AMENDMENT No. 1 TO SHIP MANAGEMENT AGREEMENT
Exhibit
99.4
AMENDMENT
No. 1 TO
This
Amendment No. 1 dated as of the
11th day of May, 2007 (the “Amendment”), to the Ship Management Agreement
dated as of the 6th day of October 2005 (the “Ship Management
Agreement”), between Xxxxx Tanker Corporation, a company incorporated under
the laws of the Republic of the Xxxxxxxx Islands (the “Vessel Owner”),
and Tanker Management Ltd., a company incorporated under the laws of England
(“Tanker Management”).
W
I T N E
S S E T H:
WHEREAS
the Vessel Owner and Tanker
Management are parties to the Ship Management Agreement, pursuant to which
Tanker Management provides vessel management services to the Vessel
Owner;
WHEREAS
the Vessel Owner and Tanker
Management wish to amend the terms of the Ship Management Agreement as of the
date of this Amendment;
WHEREAS
capitalized terms not otherwise
defined herein shall have the meaning ascribed thereto in the Ship Management
Agreement.
NOW,
THEREFORE, in consideration of the
mutual premises and covenants contained herein, the Vessel Owner and Tanker
Management hereby agree as follows:
1. The
Ship Management Agreement is hereby amended by deleting the existing Clause
22
thereof in its entirety and replacing such provisions with the
following:
“Clause
22. Duration and Termination. The term of this
Agreement shall begin at the time specified in Clause 2 and shall continue
in force until the expiration of the Charter, unless terminated in accordance
with Clause 18 of this Agreement; provided, however, that either party shall
have the right to terminate this Agreement upon 90 days' prior written notice
to
the other following the third anniversary of the effective date of this
Agreement.”
2. Except
as expressly modified by this Amendment, the Ship Management Agreement shall
remain in full force and effect in accordance with its terms.
3. This
Amendment may be executed in one or more counterparts, each of which shall
be
deemed an original but all of which together shall constitute one and the same
instrument. Facsimile signatures shall be valid and binding as
original manual signatures.
4. This
Amendment shall be construed and the relations between the parties hereto
determined in accordance with the laws of the State of New York,
U.S.A.
5. All
disputes arising out of this Amendment shall be referred to arbitration in
New
York in accordance with the Rules of the Society of Marine Arbitrators, Inc.,
New York (SMA). Any award of the arbitrator(s) shall be final and binding and
not subject to appeal.
[signature
pages follow]
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XXXXX
TANKER CORPORATION
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By:
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| /s/ Ole Xxxxx Xxxxxx | |
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Signature
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| Ole Xxxxx Xxxxxx | |
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Name
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