Credit Agreement (2000)Full Document 

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                                U.S. $70,000,000

                                CREDIT AGREEMENT

                            DATED AS OF JUNE __, 2000

                                  By and Among

                               GENMAR GABRIEL LTD
                                 GENMAR ZOE LTD
                               GENMAR MACEDON LTD
                              GENMAR SPARTIATE LTD
                                            as Borrowers, jointly and severally

                                       and

                                 AJAX II, L.P.,
                                            as Guarantor,

                                       and

              CHRISTIANIA BANK OG KREDITKASSE ASA, NEW YORK BRANCH,
                                            as Agent,

                                       and

                THE BANKS AND FINANCIAL INSTITUTIONS NAMED HEREIN
                                            as Lenders,



                                TABLE OF CONTENTS

PAGE PARTIES...........................................................................................................1 PRELIMINARY STATEMENTS............................................................................................1 ARTICLE I DEFINITIONS 2 SECTION 1.01. DEFINITIONS............................................................................2 SECTION 1.02. ACCOUNTING TERMS......................................................................12 SECTION 1.03. GOVERNING LANGUAGE....................................................................12 SECTION 1.04. COMPUTATION OF TIME PERIODS...........................................................12 ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES....................................................................12 SECTION 2.01. THE ADVANCES..........................................................................12 SECTION 2.02. MAKING THE ADVANCES...................................................................13 SECTION 2.03. GENERAL PROVISIONS....................................................................13 SECTION 2.04. INTEREST AND DEFAULT INTEREST.........................................................14 SECTION 2.05. REPAYMENTS; PREPAYMENTS...............................................................15 SECTION 2.06. INCREASED COSTS; ADDITIONAL INTEREST; ALTERNATE RATE OF INTEREST......................18 SECTION 2.07. PAYMENTS AND COMPUTATIONS.............................................................19 SECTION 2.08. TAXES.................................................................................20 SECTION 2.09. NOTES.................................................................................24 SECTION 2.10. FEES..................................................................................24 ARTICLE III CONDITIONS OF LENDING...............................................................................24 SECTION 3.01. CONDITIONS PRECEDENT TO FIRST ADVANCE.................................................24 SECTION 3.02 CONDITIONS PRECEDENT TO SECOND ADVANCE................................................28 ARTICLE IV REPRESENTATIONS AND WARRANTIES.......................................................................29 SECTION 4.01. REPRESENTATIONS AND WARRANTIES OF THE BORROWERS AND THE GUARANTOR.....................29 ARTICLE V COVENANTS; GUARANTY; ACCOUNT..........................................................................35 SECTION 5.01. AFFIRMATIVE COVENANTS.................................................................35 SECTION 5.02. NEGATIVE COVENANTS....................................................................38 SECTION 5.03. GUARANTY..............................................................................40 SECTION 5.04. SECURITY ACCOUNT......................................................................42 ARTICLE VI DEFAULT 43 SECTION 6.01. EVENTS OF DEFAULT.....................................................................43 -i- PAGE SECTION 6.02. ASSIGNMENTS AS SECURITY...............................................................46 SECTION 6.03. DISTRIBUTION OF PROCEEDS..............................................................46 SECTION 6.04. CONTINUING SECURITY...................................................................47 ARTICLE VII RELATION OF LENDERS; ASSIGNMENTS AND PARTICIPATIONS.................................................48
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