SEC Filings

HORNBECK OFFSHORE SERVICES INC /LA filed this Form 8-K on 08/07/2003
Entire Document

         2.14 CUSTOMERS AND SUPPLIERS. Schedule 2.14 lists the names and
addresses of the customers and suppliers of Seller and the Vessel Owning Company
since January 1, 2002. The relationships of Seller and the Vessel Owning Company
with the customers and suppliers listed in Schedule 2.14 are satisfactory, and
neither Seller, Manager nor Stockholder is aware of any unresolved disputes with
any of such customers or suppliers. Since January 1, 2003, no customer or
supplier has canceled, limited or notified Seller or the Vessel Owning Company
in writing of its intent to cancel, not renew or limit its relationship with
Seller or the Vessel Owning Company for any reason including without limitation
as a result of complaints concerning the Assets.

         2.15 INVENTORIES. All supply inventories are or have been carried, as
applicable, on the books of the Seller or the Vessel Owning Company at the lower
of cost or market. No items of the supply inventory of Seller constituting part
of the Assets are or will be pledged as collateral, except for pledged
inventories that will be released or discharged as of the Closing Time by
Seller's and the Vessel Owning Company's lenders, or are held by Seller or other
parties on consignment from others. Seller is not committed as of the date
hereof, and will not be committed as of the Closing Time, to purchase supply
inventories for the Business or otherwise in amounts greater than are required
in the ordinary course of business. With respect to supply inventories in the
hands of suppliers for which Seller will be committed as of the Closing Time,
such inventories will be usable in the ordinary course of business as presently
being conducted.


         (a) Definitions.

                  (i) Benefit Arrangement shall mean any employment, consulting,
         severance or other similar contract, arrangement or policy, any plan
         through which participants are provided with a choice between cash and
         qualified benefits under Section 125 of the Code and each plan,
         arrangement (written or oral), program, agreement or commitment
         providing for insurance coverage (including without limitation any
         self-insured arrangements), workers' compensation, disability benefits,
         supplemental unemployment benefits, vacation benefits, retirement
         benefits, life, health, disability or accident benefits (including
         without limitation any "voluntary employees' beneficiary association"
         as defined in Section 501(c)(9) of the Code providing for the same or
         other benefits) or for deferred compensation, profit-sharing bonuses,
         stock options, restricted stock, phantom stock, stock appreciation
         rights, stock purchases or other forms of incentive compensation or
         post-retirement insurance, compensation or benefits that (1) is not a
         Welfare Plan, Pension Plan or Multiemployer Plan, (2) is (or was within
         the six-year period ending on the Closing Date) entered into,
         maintained, contributed to or required to be contributed to, as the
         case may be, by Seller, Manager, Stockholder or any ERISA Affiliate,
         and (3) covers any current or former employee, leased employee (within
         the meaning of Section 414(n) of the Code), director or consultant of
         Seller, Manager, Stockholder or any ERISA Affiliate (with respect to
         their relationship with such entities).

                  (ii) COBRA shall mean Section 4980B of the Code and Sections
         601 through 608 of ERISA, as amended, and the Regulations promulgated