Document:

EXHIBIT
10.1

       

      AGREEMENT
(this “Agreement”) is
entered as of January 21, 2010, among United Energy Corp., a Nevada corporation
(the “Company”), Ronald
Wilen (“Wilen”), and Hilltop
Holding Company, L.P., a Delaware limited partnership (“Hilltop”).

       

      WHREAS, the Company previously issued
to Wilen (a) its 12% Promissory Note, dated as of March 13, 2009, in the
original stated principal amount of $50,000.00 (as amended, the “Wilen March Note”),
(b) pursuant to the Agreement, dated as of May 13, 2009 (the “May Agreement”),
among the Company, Wilen, Martin Rappaport (“Rappaport”), Jack
Silver (“Silver”) and
Sherleigh Associates Inc. Profit Sharing Plan, its Secured Convertible
Promissory Note, dated as of May 13, 2009, in the stated principal amount of
$50,000 (as amended, the “Wilen May Note”), and
(c) pursuant to the Agreement, dated as of October 13, 2009 (the “October Agreement”),
among the Company, Wilen, Rappaport and Silver, its Secured Convertible
Promissory Note, dated as of July 29, 2009, in the stated principal amount of
$50,000 (the “Wilen
July Note”, and collectively, the “Wilen
Notes”);

       

      WHEREAS, the Company previously issued
to Rappaport (a) its 12% Promissory Note, dated as of March 23, 2009, in the
original stated principal amount of $50,000.00 (as amended, the “Rappaport March
Note”), (b) pursuant to the May Agreement, its Secured Convertible
Promissory Note, dated as of May 13, 2009, in the stated principal amount of
$50,000 (the “Rappaport May Note”),
and (c) pursuant to the October Agreement, its Secured Convertible Promissory
Note, dated as of August 13, 2009, in the stated principal amount of $50,000
(the “Rappaport August
Note”, and collectively, the “Rappaport
Notes”);

       

      WHEREAS, the Company previously issued
to Hilltop (a) pursuant to the May Agreement, its Secured Convertible Promissory
Note, dated as of May 13, 2009, in the stated principal amount of $101,016.67
(as amended, the “Hilltop May Note”),
which note was originally issued erroneously to Silver, and (b) pursuant to the
October Agreement, its Secured Convertible Promissory Note, dated as of August
27, 2009, in the stated principal amount of $50,000 (the “Hilltop August Note”,
and collectively the “Hilltop Notes”) (the
Wilen Notes, the Rappaport Notes and the Hilltop Notes are collectively referred
to herein as the “Existing
Notes”);

       

      WHEREAS, pursuant to the May Agreement,
(a) the Wilen March Note was amended and restated as the Amended and Restated
12% Secured Convertible Promissory Note, dated as of May 13, 2009, in the stated
principal amount of $51,016.67, and (b) the Rappaport March Note was amended and
restated as the Amended and Restated 12% Secured Convertible Promissory Note,
dated as of May 13, 2009, in the stated principal amount of
$50,850.00;

       

      WHEREAS, pursuant to the Agreement to
Amend Promissory Note, dated as of July 13, 2009 (the “July Agreement”),
among the Company, Wilen, Rappaport and Silver, the Wilen March Note, the Wilen
May Note, the Rappaport March Note, the Rappaport May Note and the Hilltop May
Note were amended to extend the maturity date thereof;

       

      WHEREAS, pursuant to the October
Agreement, the Wilen March Note, the Wilen May Note, the Rappaport March Note,
the Rappaport May Note and the Hilltop May Note were further amended to, inter alia, extend the
maturity date thereof to January 29, 2010;

       

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      WHEREAS, pursuant to the Agreement,
dated as of January 29, 2010 (the “January Agreement”),
among the Company, Wilen, Hilltop and Rappaport, each of the Existing Notes were
further amended to, inter
alia, extend the maturity date thereof to January 31, 2011;

       

      WHEREAS, pursuant to a Securities
Purchase Agreement, dated as of January 10, 2011, between Hilltop and Sondra
Rappaport as Executrix of the Estate of Martin Rappaport, Hilltop has acquired
all of the Rappaport Notes and all of Rappaport’s rights under the Security
Agreement, the Patent Security Agreement and the Intercreditor Agreement (as
such terms are defined below);

       

      WHEREAS, the Company, Wilen, Hilltop
and Rappaport desire to further extend the maturity date of the Existing Notes,
upon the terms and conditions stated in this Agreement;

       

      WHEREAS, Hilltop desires to purchase,
upon the terms and conditions stated in this Agreement, (a) the Company’s
Secured Convertible Promissory Note (the “New Note”),
substantially in the form attached hereto as Exhibit A, in the
principal amount of $100,000.00, and (b) warrants (the “New Warrants”),
substantially in the form attached hereto as Exhibit B, to acquire
1,111,111 shares of the Company’s Common Stock;

       

      WHEREAS, subject to the terms and
conditions stated in this Agreement, Hilltop may at its option purchase and the
Company will be require to sell (a) additional New Notes in the principal amount
of up to $100,000.00, and (b) additional New Warrants  to acquire up
to 1,111,111 shares of the Company’s Common Stock; and

       

      WHEREAS, the parties hereto desire to
amend (a) the Security Agreement, dated as of May 13, 2009, among Wilen, Hilltop
and Rappaport (as amended by the October Agreement, the “Security Agreement”),
(b) the Amended and Restated Patent Security Agreement, dated as of October 31,
2009, among Wilen, Hilltop and Rappaport (the “Patent Security
Agreement”), and (c) the Intercreditor Agreement, dated as of May 13,
2009, among Wilen, Hilltop and Rappaport (as amended by the October Agreement,
the “Intercreditor
Agreement”), to include the obligations under the New Note and to reflect
Hilltop’s acquisition of the Rappaport Notes.

       

      NOW, THEREFORE, the Company, Wilen and
Hilltop hereby agree as follows:

       

      1. Purchase of New Note and New
Warrants.

       

      a. Initial
Closing.  The Company shall issue and sell to Hilltop, and
Hilltop agrees to purchase from the Company (a) the New Notes in the original
principal amount of $100,000.00 (the “Initial New Notes”),
and (b) the New Warrants to purchase 1,111,111 shares of the Company’s Common
Stock at an initial exercise price of $0.11 per share (the “Initial Warrants”),
for an aggregate purchase price of $100,000.00, which amount has been paid by
Hilltop to the Company on January 3, 2011 (the “Initial
Closing”).

       

      b. Additional
Closings.  Subject to the satisfaction (or waiver) of the
conditions set forth in Section 8.b, at the
option of Hilltop, the Company shall issue and sell to Hilltop at multiple
closings, if applicable, and Hilltop may purchase from the Company (a)
additional New Notes in the principal amount of up to $100,000.00 (the “Additional New
Notes”), and (b) for each $10,000.00 of Additional New Notes purchased,
additional New Warrants to purchase 111,111 shares of the Company’s Common Stock
at an initial exercise price of $0.11 per share (the “Additional
Warrants”), for an aggregate purchase price equal to the principal amount
of the Additional New Notes purchased (each an “Additional
Closing”).

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      2. Amendment to Existing
Notes.  Each of the Existing Notes is hereby amended, as
follows:

       

      a. Extension of Maturity
Date.  To extend the maturity date thereof from January 31,
2011 to December 20, 2011; and

       

      b. Amendment to Prepayment
Provisions.  By deleting the last sentence of the first
paragraph thereof, and insert in lieu thereof the following:

       

      The
Debtor shall have the right to prepay all or any portion of this Note without
the consent of the Holder; provided, (a) such
prepayment is approved by the majority of the members of the Debtor’s board of
directors who are not beneficial owners of any portion the Existing Notes or the
New Note (as such terms are defined in that certain agreement, dated as of
January 21, 2011, among the Debtor and certain of the holders of the Debtor’s
promissory notes due December 20, 2011); (b) any such prepayment is made on a
pro rata basis on the
aggregate outstanding principal amount of all Existing Notes and of the New
Note; (c) the Debtor provides at least ten (10) business days prior written
notice of such prepayment, specifying the amount of such prepayment and the date
fixed for such prepayment; and (d) upon receipt of such prepayment notice, the
Holder may convert, in lieu of such prepayment, at any time prior to the date
fixed for such prepayment, all or any part of the principal amount and accrued
and unpaid interest designated by the Company for prepayment.

       

      3. Amendments to Security
Agreement.  The first “Whereas” clause of the Security
Agreement is hereby amended and restated in its entirety to state, as
follows:

       

      WHEREAS,
the Secured Parties are the holders of (a) the Debtor’s Amended and Restated 12%
Secured Convertible Promissory Notes, dated as of May 13, 2009, in the aggregate
principal amount of $101,866.67 (the “Original Notes”), (b)
the Debtor’s Secured Convertible Promissory Notes, dated as of May 13, 2009, in
the aggregate principal amount of $201,016.67 (the “May Notes”), (c) the
Debtor’s Secured Convertible Promissory Notes, dated as of July 29, 2009 through
August 27, 2009, in the aggregate principal amount of $150,000.00 (the “August Notes”), and
(d) the Debtor’s Secured Convertible Promissory Note, dated as of January 3,
2011, in the original principal amount of $100,000.00 (the “January
Note”);

       

      WHEREAS,
pursuant to that certain Agreement, dated as of January 21, 2011, by and among
the Company and the Secured Parties, the Debtor may issue and Hilltop Holding
Company, L.P. may purchase in the future additional Secured Convertible
Promissory Notes in the principal amount of up to $100,000.00 (the “Future Notes”, and
together with the Original Notes, the May Notes the August Notes and the January
Note, the “Notes”);

       

      4. Amendments to Patent
Security Agreement.  The first and second “Whereas” clauses of
the Patent Security Agreement is hereby amended and restated in its entirety to
state, as follows:

       

      WHEREAS,
the Secured Parties are the holders of (a) the Grantor’s Amended and Restated
12% Secured Convertible Promissory Notes, dated as of May 13, 2009, in the
aggregate principal amount of $101,866.67 (the “Original Notes”), (b)
the Grantor’s Secured Convertible Promissory Notes, dated as of May 13, 2009, in
the aggregate principal amount of $201,016.67 (the “May Notes”), (c) the
Grantor’s Secured Convertible Promissory Notes, dated as of July 29, 2009
through August 27, 2009, in the aggregate principal amount of $150,000.00 (the
“August
Notes”), and (d) the Grantor’s Secured Convertible Promissory Note, dated
as of January 3, 2011, in the original principal amount of $100,000.00 (the
“January
Note”)

       

      WHEREAS,
pursuant to that certain Agreement, dated as of January 21, 2011, by and among
the Grantor and the Secured Parties, the Debtor may issue and Hilltop Holding
Company, L.P. may purchase in the future additional Secured Convertible
Promissory Notes in the principal amount of up to $100,000.00 (the “Future Notes”, and
together with the Original Notes, the May Notes the August Notes and the January
Note, the “Notes”);

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

       

      WHEREAS,
the Grantor has executed and delivered a Security Agreement, dated as of May 13,
2009, as amended by the Agreement, dated as of October 13, 2009, and by the
Agreement, dated as of January 21, 2011 (together with all amendments and other
modifications, if any, from time to time thereafter made thereto, the “Security Agreement”),
among the Grantor and the Secured Parties;

       

      5. Amendments to Intercreditor
Agreement.

       

      a. The first
“Whereas” clause of the Intercreditor Agreement is hereby amended and restated
in its entirety to state, as follows:

       

      WHEREAS,
the Creditors are the holders of (a) the Debtor’s Amended and Restated 12%
Secured Convertible Promissory Notes, dated as of May 13, 2009, in the aggregate
principal amount of $101,866.67 (the “Original Notes”), (b)
the Debtor’s Secured Convertible Promissory Notes, dated as of May 13, 2009, in
the aggregate principal amount of $201,016.67 (the “May Notes”), (c) the
Debtor’s Secured Convertible Promissory Notes, dated as of July 29, 2009 through
August 27, 2009, in the aggregate principal amount of $150,000.00 (the “August Notes”), and
(d) the Debtor’s Secured Convertible Promissory Note, dated as of January 3,
2011, in the original principal amount of $100,000.00 (the “January Note”), in
the respective principal amounts set forth on Schedule A annexed hereto, which
Notes have been issued by United Energy Corp. a Nevada corporation (the “Debtor”);

       

      WHEREAS,
pursuant to that certain Agreement, dated as of January 21, 2011, by and among
the Company and the Creditors, the Debtor may issue and Hilltop Holding Company,
L.P. may purchase in the future additional Secured Convertible Promissory Notes
in the principal amount of up to $100,000.00 (the “Future Notes”, and
together with the Original Notes, the May Notes the August Notes and the January
Note, the “Notes”);

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

       

      b. Schedule
A to Intercreditor Agreement is hereby amended and restated in its entirety in
the form attached hereto as Exhibit
C.

       

      6. Assignment and Assumption of
Note Documents by Hilltop.  The Company, Wilen and Hilltop
hereby acknowledge and agree that Hilltop has been assigned all of Rappaport’s
rights, and has assumed all of Rappaport’s obligations, under the Security
Agreement, the Patent Security Agreement and the Intercreditor Agreement, and as
a result thereof, Rappaport is no longer a party to the Security Agreement, the
Patent Security Agreement and the Intercreditor Agreement.

       

      7. Warrants.  In
consideration for the extension of the maturity date of each of the Existing
Notes, the Company shall issue to each of Wilen and Hilltop, Warrants (the
“Warrants”) to
purchase the number of shares of Common of the Company set forth below next to
each such holder’s name.  Such Warrants shall be exercisable for a
period of five (5) years, at an initial exercise price of $0.11 per share, and
shall be substantially in the form of the New Warrants.

       

      
        
          
            
              
                
                  	
                           

                          Holder’s Name

                        	
                          Number
      of

                          Warrant Shares

                        
	
                          Ronald
      Wilen

                        	
                          1,984,939

                        
	
                          Hilltop
      Holding Company, L.P.

                           

                        	
                          3,959,894

                        

                

              

            

          

        

      

      8. Closing.

       

      a. Initial Closing. The
Initial Closing shall be on such date and time (the “Initial Closing
Date”) as is mutually agreed to by the Company and
Hilltop.  The Closing shall be conditioned upon receipt by the company
of Anti-Dilution Waivers from the holders of Series A Convertible Preferred
Stock upon terms acceptable to the Company in its sole discretion.

       

      b. Additional
Closing.  Each Additional Closing shall be on the date and time
specified in the Additional Closing Notice (as defined below) (an “Additional Closing
Date”) (or such later date as is mutually agreed to by the Company and
Hilltop). At any time prior to June 30, 2011, Hilltop may purchase, at Hilltop’s
option, Additional New Notes and related Additional Warrants by delivering a
written notice to the Company (the “Additional Closing
Notice”) at least three business days prior to the Additional Closing
Date set forth in the Additional Closing Notice.  The Additional
Closing Notice shall set forth (i) the principal amount of Additional New Notes
(which amount shall be in increments of $10,000.00) and the number of related
Additional Warrants Hilltop will purchase and (ii) the Additional Closing
Date.

       

      9. Miscellaneous.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

       

      a. Notation on Existing
Notes.  Immediately following the Initial Closing, each of
Wilen and Hilltop shall deliver to the Company the original Existing Notes
beneficially owned by such party so that the Company may place a legend on the
face thereof to indicate that each such Existing Note has been amended by this
Agreement, as well as the July Agreement, the October Agreement and the January
Agreement.

       

      b. Amendments and
Waivers.  Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the parties
hereto.

       

      c. Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision shall be excluded from this Agreement and the
balance of this Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

       

      d. Entire
Agreement.  This Agreement, including the exhibits and
schedules hereto, constitutes the entire agreement among the parties hereof with
respect to the subject matter hereof and thereof and supersede all prior
agreements and understandings, both oral and written, between the parties with
respect to the subject matter hereof and thereof.

       

      e. Further
Assurances.  The parties shall execute and deliver all such
further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to
evidence the fulfillment of the agreements herein contained.

       

      f. Applicable Law and
Jurisdiction.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard
to principles of conflicts of laws.

       

      g. Counterparts.                                This
Agreement may be executed by fax transmission and in several counterparts, each
of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

       

      h. Notice.   For
the purpose of this Agreement, notices and all other communications provided for
in the Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth on
the Schedule of Purchasers, provided that all notices to the Company shall be
directed to the President and to the Chairman of the Company at 600 Meadowlands
Parkway, Secaucus, NJ 07094, or to such other address as a party may have
furnished to the others in writing in accordance herewith, except that notice of
change of address shall be effective only upon receipt.

       

      [signature
page follows]

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

       

       

       

      IN WITNESS WHEREOF, the Company, Wilen
and Hilltop have caused this Agreement to be duly executed as of the date first
written above.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 
      	
                                                  UNITED
      ENERGY CORP.

                                                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                                                  By:

                                                	
                                                  /s/ Ronald
      Wilen                                 

                                                
	 
      	
                                                  Name:

                                                	
                                                  Ronald
      Wilen

                                                
	 
      	
                                                  Title:

                                                	
                                                  President

                                                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                                                  /s/ Ronald
      Wilen                                                      

                                                
	 
      	
                                                  Ronald
      Wilen

                                                
	 
      	 
      	 
      
	 
      	      
                                                  HILLTOP
      HOLDING COMPANY, L.P.

                                                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                                                  By:

                                                	
                                                  /s/ Jack
      Silver                                        

                                                
	 
      	
                                                  Name:

                                                	
                                                  Jack
      Silver

                                                
	 
      	
                                                  Title:

                                                	
                                                  Managing
      PartnerADDENDUM
      NO. 2

                   

                  to

                   

                  
                    LOAN
      AGREEMENT

                  

                  dated
      19th
      December, 2008

                	
                  

                

        

      

      

      

      

      

      made
between

      

      
        NORDDEUTSCHE
LANDESBANK GIROZENTRALE

      

      
        as
Lender, Mandated Lead Arranger and Agent

      

      
        

      

      
        THE
TWELVE LIMITED PARTNERSHIPS

      

      
        AS
MORE CLOSELY DESCRIBED HEREIN

      

      
        as
jointly and severally liable Borrowers

      

      
        

      

      
        

      

      
        

      

      
        

      

      
        

      

      
        

      

      
        

      

      
        12
A.H.T.S. Vessels

      

      
        built
by Fincantieri Cantieri Navali S.p.A.

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

      THIS ADDENDUM NO. 2 IS MADE THIS
24th DAY OF JANUARY, 2010 between

      

      
        	
                (1)

              	
                NORDDEUTSCHE
      LANDESBANK GIROZENTRALE, a banking institution organized and existing
      under the laws of Germany having its registered offices at Friedrichswall
      10, 30159 Hannover, Germany (sometimes "NORD/LB" or the "Mandated Lead
      Arranger" or the "Agent", as the case may be), and

              
	 
      	 
      
	
                (2)

              	
                The
      Lenders set forth in Schedule 1 attached hereto (the
      “Lenders”)

              
	 
      	 
      
	 
      	
                and

              
	 
      	 
      
	
                (3)

              	
                ATL
      OFFSHORE GMBH & CO. MS "JUIST" KG (the "Borrower
  1"),

              
	 
      	 
      
	
                (4)

              	
                ATL
      OFFSHORE GMBH & CO. MS "NORDERNEY" KG (the "Borrower
    2"),

              
	 
      	 
      
	
                (5)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF BALTRUM" KG (the "Borrower
      3"),

              
	 
      	 
      
	
                (6)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF LANGEOOG" KG (the "Borrower
      4"),

              
	 
      	 
      
	
                (7)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF AMRUM" KG (the "Borrower
    5"),

              
	 
      	 
      
	
                (8)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF SYLT" KG (the "Borrower
    6"),

              
	 
      	 
      
	
                (9)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF WANGEROOGE" KG (the "Borrower
      7"),

              
	 
      	 
      
	
                (10)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF NEUWERK" KG (the "Borrower
      8"),

              
	 
      	 
      
	
                (11)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF USEDOM" KG (the "Borrower
      9"),

              
	 
      	 
      
	
                (12)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF FEHMARN" KG (the "Borrower
      10"),

              
	 
      	 
      
	
                (13)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF MEMMERT" KG (the "Borrower
      11"),

              
	 
      	 
      
	
                (14)

              	
                ATL
      OFFSHORE GMBH & CO. "ISLE OF MELLUM" KG (the "Borrower
      12")

              
	 	 
	 	each
      of them a limited partnership incorporated and existing under the laws of
      Germany having its registered office at Neue Str. 24, 26789 Leer, Germany
      (collectively the "Borrowers", and each one of them a "Borrower"), as
      jointly and severally liable borrowers on the other
  part.

      

       

      WHEREAS pursuant to the terms
and conditions of a loan agreement dated 19th
December, 2008 (as amended by an addendum no. 1 dated 17th
September, 2010 the "Loan Agreement"), made between the Lenders as lenders and
the Borrowers as jointly and severally liable borrowers, the Lenders have agreed
to grant to the Borrowers loans in the aggregate maximum amount of Euros four
hundred twenty million five hundred seventy thousand (EUR 420,570,000.00) (the
"Loan") (i) for the part-financing of the construction price of twelve A.H.T.S
Vessels built or to be built at FINCANTIERI CANTIERI NAVALI ITALIANI S.P.A. of
Genoa, Italy, (the “Builder”), (ii) for the issuing of certain payment
guarantees to the Builder and (iii) to enable the Borrowers to postpone the
repayment of part of the Loan.

      

      WHEREAS pursuant to a loan
agreement dated 6th
December, 2010 (the “WC Agreement”) made between the Agent as lender and the
Borrowers as borrowers, the Agent has agreed to grant the Borrowers a loan in
the amount of up to Euros ten million (EUR 10,000,000.00) (the “WC Facility”) to
strengthen the Borrowers’ working capital.

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      
 

      WHEREAS pursuant to the last
sentence of clause 2.3 of the Loan Agreement the Borrowers have no further right
or claim under the Loan Agreement for the utilization of the Commitment not yet
drawn down in the total amount of EUR 15,005,500.00.

      

      WHEREAS upon request of the
Borrowers, the Lenders are willing to agree to certain amendments of the Loan
Agreement subject to the terms and conditions of this Addendum No.
2.

      

      

      NOW THEREFORE in consideration
of the premises herein contained and other good and valid considerations herein
recited, the parties hereto agree as follows:

       

      
        
          
            	1.	DEFINITIONS
	 	 
	
                    1.1. 

                  	
                    Expressions
      defined in the Loan Agreement shall have the same meaning when used in
      this Addendum No. 2, unless defined otherwise herein or unless the context
      does not permit so.

                  
	 
      	 
      
	
                    1.2. 

                  	
                    Any
      term as defined in this Addendum No. 2 shall apply to the Loan Agreement
      unless the context does not permit so.

                  
	 
      	 
      
	
                    1.3. 

                  	
                    Where
      the context of this Addendum No. 2 allows so, words importing the singular
      include the plural and vice versa. Clause headings in this Addendum No. 2
      are for ease of reference only and shall not affect the construction
      thereof.

                  
	 
      	 
      
	
                    1.4. 

                  	
                    Unless
      the context does not allow so, references to "Clauses" are to clauses of
      this Addendum No. 2. References to any contract or other instrument or
      document include any amendment or supplement thereto.

                  
	 	 
	2.	AMENDMENTS
      TO THE LOAN AGREEMENT

          

        

      

      

      With
effect from the date hereof, the Loan Agreement shall be amended as
follows:

      

      
        	
                2.1. 

              	
                Mandatory Prepayment

              
	 
      	 
      
	 
      	
                In
      addition to the stipulations of clause 9 of the Loan Agreement, after (i)
      full repayment of the WC Facility to the satisfaction of the Lenders and
      after (ii) either (a) the commitment termination date under the WC
      Agreement has occurred or (b) the Borrowers have waived their rights for
      re-borrowing under clause 9.2 of the WC Agreement, the Borrowers shall
      make a mandatory prepayment of twenty (20) percent of their annual
      earnings after tax (equalling the annual turnover less operating expenses
      of the Vessels less debt service under the Loan Agreement less ten (10)
      percent dividend payout in relation to the paid-in share-capital and less
      any taxes to be paid by the Relevant Borrowers) in accordance with clause
      9 of the Loan Agreement, being due and payable on the  31st July
      of each year until all amounts outstanding under the Credit Facility have
      been repaid in full.

              
	 
      	 
      
	
                2.2. 

              	
                Asset Protection

              
	 
      	 
      
	 
      	
                In
      alteration of clause 18 of the Loan Agreement, the outstanding balance of
      the WC Facility shall be added to the outstanding balance of the Tranches
      LT when calculating the loan-to value-ratio in accordance with clause 18
      of the Loan Agreement.

              
	 
      	 
      
	
                2.3. 

              	
                Change in Corporate
    Structure

              
	 
      	 
      
	 
      	
                The
      Equity Provider 2 has transferred a part of its shares in each of the
      Borrowers to the Manager and the Pool Manager. Therefore, the definition
      of the term “Equity Provider 2” shall be amended and read as
      follows:

              

      

      

      
        	 
      	
                “Equity
      Provider 2

              	
                Together
      the Corporate Guarantor and the Manager and the Pool Manager or any of
      them or an affiliated company of the Corporate Guarantor accepted by the
      Agent”.

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
 

      
        	
                2.4. 

              	
                Representations and
    Warranties

              
	 
      	 
      
	 
      	
                In
      alteration of clause 17.1.16 of the Loan Agreement, the Borrowers
      represent and warrant to and for the benefit of the Lenders that (i) the
      Equity Provider 2 shall be and remain a limited partner (Kommanditist) of
      each of the Borrowers, such Equity Provider 2 holding at least twenty five
      (25) percent of each of the Borrower's share capital, and (ii) Dr. Niels
      Hartmann is the sole shareholder of (a) NH Beteiligungen
      Geschäftsführungs-GmbH of Leer, Germany, being the sole general partner of
      NH Beteiligungen GmbH & Co. KG of Leer, Germany and (b) NH
      Beteiligungen GmbH & Co. KG of Leer, Germany, being the sole
      shareholder of the General Partner.

              

      

      

      
        	
                2.5. 

              	
                Covenants regarding Corporate
      Structure

              

      

      

      
        	
                2.5.1.  

              	
                In
      alteration of clause 19.5.1 of the Loan Agreement, the Borrowers undertake
      to the Lenders that during the Security Period they will not without the
      prior written consent of the Agent allow any change in any of the
      Borrowers’ corporate or shareholder structure to the effect that the
      Equity Provider 2 holds less than twenty five (25) percent of the shares
      of each of the Borrowers or to the effect that any of the Borrowers ceases
      to be a limited partnership.

              

      

      

      
        	
                2.5.2.  

              	
                In
      alteration of clause 19.5.2 of the Loan Agreement, the Borrowers undertake
      to the Lenders that during the Security Period they will not without the
      prior written consent of the Agent allow any change of the General Partner
      or any change in the General Partner's corporate or shareholder structure
      without (i) promptly informing the Agent in detail prior to any such
      proposed change in writing and (ii) agreeing with the Agent any amendments
      to this Agreement in respect of e.g. margin, term, security or any other
      terms.

              

      

      

      
        	
                2.5.3.  

              	
                In
      addition to the stipulations of clause 19.5 of the Loan Agreement, the
      Borrowers undertake to procure that any of the entities referred to in the
      definition of the term Equity Provider 2 shall provide the Agent with an
      undertaking that it will not sell any of the its shares in any of the
      Borrowers without the Agent’s prior written consent, in the form attached
      hereto as New Exhibit.

              

      

      

      
        	
                2.6. 

              	
                Event of
Default

              

      

      

      
        	
                2.6.1.  

              	
                In
      addition to the stipulations of clause 22 of the Loan Agreement, it shall
      constitute an Event of Default if the General Partner changes its
      corporate and/or shareholder structure as described in Clause 17.1.16 of
      the Loan Agreement (as amended hereby) without the Agent’s prior written
      consent

              

      

      

      
        	
                2.6.2.

              	
                In
      addition to the stipulations of clause 22 of the Loan Agreement, it shall
      further constitute an Event of Default if any of the entities referred to
      in the definition of the term Equity Provider 2 sells any of its shares in
      any of the Borrowers without the Agent’s prior written
      consent.

              

      

      

      
        	
                2.6.3.  

              	
                In
      deviation of clauses 22.1.16 and 22.1.17 of the Loan Agreement, it shall
      constitute an Event of Default if

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
 

      
        	
                2.6.3.1.  

              	
                the
      Equity Provider 1 ceases to be a limited partner (Kommanditist) of each of
      the Borrowers (except for Borrower 10, Borrower 11, and Borrower 12)
      holding at least seventy five (75) percent of each of the Borrowers’
      (except for Borrower 10, Borrower 11 and Borrower 12) share capital,
      unless (i) the Equity Provider 1 transfers its shares in the Borrowers to
      any entity referred to in the definition of the term  Equity
      Provider 2 or an affiliated company of thereof accepted by the Agent or
      (ii) the Equity Provider 1 transfers its shares in the Borrowers to
      another third party accepted by the Agent;
and

              

      

      

      
        	
                2.6.3.2.  

              	
                the
      Equity Provider 2 ceases to hold at least twenty five (25) percent of the
      shares of each the Borrowers or if any of the Borrowers ceases to be a
      limited partnership.

              

      

      

      
        	
                3.  

              	
                EFFECTIVENESS

              

      

      

      This
Addendum No. 2 shall become effective on the date hereof.

      

      
        	
                4.  

              	
                COSTS
      AND EXPENSES

              

      

      

      All costs
and expenses of the Lenders, in case of external services engaged in connection
with this Addendum No. 2 upon presentation of a copy of the relevant invoice,
incurred under or in connection with this Addendum No. 2 shall be borne by the
Borrowers including without limitation expenses for external attorneys or other
persons commissioned by any of the parties hereto for any action required by it
under or in connection with this Addendum No. 2 and expenses incurred by any of
the parties hereto in connection with the preparation, execution and carrying
out of this Addendum No. 2 (including any stamp, documentary, registration or
other like duties and Taxes, fees and charges), translations and legal opinions
(if any).

      

      
        	
                5.  

              	
                SEVERABILITY

              

      

      

      In the
event that this Addendum No. 2 or any provision thereof or any of the documents
or instruments which may from time to time be delivered hereunder or any
provision thereof shall be deemed invalid by present or future law of any nation
or by decision of any court this shall not affect the validity of this Addendum
No. 2, such documents and instruments as a whole and in such case the parties
shall execute and deliver such other and further agreements and/or documents
and/or instruments and such things as the Lenders in their sole discretion may
deem to be necessary to carry out the original intent of the parties to this
Addendum No. 2.

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      
        	
                6.  

              	
                CONTINUING
      VALIDITY OF THE LOAN AGREEMENT

              

      

      

      Save as
amended by this Addendum No. 2 and such further instruments and documents as
shall be necessary to give effect to the terms of this Addendum No. 2, the Loan
Agreement shall remain unaltered and in full force and effect. In case of
conflicts between the provisions of the Loan Agreement and this Addendum No. 2,
the provisions of this Addendum No. 2 shall prevail.

      

      
        	
                7.  

              	
                APPLICABLE
      LAW AND JURISDICTION

              

      

      

      The terms
and conditions set out in this Addendum No. 2 shall be governed by and construed
in accordance with German law and the Borrowers submits to the jurisdiction of
the courts of Hannover, Germany. However, the Lenders reserve the right to
choose as place of jurisdiction any place where any of the Borrowers has any
assets or any place of business.

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      IN WITNESS WHEREOF the parties
hereto have caused this Addendum No. 2 to be signed by their duly authorized
attorneys the day and year first above written.

      

      
        
          	
                  THE
      LENDERS:

                	 
      	 
      
	 
      	 
      	 
      
	
                  SIGNED
      by

                	
                  )

                	 
      
	
                  Inga
      Boysen                            
      and

                	
                  )

                	 
      
	
                  Regina
      Schulz                          

                	
                  )

                	 
      
	
                  for
      and on behalf of

                	
                  )

                	 
      
	
                  NORDDEUTSCHE
      LANDESBANK

                	
                  )

                	 
      
	
                  GIROZENTRALE

                	
                  )

                	
                  /s/ Inga Boysen   /s/ Regina
      Schulz

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  THE
      BORROWERS

                	 
      	 
      
	 
      	 
      	 
      
	
                  SIGNED
      by

                	
                  )

                	 
      
	
                  Niels
      Roggemann                    
      

                	
                  )

                	 
      
	
                  for
      and on behalf of

                	
                  )

                	
                  /s/ Niels
      Roggemann                      .

                

        

      

       

      ATL
OFFSHORE GMBH & CO. MS "JUIST" KG

      

      ATL
OFFSHORE GMBH & CO. MS "NORDERNEY" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF BALTRUM" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF LANGEOOG" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF AMRUM" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF SYLT" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF WANGEROOGE" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF NEUWERK" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF USEDUM" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF FEHMARN " KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF MEMMERT" KG

      

      ATL
OFFSHORE GMBH & CO. "ISLE OF MELLUM" KG

      

       

       

       

       

       

       

       

       

       

       

       

       

       

      
 

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      ACKNOWLEDGEMENT AND
UNDERTAKING

      

      We hereby
confirm to have full knowledge of this Addendum No. 2 and to agree to its
contents.

      

      
        
          	
                  THE
      CORPORATE GUARANTOR

                	 
      	 
      
	 
      	 
      	 
      
	
                  Signed
      by

                	
                  )

                	 
      
	
                  Niels
      Roggemann                          

                	
                  )

                	 
      
	
                  REEDEREI
      HARTMANN

                	
                  )

                	 
      
	
                  GMBH
      & CO. KG

                	
                  )

                	
                  /s/ Niels
  Roggemann

                

        

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

       

       

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      NEW
EXHIBIT

      

      UNDERTAKING

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
      

      
        
          
            	 
      	
                    ____________________

                  	 
      
	 
      	
                    _________________,
      Germany

                  	 
      

          

        

        

          
            

          

        

      

      

      

      
        	
                To:

              	
                NORDEUTSCHE
      LANDESBANK GIROZENTRALE

              
	 
      	
                Shipping
      and Aircraft Finance Department

              
	 
      	
                Friedrichswall
      10

              
	 
      	
                30159
      Hannover

              
	 
      	
                Federal
      Republic of Germany

              
	 
      	
                Fax:   +49-511-3614785

              

      

      

      

      __________________,20__

       

      Loan
agreement dated 19th
December, 2008 (as amended by the addendum no. 1 dated 17th
September, 2010 and by an addendum no. 2 dated 24th
January, 2011 the “Loan Agreement”) made between, inter alia, you as agent and
twelve limited partnerships of Leer, Germany (the “Borrowers” as more closely
defined therein)

      

      

      Dear
Sirs,

      

      

      We,
__________________of ____________________, Germany, being an entity referred to
in the definition of the term “Equity Provider 2” in the Loan Agreement, hereby
undertake not to sell any of our shares in any of the Borrowers without your
prior written consent.

      

      

      Sincerely,

      

      ____________________

      ____________________

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
 

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      

      SCHEDULE
1

      

      

      LIST
OF LENDERS AND PARTICIPATION

      

      

      

      

      

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      

       

       

      11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]