AMENDED AND RESTATED CREDIT AGREEMENT between DEEP DOWN, INC. as Borrower and WHITNEY NATIONAL BANK as LenderCredit Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment
THIS AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of November 11, 2008, and amended and restated through April 14, 2010, between DEEP DOWN, INC., a Nevada corporation (“Borrower”), and WHITNEY NATIONAL BANK, a national banking association (the “Lender”).
RE TERM NOTECredit Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment
This note has been executed and delivered under, and is subject to the terms of, the Amended and Restated Credit Agreement dated as of November 11, 2008 and amended and restated through April 14, 2010 (as amended, supplemented or restated, the “Credit Agreement”), between Borrower and Lender, and is the “RE Term Note” referred to in the Credit Agreement. Unless defined in this note, or the context requires otherwise, capitalized terms used in this note have the meanings given to such terms in the Credit Agreement. Reference is made to the Credit Agreement for provisions affecting this note regarding applicable interest rates, principal and interest payment dates, final maturity, voluntary and mandatory prepayments, acceleration of maturity, exercise of rights, payment of attorneys’ fees, court costs and other costs of collection, certain waivers by Borrower and others now or hereafter obligated for payment of any sums due under this note, and security for the payment of this note. This
RLOC TERM NOTECredit Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment
This note has been executed and delivered under, and is subject to the terms of, the Amended and Restated Credit Agreement dated as of November 11, 2008 and amended and restated through April 14, 2010 (as amended, supplemented or restated, the “Credit Agreement”), between Borrower and Lender, and is the “RLOC Term Note” referred to in the Credit Agreement. Unless defined in this note, or the context requires otherwise, capitalized terms used in this note have the meanings given to such terms in the Credit Agreement. Reference is made to the Credit Agreement for provisions affecting this note regarding applicable interest rates, principal and interest payment dates, final maturity, voluntary and mandatory prepayments, acceleration of maturity, exercise of rights, payment of attorneys’ fees, court costs and other costs of collection, certain waivers by Borrower and others now or hereafter obligated for payment of any sums due under this note, and security for the payment of this note. Th
ROV TERM NOTECredit Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment
This note has been executed and delivered under, and is subject to the terms of, the Amended and Restated Credit Agreement dated as of November 11, 2008 and amended and restated through April 14, 2010 (as amended, supplemented or restated, the “Credit Agreement”), between Borrower and Lender, and is the “ROV Term Note” referred to in the Credit Agreement. Unless defined in this note, or the context requires otherwise, capitalized terms used in this note have the meanings given to such terms in the Credit Agreement. Reference is made to the Credit Agreement for provisions affecting this note regarding applicable interest rates, principal and interest payment dates, final maturity, voluntary and mandatory prepayments, acceleration of maturity, exercise of rights, payment of attorneys’ fees, court costs and other costs of collection, certain waivers by Borrower and others now or hereafter obligated for payment of any sums due under this note, and security for the payment of this note. Thi
RATIFICATION OF GUARANTY,Security Agreement, and Intercreditor Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment
THIS RATIFICATION OF GUARANTY, SECURITY AGREEMENT, AND INTERCREDITOR AGREEMENT (as amended, restated, or supplemented from time to time, this “Agreement”) is dated as of April 14, 2010, among Deep Down, Inc., a Nevada corporation (“Borrower”), Electrowave USA, Inc., a Nevada corporation (“Electrowave”), Flotation Technologies, Inc., a Maine corporation (“Flotech”), Mako Technologies, LLC, a Nevada limited liability company (“Mako”), Deep Down Inc., a Delaware corporation (“DD Delaware”, and together with Electrowave, Flotech, and Mako, each a “Guarantor”, and collectively, the “Guarantors”), and Whitney National Bank, a national banking association (together with its successors and assigns, “Lender”).
Executive Employment AgreementEmployment Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment • Texas
This Employment Agreement (the “Agreement”), dated as of the 17th day of February 2010 (the “Effective Date”), is by and between Deep Down, Inc., a Nevada corporation (the “Company”), and Michael Newbury, a resident of Richmond, TX (the “Executive”).
ContractCredit Agreement • April 15th, 2010 • Deep Down, Inc. • Oil & gas field machinery & equipment
This note has been executed and delivered under, and is subject to the terms of, the Amended and Restated Credit Agreement dated as of November 11, 2008 and amended and restated through April 14, 2010 (as amended, supplemented or restated, the “Credit Agreement”), between Borrower and Lender, and is the “LC Note” referred to in the Credit Agreement. Unless defined in this note, or the context requires otherwise, capitalized terms used in this note have the meanings given to such terms in the Credit Agreement. Reference is made to the Credit Agreement for provisions affecting this note regarding applicable interest rates, principal and interest payment dates, final maturity, voluntary and mandatory prepayments, acceleration of maturity, exercise of rights, payment of attorneys’ fees, court costs and other costs of collection, certain waivers by Borrower and others now or hereafter obligated for payment of any sums due under this note, and security for the payment of this note. This note
