Document:

Unassociated Document

    Loan
Agreement

     

    between

     

    1.         Reederei Hartmann GmbH & Co.
KG,

     

    a company
organised and existing under the laws of Germany, with registered office at Neue
Straße 24 – 26789 Leer, Germany, represented by the general partner Reederei
Alfred Hartmann Verwaltungsgesellschaft mbH, same represented by the managing
director, Dr. Niels Hartmann

     

     -
hereinafter referred to as “RHKG” -

     

    and

     

    2.         Suresh
Capital Maritime Partners Germany  GmbH

     

    a company
organised and existing under the laws of Germany, with registered office at
Garrelsstrasse 14, 26789 Leer, Germany, represented by one of its managing directors, Mr. Jason Morton

     

    – hereinafter referred to as the “SCMP”
–

     

    WHEREAS

     

    
      	
              1.

            	
              RHKG
      and SCMP are both limited partners in ATL Offshore GmbH & Co. “ISLE OF
      LANGEOOG” KG,  (the “KG”), with a subscribed share-capital of
      EUR 2,980,000 on part of RHKG and EUR 9,000,000 on part of SCMP;
      and

            

    

     

    
      	
              2.

            	
              SCMP
      has not and remains unable to provide to the KG the part of the
      subscripted share-capital; namely € 5.350.000 have not been paid in, up to
      the date of signature of this agreement;
and

            

    

     

    
      	
              3.

            	
              the
      KG has entered into a shipbuilding contract dated November 3, 2006, for
      the construction of one anchor handling tug supply vessel with FINCANTIERI
      - Cantieri Navali Italiani S.p.A. of Genoa, Italy (hereinafter “FINC”),
      bearing FINC’s hull number 6163
      (the “Vessel”). Such contract, as may have been from time to time altered
      or amended, is hereinafter referred to as the “Shipbuilding Contract”;
      and

            

    

     

    
      	
              4.

            	
              the
      KG has, together with 11 other KG’s, entered into a Loan, Guarantee
      Facility and Credit Facility Agreement dated December 19th, 2008 with
      Norddeutsche Landesbank Girozentrale, Hannover, Germany (“Nord/LB”) as
      lender for the provision of part-financing of the purchase price of the
      Vessel (“Nord/LB Senior Loan Facility”);
and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              there
      are on-going discussions between the KG and Nord/LB about an increase in
      Nord/LB’s loan commitment, such increase being, inter alia, subject to an
      increase of a SACE-guarantee having been provided in respect of the
      existing Nord/LB Senior Loan Facility (the “Nord/LB Loan Increase”);
      and

            

    

     

    
      	
              6.

            	
              WHEREAS
      it is a condition precedent of the Nord/LB Senior Loan Facility that the
      equity in the KG is fully paid up prior to disbursement of the relevant
      loan tranche to the KG; and

            

    

     

    
      	
              7.

            	
              RHKG
      is prepared to provide additional funds in order to allow for this
      condition to be fulfilled; and

            

    

     

    
      	
              8.

            	
              In
      order to be able to provide such funds, RHKG has entered into a loan
      agreement with FINC dated 27th
      January, 2010 as from time amended (the
  “FINC-Loan”).

            

    

     

    THE
PARTIES THEREFORE NOW AGREE AS FOLLOWS:

     

    A.

    Loan
from RHKG to SCMP

     

    
      	
              I.

            	
              Grant and Purpose of
      the SCMP-Loan

            

    

     

    
      	
              1.

            	
              RHKG
      grants a loan to SCMP in the amount of € 5,350,000 (in words: Euro five
      million three hundred fifty thousand) (the “SCMP
  Loan”).

            

    

     

    
      	
              2.

            	
              The
      SCMP Loan is intended to allow SCMP to make payment of the share-capital
      to the KG. The SCMP-Loan shall therefore be paid within 2 banking days of
      signing hereof for and on behalf of  SCMP directly to the
      bank-account of the KG set out in cl. C. 1. below, such payment being
      explicitly designated as payment of share-capital for SCMP.

            

    

     

    
      	
              II.

            	
              Interest on the
      SCMP-Loan

            

    

     

    
      	
              1.

            	
              The
      SCMP Loan shall bear interest of 6% p.a. Interest shall be calculated on
      the basis of the exact number of days outstanding, the exact amount
      outstanding and a 360 days year.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              Said
      interest is to be paid by SCMP to RHKG on the day following one year after
      signing of this agreement and on any of the four anniversaries thereto
      without any taxes, fees and other
charges.

            

    

     

    
      	
              III.

            	
              Term of the
      SCMP-Loan

            

    

     

    
      	
              1.

            	
              The
      SCMP-Loan is granted for a fixed period of 5 (five) years after signing of
      this Agreement. The SCMP-Loan shall be repaid by SCMP to RHKG 60 month
      after signing hereof.

            

    

     

    
      	
              2.

            	
              The
      SCMP-Loan shall be prepaid prior to the end of the 5
      year-period:

            

    

     

    
      	
              2.1

            	
              in
      case SCMP, in its sole judgment, has
      accumulated sufficient funds to make payment of all or part of the
      outstanding amounts under the SCMP Loan;
or

            

    

     

    
      	
              2.2

            	
              in
      case of a sale or actual or agreed total loss of the Vessel; within 5
      (five) banking days after the purchase price from any buyer of the Vessel
      has been paid or any substitute from any insurance and/or P&I has been
      paid.

            

    

     

    
      	
              2.3

            	
              in case the Nord/LB Loan increase can be
      achieved, SCMP shall use its best endeavours (i) to have the KG – in a
      legally admissible way - pay out to SCMP an amount equivalent to the
      SCMP-Loan, in which case SCMP is obliged to repay the SCMP-Loan
      immediately to RHKG or, (ii) to make a voluntary early repayment of the
      SCMP-Loan by other available means.

            

    

     

    
      	
              3.

            	
              SCMP
      shall be entitled to repay all or any portion of the SCMP-Loan, without
      penalty at any time prior to the end of the loan period. Such pre-payments
      have to be advised by SCMP to RHKG at least 10 banking days in
      advance.

            

    

     

    
      	
              IV.

            	
              Securities

            

    

     

    
      	
              .

            	
              Payment
      of the SCMP-Loan of EUR 5,350,000 (Euro five million three hundred fifty
      thousand) and relevant interest will be secured cumulatively by the
      following (each a “Security Instrument” and collectively the “Security
      Instruments”) in a form acceptable to
RHKG:

            

    

     

    
      	
               
      

            	
              a)

            	
              Notarial
      deed containing an abstract acknowledgment of debt in the amount of the
      SCMP-Loan plus 6% interest p.a. with submission to immediate execution
      (“abstraktes Schuldanerkenntnis mit Unterwerfung unter die sofortige
      Zwangsvollstreckung”), as per Annex 1
hereto.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              b)

            	
              Assignment
      by SCMP of all rights to dividend payments arising from a share-capital of
      EUR 5,350,000 from the KG, provided that in case of partial re-payment of
      the loan RHKG shall release the rights to dividends in relation to such
      part of the share-capital for which payments have been
    made;

            

    

     

    
      	
               
      

            	
              c)

            	
              upon
      demand by RHKG pledge the shares held by SCMP in the KG up to a nominal
      value of € 5.350.000,00; for purposes
      hereof, the parties agree that upon any exercise by RHKG against the
      pledged shares, the value of such shares surrendered shall be the value of
      the share-capital paid for such
shares.

            

    

     

    
      	
              V.

            	
              Warranties and
      Representations, Covenants

            

    

     

    
      	
              1.

            	
              SCMP
      shall use its reasonable best efforts
      to collect sufficient funds to be able to repay the SCMP-loan before the
      expiry of the five-year term.

            

    

     

    
      	
              2.

            	
              SCMP
      shall not dispose any of its assets
      or accept any restructuring measures in a way unreasonably detrimental to RHKG’s security
      interest.

            

    

     

    
      	
              3.

            	
              To the knowledge of SCMP, KG has not any
      dividend restriction other than with NORD/LB or the Share Transfer
      Agreement in place as to the distribution of profits and will not agree to
      any such restriction, other than provided in the agreement with
      Nord/LB;

            

    

     

    
      	
              4.

            	
              SCMP
      shall present financial statements fully audited in accordance with GAAP
      to RHKG latest at June 30th
      of the following year.

            

    

     

    
      	
              5.

            	
              SCMP
      shall present non-audited semi-annual management accounts (i.e. profit and
      loss, and balance sheet) per June 30th
      to RHKG on July 30th
      of each year.

            

    

     

    
      	
              6.

            	
              The
      profits of the KG distributed to SCMP are reserved and used only for the
      repayment of the SCMP-Loan.

            

    

     

    
      	
              VI.

            	
              Events of
      Default

            

    

     

    
      	
               
      

            	
              1.

            	
              An
      Event of Default occurs if:

            

    

     

    
      	
               
      

            	
              a.

            	
              SCMP
      fails to pay when due the SCMP-Loan or interest or other sum payable
      hereunder or under or pursuant to any of the Security Instruments or other
      document relating to this Agreement;
or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              b.

            	
              SCMP
      defaults in the performance or observance of any other obligation or term
      contained herein, in any of the Security Instruments or other document
      relating to this Agreement; or

            

    

     

    
      	
               
      

            	
              c.

            	
              this
      Agreement or any of the Security Instruments ceases in whole or in part to
      be valid, binding or enforceable;
or

            

    

     

    
      	
               
      

            	
              d.

            	
              any
      representation, warranty covenant or undertaking made by SCMP in this Agreement or in any
      certificate, statement or other document delivered in connection with the
      execution and delivery hereof shall prove to have been incorrect,
      inaccurate or misleading in any material respect;
  or

            

    

     

    
      	
               
      

            	
              e.

            	
              there
      is a material adverse change in the financial situation of SCMP and such
      occurrence in the opinion of RHKG makes it unlikely that SCMP will be able
      to perform their obligations hereunder and/or under the Security
      Instruments in the manner provided herein and/or therein;
    or

            

    

     

    
      	
               
      

            	
              f.

            	
              SCMP
      ceases or threatens to cease to carry on its business or disposes or
      threatens to dispose of any substantial part of its assets or the same are
      seized or appropriated for any reason;
or

            

    

     

    
      	
               
      

            	
              g.

            	
              SCMP
      becomes insolvent or bankrupt or becomes unable to pay its debts as they
      mature or makes any composition with or assignment for the benefit of its
      creditors or applies for or consents to or sustains the appointment of a
      trustee or receiver in respect of its assets or a substantial part thereof
      or ceases or threatens to cease to carry on business;
  or

            

    

     

    
      	
               
      

            	
              h.

            	
              SCMP
      ceases to be a limited partner (Kommanditist) of the KG
      holding a minimum of fifty (50) percent of the KG;
  or

            

    

     

    
      	
               
      

            	
              i.

            	
              any
      event of default occurs under the Nord/LB Senior Loan Facility and Nord/LB
      has therefore given notice of termination of the Senior
    Loan.

            

    

     

    
      	
               
      

            	
              2.

            	
              If
      any such event occurs, RHKG shall be entitled by written notice to the
      SCMP to declare the SCMP-Loan immediately due and payable with interest
      accrued thereon and with the ability to enforce the Securities or any of
      them.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      B.

    

    
      Further
Disbursements;

    

    
      Costs
and expenses

    

     

    
      	
              1.

            	
              In
      addition to the terms set out above, under the FINC-Loan RHKG has assumed
      50% of the outstanding debt of FINC towards H Clarkson & Company
      Limited (“Clarksons”) concerning the brokerage agreement relating to the
      Vessel (Hull No. 6163), pursuant to § 415 of the German Civil Code
      (“BGB”). In case Clarksons does not agree to the assumption of debt, RHKG
      is obliged to satisfy Clarksons in time pursuant to § 415 III
      BGB.

            

    

     

    
      	
              2.

            	
              If
      and insofar as RHKG has to make any payment to either Clarksons or FINC
      due to this assumption of debt, SCMP shall indemnify RHKG for 75 % of all
      monies advanced or disbursed.

            

    

     

    
      	
              3.

            	
              RHKG
      has further undertaken the following obligation toward FINC under the
      FINC-Loan:

            

    

     

    “At
March 31, 2014 RHKG will obtain on its own cost an updated fair market
evaluation of any goods encumbered with a security for the FINC-Loan provided by
an internationally well reputed independent appraiser or ship broker. The
evaluation is to be made without physical inspection of the good and on the
basis of an arms-length transaction between willing buyer and willing
seller.

     

    
      	
               
      

            	 	
              If
      the fair market value assessed in accordance with the aforementioned
      evaluation shall be less than 120% of the aggregate outstanding FINC-Loan
      including interest, if unpaid (“Shortfall”), RHKG covenants to furnish
      FINC with an additional security for the purpose of remedying the
      Shortfall. The fair market value of the additional security shall be
      determined in the same method as the other goods provided as security and
      shall not be less than the
Shortfall.“

            

    

     

    If and
insofar as RHKG has to make any payment or other arrangements to FINC due to the
above obligation, SCMP shall indemnify RHKG for all monies advanced or disbursed
or costs or fees incurred or otherwise.

     

    
      	
              4.

            	
              SCMP
      shall reimburse RHKG for the costs of any security provided in respect of
      the FINC-Loan, including but not limited to the costs of registration of
      any mortgages and the costs of any guarantees provided as security to FINC
      by RHKG or third parties at RHKG’s request and
  costs.

            

    

     

    
      	
              5.

            	
              SCMP
      shall re-imburse RHKG for any cost of legal advice in relation to the
      FINC-loan and this agreement, including but not limited to disbursements,
      taxes, duties etc.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              An
      invoice provided by RHKG and supported by relevant vouchers or other
      documentation of disbursements shall be conclusive evidence of the amounts
      payable by SCMP pursuant to this section
C.

            

    

     

    
      	
              7.

            	
              Any
      other costs in relation hereto are to be borne by the party that incurs
      them

            

    

     

    C.

    Final Provisions

     

    
      	
              I.

            	
              Payments

            

    

     

    
      	
              1.

            	
              The
      SCMP-Loan shall be paid to the following bank account of the
      KG:

            

    

     

    
      	
               
      

            	
              Norddeutsche
      Landesbank Girozentrale,

            

    

    
      	
               
      

            	
              Hannover/Germany,

            

    

    
      	
               
      

            	
              Bank
      Code: 250 500 00

            

    

    
      	
               
      

            	
              IBAN:
      DE 39 2505 0000 0199 8869 04

            

    

     

    
      	
              2.

            	
              Any
      payment to RHKG under the SCMP-Loan shall be made to the following bank
      account of RHKG:

            

    

     

    
      
      

    

    
      
        	 	

                Ostfriesische
      Volksbank eG,

              
	
                 
      

              	
                Leer/Germany,

              

      

    

    
      	
               
      

            	
              BIC:
      GENODEF1LER

            

    

    
      	
               
      

            	
              IBAN:
      DE 23 285 900 75 000 1799 000

            

    

     

    II.       Severability

     

    Should
any provision of this Agreement be invalid or unenforceable or to be regarded as
invalid or unenforceable, then the validity and enforceability of the remaining
provisions of this Agreement shall not be affected. In this case, the parties
will identify and replace the invalid or unenforceable provision or provisions
with provision/provisions which comes/come closest to the commercially intended.
The same applies in case of gaps in this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              III.

            	
              Modifications

            

    

     

    Any and
all changes and/or amendments to this Agreement shall be in writing only; this
applies in particular to this provision.

     

    
      	
              IV.

            	
              Applicable Law and
      Settlement of Disputes

            

    

     

    
      	
              1.

            	
              All
      rights and obligations arising out of or in connection with this Agreement
      shall be governed by and interpreted according to the Law of the Federal
      Republic of Germany.

            

    

     

    
      	
              2.

            	
              All
      disputes arising out of or in connection with this Agreement or concerning
      its validity shall be finally settled by arbitration in accordance with
      the Arbitration Rules of the German Maritime Arbitration Association.
      Place of arbitration is Hamburg. Language of Arbitration is
      English.

            

    

     

    
      	
              V.

            	
              Notices

            

    

     

    
      	
              1.

            	
              Any
      notice to be served on any party by the other shall be sent by prepaid
      recorded delivery or registered post or by facsimile and shall be deemed
      to have been received by the addressee within 72 hours of posting or 24
      hours if sent by facsimile to the correct facsimile number of the
      addressee.  Time for service of notice shall not run during a
      day when it is not a business day in the place of
    addressee.

            

    

     

    
      	
              2.

            	
              The
      Parties’ addresses and other details for the purposes of this Clause 14
      are as follows:

            

    

     

    Reederei
Hartmann GmbH & Co. KG

    Attn: Dr.
Niels Hartmann

    Neue
Straße 24

    26789
Leer

    Germany,

    Tel.      +49
– 491 - 999700

    Fax:      +49
– 491 -9997060

    Email:
n.hartmann@hartmann-ag.com

     

    Suresh
Capital Maritime Partners Germany GmbH

    c/o III
to I IMS Holdings

    Attn.:
Jason Morton

    5580
Peterson Lane - Suite 250,

    75240
Dallas,

    United
States of America

    Tel.:      +
1 972 392 5400 ;

    E-mail:
Jmorton@3to1ims.com

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    or any
other address notified by a party to all other parties.

     

    Signed
this 10th day of
February, 2010

     

    
      
        
          
            
              
                	
                        /s/  Jason
      Morton

                      	 	
                        /s/  Dr.
      Niels Hartmann

                      
	
                        Suresh
      Capital Maritime Partners Germany GmbH

                      	 
      	
                        Reederei
      Hartmann GmbH & Co. KG

                      
	 	 	 
	
                        By:
      Jason Morton

                        Title: Managing
      Director

                      	 
      	
                        By:
      Dr. Niels Hartmann

                        Title: Managing
      DirectorUnassociated Document

    Loan
Agreement

     

    between

     

    1.         Reederei Hartmann GmbH & Co.
KG,

     

    a company
organised and existing under the laws of Germany, with registered office at Neue
Straße 24 – 26789 Leer, Germany, represented by the general partner Reederei
Alfred Hartmann Verwaltungsgesellschaft mbH, same represented by the managing
director, Dr. Niels Hartmann

     

     –
hereinafter referred to as “RHKG” -

     

    and

     

    2.         Suresh
Capital Maritime Partners Germany GmbH

     

    a company
organised and existing under the laws of Germany, with registered office at
Garrelsstrasse 14, 26789 Leer, Germany, represented by the by the managing
director, Mr. Jason Morton

     

    –
hereinafter referred to as the “SCMP” –

     

    WHEREAS

     

    
      	
              1.

            	
              RHKG
      and SCMP are both limited partners in ATL Offshore GmbH & Co. “ISLE OF
      AMRUM” KG, (the “KG”), with a subscribed share-capital of EUR 3,355,000.00
      on part of RHKG and EUR 10,125,000.00 on part of SCMP;
  and

            

    

     

    
      	
              2.

            	
              SCMP
      has not and remains unable to provide to the KG the part of the
      subscripted share-capital; namely € 6,050,000.00 have not been paid in, up
      to the date of signature of this agreement;
and

            

    

     

    
      	
              3.

            	
              the
      KG has entered into a shipbuilding contract dated January 30th
      2007, for the construction of one anchor handling tug supply vessel with
      FINCANTIERI - Cantieri Navali Italiani S.p.A. of Genoa, Italy (hereinafter
      “FINC”), bearing FINC’s hull number 6168
      (the “Vessel”). Such contract, as may have been from time to time altered
      or amended, is hereinafter referred to as the “Shipbuilding Contract”;
      and

            

    

     

    
      	
              4.

            	
              the
      KG has, together with 11 other KG’s, entered into a Loan, Guarantee
      Facility and Credit Facility Agreement dated December 19th, 2008 with
      Norddeutsche Landesbank Girozentrale, Hannover, Germany (“Nord/LB”) as
      lender for the provision of part-financing of the purchase price of the
      Vessel (“Nord/LB Senior Loan Facility”);
and

            

    

     

    
      
         

      

      
        1/9

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              there
      are on-going discussions between the KG and Nord/LB about an increase in
      Nord/LB’s loan commitment, such increase being, inter alia, subject to an
      increase of a SACE-guarantee having been provided in respect of the
      existing Nord/LB Senior Loan Facility (the “Nord/LB Loan Increase”);
      and

            

    

     

    
      	
              6.

            	
              WHEREAS
      it is a condition precedent of the Nord/LB Senior Loan Facility that the
      equity in the KG is fully paid up prior to disbursement of the relevant
      loan tranche to the KG; and

            

    

     

    
      	
              7.

            	
              RHKG
      is prepared to provide additional funds in order to allow for this
      condition to be fulfilled; and

            

    

     

    
      	
              8.

            	
              In
      order to be able to provide such funds, RHKG has entered into a loan
      agreement with FINC dated March 2, 2010 as from time amended (the
      “FINC-Loan”).

            

    

     

    THE
PARTIES THEREFORE NOW AGREE AS FOLLOWS:

     

    A.

    Loan
from RHKG to SCMP

     

    
      	
              I.

            	
              Grant and Purpose of
      the SCMP-Loan

            

    

     

    
      	
              1.

            	
              RHKG
      grants a loan to SCMP in the amount of € 6,050,000.00 (in words: Euro
      six million and fifty thousand) (the “SCMP
  Loan”).

            

    

     

    
      	
              2.

            	
              The
      SCMP Loan is intended to allow SCMP to make payment of the share-capital
      to the KG. The SCMP-Loan shall therefore be paid within 2 banking days of
      signing hereof for and on behalf of SCMP directly to the bank-account of
      the KG set out in cl. C. 1. below, such payment being explicitly
      designated as payment of share-capital for
SCMP.

            

    

     

    
      	
              II.

            	
              Interest on the
      SCMP-Loan

            

    

     

    
      	
              1.

            	
              The
      SCMP Loan shall bear interest of 6% p.a. Interest shall be calculated on
      the basis of the exact number of days outstanding, the exact amount
      outstanding and a 360 days year.

            

    

     

    
      
         

      

      
        2/9

        
          

        

      

      
         

      

    

    
      	
              2.

            	
              Said
      interest is to be paid by SCMP to RHKG on the day following one year after
      signing of this agreement and on any of the four anniversaries thereto
      without any taxes, fees and other
charges.

            

    

     

    
      	
              III.

            	
              Term of the
      SCMP-Loan

            

    

     

    
      	
              1.

            	
              The
      SCMP-Loan is granted for a fixed period of 5 (five) years after signing of
      this Agreement. The SCMP-Loan shall be repaid by SCMP to RHKG 60 month
      after signing hereof.

            

    

     

    
      	
              2.

            	
              The
      SCMP-Loan shall be prepaid prior to the end of the 5
      year-period:

            

    

     

    
      	
              2.1

            	
              in
      case SCMP, in its sole judgement, has accumulated sufficient funds to make
      payment of all or part of the outstanding amounts under the SCMP Loan;
      or

            

    

     

    
      	
              2.2

            	
              in
      case of a sale or actual or agreed total loss of the Vessel; within 5
      (five) banking days after the purchase price from any buyer of the Vessel
      has been paid or any substitute from any insurance and/or P&I has been
      paid.

            

    

     

    
      	
              2.3

            	
              In
      case the Nord/LB Loan increase can be achieved, SCMP shall use its best
      endeavours (i) to have the KG – in a legally admissible way - pay out to
      SCMP an amount equivalent to the SCMP-Loan, in which case SCMP is obliged
      to repay the SCMP-Loan immediately to RHKG or, (ii) to make a voluntary
      early repayment of the SCMP-Loan by other available
  means.

            

    

     

    
      	
              3.

            	
              SCMP
      shall be entitled to repay all or any portion of the SCMP-Loan, without
      penalty at any time prior to the end of the loan period. Such pre-payments
      have to be advised by SCMP to RHKG at least 10 banking days in
      advance.

            

    

     

    
      	
              IV.

            	
              Securities

            

    

     

    
      	
              .

            	
              Payment
      of the SCMP-Loan of EUR 6,050,000.00 (Euro six million and fifty
      thousand) and relevant interest will be secured cumulatively by the
      following (each a “Security Instrument” and collectively the “Security
      Instruments”) in a form acceptable to
RHKG:

            

    

     

    
      	
               
      

            	
              a)

            	
              Notarial
      deed containing an abstract acknowledgment of debt in the amount of the
      SCMP-Loan plus 6% interest p.a. with submission to immediate execution
      (“abstraktes Schuldanerkenntnis mit Unterwerfung unter die sofortige
      Zwangsvollstreckung”), as per Annex 1
hereto.

            

    

     

    
      
         

      

      
        3/9

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              b)

            	
              Assignment
      by SCMP of all rights to dividend payments arising from a share-capital of
      EUR 6,050,000.00 from the KG, provided that in case of partial re-payment
      of the loan RHKG shall release the rights to dividends in relation to such
      part of the share-capital for which payments have been made.

            

    

     

    
      	
               
      

            	
              c)

            	
              upon
      demand by RHKG pledge the shares held by SCMP in the KG up to a nominal
      value of € 6,050,000.00, for purposes hereof, the parties
      agree that upon any exercise by RHKG against the pledged shares, the value
      of such shares surrendered shall be the value of the share-capital paid
      for such shares.

            

    

     

    
      	
              V.

            	
              Warranties and
      Representations, Covenants

            

    

     

    
      	
              1.

            	
              SCMP
      shall use its best efforts to collect sufficient funds to be able to repay
      the SCMP-loan before the expiry of the five-year
  term.

            

    

     

    
      	
              2.

            	
              SCMP
      shall not dispose any of its assets or accept any restructuring measures
      in a way unreasonably detrimental to RHKG’s security
    interest.

            

    

     

    
      	
              3.

            	
              To
      the knowledge of SCMP, KG has not any dividend restriction other than with
      NORD/LB or the Share Transfer Agreement in place as to the distribution of
      profits and will not agree to any such restriction, other than provided in
      the agreement with Nord/LB;

            

    

     

    
      	
              4.

            	
              SCMP
      shall present financial statements fully audited in accordance with German
      GAAP standards to RHKG latest at June 30th
      of the following year.

            

    

     

    
      	
              5.

            	
              SCMP
      shall present non-audited semi-annual management accounts (i.e. profit and
      loss, and balance sheet) per June 30th
      to RHKG on July 30th
      of each year.

            

    

     

    
      	
              6.

            	
              The
      profits of the KG distributed to SCMP are reserved and used only for the
      repayment of the SCMP-Loan.

            

    

     

    
      	
              VI.

            	
              Events of
      Default

            

    

     

    
      	
               
      

            	
              1.

            	
              An
      Event of Default occurs if:

            

    

     

    
      	
               
      

            	
              a.

            	
              SCMP
      fails to pay when due the SCMP-Loan or interest or other sum payable
      hereunder or under or pursuant to any of the Security Instruments or other
      document relating to this Agreement;
or

            

    

     

    
      
         

      

      
        4/9

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              b.

            	
              SCMP
      or KG defaults in the performance or observance of any other obligation or
      term contained herein, in any of the Security Instruments or other
      document relating to this Agreement;
or

            

    

     

    
      	
               
      

            	
              c.

            	
              this
      Agreement or any of the Security Instruments ceases in whole or in part to
      be valid, binding or enforceable;
or

            

    

     

    
      	
               
      

            	
              d.

            	
              any
      representation, warranty covenant or undertaking made by SCMP in this
      Agreement or in any certificate, statement or other document delivered in
      connection with the execution and delivery hereof shall prove to have been
      incorrect, inaccurate or misleading in any material respect;
      or

            

    

     

    
      	
               
      

            	
              e.

            	
              there
      is a material adverse change in the financial situation of SCMP and such
      occurrence in the opinion of RHKG makes it unlikely that SCMP will be able
      to perform their obligations hereunder and/or under the Security
      Instruments in the manner provided herein and/or therein;
    or

            

    

     

    
      	
               
      

            	
              f.

            	
              SCMP
      ceases or threatens to cease to carry on its business or disposes or
      threatens to dispose of any substantial part of its assets or the same are
      seized or appropriated for any reason;
or

            

    

     

    
      	
               
      

            	
              g.

            	
              SCMP
      and/or the KG becomes insolvent or bankrupt or becomes unable to pay its
      debts as they mature or makes any composition with or assignment for the
      benefit of its creditors or applies for or consents to or sustains the
      appointment of a trustee or receiver in respect of its assets or a
      substantial part thereof or ceases or threatens to cease to carry on
      business; or

            

    

     

    
      	
               
      

            	
              h.

            	
              SCMP
      ceases to be a limited partner (Kommanditist) of the KG
      holding a minimum of fifty (50) percent of the KG;
  or

            

    

     

    
      	
               
      

            	
              i.

            	
              any
      event of default occurs under the Nord/LB Senior Loan Facility and Nord/LB
      has therefore given notice of termination of the Senior
    Loan.

            

    

     

    
      	
               
      

            	
              2.

            	
              If
      any such event occurs, RHKG shall be entitled by written notice to the
      SCMP to declare the SCMP-Loan immediately due and payable with interest
      accrued thereon and with the ability to enforce the Securities or any of
      them.

            

    

     

    
      
         

      

      
        5/9

        
          

        

      

      
         

      

    

     

    
      B.

    

    
      Further
Disbursements;

    

    
      Costs
and expenses

    

     

    
      	
              1.

            	
              In
      addition to the terms set out above, under the FINC-Loan RHKG has assumed
      50% of the outstanding debt of FINC towards H Clarkson & Company
      Limited (“Clarksons”) concerning the brokerage agreement relating to the
      Vessel (Hull No. 6168), pursuant to § 415 of the German Civil Code
      (“BGB”). In case Clarksons does not agree to the assumption of debt, RHKG
      is obliged to satisfy Clarksons in time pursuant to § 415 III
      BGB.

            

    

     

    
      	
              2.

            	
              If
      and insofar as RHKG has to make any payment to either Clarksons or FINC
      due to this assumption of debt, SCMP shall indemnify RHKG for 75 % of all
      monies advanced or disbursed.

            

    

     

    
      	
              3.

            	
              RHKG
      has further undertaken the following obligation toward FINC under the
      FINC-Loan:

            

    

     

    “At
March 31, 2014 RHKG will obtain on its own cost an updated fair market
evaluation of any goods encumbered with a security for the FINC-Loan provided by
an internationally well reputed independent appraiser or ship broker. The
evaluation is to be made without physical inspection of the good and on the
basis of an arms-length transaction between willing buyer and willing
seller.

     

    
      	
               
      

            	
              If
      the fair market value assessed in accordance with the aforementioned
      evaluation shall be less than 120% of the aggregate outstanding FINC-Loan
      including interest, if unpaid (“Shortfall”), RHKG covenants to furnish
      FINC with an additional security for the purpose of remedying the
      Shortfall. The fair market value of the additional security shall be
      determined in the same method as the other goods provided as security and
      shall not be less than the
Shortfall.“

            

    

     

    If and
insofar as RHKG has to make any payment or other arrangements to FINC due to the
above obligation, SCMP shall indemnify RHKG for all monies advanced or disbursed
or costs or fees incurred or otherwise.

     

    
      	
              4.

            	
              SCMP
      shall reimburse RHKG for the costs of any security provided in respect of
      the FINC-Loan, including but not limited to the costs of registration of
      any mortgages and the costs of any guarantees provided as security to FINC
      by RHKG or third parties at RHKG’s request and
  costs.

            

    

     

    
      
         

      

      
        6/9

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              SCMP
      shall re-imburse RHKG for any cost of legal advice in relation to the
      FINC-loan and this agreement, including but not limited to disbursements,
      taxes, duties etc.

            

    

     

    
      	
              6.

            	
              An
      invoice provided by RHKG and supported by relevant vouchers or other
      documentation of disbursements shall be conclusive evidence of the amounts
      payable by SCMP pursuant to this section
C.

            

    

     

    
      	
              7.

            	
              Any
      other costs in relation hereto are to be borne by the party that incurs
      them

            

    

     

    C.

    Miscellaneous

     

    
      	
              I.

            	
              Payments

            

    

     

    
      	
              1.

            	
              The
      SCMP-Loan shall be paid to the following bank account of the
      KG:

            

    

     

    
      Account
number: 199 886 946

    

    Norddeutsche
Landesbank Girozentrale,

    Hannover/Germany,

     

    
      2.      
Any
payment to RHKG under the SCMP-Loan shall be made to the following bank account
of RHKG:

    

     

    
      BIC:
GENODEF1LER

    

    IBAN: DE
23 285 900 75 000 1799 000

    Ostfriesische
Volksbank eG,

    Leer/Germany,

     

    II.       Severability

     

    Should
any provision of this Agreement be invalid or unenforceable or to be regarded as
invalid or unenforceable, then the validity and enforceability of the remaining
provisions of this Agreement shall not be affected. In this case, the parties
will identify and replace the invalid or unenforceable provision or provisions
with provision/provisions which comes/come closest to the commercially intended.
The same applies in case of gaps in this Agreement.

    
      
         

      

      
        7/9

        
          

        

      

      
         

      

    

    
      	
              III.

            	
              Modifications

            

    

     

    Any and
all changes and/or amendments to this Agreement shall be in writing only; this
applies in particular to this provision.

     

    
      	
              IV.

            	
              Applicable Law and
      Settlement of Disputes

            

    

     

    
      	
              1.

            	
              All
      rights and obligations arising out of or in connection with this Agreement
      shall be governed by and interpreted according to the Law of the Federal
      Republic of Germany.

            

    

     

    
      	
              2.

            	
              All
      disputes arising out of or in connection with this Agreement or concerning
      its validity shall be finally settled by arbitration in accordance with
      the Arbitration Rules of the German Maritime Arbitration Association.
      Place of arbitration is Hamburg. Language of Arbitration is
      English.

            

    

     

    
      
         

      

      
        8/9

        
          

        

      

      
         

      

    

    
      	
              V.

            	
              Notices

            

    

     

    
      	
              1.

            	
              Any
      notice to be served on any party by the other shall be sent by prepaid
      recorded delivery or registered post or by facsimile and shall be deemed
      to have been received by the addressee within 72 hours of posting or 24
      hours if sent by facsimile to the correct facsimile number of the
      addressee. Time for service of notice shall not run during a day when it
      is not a business day in the place of
addressee.

            

    

     

    
      	
              2.

            	
              The
      Parties’ addresses and other details for the purposes of this Clause 14
      are as follows:

            

    

     

    Reederei
Hartmann GmbH & Co. KG

    Attn: Dr.
Niels Hartmann

    Neue
Straße 24

    26789
Leer

    Germany,

    Tel.      +49
– 491 - 999700

    Fax:      +49
– 491 -9997060

    Email:
n.hartmann@hartmann-ag.com

     

    Suresh
Capital Maritime Partners Germany GmbH

    c/o Cain,
Watters & Associates

    Attn.:
Jason Morton

    5580
Peterson Lane - Suite 250,

    75240
Dallas,

    United
States of America

    Tel.:     +
1 972 392 5400 ;

    E-mail:
Jmorton@3to1fmr.com

     

    or any
other address notified by a party to all other parties.

     

    Signed
this 5th day of
March, 2010

          

             

    
      
        	
                /s/
      Jason Morton

              	 	
                /s/
      Dr. Niels Hartmann

              
	      
                Suresh
      Capital Maritime Partners Germany GmbH

              	 	      
                Reederei
      Hartmann GmbH & Co. KG

              
	 
      	 
      	 
      
	
                By:
      Jason Morton

                Title: Managing
      Director

              	 
      	
                By:
      Dr. Niels Hartmann

                Title: Managing
      Director

              

      

    

    
      
         

      

      
        9/9

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