FIRST AMENDMENT TO REVOLVING CREDIT LOAN AND SECURITY AGREEMENTAnd Security Agreement • April 26th, 2010 • Odyssey Marine Exploration Inc • Water transportation • Florida
This First Amendment to Revolving Credit Loan and Security Agreement (the “First Amendment”) is executed on this 23rd day of April, 2010, between FIFTH THIRD BANK, an Ohio banking corporation, having a mailing address of 201 East Kennedy Boulevard, Suite 1800, Tampa, Florida 33602 (the “Bank”) and ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, authorized to do business in Florida, having its principal place of business at 5215 West Laurel Street, Tampa, Florida 33607 (the “Borrower”), and amends and modifies that certain Revolving Credit Loan and Security Agreement dated February 8, 2008 (the “Loan Agreement”) as follows:
RENEWAL REVOLVING CREDIT NOTE (the “Note”)Renewal Revolving Credit Note • April 26th, 2010 • Odyssey Marine Exploration Inc • Water transportation
FOR VALUE RECEIVED, the undersigned borrower, ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (“Borrower”) promises to pay to the order of FIFTH THIRD BANK, an Ohio banking corporation (“Lender”), at 201 E. Kennedy Boulevard, Suite 1800, Tampa, Florida 33602, or at such other place as Lender may from time to time designate in writing, with payment due as provided herein and in the Revolving Credit Loan and Security Agreement dated February 8, 2008, as amended of even date herewith (collectively the “Credit Agreement”), the principal sum not to exceed $5,000,000.00, or so much thereof as has been disbursed for advances hereunder. This Note renews and supersedes its entirety that certain Revolving Credit Note dated Effective February 8, 2008, as modified by extension of maturity date to May 8, 2010.
