection with the exercise by the Collateral Agent of any or
all of its rights hereunder.

 

ARTICLE
FOUR

 

APPLICATION
OF PROCEEDS AND REMEDIES

 

Section 4.01  Exercise
of Remedies Upon Event of Default.  Upon the occurrence and during the
continuance of any Event of Default, the Collateral Agent may (i) exercise in
respect of all or any portion of the Collateral, in addition to all other
rights and remedies provided for herein or otherwise available to it under
applicable law, all of the rights and remedies of a secured party under the
Uniform Commercial Code then in effect in the State of New York and (ii) direct
the Deposit Account Bank to withdraw any Collateral from the Account and
transfer the same to the Collateral Agent. 
The Assignor agrees that, to the extent notice of sale shall be required
by law, at least 10 days’ written notice to the Assignor of the time and place
of any public sale or the time after which any private sale or other
disposition is to be made shall constitute reasonable notification.  The Collateral Agent shall not be obligated
to make any sale of Collateral regardless of notice of sale having been
given.  The Collateral Agent may adjourn
any public or private sale from time to time (by announcement, in the case of
any public sale, at the time and place fixed therefore), and such sale may,
without further notice, be made at the time and place to which it was so
adjourned

 

 

Section 4.02  Release
to the Collateral Agent. 
The Deposit Account Bank shall release all Collateral in the Account to
the Collateral Agent 365 days after the First Amendment Effective Date to repay
the Term Loans pursuant to Section 4.02(c)(l).

 

Section 4.03  Application
of Proceeds. 
Except as provided in Section 4.02 above, all moneys received or
collected by the Collateral Agent from the Account or upon any sale or other
disposition of the Account Proceeds or the Collateral the terms of this
Agreement, together with all other moneys received by the Collateral Agent
hereunder, shall be applied in the manner provided in Section 9 of the
Pledge Agreement.

 

ARTICLE
FIVE

 

RELEASE
AND TERMINATION

 

Section 5.01  Release
of Funds Deposited in Account:   Release to the Assignor.  Subject to fulfillment of the conditions
precedent referred to in Section 5.02 hereof, the Collateral Agent will
authorize the Deposit Account Bank to release from the Account, and to deliver
to the Assignor upon request in accordance with Section 5.02 hereof, funds
in accordance with the Release Certificate and to the extent permitted herein.

 

Section 5.02  Conditions
Precedent to Release, etc:  (a)  The
Collateral Agent shall authorize the release of funds from the Account to the
Assignor pursuant to Section 5.01 hereof so long as:

 

(i)                                     such
release is made (A) pursuant to Section 1.13(i) of the CreditAgreement, or (B)
on behalf of the Assignor to the Administrative Agent to repay Term Loans
pursuant to Section 4.02(c), or (C) in an amount equal to any interest and
earnings of the Account;

 

(ii)                                  the
Collateral Agent shall have received an officer’s certificate from the chief
financial officer or treasurer of the Assignor prior to 2:00 P.M. (New
York time) on the date of the proposed release (the “Release Certificate”),
specifying the amount of such release and certifying and representing that (x)
no Default under Section 10 of the Credit Agreement, or Event of Default
is in existence on the date of the proposed release, both before and after
giving effect to the proposed release and (y) the provision of Section
5.02(a)(i) pursuant to which such release is being made;  and

 

(iii)                               no Default under Section 10 of the Credit Agreement or Event
of Default is in existence on the date of the proposed release, both before and
after giving effect to the proposed release.

 

(b)                                 The
Collateral Agent shall be entitled to rely upon any Release Certificate believed
by it to be genuine.  The Collateral
Agent shall not have or incur any liability to any Secured Creditor as a result
of its good faith authorization of the release of funds from the Account in
accordance with a Release Certificate as contemplated by Sections 5.01 and 5.02
hereof.

 

Section 5.03  Termination.  (a)  After
the occurrence of the Termination Date solely as a result of the circumstances
described in clause (i) of the definition thereof, or if all of the Account
Proceeds have been applied as provided in Section 4.01 hereof, (i) this
Agreement and the security interest created hereby shall terminate (provided
that all indemnities set forth herein including, without limitation, in Article
Eight hereof shall survive any such termination), and (ii) the Collateral
Agent, at the request and expense of the Assignor, will (x) execute and deliver
to the Assignor a proper instrument or instruments acknowledging the
satisfaction

 

 

and termination of this Agreement and (y) except to the extent that
Account Proceeds have been applied as provided in Article Four hereof or in
Section 5.02(a) hereof, direct the Deposit Account Bank to transfer all
remaining funds on deposit in the Account (if any) to the Assignor.  Any transfer and release of the Account Proceeds
(or the Collateral) by the Collateral Agent pursuant to this Section 5.03
shall be made without recourse, representation or warranty.

 

(b)                                 At
any time that the Assignor desires that the Account Proceeds be released as
provided in the foregoing Section 5.03(a), it shall deliver to the
Collateral Agent a certificate stating that the release of the Account Proceeds
is permitted pursuant to Section 5.03(a) hereof.  The Collateral Agent shall have no liability
whatsoever to any Secured Creditor as the result of any release of Account
Proceeds by it as permitted (or which the Collateral Agent in the absence of
gross negligence or willful misconduct believes to be permitted) by this
Section 5.03.

 

ARTICLE
SIX

 

 REPRESENTATIONS AND WARRANTIES

 

The Assignor represents and warrants that:  (a)   (i)                this
Agreement has been duly authorized, executed and delivered by the Assignor and
constitutes a legal, valid and binding obligation of the Assignor enforceable
in accordance with its terms, except as enforceability hereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect relating to or affecting creditors’ rights
generally and subject to the limitations imposed by general equitable principals
(regardless of whether such enforceability is considered in a proceeding at law
or in equity); (b) the pledge, assignment and granting of a security interest
in the Account pursuant to this Agreement creates, and upon the deposit in the
Account of any other Collateral pursuant to this Agreement will create, a valid
and perfected first priority security interest in all of the Assignor’s right,
title and interest in and to the Account and the Collateral so deposited, as
the case may be, and the proceeds thereof subject to no other lien or
encumbrance or to any other agreement purporting to grant any third party a
lien or encumbrance on property or assets of the Assignor which would include
the Collateral, and no UCC-1 or other filings are required to be made in
connection with the foregoing or to perfect the security interests created
hereby; (c) no consent of any other party (including, without limitation, any
stockholder or creditor of the Assignor) and no consent, license, permit,
approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with (except, in each case, as have been
obtained or made on or prior to the date hereof), any governmental authority is
required to be obtained in connection with the execution, delivery or
performance of this Agreement; and (d) the execution, delivery and performance
of this Agreement will not violate any provision of any applicable law or
regulation or of any order, judgment, writ, award or decree of any court,
arbitrator or governmental authority, domestic or foreign, or of the
organizational documents of the Assignor or of any securities issued by the
Assignor, or of any agreement, contract or other instrument to which the
Assignor is a party or which purports to be binding upon the Assignor or upon
any of its assets and will not result in the creation or imposition of (or the
obligation to create or impose) any lien or encumbrance on any of the assets of
the Assignor except as contemplated by this Agreement.  The Assignor covenants and agrees that it
will defend the Collateral Agent’s right, title and interest in and to the
Account and the Account Proceeds against the claims and demands of all Persons
whomsoever.

 

 

ARTICLE
SEVEN

 

RESPONSIBILITIES
OF THE COLLATERALAGENT AND THE DEPOSIT ACCOUNT BANK

 

Section 7.1  Responsibilities
of the Collateral Agent.  Neither
the Collateral Agent nor any of its directors, officers, agents, employees,
affiliates, representatives or agents shall be liable (i) for any failure to
invest or reinvest any cash in the Account in accordance herewith, or (ii) for
any action taken or omitted to be taken by the Collateral Agent (x) in good
faith in accordance with the advice of counsel with respect to any question as
to the construction of any provision hereof or any action to be taken by the
Collateral Agent hereunder, (y) in accordance with any instructions or other
notice which the Collateral Agent believes in good faith to be properly given
by the Assignor hereunder or (z) in accordance with the instructions of the
Required Secured Creditors.

 

Section 7.02  Responsibilities of
the Deposit Account Bank. 
(a)  (i)  Notwithstanding any provision contained
herein or in any other document or instrument to the contrary, neither the
Deposit Account Bank nor any of its officers, employees or agents shall be
liable for (i) following the instructions of the Collateral Agent or complying
with orders or other directives originated by the Collateral Agent or (ii) any
action taken or not taken by it (or them) under or in connection with this
Agreement, except for the Deposit Account Bank’s (or their) own gross
negligence or willful misconduct (as determined by the final and non-appealable
judgment of a court of competent jurisdiction). 
The Collateral Agent and the Assignor (in each case, for itself or any
Person claiming through it) hereby releases, warrants, discharges, exculpates
and covenants not to sue the Deposit Account Bank for any action taken or
omitted to be taken under this Agreement, except to the extent caused by the
Deposit Account Bank’s gross negligence or willful misconduct (as determined by
the final and non-appealable judgment of a court of competent
jurisdiction).  In no event shall the
Deposit Account Bank be liable for indirect, special or consequential damages
of any kind whatsoever (including lost profits and lost business opportunity)
even if it is advised of the possibility of such damages and regardless of the
form of action in which any such damages may be claimed.  Without limiting the foregoing, and
notwithstanding any provision to the contrary elsewhere, the Collateral Agent,
the Deposit Account Bank and their respective officers, employees and agents:

 

(A)                              shall have no responsibilities, obligations or duties other
than those expressly set forth in this Agreement;

 

(B)                                may
in any instance where the Deposit Account Bank determines that it lacks or is
uncertain as to its authority to take or refrain from taking certain action, or
as to the requirements of this Agreement under any circumstance before it,
delay or refrain from taking action unless and until it has received
instructions from the Collateral Agent or advice from legal counsel (or other appropriate
advisor), as the case may be;

 

(C)                                so
long as it and they shall have acted (or refrained from acting) in good faith,
shall not be liable for any error of judgment in any action taken, suffered or
omitted by, or for any act done or step taken, suffered or omitted by, or for
any mistake of fact or law, unless such action constitutes gross negligence or
willful misconduct on its (or their) part (as determined by the final and
non-appealable judgment of a court of competent jurisdiction);

 

(D)                               may
consult with legal counsel selected by it or them (or other experts for the
Collateral Agent or the Assignor), and shall not be liable for any action taken
or not taken by it or them in good faith in accordance with the advice of such
experts;

 

 

(E)                                 will
not incur any liability by acting or not acting in reliance upon any notice,
consent, certificate, statement or other instrument or writing believed in good
faith by it (or them) to be genuine and signed or sent by the proper party or
parties;

 

(F)                                 will
not incur liability for any notice, consent, certificate, statement, wire
instruction, telecopy, or other writing which is delayed, canceled or charged
without the knowledge of the Collateral Agent or the Deposit Account Bank,
respectively;

 

(G)                                shall
not be deemed to have or be charged with notice or knowledge of any fact or
matter unless a written notice thereof has been received by the Deposit Account
Bank or the Collateral Agent, as the case may be, at the address and to the
person designated in (or as subsequently designated pursuant to) this
Agreement;

 

(H)                               shall
not be obligated or required by any provision of this Agreement to expend or
risk the Deposit Account Bank’s or the Collateral Agent’s own funds, or to take
any action (including but not limited to the institution or defense of legal
proceedings) which in its or their judgment may cause it or them to incur or
suffer any expense or liability; provided, however, if the
Deposit Account Bank elects to take any such action it shall be entitled to
security or indemnity for the payment of the costs, expenses (including but not
limited to reasonable attorneys’ fees) and liabilities which may be incurred
therein or thereby, satisfactory to the Deposit Account Bank; and

 

(I)                                    shall
not be liable for any delay or failure to act as may be required hereunder when
such delay or failure is due to any act of God, interruption or other
circumstances beyond its control.

 

(ii)                                  The
Deposit Account Bank has no interest in the Account Proceeds (or any Collateral
which may be deemed to exist) deposited hereunder but is serving as Deposit
Account Bank only and has only possession thereof.

 

(iii)                               Neither
the Collateral Agent nor the Deposit Account Bank makes any representation as
to the validity, value, genuineness or collectibility of any security or other
document or instrument held by or delivered to it.

 

(b)                                 Resignation.  (i) The Deposit Account Bank may at any time
resign and be discharged by giving written notice thereof to the Assignor and
the Collateral Agent.  Before such
resignation shall become effective, the Collateral Agent shall appoint a
successor Deposit Account Bank by written instrument, one copy of which
instrument shall be delivered to each of the resigning Deposit Account Bank,
the Assignor and the successor Deposit Account Bank.  If no successor Deposit Account Bank shall
have been so appointed and have accepted appointment within thirty (30) days
after the giving of the notice of resignation, the resigning Deposit Account
Bank may petition any court of competent jurisdiction for the appointment of a
successor Deposit Account Bank.  Each
such successor Deposit Account Bank shall be a banking corporation
knowledgeable and experienced in the performance of the duties and obligations
required of the Deposit Account Bank under this Agreement and shall have a
minimum of $100,000,000 in capital and surplus.

 

 

(ii)                                  Any
resignation of the Deposit Account Bank and appointment of a successor Deposit
Account Bank pursuant to any of the provisions of this Section 7.02 shall
not become effective until acceptance of appointment by the successor Deposit
Account Bank as provided below.

 

(c)                                  Successor
Deposit Account Bank.  (i) Any successor Deposit Account Bank
appointed as provided above shall execute, acknowledge and deliver to the
Assignor, the Collateral Agent and its predecessor Deposit Account Bank an
instrument accepting such appointment under this Agreement, and thereupon the
resignation of the predecessor Deposit Account Bank shall become effective and
such successor Deposit Account Bank without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, and with like effect as if
originally named as Deposit Account Bank. 
The predecessor Deposit Account Bank shall deliver or cause to be
delivered to the successor Deposit Account Bank or its designee any Account
Proceeds (and any Collateral) in its possession and any related agreements,
documents and statements held by it, and the Assignor, the Collateral Agent and
the predecessor Deposit Account Bank shall execute and deliver such instruments
and do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Deposit Account Bank all such rights,
powers, duties and obligations.

 

(ii)                                  No
successor Deposit Account Bank shall accept appointment as provided in this
Section 7.02 unless at the time of such acceptance such successor Deposit
Account Bank is eligible under the provisions of paragraph (b)(i).

 

(d)                                 Merger
or Consolidation of Deposit Account Bank.  Without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, any corporation or banking association into which the Deposit Account
Bank may be merged or converted or with which it may be consolidated, or any
corporation or banking association resulting from any merger, conversion or
consolidation to which the Deposit Account Bank shall be a party, or any
corporation or banking association succeeding to substantially all of the
corporate trust business of the Deposit Account Bank shall be the successor of
the Deposit Account Bank hereunder, if and only if such corporation or banking
association shall be eligible under the provisions of paragraph (b)(i)
above.

 

ARTICLE
EIGHT

 

INDEMNITY

 

Section
8.01  Indemnity:  (a) The Assignor agrees to indemnify,
reimburse and hold the Deposit Account Bank, the Collateral Agent, each other
Secured Creditor and their respective successors, permitted assigns, employees,
agents and servants (hereinafter in this Section 8.01 referred to individually
as “Indemnitee,” and collectively as “Indemnitees”) harmless from
any and all liabilities, obligations, damages, injuries, penalties, claims,
demands, actions, suits, judgments and any and all costs, expenses or
disbursements (including reasonable attorneys’ fees and expenses) (for the
purposes of this Section 8.01 the foregoing are collectively called “expenses”)
of whatsoever kind and nature imposed on, asserted against or incurred by any
of the Indemnitees in any way relating to or arising out of this Agreement or
any other document executed in connection herewith or in any other way
connected with the administration of the Account or the transactions
contemplated hereby or thereby or the enforcement of any of the terms of, or
the preservation of any rights under any thereof, or in any way relating to or
arising out of the control, possession, disposition, or use of the Account or
the other Collateral; provided that no Indemnitee shall be indemnified
pursuant to this

 

 

Section 8.01(a) for losses, damages or
liabilities to the extent caused by the gross negligence or willful misconduct
of such Indemnitee (as determined by a final and non-appealable judgment of a
court of competent jurisdiction).  The Assignor agrees that upon written notice
by any Indemnitee of the assertion of such a liability, obligation, damage,
injury, penalty, claim, demand, action, suit or judgment, the Assignor shall
assume full responsibility for the defense thereof.  Each Indemnitee agrees to use its best
efforts to promptly notify the Assignor of any such assertion of which such
Indemnitee has knowledge.

 

(b)                                 Without
limiting the application of Section 8.01(a) hereof, the Assignor agrees to
pay, or reimburse the Deposit Account Bank and the Collateral Agent for any and
all reasonable fees, costs and expenses of whatever kind or nature incurred
(including the reasonable fees and expenses of their respective counsel) in
connection with the establishment, maintenance and operation of the Account and
the creation, preservation or protection of the Collateral Agent’s Liens on,
and security interest in, the Collateral, including, without limitation, all
fees and taxes in connection with the recording or filing of instruments and
documents in public offices, payment or discharge of any taxes or Liens upon or
in respect of the Collateral and all other fees, costs and reasonable expenses
in connection with protecting or maintaining the Account, the Account Proceeds
and the Collateral Agent’s interest therein and protecting, maintaining or preserving
the Collateral and the Collateral Agent’s interest therein, whether through
judicial proceedings or otherwise, or in defending or prosecuting any actions,
suits or proceedings arising out of or relating to the Account, the Account
Proceeds and the Collateral.

 

(c)                                  Without
limiting the application of Section 8.01(a) or (b) hereof, the Assignor
agrees to pay, indemnify and hold each Indemnitee harmless from and against any
loss, costs, damages and expenses which such Indemnitee may suffer, expend or
incur in consequence of or growing out of any misrepresentation by the Assignor
in this Agreement or in any writing contemplated by, or made or delivered by
the Assignor pursuant to or in connection with, this Agreement.

 

(d)                                 If
and to the extent that the obligations of the Assignor under this
Section 8.01 are unenforceable for any reason, the Assignor hereby agrees
to make the maximum contribution to the payment and satisfaction of such
obligations which is permissible under applicable law.

 

Section 8.02  Indemnity
Obligations Secured by Collateral; Survival:  Any amounts paid by any Indemnitee as to
which such Indemnitee has the right to reimbursement shall constitute
Obligations secured by the Collateral. 
The indemnity obligations of the Assignor contained in this Article
Eight shall continue in full force and effect notwithstanding the occurrence of
the Termination Date.

 

ARTICLE
NINE

 

GENERAL

 

Section 9.01  Prior
Negotiations:  This
Agreement (and the attachments hereto) constitute the entire agreement between
the parties with respect to the holding and release of Account Proceeds, except
as otherwise expressly agreed in writing executed by or on behalf of the
Assignor and the Secured Creditors, and supersede all prior agreements,
understandings, negotiations and discussions with respect to the subject matter
hereof.  There are no promises,
undertakings, representations or warranties by any of the parties not expressly
set forth or referred to herein or therein.

 

 

Section 9.02  Headings:  The headings in the Articles and Sections of
this Agreement are inserted for convenience of reference only and shall not
affect the construction or interpretation of this Agreement.

 

Section
9.03  Successors and Assigns:  All of the covenants, warranties,
undertakings and agreements of the Assignor hereunder shall bind the Assignor
and its successors or assigns and shall inure to the benefit of the Collateral
Agent, the other Secured Creditors and their respective successors and assigns;
provided that the Assignor may not assign or transfer any of its rights or
obligations hereunder without the prior written consent of the Collateral Agent
(acting with the consent of the Required Secured Creditors).

 

Section
9.04  Governing Law of Contract; Bank’s
Jurisdiction:  THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PRINCIPLES.  In addition, and
notwithstanding any agreement among the parties to the contrary, the Deposit
Account Bank’s jurisdiction for purposes of Article 9 of the Uniform Commercial
Code as in effect in the State of New York is the State of New York.

 

Section 9.05  Counterpart
and Facsimile: 
This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument. 
Delivery of an executed signature page to this Agreement by any party by
facsimile transmission shall be effective as delivery of a manually executed
copy of this Agreement by such party.

 

Section 9.06  No
Third Party Beneficiaries:  No
rights are intended to be created hereunder for the benefit of any third party
or any direct, indirect or incidental beneficiary, except as specifically
provided herein.

 

Section 9.07  Notices: Any
notice or other communication to be given or made to the Assignor shall be made
or given as provided in the Security Agreement and any notice or other
communication to the Deposit Account Bank and the Collateral Agent shall be
given or made as follows:

 

(a)                                  if to the Deposit Account Bank, at:

 

Nordea Bank Finland, Plc,

New York Branch

437 Madison Avenue, 22nd Floor 

New York, NY 10022

Tel:  (212) 318-9634

Fax: (212) 421-4420

 

(b)                                 if to the Collateral Agent, at:

 

Nordea Bank Finland, Plc,

New York Branch

437 Madison, 22nd Floor 

New York, NY 10022

 

 

Tel:  (212)
318-9634

Fax: (212) 421-4420

 

or
at such other address or person as shall have been furnished in writing by any
person described above to the party required to give notice hereunder.

 

Section
9.08  No Waiver, etc.:  The execution of this
Agreement by the Collateral Agent is not intended and shall not be deemed to be
a waiver of any of the rights or remedies of the Collateral Agent or the other
Secured Creditors under applicable law or any of the Credit Documents.  No failure to exercise, and no delay in
exercising, any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise of any right, power or
privilege hereunder preclude or require any other or future exercise thereof or
the exercise of any other right, power or privilege.  All rights, powers and remedies granted to
the Collateral Agent hereunder and under all other agreements, instruments and
documents executed in connection with this Agreement shall be cumulative, may
be exercised singly or concurrently and shall not be exclusive of any rights or
remedies provided by law.

 

Section
9.09  Severability:  In case any one or more of the provisions
contained in this Agreement shall be invalid, illegal or unenforceable in any
respect under any law, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or
impaired thereby.

 

Section
9.10  Amendment and Waiver:  None of the terms and conditions of this
Agreement may be waived, changed, modified or varied in any manner whatsoever
unless in writing duly signed by the Assignor and the Collateral Agent (with
the consent of the Required Secured Creditors).

 

*     *    
*

 

 

IN WITNESS OF WHICH the Assignor, the Collateral Agent, on it own and on
behalf of the other Secured Creditors, and the Deposit Account Bank have
executed this Agreement as of the date indicated on the first page of this
Agreement.

 

 

	
   

  	
  GENERAL MARITIME
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C.
  Georgiopoulos

  	
   

  
	
   

  	
   

  	
  Title: Chief
  Administrative Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORDEA BANK FINLAND
  PLC,

  
	
   

  	
  NEW
  YORK BRANCH, as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christer Svardh

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald E. Chelius,
  Jr.

  	
   

  
	
   

  	
   

  	
  Title: SVP Credit

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORDEA BANK FINLAND
  PLC,

  
	
   

  	
  NEW
  YORK BRANCH, as Deposit Account Bank

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christer Svardh

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald E. Chelius,
  Jr.

  	
   

  
	
   

  	
   

  	
  Title: SVP Credit

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]