Document:

<PAGE>

                                                                   EXHIBIT 10.47

Case Nos.  OG-G-868, 869,
  870, 871 and 872

                               SECURITY AGREEMENT
                               ------------------

          This is a Security Agreement between Omega Protein, Inc., (the
"Borrower") and the United States of America ("the Government").

                                    RECITALS
                                    --------

          The Borrower and certain other persons have entered into a Title XI
Financial Agreement with the Government dated this date (the "Financial
Agreement"). Words which are capitalized herein and in the attached Exhibits A,
B and C, which are defined in the Financial Agreement shall have the same
meanings as given in the Financial Agreement.

          NOW, THEREFORE, in consideration of the mutual covenants contained in
the Financial Agreement, the parties do hereby agree as follows:

          1. Grant of a Security Interest. In order to secure the payment of the
             ----------------------------
Promissory Note, the Borrower does hereby grant the Government a security
interest in the collateral described on Exhibit A, B and C, hereto (the
"Collateral").

          2. Indebtedness Secured. This Security Agreement shall secure the
             --------------------
payment of all amounts owing under the Promissory Note and all other amounts
owed by the Borrower to the Government.

          3. Events of Default. All of the events of default enumerated in the
             -----------------
Financial Agreement shall constitute events of default under this Security
Agreement, and the effect of the occurrence of any event of default shall have
the same effect specified in the Financial Agreement. The Government shall have
all the rights and remedies available to the Government under the Virginia
Business and Commerce Code and such other rights and remedies as are available
under applicable law, subject to the provisions of the Financial Agreement.
Immediately upon the occurrence of an event of default, but before any judicial
action regarding such default, the Government may enter upon any premises where
the Collateral may be located and marshal, secure, protect, and do all things
necessary to preserve the Collateral.

          4. Financial Agreement Governs: In the event of a conflict between the
             ---------------------------
Financial Agreement and this Security Agreement, the Financial Agreement shall
control. Specifically, and without limiting the foregoing, the terms of the
security interest granted hereunder are subject to the provisions of Article II,
Section 4 of the Financial Agreement.

          DATED: December 20, 1999

                                               Omega Protein, Inc.

                                        By:       /s/ Clark A. Haner
                                               ---------------------------------
                                               Vice President and Controller

                                               UNITED STATES OF AMERICA

                                        By:              /s/
                                               ---------------------------------
                                               Financial Services Branch
                                               Southeast Region
                                               National Marine Fisheries Service<PAGE>

                                                                   EXHIBIT 10.48

Case Nos. OG-G-868, 869, 870
          ------------------
871, and 872
------------

                          TITLE XI FINANCIAL AGREEMENT

     THIS TITLE XI FINANCIAL AGREEMENT (hereinafter, the "Financial Agreement")
dated December 20, 1999, is made and entered into by Omega Protein, Inc.,
      -----------------
formerly Zapata Protein (USA), Inc., 1514 Martens Drive, Hammond, Louisiana
70401 (hereinafter, the "Borrower"), Omega Protein Corporation, formerly Marine
Genetics Corporation, 1717 St. James Place, Suite 550, Houston, Texas 77056,
(hereinafter, the "Guarantor"), and the UNITED STATES OF AMERICA, acting by and
through the Secretary of Commerce, (hereinafter, the "Government"),

     WHEREAS, heretofore, the Government, pursuant to the Fisheries Obligation
Guarantee Program, as provided in 46 USC ss.1271, et. seq., (hereinafter "FOG"),
made, entered into, and delivered certain agreements and covenants, as contained
in the Commitment to Guarantee Note dated January 28, 1988, as amended on
                                          -------------------------------
November 15, 1988, and the Commitment to Guarantee Note executed on November 22,
--------------------------------------------------------------------------------
1988, and further amended by an Approval Letter dated August 13, 1999,
----------------------------------------------------------------------
(hereinafter, the "Commitment"), and any other commitment to guarantee note
executed by Zapata Haynie Corporation, Zapata Protein, Inc., Marine Genetics
Corporation, now called Omega Protein Corporation, or Zapata Protein (USA),
Inc., now called Omega Protein, Inc. This Financial Agreement proposes the final
release of the Commitment and contemplates a loan from Hibernia National Bank,
(hereinafter, the "Bank")/1/ to the Borrower, in the aggregate amount of
$5,590,203.00, the repayment of which is guaranteed by the Government. This
 ------------
transaction will be evidenced by the issuance of five (5) United States
Guaranteed Promissory Notes by the Borrower to the Bank (hereinafter, the
"Guaranteed Notes"). They are identified as follows:

Case No.        Amount
-------         ------
OG-G-868        $1,122,082.00
OG-G-869        $  483,700.00
OG-G-870        $2,030,661.00
OG-G-871        $1,056,292.00
OG-G-872        $  897,468.00

The consideration for the Guaranteed Notes is a loan from the Bank to the
Borrower; and the issuance of Promissory Notes to the United States of America
by the Borrower (hereinafter, the "Promissory Notes") secured by the property
listed in ARTICLES II and III, below; and

WHEREAS, the consideration for the Promissory Notes, Collateral Mortgages, Deed
of Trust and Security Agreement, Preferred Ship Mortgages, UCC Security
Interests, and other related documents executed by Borrower and the Guarantor is
the Government's guarantee contained in the Guaranteed Notes, as may be amended
or substituted from time to time, and the Borrower and the Guarantor understand
that the Government is unwilling to enter into the aforementioned transaction
unless this Financial Agreement and related documents are executed by the
Borrower

----------
/1/ In this agreement, use of the singular includes the plural and vice versa.
<PAGE>

and the Guarantor. For that reason, the Borrower and the Guarantor have agreed
to execute and deliver this Financial Agreement.

NOW THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the
Borrower and the Guarantor hereby agree to the following:

                             ARTICLE I: DEFINITIONS

As used herein, the following terms will be construed to have the meanings set
out below:

     1. All of the terms defined in the preceding paragraphs will have the
definitions set out in said paragraphs.

     2. Collateral includes all of the items set out in ARTICLES II and III of
this Financial Agreement.

     3. Default is defined in ARTICLE IX of this Financial Agreement.

     4. FOG Debt: The outstanding balance of the loan from Bank to Borrower
which is guaranteed by the Government, including original or additional or
supplemental principal and/or interest, and any fees, costs or expenses, of any
nature, which are owed by Borrower to the Government, and, additionally, any
amount owed to a third party which arose from this loan and/or collateral
associated with this loan, and all other indebtedness of the Borrower to the
Government presently existing or which may in any manner or means hereafter be
incurred, including any further loans and advances made to Borrower by the
Government under the provisions hereof.

     5. The Guarantor: Refers to the parent corporation and is defined as set
out in ARTICLE II, Paragraph 3, below.

     6. Affiliate: Includes all wholly owned subsidiaries and stockholders of
the Borrower and the Guarantor of this debt.

     7. Security documents: Includes all documents executed by any individual or
entity in connection with this transaction. This includes, but is not limited to
Promissory Notes, Guaranteed Notes, Collateral Mortgages, Deeds of Trust and
Security Agreements, Preferred Ship Mortgages, UCC Security Interests, Title XI
Financial Agreement, and Guaranty Agreement.

                             ARTICLE II: COLLATERAL

The Collateral which the Borrower is giving to the Government in order to obtain
its guarantee of Borrower's loan from the Bank includes all of the items listed
below:

                                       2
<PAGE>

     1. THE EQUIPMENT: The Borrower will provide to the Government security
interests, evidenced by UCC filings, in the full amount of the Guaranteed Notes,
on all of the property described below (hereinafter, the "Equipment");

     All fisheries unloading, processing, holding, and distribution equipment of
     whatsoever nature, now or at any time in the future, together with all
     accessories, improvements, replacements, substitutions, or additions
     thereto, used for the Borrower's operations on the properties which secure
     the Promissory Notes and any other debt to the Government, or on any other
     premises at any other site at which the Borrower now conducts, or in the
     future may conduct its operations and regardless of the Equipment's actual
     location at any given time. The Equipment shall include, but not be limited
     to: all forklifts, bobcats, cranes, pallet trucks, lift trucks, and other
     product or material movement equipment; all trailers, tanks, trucks, or
     other rolling stock; all fish unloading, transfer, and conveying equipment,
     all fish processing and fish weighing equipment; all cooling,
     refrigerating, freezing, and other fish holding equipment (blast freezers,
     plate freezers, coolers, or other refrigeration equipment); all fish
     packaging equipment; all fish baskets, totes, tanks, tubs, and other fish
     holding equipment; all ice makers; all hand and power tools; all inventory
     and product, subject to lien of credit line lender; and all office
     equipment, all together with all associated equipment, machinery, parts,
     tools, purse boats, or other items of whatsoever nature and whether fixed
     or unfixed to the aforementioned properties securing the Promissory Notes.

     THIS EXCLUDES ONLY SUCH FIRST UCC SECURITY INTERESTS TO THIRD PARTIES as
may be necessary and appropriate to secure credit from such parties for the
specific purpose of purchasing specific equipment (hereinafter "Purchase-Money
Equipment"). In such cases, the Borrower agrees to the following:

          (a) To give to the Government UCC security interests on the
Purchase-Money Equipment second only to the first interests pledged to the
lenders of the purchase-money (hereinafter the "Purchase-Money UCC security
interests"); and

          (b) That the amount secured by the Purchase-Money UCC security
interests shall not exceed the specific purchase cost of said equipment; and

          (c) The term of the credit secured to buy the Purchase-Money Equipment
(and likewise, the duration of the Purchase-Money UCC security interests) shall
not exceed an ordinarily prudent commercial term; and

          (d) No other Equipment or rights shall be secured by the
Purchase-Money UCC security interests; and

          (e) Upon full repayment of the amounts secured by the Purchase-Money
Equipment, as reflected in the Purchase-Money UCC security interests, these
interests shall be satisfied and the Government's second UCC security interest
will ascend to first priority.

     THE EQUIPMENT SHALL BE INVENTORIED sufficiently to describe with certainty
in the security agreement and associated UCC filing. The inventory shall be
valued by appraisers

                                       3
<PAGE>

acceptable to the Government. The inventory and appraisals shall be at the
Borrower's cost and paid before this loan is closed, unless this requirement is
specifically waived by the Government.

     THE UCC SECURITY AGREEMENT SHALL CONTAIN the following provisions:

          (a) That the Government may enter upon any premises where the
Equipment may be located and marshal, secure, protect, and do all things
necessary to preserve the Equipment immediately upon the Borrower's default, but
before any judicial action regarding such default; and

          (b) Such other provisions as the Government deems necessary to protect
its interest; and

          (c) Omega Protein, Inc., formerly Zapata Protein (USA), Inc., and
Omega Protein Corporation, formerly Marine Genetics Corporation, agree that
neither corporation will enter into any transaction or agreement with any party
which will result in that party having a secured interest in the Equipment
unless that party first enters into a written agreement, with provisions
acceptable to the Government, that:

               (i) Except for purchase money lien holders, recognize the
Government's senior interest in, and sole rights to, the equipment or proceeds
of the Equipment's liquidation; and

               (ii) Agree not to interfere in any way with, but instead to
cooperate in all reasonable ways with, the Government entering upon any property
owned or leased by the Borrower in order to marshal, secure, protect, and do all
things necessary to preserve the Equipment.

     2. THE REAL PROPERTY includes:

          (a) An Assignment of Lease in the full amount of the FOG debt, on such
real property, as more fully described in Exhibit 1, attached, leased by the
Borrower, together with all improvements thereon which comprise the fisheries
processing facility in Cameron, Louisiana;

          (b) A Collateral Mortgage in the full amount of the FOG debt, on such
real property, as more fully described in Exhibit 2, attached, owned by the
Borrower, together with all improvements thereon which comprise the Borrower's
fisheries processing facility in Abbeville, Louisiana;

          (c) A Deed of Trust in the full amount of the FOG Debt, on such real
property, as more fully described in Exhibit 3, attached, owned by Borrower,
together with all improvements thereon which comprise the Borrower's fisheries
processing facility in Reedville, Virginia.

     3. PREFERRED SHIP MORTGAGE:

          (a) A Preferred Ship Mortgage in the full amount of the FOG debt, on
the vessel Q.O. DUNN, Official Number 503167;

                                       4
<PAGE>

          (b) A Preferred Ship Mortgage in the full amount of the FOG debt, on
the vessel WILLARD P. LEBEOUF, Official Number 298972.

The Collateral Mortgage, Deed of Trust and Security Agreement, Preferred Ship
Mortgages, and Assignment of Lease, described above are hereinafter,
collectively the "Mortgages".

     4. THE GUARANTEE: An unconditional guarantee of repayment of the FOG Debt
will be given to the Government by Omega Protein Corporation, formerly Marine
Genetics Corporation, (the "Guarantor).

                       ARTICLE III. ADDITIONAL COLLATERAL

     1. Individual Transferable Quotas: Should a limited fisheries access system
be initiated at some future date under which the Borrower is granted a
transferable fishery conservation and management allocation (including, but not
limited to, allocations, permits, quotas, licenses, cage tags, or any other
fisheries access restriction or right, however characterized, of whatsoever
nature) affecting, necessary for, or in any other way, however characterized,
associated with any of the property included in the Collateral, the Borrower
agrees to grant to the Government a full senior security interest in such
allocation by whatsoever means deemed by the Government to be appropriate
(including, but not limited to, the Borrower's execution of security agreements
and the filing of financing statements under the UCC). Further, if the Borrower
fails to do so, the Borrower agrees that the Government may use, for the purpose
of executing and otherwise perfecting whatever documents may be required to
effect the grant to the Government of such a full security interest in such
fisheries conservation and management allocation, the attorney-in-fact authority
conferred upon the Government by ARTICLE XI of this agreement.

     2. OTHER COLLATERAL: Any new, different, substitute or other collateral
which may, from time to time, be provided by Borrower or Guarantor to the
Government, will be subject to all of the covenants and provisions of all of the
documents executed in connection with this transaction, including, but not
limited to the Mortgages, this Financial Agreement, the Guaranteed Notes, the
Promissory Notes, and UCC security interests.

             ARTICLE IV. GOVERNMENT'S PRIOR WRITTEN CONSENT REQUIRED

Without the prior written consent of the Chief, Financial Services Division,
National Marine Fisheries Service, which consent will not unreasonably be
withheld: (1) The Borrower may not take any of the following actions; and (2)
The Guarantor may not take any of the actions listed in Paragraphs 1 through 8,
below.

     1. PAY TO ANY OFFICER, partner, shareholder, or any other person, any
salary, commission, bonus, management fee, dividend or other consideration,
however characterized, in excess of either reasonable industry standards or
ordinary financial prudence for companies of the Borrower's size and financial
condition at the time that such consideration is paid, and Borrower bears the
burden of proving reasonability.

     2. PURCHASE OR REDEEM ANY SHARES OF ITS OWN STOCK.

                                       5
<PAGE>

     3. MAKE ANY ADDITIONAL INVESTMENT (excluding purchases, etc. in connection
with routine/continuing maintenance and preservation of the Borrower's property
and excluding acquisition of capital assets representing the reinvestment of
involuntary conversion proceeds in assets similar to those in respect of which
the Borrower has received such involuntary proceeds providing such proceeds are,
or are committed to be so reinvested within 90 days after receipt thereof) in,
or incur any additional liability for, the purchase, acquisition, lease, or
other use, however characterized, of any real property, machinery, equipment,
fixtures, furniture, or fixed property in connection with the Borrower's present
level of operations in any one fiscal year in excess of an aggregate of five
percent of the Borrower's total assets.

     4. START ANY NEW BUSINESS OR ACQUIRE ANY OTHER BUSINESS, or the assets of
any other business, whether by purchase, merger, consolidation, affiliation, or
any other means, however characterized, whatsoever except as may otherwise be
permitted herein, or sell, liquidate, dissolve, spin-off, split-up or in any
other way, however characterized, dispose of its own assets except as may be
required in the normal course of operations reasonably necessary to carry on its
day-to-day business.

     5. GUARANTEE OR BECOME CONTINGENTLY LIABLE in any way as surety, endorser,
creditor, co-maker, accommodation maker, or in any other way, however
characterized, for the debt or obligations of any party whatsoever, except as
may be permitted herein or required in the normal course of operations
reasonably necessary to carry on day-to-day business activities.

     6. ALLOW ITSELF TO BE ACQUIRED BY, or otherwise reorganized into, however
characterized, any other Company, unless the acquiring Company or reorganized
entity is reasonably acceptable to the Government and agrees to:

          (a) provide the Government a 100% unconditional guarantee of all debt
actually or contingently owed the Government; and

          (b) be bound by these covenants; and

          (c) be bound by such other covenants as the Government shall
reasonably require to protect its interest; and

          (d) provide the Government such other assurances and security as the
Government may require.

     7. ESTABLISH ANY TRUST, retirement fund or any other fund, however
characterized, for the benefit of itself or any party, or transfer any monies,
property, or other assets of any kind, however characterized, into any such fund
whether now or hereafter existing (and any such action shall be void and without
effect insofar as the Government's interests are concerned)./2/

----------
/2/This provision excludes contributions, not exceeding $2,000 per year per
person, to any such party's IRA, Keogh, or 401K account. Any contributions in
excess of $2,000 per year per person to any other retirement account, and any
contributions in any amount to any trust or other fund of whatsoever kind, must
be approved in advance and in writing by us.

                                       6
<PAGE>

     8. TRANSFER ANY MONIES, property, or other assets, however characterized,
to any party by way of gift or by any other means, however characterized, for
any consideration less than payment by such party of the full and fair market
value thereof (and any such action shall be void and without effect insofar as
the Government's interests are concerned); provided, however, that reasonable
transfers not significantly affecting the Borrower's net worth, and not
inconsistent with the Borrower's or the Guarantor's obligation to protect the
Government from loss by preserving its net worth, shall be exempted.

     9. MAKE ANY DISTRIBUTION OF BORROWER'S ASSETS for compensation (including
salaries, withdrawals, fees, bonuses, commissions, drawing accounts, and other
payments, whether directly or indirectly, in money or otherwise, hereinafter
"compensation") for services, or give any preferential treatment, make any
advances, directly or indirectly by way of loans, gifts, notes, or otherwise, to
any employee or Affiliate or increase the compensation of any person above that
set forth in any application or document submitted in connection with the
Guarantee. In the event an Affiliate increases the compensation paid to the
Borrower or any employee of the Borrower, beyond that authorized or consented to
by the Government, the compensation payable to such person by the Borrower will
be forthwith correspondingly reduced, the overpayment returned to the Affiliate,
and immediate notice thereof given to the Government by the Borrower.

                  ARTICLE V. BORROWER'S OBLIGATIONS & COVENANTS

The Borrower shall be bound by and do, perform or discharge all of the following
actions.

     1. NOTICES TO THE GOVERNMENT: Within ten (10) days of its occurrence,
Borrower and the Guarantor must give the Government written notice of any of the
following:

          (a) Any pending litigation, business reverse, casualty, loss, or any
other matter which diminishes:

               (i) its ability to service any debt actually or contingently owed
the Government; or

               (ii) its ability to perform any other duty or obligation owed the
Government; or

               (iii) its ability to fully and faithfully perform any covenant
with the Government; or

               (iv) the value of any property or other assets pledged to the
Government; or

               (v) the net worth of any party against whom the Government has
recourse for this debt.

          (b) The institution of any suit, which demands $100,000 or more,
against the Borrower or others deemed by the Government to affect adversely its
interest hereunder, in the Notes or otherwise.

                                       7
<PAGE>

              ARTICLE VI. FINANCIAL REPORTING TO AND INSPECTIONS BY
                                 THE GOVERNMENT

     1. BORROWER AGREES TO PROVIDE THE GOVERNMENT AT THE END OF EACH OF ITS TAX
OR ACCOUNTING YEARS, a certified correct copy of:

          (a) a balance sheet; and

          (b) an income and expense statement for the preceding twelve months;
and

          (c) an aging report of all receivables outstanding; and

          (d) an inventory report for all inventory maintained at the end of
each year.

     2. CERTIFICATION OF FINANCIAL INFORMATION: Borrower agrees that:

ANNUALLY: At the end of each fiscal year, said items, [VI, 1(a) through 1(d)]
will be audited by independent certified public accountants acceptable to the
Government.

ALL ANNUAL financial reports required hereunder shall include a certification
from the Borrower's Chief Financial Officer that either:

          (a) There has been no default, as provided by the security
instruments, during the reporting period; or

          (b) There has been a default, as provided by said security
instruments, during the reporting period. In this case the nature, extent,
prospective consequences, and all other relevant details of such default shall
be fully set forth in such certification.

     3. INCOME TAX RETURNS: All tax returns shall be timely filed/3/ and a copy
of Borrower's Federal Income Tax Return, along with all supporting schedules,
must be delivered to the Government within 15 days of its filing or issuance.
Borrower agrees to execute a consent and waiver, valid so long as Borrower owes
a debt to the Government, which allows the Internal Revenue Service to release
directly to the Government, Borrower's Federal Income Tax Returns, whenever the
Government requests same./4/

     4. BORROWER TO DELIVER ALL REQUIRED FINANCIAL STATEMENTS, notices, returns
or reports to the Government's Southeast Regional Financial Services Branch. All
financial statements shall be delivered within 90 days of the close of the
fiscal or accounting year, or such quarter in such year, to which they relate.

----------
/3/ Timely filing shall include valid extensions filed with the Internal Revenue
Service.
/4/ Borrower agrees to execute IRS Form Nos. 4506 and 8821, thereby implementing
the provisions of 26 USCss.6103(c). Failure to do so constitutes an event of
default.

                                       8
<PAGE>

     5. METHOD OF BOOKKEEPING: Borrower will, at all times, keep proper books of
account in a manner satisfactory to the Government, including financial and
operating statements including schedules showing all compensation paid by the
Borrower.

     6. GOVERNMENT INSPECTIONS: Permit the Government, or any representative
selected by the Government, in such manner and at such times as the Government
may require, to (a) make inspections and audits of any books, records, papers,
or other documents/5/ of whatsoever nature in the custody and control of the
Borrower, Guarantor, or any other entity, relating in any way to the financial
or business condition or prospects of the Borrower, or Guarantor, including the
making of copies thereof and extracts therefrom, and (b) make inspections and
appraisals of any of the Borrower's or Guarantor's physical assets.

     7. BORROWER TO PAY THE COST OF ANNUAL INSPECTIONS: The cost of annual
inspections, audits, or appraisals shall be paid by the Borrower.

     8. GUARANTOR'S OBLIGATIONS: Paragraphs 1, 2, 3, 4, and 6, above, of this
ARTICLE VI, apply to the Guarantor. Additionally, the Guarantor shall provide to
the Government, at the end of each tax year, a certified correct copy of its
Statement of Financial Condition, and if applicable, its SEC-10K Report.

                           ARTICLE VII. GUARANTEE FEES

     1. THE BORROWER AGREES TO PAY TO THE GOVERNMENT the amount required for the
payment of each Guarantee fee at the rate of 1% per year, first, on the date
hereof and, thereafter, on or before the anniversary date of the Guaranteed
Notes. In the event the Government at any time determines and gives notice to
the Borrower that the amount of any fee paid under the Guarantees is not correct
the Borrower shall within thirty (30) days after receipt of such notice pay the
Government the amount of any deficiency specified in said notice. In the event
that the fee paid by the Borrower to the Government is in excess of the amount
required by the Guarantees, such excess shall be credited to the account of the
Borrower. In the event that Borrower fails to pay a Guarantee fee, said fee
shall be deemed to be an indebtedness of the Borrower and shall be secured by
the Mortgages, and until paid shall bear interest at the same rate as that
provided in the Promissory Notes, and upon acceleration of the amounts owed
under the Promissory Notes shall bear interest at the accelerated rate.

     2. ALL FEES SHALL BE PAID BY THE DELIVERY by the Borrower to the Government
in person or by mail addressed to the Government, by check or money order in the
required amount payable to the order of the Government, together with
identification of the specific Guarantee to which the fee relates and the period
covered by the payment.

     3. THE BORROWER AGREES THAT ALL AMOUNTS PAID BY IT IN ACCORDANCE WITH THIS
SECTION SHALL BE AS FOLLOWS:

--------
/5/ Including but not limited to off-loading receipts, fish-sale receipts,
business transaction journals, etc.

                                       9
<PAGE>

          (a) THE FEE REQUIRED FOR THE GUARANTEES shall be computed on the
average principal amount of each Promissory Note outstanding and any amounts
which are due and owing under said Promissory Notes during the annual period
covered by said fee.

          (b) FEES SHALL BE SUBJECT TO REDUCTION for erroneous calculations, for
voluntary prepayments made under the Notes and other security documents, and for
extraordinary payments made under the Notes and other security documents, such
as proceeds of insurance upon total loss applied in reduction of principal and
additional payments contingent on earnings. Fees shall be subject to increase
for erroneous calculations and for payments required under the Notes and other
security documents, which are delinquent.

          (c) THE PAYMENT OF THE INITIAL FEES are being made to the Government
concurrently with the execution and delivery of the Guaranteed Notes, the
receipt whereof by the Government is hereby acknowledged, and covers a
twelve-month period commencing with the date hereof.

          (d) EACH FEE SHALL BE DEEMED TO BE FULLY EARNED as of the commencement
of the period to which it is applicable. No refund will be made by the
Government of the initial fees paid or of any subsequent annual fees, or
deficient fees applied in payment in accordance with this SECTION in the event
the Guarantees shall terminate, except as provided in this SECTION.

          (e) IN THE EVENT THE GUARANTEES SHALL TERMINATE, the obligation to pay
further fees hereunder (other than deficient or deliquent fees) shall cease as
of the time of such termination. If payment under the Guarantees shall have been
properly demanded and shall not have been made, for any reason (other than under
the conditions under which the Government is not required to make payment under
the Guarantees) within the thirty-day period from proper demand, the obligation
to pay further premium charges hereunder (other than deficient premium charges)
shall cease as of the last time the Government shall have been obligated to make
payment under the Guarantees.

          (f) IF AT THE TIME OF TERMINATION of the Guarantees the Government
holds any excess fees or any annual fees which has not been applied in payment
in accordance with this SECTION (or the time for application of which has not
arrived), such excess fees shall be (i) refunded to the Borrower if the
Guarantees shall terminate pursuant to payment in full of the Notes and (ii)
retained by the Government as collateral security for the payment of the Notes
and any amounts due under the security documents, and any sum due to the
Government if the Guarantees shall terminate pursuant to payment of the
Guarantees by the Government or if there is a failure of the holder of the
Guaranteed Notes to properly demand payment of the Guarantees from the
Government within 60 days of notification of a default under the Guaranteed
Notes by the Government and the Guarantees are terminated. If payment of the
Guarantees shall have been demanded and shall not have been made, for any reason
(other than under the conditions under which the Government is not required to
make payment of the Guarantees) within the thirty-day period therefor, any
excess fees or any annual fees which have not been applied in payment in
accordance with this SECTION (or the time for application of which has not
arrived), as of the time the Government shall have been obligated to make
payment under the Guarantees, shall be retained by the Government as indemnity.

                                       10
<PAGE>

                      ARTICLE VIII. LOUISIANA LAW TO GOVERN

     To the extent not governed by the laws of the United States, all provisions
of this Financial Agreement shall be construed, given effect, and enforced
according to the laws of the State of Louisiana. With respect to any claim or
proceeding relating to this Financial Agreement, the Borrower and Guarantor
hereby consent to and subject themselves to the jurisdiction of the state and
federal courts located in the State of Louisiana, and agree that the venue of
any action or proceeding relating to this Financial Agreement shall lie
exclusively in said state. The parties hereto acknowledge and agree, however,
that in the event that an action to foreclose a real property mortgage and
security agreement or Deed of Trust and security agreement is brought, it will
be brought pursuant to the laws of the state where the real property is located
and the parties hereto hereby consent to and subject themselves to the
jurisdiction of the courts of said state.

                               ARTICLE IX: DEFAULT

     1. THE OCCURRENCE OF ANY OF THE FOLLOWING CONSTITUTES AN EVENT OF DEFAULT:

          (a) ANY FAILURE TO OBSERVE, PERFORM, COMPLY WITH AND DISCHARGE ALL OF
THE COVENANTS, CONDITIONS, AND OBLIGATIONS WHICH ARE IMPOSED ON:

               (i) BORROWER by this Title XI Financial Agreement, the Promissory
               Notes, dated December 20, 1999, the Assignment of Lease dated
                            -----------------
               December 20, 1999, Collateral Mortgage dated December 20, 1999,
               -----------------                            -----------------
               the Deed of Trust and Security Agreement dated, December 20,
                                                               ------------
               1999, the Preferred Ship Mortgages dated December 20, 1999, and
               ----                                     -----------------
               any other agreement or document executed in connection with this
               Financial Agreement and the Notes, concurrently or otherwise,
               inclusive of amendments thereto, in connection with this
               Financial Agreement, or subsequent amendment or agreement,
               regardless of whether or not the Borrower shall be a party to
               said agreement or document, and such default shall continue for
               thirty (30) days; or

               (ii) ANY GUARANTOR by any Guaranty Agreement, whether or not the
               Borrower is party to said agreement, and such default shall
               continue for thirty (30) days; or

          (b) ANY FAILURE TO PAY OR MAKE PAYMENTS ON:

               (i) INTEREST ON THE NOTES OR THE GUARANTEED NOTES when and as the
               same shall become due and payable as therein provided, and such
               default shall continue for thirty (30) days; or

               (ii) PRINCIPAL OF THE NOTES OR THE GUARANTEED NOTES when and as
               the same shall become due and payable, whether at maturity, by
               notice of acceleration, or otherwise, and such default shall
               continue for thirty (30) days; or

                                       11
<PAGE>

               (iii) GUARANTEE FEES as required by ARTICLE VII of this document,
               and such default shall continue after ten (10) days written
               notice; or

          (c) FINANCIAL EVENTS:

               (i) Borrower makes a general assignment for the benefit of the
               Borrower's creditors; or

               (ii) Borrower loses the right to do business, by forfeiture or
               otherwise; or

               (iii) A receiver or receivers of any kind whatsoever, whether
               appointed or not, in admiralty, bankruptcy law, common law, or
               equity proceedings, and whether temporary or permanent, shall be
               appointed for all property of the Borrower; or

               (iv) PETITION OR OTHER PROCEEDING OR ACTION IN BANKRUPTCY,
               regarding the Borrower, is filed by the Borrower or by creditors
               of the Borrower; or

          (d) FAILURE TO MAINTAIN ANY OF THE INSURANCE COVERAGE as outlined in
Paragraph 4: Insurance Requirements, found on pages 13, 14, and 15 of the
Approval Letters.

          (e) A MATERIAL MISREPRESENTATION OR UNDISCLOSED FACT, made or omitted
in any application, agreement, affidavit, or other document, submitted in
connection with the Guarantee, on behalf of, or for the benefit of, or by the
Borrower; or

          (f) INSTITUTION OF ANY SUIT AGAINST THE BORROWER or others deemed by
the Government to affect adversely its interest hereunder, in the Notes or
otherwise;

          (g) IMPAIRMENT OF ANY COLLATERAL.

     2. GOVERNMENT ACTIONS UPON OCCURRENCE OF AN EVENT OF DEFAULT, whether or
not the Guaranteed Notes have been paid to the Bank by the Government, the
Government may, in the Government's discretion, so long as such event of default
shall be continuing, do any or all of the following:

          (a) DECLARE THE NOTES TO BE DUE AND PAYABLE IMMEDIATELY and upon such
declaration the entire principal of and interest on the Notes shall become and
be immediately due and payable, and thereafter shall bear interest at eighteen
percent (18%) per year unless such would violate the usury laws of the state
where the Notes and the Guaranteed Notes are executed, in which case the maximum
legal rate of that state shall prevail; and/or

          (b) BRING SUIT IN COURT OF COMPETENT JURISDICTION, at discretion of
the Government, to obtain judgment for any and all amounts due under the Notes,
or otherwise hereunder, and collect the same out of any and all property of the
Borrower; and/or

                                       12
<PAGE>

          (c) FORECLOSE THE MORTAGAGES JUDICIALLY OR NONJUDICIALLY at the
Government's sole discretion, as allowed by state law, and sell any real and/or
personal property which secures the FOG Debt; and/or

          (d) RETAKE AND/OR SELL THE EQUIPMENT WITHOUT LEGAL PROCESS as provided
by the Mortgages, or any other document which has been executed by or on behalf
of the Borrower; and/or

          (e) OVERDUE GUARANTEE FEES shall, beginning with the first day such
guarantee fees are due but unpaid, be added to the principal of the Promissory
Notes, earn interest at the same rate as specified in the Promissory Notes for
overdue principal, and be secured by all of the collateral and security
documents. This provision will not be deemed a waiver of any of the Government's
rights or other remedies, as set out above, and elsewhere, and such overdue
guarantee fees shall remain due and payable as originally scheduled.

          ARTICLE X. TITLE XI FINANCIAL AGREEMENT GOVERNS; SEVERABILITY

     To the extent that any of the terms and conditions of this Financial
Agreement are inconsistent or in contradiction with the terms and conditions of
any other agreement between the Government and the Borrower, including but not
limited to previously executed Title XI financial agreements, then the terms of
this Financial Agreement shall govern, otherwise, all such terms and conditions
of such other agreements will continue with full force and effect.

     The unenforceability or invalidity of any provision(s) of this Title XI
Financial Agreement shall not render any other provision(s) herein unenforceable
or invalid.

                          ARTICLE XI. POWER OF ATTORNEY

     Borrower hereby irrevocably appoints the Government the true and lawful
attorney of the Borrower, in its name and stead to execute any other document
necessary to perfect or protect the Government's security interests regarding
this transaction and/or all aspects of the FOG Debt.

                ARTICLE XII: ENVIRONMENTAL HAZARD INDEMNIFICATION

          Borrower and Guarantor hereby agree to the following with respect to
environmental hazards or contamination associated with the Collateral:

          A. That, at closing, Borrower and Guarantor will execute a
Certification and Indemnification Agreement Regarding Environmental Matters
which provides that they shall, jointly and severally, be liable for any and all
contamination, cleanup, and environmental actions against the Collateral. That
they are, jointly and severally, liable for all costs and claims associated with
or resulting from any claim, cleanup, or lien imposed against any of the
Collateral.

          B. That Borrower and Guarantor will hold the Government harmless from
any claim or duty arising from environmental defects or hazards associated with
the Collateral.

                                       13
<PAGE>

          C. At closing, Borrower must certify in writing that, to the best of
its knowledge, there are currently no defects or environmental hazards on or
about the Collateral.

          In the event this loan is not closed because of the discovery of such
defects or environmental hazards previously unknown to Borrower, the Government
will refund the commitment fees less all costs incurred by the Government in
attempting to close.

          IN WITNESS WHEREOF, the Borrower has executed this Title XI Financial
Agreement the day and year first above written.

                                 GOVERNMENT:
                                 UNITED STATES OF AMERICA
                                 Secretary of Commerce
                                 National Oceanic and Atmospheric Administration

                                          /s/
                                 -----------------------------------
                                 Financial Services Branch
                                 Southeast Region
                                 National Marine Fisheries Service

Attest:                                 BORROWER:  Omega Protein, Inc.
                                        --------

By:    /s/ Robert W. Stockton            By:    /s/ Clark A. Haner
      -------------------------------       ---------------------------------

Title: Executive Vice President & CFO    Title: Vice President and Controller

Date:  December 20,  1999                Date:  December 20, 1999
       ------------------                       -----------------

(SEAL)

Attest:                                  GUARANTOR: Omega Protein Corporation
                                         ---------

By:    /s/ Clark A. Haner                By:    /s/ Robert W. Stockton
      -------------------------------        --------------------------

Title: Vice President and Controller     Title: Executive Vice President and CFO

Date:  December 20,  1999                Date:  December 20, 1999
       ------------------                       -----------------

(SEAL)

                                       14

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