Exhibit 10.3

 

CONFIDENTIAL

 

August 10, 2016

Nordea Bank Finland plc, New York Branch, as Co-ordinator

1211 Avenue of the Americas, 23rd Floor

New York, New York 10036

 

 

The Mandated Lead Arrangers party to the Commitment Letter (as defined below)

 

Re:      Extension of Waiver Termination Event

 

 

Ladies and Gentleman:

 

Reference is made to that certain Commitment Letter, dated as of June 30, 2016,
(as the same may be amended, restated, supplemented and/or otherwise modified
from time to time, the “Commitment Letter”) among Genco Shipping & Trading
Limited, Nordea Bank Finland plc, New York Branch (“Nordea”), Skandinaviska
Enskilda Banken AB (publ) (“SEB”), DVB Bank SE (“DVB”), ABN AMRO Capital USA LLC
(“ABN”), Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Deutsche Bank
AG Filiale Deutschlandgeschäft (“DB”), Crédit Industriel et Commercial (“CIC”)
and BNP Paribas (“BNPP” and together with Nordea, SEB, DVB, ABN, CA-CIB, DB and
CIC, the “Mandated Lead Arrangers”).  Capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to such terms in the
Commitment Letter.

 

We hereby request that the Mandated Lead Arrangers and Lenders agree to extend
the date of the Waiver Termination Event set forth in Section 8(v) of the
Commitment Letter from August 15, 2016 to August 31, 2016.

 

Please indicate your consent by countersigning this letter agreement no later
than 5:00 p.m., New York City time on August 12, 2016.

 

Notwithstanding anything contained herein, all other terms and conditions set
forth in the Commitment Letter, the Term Sheet and any Fee Letter shall remain
in full force and effect and all rights and obligations of the parties thereto
remain in full force and effect.

 

[Remainder of page intentionally left blank; signature page follows]

 

 

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Very truly yours,

 

 

 

 

 

GENCO SHIPPING & TRADING LIMITED

 

 

 

 

 

By:

/s/ Apostolos Zafolias

 

Name:

Apostolos Zafolias

 

Title:

Chief Financial Officer

 

[Signature Page to Second Extension of Waiver Termination Event]

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Agreed to and Accepted this

 

11 day of August 2016:

 

 

 

NORDEA BANK FINLAND PLC, NEW YORK BRANCH

 

 

 

 

 

By:

/s/ Martin Lunder

 

Name:

Martin Lunder

 

Title:

Senior Vice President

 

 

 

 

By:

/s/ Lynn Sauro

 

Name:

Lynn Sauro

 

Title:

First Vice President

 

[Signature Page to Second Extension of Waiver Termination Event]

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SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

 

 

 

 

 

By:

/s/ Carl Montalvo

 

Name:

 

 

Title:

 

 

 

 

 

By:

/s/ Magnus Arve

 

Name:

Magnus Arve

 

Title:

 

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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DVB BANK SE

 

 

 

 

 

By:

/s/ Christian Cruden

 

 

Name:  Christian Cruden

 

 

Title:  Vice President

 

 

 

 

By:

/s/ Natasha Bloetti

 

 

Name:  Natasha Bloetti

 

 

Title:  Vice President

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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ABN AMRO CAPITAL USA LLC

 

 

 

 

 

By:

/s/ Urvashi Zutshi  (Aug 12, 2016)

 

 

Name:  Urvashi Zutshi

 

 

Title:  Exec. Director

 

 

 

 

By:

/s/ Rajbir Talwar

 

 

Name:  Rajbir Talwar

 

 

Title:  Director

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

 

 

 

 

 

By:

/s/ Y. Le Gourieres

 

 

Name:  Y. Le Gourieres

 

 

Title:  Director

 

 

 

 

By:

/s/ Irina Benimovich

 

 

Name:  Irina Benimovich

 

 

Title:  Senior Associate

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT

 

 

 

 

 

By:

/s/ Annemarie Ehrhardt

 

 

Name: 

 

 

Title: Managing Director

 

 

 

 

By:

/s/ Klaus Stoltenberg

 

 

Name: 

 

 

Title:  MD

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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CRÉDIT INDUSTRIEL ET COMMERCIAL

 

 

 

 

 

By:

/s/ Andrew McKuin

 

 

Name:  Andrew McKuin

 

 

Title:  Managing Director

 

 

 

 

By:

/s/ Garry Weiss

 

 

Name:  Garry Weiss

 

 

Title:  Managing Director

 

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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BNP PARIBAS

 

 

 

 

 

By:

/s/ Jean Philippe Poirier

 

 

Name:  Jean Philippe Poirier

 

 

Title:

 

 

 

 

By:

/s/ Bertrand Dehouck

 

 

Name:  Bertrand Dehouck

 

 

Title:  Managing Director

 

 

 

Head of Aviation EMEA

 

 

[Signature Page to Second Extension of Waiver Termination Event]

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