Document:

gnk_Ex10_15

		
			Exhibit 10.15
		

		
			 
		

		
			F21.240
		

		
			 
		

		
			Second Supplemental Agreement to a Secured Loan Facility Agreement dated 30 August 2013 as amended and supplemented pursuant to a First Supplemental Agreement dated 13 July 2015 and a Supplemental Letter dated 22 December 2015.
		

		
			 
		

		
			Dated:          8 June 2016
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						(1)

					
					
						Baltic Hare Limited

				
	
					
						 

					
					
						Baltic Fox Limited

				
	
					
						 

					
					
						(as Borrowers)

				
	
					
						 

					
					
						 

				
	
					
						(2)

					
					
						Genco Shipping & Trading Limited

				
	
					
						 

					
					
						(as New Guarantor)

				
	
					
						 

					
					
						 

				
	
					
						(3)

					
					
						Baltic Trading Limited

				
	
					
						 

					
					
						(as Pledgor)

				
	
					
						 

					
					
						 

				
	
					
						(4)

					
					
						DVB Bank SE and others

				
	
					
						 

					
					
						(as Lenders)

				
	
					
						 

					
					
						 

				
	
					
						(5)

					
					
						DVB Bank SE

				
	
					
						 

					
					
						(as Agent)

				
	
					
						 

					
					
						 

				
	
					
						(6)

					
					
						DVB Bank SE

				
	
					
						 

					
					
						(as Security Agent)

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			

		

 

Contents
		

		
			 
		

			
					
						

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Page

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1

					
					
						Interpretation

					
2 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2

					
					
						Conditions

					
4 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3

					
					
						Representations

					
6 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						4

					
					
						Amendments to Loan Agreement

					
6 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						5

					
					
						Confirmations and Undertakings

					
10 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						6

					
					
						Notices, Law and Jurisdiction

					
11 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Schedule 1

					
					
						The Lenders

					
12 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Schedule 2

					
					
						Effective Date Confirmation

					
13 
				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

Second Supplemental Agreement
		

		
			 
		

		
			Dated:         8 June 2016
		

		
			 
		

		
			Between:
		

		
			 
		

		
			(1)         Baltic Hare Limited ("Baltic Hare") and Baltic Fox Limited ("Baltic Fox"), each a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (together the "Borrowers" and each a "Borrower") jointly and severally; and
		

		
			 
		

		
			(2)         Genco Shipping & Trading Limited, a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (the "New Guarantor"); and
		

		
			 
		

		
			(3)         Baltic Trading Limited, a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (the "Pledgor"); and
		

		
			 
		

		
			(4)         the banks listed in Schedule 1, each acting through its office at the address indicated against its name in Schedule 1 (together the "Lenders" and each a "Lender"); and
		

		
			 
		

		
			(5)         DVB Bank SE, acting as agent and arranger through its office at Platz der Republik 6, D-60325 Frankfurt am Main, Federal Republic of Germany (in that capacity the "Agent"); and
		

		
			 
		

		
			(6)         DVB Bank SE, acting as security agent through its office at Platz der Republik 6, D-60325 Frankfurt am Main, Federal Republic of Germany (in that capacity the "Security Agent").
		

		
			 
		

		
			Supplemental to a secured loan agreement dated 30 August 2013 as amended and supplemented by a first supplemental agreement dated 13 July 2015 and a supplemental letter dated 22 December 2015 (together, the "Loan Agreement") made between (amongst others) the Borrowers, the Lenders, the Agent and the Security Agent on the terms and subject to the conditions of which each of the Lenders agreed to advance to the Borrowers its respective Commitment of an aggregate amount not exceeding twenty two million Dollars ($22,000,000).
		

		
			 
		

		
			Whereas:
		

		
			 
		

		
			(A)         At the date of this Second Supplemental Agreement the outstanding amount of the Loan is eighteen million two hundred and fifty thousand Dollars ($18,250,000). 
		

		
			 
		

		
			(B)         The aggregate of the Fair Market Value of the Vessels and the value of any additional security for the time being provided to the Security Agent pursuant to clause 10.13 (Additional security) of the Loan Agreement should, at all times, not be less than one hundred and ten per cent (110%) of the amount of the Loan outstanding as required pursuant to clause 10.13 (Additional security) of the Loan Agreement.  If a shortfall is to arise, the Borrowers and the New Guarantor are required to, within thirty (30) days of the Agent's request, at the Borrowers' option:
		

		
			 
		

		
			
		

		
			

		 

		

			Page 1

		

 

(1)         pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the Indebtedness; or 
		

		
			 
		

		
			(2)         give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion; or 
		

		
			 
		

		
			(3)         prepay the Loan in the amount of the shortfall.
		

		
			 
		

		
			(C)         In order to avoid a potential breach of clause 10.13 (Additional security) of the Loan Agreement, the Borrowers have agreed to procure that additional security is provided to the Security Agent pursuant to clause 10.13.2 (Additional security) of the Loan Agreement and for this purpose the Security Parties and the Security Agent have agreed to amend the Loan Agreement and the Security Documents pursuant to the terms and subject to the conditions contained in this Second Supplemental Agreement.
		

		
			 
		

		
			It is agreed that:
		

		
			 
		

		
			1             Interpretation
		

		
			 
		

		
			1.1          In this Second Supplemental Agreement:
		

		
			 
		

		
			"Additional Security Documents" means this Second Supplemental Agreement, the Collateral Guarantees, the Second Mortgages, the Second Assignments, the Co- Assureds Assignments and any other agreement or document which may at any time be executed by any person as additional security for the payment of all or any part of the Indebtedness.
		

		
			 
		

		
			"Baltic Lion" means Baltic Lion Limited, a company incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.
		

		
			 
		

		
			"Baltic Lion Guarantee" means a guarantee and indemnity to be granted by Baltic Lion in favour of the Security Agent in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Baltic Lion Second Assignment" means a second priority deed of assignment of the Insurances in respect of the Baltic Lion Vessel to be granted by Baltic Lion in favour of the Security Agent in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Baltic Lion Second Mortgage" means a second preferred Marshall Islands mortgage over the Baltic Lion Vessel to be granted by Baltic Lion, as owner of the Baltic Owner Vessel, in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Baltic Lion Vessel" means the motor vessel "BALTIC LION" registered in the ownership of Baltic Lion under the laws and flag of the Republic of the Marshall Islands with IMO number 9593464 together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for the Baltic Lion Vessel if on shore.
		

		
			 
		

		
			
		

		
			

		 

		

			Page 2

		

 

"Baltic Tiger" means Baltic Tiger Limited, a company incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.
		

		
			 
		

		
			"Baltic Tiger Second Assignment" means a second priority deed of assignment of the Insurances in respect of the Baltic Tiger Vessel to be granted by Baltic Tiger in favour of the Security Agent in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Baltic Tiger Guarantee" means a guarantee and indemnity to be granted by Baltic Tiger in favour of the Security Agent in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Baltic Tiger Second Mortgage" means a second preferred Marshall Islands mortgage over the Baltic Tiger Vessel to be granted by Baltic Tiger, as owner of the Baltic Tiger Vessel, in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Baltic Tiger Vessel" means the motor vessel "GENCO TIGER" registered in the ownership of Baltic Tiger under the laws and flag of the Republic of the Marshall Islands with IMO number 9593452 together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for the Baltic Tiger Vessel if on shore.
		

		
			 
		

		
			"Co-Assureds Assignments" means the assignments of Insurances in respect to the Collateral Vessels to be granted by each co-assured in the relevant Collateral Vessel's Insurances in favour of the Security Agent in form and substance acceptable to the Security Agent.
		

		
			 
		

		
			"Collateral Guarantees" means together the Baltic Tiger Guarantee and the Baltic Lion Guarantee.
		

		
			 
		

		
			"Collateral Owners" means together Baltic Tiger and Baltic Lion.
		

		
			 
		

		
			"Collateral Vessels" means together the Baltic Tiger Vessel and the Baltic Lion Vessel.
		

		
			 
		

		
			"Effective Date" means the date on which the Agent confirms to the Borrowers in writing substantially in the form set out in Schedule 2 that all of the conditions referred to in Clause 2.1 have been satisfied, which confirmation the Agent shall be under no obligation to give if an Event of Default shall have occurred but which the Agent shall otherwise give promptly.
		

		
			 
		

		
			"Finance Parties" means the Agent, the Security Agent and the Lenders.
		

		
			 
		

		
			"Second Supplemental Agreement" means the agreement herein contained.
		

		
			 
		

		
			"Second Assignments" means together the Baltic Tiger Second Assignment and the Baltic Lion Second Assignment.
		

		
			 
		

		
			"Second Mortgages" means together the Baltic Tiger Second Mortgage and the Baltic Lion Second Mortgage.
		

		
			 
		

		
			
		

		
			

		 

		

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"Security Parties" means all parties to this Second Supplemental Agreement other than the Finance Parties.
		

		
			 
		

		
			1.2         All words and expressions defined in the Loan Agreement shall have the same meaning when used in this Second Supplemental Agreement unless the context otherwise requires, and clause 1.2 of the Loan Agreement shall apply to the interpretation of this Second Supplemental Agreement as if it is set out in full.
		

		
			 
		

		
			1.3         The Agent and the Borrowers hereby designate this Second Supplemental Agreement as a Finance Document.
		

		
			 
		

		
			1.4         All obligations, representations, warranties, covenants and undertakings of the Borrowers under or pursuant to this Second Supplemental Agreement shall, unless otherwise expressly provided, be entered into, made or given by them jointly and severally.
		

		
			 
		

		
			2            Conditions
		

		
			 
		

		
			2.1          As conditions for the agreement of the Finance Parties to the request specified in Recital (C) above and for the effectiveness of Clause 4, the Borrowers shall deliver or cause to be delivered to or to the order of the Agent the following documents and evidence:
		

		
			 
		

		
			2.1.1      an original duly notarised certificate from a duly authorised officer of each Security Party (a) confirming that none of the corporate documents delivered to the Agent pursuant to the Loan Agreement have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the relevant Security Party as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified, (b) if applicable, certifying that each document relating to it specified in Clauses 2.1.3 and 2.1.4 (if applicable) is correct, complete and in full force and (c) setting out the names of the directors and officers and details of sharecapital of each Security Party;
		

		
			 
		

		
			2.1.2      an original duly notarised certificate from a duly authorised officer of each Collateral Owner (a) attaching copies of the constitutional documents of the relevant Collateral Owner together with such other evidence as the Agent may reasonably require that each Collateral Owner is duly incorporated in its country of  incorporation and remains in existence with power to enter into, and perform its obligations under, the Additional Security Documents to which it is to become a party, (b) certifying that each document relating to it specified in Clauses 2.1.3 and 2.1.4 (if applicable) is correct, complete and in full force and (c) setting out the names of the directors and officers and details of sharecapital of each Collateral Owner;
		

		
			 
		

		
			2.1.3      an original, duly notarised resolution of the directors and a resolution of the shareholders of each Borrower and each Collateral Owner (together, where appropriate, with signed waivers of notice of any directors' or shareholders' meetings) approving, and authorising or ratifying the execution of the Additional Security Documents to which the relevant Borrower and Collateral Owner is a party and any document to be executed by that Borrower and Collateral Owner pursuant to this Second Supplemental Agreement;
		

		
			 
		

		
			
		

		
			

		 

		

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2.1.4      if required, an original notarially attested and legalised power of attorney of each Borrower and each Collateral Owner under which the Additional Security Documents to which the relevant Borrower  and Collateral Owner is a party and any document are to be executed by that Borrower and Collateral Owner pursuant to this Second Supplemental Agreement;
		

		
			 
		

		
			2.1.5      a certificate of good standing in respect of each Security Party and the Collateral Owners;
		

		
			 
		

		
			2.1.6      the Additional Security Documents, together with all other documents required by any of them, including, without limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients;
		

		
			 
		

		
			2.1.7      certificate(s) of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) at each Collateral Vessel’s existing port of registry confirming that each Collateral Vessel is on the Effective Date owned by the relevant Collateral Owner and free of registered Encumbrances save for a first priority mortgage in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, and the relevant Second Mortgage;
		

		
			 
		

		
			2.1.8      evidence that each Collateral Vessel is insured in the manner required by the Additional Security Documents and that letters of undertaking will be issued in the manner required by the Additional Security Documents, together with (if required by the Agent) the written approval of the Insurances by an insurance adviser appointed by the Agent;
		

		
			 
		

		
			2.1.9      confirmation satisfactory to the Agent that all legal opinions required by the Agent will be given substantially in the form required by the Agent;
		

		
			 
		

		
			2.1.10    evidence that any process agent pursuant to the relevant Additional Security Documents have accepted their appointment as agent for service of process in relation to any proceedings before the English courts in connection with the Additional Security Documents and any other documents required by it; and
		

		
			 
		

		
			2.1.11    a copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by any of the Additional Security Documents or for the validity and enforceability of any of the Additional Security Documents.
		

		
			 
		

		
			2.2         The Borrowers undertake to deliver or to cause to be delivered to the Agent on, or as soon as practicable after, the Effective Date:
		

		
			 
		

		
			2.2.1      letters of undertaking in respect of the Insurances as required by the Additional Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Finance Parties;
		

		
			 
		

		
			
		

		
			

		 

		

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2.2.2      the legal opinions specified in Clause 2.1.9, duly executed; and
		

		
			 
		

		
			2.2.3      the process agent acceptance letter referred to in Clause 2.1.10, duly executed.
		

		
			 
		

		
			2.3         An agreement by the Finance Parties of the delivery of the documents and evidence required by Clauses 2.1 and 2.2 at later date shall not be taken as a waiver of the Agent's right to require production of all the documents and evidence required by Clauses 2.1 and 2.2.
		

		
			 
		

		
			2.4         All documents and evidence delivered to the Agent pursuant to Clauses 2.1 and 2.2 shall:
		

		
			 
		

		
			2.4.1      be in form and substance acceptable to the Agent;
		

		
			 
		

		
			2.4.2      be accompanied, if required by the Agent, by translations into the English language, certified in a manner acceptable to the Agent; and
		

		
			 
		

		
			2.4.3      if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent.
		

		
			 
		

		
			3            Representations
		

		
			 
		

		
			Each of the representations contained in clause 11 of the Loan Agreement shall be deemed repeated by the Borrowers at the date of this Second Supplemental Agreement and at the Effective Date, by reference to the facts and circumstances then pertaining, as if references to the Finance Documents include this Second Supplemental Agreement.
		

		
			 
		

		
			4Amendments to Loan Agreement
		

		
			 
		

		
			With effect from the Effective Date:
		

		
			 
		

		
			4.1         The definitions contained in Clause 1.1 (other than the definition of "Effective Date", "Finance Paties", "Second Supplemental Agreement" and "Security Parties") of this Second Supplemental Agreement shall be added to clause 1.1 of the Loan Agreement in alphabetical order;
		

		
			 
		

		
			         the following definitions shall be added in clause 1.1 of the Loan Agreement in alphabetical order:
		

		
			 
		

		
			    "Collateral Owners’ Indebtedness" means the indebtedness of the Collateral Owners to the Lenders under the Collateral Owners Loan Agreement;
		

		
			 
		

		
			   ""Collateral Owners Loan Agreement" means a loan facility agreement dated 3 December 2013 made between the banks listed in schedule 1 to such loan agreement (as lenders), the Agent (as agent and arranger), the Security Agent (as security agent) and the Collateral Owners (as joint and several borrowers), as amended, supplemented, novated or replaced from time to time; 
		

		
			 
		

		
			   ""Second Supplemental Agreement" means the second supplemental agreement to this agreement dated June 2016 entered into between 
		

		
			 
		

		
			
		

		
			

		 

		

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the Borrowers, the New Guarantor, the Pledgor, the Lenders, the Agent and the Security Agent; and
		

		
			 
		

		
			    ""Security Cover Ratio" means the ratio of the aggregate of (i) the Fair Market Value of the Vessels (as determined in accordance with Clause 10.14 (Fair Market Value determination)), (ii) the Fair Market Value of the Collateral Vessels (as determined in accordance with Clause 10.14 (Fair Market Value determination)) less the Collateral Owners’ Indebtedness or any other indebtedness secured by first priority security over the Collateral Vessels and (iii) the value of any additional security (such value to be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent in its discretion (in all other cases)) for the time being provided to the Security Agent under this Clause 10.13 to the amount of the Loan outstanding; 
		

		
			 
		

		
			         where the context so admits, all references to the term "Mortgage" (however defined) in the Loan Agreement and the Security Documents, shall be read and construed as including the plural of such term or as referring to each "Mortgage", as if they were references to each Mortgage in respect of each Vessel and to each Second Mortgage in respect of each Collateral Vessel;
		

		
			 
		

		
			         the definition of "Security Documents" set forth in clause 1.1 of the Loan Agreement and clause 10.1 of the Loan Agreement shall be construed to include the Additional Security Documents;
		

		
			 
		

		
			         the definition of "Security Parties" set forth in clause 1.1 of the Loan Agreement shall be construed to include the Collateral Owners;
		

		
			 
		

		
			         reference to the term "Vessel" and "Vessels" in clause 10.14 (Fair Market Value determination) of the Loan Agreement shall be read and construed as including the Collateral Vessels;
		

		
			 
		

		
			         the following sub-clause 1.2.11 shall be added in clause 1.2 of the Loan Agreement:
		

		
			 
		

		
			"a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation.";
		

		
			 
		

		
			4.8         the following sub-clause 1.4 (Contractual recognition of bail-in) shall be added in clause 1 (Definitions and interpretation) of the Loan Agreement:
		

		
			 
		

		
			"1.4        Contractual recognition of bail-in
		

		
			 
		

		
			1.4.1       In this Clause 1.4:
		

		
			 
		

		
			"Bail-In Action" means the exercise of any Write-down and Conversion Powers.
		

		
			 
		

		
			"Bail-In Legislation" means:
		

		
			 
		

		
			
		

		
			

		 

		

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(a)          in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and
		

		
			 
		

		
			b          in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.
		

		
			 
		

		
			"EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.
		

		
			 
		

		
			"EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time to time. 
		

		
			 
		

		
			"Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers.
		

		
			 
		

		
			"Write-down and Conversion Powers" means:
		

		
			 
		

		
			(a)          in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and
		

		
			 
		

		
			(b)          in relation to any other applicable Bail-In Legislation:
		

		
			 
		

		
			(i)any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and
		

		
			 
		

		
			(ii)any similar or analogous powers under that Bail-In Legislation."
		

		
			 
		

		
			1.4.2       Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the
		

		
			 
		

		
			
		

		
			

		 

		

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Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:
		

		
			 
		

		
			(a)any Bail-In Action in relation to any such liability, including (without limitation):
		

		
			 
		

		
			(i)a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;
		

		
			 
		

		
			(ii)a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and
		

		
			 
		

		
			(iii)a cancellation of any such liability; and
		

		
			 
		

		
			(b)a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.";
		

		
			 
		

		
			         clause 10.13 of the Loan Agreement shall be deleted and replaced as follows:
		

		
			 
		

		
			"10.13 Additional security  If the Security Cover Ratio is less than (a) one hundred and thirty per cent (130%) during the period commencing on the Signing Date and ending on 12 July 2015 or (b) one hundred and ten per cent (110%) during the period commencing on 13 July 2015 and ending on 30 June 2016 or (c) one hundred and twenty five per cent (125%) during the period commencing on 01 July 2016 and throughout the remainder of the Facility Period, the Borrowers shall and will procure that the New Guarantor shall, within thirty (30) days of the Agent's request, at the Borrowers' option:
		

		
			 
		

		
			10.13.1  pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the Indebtedness; or
		

		
			 
		

		
			10.13.2  give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion, it being agreed that security over Fleet Vessels shall, in the Security Agent's discretion acting reasonably, be acceptable additional security; or
		

		
			 
		

		
			10.13.3  prepay the Loan in the amount of the shortfall and any such prepayment under this Clause 10.13.3 shall be applied in prepayment of the remaining Repayment Instalments (including the Balloon Amount) on a pro rata basis.
		

		
			 
		

		
			Clauses 5.3 (Reborrowing), 6.2 (Voluntary prepayment of Loan) and 6.4 (Restrictions) shall apply, mutatis mutandis, to any prepayment made under this Clause 10.13 and the value of any additional security provided shall be determined as stated above.";
		

		
			 
		

		
			
		

		
			

		 

		

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       clause 11.1.23 of the Loan Agreement shall be deleted and be replaced as follows:
		

		
			 
		

		
			"11.1.23   Ranking and effectiveness There are no Encumbrances (other than Permitted Encumbrances) affecting any of the assets of the Borrowers and the security constituted by the Security Documents is in each case valid, effective security ranking first in priority other than the Additional Security Documents which may be ranking second in priority to Encumbrances created in connection with the Collateral Owners Loan Agreement.";
		

		
			 
		

		
			       clause 13.1.19 of the Loan Agreement shall be deleted and be replaced as follows:
		

		
			 
		

		
			"13.1.19   Notice of termination   The New Guarantor or a Collateral Owner give notice to the Security Agent to determine their obligations under the New Guarantee or the relevant Collateral Guarantee respectively."; and
		

		
			 
		

		
			4.11        clause 18.2.3 (Addresses) of the Loan Agreement shall be deleted and be replaced as follows:
		

		
			 
		

		
			"18.2.3   in the case of the Agent and the Security Agent:-
		

		
			 
		

		
			DVB Bank SE
		

		
			Park House
		

		
			6th Floor
		

		
			London EC2M 7EB
		

		
			England
		

		
			Fax No: +44 207 256 4352
		

		
			Email:  TLS.London@dvbbank.com
		

		
			 
		

		
			and with a simultaneous copy to:
		

		
			 
		

		
			DVB Transport (US) LLC
		

		
			Attn: Jurek Bochner / Christiane Lombardi
		

		
			609 Fifth Avenue; Fifth Floor; New York, NY 10017
		

		
			New York, NY 10017 (USA)
		

		
			Fax: +1 212-588 0424
		

		
			Email: Jurek.Bochner@dvbbank.com / Christiane.Lombardi@dvbbank.com".
		

		
			 
		

		
			All other terms and conditions of the Loan Agreement and the Security Documents shall remain unaltered and in full force and effect.
		

		
			 
		

		
			5            Confirmations and Undertakings
		

		
			 
		

		
			5.1         Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Loan Agreement made in this Second Supplemental Agreement, as if all references in any of the Security Documents to the Loan Agreement are references to the Loan Agreement as amended and supplemented by this Second Supplemental Agreement.
		

		
			 
		

		
			5.2         The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement made in or pursuant to this Second Supplemental Agreement.
		

		
			
		

		
			

		 

		

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6            Notices, Law and Jurisdiction
		

		
			 
		

		
			The provisions of clauses 18 and 23 of the Loan Agreement shall apply to this Second Supplemental Agreement as if they are set out in full and as if (a) references to each Party are references to each party to this Second Supplemental Agreement, (b) references to the Finance Documents include this Second Supplemental Agreement and (c) references to a Borrower are references to each Security Party.
		

		
			 
		

		
			
		

		
			

		 

		

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Schedule 1
		

		
			 
		

		
			The Lenders
		

		
			 
		

		
			Names
		

		
			 
		

			
					
						DVB BANK SE

					
					
						$22,000,000

				

		
			 
		

		
			Platz der Republik 6
		

		
			 
		

		
			D-60325 Frankfurt am Main
		

		
			 
		

		
			Federal Republic of Germany
		

		
			 
		

		
			Email: TM.Amsterdam@dvbbank.com marked for the attention of Transaction and Loan Services
		

		
			 
		

		
			 
		

		
			 
		

		
			for the purposes of Clause 18 (Notices) of the Loan Agreement with a copy to 
		

		
			 
		

		
			DVB Transport (US) LLC
		

		
			 
		

		
			Attn: Jurek Bochner / Christiane Lombardi
		

		
			 
		

		
			609 Fifth Avenue; Fifth Floor; New York, NY 10017
		

		
			 
		

		
			New York, NY 10017 (USA)
		

		
			 
		

		
			Fax: +1 212-588 0424
		

		
			 
		

		
			Email: Jurek.Bochner@dvbbank.com / Christiane.Lombardi@dvbbank.com
		

		
			 
		

		
			
		

		
			

		 

		

			Page 12

		

 

Schedule 2
		

		
			 
		

		
			Effective Date Confirmation
		

		
			 
		

			
					
						To:

					
					
						BALTIC HARE LIMITED & BALTIC FOX LIMITED, each of

				
	
					
						 

					
					
						Trust Company Complex

				
	
					
						 

					
					
						Ajeltake Road

				
	
					
						 

					
					
						Ajeltake Island

				
	
					
						 

					
					
						Majuro

				
	
					
						 

					
					
						Marshall Islands

				
	
					
						 

					
					
						MH 96960

				

		
			 
		

		
			We, DVB BANK SE, refer to the second supplemental agreement dated  [            ] 2016 (the "Supplemental Agreement") relating to a secured loan agreement dated 30 August 2013 as amended and supplemented by a first supplemental agreement dated 13 July 2015 and a supplemental letter dated 22 December 2015 (together, the "Loan Agreement") made between (amongst others) you as the as the Borrowers, the banks listed in it as the Lenders, ourselves as the Agent and ourselves as the Security Agent in respect of a loan to you from the Lenders of up to $22,000,000.
		

		
			 
		

		
			We hereby confirm that all conditions precedent referred to in Clause 2.1 of the Supplemental Agreement have been satisfied.  In accordance with Clauses 1.1 and 4 of the Supplemental Agreement the Effective Date is the date of this confirmation and the amendments to the Loan Agreement are now effective.
		

		
			 
		

		
			Dated: [        ] 2016        
		

		
			 
		

		
			 
		

			
					
						Signed:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						for and on behalf of

					
					
						 

				
	
					
						 

					
					
						DVB Bank SE

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Page 13

		

 

In witness of which the parties to this Second Supplemental Agreement have executed this Second Supplemental Agreement as a deed the day and year first before written.
		

		
			 
		

			
					
						Signed and delivered as 

					
					
						)

					
					
						 

				
	
					
						a Deed by 

					
					
						)

					
					
						 

				
	
					
						Baltic Hare Limited

					
					
						)

					
					
						 

				
	
					
						acting by Apostolos Zafolias

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						in the presence of:

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature:/s/ Peter Allen

					
					
						 

					
					
						 

				
	
					
						Name:       Peter Allen

					
					
						 

					
					
						 

				
	
					
						Address:   299 Park Avenue, 12th Floor

					
					
						 

					
					
						 

				
	
					
						                 New York, NY 10171

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signed and delivered as

					
					
						)

					
					
						 

				
	
					
						a Deed by 

					
					
						)

					
					
						 

				
	
					
						Baltic Fox Limited

					
					
						)

					
					
						 

				
	
					
						acting by Apostolos Zafolias

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						in the presence of:

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature: /s/ Peter Allen

					
					
						 

					
					
						 

				
	
					
						Name:      Peter Allen

					
					
						 

					
					
						 

				
	
					
						Address:   299 Park Avenue, 12th Floor

					
					
						 

					
					
						 

				
	
					
						                 New York, NY 10171

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signed and delivered as 

					
					
						)

					
					
						 

				
	
					
						a Deed by 

					
					
						)

					
					
						 

				
	
					
						Genco Shipping & Trading Limited

					
					
						 

					
					
						 

				
	
					
						acting by Apostolos Zafolias

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						in the presence of:

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature:/s/ Peter Allen

					
					
						 

					
					
						 

				
	
					
						Name:       Peter Allen

					
					
						 

					
					
						 

				
	
					
						Address:   299 Park Avenue, 12th Floor

					
					
						 

					
					
						 

				
	
					
						                 New York, NY 10171

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Page 14

		

 

	
					
						Signed and delivered as 

					
					
						)

					
					
						 

				
	
					
						a Deed by 

					
					
						)

					
					
						 

				
	
					
						Baltic Trading Limited

					
					
						)

					
					
						 

				
	
					
						acting by Apostolos Zafolias

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Apostolos Zafolias 

				
	
					
						in the presence of:

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature: /s/ Peter Allen

					
					
						 

					
					
						 

				
	
					
						Name:       Peter Allen

					
					
						 

					
					
						 

				
	
					
						Address:   299 Park Avenue, 12th Floor

					
					
						 

					
					
						 

				
	
					
						                 New York, NY 10171

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signed and delivered as 

					
					
						)

					
					
						 

				
	
					
						a Deed by Vikki Madias

					
					
						)

					
					
						 

				
	
					
						DVB Bank SE (as a Lender)

					
					
						)

					
					
						 

				
	
					
						acting by 

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Vikki Madias

				
	
					
						in the presence of: 

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature:/s/ Neil Stocco

					
					
						 

					
					
						 

				
	
					
						Name:       Neil Stocco

					
					
						 

					
					
						 

				
	
					
						Address:   One Battery Park Plaza

					
					
						 

					
					
						 

				
	
					
						                  NY, NY 10004

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signed and delivered as 

					
					
						)

					
					
						 

				
	
					
						a Deed by Vikki Madias

					
					
						)

					
					
						 

				
	
					
						DVB Bank SE (as Agent)

					
					
						)

					
					
						 

				
	
					
						acting by 

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Vikki Madias

				
	
					
						in the presence of: 

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature: /s/ Neil Stocco

					
					
						 

					
					
						 

				
	
					
						Name:       Neil Stocco

					
					
						 

					
					
						 

				
	
					
						Address:   One Battery Park Plaza

					
					
						 

					
					
						 

				
	
					
						                 NY, NY 10004

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Page 15

		

 

	
					
						Signed and delivered as 

					
					
						)

					
					
						 

				
	
					
						a Deed by Vikki Madias

					
					
						)

					
					
						 

				
	
					
						DVB Bank SE (as Security Agent)

					
					
						)

					
					
						 

				
	
					
						acting by

					
					
						)

					
					
						 

				
	
					
						its duly authorised attorney-in-fact

					
					
						)

					
					
						/s/ Vikki Madias

				
	
					
						in the presence of:

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness signature: /s/ Neil Stocco

					
					
						 

					
					
						 

				
	
					
						Name:        Neil Stocco

					
					
						 

					
					
						 

				
	
					
						Address:    One Battery Park Plaza

					
					
						 

					
					
						 

				
	
					
						                   NY, NY 10004

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			Page 16gnk_Ex10_16

		
			Exhibit 10.16
		

		
			 
		

		
			ABN AMRO Capital USA LLC
		

		
			100 Park Avenue
		

		
			17th Floor
		

		
			New York
		

		
			NY 10017, USA
		

		
			 
		

			
					
						To:

					
					
						Baltic Hornet Limited

				
	
					
						 

					
					
						 

				
	
					
						Copy:

					
					
						Genco Shipping & Trading Limited

				
	
					
						 

					
					
						Baltic Trading Limited

				
	
					
						 

					
					
						Baltic Wasp Limited

				

		
			 
		

		
			30 June 2016
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Secured loan agreement dated 8 October 2014  (as amended and supplemented by a first supplemental agreement dated 14 July 2015 and a further supplemental letter dated 31 December 2015, the "Loan Agreement") made between Baltic Hornet Limited as borrower (the "Borrower"), the financial institutions listed in Schedule 1 to the Loan Agreement as lenders, ABN AMRO Capital USA LLC, as MLA, ABN AMRO Capital USA LLC, as agent (acting in that capacity, the "Agent"), ABN AMRO Capital USA LLC, as security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider
		

		
			 
		

			
	
			
				 1
			

			
	
			
			Definitions

		
			 
		

		
			1.1         In this letter:
		

		
			 
		

		
			"Amended Commitment Letter" means the amended and restated commitment letter dated 30 June 2016 in relation to the Combined Credit Facility. 
		

		
			 
		

		
			"Amended Commitment Letter Effective Date" means the date on which all of the conditions contained in clause 9 (Effectiveness) of the Amended Commitment Letter have been satisfied.
		

		
			 
		

		
			"Amended Equity Commitment Letters" means the amended or amended and restated commitment letters of Affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to provide in the aggregate at least $62,500,000 of the Equity Contribution on or prior to 30 September 2016.
		

		
			 
		

		
			"Closing Date" means the earlier of (i) the date on which the loan agreement evidencing the Combined Credit Facility is entered into and (ii) 30 September 2016.
		

		
			 
		

		
			"Combined Credit Facility" means the senior secured term loan facility in the aggregate principal amount of up to $400 million to be entered into between, inter alia, the Parent (as borrower), ABN AMRO Capital USA LLC and others (as mandated lead arrangers) and the lenders listed therein (as lenders).
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

"Enforcement Action" means:
		

		
			 
		

		
			(a)          in relation to any Liabilities:
		

		
			 
		

		
			(i)           the acceleration of any Liability or the making of any declaration that any Liabilities are due and payable or payable on demand;
		

		
			 
		

		
			(ii)          any demand against any Group Member under any security, guarantee or surety provided of that Group Member;
		

		
			 
		

		
			(iii)         the exercise of any right of set-off, account combination or payment netting against any Group Member in respect of any Liabilities other than ordinary netting under any swap or derivative contract; and
		

		
			 
		

		
			(iv)         the premature termination or close-out of any swap or derivative transaction under any swap or derivative contract entered into with any Group Member; 
		

		
			 
		

		
			(b)          the taking of any steps to enforce or require the enforcement of any Encumbrance granted by any Group Member in any collateral under the Loan Agreement, the Wasp Credit Facility or the Other Credit Agreements (including arrest of the relevant vessel or other enforcement of the relevant mortgage, the crystallisation of any floating charge or redirecting the earnings of the relevant vessel or the other assets of any Group Member), except for any enforcement of assignment of insurances in relation to a total loss or other significant insured event; or  
		

		
			 
		

		
			(c)          the petitioning or applying for any Insolvency Proceeding.
		

		
			 
		

		
			"Equity Contribution" means the contribution of at least $125,000,000 in gross cash proceeds by certain existing shareholders of and other investors in the Parent in exchange for common or preferred equity interests in the Parent (which preferred equity interests shall (a) not mature, be mandatorily redeemable or redeemable at the option of the holders thereof pursuant to a sinking fund obligation or otherwise (except as a result of a conversion into common shares of the Parent), prior to the first anniversary of the Maturity Date, (b) provide that all dividends in respect thereof shall, at the option of the Parent, be payable in kind and (c) be otherwise reasonably satisfactory in form and substance to the Finance Parties) (it being understood that such common or preferred equity interest may be issued together with options or warrants exercisable for common or qualified preferred equity interests in the Parent).
		

		
			 
		

		
			"Group" means the Parent and each of the Subsidiaries, and a "Group Member" means any of them.
		

		
			 
		

		
			"Hayfin Credit Agreement" means the facility agreement for up to $100,000,000, dated as of 4 November 2015, by and among Genco Holdings Limited, as holdco, each of the entities listed in schedule 1 part I thereto, as joint and several borrowers, the financial institutions party thereto from time to time, as lenders and Hayfin Services LLP, as agent and security agent (as amended, restated, supplemented and/or modified from time to time).
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

"Insolvency Proceedings" means any bankruptcy, liquidation, reconstruction, winding up, dissolution, administration or reorganisation of any Group Member, or any of such Group Member's assets or a composition, compromise, assignment or arrangement with any creditor of any Group Member or any suspension of payments or moratorium of any indebtedness of any such Group Member, or any other insolvency proceedings or any analogous procedure or step in any jurisdiction (including the appointment of any liquidator, receiver, administrator, trustee or similar officer), including but not limited to, any chapter 11 cases in the United States of America.
		

		
			 
		

		
			"Liability" means any and all Financial Indebtedness of any Group Member in excess of $5,000,000.
		

		
			 
		

		
			"Maturity Date" means the date falling on the fifth anniversary of the Closing Date.
		

		
			 
		

		
			"Maximum Hayfin Prepayment Amount" means the prepayment under the Hayfin Credit Agreement as contemplated in the Amended Commitment Letter which shall not exceed the remainder of (a) $5,000,000 minus (b) any mandatory prepayment made under the Hayfin Credit Agreement on and after the Amended Commitment Letter Effective Date prior to the Closing Date.
		

		
			 
		

		
			"Other Credit Agreements" means any agreement entered into by any Group Member relating to Financial Indebtedness (including the Combined Credit Facility).
		

		
			 
		

		
			"Parent" means Genco Shipping & Trading Limited, a company incorporated under the laws of the Marshall Islands with its principal place of business at 299 Park Avenue, 12th Floor, New York, New York 10171.
		

		
			 
		

		
			"Termination Event" shall have the meaning given to it in paragraph 5.1 below.
		

		
			 
		

		
			"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.
		

		
			 
		

		
			1.2          All other terms and expressions used in this letter shall have the same meaning given to them in the Loan Agreement.
		

		
			 
		

			
	
			
				 1.3
			

			
	
			
			This letter is designated as a Finance Document.

		
			 
		

		
			2Request
		

		
			 
		

		
			We refer to the Loan Agreement and to your request for a waiver of compliance with clause 10.14 (Additional Security) of the Loan Agreement pursuant to which the aggregate Fair Market Value of the Vessel and the Other Vessel (as determined in accordance with Clause 10.15 (Fair Market Value determination) of the Loan Agreement) and the value of additional security being provided to the Security Agent is more than 135% of the aggregate of (i) the amount of the Loan then outstanding
		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

and (ii) the amount of the Other Loan outstanding, for the period commencing on 30 June 2016 through and including 11:59 p.m. (New York City time) on 30 September 2016 (the "Waiver Period").
		

		
			 
		

		
			3Waiver and Conditions
		

		
			 
		

		
			We hereby agree to waive your compliance with, and any breach of, clause 10.14 (Additional Security) of the Loan Agreement (the "Waiver"), during the Waiver Period, subject to the following conditions being satisfied:
		

		
			 
		

		
			(a)          the Waiver shall apply only in relation to the Waiver Period; 
		

		
			 
		

		
			(b)          the Amended Equity Commitment Letters are executed and delivered by each party thereto; and
		

		
			 
		

		
			(c)          on the date of this letter, you provide us with a copy (with an original to follow) of a certificate from a duly authorised officer of each Security Party confirming that none of the documents delivered to the Agent pursuant to section 1 (Security Parties) of Part I of Schedule 2 (Conditions Precedent) of the Loan Agreement, have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the Security Party in question as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified.
		

		
			 
		

		
			4            Termination of Waiver
		

		
			 
		

		
			4.1         The Waiver Period shall terminate and the Waiver shall cease to apply automatically and with immediate effect if any event specified in paragraph 4.1(a) to (j) below occurs (each a "Termination Event"), unless such Termination Events are expressly waived by the Agent, acting on the instructions of the Majority Lenders:
		

		
			 
		

		
			(a)          an Event of Default has occurred which has not been waived or forborne;
		

		
			 
		

		
			(b)          the occurrence of an event of default under any Other Credit Agreements which are not otherwise waived or forborne;
		

		
			 
		

		
			(c)          you are in breach of any of your obligations under this letter;
		

		
			 
		

		
			(d)          any creditor takes Enforcement Action against any Group Member and such Enforcement Action is triggered by or triggers an event of default (however described in any other agreement relating to Financial Indebtedness of such Group Member) which is not waived or forborne;
		

		
			 
		

		
			(e)          any Group Member makes a payment, repayment or prepayment (other than (i) any scheduled interest and amortization payments to be made on or prior to 11:59 p.m. (New York City time) on 30 September 2016, (ii) any mandatory prepayment pursuant to a sale, disposition or a total loss of a vessel, (iii) any payment under the Hayfin Credit Agreement up to the Maximum Hayfin Prepayment Amount and (iv) any other payment, repayment or prepayment otherwise approved or consented to by the Agent) of any principal of a loan or
		

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

advance under any of Loan Agreement, the Wasp Credit Facility or any Other Credit Agreements or creates any security or give any guarantee or other commitment or credit support (or procures or allows any of its affiliates to do so) in favour of any lender or creditor of any Group Member;
		

		
			 
		

		
			(f)          on or prior to 11:59 p.m. (New York City time) on 15 August 2016, (a) no purchase agreement satisfactory in form and substance to the Finance Parties has been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Parent, providing for the issuance of equity interests in the Parent in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) the Parent has not filed a registration statement relating to sale of equity securities of the Parent for an amount not less than $125,000,000;
		

		
			 
		

		
			(g)          the cash and cash equivalents of the Parent and its Subsidiaries are less than $25,000,000; 
		

		
			 
		

		
			(h)          any of the Amended Equity Commitment Letters cease to be in full force and effect or any party thereto denies or disaffirms their obligations thereunder, unless (a) a purchase agreement satisfactory in form and substance to the Finance Parties shall have been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Borrower, providing for the issuance of equity interests in the Borrower in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) in the event that the Parent determines it is necessary in connection with the termination of its efforts to complete a private placement to terminate any of the Amended Equity Commitment Letters, it may do so, so long as within five business days after such termination (x) it files a registration statement for a public offering for gross cash proceeds to the Borrower of at least $125,000,000, (y) it certifies to the Finance Parties that it has obtained oral indications of interest from affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to purchase an aggregate of at least $62,500,000 in such offering and (z) such affiliates shall have confirmed in writing their respective indications of interest to the Finance Parties; 
		

		
			 
		

		
			(i)          any indication of interest described in paragraph 4.1(h) above shall be denied, disaffirmed or decreased, the consequence of which shall be that the indications of interest shall be for an aggregate amount of less than $62,500,000; or
		

		
			 
		

		
			(j)          any commitment letters (as amended and/or restated from time to time) or waivers or consent letters in relation to any Other Credit Agreements cease to be in full force and effect or any party thereto denies or disaffirms their obligations thereunder.
		

		
			 
		

		
			4.2         After the termination of the Waiver, each of the Finance Parties shall be released from all of its obligations under this letter and may take any
		

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

Enforcement Action after such termination in accordance with the terms of the Finance Documents.
		

		
			 
		

		
			4.3         If the Amended Commitment Letter Effective Date does not occur on or before 30 June 2016, this letter and the Amended Commitment Letter shall terminate with immediate effect.
		

		
			 
		

		
			5            Finance Parties' Rights
		

		
			 
		

		
			5.1         Nothing in this letter shall prevent the Finance Parties from taking any Enforcement Action after the Waiver Period or after the Waiver ceases to apply in respect of any Event of Default which has occurred or may occur during the Waiver Period or which occurs or continues after the termination of the Waiver, regardless of whether such Event of Default occurred prior to or during the Waiver Period.  Accordingly, this letter shall not constitute any waiver by the Finance Parties of any breach or default by any Group Member and the Finance Parties reserve all rights in relation thereto (the "Reservation"), except as otherwise expressly set out in this letter and subject only to the terms of this letter.
		

		
			 
		

		
			5.2         Neither the passing of time nor any inaction, action, omission, statement or discussion by, or on the part of, any Finance Party in relation to all matters referred to above or any other matter arising under the Finance Documents shall be taken in any way as constituting a waiver of, or as prejudicing or limiting, any of the rights, powers or remedies which that Finance Party may now, or hereafter, have under and pursuant to the Finance Documents or otherwise.
		

		
			 
		

		
			5.3         The Reservation is made without prejudice to, and without intention of amending, Clause 33 (Remedies and Waivers) of the Loan Agreement, the content of which is hereby expressly repeated and averred.
		

		
			 
		

		
			5.4         Nothing in this letter, any document or in any correspondence, meeting or discussion a Finance Party has had or may have with any Group Member in relation to (i) the matters related to the Waiver, (ii) any other Events of Default which occur or may occur after the date of this letter, (iii) the refinancing or restructuring of the Borrowers' Loan and other obligations under the Finance Documents or (iv) any other matters shall, except as otherwise expressly provided in this letter: 
		

		
			 
		

		
			(a)          prejudice the position of the Finance Parties under the Finance Documents or be construed as a waiver of any Group Member's obligations under or pursuant to the Finance Document to which that Group Member is a party; or
		

		
			 
		

		
			(b)          be deemed to constitute an amendment or waiver of any provision of the Loan Agreement, the Guarantee or any other Finance Document (other than clause 4 of this letter) or a commitment to amend, waive or restructure any provision in the Loan Agreement, the Guarantee or any other Finance Document.
		

		
			 
		

		
			
		

		
			

		 

		

			6

		

 

Any such correspondence, meeting or discussion in each case shall be entirely without prejudice to the rights, powers and remedies of the Finance Parties under or in respect of the Loan Agreement, the Guarantee or any other Finance Document and all such rights, powers and remedies are expressly reserved.
		

		
			 
		

		
			6            Undertakings, Representations and Warranties
		

		
			 
		

		
			6.1         During the Waiver Period, you shall promptly notify us if: 
		

		
			 
		

			
	
			
				 (i)
			

			
	
			
			a Termination Event occurs or is reasonably likely to occur; or

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			any Enforcement Action is commenced against a Group Member.

		
			 
		

		
			6.2         During the Waiver Period, no Security Party shall enter into any waiver, modification or amendment to any Other Credit Agreement (other than the Hayfin Credit Agreement) which grants more favourable provisions or treatment to the lenders or financiers thereunder unless each of the Finance Parties receives the benefit of such more favourable provisions as soon as reasonably practicable thereafter and on the same terms.
		

		
			 
		

		
			6.3         During the Waiver Period you shall promptly notify us if any Group Member enters into any amendment or waiver in relation to any agreement in respect of any Financial Indebtedness of any Group Member and shall inform the Agent of the content of the amendment or waiver.
		

		
			 
		

		
			6.4         During the Waiver Period, the Borrower undertakes that except to the extent subject to the Waiver it will not use any actions taken by any Lender in connection with the Loan Agreement as a basis to assert any claims or defences of any kind or nature against any Lender in connection with its respective rights and remedies under any Finance Document, including without limitation any Lender’s rights to take enforcement actions, and the Borrower hereby waives any and all such claims or defences.
		

		
			 
		

		
			6.5         During the Waiver Period, the Borrower undertakes to provide weekly updates of progress with respect to the transactions related to the Equity Contribution and the Parent and its Subsidiaries’ financial performance, including without limitation, their consolidated cash balances and projected cash position on a monthly basis until 30 September 2016.
		

		
			 
		

		
			6.6         During the Waiver Period, the Borrower undertakes and acknowledges that the Lenders are entitled to receive, have received and may continue to receive information regarding the Group under or in connection with the Finance Documents.  The Security Parties agree that nothing in this letter shall in any way impede, impair, limit or restrict any Lender’s rights to obtain and use such information in any manner and for any purpose permitted under the Finance Documents.
		

		
			 
		

		
			6.7         The Borrower hereby represents and warrants that (a) the representations and warranties of the Security Parties set forth in the each of the Finance Documents are true and correct in all material respects on and as of the date
		

		
			 
		

		
			
		

		
			

		 

		

			7

		

 

hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (b) after giving effect to the Waiver, no event has occurred and is continuing which constitutes a default or Event of Default under any Finance Document or which could reasonably be expected to lead to an Event of Default.
		

		
			 
		

		
			6.8         The Security Parties affirm all of their obligations under each Finance Document as modified hereby and agree that this letter shall not operate to reduce or discharge their obligations under any Finance Document.
		

		
			 
		

		
			7            Continuing Security
		

		
			 
		

		
			You confirm that any Encumbrance created and/or any guarantee granted by the Security Parties in favour of any of the Finance Parties remains in full force and effect and is not in any way affected by this letter.
		

		
			 
		

		
			8            Counterparts and applicable law
		

		
			 
		

		
			8.1         This letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.
		

		
			 
		

		
			8.2         This letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.
		

		
			 
		

		
			Please confirm your agreement to the terms of this letter by signing and returning a duplicate of this letter to us. 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Yours faithfully

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Rajbir Talwar

					
					
						/s/ J.D. Kalverkamp

				
	
					
						 

					
					
						 

				
	
					
						Rajbir Talwar

					
					
						J. D. Kalverkamp

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Country Executive 

				

		
			 
		

		
			For and on behalf of
		

		
			ABN AMRO Capital USA LLC 
		

		
			(as Agent acting on the instructions of the Majority Lenders)
		

		
			 
		

		
			
		

		

		 

		

			8

		

 

	
					
						 

					
					
						 

				
	
					
						Confirmed and agreed on 30 June 2016

					
					
						 

				
	
					
						for an on behalf of

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Hornet Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Shipping & Trading Limited

					
					
						 

				
	
					
						(as Guarantor)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Trading Limited

					
					
						 

				
	
					
						(as Pledgor)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Wasp Limited

					
					
						 

				
	
					
						(as Other Borrower)

					
					
						 

				

		
			 
		

		 

		

			9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]