Document:

vivakor_10q-ex1007.htm

    EXHIBIT
10.7

    

    PROMISSORY
NOTE MODIFICATION

    AND

    EXTENSION
AGREEMENT

    

    THIS
AGREEMENT is by and between Newport Capital Management, LLC (hereinafter
referred to as “Investor”), and Vivakor, Inc., a Nevada Corporation (hereinafter
referred to as the “Holder”), and shall have an effective date of October
19, 2009.

    

    WITNESSETH:

    WHEREAS,
Investor previously executed a promissory note in an original principal amount
of Six Hundred Fifty Nine Thousand Two Hundred Ninety Five Dollars ($659,295.00)
dated August 19, 2009 (the “Promissory Note”); and

    

    WHEREAS,
Investor has encountered financial difficulties which make it impossible for
Investor to comply with the terms and conditions of the Promissory Note;
and

    

    WHEREAS,
the Promissory Note is currently due and payable in full; and

    

    WHEREAS,
Investor and Holder wish to modify the Promissory Note in accordance with the
terms and conditions
contained herein.

    

    NOW,
THEREFORE, in consideration of the foregoing premises and the terms and
conditions, provisions and
covenants contained herein, Investor and Holder do hereby agree as
follows:

    

    1. The
Promissory Note shall be modified and extended as specified herein
below.

    

    2. The
Promissory Note is hereby amended, modified and extended related to the payment
of indebtedness evidenced thereby so that the total outstanding balance still
due and owing to Holder under the Promissory Note shall be due on the 31st day
of January, 2010, which is the modified and extended maturity date for the
Promissory Note.

    

    3.
Investor agrees to make the payment specified in Section 2 hereinabove, and
understands and agrees that:

    

    a.
Investor does not have any defenses, set-offs or counterclaims to the amount due
and owing to Holder under the Promissory Note as modified herein;

    

    b. All
the rights, remedies, stipulations and conditions contained in the Promissory
Note, shall also apply to any default in or failure to pay the modified payments
required hereunder;

    

    4. Save
and except for the modifications contained herein, the terms, conditions and
provisions of the Promissory Note, shall continue in full force and
effect.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
date set forth opposite their signatures show below.

    

    
      
        	
                INVESTOR

              	
                HOLDER

              
	
                Newport
      Capital Management, LLC

              	
                VIVAKOR,
      INC.

              
	 
      	 
      
	
                By:
      /s/ Paul M.
      Rusnock

              	
                By:
      /s/Matt
      Nicosia

              
	 
      	 
      
	
                Title:
      Managing
      Member

              	
                Title:
      Executive
      Chairmanvivakor_10q-ex1008.htm

    
      EXHIBIT
10.8

      

      PROMISSORY
NOTE MODIFICATION

      AND

      EXTENSION
AGREEMENT

      

      THIS
AGREEMENT is by and between IME Capital, LLC (hereinafter referred to as
“Investor”), and Vivakor, Inc., a Nevada Corporation (hereinafter referred to as
the “Holder”), and shall have an effective date of October 20, 2009.

      

      WITNESSETH:

      WHEREAS,
Investor previously executed a promissory note in an original principal amount
of Six Hundred Eight Two Thousand Five Hundred Fifty Dollars ($682,550.00) dated
August 21, 2009 (the “Promissory Note”); and

      

      WHEREAS,
Investor has encountered financial difficulties which make it impossible for
Investor to comply with the terms and conditions of the Promissory Note;
and

      

      WHEREAS,
the Promissory Note is currently due and payable in full; and

      

      WHEREAS,
Investor and Holder wish to modify the Promissory Note in accordance with the
terms and conditions
contained herein.

      

      NOW,
THEREFORE, in consideration of the foregoing premises and the terms and
conditions, provisions and
covenants contained herein, Investor and Holder do hereby agree as
follows:

      

      1. The
Promissory Note shall be modified and extended as specified herein
below.

      

      2. The
Promissory Note is hereby amended, modified and extended related to the payment
of indebtedness evidenced thereby so that the total outstanding balance still
due and owing to Holder under the Promissory Note shall be due on the 31st day
of January, 2010, which is the modified and extended maturity date for the
Promissory Note.

      

      3.
Investor agrees to make the payment specified in Section 2 hereinabove, and
understands and agrees that:

      

      a.
Investor does not have any defenses, set-offs or counterclaims to the amount due
and owing to Holder under the Promissory Note as modified herein;

      

      b. All
the rights, remedies, stipulations and conditions contained in the Promissory
Note, shall also apply to any default in or failure to pay the modified payments
required hereunder;

      

      4. Save
and except for the modifications contained herein, the terms, conditions and
provisions of the Promissory Note, shall continue in full force and
effect.

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
date set forth opposite their signatures show below.

      
 

    

    
      
        
          	
                  INVESTOR

                	
                  HOLDER

                
	
                  IME
      Capital, LLC 

                	
                  VIVAKOR,
      INC.

                
	 
      	 
      
	
                  By:
      /s/ Todd C.
      Smith 

                	
                  By:
      /s/Matt
      Nicosia

                
	 
      	 
      
	
                  Title:
      Manager

                	
                  Title:
      Executive
      Chairmandeepdown_10q-ex1001.htm

    
      

    
Exhibit 10.1

    WAIVER

    

    THIS
WAIVER (this “Waiver”)
is entered into as of August 7, 2009 and effective as of June 30, 2009 (the
“Effective
Date”), 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 Waiver have the meanings given them in the
Credit Agreement (defined below).

     

    RECITALS

     

    A.           Borrower
and Lender entered into that certain Credit Agreement dated as of November 11,
2008 (as amended by First Amendment to Credit Agreement dated December 18, 2008,
Second Amendment to Credit Agreement dated February 13, 2009, and as further
amended, restated, or supplemented, the “Credit
Agreement”).

     

    B.           Borrower
acknowledges it is in violation and not in compliance with certain covenants as
set forth under Section 10 of the Credit Agreement as of the fiscal quarter
ending June 30, 2009.

     

    C.           Borrower
has requested that the Lender waive such noncompliance.

     

    D.           Lender
is willing to agree to such waiver, on the terms and conditions set forth
herein.

     

    NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged, the undersigned hereby agree as follows:

     

    AGREEMENT

     

    Section
1.                      Waiver.  The
Lender hereby waives, as of the Effective Date, any violation and noncompliance
with those certain covenants for the fiscal quarter ending June 30, 2009 as set
forth under Sections 10.1 and 10.2 and 10.3 of the Credit
Agreement.

     

    Section
2.                      Representations and
Warranties.  Borrower represents
and warrants to Lender that (a) the representations and warranties in each Loan
Document to which it is a party are true and correct in all material respects on
and as of the date of this Waiver as though made on the date of this Waiver
(except to the extent
that such representations and warranties speak to a specific date), (b) it is in
full compliance with all covenants and agreements contained in each Loan
Document to which it is a party, and (c) no Default or Potential Default has
occurred and is continuing.  The representations and warranties made
in this Waiver shall survive the execution and delivery of this
Waiver.  No investigation by Lender is required for Lender to rely on
the representations and warranties in this Waiver.

     

    Section
3.                      Miscellaneous.

     

    (a)           No Waiver of
Defaults.  Except as expressly set out above, this Waiver does
not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit
Agreement or any other Loan Document not expressly referred to in this Waiver,
or (B) any present or future violation of, or default under, any provision of
the Loan Documents, or (ii) a waiver of Lender’s right to insist upon future
compliance with each term, covenant, condition and provision of the Loan
Documents.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           Form.  Each
agreement, document, instrument or other writing to be furnished Lender under
any provision of this Waiver must be in form and substance satisfactory to
Lender and its counsel.

     

    (c)           Headings.  The
headings and captions used in this Waiver are for convenience only and will not
be deemed to limit, amplify or modify the terms of this Waiver, the Credit
Agreement, or the other Loan Documents.

     

    (d)           Costs, Expenses and
Attorneys’ Fees.  Borrower agrees to pay or reimburse Lender
$10,000 on demand for all its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation, and execution of this
Waiver, including, without limitation, the reasonable fees and disbursements of
Lender’s counsel.

     

    (e)           Successors and
Assigns.  This Waiver shall be binding upon and inure to the
benefit of each of the undersigned and their respective successors and permitted
assigns.

     

    (f)           Multiple
Counterparts.  This Waiver may be executed in any number of
counterparts with the same effect as if all signatories had signed the same
document.  All counterparts must be construed together to constitute
one and the same instrument.  This Waiver may be transmitted and
signed by facsimile or portable document format (PDF).  The
effectiveness of any such documents and signatures shall, subject to applicable
law, have the same force and effect as manually-signed originals and shall be
binding on Borrower and Lender.  Lender may also require that any such
documents and signatures be confirmed by a manually-signed original; provided
that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile or PDF document or signature.

     

    (g)           Governing
Law.  This Waiver and the other Loan Documents must be
construed, and their performance enforced, under Texas law.

     

    

    [Signatures are on the following
page.]

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    The
Waiver is executed as of the date set out in the preamble to this
Waiver.

     

    
      
        	 	
                BORROWER:

              	 
	 	
                DEEP
      DOWN, INC.,

                a
      Nevada corporation

              	 
	 	 	 	 
	 	 	 	 
	
              	
                By:
      

              	/s/ Eugene L. Butler 	 
	 	 	Eugene
      L. Butler	 
	 	 	Chief
      Financial Officer	 
	 	 	 	 

      

    

     

    
       

      
        
          	 	
                  
                    LENDER:

                  

                	 
	 	
                  
                    WHITNEY
      NATIONAL BANK,

                    a
      national banking association

                  

                	 
	 	 	 	 
	 	 	 	 
	
                	
                  By:
      

                	/s/
      Lee Mediamolle 	 
	 	 	Lee
      Mediamolle	 
	 	 	Vice
      President	 
	 	 	 	 

        

      

    

     

     

    
      
        
        

      

      
        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]