| A. | the      change of name of the vessel owned by Seine Marine Ltd. from "CMA CGM      SEINE" to "MSC SEINE", |
|----|------------------------------------------------------------------------------------------------------------|

| B. | the      permanent change of the commercial manager and the technical manager of      Nordanvind from Magnus Carriers Corporation of Salduba Building, East 53rd      Street, Urbanizacion Obarrio, Panama City, Republic of Panama ("Magnus") to AMT Management Ltd. of Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 ("AMTM"); |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| www.bankofscotland.co.uk/corporate |
|------------------------------------|

----

| C. | the      permanent change of the commercial manager of m.v.'s "OCEAN HOPE",      "SARONIKOS BRIDGE" and "MSC SEINE" (together the "Barber Ships") from Magnus to      AMTM; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | the      permanent change of the technical manager of the Barber Ships from Barber      Ship Management Singapore Pte Ltd of 1 Kim Seng Promenade, #16-09 Great      World City, Singapore 237994 ("Barber") to AMTM;  and |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E. | the      change in commercial management of any Mortgaged Ship from Magnus to      AMTM. |
|----|------------------------------------------------------------------------------------------|

| 1 | evidence      from the Charterer and the Venezuelan Naval Registry that the Charter has      been terminated and that the bareboat registration of Nordanvind in the      name of the Charterer on the Venezuelan Naval Registry has been fully and      finally terminated; |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | a      confirmation from the Charterer that it has no outstanding claims      whatsoever against either Nordanvind and/or Ermina and that there have      been no breaches of the terms of the Charter or any other defaults      thereunder; |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | evidence,      in the form of an Encumbrance Certificate issued by the Venezuelan Naval      Registry and the results of a search conducted at the Venezuelan Maritime      Court, that neither the Venezuelan Naval Registry nor any other Venezuelan      Government Entity has any claim against, or other debt accrued or accruing      to it from, either Nordanvind and/or Ermina and that there has been no      registration or attempt to register or to note against either Nordanvind      and/or Ermina on the Venezuelan Naval Registry or other relevant      Venezuelan Government Entity Register any mortgage, lien or other claim of      whatsoever nature; |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | evidence,      in the form of a copy of an unrestricted Marshall Islands registry      certificate for Nordanvind, that Nordanvind's right to fly the Marshall      Islands flag has been restored; |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | a      legal opinion in relation to the laws of Venezuela confirming (inter alia)      the deletion of Nordanvind's bareboat registration from the Venezuelan      Naval Registry; |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | a      legal opinion in relation to the laws of the Marshall Islands confirming      (inter alia) the continued validity, effectiveness and enforceability of      each of the Security Documents executed in favour of the Agent with      respect to Nordanvind, the due registration of Nordanvind under the laws      and flag of the Marshall Islands and that Ermina has all necessary      consents, licenses and approvals to fly the Marshall Islands      flag; |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | evidence      that AMTM has duly executed manager's undertakings and related notices of      assignment of insurances in relation to Nordanvind and each of the Barber      Ships in the form set out in Schedule 1 hereto (the "AMTM Manager's Undertakings") in favour      of the Agent; |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | certified      true copies of the commercial and technical management agreements made      respectively between Ermina and AMTM and the relevant Owner of each of the      Barber Ships and AMTM (the "AMTM      Management Agreements") each in a form and substance acceptable to      the Arrangers in their absolutediscretion; |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | evidence      that AMTM is duly authorised to execute each of the Manager's Undertakings      and related notices of assignment of insurances, has properly and validly      executed each of the Manager's Undertakings and that the provisions of      each of the Manager's Undertakings are binding upon  them; |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | evidence      that AMTM has obtained all consents and authorisations necessary to enable      it to execute each of the AMTM Manager's Undertakings and the AMTM      Management Agreements and all documents and other instruments to be      executed by AMTM in connection therewith or pursuant    thereto; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | a      copy, certified as a true copy by AMTM's solicitors or other person      acceptable to the Agent of a letter from AMTM's agent for receipt of      service of proceedings referred to in clause 6(b) of the AMTM Manager's      Undertakings accepting its appointment under the said    clause; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12 | a      legal opinion in relation to the laws of the Marshall Islands confirming      (inter alia) that (a) AMTM has properly and validly executed the AMTM      Manager's Undertakings and the AMTM Management Agreements and (b) the      provisions of the AMTM Manager's Undertakings and the AMTM Management      Agreements are fully binding and enforceable on  AMTM; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | evidence      that Ermina has duly executed a notice of assignment of insurances in      relation to Nordanvind in the form set out in Schedule 2 to the General      Assignment dated 27 April 2006 and made between the Agent and Ermina and      evidence that Ermina is duly authorised to execute such notice of      assignment of insurances; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | confirmations      from the relevant protection and indemnity club, war risks club and hull      and machinery (marine and war risks) brokers/insurers of Nordanvind and      each of the Barber Ships that the insurance policies, cover note and      certificate of entry relating to Nordanvind and each of the Barber Ships      have been amended to reflect the interests of AMTM as new technical and      commercial manager and that they will each issue letters of undertaking in      respect of Nordanvind and each of the Barber Ships in favour of the Agent      in a form and substance acceptable to the Agent in its sole      discretion; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | confirmations      from the relevant protection and indemnity club, war risks club and hull      and machinery (marine and war risks) brokers/insurers of Nordanvind that      the insurance policies, cover notes and certificate of entry relating to      Nordanvind have been amended to reflect the fact that the Charterer no      longer has any interest in the insurances of  Nordanvind; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16 | evidence      that the Borrower, each of the Owners and AMTM are in good standing under      the laws of their respective places of  incorporation; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | receipt      by the Agent of all expenses (including legal and out-of-pocket expenses)      incurred by the Agent in connection with the negotiation, preparation and      execution of this Agreement together with interest at the rate referred to      in clause 3.4 of the Principal Agreement from the date on which such      expenses were incurred to the date of payment (as well after as before      judgment); |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | evidence      that the Borrower, each of the Owners and AMTM are duly authorised to      execute this Agreement, have properly and validly executed this Agreement      and that the provisions of this Agreement are binding upon each of      them; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19 | evidence      that the Borrower, each of the Owners and AMTM have obtained all consents      and authorisations necessary to enable each of them to enter into this      Agreement and all documents and other instruments to be executed by each      of them in connection therewith or pursuant  thereto; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20 | a      legal opinion in relation to the laws of Bermuda confirming (inter alia)      that each of the Borrower, Compass Overseas Ltd. and Compassion Overseas      Ltd. have properly and validly executed this Agreement and that the      provisions of this Agreement are fully binding and enforceable on      them; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21 | a      legal opinion in relation to the laws of the Marshall Islands confirming      (inter alia) that each of the Owners which are incorporated in the      Marshall Islands and AMTM have properly and validly executed this      Agreement and that the provisions of this Agreement are fully binding and      enforceable on such Owners and AMTM;and |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | such      other legal opinion or such other information, evidence, matter or thing      as the Agent may require. |
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| (a) | the      provisions of Schedule 1, part (a) of the Fifth Supplemental Agreement      shall be deemed to replace the provisions of Schedule 1, part 1 of the      Principal Agreement; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the      provisions of Schedule 1, part (b) of the Fifth Supplemental Agreement      shall be deemed to replace the provisions of Schedule 1, part 3 of the      Principal Agreement; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the      provisions of Schedule 1, part (c) of the Fifth Supplemental Agreement      shall be deemed to replace the provisions of Schedule 1, part 2 of the      Principal Agreement; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | from      the date of this Agreement all references in the Principal Agreement      to: |
|-----|-----------------------------------------------------------------------------------------|

----

|   | (i) | the      "Manager" shall be deemed to be references to AMT Management Ltd., a      company incorporated in the Republic of the Marshall Islands, with its      registered office at Trust Company Complex, Ajeltake Road, Ajeltake      Island, Majuro, Marshall Islands MH96960, Marshall Islands and established      in Greece under the law 89 regime with a principal place of business at 18      Zerva Nap., Stre., 16675 Glyfada, Greece, in its capacity as the manager      of the Ships and includes its successors in title and assignees, or any      other person appointed by the Borrower, any Owner or other person, with      the prior written consent of the Agent, as the technical and/or commercial      manager of any of the Ships and includes its successors in title and      assignees; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      "Manager's Account" shall be deemed to be references to the interest      bearing Dollar account of AMT Management Ltd. opened by AMT Management      Ltd. with the Account Bank with account number 43916USD01 and includes any      other account designated in writing by the Account Bank to be the      Manager's Account. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| To: | Bank      of Scotland plc |
|-----|---------------------------|

|  From: | AMT      Management Ltd. |
|-------------|--------------------------|

|   | (a) | by      a facility agreement dated 3 April 2006 (the "Original Agreement") and      made between (1) Aries Maritime Transport Limited as borrower (the      "Borrower"), (2) the banks and financial institutions as set out in      Schedule 1 part (a) to the Fifth Supplemental Agreement (as hereinafter      defined) (the "Banks"), (3) Bank of Scotland plc and Nordea Bank Finland      plc as joint lead arrangers (the "Arrangers"), (4) the banks and financial      institutions as set out in Schedule 1 part (b) to the Fifth Supplemental      Agreement (as hereinafter defined) in their capacity as co-arrangers (the      "Co-Arrangers"), (5) the banks and financial institutions as set out in      Schedule 1 part (c) to the Fifth Supplemental Agreement (as hereinafter      defined) in their capacity as swap banks (the "Swap Banks") and (6) Bank      of Scotland plc (the "Agent", and together with the Banks, the Arrangers,      the Co-Arrangers and the Swap Banks, the "Finance Parties" and each a      "Finance Party") as agent, security agent and trustee on behalf of the      Finance Parties, as supplemented and amended by a first supplemental      agreement dated 24 August 2006 (the "First Supplemental Agreement"), a      second supplemental agreement dated 22 January 2007 (the "Second      Supplemental Agreement"), a third supplemental agreement dated 2 March      2007 (the "Third Supplemental Agreement"), a fourth supplemental agreement      dated 1 August 2007 (the "Fourth Supplemental Agreement"), a fifth      supplemental agreement dated 11 June 2008 (the "Fifth Supplemental      Agreement") and a side letter dated 3 August 2007 (the "Side Letter") each      made between the Borrower and the Agent (acting as agent, security agent      and trustee for the Finance Parties) (the Original Agreement as      supplemented and amended by the First Supplemental Agreement, the Second      Supplemental Agreement, the Third Supplemental Agreement, the Fourth      Supplemental Agreement, the Fifth Supplemental and the Side Letter, the      "Principal Agreement"), pursuant to which the Banks agreed to make      available to the Borrower upon the terms and conditions contained therein      the aggregate sum of up to three hundred and sixty million Dollars      ($360,000,000) (the "Loan"); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | by      master swap agreements each dated as of 30 August 2005 or 3 April 2006      (together, the "Master Swap Agreements" and each a "Master Swap      Agreement") and made between the Borrower and each Swap Bank, each      comprising an ISDA Master Agreement in the agreed form together with any      Confirmations (as defined therein) supplemental thereto, the Borrower      agreed the terms and conditions upon which it entered into interest rate      swap transaction(s) with each of the Swap Banks in respect of the Loan      (whether in whole or in part as the case may be from time to      time); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | pursuant      to an intra-group loan agreement dated 27 April 2006 (the "Iantra-Group      Loan Agreement") and made between (1) the Borrower and (2) [name of Owner]      (the "Owner"), the Borrower has agreed to on-lend to the Owner the sum of      [•] Dollars ($[•]) being part of the Loan to assist the Owner in financing      the acquisition of the Ship (as hereinafter  defined); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | by      a corporate guarantee dated 27 April 2006 (the "Corporate Guarantee") and      executed by (1) the Owner in favour of (2) the Agent (as security agent      and trustee on behalf of the Finance Parties), the Owner has guaranteed to      pay to the Agent all moneys and to discharge all obligations and      liabilities now or hereafter due or owing or incurred by the Borrower to      the Finance Parties or any of them under or pursuant to the Facility      Agreement, the Master Swap Agreements, the Corporate Guarantee and the      other Security Documents (as defined in the Facility Agreement) and all      interest and all other costs and expenses;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | it      is a condition of the Agent's agreement to the appointment and/or      continued appointment of ourselves, AMT Management Ltd. (the "New      Manager"), as manager that we enter into this letter in favour of the      Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      New Manager will not agree or purport to agree to any amendment or      variation of the Management Agreement without the prior written consent of      the Agent, such consent not to be unreasonably  withheld; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      New Manager will procure that any sub-manager appointed by it pursuant to      the Management Agreement or otherwise will, on or before the date of such      appointment, enter into an undertaking in favour of the Agent in      substantially the same form (mutatis mutandis) as this    letter; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      New Manager will not, without the prior written consent of the Agent, such      consent not to be unreasonably withheld, take any action or institute any      proceedings or make or assert any claim on or in respect of (i) the Ship      or (ii) its policies and contracts of insurance (which expression includes      all entries of the Ship in a protection and indemnity or war risks      association) which are from time to time in place or taken out or entered      into by or for the benefit of the Owner (whether in the sole name of the      Owner or in the joint names of the Owner and the Agent (as security agent      and trustee for and on behalf of the Finance Parties) or otherwise) in      respect of the Ship and its Earnings (as defined below) or otherwise      howsoever in connection with the Ship and all benefits thereof (including      claims of whatsoever nature and return of premiums) (the "Insurances") or      (iii) all moneys whatsoever from time to time due or payable to the Owner      arising out of the use or operation of the Ship including (but without      limiting the generality of the foregoing) all freight, hire and passage      moneys, income arising under pooling arrangements, compensation payable to      the Owner in event of requisition of the Ship for hire, remuneration for      salvage and towage services, demurrage and detention moneys, and damages      for breach (or payments for variation or termination) or any charterparty      or other contract for the employment of the Ship and any sums recoverable      under any loss of earnings insurance (the "Earnings") or (iv) any other      property or other assets of the Owner which the Agent has previously      advised the New Manager are subject to any encumbrance or right of set-off      in favour of the Agent by virtue of any of the Security Documents (as      described in the Facility Agreement) executed in favour of the Agent (as      security agent and trustee on behalf of the Finance Parties) pursuant to      the Facility Agreement, the Master Swap Agreements and/or the Corporate      Guarantee; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | the      New Manager will discontinue any such action or proceedings or claim which      may have been taken, instituted or made or asserted, promptly upon notice      from the Agent to do so; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      New Manager will promptly notify the Agent if at any time the amount owed      by the Borrower to the New Manager pursuant to the Management Agreement      (whether in respect of the New Manager's remuneration or disbursements or      otherwise) exceeds US$100,000 or the equivalent in other currencies;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      New Manager will provide the Agent with such information as is in the New      Manager's domain and knowledge concerning the Ship as the Agent may from      time to time reasonably require. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | By      way of security for the aggregate of the Guaranteed Liabilities (as      defined in the Corporate Guarantee) and interest accrued and accruing      thereon, the Expenses (as such term is defined in the Facility Agreement)      and all other sums of money from time to time owing to the Agent and/or      any of the other Finance Parties, whether actually or contingently, under      the Facility Agreement, the Master Swap Agreements, the Corporate      Guarantee and the other Security Documents or any of them (the      "Outstanding Indebtedness"), the New Manager with full title guarantee      hereby irrevocably and unconditionally assigns and agrees to assign to the      Agent (as security agent and trustee for and on behalf of the other      Finance Parties) all of the New Manager's rights, title and interest in      and to all the benefit of theInsurances. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      New Manager hereby undertakes to procure that a duly completed notice in      the form set out in Appendix 2 to this letter is given to all insurers of      the Ship and to procure that such notice is promptly endorsed on all      policies and entries in respect of the Insurances and agrees promptly to      authorise and/or instruct any broker, insurer or association with or      through whom Insurances may be effected to endorse on any policy or entry      or otherwise to give effect to such loss payable clause as may be      stipulated by the Agent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Agent shall, at the New Manager's cost, re-assign to the New Manager all      the New Manager's right, title and interest in the Insurances upon the      Outstanding Indebtedness being discharged in full to the satisfaction of      the Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any      moneys in respect of the Insurances which would (but for the assignment      contained in clause 5(a) above) be payable to the New Manager shall be      applied in accordance with clause 2.1.2 of the General Assignment dated 27      April 2006 and made between (1) the Owner and (2) the Agent (as security      agent and trustee for and on behalf of the other Finance      Parties). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      agreement constituted by this letter and any non-contractual obligations      in connection therewith shall be governed by and construed in accordance      with English law. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      New Manager agrees, for the benefit of the Agent and the other Finance      Parties, that any legal action or proceedings arising out of or In      connection with this letter against the New Manager or any of its assets      may be brought in the English courts. The New Manager irrevocably and      unconditionally submits to the jurisdiction of such courts and irrevocably      designates, appoints and empowers HFW Nominees Limited at present of      Friary Court, 65 Crutched Friars, London, EC3N 2AE to receive for it and      on its behalf, service of process issued out of the English courts in any      such legal action or proceedings. The submission to such jurisdiction      shall not (and shall not be construed so as to) limit the rights of the      Agent to take any proceedings against the New Manager in the courts of any      other competent jurisdiction nor shall the taking of proceedings in any      one or more jurisdictions preclude the taking of proceedings in any other      jurisdiction, whether concurrently ornot. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----