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DEEP DOWN, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

May 22, 2014



ITEM 1.01. - Entry into a Material Definitive Agreement.

On May 19, 2014, Deep Down, Inc., a Nevada corporation ("Deep Down" and "Company") entered into the Sixth Amendment to Amended and Restated Credit Agreement ("Sixth Amendment") with Whitney Bank, a Mississippi state charted bank ("Whitney"). Under the Sixth Amendment, Whitney agreed to extend the maturity date of the revolving credit facility ("Revolving Credit Facility") to June 30, 2015 at an interest rate of 3.5% per annum. As of the effective date of the Sixth Amendment, the outstanding indebtedness under the Revolving Credit Facility was $0.

Moreover, under the Sixth Amendment, Whitney agreed to make a new single-advance term loan to Deep Down in the original principal amount of $2,200,000 ("Carousel Term Loan") to fund the outstanding portion of the purchase price of a portable umbilical carousel. The Carousel Term Loan has an interest rate of 3.5% per annum and maturity date of October 15, 2016, and the Company is obligated to make monthly repayments of principal (along with accrued and unpaid interest thereon) of the Carousel Term Loan in the amount of $65,000 beginning July 1, 2014. As with Deep Down's other outstanding indebtedness under the credit agreement, outstanding amounts of the Carousel Term Loan are secured by a security interest in all of the Company's assets.

The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the documents that are filed as exhibits hereto, which are incorporated herein by reference.

ITEM 9.01 - Financial Statements and Exhibits.

(d) Exhibits 10.1 Sixth Amendment to Amended and Restated Credit Agreement, dated as of April 15, 2014, by and among Deep Down, Inc. and Whitney Bank. 10.2 Carousel Term Note, dated as of April 15, 2014, made by Deep Down, Inc. to the order of Whitney Bank. 2


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Source: Edgar Glimpses


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