SECOND AMENDMENT TO CREDIT AGREEMENTCredit Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of February 13, 2009, 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).
JOINDER AGREEMENT (Guaranty) February 13, 2009Joinder Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment
LOAN AGREEMENTLoan Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment • Maine
THIS LOAN AGREEMENT is dated this 13th day of February, 2009, by and among Flotation Technologies, Inc., a Maine corporation having its principal place of business at Biddeford, Maine, and a mailing address of 20 Morin Street, Biddeford, Maine 04005, (hereinafter called "Borrower" or "Debtor"); Deep Down Inc., (hereinafter called "Parent Company"), and TD BANK, N.A. a corporation organized under the laws of the United States of America with a place of business at One Portland Square, Portland, Maine, and a mailing address of P.O. Box 9540, Portland, Maine 04112-9540 (hereinafter called "Lender" or the "Bank").
JOINDER AGREEMENT (Security Agreement) February 13, 2009Security Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment
DEBT SUBORDINATION AGREEMENTDebt Subordination Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment • Maine
For valuable consideration, receipt whereof is hereby acknowledged, and in consideration of all loans, advances, discounts, renewals or extensions now or hereafter made, given or continued by TD BANK, N.A., a banking corporation organized under the laws of the United States of America, with a place of business at One Portland Square, Portland, Maine, and a mailing address of P.O. Box 9540, Portland, Maine 04112-9540 (hereinafter called the "Bank") to or for the account of FLOTATION TECHNOLOGIES, INC. (hereinafter called the "Borrower"), the Borrower and DEEP DOWN, INC. (hereinafter the “Parent Company”) agree with the Bank as follows:
ENVIRONMENTAL INDEMNITY AGREEMENTEnvironmental Indemnity Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment • Maine
FOR VALUE RECEIVED, namely the loans, lines of credit, letters of credit or other financing arrangements provided by TD BANK, N.A., a banking corporation organized under the laws of the United States of America, with a place of business at One Portland Square, Portland, Maine, and a mailing address of P.O. Box 9540, Portland, Maine 04112-9540, (the "Bank") to FLOTATION TECHNOLOGIES, INC., a Maine corporation, whose address is 20 Morin Street, Biddeford, Maine 04005, under the terms and provisions of the Loan Documents, as described in and secured by a Mortgage and Security Agreement, of even date, given to the Bank on certain premises located at and near 20 Morin Street, Biddeford, Maine, (the "Premises"), the undersigned hereby unconditionally and irrevocably agrees to pay on demand to the Bank, and to reimburse defend, hold harmless and indemnify the Bank for, any and all liabilities, executions, awards, judgments, claims, damages, demands, penalties, actions, debts, suits, expenditu
COLLATERAL ASSIGNMENT OF LEASES AND RENTSDeep Down, Inc. • March 16th, 2009 • Oil & gas field machinery & equipment
THIS ASSIGNMENT made the 13th day of February, 2009, by FLOTATION TECHNOLOGIES, INC., a Maine corporation, having a mailing address of 20 Morin Street, Biddeford, Maine 04005, (hereinafter referred to as the "Assignor") to TD BANK, N.A., a corporation organized under the laws of the United States of America and having an address of One Portland Square, P.O. Box 9540, Portland, Maine 04112-9540 (hereinafter referred to as the "Assignee").
OFFICE BUILDING LEASE NEWQUEST OFFICE PARK BY AND BETWEEN: DEEP DOWN, INC. TENANT A-K-S-L 49 BELTWAY 8, L.P. LANDLORD NOVEMBER 24. 2008Office Building Lease • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment • Texas
THIS OFFICE BUILDING LEASE ("Lease') is entered into by and between A-K-S-L 49 BELTWAY 8. L.P., a Texas limited partnership ("Landlord") and DEEP DOWN. INC., a Nevada corporation ("Tenant").
MORTGAGE AND SECURITY AGREEMENTMortgage and Security Agreement • March 16th, 2009 • Deep Down, Inc. • Oil & gas field machinery & equipment
KNOW ALL MEN BY THESE PRESENTS, that FLOTATION TECHNOLOGIES, INC., a Maine corporation having a mailing address of 20 Morin Street, Biddeford, Maine 04005, (the "Grantor"), in consideration of One Dollar ($1.00) and other valuable consideration paid by TD BANK, N.A. a corporation organized under the laws of the United States of America with a place of business at One Portland Square, Portland, Maine, and a mailing address of P.O. Box 9540, Portland, Maine 04112-9540 (the "Grantee"), the receipt whereof is hereby acknowledged, does hereby give, grant, bargain, sell and convey unto TD BANK, N.A., its successors and assigns, forever, to secure the Obligations as defined below, the following described Premises:
