Document:

kl02071_ex10-25.htm

    
      

    

    Exhibit 10.25

    

      Genco
Shipping & Trading Limited

      Restricted
Stock Grant Agreement

       

      THIS
AGREEMENT, made as of December 24, 2008, between GENCO SHIPPING
& TRADING LIMITED (the
“Company”) and Peter
C. Georgiopoulos (the
“Participant”).

       

      WHEREAS,
the Company has adopted and maintains the Genco Shipping
& Trading Limited 2005 Equity Incentive Plan (as amended and restated
effective December 21, 2005) (the “Plan”) to provide certain key persons, on
whose initiative and efforts the successful conduct of the business of the
Company depends, with incentives to: (a) enter into and remain in the service of
the Company, (b) acquire a proprietary interest in the success of the Company,
(c) maximize their performance and (d) enhance the long-term performance of the
Company;

       

      WHEREAS,
the Plan provides that the Board of Directors of the Company (the “Board of
Directors”) shall administer the Plan and determine the key persons to whom
awards shall be granted and the amount and type of such awards; and

       

      WHEREAS,
the Board of Directors has determined that the purposes of the Plan would be
furthered by granting the Participant an award under the Plan as set forth in
this Agreement;

       

      NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter
set forth, the parties hereto hereby agree as follows:

       

      1.            
Grant of Restricted
Stock.  Pursuant to, and subject to, the terms and conditions
set forth herein (including without limitation Section 17 hereof) and in the
Plan, the Board of Directors hereby grants to the Participant seventy-five thousand (75,000)
restricted shares (the “Restricted Stock”) of common stock of the Company, par
value $0.01 per share (“Common Stock”).  

       

      2.            
Grant
Date.  The Grant Date of the Restricted Stock is December 24,
2008.

       

      3.            
Incorporation of
Plan.  All terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein.  If
there is any conflict between the terms and conditions of the Plan and this
Agreement, the terms and conditions of the Plan, as interpreted by the Board of
Directors, shall govern.  Except as otherwise provided herein, all
capitalized terms used herein shall have the meaning given to such terms in the
Plan.

       

      4.            
Vesting.

       

      (a)           Subject
to Section 4(b) hereof and the further provisions of this Agreement, seven
thousand five hundred (7,500) shares of Restricted Stock shall vest on each of
the first ten (10) anniversaries of November 15, 2008 (each such date, a
“Vesting Date”).

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)           In
the event of the occurrence of a Change in Control, as defined in Section 3.8(a)
of the Plan, as in effect on the date of such occurrence, the Restricted Stock
shall become vested in full on the date of such Change in Control.

       

      5.            
Restrictions on
Transferability.  Until a share of Restricted Stock vests, the
Participant shall not transfer the Participant’s rights to such share of
Restricted Stock or to any rights related thereto.  Any attempt to
transfer unvested shares of Restricted Stock or any rights related thereto,
whether by transfer, pledge, hypothecation or otherwise and whether voluntary or
involuntary, by operation of law or otherwise, shall not vest the transferee
with any interest or right in or with respect to such shares of Restricted Stock
or such related rights.

       

      6.            
Termination of
Service.

       

      (a)           In
the event that the Participant’s Service with the Company terminates before all
the shares of Restricted Stock are vested for any reason (including without
limitation the Participant’s death or disability as defined in the Plan) other
than (i) removal as a Director for cause (as defined in Article III, Section 4
of the Amended and Restated By-Laws of the Company) or (ii) due to the
Participant’s voluntary termination of his Service, all shares of Restricted
Stock shall become vested immediately prior to such termination of
Service.  For purposes hereof, “Service” means a continuous time
period during which the Participant is at least one of the
following:  an employee or a director of, or a consultant to, the
Company.

       

      (b)           In
the event that the Participant’s Service with the Company terminates before all
the shares of Restricted Stock are vested (i) due to removal as a Director for
cause (as defined in Article III, Section 4 of the Amended and Restated By-laws
of the Company) or (ii) due to the Participant’s voluntary termination of his
Service, all unvested shares of Restricted Stock, together with any property
received in respect of such shares, subject to and as set forth in Section 9
hereof, shall be forfeited as of the date such Service terminates, and the
Participant promptly shall return to the Company any certificates evidencing
such shares, together with any cash dividends or other property received in
respect of such shares.

       

      7.            
Issuance of
Shares.

       

      (a)           Reasonably
promptly after the Grant Date, the Company shall issue and deliver to the
Participant stock certificates, registered in the name of the Participant,
evidencing the shares of Restricted Stock or shall instruct its transfer agent
to issue shares of Restricted Stock which shall be maintained in book entry form
on the books of the transfer agent.  The Restricted Stock, if
certificated, shall bear the following legend:

       

      “THE
SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF
THE GENCO SHIPPING
& TRADING LIMITED 2005 EQUITY
INCENTIVE PLAN AND A RESTRICTED STOCK GRANT AGREEMENT BETWEEN GENCO SHIPPING
& TRADING LIMITED AND THE
HOLDER OF RECORD OF THE SECURITIES REPRESENTED
BY THIS CERTIFICATE.  NO TRANSFER OF THE SECURITIES 

       

       

      
        
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      REPRESENTED
BY THIS CERTIFICATE IN CONTRAVENTION OF SUCH PLAN AND RESTRICTED STOCK GRANT
AGREEMENT SHALL BE VALID OR EFFECTIVE.  COPIES OF SUCH AGREEMENT MAY
BE OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THE CERTIFICATE
TO THE SECRETARY OF GENCO SHIPPING
& TRADING LIMITED.”

       

      If the
Restricted Stock is in book entry form, it shall be subject to electronic coding
or stop order indicating that such shares of Restricted Stock are restricted by
the terms of this Agreement and the Plan.  Such legend, electronic
coding or stop order shall not be removed until such shares of Restricted Stock
vest.

       

      (b)           Reasonably
promptly after any such shares of Restricted Stock vest pursuant to Section 4
hereof, (i) in the case of certificated shares, in exchange for the surrender to
the Company of the certificates evidencing the Restricted Stock, delivered to
the Participant under Section 7(a) hereof, and the certificates evidencing any
other securities received in respect of such shares, if any, the Company shall
issue and deliver to the Participant (or the Participant’s legal representative,
beneficiary or heir) certificates evidencing such shares of Restricted Stock and
such other securities, free of the legend provided in Section 7(a) hereof and
(ii) in the case of book entry shares, the Company shall cause to be lifted and
removed any electronic coding or stop order established pursuant to Section 7(a)
hereof.

       

      (c)           The
Company may require as a condition of the delivery of stock certificates or the
removal of any electronic coding or stop order, pursuant to Section 7(b) hereof,
that the Participant remit to the Company an amount sufficient in the opinion of
the Company to satisfy any federal, state and other governmental tax withholding
requirements related to the vesting of the applicable shares.  The
Board of Directors, in its sole discretion, may permit the Participant to
satisfy such obligation by delivering shares of Common Stock or by directing the
Company to withhold from delivery shares of Common Stock, in either case valued
at their Fair Market Value on the Vesting Date with fractional shares being
settled in cash.

       

      (d)           The
Participant shall not be deemed for any purpose to be, or have rights as, a
shareholder of the Company by virtue of the grant of Restricted Stock, except to
the extent a stock certificate is issued therefor or an appropriate book entry
is made on the books of the transfer agent reflecting the issuance thereof
pursuant to Section 7(a) hereof, and then only from the date such certificate is
issued or such book entry is made.  Upon the issuance of a stock
certificate or the making of an appropriate book entry on the books of the
transfer agent, the Participant shall have the rights of a shareholder with
respect to the Restricted Stock, including the right to vote the shares, subject
to the restrictions on transferability and the forfeiture provisions, as set
forth in this Agreement.

       

      8.             
Securities
Matters.  The Company shall be under no obligation to effect
the registration pursuant to the Securities Act of 1933, as amended (the “1933
Act”) of any interests in the Plan or any shares of Common Stock to be issued
thereunder or to effect similar compliance under any state laws.  The
Company shall not be obligated to cause to be issued any shares, whether by
means of stock certificates or appropriate book entries, unless and until the
Company is advised by its counsel that the issuance of such shares is in
compliance with all 

       

       

      
        
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      applicable
laws, regulations of governmental authority and the requirements of any
securities exchange on which shares of Common Stock are traded.  The
Board of Directors may require, as a condition of the issuance of shares of
Common Stock pursuant to the terms hereof, that the recipient of such shares
make such covenants, agreements and representations, and that any certificates
bear such legends and any book entries be subject to such electronic coding, as
the Board of Directors, in its sole discretion, deems necessary or
desirable.  The Participant specifically understands and agrees that
the shares of Common Stock, if and when issued, may be “restricted securities,”
as that term is defined in Rule 144 under the 1933 Act and, accordingly, the
Participant may be required to hold the shares indefinitely unless they are
registered under such Act or an exemption from such registration is
available.

       

      9.            
Dividends,
etc.  Any cash dividends or other property (but not including
securities) received by a Participant with respect to a share of Restricted
Stock shall be returned to the Company in the event such share of Restricted
Stock is forfeited, subject to Section 2.7(e) of the Plan.  Any
securities received by a Participant with respect to a share of Restricted Stock
as a result of any dividend, recapitalization, merger, consolidation,
combination, exchange of shares or otherwise will not vest until such share of
Restricted Stock vests and shall be forfeited if such share of Restricted Stock
is forfeited, subject to Section 2.7(e) of the Plan.  Unless the Board
of Directors otherwise determines, such securities shall bear the legend or be
subject to the electronic coding or stop order set forth in Section 7(a)
hereof.

       

      10.          
Delays or
Omissions.  No delay or omission to exercise any right, power
or remedy accruing to any party hereto upon any breach or default of any party
under this Agreement, shall impair any such right, power or remedy of such
party, nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default thereafter
occurring, nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter
occurring.  Any waiver, permit, consent or approval of any kind or
character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party or any provisions or
conditions of this Agreement, must be in a writing signed by such party and
shall be effective only to the extent specifically set forth in such
writing.

       

      11.          
Right of Discharge
Preserved.  Nothing in this Agreement shall confer upon the
Participant the right to continue in the employ or other service of the Company,
or affect any right which the Company may have to terminate such employment or
service.

       

      12.           Integration.  This
Agreement contains the entire understanding of the parties with respect to its
subject matter.  There are no restrictions, agreements, promises,
representations, warranties, covenants or undertakings with respect to the
subject matter hereof other than those expressly set forth
herein.  This Agreement, including, without limitation, the Plan,
supersedes all prior agreements and understandings between the parties with
respect to its subject matter.

       

      13.           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
instrument.

       

       

      
        
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      14.          
Governing
Law.  This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without regard to
the provisions governing conflict of laws.

       

      15.          
Obligation to
Notify.  If the Participant makes the election permitted under
Section 83(b) of the Internal Revenue Code of 1986, as amended (that is, an
election to include in gross income in the year of transfer the amounts
specified in Section 83(b)), the Participant shall notify the Company of such
election within 10 days of filing notice of the election with the Internal
Revenue Service and shall within the same 10-day period remit to the Company an
amount sufficient in the opinion of the Company to satisfy any federal, state
and other governmental tax withholding requirements related to such inclusion in
Participant’s income. The Participant should consult with his or her tax advisor
to determine the tax consequences of acquiring the Restricted Stock and the
advantages and disadvantages of filing the Section 83(b)
election.  The Participant acknowledges that it is his sole
responsibility, and not the Company’s, to file a timely election under Section
83(b), even if the Participant requests the Company or its representatives to
make this filing on his behalf.

       

      16.           
Reimbursement for Excise
Tax.

       

      (a)           Anything
in this Agreement to the contrary notwithstanding, in the event it shall be
determined (as hereafter provided) that any payment, benefit or distribution to
or for the Participant’s benefit under this Agreement (a “Payment”), would be
subject to the excise tax imposed by Section 4999 of the Code (or any successor
provision thereto), or any interest or penalties with respect to such excise tax
(such tax, together with any such interest and penalties, hereafter collectively
referred to as the “Excise Tax”), then the Participant shall be entitled to
receive an additional payment or payments (a “Gross-Up Payment”) in an amount
such that, after payment by the Participant of all taxes (including any interest
or penalties imposed with respect to such taxes), including any Excise Tax,
imposed upon the Gross-Up Payment, the Participant retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the
Payments.  For purposes of determining the amount of the Gross-Up
Payment, the Participant shall be deemed to pay federal income taxes at the
highest marginal rates of federal income taxation applicable to individuals in
the calendar year in which the Gross-Up Payment is to be made and state and
local income taxes at the highest marginal rates of taxation applicable to
individuals as are in effect in the state and locality of the Participant’s
residence in the calendar year in which the Gross-Up Payment is to be made, net
of the maximum reduction in federal income taxes that can be obtained from
deduction of such state and local taxes, taking into account any limitations
applicable to individuals subject to federal income tax at the highest marginal
rates.

       

      (b)           All
determinations required to be made under this Section 16, including whether an
Excise Tax is payable by the Participant, the amount of such Excise Tax, whether
a Gross-Up Payment is required, and the amount of such Gross-Up Payment, shall
be made by an independent auditor (the “Firm”) selected by the Participant and
the Company.  The Firm shall be a nationally-recognized United States
public accounting firm which has not, during the two years preceding the date of
its selection, acted in any way for the Company or any affiliate
thereof.  Either the Company or the Participant may request that a
determination be made.  The Firm shall submit its determination and
detailed supporting calculations to the Participant and the Company as promptly
as practicable.  If the Firm determines that any Excise Tax is payable
by

       

       

       

      
        
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      the
Participant and that a Gross-Up Payment is required, the Company shall pay the
Participant the required Gross-Up Payment within thirty (30) days of receipt of
such determination and calculations.  In no event shall the Gross-Up
Payment be paid later than December 31 of the year following the year in which
the Participant pays the applicable Excise Tax.  If the Firm
determines that no Excise Tax is payable by the Participant, it shall, at the
same time it makes such determination, furnish the Participant with an opinion
that the Participant has substantial authority not to report any Excise Tax on
the Participant’s federal income tax return.  Any determination by the
Firm as to the amount of the Gross-Up Payment shall be binding upon the
Participant and the Company.

       

      (c)           As
a result of the uncertainty in the application of Section 4999 of the Code (or
any successor provision thereto) at the time of the initial determination by the
Firm hereunder, it is possible that Gross-Up Payments which will not have been
made by the Company should have been made (an “Underpayment”).  If the
Participant thereafter is required to make a payment of any Excise Tax, the Firm
shall determine the amount of the Underpayment (if any) that has occurred and
submit its determination and detailed supporting calculations to the Participant
and the Company as promptly as possible.  Any such Underpayment shall
be promptly paid by the Company to the Participant, or for the Participant’s
benefit, within thirty (30) days of receipt of such determination and
calculations, but in no event later than December 31 of the year following the
year in which the Participant pays the applicable Excise Tax.

       

      (d)           In
the event that the Internal Revenue Service makes any claim, gives notice of any
potential claim or institutes a proceeding against the Participant asserting
that any Excise Tax or additional Excise Tax is due in respect of the Payments,
the Participant shall promptly give the Company notice of any such claim,
potential claim or proceeding.  The Company shall have the right to
conduct all discussions, negotiations, defenses, actions and proceedings, to the
extent reasonably requested by the Company.  The Participant will not
settle any claim or proceeding relating solely to the Excise Tax payable in
respect of the Payments without the consent of the Company, which consent shall
not be unreasonably withheld.  The Participant shall file, at the
Company’s expense, all requests for refunds of the Gross-Up Amount, or any
portion thereof, paid to any taxing authority as shall be reasonably requested
by the Company and shall pay over to the Company (net of any tax payable
thereon) any such refunds, together with any interest thereon, when and as such
refunds and interest are received by the Participant.  All fees and
expenses for services in connection with the determinations and calculations
contemplated by this Section 5(f)(ii), including without limitation the costs of
the Participant’s own counsel, shall be borne by the Company and shall be paid
not later than December 31 of the year following the year in which any such
Internal Revenue Service audit is completed or there is a final and
nonappealable settlement or other resolution.

       

      17.           
HSR
Act.  Notwithstanding anything herein to the contrary, the
Restricted Stock will not be issued unless and until the applicable waiting
period for acquisition of such shares under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 and the rules and regulations thereunder (collectively,
the "HSR Act") has expired or been terminated. Immediately upon the expiration
or termination of the applicable waiting period, the Restricted Stock shall be
issued to the Participant in accordance with the other provisions
hereof.  If the waiting period under the HSR Act has not expired or
been terminated on or prior to March 31, 2008, the Participant and the Company
shall agree upon an alternative arrangement reasonably

       

       

      
        
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      acceptable
to the Participant in compliance with applicable law. The Company and the
Participant shall each cooperate with the other in making filings under the HSR
Act, and each party shall use its reasonable best efforts to resolve such
issues, if any, as the Antitrust Division of the Department of Justice or the
Federal Trade Commission may raise under applicable competition laws with
respect to the filing. The Company and its counsel shall assist in the
preparation of such filing. The Company will pay any filing fees and any fees
and disbursements of counsel in connection with such filing and obtaining the
expiration or termination of the waiting period under the HSR Act.

       

      18.           
Participant
Acknowledgment.  The Participant hereby acknowledges receipt of
a copy of the Plan.  The Participant hereby acknowledges that all
decisions, determinations and interpretations of the Board of Directors in
respect of the Plan, this Agreement and the Restricted Stock shall be final and
conclusive.

       

      [Signature
page follows.]

       

       

       

       

       

       

       

       

       

      
        
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      IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by
its duly authorized officer, and the Participant has hereunto signed this
Agreement on his own behalf, thereby representing that he has carefully read and
understands this Agreement and the Plan as of the day and year first written
above.

      

      

                                   GENCO SHIPPING
& TRADING LIMITED

       

      

      
        
          
            	
                                              By:

                  	
                    /s/ John C. Wobensmith

                     

                  
	
                                              Name:

                  	
                    John
      C. Wobensmith

                     

                  
	
                                              Title:

                  	
                    Chief
      Financial Officer

                     

                     

                  
	
                                              /s/ Peter C.
      Georgiopoulos

                  
	
                                              PETER C.
      GEORGIOPOULOSkl02071_ex10-39.htm

    
      

    

     

    Exhibit
10.39

     

     

    

    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%)”.

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              (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 and compliance with Section 8.01(c) 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.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    (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.

     

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    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

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