EX-10.3 24 gnk-20160930ex10322159c.htm EX-10.3

Exhibit 10.3

CONFIDENTIAL

August 10, 2016

Nordea Bank Finland plc, New York Branch, as Co-ordinator

1211 Avenue of the Americas, 23 rd Floor

New York, New York 10036

The Mandated Lead Arrangers party to the Commitment Letter (as defined below)

Re: Extension of Waiver Termination Event

Ladies and Gentleman:

Reference is made to that certain Commitment Letter, dated as of June 30, 2016, (as the same may be amended, restated, supplemented and/or otherwise modified from time to time, the “Commitment Letter”) among Genco Shipping & Trading Limited, Nordea Bank Finland plc, New York Branch (“Nordea”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), DVB Bank SE (“DVB”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Deutsche Bank AG Filiale Deutschlandgeschäft (“DB”), Crédit Industriel et Commercial (“CIC”) and BNP Paribas (“BNPP” and together with Nordea, SEB, DVB, ABN, CA-CIB, DB and CIC, the “Mandated Lead Arrangers”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Commitment Letter.

We hereby request that the Mandated Lead Arrangers and Lenders agree to extend the date of the Waiver Termination Event set forth in Section 8(v) of the Commitment Letter from August 15, 2016 to August 31, 2016.

Please indicate your consent by countersigning this letter agreement no later than 5:00 p.m., New York City time on August 12, 2016.

Notwithstanding anything contained herein, all other terms and conditions set forth in the Commitment Letter, the Term Sheet and any Fee Letter shall remain in full force and effect and all rights and obligations of the parties thereto remain in full force and effect.

[Remainder of page intentionally left blank; signature page follows]

| Very truly yours,
| GENCO SHIPPING & TRADING LIMITED
| By: | /s/ Apostolos Zafolias
| Name: | Apostolos Zafolias
| Title: | Chief Financial Officer

[Signature Page to Second Extension of Waiver Termination Event]

Agreed to and Accepted this |
11 day of August 2016: |
NORDEA BANK FINLAND PLC, NEW YORK BRANCH |
By: | /s/ Martin Lunder |
Name: | Martin Lunder |
Title: | Senior Vice President |
By: | /s/ Lynn Sauro |
Name: | Lynn Sauro |
Title: | First Vice President |

[Signature Page to Second Extension of Waiver Termination Event]

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) |
By: | /s/ Carl Montalvo |
Name: |  |
Title: |  |
By: | /s/ Magnus Arve |
Name: | Magnus Arve |
Title: |  |

[Signature Page to Second Extension of Waiver Termination Event]

DVB BANK SE |
By: | /s/ Christian Cruden |
| Name: Christian Cruden |
| Title: Vice President |
By: | /s/ Natasha Bloetti |
| Name: Natasha Bloetti |
| Title: Vice President |

[Signature Page to Second Extension of Waiver Termination Event]

ABN AMRO CAPITAL USA LLC |
By: | /s/ Urvashi Zutshi (Aug 12, 2016) |
| Name: Urvashi Zutshi |
| Title: Exec. Director |
By: | /s/ Rajbir Talwar |
| Name: Rajbir Talwar |
| Title: Director |

[Signature Page to Second Extension of Waiver Termination Event]

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK |
By: | /s/ Y. Le Gourieres |
| Name: Y. Le Gourieres |
| Title: Director |
By: | /s/ Irina Benimovich |
| Name: Irina Benimovich |
| Title: Senior Associate |

[Signature Page to Second Extension of Waiver Termination Event]

DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT |
By: | /s/ Annemarie Ehrhardt |
| Name: |
| Title: Managing Director |
By: | /s/ Klaus Stoltenberg |
| Name: |
| Title: MD |

[Signature Page to Second Extension of Waiver Termination Event]

CRÉDIT INDUSTRIEL ET COMMERCIAL |
By: | /s/ Andrew McKuin |
| Name: Andrew McKuin |
| Title: Managing Director |
By: | /s/ Garry Weiss |
| Name: Garry Weiss |
| Title: Managing Director |

[Signature Page to Second Extension of Waiver Termination Event]

BNP PARIBAS |
By: | /s/ Jean Philippe Poirier |
| Name: Jean Philippe Poirier |
| Title: |
By: | /s/ Bertrand Dehouck |
| Name: Bertrand Dehouck |
| Title: Managing Director |
|  | Head of Aviation EMEA |

[Signature Page to Second Extension of Waiver Termination Event]