ODYSSEY MARINE EXPLORATION INC
REVOLVING CREDIT AGREEMENT
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>2
<FILENAME>dex1012.htm
<DESCRIPTION>REVOLVING CREDIT AGREEMENT
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<TITLE>Revolving credit Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.12 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>REVOLVING CREDIT AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>THIS REVOLVING CREDIT AGREEMENT</B>, made this 21st day of
April, 2005, by and between <B>ODYSSEY MARINE EXPLORATION, INC.</B>, a Nevada corporation, whose address is 5215 West Laurel Street, Tampa, Florida 33607 (&#147;Borrower&#148;), and <B>MERCANTILE BANK</B>, whose address is 2307 West Kennedy
Boulevard, Tampa, FL 33609 (&#147;Lender&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>W I T N E S S E T H</U>: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, Borrower desires to borrow money for business purposes, and Borrower has requested a line of credit from Lender, and Lender is willing to loan
certain sums to Borrower from time to time on the terms set forth herein; and </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, certain capitalized terms used in this Agreement
are defined in Section&nbsp;10 hereof; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, it is agreed as follows: </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1. <U>Revolving Credit Loan</U>. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2"><B>(a) <U>Revolving Credit Commitment</U></B>. Subject to the terms and conditions hereof, Lender agrees to make Advances to Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time
outstanding not to exceed SIX MILLION AND 00/100 DOLLARS ($6,000,000.00) (the &#147;Commitment&#148;). As long as no Event of Default has occurred hereunder and no Default has occurred that, with the passage of time, the giving of notice, or both,
shall constitute an Event of Default hereunder, Borrower shall be entitled to borrow, repay or prepay and reborrow, by delivering to Lender a Draw Request in the form of Exhibit &#147;A&#148; attached hereto (&#147;Draw Request&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Revolving Credit Note</U></B>. The Revolving Credit Loan shall be evidenced by a promissory note of Borrower payable to the order of Lender
substantially in the form of Exhibit &#147;B&#148; attached hereto (&#147;Revolving Credit Note&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Interest</U></B>. The
Revolving Credit Loan shall accrue interest as provided in the Revolving Credit Note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Borrower&#146;s Loan Account</U></B>.
Lender shall enter in its records of this Revolving Credit Loan all Advances under the Revolving Credit Loan and all payments made by or on behalf of Borrower on account thereof. Any payments shall be credited first to payment of any late charges,
fees or expenses, if any, then to accrued and unpaid interest and the balance, if any, (&#147;Credit&#148;) to principal. Lender shall provide Borrower a monthly accounting of transactions under the Revolving Credit Loan. Each such accounting shall
be deemed final, binding and conclusive upon Borrower in all respects as to all matters as reflected therein, unless Borrower, within thirty (30)&nbsp;days after the date the accounting is rendered, notifies Lender in writing of any objections,
describing the basis for such objections with specificity. In such event, only those items expressly objected to in the notice shall be deemed disputed by Borrower. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>Revolving Credit Commitment Period</U></B>. The Commitment Period shall terminate on April
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008 (the &#147;Termination Date&#148;) unless Borrower shall earlier terminate the Commitment. Lender shall review its Commitment hereunder annually, with the first review to occur on or about the first anniversary
hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) <U>Termination or Reduction of Commitment</U></B>. Borrower shall have the right, upon not less than five (5)&nbsp;Business
Days&#146; written notice to Lender, to terminate or reduce the Commitment at any time, provided that any notice of termination shall be accompanied by payment in full of the Revolving Credit Loan and the Advances outstanding thereunder and provided
that any notice of reduction shall be accompanied by payment in full of the Revolving Credit Loan balance that exceeds the reduced Commitment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2"><B>(g) <U>Unused Line Fee</U></B>. Borrower hereby agrees to pay Lender an unused line fee at a rate equal to one-fourth of one percent (0.25%) per annum calculated upon the amount by which $6,000,000.00 exceeds the average daily principal
balance of the outstanding Advances during the immediately preceding calendar quarter (or part thereof) while this Agreement is in effect and for so long thereafter as any of the Advances are outstanding, which fee shall be payable quarterly in
arrears. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) <U>Mandatory Payments</U></B>. In the event that Lender shall notify Borrower that the current Revolving Credit Loan
balance exceeds the Commitment, Borrower shall immediately repay the Revolving Credit Loan by the amount of such excess. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(i)
<U>Permissive Prepayments</U></B>. Borrower may, at any time and from time to time, pay or prepay the Revolving Credit Loan, in whole or in part, without payment of any premium or penalty. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Use of Proceeds</U></B>. The proceeds of the Revolving Credit Loan shall be used by Borrower for working capital requirements. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>2. <U>Security</U></B>. As security for the Loan, Borrower shall at Closing execute and deliver to Lender the Security Agreement, granting to Lender a
lien and security interest on, in and to all of the assets described on Exhibit &#147;D&#148; which is attached hereto and made a part hereof, now owned or hereafter acquired, and the proceeds and products thereof (&#147;Collateral&#148;) free of
all claims, liens and encumbrances except for claims, liens and encumbrances, if any, listed on Exhibit &#147;D,&#148; except for liens and encumbrances in favor of Lender, and except for Permitted Liens (as defined below). Borrower authorizes the
filing by Lender, in form and substance satisfactory to Lender, of UCC-1 financing statements describing the Collateral and determined by the Lender to be desirable to perfect the liens and security interests referred to in this paragraph.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As further security for the Loan, Borrower hereby assigns and grants to Lender a security interest in and to all property of Borrower
which is or may hereafter be in Lender&#146;s possession (by deposit, assignment, purchase or otherwise) in any capacity including but not limited to all monies owed or to be owed by Lender to Borrower, deposits (whether or not Lender has possession
of any certificate of deposit or other indicia of ownership), and stocks, bonds or other securities held in any securities trading account, custodial account or otherwise; and with respect to all such property, Lender shall have the same rights as
it has to any Collateral. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As further security for the Loan, Borrower shall at Closing execute and deliver to Lender the Negative
Pledge Agreement, whereby Borrower will covenant and agree that no claims, liens or encumbrances of any kind shall be placed upon vessels owned by the Borrower. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>3. <U>Representations and Warranties of Borrower</U></B>. In order to induce Lender to make the Loan, Borrower makes the following representations and warranties: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Corporate Status</U></B>. Borrower (i)&nbsp;is duly incorporated, validly existing and in good standing under the laws of the State of Nevada;
(ii)&nbsp;has qualified as a foreign corporation to transact business and is in good standing in Florida; (iii)&nbsp;has qualified as a foreign corporation to transact business and is in good standing in every other jurisdiction in which any
Collateral is located or the nature of its business or properties makes such qualification necessary or Borrower owns or leases material properties or conducts material business; (iv)&nbsp;has the requisite corporate power and authority to own,
pledge and operate its properties, to lease the properties it operates under lease and to conduct its business as it is now being conducted; and (v)&nbsp;is in compliance in all material respects with its articles of incorporation and bylaws.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Authorization; No Default</U></B>. The execution, delivery and performance by Borrower of this Agreement and each Loan Document
to which it is or will become a party (i)&nbsp;has been duly authorized on behalf of Borrower by all necessary corporate action; (ii)&nbsp;does not contravene any law, statute, rule or regulation or any judgment, decree or order of any court or
governmental agency by which Borrower is bound, or Borrower&#146;s articles of incorporation, bylaws, or any preference stock provisions; (iii)&nbsp;shall not result in or constitute a default under any agreement, contract, indenture, mortgage, deed
of trust, security agreement or other instrument to which Borrower is a party or by which Borrower or any of its property, including any Collateral, is bound; and (iv)&nbsp;shall not result in the creation or imposition of (or the obligation to
create or impose) any lien, charge or encumbrances upon any assets or property of Borrower or upon any Collateral. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c)
<U>Validity</U></B>. When executed and delivered by the parties hereto and thereto, this Agreement and the Loan Documents shall be valid and binding obligations of Borrower, and shall be enforceable against Borrower in accordance with their terms,
except as enforceability may be limited by equitable principles or by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Financial Statements</U></B>. Borrower has delivered or otherwise made available to Lender: (i)&nbsp;an audited consolidated balance sheet of
Borrower and its Subsidiaries as of December&nbsp;31, 2004, and the related audited consolidated statements of operations, changes in stockholders&#146; equity and cash flows for the fiscal year then ended, including in each case the notes thereto,
and (ii)&nbsp;the unaudited consolidated balance sheets of Borrower and its Subsidiaries as of May&nbsp;31,&nbsp;August&nbsp;31, and November&nbsp;30, 2004, and the related unaudited statements of operations and cash flows for the three-, six- and
nine-months, respectively, then ended, including in each case the notes thereto. Such financial statements (x)&nbsp;fairly present, in all material </FONT>
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<FONT FACE="Times New Roman" SIZE="2">respects, the consolidated financial condition of Borrower and its Subsidiaries as of the dates thereof and the results of Borrower&#146;s and its
Subsidiaries&#146; consolidated operations for the periods covered thereby and (y)&nbsp;have been prepared in accordance with GAAP, consistently applied in the various statements throughout the periods involved, except as otherwise expressly stated
therein, and show all known material liabilities of Borrower and its Subsidiaries, including contingent liabilities, long-term leases and unusual commitments as of the dates thereof. Since the date of the balance sheet included in the most recent
financial statements, there has been no adverse material change in the consolidated financial condition of Borrower. All other information submitted by Borrower in support of the application for the Loan is true and correct in all material respects
as of the date of this Agreement, except to the extent that such information expressly relates to an earlier date, and no material adverse change has occurred. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(e) <U>Property and Assets</U></B>. Borrower has good and marketable title to all of Borrower&#146;s properties reflected in its balance sheets and financial statements (except such as have been disposed of in the
ordinary course of business since the date of such balance sheets or financial statements), including without limitation the Collateral described on Exhibit &#147;D,&#148; and such properties are free and clear of all liens, charges and
encumbrances, except for liens for taxes and assessments not yet due and except such liens, charges and encumbrances, if any, on properties acquired subsequent to such balance sheets or financing statements and disclosed to Lender. It is
acknowledged by Borrower that the only liens, encumbrances and charges permitted under this Agreement with respect to the Collateral are the Permitted Liens, as defined in Section&nbsp;5(a). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) <U>Coins</U></B>. All of the Collateral consisting of Coins, as described in Exhibit D (the &#147;Coins&#148;), was recovered by the Borrower from
the coordinates described in the Judgment entered by the United States District Court for the Middle District of Florida on March&nbsp;24, 2004, in the case styled <I>Odyssey Marine Explorations, Inc. v. The Unidentified Shipwrecked Vessel or
Vessels, et al.</I>, Case No.&nbsp;8:03-CV-1668-T-24TBM (the &#147;Case&#148;). The coordinates described in the Case are not within any state or national boundaries. No persons other than Atlantic Mutual Insurance Company and the United States
Government have provided notice to Borrower of any claims to any interest in or to the Coins. Borrower has not assigned, conveyed or otherwise transferred any of its rights to the Collateral to any Person, except pursuant to this Agreement and the
Collateral Control Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) <U>Loss</U></B>. No substantial loss, damage, destruction or taking of any of the real or personal
property of Borrower or of the real or personal property leased by Borrower has occurred which has not been fully restored or replaced or which is not fully covered by insurance, less applicable deductibles, and neither such property nor the
business of Borrower has been adversely affected in any substantial way as the result of any theft, accident, strike, lockout, embargo, riot, war, or act of God, or the public enemy. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) <U>Litigation</U></B>. There are no investigations, actions, suits, or proceedings by any federal, state or local government body, agency or
authority, or by any person, pending, or to the knowledge of Borrower, threatened against Borrower or its Subsidiaries, or other proceedings to which Borrower or its Subsidiaries are a party (including administrative or arbitration </FONT>
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<FONT FACE="Times New Roman" SIZE="2">proceedings), (i)&nbsp;which involve the possibility of any judgment or liability not fully covered by insurance or by adequate reserves established by
Borrower, (ii)&nbsp;which may result in any material adverse change in the business or condition, financial or otherwise, of Borrower, or in any right, interest or title Borrower has in the Collateral, (iii)&nbsp;which involves any claim of title to
the Collateral, or (iv)&nbsp;which, to the knowledge of Borrower, seek to restrain, enjoin, prohibit or obtain damages or other relief with respect to the Borrower&#146;s conduct of its Business or the transaction contemplated by this Agreement,
including, but not limited to, the denial of any necessary permit, license or certificate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) <U>Contracts; No Defaults</U></B>.
Borrower is not a party to any contract, agreement, lease or other instrument which would materially and adversely affect the Collateral, Borrower&#146;s property, the Business, operations or financial condition or Borrower&#146;s ability to perform
its obligations under this Agreement or any other Loan Document. Borrower is not in default under any contract, agreement, lease or other instrument to which is a party and which is material to its property, the Business, prospects, operations or
financial condition. No event of default or occurrence that, with the giving of notice, the passage of time, or both, would constitute an event of default thereunder has occurred and is continuing. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Governmental Approvals</U></B>. Borrower has complied in all material respects with all applicable laws and requirements of governmental
authorities including those governing Borrower&#146;s conduct of its Business. No authorization or approval or other action by, and no notice to or filing with, any federal, state or local government body, agency or authority is required for the due
execution, delivery and performance by Borrower of this Agreement or any other Loan Document. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) <U>Subsidiaries</U></B>. Borrower has
no subsidiaries (including subsidiaries of Borrower and/or one or more subsidiaries) except Odyssey Marine, Inc., a Florida corporation (&#147;Marine&#148;), OVH, Inc., a Nevada corporation (&#147;OVH&#148;), Odyssey Marine Services, Inc., a Nevada
corporation (&#147;Marine Services&#148;), Odyssey Retriever, Inc., a Nevada corporation (&#147;Retriever&#148;), and Odyssey Marine Entertainment, Inc., a Nevada corporation (&#147;Odyssey Entertainment&#148;, and together with Marine, OVH, Marine
Services, and Retriever, collectively the &#147;Subsidiaries&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(l) <U>Securities Laws</U></B>. No proceeds of the Loan will be
used to acquire any security in any transaction which is subject to Sections 13 and 14 of the Securities Exchange Act of 1934, as amended. Borrower is not an &#147;investment company&#148; or a company &#147;controlled&#148; by an &#147;investment
company&#148; (within the meaning of the Investment Company Act of 1940, as amended). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) <U>Margin Regulations</U></B>. Borrower is
not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System). No proceeds of the Loan will be used to
purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2"><B>(n) <U>Taxes</U></B>. Borrower has filed all federal, state, local and foreign income tax returns, which to its knowledge, Borrower is required to file, and has paid all taxes as shown on said returns and all assessments received by
Borrower to the extent that such taxes have become due. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(o) <U>ERISA</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(i) All pension or welfare benefit plans within the respective meanings of Section&nbsp;3(2) and 3(1) of ERISA other than multiemployer plans (within the meaning of Section&nbsp;3(37) of ERISA), to which Borrower is a
party or to which Borrower makes any employer contributions with respect to employees, are set forth on Exhibit &#147;E&#148; which is attached hereto and made a part hereof. With regard to the current or prior plan years of each plan referred to in
Exhibit &#147;F,&#148; all contributions required to meet the employer contribution obligations of Borrower under Section&nbsp;412 of the Code, Part 3 of Title I(B) of ERISA, the terms of the plan itself, or any applicable collective bargaining
agreement, with respect to the elapsed portion of the current and previous plan years, have been duly made, and such plan and its related trust have not incurred any accumulated funding deficiency (within the meaning of Section&nbsp;412(a) of the
Code and Section&nbsp;302 of ERISA) since the effective date of ERISA. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) Borrower is not a party to any multiemployer plans (within
the meaning of Section&nbsp;3(37) of ERISA). In addition, Borrower has not incurred any withdrawal liability under Title IV of ERISA (as amended by the Multiemployer Pension Plan Amendments Act of 1980) with respect to any multiemployer plan.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) Neither Borrower nor any Subsidiary or affiliate of Borrower has engaged in any &#147;prohibited transactions&#148; within the
meaning of Section&nbsp;4975 of the Code or Section&nbsp;406 of ERISA, which could subject Borrower or such subsidiary or affiliate, or any other party, to the tax or penalty on prohibited transactions imposed by Section&nbsp;4975 of the Code. The
execution, delivery and performance of this Agreement and the other instruments, documents and agreements contemplated hereby, and the making of the borrowing contemplated hereby by Borrower will not constitute such a &#147;prohibited
transaction&#148; (assuming that the funds used by Lender to make the Loan are disbursed from Lender&#146;s general funds and not from any separate fiduciary or other account maintained by Lender). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) No reportable event (as such term is defined in Title IV of ERISA) has occurred with respect to, nor has there been terminated, any plans subject
to Title IV of ERISA and maintained for any employees of Borrower or any member of any &#147;controlled group of corporations&#148; (as such term is defined in Section&nbsp;1563 of the Code) of which Borrower is a member. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(v) Borrower has paid all premiums due to the PBGC with respect to each plan identified in Exhibit &#147;F&#148; and no premium, late payment charge,
premium penalty or interest thereon is due. The PBGC has made no demand on Borrower for payment of any liability, including interest, arising under Title IV(D) of ERISA, and no lien exists in favor of the PBGC upon any real or personal property or
rights to such property belonging to. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(p) <U>Environmental Matters</U></B>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) Borrower and all of its Subsidiaries, if any, are in compliance in all material respects with all provisions of the Environmental Laws, and with any
rules, regulations, and administrative orders of any governmental agency, and with any judgments, decrees or orders of any court of competent jurisdiction with respect thereto. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) None of Borrower or its Subsidiaries, if any, has received from any governmental agency any written assessment, notice of (primary or secondary)
liability or notice of financial responsibility, or any notice of any action, claim or proceeding to determine such liability or responsibility, or the amount thereof, or to impose civil penalties with respect to a site listed on any federal or
state listing of sites containing or believed to contain Hazardous Wastes, nor has any of Borrower or its Subsidiaries, if any, received written notification from any governmental agency that any hazardous substances (as defined under CERCLA) that
it has disposed of have been found in any site at which any governmental agency is conducting an investigation or other proceeding under any Environmental Law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(iii) To the knowledge of Borrower, no part of the real property leased by Borrower in its business or any building, structure or facility located thereon or improvement thereto contains or contained asbestos or
polychlorinated biphenyls (PCBs); have or have had asbestos-containing materials or electrical transformers, fluorescent light fixture ballasts or other equipment containing PCBs installed thereon or therein; is or has been used for the handling,
processing, storage or disposal of Hazardous Wastes; or contain or contained above-ground or underground storage tanks or other storage facilities for Hazardous Wastes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(iv) Borrower has paid any environmental excise taxes imposed pursuant to Sections 4611, 4661, or 4681 of the Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2"><B>(q) <U>Minimum Wages; Overtime</U></B>. Borrower is in compliance in all material respects with all provisions of the Fair Labor Standards Act, as amended, and regulations promulgated thereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(r) <U>Employee Wage Withholding</U></B>. Borrower has paid or made provision for the payment of all applicable federal, state and local
employees&#146; income, social security and unemployment taxes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>4. <U>Affirmative Covenants of Borrower</U></B>. Borrower covenants and
agrees that, from the date hereof until the Loan is paid in full, Borrower shall: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Reporting Requirements</U></B>. Furnish to
Lender: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) as soon as available, but in any event not later than forty-five (45)&nbsp;days after the end of each of the first three
(3)&nbsp;quarterly periods of each fiscal year of Borrower, unaudited consolidated financial statements of Borrower and its Subsidiaries, including balance sheets and the related statements of operations and cash flows, for such quarterly period and
for Borrower&#146;s fiscal year-to-date, with the corresponding figures for Borrower&#146;s previous fiscal year. These financial statements shall be prepared in accordance with GAAP, consistently applied. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) as soon as available, but in any event not later than ninety (90)&nbsp;days after the end of each
fiscal year of Borrower, audited consolidated financial statements of Borrower and any Subsidiaries, including balance sheets and the related statement of operations, changes in stockholders&#146; equity and cash flow, together with the report
thereon of Borrower&#146;s independent certified public accountants, for such fiscal year, with the corresponding figures for Borrower&#146;s previous fiscal year. These financial statements shall be prepared in accordance with GAAP, consistently
applied, and such report shall state that such financial statements fairly present, in all material respects, the consolidated financial position of Borrower and the results of its operations and the changes in its financial position for the year
then ended. Concurrently with the delivery of such audited financial statements, the independent certified public accountant shall furnish Lender a certificate stating that in making the examination necessary for auditing such financing statements,
no knowledge was obtained of any Event of Default or of any Default which, with the giving of notice, the passage of time, or both, would constitute an Event of Default hereunder, except as specifically described by said accountant. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) concurrently with the delivery of the financial statements described in this Section&nbsp;4(a), Borrower shall deliver a certificate addressed to
Lender and signed by its president (or chief executive officer) and treasurer (or chief financial officer) acknowledging that the financial statements fairly present, in all material respects, the consolidated financial position of Borrower and the
results of its operations for the period covered thereby and (i)&nbsp;certifying that no Event of Default and no Default which, with the giving of notice, the passage of time, or both, would constitute an Event of Default has occurred and is
continuing, or (ii)&nbsp;describing the nature and duration of any such Event of Default and the steps that Borrower is taking to remedy such Default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(iv) deliver to Lender such other audited and unaudited financial statements, profit and loss statements, and other accounting data, including but not limited to supporting documentation for financial statements
provided Lender under other clauses of this Section&nbsp;4(a), as may be reasonably requested by Lender from time to time concerning Borrower and any Subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(v) deliver to Lender promptly upon receipt any &#147;Management Letter&#148; received from Borrower&#146;s independent certified public accountant, together with any comments made by Borrower in respect thereto, if
the letter addresses matters which adversely affect the financial condition of Borrower or matters which constitute an Event of Default or any Default which, with the giving of notice, the passage of time, or both, would become an Event of Default.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(vi) deliver to Lender any annual, quarterly or other reports to Borrower&#146;s stockholders and filings with the Securities and
Exchange Commission and with any federal, state or local governmental agency, body or authority which regulates Borrower&#146;s business. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Inspection</U></B>. Permit any person designated by Lender to visit and inspect Collateral, and
the business premises and books and records of Borrower and discuss Borrower&#146;s affairs and finances with Borrower at reasonable times (and in a manner that will not unreasonably interfere with normal business operations) and as often as Lender
may reasonably request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Books and Records</U></B>. Maintain its books of accounts in accordance with sound business practices.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Service of Process</U></B>. Deliver to Lender, within ten (10)&nbsp;days after the service of process or equivalent notice,
written notice of any litigation, arbitration proceeding or government investigation where the amount involved would reasonably be expected to exceed $10,000.00, concerning title to the Coins or the conduct of Borrower&#146;s Business, or may, if
determined adversely to the Borrower, have a material adverse effect upon the Borrower or its property or the Business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>Bank
Accounts</U></B>. Maintain its principal bank accounts with Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) <U>Maintenance of Property</U></B>. Maintain its properties in
good condition, subject to normal wear and tear, and make all necessary replacements, additions and improvements thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(g)
<U>Insurance</U></B>. Maintain and provide Lender with evidence of insurance in such amounts and against such liabilities and hazards as required by the Security Agreement to be executed in connection with the Loan, and, together with each delivery
of annual financial statements, and more frequently upon request, shall deliver a certificate signed by Borrower specifying the details of such insurance then in effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(h) <U>Taxes and Obligations</U></B>. Pay and discharge or cause to be paid and discharged, all taxes, assessments, levies, fees, and charges and all other governmental charges, general and special, ordinary and
extraordinary, whether or not within the contemplation of the parties hereto, which are at any time levied upon or assessed against Borrower or its property or any part thereof, whether or not the failure to pay such tax, assessment, levy, fee, or
charge might result in the creation of a lien upon such properties or any part thereof, when the same shall become due and payable, except for such items the validity of which is being contested in good faith by appropriate proceedings; and all
income, excess profits, excise, sales, gross receipts, and other taxes, duties or imposts, whether of a like or different nature, assessed, levied or imposed by governmental authority on Borrower or Borrower&#146;s properties or any part thereof
when the same shall become due and payable, except for such items the validity of which is being contested in good faith by appropriate proceedings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(i) <U>Corporate Status</U></B>. Maintain its existence as a corporation in good standing under the laws of Nevada and qualified to transact business as a foreign corporation in Florida. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Maintenance of Rights</U></B>. Do or cause to be done all things necessary to preserve and to
keep in full force and effect its rights and privileges of a public or private nature, its franchises, trade names, trademarks, service marks and patents and its permits which are material and necessary for the continuance of its Business, and
continue to engage principally in the Business currently operated by Borrower. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) <U>Net Worth</U>. </B>Maintain a minimum
stockholders&#146; equity of not less than $20,000,000.00 for the first year. During each successive year the minimum stockholders&#146; equity required will increase annually in an amount equal to fifty percent (50%)&nbsp;of the Borrower&#146;s
after-tax net income. The minimum stockholders&#146; equity of $20,000,000.00 will be tested quarterly upon the Lender&#146;s receipt of the Borrower&#146;s 10-Q filed with the S.E.C., and the potential increase will be tested annually upon the
Lender&#146;s receipt of the Borrower&#146;s 10-K filed with the S.E.C. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(l) <U>Ordinary Course of Business</U></B>. Sell its inventory
and collect its accounts only in the ordinary course of business and, without the prior written consent of Lender, shall not sell or lease Collateral which does not constitute inventory, or pledge, transfer, assign, deliver, donate, gift or
otherwise dispose of any Collateral or any interest therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) <U>Lock Box Account</U></B>. Deposit with Lender all moneys, checks,
notes, drafts, wire transfers, other payment media or other property (including goods acquired through barter, swap or exchange) representing the proceeds of any Collateral which comes into the possession or control of Borrower immediately in the
exact form received in a special account. Borrower grants Lender a security interest in such account to secure all of Borrower&#146;s liabilities and, unless otherwise authorized by Lender, Lender alone shall have power of withdrawal. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(n) <U>Draw Request</U></B>. Provide to Lender, at the time of each borrowing a Draw Request. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(o) <U>Segregation of Collateral</U></B>. Keep Collateral separate and distinct from other property of Borrower and third parties pursuant to a
custodial agreement with a custodian (the &#147;Custodian&#148;) acceptable to the Lender in its reasonable discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(p) <U>Defaults
by Custodian</U></B>. Notify Lender immediately of any default by Custodian known to Borrower in the performance of Custodian&#146;s obligations with respect to any Collateral. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(q) <U>Merchantable Inventory</U></B>. Maintain inventory of Coins which are good and merchantable, with an Appraised Value at least equal to four
(4)&nbsp;times the outstanding principal balance of the Loan, and shall not be encumbered by the security interest, chattel mortgage or lien of any person other than Lender. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(r) <U>Compliance With Laws</U></B>. Comply in all material respects with all applicable existing and future federal, state and local statutes, laws
and ordinances applicable to Borrower&#146;s Business and to the Collateral, any rules, regulations or orders of any governmental body, agency or authority promulgated thereunder, and any orders or judgments of any court of competent jurisdiction,
including, but not limited to, such statutes, laws, ordinances, rules, </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">regulations or orders relating to land use, building, zoning, occupational health and safety, employee pension and benefit plans, employee wage withholding,
the environment and Hazardous Wastes and the preservation and protection of sites and artifacts of historical significance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(s)
<U>Financing Statements, Etc</U></B>. Authorize the Lender to record and file, at the Borrower&#146;s cost and expense, such financing statements describing the Collateral as Lender may reasonably determine to be desirable in connection with this
Agreement, the Loan and the Collateral, execute and deliver such further documents and agreements as Lender may reasonably request in connection with this Agreement, the Loan and the Collateral, and defend any action, proceeding or claim affecting
the Collateral. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(t) <U>Filing Fees; Taxes</U></B>. Pay and discharge when due any and all additional documentary stamp taxes or
intangible taxes, levies or other charges in connection with the Loan and the promissory note(s) executed in connection herewith, together with all modifications, renewals and advances heretofore or hereafter made, together with any interest or
penalty incident thereto, and Borrower agrees to indemnify and save harmless Lender from and against all loss, cost, expense and attorneys&#146; fees (as defined herein) that may be incurred by Lender in connection with any such assessment, tax,
levy or other charge, or any interest or penalty resulting therefrom which may be incurred by Lender in connection therewith. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(u)
<U>Management</U></B>. Maintain in office and with his current responsibilities John C. Morris (President and CEO), and advise Lender promptly and in writing of any change in the composition of Borrower&#146;s Board of Directors or any change in the
employment status or office of any of the executive officers of Borrower, other than routine changes in compensation made in the ordinary course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(v) <U>Minimum Wages; Overtime</U></B>. Pay employees wages and overtime in compliance with the Fair Labor Standards Act, as amended, and regulations promulgated thereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(w) <U>Employee Wage Withholding</U></B>. Pay or make provision to pay all applicable federal, state and local employees&#146; income, social security
and unemployment taxes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(x) <U>Additional Collateral</U></B>. Take any and all action, and cause each of the respective Subsidiaries to
take any and all action, as may be reasonably requested by Lender to further grant and perfect, in favor of Lender as collateral for the Loan, a first lien security interest in and to any leasehold interests and improvements or other structures to
be located in any museums or other locations where the Coins will be displayed, and to fully protect Lender&#146;s interest in the Collateral </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>5. Negative Covenants of Borrower</B>. Borrower covenants and agrees that from the date hereof until the Loan is paid in full, Borrower shall not: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(a) <U>Liens</U></B>. Without first having obtained the written consent of Lender, which consent shall not be unreasonably withheld, conditioned, or delayed, mortgage, pledge, grant or </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">permit to exist, any lien, security interest or encumbrance upon any of Borrower&#146;s assets (or the assets of any Subsidiary) of any kind, real or
personal, tangible or intangible, used in the Business, whether now owned or hereafter acquired, including any lease or purchase money security interests or any other &#147;off balance sheet&#148; indebtedness, except for the following
(&#147;Permitted Liens&#148;): (i)&nbsp;liens for taxes, assessments and similar charges which are not delinquent or are being contested in good faith, and as to which Borrower shall have set aside on its books adequate reserves;
(ii)&nbsp;non-consensual liens imposed by law, such as landlord&#146;s, mechanic&#146;s, carrier&#146;s, warehousemen&#146;s, materialmen&#146;s and vendor&#146;s liens, incurred in good faith in the ordinary course of business; (iii)&nbsp;liens
incurred or pledges and deposits in connection with workmen&#146;s compensation, unemployment insurance, old-age pensions and other social security benefits or securing the performance of bids, tenders, contracts (other than for the repayment of
borrowed money), statutory obligations, surety and appeal bonds and other obligations of like nature, incurred as and incident to, and in the ordinary course of business; (iv)&nbsp;any such permitted encumbrances existing as of the date hereof; and
(v)&nbsp;the lease by Borrower of equipment under operating and capital lease for which total payments shall not, in the aggregate, exceed $250,000.00 per year. Lender&#146;s consent to any further encumbrance under this Section&nbsp;5(a) shall be
deemed to be reasonably withheld if (x)&nbsp;such further encumbrance is to attach to the Collateral, or (ii)&nbsp;a default or Event of Default has occurred and is continuing. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Defaults Under Other Agreements</U></B>. Commit or fail to commit any act which constitutes an event of default under the terms of any other
agreement, contract, indenture, mortgage, deed of trust, security agreement or other instrument executed or to be executed by it, except those defaults that are being contested in good faith and would not, if settled unfavorably, materially and
adversely affect Borrower&#146;s consolidated financial condition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Dividends</U></B>. Declare any cash dividend on any class of
its stock, make any other distribution on account of any class of its stock or redeem, purchase or otherwise acquire, directly or indirectly, any shares of its stock, in any fiscal year of Borrower except to the extent such dividend or other
distribution described herein shall be less than 20% of Borrower&#146;s net income after taxes for the fiscal year in which such dividend or similar distribution is made. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(d) <U>Investment Securities</U></B>. Purchase any stock, securities, or evidence of investment or acquire any interest in any other person or corporation, except direct obligations of the United States government
or its agencies, or engage in any speculative transactions involving commodity options or futures contracts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>Change of Name or
Business; Merger</U></B>. Change its name; merge into, consolidate with, or sell or transfer all or substantially all of its assets to any other person; otherwise change its structure or identity; or materially change the nature of its business or
that of any Subsidiary as now conducted; or enter any new business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) <U>Loans to Third Parties</U></B>. Loan or otherwise advance
any sum to any person, except for normal trade credit on the sale of inventory in the normal course of business and except for expense advances to employees of Borrower in the normal course of business. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) <U>Guaranty Debts of Others</U></B>. Guaranty or otherwise in any manner become responsible for
the obligations of any other person or corporation, directly or indirectly, whether by agreement to purchase the indebtedness of any other person or corporation or otherwise, except by endorsements of negotiable instruments for collection in the
ordinary course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) <U>Other Borrowings</U></B>. Borrow any sum of money or incur any other indebtedness in excess of
$250,000.00, except for Advances under the Revolving Credit Loan and normal trade credit on open accounts, without the prior written consent of Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(i) <U>Notes, Accounts Receivable</U></B>. Sell, assign, transfer, discount or otherwise dispose of notes, accounts receivable, instruments, chattel paper or other rights to receive payment, with or without
recourse, except for the purpose of collection in the ordinary course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Disposition of Assets</U></B>. Sell, lease,
transfer or otherwise dispose of any of its assets, except inventory in the normal course of business, unless it shall substitute assets having equal or greater value or utility, which substituted assets, if they are Collateral, shall be subject to
a first, perfected security interest in favor of Lender and shall be free of all other liens and encumbrances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) <U>Sale-Leaseback
Transactions</U></B>. Enter into any sale and leaseback agreement with respect to any of its fixed assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(l) <U>Sale of Stock in
Subsidiaries</U></B>. Sell or otherwise dispose of any shares of the stock or securities exchangeable for or convertible into shares of the stock (or options or warrants to acquire any stock or securities exchangeable for or convertible into such
stock) of any Subsidiary or permit any of its Subsidiaries to issue, sell or otherwise dispose of any shares of such Subsidiary&#146;s stock, securities exchangeable for or convertible into shares of such Subsidiary&#146;s stock, or options or
warrants to purchase any of the foregoing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) <U>Leases</U></B>. Lease or commit to lease real or personal property under operating or
capital leases having unpaid lease payments, the cost of which to Borrower, in the aggregate, would exceed $250,000.00 per year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(n)
<U>Accounting Practices</U></B>. Change its accounting methods or practices, its depreciation or amortization policy or rates or its fiscal year end from that in existence as of the date hereof, except as required to comply with law or with GAAP.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(o) <U>Amend Articles of Incorporation</U></B>. Amend its articles of incorporation except as required to comply with law. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(p) <U>Management</U></B>. Change its management structure without providing the Lender with prior written notification. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(q) <U>Affiliate Transactions</U></B>. Directly or indirectly, purchase, acquire or lease any property
or asset to (i)&nbsp;any director or officer, or (ii)&nbsp;any business entity, corporation, partnership or association in which directors or officers have a controlling interest, except upon terms and conditions not less favorable to such person
than if no such relationship existed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>6. <U>Conditions Precedent to First Advance under Revolving Credit Loan</U></B>. Lender shall
have no obligation to make any Advances to Borrower under the Revolving Credit Loan until Lender has received the items listed below and/or the events described below have occurred, as the case may be: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Loan Documents</U></B>. The following documents duly executed: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(i) this Agreement; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the Revolving Credit Note of Borrower; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) the Security Agreement of Borrower; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(iv) the Negative Pledge Agreement of Borrower; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(v) the Unlimited Continuing Guaranty Agreement of the Subsidiaries in the form
of Exhibit &#147;G&#148; (the &#147;Subsidiary Guaranty&#148;); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(vi) the Collateral Control Agreement among Lender, Borrower and
Numismatic Guaranty Corporation of America. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Financial Statements</U></B>. Current financial statements of Borrower, in form and
substance satisfactory to Lender and certified as provided in Section&nbsp;3(d) hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Insurance Policies</U></B>. Original,
duplicate original or copy of original which has been certified as true and complete of insurance policy or policies evidencing (i)&nbsp;comprehensive, all-risk hazard insurance coverage for the full insurable value of the Collateral;
(ii)&nbsp;public liability coverage in amounts as may be required by or acceptable to Lender; (iii)&nbsp;Workers&#146; Compensation, if required by law; and (iv)&nbsp;flood insurance, if required by Lender. All insurance coverage shall be written
through a company or companies reasonably satisfactory to Lender, shall insure against such risks as may be specified by Lender, including specifically any loss from any act or neglect of Borrower, and such policy or policies shall incorporate a New
York standard mortgagee clause or other loss payee clause in form and substance satisfactory to Lender evidencing that Lender is a loss payee thereunder to the extent of its interest and providing that such policy or policies shall not be canceled
or modified without thirty (30)&nbsp;days&#146; prior written notice to Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Borrowing Resolutions</U></B>. A copy of the
resolution of the Board of Directors of Borrower certified by Borrower&#146;s duly elected or acting corporate secretary authorizing the execution of this Agreement and other Loan Documents and authorizing specific officers to execute and deliver
this Agreement and the other Loan Documents. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>Certificate of Incumbency</U></B>. A certificate of incumbency showing the present officers of
Borrower and specimen signatures of said officers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) <U>Certificate of Good Standing; Articles of Incorporation; Bylaws</U></B>. A
copy of the articles of incorporation and all amendments thereto together with a certificate of good standing for Borrower certified by the Secretary of State of the State of Nevada; a certificate of qualification as a foreign corporation and good
standing for Borrower certified by the Secretary of State of the State of Florida; and a copy of the Bylaws of Borrower certified by its duly elected or acting corporate secretary. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) <U>UCC and Judgment Search</U></B>. A UCC search from the Nevada Secretary of State and the Florida Secured Transactions Registry and Clerk of
Circuit Court of the county or counties in which Borrower has a place of business, showing that the personal property of Borrower is free and clear of all encumbrances, except security interests in favor of Lender or Permitted Liens. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) <U>Appraisal</U></B>. A current appraisal of the Collateral, as set forth in more detail in the Commitment Letter, prepared by an appraiser
acceptable to Lender and showing said Collateral to have a value acceptable to Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) <U>Schedule of Collateral</U></B>. A list in
form and substance reasonably satisfactory to Lender of all Collateral, setting forth Appraised Value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Other Conditions</U></B>.
Any other documents, or conditions, described in the Commitment Letter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7. <U>Conditions to Revolving Credit Advances</U></B>. On the
date of the first and each subsequent Advance, Borrower shall deliver to Lender a Draw Request stating the amount of the requested Advance and such other information as Lender shall require, and the following statements shall be true: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Representations and Warranties</U></B>. All of the representations and warranties set forth in Section&nbsp;3 of this Agreement or in any other
Loan Documents shall be correct on and as of the date of such Advance as though made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>No Default</U></B>. Borrower shall have observed and performed in all material respects all of the terms, conditions and agreements set forth
herein or in any other Loan Documents on its part to be observed or performed and no Event of Default and no Default that, with the giving of notice, passage of time, or both shall constitute an Event of Default shall have occurred and be
continuing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Financial Statements</U></B>. All financial statements, information and other data furnished by Borrower to Lender
are, in all material respects, accurate and correct; the financial statements have been prepared in accordance with GAAP, consistently applied, and fairly present in all material respects the consolidated financial condition of Borrower and its
Subsidiaries; no material adverse changes have occurred since the date of said statements; and no material liabilities, contingent or otherwise, not shown on said financial statements, exist. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Liens</U></B>. No liens, security interests or encumbrances shall have been filed or recorded
against any Collateral, other than liens in favor of Lender and Permitted Liens, and Borrower has no notice of any intention by any person to file or record any such liens, security interests or encumbrances against any Collateral. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>Litigation</U></B>. There are no actions, suits, proceedings, or claims pending or threatened against or affecting Borrower or any Collateral
or the Borrower&#146;s conduct of the Business of the types described in Section&nbsp;3(h). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>8. <U>Default</U></B>. The happening of one
or more of the following events (an &#147;Event of Default&#148;) shall constitute a default of this Loan: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Non-Payment</U></B>.
Nonpayment when due, whether at maturity, on demand, after acceleration or otherwise, of any payment of principal or interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b)
<U>Non-Performance</U></B>. Failure by Borrower to perform any agreement, covenant or obligation under this Agreement or any other Loan Document which is not cured within thirty (30)&nbsp;days following written notice from the Lender. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Other Defaults</U></B>. Occurrence of an event of default under any other Loan Document now or hereafter evidencing or securing payment of the
Loan which is not cured within thirty (30)&nbsp;days following written notice from the Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Misrepresentation</U></B>.
Material falsity of any representation or warranty made by Borrower in this Agreement or any other Loan Document or in any certificate, statement, representation, warranty, report, audit or other writing furnished at any time to Lender by or on
behalf of Borrower in connection with or pursuant to this Agreement or otherwise, or omission of any material fact necessary in order to make the statements made in any of the foregoing, in light of the circumstances under which they were made, not
misleading. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>Material Adverse Change</U></B>. The occurrence of a material adverse change in the consolidated financial condition
of Borrower. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) <U>Loss of Collateral</U></B>. The material loss or destruction of or injury to any Collateral securing payment of the
Loan, which loss or destruction is not covered by insurance, or the condemnation or seizure of any Collateral. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(g)
<U>Dissolution</U></B>. Dissolution, whether by voluntary act, involuntarily, by operation of law or otherwise, of Borrower, and such dissolution is not cured within thirty (30)&nbsp;days of its occurrence. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) <U>Sale of a Majority of Assets</U></B>. Sale or transfer by Borrower of all or substantially all of its assets. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) <U>Cease Doing Business</U></B>. If Borrower ceases doing business as a going concern or
substantially changes the nature of its business or commences the liquidation of its business or its assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Change in
Control</U></B>. If the Board of Directors of the Borrower is changed such that the directors in office as of the date of this Agreement cease to be a majority of the Board of Directors. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) <U>Default under Other Loans</U></B>. Failure by Borrower or any Subsidiaries to make any payment of principal or interest, when due, on any other
obligation to pay money to Lender or to any other person, other than amounts being contested in good faith by appropriate proceedings, or default by Borrower or any Subsidiaries in the performance of any terms and conditions of any agreement under
which such obligation was created if the effect of such failure to pay or of such default is to permit the holder(s) to accelerate the stated maturity of such obligation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(l) <U>Voluntary Bankruptcy</U></B>. Filing by Borrower or any Subsidiaries of a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization, insolvency, arrangement,
readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consenting to the filing of any petition against it under any such law, or taking any corporate action to authorize such action.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) <U>Involuntary Bankruptcy</U></B>. Filing of a petition against Borrower or any Subsidiaries under any bankruptcy, reorganization,
insolvency, arrangement, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, which petition is not dismissed within sixty (60)&nbsp;days after such filing. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(n) <U>Adjudication of Bankruptcy</U></B>. Adjudication of Borrower or any Subsidiaries as bankrupt or insolvent. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(o) <U>General Assignment</U></B>. Making a general assignment by Borrower or any Subsidiaries for the benefit of its creditors or admitting in
writing of its inability to pay its debts generally as they become due or taking any corporate action to authorize such action. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(p)
<U>Judgments Not Satisfied</U></B>. Entry of a final judgment for the payment of money against Borrower or any Subsidiaries in an amount in excess of $250,000, which judgment is outstanding for more than ninety (90)&nbsp;days from the date of entry
or lifting of any stay unless such judgment is discharged. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(q) <U>Receiverships</U></B>. Appointment of a receiver, liquidator or
trustee of Borrower or any Subsidiaries, or of any material portion of their property, or of any Collateral, by court order, which order remains in effect for more than ninety (90)&nbsp;days; or any Collateral or material portion of the properties
of Borrower or any Subsidiaries is attached or sequestered by court order, which order remains in effect for more than ninety (90)&nbsp;days. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(r) <U>ERISA</U></B>. If any fact or circumstance occurs (which occurrence shall have been continuing
for fifteen (15)&nbsp;days) which Lender determines in good faith constitutes any one of the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) grounds for the termination of
any employee benefit plan or other plan maintained for employees of Borrower and covered by Title IV; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the appointment of a
trustee by the appropriate United States District Court to administer any such plan; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) the termination of any such plan within the
meaning of such Title IV other than a &#147;standard termination&#148; within the meaning of Section&nbsp;4041(b) of ERISA; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) the
institution of proceedings by the PBGC to terminate any such plan or to appoint a trustee to administer any such plan; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(v) a material
outstanding liability of Borrower which has resulted from the prior occurrence of any of the events enumerated in clauses (i)&nbsp;through (iv)&nbsp;above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(s) <U>Insecurity</U></B>. If any condition or situation occurs, which, in the sole determination of Lender, constitutes a danger or impairment to the security and/or repayment of the Loan, and such condition or
situation is not remedied within thirty (30)&nbsp;days after written notice to Borrower to remedy such condition or situation. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>9.
<U>Remedies for Default</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Termination of Advances</U></B>. Upon the occurrence of any Event of Default or Default that,
with the giving of notice, passage of time, or both, shall constitute an Event of Default, Lender may, without notice, terminate this facility with respect to further Advances under the Revolving Credit Loan, in which event Lender shall have no
further obligation to make Advances as long as said Event of Default or Default shall continue. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Acceleration and Setoff</U></B>.
Upon the occurrence of any Event of Default, Lender may, by written notice, declare the entire principal and all interest on the Loan and all other indebtedness of Borrower to Lender, whether Borrower&#146;s liability for payment thereof is primary
or secondary, direct or indirect, sole, joint, several, or joint and several, or whether the indebtedness is matured or unmatured, due or to become due, fixed, absolute or contingent, to be immediately due and payable and the Loan and all such
indebtedness thereupon shall be and become immediately due and payable, and Lender may proceed to collect the same by foreclosure, at law, or as otherwise provided in the instruments, documents and/or agreements signed by Borrower; provided,
however, that in the event that the Loan or any other such indebtedness is payable on demand, Borrower expressly waives the foregoing requirement for written notice. In addition, without limiting any other right of Lender, whenever Lender has the
right to declare any indebtedness to be immediately due and payable (whether or not it has so declared), Lender may set off against the indebtedness without notice any amounts then owed to Borrower by Lender in any capacity, whether due or not due,
including without limitation </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">deposits, stocks, bonds and other securities and other assets held in any custodial accounts, and Lender shall be deemed to have exercised its right to set
off immediately at the time its right to such election accrues. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) <U>Cumulative Remedies</U></B>. All rights, remedies or recourses
of Lender under this Agreement, the Note or any other Loan Documents, under the Uniform Commercial Code or other law, in equity or otherwise, are cumulative, and exercisable concurrently, and may be pursued singularly, successively or together and
may be exercised as often as occasion therefor shall arise. No act of commission or omission by Lender, including, but not limited to, any failure to exercise, or any delay, forbearance or indulgence in the exercise of, any right, remedy or recourse
hereunder or any other Loan Document shall be deemed a waiver, release or modification of that or any other right, remedy or recourse, and no single or partial exercise of any right, remedy or recourse shall preclude Lender from any other or future
exercise of the right, remedy or recourse or the exercise of any other right, remedy or recourse. No waiver or release of any such rights, remedies and recourses shall be effective against Lender unless in writing and manually signed by an
authorized officer on Lender&#146;s behalf, and then only to the extent recited therein. A waiver, release or modification with reference to any one event shall not be construed as continuing or constituting a course of dealing, nor shall it be
construed as a bar to, or as a waiver, release or modification of, any subsequent right, remedy or recourse as to a subsequent event. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>10. <U>Definitions</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Defined Terms</U></B>. As used in this Agreement, the following terms shall have the
meanings set forth below: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Advance&#148; </B>shall mean any disbursement of funds by Lender to or for the account of Borrower under
the Revolving Credit Loan pursuant to Borrower&#146;s request as provided herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Agreement&#148; </B>shall mean this Revolving
Credit Agreement, as the same may be amended, supplemented or modified, in writing, from the time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Appraised
Value&#148;</B> shall mean the appraised value of the Coins as set forth on Exhibit &#147;D.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Available Commitment&#148;
</B>at a particular time, shall mean an amount equal to the difference between (a)&nbsp;the amount of the Commitment at such time, and (b)&nbsp;the aggregate unpaid principal amount of the Revolving Credit Loan outstanding at such time under the
Commitment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Borrower&#148; </B>shall mean Odyssey Marine Exploration, Inc., a Nevada corporation and any successor or assign
thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Business&#148;</B> shall mean Borrower&#146;s operations of locating shipwrecks, recovering coins and other artifacts
and selling coins and other artifacts recovered from such shipwrecks. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Business Day&#148; </B>shall mean a day other than a Saturday, Sunday or other day on which
commercial banks in the State of Florida are authorized or required by law to close. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Closing&#148; </B>shall occur on April
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005, at 2:00 P.M. at the offices of Foley&nbsp;&amp; Lardner LLP, 100 North Tampa Street, Suite 2700, Tampa, Florida 33602, or such other place as the parties hereto may agree. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Code&#148; </B>shall mean the Internal Revenue Code of 1986, as amended from time to time. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Coins&#148;</B> shall mean the coins recovered by Borrower from the shipwreck known as &#147;SS Republic,&#148; as specifically listed on
Exhibit &#147;D.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Collateral&#148; </B>shall have the meaning ascribed thereto in Section&nbsp;2 hereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Collateral Control Agreement&#148;</B> shall mean the Collateral Control Agreement in the form attached hereto as Exhibit &#147;E.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Commitment&#148; </B>shall mean the maximum amount of the Revolving Credit Loan that Lender is obligated to make to Borrower
pursuant to Section&nbsp;1(a) hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Commitment Fee&#148; </B>shall mean that fee defined in Section&nbsp;1(h) hereof.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Commitment Period&#148; </B>shall mean the period from and including the date of this Agreement to but not including the
Termination Date, or such earlier date as the Commitment shall terminate as provided herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Consolidated Subsidiaries&#148;
</B>shall mean, at any date, all Subsidiaries of Borrower, the accounts of which have been, or which, in accordance with GAAP, should be, consolidated with the accounts of Borrower. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Contingent Liabilities&#148; </B>shall mean operating leases of, and any third party indebtedness guarantied by, Borrower and its Consolidated
Subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Credit&#148; </B>shall mean any payment, prepayment or repayment to Lender by or on behalf of Borrower under the
Revolving Credit Loan as provided herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Custodian&#148;</B> shall mean Numismatic Guaranty Corporation of America, or any
successor or substitute custodian approved in writing by the Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Default&#148; </B>shall mean any of the events specified in
Section&nbsp;8 herein, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>&#147;Environmental Laws&#148; </B>shall mean any of the Water Pollution Control Act, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (&#147;CERCLA&#148; or
&#147;Superfund Act&#148;), the Superfund Amendments and Reauthorization Act, the Toxic Substances Control Act, the Clean Air Act, the Safe Drinking Water Act, the Solid Waste Disposal Act, or any similar laws imposing liability </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-20- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">on any person for the generation, storage, impoundment and disposal, discharge, treatment, release, seepage, emission, transportation or destruction of any
Hazardous Waste or of any garbage, sewage, effluent, smoke, dust or any other form of pollution (whether or not denominated as a Hazardous Waste), as the same may be amended from time to time, and any rules, regulations, or administrative orders
thereunder and any state statutes, laws, rules, regulations, or administrative orders addressing the same or similar subjects as the foregoing federal laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>&#147;ERISA&#148; </B>shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>&#147;Event of Default&#148; </B>shall mean any of the events specified in Section&nbsp;8 herein, provided that any requirement for the giving notice, the lapse of time, or both, or any other condition, has been
satisfied. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;GAAP&#148; </B>shall mean generally accepted accounting principles, consistently applied. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Hazardous Waste&#148; </B>shall mean any hazardous, toxic or radioactive substance, materials or products as defined under any Environmental
Laws, including, but not limited to, petroleum products, ammonia, chlorine, derivatives of petroleum products, ammonia or chlorine, pesticides, asbestos and asbestos-containing materials, and polychlorinated biphenyls (PCBs). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Lender&#148; </B>shall mean MERCANTILE BANK, and its successors and assigns. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Loan&#148; </B>shall mean the sum of the aggregate principal amount of all outstanding Advances under the Revolving Credit Loan on any given
date, which Revolving Credit Loan shall be deemed to be a single obligation of Borrower, secured by all Collateral. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Loan
Document&#148; </B>shall mean any of this Agreement, the Revolving Credit Note, the Security Agreement, the Negative Pledge Agreement, the Collateral Control Agreement, any UCC Financing Statements, and any other agreements, documents or instruments
relating to the Loan, whether executed prior to, at or after the Closing hereof, as the same may be amended, supplemented or modified, in writing, from time to time; and &#147;Loan Documents&#148; shall mean any and all of the foregoing. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<B>Negative Pledge Agreement</B>&#148; shall mean the Negative Pledge Agreement in the form attached hereto as Exhibit &#147;H.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Note&#148; </B>shall mean the Revolving Credit Note. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;PBGC&#148; </B>shall mean the Pension Benefit Guaranty Corporation or any successor agency of the federal government. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Person&#148; </B>shall mean an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association,
joint venture or other entity or a government or any agency or political subdivision thereof. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-21- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Security Agreement&#148;</B> shall mean the Security Agreement in the form attached hereto as
Exhibit &#147;C.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Revolving Credit Loan&#148; </B>shall mean the aggregate principal amount of all Advances under
Section&nbsp;1 of this Agreement which are outstanding on any date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Revolving Credit Note&#148;</B> shall be as defined in
Section&nbsp;1(b) hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Subsidiary&#148; </B>shall mean any corporation of which more than fifty percent (50%)&nbsp;of the
outstanding shares of stock of each class having ordinary voting power (other than stock having such power only by reason of the happening of a contingency) is at the time owned by Borrower or by one or more Subsidiaries; or by Borrower and one or
more of its Subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Termination Date&#148; </B>shall mean June&nbsp;24, 2005. If such day is not a Business Day, the
preceding Business Day shall be the Termination Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) <U>Other Definitional Provisions</U></B>. All terms defined in or
incorporated into this Agreement shall have the same defined meanings when used in the other Loan Documents or any certificate or other instrument made or delivered pursuant hereto unless the context otherwise requires. Each accounting term used but
not defined herein, shall have the meaning given to it under GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11. <U>Miscellaneous</U>. </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) <U>Complete Agreement; Conflict Between Loan Documents</U></B>. This Agreement, the Note, the Commitment Letter, if any, and any other Loan
Documents executed in connection with this transaction or pursuant to this Agreement or said Commitment Letter constitute the complete agreement between the parties hereto with respect to the Loan, and shall be read together, and the provisions of
each shall be deemed supplemental and not in conflict with each other; however, in the event a court of competent jurisdiction determines that a direct or unreconcilable conflict exists, the provisions of the Note and Security Agreement shall
prevail over the other documents, and this Agreement shall prevail over the Commitment Letter and any other prior written or oral agreements or understandings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(b) <U>Amendments</U></B>. No amendment or waiver of any provision of this Agreement or the Note, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in
writing and signed by Lender and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(c) <U>Survival of Closing</U></B>. All representations and warranties contained herein or made in writing by Borrower and Guarantor in connection herewith shall survive the execution and delivery of this Agreement
and of any other Loan Documents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) <U>Successors and Assigns</U></B>. This Agreement shall be binding upon and inure to the benefit
of Borrower and Lender and their respective successors and assigns, heirs, and personal representatives. Notwithstanding the foregoing, no part of this Agreement or the obligations hereunder shall be assigned by Borrower without the prior written
consent of Lender. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-22- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) <U>No Third Party Beneficiaries</U></B>. This Agreement is a contract between Lender and Borrower
for their mutual benefit and no third person shall have any right, claim or interest against either Lender or Borrower by virtue of any provision hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2"><B>(f) <U>Construction</U></B>. This Agreement shall not be construed more strictly against Lender than against Borrower merely by virtue of the fact that this Agreement has been prepared by counsel for Lender, it
being acknowledged that Borrower has been represented by counsel in the negotiation and review hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) <U>Florida Law</U></B>. This
Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of Florida without regard to the principles of the conflict of laws of Florida. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) <U>Closing Costs and Expenses</U></B>. Borrower shall pay all costs and expenses of the Loan, including, but not limited to, filing and recording
fees, documentary stamps, intangible tax, and Lender&#146;s attorney&#146;s fees and costs, including any sales or use taxes thereon. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2"><B>(i) <U>Paragraph Headings</U></B>. Paragraph headings are for the purpose of identification only and are not considered as a substantive part of this Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) <U>Gender; Etc</U></B>. Whenever the context so requires, the neuter gender includes the feminine and/or masculine, as the case may be, and the
singular number includes the plural, and the plural number include the singular. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) <U>Severability</U></B>. Each paragraph,
provision, sentence and part thereof of this Agreement shall be deemed separate from each other paragraph, provision, sentence or part thereof, and the invalidity or unenforceability for any reason or to any extent, of any such portion of this
Agreement shall not affect the enforceability of the remaining portions of this Agreement or of any other Loan Document, or the application of such paragraph, provision, sentence or part thereof to other persons and circumstances. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(l) <U>Patent Errors</U></B>. Borrower hereby authorizes and directs Lender and its agents and employees to correct patent errors and to fill in any
blanks in this Agreement and/or in any exhibit, instrument, document or agreement related hereto and to attach hereto or thereto any exhibits which are a part hereof or thereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) <U>Counterparts</U></B>. This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately,
constitute a single agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>12. <U>Further Assurances</U></B>. Borrower agrees that, at any time and from time to time after the
execution and delivery of this Agreement, it shall, upon request of Lender, execute and deliver such further instruments and documents, including, but not limited to appraisals and </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-23- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">proofs of insurance, and do such further acts and things as Lender may reasonably request in order to fully effect the purposes of this Agreement and to
protect Lender&#146;s interest in the Collateral. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>13. <U>Notices</U></B>. Notices under this Agreement (and, unless specified otherwise
therein, under any instrument, document or other agreements executed in connection herewith) shall be sent, postage prepaid, or otherwise delivered to: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="84%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">BORROWER:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Odyssey Marine Exploration, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">5215 West Laurel Street</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tampa, Florida 33607</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Attn: John C. Morris</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">LENDER:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Mercantile Bank</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">2307 West Kennedy Boulevard</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tampa, FL 33609</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Attn: Wade H. Faircloth</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">or such other addresses as are from time to time furnished in writing by a party hereto. Such notices shall be
deemed received if sent, postage prepaid, by certified or registered mail, three (3)&nbsp;days after the mailing thereof (unless earlier received) and otherwise such notices shall be deemed received upon actual receipt thereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>14. <U>Jurisdiction and Venue</U></B>. In the event that legal action is instituted to enforce or interpret this Agreement or any Loan Document
executed in connection herewith, or to collect the Loan or any other amounts due from Borrower, Borrower, on behalf of itself and its assigns and successors, consents to and by execution of this Agreement submits itself to, the jurisdiction of the
courts of the State of Florida, and, notwithstanding the place of residence of any of them or the place of execution of this Agreement or such other instrument, document or other agreement, any litigation relating to this Agreement and to any other
Loan Document, whether arising in contract or tort, by statute or otherwise, shall be brought in (and, if brought elsewhere, shall be transferred to) a State court of competent jurisdiction in Hillsborough County, Florida. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>15. <U>Attorneys&#146; Fees</U></B>. In the event the Loan or any other amounts due Lender under this Agreement or under any other Loan Document
executed in connection herewith is collected by law or through attorneys at law, or under advice therefrom, Borrower agrees to pay all reasonable costs of collection, including reasonable attorneys&#146; fees, whether or not suit is brought, and
whether incurred in connection with collection, trial, appeal, bankruptcy or other creditors&#146; proceedings or otherwise. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>16.
<U>WAIVER OF JURY TRIAL</U></B>. BORROWER, BY EXECUTING THIS AGREEMENT OR ANY OTHER DOCUMENT CREATING SUCH LIABILITY, WAIVES ITS RIGHTS TO A TRIAL BY JURY IN ANY ACTION, WHETHER ARISING IN </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-24- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">CONTRACT OR TORT, BY STATUTE OR OTHERWISE, IN ANY WAY RELATED TO THIS AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER&#146;S EXTENDING CREDIT
TO BORROWER AND NO WAIVER OR LIMITATION OF LENDER&#146;S RIGHTS UNDER THIS PARAGRAPH SHALL BE EFFECTIVE UNLESS IN WRITING AND MANUALLY SIGNED ON LENDER&#146;S BEHALF. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Borrower acknowledges that the above paragraph has been expressly bargained for by Lender and that, but for Borrower&#146;s agreement thereto, Lender would not extend the Loan to Borrower for the term and interest
rate provided in the Note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>17. <U>Closing</U></B>. The closing of this transaction shall be held upon the fulfillment of all the
conditions and agreements contained herein at the law offices of Foley&nbsp;&amp; Lardner LLP, 100 North Tampa Street, Suite 2700, Tampa, Florida 33602, or at such other place as shall be designated by Lender. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>18. <U>Waiver of Conflicts</U></B>. Each part to this Agreement acknowledges that Fowler White Boggs Banker P.A. (&#147;Fowler White&#148;), counsel
for Borrower, has in the past and may continue to perform legal services for Lender or its affiliates in matters unrelated to the transactions described in this Agreement. Accordingly, each party to this Agreement hereby: (1)&nbsp;acknowledges that
it has had an opportunity to ask for information relevant to this disclosure; (2)&nbsp;acknowledges that Fowler White has represented Borrower in the transactions contemplated by this Agreement and has not represented Lender in connection with such
transactions; and (3)&nbsp;gives its informed consent to Fowler White&#146;s representation of Lender or its affiliates in such unrelated matters and to Fowler White&#146;s representation of Borrower in connection with this Agreement and the
transactions contemplated hereby. The parties further acknowledge that, in the event of any dispute with respect to the transactions contemplated by this Agreement, Fowler White may continue to represent Borrower in such dispute. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">EXHIBITS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;A&#148;
&#151; Draw Request </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;B&#148; &#151; Revolving Credit Note </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;C&#148; &#151; Security Agreement </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">&#147;D&#148; &#151; Description of Collateral </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;E&#148; &#151; Collateral Control Agreement </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;F&#148; &#151; Pension Plans </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">&#147;G&#148; &#151; Subsidiary Guaranty </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;H&#148; &#150; Negative Pledge Agreement </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-25- </FONT></P>


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<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement the day and year first above
written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">WITNESSES:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>ODYSSEY MARINE EXPLORATION, INC.,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="2">a Nevada corporation</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><I>/s/ John C. Morris</I></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">John C. Morris, President</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#147;BORROWER&#148;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>MERCANTILE BANK</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><I>/s/ Wade H. Faircloth</I></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Wade H. Faircloth</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#147;LENDER&#148;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-26- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;A&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;) AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>DRAW REQUEST </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-27- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;B&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>REVOLVING CREDIT NOTE </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-28- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;C&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>SECURITY AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-29- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;D&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>DESCRIPTION OF COLLATERAL </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">1. The numismatic quality gold and silver Coins recovered by Borrower from the shipwreck
known as SS Republic (the &#147;Coins&#148;), as specifically listed on this Exhibit &#147;D,&#148; together with additions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">2. All
accounts, contract rights, documents, chattel paper (including electronic chattel paper), instruments, and general intangibles, and all returned or repossessed goods arising from sales of the Coins (the &#147;Accounts&#148;); </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">3. All proceeds of insurance policies insuring any of the Coins against loss (whether or not the Secured Party is a loss payee or additional insured
thereof) and any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to the Coins; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">4. All
salvage rights of the Borrower with respect to its services in recovering the Coins; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">5. All equipment, fixtures, and inventory (including
all goods held for sale, lease or demonstration or to be furnished under contracts of service, goods leased to others, trade-ins and repossessions, raw materials, work in process and materials or supplies used or consumed in Debtor&#146;s business),
including all spare and repair parts, special tools, equipment and replacements for any of the foregoing, and any software embedded therein or related thereto; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">6. All financial assets, investment property, securities (whether certificated or uncertificated, and including investment company securities), security entitlements, securities accounts, commodity contracts, and
commodity accounts, including all substitutions and additions thereto, and all dividends, distributions and sums distributable or payable from, upon or in respect of such property; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">7. All commercial tort claims; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">8. All
deposit accounts of Debtor maintained by Secured Party; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">9. All letter-of-credit rights; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">10. All supporting obligations that support the payment or performance of any of the foregoing (&#147;Supporting Obligations&#148;); and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">11. All additions and accessions to, all proceeds, products, offspring and profits of, and all rights and privileges incident to, any of the foregoing
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-30- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>SCHEDULE OF COINS </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>(SEE SCHEDULE 1 TO SECURITY AGREEMENT) </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-31- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;E&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>COLLATERAL CONTROL AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-32- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;F&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>PENSION PLANS </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Description of Pension and Welfare Benefit Plans to which Borrower or Guarantor is a party or to which Borrower or
Guarantor makes any employer contributions with respect to employees: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NONE </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-33- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;G&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>SUBSIDIARY GUARANTY </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-34- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;H&#148; ATTACHED TO AND MADE A PART OF THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED APRIL 21, 2005, BY
AND BETWEEN ODYSSEY MARINE EXPLORATION, INC. (&#147;BORROWER&#148;), AND MERCANTILE BANK AND ITS SUCCESSORS OR ASSIGNS (&#147;LENDER&#148;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>NEGATIVE PLEDGE AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-35- </FONT></P>

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