Document:

EXHIBIT 10.3

      

      

       

      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND ARE BEING ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IN ACCORDANCE WITH REGULATION S THEREUNDER. THE HOLDER HEREOF AGREES FOR THE BENEFIT OF CHINA HEALTH RESOURCE, INC. (THE “COMPANY”) THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO THE COMPANY, IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S, OR IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS IN
      RELIANCE UPON RULE 144 A LEGAL OPINION SATISFACTORY TO THE COMPANY MUST FIRST BE PROVIDED.

       

      AMENDED AND RESTATED CONVERTIBLE PROMISSORY NOTE

       

      

      	
                  $5,710,994.00
 	
                  Suining City, Sichuan, China
 Issued on January 21, 2009 and 

      Effective as of December 30, 2008
 

      

       

      Recitals

       

      WHEREAS, reference is made to that certain Convertible Promissory Note dated as of December 30, 2008, executed and delivered by China Health Resource, Inc., a Delaware corporation (the “Borrower”) to Mr. Lei Guo (the “Holder”), a citizen of People’s Republic of China (“PRC”) in his capacity as Trustee under that certain Property Trust Agreement, dated December 16, 2008, with Sichuan Yinfa Resource Development Co., Ltd. as Trustor, in the original principal sum of FIVE MILLION SEVEN HUNDRED TEN THOUSAND NINE HUNDRED NINETY-FOUR DOLLARS ($5,710,994.00) (the “Initial Note”); 

       

      WHEREAS, the Borrower and the Holder desire to amend and restate the Initial Note effective as of December 30, 2008 to set forth the Conversion Price (hereinafter defined), all as more particularly set forth in this Amended and Restated Convertible Promissory Note (this “Note”);

       

      NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficient of which is hereby mutually acknowledged, the Borrower and the Holder, intending to be legally bound, hereby amend and restate the Initial Note as follows:

       

      2

       

      

      

      

      
      

      EXHIBIT 10.3

      

      

       

      
      For value received, the Borrower, with a principal place of business located at 343 Sui Zhou Zhong Road, Suining City, Sichuan Province, PRC, hereby promises to pay to the order of the Holder, with a principal place of business located at No. 188 Xishan Road, Chuanshan District, Suining City, Sichuan Province, PRC, the principal sum of FIVE MILLION SEVEN HUNDRED TEN THOUSAND NINE HUNDRED NINETY-FOUR DOLLARS ($5,710,994.00) (the “Principal Amount”), together with simple interest from December 30, 2008 at the fixed annual rate of one and one-half percent (1.50%) on the Principal Amount of this Note outstanding from time to time as long as there is no Event of Default continuing hereunder, and four percent (4%) per annum if not paid when due or while any Event of Default is continuing.
      Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of days elapsed, shall be compounded annually and be payable at the Maturity Date (as defined below). Except as otherwise provided herein, the Principal Amount due under this Note and all accrued and unpaid interest hereunder (collectively, the “Outstanding Amount”) shall be payable on December 30, 2010 (the “Maturity Date”), subject to the Mandatory Conversion (as defined below). No payment shall be made with respect to the Outstanding Amount unless there is an Event of Default and acceleration of payment.

      This Note is issued pursuant to that certain Contract of Lease of Property, between the Borrower and the Holder, dated December 19, 2008 (the “Lease Agreement”), and amends and restates in its entirety the Initial Note. In the event of any conflict or inconsistency between this Note and the Lease Agreement, the provisions of this Note shall control. 

      Concurrently with the execution and delivery of this Note by the Borrower to the Holder, the Holder shall cancel and return the Initial Note to the Borrower, and said Initial Note shall have no further force and effect.

      The Outstanding Amount will automatically be converted (each, “Mandatory Conversion”) in four (4) tranches into shares of the Borrower’s Class A Common Stock (the “Common Stock”) on the following dates and at the following fixed prices mutually agreed by the Borrower and the Holder (each fixed price, the “Conversion Price”). The Conversion Price is not subject to any adjustment in the event of any stock split, stock dividend, reverse stock split or similar recapitalization event affecting such shares. The Mandatory Conversion shall be implemented as follow:

      (1)       On March 30, 2009, outstanding principal in the amount of $2,500,000, plus accrued and unpaid interest to the date of conversion, at the Conversion Price of $0.20 per share of the Common Stock;

      (2)       On December 30, 2009, outstanding principal in the amount of $1,000,000, plus accrued and unpaid interest to the date of conversion, at the Conversion Price of $0.40 per share of the Common Stock;

      (3)       On March 30, 2010, outstanding principal in the amount of $1,000,000, plus accrued and unpaid interest to the date of conversion, at the Conversion Price of $1.00 per share of the Common Stock; and

       

      3

       

      

      

      

      
      

      EXHIBIT 10.3

      

      

       

      (4)       On December 30, 2010, the balance of the outstanding principal in the amount of $1,210,994, plus accrued and unpaid interest to the date of conversion, at the Conversion Price of $1.50 per share of the Common Stock.

      Notwithstanding anything herein to the contrary, this Note may be prepaid at any time without penalty, subject to the terms of the Lease Agreement. The Borrower shall provide the Holder a written notice of its intent to prepay this Note not less than fifteen (15) days prior to the date of prepayment. 

      The Outstanding Amount shall, at the option of the Holder, become due and payable without notice or demand, upon the happening of any one of the following specified events (each, an “Event of Default”): 

      (a) the Borrower shall fail to issue shares of the Common Stock in connection with any Mandatory Conversion;

      (b) the Borrower shall fail to perform or observe any other material term, covenant or agreement contained herein or in the Lease Agreement on its part to be performed or observed and any such failure remains unremedied for fifteen (15) days after written notice thereof shall have been given to the Borrower by the Holder; or

      (c) the Borrower shall (i) admit in writing its inability to pay its debts generally as they become due; (ii) commence a voluntary case under Title 11 of the United States Code as from time to time in effect; (iii) file an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seek, consent to or acquiesce in the relief therein provided, or fail to controvert timely the material allegations of any such petition; (iv) have an order for relief entered against the Borrower in any involuntary case commenced under said Title 11; (v) seek relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or consent to or acquiesce in such relief;
      (vi) have an order entered against the Borrower by a court of competent jurisdiction (A) finding it to be bankrupt or insolvent, (B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or (C) assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property; or (vii) make an assignment for the benefit of its creditors, or appointing or consenting to the appointment of a receiver or other custodian for all or a substantial part of its property.

      Upon the occurrence and during the continuation of an Event of Default, the Holder may declare the entire unpaid Outstanding Amount to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower and upon such declaration, all amounts payable hereunder shall be immediately paid by the Borrower to the Holder (provided that in the case of an Event of Default under (c) above, this Note shall be accelerated without any action or notice on the part of the Holder), and the Holder may institute such actions or proceedings as the Holder shall deem necessary or desirable. The Borrower agrees upon demand to pay or reimburse the Holder for all liabilities, obligations and out-of-pocket expenses, including attorney’s fees and expenses, 

       

      4

       

      

      

      

      
      

      EXHIBIT 10.3

      

      

       

      incurred in connection with the negotiation and execution of this Note and the enforcement or conversion thereof.

      This Note shall be binding upon the Borrower and its successors and permitted assigns and shall inure to the benefit of the Holder and its successors and assigns. The Borrower may not assign or delegate any of its duties or obligations under this Note without the written consent of the Holder, which consent shall not be unreasonably withheld.

      The terms and provisions of this Note may be modified or amended only by a written instrument duly executed by the Borrower and the Holder.

      This Note shall be construed and enforced under and pursuant to the laws of the State of Delaware, without regard to its principles regarding conflicts of laws. The Borrower and the Holder each submit to the exclusive jurisdiction of the State and Federal courts in New Castle County, Delaware, and venue shall be had there for any matter arising in connection with this Note.

      The failure on the part of the Holder to at any time enforce any of the provisions of this Note shall not be deemed or construed to be a waiver of any such provisions, nor in any way to affect the validity of this Note or any provision hereof or the right of the Holder to thereafter enforce each and every provision of this Note. No waiver of any breach of any of the provisions of this Note shall be effective unless set forth in a written instrument executed by the party against which enforcement of such waiver is sought; and no waiver of any such breach shall be construed or deemed to be a waiver of any other or subsequent breach. All rights and remedies of the Holder hereunder shall be cumulative.

       

       

      5

       

      

      

      

      
      

       

      

      Executed this 21st day of January 2009.

       

      CHINA HEALTH RESOURCE, INC.

       

      

      	
                   
 	
                  By: s/s  Chen, Jiang
 

      

      Name:    Chen, Jiang

      

      	
                   
 	
                  Title:      Chief Executive Officerkl01030_ex10-1.htm

    
      

    

     

    Exhibit
10.1

     

     

    

    AMENDMENT
AND SUPPLEMENT NO. 4 TO

    SENIOR
SECURED CREDIT AGREEMENT

     

    THIS
AMENDMENT AND SUPPLEMENT NO. 4 TO SENIOR SECURED CREDIT AGREEMENT (this “Amendment”) is made as of
January 26, 2009, by and among (1) GENCO SHIPPING & TRADING LIMITED, a
corporation organized and existing under the laws of the Republic of Marshall
Islands (the “Borrower”), (2) the banks
and financial institutions acceptable to the Borrower and Mandated Lead
Arrangers (as defined below) as are signatories hereto, as lenders (the “Lenders”), (3) DNB NOR
BANK ASA, acting through its New York branch (“DnB NOR”) as Administrative
Agent (in such capacity, the “Administrative Agent”),
mandated lead arranger, bookrunner (in such capacity, the “Bookrunner”), security trustee
and collateral agent under the Security Documents (in such capacity, the “Collateral Agent”), and (4)
BANK OF SCOTLAND PLC, as mandated lead arranger (together with DnB NOR, in such
capacity, the “Mandated Lead
Arrangers”) and amends and is supplemental to the Senior Secured Credit
Agreement dated as of July 20, 2007, as amended by Amendment and Supplement
No. 1 to the Senior Secured Credit Agreement dated as of September 21, 2007,
Amendment and Supplement No. 2 to the Senior Secured Credit Agreement dated as
of February 13, 2008 and Amendment and Supplement No. 3 to the Senior Secured
Credit Agreement dated as of June 18, 2008 (the “Credit Agreement”), made by
and among the parties. All capitalized terms used herein and defined in Section
13 of the Credit Agreement are used as therein defined.

     

    W I T N E S S E T
H:

     

    WHEREAS,
pursuant to the Credit Agreement, the Lenders made available to the Borrower a
senior secured credit facility in the amount of US$1,377,000,000 (the “Facility”);

     

    WHEREAS,
the Borrower has requested, and the Required Lenders signatory hereto have
agreed, subject to the terms and conditions of this Amendment, that the
application of the covenant contained in Section 11.09 of the Credit Agreement
be suspended until the Borrower is able to obtain Appraisals as set forth in
Section 10.01(c) of the Credit Agreement which would establish compliance with
Section 11.09 of the Credit Agreement, and that the Borrower is otherwise able
to pay a dividend, as per the definition of Permitted Dividend Amount in the
Credit Agreement; and

     

    WHEREAS,
the Borrower and the Required Lenders have agreed to certain other amendments to
the Credit Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and such other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged by the
parties, it is hereby agreed as follows:

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    1.    Definitions.  Unless
otherwise defined herein, words and expressions defined in the Credit Agreement
have the same meanings when used herein, including in the recitals
hereto.

     

    2.    Representations and
Warranties.  The Borrower hereby reaffirms, as of the date
hereof, each and every representation and warranty made thereby in the Credit
Agreement, the Note and the Security Documents (updated mutatis
mutandis).  The Borrower hereby represents and warrants that there
have been no changes to the Certificate of Incorporation or By-Laws (or
equivalent organizational documents) of any Credit Party from the most recently
delivered copies of such documents delivered to the Administrative Agent in
connection with the Credit Agreement.

     

    3.    No
Defaults.  The Borrower hereby represents and warrants that as
of the date hereof no Event of Default or event which, with the passage of time,
giving of notice or both would become an Event of Default, has
occurred.

     

    4.    Performance of
Covenants.  The Borrower hereby reaffirms that it has duly
performed and observed the covenants and undertakings set forth in the Credit
Agreement, the Note and the Security Documents, on its part to be performed, and
the Borrower covenants and undertakes to continue duly to perform and observe
such covenants and undertakings so long as the Credit Agreement, as the same is
amended and supplemented hereby, and may hereafter be amended or supplemented,
shall remain in effect.

     

    5.    Amendments to the Credit
Agreement.  Subject to the terms and conditions of this
Amendment, the Credit Agreement is hereby amended and supplemented as
follows:

     

    (a)    All
references to “this Agreement” shall be deemed to refer to the Credit Agreement,
as further amended and supplemented hereby.

     

    
                      (b)    Section
3.01(a) of the Credit Agreement shall be deleted in its entirety and replaced
with the following:

    

     

    “The
Borrower agrees to pay the Administrative Agent for distribution to each Lender
a commitment commission (the “Commitment
Commission”):

     

    (i)    for the
period from the Effective Date until the earlier of (x) the close of secondary
syndication or (y) September 30, 2007, computed at a rate for each day equal to
0.20% per annum;

     

    (ii)    thereafter
until January 26, 2009, computed at a rate for each day equal to 0.250% per
annum; and

     

    (iii)    thereafter
until the Maturity Date, computed at a rate for each day equal to 0.70% per
annum;

     

     

     

    
      
        
        

      

      
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    in each
case, on the daily average Unutilized Commitment of such
Lender.  Accrued Commitment Commissions shall be due and payable
quarterly in arrears on each Payment Date and on the Maturity Date (or such
earlier date upon which the Total Commitment is terminated).”

     

    
      
        	
                (c)

              	
                Section
      3.04 of the Credit Agreement shall be deleted in its entirety and replaced
      with the following:

              

      

    

     

    “The
Total Facility Amount will be subject to reductions as follows:  (i)
beginning on March 31, 2009 and for each quarter including the fiscal quarter
ending March 31, 2012, quarterly reductions of 0.9077705% of the Total Facility
Amount, and (ii) after the fiscal quarter ending March 31, 2012, quarterly
reductions of 3.5% of the Total Facility Amount until the Maturity Date, at
which time the Total Commitments hereunder shall reduce to zero and the Final
Payment will be due by the Borrower.”

     

    
      
        	
                (d)

              	
                Section
      11.03 of the Credit Agreement shall be amended by adding the following at
      the beginning of each of paragraphs (ii) and
  (iii):

              

      

    

     

    “so long
as the Borrower is in actual compliance with the Collateral Maintenance covenant
set forth in Section 11.09 hereof without giving effect to any waiver
thereof,”.

     

    
      
        	
                (e)

              	
                The
      definition of “Applicable Margin” set forth in Section 13.01 of the Credit
      Agreement shall be deleted in its entirety and replaced with the
      following:

              

      

    

     

    “shall
mean

     

    (i)    0.80% per annum until January
26, 2009; provided however, that if at any time during the period beginning the
Effective Date and ending January 26, 2009, the Borrower’s Consolidated
Indebtedness falls below 70% of its Consolidated Total Capitalization, then
during such period the Applicable Margin will be 0.75% per annum,
and

     

    (ii)    at all times
after January 26, 2009, 2.0% per annum.”

     

    
      	
               
      (f)           
      

            	
              The
      definition of “Final Payment” set forth in Section 13.01 of the Credit
      Agreement shall be amended by deleting “thirty percent (30%)” immediately
      after “(i)” and immediately before the word “of”
      in the first line thereof and replacing it with “eighteen and two-tenths
      percent (18.2%)”.

            

    

     

     

    
      
        
        

      

      
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              (g)

            	
              The
      definition of “Non-Cash Charges” set forth in Section 13.01 of the Credit
      Agreement shall be amended to add the following at the end
      thereof:

            

    

     

    “and any
non-cash loss related to the Borrower’s minority investment in
Jinhui.”

     

    6.    Waivers.  By
their execution hereof, the Required Lenders hereby waive Section 11.09 of the
Credit Agreement for the period ending December 31, 2008 and waive compliance
therewith until such time as all of the following are true: (a) the Borrower is
able to pay cash Dividends pursuant to Section 11.03(ii) of the Credit Agreement
and purchase or redeem shares of common stock pursuant to Section 11.03(iii) of
the Credit Agreement in each case without giving effect to the amendments
thereof set forth in this Amendment, (b) the Borrower is in compliance with
Sections 11.07, 11.08, 11.09, 11.10 and 11.11 of the Credit Agreement and (c)
the Borrower obtains Appraisals as set forth in Section 10.01(c) of the Credit
Agreement which establish compliance with Section 11.09 of the Credit
Agreement.  For the avoidance of doubt, the Borrower shall be
obligated to provide the Appraisals required pursuant to Section 10.01(c) of the
Credit Agreement notwithstanding the waiver of Section 11.09 of the Credit
Agreement.

     

    7.    Fees and
Expenses.  The Borrower shall pay each Lender evidencing its
agreement herewith by delivering an executed counterpart of this Amendment on or
prior to the dated hereof an amendment fee equal to 0.25% of the Total Facility
Amount, payable to each such Lender based on their pro rata Commitment of the
Total Facility Amount.  The Borrower shall pay promptly to the each of
the Agents all reasonable legal fees of the Agents in connection with the
preparation and execution of this Amendment.

     

    8.    No Other
Amendment.  All other terms and conditions of the Credit
Agreement shall remain in full force and effect and the Credit Agreement shall
be read and construed as if the terms of this Amendment were included therein by
way of addition or substitution, as the case may be.

     

    9.    Other
Documents.  By the execution and delivery of this Amendment,
each of the parties hereby consents and agrees that all references in the Note
and the Security Documents to the Credit Agreement shall be deemed to refer to
the Credit Agreement as amended and supplemented by this
Amendment.  By the execution and delivery of this Amendment, the
Borrower hereby consents and agrees that the Security Documents and any other
documents that have been or may be executed as security for the Facility and any
of its obligations under the Credit Agreement, the Note or any Security Document
shall remain in full force and effect notwithstanding the amendments
contemplated hereby.

     

    10.    Compliance.  Each
Security Party shall have complied with and shall then be in compliance with all
the terms, covenants and conditions of the Credit Documents and this Amendment,
which are binding upon it.

     

     

    
      
        
        

      

      
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    11.    No Material Adverse
Effect.  By its execution hereof, the Borrower agrees that as
of the date hereof, nothing shall have occurred which would constitute a
Material Adverse Effect, nor anything that could reasonably be expected to have
a Material Adverse Effect.

     

    12.    Financial
Information.  The Administrative Agent shall have received such
financial and other information concerning the Borrower as it may reasonably
request.

     

    13.    Conditions
Precedent.  The effectiveness of this Amendment shall be
expressly subject to the following conditions precedent:

     

    (a)           Corporate Documents;
Proceedings; etc.

     

    (i)           The
Mandated Lead Arrangers shall have received a certificate, dated the date
hereof, signed by an Authorized Officer, member or general partner of each
Credit Party, and attested to by the secretary or any assistant secretary (or,
to the extent such Credit Party does not have a secretary or assistant
secretary, the analogous Person within such Credit Party) of such Credit Party,
as the case may be, certifying copies of resolutions of such Credit Party
approving and authorizing such Credit Party to execute this Amendment, or in the
case of the Subsidiary Guarantors, the Consent, Agreement and Reaffirmation
attached hereto, and each additional Credit Document to which it is a party, and
each of the foregoing shall be reasonably acceptable to the Mandated Lead
Arrangers.

     

    (ii)           A
certificate of the jurisdiction of incorporation or formation, as the case may
be, of each Credit Party as to the good standing thereof.

     

    (b)           Amendment and Credit
Documents.

     

    (i)           The
Borrower shall have executed and delivered to the Administrative Agent this
Amendment and shall ensure that each of the Subsidiary Guarantors shall have
executed and delivered to the Administrative Agent the Consent, Agreement and
Reaffirmation attached hereto.

     

    (ii)           The
Required Lenders shall have executed and delivered to the Administrative Agent
this Amendment.

     

    (iii)           Each
Credit Party shall have executed each additional Credit Document as may be
required by the Lenders in connection with this Amendment.

     

    (iv)           Each
Credit Party which owns or operates a Vessel shall have duly authorized,
executed and delivered, and caused to be recorded in the appropriate vessel
registry, an amendment to its respective Vessel Mortgage to secure the Credit
Agreement, as amended by this Amendment.

     

     

    
      
        
        

      

      
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    (c)           Certificates of Ownership;
Searches.  The Administrative Agent shall have received each of
the following with respect to each Vessel owned or operated by a Credit
Party:

     

    (i)    certificates
of ownership from appropriate authorities showing (or confirmation updating
previously reviewed certificates and indicating) the registered ownership of
such Vessel by the relevant Subsidiary Guarantor; and

     

    (ii)    the
results of maritime registry searches with respect to such Vessel, indicating no
record liens other than Liens in favor of the Collateral Agent and/or the
Lenders, Permitted Liens and Liens being discharged contemporaneously with such
acquisition.

     

    (d)           Payment of
Fees.  The Agents and the Lenders shall have received from the
Borrower payment of all fees in connection with this Amendment, including such
fees as are set forth in Section 7 hereof.

     

    (e)           Opinions of
Counsel.

     

    (i)           The
Administrative Agent shall have received from Kramer Levin Naftalis &
Frankel LLP, special New York counsel to the Borrower and its Subsidiaries, an
opinion addressed to the Administrative Agent and each of the Lenders and dated
the date hereof which shall be in form and substance reasonably acceptable to
the Mandated Lead Arrangers and cover such matters incidental to the
transactions contemplated herein as the Mandated Lead Arrangers may reasonably
request.

     

    (ii)           The
Administrative Agent shall have received from (1) if the relevant Vessel is
registered under the Marshall Islands flag, Reeder & Simpson P.C., special
Marshall Islands counsel to the Borrower, (2) Constantine P. Georgiopoulos, special
New York maritime counsel to the Borrower and its Subsidiaries or (3) if the
relevant Vessel is registered in an Acceptable Flag Jurisdiction other than the
Marshall Islands, special counsel to the Administrative Agent of such Acceptable
Flag Jurisdiction, which shall be reasonably acceptable to the Administrative
Agent, an opinion addressed to the Administrative Agent and each of the Lenders
and dated hereof, which shall (x) be in form and substance reasonably
acceptable to the Administrative Agent and (y) cover the perfection of the
security interests granted pursuant to each amendment of the Vessel Mortgages
and such other matters incident thereto as the Administrative Agent may
reasonably request.

     

    14.    Governing
Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

     

     

     

    
      
        
        

      

      
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    15.    Further
Assurances.  The Borrower hereby consents and agrees that if
this Amendment or any of the Security Documents shall at any time be deemed by
the Lenders for any reason insufficient in whole or in part to carry out the
true intent and spirit hereof or thereof, it will execute or cause to be
executed such other and further assurances and documents as in the reasonable
opinion of the Lenders may be reasonably required in order more effectively to
accomplish the purposes of this Amendment or any of the Security
Documents.

     

    16.    Counterparts.  This
Amendment may be executed in as many counterparts as may be deemed necessary or
convenient, and by the different parties hereto on separate counterparts each of
which, when so executed, shall be deemed to be an original but all such
counterparts shall constitute but one and the same agreement.

     

    17.    Headings;
Amendment.  In this Amendment, section headings are inserted
for convenience of reference only and shall be ignored in the interpretation of
this Amendment.  This Amendment cannot be amended other than by
written agreement signed by the parties hereto.

     

    

     

    [SIGNATURE
PAGES TO FOLLOW]

     

     

     

     

     

    

    7

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
 

    IN
WITNESS WHEREOF, each of the parties hereto has executed this Amendment by its
duly authorized representative on the day and year first above
written.

     

    BORROWER:

    

    GENCO
SHIPPING & TRADING LIMITED, as Borrower

    

    

    

    By /s/ John C.
Wobensmith             

    Name: John C. Wobensmith

    Title:   Chief Financial
Officer, Secretary, 

               
Treasurer

    

    Address:

    

    299 Park
Avenue, 20th floor

    New York,
NY 10171

    Telephone:(646)
443-8550

    Facsimile:  (646)
443-8551

    

    

    LENDERS:

    

    DNB NOR
BANK ASA, NEW YORK BRANCH, as Administrative Agent, Collateral Agent, Mandated
Lead Arranger, Bookrunner and a Lender

    

    

    

    By /s/ Nikolai A.
Nachamkin         

    Name: Nikolai A. Nachamkin

    Title:   Senior Vice
President

    

    

    

    By /s/ Sanjiv
Nayar                       

    Name: Sanjiv Nayar

    Title:   Senior Vice
President

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    BANK OF
SCOTLAND PLC,

    as
Mandated Lead Arranger and Lender

     

    By /s/ Douglas
Newton                  

               Name:
Douglas Newton

               Title:  
Director

     

    By /s/ John
Lowe                             

               Name:
John Lowe

               Title:  
Director

     

    

     

    WESTLB
AG, NEW YORK BRANCH,

    as
Lender

     

    By /s/ Steven
Berman                      

               Name:
Steven Berman

               Title:  
Director

     

    By /s/ Duncan
Robertson               

               Name:
Duncan Robertson

               Title:  
Executive Director

     

    

     

    ALLIANCE
& LEICESTER COMMERCIAL FINANCE PLC,

    as
Lender

     

    By /s/ Mark
McCarthy                    

               Name:
Mark McCarthy

               Title:  
Head of Shipping

     

    By /s/ Justin
Patrick                         

               Name:
Justin Patrick

               Title:  
Senior Manager, Aviation

     

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
 

    CREDIT
INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH,

    as
Lender

     

    By /s/ Alex
Aupoix                         

               Name:
Alex Aupoix

               Title:  
Vice President

     

    By /s/ Adrienne
Molloy                

               Name:
Adrienne Molloy

               Title:  
Vice President

     

    

     

    DEXIA
BANK BELGIUM SA/NV,

    as
Lender

     

    By /s/ Piet
Cordonnier                   

               Name:
Piet Cordonnier

               Title:  
Company Lawyer, Dexia Bank Belgium NV/SA

     

    By /s/ Audrey
Reveillon                

               Name:
Audrey Reveillon

               Title:  
Company Lawyer, Dexia Bank Belgium NV/SA

     

    

     

    LLOYDS
TSB BANK PLC

    as
Lender

     

    By /s/ Shelley
Morrison               

               Name:
Shelley Morrison

               Title:  
Associate Director

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
 

    SWEDBANK
AB (PUBL),

    as
Lender

     

    By /s/ Dagobert Billsten

               Name:
Dagobert Billsten

               Title:  
Attorney-in-fact

     

    By____________________________

               Name:

               Title:

     

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    CONSENT,
AGREEMENT AND AFFIRMATION

     

    Each of
the undersigned Guarantors hereby consents and agrees to the terms and
conditions of the foregoing Amendment dated as of January 26, 2009 and to the
documents contemplated thereby and to the provisions contained therein relating
to conditions to be fulfilled and obligations to be performed by it pursuant to
or in connection with said Amendment and agrees particularly to be bound thereby
to the same extent as if the undersigned were a party to said
Amendment.  Each of undersigned hereby reaffirms its obligations,
representations, warranties and covenants under its respective Guaranty of the
guaranty of the obligations of the Borrower to the Lenders under or in
connection with the Credit Agreement, as amended.  Each of the
undersigned hereby agrees that it shall execute each additional Credit Document,
including executing and recording an amendment to its respective Vessel
Mortgage, as may be required by the Lenders in connection with the
Amendment.

     

    

    GENCO
ACHERON LIMITED

    GENCO
BEAUTY LIMITED

    GENCO
KNIGHT LIMITED 

    GENCO
LEADER LIMITED

    GENCO
MUSE LIMITED

    GENCO
VIGOUR LIMITED

    GENCO
CARRIER LIMITED

    GENCO
PROSPERITY LIMITED 

    GENCO
SUCCESS LIMITED

    GENCO
WISDOM LIMITED

    GENCO
MARINE LIMITED

    GENCO
EXPLORER LIMITED

    GENCO
PIONEER LIMITED

    GENCO
PROGRESS LIMITED 

    GENCO
RELIANCE LIMITED

    GENCO
SURPRISE LIMITED

    GENCO
SUGAR LIMITED

    GENCO
AUGUSTUS LIMITED

    GENCO
TIBERIUS LIMITED

    GENCO
LONDON LIMITED 

    GENCO
TITUS LIMITED

    GENCO
CONSTANTINE LIMITED

    GENCO
HADRIAN LIMITED

    GENCO
COMMODUS LIMITED

    GENCO
MAXIMUS LIMITED

    GENCO
CLAUDIUS LIMITED

    GENCO
CHALLENGER LIMITED

    GENCO
CHAMPION LIMITED

    GENCO
CHARGER LIMITED

    GENCO
HUNTER LIMITED

    GENCO
PREDATOR LIMITED

    GENCO
WARRIOR LIMITED

    

    

    By /s/ John C.
Wobensmith                       

    Name:
John C. Wobensmith

    Title:  
Chief Financial Officer, Secretary, 

        Treasurer

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      GENCO
RAPTOR LLC

      GENCO
CAVALIER LLC

      GENCO THUNDER
LLC

      

      

      By /s/ John C.
Wobensmith                       

      Name:
John C. Wobensmith

      Title:  
Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]