Document:

exv10w13

Exhibit 10.13

EXECUTION VERSION

 

 

AMENDMENT NO. 2

TO

SENIOR SECURED CREDIT FACILITY AGREEMENT

dated December 28, 2005

made among

RIGDON MARINE CORPORATION

by

DVB BANK NV,

as Underwriter, Arranger, Book Manager, Facility Agent and Security Trustee,

DVB BANK AG,

as Swap Bank,

and

and the Banks, Financial Institutions and Persons

identified on Schedule 1 to the Original Agreement, as Lenders

 

 

May 9, 2007

 

 

AMENDMENT NO. 2 SENIOR SECURED CREDIT FACILITY AGREEMENT

          THIS AMENDMENT NO. 2 TO SENIOR SECURED CREDIT FACILITY AGREEMENT (this “Amendment”) is made as
of the 9TH day of May, 2007 by and among (1) RIGDON MARINE CORPORATION, a corporation
incorporated under the laws of the State of Delaware (the “Borrower”), (2) the banks and financial
institutions as are listed on the signature pages hereto (together with their respective successors
and assigns, the “Lenders”), (3) DVB BANK AG, as swap bank (the “Swap Bank”) and (4) DVB BANK NV
(“DVB”), as underwriter, arranger, book manager and facility agent for the Lenders (in such
capacity, the “Facility Agent”) and security trustee for the Lenders and the Swap Bank (in such
capacity, the “Security Trustee”), and amends and is supplemental to that Senior Secured Credit
Facility Agreement dated as of December 28, 2005, as amended by Amendment No. 1 thereto dated as of
February 28, 2006 (the “Original Agreement”) made by and among the Borrower, the Lenders, the
Facility Agent and the Security Trustee.

WITNESSETH THAT:

          WHEREAS, pursuant to the Original Agreement, the Lenders made available to the Borrower a
secured term loan in the principal amount of up to US$170,000,000 (the “Original Facility”) in two
tranches, Tranche A Facility and Tranche B Facility, for the purposes described in Section 3.1
thereof;

          WHEREAS, the current aggregate outstanding principal of the Original Facility is US$83,120,000
and the committed but undrawn portion of the Original Facility is $75,000,000;

          WHEREAS, the Borrower, the Lenders, the Swap Bank, the Security Trustee and the Facility Agent
now desire to amend the Original Agreement to reflect the change in swap bank from DVB to the Swap
Bank;

          WHEREAS, Rigdon Marine Holdings, L.L.C., formerly known as Rigdon Marine, L.L.C. (“RMLLC”),
has entered into agreements with the builders set forth on the attached Annex A (the “New Vessels
Builders”) for the construction of eight (8) new crew boats and/or F.S.I.V.’s (the “New Vessels”),
each as described in the attached Annex A;

          WHEREAS, RMLLC has agreed to assign to the Borrower the Construction Contracts for the Vessel
with the New Vessels Builders;

          WHEREAS, the Borrower has requested that (1) an additional amount of up to $54,000,000
(“Tranche C”) be made available to it for the purpose of financing the acquisition of the New
Vessels in an amount equal to the lesser of (a) 100% of the delivered cost of the New Vessels, as
set forth on the attached Annex A or (b) 100% of the Fair Market Value of the New Vessels at
delivery and (2) the Lenders amend the Original Agreement to permit the Borrower to borrow Tranche
C;

          WHEREAS, the Lenders have agreed to (1) advance Tranche C to the Borrower by making a new
tranche available to the Borrower pursuant to the terms and conditions hereof

 

 

and (2) amend Section 9.2(j) to permit the Borrower to use corporate funds to purchase the New
Vessels;

          WHEREAS, the Borrower is in the process of negotiating the terms of a subscription agreement
(the “LLC Transaction”) with Bourbon Offshore Holding, SAS and Jackson Offshore LLC, a company
organized and existing under the laws of the State of Louisiana (“Jackson”), to be owned 24.5% by
Bourbon Offshore Holdings, SAS, 24.5% by the Borrower and 51% by Lee Jackson , for the purpose of
acquiring and operating one crew boat with the objective of acquiring up to five (5) crew boats
(the “Crew Boats”);

          WHEREAS, the Borrower estimates that the maximum total investment by Jackson may be
approximately $35,000,000 and the Borrower anticipates that its equity contribution in the LLC
Transaction may be approximately $3,000,000.00 (the “LLC Transaction Funds”), depending on the
final design chosen for the Crew Boats, and on future potential acquisition of Vessels by Jackson,
and the Borrower anticipates that its initial equity contribution in the LLC Transaction will be
approximately $300,000.00;

          WHEREAS, the Original Agreement restricts the ability of the Borrower to (1) pay out any funds
to any company or person except as set forth in Section 9.2(j) of the Original Agreement and (2)
make any Restricted Payments or Restricted Investments, other than as set forth in Section 9.2(l)
of the Original Agreement

          WHEREAS, the Borrower has requested that the Lenders amend the Original Agreement to permit
the Borrower to enter into the LLC Transaction and to contribute, if the Borrower so chooses, the
LLC Transaction Funds;

          WHEREAS, the Lenders have agreed to amend Sections 9.2(j) and 9.2(l) of the Original Agreement
to permit the Borrower to enter into the LLC Transaction and to contribute, at the Borrower’s
choosing, the LLC Transaction Funds in an amount not to exceed $3,000,000.00;

          WHEREAS, the Borrower has also requested that the Lenders (1) amend the definitions of
“Consolidated Total Assets”, “Consolidated Net Earnings”, “Consolidated Net Worth” and “Funded
Debt” in Section 1.1 of the Original Agreement to exclude the Borrower’s net exposure under
Interest Rate Agreements until such time as the Borrower’s position(s) under Interest Rate
Agreements are liquidated and (2) reduce the Applicable Margin by 25 basis points to 1.25% per
annum;

          WHEREAS, the Lenders have agreed to (1) revise Section 1.1 of the Original Agreement to
exclude the Borrower’s net exposure under Interest Rate Agreements in the definitions of
“Consolidated Total Assets”, “Consolidated Net Earnings”, “Consolidated Net Worth” and “Funded
Debt” until such time as the Borrower’s position(s) under Interest Rate Agreements are liquidated
and (2) reduce the Applicable Margin by 25 basis points to 1.25% per annum; and

          WHEREAS, as consideration for the advancement of Tranche C and as additional security for the
obligations of the Borrower with respect to the Original Facility and Tranche C, the Borrower and
the Lenders have agreed (1) to amend and restate the Note to increase the

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amount of the Note to $224,000,000, (2) to amend the Mortgages to increase the total amount of
the mortgages from $195,500,000, of which $170,000,000 comprises the Loan and $25,500,000 comprises
the Swap Liabilities, to $249,500,000, (3) to amend and restate the Assignment of Earnings and
Assignment of Insurances; (4) that the Borrower shall grant in favor of the Security Trustee, on
behalf of the Lenders, an assignment of each of the New Vessels Builder’s warranties with respect
to each of the New Vessels (the “New Vessels Builder’s Warranties Assignments”), (5) that the
Borrower shall obtain the consent and agreement of the Subordinated Lender to the increase in the
amount of the Facility and the acknowledgment by the Subordinated Lender that it shall have no
security interest relating to the New Vessels, in form and substance satisfactory to the Lenders in
their sole discretion (the “Subordinated Lender Consent”), (6) Section 9.4 of the Original
Agreement, the “Asset Maintenance” clause, shall remain as provided for in the Original Agreement
and (7) that all of the Vessels, including the New Vessels, shall secure the obligations of the
Borrower under Original Agreement, as amended hereby, the Note and each of the Security Documents
including the obligation of the Borrower to repay the amount of the Original Facility and Tranche C
in full, together with accrued but unpaid interest and any other amounts owing by the Borrower to
the Facility Agent, the Security Trustee or any Lender pursuant to the Agreement, the Note or any
Security Document;

          NOW, THEREFORE, in consideration of the premises and such other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged by the parties, it is
hereby agreed as follows:

          1. Definitions. Unless otherwise defined herein, words and expressions defined in the
Original Agreement have the same meanings when used herein, including in the recitals hereto.

          2. Representations and Warranties. The Borrower hereby reaffirms, as of the date
hereof, each and every representation and warranty made thereby in the Original Agreement, the Note
and the other Security Documents (updated mutatis mutandis).

          3. No Defaults. The Borrower hereby represents and warrants that as of the date
hereof there exists no Event of Default or any condition which, with the giving of notice or
passage of time, or both, would constitute an Event of Default.

          4. Performance of Covenants. The Borrower hereby reaffirms that it has duly performed
and observed the covenants and undertakings set forth in the Original Agreement, the Note and the
other Security Documents, on its part to be performed, and the Borrower covenants and undertakes to
continue duly to perform and observe such covenants and undertakings, as amended hereby, so long as
the Original Agreement, as the same is amended hereby and may hereafter be amended or supplemented,
shall remain in effect.

          5. Amendment to the Original Agreement. Subject to the terms and conditions of this
Amendment, the Original Agreement is hereby amended and supplemented as follows:

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	 	(a)	 	all references to “this Agreement” shall be deemed to refer to
the Original Agreement as amended hereby;
	 
	 	(b)	 	In each place where DVB is identified in the Original Agreement
as the “swap bank”, DVB Bank AG shall be substituted in place thereof.
	 
	 	(c)	 	In each place where Rigdon Marine, L.L.C., or “RMCLLC” is
referred to in the Original Agreement, Rigdon Marine Holdings, L.L.C. or
“RMLLC” shall be substituted in place thereof.
	 
	 	(d)	 	Section 1.1 is hereby amended as follows:

	 	(i)	 	the definition of “Applicable Margin” shall be
replaced in its entirety with the following:
	 
	 	 	 	“means 1.25% per annum;”
	 
	 	(ii)	 	the definition of “Builder” shall be deleted
and replaced in its entirety with the following:
	 
	 	 	 	““Builder(s)” means Bollinger Shipyards Lockport, L.L.C. or either of
the New Vessels Builders as defined in this Section 1.1;”
	 
	 	(iii)	 	the definition of “Consolidated Net Earnings”
shall be amended to replace the “and” prior to “(ii)” with a comma and
insert at the end thereof the following:
	 
	 	 	 	“and (iii) the Borrower’s net exposure under Interest Rate Agreements
until such time as the Borrower’s position(s) under any Interest Rate
Agreements are liquidated”
	 
	 	(iv)	 	the definition of “Consolidated Net Worth”
shall be amended to insert, following “GAAP” the following:
	 
	 	 	 	“excluding the Borrower’s net exposure under Interest Rate Agreements
until such time as the Borrower’s position(s) under any Interest Rate
Agreements are liquidated”
	 
	 	(v)	 	the definition of “Consolidated Total Assets”
shall be amended to insert, following “Subsidiaries” and prior to
“determined” the following:
	 
	 	 	 	”, excluding the Borrower’s net exposure under Interest Rate
Agreements until such time as the Borrower’s position(s) under any
Interest Rate Agreements are liquidated,”

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	 	(vi)	 	the definition of “Crew Boat(s)” shall be inserted as follows:
	 
	 	 	 	“shall mean the crew boat, or up to five crew boats, to be acquired
pursuant to the LLC Transaction;”
	 
	 	(vii)	 	the definition of “Facility” shall be replaced
in its entirety with the following:
	 
	 	 	 	“means the credit facility of up to $224,000,000, to be made
available by the Lenders to the Borrower hereunder pursuant to
Section 3 in three tranches in the maximum aggregate principal amount
equal to the lesser of (i) with respect to Tranche A, $95,000,000 or
seventy percent (70%) of the Fair Market Value of the Pre-Existing
Vessels, (ii) with respect to Tranche B, $75,000,000 or seventy
percent (70%) of the Fair Market Value of the GPA 654 Vessels and
(iii) with respect to Tranche C, (a) $54,000,000, (b) 100% of the
delivered cost of the New Vessels, as set forth on Schedule 2 hereto
or (c) 100% of the Fair Market Value of the New Vessels at delivery;”
	 
	 	(viii)	 	the definition of “Funded Debt” shall be amended to replace the “and”
prior to “(iii)” with a comma and insert, following the “(iii) the
Subordinated Mortgage Debt” the following:
	 
	 	 	 	“and (iv) the Borrower’s net exposure under Interest Rate Agreements
until such time as the Borrower’s position(s) under any Interest Rate
Agreements are liquidated”
	 
	 	(ix)	 	the definition of “LLC Transaction” shall be inserted as follows:
“shall mean that certain transaction among the Borrower, Bourbon
Offshore Holdings, LLC, SAS and Lee Jackson with respect to their
investments in Jackson Offshore LLC, a company organized and existing
under the laws of Louisiana (“Jackson”), to be owned 24.5% by the
Borrower, 24.5% by Bourbon Offshore Holdings, SAS and 51% by Lee
Jackson, for the purpose of acquiring and operating the Crew Boats;”
	 
	 	(x)	 	the definition of “LLC Transaction Funds” shall
be inserted as follows:
	 
	 	 	 	“shall mean the Borrower’s equity contribution in LLC Transaction in
an amount not to exceed $3,000,000.00, provided,
however, that such amount shall be invested by the Borrower
on a pro rata basis with the total investments made by all investors
in connection with the LLC Transaction and the total investments made
by all investors with respect to each Crew Boat purchase

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	 	 	 	shall be on a pro rata basis with the total investments of Jackson (as such term
is used in the definition of “LLC Transaction”);”
	 
	 	(xi)	 	the definition of “Mortgages” shall be revised
by inserting “, as amended,” after the word “mortgages” and before the
word “on”;
	 
	 	(xii)	 	the definition of “New Vessels” shall be
inserted as follows:
	 
	 	 	 	“means those Vessels listed on Schedule 2 under the heading New
Vessels, provided, however, that the Borrower may
request permission from the Lenders to substitute up to two (2) of
the Vessels listed on Schedule 2, such consent of each of the Lenders
to be at the sole discretion of each of the Lenders”;
	 
	 	(xiii)	 	the definition of “New Vessels Building Contract(s)” shall be
inserted as follows:
	 
	 	 	 	“means (i) those certain Vessel Construction Contracts for the
Construction of seven (7) New Vessels (Hull Numbers 83, 84, 91, 93,
94, 97 and 98) dated October 20, 2005 for Hull 83, dated April 4,
2006 for Hull 84, and dated August 22, 2006 for Hulls 91, 93, 94, 97,
and 98 between C & G Boatworks, Inc. and Rigdon Marine Holdings,
L.L.C. and (ii) that certain Vessel Construction Contract for the
construction of one (1) New Vessel (Hull Number 314) dated November
1, 2005 between Midship Marine, Inc. and Rigdon Marine Holdings,
L.L.C.;”
	 
	 	(xiv)	 	the definition of “New Vessels Builders” shall
be inserted as follows:
	 
	 	 	 	“means each of Midship Marine, Inc. and C & G Boatworks, Inc.;”
	 
	 	(xv)	 	the definition of “New Vessels Builder’s
Warranties Assignments” shall be inserted as follows:
	 
	 	 	 	“means the assignment(s) in respect of the post-delivery warranties
and guarantees from the New Vessels Builders to the Borrower
contained in the New Vessels Building Contracts, to be executed by
the Borrower in favor of the Security Trustee pursuant to Section
4.2A(b) substantially in the form set out in Exhibit G;”
	 
	 	(xvi)	 	the definition of “Note” set forth in Section
1.1 shall be replaced in its entirety as follows:
	 
	 	 	 	“means the amended and restated promissory note executed by the
Borrower to the order of the Facility Agent pursuant to Section

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	 	 	 	4.1(b), to evidence the Facility, substantially in the form set out
in Exhibit A;”
	 
	 	(xvii)	 	the definition of “Tranche C” shall be inserted as follows:
	 
	 	 	 	“means the tranche to be made available by the Lenders to the
Borrower hereunder pursuant to Section 3.1(c) in up to eight (8)
advances, one per New Vessel, in the maximum aggregate principal
amount of Fifty-Four Million Dollars ($54,000,000.00) but in no event
shall any advance be greater than 100% of the delivered cost of the
relevant New Vessel, as set forth on Schedule 2 hereto, or 100% of
the Fair Market Value of the relevant New Vessel at delivery,
provided, however, that the Lenders shall not be
required to make an Advance of Tranche C after June 30, 2009;”
	 
	 	(xviii)	 	the definition of “Tranche C Final Payment” shall be inserted as
follows:
	 
	 	 	 	“means the balloon payment of $28,375,772 or such other amount as may
be necessary to repay Tranche C on the Tranche C Final Payment Date
as a consequence of, inter alia, changed delivery dates of the New
Vessels, together with accrued but unpaid interest and any other
amounts owing by the Borrower to the Facility Agent, the Security
Trustee or any Lender pursuant to this Credit Facility Agreement as
amended hereby, the Note or any Security Document;”
	 
	 	(xix)	 	the definition of “Tranche C Final Payment
Date” shall be inserted as follows:
	 
	 	 	 	“shall mean the date which is forty two (42) months from the final
Advance of Tranche C, but in no event later than the Tranche A Final
Payment Date;”

	 	(e)	 	Section 3.1 shall be replaced in its entirety with the
following:

	 	“3.1	 	 Availability. Subject to the terms and
conditions hereof, each of the Lenders agrees severally and not
jointly, in the proportion of its Commitment hereunder, to make the
Facility available to the Borrower in three tranches as follows:

	 	(a)	 	Tranche A: a term loan in an
aggregate principal amount equal to the lesser of $95,000,000 or
seventy percent (70%) of the Fair Market Value of the
Pre-Existing Vessels, solely for the purpose of partially
refinancing the Pre-existing Vessels;

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	 	(b)	 	Tranche B: a term loan facility
in an aggregate principal amount equal to the lesser of
$75,000,000 or seventy percent (70%) of the Fair Market Value of
the GPA 654 Vessels, solely for the purpose of partially
financing the
delivery installments and acquisition costs each of the GPA
654 Vessels;
	 
	 	(c)	 	Tranche C: a term loan facility
in the aggregate principal amount equal to the lesser of (i)
$54,000,000, (ii) 100% of the delivered cost of the New Vessels,
as set forth on Schedule 2 hereto or (iii) 100% of the Fair
Market Value of the New Vessels at delivery, for the purpose of
partially financing the acquisition costs of each of the New
Vessels;”

	 	(f)	 	Section 4.2(c) shall be amended to add “or the New Vessel”
immediately following “the GPA 654 Vessel”;
	 
	 	(g)	 	Section 4 shall be amended to add a new Section 4.2A as
follows:

	 	“4.2A 	 	 Conditions Precedent to the Effectiveness
of Amendment No. 2. The effectiveness of Amendment No. 2 to this
Credit Facility Agreement and the obligation of the Lenders to make an
Advance available to the Borrower under Tranche C shall be expressly
subject to the following conditions precedent:

	 	(a)	 	Note. The Borrower shall
have duly executed and delivered the Note.
	 
	 	(b)	 	Additional Security
Documents. The Borrower shall have duly executed and
delivered to the Facility Agent:

	 	(i)	 	an amendment to
the Mortgage;
	 
	 	(ii)	 	an amended and
restated Earnings Assignment with respect to each
Vessel;
	 
	 	(iii)	 	an amended and
restated Insurances Assignment with respect to each
Vessel;
	 
	 	(iv)	 	the New Vessels
Builder’s Warranties Assignments;
	 
	 	(v)	 	the Assignment
Notices with respect to the above-indicated Insurances
Assignment, Earnings Assignments and the New Vessels
Builder’s Warranties Assignments;
	 
	 	(vi)	 	the Subordinated
Lender Consent; and

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	 	(vii)	 	Uniform
Commercial Code Financing Statements for filing with the
State of Delaware and in such other jurisdictions as the
Facility Agent may reasonably require.

	 	(c)	 	New Vessels Building
Contracts. The Facility Agent shall have received copies of
all New Vessels Building Contracts relating to the New Vessels,
and contracts with third party suppliers of material components
of the New Vessels certified as true and complete by an officer
of the Borrower, which contracts shall be satisfactory to the
Facility Agent and its counsel;
	 
	 	(d)	 	Compliance Certificate.
The Facility Agent shall have received a Compliance Certificate
with respect to the most recently ended fiscal quarter; and
	 
	 	(e)	 	Legal Opinions. The
Facility Agent, on behalf of the Agents and the Lenders, shall
have received legal opinions addressed to the Facility Agent
from (i) Lugenbuhl, Wheaton, Peck, Rankin and Hubbard, counsel
for the Borrower and (ii) Seward & Kissel LLP, special counsel
to the Agents and Lenders, in each case in such form as the
Facility Agent may require, as well as such other legal opinions
as the Facility Agent shall have required as to all or any
matters under the laws of the United States of America and the
State of New York.”

	 	(h)	 	Section 5.1 is hereby amended as follows:

	 	(i)	 	Section 5.1(a) shall be amended by deleting the
“and” at the end thereof;
	 
	 	(ii)	 	Section 5.1(b) shall be amended by replacing
the period at the end thereof and replacing it with “; and”; and
	 
	 	(iii)	 	Section 5.1(c) shall be inserted as follows:
	 
	 	 	 	“each Advance made under Tranche C shall be repaid in consecutive
monthly installments, commencing on the last day of the first full
month after the Drawdown Date for such Advance, each payment to be in
the principal amount as set forth on Schedule 2 hereto,
provided, however, that if the amount drawn down in
connection with the delivery of a New Vessel is less than 100% of the
delivered cost of such New Vessel, as set forth on as set forth on
Schedule 2 hereto, the respective installment amount and the Tranche
C Final Payment (as defined below) will be

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	 	 	 	reduced pro rata. The
last such monthly installment shall be made on the Tranche C Final
Payment Date together with the Tranche C Final Payment (as defined
below). The payment dates for each Advance of Tranche C shall be
consolidated with Tranche A and Tranche B, on a per Vessel basis, at
the end of the month following
the final Tranche C Drawdown Date. The Borrower shall reimburse the
Lenders for any and all costs or expenses incurred by any Lender in
connection with any breaking of funding (as certified by such Lender,
which certification shall, absent any manifest error, be conclusive
and binding on the Borrower) as a consequence of such consolidation
or otherwise.

	 	(i)	 	Section 9.2 is hereby amended as follows:

	 	(i)	 	Section 9.2(b) shall be amended by adding the
following at the end thereof:
	 
	 	 	 	“, other than by entering into LLC Transaction”
	 
	 	(ii)	 	Section 9.2(j) shall be amended to replace the
“and” prior to “(ii)” with a comma and insert, following the “other
than the Facility)” the following:
	 
	 	 	 	“(iii) the purchase of the New Vessels and (iv) the payment of the
LLC Transaction Funds in connection with the LLC Transaction;”
	 
	 	(iii)	 	Section 9.2(l) shall be revised as follows:

	 	(a)	 	in the second line after
“Investments”, insert “, other than the LLC Transaction or
payment of the LLC Transaction Funds”; and
	 
	 	(b)	 	in the seventh line, replace the
phrase “until January 31, 2008 or until such time as all of the
GPA 654 Vessels” with “, the LLC Transaction or payment of the
LLC Transaction Funds until July 31, 2009 or until such time as
all of the GPA 654 and the New Vessels”;

	 	(i)	 	Schedule 2 (Vessels) shall be amended by adding “Section C: The
New Vessels”, as attached hereto in Annex A;
	 
	 	(j)	 	Exhibit A, Form of Note, shall be replaced in its entirety with
Exhibit A, Form of Amended and Restated Note, as attached hereto as Exhibit A;

          6. Consent to Acquisition of the New Vessels. Subject to the satisfaction of all
other conditions set forth in the Original Agreement and this Amendment and provided that

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no Event
of Default shall have occurred and be continuing, the Lenders hereby consent to the acquisition by
the Borrower of the New Vessels.

          7. LLC Transaction. Subject to the satisfaction of all other conditions set forth in
the Original Agreement and this Amendment and provided that no Event of Default shall have occurred
and be continuing, the Lenders hereby consent to the LLC Transaction.

          8. No Other Amendment. All other terms and conditions of the Original Agreement shall
remain in full force and effect and the Original Agreement shall be read and construed as if the
terms of this Amendment were included therein by way of addition or substitution, as the case may
be.

          9. Other Documents. By the execution and delivery of this Amendment, the Borrower,
the Lenders, the Facility Agent and the Security Trustee hereby consent and agree that all
references in the other Security Documents to the Original Agreement shall be deemed to refer to
the Original Agreement as amended by this Amendment. By the execution and delivery of this
Amendment, the Borrower hereby consents and agrees that each of the Security Documents and any
other documents that may be executed as security for the Facilities under the Original Agreement or
any Security Document to which it is a party shall remain in full force and effect notwithstanding
the amendments contemplated hereby.

          10. Fees.

	 	(a)	 	Expenses. The Borrower agrees to pay to the Facility
Agent upon the execution hereof an arrangement fee as described in that certain
letter agreement dated February 6, 2007, entered into by and between the
Borrower and the Facility Agent, and further agrees to pay promptly all costs
and expenses (including reasonable legal fees) of the Lenders and the Facility
Agent in connection with the preparation and execution of this Amendment.
	 
	 	(b)	 	Payments. All amounts payable under this Section 12
shall be made as set forth in the Original Agreement.

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

          12. Counterparts. This Amendment may be executed in as many counterparts as may be
deemed necessary or convenient, and by the different parties hereto on separate counterparts each
of which, when so executed, shall be deemed to be an original but all such counterparts shall
constitute but one and the same agreement.

          13. Headings; Amendment. In this Amendment, section headings are inserted for
convenience of reference only and shall be ignored in the interpretation of this Amendment. This
Amendment cannot be amended other than by written agreement signed by the parties hereto.

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          IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment by its duly
authorized representative on the day and year first above written.

	 	 	 	 	 
	 	RIGDON MARINE CORPORATION

 	 
	 	By:  	/s/
Larry T. Rigdon 	 
	 	 	Name:  	Larry T. Rigdon 	 
	 	 	Title:  	Chairman 	 
	 
	 	DVB BANK NV,

as Underwriter, Arranger, Book Manager,

Facility Agent and Security Trustee

 	 
	 	By:  	/s/
Cornelis Overgaauw 	 
	 	 	Name:  	Cornelis Overgaauw 	 
	 	 	Title:  	S.V.P. 	 
	 
	 	 	 
	 	By:  	/s/
Evan Cohen 	 
	 	 	Name:  	Evan Cohen	 
	 	 	Title:  	S.V.P. 	 
	 
	 	DVB BANK AG,

as Swap Bank

 	 
	 	By:  	/s/
Cornelis Overgaauw 	 
	 	 	Name:  	Cornelis Overgaauw 	 
	 	 	Title:  	S.V.P. 	 
	 
	 	 	 
	 	By:  	/s/
Evan Cohen	 
	 	 	Name:  	Evan Cohen	 
	 	 	Title:  	S.V.P. 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	The Lenders:

DVB BANK NV, as Lender

 	 
	 	By:  	/s/
Cornelis Overgaauw 	 
	 	 	Name:  	Cornelis Overgaauw 	 
	 	 	Title:  	S.V.P. 	 
	 
	 	 	 
	 	By:  	/s/
Evan Cohen 	 
	 	 	Name:  	Evan Cohen 	 
	 	 	Title:  	S.V.P. 	 
	 
	 	NIBC BANK N.V., as Lender

 	 
	 	By:  	/s/
Dirk Kaper 	 
	 	 	Name:  	Dirk Kaper 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	/s/
Halbart Völker 	 
	 	 	Name:  	Halbart Völker 	 
	 	 	Title:  	Managing Director 	 
	 
	 	THE GOVERNOR AND COMPANY OF THE BANK OF

SCOTLAND, as Lender

 	 
	 	By:  	/s/
Alan Boothby 	 
	 	 	Name:  	Alan Boothby 	 
	 	 	Title:  	Director, Marine Finance 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BAYERISCHE HYPO-UND VEREINSBANK

AKTIENGESELLSCHAFT, as Lender

 	 
	 	By:  	/s/
Stephen Somitsch	 
	 	 	Name:  	Stephen Somitsch	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/
Peter Grotheer-Isecke 	 
	 	 	Name:  	Peter Grotheer-Isecke 	 
	 	 	Title:  	Credit Analyst 	 

 

 

	 	 	 	 	 

ANNEX A: ADDITION TO SCHEDULE 2 TO ORIGINAL AGREEMENT

C. The New Vessels

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Estimated	 	Projected
	 	 	 	 	To be registered	 	 	 	Delivered Date	 	Monthly
	 	 	Hull	 	under	 	Classification	 	and Cost of	 	Repayments from
	Builder	 	Number	 	Registry/Flag of	 	Society	 	Vessel	 	Drawdown
	Midship Marine, Inc.
	 	314	 	United States	 	ABS	 	April 2007
	 	$52,996
	 
	 	 	 	 	 	 	 	$6,359,500	 	 
	C & G Boat Works, Inc.
	 	83	 	United States	 	ABS	 	April 2007
	 	$41,006
	 
	 	 	 	 	 	 	 	$4,920,700	 	 
	C & G Boat Works, Inc.
	 	84	 	United States	 	ABS	 	September 2007
	 	$63,914
	 
	 	 	 	 	 	 	 	$7,669,702	 	 
	C & G Boat Works, Inc.
	 	91	 	United States	 	ABS	 	March 2008
	 	$46,915
	 
	 	 	 	 	 	 	 	$5,629,800	 	 
	C & G Boat Works, Inc.
	 	94	 	United States	 	ABS	 	July 2008
	 	$66,437
	 
	 	 	 	 	 	 	 	$7,972,393	 	 
	C & G Boat Works, Inc.
	 	93	 	United States	 	ABS	 	July 2008
	 	$46,998
	 
	 	 	 	 	 	 	 	$5,639,800	 	 
	C & G Boat Works, Inc.
	 	97	 	United States	 	ABS	 	February 2009
	 	$65,228
	 
	 	 	 	 	 	 	 	$7,827,393	 	 
	C & G Boat Works, Inc.
	 	98	 	United States	 	ABS	 	March
	 	$65,478
	 
	 	 	 	 	 	 	 	$7,857,393	 	 

 

 

EXHIBIT A

[INSERT FORM OF AMENDED AND RESTATED NOTE]exv10w14

Exhibit
10.14

 

 

 

AMENDMENT NO. 3

TO

SENIOR SECURED CREDIT FACILITY AGREEMENT

dated December 28, 2005

made among

RIGDON MARINE CORPORATION

by

DVB BANK NV,

as Underwriter, Arranger, Book Manager, Facility Agent and Security Trustee,

DVB BANK AG,

as Swap Bank,

and

and the Banks, Financial Institutions and Persons

identified on Schedule 1 to the Original Agreement, as Lenders

 

 

July 1, 2008

 

 

AMENDMENT NO. 3 TO SENIOR SECURED CREDIT FACILITY AGREEMENT

          THIS AMENDMENT NO. 3 TO SENIOR SECURED CREDIT FACILITY AGREEMENT (this “Amendment”) is made as
of the 1st day of July, 2008 by and among (1) RIGDON MARINE CORPORATION, a corporation incorporated
under the laws of the State of Delaware (the “Borrower”), (2) the banks and financial institutions
as are listed on the signature pages hereto (together with their respective successors and assigns,
the “Lenders”), (3) DVB BANK AG, as swap bank (the “Swap Bank”) and (4) DVB BANK NV (“DVB”), as
underwriter, arranger, book manager and facility agent for the Lenders (in such capacity, the
“Facility Agent”) and security trustee for the Lenders and the Swap Bank (in such capacity, the
“Security Trustee”), and amends and is supplemental to that Senior Secured Credit Facility
Agreement dated as of December 28, 2005, as amended by Amendment No. 1 thereto dated as of February
28, 2006 and by Amendment No. 2 thereto dated as of May 9, 2007 (as so amended, the “Original
Agreement”) made by and among the Borrower, the Lenders, the Facility Agent and the Security
Trustee.

WITNESSETH THAT:

          WHEREAS, pursuant to the Original Agreement, the Lenders made available to the Borrower a
secured term loan in the principal amount of up to US$224,000,000 (the “Facility”) in three
tranches, Tranche A, Tranche B and Tranche C, for the purposes described in Section 3.1 thereof;

          WHEREAS, the current aggregate outstanding principal of the Original Facility is
US$154,894,726.00 and the committed but undrawn portion of the Original Facility is
US$41,840,998.00;

          WHEREAS, GulfMark Offshore, Inc. (“GulfMark”) has entered into a purchase agreement to acquire
the Borrower;

          WHEREAS, pursuant to that certain letter request dated June 17, 2008 (the “Amendment Request
Letter”) given by the Borrower and GulfMark to the Lenders, the Facility Agent and the Security
Trustee, the Borrower has requested certain amendments to the Original Agreement in order to keep
the Facility in place following the acquisition of the Borrower by GulfMark;

          WHEREAS, each of the Lenders, the Facility Agent and the Security Trustee has agreed to keep
the Facility in place following the acquisition of the Borrower by GulfMark subject to,
inter alia, the following conditions: (i) GulfMark shall provide an unconditional
guarantee of the Facility and the Borrower’s obligations under the Original Agreement (as amended
hereby), the Note and Security Documents, (ii) the term of the Facility shall be shortened and
shall terminate on June 30, 2010; and (iii) the Borrower shall pay each Lender an amendment fee in
an amount equal to 0.25% of such Lender’s respective Commitment;

          WHEREAS, in light of the foregoing, each of the parties desires to amend certain provisions of
the Original Agreement as set forth below.

 

 

          NOW, THEREFORE, in consideration of the premises and such other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged by the parties, it is
hereby agreed as follows:

          1. Definitions. Unless otherwise defined herein, words and expressions defined in the
Original Agreement have the same meanings when used herein, including in the recitals hereto.

          2. Representations and Warranties. The Borrower hereby reaffirms, as of the date
hereof, each and every representation and warranty made thereby in the Original Agreement, the Note
and the other Security Documents (updated mutatis mutandis).

          3. No Defaults. The Borrower hereby represents and warrants that as of the date
hereof there exists no Event of Default or any condition which, with the giving of notice or
passage of time, or both, would constitute an Event of Default, except for the Change of Control as
a result of the purchase of the Borrower by GulfMark, which Event of Default the Lenders hereby
waive.

          4. Performance of Covenants. The Borrower hereby reaffirms that it has duly performed
and observed the covenants and undertakings set forth in the Original Agreement, the Note and the
other Security Documents, on its part to be performed, and the Borrower covenants and undertakes to
continue duly to perform and observe such covenants and undertakings, as amended hereby, so long as
the Original Agreement, as the same is amended hereby and may hereafter be amended or supplemented,
shall remain in effect.

          5. Amendment to the Original Agreement. Subject to the terms and conditions of this
Amendment, the Original Agreement is hereby amended and supplemented as follows:

	 	(a)	 	all references to “this Agreement” or “Credit Facility
Agreement” shall be deemed to refer to the Original Agreement as amended
hereby;
	 
	 	(b)	 	Section 1.1 is hereby amended as follows:

	 	(i)	 	the definition of “Amendment Request Letter”
shall be inserted as follows:
	 
	 	 	 	“means that certain letter request dated June 17, 2008 by the
Borrower and the Guarantor to, inter alios, the
Facility Agent with respect to certain amendments to this Credit
Facility Agreement and the Subordinated Mortgage Debt;”;
	 
	 	(ii)	 	the definition of “Change of Control” shall be
deleted and replaced in its entirety with the following:
	 
	 	 	 	“means (a) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) becomes the beneficial owner (as

2

 

	 	 	 	defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 25% of the total voting power of the
Borrower, or (b) the Board of Directors of the Borrower ceases to
consist of a majority of the directors existing on the date hereof or
directors nominated by GulfMark Management, Inc. or any other
Subsidiary of the Guarantor who is the shareholder of the Borrower;”;
	 
	 	(iii)	 	the definition of “Guarantor” shall be inserted as follows:
	 
	 	 	 	“means GulfMark Offshore, Inc., a Delaware corporation;”;
	 
	 	(iv)	 	the definition of “Guaranty” shall be inserted as follows:
	 
	 	 	 	“means the guaranty to be executed by the Guarantor in respect of the
obligations of the Borrower under and in connection with this Credit
Facility Agreement and the Note in favor of the Security Trustee;”;
	 
	 	(v)	 	the definition of “Mortgages” shall be amended
by inserting the following at the end of such definition before the
semi-colon:
	 
	 	 	 	“, as such mortgages shall be amended from time to time”
	 
	 	(vi)	 	the definition of “RMLLC” shall be amended by
inserting the following at the end of such definition before the
semi-colon:
	 
	 	 	 	“which will be dissolved and its assets assigned to and its
liabilities assumed by GulfMark Management, Inc.”;
	 
	 	(vii)	 	the definition of “Security Party(ies)” shall
be inserted as follows:
	 
	 	 	 	“means the Borrower and the Guarantor, or either of them, as the
context may require;”;
	 
	 	(viii)	 	the definition of “Subordinated Agent” shall be inserted as follows:
	 
	 	 	 	“means DVB Bank NV in its capacities as facility agent and security
trustee under the Subordinated Loan Agreement;”;
	 
	 	(ix)	 	the definition of “Subordinated Lender” shall
be deleted and replaced in its entirety with the following:
	 
	 	 	 	“Subordinated Lender(s)” means the banks and financial institutions
listed on Schedule 1 to the

3

 

	 	 	 	Subordinated Loan Agreement and such other
bank or financial institution as becomes a
party to the Subordinated Loan Agreement;”;
	 
	 	(x)	 	the definition of “Subordinated Loan Agreement”
shall be inserted as follows:
	 
	 	 	 	“means that certain assignment, assumption, amendment and restatement
of loan agreement dated as of July 1, 2008, made by and among (i)
Bourbon Capital U.S.A., Inc., as assignor, (ii) the Borrower, as
borrower, (iii) Subordinated Lenders and (v) the Subordinated Agent
providing for a Subordinated Mortgage Debt;”;
	 
	 	(xi)	 	the definition of “Subordinated Mortgage” shall
be replaced in its entirety with the following:
	 
	 	 	 	“means the second preferred fleet mortgage in favor of Subordinated
Agent over each of the Pre-existing Vessels and as shall be amended
or supplemented, from time to time, to cover any GPA 654 Vessels;”;
	 
	 	(xii)	 	the definition of “Subordinated Mortgage Debt”
shall be replaced in its entirety with the following:
	 
	 	 	 	“means the eighty five million dollar ($85,000,000) loan made or to
be made available by the Subordinated Lenders to the Borrower
pursuant to the Subordinated Loan Agreement and evidenced by a
promissory note of even date therewith;”;
	 
	 	(xiii)	 	the definition of “Subordination Agreement” shall be replaced in its
entirety with the following:
	 
	 	 	 	“means the subordination agreement to be entered into by the Facility
Agent, the Borrower, the Subordinated Agent and the Subordinated
Lenders;”;
	 
	 	(xiv)	 	the definition of “Tranche A Final Payment”
shall be replaced in its entirety with the following:
	 
	 	 	 	“means the balloon payment of such amount as may be necessary to
repay Tranche A on the Tranche A Final Payment Date, together with
accrued but unpaid interest and any other amounts owing by the
Borrower to the Facility Agent, the Security Trustee or any

4

 

	 	 	 	Lender pursuant to this Credit Facility Agreement, the Note or any
Security Document;”;
	 
	 	(xv)	 	the definition of “Tranche A Final Payment
Date” shall be replaced in its entirety with the following:
	 
	 	 	 	“means June 30, 2010;”;
	 
	 	(xvi)	 	the definition of “Tranche B Final Payment”
shall be replaced in its entirety with the following:
	 
	 	 	 	“means the balloon payment of such amount as may be necessary to
repay Tranche B on the Tranche B Final Payment Date, together with
accrued but unpaid interest and any other amounts owing by the
Borrower to the Facility Agent, the Security Trustee or any Lender
pursuant to this Credit Facility Agreement, the Note or any Security
Document;”;
	 
	 	(xvii)	 	the definition of “Tranche B Final Payment Date” shall be replaced in
its entirety with the following:
	 
	 	 	 	“means June 30, 2010;”;
	 
	 	(xviii)	 	the definition of “Tranche C Final Payment” shall be replaced in its
entirety with the following:
	 
	 	 	 	“means the balloon payment of such amount as may be necessary to
repay Tranche C on the Tranche C Final Payment Date, together with
accrued but unpaid interest and any other amounts owing by the
Borrower to the Facility Agent, the Security Trustee or any Lender
pursuant to this Credit Facility Agreement, the Note or any Security
Document;”;
	 
	 	(xix)	 	the definition of “Tranche C Final Payment
Date” shall be replaced in its entirety with the following:
	 
	 	 	 	“means June 30, 2010;”;

	 	(c)	 	Section 5.1(a) shall be amended by deleting the “eighty-four
(84)” from the initial sentence thereof;
	 
	 	(d)	 	Section 6.1 shall be amended by adding the following sentence
at the end of such section:
	 
	 	 	 	“The Facility Agent shall provide to the Borrower within two (2) Banking
Days following the last day of each calendar month, an electronic

5

 

	 	 	 	spreadsheet of the current liquidation value of the Interest Rate Agreement
that provides the monthly future interest rate and monthly discount rate
assumptions used in determining such valuation.”

	 	(e)	 	Section 8.1 shall be amended as follows:

	 	(i)	 	Section 8.1(e) shall be amended by deleting
each reference to “the Borrower” or “Borrower” therein and replacing it
with “any Security Party”;
	 
	 	(ii)	 	Section 8.1(g) shall be amended by inserting “,
the Guarantor” after “The Borrower” at the beginning of the initial
sentence thereof;
	 
	 	(iii)	 	Section 8.1(j) shall be amended by inserting
“, the Guarantor” after “The Borrower” at the beginning of the initial
sentence thereof;
	 
	 	(iv)	 	Section 8.1(m) shall be amended by inserting “,
the Guarantor” after “The Borrower” at the beginning of the initial
sentence thereof;

	 	(f)	 	Section 9.1(f) shall be amended by inserting “and the
Guarantor” after “the Borrower”;
	 
	 	(g)	 	Section 9.2(d) shall be amended by inserting the following at
the end of such section before the semi-colon:
	 
	 	 	 	“ other than to any other Subsidiary of the Guarantor;”;
	 
	 	(h)	 	Section 9.2(g) shall be amended by inserting the following at
the end of such section before the semi-colon:
	 
	 	 	 	“, except for such transactions with Affiliates”
	 
	 	(i)	 	Section 9.2(h) shall be deleted in its entirety;
	 
	 	(j)	 	Section 13.1 shall be amended by inserting the following
sentence at the end thereof:
	 
	 	 	 	“The Borrower shall pay to the Facility Agent (on behalf of the Lenders and
the Agents) such fees as are set forth in the Amendment Request Letter as
same become due and payable pursuant to the terms thereof.”;
	 
	 	(k)	 	All references to “Administrative Agent” in the Original
Agreement shall be deemed references to the “Facility Agent”;

          6. Consent to Acquisition of Borrower by GulfMark. Subject to the satisfaction of all
other conditions set forth in the Original Agreement and this Amendment and

6

 

provided that no Event of Default shall have occurred and be continuing (other than the Change
of Control caused by the acquisition by GulfMark of the Borrower), the Lenders hereby consent to
the acquisition by GulfMark of the Borrower and to the change in address of the principal executive
offices of the Company.

          7. Conditions Precedent. The effectiveness of this Amendment shall be expressly
subject to the following conditions precedent:

	 	(a)	 	Corporate Documents. The Facility Agent shall have
received the following documents in form and substance satisfactory to the
Facility Agent and its legal advisers:
	 
	 	(i)	 	copies, certified as true and complete by an officer of the
Borrower of the resolutions of the board of directors thereof evidencing
approval of this Amendment, the mortgage amendments and such other documents
as the Facility Agent may require pursuant to this Amendment and authorizing
appropriate officers or attorneys-in-fact to execute the same on its behalf;
	 
	 	(ii)	 	copies, certified as true and complete by an officer of
GulfMark of the resolutions of the board of directors thereof evidencing
approval of its Guaranty and authorizing appropriate officers or
attorneys-in-fact to execute the same on its behalf;
	 
	 	(iii)	 	copies, certified as true and correct by an officer of each
of the Borrower and GulfMark of its respective constitutional documents;
	 
	 	(iv)	 	certificates as to the good standing (or the equivalent) of
each of the Borrower and GulfMark; and
	 
	 	(b)	 	Guaranty. GulfMark shall have duly executed and
delivered a guaranty, substantially in the form attached hereto as Exhibit A,
pursuant to which GulfMark shall guarantee the performance by the Borrower of
its obligations under the Original Agreement (as amended hereby);
	 
	 	(c)	 	Mortgage Amendments. The Borrower shall have duly
executed and delivered an amendment to each of the Mortgages, substantially in
the form attached hereto as Exhibit B, and the Facility Agent shall have
received evidence of the recordation of such amendments with the National
Vessel Documentation Center;
	 
	 	(d)	 	Subordination Agreement. The Facility Agent shall have
received copies of the Subordination Agreement duly executed by the Borrower,
the Subordinated Agent and each of the Subordinated Lenders;
	 
	 	(e)	 	Fees Paid. The Agent shall have received payment in
full of all fees and expenses due under the Original Agreement and this
Amendment;

7

 

	 	(f)	 	No Event of Default. The Lenders and the Agents shall
be satisfied that no Event of Default or event which, with the passage of time,
giving of notice or both would become an Event of Default have occurred and be
continuing (other than the Change of Control caused by the acquisition by
GulfMark of the Borrower) and the representations and warranties of the
Borrower contained in the Original Agreement, as amended by this Amendment,
shall be true on and as of the date of this Amendment; and
	 
	 	(g)	 	Opinions. The Facility Agent shall have received (i)
an opinion from Messrs. Strasburger & Price, LLP and (ii) an opinion from
Messrs. Seward & Kissel LLP, counsel to the Lenders and the Agents, in each
case in such form as the Facility Agent shall reasonably require.

          8. No Other Amendment. All other terms and conditions of the Original Agreement shall
remain in full force and effect and the Original Agreement shall be read and construed as if the
terms of this Amendment were included therein by way of addition or substitution, as the case may
be.

          9. Other Documents. By the execution and delivery of this Amendment, the Borrower,
the Lenders, the Facility Agent and the Security Trustee hereby consent and agree that all
references in the other Security Documents to the Original Agreement shall be deemed to refer to
the Original Agreement as amended by this Amendment. By the execution and delivery of this
Amendment, the Borrower hereby consents and agrees that each of the Security Documents and any
other documents that may be executed as security for the Facilities under the Original Agreement or
any Security Document to which it is a party shall remain in full force and effect notwithstanding
the amendments contemplated hereby.

          10. Fees.

	 	(a)	 	Amendment Fee. The Borrower agrees to pay to the
Facility Agent (for the account of each Lender) upon the execution hereof an
amendment fee in an amount equal to 0.25% of such Lender’s respective
Commitment;
	 
	 	(b)	 	Expenses. The Borrower agrees to pay promptly all
costs and expenses (including reasonable legal fees) of the Lenders and the
Facility Agent in connection with the preparation and execution of this
Amendment;
	 
	 	(c)	 	Contingent Additional Fee. The Borrower shall pay the
Facility Agent (for the account of each Lender) an additional fee in an amount
equal to 0.15% of such Lender’s respective Commitment if this Original
Agreement (as amended hereby) is not re-financed prior to December 31, 2009;
and
	 
	 	(d)	 	Payments. All amounts payable under this Section 10
shall be made as set forth in the Original Agreement.

8

 

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

          12. Further Assurances. The Borrower agrees that if this Amendment or any document
delivered in connection herewith shall, in the reasonable opinion of the Lenders, at any time be
deemed by the Lenders for any reason insufficient in whole or in part to carry out the true intent
and spirit hereof or thereof, it will execute or cause to be executed such other and further
assurances and documents as in the opinion of the Lenders may be required in order to more
effectively accomplish the purposes of this Amendment, the Original Agreement, the Note or any
Security Document.

          13. Counterparts. This Amendment may be executed in as many counterparts as may be
deemed necessary or convenient, and by the different parties hereto on separate counterparts each
of which, when so executed, shall be deemed to be an original but all such counterparts shall
constitute but one and the same agreement

          14. Headings; Amendment. In this Amendment, section headings are inserted for
convenience of reference only and shall be ignored in the interpretation of this Amendment. This
Amendment cannot be amended other than by written agreement signed by the parties hereto.

9

 

          IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment by its duly
authorized representative on the day and year first above written.

	 	 	 	 	 
	 	RIGDON MARINE CORPORATION

 	 
	 	By:  	/s/ Bruce Streeter
 	 
	 	 	Name:  	Bruce Streeter 	 
	 	 	Title:  	Chairman & CEO 	 
	 
	 	DVB BANK NV,

as Underwriter, Arranger, Book Manager, Facility Agent

and Security Trustee

 	 
	 	By:  	/s/ Matthew R. Cooley
 	 
	 	 	Name:  	Matthew R. Cooley 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 
	 	DVB BANK AG,

as Swap Bank

 	 
	 	By:  	/s/ Cornelis Overgaauw
 	 
	 	 	Name:  	Cornelis Overgaauw 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 
	 	By:  	/s/ C.V.D. Beek
 	 
	 	 	Name:  	C.V.D. Beek 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	The Lenders:

DVB BANK NV, as Lender

 	 
	 	By:  	/s/ Matthew R. Cooley
 	 
	 	 	Name:  	Matthew R. Cooley 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 
	 	NIBC BANK N.V., as Lender

 	 
	 	By:  	/s/ H. J. van West
 	 
	 	 	Name:  	H. J. van West 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	/s/ Maurice L. Wijmans
 	 
	 	 	Name:  	Maurice L. Wijmans 	 
	 	 	Title:  	 	 
	 
	 	THE GOVERNOR AND COMPANY OF THE BANK OF

SCOTLAND, as Lender

 	 
	 	By:  	/s/ Alasdair Weir
 	 
	 	 	Name:  	Alasdair Weir 	 
	 	 	Title:  	Director 	 

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	BAYERISCHE HYPO-UND VEREINSBANK

AKTIENGESELLSCHAFT, as Lender

 	 
	 	By:  	/s/ Somitsch
 	 
	 	 	Name:  	Somitsch 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	/s/ Grotheer-Isecke
 	 
	 	 	Name:  	Grotheer-Isecke 	 
	 	 	Title:  	 	 
	 

3

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