Document:

EX-10.4

 

Exhibit 10.4

PLEDGE AGREEMENT

     This Agreement is made as of October 4, 2007, by PREMIER EXHIBITIONS, INC. (the “Borrower”), a
Florida corporation, whose address is 3340 Peachtree Road NE, Suite 2250, Atlanta, Georgia 30326,
in favor of BANK OF AMERICA, N.A. (the “Bank”), whose address is 9000 Southside Blvd.,
Jacksonville, Florida 32256.

Recitals

     The Borrower and the Bank have executed a Loan Agreement (as amended or restated from time to
time, the “Loan Agreement”) of even date herewith. The Borrower, pursuant to the Loan Agreement,
has executed and delivered a Promissory Note (as amended, extended or renewed from time to time,
the “Note”) of even date herewith in the original principal amount of $25,000,000.00 in favor of
the Bank. The Borrower has agreed to secure certain obligations in accordance with the terms
hereof.

     The Borrower has also incurred, or may incur, obligations under a Hedge Agreement (as defined
herein). For purposes hereof, the term “Hedge Agreement” shall mean each agreement between the
Borrower and the Bank, or any affiliate of the Bank, whether now existing or hereafter entered
into, that provides for an interest rate or commodity swap, cap, floor, collar, forward foreign
exchange transaction, currency swap, cross-currency rate swap, currency option, or any combination
of, or option with respect to, these or similar transactions, for the purpose of hedging the
Borrower’s exposure to fluctuations in interest rates, currency valuations or commodity prices.

     Now therefore, for good and valuable consideration, the Borrower agrees as follows:

     1. Security Interest. The Borrower hereby pledges to the Bank and gives the Bank a
continuing and unconditional security interest (the “Security Interest”) in the following described
property and in all increases, income, dividends, distributions and profits therefrom, in all
substitutions therefor and in all proceeds thereof in any form (the “Collateral”):

     (a) All of the outstanding shares of capital stock of Premier
Acquisitions, Inc. whether or not evidenced by any certificate (or any
reissue, replacement or substitute thereof or therefor);

     (b) All of the outstanding shares of capital stock of Premier
Exhibitions No. 5, Inc. whether or not evidenced by any certificate (or any
reissue, replacement or substitute thereof or therefor);

     (c) All of the outstanding shares of capital stock of Premier
Exhibitions 2005A-SP, Inc. whether or not evidenced by any certificate (or
any reissue, replacement or substitute thereof or therefor);

     (d) All of the outstanding shares of capital stock of Premier
Exhibitions 2005B-ATL, Inc. whether or not evidenced by any certificate (or
any reissue, replacement or substitute thereof or therefor);

     (e) All of the outstanding membership interests of Exhibitions
International, LLC whether or not evidenced by any certificate (or any
reissue, replacement or substitute thereof or therefor);

     (f) All of the outstanding shares of capital stock of RMS Titanic, Inc.
whether or not evidenced by any certificate (or any reissue, replacement or
substitute thereof or therefor); and

 

 

     (g) All of the outstanding shares of capital stock of Premier
Exhibitions NYC, Inc. whether or not evidenced by any certificate (or any
reissue, replacement or substitute thereof or therefor).

     2. Secured Obligations. The borrowing relationship between the Borrower and the Bank
may be a continuing one and may include numerous types of extensions of credit, loans, overdraft
payments or advances made directly or indirectly to the Borrower. Accordingly, the Security
Interest secures payment of all Secured Obligations (as defined herein) to the Bank. The Secured
Obligations mean and include, without limitation, all obligations of the Borrower to the Bank that:
(a) are now existing or hereafter incurred; (b) are direct or indirect; or (c) arise from loans,
guaranties, letters of credit, reimbursement agreements, overdrafts, endorsements or otherwise.
The Secured Obligations may be: (a) related or unrelated to the purpose of the original extension
of credit; (b) of the same or a different class as the primary obligation; and (c) from time to
time reduced or extinguished and thereafter increased or re-incurred. The Secured Obligations
specifically include without limitation: (a) all principal, interest, costs, expenses and other
amounts now or hereafter due under the Note (including, without limitation, all principal amounts
advanced thereunder before, on or after the date hereof); (b) all amounts now or hereafter due
under any Hedge Agreement now or hereafter in effect; (c) all other amounts now or hereafter
payable by the Borrower under any of the Loan Documents (as such term is defined in the Loan
Agreement); and (d) all other amounts now or hereafter payable by the Borrower to the Bank.

     3. Warranties of the Borrower. The Borrower represents and warrants and so long as
the Secured Obligations remain unpaid shall be deemed continuously to represent and warrant that:
(a) each item constituting Collateral is genuine and in all respects what it purports to be; (b)
the Borrower is the owner of the Collateral free of all security interests or other encumbrances
except the Security Interest; (c) the Borrower is authorized to enter into this Pledge Agreement;
(d) the Borrower owns 100% of the outstanding membership interests or shares of capital stock, as
the case may be, of each Issuer (as defined herein) subject to no options, voting trusts, proxy
rights or similar agreements, and all such shares and interests are included in the Collateral
pledged hereunder; and (e) the shares of capital stock and the membership interests pledged herein
have not been certificated.

     4. Irrevocable Proxy. If any part of the Collateral is capital stock or other voting
securities, the Borrower irrevocably constitutes and appoints the Bank, whether or not the
Collateral has been transferred into the name of the Bank or its nominee, as the Borrower’s proxy
with full power: (a) to attend all meetings of stockholders or members of each issuer (each, an
“Issuer”) of such capital stock or securities held after the date of this Agreement and to vote the
Collateral at those meetings in such manner as the Bank shall in its sole discretion deem
appropriate, including, without limitation, in favor of liquidation of any Issuer; (b) to consent
in the sole discretion of the Bank to any action by or concerning any Issuer for which the consent
of the stockholders or members of the Issuer is or may be necessary or appropriate; and (c) without
limitation to do all things which the Borrower could do as a stockholder or member of any Issuer,
giving to the Bank full power of substitution and revocation. Notwithstanding the foregoing, the
Borrower alone shall have the rights under this paragraph and the Bank may not exercise those
rights (whether or not the Collateral has been transferred into the name of the Bank or its
nominee) so long as no Event of Default has occurred. The proxy contained in this paragraph shall
terminate when this Agreement terminates. The Borrower hereby revokes all proxies heretofore given
to any person or persons and agrees not to give any other proxies in derogation of this proxy so
long as this Agreement is in force.

     5. Covenants of Borrower. The Borrower: (a) will defend the Collateral against the
claims of all persons; (b) will keep the Collateral free from all security interests or other
encumbrances except the Security Interest; (c) will not assign, sell, transfer, deliver or
otherwise dispose of the Collateral or any interest therein or attempt to do the same without the
prior written consent of the Bank; (d) will notify the Bank promptly in writing of any change in
the Borrower’s address, name or identity specified above; (e) in connection herewith will execute
and deliver to the Bank such financing statements and other documents, pay all costs of title
searches and filing financing statements and other documents in all public offices requested by the
Bank, and take such other action as the Bank may deem advisable to perfect the Security Interest
created by this Agreement; and (f) will pay taxes, assessments and other charges of every nature
which may be levied or assessed against the Collateral.

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     6. Registered Holder of Collateral. From and after the occurrence of an Event of
Default, the Borrower authorizes the Bank to transfer the Collateral or any part of it into the
Bank’s name or that of its nominee so that the Bank or its nominee may appear of record as the sole
owner of the Collateral. From and after any such transfer, the Borrower waives all right to be
advised of or to receive any notices, statements or communications received by the Bank or its
nominee as such record owner.

     7. Income from Collateral.

     (a) Until the occurrence of an Event of Default, the Borrower reserves the right to
receive all income from the Collateral. If the Bank receives any of the income prior to the
occurrence of any Event of Default, it will pay the income promptly to the Borrower.

     (b) From and after the occurrence of an Event of Default, the Borrower will not demand
or receive any income from the Collateral. If the Borrower receives any such income, the
Borrower will without demand pay it promptly to the Bank. The Bank may apply the net cash
receipts of such income to payment of any of the Secured Obligations. However, the Bank
shall account for and pay over to the Borrower all Collateral remaining, and any income
remaining, after termination of this Agreement.

     8. Increases, Profits or Distributions.

     (a) Whether or not an Event of Default has occurred, the Borrower authorizes the Bank:
(i) to receive any dividends payable in stock or securities on the Collateral and any
distribution upon the dissolution, liquidation or reorganization of the issuer of any
Collateral; (ii) to surrender such Collateral or any part thereof in exchange therefor; and
(iii) to hold the receipt from any such dividends payable in capital stock or securities or
any such distribution upon any such dissolution, liquidation or reorganization as part of
the Collateral.

     (b) If the Borrower receives any such dividends payable in capital stock or securities
or any such distribution upon any such dissolution, liquidation or reorganization, the
Borrower will deliver such receipts promptly to the Bank to be held by the Bank as provided
in this paragraph.

     9. Default.

     (a) Each of the following shall constitute an “Event of Default” hereunder: (i) the
occurrence of an Event of Default under the Loan Agreement; (ii) failure by the Borrower to
perform any material obligations under this Agreement or under any other agreement between
the Borrower and the Bank or by the Borrower in favor of the Bank, time being of the essence
(subject, however, to any applicable notice and cure periods); and (iii) material falsity in
any certificate, statement, representation, warranty or audit at any time furnished by or on
behalf of the Borrower or any endorser or guarantor or any other party liable for payment of
all or part of the Secured Obligations, pursuant to or in connection with this Agreement or
otherwise to the Bank, including warranties in this Agreement and including any omission to
disclose any substantial contingent or liquidated liabilities or any material adverse change
in facts disclosed by any certificate, statement, representation, warranty or audit
furnished to the Bank.

     (b) Upon the occurrence of an Event of Default, the Bank may: (i) declare all or any
part of the Secured Obligations to be immediately due without notice; and (ii) exercise such
other rights and remedies as are available hereunder or otherwise.

     (c) Upon the occurrence of any Event of Default, the Bank’s rights with respect to the
Collateral shall be those of a secured party under the Uniform Commercial Code and under any
other applicable law from time to time in effect. The Bank shall also have any additional
rights granted herein and any other agreement now or hereafter in effect between the
Borrower and the Bank. If

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requested by the Bank after the occurrence of an Event of Default, the Borrower will
assemble the Collateral and make it available to the Bank at a place to be designated by the
Bank.

     (d) The Borrower agrees that any notice by the Bank of the sale or disposition of
Collateral or any other intended action hereunder, whether required by the Uniform
Commercial Code or otherwise, shall constitute reasonable notice to the Borrower if the
notice is mailed by regular or certified mail, postage prepaid, at least ten days before the
action to the Borrower’s address as specified in this Agreement or to any other address
which the Borrower has specified in writing to the Bank as the address to which notices
shall be given to the Borrower.

     (e) The Borrower shall pay all costs and expenses incurred by the Bank in enforcing
this Pledge Agreement, realizing upon any Collateral and collecting any Secured Obligations
(whether incurred in connection with collection, trial or appeal) including a reasonable
attorney’s fee whether suit is brought or not and to the extent of the Borrower’s liability
for repayment of any of the Secured Obligations, shall be liable for any deficiency in the
event that disposition of the Collateral does not satisfy the Secured Obligations in full.

     9. Miscellaneous.

     (a) The Borrower appoints the Bank as the Borrower’s attorney-in-fact to perform all
acts which the Bank deems appropriate, to perfect and continue the Security Interest, to
protect and preserve the Collateral and to endorse and transfer all or any part of the
Collateral.

     (b) Upon the Borrower’s failure to perform any of its duties hereunder the Bank may,
but it shall not be obligated to, perform any of such duties and the Borrower shall
forthwith upon demand reimburse the Bank for any reasonable expense incurred by the Bank in
so doing.

     (c) No delay or omission by the Bank in exercising any right hereunder or with respect
to any Secured Obligations shall operate as a waiver of that or any other right and no
single or partial exercise of any right shall preclude the Bank from any other or further
exercise of that right or the exercise of any other right or remedy. The Bank may cure any
default by the Borrower in any reasonable manner without waiving the default so cured and
without waiving any other prior or subsequent default by the Borrower. All rights and
remedies of the Bank under this Agreement and under the Uniform Commercial Code shall be
deemed cumulative.

     (d) The Bank shall exercise reasonable care in the custody and preservation of the
Collateral to the extent required by law and it shall be deemed to have exercised reasonable
care if it takes such action for that purpose as the Borrower shall reasonably request in
writing. However, no omission to do any act not requested by the Borrower shall be deemed a
failure to exercise reasonable care and no omission to comply with any requests by the
Borrower shall of itself be deemed a failure to exercise reasonable care.

     (e) The rights and benefits of the Bank under this Agreement shall, if the Bank agrees,
inure to any party acquiring any interest in the Secured Obligations or any part thereof.

     (f) The terms “Bank” and “Borrower” as used in this Agreement include the heirs,
personal representatives, and successors or assigns of those parties.

     (g) This Agreement may not be modified or amended nor shall any provision of it be
waived except in writing signed by the Borrower and by an authorized officer of the Bank.

     (h) This Agreement shall be construed under the Uniform Commercial Code of Florida and
any other applicable Florida laws in effect from time to time.

     (i) This Agreement is a continuing agreement which shall remain in force until the last
to occur of: (i) the payment in full of all Secured Obligations if such payment of the
Secured Obligations

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has become final and is not subject to being refunded as a preference or fraudulent transfer
under the Bankruptcy Code or other applicable law; (ii) the termination of all obligations
and agreements (whether or not conditional) of the Bank to extend credit to the Borrower;
and (iii) the termination of the Loan Agreement.

     10. Waiver. The Borrower hereby waives any right that the Borrower may have to notice
and a hearing before possession or sale of any Collateral is effected by the Bank by self-help,
replevin, attachment or otherwise.

     DATED the day and year first above written.

	 	 	 	 	 	 	 
	 	 	PREMIER EXHIBITIONS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Arnie Geller, Its President	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	(SEAL)	 	 
	 
	 	 	 	 	 	 
	 	 	CONSENT

     Each of the undersigned Issuers (as defined above) hereby: (a) consents to the pledge set
forth in the foregoing Pledge Agreement; (b) acknowledges and certifies to the Bank that the
Pledgor’s representations and warranties set forth in the foregoing Pledge Agreement are true and
correct; (c) agrees that it has not and will not issue any certificates representing the stock and
membership interests pledged therein; and (d) agrees that the pledge of such Issuer’s stock or
membership interests in the foregoing Pledge Agreement shall be, and hereby is, duly recorded in
such Issuer’s books and records.

	 	 	 	 	 	 	 
	 	 	Premier Acquisitions, Inc.

Premier Exhibitions No. 5, Inc.

Premier Exhibitions 2005A-SP, Inc.,

Premier Exhibitions 2005B-ATL, Inc.

RMS Titanic, Inc.

Premier Exhibitions NYC, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Arnie Geller, Its President	 	 
	 
	 	 	 	 	 	 
	 

	 	Exhibitions International, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Arnie Geller, Its President and Manager	 	 

5EX-10.5

 

Exhibit 10.5

Dated as of October 4, 2007

SECURITY AGREEMENT

          1. THE SECURITY. PREMIER EXHIBITIONS, INC. (the “Pledgor”), a Florida corporation,
hereby assigns and grants to BANK OF AMERICA, N.A. (the “Bank”) a security interest in the
following described property now owned or hereafter acquired by the Pledgor (collectively, the
“Collateral”):

          (a) All accounts, contract rights, chattel paper, instruments, deposit accounts, letter
of credit rights, payment intangibles and general intangibles, including all amounts due to
the Pledgor from a factor; rights to payment of money from the Bank under any Swap Contract
(as defined herein); and all returned or repossessed goods which, on sale or lease, resulted
in an account or chattel paper.

          (b) All inventory, including all materials, work in process and finished goods.

          (c) All machinery, furniture, fixtures and other equipment of every type now owned or
hereafter acquired by the Pledgor.

          (d) All of the Pledgor’s deposit accounts with the Bank. The Collateral shall include
any renewals or rollovers of the deposit accounts, any successor accounts, and any general
intangibles and choses in action arising therefrom or related thereto.

          (e) All instruments, notes, chattel paper, documents, certificates of deposit,
securities and investment property of every type. The Collateral shall include all liens,
security agreements, leases and other contracts securing or otherwise relating to the
foregoing.

          (f) All general intangibles, including, but not limited to, (i) all patents, and all
unpatented or unpatentable inventions; (ii) all trademarks, service marks, and trade names;
(iii) all copyrights and literary rights; (iv) all computer software programs; (v) all mask
works of semiconductor chip products; (vi) all trade secrets, proprietary information,
customer lists, manufacturing, engineering and production plans, drawings, specifications,
processes and systems. The Collateral shall include all goodwill connected with or
symbolized by any of such general intangibles; all contract rights, documents, applications,
licenses, materials and other matters related to such general intangibles; all tangible
property embodying or incorporating any such general intangibles; and all chattel paper and
instruments relating to such general intangibles.

          (g) All negotiable and nonnegotiable documents of title covering any Collateral.

          (h) All accessions, attachments and other additions to the Collateral, and all tools,
parts and equipment used in connection with the Collateral.

          (i) All substitutes or replacements for any Collateral, all cash or non-cash proceeds,
product, rents and profits of any Collateral, all income, benefits and property receivable
on account of the Collateral, all rights under warranties and insurance contracts, letters
of credit, guaranties or other supporting obligations covering the Collateral, and any
causes of action relating to the Collateral.

          (j) All books and records pertaining to any Collateral, including but not limited to
any computer-readable memory and any computer hardware or software necessary to process such
memory (“Books and Records”).

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          2. THE INDEBTEDNESS. The Collateral secures and will secure all Indebtedness of the
Pledgor to the Bank. Each party obligated under any Indebtedness is referred to in this Agreement
as a “Debtor.” “Indebtedness” means all debts, obligations or liabilities now or hereafter
existing, absolute or contingent of the Debtor or any one or more of them to the Bank, whether
voluntary or involuntary, whether due or not due, or whether incurred directly or indirectly or
acquired by the Bank by assignment or otherwise. Indebtedness shall include, without limitation,
all obligations of the Debtor arising under any Swap Contract. “Swap Contract” means any interest
rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction,
currency swap, cross currency rate swap, currency option, securities puts, calls, collars, options
or forwards or any combination of, or option with respect to, these or similar transactions now or
hereafter entered into between the Debtor and the Bank.

          3. PLEDGOR’S COVENANTS. The Pledgor represents, covenants and warrants that unless
compliance is waived by the Bank in writing:

          (a) The Pledgor will properly preserve the Collateral; defend the Collateral against
any adverse claims and demands; and keep accurate Books and Records.

          (b) The Pledgor’s chief executive office is located, in Atlanta, Georgia. In addition,
the Pledgor is incorporated in or organized under the laws of Florida. The Pledgor shall
give the Bank at least thirty (30) days notice before changing its residence or its chief
executive office or state of incorporation or organization. The Pledgor will notify the
Bank in writing prior to any change in the location of any Collateral, including the Books
and Records.

          (c) The Pledgor will notify the Bank in writing prior to any change in the Pledgor’s
name, identity or business structure.

          (d) Unless otherwise agreed, the Pledgor has not granted and will not grant any
security interest in any of the Collateral except to the Bank, and will keep the Collateral
free of all liens, claims, security interests and encumbrances of any kind or nature except
the security interest of the Bank.

          (e) The Pledgor will promptly notify the Bank in writing of any event which affects the
value of the Collateral, the ability of the Pledgor or the Bank to dispose of the
Collateral, or the rights and remedies of the Bank in relation thereto, including, but not
limited to, the levy of any legal process against any Collateral and the adoption of any
marketing order, arrangement or procedure affecting the Collateral, whether governmental or
otherwise.

          (f) The Pledgor shall pay all costs necessary to preserve, defend, enforce and collect
the Collateral, including but not limited to taxes, assessments, insurance premiums,
repairs, rent, storage costs and expenses of sales, and any costs to perfect the Bank’s
security interest (collectively, the “Collateral Costs”). Without waiving the Pledgor’s
default for failure to make any such payment, the Bank at its option may pay any such
Collateral Costs, and discharge encumbrances on the Collateral, and such Collateral Costs
payments shall be a part of the Indebtedness and bear interest at the rate set out in the
Indebtedness. The Pledgor agrees to reimburse the Bank on demand for any Collateral Costs
so incurred.

          (g) Until the Bank exercises its rights to make collection, the Pledgor will diligently
collect all Collateral.

          (h) If any Collateral is or becomes the subject of any registration certificate,
certificate of deposit or negotiable document of title, including any warehouse receipt or
bill of lading, the Pledgor shall immediately deliver such document to the Bank, together
with any necessary endorsements.

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          (i) The Pledgor will not sell, lease, agree to sell or lease, or otherwise dispose of
any Collateral except with the prior written consent of the Bank; provided, however, that
the Pledgor may sell inventory and artifacts, subject to the limitations set forth in the
Loan Agreement, in the ordinary course of business. For purposes hereof, the “Loan
Agreement” means that certain Loan Agreement even date herewith by and between the Pledgor
and the Bank, as the same may be amended or restated from time to time.

          (j) The Pledgor will maintain and keep in force all risk property damage insurance
policies (including without limitation windstorm coverage, and hurricane coverage as
applicable) covering the tangible property comprising the Collateral. Each insurance policy
must be for the full replacement cost of the collateral and include a replacement cost
endorsement. The insurance must be issued by an insurance company acceptable to the Bank
and must include a lender’s loss payable endorsement in favor of the Bank in a form
acceptable to the Bank. Upon the request of the Bank, the Pledgor will deliver to the bank
a copy of each insurance policy, or, if permitted by the Bank, a certificate of insurance
listing all insurance in force.

          (k) The Pledgor will not attach any Collateral to any real property or fixture in a
manner which might cause such Collateral to become a part thereof unless the Pledgor first
obtains the written consent of any owner, holder of any lien on the real property or
fixture, or other person having an interest in such property to the removal by the Bank of
the Collateral from such real property or fixture. Such written consent shall be in form
and substance acceptable to the Bank and shall provide that the Bank has no liability to
such owner, holder of any lien, or any other person.

          4. ADDITIONAL OPTIONAL REQUIREMENTS. The Pledgor agrees that the Bank may at its
option at any time, whether or not the Pledgor is in default:

          (a) Require the Pledgor to deliver to the Bank (i) copies of or extracts from the Books
and Records, and (ii) information on any contracts or other matters affecting the
Collateral.

          (b) Examine the Collateral, including the Books and Records, and make copies of or
extracts from the Books and Records, and for such purposes enter at any reasonable time upon
the property where any Collateral or any Books and Records are located.

          (c) Require the Pledgor to deliver to the Bank any instruments, chattel paper or
letters of credit which are part of the Collateral, and to assign to the Bank the proceeds
of any such letters of credit.

          (d) Notify any account debtors, any buyers of the Collateral, or any other persons of
the Bank’s interest in the Collateral.

          5. DEFAULTS. Any one or more of the following shall be a default hereunder:

          (a) Any Indebtedness is not paid when due, or any default occurs under any agreement
relating to the Indebtedness, after giving effect to any applicable grace or cure periods.

          (b) The Pledgor breaches any term, provision, warranty or representation under this
Agreement, or under any other obligation of the Pledgor to the Bank, and such breach remains
uncured after any applicable cure period.

          (c) The Bank fails to have an enforceable first lien (except for any prior liens to
which the Bank has consented in writing) on or security interest in the Collateral.

-3-

 

          (d) Any custodian, receiver or trustee is appointed to take possession, custody or
control of all or a substantial portion of the property of the Pledgor or of any guarantor
or other party obligated under any Indebtedness.

          (e) The Pledgor or any guarantor or other party obligated under any Indebtedness
becomes insolvent, or is generally not paying or admits in writing its inability to pay its
debts as they become due, fails in business, makes a general assignment for the benefit of
creditors, dies, or commences any case, proceeding or other action under any bankruptcy or
other law for the relief of, or relating to, debtors.

          (f) Any case, proceeding or other action is commenced against the Pledgor or any
guarantor or other party obligated under any Indebtedness under any bankruptcy or other law
for the relief of, or relating to, debtors.

          (g) Any involuntary lien of any kind or character attaches to any Collateral, except
for liens for taxes not yet due.

          (h) The Pledgor has given the Bank any false or misleading information or
representations.

          6. BANK’S REMEDIES AFTER DEFAULT. In the event of any default, the Bank may do any
one or more of the following:

          (a) Declare any Indebtedness immediately due and payable, without notice or demand.

          (b) Enforce the security interest given hereunder pursuant to the Uniform Commercial
Code and any other applicable law.

          (c) Enforce the security interest of the Bank in any deposit account of the Pledgor
maintained with the Bank by applying such account to the Indebtedness.

          (d) Require the Pledgor to obtain the Bank’s prior written consent to any sale, lease,
agreement to sell or lease, or other disposition of any Collateral consisting of inventory.

          (e) Require the Pledgor to segregate all collections and proceeds of the Collateral so
that they are capable of identification and deliver daily such collections and proceeds to
the Bank in kind.

          (f) Require the Pledgor to direct all account debtors to forward all payments and
proceeds of the Collateral to a post office box under the Bank’s exclusive control.

          (g) Require the Pledgor to assemble the Collateral, including the Books and Records,
and make them available to the Bank at a place designated by the Bank.

          (h) Enter upon the property where any Collateral, including any Books and Records, are
located and take possession of such Collateral and such Books and Records, and use such
property (including any buildings and facilities) and any of the Pledgor’s equipment, if the
Bank deems such use necessary or advisable in order to take possession of, hold, preserve,
process, assemble, prepare for sale or lease, market for sale or lease, sell or lease, or
otherwise dispose of, any Collateral.

          (i) Demand and collect any payments on and proceeds of the Collateral. In connection
therewith the Pledgor irrevocably authorizes the Bank to endorse or sign the Pledgor’s name
on all checks, drafts, collections, receipts and other documents, and to take possession of

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and open the mail addressed to the Pledgor and remove therefrom any payments and proceeds of
the Collateral.

          (j) Grant extensions and compromise or settle claims with respect to the Collateral for
less than face value, all without prior notice to the Pledgor.

          (k) Use or transfer any of the Pledgor’s rights and interests in any Intellectual
Property now owned or hereafter acquired by the Pledgor, if the Bank deems such use or
transfer necessary or advisable in order to take possession of, hold, preserve, process,
assemble, prepare for sale or lease, market for sale or lease, sell or lease, or otherwise
dispose of, any Collateral. The Pledgor agrees that any such use or transfer shall be
without any additional consideration to the Pledgor. As used in this paragraph,
“Intellectual Property” includes, but is not limited to, all trade secrets, computer
software, service marks, trademarks, trade names, trade styles, copyrights, patents,
applications for any of the foregoing, customer lists, working drawings, instructional
manuals, and rights in processes for technical manufacturing, packaging and labeling, in
which the Pledgor has any right or interest, whether by ownership, license, contract or
otherwise.

          (l) Have a receiver appointed by any court of competent jurisdiction to take possession
of the Collateral. The Pledgor hereby consents to the appointment of such a receiver and
agrees not to oppose any such appointment.

          (m) Take such measures as the Bank may deem necessary or advisable to take possession
of, hold, preserve, process, assemble, insure, prepare for sale or lease, market for sale or
lease, sell or lease, or otherwise dispose of, any Collateral, and the Pledgor hereby
irrevocably constitutes and appoints the Bank as the Pledgor’s attorney-in-fact to perform
all acts and execute all documents in connection therewith.

          (n) Without notice or demand to the Pledgor, set off and apply against any and all of
the Indebtedness any and all deposits (general or special, time or demand, provisional or
final) and any other indebtedness, at any time held or owing by the Bank or any of the
Bank’s agents or affiliates to or for the credit of the account of the Pledgor or any
guarantor or endorser of the Pledgor’s Indebtedness.

          (o) Exercise any other remedies available to the Bank at law or in equity.

     EXECUTED and delivered as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	PREMIER EXHIBITIONS, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Arnie Geller, Its President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(SEAL)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Its:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

-5-

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