Document:

Exhibit 10.23

 

EXECUTION COPY

 

WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT

 

WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment”), dated as of January 31, 2011, by and among GENERAL MARITIME CORPORATION, a Marshall Islands corporation (the “Parent”), ARLINGTON TANKERS LTD., a Bermuda limited company (the “Borrower”), the Lenders party from time to time to the Credit Agreement referred to below (the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent.  Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined.

 

W  I  T  N  E  S  S  E  T  H :

 

WHEREAS, the Parent, the Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement, dated as of October 4, 2010, and amended on December 14, 2010, December 31, 2010 and January 14, 2011 (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 amend 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 the Minimum Cash Balance covenant set forth in Section 8.07 of the Credit Agreement through February 28, 2011 and any Event of Default under Sections 9.02, 9.03 and/or 9.04 arising therefrom (the “Waiver”); provided that the Waiver shall cease to be of any force or effect on the earlier of (x) February 28, 2011 and (ii) any failure by the Parent to deliver Cash Flow Projections set forth in Section III(1)(B) below for more than one Business Day after written notice thereof from the Administrative Agent to the Parent, after which time the failure of the Parent to meet such Minimum Cash Balance covenant shall constitute an immediate Event of Default under the Credit Agreement without regard to this Fourth Amendment.

 

II.            Amendments to Credit Agreement.

 

1.             Section 8.02(i) of the Credit Agreement is hereby amended by (x) inserting the text “(I)” immediately preceding the text “unless” appearing in said Section and (y) inserting the text “and (II) the Borrower shall have delivered to the Administrative Agent at least three Business Days (or such other period as shall be agreed by the Borrower and the Administrative Agent) prior written notice of the proposed sale, lease or other disposition of the Mortgaged Vessel, which notice shall set forth the expected closing date of such sale, lease or other disposition and the date of the corresponding repayment of Loans in full” immediately preceding the semi-colon “;” at the end of said Section.

 

 

III.           Miscellaneous Provisions.

 

1.             In order to induce the Lenders to enter into this Fourth Amendment:

 

(A) each of the Parent and the Borrower hereby represents and warrants that (i) other than any Event of Default that has been disclosed by the Parent or any of its Subsidiaries in writing to the Lenders prior to the date hereof, no Default or Event of Default exists as of the Fourth Amendment Effective Date (as defined below) 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), and

 

(B) the Parent agrees to deliver, on the Fourth Amendment Effective Date and by no later than Friday of each calendar week thereafter to and including February 25, 2011, cash flow projections for the Parent and its Subsidiaries (the “Cash Flow Projections”) for the 13-week period beginning on the calendar week in which such Cash Flow Projections are due, which Cash Flow Projections shall (i) be based on information available, and projections made, as of the last Business Day of the immediately preceding calendar week and (ii) include a variance report describing in reasonable detail the variance(s) in actual cash flow from projected cash flow for the week ended on such last Business Day.

 

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 (i) the Parent, the Borrower, 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); (ii) the Borrower shall have paid to the Administrative Agent all outstanding fees and expenses in connection with the Fourth Amendment (including, without limitation, the fees and expenses of White & Case LLP); and (iii) the Administrative Agent shall have received a copy of a valid waiver, in form and substance reasonably satisfactory to the Administrative Agent, from the Required Lenders under and as defined in each of the 2008 Credit Agreement and the 2010 Credit Agreement of the minimum cash balance covenants set forth therein and any events of default arising therefrom, which waiver shall in each case be effective in accordance with its terms.

 

6.             The Parent, the Borrower and each Subsidiary Guarantor as debtor, grantor, pledgor or assignor, or in any other similar capacity in which the Parent, the Borrower and each Subsidiary Guarantors grant liens or security interests in their respective property or otherwise act 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, the Borrower and each Subsidiary Guarantor granted liens on or security interests in any of its property pursuant to any such Credit Document as security for the Parent, the Borrower and each Subsidiary Guarantor’s Obligations under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grants 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, the Borrower and each Subsidiary Guarantor 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
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Jeffrey D. Pribor
    
	
 
    	
 
    	
 
    	
Name:
    	
Jeffrey   D. Pribor
    
	
 
    	
 
    	
 
    	
Title:
    	
Executive   Vice President, Chief
    
	
 
    	
 
    	
 
    	
Financial   Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARLINGTON   TANKERS LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Brian Kerr
    
	
 
    	
 
    	
 
    	
Name:
    	
Brian   Kerr
    
	
 
    	
 
    	
 
    	
Title:
    	
Treasurer
    

 

 

By executing and delivering a copy hereof, each Subsidiary Guarantor hereby acknowledges and agrees that all Guaranteed Obligations of the Subsidiary Guarantors shall be fully guaranteed pursuant to the Subsidiaries Guaranty and shall be fully secured pursuant to the Security Documents, in each case in accordance with the respective terms and provisions thereof.  Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the Credit Agreement referenced in the foregoing Fourth Amendment, hereby consents to the entering into of the Fourth Amendment and agrees to the provisions thereof.

 

 

	
 
    	
 
    	
Acknowledged   and Agreed by:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
VISION   LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Brian Kerr
    
	
 
    	
 
    	
 
    	
Name:   Brian Kerr
    
	
 
    	
 
    	
 
    	
Title:   Vice President & Treasurer
    

 

 

	
 
    	
 
    	
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/   Gerald E. Chelius, Jr.
    
	
 
    	
 
    	
 
    	
Name:
    	
Gerald   E. Chelius, Jr.
    
	
 
    	
 
    	
 
    	
Title:
    	
SVP   Credit
    

 

 

	
 
    	
 
    	
SIGNATURE   PAGE TO THE WAIVER AND FOURTH AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE   FIRST DATE WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, ARLINGTON   TANKERS LTD., VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW   YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NAME   OF INSTITUTION:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
DnB   NOR Bank ASA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Nikolai A. Nachamkin
    
	
 
    	
 
    	
 
    	
Name:
    	
Nikolai   A. Nachamkin
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Cathleen Buckley
    
	
 
    	
 
    	
 
    	
Name:
    	
Cathleen   Buckley
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice PresidentExhibit 10.1

 

AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This AMENDMENT  TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective as of January 1, 2011, by and between Scott K. Ginsburg (the “Employee”) and DG FastChannel, Inc., a Delaware corporation (the “Corporation”).

 

WHEREAS, the Corporation and the Employee are parties to that certain Employment Agreement dated as of October 3, 2008 (the “Agreement”); and

 

WHEREAS, the Corporation and the Employee desire to amend the Agreement on the terms and conditions set forth below.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Employee and the Corporation, intending to be legally bound, hereby amend the Agreement as follows:

 

1.             Section 3 of the Agreement is hereby amended and restated in its entirety as follows:

 

“3.           Employment Term.  The term of the Employee’s employment hereunder shall begin on the Effective Date and continue until 11:59:59 p.m. CST on December 31, 2011, unless earlier terminated as herein provided.”

 

2.             Section 4(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(a) Salary: Salary shall be payable in equal bimonthly installments in arrears, or otherwise in accordance with the Corporation’s ordinary payroll practices. Employee shall be entitled to annual salary as set forth below, or such higher compensation as may be established by the Corporation from time to time:

 

From January 1, 2011 through December 31, 2011                  $600,000”

 

3.             Section 4(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(b) Bonus: For calendar year 2011, the Employee shall be eligible for an annual target bonus in an amount equal to 200% of the then-applicable annual salary.  The Employee’s actual bonus for calendar year 2011 may be less or more than this target amount, the criteria upon which any bonus would be awarded to be determined in the sole discretion of the Compensation Committee (or other applicable committee) of the Board of Directors (the “Compensation Committee”), provided, however, that a material portion of

 

 

the Employee’s annual bonus for calendar year 2011 shall be based upon the Corporation’s attainment of revenue and EBITDA goals established by the Compensation Committee.  Any annual bonus that becomes payable pursuant to this Section 4(b) shall be paid between January 1 and March 15th of the year following the year for which such annual bonus was earned; provided, however, in no event will the bonus be paid after December 31 of the year following the year for which such annual bonus was earned.”

 

4.             The following sentence is hereby added to the end of Section 13(a) of the Agreement:

 

“Notwithstanding the foregoing, in the event of the termination of the Employee’s employment by reason of the Employee’s death or disability, the Employee (or the Employee’s estate, as applicable) shall be entitled to receive the annual bonus which the Employee would have been entitled to receive had the Employee remained employed by the Corporation pursuant this Agreement for the entire year during which the Date of Termination occurs, which annual bonus shall be determined by the Compensation Committee based on the Corporation’s performance for such year and in accordance with the terms of the applicable bonus program for such year, payable in a lump sum payment on the date on which annual bonuses for the year in which the Date of Termination occurs are paid to the Corporation’s executive officers generally, but in all events such payment shall be made between January 1 and March 15 of the year following the year in which the Date of Termination occurs, unless otherwise required by Section 15(b).  In the event the foregoing amount is paid following a termination of the Employee’s employment by reason of the Employee’s disability, the Employee shall have no obligation to seek other employment and any income so earned shall not reduce the foregoing amounts.”

 

5.             Section 13(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(b)         If the Employee terminates for Good Reason or following a Change of Control pursuant to Section 12(g) above, or if the Employee is terminated by the Corporation other than for Cause or any other reason set forth in subparagraph (a) above during the Employment Term, the Employee shall be entitled to the sum of (i) the greater of (A) all remaining salary, in a lump sum payment, under this Agreement to the end of the Employment Term, or (B) salary, in a lump sum payment, from the Date of Termination through the second anniversary of the Date of Termination, at the rate of salary in effect on the Date of Termination, which lump sum shall be paid, unless otherwise required by Section 15(b), within 90 days following the Date of Termination, with the exact date of payment determined in the sole discretion of the Corporation, plus (ii) the annual bonus which the Employee would have been entitled to receive had the Employee remained employed by the Corporation pursuant this Agreement for the entire year during which the Date of

 

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Termination occurs, which annual bonus shall be determined by the Compensation Committee based on the Corporation’s performance for such year and in accordance with the terms of the applicable bonus program for such year, payable in a lump sum payment on the date on which annual bonuses for the year in which the Date of Termination occurs are paid to the Corporation’s executive officers generally, but in all events such payment shall be made between January 1 and March 15 of the year following the year in which the Date of Termination occurs, unless otherwise required by Section 15(b).  The Employee shall have no obligation to seek other employment and any income so earned shall not reduce the foregoing amounts.”

 

6.             Section 14 of the Agreement is hereby amended and restated in its entirety as follows:

 

“14.         Severance.  Following the end of the Employment Term, upon termination of Employee’s employment with the Corporation for any reason other than Cause, but upon ninety days’ prior written notice if such termination is by the Employee, the Corporation shall pay to the Employee the sum of (a) an amount equal to the amount of salary the Employee would have earned if he had remained employed with the Corporation for a period of six months following the Date of Termination at the rate of salary in effect on the Date of Termination, which lump sum shall be paid within 90 days of the Date of Termination, with the exact date of payment determined in the sole discretion of the Corporation, unless otherwise required under Section 15(b), plus (ii) the annual bonus which the Employee would have been entitled to receive had the Employee remained employed by the Corporation pursuant this Agreement for the entire year during which the Date of Termination occurs, which annual bonus shall be determined by the Compensation Committee based on the Corporation’s performance for such year and in accordance with the terms of the applicable bonus program for such year, payable in a lump sum payment on the date on which annual bonuses for the year in which the Date of Termination occurs are paid to the Corporation’s executive officers generally, but in all events such payment shall be made between January 1 and March 15 of the year following the year in which the Date of Termination occurs, unless otherwise required by Section 15(b).”

 

7.             A new Section 28 is hereby added to the Agreement as follows:

 

“28.         Key Person Insurance.  At any time during the Employment Term, the Corporation shall have the right to insure the life of the Employee for the Corporation’s sole benefit.   The Corporation shall have the right to determine the amount of insurance and the type of policy.  The Employee shall reasonably cooperate with the Corporation in obtaining such insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing all necessary documents reasonably required by any insurance carrier.  The Employee shall incur no financial obligation by executing any required document, and shall have no

 

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interest in any such policy.  The results of any physical examination of the Employee performed pursuant to the terms hereof shall be made available to the Employee and shall only be disclosed to the Board of Directors with the prior written consent of the Employee.  Except for the purposes of determining whether a disability exists, the Corporation shall not permit the results of any physical examination of the Employee performed pursuant to the terms hereof to have any effect on any employment decisions pertaining to the Employee, and the Corporation hereby agrees and acknowledges that such results shall not have any such effect.”

 

8.             The Agreement, as amended hereby, shall remain in full force and effect.

 

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IN WITNESS WHEREOF, the Employee and the Corporation have executed and delivered this Amendment on the date(s) set forth below.

 

 

	
 
    	
 
    	
 
    	
DG   FASTCHANNEL, INC.
    
	
 
    	
 
    	
 
    
	
Date:
    	
May   10, 2011
    	
By:
    	
/s/   John R. Harris
    
	
 
    	
 
    	
Name:
    	
John   R. Harris
    
	
 
    	
 
    	
Title:
    	
Compensation   Committee Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
EMPLOYEE
    
	
 
    	
 
    	
 
    
	
Date:
    	
May   10, 2011
    	
/s/   Scott K. Ginsburg
    
	
 
    	
 
    	
Scott   K. Ginsburg
    

 

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