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”).
