Document:

ex4-6.htm

    Exhibit
4.6

     

     

    
      Date                                            
  2009

      

      

      

      

      

      

      

      CAPITAL
PRODUCT PARTNERS L.P.

      as
Borrower

      

      - 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

      

      

      
        
          

        

         

      

      FIFTH
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, 7 April 2009 and 8 April 2009)

      in
respect of revolving credit and term loan facilities

      of
(originally) US$370,000,000 in aggregate

       

       

       

       

       

       

      
        WATSON,
FARLEY & WILLIAMS

        Piraeus

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      INDEX

      

       

    
      
        	 Clause	 	
                Page

                 

              
	
                1

              	
                INTERPRETATION

              	
                2

                 

              
	
                2

              	
                AGREEMENT
      OF THE CREDITOR PARTIES

              	
                2

                 

              
	
                3

              	
                CONDITIONS
      PRECEDENT

              	
                3

                 

              
	
                4

              	
                REPRESENTATIONS
      AND WARRANTIES

              	
                3

                 

              
	
                5

              	
                AMENDMENTS
      TO LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS

              	
                3

                 

              
	
                6

              	
                FURTHER
      ASSURANCES

              	
                5

                 

              
	
                7

              	
                FEES
      AND EXPENSES

              	
                6

                 

              
	
                8

              	
                COMMUNICATIONS

              	
                6

                 

              
	
                9

              	
                SUPPLEMENTAL

              	
                6

                 

              
	
                10

              	
                LAW
      AND JURISDICTION

              	
                6

              

      

    

    
       

      
        
          	
                  SCHEDULE   LENDERS

                	 
      	
                  8

                   

                
	
                  EXECUTION
      PAGES

                	 
      	
                  9

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      THIS AGREEMENT is made
on                                 
2009

      

      BETWEEN

      

      
        	
                (1)

              	
                CAPITAL PRODUCT PARTNERS
      L.P.  as Borrower;

              

      

       

      
        	
                (2)

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

              

      

       

      
        	
                (3)

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

              

      

       

      
        	
                (4)

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

              

      

       

      
        	
                (5)

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

              

      

       

      
        	
                (6)

              	
                HSH NORDBANK
      AG, acting
      through its office at Martensdamm 6, D-24103 Kiel,
      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, 7 April 2009 and 8 April 2009 (together, the “Loan Agreement”) and
      made between (i) the Borrower, (ii) the Lenders, (iii) the Agent, (iv) the
      Security Trustee, (v) the Bookrunner and (vi) the Swap Bank, the Lenders
      agreed to make available to the Borrower revolving credit and term loan
      facilities in an amount of (originally) US$370,000,000 in aggregate of
      which an amount of US$366,500,000 is outstanding by way of principal on
      the date hereof.

              

      

       

      
        	
                (B)

              	
                The
      Borrower has requested that the Lenders give their
  consent:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                for
      the Market Value of a Ship or a Fleet Vessel, which at the relevant time
      is subject to an Approved Charter to be calculated for the purposes of
      clause 15.4 of the Loan Agreement by taking into account the value of such
      Approved Charter during the period commencing on 30 June 2009 and ending
      on 30 June 2012 (the “Adjustment Period”);
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      increase of the ratio of Total Indebtedness less cash and cash equivalents
      to the aggregate of Market Value of all Fleet Vessels during the
      Adjustment Period.

              

      

       

      
        	
                (C)

              	
                The
      Lenders’ consent to the Borrower’s requests referred to in Recital (B) are
      subject to the following
conditions:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Margin increasing to either 1.35 or 1.45 per cent. per annum during the
      Adjustment Period; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                if
      at any time during the Adjustment Period, the rating of any Approved
      Charterer of a Ship or a Fleet Vessel subject to an Approved Charter at
      the relevant time falls below Aa2 (in the case of Moody’s) and/or AA (in
      the case of Fitch or S&P) (so long as at least two of the three rating
      agencies reduce their ratings below the levels referred to above), the
      Market Value of that Ship or a Fleet Vessel shall be calculated free of
      that Approved Charter.

              

      

       

      
        	
                (D)

              	
                This
      Agreement sets out the terms and conditions on which the Creditor Parties
      agree, with effect on and from the Effective Date, to amend the Loan
      Agreement.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      IT IS AGREED as
follows:

      

      
        	
                1

              	
                INTERPRETATION

              

      

       

      
        	
                1.1

              	
                Defined
      expressions.  Words and expressions defined in the Loan
      Agreement and the other Finance Documents shall have the same meanings
      when used in this Agreement unless the context otherwise
      requires.

              

      

       

      
        	
                1.2

              	
                Definitions.  In
      this Agreement, unless the contrary intention
  appears:

              

      

       

      “Adjustment Period” has the
meaning given in Recital B(i);

       

      “Approved Charter” means, in
relation to a Ship or a Fleet Vessel, a charterparty or other contract of
employment in respect of that Ship or Fleet Vessel having an unexpired duration
of at least 3 months entered into by the Owner of the Ship (or the applicable
member of the Group in the case of a Fleet Vessel) with an Approved
Charterer;

       

      “Approved Charterer” means BP
Shipping Limited or a charterer acceptable to the Agent (acting reasonably and
on the instructions of the Majority Lenders) which is an oil major equivalent to
BP plc (the parent company of BP Shipping Limited) and which is rated not less
than Aa2 by Moody’s or AA by Fitch or S&P;

       

      “Effective Date” means the date
on which the conditions precedent in Clause 3 are satisfied;

      

      “Fitch” means Fitch Ratings and
includes its successors;

      

      “Loan Agreement” means the loan
agreement dated 22 March 2007 (as amended and supplemented from time to time)
referred to in Recital (A);

      

      “Moody’s” means Moody’s
Investor Services Inc. and includes its successors;

      

      “Mortgage Addendum” means, in
respect of each Mortgage, an addendum thereto executed or to be executed by the
relevant Owner in favour of the Security Trustee in such form as the Agent may
approve or require and, in the plural, means all of them; and

      

      “S&P” means Standard &
Poor’s and includes its successors.

      

      
        	
                1.3

              	
                Application of construction and
      interpretation provisions of Loan Agreement.  Clauses 1.2
      and 1.5 of the Loan Agreement apply, with any necessary modifications, to
      this Agreement.

              

      

       

      
        	
                2

              	
                AGREEMENT
      OF THE CREDITOR PARTIES

              

      

       

      
        	
                2.1

              	
                Agreement of the
      Lenders.  The Lenders agree, subject to and upon the
      terms and conditions of this
Agreement:

              

      

       

      
        	
                (a)

              	
                to
      calculate during the Adjustment Period the market value of a Ship or a
      Fleet Vessel which at the relevant time is subject to an Approved Charter
      by taking into account the Approved Charter applicable thereto;
      and

              

      

       

      
        	
                (b)

              	
                to
      the increase of the ratio of Total Indebtedness less cash and cash
      equivalents to the aggregate of Market Value of all Fleet Vessels from
      0.725:1 to 0.80:1.

              

      

       

      
        	
                2.2

              	
                Agreement of the Creditor
      Parties.  The Creditor Parties agree, subject to and upon
      the terms and conditions of this Agreement, to the consequential amendment
      of the Loan Agreement and the other Finance Documents in connection with
      the matters referred to in Clause
2.1.

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      
        	
                2.3

              	
                Effective Date. The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 shall have effect on and from the Effective
      Date.

              

      

       

      
        	
                3

              	
                CONDITIONS
      PRECEDENT

              

      

       

      
        	
                3.1

              	
                General.  The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 is subject to the fulfilment of the conditions
      precedent in Clause 3.2.

              

      

       

      
        	
                3.2

              	
                Conditions
      precedent.  The conditions referred to in Clause 3.1 are
      that the Agent shall have received the following documents and evidence in
      all respects in form and substance satisfactory to the Agent and its
      lawyers on or before the Effective
Date:

              

      

       

      
        	
                (a)

              	
                documents
      of the kind specified in paragraphs 3, 4 and 5 of Schedule 3, Part A to
      the Loan Agreement in relation to the Borrower and each Owner in
      connection with their execution of this Agreement and the Mortgage
      Addenda, updated with appropriate modifications to refer to this
      Agreement;

              

      

       

      
        	
                (b)

              	
                an
      original of this Agreement duly executed by the parties to it and
      counter-signed by each of the
Owners;

              

      

       

      
        	
                (c)

              	
                receipt
      of an original of each Mortgage Addendum duly signed by the relevant Owner
      and evidence satisfactory to the Agent and its lawyers that the same has
      been registered as a valid addendum to the applicable Mortgage in
      accordance with the laws of the applicable Approved Flag
      State;

              

      

       

      
        	
                (d)

              	
                in
      relation to each Ship and each Fleet Vessel subject to an Approved
      Charter, a copy of the Approved Charter applicable thereto duly executed
      by the parties thereto and evidence satisfactory to the Agent and its
      lawyers that the relevant Ship or Fleet Vessel is operating under that
      Approved Charter;

              

      

       

      
        	
                (e)

              	
                favourable
      opinions from lawyers appointed by the Agent on such matters concerning
      the laws of the Approved Flag State(s) on which the Ships are registered
      and such other relevant jurisdictions as the Agent may
      require;

              

      

       

      
        	
                (f)

              	
                evidence
      that the fees specified in Clause 7.1 have been received in full by
      the Agent; and

              

      

       

      
        	
                (g)

              	
                any
      other document or evidence as the Agent may request in writing from the
      Borrower.

              

      

       

      
        	
                4

              	
                REPRESENTATIONS
      AND WARRANTIES

              

      

       

      
        	
                4.1

              	
                Repetition of Loan Agreement
      representations and warranties.  The Borrower represents
      and warrants to the Creditor Parties that the representations and
      warranties in clause 10 of the Loan Agreement remain true and not
      misleading if repeated on the date of this
  Agreement.

              

      

       

      
        	
                4.2

              	
                Repetition of Finance Document
      representations and warranties.  The Borrower and each of
      the other Security Parties represents and warrants to the Creditor Parties
      that the representations and warranties in the Finance Documents (other
      than the Loan Agreement) to which it is a party remain true and not
      misleading if repeated on the date of this
  Agreement.

              

      

       

      
        	
                5

              	
                AMENDMENTS
      TO LOAN AGREEMENT AND OTHER FINANCE
DOCUMENTS

              

      

       

      
        	
                5.1

              	
                Specific amendments to Loan
      Agreement.  With effect on and from the Effective Date
      the Loan Agreement shall be amended as
follows:

              

      

       

      
        	
                (a)

              	
                by
      adding the following definition in Clause 1.1
  thereof:

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      ““Adjustment Period” means the
period commencing on 30 June 2009 and ending on 30 June 2012;”;

       

      
        	
                (b)

              	
                by
      adding in Clause 1.1 thereof the definitions of “Approved Charter”,
      “Approved Charterer”, “Moody’s”, “S&P”, “Fitch” and “Mortgage
      Addendum” set out in Clause 1.2 of this
  Agreement;

              

      

       

      
        	
                (c)

              	
                by
      adding in the definition of “Approved Broker” in Clause 1.1 thereof before the words “and
      Barry Rogliano Salles” the
following:

              

      

       

      “Arrow
Sale & Purchase (UK) Ltd., Fearnleys AS, Oslo, Pareto Shipbrokers AS,
Simpson Spence & Young, London,”;

       

      
        	
                (d)

              	
                by
      deleting the definition of “Margin” in Clause 1.1 thereof in its entirety
      and substituting the same with the
following:

              

      

       

      ““Margin” means:

       

      
        	
                 
      

              	
                (a)

              	
                during
      the period starting on 22 March 2007 and ending on 29 June 2009, 0.75 per
      cent. per annum; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                at
      all other times thereafter:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                at
      any time when (A) the ratio of Total Indebtedness less cash and cash
      equivalents to the aggregate Market Value of all Fleet Vessels is up to
      (and including) 70 per cent. and (B) the Security Cover Ratio is at least
      143 per cent., 1.35 per cent. per annum;
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                at
      any time when either (A) the ratio of Total Indebtedness less cash and
      cash equivalents to the aggregate Market Value of all Fleet Vessels is
      more than 70 per cent. and up to (and including) 80 per cent. or (B) the
      Security Cover Ratio is more than 125 per cent. but less than 143 per
      cent., 1.45 per cent. per annum;”;

              

      

       

      
        	
                (e)

              	
                by
      deleting paragraph (a) of Clause 12.5 thereof in its entirety and by
      replacing it with the following:

              

      

       

      
        	
                 
      

              	
                “(a)

              	
                the
      ratio of Total Indebtedness less cash and cash equivalents to the
      aggregate Market Value of all the Fleet Vessels shall not
      exceed:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                during
      the Adjustment Period, 0.80:1; and

              

      

       

      
        	
                  

              	
                (ii)

              	
                at
      all other times thereafter,
0.725:1;”

              

      

       

      
        	
                (f)

              	
                by
      deleting paragraph (d) of clause 15.4 thereof in its entirety and by
      replacing it with the following:

              

      

       

      
        	
                 
      

              	
                “(d)

              	
                on
      the basis of a sale for prompt delivery for cash on normal arm’s length
      commercial terms as between a willing seller and a willing
      buyer:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                free
      of any existing charter or contract of
  employment:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                for
      the purpose of determining the amount of any Advance which may during the
      Adjustment Period be reborrowed pursuant to the terms of this
      Agreement;

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                (B)

              	
                for
      the purpose of determining the aggregate Market Value of all Ships then
      subject to a Mortgage for any Advance to be reborrowed pursuant to the
      terms of this Agreement; and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                at
      all times other than during the Adjustment Period;
  or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                inclusive
      of any Approved Charter during the Adjustment Period for the purpose of
      calculating the financial covenant set out in Clause 12.5(a);”;
      and

              

      

       

      
        	
                (g)

              	
                by
      adding a “hanging” paragraph at the end of clause 15.4 thereof as
      follows:

              

      

       

      “If
during the Adjustment Period:

       

      
        	
                 
      

              	
                (a)

              	
                Moody’s
      adjusts its rating of any Approved Charterer to below Aa2, and at least
      one of Fitch’s or S&P adjusts its rating of the same Approved
      Charterer to below AA; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                both
      Fitch’s and S&P adjust their rating of any Approved Charterer to below
      AA,

              

      

       

      the
Market Value of the Ship or Fleet Vessel then subject to an Approved Charter
shall be calculated free of that Approved Charter ”.

       

      
        	
                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
  Agreement;

              

      

       

      
        	
                (b)

              	
                by
      construing all references in the Loan Agreement and in the Finance
      Documents to a “Mortgage” as references to that Mortgage as amended and
      supplemented by the Mortgage Addendum applicable thereto;
    and

              

      

       

      
        	
                (c)

              	
                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 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 give full
      effect to the terms of this
Agreement.

              

      

       

      
        	
                6

              	
                FURTHER
      ASSURANCES

              

      

       

      
        	
                6.1

              	
                Borrower’s and each Security
      Party’s obligation to execute further documents etc. The Borrower
      and each Security Party shall:

              

      

       

      
        	
                (a)

              	
                execute
      and deliver to the Security Trustee (or as it may direct) any assignment,
      mortgage, power of attorney, proxy or other document, governed by the law
      of England or such other country as the Security Trustee may, in any
      particular case, specify;

              

      

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (b)

              	
                effect
      any registration or notarisation, give any notice or take any other
      step,

              

      

       

      
        	
                 
      

              	
                which
      the Agent may, by notice to the Borrower, specify for any of the purposes
      described in Clause 6.2 or for any similar or related
      purpose.

              

      

      

      
        	
                6.2

              	
                Purposes of further
      assurances.  Those purposes
  are:

              

      

       

      
        	
                (a)

              	
                validly
      and effectively to create any Security Interest or right of any kind which
      the Security Trustee intended should be created by or pursuant to the Loan
      Agreement or any other Finance Document, each as amended and supplemented
      by this Agreement, and

              

      

       

      
        	
                (b)

              	
                implementing
      the terms and provisions of this
Agreement.

              

      

       

      
        	
                6.3

              	
                Terms of further
      assurances.  The Security Trustee may specify the terms
      of any document to be executed by the Borrower or any Security Party under
      Clause 6.1, and those terms may include any covenants, powers and
      provisions which the Security Trustee considers appropriate to protect its
      interests.

              

      

       

      
        	
                6.4

              	
                Obligation to comply with
      notice.  The Borrower or any Security Party shall comply
      with a notice under Clause 6.1 by the date specified in the
      notice.

              

      

       

      
        	
                7

              	
                FEES
      AND EXPENSES

              

      

       

      
        	
                7.1

              	
                Fee.  On the
      date of this Agreement the Borrower shall pay to the Agent for the account
      of the Lenders, a non-refundable amendment fee of $366,500, which shall be
      distributed by the Agent to each of the Lenders pro rata to their
      Commitments.

              

      

       

      
        	
                7.2

              	
                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
modifications.

              

      

       

      
        	
                8

              	
                COMMUNICATIONS

              

      

       

      
        	
                (a)

              	
                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
      modifications.

              

      

       

      

      THIS AGREEMENT has been duly
executed as a Deed on the date stated at the beginning of this
Agreement.

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
 

      

      SCHEDULE

       

      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 3609293

                 

              
	
                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

                 

                Fax
      No: +30 210 954 4368

              

      

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
 

      EXECUTION
PAGES

       

      BORROWER

       

      
        
          	
                  SIGNED
      by

                  for
      and on behalf of

                  CAPITAL
      PRODUCT PARTNERS L.P.

                	
                  )

                  )

                  )

                
	
                   
      

                   

                	 
      
	
                  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

                	
                  )

                  )

                  )

                
	
                   

                   
      

                	 
      
	
                  SIGNED by

                  for
      and on behalf of

                  NATIONAL
      BANK OF GREECE S.A.

                	
                  )

                  )

                  )

                
	
                   

                   
      

                	 
      
	
                  SIGNED by

                  for
      and on behalf of

                  FORTIS
      BANK

                	
                  )

                  )

                  )

                
	
                   

                   
      

                	 
      
	
                  SWAP
      BANK

                	 
      
	
                   

                   
      

                	 
      
	
                  SIGNED by

                  for
      and on behalf of

                  HSH
      NORDBANK AG

                	
                  )

                  )

                  )

                
	
                   

                   
      

                	 
      
	
                  BOOKRUNNER

                	 
      
	
                   

                   
      

                	 
      
	
                  SIGNED by

                  for
      and on behalf of

                  HSH
      NORDBANK AG

                	
                  )

                  )

                  )

                

        

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
 

      AGENT

      

      
        
          	
                  SIGNED by

                  for
      and on behalf of

                  HSH
      NORDBANK AG

                	
                  )

                  )

                  )

                
	
                   
      

                   

                	 
      
	
                  SECURITY
      TRUSTEE

                	 
      
	
                   

                   
      

                	 
      
	
                  SIGNED by

                  for
      and on behalf of

                  HSH
      NORDBANK AG

                	
                  )

                  )

                  )

                
	
                   

                   
      

                	 
      
	
                  Witness
      to all the

                  above
      signatures

                	
                  )

                  )

                
	
                   

                   
      

                	 
      
	
                  Name:

                  Address:

                	
                   

                

        

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

      COUNTERSIGNED  this
day               
of                      
2009 for and on behalf of the following Security Parties each of which, by its
execution hereof, confirms and acknowledges that it has read and understood the
terms and conditions of this First Supplemental Agreement, that it agrees in all
respects to the same and that the Finance Documents to which it is a party shall
remain in full force and effect and shall continue to stand as security for the
obligations of the Borrower under the Loan Agreement.

       

      
 

       

      
        
          	 
      	 
      	 
      
	
                   

                  for
      and on behalf of

                  APOLLONAS
      SHIPPING COMPANY

                	 
      	
                   

                  for
      and on behalf of

                  NAVARRO
      INTERNATIONAL S.A.

                
	
                   
      

                   

                   

                   

                	 
      	 
      
	
                   

                  for
      and on behalf of

                  CARNATION
      SHIPPING COMPANY

                	 
      	
                   

                  for
      and on behalf of

                  CENTURION
      NAVIGATION LIMITED

                
	
                   
      

                   

                   

                   

                	 
      	 
      
	
                   

                  for
      and on behalf of

                  IRAKLITOS
      SHIPPING COMPANY

                	 
      	
                   

                  for
      and on behalf of

                  POLARWIND
      MARITIME .S.A.

                
	
                   
      

                   

                   

                   

                	 
      	 
      
	
                   

                  for
      and on behalf of

                  SHIPPING
      RIDER CO.

                	 
      	
                   

                  for
      and on behalf of

                  TEMPEST
      MARINE INC.

                
	
                   
      

                   

                   

                   

                	 
      	 
      
	
                   

                  for
      and on behalf of

                  
                    ROSS
      SHIPMANAGEMENT CO.

                  

                	 
      	
                   

                  for
      and on behalf of

                  
                    LAREDO
      MARITIME INC.

                  

                

        

      

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      

        
          	 
      	 
      	 
      
	
                   

                  for
      and on behalf of

                  LORENZO
      SHIPMANAGEMENT INC.

                	 
      	
                   

                  for
      and on behalf of

                  SPLENDOR
      SHIPHOLDING S.A.

                
	
                   
      

                   

                   

                   

                	 
      	 
      
	
                   

                  for
      and on behalf of

                  MANGO
      FINANCE CORP.

                	 
      	 
      
	
                   

                   

                   

                   
      

                	 
      	 
      
	
                   

                  for
      and on behalf of

                  SORREL
      SHIPMANAGEMENT INC.

                	 
      	 
      

        

      

       

       

       

      11ex4-12.htm

    Exhibit
4.12

    
 

    
       

      

       

      AMENDMENT
TO MANAGEMENT AGREEMENT

       

      AMENDMENT
NO. 4 made effective the 7th day of April 2009 to the Management Agreement dated
the 3rd day of April 2007, as amended the 24th day of September 2008 and the
27th day of March 2008 and the 30th day of April 2008 (the “Management
Agreement”); by and between CAPITAL PRODUCT PARTNERS L.P., a limited
partnership duly organized and existing under the laws of the Marshall Islands
(“CLP”), and
CAPITAL SHIP MANAGEMENT CORP., a  company duly organized and existing
under the laws of Panama with its registered office at Hong Kong Bank building,
6th
floor, Samuel Lewis Avenue, Panama, and a representative office established in
Greece at 3, Iassonos Street, Piraeus Greece (“CSM”).

       

      WHEREAS:

       

      
        	
                A.  

              	
                CLP
      owns vessels and requires certain commercial and technical management
      services for the operation of its
fleet;

              

      

       

      
        	
                B.  

              	
                Pursuant
      to the Management Agreement, CLP engaged CSM to provide such commercial
      and technical management services to CLP on the terms set out
      therein;

              

      

       

      
        	
                C.  

              	
                CLP
      wishes to acquire the product tanker Agamemnon II and to dispose of the
      product tanker Assos;

              

      

       

      
        	
                D.  

              	
                CLP
      wishes for CSM to provide commercial and technical services under the
      Management Agreement with respect to the product tanker Agamemnon II and
      to cease providing such services for the product tanker
    Assos;

              

      

       

      
        	
                E.  

              	
                CLP
      has requested that CSM agree to amend certain provisions of the Management
      Agreement, as set forth herein; and

              

      

       

      
        	
                F.  

              	
                CSM
      is willing to agree to such amendments as set forth
  herein.

              

      

       

      NOW
THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto hereby agree, on the terms and
subject to the conditions set forth herein, as follows:

       

      Section
1.  Defined
Terms.  Capitalized terms used but not defined herein shall
have the meanings assigned to such terms in the Management
Agreement.

       

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

       

      Section
2.  Amendments.  (a)
Paragraph (22) of Schedule “A” of the Management Agreement is hereby amended to
read in its entirety as follows:

       

      
        	
                 
      

              	
                (22)
      CSM shall make arrangements as instructed by the respective Classification
      Societies of the Amore Mio II, the Aristofanis and the Agamemnon II for
      the next scheduled intermediate or special survey of each vessel, as
      applicable, and all costs in connection with passing such survey
      (including dry-docking) and satisfactory compliance with class
      requirements will be borne by CSM.

              

      

       

      (b)  Schedule
“B” of the Management Agreement is hereby amended to read in its entirety as
follows:

       

      SCHEDULE B

      FEES

       

      In
consideration for the provision of the Services listed in Schedule A by CSM to
CLP, CLP shall pay CSM a fixed daily fee per time-chartered Vessel, payable on
the last day of each month, and will also pay a fixed daily fee of US$250 per
bareboat-chartered Vessel, as set forth in the table
below.  Notwithstanding anything in this Agreement to the contrary,
this Schedule will be amended from time to time to reflect the applicable fee
for each Additional Vessel, which fee shall be negotiated on a vessel-by-vessel
basis.

       

      
        
          	
                  
                    Vessel
      Name

                  

                	 	
                  
                     

                    Daily
      Fee in US$

                  

                
	 
      	 	 
      
	
                  Atlantas

                   

                	 	
                  250

                
	
                  Aktoras

                   

                	 	
                  250

                
	
                  Agisilaos

                   

                	 	
                  5,500

                
	
                  Arionas

                   

                	 	
                  5,500

                
	
                  Axios

                   

                	 	
                  5,500

                
	
                  Aiolos

                   

                	 	
                  250

                
	
                  Avax

                   

                	 	
                  5,500

                
	
                  Atrotos

                   

                	 	
                  5,500

                
	
                  Akeraios

                   

                	 	
                  5,500

                
	
                  Anemos
      I

                   

                	 	
                  5,500

                
	
                  Apostolos

                   

                	 	
                  5,500

                
	
                  Alexandros
      II

                   

                	 	
                  250

                
	
                  Aristotelis
      II

                   

                	 	
                  250

                
	
                  Aris
      II

                   

                	 	
                  250

                
	
                  Attikos

                   

                	 	
                  5,500

                
	
                  Amore
      Mio II

                   

                	 	
                  8,500

                
	
                  Aristofanis

                   

                	 	
                  5,500

                
	
                  Agamemnon
      II

                   

                	 	
                  6,500

                

        

      

       

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

       

      (c)  Schedule
“E” of the Management Agreement is hereby amended to read in its entirety as
follows:

       

      SCHEDULE
E

       

       

      DATE OF
TERMINATION

       

      

      
        	
                
                  Vessel
      Name

                

              	 	
                
                  Expected

                  Termination
      Date

                

              
	 
      	 	 
      
	
                Atlantas

                 

              	 	
                January-April
      2011

              
	
                Aktoras

                 

              	 	
                April-July
      2011

                 

              
	
                Agisilaos

                 

              	 	
                May-August
      2011

                 

              
	
                Arionas

                 

              	 	
                August-November
      2011

                 

              
	
                Axios

                 

              	 	
                December
      2011-March 2012

                 

              
	
                Aiolos

                 

              	 	
                November
      2011- February 2012

                 

              
	
                Avax

                 

              	 	
                June
      2010

              
	
                Atrotos

                 

              	 	
                February-May
      2012

                 

              
	
                Akeraios

                 

              	 	
                May-August
      2012

                 

              
	
                Anemos
      I

                 

              	 	
                July-October
      2012

                 

              
	
                Apostolos

                 

              	 	
                July-October
      2012

                 

              
	
                Alexandros
      II

                 

              	 	
                December
      2012-March 2013

                 

              
	
                Aristotelis
      II

                 

              	 	
                March-June
      2013

                 

              
	
                Aris
      II

                 

              	 	
                May-August
      2013

                 

              
	
                Attikos

                 

              	 	
                September-November
      2012

              
	
                Amore
      Mio II

                 

              	 	
                March
      - April 2013

              
	
                Aristofanis

                 

              	 	
                March
      - April 2013

              
	
                Agamemnon
      II

                 

              	 	
                October
      2013

              

      

       

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

       

       

      Section
3.  Effectiveness of
Amendment.  This Amendment shall become effective as of the
date hereof (the “Amendment Effective
Date”).

       

      Section
4.  Effect of
Amendment.  Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of, amend, or otherwise affect the rights and remedies of CLP or CSM
under the Management Agreement, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements
contained in the Management Agreement, all of which are ratified and affirmed in
all respects and shall continue in full force and effect.  Nothing
herein shall be deemed to entitle CLP or CSM to a consent to, or a waiver,
amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Management Agreement in
similar or different circumstances.  This Amendment shall apply and be
effective with respect to the matters expressly referred to
herein.  After the Amendment Effective Date, any reference to the
Management Agreement shall mean the Management Agreement with such amendments
effected hereby.

       

      Section
5.  Counterparts.  This
Amendment may be executed in one or more signed counterparts, facsimile or
otherwise, which shall together form one instrument.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      IN
WITNESS WHEREOF the Parties have executed this Amendment by their duly
authorized signatories with effect on the date first above written.

       

      
        	 	
                CAPITAL
      PRODUCT PARTNERS L.P. BY ITS GENERAL PARTNER, CAPITAL GP
      L.L.C.,

                 

              
	 	
                By:

              
	 	 
      	 
      
	 	 
      	
                Name:    
      Ioannis E. Lazaridis

              
	 	 
      	
                Title:   
         Chief Executive Officer and Chief Financial Officer of
      Capital GP L.L.C.

              

      

      
 

      
        	 	
                CAPITAL
      SHIP MANAGEMENT CORP.,

                 

              
	 	
                By:

              
	 	 
      	 
      
	 	 
      	
                Name:
 Nikolaos
  Syntichakis

              
	 	 
      	
                Title  :

  Attorney-in-Fact

              

      

      

       

      

       

       

       

       

       

       

       

      A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]