Document:

ex4-4.htm

     

    Exhibit
4.4

     

    
      

      

      Dated                                  
2009

      

      

      CAPITAL
PRODUCT PARTNERS L.P.

      as
Borrower

      

      -and-

      

      APOLLONAS
SHIPPING COMPANY

      CARNATION
SHIPPING COMPANY

      CENTURION
NAVIGATION LIMITED

      EPICURUS
SHIPPING COMPANY

      IRAKLITOS
SHIPPING COMPANY

      LAREDO
MARITIME INC.

      LORENZO
SHIPMANAGEMENT INC.

      POLARWIND
MARITIME S.A.

      ROSS
SHIPMANAGEMENT CO.

      SHIPPING
RIDER CO.

      SORREL
SHIPMANAGEMENT INC.

      SPLENDOR SHIPHOLDING S.A.
and

      TEMPEST
MARINE INC.

      as
Owners

      

      -and-

      

      THE
BANKS AND FINANCIAL INSTITUTIONS

      listed
in Schedule 1

      as
Lenders

      

      -and-

      

      HSH
NORDBANK AG

      as Agent
and Security Trustee

      

      -and-

      

      HSH
NORDBANK AG

      as
Bookrunner

      

      -and-

      

      HSH
NORDBANK AG

      as Swap
Bank

      

       

        
          

        

      

       

      THIRD
SUPPLEMENTAL AGREEMENT

       

      
        
 

      in
relation to a Loan Agreement dated 22 March 2007 (as amended and supplemented by
a first supplemental agreement dated 19 September 2007 and as further amended
and supplemented by a second supplemental agreement dated 11 June
2008)

      in
respect of a revolving credit and term loan facility

      not
exceeding US$370,000,000

       

       

      
        
          
          

        

        
          
            WATSON,
FARLEY & WILLIAMS

            Piraeus

          

          
            

          

        

        
          
          

        

      

       

       

      
        
          	
                  INDEX

                   

                
	
                  Clause

                	 
      	
                  Page

                   

                
	
                  1

                	
                  DEFINITIONS

                   

                	
                  2

                
	
                  2

                	
                  REPRESENTATIONS
      AND WARRANTIES

                   

                	
                  3

                
	
                  3

                	
                  AGREEMENT
      OF THE CREDITOR PARTIES

                   

                	
                  4

                
	
                  4

                	
                  CONDITIONS

                   

                	
                  4

                
	
                  5

                	
                  VARIATIONS
      TO LOAN AGREEMENT AND FINANCE DOCUMENTS

                   

                	
                  6

                
	
                  6

                	
                  CONTINUANCE
      OF LOAN AGREEMENT AND FINANCE DOCUMENTS

                   

                	
                  8

                
	
                  7

                	
                  EXPENSES

                   

                	
                  8

                
	
                  8

                	
                  COMMUNICATIONS

                   

                	
                  8

                
	
                  9

                	
                  SUPPLEMENTAL

                   

                	
                  8

                
	
                  10

                	
                  LAW
      AND JURISDICTION

                   

                	
                  8

                
	
                  SCHEDULE
      1  LENDERS

                   

                	
                  9

                
	
                  EXECUTION
      PAGE

                   

                	
                  10

                

        

      

    

    
      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      THIS THIRD SUPPLEMENTAL
AGREEMENT  is
dated                             
2009 and made

      

      BETWEEN:

      

      
        	
                (1)

              	
                CAPITAL PRODUCT PARTNERS
      L.P., a limited liability partnership formed in the Republic of the
      Marshall Islands whose registered office is at Trust Company Complex,
      Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
      (including its successors) as Borrower;

              

      

       

      
        	
                (2)

              	
                APOLLONAS SHIPPING COMPANY,
      CARNATION SHIPPING COMPANY, CENTURION NAVIGATION LIMITED, EPICURUS
      SHIPPING COMPANY, IRAKLITOS SHIPPING COMPANY, LAREDO MARITIME INC.,
      LORENZO SHIPMANAGEMENT
      INC., POLARWIND
      MARITIME S.A., ROSS SHIPMANAGEMENT CO.,
      SHIPPING RIDER
      CO., SORREL SHIPMANAGEMENT INC., SPLENDOR SHIPHOLDING S.A. and TEMPEST MARINE INCeach
      a corporation incorporated in the Republic of the Marshall Islands whose
      registered office is at Trust Company Complex, Ajeltake Road, Ajeltake
      Island, Majuro, MH96960, Marshall Islands (each an “Owner” and, together,
      the “Owners”);

              

      

       

      
        	
                (3)

              	
                THE BANKS AND FINANCIAL
      INSTITUTIONS  listed in Schedule 1, as Lenders;

              

      

       

      
        	
                (4)

              	
                HSH NORDBANK AG acting
      through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany,
      as Agent, Bookrunner and Security Trustee;
      and

              

      

       

      
        	
                (5)

              	
                HSH NORDBANK AG acting
      through its office at Martensdamm 6, D-24103
      Kiel, Federal Republic of Germany as Swap
    Bank.

              

      

       

       

      BACKGROUND

       

      
        	
                (A)

              	
                By
      a loan agreement dated 22 March 2007 (the “Original Loan Agreement”) as
      amended and supplemented by a first supplemental agreement dated 19
      September 2007 (the “First Supplemental
      Agreement”) and as further amended and supplemented by a second
      supplemental agreement dated 11 June 2008 (the “Second Supplemental
      Agreement” and together with the First Supplemental Agreement and
      the Original Loan Agreement, the “Loan Agreement”) made
      between (i) the Borrower as borrower, (ii) the Lenders as lenders, (iii)
      the Agent, (iv) the Bookrunner, (v) the Swap Bank and (vi) the Security
      Trustee, it was agreed that the Lenders would make available to the
      Borrower a revolving credit and term loan facility not exceeding
      US$370,000,000 (the “Loan”).

              

      

      

      
        	
                (B)

              	
                The
      Borrower has requested that the Lenders agree
  to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      release of Canvey Shipmanagement Co. (“Canvey”) from all its
      obligations under the Finance Documents to which it is a party and its
      substitution by Mango Finance Corp. as guarantor for the obligations of
      the Borrower under the Loan Agreement;
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      substitution of m.t. “ASSOS” (owned by Canvey) with m.t. “AGAMEMNON II”
      (owned by Mango Finance Corp.) as one of the Existing Ships on which the
      Loan shall be secured.

              

      

       

      
        	
                (C)

              	
                This
      Agreement sets out the terms and conditions on which the Lenders agree
      to:

              

      

      

      
        	
                 
      

              	
                (i)

              	
                substitute
      Canvey with Mango Finance Corp.;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                substitute
      m.t. “ASSOS” with m.t. “AGAMEMNON II”;
and

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                (iii)

              	
                the
      consequential amendments to the Loan Agreement and the other Finance
      Documents in connection with those
matters.

              

      

       

      NOW
THEREFORE IT IS HEREBY AGREED

      

      
        	
                1

              	
                DEFINITIONS

              

      

       

      
        	
                1.1

              	
                Words
      and expressions defined in the Loan Agreement (as hereby amended) and the
      recitals hereto and not otherwise defined herein shall have the same
      meanings when used in this Third Supplemental
  Agreement.

              

      

       

      
        	
                1.2

              	
                In
      this Third Supplemental Agreement the words and expressions specified
      below shall have the meanings attributed to them
  below:

              

      

       

      “AGAMEMNON
II”  means the 2008-built chemical oil double hull product
tanker of approximately 51,000 deadweight tons registered in the ownership of
the New Owner under the Liberian flag with the name “AGAMEMNON II”;

      

      “Effective
Date”  means the date on which the conditions precedent in
Clause 4 are satisfied;

      

      “New Charterparty
Assignment”  means any first priority assignment of any
Charterparty in respect of “AGAMEMNON II” executed or to be executed by the New
Owner in favour of the Security Trustee in such form as the Lenders may approve
or require;

       

      
        	
                 
      

              	
                “New Earnings
      Account”  means an account opened or to be opened in the
      name of THE New Owner with the Agent in Hamburg designated “Mango Finance
      Corp. - Earnings Account”, or any other account (with that or another
      office of the Agent) which is designated by the Agent as the Earnings
      Account for “AGAMEMNON II” for the purposes of the Loan
      Agreement;

              

      

      

      
        	
                 
      

              	
                “New Earnings Account
      Pledge”  means the first priority pledge over the New
      Earnings Account to be executed by the New Owner in favour of the Lenders
      in such form as the Lenders may approve or
  require;

              

      

      

      
        	
                 
      

              	
                “New Finance
      Documents”  means, together, the New Guarantee, the New
      Mortgage, the New General Assignment, any New Charterparty Assignment, the
      New Manager’s Undertaking and the New Earnings Account Pledge and, in the
      singular, means any of them;

              

      

      

      
        	
                 
      

              	
                “New General
      Assignment”  means a first priority general assignment of
      the Earnings, Insurances and Requisition Compensation in respect of
      “AGAMEMNON II” executed or to be executed by the New Owner in favour of
      the Security Trustee in such form as the Lenders may approve or
      require;

              

      

      

      
        	
                 
      

              	
                “New
      Guarantee”  means the guarantee of the obligations of the
      Borrower under the Loan Agreement and the other Finance Documents executed
      or to be executed by the New Owner in favour of the Security Trustee in
      such form as the Lenders may approve or
require;

              

      

      

      
        	
                 
      

              	
                “New Manager’s
      Undertaking”  means a letter of undertaking executed or
      to be executed by the Approved Manager in favour of the Security Trustee
      in the terms required by the Security Trustee agreeing certain matters in
      relation to the Approved Manager serving as the manager of “AGAMEMNON II”
      and subordinating the rights of the Approved Manager against “AGAMEMNON
      II” and the New Owner to the rights of the Creditor Parties under the
      Finance Documents, in such form as the Lenders, may approve or
      require;

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                “New
      Mortgage”  means the first preferred Liberian mortgage
      over “AGAMEMNON II” executed or to be executed by the New Owner in favour
      of the Security Trustee in such form as the Lenders may approve or
      require;

              

      

      

      
        	
                 
      

              	
                “New
      Owner”  means Mango Finance Corp., a corporation
      incorporated and existing in the Republic of the Marshall Islands whose
      registered office is at Trust Company Complex, Ajeltake Road, Ajeltake
      Island, Majuro MH96960, The Marshall Islands;
  and

              

      

      

      
        	
                 
      

              	
                “Share Purchase
      Agreement” means the agreement made or to be made between the
      Borrower as buyer and Capital Maritime & Trading Corp. as seller in
      respect of the acquisition by the Borrower of all of the shares in the New
      Owner on terms acceptable in all respects to
      the Lenders.

              

      

      

      
        	
                1.3

              	
                Where
      the context so admits words importing the singular number only shall
      include the plural and vice versa and words importing persons shall
      include firms and corporations.  Clause headings are inserted
      for convenience of reference only and shall be ignored in construing this
      Third Supplemental Agreement.  References to Clauses are to
      clauses of this Third Supplemental Agreement save as may be otherwise
      expressly provided in this Third Supplemental
  Agreement.

              

      

       

      
        	
                2

              	
                REPRESENTATIONS
      AND WARRANTIES

              

      

       

      
        	
                2.1

              	
                The
      Borrower hereby represents and warrants to the Agent, as at the date of
      this Third Supplemental Agreement, that the representations and warranties
      set forth in Clause 10 of the Loan Agreement (updated mutatis mutandis to
      the date of this Third Supplemental Agreement) are true and correct as if
      all references therein to “this Agreement” were references to the Loan
      Agreement as further amended by this Third Supplemental
      Agreement.

              

      

       

      
        	
                2.2

              	
                The
      Borrower hereby further represents and warrants to the Agent that as at
      the date of this Third Supplemental
Agreement:

              

      

       

      
        	
                (a)

              	
                it
      is a limited liability partnership duly formed and in good standing under
      the laws of the Marshall Islands and has full power to enter into and
      perform its obligations under this Third Supplemental Agreement and has
      complied with all statutory and other requirements relative to its
      business, and does not have an established place of business in any part
      of the United Kingdom or the United States of
  America;

              

      

       

      
        	
                (b)

              	
                all
      necessary governmental or other official consents, authorisations,
      approvals, licences, consents or waivers for the execution, delivery,
      performance, validity and/or enforceability of this Third Supplemental
      Agreement and all other documents to be executed in connection with the
      amendments to the Loan Agreement (including, but not limited to, the New
      Finance Documents) and the other Finance Documents as contemplated hereby
      have been obtained and will be maintained in full force and effect, from
      the date of this Third Supplemental Agreement and so long as any moneys
      are owing under any of the Finance Documents and/or the New Finance
      Documents and while all or any part of the Commitment remains
      outstanding;

              

      

       

      
        	
                (c)

              	
                it
      has taken all necessary corporate and other action to authorise the
      execution, delivery and performance of its obligations under this Third
      Supplemental Agreement and all aforesaid documents to which it is a party
      and such documents do or will upon execution thereof constitute its valid
      and binding obligations enforceable in accordance with their respective
      terms;

              

      

       

      
        	
                (d)

              	
                the
      execution, delivery and performance of this Third Supplemental Agreement
      and all such other documents as contemplated hereby (including, but not
      limited to, the New Finance Documents) does not and will not, from the
      date of this Third Supplemental Agreement and so long as any moneys are
      owing under any of the Finance Documents and/or the New Finance Documents
      and while all or any part of the Commitment remains outstanding,
      constitute a breach of any contractual restriction or any existing
      applicable law, regulation, consent or authorisation binding on the
      Borrower or on any of its property or assets and will not result in the
      creation or imposition of any security interest, lien, charge or
      encumbrance (other than under the Finance Documents and/or the New Finance
      Documents) on any of such property or assets;
  and

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (e)

              	
                it
      has fully disclosed in writing to the Agent all facts which it knows or
      which it should reasonably know and which are material for disclosure to
      the Agent in the context of this Third Supplemental Agreement and all
      information furnished by the Borrower or on its behalf relating to its
      business and affairs in connection with this Third Supplemental Agreement
      was and remains true, correct and complete in all material respects and
      there are no other material facts or considerations the omission of which
      would render any such information
misleading.

              

      

       

      
        	
                3

              	
                AGREEMENT
      OF THE CREDITOR PARTIES

              

      

       

      
        	
                3.1

              	
                The
      Lenders, relying upon each of the representations and warranties set out
      in Clauses 2.1 and 2.2 of this Third Supplemental Agreement, hereby agree
      with the Borrower, subject to and upon the terms and conditions of this
      Third Supplemental Agreement and in particular, but without limitation,
      subject to the fulfilment of the conditions precedent set out in Clause 4,
      to:

              

      

       

      
        	
                (a)

              	
                substitute
      Canvey with the New Owner as guarantor of the obligations of the Borrower
      under the Loan Agreement and the other Finance
  Documents;

              

      

       

      
        	
                (b)

              	
                substitute
      “ASSOS” with “AGAMEMNON II” as an Existing Ship on which the Loan will be
      secured; and

              

      

       

      
        	
                (c)

              	
                the
      amendments/variations to the Loan Agreement and the other Finance
      Documents referred to in Clause 5.

              

      

       

      
        	
                3.2

              	
                The
      Borrower and the Owners agree and confirm that the Loan Agreement and the
      Finance Documents to which each is a party shall remain in full force and
      effect and each of the Borrower and each Owner shall remain liable under
      the Loan Agreement and the Finance Documents to which each is a party for
      all obligations and liabilities assumed by it
  thereunder.

              

      

       

      
        	
                3.3

              	
                The
      agreement of the Creditor Parties contained in Clauses 3.1 and 3.2 shall
      have effect on and from the Effective
Date.

              

      

       

      
        	
                4

              	
                CONDITIONS

              

      

       

      
        	
                4.1

              	
                The
      agreements of the Lenders contained in Clause 3.1 of this Third
      Supplemental Agreement shall all be expressly subject to the condition
      that (i) no Event of Default has occured and (ii) that the Agent shall
      have received in form and substance satisfactory to it and its legal
      advisers on or before the Effective
Date:

              

      

       

      
        	
                (a)

              	
                evidence
      that the persons executing this Third Supplemental Agreement on behalf of
      the Borrower and the Owners are duly authorised to execute the
      same;

              

      

       

      
        	
                (b)

              	
                a
      certificate of an officer of the New Owner confirming the names of all its
      directors and shareholders and having attached thereto true and complete
      copies of its incorporation and constitutional
  documents;

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (c)

              	
                true
      and complete copies of resolutions passed at a meeting of the directors of
      the Borrower authorising and approving the execution of this Third
      Supplemental Agreement and each New Finance Document and authorising its
      directors or other representatives to execute the same on its
      behalf;

              

      

       

      
        	
                (d)

              	
                true
      and complete copies of the resolutions passed at separate meetings of the
      directors and shareholders of the New Owner authorising and approving the
      execution of the New Finance and authorising its directors or other
      representatives to execute the same on its
  behalf;

              

      

       

      
        	
                (e)

              	
                the
      original of any power of attorney issued by each of the Borrower and the
      New Owner pursuant to such resolutions
  aforesaid;

              

      

       

      
        	
                (f)

              	
                evidence
      that “AGAMEMNON II” is:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                registered
      in the name of the New Owner under the laws and flag of the Republic of
      Liberia; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                insured
      in accordance with the relevant provisions of the New Mortgage and all
      requirements thereof in respect of such insurances have been
      fulfilled;

              

      

       

      
        	
                (g)

              	
                each
      New Finance Document has been duly executed by the New Owner together with
      evidence that:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      New Mortgage has been registered against “AGAMEMNON II” with first
      priority in accordance with the laws of the Republic of
      Liberia;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                all
      notices required to be served under the New General Assignment and any New
      Charterparty Assignment have been served and acknowledged in the manner
      therein provided; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                save
      for the Security Interests created by or pursuant to the New Mortgage, the
      New General Assignment and any Charterparty Assignment, there are no
      Security Interests of any kind whatsoever on “AGAMEMNON II” or her
      Earnings, Insurances or Requisition
  Compensation;

              

      

       

      
        	
                (h)

              	
                a
      certified true copy of any Charterparty entered into in respect of the New
      Ship duly signed by the parties
thereto;

              

      

       

      
        	
                (i)

              	
                evidence
      that the New Earnings Account has been opened and all mandate forms and
      all, documentation required by each Creditor Party in relation to the New
      Owner pursuant to that Creditor Party’s “know your customer” requirements
      have been received;

              

      

       

      
        	
                (j)

              	
                a
      true and complete copy of the management agreement in respect of
      “AGAMEMNON II”;

              

      

       

      
        	
                (k)

              	
                the
      New Manager’s Undertaking executed by the Approved Manager in favour of
      the Security Trustee;

              

      

       

      
        	
                (l)

              	
                a
      copy of the Share Purchase Agreement duly signed by the parties
      thereto;

              

      

       

      
        	
                (m)

              	
                evidence
      that the New Owner is a direct or indirect wholly-owned subsidiary of the
      Borrower;

              

      

       

      
        	
                (n)

              	
                copies
      of ISM DOC, SMC and the International Ship Security Certificate under the
      ISPS Code in respect of “AGAMEMNON
II”;

              

      

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (o)

              	
                certified
      copies of all documents (with a certified translation if an original is
      not in English) evidencing any other necessary action, approvals or
      consents with respect to this Third Supplemental Agreement and the New
      Finance Documents (including without limitation) all necessary
      governmental and other official approvals and consents in such pertinent
      jurisdictions as the Agent deems
appropriate;

              

      

       

      
        	
                (p)

              	
                such
      legal opinions as the Agent may require in respect of the matters
      contained in this Third Supplemental Agreement, the New Finance Documents;
      and

              

      

       

      
        	
                (q)

              	
                evidence
      that the agent referred to in clause 30.4 of the Loan Agreement has
      accepted its appointment as agent for service of process under this Third
      Supplemental Agreement and the New Finance
  Documents.

              

      

       

      
        	
                5

              	
                VARIATIONS
      TO LOAN AGREEMENT AND FINANCE
DOCUMENTS

              

      

       

      
        	
                5.1

              	
                In
      consideration of the agreement of the Lenders contained in Clause 3.1 of
      this Third Supplemental Agreement, the Borrower hereby agrees with the
      Lenders that upon satisfaction of the conditions referred to in Clause
      4.1, the provisions of the Loan Agreement shall be varied and/or amended
      and/or supplemented with effect on and from the Effective Date as
      follows:

              

      

       

      
        	
                (a)

              	
                by
      inserting in clause 1.1 thereof the definition of “Effective Date” set out
      in Clause 1.2;

              

      

       

      
        	
                (b)

              	
                by
      deleting the definition of “ASSOS” in clause 1.1 thereof and replacing it
      with the following new definition:

              

      

       

      ““AGAMEMNON II” means the 2008-built
chemical oil double hull product tanker of approximately 51,000 deadweight tons
registered in the ownership of Mango under the Liberian flag with the name
“AGAMEMNON II”;”;

       

      
        	
                (c)

              	
                by
      deleting sub-paragraph (d) in the definition of “Existing Charter” in
      clause 1.1 thereof and redesignating the existing sub-paragraphs (e), (f),
      (g) and (h) as (d), (e), (f) and (g)
  respectively;

              

      

       

      
        	
                (d)

              	
                in
      the definition of “Existing Owners” in clause 1.1 thereof
    by:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                deleting
      sub-paragraph (b);

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                inserting
      the following new sub-paragraph
(e):

              

      

       

      “(e)           Mango
Finance Corp. (“Mango”);”; and

       

      
        	
                 
      

              	
                (iii)

              	
                redesignating
      the existing sub-paragraphs (c), (d) and (e) as new sub-paragraphs (b),
      (c) and (d) respectively,

              

      

       

      
        	
                (e)

              	
                by
      replacing the word “ASSOS” with the word “AGAMEMNON II” in the second line
      of the definition of “Existing Ships” in clause 1.1
    thereof;

              

      

       

      
        	
                (f)

              	
                by
      deleting the definition of “Owner” in clause 1.1 thereof and replacing it
      with the following new definition:

              

      

       

      ““Owner” means, in relation
to:

      

      
        	
                 
      

              	
                (a)

              	
                “AGAMEMNON
      II”, Mango;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                “AGISILAOS”,
      Polarwind;

              

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                (c)

              	
                “AIOLOS”,
      Tempest;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                “AKERAIOS”,
      Laredo;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                “AKTORAS”,
      Centurion;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                “ALEXANDROS
      II”, Sorrel;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                “ANEMOS
      I”, Splendor;

              

      

       

      
        	
                 
      

              	
                (h)

              	
                “APOSTOLOS”,
      Lorenzo;

              

      

       

      
        	
                 
      

              	
                (i)

              	
                “ARIONAS”,
      Carnation;

              

      

       

      
        	
                 
      

              	
                (j)

              	
                “ATLANTAS”,
      Shipping Rider;

              

      

       

      
        	
                 
      

              	
                (k)

              	
                “ATROTOS”,
      Epicurus;

              

      

       

      
        	
                 
      

              	
                (l)

              	
                “ATTIKOS”,
      Ross;

              

      

       

      
        	
                 
      

              	
                (m)

              	
                “AVAX”,
      Apollonas; and

              

      

       

      
        	
                 
      

              	
                (n)

              	
                “AXIOS”,
      Iraklitos,

              

      

       

      
        	
                 
      

              	 	
                and,
      in the plural, means all of them;”;

              

      

       

      
        	
                (g)

              	
                by
      construing all references therein to “this Agreement” where the context
      admits as being references to “this Agreement as the same is amended and
      supplemented by this Third Supplemental Agreement and as the same may from
      time to time be further supplemented and/or amended”;
  and

              

      

       

      
        	
                (h)

              	
                by
      construing references to each of the Finance Documents as being references
      to each such document as it is from time to time supplemented and/or
      amended.

              

      

       

      
        	
                5.2

              	
                Amendments to Finance
      Documents.  With effect on and from the Effective Date
      each of the Finance Documents other than the Loan Agreement shall be, and
      shall be deemed by this Agreement to have been, amended as
      follows:

              

      

      

      
        	
                (a)

              	
                the
      definition of, and references throughout each of the Finance Documents to,
      the Loan Agreement and any of the other Finance Documents shall be
      construed as if the same referred to the Loan Agreement and those Finance
      Documents as amended and supplemented by this Third Supplemental
      Agreement; and

              

      

      

      
        	
                (b)

              	
                by
      construing references throughout each of the Finance Documents to “this
      Agreement”, “this Deed”, “hereunder and other like expressions as if the
      same referred to such Finance Documents as amended and supplemented by
      this Third Supplemental Agreement.

              

      

      

      
        	
                5.3

              	
                Finance Documents to remain in
      full force and effect.  The Finance Documents shall
      remain in full force and effect as amended and supplemented
      by:

              

      

      

      
        	
                (a)

              	
                the
      amendments to the Finance Documents contained or referred to in Clauses
      5.1 and 5.2; and

              

      

      

      
        	
                (b)

              	
                such
      further or consequential modifications as may be necessary to make the
      same consistent with, and to give full effect to, the terms of this Third
      Supplemental Agreement.

              

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      
        	
                6

              	
                CONTINUANCE
      OF LOAN AGREEMENT AND FINANCE
DOCUMENTS

              

      

       

      
        	
                6.1

              	
                Save
      for the alterations to the Loan Agreement and the other Finance Documents
      made or to be made pursuant to this Third Supplemental Agreement and such
      further modifications (if any) thereto as may be necessary to make the
      same consistent with the terms of this Third Supplemental Agreement, the
      Loan Agreement shall remain in full force and effect and the security
      constituted by the other Finance Documents shall continue and remain valid
      and enforceable.

              

      

       

      
        	
                7

              	
                EXPENSES

              

      

       

      
        	
                7.1

              	
                Fees and expenses. The
      provisions of clause 20 (fees and expenses) of the Loan Agreement shall
      apply to this Agreement as if they were expressly incorporated in this
      Agreement with any necessary
amendments.

              

      

       

      
        	
                8

              	
                COMMUNICATIONS

              

      

       

      
        	
                8.1

              	
                General.  The
      provisions of clause 28 (notices) of the Loan Agreement, as amended and
      supplemented by this Agreement, shall apply to this Agreement as if they
      were expressly incorporated in this Agreement with any necessary
      modifications.

              

      

       

      
        	
                9

              	
                SUPPLEMENTAL

              

      

       

      
        	
                9.1

              	
                Counterparts.  This
      Agreement may be executed in any number of
  counterparts.

              

      

       

      
        	
                9.2

              	
                Third Party
      rights.  A person who is not a party to this Agreement
      has no right under the Contracts (Rights of Third Parties) Act 1999 to
      enforce or to enjoy the benefit of any term of this
    Agreement.

              

      

       

      
        	
                10

              	
                LAW
      AND JURISDICTION

              

      

       

      
        	
                10.1

              	
                Governing
      law.  This Agreement shall be governed by and construed
      in accordance with English law.

              

      

       

      
        	
                10.2

              	
                Incorporation of the Loan
      Agreement provisions.  The provisions of clause 30 (law
      and jurisdiction) of the Loan Agreement, as amended and supplemented by
      this Agreement, shall apply to this Agreement as if they were expressly
      incorporated in this Agreement with any necessary
    medications.

              

      

       

      IN WITNESS
WHEREOF  the parties hereto have caused this Third Supplemental
Agreement to be duly executed the day and year first above written.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
 

      SCHEDULE
1

       

      LENDERS

       

      

      
        	
                Lender

              	
                Lending
      Office

              
	
                 

                HSH
      Nordbank AG

                 

              	
                 

                Gerhart-Hauptmann-Platz
      50

                20095
      Hamburg

                Germany

                 

                Fax
      No: +(49) 40 33 33 34118

                 

              
	
                 

                Alpha
      Bank A.E.

              	
                 

                Akti
      Miaouli 89

                185
      38 Piraeus

                Greece

                 

                Fax
      No: +30 210 429 0348

                 

              
	
                 

                Deutsche
      Schiffsbank AG

                 

              	
                 

                Domshof
      17

                D-28195
      Bremen

                 

                Fax
      No: +49 421 3609 293

                 

                 

              
	
                 

                National
      Bank of Greece S.A.

                 

              	
                 

                Bouboulinas
      2 & Akti Miaouli

                185
      35 Piraeus

                 

                Fax No: +30 210 414 4120

                 

              
	
                 

                Fortis
      Bank

              	
                 

                166
      Syngrou Ave

                176
      71 Athens

                Greece

                 

                Fax
      No: +30 210 954 4368

              

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

      EXECUTION
PAGE

       

      

      BORROWER

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      CAPITAL PRODUCT PARTNERS
L.P.                         )

      

      

      

      OWNERS

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      APOLLONAS SHIPPING
COMPANY                           )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      CARNATION SHIPPING
COMPANY                            )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      CENTURION NAVIGATION
LIMITED                          )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      EPICURUS SHIPPING
COMPANY                                 )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      IRAKLITOS SHIPPING
COMPANY                              )

       

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      LAREDO MARITIME
INC.                                               )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      LORENZO SHIPMANAGEMENT
INC.                   
      )

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      POLARWIND MARITIME
S.A.                                       )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      ROSS SHIPMANAGEMENT
CO.                                    )

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      SHIPPING RIDER
CO.                                                      )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      SORREL SHIPMANAGEMENT
INC.                              )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      SPLENDOR SHIPHOLDING
S.A.                                
  )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      TEMPEST MARINE
INC.                                                  )

      

      

      

      

      

      LENDERS

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      ALPHA BANK
A.E.                                                            )

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      DEUTSCHE SCHIFFSBANK
AG                                     )

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      NATIONAL BANK OF GREECE
S.A.                             )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      FORTIS
BANK                                                                    )

      

      

      

      AGENT

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      SECURITY
TRUSTEE

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      SWAP
BANK

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      BOOKRUNNER

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      

      Witness
to all
the                                                                 )

      above
signatures                                                                  )

       

      Name:

      

      Address:

       

       12ex4-5.htm

     

    Exhibit
4.5

    
      

      

      Dated                                    
2009

      

      

      CAPITAL
PRODUCT PARTNERS L.P.

      as
Borrower

      

      -and-

      

      APOLLONAS
SHIPPING COMPANY

      CARNATION
SHIPPING COMPANY

      CENTURION
NAVIGATION LIMITED

      IRAKLITOS
SHIPPING COMPANY

      LAREDO
MARITIME INC.

      LORENZO
SHIPMANAGEMENT INC.

      MANGO
FINANCE CORP.

      POLARWIND
MARITIME S.A.

      ROSS
SHIPMANAGEMENT CO.

      SHIPPING
RIDER CO.

      SORREL
SHIPMANAGEMENT INC.

      SPLENDOR SHIPHOLDING S.A.
and

      TEMPEST
MARINE INC.

      as
Owners

      

      -and-

      

      THE
BANKS AND FINANCIAL INSTITUTIONS

      listed
in Schedule 1

      as
Lenders

      

      -and-

      

      HSH
NORDBANK AG

      as Agent
and Security Trustee

      

      -and-

      

      HSH
NORDBANK AG

      as
Bookrunner

      

      -and-

      

      HSH
NORDBANK AG

      as Swap
Bank

      

      

      ___________________________________________

      

      FOURTH
SUPPLEMENTAL AGREEMENT

      

      ____________________________________________

      

      in
relation to a Loan Agreement dated 22 March 2007 (as amended and supplemented by
supplemental agreements dated, respectively, 19 September 2007, 11 June 2008 and
7 April 2009)

      in
respect of a revolving credit and term loan facility

      not
exceeding US$370,000,000

      

       

       

       

      
        
          
          

        

        
          
            WATSON,
FARLEY & WILLIAMS

                Piraeus

          

          
            

          

        

        
          
          

        

      

      
 

      
        
          	
                  INDEX

                   

                
	
                  Clause

                   

                	 
      	
                  Page

                
	
                  1

                   

                	
                  DEFINITIONS

                	
                  2

                
	
                  2

                	
                  REPRESENTATIONS
      AND WARRANTIES

                   

                	
                  3

                
	
                  3

                	
                  AGREEMENT
      OF THE CREDITOR PARTIES

                   

                	
                  4

                
	
                  4

                	
                  CONDITIONS

                   

                	
                  4

                
	
                  5

                	
                  VARIATIONS
      TO LOAN AGREEMENT AND FINANCE DOCUMENTS

                   

                	
                  6

                
	
                  6

                	
                  CONTINUANCE
      OF LOAN AGREEMENT AND FINANCE DOCUMENTS

                   

                	
                  8

                
	
                  7

                	
                  EXPENSES

                   

                	
                  8

                
	
                  8

                	
                  COMMUNICATIONS

                   

                	
                  8

                
	
                  9

                	
                  SUPPLEMENTAL

                   

                	
                  8

                
	
                  10

                	
                  LAW
      AND JURISDICTION

                   

                	
                  8

                
	
                  SCHEDULE
      1  LENDERS

                   

                	
                  10

                
	
                  EXECUTION
      PAGE

                   

                	
                  11

                

        

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      THIS FOURTH SUPPLEMENTAL
AGREEMENT  is
dated                                        
2009 and made

      

      BETWEEN:

      

      
        	
                (1)

              	
                CAPITAL PRODUCT PARTNERS
      L.P., a limited liability partnership formed in the Republic of the
      Marshall Islands whose registered office is at Trust Company Complex,
      Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
      (including its successors) as Borrower;

              

      

       

      
        	
                (2)

              	
                APOLLONAS SHIPPING COMPANY,
      CARNATION SHIPPING COMPANY, CENTURION NAVIGATION LIMITED, IRAKLITOS
      SHIPPING COMPANY, LAREDO MARITIME INC., LORENZO SHIPMANAGEMENT
      INC., MANGO
      FINANCE CORP., POLARWIND MARITIME S.A.,
      ROSS
      SHIPMANAGEMENT CO., SHIPPING RIDER CO., SORREL
      SHIPMANAGEMENT INC., SPLENDOR SHIPHOLDING S.A. and TEMPEST MARINE
      INC., each a corporation
      incorporated in the Republic of the Marshall Islands whose registered
      office is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
      Majuro, MH96960, Marshall Islands (each an “Owner” and, together,
      the “Owners”);

              

      

       

      
        	
                (3)

              	
                THE BANKS AND FINANCIAL
      INSTITUTIONS  listed in Schedule 1, as Lenders;

              

      

       

      
        	
                (4)

              	
                HSH NORDBANK AG acting
      through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany,
      as Agent, Bookrunner and Security Trustee;
      and

              

      

       

      
        	
                (5)

              	
                HSH NORDBANK AG acting
      through its office at Martensdamm 6, D-24103
      Kiel, Federal Republic of Germany as Swap
    Bank.

              

      

       

       

      BACKGROUND

       

      
        	
                (A)

              	
                By
      a loan agreement dated 22 March 2007 as amended and supplemented by
      supplemental agreements dated respectively 19 September 2007, 11 June 2008
      and 7 April 2009 (together, the “Loan Agreement”) made
      between (i) the Borrower as borrower, (ii) the Lenders as lenders, (iii)
      the Agent, (iv) the Bookrunner, (v) the Swap Bank and (vi) the Security
      Trustee, it was agreed that the Lenders would make available to the
      Borrower a revolving credit and term loan facility not exceeding
      US$370,000,000 (the “Loan”).

              

      

      

      
        	
                (B)

              	
                The
      Borrower has requested that the Lenders agree
  to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      release of Epicurus Shipping Company (“Epicurus”) from all its
      obligations under the Finance Documents to which it is a party and its
      substitution by Navarro International S.A. as guarantor for the
      obligations of the Borrower under the Loan Agreement;
  and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      substitution of m.t. “ATROTOS” (owned by Epicurus) with the newbuilding
      oil/product carrier of approximately 51,000 deadweight tons currently
      being constructed by STX Offshore & Shipbuilding Co., Ltd. (formerly
      known as STX Shipbuilding Co. Ltd.) (the “Builder”) and having
      Builder’s Hull No. S-1262 (tbn “AYRTON II”) as one of
      the Ships on which the Loan shall be
secured.

              

      

       

      
        	
                (C)

              	
                This
      Agreement sets out the terms and conditions on which the Lenders agree
      to:

              

      

      

      
        	
                 
      

              	
                (i)

              	
                substitute
      Epicurus with Navarro International
S.A.;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                substitute
      m.t. “ATROTOS” with STX Hull No. S-1262 (tbn “AYRTON II”);
      and

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                (iii)

              	
                the
      consequential amendments to the Loan Agreement and the other Finance
      Documents in connection with those
matters.

              

      

       

      NOW
THEREFORE IT IS HEREBY AGREED

      

      
        	
                1

              	
                DEFINITIONS

              

      

       

      
        	
                1.1

              	
                Words and expressions defined in
      the Loan Agreement (as hereby amended) and the recitals hereto and not
      otherwise defined herein shall have the same meanings when used in this
      Fourth Supplemental
Agreement.

              

      

       

      
        	
                1.2

              	
                In this Fourth Supplemental
      Agreement the words and expressions specified below shall have the
      meanings attributed to them
below:

              

      

       

      “AYRTON II” means the newbuilding oil/product carrier of approximately 51,000 deadweight tons
currently being constructed by the Builder and having Builder’s Hull No.
S-1262 which is to be purchased by the New Owner
pursuant to the Shipbuildinging Contract and which is to be registered in the
ownership of the New Owner under the Liberian flag with the name “AYRTON
II”;

      

      “Builder” means STX Offshore
& Shipbuilding Co., Ltd. (ex STX Shipbuilding Co. Ltd.), a corporation
incorporated and existing under the laws of the  Republic of Korea,
with its registered office at 100, Wonpo-Dong, Jinhae, Gyeongsangnam-Do,
Korea;

      

      “Effective Date” means the date
on which the conditions precedent in Clause 4 are satisfied;

      

      “New Charterparty Assignment”
means any first priority assignment of any Charterparty in respect of “AYRTON II” executed or to be executed by the New
Owner in favour of the Security Trustee in such form as the Lenders may approve
or require;

       

      
        	
                 
      

              	
                “New Earnings Account” means
      an account opened or to be opened in the name of the New Owner with the
      Agent in Hamburg designated “Navarro International S.A. - Earnings
      Account”, or any other account (with that or another office of the Agent)
      which is designated by the Agent as the Earnings Account for “AYRTON II” for the purposes of the Loan
      Agreement;

              

      

      

      
        	
                 
      

              	
                “New Earnings Account
      Pledge” means the first priority pledge over the New Earnings
      Account to be executed by the New Owner in favour of the Lenders in such
      form as the Lenders may approve or
require;

              

      

      

      
        	
                 
      

              	
                “New Finance Documents”
      means, together, the New Guarantee, the New Mortgage, the New General
      Assignment, any New Charterparty Assignment, the New Manager’s Undertaking
      and the New Earnings Account Pledge and, in the singular, means any of
      them;

              

      

      

      
        	
                 
      

              	
                “New General Assignment”
      means a first priority general assignment of the Earnings, Insurances and
      Requisition Compensation in respect of “AYRTON II” executed or to be executed by
      the New Owner in favour of the Security Trustee in such form as the
      Lenders may approve or require;

              

      

      

      
        	
                 
      

              	
                “New Guarantee” means the
      guarantee of the obligations of the Borrower under the Loan Agreement and
      the other Finance Documents executed or to be executed by the New Owner in
      favour of the Security Trustee in such form as the Lenders may approve or
      require;

              

      

      

      
        	
                 
      

              	
                “New Manager’s
      Undertaking” means a letter of undertaking executed or to be
      executed by the Approved Manager in favour of the Security Trustee in the
      terms required by the Security Trustee agreeing certain matters in
      relation to the Approved Manager serving as the manager of “AYRTON II” and subordinating the rights of
      the Approved Manager against “AYRTON
      II” and the New Owner to the rights of the Creditor Parties under
      the Finance Documents, in such form as the Lenders, may approve or
      require;

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                “New Mortgage” means the
      first preferred Liberian mortgage over “AYRTON II” executed or to be executed by
      the New Owner in favour of the Security Trustee in such form as the
      Lenders may approve or require;

              

      

      

      
        	
                 
      

              	
                “New Owner” means
      Navarro International S.A., a corporation incorporated and existing in the
      Republic of the Marshall Islands whose registered office is at Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, The
      Marshall Islands; and

              

      

      

      
        	
                 
      

              	
                “Shipbuilding Contract”
      means the shipbuilding contract dated 21 August 2006 made between the
      Builder and the New Owner for the construction by the Builder of “AYRTON
      II” and its purchase by the New Owner, as the same may be amended or
      supplemented from time to time.

              

      

      

      
        	
                1.3

              	
                Where the context so admits words
      importing the singular number only shall include the plural and vice versa
      and words importing persons shall include firms and
      corporations.  Clause headings are inserted for convenience of
      reference only and shall be ignored in construing this Fourth Supplemental
      Agreement.  References to Clauses are to clauses of this Fourth
      Supplemental Agreement save as may be otherwise expressly provided in this
      Fourth Supplemental
Agreement.

              

      

       

      
        	
                2

              	
                REPRESENTATIONS
      AND WARRANTIES

              

      

       

      
        	
                2.1

              	
                The Borrower hereby represents
      and warrants to the Agent, as at the date of this Fourth Supplemental
      Agreement, that the representations and warranties set forth in Clause 10
      of the Loan Agreement (updated mutatis mutandis to the date of this Fourth
      Supplemental Agreement) are true and correct as if all references therein
      to “this Agreement” were references to the Loan Agreement as further
      amended by this Fourth Supplemental
  Agreement.

              

      

       

      
        	
                2.2

              	
                The Borrower hereby further
      represents and warrants to the Agent that as at the date of this Fourth
      Supplemental Agreement:

              

      

       

      
        	
                (a)

              	
                it
      is a limited liability partnership duly formed and in good standing under
      the laws of the Marshall Islands and has full power to enter into and
      perform its obligations under this Fourth Supplemental Agreement and has
      complied with all statutory and other requirements relative to its
      business, and does not have an established place of business in any part
      of the United Kingdom or the United States of
  America;

              

      

       

      
        	
                (b)

              	
                all
      necessary governmental or other official consents, authorisations,
      approvals, licences, consents or waivers for the execution, delivery,
      performance, validity and/or enforceability of this Fourth Supplemental
      Agreement and all other documents to be executed in connection with the
      amendments to the Loan Agreement (including, but not limited to, the New
      Finance Documents) and the other Finance Documents as contemplated hereby
      have been obtained and will be maintained in full force and effect, from
      the date of this Fourth Supplemental Agreement and so long as any moneys
      are owing under any of the Finance Documents and/or the New Finance
      Documents and while all or any part of the Commitment remains
      outstanding;

              

      

       

      
        	
                (c)

              	
                it
      has taken all necessary corporate and other action to authorise the
      execution, delivery and performance of its obligations under this Fourth
      Supplemental Agreement and all aforesaid documents to which it is a party
      and such documents do or will upon execution thereof constitute its valid
      and binding obligations enforceable in accordance with their respective
      terms;

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (d)

              	
                the
      execution, delivery and performance of this Fourth Supplemental Agreement
      and all such other documents as contemplated hereby (including, but not
      limited to, the New Finance Documents) does not and will not, from the
      date of this Fourth Supplemental Agreement and so long as any moneys are
      owing under any of the Finance Documents and/or the New Finance Documents
      and while all or any part of the Commitment remains outstanding,
      constitute a breach of any contractual restriction or any existing
      applicable law, regulation, consent or authorisation binding on the
      Borrower or on any of its property or assets and will not result in the
      creation or imposition of any security interest, lien, charge or
      encumbrance (other than under the Finance Documents and/or the New Finance
      Documents) on any of such property or assets;
  and

              

      

       

      
        	
                (e)

              	
                it
      has fully disclosed in writing to the Agent all facts which it knows or
      which it should reasonably know and which are material for disclosure to
      the Agent in the context of this Fourth Supplemental Agreement and all
      information furnished by the Borrower or on its behalf relating to its
      business and affairs in connection with this Fourth Supplemental Agreement
      was and remains true, correct and complete in all material respects and
      there are no other material facts or considerations the omission of which
      would render any such information
misleading.

              

      

       

      
        	
                3

              	
                AGREEMENT
      OF THE CREDITOR PARTIES

              

      

       

      
        	
                3.1

              	
                The Lenders, relying upon each of
      the representations and warranties set out in Clauses 2.1 and 2.2 of this
      Fourth Supplemental Agreement, hereby agree with the Borrower, subject to
      and upon the terms and conditions of this Fourth Supplemental Agreement
      and in particular, but without limitation, subject to the fulfilment of
      the conditions precedent set out in Clause 4,
  to:

              

      

       

      
        	
                (a)

              	
                substitute
      Epicurus with the New Owner as guarantor of the obligations of the
      Borrower under the Loan Agreement and the other Finance
      Documents;

              

      

       

      
        	
                (b)

              	
                substitute
      “ATROTOS” with “AYRTON II” as a Ship on which the Loan will be secured;
      and

              

      

       

      
        	
                (c)

              	
                the
      amendments/variations to the Loan Agreement and the other Finance
      Documents referred to in Clause 5.

              

      

       

      
        	
                3.2

              	
                The Borrower and the Owners agree
      and confirm that the Loan Agreement and the Finance Documents to which
      each is a party shall remain in full force and effect and each of the
      Borrower and each Owner shall remain liable under the Loan Agreement and
      the Finance Documents to which each is a party for all obligations and
      liabilities assumed by it
thereunder.

              

      

       

      
        	
                3.3

              	
                The agreement of the Creditor
      Parties contained in Clauses 3.1 and 3.2 shall have effect on and from the
      Effective Date.

              

      

       

      
        	
                4

              	
                CONDITIONS

              

      

       

      
        	
                4.1

              	
                The agreements of the Lenders
      contained in Clause 3.1 of this Fourth Supplemental Agreement shall all be
      expressly subject to the condition that (i) no Event of Default has
      occured and (ii) that the Agent shall have received in form and substance
      satisfactory to it and its legal advisers on or before the Effective Date:

              

      

       

      
        	
                (a)

              	
                evidence
      that the persons executing this Fourth Supplemental Agreement on behalf of
      the Borrower and the Owners are duly authorised to execute the
      same;

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                (b)

              	
                a
      certificate of an officer of the New Owner confirming the names of all its
      directors and shareholders and having attached thereto true and complete
      copies of its incorporation and constitutional
  documents;

              

      

       

      
        	
                (c)

              	
                true
      and complete copies of resolutions passed at a meeting of the directors of
      the Borrower authorising and approving the execution of this Fourth
      Supplemental Agreement and each New Finance Document and authorising its
      directors or other representatives to execute the same on its
      behalf;

              

      

       

      
        	
                (d)

              	
                true
      and complete copies of the resolutions passed at separate meetings of the
      directors and shareholders of the New Owner authorising and approving the
      execution of the New Finance and authorising its directors or other
      representatives to execute the same on its
  behalf;

              

      

       

      
        	
                (e)

              	
                the
      original of any power of attorney issued by each of the Borrower and the
      New Owner pursuant to such resolutions
  aforesaid;

              

      

       

      
        	
                (f)

              	
                evidence
      that “AYRTON II” has been:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                irrevocably
      delivered by the Builder to the New Owner in accordance with the terms of
      the Shipbuilding Contract;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                registered
      in the name of the New Owner under the laws and flag of the Republic of
      Liberia; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                insured
      in accordance with the relevant provisions of the New Mortgage and all
      requirements thereof in respect of such insurances have been
      fulfilled;

              

      

       

      
        	
                (g)

              	
                each
      New Finance Document has been duly executed by the New Owner together with
      evidence that:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      New Mortgage has been registered against “AYRTON II” with first priority
      in accordance with the laws of the Republic of
  Liberia;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                all
      notices required to be served under the New General Assignment and any New
      Charterparty Assignment have been served and acknowledged in the manner
      therein provided; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                save
      for the Security Interests created by or pursuant to the New Mortgage, the
      New General Assignment and any Charterparty Assignment, there are no
      Security Interests of any kind whatsoever on “AYRTON II” or her Earnings,
      Insurances or Requisition
Compensation;

              

      

       

      
        	
                (i)

              	
                a
      certified true copy of any Charterparty entered into in respect of “AYRTON
      II” duly signed by the parties
thereto;

              

      

       

      
        	
                (j)

              	
                evidence
      that the New Earnings Account has been opened and all mandate forms and
      all, documentation required by each Creditor Party in relation to the New
      Owner pursuant to that Creditor Party’s “know your customer” requirements
      have been received;

              

      

       

      
        	
                (k)

              	
                a
      true and complete copy of the management agreement in respect of “AYRTON
      II”;

              

      

       

      
        	
                (l)

              	
                the
      New Manager’s Undertaking executed by the Approved Manager in favour of
      the Security Trustee;

              

      

       

      
        	
                (m)

              	
                evidence
      that the New Owner is a direct or indirect wholly-owned subsidiary of the
      Borrower;

              

      

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                (n)

              	
                copies
      of ISM DOC, SMC and the International Ship Security Certificate under the
      ISPS Code in respect of “AYRTON
II”;

              

      

       

      
        	
                (o)

              	
                evidence that “AYRTON II” maintains the highest
      available class with a classification society which is a member of the
      IACS as the Agent may approve free of all overdue recommendations and
      conditions of such classification
  society;

              

      

       

      
        	
                (p)

              	
                certified
      copies of all documents (with a certified translation if an original is
      not in English) evidencing any other necessary action, approvals or
      consents with respect to this Fourth Supplemental Agreement and the New
      Finance Documents (including without limitation) all necessary
      governmental and other official approvals and consents in such pertinent
      jurisdictions as the Agent deems
appropriate;

              

      

       

      
        	
                (q)

              	
                such
      legal opinions as the Agent may require in respect of the matters
      contained in this Fourth Supplemental Agreement, the New Finance
      Documents; and

              

      

       

      
        	
                (r)

              	
                evidence
      that the agent referred to in clause 30.4 of the Loan Agreement has
      accepted its appointment as agent for service of process under this Fourth
      Supplemental Agreement and the New Finance
  Documents.

              

      

       

      
        	
                5

              	
                VARIATIONS
      TO LOAN AGREEMENT AND FINANCE
DOCUMENTS

              

      

       

      
        	
                5.1

              	
                In consideration of the agreement
      of the Lenders contained in Clause 3.1 of this Fourth Supplemental
      Agreement, the Borrower hereby agrees with the Lenders that upon
      satisfaction of the conditions referred to in Clause 4.1, the provisions
      of the Loan Agreement shall be varied and/or amended and/or supplemented
      with effect on and from the Effective Date as
    follows:

              

      

       

      
        	
                (a)

              	
                by
      inserting in clause 1.1 thereof the definition of “Effective Date” set out
      in Clause 1.2;

              

      

       

      
        	
                (b)

              	
                by
      deleting the definition of “ATROTOS” in clause 1.1 thereof and replacing
      it with the following new
definition:

              

      

       

      ““AYRTON II” means the newbuilding oil/product carrier of approximately 51,000 deadweight tons
currently being constructed by the relevant Builder and having that
Builder’s Hull No. S-1262 which is to be purchased
by Navarro pursuant to the Navarro Shipbuilding Contract and which is to be
registered in the ownership of Navarro under the Liberian flag with the name
“AYRTON II”;”;

       

      
        	
                (c)

              	
                by
      deleting the words “, STX Shipbuilding Co.,
      Ltd.” in the first line of sub-paragraph (b) in the definition of
      “Builder” in clause 1.1 thereof and replacing them with the words “and
      “AYRTON II”, STX Offshore & Shipbuilding Co., Ltd. (formerly known as
      STX Shipbuilding Co. Ltd.)”;

              

      

       

      
        	
                (d)

              	
                in
      the definition of “Existing Owners” in clause 1.1 thereof
    by:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                inserting
      the following new sub-paragraph
(f):

              

      

       

      “(f)           Navarro
International S.A. (“Navarro”);”; and

       

      
        	
                 
      

              	
                (ii)

              	
                redesignating
      the existing sub-paragraphs (f), (g) and (h) as new sub-paragraphs (g),
      (h) and (i) respectively,

              

      

       

      
        	
                (e)

              	
                by
      adding the words “AYRTON II” after the words “,”AXIOS” in the second line of the
      definition of “Existing Ships” in clause 1.1
  thereof;

              

      

       

      
        	
                (f)

              	
                by
      adding the following new definition in clause 1.1
  thereof:

              

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      ““Navarro Shipbuilding
Contract” means the shipbuilding contract dated 21 August 2006 made
between the relevant Builder and Navarro for the construction by that Builder of
“AYRTON II” and its purchase by Navarro, as the same may be amended or
supplemented from time to time”;

       

      
        	
                (g)

              	
                by
      deleting the definition of “Owner” in clause 1.1 thereof and replacing it
      with the following new definition:

              

      

       

      ““Owner” means, in relation
to:

      

      
        	
                 
      

              	
                (a)

              	
                “AGAMEMNON II”,
      Mango;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                “AGISILAOS”,
      Polarwind;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                “AIOLOS”,
      Tempest;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                “AKERAIOS”,
      Laredo;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                “AKTORAS”,
      Centurion;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                “ALEXANDROS II”,
      Sorrel;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                “ANEMOS I”,
      Splendor;

              

      

       

      
        	
                 
      

              	
                (h)

              	
                “APOSTOLOS”,
      Lorenzo;

              

      

       

      
        	
                 
      

              	
                (i)

              	
                “ARIONAS”,
      Carnation;

              

      

       

      
        	
                 
      

              	
                (j)

              	
                “ATLANTAS”, Shipping
      Rider;

              

      

       

      
        	
                 
      

              	
                (k)

              	
                “ATTIKOS”,
      Ross;

              

      

       

      
        	
                 
      

              	
                (l)

              	
                “AVAX”,
      Apollonas;

              

      

       

      
        	
                 
      

              	
                (m)

              	
                “AXIOS”, Iraklitos;
      and

              

      

       

      
        	
                 
      

              	
                (n)

              	
                “AYRTON II”,
      Navarro,

              

      

       

      
        
          	
                   
      

                	
                  
                    and,
      in the plural, means all of
them;”;

                  

                

        

         

      

      
        
          	
                  (h)

                	
                  
                    in
      the definition of “Shipbuilding Contracts” in clause 1.1 thereof by adding
      in the fourth line immediately before the words “and the Aris II
      Shipbuilding Contract” the words “, Navarro Shipbuilding
      Contract”;

                  

                

        

      

      
      

       

      
        	
                (i)

              	
                by
      construing all references therein to “this Agreement” where the context
      admits as being references to “this Agreement as the same is amended and
      supplemented by this Fourth Supplemental Agreement and as the same may
      from time to time be further supplemented and/or amended”;
    and

              

      

       

      
        	
                (j)

              	
                by
      construing references to each of the Finance Documents as being references
      to each such document as it is from time to time supplemented and/or
      amended.

              

      

       

      
        	
                5.2

              	
                Amendments to Finance
      Documents.  With effect on and from the Effective Date
      each of the Finance Documents other than the Loan Agreement shall be, and
      shall be deemed by this Agreement to have been, amended as
      follows:

              

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
 

      
        	
                (a)

              	
                the
      definition of, and references throughout each of the Finance Documents to,
      the Loan Agreement and any of the other Finance Documents shall be
      construed as if the same referred to the Loan Agreement and those Finance
      Documents as amended and supplemented by this Fourth Supplemental
      Agreement; and

              

      

      

      
        	
                (b)

              	
                by
      construing references throughout each of the Finance Documents to “this
      Agreement”, “this Deed”, “hereunder and other like expressions as if the
      same referred to such Finance Documents as amended and supplemented by
      this Fourth Supplemental Agreement.

              

      

      

      
        	
                5.3

              	
                Finance Documents to remain in
      full force and effect.  The Finance Documents shall
      remain in full force and effect as amended and supplemented
      by:

              

      

      

      
        	
                (a)

              	
                the
      amendments to the Finance Documents contained or referred to in Clauses
      5.1 and 5.2; and

              

      

      

      
        	
                (b)

              	
                such
      further or consequential modifications as may be necessary to make the
      same consistent with, and to give full effect to, the terms of this Fourth
      Supplemental Agreement.

              

      

       

      
        	
                6

              	
                CONTINUANCE
      OF LOAN AGREEMENT AND FINANCE
DOCUMENTS

              

      

       

      
        	
                6.1

              	
                Save for the alterations to the
      Loan Agreement and the other Finance Documents made or to be made pursuant
      to this Fourth Supplemental Agreement and such further modifications (if
      any) thereto as may be necessary to make the same consistent with the
      terms of this Fourth Supplemental Agreement, the Loan Agreement shall
      remain in full force and effect and the security constituted by the other
      Finance Documents shall continue and remain valid and
      enforceable.

              

      

       

      
        	
                7

              	
                EXPENSES

              

      

       

      
        	
                7.1

              	
                Fees and
      expenses. The
      provisions of clause 20 (fees and expenses) of the Loan Agreement shall
      apply to this Agreement as if they were expressly incorporated in this
      Agreement with any necessary
amendments.

              

      

       

      
        	
                8

              	
                COMMUNICATIONS

              

      

       

      
        	
                8.1

              	
                General.  The provisions of clause 28
      (notices) of the Loan Agreement, as amended and supplemented by this
      Agreement, shall apply to this Agreement as if they were expressly
      incorporated in this Agreement with any necessary
      modifications.

              

      

       

      
        	
                9

              	
                SUPPLEMENTAL

              

      

       

      
        	
                9.1

              	
                Counterparts.  This Agreement may be executed in
      any number of counterparts.

              

      

       

      
        	
                9.2

              	
                Third Party
      rights.  A
      person who is not a party to this Agreement has no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
      benefit of any term of this
Agreement.

              

      

       

      
        	
                10

              	
                LAW
      AND JURISDICTION

              

      

       

      
        	
                10.1

              	
                Governing
      law.  This
      Agreement shall be governed by and construed in accordance with English
      law.

              

      

       

      
        	
                10.2

              	
                Incorporation
      of the Loan Agreement provisions.  The provisions of clause 30 (law
      and jurisdiction) of the Loan Agreement, as amended and supplemented by
      this Agreement, shall apply to this Agreement as if they were expressly
      incorporated in this Agreement with any necessary
      medications.

              

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS
WHEREOF  the parties hereto have caused this Fourth
Supplemental Agreement to be duly executed the day and year first above
written.

       

       

       

       

       

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
 

      SCHEDULE
1

       

      LENDERS

       

      

      
        	
                Lender

              	
                Lending
      Office

              
	
                 

                HSH
      Nordbank AG

                 

              	
                 

                Gerhart-Hauptmann-Platz
      50

                20095
      Hamburg

                Germany

                 

                Fax
      No: +(49) 40 33 33 34118

                 

              
	
                 

                Alpha
      Bank A.E.

              	
                 

                Akti
      Miaouli 89

                185
      38 Piraeus

                Greece

                 

                Fax
      No: +30 210 429 0348

                 

              
	
                 

                Deutsche
      Schiffsbank AG

                 

              	
                 

                Domshof
      17

                D-28195
      Bremen

                 

                Fax
      No: +49 421 3609 293

                 

                 

              
	
                 

                National
      Bank of Greece S.A.

                 

              	
                 

                Bouboulinas
      2 & Akti Miaouli

                185
      35 Piraeus

                 

                Fax No: +30 210 414 4120

                 

              
	
                 

                Fortis
      Bank

              	
                 

                166
      Syngrou Ave

                176
      71 Athens

                Greece

                 

                Fax
      No: +30 210 954 4368

              

      

       

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

      EXECUTION
PAGE

       

      

      BORROWER

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      CAPITAL PRODUCT PARTNERS
L.P.                         )

      

      

      

      OWNERS

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      APOLLONAS SHIPPING
COMPANY                           )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      CARNATION SHIPPING
COMPANY                            )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      CENTURION NAVIGATION
LIMITED                          )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                            
)

      IRAKLITOS SHIPPING
COMPANY                              )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      LAREDO MARITIME
INC.                                                )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      LORENZO SHIPMANAGEMENT
INC.                          )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      MANGO FINANCE
CORP.                                               )

      

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      
 

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      POLARWIND MARITIME
S.A.                                       )

      

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      ROSS SHIPMANAGEMENT
CO.                                    )

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      SHIPPING RIDER
CO.                                                      )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      SORREL SHIPMANAGEMENT
INC.                             )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      SPLENDOR SHIPHOLDING
S.A.                                   )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                           
 )

      TEMPEST MARINE
INC.                                                  )

      

      

      

      

      

      LENDERS

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      ALPHA BANK
A.E.                                                            )

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      DEUTSCHE SCHIFFSBANK
AG                                     )

      

      

      
 

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
 

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      NATIONAL BANK OF GREECE
S.A.                             )

      

      

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      FORTIS
BANK                                                                    )

      

      

      

      AGENT

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      SECURITY
TRUSTEE

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      
 

      SWAP
BANK

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                          
  )

      HSH NORDBANK
AG                                                       )

      

      

      BOOKRUNNER

      

      SIGNED
by                                                                           )

      for and
on behalf
of                                                             )

      HSH NORDBANK
AG                                                       )

      

      

      

      Witness
to all
the                                                        
        )

      above
signatures                                                        
         )

      

      Name:

      

      Address:

       

       

       13

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