Document:

exv10w1

EXECUTION COPY

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

          FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”),
dated as of October 27, 2009, by and among GENERAL MARITIME CORPORATION, a Marshall Islands
corporation (the “Parent”), GENERAL MARITIME SUBSIDIARY CORPORATION, a Marshall Islands
corporation (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 an
Amended and Restated Credit Agreement, dated as of October 20, 2008 (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 First Amendment, the parties hereto wish
to amend certain provisions of the Credit Agreement as herein provided;

          NOW, THEREFORE, it is agreed:

I. Waiver

          Notwithstanding anything to the contrary in the Credit Agreement, the Lenders hereby waive the
Event of Default caused by the Borrower’s failure to meet the minimum cash balance requirement set
forth in Section 9.07 of the Credit Agreement for the period beginning on September 30, 2009 and
ending on October 2, 2009.

     II. Amendments to Credit Agreement.

     1. Section 11.01 of the Credit Agreement is hereby amended by inserting the following new
definitions in the appropriate alphabetical order:

     “Additional Mortgaged Vessel” shall have the meaning specified in
Section 13.22.

     “First Amendment” shall mean the First Amendment to this Agreement, dated as of
October 27, 2009.

     “First Amendment Effective Date” shall have the meaning provided in the First
Amendment.

     “Senior Unsecured Note Documents” shall mean the Senior Unsecured Note
Indenture, the Senior Unsecured Notes and the guarantees delivered in connection with the
Senior Unsecured Notes, as the same may be amended, restated, supplemented,

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waived and/or otherwise modified from time to time in accordance with the terms thereof
and of this Agreement.

     “Senior Unsecured Note Indenture” shall mean the indenture entered into by the
Parent and certain of its Subsidiaries in connection with the issuance of the Senior
Unsecured Notes, as the same may be amended, restated, supplemented, waived and/or otherwise
modified from time to time in accordance the terms thereof and of this Agreement.

     “Senior Unsecured Notes” shall mean the senior notes of the Parent issued and
sold pursuant to the Senior Unsecured Note Indenture.

     2. The definition of “Applicable Margin” appearing in Section 11.01 of the Credit
Agreement is hereby restated in its entirety as follows:

     “Applicable Margin” shall mean a percentage per annum equal to (x)
prior to the First Amendment Effective Date, 1.00% and (y) from and after the First
Amendment Effective Date, 2.50%.

     3. The definition of “Credit Event” appearing in Section 11.01 of the Credit Agreement
is hereby restated in its entirety as follows:

     “Credit Event” shall mean the making of any Loan or the issuance of any Letter
of Credit.

     4. The definition of “Eurodollar Rate” appearing in Section 11.01 of the Credit
Agreement is hereby amended by deleting the text “Telerate page 3750 (British Bankers’ Association
Interest Settlement Rates) (or such other page as may replace such page 3750 on such system or on
any other system of the information vendor for the time being designated by the British Bankers’
Association to calculate the BBA Interest Settlement Rate (as defined in the British Bankers’
Association’s Recommended Terms and Conditions dated August 1985))” appearing in such Section and
inserting the text “Reuters LIBOR 01 Page (or any successor or substitute page of such service, or
any successor or substitute for such service, as determined by the Administrative Agent from time
to time for purposes of providing quotation of interest rates applicable to Dollar deposits in the
London inter-bank market)” in lieu thereof.

     5. Section 4.02(b) of the Credit Agreement is hereby amended by deleting the table appearing
in such Section in its entirety and inserting the following new table in lieu thereof:

	 	 	 	 	 
	Scheduled Commitment Reduction Date	 	Amount
	February 24, 2009
	 	$	50,062,500	 
	First Amendment Effective Date
	 	$	100,125,000	 
	April 26, 2011
	 	$	50,062,500	 
	October 26, 2011
	 	$	50,062,500	 
	April 26, 2012
	 	$	50,062,500	 
	Maturity Date
	 	$	599,625,000	 

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     6. Section 8.01(c) of the Credit Agreement is hereby restated in its entirety as follows:

     “(c) Appraisal Reports. Together with delivery of the financial statements
described in (x) Section 8.01(a) for the second fiscal quarter of each fiscal year and (y)
Section 8.01(b) for each fiscal year, and at any other time within 33 days of the written
request of the Administrative Agent, appraisal reports dated within 30 days of the delivery
date in form and substance and from independent appraisers reasonably satisfactory to the
Administrative Agent, stating the then current fair market value of each of the Mortgaged
Vessels on an individual charter-free basis. All such appraisals shall be conducted by, and
made at the expense of, the Borrower (it being understood that the Administrative Agent may
and, at the request of the Required Lenders, shall, upon notice to the Borrower, obtain such
appraisals and that the cost of all such appraisals will be for the account of the
Borrower); provided that, unless an Event of Default shall then be continuing, in no
event shall the Borrower be required to pay for more than three appraisal reports obtained
pursuant to this Section 8.01(c) in any single fiscal year of the Borrower, with the cost of
any such reports in excess thereof to be paid by the Lenders on a pro rata
basis.”

     7. Section 8 of the Credit Agreement is hereby further amended by inserting the following new
Section 8.15 in the appropriate order:

     “8.15 Guarantees. The Parent will cause each of its Subsidiaries that
guarantees the Senior Unsecured Notes to guarantee the Obligations.”

     8. Section 9.01 of the Credit Agreement is hereby amended by inserting the following new
paragraph at the end of such Section:

“Notwithstanding the foregoing, the Parent will not and will not permit its Subsidiaries to
suffer to exist any Lien (other than Permitted Liens and Liens existing on the First
Amendment Effective Date which are discharged no later than the seventh Business Day after
the First Amendment Effective Date) on the Additional Mortgaged Vessels until any
non-compliance with Section 9.09 which may exist on the First Amendment Effective Date is
cured.”

     9. Section 9.03 of the Credit Agreement is hereby amended by (x) inserting the word “and”
immediately after the semicolon appearing at the end of clause (ii) of such Section, (y) deleting
the text “$0.50” and “; and” appearing in clause (iii)(D) of such Section and inserting the text
“$0.125” and “.”, respectively, in lieu thereof, and (z) deleting clause (iv) of such Section in
its entirety.

     10. Section 9.04(b) of the Credit Agreement is hereby amended by (x) deleting the text “and”
appearing at the end of clause (i) of said Section and inserting a comma in lieu thereof, (y)
deleting the period (“.”) appearing at the end of clause (ii) of said Section and inserting the
word “and” in lieu thereof and (z) inserting the following new clause (iii) immediately following
clause (ii) of said Section:

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     “(iii) Indebtedness consisting of guarantees of the Subsidiary Guarantors (and any
additional Subsidiary that becomes a Subsidiary Guarantor after the First Amendment
Effective Date) of the Senior Unsecured Notes in an aggregate principal amount not to exceed
at any one time outstanding the aggregate principal amount thereof on the First Amendment
Effective Date.”

     11. Section 9.08 of the Credit Agreement is hereby restated in its entirety as follows:

     “9.08 Net Debt to EBITDA Ratio. The Parent will not permit the Net Debt to EBITDA
Ratio on the last day of each fiscal quarter to be greater than the ratio set forth opposite such
fiscal quarter:

	 	 	 	 	 
	FISCAL QUARTER ENDING	 	NET DEBT TO EBITDA RATIO
	September 30, 2009
	 	 	5.50 to 1	 
	December 31, 2009
	 	 	6.50 to 1	 
	March 31, 2010
	 	 	6.50 to 1	 
	June 30, 2010
	 	 	6.50 to 1	 
	September 30, 2010
	 	 	6.50 to 1	 
	December 31, 2010
	 	 	6.00 to 1	 
	March 31, 2011
	 	 	6.00 to 1	 
	June 30, 2011
	 	 	6.00 to 1	 
	September 30, 2011
	 	 	6.00 to 1	 
	December 31, 2011 and on the last day of each
fiscal quarter thereafter
	 	 	5.50 to 1	 

     12. Section 9 of the Credit Agreement is hereby further amended by inserting the following new
Section 9.14 in the appropriate order:

     “9.14 Voluntary Prepayments, Etc. of Senior Unsecured Notes. (a) The Parent
will not, and will not permit any of its Subsidiaries to, directly or indirectly,
voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner the Senior Unsecured Notes.

     (b) The Parent will not, and will not permit any of its Subsidiaries to, directly or
indirectly, amend, modify or change any term or condition of the Senior Unsecured Notes,
including, but not limited to the Senior Unsecured Note Documents (other than any such
amendment, modification, waiver or other change to any of the terms of the Senior Unsecured
Note Documents that does not require the consent of the noteholders and is not adverse to
the interests of the Lenders).”

     13. Section 13 of the Credit Agreement is hereby amended by inserting the following new
Section 13.22 in the appropriate order:

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     “13.22 Additional Mortgaged Vessels. On or after the First Amendment Effective
Date the Borrower shall have the right to cause one or more of the Vessels listed on
Schedule XIII (each Vessel listed on Schedule XIII, an “Additional Mortgaged
Vessel”) to constitute a “Mortgaged Vessel” provided that each of the following with
respect to such Additional Mortgaged Vessel is satisfied to the reasonable satisfaction of
the Collateral Agent:

     (i) the Subsidiary of the Borrower that owns such Additional Mortgaged Vessel shall
have (w) duly authorized, executed and delivered, and caused to be recorded in the
appropriate vessel registry a Vessel Mortgage with respect to such Additional Mortgaged
Vessel substantially in the form of Exhibit I-1 or I-2 or such other form mutually
acceptable to the Borrower and the Administrative Agent, as applicable, and such Vessel
Mortgage shall be effective to create in favor of the Collateral Agent a legal, valid and
enforceable first priority security interest in, and lien upon, such Additional Mortgaged
Vessel, subject only to Permitted Liens, (x) duly authorized, executed and delivered an
Assignment of Earnings and an Assignment of Insurances, together covering all of such
Subsidiary’s present and future Earnings and Insurance Collateral, in each case together
with proper Financing Statements (Form UCC-1) and certified copies of Requests for
Information or Copies (Form UCC-11), or equivalent reports, as required by the Credit
Agreement, (y) executed and delivered to the Administrative Agent, and, if applicable,
caused the Subsidiary which directly owns the stock of it to the extent not a Credit Party
to execute and deliver, a counterpart of the Pledge Agreement (including any supplemental
agreement required to give effect to such security interests purported to be created by the
Pledge Agreement under applicable local law) and the Subsidiaries Guaranty to the extent
that it is not a Credit Party (and has not otherwise executed and delivered the documents
described below in clause (ii)) and (z) delivered all documentation (including, without
limitation, opinions of counsel, corporate documents and proceedings and officer’s
certificates) as such Subsidiary would have been required to deliver pursuant to Section 5
had such Additional Mortgaged Vessel been a Mortgaged Vessel on the Initial Borrowing Date.

     (ii) each Subsidiary of the Borrower which owns any direct or indirect interest in the
Subsidiary that owns such Additional Mortgaged Vessel shall have executed and delivered a
counterpart to the Subsidiaries Guaranty and the Pledge Agreement (or, if requested by the
Administrative Agent, a joinder agreement in respect of the Subsidiaries Guaranty and the
Pledge Agreement) and, in connection therewith, shall promptly execute and deliver all
further instruments, and take all further action, that the Administrative Agent may
reasonably require (including, without limitation, corporate documents and proceedings,
officers’ certificates, resolutions, good standing certificates and opinions of counsel, in
each case to the reasonable satisfaction of the Administrative Agent, as well as appraisals
and all necessary governmental (domestic and foreign) and third party approvals and/or
consents in connection with the granting of Liens under the Credit Documents);

     (iii) the Administrative Agent shall have received opinions from counsel satisfactory
to the Administrative Agent, which shall (x) be addressed to the Administrative Agent and
each of the Lenders, (y) be in form and substance reasonably

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acceptable to the Administrative Agent and (z) cover the perfection of the security
interests granted in the such Additional Mortgaged Vessel pursuant to the Vessel Mortgage
and such other matters incidental thereto as the Administrative Agent may reasonably
request; and

     (iv) with respect to each Additional Mortgaged Vessel, the Administrative Agent shall
have received (w) certificates of ownership from appropriate authorities showing (or
confirmation updating previously reviewed certificates and indicating) the registered
ownership of such Additional Mortgaged Vessel by the relevant Subsidiary Guarantor, (x) the
results of maritime registry searches with respect to such Additional Mortgaged Vessel,
indicating no record liens other than Liens in favor of the Collateral Agent and/or the
Lenders and Permitted Liens, (y) class certificates from a classification society listed on
Schedule X to the Credit Agreement or another classification society reasonably acceptable
to the Collateral Agent, indicating that such Additional Mortgaged Vessel meets the criteria
specified in Section 7.24, and (z) a report, in form and scope reasonably
satisfactory to the Administrative Agent, from a firm of independent marine insurance
brokers reasonably acceptable to the Administrative Agent with respect to the insurance
maintained by the Credit Parties in respect of such Additional Mortgaged Vessel, together
with a certificate from such broker certifying that such insurances are placed with such
insurance companies and/or underwriters and/or clubs, in such amounts, against such risks,
and in such form, as are customarily insured against by similarly situated insureds for the
protection of the Administrative Agent, the Collateral Agent and/or the Lenders as mortgagee
and (ii) conform with the insurance requirements of such Additional Vessel Mortgage.

     Upon the satisfaction of each of the foregoing with respect to such Additional
Mortgaged Vessel to the reasonable satisfaction of the Collateral Agent, such Additional
Mortgaged Vessel shall constitute a “Mortgaged Vessel” for purposes of this Agreement.”

     14. The Credit Agreement is hereby further amended by adding a new Schedule XIII to the Credit
Agreement in the form of Schedule XIII attached hereto.

     15. The Lenders agree than any non-compliance with Section 9.09 of the Credit Agreement
indicated by the appraisal reports delivered pursuant to Section 6(vi) of Part III of the First
Amendment shall not constitute a Default or Event of Default until the 60th day after the First
Amendment Effective Date; provided that a Credit Event shall not be permitted until such
non-compliance is cured.

III. Miscellaneous Provisions.

          1. In order to induce the Lenders to enter into this First Amendment, the Parent and the
Borrower hereby represent and warrant that (i) no Default or Event of Default exists as of the
Waiver Effective Date (as defined herein) and the First Amendment Effective Date (as defined
herein) before (except as provided in Part I hereof) or after giving effect to this First
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

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Waiver Effective Date and the First Amendment Effective Date both before and after giving
effect to this First Amendment, with the same effect as though such representations and warranties
had been made on and as of the Waiver Effective Date and the First Amendment Effective Date,
respectively (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 First Amendment and the waiver set forth herein are limited precisely as written and
shall not constitute or be deemed to constitute a modification, acceptance or waiver of any other
provision of the Credit Agreement or any other Credit Document and shall not prejudice any right or
rights that the Administrative Agent or the Lenders may have now or in the future under or in
connection with the Credit Agreement or any other Credit Document.

          3. This First 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 First Amendment by telecopy or electronic mail by any
party hereto shall be effective as such party’s original executed counterpart.

          4. THIS FIRST 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. Part I of this First Amendment shall become effective on the date (the “Waiver
Effective Date”) when 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: Binoy Dharia (facsimile number: 212-354-8113 / e-mail address:
bdharia@whitecase.com).

          6. Part II of this First Amendment shall become effective on the date (the “First
Amendment Effective Date”) when each of the following conditions shall have been satisfied:

     (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: Binoy Dharia (facsimile number: 212-354-8113 / e-mail address:
bdharia@whitecase.com);

     (ii) the Parent shall have issued the Senior Unsecured Notes which shall (w) be
unsecured, (x) be issued on or before November 30, 2009 and mature no earlier than November
30, 2014, (y) be in an aggregate principal amount equal to or greater than

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$230,000,000 and (z) have terms and conditions which are reasonably satisfactory to the
Administrative Agent;

     (iii) the Parent shall have delivered to the Administrative Agent a copy of each of the
Senior Unsecured Note Documents, certified as true and correct by the chairman of the board,
the chief executive officer, the president or any vice president of the Parent;

     (iv) each Subsidiary of Parent that has guaranteed the Senior Unsecured Notes, to the
extent not already a Subsidiary Guarantor, shall have delivered all documentation
(including, without limitation, opinions of counsel, corporate documents and proceedings and
officer’s certificates) as such Subsidiary would have been required to deliver pursuant to
Section 5 of the Credit Agreement had such Subsidiary been a Subsidiary Guarantor on the
Initial Borrowing Date;

     (v) the Parent shall have delivered to the Administrative Agent an officer’s
certificate pursuant to Section 9.04(a), certifying that the issuance of the Senior
Unsecured Notes satisfies the requirements of Section 9.04(a);

     (vi) the Borrower shall have delivered appraisal reports dated within 30 days of the
delivery date in form and substance and from independent appraisers reasonably satisfactory
to the Administrative Agent, stating the then current fair market value of each Mortgaged
Vessel and each Additional Mortgaged Vessel on an individual charter-free basis;

     (vii) the Borrower shall have paid to the Administrative Agent for distribution to each
Lender which executes and delivers to the Administrative Agent (or its designee) a
counterpart hereof by 12:00 P.M. (New York City time) on October 27, 2009, a non-refundable
cash fee in Dollars in an amount equal to 10 basis points (0.10%) of the Commitments of such
Lender outstanding on the First Amendment Effective Date (immediately prior to the
occurrence thereof); and

     (viii) the Borrower shall have paid to the Administrative Agent (or its applicable
affiliate) all fees, costs and expenses (including, without limitation, reasonable legal
fees and expenses) payable to the Administrative Agent (or its applicable affiliate) to the
extent then due.

          7. From and after each of the Waiver Effective Date and the First 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
Waiver Effective Date and on the First Amendment Effective Date, as applicable.

*  *  *

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

	 	 	 	 	 
	 	GENERAL MARITIME CORPORATION

 	 
	 	By:  	/s/ John C. Georgiopoulos
 	 
	 	 	Name:  	John C. Georgiopoulos 	 
	 	 	Title:  	Executive Vice President 	 
	 
	 	GENERAL MARITIME SUBSIDIARY CORPORATION

 	 
	 	By:  	/s/ Jeffrey D. Pribor
 	 
	 	 	Name:  	Jeffrey D. Pribor 	 
	 	 	Title:  	President 	 
	 

 

 

	 	 	 	 	 
	 	NORDEA BANK FINLAND PLC, NEW YORK

        BRANCH,
	 
	 	 	
Individually and as Administrative Agent and

Collateral Agent

 	 
	 	By:  	/s/ Colleen Durkin	 
	 	 	Name:  	Colleen Durkin	 
	 	 	Title:  	Vice President	 
	 	 	 
	 	By:  	/s/ Martin Lunder	 
	 	 	Name:  	Martin Lunder	 
	 	 	Title:  	Senior Vice President	 
	 

 

 

          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 First Amendment, hereby consents to the entering into of the First
Amendment and agrees to the provisions thereof.

Acknowledged and Agreed by:

GMR DAPHNE LLC,

GMR AGAMEMNON LLC,

GMR AJAX LLC,

GMR ALEXANDRA LLC,

GMR ARGUS LLC,

GMR CONSTANTINE LLC,

GMR DEFIANCE LLC,

GMR GEORGE T. LLC,

GMR GULF 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 PRINCESS LLC,

GMR PROGRESS LLC,

GMR REVENGE LLC,

GMR SPYRIDON LLC,

GMR ST. NIKOLAS LLC,

GMR STRENGTH LLC,

        as Subsidiary Guarantors

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Brian Kerr
 	 
	 	 	Name:  	Brian Kerr 	 
	 	 	Title:  	Manager 	 
	 

 

 

	 	 	 	 	 
	 	GMR ADMINISTRATION CORP.,

        as Subsidiary Guarantor

 	 
	 	By:  	/s/ Jeffrey D. Pribor
 	 
	 	 	Name:  	Jeffrey D. Pribor 	 
	 	 	Title:  	Director,  Vice President and Treasurer 	 
	 
	 	GENERAL MARITIME MANAGEMENT LLC,

        as Subsidiary Guarantor

 	 
	 	By:  	/s/ Milton H. Gonzales
 	 
	 	 	Name:  	Milton H. Gonzales 	 
	 	 	Title:  	Manager 	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 
	 	CREDIT INDUSTRIEL ET COMMERCIAL, NEW
YORK BRANCH

as Lender	 
	 
	 	By:  	/s/ Andrew McKuin	 
	 	 	Name:  	Andrew McKuin	 
	 	 	Title:  	Vice President	 
	 	 	 
	 	By:  	/s/ Alex Aupoix	 
	 	 	Name:  	Alex Aupoix	 
	 	 	Title:  	Vice President	 
	 

 

 

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

	 	
NAME OF INSTITUTION:

 	 
	 	
Commerzbank Aktiengesellschaft, Filiale Luxemburg (in its capacity as
legal successor of Dresdner Bank AG, Niederlassung Luxemburg) as
LENDER 	 
	 

	 	By:  	/s/
Yvonne Trierweiler 	 
	 	 	Name:  	Yvonne Trierweiler 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
/s/ Bianca Bahn	 
	 	 	Name:  	Bianca Bahn 	 
	 	 	Title:  	-Analyst- 	 
	 

 

 

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

NAME OF
INSTITUTION:

	 	 	 	 	 
	 	Bank of Scotland Plc
	 
	 
	 	By:  	/s/
Martin Strevens	 
	 	 	Name:  	Martin Strevens	 
	 	 	Title:  	Director	 

 

 

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

NAME OF
INSTITUTION:

	 	 	 	 	 
	 	DANISH SHIP FINANCE A/S

(DANMARKS SKIBSKREDIT A/S)
	 
	 	 	
 	 
	 	By:  	/s/
Denis Donbo	 
	 	 	Name:  	Denis Donbo	 
	 	 	Title:  	SVP	 
	 	 	 
	 	By:  	/s/
Ole Staergaard	 
	 	 	Name:  	Ole Staergaard	 
	 	 	Title:  	Senior Relationship Manager	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 
	 	NATIXIS
	 
	 	 	
 	 
	 	By:  	/s/
Michel DEGERMANN	 
	 	 	Name:  	Michel DEGERMANN	 
	 	 	Title:  	Head of Shipping Finance	 
	 	 	 
	 	By:  	/s/
A. Desticourt 	 
	 	 	Name:  	A. Desticourt 	 
	 	 	Title:  	Middle Officer	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 
	 	Lloyds TSB Bank plc
 	 
	 	By:  	/s/ Shelley Morrison	 
	 	 	Name:  	Shelley Morrison	 
	 	 	Title:  	Associate Director	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 
	 	Allied Irish Banks p.l.c.
 	 
	 	By:  	/s/ Tony Merna	 
	 	 	Name:  	Tony Merna	 
	 	 	Title:  	Manager	 
	 	 	 
	 	By:  	/s/ Philip Ashbrook 	 
	 	 	Name:  	Philip Ashbrook 	 
	 	 	Title:  	Head of Structured Finance, London 	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION: 

	 
	 	Skandinaviska Enskilda Banken AB (publ) 

	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	/s/
Egil Aarrestad	 
	 	 	Name:  	Egil Aarrestad	 
	 	 	Title:  	Senior Client Executive	 
	 

Simon
Wakefield

Global Head of Acquisition Finance

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:

 	 
	 	[LENDER]

	 
	 	By:  	/s/
Simon Booth 	 
	 	 	Name:  	Simon Booth	 
	 	 	Title:  	Managing Director 	 
	 	 	Citibank N.A.	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

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

NAME OF
INSTITUTION:

	 	 	 	 	 
	 	DnB NOR Bank ASA

 	 
	 	By:  	/s/
Nikolai A. Nachamkin	 
	 	 	Name:  	Nikolai A. Nachamkin	 
	 	 	Title:  	Senior Vice President	 
	 	 	 
	 	By:  	/s/
Giacomo Landi	 
	 	 	Name:  	Giacomo Landi	 
	 	 	Title:  	Senior Vice President	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:

 

FORTIS CAPITAL CORP.
	 
	 
	 	By:  	/s/
K. De Lathouwer	 
	 	 	Name:  	K. De Lathouwer	 
	 	 	Title:  	Director	 
	 	 	 
	 	By:  	/s/
Kevin O’Hara	 
	 	 	Name:  	Kevin O’Hara	 
	 	 	Title:  	Director	 
	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 
	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION
	 
	 
	 	By:  	/s/ WILLIAM GINN	 
	 	 	Name:  	WILLIAM GINN	 
	 	 	Title:  	EXECUTIVE DIRECTOR	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC
	 
	 
	 	By:  	/s/ Adrian Meadows	 
	 	 	Name:  	Adrian Meadows	 
	 	 	Title:  	Director, Transaction & Portfolio Management	 

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE FIRST
AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN
ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME
SUBSIDIARY CORPORATION, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA
BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT	 
	 
	 	NAME OF INSTITUTION:	 
	 
	 	 	 	 	 
	 	ALLIANCE & LEICESTER COMMERCIAL FINANCE PLC
	 
	 
	 	By:  	/s/ Mark McCarthy	 
	 	 	Name:  	Mark McCarthy	 
	 	 	Title:  	Head of Shipping	 
	 	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

SCHEDULE XIII

Additional Mortgaged Vessels

	 	 	 	 	 	 	 	 	 	 	 
	Vessel	 	Design	 	Deadweight	 	Year Built	 	Official #	 	Owner
	Stena Victory
	 	VLCC
	 	314,000
	 	2001
	 	9205093
	 	Victory Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Vision
	 	VLCC
	 	314,000
	 	2001
	 	9205081
	 	Vision Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Companion
	 	Panamax
	 	72,000
	 	2004
	 	9255933
	 	Companion Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Compatriot
	 	Panamax
	 	72,000
	 	2004
	 	9255945
	 	Compatriot Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Concord
	 	Handymax
	 	47,400
	 	2004
	 	9399923
	 	Concord Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Consul
	 	Handymax
	 	47,400
	 	2004
	 	9258612
	 	Consul Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Concept
	 	Handymax
	 	47,400
	 	2005
	 	9272204
	 	Concept Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Stena Contest
	 	Handymax
	 	47,400
	 	2005
	 	9272199
	 	Contest Ltd.
	 	 	 	 	 	 	 	 	 	 	 
	Genmar Electra
	 	Aframax
	 	104,000
	 	2002
	 	9233313
	 	GMR Electra LLCexv10w1

Exhibit 10.1

AMENDMENT NUMBER 1

Dated as of October 23, 2009

to

INDENTURE AND SERVICING AGREEMENT

Dated as of November 7, 2008

by and among

SIERRA TIMESHARE CONDUIT RECEIVABLES FUNDING II, LLC,

as Issuer

and

WYNDHAM CONSUMER FINANCE, INC.,

as Servicer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

and

U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

 

 

AMENDMENT NUMBER 1

to

INDENTURE AND SERVICING AGREEMENT

     THIS AMENDMENT NUMBER 1 dated as of October 23, 2009 (this “Amendment”) amends that INDENTURE
AND SERVICING AGREEMENT dated as of November 7, 2008 (the “Original Indenture”) and both this
Amendment and the Original Indenture are by and among SIERRA TIMESHARE CONDUIT RECEIVABLES FUNDING
II, LLC, a limited liability company organized under the laws of the State of Delaware, as issuer,
WYNDHAM CONSUMER FINANCE, INC., a Delaware corporation, as servicer, WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as trustee and U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as collateral agent.

RECITALS

     WHEREAS, the Issuer, the Servicer, the Trustee and the Collateral Agent desire to amend the
Original Indenture as provided herein.

     WHEREAS, in accordance with (x) Section 15.1(b) of the Original Indenture, upon the Amendment
Effective Date (as defined herein) the Required Facility Investors have consented to such amendment
of the Original Indenture and the Rating Agency Condition has been satisfied, (y) Section 15.1(g)
of the Original Indenture, each Funding Agent has consented to such amendment of the Original
Indenture and (z) Section 15.16 of the Original Indenture, the Deal Agent has consented to such
amendment of the Original Indenture.

     WHEREAS, capitalized terms used in this Amendment and not otherwise defined herein or amended
hereby shall have the meanings assigned to such terms in the Original Indenture.

     NOW THEREFORE, in consideration of the mutual agreements herein contained, each party agrees
as follows for the benefit of the other parties and for the benefit of the Noteholders.

ARTICLE I

DEFINITIONS

     Section 1.1. Amendment of Definitions

     The definition of each of the following terms contained in Section 1.1 of the Original
Indenture is hereby amended and restated to read in its entirety as follows:

          “AAA Advance Rate” shall mean,

          (i) prior to but excluding the November 2009 Payment Date, 52.75%; and

 

 

          (ii) as of the November 2009 Payment Date and thereafter, 51%.

     “Capped Monthly Trustee Expenses” shall mean, for any Payment Date, the lesser
of (i) the sum of the unreimbursed reasonable expenses incurred by the Trustee under each of
the Facility Documents to which the Trustee is a party and (ii) the excess, if any, of (a)
$10,000 over (b) the amount of all payments made pursuant to clause (y) of priority FIRST of
Section 4.1 during the calendar quarter in which such Payment Date occurs; provided,
however, that if an Event of Default has occurred and the Series 2008-A Notes have
been accelerated pursuant to Section 11.2 or any portion of the Collateral has been sold on
or prior to such Payment Date, the Capped Monthly Trustee Expenses shall equal the sum of
the unreimbursed reasonable expenses incurred by the Trustee under each of the Facility
Documents to which the Trustee is a party.

     “Default Percentage” shall mean for any Payment Date, a fraction (i) the
numerator of which is the sum of (x) the aggregate outstanding Loan Balance on such date of
all Pledged Loans which became Defaulted Loans during the related Due Period and (y) the
aggregate outstanding Loan Balance on such date of all Pledged Loans which were transferred
to an Obligor pursuant to the Servicer’s owner transfer program during the related Due
Period other than Defaulted Loans and (ii) the denominator of which is the Aggregate Loan
Balance on such Payment Date (without giving effect to any transfers of Additional Pledged
Loans to the Collateral Agent following the last day of the related Due Period).

     “Eligible Account” shall mean either (a) a segregated account (including a
securities account) with an Eligible Institution or (b) a segregated trust account with the
corporate trust department of a depository institution organized under the laws of the
United States of America or any one of the states thereof or the District of Columbia (or
any domestic branch of a foreign bank), having corporate trust powers and acting as trustee
for funds deposited in such account, so long as any of the securities of such depository
institution shall have a credit rating from each of S&P and Moody’s in one of its generic
rating categories which signifies investment grade.

     “Excess Concentration Amount” shall mean, on any date, an amount equal to the
sum of (i) the Non-US Excess Amount, (ii) the Green Loans Excess Amount, (iii) the Delayed
Completion Green Loans Excess Amount, (iv) the New Seller Excess Amount, (v) the Transition
Period Excess Amount, (vi) the Large Loans Excess Amount, (vii) the State Concentration
Excess Amount, (viii) the Documents in Transit Excess Amount, (ix) the Fixed Week Excess
Amount, (x) the Extended Term Excess Amount, (xi) the Presidential Reserve Loan Excess
Amount, (xii) the WorldMark Loan Excess Amount, (xiii) the WorldMark Loan FICO Score 650
Excess Amount, (xiv) the WorldMark Loan FICO Score 700 Excess Amount, (xv) the WorldMark
Loan FICO Score 750 Excess Amount, (xvi) the WorldMark Loan FICO Score 800 Excess Amount,
(xvii) the Wyndham Loan FICO Score 650 Excess Amount, (xviii) the Wyndham Loan FICO Score
700 Excess Amount, (xix) the Wyndham Loan FICO Score 750 Excess Amount, (xx) the Wyndham
Loan FICO Score 800 Excess Amount and (xxi) the California Excess Amount.

2

 

     “Extended Term Excess Amount” shall mean, on any date, the amount, if any, by
which (i) the sum of the Loan Balances on such date for all Pledged Loans which have an
original term greater than 120 months as of the last day of the immediately preceding Due
Period exceeds (ii) ten percent (10%) of the Adjusted Loan Balance on such date.

     “Green Loan Deficiency Amount” shall mean, as of any date as of which a Rating
Downgrade Condition existed on the last day of the immediately preceding Due Period, the
excess of (A) the product of (i) the excess of (a) the sum of the Loan Balances on such date
(or, with respect to any such Green Loans that have been released from the Lien of this
Indenture pursuant to Section 5.7, the Loan Balance on the date of such release) for all
Loans which were Green Loans pledged to the Collateral Agent as Collateral as of the last
day of the Due Period in which such Rating Downgrade Condition occurred over (b) the sum of
(1) the Green Loans Excess Amount (without taking into account the second sentence of the
definition thereof) on such date and (2) the Delayed Completion Green Loans Excess Amount on
such date and (ii) the AAA Advance Rate over (B) the sum of the amounts distributed to
Noteholders pursuant to clause NINTH of Section 4.1 on each Payment Date prior to such date.

     “Green Loans Excess Amount” shall mean, on any date, the greater of (x) the
amount, if any, by which (i) the sum of the Loan Balances on such date for all Pledged Loans
which are Green Loans (not including any Delayed Completion Green Loans) as of the last day
of the immediately preceding Due Period exceeds (ii) ten percent (10%) of the Adjusted Loan
Balance on such date and (y) the sum of the Six-Month Green Loans Excess Amount and the
Twelve-Month Green Loans Excess Amount on such date. Notwithstanding the above, on any date
as of which a Rating Downgrade Condition existed on the last day of the immediately
preceding Due Period, the Green Loans Excess Amount shall mean the sum of the Loan Balances
on such date for all Pledged Loans which are Green Loans (other than any Delayed Completion
Green Loans) as of the last day of such Due Period.

     “Large Loans Excess Amount” shall mean, on any date, the sum of (a) the
combined amount of the Loan Balances on such date of all Pledged Loans which have a Loan
Balance on such date greater than $100,000 plus (b) the amount by which (i) the combined
amount of the Loan Balances on such date of all Pledged Loans which have a Loan Balance on
such date of $75,000 or more (but not more than $100,000) on such date exceeds (ii) (A) if
the weighted average FICO Score for all Pledged Loans which have a Loan Balance on such date
of $75,000 or more (but not more than $100,000) is 700 or greater, ten percent (10%) of the
Adjusted Loan Balance on such date or (B) if the weighted average FICO Score for all Pledged
Loans which have a Loan Balance on such date of $75,000 or more (but not more than $100,000)
is less than 700, five percent (5.0%) of the Adjusted Loan Balance on such date.

     “Maturity Date” shall mean the November 2026 Payment Date.

     “Rating Agency” shall mean S&P.

3

 

     “Rating Agency Condition” shall mean, with respect to any action to be taken,
that each Rating Agency shall have been given at least five (5) days prior notice thereof by
the Issuer and shall have notified the Issuer and the Trustee in writing that such action
will not result in a reduction, downgrade, suspension or withdrawal of the rating then
assigned by it to the Series 2008-A Notes.

     “Reserve Required Amount” shall mean (i) so long as no Amortization Event has
occurred, as of any date an amount equal to the greater of (x) 2.0% of the Aggregate Loan
Balance on such date and (y) the most recently reported Estimated Fees, plus, in either case
(A) the sum of (1) $150,000 related to any indemnification of the Trustee pursuant to
Section 13.5 and (2) $375,000, and (B) an amount equal to the sum of the Green Loan Reserve
Percentage of the Loan Balance for each Pledged Loan which is a Green Loan multiplied by the
applicable Advance Rate on such date, and (ii) on and after the first Payment Date following
the occurrence of an Amortization Event, the lesser of (x) 0.25% of the Notes Principal
Amount as of the date on which the Amortization Event occurred and (y) 50% of the Notes
Principal Amount as of such Payment Date before taking into account any distributions of
principal on such Payment Date.

     “Six-Month Green Loans Excess Amount” shall mean, on any date, the amount, if
any, by which (i) the sum of the Loan Balances on such date for all Pledged Loans which are
Six-Month Green Loans as of the last day of the immediately preceding Due Period exceeds
(ii) ten percent (10%) of the Adjusted Loan Balance on such date.

     “Twelve-Month Green Loans Excess Amount” shall mean, on any date, the amount,
if any, by which (i) the sum of the Loan Balances on such date for all Pledged Loans which
are Twelve-Month Green Loans as of the last day of the immediately preceding Due Period
exceeds (ii) five percent (5%) of the Adjusted Loan Balance on such date.

     “WorldMark Loan FICO Score 650 Excess Amount” shall mean, on any date, the
amount by which (i) the sum of Loan Balances on such date for all Pledged Loans that are
WorldMark Loans that have a FICO Score of 650 or less exceeds (ii) 24% of the WorldMark
Adjusted Loan Balance on such date.

     “WorldMark Loan FICO Score 700 Excess Amount” shall mean, on any date, the
amount by which (i) the sum of Loan Balances on such date for all Pledged Loans that are
WorldMark Loans that have a FICO Score of 700 or less exceeds (ii) the sum of (A) 51% of the
WorldMark Adjusted Loan Balance on such date and (B) the WorldMark Loan FICO Score 650
Excess Amount on such date.

     “Wyndham Loan FICO Score 650 Excess Amount” shall mean, on any date, the amount
by which (i) the sum of Loan Balances on such date for all Pledged Loans that are Wyndham
Loans that have a FICO Score of 650 or less exceeds (ii) 16% of the Wyndham Adjusted Loan
Balance on such date.

     “Wyndham Loan FICO Score 700 Excess Amount” shall mean, on any date, the amount
by which (i) the sum of Loan Balances on such date for all Pledged Loans that

4

 

are Wyndham Loans that have a FICO Score of 700 or less exceeds (ii)the sum of (A) 38%
of the Wyndham Adjusted Loan Balance on such date and (B) the Wyndham Loan FICO Score 650
Excess Amount on such date.

     Section 1.2. Addition of Definitions

     Section 1.1 of the Original Indenture is hereby amended by adding the following definitions
thereto in the appropriate alphabetical order:

     “Qualifying Payment Date” shall mean (x) any Payment Date for which during the
related Due Period Pledged Loans (other than any Loans included in the FICO Score of 7-Year
Loans Excess Amount or the FICO Score of 10-Year Loans Excess Amount) with an aggregate Loan
Balance on the first day of such Due Period equal to at least 40% of the Aggregate Loan
Balance on the first day of such Due Period are released from the Lien of the Indenture
pursuant to Section 5.4 and (y) each of the three Payment Dates immediately following any
Payment Date specified in clause (x).

     “Weighted Average Remaining Term” shall mean, as of any Payment Date, a number
of months equal to (x) the sum for each Loan that is a Pledged Loan as of the last day of
the related Due Period of the product of (i) the Loan Balance of such Loan as of the last
day of the related Due Period and (ii) the number of months remaining in the term of such
Loan as of the last day of the related Due Period, divided by (y) the sum of the Loan
Balances of all Pledged Loans as of the last day of the related Due Period.

     “WorldMark Loan FICO Score 750 Excess Amount” shall mean, on any date, the
amount by which (i) the sum of Loan Balances on such date for all Pledged Loans that are
WorldMark Loans that have a FICO Score of 750 or less exceeds (ii) the sum of (A) 72.50% of
the WorldMark Adjusted Loan Balance on such date, (B) the WorldMark Loan FICO Score 650
Excess Amount on such date and (C) the WorldMark Loan FICO Score 700 Excess Amount on such
date.

     “WorldMark Loan FICO Score 800 Excess Amount” shall mean, on any date, the
amount by which (i) the sum of Loan Balances on such date for all Pledged Loans that are
WorldMark Loans that have a FICO Score of 800 or less exceeds (ii) the sum of (A) 95% of the
WorldMark Adjusted Loan Balance on such date, (B) the WorldMark Loan FICO Score 650 Excess
Amount on such date, (C) the WorldMark Loan FICO Score 700 Excess Amount on such date and
(D) the WorldMark Loan FICO Score 750 Excess Amount on such date.

     “Wyndham Loan FICO Score 750 Excess Amount” shall mean, on any date, the amount
by which (i) the sum of Loan Balances on such date for all Pledged Loans that are Wyndham
Loans that have a FICO Score of 750 or less exceeds (ii) the sum of (A) 65% of the Wyndham
Adjusted Loan Balance on such date, (B) the Wyndham Loan FICO Score 650 Excess Amount on
such date and (C) the Wyndham Loan FICO Score 700 Excess Amount on such date.

     “Wyndham Loan FICO Score 800 Excess Amount” shall mean, on any date, the amount
by which (i) the sum of Loan Balances on such date for all Pledged Loans that

5

 

are Wyndham Loans that have a FICO Score of 800 or less exceeds (ii) the sum of (A) 94%
of the Wyndham Adjusted Loan Balance on such date, (B) the Wyndham Loan FICO Score 650
Excess Amount on such date, (C) the Wyndham Loan FICO Score 700 Excess Amount on such date
and (D) the Wyndham Loan FICO Score 750 Excess Amount on such date.

     Section 1.3. Deletion of Definitions

     Section 1.1 of the Original Indenture is hereby amended by deleting each of the following
definitions in its entirety:

Club Wyndham Access Loan

Club Wyndham Access Loan Excess Amount

Series 2002-1 Loan Balance

Series 2002-1 Pledged Loan

Series 2008-A Pool Extended Term Excess Amount

Series 2008-A Pool Green Loans Capped Amount

Series 2008-A Pool Green Loans Excess Amount

Series 2008-A Pool Six-Month Green Loans Excess Amount

Series 2008-A Pool Twelve-Month Green Loans Excess Amount

ARTICLE II

AMORTIZATION EVENTS

     Section 2.1. Amendments to Amortization Events. Section 10.1 of the Original
Indenture is hereby amended by:

     (a) deleting each of clauses (f), (g) and (s) thereof in their entirety and inserting the
following in lieu thereof:

     (f) the Four Month Default Percentage (x) as of any Qualifying Payment Date
exceeds 2.0%, and (y) as of any other Payment Date exceeds 1.5%;

     (g) the Three Month Rolling Average Delinquency Ratio as calculated for any
Payment Date exceeds 5.0%;

     (s) the Securitized Pool Four Month Default Percentage exceeds 1.5% for four
consecutive Payment Dates;

     (b) deleting the word “or” at the end of clause (r) of Section 10.1, inserting the word “or”
at the end of clause (s) of Section 10.1, and inserting the following as a new clause (t) of
Section 10.1:

     (t) on any Payment Date, the Weighted Average Remaining Term is less than 96
months;

6

 

     (c) amending and restating the last paragraph of Section 10.1 to read in its entirety as
follows:

     then, in the case of an event described in any clause except clause (a)(1), (c)
or (e) of the Events of Default in Section 11.1, or clause (b), (m) or (t) above,
the Deal Agent at the direction of the Majority Facility Investors, or, with respect
to an event described in clause (j), (l) or (n), the Deal Agent, at the direction of
any Funding Agent, by notice given in writing to the Issuer, the Servicer and the
Trustee, may declare that an Amortization Event has occurred as of the date of such
notice and, in the case of any event described in clause (a)(1), (c) or (e) of the
Events of Default in Section 11.1, or clause (b) or (m) of this Section 10.1, an
Amortization Event will occur immediately upon the occurrence of such event without
any notice or other action on the part of the Deal Agent, the Trustee or any other
entity and, in the case of any event described in clause (t) above, an Amortization
Event will occur immediately upon the occurrence of such event unless the Rating
Agency Condition has been met with respect to such event on or prior to such Payment
Date.

ARTICLE III

RATING AGENCY REVIEW

     Section 3.1. Amendment to Section 15.17. Section 15.17 of the Original Indenture is
hereby amended and restated to read in its entirety as follows:

     Section 15.17. Rating Agency Review. The Issuer hereby agrees that if
the Issuer elects to maintain the ratings on the Series 2008-A Notes on and after
October 22, 2010, the Issuer shall prior to October 22, 2010 submit the Series
2008-A Notes for review to each Rating Agency then maintaining a rating on the
Series 2008-A Notes.

ARTICLE IV

MISCELLANEOUS PROVISIONS

     Section 4.1. No Other Amendments. Except as expressly amended, modified and
supplemented hereby, the provisions of the Original Indenture are and shall remain in full force
and effect.

     Section 4.2. Governing Law. This Amendment is governed by and shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

     Section 4.3. Counterparts. This Amendment may be executed in two or more counterparts
(and by different parties on separate counterparts), each of which shall be an original, but all of
which together shall constitute one and the same instrument.

     Section 4.4. Headings. The headings herein are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision hereof.

7

 

     Section 4.5. Effectiveness. This Amendment shall be effective upon the date (the
“Amendment Effective Date”) that is the later of (i) the date hereof and (ii) the first date on
which each of the following conditions precedent shall have been satisfied:

     (a) This Amendment shall have been executed and delivered by each of the parties
hereto;

     (b) The Trustee shall have received the written consent of the Required Facility
Investors, each Funding Agent and the Deal Agent to this Amendment;

     (c) The Rating Agency Condition (as such term is defined in the Original Indenture)
shall have been satisfied;

     (d) The Trustee shall have received any Opinions of Counsel required by the Trustee to
be delivered to the Trustee; and

     (e) The First Amendment to the Note Purchase Agreement, dated the date hereof (the “NPA
Amendment”), shall have been executed and delivered by each party thereto.

     Section 4.6. Purchaser Group Invested Amount. The Issuer hereby notifies the Trustee
that as of October 26, 2009, the entire principal amount represented by the Series 2008-A Note
registered in the name of CITICORP NORTH AMERICA, INC., as Funding Agent, will have been acquired
by and transferred to other Purchaser Groups. Upon receipt by the Trustee of the Series 2008-A
Note registered in the name of CITICORP NORTH AMERICA, INC., the Trustee shall cancel such note.
The remaining outstanding Series 2008-A Notes shall represent the entire Notes Principal Amount of
$168,891,380.73 as of October 26, 2009 (subject to future Increases and principal payments and
cancellations as provided in the Original Indenture and the Note Purchase Agreement), and with
respect to each of such remaining outstanding Series 2008-A Notes, as of October 26, 2009 and after
giving effect to the NPA Amendment, the principal amount thereof shall be equal to the applicable
Purchaser Group Invested Amount (as defined in the Note Purchase Agreement) with respect to each
Purchaser Group, as set forth on Schedule I to this Amendment.

8

 

     IN WITNESS WHEREOF, Issuer, the Servicer, the Trustee and the Collateral Agent have caused
this Indenture to be duly executed by their respective officers as of the day and year first above
written.

	 	 	 	 	 
	 	SIERRA TIMESHARE CONDUIT RECEIVABLES FUNDING II, LLC,

as Issuer

 	 
	 	By:  	/s/ Mark A. Johnson
 	 
	 	 	Name:  	Mark A. Johnson 	 
	 	 	Title:  	President 	 
	 
	 	WYNDHAM CONSUMER FINANCE, INC.,

as Servicer

 	 
	 	By:  	/s/ Mark A. Johnson
 	 
	 	 	Name:  	Mark A. Johnson 	 
	 	 	Title:  	President 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Jennifer C. Davis
 	 
	 	 	Name:  	Jennifer C. Davis 	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, as

as Collateral Agent

 	 
	 	By:  	/s/ Tamara Schultz-Fugh
 	 
	 	 	Name:  	Tamara Schultz-Fugh 	 
	 	 	Title:  	Vice President 	 
	 

[Signature page for Amendment Number 1 to Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]