Document:

ex10_6.htm

Exhibit 10.6

 

WAIVER AND FOURTH AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT

WAIVER AND FOURTH AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT, dated as of May 16, 2012 (this “Fourth Amendment”), by and among GENERAL MARITIME CORPORATION, a Marshall Islands corporation (the “Parent”), the other Guarantors listed on the signature pages hereto (the “Guarantors”), GENERAL MARITIME SUBSIDIARY CORPORATION, a Marshall Islands corporation (“GMSC”), GENERAL MARITIME SUBSIDIARY II CORPORATION, a Marshall Islands corporation (together with GMSC, the “Borrowers”), the Lenders party from time to time to the Credit Agreement referred to below (the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent. Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined.

W I T N E S S E T H :

WHEREAS, the Parent, the Borrowers, the Guarantors, the Lenders and the Administrative Agent are parties to the Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of November 17, 2011 and amended as of February 14, 2012, March 29, 2012 and May 8, 2012 (as further amended, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”); and

WHEREAS, subject to the terms and conditions of this Fourth Amendment, the parties hereto wish to waive certain provisions of the Credit Agreement as herein provided;

NOW, THEREFORE, it is agreed:

I.              Waiver to Credit Agreement.

1.             Notwithstanding anything to the contrary contained in the Credit Agreement, the Required Lenders hereby waive any Event of Default under Sections 10.02, 10.03 and/or 10.04 of the Credit Agreement arising from the failure to comply with the financial covenant set forth in Section 9.07(b) of the Credit Agreement for the period commencing on April 14, 2012 through and including May 11, 2012 (the “Existing Defaults”).

II.             Miscellaneous Provisions.

1.             In order to induce the Lenders to enter into this Fourth Amendment, each of the Borrowers and the Parent hereby represents and warrants that (i) no Default or Event of Default exists as of the Fourth Amendment Effective Date (as defined below) (with the exception of any Existing Default) after giving effect to this Fourth Amendment and (ii) all of the representations and warranties contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects on the Fourth Amendment Effective Date both before and after giving effect to this Fourth Amendment, with the same effect as though such representations and warranties had been made on and as of the Fourth Amendment Effective Date (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific date).

  

 

  

2.             This Fourth Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement or the other Credit Documents or any of the other instruments or agreements referred to therein, or (ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, the Credit Documents or any of the other instruments or agreements referred to therein.

3.             This Fourth Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of any executed counterpart of this Fourth Amendment by telecopy or electronic mail by any party hereto shall be effective as such party’s original executed counterpart.

4.             THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

5.             This Fourth Amendment shall become effective on the date (the “Fourth Amendment Effective Date”) when the Parent, each Borrower, each Guarantor set forth on the signature pages hereto, the Administrative Agent and the Lenders constituting the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of pdf, facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip-Daniels (facsimile number: 212-354-8113 / e-mail address: myip@whitecase.com).

6.             The Parent, each Borrower and each Guarantor set forth on the signature pages hereto as debtor, grantor, pledgor or assignor, or in any other similar capacity in which the Parent, each Borrower and each Guarantor grants liens or security interests in their respective property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents to which it is a party (after giving effect hereto) and (ii) to the extent the Parent, each Borrower and each Guarantor set forth on the signature pages hereto granted liens on or security interests in any of its property pursuant to any such Credit Document as security for the Parent, each Borrower and each Guarantor’s Obligations under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. The Parent, each Borrower and each Guarantor set forth on the signature pages hereto hereby consents to this Fourth Amendment and acknowledges that each of the Credit Documents remains in full force and effect and is hereby ratified and reaffirmed. Except as otherwise provided herein, the execution of this Fourth Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, constitute a waiver of any provision of any of the Credit Documents or serve to effect a novation of the Obligations.

  

 

  

7.             From and after the Fourth Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby on the Fourth Amendment Effective Date.

* * *

  

 

  

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Fourth Amendment as of the date first above written.

	  	
GENERAL MARITIME CORPORATION,

	  	  	
as Parent

	  	  	  	  
	  	
By:

	
/s/ Jeffrey D. Pribor

	  	  	
Name:

	
Jeffrey D. Pribor

	  	  	
Title:

	
Executive Vice President & Chief

	  	  	  	
Financial Officer

	  	  	  	  
	  	
GENERAL MARITIME SUBSIDIARY

	  	  	
CORPORATION,

	  	  	
as a Borrower

	  	  	  	  
	  	
By:

	
/s/ Jeffrey D. Pribor

	  	  	
Name:

	
Jeffrey D. Pribor

	  	  	
Title:

	
President

	  	  	  	  
	  	
GENERAL MARITIME SUBSIDIARY II

	  	  	
CORPORATION,

	  	  	
as a Borrower

	  	  	  	  
	  	
By:

	
/s/ Jeffrey D. Pribor

	  	  	
Name:

	
Jeffrey D. Pribor

	  	  	
Title:

	
President

 

Signature Page to Fourth Amendment to DIP Credit Agreement

  

 

  

	  	
ARLINGTON TANKERS LTD.,

	  	  	
as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John C. Georgiopoulos

	  	  	
Name:

	
John C. Georgiopoulos

	  	  	
Title:

	
Director

	  	  	  	  
	  	
VISION LTD.

	  	
VICTORY LTD.

	  	
COMPANION LTD.

	  	
COMPATRIOT LTD.

	  	
CONSUL LTD.,

	  	  	
each as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John C. Georgiopoulos

	  	  	
Name:

	
John C. Georgiopoulos

	  	  	
Title:

	
Director

 

Signature Page to Fourth Amendment to DIP Credit Agreement

  

 

  

	  	
GMR CHARTERING LLC

	  	
GMR AGAMEMNON LLC

	  	
GMR AJAX LLC

	  	
GMR ARGUS LLC

	  	
GMR DAPHNE LLC

	  	
GMR DEFIANCE LLC

	  	
GMR ELEKTRA LLC

	  	
GMR GEORGE T LLC

	  	
GMR HARRIET G LLC

	  	
GMR HOPE LLC

	  	
GMR HORN LLC

	  	
GMR KARA G LLC

	  	
GMR MINOTAUR LLC

	  	
GMR ORION LLC

	  	
GMR PHOENIX LLC

	  	
GMR REVENGE LLC

	  	
GMR ST. NIKOLAS LLC

	  	
GMR SPYRIDON LLC

	  	
GMR STRENGTH LLC

	  	
GMR ATLAS LLC

	  	
GMR HERCULES LLC

	  	
GMR MANIATE LLC

	  	
GMR SPARTIATE LLC

	  	
GMR POSEIDON LLC

	  	
GMR ULYSSES LLC

	  	
GMR ZEUS LLC,

	  	  	
each as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John C. Georgiopoulos

	  	  	
Name:

	
John C. Georgiopoulos

	  	  	
Title:

	
Manager

 

Signature Page to Fourth Amendment to DIP Credit Agreement

  

 

  

	  	
GENERAL MARITIME MANAGEMENT LLC

	  	  	
GENERAL MARITIME MANAGEMENT

	  	  	
(PORTUGAL) LLC

	  	
GENERAL MARITIME MANAGEMENT (PORTUGAL)

	  	  	
LDA.,

	  	
GENERAL MARITIME MANAGEMENT (HELLAS)

	  	  	
LTD.,

	  	  	
each as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ Milton H. Gonzales, Jr.

	  	  	
Name:

	
Milton H. Gonzales, Jr.

	  	  	
Title:

	
Manager

 

Signature Page to Fourth Amendment to DIP Credit Agreement

  

 

  

	  	
CONCORD LTD.

	  	
CONTEST LTD.

	  	
CONCEPT LTD.

	  	
GENERAL PRODUCT CARRIERS CORPORATION

	  	
GENERAL MARITIME SUBSIDIARY NSF

	  	
CORPORATION

	  	
GMR ADMINISTRATION CORP.,

	  	  	
each as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John C. Georgiopoulos

	  	  	
Name:

	
John C. Georgiopoulos

	  	  	
Title:

	
Director

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
GENERAL MARITIME INVESTMENTS LLC

	  	
GMR CONCORD LLC

	  	
GMR CONSTANTINE LLC

	  	
GMR CONTEST LLC

	  	
GMR CONCEPT LLC

	  	
GMR GP LLC

	  	
GMR GULF LLC

	  	
GMR LIMITED LLC

	  	
GMR PRINCESS LLC

	  	
GMR PROGRESS LLC

	  	
GMR STAR LLC

	  	
GMR TRADER LLC

	  	
GMR TRUST LLC,

	  	  	
each as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John C. Georgiopoulos

	  	  	
Name:

	
John C. Georgiopoulos

	  	  	
Title:

	
Manager

	  	  	  	  
	  	
ARLINGTON TANKERS, LLC,

	  	  	
as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John C. Georgiopoulos

	  	  	
Name:

	
John C. Georgiopoulos

	  	  	
Title:

	
President and Secretary

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
GENERAL MARITIME MANAGEMENT (UK) LLC,

	  	  	
as a Guarantor

	  	  	  	  
	  	
By:

	
/s/ John P. Tavlarios

	  	  	
Name:

	
John P. Tavlarios

	  	  	
Title:

	
Manager

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
NORDEA BANK FINLAND PLC, NEW YORK

	  	  	
BRANCH,

	  	  	
Individually and as Administrative Agent and Collateral

	  	  	
Agent

	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ Martin Lunder

	  	  	  	  	
Name:

	
Martin Lunder

	  	  	  	  	
Title:

	
Senior Vice President

	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ Lynn Sauro

	  	  	  	  	
Name:

	
Lynn Sauro

	  	  	  	  	
Title:

	
Vice President

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
SIGNATURE PAGE TO THE WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	  	  	  	  
	  	
NAME OF INSTITUTION:

	  	  	  	  
	  	
Citibank N.A.

	  	  	  	  
	  	
By:

	
/s/ Peter Baumann

	  	  	
Name:

	
Peter Baumann

	  	  	
Title:

	
Managing Director

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
SIGNATURE PAGE TO THE WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	  	  	  	  
	  	
NAME OF INSTITUTION:

	  	  	  	  
	  	
DNB Bank ASA

	  	  	  	  
	  	
By:

	
/s/ Karl Trygue Lowzow

	  	  	
Name:

	
Karl Trygue Lowzow

	  	  	
Title:

	
Head of Restructuring Group

	  	  	  	  
	  	
By:

	
/s/ Hans Oosi Heiberg

	  	  	
Name:

	
Hans Oosi Heiberg

	  	  	
Title:

	
Head of International Section

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
SIGNATURE PAGE TO THE WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	  	  	  	  
	  	
NAME OF INSTITUTION:

	  	  	  	  
	  	
THE ROYAL BANK OF SCOTLAND PLC

	  	
as Lender

	  	  	  	  
	  	
By:

	
/s/ Neil J. Bivona

	  	  	
Name:

	
Neil J. Bivona

	  	  	
Title:

	
Managing Director

 

Signature Page to DIP Waiver and Fourth Amendment

  

 

  

	  	
SIGNATURE PAGE TO THE WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	  	  	  	  
	  	
NAME OF INSTITUTION:

	  	  	  	  
	  	
Skandinaviska Enskilda Banken AB (publ)

	  	
as Lender

	  	  	  	  
	  	
By:

	
/s/ Arne Juell-Skielse

	  	  	
Name:

	
Arne Juell-Skielse

	  	  	
Title:

	
Head of Shipping Finance, Sweden

 

Signature Page to DIP Waiver and Fourth Amendmentex10_7.htm

Exhibit 10.7

 

PARTNERSHIP WITHDRAWAL AGREEMENT

 

OCM MARINE HOLDINGS TP, L.P.

 

This Partnership Withdrawal Agreement (this “Agreement”) is made as of May 17, 2012, by and between General Maritime Corporation, a Marshall Islands corporation (the “Holder”) and OCM Marine GP CTB, Ltd., a Cayman Islands exempted company, as general partner (the “General Partner”) of OCM Marine Holdings TP, L.P., a Cayman Islands exempted limited partnership (the “Partnership”).

 

WHEREAS, pursuant to the Assignment of Limited Partnership Interest, dated as of January 7, 2012, between PC Georgiopoulos Investment Group LLC and the Holder, the Holder holds 490 Class B Units of the Partnership (the “Units”).

 

WHEREAS, in accordance with the Second Amended Joint Plan of Reorganization of General Maritime Corporation, dated April 19, 2012 (the “Plan”), the Holder and the Partnership intend to terminate and cancel the Units in full, with no further rights in respect thereof.

 

WHEREAS, pursuant to the Amended and Restated Exempted Limited Partnership Agreement dated January 7, 2012 (the “LPA”) of the Partnership, a limited partner may withdraw from the Partnership or withdraw from its capital account with the consent of the General Partner.

 

NOW, THEREFORE, BE IT RESOLVED, that for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Holder and the General Partner hereby agree as follows:

 

	
1.

	
Withdrawal.  The Holder hereby withdraws from the Partnership and agrees that the initial capital contribution of the Holder referable to the Holder’s Units as set out in the LPA be shared equally among the remaining limited partners.

 

	
2.

	
Consent.  The General Partner hereby consents to the Holder’s withdrawal from the Partnership with effect from the date of this Agreement.

 

	
3.

	
Termination of the Units.  All of the Units are hereby terminated, cancelled and no longer outstanding as of the date hereof, and neither the Holder nor any of its successors in interest shall have any further rights, obligations or liabilities in respect of the Units under the LPA of the Partnership, as amended from time to time, or otherwise.

 

	
4.

	
The General Partner has obtained all necessary consents required and shall amend the LPA to reflect the withdrawal of the Holder from the Partnership and the cancellation of the Units and shall execute the same (pursuant to the power of attorney contained therein) and shall register and record the same in all proper books, records and registers of the Partnership.

 

	
5.

	
Further Assurances.  The parties hereto shall execute and deliver from time to time such documents, conveyances or other assurances reasonably necessary to carry out the intent of this Agreement.

  

  

  

	
6.

	
Miscellaneous.

 

	
  

	
a.

	
This Agreement will be governed by and construed in accordance with the laws of the Cayman Islands without regard to its conflict of laws principles.

 

	
  

	
b.

	
This Agreement will be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

	
  

	
c.

	
This Agreement constitutes the entire agreement of the parties hereto superseding all prior documents and decisions regarding this topic, and it may not be amended except by a writing signed by the parties hereto and specifically referring to this Agreement.

 

	
  

	
d.

	
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which taken together will constitute one and the same agreement.  Any party so executing this Agreement by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.

 

*           *           *           *           *

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Partnership Withdrawal Agreement as of the date first written above.

 

	
SIGNED BY

	
)

	  
	  	  	  
	
for and on behalf of

	
)

	
/s/ B. James Ford

	  	  	  
	  	  	
B. James Ford

	  	  	
Managing Director

	
OCM MARINE GP CTB, LTD

	
)

	  
	  	  	  
	
in the presence of:

	
)

	  
	  	  	  
	  	  	  
	  	  	  
	
SIGNED BY

	
)

	  
	  	  	  
	
for and on behalf of

	
)

	
/s/ Adam Pierce

	  	  	  
	  	  	
Adam Pierce

	  	  	
Senior Vice President

	
GENERAL MARITIME CORPORATION.

	
)

	  
	  	  	  
	
in the presence of:

	
)

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