Milestones in the Genco Shipping Restructuring Agreement $GNK

The Company Parties will comply with the following Milestones within the periods specified herein, unless otherwise agreed in writing with the Required Supporting 2007 Facility Lenders, the Required Supporting $253 Million Facility Lenders, the Required Supporting $100 Million Facility Lenders, and Required Supporting Noteholders:

(a)              solicitation of the 2007 Facility Lenders, the $235 Million Facility Lenders, the $100 Million Facility Lenders, and the holders of 5.00% Convertible Senior Notes due August 15, 2015 (the “ Convertible Notes ”) pursuant to that certain First Supplemental Indenture, dated as of July 15, 2007, between Genco as issuer and The Bank of New York Mellon as trustee (such date, the “ Solicitation Commencement Date ”) regarding the Plan shall begin on or before April 16, 2014;

(b)              voluntary petition(s) in the Bankruptcy Court and motions seeking approval of the Plan, the Disclosure Statement, and the solicitation procedures shall be filed (such date, the “ Petition Date ”) on or before the fifth calendar day after the Solicitation Commencement Date; [This would be April 21?]

(c)              the Cash Collateral Order shall have been approved (i) on an interim basis, on or before the fifth business day after the Petition Date and (ii) on a final basis, on or before the forty-fifth day after the Petition Date;

(d)              the order approving the assumption of this Agreement shall have been approved on or before the fifth business day after the Petition Date;

(e)              the order approving the Disclosure Statement and the solicitation procedures and confirming the Plan shall be entered (such date, the “ Confirmation Date ”) on or before the forty-fifth day after the Petition Date; and

(f)              the effective date of the Plan shall occur on or before the later of (i) 10 days following the Confirmation Date, (ii) completion of the Rights Offering (as defined in the Restructuring Term Sheet), or (iii) notice from the respective lenders that the conditions to the closing of the New $253 Million Facility and New $100 Million Facility (each as defined in the Restructuring Term Sheet) have been satisfied or waived.