PLEDGE OF SHARES between GENCO SHIPPING & TRADING LIMITED, as Pledgor and DNB NOR BANK ASA, Grand Cayman Branch as Security Trustee, as Pledgee May 3, 2007Pledge of Shares • August 9th, 2007 • Genco Shipping & Trading LTD • Deep sea foreign transportation of freight • New York
THIS PLEDGE OF SHARES (hereinafter, this "Pledge Agreement") is made this 3rd day of May, 2007, between GENCO SHIPPING & TRADING LIMITED, a corporation organized and existing under the laws of the Republic of the Marshall Islands with offices at 299 Park Avenue, 20th Floor, New York, New York 10171 (herein called the "Pledgor"), and DNB NOR BANK ASA, Grand Cayman Branch, a corporation organized and existing under the laws of the Kingdom of Norway, in its capacity as security trustee (herein called the "Pledgee"), for and on its own behalf and on behalf of the Administrative Agent, as defined below, and the Lenders, as defined below, (together, the "Creditors").
