AMENDMENT TO MANAGEMENT AGREEMENT
Exhibit 4.14
AMENDMENT TO MANAGEMENT AGREEMENT
AMENDMENT NO. 2, dated the 6th day of August 2010, to the Management Agreement dated the 17th day of March 2010 (the “Management Agreement”); by and between CRUDE CARRIERS CORP., a corporation duly organized and existing under the laws of the Xxxxxxxx Islands with its registered office at 0 Xxxxxxxx Xxxxxx, Xxxxxxx, 00000, Xxxxxx (“CC”) and CAPITAL SHIP MANAGEMENT CORP., a company duly organized and existing under the laws of Panama with its registered office at Hong Kong Bank Building, 0xx xxxxx, Xxxxxx Xxxxx Xxxxxx, Xxxxxx, and a representative office established in Greece at 0 Xxxxxxxx Xxxxxx, Xxxxxxx Xxxxxx (“CSM ”).
WHEREAS:
CC has requested that CSM agree to amend certain provisions of the Management Agreement, as set forth herein; and
CSM is willing to agree to such amendments as set forth herein.
NOW THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby agree, on the terms and subject to the conditions set forth herein, as follows:
Section 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Management Agreement.
Section 2. Amendments. (a) Schedule “C” of the Management Agreement is hereby amended to read in its entirety as follows:
SCHEDULE C
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Vessel
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Capacity
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Year Built
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Flag
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Delivery Date/ Expected Delivery Date
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Miltiadis M II
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162,397 dwt
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2006
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Liberia
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03/2010
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Alexander the Great
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297,958 dwt
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2010
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Liberia
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03/2010
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Achilleas
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297,000 dwt
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2010
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Liberia
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06/2010
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Amoureux
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150,393 dwt
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2008
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Liberia
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05/2010
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Aias
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150,096 dwt
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2008
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Liberia
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06/2010
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Section 3. Effectiveness of Amendment. This Amendment shall become effective and apply to each respective vessel, as of the delivery date of such vessel to CRU (the “Amendment Effective Date”).
Section 4. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, amend, or otherwise affect the
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rights and remedies of CC or CSM under the Management Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Management Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle CC or CSM to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Management Agreement in similar or different circumstances. This Amendment shall apply and be effective with respect to the matters expressly referred to herein. After the date hereof, any reference to the Management Agreement shall mean the Management Agreement with such amendments effected hereby.
Section 5. Counterparts. This Amendment may be executed in one or more signed counterparts, facsimile or otherwise, which shall together form one instrument.
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IN WITNESS WHEREOF the Parties have executed this Agreement by their duly authorized signatories with effect as of the Amendment Effective Date.
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By:
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Name:
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Title:
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CAPITAL SHIP MANAGEMENT CORP.,
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By:
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Name:
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Title:
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