Second Amendment Agreement to Facility Agreement
Exhibit 10.1
EXECUTION VERSION
Second Amendment Agreement to Facility Agreement
SECOND AMENDMENT AGREEMENT TO FACILITY AGREEMENT (this “Second Amendment Agreement”), dated March 24, 2017 by and among GENER8 MARITIME SUBSIDIARY VIII INC., a Marshall Islands corporation (the “Borrower”), the Owner Guarantors and Hedge Guarantors hereto, GENER8 MARITIME, INC., a Marshall Islands corporation (the “Parent Guarantor”), the Lenders party hereto from time to time, THE EXPORT-IMPORT BANK OF KOREA (the “KEXIM”), CITIBANK, N.A., LONDON BRANCH (the “ECA Agent”) and NORDEA BANK AB (PUBL), NEW YORK BRANCH (“Nordea”), as Facility Agent (in such capacity, the “Facility Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Facility Agreement referred to below.
W I T N E S S E T H
WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Facility Agent are parties to a Facility Agreement, dated as of 31 August 2015 (as amended by an Amendment No. 1 dated 20 October 2016 and as the same may be further amended, restated, modified or otherwise supplemented from time to time, the “Facility Agreement”);
WHEREAS, the Borrower has requested certain amendments to the Facility Agreement;
WHEREAS, subject to the terms and conditions of this Second Amendment Agreement, the parties hereto wish to amend certain provisions of the Facility Agreement as herein provided.
I. Amendments to Facility Agreement.
1.The definition of “Fiscal Quarter Date” appearing in Clause 1.1 of the Facility Agreement is hereby deleted and replaced with the following and all references to such term in the Facility Agreement shall be accordingly construed:
““Fiscal Quarter Date” means in relation to a Vessel Loan, (i) 31 March, 30 June, 30 September and 31 December of each calendar year commencing from the Utilization Date of such Vessel Loan up to but excluding the Second Amendment Effective Date and (ii) 15 January, 15 April, 15 July and 15 October of each calendar year commencing from (and including) the Second Amendment Effective Date.”
2.In consideration of the Lenders agreeing to the amendments set out in this Second Amendment Agreement, the Borrower and the other Obligors each hereby agrees to indemnify the Lenders of all Break Costs and other break-funding costs associated or in connection with such amendment of the Fiscal Quarter Date.
II. Miscellaneous Provisions.
1. In order to induce the Lenders to enter into this Second Amendment Agreement, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Second Amendment Effective Date (as defined herein) after giving effect to this Second Amendment Agreement and (ii) all of the representations and warranties contained in the Facility Agreement and the other Finance Documents are true and correct in all material respects on the Second Amendment Effective Date after giving effect to this Second Amendment Agreement, with the same effect as though such representation and warranties had been made on and as of the Second Amendment Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all material respects as of such specific date).
2. This Second Amendment Agreement is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or
condition of the Facility Agreement and the other Finance Documents or any of the other instruments or agreements referred to therein except as set forth herein or (ii) prejudice any right or rights which any of the Lenders or the Facility Agent now have or may have in the future under or in connection with the Facility Agreement, as amended hereby, the other Finance Documents or any of the other instruments or agreements referred to therein. The Facility Agent, the Security Agent and the Lenders expressly reserve all their rights and remedies except as expressly set forth in this Second Amendment Agreement.
3. This Second Amendment Agreement 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. A complete set of counterparts shall be lodged with the Borrower and the Facility Agent.
4. THIS SECOND AMENDMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
5. This Second Amendment Agreement shall become effective as of the date (the “Second Amendment Effective Date”) when:
i. the Borrower, the other Obligors and all Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to Watson Farley & Williams, Units 1703-07, One Pacific Place, 88 Queensway, Hong Kong; Attention: Madeline Leong / Valerie Lee (facsimile number: +852 2918 9777 / e-mail ***@*** and ***@***); and
ii. the Borrower shall have paid to the Facility Agent all reasonable out-of-pocket costs and expenses incurred in connection with this Second Amendment Agreement and the other Finance Documents (including, without limitation, the reasonable fees and expenses of Watson Farley & Williams).
6. From and after the Second Amendment Effective Date, all references in the Facility Agreement and each of the other Finance Documents to the Facility Agreement shall be deemed to be references to the Facility Agreement, as modified hereby. From and after the Second Amendment Effective Date, this Second Amendment Agreement shall for all purposes constitute a Finance Document.
7. By executing this Second Amendment Agreement, the Obligors hereby confirm their agreement to the change to the Facility Agreement set out herein and affirm all its obligations and liabilities contained in the Finance Documents to which each is a party and confirm that all such Finance Documents continue in full force and effect notwithstanding the amendments set out in this Second Amendment Agreement.
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Execution Pages
GENER8 MARITIME SUBSIDIARY VIII INC., as Borrower
/s/ George Fikaris |
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Name: George Fikaris |
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Title: Vice President and Secretary |
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GENER8 MARITIME, INC., as Parent Guarantor
/s/ George Fikaris |
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Name: George Fikaris |
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Title: Vice President |
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GENER8 MARITIME SUBSIDIARY V INC., as Shareholder
/s/ George Fikaris |
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Name: George Fikaris |
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Title: Secretary |
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GENER8 NAUTILUS LLC
GENER8 MACEDON LLC
GENER8 NOBLE LLC
GENER8 ETHOS LLC
GENER8 PERSEUS LLC
GENER8 THESEUS LLC
GENER8 HECTOR LLC
GENER8 NESTOR LLC
GENER8 NEPTUNE LLC
GENER8 ATHENA LLC
GENER8 APOLLO LLC
GENER8 ARES LLC
GENER8 HERA LLC
GENER8 CONSTANTINE LLC
GENER8 OCEANUS LLC,
as Owner Guarantors and Hedge Guarantors
/s/ George Fikaris |
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Name: George Fikaris |
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Title: Manager |
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CITIBANK, N.A., LONDON BRANCH, as Commercial Lender
/s/ Nicholas Hendy |
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Name: Nicholas Hendy |
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Title: Vice President |
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NORDEA BANK AB (PUBL), NEW YORK BRANCH, as Commercial Lender
/s/ Martin Lunder |
| /s/ Lynn Sauro |
Name: Martin Lunder |
| Name: Lynn Sauro |
Title: Senior Vice President |
| Title: First Vice President |
ABN AMRO CAPITAL USA LLC, as Commercial Lender
/s/ Rajbir Talwar |
| /s/ Urvashi Zutski |
Name: Rajbir Talwar |
| Name: Urvashi Zutski |
Title: Director |
| Title: Managing Director |
DNB CAPITAL LLC, as Commercial Lender
/s/ Cathleen Buckley |
| /s/ Sybille Andaur |
Name: Cathleen Buckley |
| Name: Sybille Andaur |
Title: Senior Vice President |
| Title: First Vice President |
DVB BANK SE, as Commercial Lender
/s/ Andrea Strullato |
| /s/ Wijnand Botman |
Name: Andrea Strullato |
| Name: Wijnand Botman |
Title: Senior Vice President |
| Title: Senior Vice President |
SKANDINAVISKA ENSKILDA BANKEN AB, as Commercial Lender
/s/ Marten Sennerup |
| /s/ Magnus Rundgren |
Name: Marten Sennerup |
| Name: Magnus Rundgren |
Title: |
| Title: |
CITIBANK, N.A., LONDON BRANCH, as KEXIM Guaranteed Lender
/s/ Nicholas Hendy |
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Name: Nicholas Hendy |
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Title: Vice President |
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SEOUL BRANCH, as KEXIM Guaranteed Lender
/s/ Grace Li |
| /s/ Winnie Tse |
Name: Grace Li |
| Name: Winnie Tse |
Title: Managing Director |
| Title: Vice President |
INDUSTRIAL AND COMMERCIAL BANK OF CHINA, BUSAN BRANCH, as KEXIM Guaranteed Lender
/s/ Wang Bez |
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Name: Wang Bez |
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Title: General Manager |
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KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP, as KEXIM Guaranteed Lender
/s/ Harold Koch-Hagen |
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Name: Harold Koch-Hagen |
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Title: Senior Vice President |
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MITSUBISHI UFJ TRUST AND BANKING CORPORATION, as KEXIM Guaranteed Lender
/s/ Naoki Shimmura |
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Name: Naoki Shimmura |
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Title: General Manager, Structured Finance Division II |
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NONGHYUP BANK, as KEXIM Guaranteed Lender
/s/ Arn Soo Lee |
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Name: Arn Soo Lee |
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Title: General Manager, Investment Banking Dept. |
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SAMBA FINANCIAL GROUP, LONDON BRANCH, as KEXIM Guaranteed Lender
/s/ Fadi Elkhoury |
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Name: Fadi Elkhoury |
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Title: General Manager |
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CITIBANK, N.A., LONDON BRANCH, as K-Sure Lender
/s/ Nicolas Hendy |
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Name: Nicolas Hendy |
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Title: Vice President |
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ABN AMRO CAPITAL USA LLC, as K-Sure Lender
/s/ Rajbir Talwar |
| /s/ Urvashi Zutski |
Name: Rajair Talwar |
| Name: Urvashi Zutski |
Title: Director |
| Title: Managing Director |
BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SEOUL BRANCH, as K-Sure Lender
/s/ Grace Li |
| /s/ Winnie Tse |
Name: Grace Li |
| Name: Winnie Tse |
Title: Managing Director |
| Title: Vice President |
CAIXABANK, S.A., as K-Sure Lender
/s/ Robert Torrella |
| /s/ _Isaba Marquez |
Name: Robert Torrella |
| Name: Isaba Marquez |
Title: Director |
| Title: Assistant Director |
LANDESBANK HESSEN-THUERINGEN GIROZENTRALE, as K-Sure Lender
/s/ Stefan Krotin |
| /s/ Navina Lucke |
Name: Stefan Krotin |
| Name: Navina Lucke |
Title: Vice President |
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MITSUBISHI UFJ TRUST AND BANKING CORPORATION, as K-Sure Lender
/s/ Naoki Shimmura |
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Name: Naoki Shimmura |
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Title: General Manager, Structured Finance Division II |
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THE EXPORT-IMPORT BANK OF KOREA, as KEXIM
/s/ Kwon Hyuk Joon |
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Name: Kwon Hyuk Joon |
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Title: Director |
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CITIBANK, N.A., LONDON BRANCH, as ECA Agent
/s/ Nicolas Hendy |
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Name: Nicolas Hendy |
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Title: Vice President |
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NORDEA BANK AB (PUBL), NEW YORK BRANCH, as Facility Agent
/s/ Martin Lunder |
| /s/ Lynn Sauro |
Name: Martin Lunder |
| Name: Lynn Sauro |
Title: Senior Vice President |
| Title: First Vice President |
NORDEA BANK AB (PUBL), NEW YORK BRANCH, as Security Agent
/s/ Martin Lunder |
| /s/ Lynn Sauro |
Name: Martin Lunder |
| Name: Lynn Sauro |
Title: Senior Vice President |
| Title: First Vice President |