Document:

gnk_Ex10_3

		

			 

		

		
			Exhibit 10.3
		

		
			 
		

		
			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: 
		

		
			 
		

		
			11 April 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 (the "Waiver Letter").
		

		
			 
		

		
			(b)          We refer to the email dated 5 April 2016 from the Borrower to the Agent requesting an extension to the waiver granted pursuant to the Waiver Letter.
		

		
			 
		

		
			(c)          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.
		

		
			
		

		
			

		 

		

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			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)          31 May 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 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
		

		
			 
		

		
			
		

		
			

		 

		

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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 

					
					
						)

					
					
						 

				
	
					
						for and on behalf of CRÉDIT AGRICOLE 

					
					
						)

					
					
						/s/ Jerome Duval

				
	
					
						CORPORATE AND INVESTMENT BANK

					
					
						)

					
					
						Jerome Duval

				
	
					
						as Agent and Security Agent and for and

					
					
						)

					
					
						 

				
	
					
						on behalf of the Majority Lenders as

					
					
						)

					
					
						/s/ Eden Rahman

				
	
					
						defined in the Facility Agreement

					
					
						)

					
					
						Eden Rahman

				

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

		

			 

		

[On counterpart]
		

		
			 
		

		
			11 April 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

					
					
						)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						SIGNED by

					
					
						)

					
					
						 

				
	
					
						for and on behalf of GENCO PROSPERITY

					
					
						)

					
					
						/s/ Apostolos Zafolias

				
	
					
						LIMITED

					
					
						)

					
					
						 

				

		
			 
		

		 

		

			7gnk_Ex10_4

		
			Exhibit 10.4
		

		
			 
		

		
			EXECUTION COPY
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						NORDEA BANK FINLAND PLC

					
					
						SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

				
	
					
						1211 Avenue of the Americas

					
					
						Kungsträdgårdsgatan 8

				
	
					
						New York, NY 10036

					
					
						SE-106 40 Stockholm

				
	
					
						USA

					
					
						Sweden

				

		
			 
		

		
			April 12, 2016
		

		
			 
		

		
			Baltic Trading Limited
		

		
			c/o Genco Shipping & Trading Limited
		

		
			299 Park Avenue, 20th Floor
		

		
			New York, NY 10171
		

		
			Attention: John C. Wobensmith
		

		
			 
		

		
			Re:            Extension of Cure Period 
		

		
			 
		

		
			To whom it may concern:
		

		
			 
		

		
			We refer to that certain Senior Secured Credit Agreement, dated as of December 31, 2014, entered into by and among (1) BALTIC TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (the “Borrower”), (2) GENCO SHIPPING & TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (“Genco”), (3) the Lenders party hereto from time to time (the “Lenders”) and (4) NORDEA BANK FINLAND PLC, NEW YORK BRANCH (“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”) (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”).  All terms not defined herein shall have the meaning given thereto in the Credit Agreement.
		

		
			 
		

		
			The Compliance Certificate delivered by the Borrower on March 15, 2016 in respect of the financial period ended on December 31, 2015 showed a shortfall in respect of the collateral maintenance ratio requirement under Section 8.07(d) of the Credit Agreement, which shortfall, if uncured, shall result in an Event of Default as of May 14, 2016 pursuant to Section 9.03 of the Credit Agreement (the “December 2015 Collateral Maintenance Shortfall”).
		

		
			 
		

		
			Subject to the terms and conditions set forth in this letter agreement, the Lenders hereby agree that solely with respect to the December 2015 Collateral Maintenance Shortfall, the Lenders extend the cure period provided in Section 8.07(d) of the Credit Agreement to May 31, 2016; provided, that until such date, neither Genco nor any Subsidiary of Genco shall be permitted to make 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 credit facility involving the vessel Baltic Hornet or the credit facility involving the vessel Baltic Wasp and other than any inter-company indebtedness by and among Genco and its Subsidiaries in the ordinary course of business) or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favor of any lender or other creditor of any of Genco and its Subsidiaries (other than cross collateralization of facilities to the same lender for security maintenance purposes); provided,  further, that any breach of the requirement set forth in the foregoing proviso shall terminate the extension of the cure period granted in this paragraph.
		

		
			
		

		
			

		 

 

 
		

		
			This letter agreement shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any payments required to be made pursuant to the Credit Agreement (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of the Lenders to demand compliance by the Obligors with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this letter agreement, (c) be deemed a waiver of any transaction or future action on the part of the Obligors requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement (except as contemplated by this letter agreement), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s, the Security Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit Document, whether arising as a consequence of any Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.
		

		
			 
		

		
			This letter agreement shall only be deemed effective when the Administrative Agent shall have received a copy of this letter agreement duly executed by each of the Obligors, the Lenders and the Administrative Agent.
		

		
			 
		

		
			Each of the Obligors hereby represents and warrants that after giving effect to this Agreement, (i) the representations and warranties of the Obligors set forth in the Credit Agreement and in each other Credit Document are true and correct in all material respects on and as of the date 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 (ii) no event has occurred and is continuing which constitutes a Default (other than the December 2015 Collateral Maintenance Shortfall) or Event of Default.
		

		
			 
		

		
			Each of the Obligors (a) affirms all of its obligations under the Credit Documents as modified hereby and (b) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.
		

		
			 
		

		
			This letter agreement (a) shall be governed by and shall be construed and enforced in accordance with, the laws of the State of New York and (b) may be executed in any number of counterparts, and telecopied signatures (or signatures delivered via electronic mail or “pdf”) each of which shall be enforceable as an original.
		

		
			 
		

		
			This letter agreement is a Credit Document.
		

		
			 
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			

		 

		

			2

		

 

 
		

		
			Very truly yours,
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

					
					
						 

				
	
					
						as Administrative Agent and Lender

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Erik Havnvik

					
					
						 

				
	
					
						Name: 

					
					
						Eric Havnvik

					
					
						 

				
	
					
						Title: 

					
					
						Vice President

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Martin Lunder

					
					
						 

				
	
					
						Name:

					
					
						Martin Lunder

					
					
						 

				
	
					
						Title:

					
					
						Senior Vice President 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),

					
					
						 

				
	
					
						as Lender

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/Arne Juell-Skielse

					
					
						 

				
	
					
						Name:

					
					
						Arne Juell-Skielse

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/Magnus Arve

					
					
						 

				
	
					
						Name:

					
					
						Magnus Arve

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Letter Agreement regarding Extension of Cure Period]

		

 

 
		

		
			Accepted and Agreed:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Genco Shipping & Trading Limited

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Name:

					
					
						Apostolos Zafolias 

					
					
						 

				
	
					
						Title:

					
					
						Chief Financial Officer 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						BALTIC TRADING LIMITED

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Name:

					
					
						Apostolos Zafolias 

					
					
						 

				
	
					
						Title:

					
					
						Chief Financial Officer 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						BALTIC BEAR LIMITED

					
					
						 

				
	
					
						BALTIC COUGAR LIMITED

					
					
						 

				
	
					
						BALTIC JAGUAR LIMITED

					
					
						 

				
	
					
						BALTIC LEOPARD LIMITED

					
					
						 

				
	
					
						BALTIC PANTHER LIMITED

					
					
						 

				
	
					
						BALTIC WOLF LIMITED

					
					
						 

				
	
					
						BALTIC BREEZE LIMITED

					
					
						 

				
	
					
						BALTIC COVE LIMITED

					
					
						 

				
	
					
						BALTIC WIND LIMITED

					
					
						 

				
	
					
						BALTIC MANTIS LIMITED

					
					
						 

				
	
					
						BALTIC SCORPION LIMITED

					
					
						 

				
	
					
						GENCO PIONEER LIMITED

					
					
						 

				
	
					
						GENCO PROGRESS LIMITED

					
					
						 

				
	
					
						GENCO LEADER LIMITED

					
					
						 

				
	
					
						GENCO WISDOM LIMITED

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Name:

					
					
						Apostolos Zafolias

					
					
						 

				
	
					
						Title:

					
					
						Chief Financial Officer 

					
					
						 

				

		
			 
		

		 

		

			[Signature Page to Letter Agreement regarding Extension of Cure Period]

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