Document:

Exhibit 10.74

 

	

    	
www.koreaexlm.go.kr 
    
	
38, Eunhaeng-Ro(16-1, Yeouido-Dong), Yeongdeungpo-Gu, Seoul 150-996,   Korea

Tel. 822-3779-6318  Fax.   822-3779-6745 
    	
 
    

 

	
To: STI Perth Shipping Company Limited
    	
Date:   17th December, 2013
    
	
Trust Company Complex, Ajeltake Road,   Ajeltake Island
    	
 
    
	
Majuro, Marshall Islands 96960, Marshall   Islands
    	
 
    

 

IRREVOCABLE STAND BY LETTER OF CREDIT

 

Gentlemen:

 

We hereby open our irrevocable Letter of Credit No.M0902-312-LG-00089 in favour of STI Perth Shipping Company Limited (herein called “Buyer”) for account of Daewoo Shipbuilding & Marine Engineering Co., Ltd., 85, Da-dong, Jung-gu, 100-180, Seoul, Korea (herein called “Builder”) as follows in connection with the Shipbuilding Contract dated 13th of December, 2013 (hereinafter called the “Contract’) made by and between Buyer and the Builder for the construction and sale of one (1) 300,000 TDW Crude Oil Tanker having Builder’s Hull No. 5406(hereinafter called the “Vessel”).

 

If in connection with the terms and conditions of the Contract, whether so supplemented, amended, changed or modified, the Buyer shall become entitled to a refund of the advance payments made to Builder prior to the delivery of the Vessel, we hereby irrevocably guarantee to make the repayment of the same to Buyer within ten (10) working days after demand by the Buyer together with interest thereon at the rate of six percent (6%) per annum from the date following the date of receipt by Builder of each advance payment to the date of remittance by telegraphic transfer of such refund.

 

This Letter of Credit shall be in force and effect from the date of Builder’s actual receipt of the first instalment or advance payment in the amount of United States Dollars Fourteen Million One Hundred Seven Thousand Five Hundred only (USD14,107,500.-).

 

The amount of this Credit will be automatically increased upon Builder’s receipt of each successive advance payment, not more than three (3) times, each time by the amount of the advance payment plus interest thereon as provided in the Contract, but in any eventuality the amount of this Credit shall not exceed the total sum of United States Dollars Forty Two Million Three Hundred Twenty Two Thousand Five Hundred only (USD42,322,500.-) plus interest thereon at the rate of six percent (6%) per annum from the date following the date of Builder’s receipt of each advance payment to the date of remittance by telegraphic transfer of the refund. If any termination of the Contract`is based on delays due to Force Majeure or other causes beyond the control of Builder as specified in Article VIII of the Contract, no interest shall be payable.

 

This Letter of Credit is available against Buyer’s written statement stating that Buyer’s demand for refund has been made in conformity with the Contract and Builder has failed to make the refund within twenty (20) days after the Buyer’s demand. Refund shall be made to the Buyer by telegraphic transfer in United States Dollars.

 

This Letter of Credit shall expire and become null and void upon receipt by Buyer of the sum guaranteed hereby together with interest thereon as aforesaid or upon the execution by Buyer and Builder of the Protocol of Delivery and Acceptance of the Vessel or if the Contract is terminated due to Buyer’s default in accordance with the provisions of Article XI of the Contract, unless such default has been disputed with notice to us by Buyer within ten (10) working days of Buyer’s receipt of Builder’s written notice of termination. In any such case, this Letter of Credit shall be returned to us.

 

1

 

This Letter of Credit is transferable and valid until November 30, 2015, which date shall be adjusted and fixed in accordance with Article VII.1(a) of the Contract, or, in the event of delayed delivery, the expiration date of this Letter of Credit shall be extended to such time as the Vessel is delivered by Builder to Buyer in accordance with the provisions of the Contract.

 

Notwithstanding the provisions hereinabove, in case we receive notification from you or Builder confirmed by an arbitrator stating that your claim to cancel or terminate the Contract or your claim for refundment thereunder has been disputed and referred to Arbitration in accordance with the provisions of the Contract, this Letter of Credit shall be valid, until thirty (30) days after the final award shall be rendered in the Arbitration and a copy thereof acknowledged by the Arbitrators. In such case, this Letter of Credit shall not be available unless and until such acknowledged copy of the final award in the Arbitration justifying your claim is presented to us.

 

Except as otherwise expressly stated herein, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600 ( hereinafter called the “UCPDC”) and to the extent not contrary to the UCPDC this Letter of Credit shall be governed by the laws of England. And any dispute arising out of or in relation to this Letter of Credit shall be determined by the High Court of England to whose non-exclusive jurisdiction we hereby agree to submit. For the purposes of any legal proceedings hereunder we hereby irrevocably appoint KEXIM BANK (UK) LTD. at present of 3rd Floor Moorgate Hall 155 Moorgate EC2M 6XB London as our agents for the service of process.

 

Yours very truly,

 

The Export-Import Bank of Korea

 

	
/s/ Seung-Won Cha
    	
 
    	
/s/ Yun-Hee Kim
    
	
Name : Seung-Won Cha
    	
 
    	
Name : Yun-Hee Kim
    
	
Title : Director
    	
 
    	
Title: Senior Loan Officer
    

 

2Exhibit 10.121

 

Variation Agreement

 

	
From:
    	
Unipec U.K. Co., Limited (“Unipec”)
    
	
 
    	
Lawn House
    
	
 
    	
74 Shepherd’s Bush Green London W12 8QE
    
	
 
    	
Fax   No; +44 20 8811 8581 Attention: Ed Averill
    
	
 
    	
 
    
	
To   :
    	
General Maritime Management LLC (“GMM”) 

c/o General Maritime Corp.  

299 Park Avenue 2nd Floor  

New York, NY 10171  

Fax No: +1 212 763 5603  

Attention: Sean Bradley
    
	
 
    	
 
    
	
And: 
    	
Unique Tankers LLC (“Unique”) 

c/o General Maritime Corp. 

299 Park Avenue 2nd Floor 

New York, NY 10171
    
	
 
    	
Fax No: +1 212 763 5603
    
	
 
    	
Attention: Sean Bradley
    

 

November 7, 2014

 

Dear Sirs

 

The Unique Tanker Pool and related agreements

 

We refer to an Agency Agreement entered into on or around 29 November 2012 between Unique and Unipec, an Option Side Letter and an Exclusivity Side Letter entered into on or around 29 November 2012, both made between GMM and Unipec and a Standard Ship Management Agreement (Shipman 2009) entered into on 30 November 2012 with a date of commencement as of 3 December 2012 between Unique and Unipec, (each a “Pool Agreement” and collectively the “Pool Agreements”).

 

In this Agreement, “Group Company” means in relation to a party to this Agreement any entity that directly or indirectly controls that party, or is controlled by that party, or is another entity controlled directly or indirectly by the entity which controls that party; and for these purposes “control of an entity” means

 

(i) the power (whether by way of ownership of shares or other ownership interests, proxy, contract, agency or otherwise) to:

 

(A)         cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting or other decision making forum of the entity; or

 

(B)         appoint or remove all, or the majority, of the directors or other equivalent officers of the entity; or

 

(C)         give directions with respect to the operating and financial policies of the entity with which the directors or other equivalent officers of the entity are obliged to or customarily comply; or

 

(ii) the holding beneficially of (A) more than 50% of the issued share capital or other ownership interests of the entity or (B) the share capital or other participation rights entitling the holders to more than 50% of the distributions of income or capital, whether or not on a winding up, (in each case excluding any part of that issued share capital or other participation rights that carries no right to participate beyond a specified amount in a distribution of either profits or capital).

 

Each of the Pool Agreements (other than the Ship Management Agreement) contains confidentiality restrictions, and the parties to this Agreement recognize that such restrictions would be breached by transactions contemplated by General Maritime Corporation LLC and/or its Group Companies. Accordingly, the parties to this Agreement have agreed that each of the Pool Agreements to which they are a party shall be

 

 

adjusted in the manner hereinafter appearing on the basis that each of such adjustments shall be deemed to have been made on the date of entry into of the relevant Pool Agreement.

 

1                               Restrictions not applicable

 

The confidentiality and non-disclosure provisions set out in each of the Pool Agreements shall not apply:

 

(a)                       if and to the extent agreed in writing by the parties to the relevant Pool Agreement;

 

(b)                       to information that is already or subsequently enters into the public domain, other than following a disclosure by a party to the relevant Pool Agreement in breach of the relevant Pool Agreement; or

 

(c)                        to information acquired by a party from an unconnected source free from any obligation of confidence to any other person; or

 

(d)                       to the extent that the information concerned is not, or could not reasonably be expected to be, confidential.

 

2                               Permitted disclosures

 

The confidentiality and non-disclosure provisions set out in each of the Pool Agreements shall not apply, and a party may disclose information which would otherwise be confidential and/or where it would otherwise be precluded from disclosing the same by the relevant Pool Agreement (and, where so required, copies of the Pool Agreements themselves), to the extent:

 

(a)                       necessary to obtain any consents to the transactions contemplated by, or for the implementation of, the relevant Pool Agreement;

 

(b)                       required to allow a party to comply with any contractual obligations existing at the date of the relevant Pool Agreement;

 

(c)                        (upon notice to the other parties), desirable to enable third parties who are or may be interested in joining the Unique Tanker Pool to obtain a proper understanding of the contractual arrangements governing the operation of the Unique Tanker Pool (together with their affiliated entities, financiers and other advisers);

 

(d)                       required to allow a party to any of the Pool Agreements (and/or any of their Group Companies) to report the financial performance of the Unique Tanker Pool to its shareholders (or those of any Group Company);

 

(e)                        (upon notice to the other parties), required to allow a party to any of the Pool Agreements (or any Group Company of any of such persons) to make disclosures on a confidential basis to present or prospective investors in or lenders to any such entity(or their respective advisers) or in connection with any merger, acquisition, disposal or divestment or the financing of any of the same or any holding in any such entity (but there shall be no requirement to disclose in the notice given to the other parties the identities of any third parties to whom such information is to be disclosed under this paragraph (e));

 

(f)                         (upon notice to the other parties, unless giving such notice could constitute a breach of any applicable law or regulation), required to allow or in contemplation of the initial public offering or any private placement or any further issue or offering of securities (whether or not the same are to be publicly traded) in any Group Company of a party to any of the Pool Agreements, including for the avoidance of doubt, filing any registration statements or other documentation with the Securities and Exchange Commission or any other regulatory authorities for such purposes;

 

(g)                        information is disclosed to the directors, board observers, employees, officers, agents, professional advisers, insurers, auditors or bankers of any party to any of the Pool Agreements or of any of their Group Companies to the extent necessary or reasonable for such persons to obtain the same for the purpose of discharging their responsibilities;

 

 

(h)                       information is disclosed to vest the full benefit of or to enforce any rights conferred by any of the Pool Agreements on any party to the same or in connection with any proceedings arising out of or in connection with any of the Pool Agreements; and

 

(i)                           information is required to be disclosed (whether or not such requirement has the force of law) to a court or other authority of competent jurisdiction or taxation authority, governmental, official or regulatory or supervisory body or authority or to inspectors or others authorised by such a body or authority or as otherwise required by the law of any relevant jurisdiction or to any relevant securities exchange or as otherwise required by the law of any relevant jurisdiction;

 

provided always that the disclosing party shall, save in relation to paragraphs (f) and (i), use all reasonable endeavours to (i) ensure that the recipient of such information is advised of the confidential nature of the same and (ii) procure that any information so disclosed is used only for the purposes for which it was disclosed and (iii) procure that such information is kept confidential by the person to whom it is disclosed.

 

3                               Supplemental Effect

 

This Agreement is supplemental to, and shall have effect as if it formed part of and is incorporated into, each of the Pool Agreements which, save to the extent modified by this Agreement, shall continue in full force and effect, including, without limitation, with regard to the relevant law, jurisdiction and notice provisions of the the relevant Pool Agreement.

 

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or the agreement recorded in it (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales. The parties agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter (including non-contractual disputes or claims).

 

Please acknowledge receipt and acceptance of the terms of this Agreement by signing, dating and returning the enclosed copy.

 

	
Yours faithfully,
    	
 
    
	
 
    	
 
    
	
/s/ [ILLEGIBLE]
    	
 
    
	
Unipec U.K. Co., Limited
    	
 
    

 

 

We hereby acknowledge receipt and accept the terms contained in this Agreement

 

	
Signed
    	
/s/ [ILLEGIBLE]
    	
 
    	
Date 
    	
10 Nov 2014
    
	
General Maritime Management LLC
    	
 
    	
 
    	
 
    
							

 

We hereby acknowledge receipt and accept the terms contained in this Agreement

 

	
Signed
    	
/s/ [ILLEGIBLE]
    	
 
    	
Date 
    	
10 Nov 2014
    
	
Unique Tankers LLC

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