gnk_Ex10_3


		
			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]
		

		
			 
		

		
			 
		

		



		 


 


	
					
						

					
						 

					
					
						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]

		





 


	
					
						

					
						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]

		





 


	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						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]

		





 


	
					
						

					
						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]

		





 


	
					
						

					
						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]

		





 


	
					
						

					
						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]

		





 


	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						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]

		





 


	
					
						

					
						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]

		





 


	
					
						

					
						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]