Document:

exv10w9

Exhibit 10.9

EXECUTION COPY

NINTH AMENDMENT AND WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT

     THIS NINTH AMENDMENT AND WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Waiver”), dated as of March 15, 2010, by and among TRICO MARINE SERVICES, INC., a Delaware
corporation (the “Borrower”), TRICO MARINE ASSETS INC., a Delaware corporation (“Trico
Assets”), as a Guarantor, and TRICO MARINE OPERATORS, INC., a Louisiana corporation (“Trico
Operators”), as a Guarantor, the Lenders party hereto (each, a “Lender” and,
collectively, the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as
Administrative Agent (in such capacity, the “Administrative Agent”). Unless otherwise
indicated, all capitalized terms used herein and not otherwise defined 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 Borrower, Trico Assets, Trico Operators, the Lenders from time to time party
thereto, and the Administrative Agent are parties to an Amended and Restated Credit Agreement,
dated as of August 29, 2008, and amended by (i) the First Amendment to Credit Agreement, dated as
of March 10, 2009, (ii) the Second Amendment to Credit Agreement dated as of May 8, 2009, (iii) the
Third Amendment to Credit Agreement dated as of May 14, 2009, (iv) the Fourth Amendment and Consent
to Credit Agreement dated as of July 31, 2009, (v) the Fifth Amendment to Credit Agreement dated as
of August 5, 2009, (vi) the Sixth Amendment to Credit Agreement dated as of October 30, 2009, (vii)
the Seventh Amendment to Credit Agreement dated as of December 22, 2009 and (viii) the Eighth
Amendment to Credit Agreement dated as of January 15, 2010 (the “Credit Agreement”); and

     WHEREAS, subject to the terms and conditions set forth below, the parties hereto wish to
provide a waiver in respect of Section 9.01(b) of the Credit Agreement as provided herein;

     NOW, THEREFORE, it is agreed;

A. Waiver to the Credit Agreement

     1. Notwithstanding anything to the contrary contained in Section 9.01(b) of the
Credit Agreement, each of the undersigned Lenders hereby waives any Default or Event of
Default arising from the fact that the annual financial statements of the Borrower
delivered pursuant to Section 9.01(b) of the Credit Agreement were not certified on an
unqualified basis in regards to going concern for the fiscal year ending December 31,
2009.

B. Amendment to the Credit Agreement

     1. The definition of “Total Available Commitment” appearing in Section 1
of the Credit Agreement is hereby amended by deleting the text “$15,000,000” appearing
in said definition and inserting the text “$14,792,185” in lieu thereof.

 

C. Miscellaneous Provisions

     1. In order to induce the Lenders to enter into this Waiver, the Borrower hereby represents
and warrants that (i) no Default or Event of Default exists as of the Waiver Effective Date (as
defined herein) before or after giving effect to this Waiver and (ii) all of the representations
and warranties contained in the Credit Agreement or the other Credit Documents are true and correct
in all material respects on the Waiver Effective Date both before and after giving effect to this
Waiver, with the same effect as though such representations and warranties had been made on and as
of the Waiver Effective Date (it being understood that any representation or warranty made as of a
specific date shall be true and correct in all material respects as of such specific date).

     2. This Waiver is limited as specified and shall not constitute an amendment, modification,
acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document.

     3. This Waiver 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 executed by all the parties hereto shall be lodged with the Borrower and the
Administrative Agent.

     4. THIS WAIVER 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.

     5. This Waiver shall become effective on the date (the “Waiver Effective Date”) when
the Borrower, the Guarantors and the Required Lenders shall have signed a counterpart hereof
(including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155
Avenue of the Americas, New York, NY 10036; Attention: May Yip (facsimile number: 212-354-8113 /
email: myip@whitecase.com).

     6. From and after the Waiver Effective Date, all references in the Credit Agreement and each
of the other Credit Documents to the Credit Agreement shall be deemed to be references to the
Credit Agreement, as modified hereby.

     7. The Borrower and each Guarantor as debtor, grantor, pledgor or assignor, or in any other
similar capacity in which the Borrower or the Guarantors grant liens or security interests in their
respective property or otherwise act as accommodation party or guarantor, as the case may be,
hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or
otherwise, under each of the Credit Documents to which it is a party (after giving effect hereto)
and (ii) to the extent the Borrower or any Guarantor granted liens on or security interests in any
of its property pursuant to any such Credit Document as security for the Borrower or any
Guarantor’s Obligations under or with respect to the Credit Documents, ratifies and reaffirms such
guarantee and grants of security interests and liens and confirms and agrees that such security
interests and liens hereafter secure all of the Obligations as amended hereby. The Borrower and
each Guarantor hereby consents to this Waiver and acknowledges that each of the Credit Documents
remains in full force and effect and is hereby ratified and reaffirmed.

-2-

 

Except as otherwise provided herein, the execution of this Waiver shall not operate as a
waiver of any right, power or remedy of the Administrative Agent or the Lenders, constitute a
waiver of any provision of any of the Credit Documents or serve to effect a novation of the
Obligations.

*     *     *

-3-

 

     IN WITNESS WHEREOF, the undersigned have caused this Waiver to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 
	 	TRICO MARINE SERVICES, INC.

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Senior Vice President
and 

Chief Operations Officer 	 
	 
	 	TRICO MARINE ASSETS INC.

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Vice President 	 
	 
	 	TRICO
MARINE OPERATORS, INC.

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Vice President 	 
	 

Signature
page to Trico $50mm Waiver

 

 

	 	 	 	 	 
	 	NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent

 	 
	 	By:  	/s/ Martin Lunder
 	 
	 	 	Name:  	Martin Lunder  	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Martin Kahm
 	 
	 	 	Name:  	Martin Kahm  	 
	 	 	Title:  	Vice President 	 
	 

Signature page to Trico $50mm Waiver

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE WAIVER TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN ABOVE, AMONG TRICO MARINE SERVICES, INC., TRICO MARINE ASSETS INC., TRICO MARINE OPERATORS, INC., VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

UNICREDIT BANK AG (f/k/a BAYERISCHE HYPO- UND VEREINSBANK),

     as a Lender,

 	 

	 	 	 	 	 	 	 	 
	By:

	 	/s/ Hischer Uwe
	 	 	 	/s/ Langmaack Dieter	 
	 

	 	 	 	 
	 
	 	Name: Hischer Uwe
	 	 	 	Langmaack Dieter	 
	 
	 	Title: Vice President
	 	 	 	Vice President	 

Signature page to Trico $50mm Waiver

 

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE WAIVER TO CREDIT AGREEMENT, DATED AS OF THE FIRST DATE WRITTEN ABOVE, AMONG TRICO MARINE SERVICES, INC., TRICO MARINE ASSETS INC., TRICO MARINE OPERATORS, INC., VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

NORDEA BANK NORGE ASA, CAYMAN ISLANDS
BRANCH,

as a Lender

 	 
	 	By:  	/s/ Martin Lunder
 	 
	 	 	Name:  	Martin Lunder  	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Martin Kahm
 	 
	 	 	Name:  	Martin Kahm  	 
	 	 	Title:  	Vice President 	 
	 

Signature
Page to Trico $50mm CA Waiverexv10w11

Exhibit 10.11

EXECUTION COPY

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “Waiver”), dated as of
March 15, 2010, by and among TRICO MARINE CAYMAN, L.P., a limited partnership organized under the
laws of the Cayman Islands (“Trico Cayman”), TRICO HOLDCO LLC, a Delaware limited
liability company and the general partner of Trico Cayman (“Trico Holdco”), TRICO SUPPLY
AS, a limited company organized under the laws of Norway (“Holdings”, and together with
Trico Cayman and Trico Holdco, the “Holdco Guarantors”), the Subsidiary Guarantors listed
on Schedule IX to the Credit Agreement (the “SubsidiaryGuarantors”), TRICO
SHIPPING AS, a limited company organized under the laws of Norway and a wholly-owned Subsidiary of
Holdings (the “Borrower”), the Lenders party hereto (each, a “Lender” and,
collectively, the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as
Administrative Agent (in such capacity, the “Administrative Agent”). Unless otherwise
indicated, all capitalized terms used herein and not otherwise defined 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 Borrower, the Holdco Guarantors, the Subsidiary Guarantors, the Lenders party
hereto from time to time, and the Administrative Agent are parties to a Credit Agreement, dated as
of October 30, 2009 (the “Credit Agreement”); and

     WHEREAS, subject to the terms and conditions set forth below, (i) the Lenders hereto wish to
provide a waiver in respect of
Section 9.01(b) of the Credit Agreement and (ii) the parties
hereto wish to amend certain provisions of the Credit Agreement, in each case as herein provided;

     NOW, THEREFORE, it is agreed;

A. Waiver to the Credit Agreement

     1. Notwithstanding anything to the contrary contained in Section 9.01(b) of the Credit
Agreement, each of the undersigned Lenders hereby waives any Default or Event of Default arising
from the fact that the annual financial statements of Trico Marine Services, Inc. delivered
pursuant to Section 9.01(b) of the Credit Agreement were not certified on an unqualified basis in
regard to going concern for the fiscal year ending December 31, 2009.

B. Amendment to the Credit Agreement

     1. The definition of “Total Commitment” appearing in Section 1 of the Credit
Agreement is hereby amended by deleting the text “$33,000,000” appearing in said definition and
inserting the text “$26,000,000” in lieu thereof.

     2. Section 4.03(b) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     ”(c) On each Scheduled Commitment Reduction Date, the Total Commitment shall be
automatically reduced by an aggregate principal amount as is set forth opposite

 

 

each such Scheduled Commitment Reduction Date below (each such reduction, as the
same may be reduced as provided in Section 4.03(f), a “Scheduled Commitment
Reduction”):

	 	 	 	 	 	 	 
	 	 	 	 	Amount of Total
	 	 	 	 	Commitment to be
	 	 	 	 	reduced on the relevant
	 	 	 	 	Scheduled Commitment
	 	 	Scheduled Commitment Reduction Date	 	Reduction Date
	1
	 	April 1, 2010	 	$	0	 
	 
	2
	 	July 1, 2010	 	$	3,300,000	 
	 
	3
	 	October 1, 2010	 	$	3,300,000	 
	 
	4
	 	January 1, 2011	 	$	3,300,000	 
	 
	5
	 	April 1, 2011	 	$	3,300,000	 
	 
	6
	 	July 1, 2011	 	$	3,300,000	 
	 
	7
	 	October 1, 2011	 	$	3,300,000	 
	 
	8
	 	The Maturity Date	 	The amount required to 
reduce
the Total 
Commitments to zero”

C. Miscellaneous Provisions

     1. In order to induce the Lenders to enter into this Waiver, the Borrower hereby
represents and warrants that (i) no Default or Event of Default exists as of the Waiver
Effective
Date (as defined herein) before or after giving effect to this Waiver and (ii) all of the
representations and warranties contained in the Credit Agreement or the other Credit Documents
are true and correct in all material respects on the Waiver Effective Date both before and
after
giving effect to this Waiver, with the same effect as though such representations and
warranties
had been made on and as of the Waiver Effective Date (it being understood that any
representation or warranty made as of a specific date shall be true and correct in all
material
respects as of such specific date).

     2. This Waiver is limited as specified and shall not constitute an amendment,
modification, acceptance or waiver of any other provision of the Credit Agreement or any other
Credit Document.

     3. This Waiver 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

-2-

 

complete set of counterparts executed by all the parties hereto shall be lodged with the Borrower
and the Administrative Agent.

     4. THIS WAIVER 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.

     5. This Waiver shall become effective on the date (the “Waiver Effective Date”)
when the Borrower, the Guarantors and the Required Lenders shall have signed a counterpart
hereof (including by way of facsimile or other electronic transmission) the same to White &
Case LLP, 1155 Avenue of the Americas, New York, NY 10036; Attention: May Yip (facsimile
number: 212-354-8113 / email: myip@whitecase.com).

     6. From and after the Waiver Effective Date, all references in the Credit Agreement
and each of the other Credit Documents to the Credit Agreement shall be deemed to be
references to the Credit Agreement, as modified hereby.

     7. The
Borrower and each Guarantor as debtor, grantor, pledgor or assignor, or in
any other similar capacity in which the Borrower or the Guarantors grant liens or security
interests in their respective property or otherwise act as accommodation party or guarantor,
as
the case may be, hereby (i) ratifies and reaffirms all of its payment and performance
obligations,
contingent or otherwise, under each of the Credit Documents to which it is a party (after
giving
effect hereto) and (ii) to the extent the Borrower or any Guarantor granted liens on or
security
interests in any of its property pursuant to any such Credit Document as security for the
Borrower or any Guarantor’s Obligations under or with respect to the Credit Documents,
ratifies
and reaffirms such guarantee and grants of security interests and liens and confirms and
agrees
that such security interests and liens hereafter secure all of the Obligations as amended
hereby.
The Borrower and each Guarantor hereby consents to this Waiver and acknowledges that each of
the Credit Documents remains in full force and effect and is hereby ratified and reaffirmed.
Except as otherwise provided herein, the execution of this Waiver shall not operate as a
waiver
of any right, power or remedy of the Administrative Agent or the Lenders, constitute a waiver
of
any provision of any of the Credit Documents or serve to effect a novation of the Obligations.

*      *       *

-3-

 

     IN WITNESS WHEREOF, the undersigned have caused this Waiver to be duly executed and delivered
as of the date first above written.

	 	 	 	 	 
	 	TRICO SHIPPING AS

 	 
	 	By:  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	TRICO MARINE CAYMAN, L.P.

 	 
	 	By:  	Trico Holdco LLC, General Partner
 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/ Joseph S. Compofelice

 	 
	 	 	Name:  	Joseph S. Compofelice 	 
	 	 	Title:  	President 	 
	 
	 	TRICO HOLDCO LLC

 	 
	 	By:  	/s/ Joseph S. Compofelice
 	 
	 	 	Name:  	Joseph S. Compofelice 	 
	 	 	Title:  	President 	 
	 
	 	TRICO SUPPLY AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	TRICO SUBSEA HOLDING AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN SHIPPING III AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 

Signature page to Trico S33mm First Amendment and Waiver

 

 

	 	 	 	 	 
	 	DEEPOCEAN SHIPPING II AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN SHIPPING AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN AS

 	 
	 	By:  	/s/ Joseph S. Compofelice
 	 
	 	 	Name:  	Joseph S. Compofelice 	 
	 	 	Title:  	Chairman 	 
	 
	 	TRICO SUPPLY (UK) LIMITED

 	 
	 	By:  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	ALBYN MARINE LIMITED

 	 
	 	By:  	/s/ Gerald A. Gray

 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	CTC MARINE PROJECTS LIMITED

 	 
	 	By:  	/s/ Gerald A. Gray

 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	DEEPOCEAN BRASIL SERVICOS LTDA.

 	 
	 	By:  	/s/ Per Thuestad
 	 
	 	 	Name:  	Per Thuestad 	 
	 	 	Title:  	Director 	 
	 

Signature
page to Trico $33mm First Amendment and Waiver

 

 

	 	 	 	 	 
	 	DEEPOCEAN MARITIME AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN MANAGEMENT AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN DE MEXICO S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Manager 	 
	 
	 	CTC MARINE NORWAY AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Chairman 	 
	 
	 	CTC MARINE PROJECTS (GUERNSEY) LIMITED

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Director 	 
	 
	 	DEEPOCEAN SUBSEA SERVICES LIMITED

 	 
	 	By:  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray  	 
	 	 	Title:  	Managing Director 	 
	 
	 	DEEPOCEAN BV

 	 
	 	By:  	/s/ Mads Bardsen
 	 
	 	 	Name:  	Mads Bardsen  	 
	 	 	Title: Director 	 
	 

Signature page to Trico $33mm First Amendment and Waiver

 

 

	 	 	 	 	 
	 	DEEPOCEAN UK LTD.

 	 
	 	By:  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray  	 
	 	 	Title: Managing Director 	 
	 
	 	SERVICIOS PROFESIONALES DE APOYO ESPECIALIZADO, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Manager 	 
	 

Signature page to Trico $33mm First Amendment and Waiver

 

 

	 	 	 	 	 
	 	SERVICIOS DE SOPORTE PROFESIONAL 

ADMINISTRATIVO, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name: Rishi A. Varma  	 
	 	 	Title:  	Manager 	 
	 
	 	TRICO SUBSEA AS

 	 
	 	By:  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma  	 
	 	 	Title:  	Chairman 	 
	 

Signature page to Trico $33mm First Amendment and Waiver

 

 

	 	 	 	 	 
	 	NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

       Individually and as Administrative Agent

 	 
	 	By:  	/s/ Martin Lunder
 	 
	 	 	Name:  	Martin Lunder  	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	                           /s/ Martin Kahm
 	 
	 	 	Name:  	Martin Kahm 	 
	 	 	Title:  	Vice President 	 
	 

Signature page to Trico $33mm First Amendment and Waiver

 

 

	 	 	 	 	 
	 	UNICREDIT BANK AG (f/k/a BAYERISCHE HYPO-

UND VEREINSBANK),

     as a Lender

 	 

	 	 	 	 	 	 	 	 
	By:

	 	/s/ Hischer Uwe
	 	 	 	/s/ Langmaack Dieter	 
	 

	 	 	 	 
	 
	 	Name: Hischer Uwe
	 	 	 	Langmaack Dieter	 
	 
	 	Title: Vice President
	 	 	 	Vice President	 

Signature Page to Trico $33mm First Amendment and Waiver

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