AMENDMENT No. 1 TO SHIP MANAGEMENT AGREEMENT
Exhibit
99.3
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 Xxxxxxx 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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XXXXXXX
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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