Document:

ADDENDUM
      NO. 1

                 

                to

                 

                LOAN
      AGREEMENT

                dated
      19th
      December, 2008

              	
                EHLERMANN

                RINDFLEISCH

                GADOW

                RECHTSANWALTE

                PARTNERSCHAFT

                 

                BALLINDAMM
      26, 20095 HAMBURG

                 

                TELEFON
      +49 40 37 48 14 – 0

                TELEFAX
      +49 40 37 48 14 – 30

                INTERNET
      WWW.ERG-LEGAL.COM

              

      

    

    

    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. 1 IS MADE THIS 17th
DAY OF SEPTEMBER, 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 (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 in addition to the
Tranches CT.A (as defined in the Loan Agreement), the Lenders are willing to
grant further tranches to the Borrowers (the “New Tranches CT.A”) to enable the
Borrowers to finance the interest during construction time and any cost
increases and modifications under the Building Contracts.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    WHEREAS Tranches CT.A.1,
CT.A.2, CT.A.3, CT.A.4, CT.A.5, CT.A.6, CT.A.7, CT.A.8 and CT.A.9 (as defined in
the Loan Agreement) have not been drawn down.

     

    WHEREAS due to the delayed
delivery of Vessels 10, 11 and 12 and due to the incorporation of the New
Tranches CT.A, the Borrowers have requested the Lenders and the Lenders have
agreed to amend the repayment of the Loan under the terms and conditions of this
Addendum No. 1.

     

    WHEREAS the Borrowers and the
Lenders have agreed that the Borrowers shall be enabled to grant each other
loans for the purpose of (i) covering liquidity shortfalls due to different
employment situations of the Vessels and (ii), due to the last sentence of
Clause 2.3 of the Loan Agreement, enabling the Borrower 12 to finance the
difference between the actual amount which will be drawn under Tranche LT.12 and
the amount of Tranche LT.12 as described in Schedule 4 to the Loan
Agreement.

     

    WHEREAS the equity (Eigenkapital) in each of the
Borrowers has been fully paid in accordance with clauses 1.22.1, 1.22.2, 1.23.1,
1.23.2 and 1.24 of New Schedule 5 attached hereto.

     

    WHEREAS upon request of the
Borrowers, the Lenders are willing to agree to certain amendments of the Loan
Agreement, the security structure and the Security Documents (as the term is
defined in the Loan Agreement) subject to the terms and conditions of this
Addendum No. 1.

     

    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. 1, unless defined otherwise herein or unless the context
      does not permit so.

            

    

     

    
      	
              1.2.

            	
              Any
      term as defined in this Addendum No. 1 shall apply to the Loan Agreement
      unless the context does not permit
so.

            

    

     

    
      	
              1.3.

            	
              Where
      the context of this Addendum No. 1 allows so, words importing the singular
      include the plural and vice versa. Clause headings in this Addendum No. 1
      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. 1. 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.

            	
              Tranches
      CT

            

    

     

    
      	
              2.1.1.

            	
              In
      addition to the Tranches CT. A, the Lenders are willing to grant the New
      Tranches CT.A, equalling the balance between the maximum amount of Loan CT
      and the aggregate maximum amount of (i) Loan CT.A and (ii) Loan CT.B, as
      more closely set out in the New Schedule 4 of the Loan Agreement, to the
      effect that the Loan CT.A shall amount up to Euros one hundred thirty
      million five hundred forty three thousand (EUR 130,543,000.00) and the
      Loan CT.B shall amount up to Euros two hundred thirty two million four
      hundred fifty seven thousand (EUR 232,457,000.00). Such New Tranches CT.A
      shall be drawn in up to two (2) portions per Vessel together with each of
      the relevant Tranches CT.A. The New Schedule 4 attached hereto shall
      replace the existing Schedule 4. The purpose of the New Tranches CT.A
      shall be to enable the Borrowers to finance the interest during
      construction time and any cost increases and modifications under the
      Building Contracts.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              2.1.2.

            	
              The
      Lenders agree that the purpose of the Loan CT.A shall be extended to
      assisting the Borrowers in financing the increased Construction Price
      Instalments on the conditions as more closely set out in the New Schedule
      5 to the Loan Agreement. The New Schedule 5 attached hereto shall replace
      the existing Schedule 5 to the Loan
Agreement.

            

    

     

    
      	
              2.2.

            	
              Repayment

            

    

     

    Due to
the delayed delivery of Vessels 10, 11 and 12 and due to the incorporation of
the New Tranches CT.A, the Lenders agree to amend the repayment of the Loan as
follows:

     

    
      	
              2.2.1.

            	
              The
      Borrowers and the Lenders agree that the Borrowers shall repay the
      Tranches CT.A.10, CT.A.11 and CT.A.12 to the Lenders under the conditions
      of clause 8 of the Loan Agreement, however not later than on the final
      maturity date 30th October, 2010.

            

    

     

    
      	
              2.2.2.

            	
              The
      Lenders agree that the Borrowers shall repay Tranches LT 10 - 12 with
      quarterly repayments over a twelve (12) years repayment profile. The first
      quarterly repayment of the Tranches LT 10 - 12 shall be (i) double in
      amount compared to the amount of the remaining repayment instalments and
      (ii) made three (3) Months after the Drawdown thereof but in no event
      later than 30th
      December, 2010, provided, however, that in any event the repayment of the
      Tranches LT shall be fully amortised on the following final maturity
      dates:

            

    

     

    
      
        	
                Tranche

              	 
      	
                Final Maturity Date

              
	
                LT.1

              	 
      	
                27th
      February, 2021

              
	
                LT.2

              	 
      	
                28th
      May, 2021

              
	
                LT.3

              	 
      	
                5th
      October, 2021

              
	
                LT.4

              	 
      	
                16th
      February, 2022

              
	
                LT.5

              	 
      	
                11th
      March, 2022

              
	
                LT.6

              	 
      	
                30th
      June, 2022

              
	
                LT.7

              	 
      	
                15th
      March, 2022

              
	
                LT.8

              	 
      	
                28th
      June, 2022

              
	
                LT.9

              	 
      	
                23rd
      June, 2022

              
	
                LT.10

              	 
      	
                30th
      June, 2022

              
	
                LT.11

              	 
      	
                30th
      June, 2022

              
	
                LT.12

              	
                  

              	
                30th
      June, 2022

              

      

    

    

    
      	
              2.2.3.

            	
              The
      Borrowers and the Lenders agree that under the conditions of clause 8 of
      the Loan Agreement Borrowers shall repay the Tranches CF on the following
      final maturity dates:

            

    

     

    
      
        	
                Tranche

              	 
      	
                Final Maturity Date

              
	
                CF.1

              	 
      	
                27th
      February, 2024

              
	
                CF.2

              	 
      	
                28th
      May, 2024

              
	
                CF.3

              	 
      	
                5th
      October, 2024

              
	
                CF.4

              	 
      	
                16th
      February, 2025

              
	
                CF.5

              	 
      	
                11th
      March, 2025

              
	
                CF.6

              	 
      	
                30th
      June, 2025

              
	
                CF.7

              	 
      	
                15th
      March, 2025

              
	
                CF.8

              	 
      	
                28th
      June, 2025

              
	
                CF.9

              	 
      	
                23rd
      June, 2025

              
	
                CF.10

              	 
      	
                30th
      June, 2025

              
	
                CF.11

              	 
      	
                30th
      June, 2025

              
	
                CF.12

              	
                  

              	
                30th
      June, 2025

              

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              2.2.4.

            	
              The
      existing Schedule 4B shall be replaced by the New Schedule 4B attached
      hereto.

            

    

     

    
      	
              2.3.

            	
              Financial
      Covenants

            

    

     

    In
deviation of clause 19.1.2.3 of the Loan Agreement the Borrowers shall be
allowed to grant and to accept loans by another Borrower (hereafter referred to
as an “Intercompany Loan”), for the purpose of (i) covering liquidity shortfalls
due to different employment situations of the Vessels and (ii), due to the last
sentence of Clause 2.3 of the Loan Agreement, enabling the Borrower 12 to
finance the difference between the actual amount which will be drawn under
Tranche LT.12 and the amount of Tranche LT.12 as described in Schedule 4 to the
Loan Agreement.

     

    For the
purpose of allowing the Borrowers to grant and accept Intercompany Loans, each
Borrower hereby irrevocably and unconditionally undertakes to and in favour of
the Lenders that

     

    
      	
              2.3.1.

            	
              any
      Intercompany Loan to be concluded will automatically and without further
      declaration be fully subordinated to the Borrowers’ obligations under the
      Loan Agreement and under the Security Documents,
  and

            

    

     

    
      	
              2.3.2.

            	
              the
      Borrowers will neither (a) amend, vary, change or supplement the terms and
      conditions of the Intercompany Loans without the prior written consent of
      the Agent nor (b) terminate the respective loan agreements under which the
      Intercompany Loans have been granted or declare an event of default
      thereunder and/or accelerate the respective Intercompany Loan and/or
      demand premature repayment thereof without the prior written consent of
      the Agent.

            

    

     

    
      	
              2.4.

            	
              Reporting
      Covenants

            

    

     

    In
addition to the undertakings contained in the Loan Agreement the Borrowers
undertake that during the Security Period they will deliver to the Agent any
information regarding each inter company loan and shareholder loan to which a
Borrower is a party (i) promptly after conclusion of the relevant loan agreement
and (ii) not later than ninety (90) days after the end of each half-year, for
the first time on 30th September, 2010.

     

    
      	
              2.5.

            	
              Covenants regarding
      Corporate Structure

            

    

     

    In
deviation 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 Corporate Guarantor holds less than
twenty five (25) percent directly or through an affiliated company accepted by
the Agent in advance or to the effect that any of the Borrowers ceases to be a
limited partnership.

     

    
      	
              2.6.

            	
              Further Conditions
      Precedent regarding the Delivery of the Vessels 10 –
    12

            

    

     

    In
addition to the conditions of clause 5.3 of the Loan Agreement it shall be a
condition precedent to the drawdown of any of the Tranches CT for the Vessels 10
– 12 that (i) the Borrowers shall be entitled to cancel, rescind and/or
terminate the relevant Building Contracts in case the Vessels 10 – 12 are
not delivered on or prior to 29th
October, 2010 and that (ii) they shall be entitled to demand payment under the
Refund Guarantees securing the repayment of the Construction Price Instalments
paid for Vessels 10 – 12 in case the delivery of the Vessels 10 – 12 does not
take place on or prior to 29th
October; 2010, each of the foregoing termination right and repayment claim to be
evidenced to the satisfaction of the Lenders prior to the Drawdown of the
outstanding Construction Price Instalments to be paid for Vessels 10 – 12, as
stipulated in clause 2.4 of the New Schedule 5 attached hereto.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              2.7.

            	
              Shortfall

            

    

     

    In
addition to clauses 18.1 and 18.2 of the Loan Agreement, the Borrowers undertake
to the Lenders that if the ratio of the average Fair Market Values of the
Vessels 10, 11 and 12 to the outstanding average balance of the Tranches LT 1 -
12 is less than the ratio of the average Fair Market Values of the Vessels 1 - 9
to the outstanding average balance of the Tranches LT 1 - 12, it being
understood that the Fair Market Values to be assessed in each case in accordance
with clause 18.1 of the Loan Agreement, then and in such case within a period of
thirty (30) days following receipt by the Borrowers of written notice from the
Agent notifying the Borrowers of such shortfall and specifying the amount
thereof (which amount shall in the absence of manifest error be conclusive and
binding upon the Borrowers) to either furnish the Lenders with such additional
security as shall be acceptable to the Lenders in their sole discretion for the
purpose of remedying such deficiency in security or to prepay to the Lenders
(together with interest accrued thereon and any costs arising through such
prepayment being made otherwise than at the end of an Interest Period) such part
of the Tranches LT 10 - 12 as shall be necessary to ensure that the above
described ratios are equal. Unless and until the Tranches LT 10 - 12 have been
prepaid or the additional security has been granted as described above, no
dividend payments by any of the Borrowers to any of their shareholders shall be
permitted. Any additional security required as a result of the operation of this
clause is separate from and additional to any other security provided or to be
provided under the other provisions of the Loan Agreement and the Security
Documents.

     

    
      	
              2.8.

            	
              Event of
      Default

            

    

     

    In
deviation of clauses 22.1.16 and 22.1.17 of the Loan Agreement,

     

    
      	
              2.8.1.

            	
              it
      shall constitute an Event of Default if 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 the Equity Provider 1 transfers its shares in the Borrowers to the
      Equity Provider 2 or an affiliated company of Equity Provider 2 accepted
      by the Agent.

            

    

     

    
      	
              2.8.2.

            	
              it
      shall constitute an Event of Default if the Equity Provider 2 ceases to
      hold at least twenty five (25) percent of each of the Borrowers directly
      or through an affiliated company accepted by the Agent or if any of the
      Borrowers ceases to be a limited
partnership.

            

    

     

    
      	
              3.

            	
              EFFECTIVENESS

            

    

     

    This
Addendum No. 1 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. 1 upon presentation of a copy of the relevant invoice,
incurred under or in connection with this Addendum No. 1 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. 1 and expenses incurred by any of
the parties hereto in connection with the preparation, execution and carrying
out of this Addendum No. 1 (including any stamp, documentary, registration or
other like duties and Taxes, fees and charges), translations and legal opinions
(if any).

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              SEVERABILITY

            

    

     

    In the
event that this Addendum No. 1 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. 1, 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. 1.

     

    
      	
              6.

            	
              CONTINUING
      VALIDITY OF THE LOAN AGREEMENT

            

    

     

    Save as
amended by this Addendum No. 1 and such further instruments and documents as
shall be necessary to give effect to the terms of this Addendum No. 1, 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. 1,
the provisions of this Addendum No. 1 shall prevail.

     

    
      	
              7.

            	
              APPLICABLE
      LAW AND JURISDICTION

            

    

     

    The terms
and conditions set out in this Addendum No. 1 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.

     

    [end of page]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    
 

    IN WITNESS WHEREOF the parties
hereto have caused this Addendum No. 1 to be signed by their duly authorized
attorneys the day and year first above written.

     

    THE
LENDERS:

     

    
      
        
          	
                  SIGNED
      by

                	
                  )

                	 
      
	
                  Regina
      Schulz and

                	
                  )

                	 
      
	
                  Ingo
      Doebke

                	
                  )

                	 
      
	
                  for
      and on behalf of

                	
                  )

                	 
      
	
                  NORDDEUTSCHE
      LANDESBANK

                	
                  )

                	 
      
	
                  GIROZENTRALE

                	
                  )

                	
                  /s/ Regina Schultz          /s/ Ingo Doebke

                
	 
      	 
      	 
      
	
                  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

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    ACKNOWLEDGEMENT AND
UNDERTAKING

     

    We hereby
confirm to have full knowledge of this Addendum No. 1 and to agree to its
contents.

     

    We hereby
undertake that we 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 we hold less than twenty five (25) percent of each of the
Borrowers directly or through an affiliated company accepted by the Agent in
advance or to the effect that any of the Borrowers ceases to be a limited
partnership.

     

    THE
CORPORATE GUARANTOR

     

    
      
        
          
            	
                    Signed
      by

                  	
                    )

                  	 
      
	
                     

                  	
                    )

                  	 
      
	
                    REEDEREI
      HARTMANN

                  	
                    )

                  	 
      
	
                    GMBH
      & CO. KG

                  	
                    )

                  	
                    /s/

                  

          

        

      

    
 

    
      
         

      

      
        8

        
          

        

      

      
         

      

    
 

    ANNEX

     

    NEW
SCHEDULES

     

      
        

      

    

     

    New
Schedule
4                                        Synopsis
Loan

     

    New
Schedule
5                                        List
of Conditions Precedent

     

      
        

      

    
 

    
      
         

      

      
        9ANNEX
2

    

    
      
        	
                INTERCREDITOR
      AGREEMENT

              	
                EHLERMANN

              
	 
      	
                RINDFLEISCH

              
	 
      	
                GADOW

              
	
                12
      A.H.T.S. Vessels

              	
                RECHTSANWÄLTE

              
	
                built
      by Fincantieri Cantieri Navali S.p.A.

              	
                PARTNERSCHAFT

              
	 
      	 
      
	 
      	
                BALLINDAMM
      26, 20095 HAMBURG

              
	 
      	
                TELEFON
      +49 40 37 48 14 – 0

              
	 
      	
                TELEFAX
      -49 40 37 48 14 – 30

              
	 
      	
                INTERNET
      WWW.ERG-LEGAL.COM

              

      

    

    

    between

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Hannover,
Germany

    

    and

    

    HARTMANN
ASIA HOLDING PTE LTD

    Singapore

    

    and

    

    ATL
Offshore GmbH & Co. “ISLE OF USEDOM” KG

    Leer,
Germany

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    HSA Loan
Intercreditor Agreement

    

    This
INTERCREDITOR AGREEMENT is made the___ day of ____________, 2010
between

     

    
      	
              (1)

            	
              NORDDEUTSCHE LANDESBANK
      GIROZENTRALE, a banking institution organized and existing under
      the laws of the Federal Republic of Germany, having its registered office
      at Friedrichswall 10, 30159 Hannover, Germany, (the “Senior Lender’),
      and

            

    

     

    
      	
              (2)

            	
              HARTMANN ASIA HOLDONG PTE
      LTD, a company organised and existing under the laws of Singapore,
      having its registered address at 1 North Bridge Road, High Street Centre
      #06 - 18/19/20/21, Singapore 179094 (the “Junior Lender’),
    and

            

    

     

    
      	
              (3)

            	
              ATL OFFSHORE GMBH & CO.
      “ISLE OF USEDOM” KG, a limited partnership organised and existing
      under the laws of the Federal Republic of Germany, and each having its
      registered address at Neue Straße 24, 26789 Leer, Germany (the
      “Borrower”).

            

    

     

    WHEREAS

     

    
      	
              I.

            	
              Pursuant
      to the terms of a loan agreement dated 19’“ December, 2008 (as from time
      to time amended, varied or supplemented the “Senior Loan Agreement”) made
      between the Senior Lender as lender and as agent for the lenders
      stipulated therein and the Borrowers and certain further limited
      partnerships as borrowers as more closely specified in the Senior Loan
      Agreement, the Senior Lender agreed to grant - inter alia - (A) a
      post-delivery loan of up to the lesser of (i) Euros four hundred twenty
      million five hundred seventy thousand (EUR 420,570,000.00) or (ii) seventy
      five (75) percent of the Investment Costs (as defined in the Senior Loan
      Agreement), or any balance thereof outstanding from time to time and (B) a
      post-delivery revolving credit facility of up to Euros eighty one million
      one hundred fourteen thousand (EUR 81,114,000.00), to, inter alia, the
      Borrowers for the purpose of - inter alia - assisting the Borrowers in
      financing the acquisition cost of certain A.H.T.S. newbuildings as more
      closely specified in Annex 1 attached hereto (collectively the
      “Vessels” and any of them a “Vessel”);
and

            

    

     

    
      	
              II.

            	
              Pursuant
      to the terms and conditions of the Senior Loan Agreement the Senior
      Liabilities (as defined below) were made available on the security - inter
      alia - of:

            

    

     

    
      	
               
      

            	
              A.

            	
              a
      first ranking hypothec over the relevant Vessels in favour of the Senior
      Lender executed by the relevant Borrower (the “First Hypothecs”),
      and

            

    

     

    
      	
               
      

            	
              B.

            	
              first
      priority assignments of the insurances and the earnings of each of the
      Vessels and of the refund guarantees and the building contracts relating
      to each of the Vessels and of payment guarantees by Reederei Hartmann GmbH
      & Co. KG of Leer, Germany (together the “Assignments”) made between
      the relevant Borrower and the Senior Lender;
and

            

    

     

    
      	
               
      

            	
              C.

            	
              pledges
      of earnings accounts (the “Pledges”) made between the Borrower and the
      Senior Lender

            

    

     

    (the
First Hypothecs, the Assignments, and the Pledges are hereinafter together
referred to as the “Senior Security”); and

     

    
      	
              III.

            	
              The
      Borrower has requested the Senior Lender to consent to the execution of
      loan agreements (the “Junior Loan Agreements” as further defined below)
      between the Junior Lender as lender and the Borrowers as borrower each for
      a loan of up to EUR 18,000,000.00 (EUR eighteen million) or the equivalent
      in USD; and

            

    

     

    
      	
              IV.

            	
              Pursuant
      to the terms and conditions of the Junior Loan Agreements the Junior
      Liabilities (as further defined below) are to be incurred without any
      security.

            

    

     

    
      	
              V.

            	
              The
      Senior Lender agrees to the execution of the Junior Loan Agreements on the
      terms and subject to the conditions hereinafter
  contained.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    HSA Loan
Intercreditor Agreement

     

    NOW
THEREFORE IT IS HEREBY AGREED in consideration of the premises as
follows:

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    The terms
used in this Agreement shall be defined as follows:

     

    
      
        
          
            	
                    Banking
      Day

                  	
                    A
      day on which dealings in Euros are carried out in the relevant Interbank
      Market and on which banks are open for business in Frankfurt, Hannover,
      London, Milan and New York

                  
	 
      	 
      
	
                    Creditors

                  	
                    The
      Senior Lender and the Junior Lender

                  
	 
      	 
      
	
                    Debt
      Documents

                  	
                    This
      Agreement, the Senior Loan Agreement, the Junior Loan Agreements and the
      Security Documents

                  
	 
      	 
      
	
                    Enforcement
      Action

                  	
                    (a)   In respect of
      any Liabilities

                  
	 
      	 
      
	 
      	
                    (i)           the
      acceleration of any Liabilities or the making of any declaration that any
      Liabilities are prematurely due and payable

                  
	 
      	 
      
	 
      	
                    (ii)          the
      suing for, commencing or joining of any legal or arbitration proceedings
      against any member of the Group to recover any
  Liabilities;

                  
	 
      	 
      
	 
      	
                    (iii)        the
      exercise of any right of set off, account combination or payment netting
      against any Borrower in respect of any Liabilities

                  
	 
      	 
      
	 
      	
                    (b)   the taking of
      any steps to enforce or require the enforcement of any Security
      Documents

                  
	 
      	 
      
	 
      	
                    (c)   the
      petitioning, applying or voting for, or the taking of any steps (including
      the appointment of any liquidator, receiver, administrator or similar
      officer) in relation to, the winding up, dissolution, administration or
      reorganisation of any member of the Group which owes any Liabilities, or
      has given any Security, guarantee, indemnity or other assurance against
      loss in respect of any of the Liabilities, or any of such member of the
      Group’s assets or any suspension of payments or moratorium of any
      indebtedness of any such member of the Group, or any analogous procedure
      or step in any jurisdiction,

                  
	 
      	 
      
	
                    Group

                  	
                    Collectively
      the Borrower and HARTMANN ASIA HOLDONG PTE LTD, Singapore, and Reederei
      Hartmann GmbH & Co. KG

                  
	 
      	 
      
	
                    Junior
      Default

                  	
                    An
      event of default under any of the Junior Loan
Agreements

                  
	 
      	 
      
	
                    Junior
      Liabilities

                  	
                    The
      Liabilities owed by the Borrowers to the Junior Lender under or in
      connection with the Junior Loan Agreements

                  
	 
      	 
      
	
                    Junior
      Loan

                  	
                    An
      amount of up to Euro 18,000,000.00 (EUR eighteen million)

                    or
      the equivalent in USD made or to be made available under each of the
      Junior Loan Agreements by way of intercompany loans

                  
	 
      	 
      
	
                    Junior
      Loan Agreements

                  	
                    The
      junior loan agreements dated ____________, 2010 and made between each of
      the Borrowers and the Junior Lender in the form attached hereto as Annex
      2

                  

          

        

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      HSA Loan
Intercreditor Agreement

       

    

    
      
        	
                Liabilities

              	
                All
      present and future liabilities and obligations at any time of any Borrower
      to any Creditor under any of the Debt Documents, both actual and
      contingent and whether incurred solely or jointly or in any other capacity
      together with any of the following matters relating to or arising in
      respect of those liabilities and obligations:

              
	 
      	 
      
	 
      	
                (a)   any
      refinancing, novation, deferral or extension;

              
	 
      	 
      
	 
      	
                (b)   any claim for
      breach of representation, warranty or undertaking or on an event of
      default or under any indemnity given under or in connection with any
      document or agreement evidencing or constituting any other liability or
      obligation falling within this definition;

              
	 
      	 
      
	 
      	
                (c)   any claim for
      damages or restitution; and

              
	 
      	 
      
	 
      	
                (d)   any claim as
      a result of any recovery by any debtor of a Payment an the grounds of
      preference or otherwise,

              
	 
      	 
      
	 
      	
                and
      any amounts which would be included in any of the above but for any
      discharge, non provability, unenforceability or non allowance of those
      amounts in any insolvency or other proceedings.

              
	 
      	 
      
	
                Payments

              	
                In
      respect of any Liabilities (or any other liabilities or obligations), a
      payment, prepayment, repayment, redemption, defeasance or discharge of
      those Liabilities (or other liabilities or obligations)

              
	 
      	 
      
	
                Permitted
      Payment

              	
                The
      Payments permitted by Clause 3.1 and by Clause 4.2

              
	 
      	 
      
	
                Security

              	
                A
      mortgage, charge, pledge, lien or other security interest securing any
      obligation of any person or any other agreement or arrangement having a
      similar effect

              
	 
      	 
      
	
                Security
      Documents

              	
                (a)   each of the
      documents constituting the Senior Security;

              
	 
      	 
      
	 
      	
                (b)   any other
      document entered into at any time by any of the Borrowers or other member
      of the Group creating any guarantee, indemnity, security or other
      assurance against financial loss in favour of any of the Creditors as
      security for any of the Liabilities; and

              
	 
      	 
      
	 
      	
                (c)   any security
      granted under any covenant for further assurance in any of the documents
      set out in paragraphs (a) and (b) above.

              
	 
      	 
      
	
                Senior
      Discharge Date

              	
                The
      date on which all Senior Lenders Liabilities have been fully and finally
      discharged to the satisfaction of the Senior Lender, whether or not as the
      result of an enforcement, and the Senior Lender is under no further
      obligation to provide financial accommodation to any of the Borrowers
      under the Senior Loan Agreement

              
	 
      	 
      
	
                Senior
      Lenders Liabilities

              	
                The
      Liabilities owed by the Borrowers to the Senior Lender under or in
      connection with the Senior Loan
Agreement

              

      

    

     

    
      	
              2.

            	
              RANKING
      AND PRIORITY

            

    

     

    
      	
              2.1

            	
              Creditors’
      Liabilities

            

    

     

    Each of
the parties agrees that the Liabilities owed by the Borrowers to the Creditors
shall rank in right and priority of payment in the following order as
follows:

     

    
      	
               
      

            	
              ·

            	
              first,
      the Senior Lenders Liabilities and

            

    

     

    
      	
               
      

            	
              ·

            	
              second,
      the Junior Liabilities.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    HSA Loan
Intercreditor Agreement

     

    
      	
              3.

            	
              SENIOR
      LENDER AND SENIOR LENDER
LIABILITIES

            

    

     

    
      	
              3.1

            	
              Payment
      of Senior Lender Liabilities

            

    

     

    The
Borrowers may make payments in fulfilment of the Senior Lender Liabilities at
any time in accordance with the Senior Loan Agreement.

     

    
      	
              3.2

            	
              Amendments
      and Waivers: Senior Lenders

            

    

     

    The
Senior Lender may amend or waive the terms of the Senior Loan Agreement and the
Security Documents at any time.

     

    
      	
              4.

            	
              JUNIOR
      LENDERS AND JUNIOR LIABILITIES

            

    

     

    
      	
              4.1

            	
              Restriction
      on Payment

            

    

     

    The
Borrowers shall not and shall procure that no other member of the Group will,
make any Payments of the Junior Liabilities at any time unless that Payment is
permitted under Clause 4.2.

     

    
      	
              4.2

            	
              Permitted
      Payments

            

    

     

    The
Borrowers may:

     

    
      	
               
      

            	
              (a)

            	
              prior
      to the Senior Discharge Date, make Payments to the Junior Lender in
      respect of the Junior Liabilities then due in accordance with the Junior
      Loan Agreements only if the Senior Lender has given its prior written
      consent to that Payment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              on
      or after the Senior Discharge Date, make Payments to the Junior Lenders in
      respect of the Junior Liabilities in accordance with the Junior Loan
      Agreements.

            

    

     

    
      	
              4.3

            	
              Amendments
      and Waivers

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b) below, the Junior Lenders may amend or waive the terms of
      the Junior Loan Agreements in accordance with their terms at any
      time.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Prior
      to the Senior Discharge Date, the Junior Lenders may not without the
      Senior Lender’s prior written consent amend or waive the terms of the
      Junior Loan Agreements if the amendment or waiver is, in relation to the
      original form of or the contents of the terms and conditions of the Junior
      Loan Agreements:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      increase of the principal amount of the Junior Loans or any of
      them;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      amendment to, or waiver of, the amount, currency, dates or terms of
      repayment or prepayment (mandatory or otherwise) of the Junior
      Loans;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      other amendment or waiver the effect of which is to make any Borrower
      liable to make additional or increased Payments;
  or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              an
      amendment or waiver:

            

    

     

    
      	
               
      

            	
              (A)

            	
              which
      would result in any Borrower being subject to more onerous obligations
      under the representations, undertakings, financial covenants or events of
      default; and

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    HSA Loan
Intercreditor Agreement

     

    
      	
               
      

            	
              (B)

            	
              which
      has not been made to, or given in respect of, the Senior Loan
      Agreement.

            

    

     

    
      	
              4.4

            	
              Security

            

    

     

    At any
time prior to the Senior Discharge Date, the Junior Lenders may not take, accept
or receive from any Borrower or any member of the Group the benefit of any
Security, guarantee, indemnity or other assurance against loss in respect of the
Junior Liabilities.

     

    
      	
              4.5

            	
              Restriction
      on Enforcement

            

    

     

    Subject
to Clause 4.6, no Junior Lender shall be entitled to take any Enforcement Action
in respect of any of the Junior Liabilities prior to the Senior Discharge
Date.

     

    
      	
              4.6

            	
              Permitted
      Enforcement

            

    

     

    Prior to
the Senior Discharge Date, the Junior Lender may take Enforcement Action
available to it in respect of any of the Junior Liabilities only if the Senior
Lender has given its prior written consent.

     

    
      	
              4.7

            	
              No
      Set-Off

            

    

     

    Prior to
the Senior Discharge Date neither the Borrowers nor the Junior Lender may,
without the Senior Lender’s prior written consent, discharge any Junior
Liabilities by way of set-off.

     

    
      	
              5.

            	
              CHANGE
      OF SENIOR LENDER OR JUNIOR LENDER

            

    

     

    
      	
              5.1

            	
              Transfer
      by Senior Lender

            

    

     

    A Senior
Lender may assign any of its rights and benefits or transfer by novation any of
its rights, benefits and obligations in respect of any Debt Documents or the
Liabilities if any assignee or transferee has (if not already party to this
Agreement as a Senior Lender) acceded to this Agreement, as a Senior
Lender.

     

    
      	
              5.2

            	
              Transfer
      by Junior Lender

            

    

     

    A Junior
Lender may assign any of its rights and benefits or transfer by novation any of
its rights, benefits and obligations in respect of any Debt Documents or the
Liabilities (i) if any assignee or transferee has (if not already party to this
Agreement as a Junior Lender) acceded to this Agreement, as a Junior Lender, and
(ii) only with the prior written consent of the Senior Lender.

     

    
      	
              6.

            	
              NOTIFICATION
      OF PRESCRIBED EVENTS

            

    

     

    If a
Junior Default either occurs or ceases to be continuing the Borrowers and/or the
Junior Lender shall, upon becoming aware of that occurrence or cessation, notify
the Senior Lender thereof in writing.

     

    
      	
              7.

            	
              APPLICABLE
      LAW, JURISDICTION

            

    

     

    The terms
and conditions set out in this Agreement shall unless otherwise specifically
provided be governed by and construed in accordance with the laws of the Federal
Republic of Germany and the Junior Lender and the Borrowers submit to the
jurisdiction of the courts in Hannover, Federal Republic of
Germany.

     

    Nothing
in this Clause shall affect the right of the Senior Lender to serve process in
any manner permitted by law or limit the right of the Lenders to proceed against
the Junior Lender and/or Borrowers or any of them in any other
jurisdiction.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    HSA Loan
Intercreditor Agreement

     

    The
Junior Lender agrees that any writ, notice of judgment or other legal process or
document in connection with such proceeding may be served upon Reederei Hartmann
GmbH & Co. KG, at Königstraße 23, 26789 Leer, Germany.

     

    
      	
              8.

            	
              INVALIDITY

            

    

     

    In the
event that this Agreement or any provision hereof 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 Agreement, such
documents and instruments as a whole and in such case the parties hereto shall
execute and deliver such other and further agreements and/or documents and/or
instruments and such things as the Senior Lender in its reasonable discretion,
may deem to be necessary to carry out the original intent of the parties to this
Agreement.

     

    
      	
              9.

            	
              NOTICES
      AND TIME

            

    

     

    
      	
              9.1

            	
              Addresses

            

    

     

    Any
notice or other communication to be given pursuant hereto shall be by letter or
registered letter or telefax and addressed

     

    - if to
the Borrower. to

    

    ATL
Offshore GmbH & Co. “ISLE OF USEDOM” KG

    c/o
HARTMANN OFFSHORE GMBH & CO. KG

    Neue
Straße 24

    26789
Leer

    Germany

    Fax:        +49-491-9995020

    

    - if to
the Senior Lender, to:

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Federal
Republic of Germany

    Fax:        +49-511-3614785,

    

    - if to
the Junior Lender, to

    

    HARTMANN
ASIA HOLDING PTE LTD

    1 North
Bridge Road

    High
Street Centre #06 - 18/19/20121

    Singapore
179094

    Fax:        _______________

    

    or to
such other address as either party may notify to the other in
writing.

    

    
      	
              9.2

            	
              Form
      of Communicating

            

    

     

    Communications
sent by telefax shall be effective when sent and if sent by letter shall be
effective on receipt.  Any communication by telefax from a party to
the relevant other party/ies shall be confirmed by letter if so requested by the
relevant party and the relevant party may (in its absolute discretion) refuse to
act on any such communication pending receipt of such letter.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    HSA Loan
Intercreditor Agreement

     

    
      	
              9.3

            	
              Receipt

            

    

     

    A notice
or other communication received an a day which is not a Banking Day or after
business hours in the place of receipt on a Banking Day shall be deemed to be
served on the next following Banking Day in such place.

     

    (remainder
of page left blank intentionally)

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    HSA Loan Intercreditor Agreement

    In
witness whereof this Agreement has been executed by the parties hereto the day
and year first before written.

    

    
      
        
          
            	
                    The
      Senior Lender:

                  	
                    )

                  	 
      
	 
      	
                    )

                  	 
      
	
                    SIGNED
      by:

                  	
                    )

                  	 
      
	
                                              
      and

                  	
                    )

                  	 
      
	                                          
      	
                    )

                  	 
      
	
                    for
      and on behalf of

                  	
                    )

                  	 
      
	
                    NORDDEUTSCHE
      LANDESBANK

                  	
                    )

                  	 
      
	
                    GIROZENTRALE

                  	
                    )

                  	
                       /s/                                                            

                  
	 
      	 
      	 
      
	
                    The
      Junior Lender:

                  	
                    )

                  	 
      
	 
      	
                    )

                  	 
      
	
                    SIGNED
      by:

                  	
                    )

                  	 
      
	
                                                and

                  	
                    )

                  	 
      
	
                                                             
      

                  	
                    )

                  	 
      
	
                    for
      and on behalf of

                  	
                    )

                  	 
      
	
                    HARTMANN
      ASIA HOLDING PTE LTD

                  	
                    )

                  	
                       /s/                                                            

                  
	 
      	 
      	 
      
	
                    The
      Borrowers:

                  	
                    )

                  	 
      
	 
      	
                    )

                  	 
      
	
                    SIGNED
      by:

                  	
                    )

                  	 
      
	
                                                and

                  	
                    )

                  	 
      
	                                        
      	
                    )

                  	 
      
	
                    for
      and on behalf of

                  	
                    )

                  	 
      
	
                    ATL
      OFFSHORE GMBH & CO. “ISLE 

                  	
                    )

                  	 
      
	OF USEDOM” KG 
      	
                    )

                  	
                       /s/                                                            

                  

          

        

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      HSA Loan
Intercreditor Agreement

       

      Annex
1

    

     

    List
of Vessels

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      HSA Loan
Intercreditor Agreement

       

      Annex
2

    

     

    Form
of Junior Loan Agreements

    
      
         

      

      
        10

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