Document:

d100858_ex4-8.htm

    
 

    Exhibit
4-8

    SIXTH
SUPPLEMENTAL AGREEMENT

     

    To:     
Aries Maritime Transport Limited

        c/o AMT
Management Ltd.

        18 Zerva Nap,
1st Floor

        Athens
11675

        Greece

        Fax
No:  +30 210 89 83 788

     

    Attention:  Jeff
Parry, Chief Executive Officer

    2009

    Dear
Sirs,

     

    US$360,000,000
Revolving Credit Facility

     

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

     

    You, the
Borrower, have requested that we, the Agent, in our capacity as security agent
and trustee on behalf of the Finance Parties, agree on behalf of the Finance
Parties, to the deletion of the bareboat registration of m.v. "NORDANVIND" ("Nordanvind") in the name of
Nordanvind Shipping Venezuela, S.A. as charterer (the "Charterer") on the Venezuelan Naval Registry
following the termination by effluxion of time of the "Barecon 89" form bareboat
charterparty dated 21 July 2003 (the "Charter") made between Ermina Marine Limited as
owner ("Ermina") and the
Charterer.

     

    You had
also requested that we, as Agent on behalf of the Finance Parties, consent
to:

     

    
      
        	
                A.

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

              

      

    

     

    
      
        	
                B.

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

              

      

    

     

    Part of
Lloyds Banking Group.

    Bank of
Scotland plc.

    Registered
in Scotland number SC327000.

    Registered
Office: The Mound, Edinburgh EH1 1YZ.

    Authorised
and regulated by the Financial Services Authority.

    
      
        
          
            	
                    www.bankofscotland.co.uk/corporate
      

                  

          

          

        

      

      
         

        
          

        

      

       

    

    
      
        	
                C.

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

              

      

    

     

    
      
        	
                D.

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

              

      

    

     

    
      
        	
                E.

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

              

      

    

     

    and our
consent to such changes, which have now been implemented, was granted subject to
the execution of this Agreement.

     

    Subject
to the receipt by us or our duly authorised representative on or before the date
of this Agreement of the conditions precedent listed below in a form and
substance satisfactory to us in our sole discretion we, on behalf of the Finance
Parties, hereby agree and consent to the deletion of the bareboat registration
of Nordanvind on the Venezuelan Naval Registry.

     

    The
conditions precedent referred to above, which shall be provided in a form and
substance acceptable to the Agent and/or the Arrangers in their sole discretion,
are as follows:

     

    
      	
              1

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

            

    

     

    
      	
              2

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

            

    

     

    
      	
              3

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

            

    

     

    
      	
              4

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

            

    

     

    
      	
              5

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

            

    

     

    
      	
              6

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

            

    

     

    
      	
              7

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

            

    

     

    
      	
              8

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

            

    

     

    
      	
              9

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

            

    

     

    
      	
              10

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

            

    

     

    
      	
              11

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              12

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

            

    

     

    
      	
              13

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

            

    

     

    
      	
              14

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

            

    

     

    
      	
              15

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

            

    

     

    
      	
              16

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

            

    

     

    
      	
              17

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

            

    

     

    
      	
              18

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

            

    

     

    
      	
              19

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

            

    

     

    
      	
              20

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

            

    

     

    
      	
              21

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

            

    

     

    
      	
              22

            	
              such
      other legal opinion or such other information, evidence, matter or thing
      as the Agent may require.

            

    

     

    For the
avoidance of doubt it is agreed that:

     

    
      
        	
                (a)

              	
                the
      provisions of Schedule 1, part (a) of the Fifth Supplemental Agreement
      shall be deemed to replace the provisions of Schedule 1, part 1 of the
      Principal Agreement;

              

      

    

     

    
      
        	
                (b)

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

              

      

    

     

    
      
        	
                (c)

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

              

      

    

     

    
      
        	
                (d)

              	
                from
      the date of this Agreement all references in the Principal Agreement
      to:

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    Please
countersign and return a copy of this Agreement as evidence of your agreement to
all of its terms and conditions and procure the countersignature and return of
this Agreement by the Owners and AMTM as evidence of their agreement to all of
its terms and conditions.

     

    Words and
expressions defined in the Principal Agreement shall, unless the context
otherwise requires or unless defined herein, have the same meanings when used in
this Agreement.

     

    This
Agreement and any non-contractual obligations in connection with this Agreement
shall be governed by and construed in accordance with the laws of
England.

     

    Yours
faithfully,

     

     

    _____________________________________________

    For and
on behalf of

    BANK
OF SCOTLAND plc

    (as
security agent and trustee for the Finance Parties)

     

    We agree
to the terms of this Agreement.

     

    ______________________________________________

    For and
on behalf of

    ARIES
MANAGEMENT TRANSPORT LIMITED

    

    

     

    We agree
to the terms of this Agreement.

     

    ______________________________________________

    For and
on behalf of

    AMT
MANAGEMENT LTD.

     

     

    We agree
to the terms of this Agreement.

    
      
      

    

     

    _____________________________________________

    For and
on behalf of

    OSTRIA
WAVES LTD.

    ERMINA
MART LIMITED LAND MARIN S.A.

    RIDER
MARINE S.A.

    ALTIUS
MARINE S.A.

    FORTIUS
MARINE S.A. JUBILEE SHIPHOLDING S.A. MAKASSAR MARINE LTD. SEINE MARINE
LTD.

    CHINOOK
WAVES CORPORATION

    COMPASS
OVERSEAS LTD. COMPASSION OVERSEAS LTD.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
1

    Form
of AMTM Manager's Undertaking

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Private
& Confidential

     

    Manager's
Undertaking

     

    
      
        	
                To:

              	
                Bank
      of Scotland plc

              

      

    

           
(formerly
known as The Governor and Company of the Bank of Scotland)

    Marine
Finance

    2nd
Floor

    Pentland
House

    8
Lochside Avenue

    Edinburgh
EH12 9DJ

    Scotland

    (as
agent, security agent and trustee on behalf of the Finance Parties (as defined
below))

     

    
      	
               From:
      

            	
              AMT
      Management Ltd.

            

    

    Ajeltake
Road

    Ajeltake
Island

    Majuro

    The
Marshal Islands

     

    2009

     

    Dear
Sirs

     

    Loan
to Aries Maritime. Transport Limited

     

    1         Facility
Agreement

     

    We
understand that:

     

    
      	
               
      

            	
              (a)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    2         Confirmation
of appointment

     

    We hereby
confirm that we have been appointed as the manager of m.v. "M" Official Number
[•], IMO Number [•] (the "Ship") registered under Marshall Islands flag at the
port of Majuro, pursuant to a management agreement dated [•] (the "Management
Agreement") between ourselves and the Owner and that we have accepted our
appointment thereunder in accordance with the terms and conditions
thereof.

     

    3         Representation
and warranty

     

    We hereby
represent and warrant that the copy of the Management Agreement set out in
Appendix 1 to this letter is a true and complete copy of the Management
Agreement, that the Management Agreement constitutes valid and binding
obligations of the New Manager enforceable in accordance with its terms and that
there have been no amendments or variations thereto or material and continuing
defaults thereunder by the New Manager or, to the best of the New Manager's
knowledge and belief, the Owner.

     

    4         Undertakings

     

    The New
Manager undertakes with the Agent that:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
               
      

            	
              (f)

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

            

    

     

    5         Insurance
assignment

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    6         Law
and jurisdiction

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    Yours
faithfully

     

    _____________________________

    For and
on behalf of 

    AMT
Management Ltd.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Appendix
1

    Copy
of the Management Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Appendix
2

    Notice
of Assignment

     

    We, AMT MANAGEMENT LTD. the
managers of m.v. "[•]", HEREBY GIVE NOTICE that by a first assignment dated [•]
and entered into by us with BANK OF SCOTLAND PLC (formerly known as The Governor
and Company of the Bank of Scotland) (as agent, security agent and trustee on
behalf of the Finance Parties (as therein defined)) there has been assigned by
us to the said BANK OF SCOTLAND PLC (formerly known as The Governor and Company
of the Bank of Scotland) (as agent, security agent and trustee on behalf of the
Finance Parties) as first assignees all of our right, title and interest in and
to the insurances in respect of the said Ship including the insurances
constituted by the Policy whereon this notice is endorsed.

     

    SIGNED

     

     

    ______________________________

    For and
on behalf of

    AMT MANAGEMENT LTD. 

    Dated:d1007257_ex4-9.htm

    Exhibit
4.9

    

    ARIES
MARITIME TRANSPORT LIMITED

    AMENDMENT

    TO

    2005
EQUITY INCENTIVE PLAN

    

    

    

    1.)  Section
1.5(a)

    

    The first
sentence of Section 1.5(a) is hereby revised by deleting the figure “500,000”
and replacing it by inserting the new figure “1,000,000”.

    

    2.)  Section
2.2(a)

    

    The
following proviso is hereby added at the end of Section 2.2(a):

    

    “;
provided, however, that, from and following May 29, 2009, no incentive stock
options shall be granted under the Plan.”

    

    

    

    SK 23248 0002
1007257

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