Document:

gnk_Ex10_5

		
			Exhibit 10.5
		

		
			 
		

		
			[On the letterhead of Deutsche Bank Luxembourg S.A.]
		

		
			 
		

		
			To:      Genco Shipping & Trading Limited
		

		
			 
		

		
			Copy:  Genco Lorraine Limited
		

		
			Genco Pyrenees Limited
		

		
			Genco Loire Limited
		

		
			Genco Bourgogne Limited
		

		
			Genco Picardy Limited
		

		
			Genco Aquitaine Limited
		

		
			Genco Normandy Limited
		

		
			Genco Auvergne Limited
		

		
			Genco Provence Limited
		

		
			Genco Ardennes Limited
		

		
			Genco Brittany Limited
		

		
			Genco Languedoc Limited
		

		
			Genco Rhone Limited
		

		
			 
		

		
			31 May 2016
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			US$253,000,000 secured loan agreement dated 20 August 2010 (as amended by a side letter dated 24 August 2010, as further amended by a waiver letter dated 21 December 2011, as further amended and restated on 1 August 2012, as further amended and restated on 9 July 2014 and as further amended, supplemented or restated from time to time, the "Loan Agreement") made between (1) Genco Shipping & Trading Limited as borrower, (2) the Lenders (as defined therein), (3) Deutsche Bank AG Filiale Deutschlandgeschäft, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, (4) ourselves as agent for the Lenders, (5) BNP Paribas, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as swap providers (the "Swap Providers") and (vi) Deutsche Bank AG Filiale Deutschlandgeschäft as security agent for the Lenders and the Swap Providers and as bookrunner.
		

		
			 
		

		
			1            Definitions
		

		
			 
		

		
			1.1         All terms and expressions used in this Letter shall have the same meaning given to them in the Loan Agreement or the Collateral Maintenance Waiver Letter (as defined in clause 2 of this Letter) unless expressly defined in this Letter or the context otherwise requires.
		

		
			 
		

		
			1.2         This Letter is designated as a Finance Document.
		

		
			 
		

		
			2             Further Extension of Collateral Maintenance Waiver Period
		

		
			 
		

		
			We refer to:
		

		
			 
		

		
			2.1          the Loan Agreement and to our letter to you dated 10 March 2016 (as amended, and/or supplemented from time to time, the "Collateral Maintenance Waiver Letter") consenting to a temporary waiver of compliance with clause 10.10 (Additional Security) of the Loan Agreement (the "Collateral Maintenance Covenant") and, as a consequence, the right of the Agent to request that the
		

		
			
		

		
			

		 

 

Borrower comply with clause 10.10.1, 10.10.2 or 10.10.3 of the Loan Agreement in accordance with the Collateral Maintenance Covenant for the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 11 April 2016 (the "Original Collateral Maintenance Waiver Period") and your request for an extension of the Original Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 31 May 2016 (the "Amended Collateral Maintenance Waiver Period"); and
		

		
			 
		

		
			2.2         your further request for an extension of the Amended Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 3 June 2016 (the "Request").
		

		
			 
		

		
			This Letter is supplemental to the terms of the Collateral Maintenance Waiver Letter.
		

		
			 
		

		
			3             Conditions and Amendment
		

		
			 
		

		
			3.1         We hereby agree to the Request, subject to the condition that prior to 10:00 hours (London time) on 1 June 2016, you provide us confirmation (which may be given by email) that the required lenders under the Metrostar Loan Agreement and the credit agreement dated as of December 31, 2014 among Baltic Trading Limited, the various lenders party thereto, Nordea Bank Finland PLC, New York Branch, and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, Nordea Bank Finland PLC, New York Branch, as administrative agent and security agent and Nordea Bank Finland PLC, New York Branch, as bookrunner (as amended to date, the "Nordea Loan Agreement") have consented to waivers under the Metrostar Loan Agreement and the Nordea Loan Agreement on substantially similar terms to this letter (the "Metrostar and Nordea Letters").
		

		
			 
		

		
			3.2         With effect from the date hereof the Collateral Maintenance Waiver Letter shall be further amended as follows:
		

		
			 
		

		
			(i)           the term "Collateral Maintenance Waiver Period" shall mean "the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 3 June 2016";
		

		
			 
		

		
			(ii)          the following sub-paragraph shall be inserted at paragraph 5.1 as follows:
		

		
			 
		

		
			"(g) during the Collateral Maintenance Waiver Period the waivers under the Metrostar and Nordea Letters are  terminated, revoked or otherwise ceases to be effective (unless otherwise extended).";
		

		
			 
		

		
			(iii)        sub-paragraph (f) of paragraph 5.1 is amended by replacing the first parenthetical therein with the following:
		

		
			 
		

		
			"(other than any Indebtedness owed to the lenders as and when they fall due under the ABN Revolving Credit Facility, the Hornet Credit Facility or the Wasp Credit Facility and other than any inter-company indebtedness by and among Group Members in the ordinary course of business)"; and
		

		
			 
		

		
			(iv)         sub-paragraph (f) of paragraph 5.1 is further amended by adding the following definition after the definition of Affiliate:
		

		
			
		

		
			

		 

		

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			“ABN Revolving Credit Facility” means the Loan Agreement, dated as of 7 April 2015, by and among Genco Commodus Limited, Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited, as borrowers, ABN AMRO Capital USA LLC, as arranger, facility agent and security agent and the banks and financial institutions party thereto, as lenders."
		

		
			 
		

		
			3.3         Save as expressly amended by this Letter, all other terms and conditions of the Collateral Maintenance Waiver Letter shall remain unaltered and in full force and effect.
		

		
			 
		

		
			4            Counterparts and Applicable Law
		

		
			 
		

		
			4.1         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.
		

		
			 
		

		
			4.2         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/ M. Sinn-Conrad                   /s/ T. Schroeter

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						     M. Sinn-Conrad                        T. Schroeter

					
					
						 

				

		
			 
		

		
			For and on behalf of
		

		
			Deutsche Bank Luxembourg S.A. 
		

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

		
			
		

		

		 

		

			3

		

 

	
					
						 

					
					
						 

				
	
					
						Confirmed and agreed on 

					
					
						31 May 2016

				
	
					
						for and on behalf of

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						           /s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Shipping & Trading Limited 

					
					
						 

				
	
					
						(as Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						          /s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Lorraine Limited

					
					
						 

				
	
					
						Genco Pyrenees Limited

					
					
						 

				
	
					
						Genco Loire Limited

					
					
						 

				
	
					
						Genco Bourgogne Limited

					
					
						 

				
	
					
						Genco Picardy Limited

					
					
						 

				
	
					
						Genco Aquitaine Limited

					
					
						 

				
	
					
						Genco Normandy Limited

					
					
						 

				
	
					
						Genco Auvergne Limited

					
					
						 

				
	
					
						Genco Provence Limited

					
					
						 

				
	
					
						Genco Ardennes Limited

					
					
						 

				
	
					
						Genco Brittany Limited

					
					
						 

				
	
					
						Genco Languedoc Limited

					
					
						 

				
	
					
						Genco Rhone Limited

					
					
						 

				
	
					
						(as Collateral Owners and Guarantors)

					
					
						 

				

		
			 
		

		 

		

			4gnk_Ex10_6

		
			Exhibit 10.6
		

		
			 
		

		
			To:         GENCO SHIPPING & TRADING LIMITED, a borrower organised and existing under the laws of the Republic of the Marshall Islands (the “Borrower”) for itself and as agent for each of the other Obligors party to the Facility Agreement (as defined below)
		

		
			 
		

		
			For the attention of: 
		

		
			 
		

		
			31 May 2016
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Facility agreement dated 12 August 2010 made between (i) the Borrower, (ii) the banks and financial institutions listed in Schedule I thereto as Lenders (iii) the Guarantors listed in Schedule 2 thereto and (iv) Crédit Agricole Corporate and Investment Bank in its capacity both as Agent and Security Trustee (as amended and restated on 9 July 2014 and amended and/or restated from time to time) (the "Facility Agreement").
		

		
			 
		

		
			1.BACKGROUND
		

		
			 
		

		
			(a)          We refer to the letter dated 29 March 2016 from the Agent to the Borrower regarding a waiver of clause 16.1 of the Facility Agreement which was amended and extended pursuant to a letter from the Agent to the Borrower dated 11 April 2016 (the "Waiver Letter").
		

		
			 
		

		
			(b)          In accordance with the instructions of the Majority Lenders, the purpose of this letter (the "letter") is to extend the waiver granted pursuant to the Waiver Letter.
		

		
			 
		

		
			2.Interpretation
		

		
			 
		

		
			2.1         Capitalised terms defined in the Facility Agreement and the Waiver Letter have the same meaning when used in this letter unless expressly defined in this letter, and:
		

		
			 
		

		
			"Effective Date" means the date on which we confirm to the Borrower that we have received an acknowledgement and agreement to the terms of this letter signed by each Obligor.
		

		
			 
		

		
			2.2         The provisions of clause 1.2 (Construction of certain terms) of the Facility Agreement apply to this letter as though they were set out in full in this letter with all necessary consequential changes and with references in that clause to the Facility Agreement being construed as references to this letter.
		

		
			 
		

		
			3.Capacity
		

		
			 
		

		
			This letter is provided by us in our capacity as Agent under the Facility Agreement, acting (where required) on the instructions of the Majority Lenders pursuant to clause 26 (Variations and Waivers) of the Facility Agreement.
		

		
			
		

		
			

		 

		

			1

		

 

 
		

		
			4.EXTENSION
		

		
			 
		

		
			4.1         With effect from the Effective Date the Security Cover Waiver Period referred to in the Waiver Letter shall be extended until the earlier of:
		

		
			 
		

		
			(a)          3 June 2016 at 23:59 (New York time);
		

		
			 
		

		
			(b)          the Security Cover Waiver being automatically terminated in accordance with paragraph 7 (Termination of Security Cover Waiver) of the Waiver Letter; and
		

		
			 
		

		
			(c)          during the Security Cover Waiver Period, the date on which, any Group Member makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility, the approximately $1.65 million amortisation payment on 31 May 2016 under the $150 million Secured Loan Agreement dated as of April 7, 2015 between, amongst others, certain subsidiaries of the Borrower and ABN AMRO Capital USA LLC, and other than any inter-company indebtedness by and among Group Members in the ordinary course of business) or creates any security or gives 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 other creditor of any Group Member (other than cross collateralisation of facilities to the same lender for security maintenance purposes).
		

		
			 
		

		
			For the purposes of this letter:
		

		
			 
		

		
			"Affiliate" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;
		

		
			 
		

		
			"Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary;
		

		
			 
		

		
			"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet 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;
		

		
			 
		

		
			"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, ABN 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.
		

		
			 
		

		
			4.2         All other terms of the Waiver Letter continue to apply and remain in full force and effect.
		

		
			
		

		
			

		 

		

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			5.Reservation of Rights
		

		
			 
		

		
			Save as expressly set out in this letter, this letter does not (and shall not be deemed to) constitute a waiver in respect of the provisions of any Finance Document or any breach thereof. Each Creditor Party reserves any right or remedy it has now or in the future in respect of any Default which arises from any circumstances and which is continuing as at the expiry of the Security Cover Waiver Period.
		

		
			 
		

		
			6.Confirmations
		

		
			 
		

		
			Without prejudice to the rights of any Creditor Party which have arisen on or before the Effective Date:
		

		
			 
		

		
			(a)          each Creditor Party and each Obligor confirms that the Facility Agreement and Waiver Letter, as amended by this letter, remains in full force and effect on and after the Effective Date; and
		

		
			 
		

		
			(b)          each Guarantor confirms that its guarantee and indemnity under clause 9 (Guarantee and Indemnity) of the Facility Agreement and its liabilities under the Security Documents to which it is a party shall have effect on and after the Effective Date in relation to the liabilities of each Obligor under the Facility Agreement as amended and restated under this letter.
		

		
			 
		

		
			7.Representations and Warranties
		

		
			 
		

		
			As at the Effective Date, each Obligor represents and warrants to each Creditor Party that the repeating representations contained in clause 11.1 and 11.2 (Representations) of the Facility Agreement are true and correct.
		

		
			 
		

		
			8.Designation and effect
		

		
			 
		

		
			This letter is a Finance Document and any breach of this letter shall constitute an Event of Default.
		

		
			 
		

		
			9.Third Party Rights
		

		
			 
		

		
			This letter does not confer any rights on any person or party (other than the signatories to this letter) under the Contracts (Rights of Third Parties) Act 1999.
		

		
			 
		

		
			10.Counterparts
		

		
			 
		

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

		
			 
		

		
			11.Governing Law and Jurisdiction
		

		
			 
		

		
			This letter and any dispute or claim arising out of or in connection with it or its subject matter, whether of a contractual or non-contractual nature, shall be governed by and construed in accordance with the law of England and Wales.  The courts of England and Wales shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter.
		

		
			
		

		
			

		 

		

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			SIGNATORIES
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by 

					
					
						)

					
					
						/s/ Eden Rahman 

				
	
					
						for and on behalf of CRÉDIT AGRICOLE 

					
					
						)

					
					
						Eden Rahman

				
	
					
						CORPORATE AND INVESTMENT BANK 

					
					
						)

					
					
						Vice President

				
	
					
						as Agent and Security Agent and for and 

					
					
						)

					
					
						/s/Irina Benimovich

				
	
					
						on behalf of the Majority Lenders as 

					
					
						)

					
					
						Irina Benimovich

				
	
					
						defined in the Facility Agreement

					
					
						)

					
					
						Senior Associate

				

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

 
		

		
			[On counterpart]
		

		
			May 31, 2016
		

		
			We agree with the terms of this letter.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						BORROWER

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO SHIPPING &

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						TRADING LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						GUARANTORS

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO BAY

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO OCEAN

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO AVRA

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO MARE

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO SPIRIT

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO SUGAR

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO PROSPERITY

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				

		
			 
		

		 

		

			5

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