Document:

Third Amendment and Consent to Credit Agreement

 Exhibit 10.2 
  
 THIRD AMENDMENT AND CONSENT TO CREDIT AGREEMENT, 
 CONSENT TO COLLATERAL VESSEL MORTGAGE AND 
 FIRST AMENDMENT TO SECURITY
AGREEMENT 
  
 THIRD AMENDMENT AND CONSENT TO CREDIT AGREEMENT,
CONSENT TO COLLATERAL VESSEL MORTGAGE AND FIRST AMENDMENT TO SECURITY AGREEMENT (this “Amendment”), dated as of July 8, 2003, among TRICO MARINE SERVICES, INC., a Delaware corporation (the “Parent”), TRICO MARINE
ASSETS, INC., a Delaware corporation (“Trico Assets”), TRICO MARINE OPERATORS, INC., a Louisiana corporation (“Trico Operators” and, together with Trico Assets, the “Borrowers” and each, a
“Borrower”), the Lenders party to the Credit Agreement referred to below (the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent under the Credit Documents (in such capacity, the
“Administrative Agent”) and collateral agent under the Security Documents (in such capacity, the “Collateral Agent”). All capitalized terms used herein and not otherwise defined herein shall have the respective
meanings provided such terms in the Credit Agreement referred to below. 
  
 WITNESSETH : 
  
 WHEREAS, the Parent, the Borrowers, the Lenders and the Administrative Agent are parties to the Credit Agreement, dated as of December 18, 2002 (as amended, modified, restated and/or supplemented through, but not
including, the date hereof, the “Credit Agreement”); 
  
 WHEREAS, Trico Assets and the Collateral Agent are parties to a First Preferred Fleet Mortgage, dated as of December 18, 2002 (as amended, modified, restated and/or supplemented through, but not including, the date hereof, the “U.S.
Collateral Vessel Mortgage”); 
  
 WHEREAS, the Borrowers
and the Collateral Agent are parties to a Security Agreement and Assignment of Earnings and Insurances, dated as of December 18, 2002 (as amended, modified, restated and/or supplemented through, but not including, the date hereof, the
“Security Agreement”); 
  
 WHEREAS, Trico Assets
has requested the ability to (i) de-flag and de-register each of the Collateral Vessels FIREHOLE RIVER, PLATTE RIVER and SNAKE RIVER (each, a “Vessel” and collectively, the “Vessels”), in each case currently flagged
and registered in the United States (each transaction referred to in this clause (i), a “De-flagging Transaction” and collectively, the
 “De-flagging Transactions”), and (ii) re-flag and re-register the
respective Vessel under the laws of Mexico as soon as practicable, but in no event later than the respective Re-mortgaging Deadline Date (as defined below) applicable to the respective Vessel (each transaction referred to in this clause (ii), a
“Re-flagging Transaction” and collectively, the “Re-flagging Transactions”); 

 WHEREAS, in connection with each De-flagging Transaction and each related Re-flagging Transaction, Trico
Assets has requested the ability to (i) release each Vessel from the U.S. Collateral Vessel Mortgage (each, a “Partial Release” and collectively, the “Partial Releases”) and (ii) concurrently with the respective
Re-flagging Transaction (but in no event later than the respective Re-mortgaging Deadline Date), grant the Collateral Agent, for the benefit of the Secured Creditors, a mortgage over the respective Vessel pursuant to a Mexican Collateral Vessel
Mortgage (as defined below) (each, a “Re-mortgaging Transaction” and collectively, the “Re-mortgaging Transactions”; the De-flaging Transactions, the Re-flaging Transactions, the Partial Releases and the
Re-mortgaging Transactions are collectively referred to herein as the “Transaction”); and 
  
 WHEREAS, in order to consummate the Transaction, the Parent and the Borrowers have requested, and the Lenders and the Required Secured Creditors (as
defined in the Security Agreement) have agreed to, the amendments and consents provided herein on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, it is agreed: 
  
 1.    Notwithstanding anything to the contrary contained in the Credit Agreement, the U.S. Collateral Vessel Mortgage, the Security
Agreement and the other Credit Documents, the Lenders and the Required Secured Creditors hereby agree that Trico Assets shall be permitted to consummate the Transaction on and after the Third Amendment Effective Date, and hereby authorize the
Administrative Agent and the Collateral Agent to take all actions that they deem appropriate in connection therewith (it being understood that (i) the failure of Trico Assets to consummate any part of the Transaction; or (ii) the failure by the
Parent or the Borrowers to cause the documentation referred to in paragraph 2 of this Amendment to be delivered; or (iii) the failure by the Parent or the Borrowers to cause the other requirements set forth in said paragraph 2 to be satisfied, in
each case within the time periods required by this Amendment, shall, in each case, constitute an “Event of Default” under, and for all purposes of, the Credit Agreement and the other Credit Documents). 
  
 2.    The Parent and the Borrowers hereby agree to cause
each of the following to occur on or prior to each date (in each case, a “Re-mortgaging Deadline Date”) which is 15 Business Days following the date of the provision by the Collateral Agent of a Partial Release in respect of a
Vessel (or, in each case, such longer period of time as is acceptable to the Collateral Agent): 
  
 (i)    Trico Assets shall duly authorize, execute and deliver, and arrangements satisfactory to the Administrative
Agent shall be in place for recording in the vessel registry of Mexico, a first preferred mortgage (each, a “Mexican Collateral Vessel Mortgage” and collectively, the “Mexican Collateral Vessel Mortgages”), in the
form of Exhibit A to this Amendment (appropriately completed), and such Mexican Collateral Vessel Mortgage shall, following the recordation thereof, be effective to create in favor of the Collateral Agent, for the benefit of the Secured
Creditors, a legal, valid and enforceable first priority security interest in, and lien upon, the respective Vessel or Vessels referred to therein (subject only to Permitted Liens); 
  

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 (ii)    the Administrative Agent shall receive from Jones, Walker,
Waechter, Poitevent, Carrère & Denègre, L.L.P., U.S. counsel to Trico Assets, an opinion addressed to the Administrative Agent, the Collateral Agent and each of the Lenders and dated the date of the execution and delivery of each
Mexican Collateral Vessel Mortgage, in form and substance satisfactory to the Administrative Agent and covering such matters incident to the transactions contemplated herein as the Administrative Agent may reasonably request; 
  
 (iii)    the Administrative Agent shall
receive from J. W. Pinedo & Asociados, S.C., special Mexican counsel to Trico Assets, an opinion addressed to the Administrative Agent, the Collateral Agent and each of the Lenders and dated the date of the execution and delivery of each Mexican
Collateral Vessel Mortgage, in form and substance satisfactory to the Administrative Agent and covering such matters incident to the transactions contemplated herein as the Administrative Agent may reasonably request; 
  
 (iv)    the Administrative Agent shall
receive a report, in form and substance reasonably satisfactory to the Administrative Agent, from a firm of independent marine insurance brokers reasonably acceptable to the Administrative Agent, with respect to the insurance maintained by Trico
Assets in respect of the Vessel or Vessels then being re-mortgaged, together with a certificate from such broker certifying that such insurances (x) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against
such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Collateral Agent as mortgagee and (y) otherwise conform with the insurance requirements of the Security Agreement and the
respective Mexican Collateral Vessel Mortgage; 
  
 (v)    Trico Assets shall provide to the Collateral Agent such instruments and filings (including, without limitation, amendments to existing UCC-1s and filings in Mexico, if necessary), and taken such other actions, in
each case deemed necessary or desirable in the opinion of the Collateral Agent to protect and preserve the security interests in the Vessel or Vessels then being re-mortgaged (or, in each case, arrangements satisfactory to the Collateral Agent in
connection therewith shall have been made); and 
  
 (vi)    the Borrowers shall have paid in full to the Administrative Agent all costs, fees and expenses (including, without limitation, legal fees and expenses) payable to the Administrative Agent and the Lenders to the
extent then due and invoiced to the Borrowers. 
  
 3.    Section 7.22 of the Credit Agreement is hereby amended by (i) inserting the text “or such other jurisdiction as is agreed to in writing by the Required Lenders” immediately after the text “flagged in
the United States” appearing in subsection (a) thereof,
 (ii) deleting the text “or other nationally recognized classification society)” appearing in subsection (a) thereof and inserting the text “or other nationally or
internationally recognized classification society (if applicable))” in lieu thereof, and (iii) inserting the text “or such other jurisdiction as the Required Lenders have agreed to in writing to permit a Collateral Vessel or Collateral
Vessels to be registered and flagged” immediately after the text “laws of the United States” appearing in subsection (b) thereof. 
  

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 4.    The first WHEREAS clause of the Security Agreement is hereby amended by
deleting the text “Trico Marine Operators, Inc. (“Trico Operators” and, together with the Debtor, the “Borrowers” and each, a “Borrower”),” appearing therein. 
  
 5.    The definition of “Vessels”
appearing in Article 2 of the Security Agreement is hereby amended by deleting said definition in its entirety and inserting the following new definition in lieu thereof: 
  
 “Vessels” shall mean each Collateral Vessel owned by the Debtor and subject to a Collateral Vessel
Mortgage. 
  
 6.    This Amendment shall
become effective on the date (the “Third Amendment Effective Date”) when: (i) the Parent, each Borrower, the Required Lenders and the Required Secured Creditors (as defined in the Security Agreement) shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Administrative Agent at the Notice Office; and (ii) Trico Assets shall have delivered to the Administrative
Agent certified resolutions with respect to the matters set forth in this Amendment in form and substance reasonably satisfactory to the Administrative Agent and dated on or prior to the Third Amendment Effective Date. 
  
 7.    In order to induce the Lenders and the Required
Secured Creditors to enter into this Amendment, the Parent and each Borrower hereby represent and warrant that (i) no Default or Event of Default exists as of the Third Amendment Effective Date, both before and after giving effect to this Amendment,
and (ii) all representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects on and as of the Third Amendment Effective Date, both before and after giving effect to
this Amendment (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material respects only as of such specified date). 
  
 8.    This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Parent and the Administrative Agent. 
  
 9.    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
  
 10.    From and after the Third Amendment Effective Date,
(x) all references in the Credit Agreement and each other Credit Document to the Credit Agreement and each other Credit Document shall be deemed to be references to the Credit Agreement and each other Credit Document as modified hereby, (y) this
Amendment shall constitute a “Credit Document” for all purposes under the Credit Agreement and the other Credit Documents and (z) each Mexican Collateral Vessel Mortgage entered into after the Third Amendment Effective Date shall

  

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 constitute a “Collateral Vessel Mortgage” for all purposes under the Credit Agreement and the other Credit
Documents. 
  
 11.    This Amendment is
limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document. 
  

*            *            *

  

 5 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

	 TRICOMARINE SERVICES, INC.

		
	 By:
	 	 /s/ Ronald O. Palmer

	 	 	 Name:  Ronald O. Palmer
 Title:    Chairman & CEO

	
	TRICO MARINE ASSETS, INC.
		
	 By:
	 	 /s/ Ronald O. Palmer

	 	 	 Name:  Ronald O. Palmer
 Title:    Executive Vice President

	
	TRICO MARINE OPERATORS, INC.
		
	 By:
	 	 /s/ Ronald O. Palmer

	 	 	 Name:  Ronald O. Palmer
 Title:    Executive Vice President

	
	 NORDEA BANK FINLAND PLC, NEW YORK
     BRANCH, Individually, as Administrative Agent
     and as Collateral Agent

		
	 By:
	 	 /s/ Anne Engen

	 	 	 Name:  Ann Engen
 Title:    Vice President

	 By:
	 	  
 /s/ Alison Bas

 Name:  Alison Bas
 Title:    Vice President

	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
		
	 By:
	 	 /s/ Douglas Newton

	 	 	 Name:  Douglas Newton
 Title:    Associate Director

	VEREINS –UND WESTBANK AG
		
	 By:
	 	 /s/ Marquart

	 	 	 Name:  Marquart
 Title:    Senior Vice President

		
	 By:
	 	 /s/ Schilling

 Name:  Schilling
 Title:    Vice President

	HSH NORDBANK AG
		
	 By:
	 	 /s/ Noll

	 	 	 Name:  Noll
 Title:    Vice President

		
	 By:
	 	 /s/ Radtue

	 	 	 Name:  Radtue
 Title:    Vice PresidentFourth Amendment

 EXHIBIT 10.3 
  
 Execution Copy 
  
 FOURTH AMENDMENT AND WAIVER 
  
 FOURTH AMENDMENT AND WAIVER (this “Amendment”), dated as of August 11, 2003, among TRICO MARINE SERVICES, INC., a Delaware corporation
(the “Parent”), TRICO MARINE ASSETS, INC., a Delaware corporation (“Trico Assets”), TRICO MARINE OPERATORS, INC., a Louisiana corporation (“Trico Operators” and, together with Trico Assets, the
“Borrowers” and each, a “Borrower”), the Lenders party to the Credit Agreement referred to below (the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent (the
“Administrative Agent”). All capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below. 
  
 W I T N E S S E
T H : 
  
 WHEREAS, the Parent, the Borrowers, the
Lenders and the Administrative Agent are parties to the Credit Agreement, dated as of December 18, 2002 (as amended, modified, restated and/or supplemented through, but not including, the date hereof, the “Credit Agreement”); and

  
 WHEREAS, the Borrowers have requested, and the Administrative
Agent and the Lenders have agreed to, the amendments provided herein on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, it is agreed: 
  
 1.    The Lenders hereby waive any Default or Event of Default that may have arisen solely as a result of the Borrowers’ failure
to comply with Section 9.09 of the Credit Agreement during the period commencing on the last day of the Borrowers’ fiscal quarter ended June 30, 2003 through the date hereof, but only to the extent that such Default or Event of Default shall
not have occurred had this Amendment been effective during such period. 
  
 2.    The definitions of “Consolidated Tangible Net Worth” and “Goodwill Amount” appearing in Section 11.01 of the Credit Agreement are hereby deleted in their entirety and the following new
definitions are inserted in lieu thereof: 
  
 “Consolidated Net Worth” shall mean, with respect to any person, the Net Worth of such Person and its Subsidiaries determined on a consolidated basis after appropriate deduction for any minority interests in Subsidiaries;
provided that Consolidated Net Worth shall be determined by adding thereto the effect of (x) write-downs of deferred dry-docking costs to the extent that (i) such write-downs had the effect of reducing Consolidated Net Worth, (ii) such
write-downs were related to the implementation of new accounting treatment for activities related to property, plant and equipment, (iii) such write-downs are taken in accordance with GAAP as in effect on the date of such write-downs and (iv) such
write-downs do not have any cash impact on the Parent or any of its Subsidiaries, (y) the non-cash charge taken by the Parent and its Subsidiaries in the fiscal quarter of the Parent ended on September 30, 2002 in an aggregate amount no greater

 than $22,700,000, to the extent that such non-cash charge (i) related to the establishment of a valuation
allowance by the Parent and its Subsidiaries against deferred taxes of the Parent and its Subsidiaries and (ii) had the effect of reducing Consolidated Net Worth for such period, and (z) write-downs resulting from impairment of goodwill to the
extent that (i) such write-downs had the effect of reducing Consolidated Net Worth, (ii) such write-downs are taken in accordance with GAAP as in effect on the date of such write-downs, (iii) such write-downs do not have any cash impact on the
Parent or any of its Subsidiaries and (iv) such write-downs do not exceed in the aggregate, $30,000,000. 
  
 “Goodwill Amount” shall mean, at any time, the sum of (i) $103,612,000 plus (ii) the increase (or decrease) in
goodwill since September 30, 2002, provided that, such increase (or decrease) is for reasons other than (a) adjustments in foreign currency exchange rates or (b) impairments to goodwill to the extent the effect of which is added back to
Consolidated Net Worth pursuant to clause (z) of the proviso of the definition of “Consolidated Net Worth”. 
  
 3.    This Amendment shall become effective on the date (the “Fourth Amendment Effective Date”) when the Parent, each
Borrower and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Administrative Agent at the Notice Office.

  
 4.    In order to induce the Lenders to
enter into this Amendment, each of the Parent and each of the Borrowers hereby represents and warrants that (i) no Default or Event of Default exists as of the Fourth Amendment Effective Date, both before and after giving effect to this Amendment,
and (ii) all representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects on and as of the Fourth Amendment Effective Date, both before and after giving effect to
this Amendment (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material respects only as of such specified date). 
  
 5.    This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Parent and the Administrative Agent. 
  
 6.    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
  
 7.    From and after the Fourth Amendment Effective Date,
all references in the Credit Agreement and each of the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. This Amendment shall constitute a Credit Document for all purposes under the
Credit Agreement and the other Credit Documents. 
  

 2 

 8.    This Amendment is limited as specified and shall not constitute a modification,
acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document. 
  
 *        *        * 
  

 3 

 pg 
 2Execution Copy 
  
 IN WITNESS WHEREOF, each of
the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above written. 
  

	TRICO MARINE SERVICES, INC.
		
	 By:
	 	 /s/ Ron O. Palmer

	 	 	
 Name:    Ron O. Palmer
 Title:    Chairman

  

	TRICO MARINE ASSETS, INC.
		
	 By:
	 	 /s/ Ron O. Palmer

	 	 	
 Name:    Ron O. Palmer
 Title:    Executive Vice President

  

	TRICO MARINE OPERATORS, INC.
		
	 By:
	 	 /s/ Ron O. Palmer

	 	 	
 Name:    Ron O. Palmer
 Title:    Executive Vice President

  

	 NORDEA BANK FINLAND PLC, NEW YORK BRANCH, Individually, as Administrative Agent and as Collateral
Agent

		
	 By:
	 	 /s/ Hans Chr. Kjelsrud

	 	 	 Name:    Hans Chr. Kjelsrud
 Title:    Senior Vice President

		
	 By:
	 	 /s/ Anne Engen

	 	 	 Name:    Anne Engen
 Title:    Vice President

	 THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

		
	 By:
	 	 /s/ Russell Parker

	 	 	 Name:    Russell Parker
 Title:    Director of Corporate Banking

	 HSH NORDBANK AG (as legal successor to Hamburgische Landesbank—Girozentrale-)

		
	 By:
	 	 /s/ Stefan Noll

	 	 	 Name:    Stefan Noll
 Title:    Vice President

		
	 By:
	 	 /s/ Uta Urbaniak

	 	 	 Name:    Uta Urbaniak
 Title:    Vice President

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