Document:

exv10w1

 

Exhibit
10.1

FOURTH AMENDMENT TO

AMENDED AND RESTATED LOAN AGREEMENT

     This FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (the “Amendment”), dated
as of November 9, 2006, is entered into by and among Horizon Vessels, Inc., a Delaware corporation,
Horizon Offshore, Inc., a Delaware corporation, and Horizon Offshore Contractors, Inc., a Delaware
corporation (referred to, jointly and severally, as the “Borrower”) and General Electric
Capital Corporation, a Delaware corporation, successor-in-interest to SouthTrust Bank (the
“Bank”). All capitalized terms used herein and not otherwise defined shall have the
meanings given to such terms in the Loan Agreement (as hereinafter defined).

     WHEREAS, the Borrower and the Bank are parties to that certain Amended and Restated Loan
Agreement dated as of June 29, 2001 (as amended by that certain First Amendment to Amended and
Restated Loan Agreement dated November 4, 2004, that certain Second Amendment to Amended and
Restated Loan Agreement dated March 31, 2005 and that certain Third Amendment to Amended and
Restated Loan Agreement dated June 29, 2006, the “Loan Agreement”), wherein Borrower
obtained a single advance term loan in the original principal amount of $6,000,000 and a single
advance term loan in the amount of $1,680,000;

     WHEREAS, Borrower has requested that the Bank amend the Loan Agreement in accordance with the
terms and conditions described herein; and

     WHEREAS, the Bank has agreed to do so, subject to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

     1. Loan Agreement Amendment. Annex I to the Loan Agreement is hereby amended by
amending and restating the definition of “Restricted Payments” as follows:

“Restricted Payment” means: (a) the declaration or payment of any dividend or the incurrence
of any liability to make any other payment or distribution of cash or other property or
assets on or in respect of Borrower’s Stock; (b) any payment or distribution made in respect
of any subordinated Indebtedness of Borrower in violation of any subordination or other
agreement made in favor of Bank (provided that conversion or exchange of subordinated
indebtedness into or for Stock of Horizon Offshore is expressly permitted); (c) any payment
on account of the purchase, redemption, defeasance or other retirement of Borrower’s Stock
or any other payment or distribution made in respect thereof, either directly or indirectly;
or (d) any payment, loan, contribution, or other transfer of funds or other property to any
holder of Stock of such Person which is not expressly and specifically permitted in the Loan
Agreement; provided, that no payment to Bank shall constitute a Restricted Payment.

     2. Note Amendments. (a) Notwithstanding anything to the contrary contained in the real
estate promissory note dated June 29, 2001 and executed by Borrower in favor of Lender

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(the “June 2001 Note”) in the original principal amount of $6,000,000, as amended and
extended by the Third Amendment to Amended and Restated Loan Agreement dated June 29, 2006 (the
“Third Amendment”), the June 2001 Note shall be due and payable in sixty (60) monthly
installments of principal, each in the amount of $66,937.15, plus all accrued unpaid interest on
the outstanding principal balance commencing on July 30, 2006 and continuing thereafter on the last
calendar day of each and every calendar month with the final installment of all outstanding
principal, plus accrued and unpaid interest being due and payable on June 29, 2011. All other
terms of the June 2001 Note as amended and extended by the Third Amendment remain unchanged and in
full force and effect.

(b) Notwithstanding anything to the contrary contained in the real estate promissory note dated
August 31, 2001 (the “August 2001 Note”) in the original principal amount of $1,680,000, as
amended and extended by the Third Amendment to Amended and Restated Loan Agreement dated June 29,
2006 (the “Third Amendment”), the August 2001 Note shall be due and payable in sixty (60)
monthly installments of principal, each in the amount of $19,566.01, plus all accrued unpaid
interest on the outstanding principal balance commencing on July 30, 2006 and continuing thereafter
on the last calendar day of each and every calendar month with the final installment of all
outstanding principal, plus accrued and unpaid interest being due and payable on June 29, 2011.
All other terms of the August 2001 Note as amended and extended by the Third Amendment remain
unchanged and in full force and effect.

     3. Consent. Borrower agrees and acknowledges that the Loan Agreement and each of the
Loan Documents shall continue in full force and effect as amended and modified by this Amendment.
Nothing in this Amendment extinguishes, novates or releases any right, claim, lien, security
interest or entitlement of the Bank created by or contained in the Loan Agreement, nor is Borrower
released from any covenant, warranty or obligation created by or contained therein as a result of
this Amendment.

     4. Representations and Warranties. The Borrower hereby represents and warrants to the
Bank that (a) this Amendment has been duly executed and delivered on behalf of Borrower, (b) this
Amendment constitutes a valid and legally binding agreement enforceable against Borrower in
accordance with its terms, (c) the representations and warranties contained in the Loan Agreement
and the Loan Documents are true and correct on and as of the date hereof in all material respects
as though made as of the date hereof except as heretofore otherwise disclosed in writing to the
Bank (other than those of such representations and warranties which by their express terms speak to
a date on or before the date hereof), (d) no Default exists under the Loan Agreement or any of the
Loan Documents and (e) the execution, delivery and performance of this Amendment has been duly
authorized by Borrower. Borrower will, upon request by the Bank, provide satisfactory evidence of
these representations and warranties.

     5. Counterparts. This Amendment may be signed in any number of counterparts, each of
which shall be construed as an original and which may be delivered in original or facsimile form,
but all of which together shall constitute one and the same instrument.

     6. Conditions to Effectiveness. This Amendment shall be effective upon due execution
of this Amendment by all parties hereto and delivery of signed copies to the Bank.

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     7. Choice of Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT EXECUTED BY THE
PARTIES UNDER, AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF TEXAS, EXCEPT TO THE EXTENT THAT THE LAWS OF THE UNITED STATES OF AMERICA AND ANY RULES,
REGULATIONS OR ORDERS ISSUED OR PROMULGATED THEREUNDER APPLICABLE TO THE AFFAIRS AND TRANSACTIONS
OF ANY BANK OTHERWISE PREEMPT TEXAS LAW, IN WHICH EVENT SUCH FEDERAL LAW SHALL CONTROL.

     8. Entire Agreement. THIS AMENDMENT AND THE LOAN AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

[Remainder of page intentionally left blank. Signatures on following page.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	 	BORROWERS:
	 
	 	 	 	 
	 	 	HORIZON VESSELS, INC., a Delaware
	 	 	corporation
	 
	 	 	 	 
	 

	 	     By:	 	/s/ Ronald Mogel
	 

	 	 	 	 
	 

	 	     Name:	 	Ronald Mogel
	 

	 	 	 	 
	 

	 	     Title:	 	Vice President & Treasurer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HORIZON OFFSHORE, INC., a
	 	 	Delaware corporation
	 
	 	 	 	 
	 

	 	     By:	 	/s/ Ronald Mogel
	 

	 	 	 	 
	 

	 	     Name:	 	Ronald Mogel
	 

	 	 	 	 
	 

	 	     Title:	 	Vice President, Treasurer & CFO
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HORIZON OFFSHORE
	 	 	CONTRACTORS, INC., a Delaware
	 	 	corporation
	 
	 	 	 	 
	 

	 	     By:	 	/s/ Ronald Mogel
	 

	 	 	 	 
	 

	 	     Name:	 	Ronald Mogel
	 

	 	 	 	 
	 

	 	     Title:	 	Vice President, Treasurer & CFO
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	BANK:
	 
	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL
	 	 	CORPORATION, a Delaware corporation,
	 	 	successor-in-interest to South Trust Bank
	 
	 	 	 	 
	 

	 	     By:	 	/s/ W. Jerome McDermott
	 

	 	 	 	 
	 

	 	     Name:	 	W. Jerome McDermott
	 

	 	 	 	 
	 

	 	     Title:	 	 
	 

	 	 	 	 

4exv10w2

 

Exhibit 10.2

THIRD AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT

     THIS THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is
made and entered into effective as of the 15 day of November, 2006 (the “Effective Date”),
by and between HORIZON OFFSHORE, INC., a Delaware corporation (“Holdings”), HORIZON
OFFSHORE CONTRACTORS, INC., a Delaware corporation (“Contractors”), HOC OFFSHORE, S. DE
R.L. DE C.V., a Mexican limited liability company (“HOC”), HORIZON MARINE CONTRACTORS
(MALAYSIA) SDN BHD, a Malaysian private company (“Malaysia”), PT HORIZON OFFSHORE
INDONESIA, an Indonesia PMA (“Indonesia”), HORIZON MARINE CONSTRUCTION (MAURITIUS) LTD., a
Mauritius limited liability company (“Mauritius”) and HORIZON MARINE CONSTRUCTION LTD., a
Cayman Islands limited liability company (“Construction”) (Holdings, Contractors, HOC,
Malaysia, Indonesia, Mauritius, and Construction, individually and collectively, “Borrower”
or “Borrowers”), and PNC BANK, NATIONAL ASSOCIATION, as Agent and a Lender (the
“Agent”).

PRELIMINARY STATEMENTS

     A. The Borrowers, the Agent and the Lenders signatory thereto (the “Lenders”) are
parties to that certain Revolving Credit and Security Agreement dated April 28, 2006 as amended by
that certain First Amendment to Credit and Security Agreement dated August 10, 2006 and by that
certain Second Amendment to Credit and Security Agreement dated August 16, 2006 (as further
amended, restated or modified from time to time, the “Credit Agreement”); and

     B. The Borrowers, Agent and the Lenders desire to amend the Credit Agreement and Agent and the
Lenders are willing to do so subject to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, agree as follows:

ARTICLE I

DEFINITIONS

     1.01 Capitalized terms used in this Amendment are defined in the Credit Agreement, as
amended hereby, unless otherwise stated.

ARTICLE II

AMENDMENTS

     The Credit Agreement is, effective as of the date hereof and subject to satisfaction of the
conditions precedent set forth in Section 3.01 of this Amendment, hereby amended as follows:

     2.01 Amendments to Section 1.2. Section 1.2 of the Credit Agreement is
hereby amended as follows:

 

 

         (a) The definition of “Commitment Percentage” is hereby amended by deleting the
text “Section 16.3(b)” contained therein and inserting the text “Section
16.3(c) or (d)” in lieu thereof.

         (b) The definition of “Foreign Receivables Sublimit” is hereby amended by
deleting the text “from August 1, 2006 through and including January 31, 2007, $7,500,000”
contained therein and inserting the text “from August 1, 2006 through and including January
31, 2007, $10,000,000” in lieu thereof.

         (c) The definition of “Purchasing Lender” is hereby amended by deleting the
text “Section 16.3” contained therein and inserting the text “Section
16.3(c)” in lieu thereof.

         (d) The definition of “Transferee” is hereby amended by deleting the text
“Section 16.3(c)” contained therein and inserting the text “Section 16.3(d)”
in lieu thereof.

         (e) Section 1.2 of the Credit Agreement is hereby further amended by inserting
the following defined terms in appropriate alphabetical order:

     “Modified Commitment Transfer Supplement” shall have the meaning set
forth in Section 16.3(d) hereof.

     “Purchasing CLO” shall have the meaning set forth in Section
16.3(d) hereof.

     “Register” shall have the meaning set forth in Section 16.3(e)
hereof.

     2.02 Amendment to Section 7.4. Section 7.4 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

     “7.4 Investments. Purchase or acquire obligations or Equity
Interests of, or any other interest in, any Person, except (a) obligations
issued or guaranteed by the United States of America or any agency thereof,
(b) commercial paper with maturities of not more than 180 days and a
published rating of not less than A-1 or P-1 (or the equivalent rating), (c)
certificates of time deposit and bankers’ acceptances having maturities of
not more than 180 days and repurchase agreements backed by United States
government securities of a commercial bank if (i) such bank has a combined
capital and surplus of at least $500,000,000, or (ii) its debt obligations,
or those of a holding company of which it is a Subsidiary, are rated not
less than A (or the equivalent rating) by a nationally recognized investment
rating agency, (d) U.S. money market funds that invest solely in obligations
issued or guaranteed by the United States of America or an agency thereof,
and (e) other investments, securities, and obligations meeting the
parameters described on the Investment Guidelines Matrix attached hereto as
Exhibit 7.4; provided,

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however, that the aggregate of the Borrowers’ investments in
each instrument permitted by this Section shall be limited in each case to
$5,000,000 (except that instruments which Borrowers purchase from or acquire
through Agent shall be subject to no limit and shall not count against the
$5,000,000 limit).

     2.03 Amendments to Section 16.3. Section 16.3 of the Credit Agreement is
hereby amended as follows:

         (a) Section 16.3(c) of the Credit Agreement is hereby amended by deleting the
text “, and together with each Participant, each a “Transferee” and collectively,
the “Transferees” appearing within the parenthetical therein.

         (b) Section 16.3 of the Credit Agreement is hereby further amended by (i)
re-designating sub-clauses (d) and (e) thereof, as sub-clauses (e) and (f), respectively;
(ii) inserting the following text as new sub-clause (d):

     ”(d) Any Lender, with the consent of Agent which shall not be unreasonably
withheld or delayed, may directly or indirectly sell, assign or transfer all or any
portion of its rights and obligations under or relating to Revolving Advances under
this Agreement and the Other Documents to an entity, whether a corporation,
partnership, trust, limited liability company or other entity that (i) is engaged in
making, purchasing, holding or otherwise investing in bank loans and similar
extensions of credit in the ordinary course of its business and (ii) is
administered, serviced or managed by the assigning Lender or an Affiliate of such
Lender (a “Purchasing CLO” and together with each Participant and Purchasing
Lender, each a “Transferee” and collectively the “Transferees”),
pursuant to a Commitment Transfer Supplement modified as appropriate to reflect the
interest being assigned (“Modified Commitment Transfer Supplement”),
executed by any intermediate purchaser, the Purchasing CLO, the transferor Lender,
and Agent as appropriate and delivered to Agent for recording. Upon such execution
and delivery, from and after the transfer effective date determined pursuant to such
Modified Commitment Transfer Supplement, (i) Purchasing CLO thereunder shall be a
party hereto and, to the extent provided in such Modified Commitment Transfer
Supplement, have the rights and obligations of a Lender thereunder and (ii) the
transferor Lender thereunder shall, to the extent provided in such Modified
Commitment Transfer Supplement, be released from its obligations under this
Agreement, the Modified Commitment Transfer Supplement creating a novation for that
purpose. Such Modified Commitment Transfer Supplement shall be deemed to amend this
Agreement to the extent, and only to the extent, necessary to reflect the addition
of such Purchasing CLO. Each Borrower hereby consents to the addition of such
Purchasing CLO. Borrowers shall execute and deliver such further documents and do
such further acts and things in order to effectuate the foregoing.”

     ; and (iii) restating new sub-clause (e) to read in its entirety as set forth below:

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     ”(e) Agent shall maintain at its address a copy of each Commitment Transfer
Supplement and Modified Commitment Transfer Supplement delivered to it and a
register (the “Register”) for the recordation of the names and addresses of
each Lender and the outstanding principal, accrued and unpaid interest and other
fees due hereunder. The entries in the Register shall be conclusive, in the absence
of manifest error, and each Borrower, Agent and Lenders may treat each Person whose
name is recorded in the Register as the owner of the Advance recorded therein for
the purposes of this Agreement. The Register shall be available for inspection by
Borrowers or any Lender at any reasonable time and from time to time upon reasonable
prior notice. Agent shall receive a fee in the amount of $3,500 payable by the
applicable Purchasing Lender and/or Purchasing CLO upon the effective date of each
transfer or assignment (other than to an intermediate purchaser) to such Purchasing
Lender and/or Purchasing CLO.”

     2.04 Addition of Exhibit 7.4. The Credit Agreement is hereby amended by adding as
Exhibit 7.4 thereto the Investment Guidelines Matrix attached to this Amendment as
Annex 1. Further, the List of Exhibits and Schedules set forth in the Credit
Agreement is hereby amended by inserting, between Exhibit 5.5(b) and Exhibit 8.1(k), “Exhibit
7.4 — Investment Guidelines Matrix”.

ARTICLE III

CONDITIONS PRECEDENT

     3.01 Conditions to Effectiveness. The effectiveness of this Amendment is subject
to the satisfaction of the following conditions precedent, unless specifically waived in
writing by the Agent:

         (a) The Agent shall have received this Amendment duly executed by Borrower, and a
Consent, Ratification and Release duly executed by each Guarantor, each in form and
substance satisfactory to the Agent and its legal counsel;

         (b) The representations and warranties contained herein and in the Credit Agreement and
the Other Documents shall be true and correct as of the date hereof, as if made on the date
hereof; and

         (c) No Default or Event of Default shall have occurred and be continuing.

         (d) The Agent shall have received from Borrower, in immediately available funds, an
amendment fee in the amount of $15,000 (which fee shall be fully earned and non-refundable
upon execution hereof).

ARTICLE IV

NO WAIVER

     4.01 No Waiver. Nothing contained in this Amendment shall be construed as a
waiver by the Agent or any Lender of any covenant or provision of the Credit Agreement,
the Other Documents, this Amendment, or of any other contract or instrument between any

4

 

Borrower and the Agent or any Lender, and the failure of the Agent or any Lender at any time or
times hereafter to require strict performance by each Borrower of any provision thereof shall
not waive, affect or diminish any right of the Agent to thereafter demand strict compliance
therewith. The Agent and each Lender hereby reserves all rights granted under the Credit
Agreement, the Other Documents, this Amendment and any other contract or instrument between any
of them.

ARTICLE V

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

     5.01 Ratifications. The terms and provisions set forth in this Amendment shall
modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and the Other Documents, and, except as expressly modified and superseded by this Amendment,
the terms and provisions of the Credit Agreement and the Other Documents are ratified and
confirmed and shall continue in full force and effect. Each Borrower hereby agrees that all
liens and security interest securing payment of the Obligations under the Credit Agreement are
hereby collectively renewed, ratified and brought forward as security for the payment and
performance of the Obligations. Each Borrower, the Agent and the Lenders agree that the Credit
Agreement and the Other Documents, as amended hereby, shall continue to be legal, valid,
binding and enforceable in accordance with their respective terms.

     5.02 Representations and Warranties. Each Borrower hereby represents and warrants
to the Agent and the Lenders that (a) the execution, delivery and performance of this Amendment
and any and all Other Documents executed and/or delivered in connection herewith have been
authorized by all requisite corporate action on the part of such Borrower and will not violate
the Certificate of Incorporation or By-Laws (or applicable organization or governing documents)
of any Borrower; (b) the representations and warranties contained in the Credit Agreement, as
amended hereby, and the Other Documents are true and correct on and as of the date hereof and
on and as of the date of execution hereof as though made on and as of each such date; (c) no
Default or Event of Default under the Credit Agreement, as amended hereby, has occurred and is
continuing, unless such Default or Event of Default has been specifically waived in writing by
the Agent; (d) each Borrower is in full compliance with all covenants and agreements contained
in the Credit Agreement and the Other Documents, as amended hereby; and (e) no Borrower has
amended its Certificate of Incorporation or By-Laws (or applicable organizational or governing
documents) since the date of the Credit Agreement.

ARTICLE VI

MISCELLANEOUS PROVISIONS

     6.01 Survival of Representations and Warranties. All representations and
warranties made in the Credit Agreement or the Other Documents, including, without limitation,
any document furnished in connection with this Amendment, shall survive the execution and
delivery of this Amendment and the Other Documents, and no investigation
by the Agent or any Lender shall affect the representations and warranties or the right of
the Agent and Lenders to rely upon them.

5

 

     6.02 Reference to Credit Agreement. Each of the Credit Agreement and the Other
Documents, and any and all other agreements, documents or instruments now or hereafter executed
and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as
amended hereby, are hereby amended so that any reference in the Credit Agreement and such Other
Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended
hereby.

     6.03 Expenses of the Agent. Each Borrower agrees to pay on demand all reasonable
costs and expenses incurred by the Agent in connection with any and all amendments,
modifications, and supplements to the Loan Documents, including, without limitation, the costs
and fees of the Agent’s legal counsel, and all costs and expenses incurred by the Agent in
connection with the enforcement or preservation of any rights under the Credit Agreement, as
amended hereby, or any other Loan Documents, including, without, limitation, the costs and fees
of the Agent’s legal counsel.

     6.04 Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of
this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable.

     6.05 Successors and Assigns. This Amendment is binding upon and shall inure to
the benefit of the Agent, the Lenders and Borrowers and their respective successors and
assigns, except that no Borrower may assign or transfer any of its rights or obligations
hereunder without the prior written consent of the Agent.

     6.06 Counterparts. This Amendment may be executed in one or more counterparts,
each of which when so executed shall be deemed to be an original, but all of which when taken
together shall constitute one and the same instrument.

     6.07 Effect of Waiver. No consent or waiver, express or implied, by the Agent to
or for any breach of or deviation from any covenant or condition by any Borrower shall be
deemed a consent to or waiver of any other breach of the same or any other covenant, condition
or duty.

     6.08 Headings. The headings, captions, and arrangements used in this Amendment
are for convenience only and shall not affect the interpretation of this Amendment.

     6.09 Applicable Law. THIS AMENDMENT AND ALL OTHER AGREEMENTS EXECUTED PURSUANT
HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

6

 

     6.10 Final Agreement. THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, EACH AS
AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT
MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER
DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS
AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE COMPANY AND THE AGENT.

     6.11 Release. EACH BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT
CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY ANY LOANS OR
EXTENSIONS OF CREDIT FROM AGENT OR ANY LENDER TO BORROWER UNDER THE CREDIT AGREEMENT OR THE
OTHER DOCUMENTS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE AGENT
OR ANY LENDER. EACH BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES
THE AGENT OR ANY LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL
POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES
WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED,
CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE
THE DATE THIS AMENDMENT IS EXECUTED, WHICH ANY BORROWER MAY NOW OR HEREAFTER HAVE AGAINST THE
AGENT, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF
WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR
OTHERWISE, AND ARISING FROM ANY LOANS OR EXTENSIONS OF CREDIT FROM THE AGENT TO THE COMPANY
UNDER THE CREDIT AGREEMENT OR THE OTHER DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE
HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT
AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

[Remainder of Page Intentionally Blank; Signature Pages Follow.]

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     IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date
first above-written.

	 	 	 	 	 
	 	Borrowers:

HORIZON OFFSHORE, INC.

 	 
	 	By:  	 /s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 VP, Treasurer & CFO	 
	 
	 	HORIZON OFFSHORE CONTRACTORS, INC.

 	 
	 	By:  	 /s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 VP, Treasurer & CFO	 
	 
	 	HOC OFFSHORE, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 Treasurer	 
	 
	 	HORIZON MARINE CONSTRUCTION LTD.

 	 
	 	By:  	/s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 Vice President & Treasurer	 
	 
	 	HORIZON MARINE CONTRACTORS (MALAYSIA) SDN BHD

 	 
	 	By:  	/s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 Director	 
	 

 

 

	 	 	 	 	 
	 	PT HORIZON OFFSHORE INDONESIA

 	 
	 	By:  	 /s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 Commissioner	 
	 
	 	HORIZON MARINE CONSTRUCTION (MAURITIUS) LTD.

 	 
	 	By:  	 /s/
Ronald Mogel	 
	 	 	Name:  	 Ronald Mogel	 
	 	 	Title:  	 Director	 
	 

 

 

	 	 	 	 	 
	 	Agent and Sole Lender:

PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	 /s/
Robert Reaser	 
	 	 	Name:  	 Robert Reaser	 
	 	 	Title:  	 VP

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