Document:

ex10-1.htm

Exhibit 10.1 

 

[on the letterhead of DNB]

 

	
To: 
	
GulfMark Rederi AS (the "Borrower")

	
 
	
Strandgata 5

	
 
	
N-4307 Sandnes

	
 
	
Norway

	
 
	
 

	
 
	
Attention: Chief Financial Officer

	
 
	
 

	
Copy:
	
GulfMark Offshore, Inc. (the “Parent Guarantor” and, together with the Borrower, “you”)

	
 
	
842 West Sam Houston Parkway North, Suite 400

	
 
	
Houston, Texas 77024

	
 
	
United States

	
 
	
 

	
 
	
Attention: Chief Financial Officer

     

 

Bergen, 17 March 2017

 

Dear Sirs,

GULFMARK REDERI AS – NOK 600,000,000 SECURED REVOLVING CREDIT FACILITY AGREEMENT DATED 27 DECEMBER 2012 as later amended and restated (the “Agreement”)

 

Reference is made to the Agreement. Terms used in this interim agreement letter (the "Letter") shall, unless defined herein, have the same meaning ascribed to such terms in the Agreement. 

 

	
1.
	
BackgrounD

Through the Drawdown Notice dated 9 March 2017 (the "MUSD 10 Drawdown Notice"), you have requested that the Lenders make available to the Borrower a Loan under the Agreement in an aggregate principal amount of USD 10,000,000. Notwithstanding that the conditions precedent to the making of a Loan set forth in Clause 4.2 of the Agreement have not been satisfied on the date of the MUSD 10 Drawdown Notice and will not be satisfied on the proposed Drawdown Date, the Lenders have agreed to accommodate such request on the basis of the terms and conditions contained in this Letter.

 

	
2.
	
Interim Utilisation 

Subject only to satisfaction of the conditions and with the modifications set forth in clause 4 below, the Lenders shall make the Loan in the amount of USD 10,000,000 available to the Borrower pursuant to the MUSD 10 Drawdown Notice (the “Interim Utilisation”) within three (3) Business Days following satisfaction of said conditions.

 

 

 

 

Page 2 of 5

  

	
3.
	
Lender consent to all further Utilisations

Notwithstanding anything to the contrary in any of the Finance Documents, on and from the date hereof, the Borrower shall not submit any Drawdown Notice without the prior written consent of the Lenders (which consent may be withheld in the Lenders' sole discretion). Any Drawdown Notice submitted by the Borrower without such prior written consent shall have no force or effect. For the avoidance of doubt, the Borrower's obligation to pay commitment fee under the Agreement shall remain unaffected by this consent requirement. 

 

	
4.
	
Conditions to the Interim Utilisation

The Lenders will only be obliged to fund the Interim Utilisation after the satisfaction of the following conditions precedent:

 

	
(i)
	
this Letter shall be duly countersigned by the Borrower, the Parent Guarantor and the UK Guarantor; 

	 	 

	
(ii)
	
the Parent Guarantor and the Borrower have confirmed, by countersigning this Letter, their acceptance to the Lenders engaging Hughes Hubbard & Reed LLP as their U.S. legal counsel and Advokatfirmaet Thommessen AS as their Norwegian legal counsel, and that the Borrower and the Parent Guarantor shall be jointly liable for all legal fees and costs reasonably incurred by the Lenders from such engagements; and

 

	
(iii)
	
the Agent shall be authorised to withdraw from the Interim Utilisation all costs and expenses of the Agent, including legal and financial advisor fees and agreed retainers (retainers being in the amount of USD 100,000 and NOK 300,000, respectively)incurred prior to the date of this Letter.

 

Further, and as a condition subsequent to be fulfilled latest 7 April 2017, a share pledge over all shares issued in the Borrower shall be granted in favour of the Agent (on behalf of the Finance Parties) as security for the Borrower's obligations under the Finance Documents. 

 

	
5.
	
Cooperation and collaboration

Without limiting the Parent Guarantor’s or the Borrower’s obligations under Clause 19 (Information Undertakings) of the Agreement, you shall provide to the Agent and its advisors, as soon as reasonably practicable all such information, projections, accounts and other information provided to The Royal Bank of Scotland plc under or in connection with the multicurrency facility agreement dated 26 September 2014 (as later amended) with GulfMark Americas, Inc. as borrower and Parent Guarantor as parent. 

 

 

 

 

Page 3 of 5

  

Furthermore, you shall keep the Agent and the Lenders reasonably informed of all negotiations and discussions between any of your Affiliates or advisors and holders of the Parent Guarantor’s Indebtedness in connection with any proposed restructuring, waiver, consent or insolvency or bankruptcy proceeding, which shall include:

 

	
(i)
	
from the week commencing March 13, 2017, at least once per week, or as otherwise requested by the Lenders, update calls between the Parent Guarantor’s senior management team and financial advisors and the Lenders and the Lenders' professional advisors; and

 

	
(ii)
	
reasonable access to your properties during normal business hours and on reasonable notice to the extent necessary to permit the Agent and its professional advisors to assess the value of the Security Interest under the Agreement, determine the financial condition, assets and operations of the Group and/or any member of the Group, or amplify or expand upon any of the information described in this Letter or in any other Finance Document.

 

 

	
6.
	
RESERVATION OF RIGHTS AND REMEDIES

All Finance Documents continue in full force and effect as supplemented by the additional obligations and limitation on the Borrower and Parent Guarantor set out in this Letter. 

Neither this Letter, nor the acceptance and effectuation of the Interim Utilisation, shall constitute a waiver of any rights or remedies of the Finance Parties under the Agreement or any other Finance Document, all of which are reserved. 

However, between the date of this Letter through and including April 14, 2017, no Lender shall, in its capacity as Lender, exercise any right of set off, combination of accounts or similar remedy in relation to the Obligors’ cash, in each case in respect of any amounts that are outstanding or may become outstanding under the Finance Documents.

 

	
7.
	
Counterparts

This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.

 

	
8.
	
Governing law, jurisdiction and enforcement

This Letter and any non-contractual arrangements arising out of or in relation to it shall be governed by Norwegian law. 

 

This Letter shall be a Finance Document and Clause 31 (Governing law and enforcement) shall apply mutatis mutandis in respect of this Letter.

 

* * *

 

Please confirm your acceptance to the foregoing terms and conditions by signing the acceptance of this Letter below.

 

 

[signature pages to follow]

 

 

 

 

Page 1 of 5

  

	
Yours faithfully
	
 
	
 
	
 
	
 

	for and on behalf of	 	 	 	 
	DNB Bank ASA	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/ Leif H. Spørck
	
 
	
 
	
 
	
 

	
Name: Leif H. Spørck
	
 
	
 
	
Name
	
 

	
Title: Senior Vice President 
	
 
	
 
	
Title
	
 

 

 

 

 

Page 2 of 5

 

	
Accepted and agreed by:
	
 
	
 
	
 
	
 

	 	 	 	 	 
	For and on behalf of	 	 	 	 
	GulfMark Rederi AS	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/ Quintin Kneen
	
 
	
 
	
 
	
 

	
Name: Quintin Kneen
	
 
	
 
	
Name:
	
 

	
Title: Chairman
	
 
	
 
	
Title:
	
 

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	For and on behalf of	 	 	 	 
	GulfMark Offshore, Inc. 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Quintin Kneen	 	 	 	 
	Name: Quintin Kneen	 	 	Name:	 
	Title: President	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Acknowledged and agreed: 	 	 	 	 
	 	 	 	 	 
	For and on behalf of	 	 	 	 
	GulfMark UK Ltd	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Quintin Kneen	 	 	 	 
	Name: Quintin Kneen	 	 	 	 
	Title: Directortat-ex1020_1150.htm

 

Exhibit 10.20

PLEDGE FEE AGREEMENT

This Pledge Fee Agreement (the “Agreement”), dated as of August 31, 2016, is entered into by and between Gundem Turizm Yatirim Ve Isletmeleri A.S., a Turkish joint stock company (“Pledgor”), and TransAtlantic Petroleum Ltd., a Bermuda exempted company with limited liability (the “Company”).  

WHEREAS, the Company proposes to enter into that certain General Credit Agreement (the “Loan”) with DenziBank A.S. (the “Lender”);

WHEREAS, as a condition to providing the Loan to the Company, the Lender has required the Pledgor to pledge its ownership interests in the Gundem Resort Hotel, Asarlik Mevkii Gumbet, Bodrum, Turkey (the “Resort Property”) and the Muratli real estate (the “Real Estate,” and collectively with the Resort Property, the “Property”) as collateral for the Loan pursuant to that certain Pledge Agreement (the “Pledge Agreement”), by and between Pledgor and Lender dated as of the date hereof;

WHEREAS, the Lender and the Company have determined that the Resort Property has a value of $10.0 million and the Real Estate has a value of $5.0 million (collectively, the “Collateral Value”); and

WHEREAS, in order to induce the Pledgor to pledge the Property to the Lender as collateral for the Loan, the Company has agreed to pay the Pledgor a fee of 5.0% of the Collateral Value per annum (the “Pledge Fee”) in cash upon the terms set forth below.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

	
 
	
1.
	
Payment of Pledge Fee.  For so long as the Property is pledged to the Lender as collateral for the Loan, the Company hereby agrees to pay the Pledgor the Pledge Fee in cash on the last day of each month, beginning September 30, 2016.  The Pledge Fee shall be pro-rated for any period of less than one month.  

	
 
	
2.
	
Direction of Pledgor.  The Pledgor hereby directs the Company to pay the Pledge Fee directly to the equity owners of the Pledgor in the following percentages to the account(s) designated in writing to the Company from time to time by the following persons:

N. Malone Mitchell, 3rd – 57.5%

Alexandria Nicole Mitchell Jacobs – 10.0%

Noah Malone Mitchell, 4th – 10.0%

Stevenson Briggs Mitchell – 10.0%

Elizabeth Lee Howard – 10.0%

Selami Uras – 2.5%

	
 
	
3.
	
Subrogation, Property Foreclosure.  In the event all or any part of the Property has been foreclosed upon by or for the benefit of the Lender, Pledgor shall (i) be subrogated to all rights and liens that  the Lender may have or may have had against the Company and each other guarantor of the Loan and all collateral or other security, and all rights of subrogation in or under any of the Loan documents or to participate in any way therein, and in all right, title or interest in or to any security for the Loan, (ii) be entitled to receive from the Company interest at the rate specified in the Loan documentation (i.e., the regular or default rate in effect at the time) with respect to a notional principal amount equal to the Collateral Value of the Property 

Pledge Fee Agreement – Gundem – Page 1

 

	
 
		
foreclosed upon, and (iii) be entitled to recourse, reimbursement, exoneration, contribution, indemnification, and all other similar rights available under applicable law against the Company and each other guarantor of or for all or any part of the Loan; provided, that until the Loan has been paid in full, such rights are expressly made subordinate in form and substance and upon terms acceptable to Lender in its sole and absolute discretion if and to the extent required by the Loan documentation.  Upon request by Pledgor from time to time, the Company agrees to enter into additional definitive documentation in support of the foregoing to ensure that Pledgor obtains all legal and economic benefits contemplated by this Agreement, including, without limitation, loan documentation on terms substantially similar to the Loan documents.

	
 
	
4.
	
Income Seizure.  In the event all or any part of the income derived from the Property has been foreclosed upon by or for the benefit of the Lender, Pledgor shall (i) be subrogated to all rights and liens that  the Lender may have or may have had against the Company and each other guarantor of the Loan and all collateral or other security, and all rights of subrogation in or under any of the Loan documents or to participate in any way therein, and in all right, title or interest in or to any security for the Loan, (ii) be entitled to receive from the Company interest at the rate specified in the Loan documentation (i.e., the regular or default rate in effect at the time) with respect to  any proceeds of any Property foreclosed upon, (iii) be entitled to continue to receive the Pledge Fee, and (iv) be entitled to recourse, reimbursement, exoneration, contribution, indemnification, and all other similar rights available under applicable law against the Company and each other guarantor of or for all or any part of the Loan; provided, that until the Loan has been paid in full, such rights are expressly made subordinate in form and substance and upon terms acceptable to Lender in its sole and absolute discretion if and to the extent required by the Loan documentation.  Upon request by Pledgor from time to time, the Company agrees to enter into additional definitive documentation in support of the foregoing to ensure that Pledgor obtains all legal and economic benefits contemplated by this Agreement, including, without limitation, loan documentation on terms substantially similar to the Loan documents.

	
 
	
5.
	
Property Appreciation.  On an annual basis beginning on the date one year from the date of this Agreement, the Collateral Value shall be increased using the Turkey Consumer Price Index (“CPI”).  When this determination is made, the principal amount of the loans described in Paragraphs 3 and 4 shall be modified to reflect the increase in value.

	
 
	
6.
	
Sale of the Property.  Pledgor reserves the right to assign, transfer or sell its interest in the Property at any time, subject only to the Lender’s approval.  In the event such assignment, transfer or sale is made, the Company shall be obligated to replace the collateral with property approved by the Lender.

	
 
	
7.
	
Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas, without regard to its principles regarding conflicts of laws.  Venue of any action tried hereunder will be in Dallas County, Texas, whether in federal or state court.

	
 
	
8.
	
Successors.  All agreements of the Company and the Pledgor in this Agreement shall bind their successors and assigns.

	
 
	
9.
	
No Waiver or Amendment.  No waiver of any of the terms, provisions or conditions hereof, or any modification of such terms, provisions or conditions, shall be effective unless in writing and signed by a duly authorized officer of each party.

Pledge Fee Agreement – Gundem – Page 2

 

	
 
	
10.
	
 Assignment of this Agreement.  This Agreement and the duties, right and obligations of the parties hereunder shall not be assignable by either party without the prior written consent of the other party.  

	
 
	
11.
	
Entire Agreement.  This Agreement represents the entire agreement between the parties, and supercedes and nullifies all prior representations, negotiations, proposals, and statements with regard to the Pledge of the Property.

	
 
	
12.
	
Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument.

********

[signature page follows]

Pledge Fee Agreement – Gundem – Page 3

 

	
 
	
TRANSATLANTIC PETROLEUM LTD.

	
 
	
 
	
 

	
 
	
By:
	
/s/ Chad D. Burkhardt

	
 
	
Name:
	
Chad D. Burkhardt

	
 
	
Title: 
	
Vice President, General Counsel & Corporate Secretary

	
 
	
 
	
 

	
 
	
Gundem Turizm Yatirim ve Isletmeleri A.S.

	
 
	
 
	
 

	
 
	
By:
	
/s/ N. Malone Mitchell, 3rd

	
 
	
Name:
	
N. Malone Mitchell, 3rd

	
 
	
Title:
	
Chairman

 

Pledge Fee Agreement – Gundem – Page 4

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