Document:

Unassociated Document

    Loan
Agreement

     

    

     

    between:

     

    
      	
              1.

            	
              Capt. Alfred Hartmann
      

            

    

     

    with
business address at Neue Straße 24, 26789 Leer, Germany.

     

    

     

     –
hereinafter referred to as the “Lender” –

     

    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 it’s managing director,
Mr. Jason Morton.

     

    –
hereinafter referred to as the “SCMP” –

     

    

     

    WHEREAS

     

    

     

    
      	
              1.

            	
              SCMP
      is a limited partner in ATL Offshore GmbH & Co. “ISLE OF SYLT” KG with
      a subscribed share-capital of EUR 10,125,000.00, ATL OFFSHORE GMBH &
      CO. “ISLE OF NEUWERK” KG with a subscribed share-capital of EUR
      10,125,000.00 and ATL OFFSHORE GMBH & CO. “ISLE OF USEDOM” KG with a
      subscribed share-capital of EUR 10,125,000.00 (the “KGs”);
    and

            

    

     

    
      	
              2.

            	
              SCMP
      has not provided to the KGs part of the subscribed share-capital;
      and

            

    

     

    
      	
              3.

            	
              each
      of the the KGs has entered into a separate shipbuilding contract for the
      construction of one anchor handling tug supply vessel each with
      FINCANTIERI - Cantieri Navali Italiani S.p.A. of Genoa, Italy (hereinafter
      “FINC”), bearing FINC Hull-Nos 6169 (ATL Offshore GmbH & Co. “ISLE OF
      SYLT” KG), 6172 (ATL Offshore GmbH & Co. “ISLE OF NEUWERK” KG) and
      6173 (ATL Offshore GmbH & Co. “ISLE OF USEDOM” KG) (the hulls
      hereinafter referred to as the “Vessels” and each of them as “Vessel [+
      hull-no]”). Such contracts, as may have been from time to time altered or
      amended, are hereinafter referred to as the “Shipbuilding Contracts”;
      and

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
              4.

            	
              the
      KGs have, together with 9 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
      vessels (“Nord/LB Senior Loan Facility”);
and

            

    

     

    
      	
              5.

            	
              The
      Lender is prepared to provide additional funds to SCMP in order to allow
      the KGs to draw down the relevant tranches for the construction time
      financing.

            

    

     

    

     

    THE
PARTIES THEREFORE NOW AGREE AS FOLLOWS:

     

    

     

    A.

     

    Loan
from the Lender to SCMP

     

    
      	
              I.

            	
              Grant and Purpose of the
      Loan

            

    

     

    
      	
              1.

            	
              The
      Lender grants a loan to SCMP in the total amount of € 6,620,000.00 (in
      words: Euro six million and six hundred twenty thousand) (the
      “Loan”).

            

    

     

    
      	
              2.

            	
              The
      purpose of the Loan is to allow SCMP to make payment in respect of all or
      part of SCMP’s outstanding equity-obligation to the respective KGs. The
      Loan shall therefore be paid by the Lender within 2 banking days of
      signing hereof for and on behalf of SCMP directly to the bank-account of
      the respective KGs as set out in cl. C.I. below, such payment being
      explicitly designated as payment for SCMP. On the transfer note the Lender
      shall state "Payment of Equity Capital by Suresh Capital Maritime
      Partners Germany GmbH". The Loan shall be divided in 3 tranches as
      follows:

            

    

     

    
      	
              2.1

            	
              Tranche
      1 in the amount of € 1,900,000.00 (in words: Euro one million and nine
      hundred thousand) shall be paid to ATL OFFSHORE GMBH & CO. KG “ISLE OF
      SYLT” KG;

            

    

     

    
      	
              2.2

            	
              Tranche
      2 in the amount of € 2,100,000.00 (in words: Euro two million and one
      hundred thousand) shall be paid to ATL OFFSHORE GMBH & CO. KG “ISLE OF
      NEUWERK” KG;

            

    

     

    
      	
              2.3

            	
              Tranche
      3 in the amount of € 2,620,000.00 (in words: Euro two million and six
      hundred and twenty thousand) shall be paid to ATL OFFSHORE GMBH & CO.
      KG “ISLE OF USEDOM” KG.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              II.

            	
              Interest on the
      SCMP-Loan

            

    

     

    
      	
              1.

            	
              The
      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 the Lender 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
      Loan

            

    

     

    
      	
              1.

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

            

    

     

    
      	
              2.

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

            

    

     

    
      	
              2.1

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

            

    

     

    
      	
              2.2

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

            

    

     

    
      	
              2.3

            	
              In
      case that dividends from any of the three KGs are paid to the
      shareholders, SCMP is obliged to use the entire dividends to repay the
      Loan or parts of it immediately to the Lender until the Loan is fully paid
      up to the amount of € 6,620,000.00. After that the dividends shall be paid
      to SCMP.

            

    

     

    
      	
              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 the Lender at least 10 banking days in
      advance.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              IV.

            	
              Securities

            

    

     

    
      	
              .

            	
              Payment
      of the SCMP-Loan of EUR 6,620,000.00 (Euro six million six hundred and
      twenty 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 the
  Lender:

            

    

     

    
      	
               
      

            	
              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 the share-capital
      in the respective KGs up to a total amount of EUR 6,620,000.00 provided
      that in case of partial re-payment of the loan the Lender 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 the Lender pledge the shares held by SCMP corresponding to the
      tranches set out in Cl. A.I. 2.1 – 2.3 above in the respective KG’s up to
      a nominal value of € 6,620,000.00; for purposes hereof, the parties
      agree that upon any exercise by the Lender 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 the Lender’s security
      interest.

            

    

     

    
      	
              3.

            	
              To
      the knowledge of SCMP, the respective KGs do not have in place any
      dividend restriction other than with NORD/LB 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 the Lender 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 the Lender 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 Loan.

            

    

     

    

     

    
      	
              VI.

            	
              Events of
      Default

            

    

     

    
      	
               
      

            	
              1.

            	
              An
      Event of Default occurs if:

            

    

     

    
      	
               
      

            	
              a.

            	
              SCMP
      fails to pay when due the 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
      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 the Lender 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 any of the KGs 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 one or
      all of the the KGs holding a minimum of fifty (50) percent of one or all
      of the KGs; 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, the Lender shall be entitled by written notice to
      the SCMP to declare the 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.

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

            

    

     

    
      	
               
      

            	
              2.

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

            

    

     

    
      	
               
      

            	
              3.

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

            

    

     

    
      	
               
      

            	
              4.

            	
              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 accounts of the
      KGs:

            

    

     

     

    

     

    Tranche
1:

    ATL
OFFSHORE GMBH & CO. KG “ISLE OF SYLT” KG

    Norddeutsche Landesbank Girozentrale,

    Hannover/Germany,

    Account
number: __________ ; bank code: _______

     

     

    
      	
               
      

            	
              Tranche
      2:

            

    

    ATL
OFFSHORE GMBH & CO. KG “ISLE OF NEUWERK” KG

    Norddeutsche Landesbank Girozentrale,

    Hannover/Germany,

    Account
number: __________; bank code: _________

    

     

    Tranche
3:

    ATL
OFFSHORE GMBH & CO. KG “ISLE OF USEDOM” KG

    Norddeutsche Landesbank Girozentrale,

    Hannover/Germany,

    Account
number: ____________ ; bank code: _________________

     

     

    
      	
              2.

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

            

    

    
      Ostfriesische
Volksbank eG,

    

    
      Leer/Germany,

    

    
      BIC____________________________

    

    
      ____________________________

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              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:

            

    

     

    Alfred
Hartmann

    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 17 day
of June, 2010

     

    
      	/s/
      Darrell Cain	 	/s/
      Alfred Hartmann
	
              Suresh
      Capital Maritime Partners Germany GmbH

            	 
      	
              Capt.
      Alfred Hartmann

            
	
              By:
      Jason Morton or Darrell W. Cain

              Title: Managing
      DirectorUnassociated Document

    Addendum
to the Shipbuilding Contract

    of
one AHTS Vessel Fincantieri Hull No. 6173

    

     

    This
Addendum is made and entered into on this 17th of June 2010
between:

    

    
      	
              1.

            	
              FINCANTIERI
      — Cantieri Navali Italiani, S.p.A., a company organized and existing under
      the laws of the Republic of Italy, with Naval Vessel Business Unit located
      at Via Cipro 11, 16129 Genoa,
Italy,

            

    

    

    hereinafter
referred to as “FINC”

    

    and

    

    
      	
              2.

            	
              ATL
      Offshore GmbH & Co. "ISLE OF USEDOM" KG, a company organized and
      existing under the laws of the Federal Republic of Germany and having
      their principal place of business at Neue Strasse 24, Leer,
      Germany,

            

    

    

    hereinafter
called “the Buyer”

    

    and

    

    together
referred as “the Parties”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    WHEREAS

    

    
      	
               
      

            	
              A)

            	
              The
      Parties have entered into a Shipbuilding Contract dated 20/03/2007 as from
      time to time supplemented and amended (the “Shipbuilding Contract”) for
      the construction of one AHTS Vessel bearing FINC Hull No. 6173 (“the
      Vessel”); and

            

    

    

    
      	
               
      

            	
              B)

            	
              A
      Technical Statement of Delivery has been concluded between the parties on
      9th of June 2010 in respect of hull numbers 6173, 6172 and 6169
      and

            

    

    

    
      	
               
      

            	
              C)

            	
              The
      Parties wish to re-schedule outstanding pre-delivery instalments and the
      contractual delivery date.

            

    

    

    The
Parties therefore now agree as follows:

    

    
      	
              1.

            	
              The
      delivery date of the Vessel according to the Shipbuilding Contract shall
      be amended. Delivery shall take place on the earliest possible date agreed
      between the parties within second half of June
  2010.

            

    

    

    
      	
              2.

            	
              The
      Buyer agrees to bear the risk of accidental loss or damage (other than
      loss or damage caused by gross negligence or willful misconduct of FINC)
      for the Vessel between the date on which the parties hereby conventionally
      agree that the Vessel is ready for delivery, i.e. June 13, 2010 and the
      actual delivery date. However, FINC to take out the respective insurance
      cover until the Vessel will be actually delivered to the Buyer. Usual
      maintenance activities, pier availability, surveillance, insurance and
      fireguard shall be provided by FINC at a cost of EUR 3,285.00 per day.
      After delivery, a period of ten days will be free of charge, and in case
      an exceeding stay at pier is required, the parties will agree the
      applicable rate. The respective costs shall be reimbursed by the Buyer in
      accordance with the previous practice between the Parties. Any outstanding
      predelivery instalment under the Shipbuilding Contract is deferred to the
      day of the actual delivery of the Vessel and will be paid to FINC together
      with the delivery instalment.

            

    

    

    
      	
              3.

            	
              The
      Buyer shall pay interest in the amount of 6-month EURIBOR plus
      2%

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	
               
      

            	
              (i)

            	
              for
      an amount of EUR 2,100,000.00 for a period of April 26, 2007 until May 9,
      2007; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              for
      an amount of EUR 2,111,974.38 for a period of November 17, 2008 until
      December 12, 2008; and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              for
      an amount of EUR 4,223,900.00 for a period of September 14, 2009 until
      actual delivery of the Vessel; and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              for
      an amount of EUR 4,365,407.50 for a period of March 22, 2010 until actual
      delivery of the Vessel; and

            

    

    

    
      	
               
      

            	
              (v)

            	
              for
      an amount of EUR 29,688,107,50 for a period of counting from the time of
      readiness for delivery in accordance with paragraph 2 above until actual
      delivery of the Vessel.

            

    

    

    The
interests shall be due upon presentation of the relevant invoice together with
evidence of the interest rate applied.

    

    For the
avoidance of doubt, the interest described herein is not to be considered as
default interest but as FINC’s compensation for the deferral of instalments
under the Shipbuilding Contract.

    

    
      	
              4.

            	
              All
      other terms and conditions to remain
unchanged.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

      
        
          	 	on
      behalf of the Buyer:	 
	 	 	 
	
                   

                	/s/ Niels
      Roggemann	 
	 	Niels
      Roggemann	 
	 	 	 
	 	 	 

        

        
          	 	 	 
	 	on
      behalf of FINCANTIERI -- Cantieri Navali Italiani S.p.A.
	 	 	 
	
                   

                	/s/ 	 
	 	 	 

        

      

    

     

     

    
      
        
        

      

      
        4

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