Such amount may be drawn down in up to six borrowings. The aggregate amount of the commitments under the New Credit Facility is $108,000,000, provided that each borrowing of a loan in respect of a Vessel shall not exceed 45% of the appraised value of such Vessel. The Company has taken delivery of one of the Ultramax Vessels and two of the Capesize Vessels, and the remaining three Vessels are expected to be delivered to the Company during the third quarter of 2018. The Company intends to use proceeds from the New Credit Facility to finance a portion of the purchase price for the four Capesize and two Ultramax vessels (each, a “Vessel”) which the Company has agreed to acquire pursuant to the vessel purchase agreements described in the Company’s Current Reports on Form 8-K filed on Jand July 18, 2018, which Vessels are to serve as collateral under the New Credit Facility. On August 14, 2018, Genco Shipping & Trading Limited (the “Company”) entered into a new five-year senior secured credit facility (the “New Credit Facility”) with Crédit Agricole Corporate & Investment Bank (“CACIB”), as Structurer and Bookrunner, CACIB and Skandinaviska Enskilda Banken AB (Publ) as Mandated Lead Arrangers, CACIB, as Administrative Agent and as Security Agent, and the other lenders party thereto from time to time.
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