Document:

Exhibit 4.2 to Insignia Systems, Inc. Form S-8 dated August 16, 2005

EXHIBIT 4.2  

INSIGNIA SYSTEMS, INC.

EMPLOYEE STOCK PURCHASE PLAN 

(Amended through February 15, 2005) 

        1.       Establishment
of Plan.   Insignia Systems, Inc. (hereinafter referred to as the “Company”) proposes to grant to
certain employees of the Company the opportunity to purchase common stock of the Company. Such common stock shall be purchased
pursuant to the plan herein set forth which shall be known as the “INSIGNIA SYSTEMS, INC. EMPLOYEE STOCK PURCHASE PLAN”
(hereinafter referred to as the “Plan”). The Company intends that the Plan shall qualify as an “Employee Stock
Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended, and shall be construed in a manner
consistent with the requirements of said Section 423 and the regulations thereunder. 

        2.       Purpose.   The
Plan is intended to encourage stock ownership by employees of the Company, and as an incentive to them to remain in employment,
improve operations, increase profits, and contribute more significantly to the Company’s success. 

        3.       Administration.   The
Plan shall be administered by a stock purchase committee (hereinafter referred to as the “Committee”) consisting of not
less than three directors or employees of the Company, as designated by the Board of Directors of the Company (hereinafter
referred to as the “Board of Directors”). The Board of Directors shall fill all vacancies in the Committee and may
remove any member of the Committee at any time, with or without cause. The Committee shall select its own chairman and hold its
meetings at such times and places as it may determine. All determinations of the Committee shall be made by a majority of its
members. Any decision which is made in writing and signed by a majority of the members of the Committee shall be effective as
fully as though made by a majority vote at a meeting duly called and held. The determinations of the Committee shall be made in
accordance with its judgment as to the best interests of the Company, its employees and it shareholders and in accordance with the
purposes of the Plan; provided, however, that the provisions of the Plan shall be construed in a manner consistent with the
requirements of Section 423 of the Internal Revenue Code, as amended. Such determinations shall be binding upon the Company and
the participants in the Plan unless otherwise determined by the Board of Directors. The Company shall pay all expenses of
administering the Plan. No member of the Board of Directors or the Committee shall be liable for any action or determination made
in good faith with respect to the Plan or any option granted under it. 

        4.       Duration
and Phases of the Plan.   (a) The Plan will commence on January 1, 1993, and will continue until terminated by
the Board pursuant to Section 15, except that any phase commenced prior to such termination shall, if necessary, be allowed to
continue beyond such termination until completion. 

        (b)       The
Plan shall be carried out in one or more phases, each phase being for a period of one year. Each phase shall commence immediately
after the termination of the preceding phase. The existence and date of commencement of a phase (the “Commencement
Date”) shall be determined by the Committee, provided that the commencement of the first phase shall be within twelve (12)
months before or after the date of approval of the Plan by the shareholders of the Company. In the event all of the stock reserved
for grant of options hereunder is issued pursuant to the terms hereof prior to the commencement of one or more phases scheduled by
the Committee or the number of shares remaining is so small, in the opinion of the Committee, as to render administration of any
succeeding phase impracticable, such phase or phases shall be canceled. Phases shall be numbered successively as Phase 1, Phase 2
and Phase 3. 

1

        (c)       The
Board of Directors may elect to accelerate the termination date of any phase effective on the date specified by the Board of
Directors in the event of (i) any consolidation or merger of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which shares would be converted into cash, securities or other property, other than a merger of the
Company in which shareholders immediately prior to the merger have the same proportionate ownership of stock in the surviving
corporation immediately after the merger; (ii) any sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the assets of the Company, or (iii) any plan or liquidation or dissolution of
the Company. 

        5.       Eligibility.   All
Employees, as defined in Paragraph 19 hereof, who are employed by the Company at least one day prior to the Commencement Date of a
phase shall be eligible to participate in such phase. 

        6.       Participation.   Participation
in the Plan is voluntary. An eligible Employee may elect to participate in any phase of the plan, and thereby become a
“Participant” in the Plan, by completing the Plan payroll deduction form provided by the Company and delivering it to
the Company or its designated representative prior to the Commencement Date of that phase. Payroll deductions for a Participant
shall commence on the first payday after the Commencement Date of the phase and shall terminate on the last payday immediately
prior to or coinciding with the termination date of that phase unless sooner terminated by the Participant as provided in
Paragraph 9 hereof. 

        7.       Payroll
Deductions.   (a) Upon enrollment, a Participant shall elect to make contributions to the Plan by payroll
deductions (in full dollar amounts and in amounts calculated to be as uniform as practicable throughout the period of the phase),
in the aggregate amount not in excess of 10% of such Participant’s Base Pay for the term of the Phase, as determined
according to Paragraph 19 hereof. 

        The minimum authorized
payroll deduction must aggregate to not less than $10 per pay period. 

        (b)       In
the event that the Participant’s compensation for any pay period is terminated or reduced from the compensation rate for such
a period as of the Commencement Date of the phase for any reason so that the amount actually withheld on behalf of the Participant
as of the termination date of the phase is less than the amount anticipated to be withheld over the phase year as determined on
the Commencement Date of the phase, then the extent to which the Participant may exercise his option shall be based on the amount
actually withheld on his behalf. In the event of a change in the pay period of any Participant, such as from bi-weekly to monthly,
an appropriate adjustment shall be made to the deduction in each new pay period so as to ensure the deduction of the proper amount
authorized by the Participant. 

        (c)       All
payroll deductions made for Participants shall be credited to their accounts under the Plan. A Participant may not make any
separate cash payments into such account. 

        (d)       Except
for his right to discontinue participation in the Plan as provided in Paragraph 9, no Participant shall be entitled to increase or
decrease the amount to be deducted in a given phase after the Commencement Date. 

        8.         Options.  

        (a)        Grant of Option.  

	  	  	(i)  	  	A Participant who is employed by the Company as of the
Commencement Date of a phase shall be granted an option as of such date to purchase a number of full shares of Company common
stock to be determined by dividing the total amount to be credited to that Participant’s account under Paragraph 7 hereof by
the option price set forth in Paragraph 8(a)(ii)(A) hereof, subject to the limitations of Paragraph 10 hereof. 

	  	  	(ii) 	  	The option price for such shares of common stock shall be the
lower of: 

	  	  	  	A.  	  	Eighty-five percent (85%) of the fair market value of such shares
of common stock on the Commencement Date of the phase; or 

2

	  	  	  	B.  	  	Eighty-five percent (85%) of the fair market value of such shares
of common stock on the termination date of the phase. 

	  	  	(iii)  	  	The fair market value of shares of common stock of the Company
shall be determined by the Committee for each valuation date in a manner acceptable under Section 423 of the Internal Revenue Code
of 1986. 

	  	  	(iv)  	  	Anything herein to the contrary notwithstanding, no Employee shall
be granted an option hereunder: 

	  	  	  	A.  	  	Which permits his rights to purchase stock under all employee
stock purchase plans of the Company, its subsidiaries or its parent, if any to accrue at a rate which exceeds Twenty-Five Thousand
Dollars ($25,000) of the fair market value of such stock (determined at the time such option is granted) for each calendar year in
which such option is outstanding at any time; 

	  	  	  	B.  	  	If immediately after the grant such Employee would own and/or hold
outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Company, its parent, if any, or of any subsidiary of the Company. For purposes of determining stock
ownership under this Paragraph, the rules of Section 424(d) of the Internal Revenue Code, as amended, shall apply; or 

	  	  	  	C.  	  	Which can be exercised after the expiration of 27 months from the
date the option is granted. 

	  	(d) 	  	Exercise of Option. 

	  	  	(i)  	  	Unless a Participant gives written notice to the Company pursuant
to Paragraph 8(b)(ii) or Paragraph 9 prior to the termination date of a phase, his option for the purchase of shares will be
exercised automatically for him as of such termination date for the purchase of the number of full shares of Company common stock
which the accumulated payroll deductions in his account at that time will purchase at the applicable option price, subject to the
limitations set forth in Paragraph 10 hereof. 

	  	  	(ii)  	  	A Participant may, by written notice to the Company at any time
during the thirty (30) day period immediately preceding the termination date of a phase, elect, effective as of the termination
date of that phase, to exercise his option for a specified number of full shares less than the maximum number which may be
purchased under his option. 

	  	  	(iii)  	  	As promptly as practicable after the termination date of any
phase, the Company will deliver to each Participant herein the common stock purchased upon the exercise of his option, together
with a cash payment equal to the balance, if any, of his account which was not used for the purchase of common stock with interest
accrued thereon. 

        9.        Withdrawal or Termination of
Participation.   (a) A Participant may, at any time prior to the termination date of a phase, withdraw all
payroll deductions then credited to his account by giving written notice to the Company. Promptly upon receipt of such notice of
withdrawal, all payroll deductions credited to the Participant’s account will be paid to him with interest accrued thereon
and no further payroll deductions will be made during the phase. In such event, the option granted the Participant under that
phase of the Plan shall lapse immediately. Partial withdrawals of payroll deductions hereunder may not be made. 

3

        (b)       In
the event of the death of a Participant, the person or persons specified in Paragraph 14 may give notice to the Company within
sixty (60) days of the death of the Participant electing to purchase the number of full shares which the accumulated payroll
deductions in the account of such deceased Participant will purchase at the option price specified in Paragraph 8(a)(ii) and have
the balance in the account distributed in cash with interest accrued thereon. If no such notice is received by the Company within
said sixty (60) days, the accumulated payroll deductions will be distributed in full in cash with interest accrued thereon.

        (c)       Upon
termination of Participant’s employment for any reason other than death of the Participant, the payroll deductions credited
to his account, plus interest, shall be returned to him. 

        10.       Stock
Reserved for Options.   (a) Seven Hundred Thousand (700,000) shares of the Company’s common stock are
reserved for issuance upon the exercise of options to be granted under the Plan. Shares subject to the unexercised portion of any
lapsed or expired option may again be subject to option under the Plan. 

        (b)       If
the total number of shares of the Company common stock for which options are to be granted for a given phase as specified in
Paragraph 8 exceeds the number of shares then remaining available under the Plan (after deduction of all shares for which options
have been exercised or are then outstanding) and if the Committee does not elect to cancel such phase pursuant to Paragraph 4, the
Committee shall make a pro rata allocation of the shares remaining available in as uniform and equitable a manner as it shall
consider practicable. In such event, the options to be granted and the payroll deductions to be made pursuant to the Plan which
would otherwise be effected may, in the discretion of the Committee, be reduced accordingly. The Committee shall give written
notice of such reduction to each Participant affected. 

        (c)       The
Participant (or a joint tenant named pursuant to Paragraph 10(d) hereof) shall have no rights as a shareholder with respect to any
shares subject to the Participant’s option until the date of the issuance of a stock certificate evidencing such shares. No
adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions
or other rights for which the record date is prior to the date such stock certificate is actually issued, except as otherwise
provided in Paragraph 12 hereof. 

        (d)       The
shares of the Company common stock to be delivered to a Participant pursuant to the exercise of an option under the Plan will be
registered in the name of the Participant or, if the Participant so directs by written notice to the Committee prior to the
termination date of that phase of the Plan, in the names of the Participant and one other person the Participant may designate as
his joint tenant with rights of survivorship, to the extent permitted by law. 

        11.       Accounting
and Use of Funds.   Payroll deductions for each Participant shall be credited to an account established for him
under the Plan. A Participant may not make any separate case payments into such account. Such account shall be solely for
bookkeeping purposes and no separate fund or trust shall be established hereunder and the Company shall not be obligated to
segregate such funds. All funds from payroll deductions received or held by the Company under the Plan may be used, without
limitation, for any corporate purpose by the Company. 

        12.       Adjustment
Provision.   (a) Subject to any required action by the shareholders of the Company, the number of shares
covered by each outstanding option, and the price per share thereof in each such option, shall be proportionately adjusted for any
increase or decrease in the number of issued shares of the Company common stock resulting from a subdivision or consolidation of
shares or the payment of a share dividend (but only on the shares) or any other increase or decrease in the number of such shares
effected without receipt of consideration by the Company. 

        (b)       In
the event of a change in the shares of the Company as presently constituted, which is limited to a change of all its authorized
shares with par value into the same number of shares with a different part value or without par value, the shares resulting from
any such change shall be deemed to be the shares within the meaning of this Plan. 

4

        13.       Non-Transferability
of Options.   (a) Options granted under any phase of the Plan shall not be transferable except under the laws
of descent and distribution and shall be exercisable only by the Participant during his lifetime and after his death only by his
beneficiary of the representative of his estate as provided in Paragraph 9(b) hereof. 

        (b)       Neither
payroll deductions credited to a Participant’s account, nor any rights with regard to the exercise of an option or to receive
common stock under any phase of the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the
Participant. Any such attempted assignment, transfer, pledge or other disposition shall be null and void and without effect,
except that the Company may, at its option, treat such act as an election to withdraw funds in accordance with Paragraph 9.

        14.       Designation
of Beneficiary.   A Participant may file a written designation of a beneficiary who is to receive any cash to
the Participant’s credit plus interest thereon under any phase of the Plan in the event of such Participant’s death
prior to exercise of his option pursuant to Paragraph 9(b) hereof, or to exercise his option and become entitled to any stock
and/or cash upon such exercise in the event of the Participant’s death prior to exercise of the option pursuant to Paragraph
9(b) hereof. The beneficiary designation may be changed by the Participant at any time by written notice to the Company.

        Upon the death of a
Participant and upon receipt by the Company of proof deemed adequate by it of the identity and existence at the Participant’s
death of a beneficiary validly designated under the Plan, the Company shall in the event of the Participant’s death under the
circumstances described in Paragraph 9(b) hereof, allow such beneficiary to exercise the Participant’s option pursuant to
Paragraph 9(b) if such beneficiary is living on the termination date of the phase and deliver to such beneficiary the appropriate
stock and/or cash after exercise of the option. In the event there is no validly designated beneficiary under the Plan who is
living at the time of the Participant’s death under the circumstances described in Paragraph 9(b) or in the event the option
lapses, the Company shall deliver the cash credited to the account of the Participant with interest to the executor or
administrator of the estate of the Participant, or if no such executor or administrator has been appointed to the knowledge of the
Company, it may, in its discretion, deliver such cash to the spouse or to any one or more dependents or relatives of the
Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may
designate. The Company will not be responsible for or be required to give effect to the disposition of any cash or stock or the
exercise of any option in accordance with any will or other testamentary disposition made by such Participant or in accordance
with the provision of any law concerning intestacy, or otherwise. No designated beneficiary shall, prior to the death of a
Participant by whom he has been designated, acquire any interest in any stock or in any option or in the cash credited to the
Participant under any phase of the Plan. 

        15.       Amendment
and Termination.   The Plan may be terminated at any time by the Board of Directors provided that, except as
permitted in Paragraph 4(c) with respect to an acceleration of the termination date of any phase, no such termination will take
effect with respect to any options then outstanding. Also, the Board may, from time to time, amend the Plan as it may deem proper
and in the best interests of the Company or as may be necessary to comply with Section 423 of the Internal Revenue Code of 1986,
as amended, or other applicable laws or regulations; provided, however, that no such amendment shall, without prior approval of
the shareholders of the Company (1) increase the total number of shares for which options may be granted under the Plan (except as
provided in Paragraph 12 herein), (2) permit aggregate payroll deductions in excess of ten percent (10%) of a Participant’s
compensation as of the Compensation Date of a phase, or (3) impair any outstanding option. 

        16.       Interest.   In
any situation where the Plan provides for the payment of interest on a Participant’s payroll deductions, such interest shall
be determined by averaging the month-end balances in the Participant’s account for the period of his participation and
computing interest thereon at the initial rate of three percent (3%) per annum. This interest rate may be adjusted periodically by
the Committee as it deems appropriate. 

5

        17.       Notices.   All
notices or other communications in connection with the Plan or any phase thereof shall be in the form specified by the Committee
and shall be deemed to have been duly given when received by the Participant or his designated personal representative or
beneficiary or by the Company or its designated representative, as the case may be. 

        18.       Participation
of Subsidiaries.   The Employees of any Subsidiary of the Company shall be entitled to participate in the Plan
on the same basis as Employees of the Company, unless the Board of Directors determines otherwise. Effective as of the date of
coverage of any Subsidiary, any references herein to the “Company” shall be interpreted as referring to such Subsidiary
as well as to Insignia Systems, Inc. 

        In the event that any
Subsidiary which is covered under the Plan ceases to be a Subsidiary of Insignia Systems, Inc. the employees of such Subsidiary
shall be considered to have terminated their employment for purposes of Paragraph 9 hereof as of the date such Subsidiary ceases
to be such a Subsidiary. 

        19.       Definitions.   (a)
“Subsidiary” shall include any corporation defined as a subsidiary of the Company in Section 424(f) of the Internal
Revenue Code of 1986, as amended. 

        (b)       “Employee” shall
mean any employee, including an officer, of the Company who as of the day immediately preceding the Commencement Date of a phase
is customarily employed by the Company for more than twenty (20) hours per week and more than five (5) months in a calendar year.

        (c)       “Base
Pay” is the regular pay for employment for each employee as annualized for a twelve (12) month period, exclusive of overtime,
commissions, bonuses, disability payments, shift differentials, incentives and other similar payments, determined as of the
Commencement Date of each phase. 

6Exhibit 10.2 - Waiver & Agreement dated February 21, 2005

EXHIBIT 10.2

WAIVER AND AGREEMENT

 

This WAIVER AND AGREEMENT, dated as of February 21, 2005 (this “Waiver”), made by BEAR STEARNS CORPORATE LENDING INC., as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent for the Revolving Credit Secured Parties (as defined in the Credit Agreement referred to below) (in such capacity, the “Revolving Credit Collateral Agent”), and THE BANK OF NEW YORK, as collateral agent for the Term Loan Secured Parties (as defined in the Credit Agreement referred to below) (in such capacity, the “Term Loan Collateral Agent” and together with the Administrative Agent and the Revolving Credit Collateral Agent, collectively, the “Agents”) and the Lenders (as defined in the Credit Agreement referred to below) listed on the signature pages hereof (the “Lenders”) in favor of TRICO MARINE ASSETS, INC., a Delaware corporation (“Trico Assets”), TRICO MARINE OPERATORS, INC., a Louisiana corporation (“Trico Operators”), TRICO MARINE SERVICES, INC., a Delaware corporation (the “Company”), TRICO MARINE INTERNATIONAL, INC., a Louisiana corporation (“TMI”), TRICO MARINE INTERNATIONAL HOLDINGS B.V., a Netherlands limited company (besloten vennootschap) (“TMIH”), TRICO SUPPLY AS, a Norway limited company (“Trico Supply”), and the other Subsidiaries of the Company listed on the signature pages hereof (together with the Company, Trico Assets, Trico Operators, TMI, TMIH and Trico Supply, collectively, the “Credit Parties”).

 

WHEREAS, the Credit Parties, the Lenders and the Agents are entering into that certain Credit Agreement, dated as the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Credit Parties have requested that the Agents and the Lenders waive certain requirements of the Credit Agreement; and

 

WHEREAS, in connection with the consummation of the transactions contemplated by the Credit Agreement and the Ancillary Collateral Documents, the Agents and the Lenders are willing to provide such waivers subject to the terms and conditions hereof;

 

NOW THEREFORE, in consideration of the mutual conditions and agreements set forth in the Credit Agreement and this Waiver, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01.   Certain Definitions. All terms used herein which are defined in the Credit Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

Section 1.02.   Rules of Interpretation. The rules of interpretation specified in Section 1.2 of the Credit Agreement shall be applicable to this Waiver.

 

	 
	 	 	 
	

	 

ARTICLE II

WAIVERS

 

Waivers. The Agents and the Lenders hereby waive the following requirements under the Credit Agreement:

 

(a)  Daily Cash Sweep. Waive the requirement that all funds deposited into the Blocked Accounts be swept daily to the Cash Collateral Account, which waiver may be revoked by the Majority Lenders at any time.

 

(b)  Lien Searches on Foreign Subs. Waive the requirement that the Administrative Agent receive the results of recent Lien searches on each of the jurisdictions where the Credit Parties are organized or where the Collateral is located (other than those jurisdictions located in the United States with respect to which this waiver is inapplicable), which waiver may be revoked by the Majority Lenders at any time.

 

(c)  Perfection of Liens re Certain Foreign Subs. 

 

(i)  Waive the requirement that TMIH, Trico Supply (UK) Limited (“Trico Supply (UK)”), Albyn Marine Limited (“Albyn”), Servicos de Apoyo Maritimo de Mexico, S. de R.L. de C.V. (“Trico Mexico”), Trico Servicos Maritimos Ltda. (“Trico Brazil”), Trico Marine International, Ltd. (“Trico Cayman”) and Coastal Inland Marine Services Ltd. (“Trico Nigeria” and together with TMIH, Trico UK, Trico Albyn, Trico Mexico, Trico Brazil and Trico Cayman, collectively, the “Specified Credit Parties”) grant to the Collateral Agents security interests in and Liens on their respective property (other than Collateral Vessels), which waiver may be revoked by the Majority Lenders at any time.

 

(ii)  Waive the requirement that (A) in the case of each Specified Credit Party other than TMIH, the Collateral Agents receive a pledge of the Equity Interests in such Specified Credit Party and related certificates and opinions and (B) in the case of TMIH, the Credit Parties take such actions under the laws of the Netherlands to grant and perfect the security interest in the Equity Interest in TMIH and the Company’s rights under the TMIH Subordinated Loan Agreement; which waivers in clauses (A) and (B) may be revoked by the Majority Lenders at any time.

 

(iii)  Waive the requirement that the Administrative Agent receive Blocked Account Agreements for the Deposit Accounts of the Specified Credit Parties, which waiver may be revoked by the Majority Lenders at any time.

 

(d)  Charterer Acknowledgements on Mexican Vessels. Waive the requirement that the Administrative Agent receive a Charterer Acknowledgement for each Mexican Collateral Vessel; provided that the Credit Parties will, for each Mexican Collateral Vessel currently subject to charters, use their reasonable best efforts to obtain a Charterer Acknowledgement from the charterer for such Mexican Collateral Vessel and immediately deliver such Charterer Acknowledgement to the Administrative Agent upon receipt thereof.

	 
	 	 	 
	

	 

 

(e)  Filing in Nigeria of Certain Collateral Vessel Mortgages. Waive the requirement that the applicable Collateral Agents receive perfected first preferred vessel mortgages, filed in Nigeria, on certain Collateral Vessels operated, flagged or registered in Nigeria (the “Nigerian Collateral Vessels”); provided that the Credit Parties will undertake to deliver to the applicable Collateral Agent a first preferred vessel mortgage on each Nigerian Collateral Vessel in Nigeria that is effective to create in favor of the applicable Collateral Agent, for the benefit of the Secured Parties, a perfected first priority mortgage Lien on such Nigerian Collateral Vessel, preferred (to the extent possible under applicable law), prior and superior in right to any other Person (other than Permitted Senior Liens), and subject to no other Liens (other than Permitted Collateral Vessel Liens), on or prior to the later of the 120th day after the Closing Date and the 120th day after the date on which such Nigerian Collateral Vessel becomes subject to the requirement that its mortgage must be filed in Nigeria at which time the foregoing waiver shall lapse.

 

(f)  Collateral Vessel Mortgages for Certain Brazilian-Flagged Vessels. Waive the requirement that the applicable Collateral Agents receive perfected first preferred vessel mortgages the following Collateral Vessels operated, flagged or registered in Brazil (the “Brazilian Collateral Vessels”): the Walker I, the Doce River, the Fernanda M, the Grande River, the Jesse O and the Red Fox; provided that, unless sold in accordance with the Credit Agreement, the Credit Parties will undertake to deliver to the applicable Collateral Agent a first preferred vessel mortgage on each Brazilian Collateral Vessel in Brazil that is effective to create in favor of the applicable Collateral Agent, for the benefit of the Secured Parties, a perfected first priority mortgage Lien on such Brazilian Collateral Vessel, preferred (to the extent possible under applicable law), prior and superior in right to any other Person (other than Permitted Senior Liens), and subject to no other Liens (other than Permitted Collateral Vessel Liens), on or prior to the 150th day after the Closing Date at which time the foregoing waiver shall lapse.

 

(g)  Mortgages on Certain Real Property. Waive the requirement that the Administrative Agent receive a first priority Mortgage on the real property owned by Trico Brazil that is located in Brazil, which waiver may be revoked by the Majority Lenders at any time.

 

(h)  Motor Vehicle Certification. Waive the requirement that all motor vehicles owned by the Credit Parties be titled, which waiver may be revoked by the Majority Lenders at any time.

 

(i)  Auto Insurance Certification. Waive the requirement that the Administrative Agent receive insurance certificates as to automobile liability insurance naming all Credit Parties as an insured party; provided that the Credit Parties will undertake to deliver such insurance certificates to the Administrative Agent on or prior to the 30th day after the Closing Date at which time the foregoing waiver shall lapse.

 

ARTICLE III 

EFFECT OF WAIVERS. 

 

Except as expressly set forth herein, each waiver set forth herein shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect, the rights or remedies of the Lenders or the Agents under the Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document, all of which shall continue in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, amendment, modification or other change of, any of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document, in similar or different circumstances. The waivers herein shall apply and be effective only with respect to the matters expressly covered thereby.

 

	 
	 	 	 
	

	 

ARTICLE IV

EFFECTIVE DATE. 

 

This Waiver shall, unless an Event of Default has occurred and is continuing after giving effect to this Waiver, become effective as of the date first written above (the “Waiver Effective Date”) upon delivery to the Administrative Agent by the parties hereto of duly executed counterparts of this Waiver.

 

ARTICLE V

MISCELLANEOUS.

 

Section 5.01.   Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other party any communication with respect to this Waiver, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the manner and to the address, and deemed received as provided for in Section 12.2 of the Credit Agreement. All such notices and other communications shall, when mailed, telecopied, telegraphed, telexed or cabled, respectively, be effective when deposited in the mails, telecopied, delivered to the cable company or courier, respectively, addressed as aforesaid; except that notices and other communications to the Agents shall not be effective until received by such entity.

 

Section 5.02.   Counterparts. This Waiver may be executed by one or more of the parties to this Waiver on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Waiver by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof or thereof.

 

Section 5.03.   Severability. Any provision of this Waiver that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 5.04.   GOVERNING LAW. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW.

 

Section 5.05.   Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)  submits for itself and its property in any legal action or proceeding relating to this Waiver or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

 

(b)  consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 

(c)  agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth or referenced in Section 12.2 of the Credit Agreement or at such other address of which the parties hereto shall have been notified pursuant thereto;

 

(d)  agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

	 
	 	 	 
	

	 

 

(e)  waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

 

Section 5.06.   WAIVERS OF JURY TRIAL. THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS WAIVER.

 

Section 5.07.   Waivers; Amendment.

 

(a)  No failure or delay of the Agents in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents hereunder and of the Agents and the Lenders under the Credit Agreement or any other Credit Document, are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provisions of this Waiver or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

 

(b)  Neither this Waiver nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the parties hereto.

 

[Remainder of page left blank intentionally; signatures follow.]

 

	 
	 	 	 
	

	 

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

 

TRICO MARINE ASSETS, INC.

as a Borrower and a Guarantor

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:    

TRICO MARINE OPERATORS, INC.

as a Borrower and a Guarantor

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:    

TRICO MARINE SERVICES, INC.

as a Guarantor

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:    

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

TRICO MARINE INTERNATIONAL, INC.

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:    

:    

TRICO MARINE INTERNATIONAL HOLDINGS B.V.

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:    

TRICO SUPPLY AS

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

TRICO SERVICOS MARITIMOS LTDA.

By:    ____/s/ Fernando R. Martins_______

Name:    Fernando R. Martins

Title:    General Manager

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

SERVICOS DE APOYO MARITIMO DE MEXICO, S. DE R.L. DE C.V.

By:    ____/s/ Thomas E. Fairley_______

Name:    Thomas E. Fairley

Title:    

COASTAL INLAND MARINE SERVICES LTD.

By:    ____/s/ Thomas E. Fairley_______

Name:    Thomas E. Fairley

Title:    

TRICO MARINE INTERNATIONAL, LTD.

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:    

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

TRICO SUPPLY (UK) LIMITED

By:    ______/s/ Thomas E. Fairley__________

Name:    Thomas E. Fairley

Title:        

ALBYN MARINE LIMITED

By:    ______/s/ A.J.R. May__________

Name:    A.J.R. May

Title:    

	  
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

BEAR STEARNS CORPORATE LENDING INC.

as Administrative Agent and Revolving Credit Collateral Agent

By:    ______/s/ Victor Bulzacchelli__________

Name: Victor Bulzacchelli

Title: Vice President

BEAR STEARNS CORPORATE LENDING INC.

as Lender

By:    ______/s/ Victor Bulzacchelli__________

Name: Victor Bulzacchelli

Title: Vice President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

THE BANK OF NEW YORK

as Term Loan Collateral Agent

By:    __/s/ Francis B. Casanova, II____________________

Name: Francis B. Casanova, II

Title:     Vice President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

GREAT AMERICAN INSURANCE COMPANY

By: AMERICAN MONEY MANAGEMENT CORP.,

as Portfolio Manager

By:    __/s/ Rodger M. Miller_____________________

Name:     Rodger M. Miller

Title:    Executive Vice President

GREAT AMERICAN LIFE INSURANCE COMPANY

By: AMERICAN MONEY MANAGEMENT CORP.,

as Portfolio Manager

By:    __/s/ Rodger M. Miller_____________________

Name:     Rodger M. Miller

Title:    Executive Vice President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

TRS CALLISTO LLC

By:    ___/s/ John Pineiro___________________

Name:     John Pineiro

Title:     Director

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

MARINER LDC

By: MARINER INVESTMENT GROUP, INC.,

as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________

Name:    Charles R. Howe, II

Title:    President

CASPIAN CAPITAL PARTNERS, L.P.

By: MARINER INVESTMENT GROUP, INC.,

as Investment Advisor

By:_/s/ Charles R. Howe, II_____________

Name:    Charles R. Howe, II

Title:    President

MARINER OPPORTUNITIES FUND, L.P.

By: MARINER INVESTMENT GROUP, INC.,

as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________

Name:    Charles R. Howe, II

Title:    President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM

By: HIGHLAND CAPITAL MANAGEMENT, L.P., as Authorized Representatives of the Board

By:    __/s/ David Lancelot______________

Name:    David Lancelot

Title:    Treasurer, Highland Capital Management, L.P.

 

 

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE WAIVER AND AGREEMENT

PUTNAM INVESTMENT MANAGEMENT, LLC, 

on behalf of

Putnam High Yield Trust

Putnam High Yield Advantage Fund

Putnam Diversified Income Trust

By:    _____/s/ Michael E. Defao_________

Name:    Michael E. Defao

Title:    Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}]]