TERM NOTETerm Note • December 19th, 2008 • Deep Down, Inc. • Oil & gas field machinery & equipment
This note has been executed and delivered under, and is subject to the terms of, the Credit Agreement dated November 11, 2008 (as amended by that certain First Amendment to Credit Agreement dated as of the date hereof, and as further amended, supplemented or restated, the “Credit Agreement”), between Borrower and Lender, and is the “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
FIRST AMENDMENT TO CREDIT AGREEMENT (Deep Down, Inc.)Credit Agreement • December 19th, 2008 • Deep Down, Inc. • Oil & gas field machinery & equipment
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of December 18, 2008, between DEEP DOWN, INC., a Nevada corporation (“Borrower”), and WHITNEY NATIONAL BANK, a national banking association (the “Lender”). Capitalized terms used but not defined in this Amendment have the meaning given them in the Credit Agreement (defined below).
FIRST AMENDMENT TO SECURITY AGREEMENTSecurity Agreement • December 19th, 2008 • Deep Down, Inc. • Oil & gas field machinery & equipment
THIS FIRST AMENDMENT TO SECURITY AGREEMENT (this “Amendment”) is executed by DEEP DOWN, INC., a Nevada corporation (“Parent”), ELECTROWAVE USA, INC., a Nevada corporation (“Electrowave”), FLOTATION TECHNOLOGIES, INC., a Maine corporation (“Flotech”), MAKO TECHNOLOGIES, LLC, a Nevada limited liability company (“Mako”), and DEEP DOWN INC., a Delaware corporation (“DD Delaware,” and together with Parent, Electrowave, Flotech, and Mako, collectively, “Debtor”), for the benefit of WHITNEY NATIONAL BANK, a national banking association (“Secured Party”). Capitalized terms used but not defined in this Amendment have the meanings given them in the Security Agreement (defined below).
