Document:

Exhibit 10.15

FIRST AMENDMENT

 

                    FIRST AMENDMENT (this "Amendment"), dated as of February 4, 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 definition of "Consolidated Indebtedness to Consolidated Capitalization" appearing in Section 11.01 of the Credit Agreement is hereby restated in its entirety as follows:

    
	 
	
                     "Consolidated Indebtedness to Consolidated Capitalization Ratio" shall mean, as at any date of determination, the ratio of Consolidated Indebtedness to Consolidated Capitalization as at such date.

	 
	
                       
    2.      The definition of "Consolidated Net Worth" appearing in Section 11.01 of the Credit Agreement is hereby restated in its entirety as follows:

	 
	
                       "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 and (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.

	 
	
                      
    3.      This Amendment shall become effective on the date (the "First 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 First 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 First 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 First 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.

	 
	
                      
    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.

 

*       
*        *

 

                    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/
Victor M. Perez

    
	

   

    	

   

    	

Name:
Victor M. Perez

    
	

   

    	

   

    	

Title: Vice President, Chief
Financial 

       
 Officer and Treasurer

    
	
    	
    
	
    	
    
	
   

    	
TRICO MARINE ASSETS, INC.   

    
	
    	
    
	
    	
    
	
   

    	
By:   

    	
 /s/
Victor M. Perez

    
	
   

    	
   

    	
Name:
Victor M. Perez

    
	
   

    	
   

    	
Title: Vice President, Chief
Financial 

       
 Officer and Treasurer

    
	
    	
    
	
    	
    
	
   

    	
TRICO MARINE OPERATORS, INC.   

    
	
    	
    
	
    	
    
	
   

    	
By:   

    	
  /s/
Victor M. Perez

    
	
   

    	
   

    	
Name:
Victor M. Perez

    
	
   

    	
   

    	
Title: Vice President, Chief
Financial 

       
 Officer and Treasurer

    
	
    	
    
	
    	
    
	
   

    	
NORDEA BANK FINLAND PLC, NEW

YORK BRANCH,
Individually and as Administrative Agent   

    
	
    	
    
	
    	
    
	
    	
    By:	 /s/
    Hans Chr.
    Kjelsrud
	
    	
    	
    Name: Hans Chr.
    Kjelsrud
	
    	
    	
    Title: Senior
    Vice President
	
    	
    	
    
	 	 	 
	
   

    	
By:   

    	
 /s/ Ronny
Bjornadal

    
	
   

    	
   

    	
Name:
Ronny Bjornadal

    
	
   

    	
   

    	
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

 

 

	
       
	
    HAMBURGISCHE LANDESBANK

    GIROZENTRALE

	 	 	 
	 	 	 
	

   

    	

By:   

    	

  /s/
Urbaniak

    
	

   

    	

   

    	

Name:
Urbaniak

    
	

   

    	

   

    	

Title:
Vice President

    
	 	 	 
	 	 	 
	 	By:	 /s/
    Gowers
	 	 	Name:
    Gowers
	 	 	Title:
    Vice PresidentExhibit 10.16

           

SECOND AMENDMENT

            

                    SECOND AMENDMENT (this "Amendment"), dated as of March 26, 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.      Section 9.08 of the Credit Agreement is hereby amended by deleting the table appearing therein and inserting the following new table in lieu thereof:

    

 

	
             "Fiscal Quarter Ending
	

	

Ratio
	
  
	
	
  	
  	
  
	

March 31, 2003
	
0.90:1.00
	
  
	

June 30, 2003
	
0.90:1.00
	
  
	

September 30, 2003
	
1.00:1.00
	
  
	

December 31, 2003
	
1.20:1.00
	
  
	

March 31, 2004
	
1.50:1.00
	
  
	

June 30, 2004
	
1.75:1.00
	
  
	

September 30, 2004 and the last day of each fiscal quarter of the Parent ending thereafter
	
2.00:1.00.
	
".

	
                   
2.     Section 9.11 of the Credit Agreement is hereby amended by the deleting the amount "$175,000,000" appearing therein and inserting the new amount "$165,000,000" in lieu thereof.

    
	
 
	
                   
3.     The definition of "Applicable Margin" appearing in Section 11.01 of the Credit Agreement is hereby amended by inserting the text "each respective percentage per annun set forth opposite the respective Level shall be increased by 0.25% during the period commencing on the Second Amendment Effective Date to and including March 31, 2004; provided further," immediately following the text "provided, however," appearing therein.

	
 
	
                    
4.     The definition of "Consolidated Tangible Net Worth" appearing in Section 11.01 of the Credit Agreement is hereby deleted in its entirety and the following new definition is inserted in lieu thereof:

	
 
	
                    "Consolidated Tangible Net Worth" shall mean, as of the date of any determination, Consolidated Net Worth of the Parent and its Subsidiaries on such date less the amount of all intangible items included therein, including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, brand names and write-ups of assets.  For purposes of determining Consolidated Tangible Net Worth pursuant to this definition, (i) the amount of goodwill shall in all cases be equal to the Goodwill Amount, (ii) a cumulative foreign currency translation adjustment of ($12,328,000) shall be added to Consolidated Tangible Net Worth and (iii) the gain (or loss) in the cumulative foreign currency translation adjustment from the amount ($12,328,000) as calculated on the date of such determination shall be subtracted from (or added to) Consolidated Tangible Net Worth.
	
 
	
                    
5.     Section 11.01 of the Credit Agreement is hereby further amended by inserting in the appropriate alphabetical order the follow new definition:

	
 
	
                    "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 adjustments in foreign currency exchange rates.
	
 
	
                    
6.     This Amendment shall become effective on the date (the "Second Amendment Effective Date") when (i) 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 and (ii) the Borrowers shall have paid to the Administrative Agent for the account of each Lender that has executed a counterpart hereof and delivered same to the Administrative Agent at the Notice Office on or prior to 5:00 P.M. (New York time) on March 26, 2003, an amendment fee equal to 0.15% of such Lender’s Revolving Loan Commitment, in each case at such time.

	
 
	
                    
7.     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 Second 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 Second 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 Second 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.

	
 
	
                    
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.

	
 

*       
*        *

 

                    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/
Victor M. Perez

    
	

   

    	

   

    	

Name:
Victor M. Perez

    
	

   

    	

   

    	

Title: Vice President, Chief
Financial 

       
 Officer and Treasurer

    
	
    
    
	
    
    

	
    
    
	
    
    

	
   

    	
TRICO MARINE ASSETS, INC.   

    
	
    
    
	
    
    

	
    
    
	
    
    

	
   

    	
By:   

    	
 /s/
Victor M. Perez

    
	
   

    	
   

    	
Name:
Victor M. Perez

    
	
   

    	
   

    	
Title: Vice President, Chief
Financial 

       
 Officer and Treasurer

    
	
    
    
	
    
    

	
    
    
	
    
    

	
   

    	
TRICO MARINE OPERATORS, INC.   

    
	
    
    
	
    
    

	
    
    
	
    
    

	
   

    	
By:   

    	
  /s/
Victor M. Perez

    
	
   

    	
   

    	
Name:
Victor M. Perez

    
	
   

    	
   

    	
Title: Vice President, Chief
Financial 

       
 Officer and Treasurer

    
	
    
    
	
    
    

	
    
    
	
    
    

	
   

    	
NORDEA BANK FINLAND PLC, NEW

YORK BRANCH,
Individually and as Administrative Agent   

    
	
    
    
	
    
    

	
    
    
	
    
    

	
    
    
	
    By:
	
     /s/
    Hans Chr.
    Kjelsrud

	
    
    
	
    
    
	
    Name: Hans Chr.
    Kjelsrud

	
    
    
	
    
    
	
    Title: Senior
    Vice President

	
    
    
	
    
    
	
    
    

	
     
	
     
	
     

	
   

    	
By:   

    	
 /s/ Ronny
Bjornadal

    
	
   

    	
   

    	
Name:
Ronny Bjornadal

    
	
   

    	
   

    	
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

 

 

	
       
	
    HAMBURGISCHE LANDESBANK

    GIROZENTRALE

	
     
	
     
	
     

	
     
	
     
	
     

	

   

    	

By:   

    	

  /s/
Urbaniak

    
	

   

    	

   

    	

Name:
Urbaniak

    
	

   

    	

   

    	

Title:
Vice President

    
	
     
	
     
	
     

	
     
	
     
	
     

	
     
	
    By:
	
     /s/
    Gowers

	
     
	
     
	
    Name:
    Gowers

	
     
	
     
	
    Title:
    Vice President

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