SEC Contract Filing

Filing Date: 2016-08-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>5
<FILENAME>gnk-20160630ex1012d08f1.htm
<DESCRIPTION>EX-10.12
<TEXT>
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 <a name="_GoBack"></a><font style="display:inline;font-weight:bold;">Exhibit 10.12</font>
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 <font style="display:inline;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;">GENCO SHIPPING &amp; TRADING LIMITED</font><font style="display:inline;">, a borrower organised and existing under the laws of the Republic of the Marshall Islands (the &#x201C;</font><font style="display:inline;font-weight:bold;">Borrower</font><font style="display:inline;">&#x201D;) for itself and as agent for each of the other Obligors party to the Facility Agreement (as defined below)</font>
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 <font style="display:inline;">For the attention of: </font>
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 <font style="display:inline;">8 June 2016</font>
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 <font style="display:inline;">Dear Sirs</font>
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 <font style="display:inline;">&nbsp;</font>
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 <font style="display:inline;font-weight:bold;">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)&nbsp;Cr&#xE9;dit 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 &#x201C;Facility Agreement&#x201D;).</font>
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 <font style="display:inline;font-weight:bold;text-transform:uppercase;">1. </font><font style="display:inline;font-weight:bold;text-transform:uppercase;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;text-transform:uppercase;">BACKGROUND</font>
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 <font style="display:inline;">(a)</font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font><font style="display:inline;">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 (i) a letter from the Agent to the Borrower dated 11 April 2016 (ii) a letter from the Agent to the Borrower dated 31 May 2016 and (iii) a letter from the Agent to the Borrower dated 3 June 2016 (the &#x201C;</font><font style="display:inline;font-weight:bold;">Waiver Letter</font><font style="display:inline;">&#x201D;).</font>
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 <font style="display:inline;">(b)</font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font><font style="display:inline;">In accordance with the instructions of the Majority Lenders, the purpose of this letter (the &#x201C;</font><font style="display