Document:

EX-4.1

 

EXHIBIT 4.1

EIGHTH SUPPLEMENTAL INDENTURE

     This Eighth Supplemental Indenture (“Supplemental Indenture”) is dated as of April 14, 2008
and is by and among Alpha Natural Resources, LLC, a Delaware limited liability company, and Alpha
Natural Resources Capital Corp., a Delaware corporation (together, the “Issuers”), the guarantors
named herein (the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (the
“Trustee”).

     WHEREAS, the Issuers have heretofore executed and delivered to the Trustee the Indenture dated
as of May 18, 2004 (as supplemented by the First Supplemental Indenture dated as of February 1,
2005, the Second Supplemental Indenture dated as of March 30, 2005, the Third Supplemental
Indenture dated as of October 26, 2005, the Fourth Supplemental Indenture dated as of January 3,
2006, the Fifth Supplemental Indenture dated as of May 1, 2006, the Sixth Supplemental Indenture
dated as of January 10, 2007 and the Seventh Supplemental Indenture dated as of July 12, 2007, the
“Indenture”) with respect to the 10% Senior Notes due 2012 issued under the Indenture (the
“Affected Securities”); and

     WHEREAS, the Issuers have solicited the consent of the Holders of the Affected Securities to
certain amendments to the Indenture pursuant to that certain Offer to Purchase and Consent
Solicitation Statement for the Affected Securities dated April 1, 2008 (the “Offer to Purchase”);
and

     WHEREAS, the Issuers have received written consents of the Holders of not less than a majority
in aggregate principal amount of the outstanding Affected Securities to the amendments to the
Indenture set forth in this Supplemental Indenture; and

     WHEREAS, all other things necessary in order to execute and deliver this Supplemental
Indenture and effect the amendments set forth herein have been obtained;

     NOW, THEREFORE, in order to amend the terms of the Indenture with respect to the outstanding
Affected Securities, in consideration of the premises, it is mutually agreed by the Issuers, the
Guarantors and the Trustee, for the equal and ratable benefit of all Holders of the Affected
Securities, as follows:

ARTICLE ONE

DEFINITIONS

     Section 1.1 Capitalized Terms. Capitalized terms used herein without definition shall
have the meanings assigned to them in the Indenture.

     Section 1.2 Definition. When used herein, “Tender Offer Completion Event” shall mean
such time as each of the following events shall have occurred: the Issuers shall have (a) accepted
for payment all Affected Securities validly tendered and not validly withdrawn in accordance with
the terms and conditions set forth in the Offer to Purchase and the related Letter of Transmittal
and Consent dated April 1, 2008 and (b) paid to the depositary (as specified in the Offer to
Purchase) a sum sufficient to satisfy the Issuers’ obligation to pay to each Holder of the Affected
Securities that has tendered its Affected Securities pursuant to the tender offer the total
consideration, or to the extent applicable, the total consideration less the applicable consent
payment, for any Affected Securities accepted pursuant to the tender offer.

 

 

ARTICLE TWO

AMENDMENTS TO INDENTURE

     Section 2.1 Deleted Definitions. Upon the occurrence of the Tender Offer Completion
Event, Section 1.01 of the Indenture shall, without further action by any party hereto, be amended
by deleting the definition of each term that is used in the Indenture only in the Sections or
Subsections thereof that are deleted or revised (if such terms are no longer used in the Indenture
as a result of such revisions) pursuant to Section 2.2 hereof.

     Section 2.2 Amended Provisions. Upon the occurrence of the Tender Offer Completion
Event, the text of each of the following Sections or Subsections of the Indenture shall, without
further action by any party hereto, be amended as follows:

     (a) Offer to Purchase by Application of Excess Proceeds. The text of Section 3.09
(other than the Section numbering and caption) shall be deleted in its entirety and replaced with
the words “[Intentionally Omitted]”.

     (b) Maintenance of Office or Agency. The text of Section 4.02 (other than the Section
numbering and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (c) Reports. Section 4.03 of the Indenture shall be amended to state, in its
entirety, the following:

     “Section 4.03. Reports.

     The Issuers and the Guarantors shall comply with Section 314(a) of the TIA. For so long as any
Notes remain outstanding, if at any time the Issuers are no longer subject to the periodic
reporting requirements of the Exchange Act, the Issuers and the Guarantors will furnish to the
Holders and to securities analysts and prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.”

     (d) Compliance Certificates. Section 4.04 of the Indenture shall be amended to state,
in its entirety, the following:

     “Section 4.04. Compliance Certificate.

     The Issuers and the Guarantors shall deliver to the Trustee, within 90 days after the end of
each fiscal year, an Officers’ Certificate in accordance with Section 314(a)(4) of the TIA.”

     (e) Taxes. The text of Section 4.05 (other than the Section numbering and caption)
shall be deleted in its entirety and replaced with the words “[Intentionally Omitted]”.

     (f) Stay, Extension and Usury Laws. The text of Section 4.06 (other than the Section
numbering and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (g) Restricted Payments. The text of Section 4.07 (other than the Section numbering
and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

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     (h) Dividend and Other Payment Restrictions Affecting Subsidiaries. The text of
Section 4.08 (other than the Section numbering and caption) shall be deleted in its entirety and
replaced with the words “[Intentionally Omitted]”.

     (i) Incurrence of Indebtedness and Issuance of Preferred Equity. The text of Section
4.09 (other than the Section numbering and caption) shall be deleted in its entirety and replaced
with the words “[Intentionally Omitted]”.

     (j) Asset Sales. The text of Section 4.10 (other than the Section numbering and
caption) shall be deleted in its entirety and replaced with the words “[Intentionally Omitted]”.

     (k) Transactions with Affiliates. The text of Section 4.11 (other than the Section
numbering and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (l) Liens. The text of Section 4.12 (other than the Section numbering and caption)
shall be deleted in its entirety and replaced with the words “[Intentionally Omitted]”.

     (m) Business Activities. The text of Section 4.13 (other than the Section numbering
and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (n) Corporate Existence. The text of Section 4.14 (other than the Section numbering
and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (o) Offer to Repurchase Upon Change of Control. The text of Section 4.15 (other than
the Section numbering and caption) shall be deleted in its entirety and replaced with the words
“[Intentionally Omitted]”.

     (p) Limitation on Sale Leaseback Transactions. The text of Section 4.16 (other than
the Section numbering and caption) shall be deleted in its entirety and replaced with the words
“[Intentionally Omitted]”.

     (q) Payments for Consent. The text of Section 4.17 (other than the Section numbering
and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (r) Additional Note Guarantees. The text of Section 4.18 (other than the Section
numbering and caption) shall be deleted in its entirety and replaced with the words “[Intentionally
Omitted]”.

     (s) Restriction on Activities of Alpha Capital. The text of Section 4.20 (other than
the Section numbering and caption) shall be deleted in its entirety and replaced with the words
“[Intentionally Omitted]”.

     (t) Merger, Consolidation or Sale of Assets. Section 5.01 of the Indenture shall be
amended to state, in its entirety, the following:

     “Section 5.01. Merger, Consolidation or Sale of Assets.

     Neither of the Issuers shall, directly or indirectly: (i) consolidate or merge with or into
another Person (whether or not the Company is the surviving corporation); or (ii) sell, assign,

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transfer, convey or otherwise dispose of all or substantially all of the properties or assets
of the Company and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless:

     (1) either:

     (A) the Company or Alpha Capital is the surviving entity; or

     (B) the Person formed by or surviving any such consolidation or merger (if
other than the Company or Alpha Capital) or to which such sale, assignment,
transfer, conveyance or other disposition has been made is a corporation organized
or existing under the laws of the United States, any state of the United States or
the District of Columbia;

     (2) the Person formed by or surviving any such consolidation or merger (if other than
the Company or Alpha Capital) or the Person to which such sale, assignment, transfer,
conveyance or other disposition has been made assumes all the obligations of such Issuer
under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements
reasonably satisfactory to the Trustee;

     (3) immediately after such transaction, no Default or Event of Default exists; and

     (4) [Intentionally Omitted].

     In addition, the Company will not, directly or indirectly, lease all or substantially all of
the properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more
related transactions, to any other Person. This Section 5.01 will not apply to:

     (1) a merger of the Company or Alpha Capital with an Affiliate solely for the purpose
of reincorporating the Company or Alpha Capital in another jurisdiction; or

     (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease
or other disposition of assets between or among the Company and its Restricted Subsidiaries;
or

     (3) a merger so that the Company may become a “C corporation.””

     (u) Successor Corporation Substituted.  Section 5.02 of the Indenture shall be amended
to state, in its entirety, the following:

     “Section 5.02. Successor Corporation Substituted.

     Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the properties or assets of the Company or Alpha
Capital, the predecessor Company and Alpha Capital shall be relieved from all obligations to pay
the principal of and interest and Additional Interest, if any, on the Notes and the successor
Person formed by such consolidation or into or with which the Company or Alpha Capital is merged or
to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall
succeed to, and be substituted for (so that from and after the date of such consolidation, merger,
sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this
Indenture referring

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to the “Company” or Alpha Capital shall refer instead to the successor Person and not
to the Company or Alpha Capital, as the case may be), and may exercise every right and power of the
Company or Alpha Capital, as the case may be, under this Indenture with the same effect as if such
successor Person had been named as the Company or Alpha Capital herein.”

     (v) Section 6.01 of the Indenture shall be amended to state, in its entirety, the following:

     “Section 6.01. Events of Default.

     Each of the following is an “Event of Default”:

     (1) default for 30 days in the payment when due of interest on, or Additional Interest,
if any, with respect to, the Notes;

     (2) default in the payment when due (at maturity, upon redemption or otherwise) of the
principal of, or premium, if any, on, the Notes;

     (3) [Intentionally Omitted];

     (4) [Intentionally Omitted];

     (5) [Intentionally Omitted];

     (6) [Intentionally Omitted];

     (7) [Intentionally Omitted];

     (8) [Intentionally Omitted]; and

     (9) [Intentionally Omitted].”

     (w) Section 8.04 of the Indenture shall be amended to state, in its entirety, the following:

     “Section 8.04. Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance under either Section
8.02 or 8.03 hereof:

     (1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm, or firm of independent public accountants, to pay the
principal of, premium and Additional Interest, if any, and interest on, the outstanding
Notes on the stated date for payment thereof or on the applicable redemption date, as the
case may be, and the Issuers must specify whether the Notes are being defeased to such
stated date for payment or to a particular redemption date;

     (2) in the case of an election under Section 8.02 hereof, the Issuers must deliver to
the Trustee an Opinion of Counsel confirming that:

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     (A) the Issuers have received from, or there has been published by, the
Internal Revenue Service a ruling; or

     (B) since the date of this Indenture, there has been a change in the applicable
federal income tax law,

     in either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance
and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not
occurred;

     (3) in the case of an election under Section 8.03 hereof, the Issuers must deliver to
the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will
not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

     (4) [Intentionally Omitted];

     (5) [Intentionally Omitted];

     (6) [Intentionally Omitted]; and

the Issuers must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent relating to the Legal Defeasance or the Covenant
Defeasance have been complied with.”

     (x) Reinstatement. The text of Section 8.07 (other than the Section numbering and
caption) shall be deleted in its entirety and replaced with the words “[Intentionally Omitted]”.

MISCELLANEOUS

     Section 3.1 Execution as Supplemental Indenture. This Supplemental Indenture is
executed and shall be construed as an indenture supplemental to the Indenture and, as provided in
the Indenture, this Supplemental Indenture forms a part thereof.

     Section 3.2 Ratification and Incorporation of Indenture. As supplemented hereby, the
Indenture is in all respects ratified and confirmed, and the Indenture and this Supplemental
Indenture shall be read, taken and construed as one and the same instrument.

     Section 3.3 Recitals by the Issuers. The recitals in this Supplemental Indenture are
made by the Issuers only and not by the Trustee, and all of the provisions contained in the
Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall
be in respect of the Affected Securities and of this Supplemental Indenture as fully and with like
effect as if set forth herein in full.

6

 

     Section 3.4 Executed in Counterparts. This Supplemental Indenture may be executed in
several counterparts, each of which shall be deemed to be an original, and such counterparts shall
together constitute but one and the same instrument.

     Section 3.5 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW
PRINCIPLES THEREOF.

     Section 3.6 Trust Indenture Act to Control. If and to the extent that any provision
of this Supplemental Indenture limits, qualifies, or conflicts with another provision included in
the Indenture or in this Supplemental Indenture which is required to be included in or is or is
deemed to be applicable to this Supplemental Indenture by any of Sections 310 to 317, inclusive, of
the Trust Indenture Act of 1939, as amended, such required or other applicable provision shall
control.

     Section 3.7 Severability. In case any provision of this Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions hereof or of the Indenture shall not in any way be affected or impaired thereby.

7

 

IN WITNESS WHEREOF, each party hereto has caused this Supplemental Indenture to be duly executed as
of the date first written above.

	 	 	 	 	 
	 	CO-ISSUERS:

ALPHA NATURAL RESOURCES, LLC

ALPHA NATURAL RESOURCES CAPITAL CORP.

 	 
	 	By:  	/s/ Vaughn R. Groves
 	 
	 	 	Vaughn R. Groves, Vice President 	 
	 
	 	PARENT GUARANTOR:

ALPHA NATURAL RESOURCES, INC.

 	 
	 	By:  	/s/ Vaughn R. Groves
 	 
	 	 	Vaughn R. Groves, Vice President 	 
	 	 	 	 
	 	EXISTING GUARANTORS:

ALPHA COAL SALES CO., LLC

ALPHA NATURAL RESOURCES SERVICES, LLC

ALPHA TERMINAL COMPANY, LLC

AMFIRE, LLC

AMFIRE HOLDINGS, INC.

AMFIRE MINING COMPANY, LLC

BLACK DOG COAL CORP.

BROOKS RUN MINING COMPANY, LLC

BUCHANAN ENERGY COMPANY, LLC

CALLAWAY NATURAL RESOURCES, INC.

CALLAWAY LAND AND RESERVES, LLC

COBRA NATURAL RESOURCES, LLC

DICKENSON-RUSSELL COAL COMPANY, LLC

DICKENSON-RUSSELL LAND AND RESERVES, LLC

ENTERPRISE LAND AND RESERVES, INC.

ENTERPRISE MINING COMPANY, LLC

ESPERANZA COAL CO., LLC

HERNDON PROCESSING COMPANY, LLC

KEPLER PROCESSING COMPANY, LLC

KINGWOOD MINING COMPANY, LLC

LITWAR PROCESSING COMPANY, LLC

MAXXIM REBUILD CO., LLC

MAXXIM SHARED SERVICES, LLC

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MAXXUM CARBON RESOURCES, LLC

MCDOWELL-WYOMING COAL COMPANY, LLC

NICEWONDER CONTRACTING, INC.

PALLADIAN HOLDINGS, LLC

PALLADIAN LIME, LLC

PARAMONT COAL COMPANY VIRGINIA, LLC

POWERS SHOP, LLC

PREMIUM ENERGY, LLC

RIVERSIDE ENERGY COMPANY, LLC

SOLOMONS MINING COMPANY

TWIN STAR MINING, INC.

VIRGINIA ENERGY COMPANY, LLC

WHITE FLAME ENERGY, INC.]

 	 
	 	By:  	/s/ Vaughn R. Groves
 	 
	 	 	Vaughn R. Groves, Vice President 	 
	 	 	 	 
	 	ALPHA LAND AND RESERVES, LLC

 	 
	 	By:  	/s/ Vaughn R. Groves
 	 
	 	 	Vaughn R. Groves, President 	 
	 	 	 	 
	 	AMFIRE WV, L.P.

 	 
	 	By:  	AMFIRE Holdings, Inc.
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Vaughn R. Groves
 	 
	 	 	Vaughn R. Groves, Vice President 	 
	 	 	 	 
	 	TRUSTEE:

WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Joseph O’Donnell
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

9exv4w2

 

Exhibit 4.2

FIFTH AMENDMENT TO CREDIT AGREEMENT AND CONSENT

     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT AND CONSENT (this “Amendment”) is made and
entered into as of April 4, 2008 among SUPERIOR OFFSHORE INTERNATIONAL, INC., a Delaware
corporation as successor by merger to Superior Offshore International, L.L.C. (“Borrower”),
JPMORGAN CHASE BANK, N.A., for itself, as Lender and as Administrative Agent for the Lenders (in
such capacity, the “Agent”).

     WHEREAS, the Borrower, the Agent and the Lenders are parties to that certain Credit Agreement,
dated as of February 27, 2007, as amended by that certain First Amendment to Credit Agreement,
dated as of June 19, 2007, as further amended by that certain Second Amendment to Credit Agreement,
dated as of August 14, 2007, as further amended by that certain Third Amendment to Credit
Agreement, dated as of August 24, 2007, and as further amended by that certain Waiver and Fourth
Amendment to Credit Agreement dated as of November 14, 2007 (as the same may hereafter be further
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”):

     WHEREAS, the Borrower has requested that the Agent and the Lenders (i) consent to the sale of
the vessel commonly known as Gulf Diver V and certain equipment located thereon, as more
particularly described on Exhibit A attached hereto (such vessel and equipment collectively
referred to hereinafter as “Gulf Diver V”), (ii) consent to the sale of the vessel commonly
known as Gulf Diver IV, as more particularly described on Exhibit A attached hereto
(“Gulf Diver IV”), (iii) consent to the sale of the Kobelco CK 1600-2 Crane located at the
Fabrication Facility in Amelia, Louisiana (“Fabrication Crane”), (iv) in connection with
such sales, release its Lien on Gulf Diver V, Gulf Diver IV, and the Fabrication Crane and (v)
amend the Credit Agreement for certain purposes as provided herein, and the Agent and the Lenders
have agreed to do so on and subject to the terms and conditions set forth herein.

     WHEREAS, the Borrower has informed the Agent and the Lenders that on May 8, 2008 (the
“Commitment Termination Date”), it intends to (i) terminate the Commitments under the
Credit Agreement, (ii) repay all outstanding Loans and other Obligations, and (iii) continue to
secure the letters of credit listed on Exhibit B attached hereto (the “Existing Letters
of Credit”) pursuant to and in accordance with the terms and conditions of the Collateral
Account Agreement (defined below).

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

Definitions

     Section 1.01 Definitions. Capitalized terms used in this Amendment, to the extent
not otherwise defined herein, shall have the same meaning as in the Credit Agreement, as amended
hereby.

Fifth Amendment to Credit Agreement

Page 1

 

ARTICLE II

Amendments

     Section 2.01 Amendment to Article I. Effective as of the Effective Date (as defined
below), the following definitions found in Article I of the Credit Agreement are each hereby
amended and restated in their entirety to read as follows:

     “L/C Sublimit” means, (a) for the period from and
including April 10, 2008 to but excluding May 8, 2008, $11,993,000
and (b) for any date thereafter, $0.00.

     “Revolving Commitment” means, with respect to each
Lender, the commitment, if any, of such Lender to make Revolving
Loans, and to acquire participations in Letters of Credit,
Overadvances and Swingline Loans hereunder, expressed as an amount
representing the maximum possible aggregate amount of such Lender’s
Revolving Exposure hereunder, as such commitment may be reduced or
increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04 or as expressly set forth below and
in the Commitment Schedule. The initial amount of each Lender’s
Revolving Commitment is set forth on the Commitment Schedule, or in
the Assignment and Assumption pursuant to which such Lender shall
have assumed its Revolving Commitment, as applicable. The initial
aggregate amount of the Lenders’ Revolving Commitment is
$16,993,000. Notwithstanding anything to the contrary contained
herein, (a) each Lender’s Revolving Commitment shall automatically
reduce on each date the Revolving Loan Sublimit reduces by an amount
equal to its Applicable Percentage with respect to Revolving Loans
of the relevant reduction in the Revolving Loan Sublimit, as set
forth in the Commitment Schedule and (b) on May 8, 2008, each
Lender’s Revolving Commitment shall be $0.00.

     “Revolving Loan Sublimit” means (a) for the period from
and including April 10, 2008 to but excluding April 17, 2008,
$5,000,000, (b) for the period from and including April 17, 2008 to
but excluding April 24, 2008, $3,750,000, (c) for the period from
and including April 24, 2008 to but excluding May 1, 2008,
$2,500,000, (d) for the period from and including May 1, 2008 to but
excluding May 8, 2008, $1,250,000, and (e) for any date thereafter,
$0.00.

     Section 2.02 Schedules. Effective as of the Effective Date, the Commitment Schedule
is hereby amended and restated in its entirety with the Commitment Schedule attached hereto as
Exhibit C.

Fifth Amendment to Credit Agreement

Page 2

 

ARTICLE III

Events of Default

     Section 3.01 Acknowledgment of Events of Default. The Borrower hereby acknowledges,
confirms and agrees that (a)(i) for the fiscal quarter ended December 31, 2007, Borrower failed to
comply with the Fixed Charge Coverage Ratio and the Consolidated Leverage Ratio financial covenants
contained in Section 6.17 of the Credit Agreement, (ii) for the fiscal year ended December 31,
2007, the Borrower failed to comply with the annual financial statement and related accountant’s
certificate delivery requirements and the Projection delivery requirements contained in Sections
5.01(a), (d), and (e) of the Credit Agreement, (iii) for the fiscal months ended January 31, 2008
and February 29, 2008, the Borrower failed to comply with the monthly financial statement and
related Financial Officer’s certificate delivery requirements contained in Sections 5.01(b) and (c)
of the Credit Agreement, (iv) contrary to the representation and warranty contained in Section
3.04(b) of the Credit Agreement, since December 31, 2005, events, changes and/or conditions have
occurred that may have had, or could reasonably be expected to have, a Material Adverse Effect on
the financial condition of the Borrower, and (v) such covenant violations and any failure of such
representation to be true and correct in all material respects constitute Events of Default
pursuant to Article VII of the Credit Agreement (collectively, the “Specified Defaults”)
and (b) due to the Specified Defaults, the Agent and the Lenders have no obligation under the
Credit Agreement to make additional Borrowings or any other extensions of credit and any additional
Borrowings or other extensions of credit shall be made at the option and in the sole discretion of
the Agent and the Lenders.

     Section 3.02 Reservation of Rights; No Waiver. (a) Notwithstanding their execution
and delivery of this Amendment, the Agent and the Lenders hereby expressly reserve all rights,
powers and remedies available to it under the Credit Agreement, the other Loan Documents or at law
or in equity, any or all of which may be exercised by the Agent and the Lenders at their discretion
at any time or times, without any notice. Such rights, powers and remedies shall be available to
the Agent and the Lenders with respect to the Specified Defaults and any other Default or Event of
Default that is now in existence or that may hereafter occur.

(b) No failure by the Agent or the Lenders to exercise any right or remedy now or hereafter
available to it under the Credit Agreement or any Loan Document, applicable law or otherwise, and
no course of dealing between the Agent and the Lenders, on the one hand, and the Borrower, on the
other hand, shall be deemed or constitute (i) a waiver of, or consent by, the Agent or the Lenders
to the Specified Defaults or any other Default or Event of Default that may exist or hereafter
occur under the Credit Agreement or any of the other Loan Documents, (ii) a waiver by the Agent or
the Lenders of any of the Borrower’s obligations under the Credit Agreement or the other Loan
Documents, or (iii) a waiver by the Agent or the Lenders of any rights, remedies, offsets, claims,
or other causes of action that the Agent or the Lenders may have against the Borrower under the
Credit Agreement or the other Loan Documents, all of which rights, remedies, offsets, claims, or
other causes of action are hereby expressly reserved by the Agent and the Lender. As provided in
the Credit Agreement and the other Loan Documents, no single or partial exercise by the Lender of
any right or remedy shall preclude any other or future exercise thereof or the exercise of any
other right or remedy.

Fifth Amendment to Credit Agreement

Page 3

 

ARTICLE IV

Consent

     Section 4.01 Consent. The Agent and the Lenders hereby consent to (a) the sale of
Gulf Diver V to Legacy Offshore, L.L.C., an Affiliate of the Borrower; provided that, (i)
the Borrower provides to the Agent and each Lender a true and correct executed copy of the purchase
agreement governing the sale of Gulf Diver V (the “Gulf Diver V Purchase Agreement”) and
any other documents executed in connection with the Gulf Diver V Purchase Agreement, (ii) the terms
and conditions of the Gulf Diver V Purchase Agreement are substantially similar to the draft of
such agreement provided by the Borrower to the Agent, (iii) the sale of Gulf Diver V is consummated
in accordance with the terms and conditions of the Gulf Diver V Purchase Agreement without waiver
or amendment of any material term or condition thereof, (iv) the sale of Gulf Diver V is
consummated on or before April 11, 2008, (v) the aggregate Net Proceeds received by the Borrower
from the sale of Gulf Diver V are not less than $4,000,000 and on the date any portion of such Net
Proceeds are received, the Borrower prepays the Obligations as set forth in Section 2.11(e)
of the Credit Agreement in an aggregate amount equal to 100% of such Net Proceeds, and (vi) each of
the conditions precedent to this Amendment set forth in Article V have been satisfied or waived in
writing, (b) the sale of the Gulf Diver IV; provided that, (i) the Borrower provides to the
Agent and each Lender a true and correct executed copy of the purchase agreement governing the sale
of Gulf Diver IV (the “Gulf Diver IV Purchase Agreement”) and any other documents executed
in connection with the Gulf Diver IV Purchase Agreement, (ii) the aggregate Net Proceeds received
by the Borrower from the sale of Gulf Diver IV are not less than $100,000 and on the date any
portion of such Net Proceeds are received, the Borrower prepays the Obligations as set forth in
Section 2.11(e) of the Credit Agreement in an aggregate amount equal to 100% of such Net
Proceeds, and (iii) each of the conditions precedent to this Amendment set forth in Article V have
been satisfied or waived in writing, and (c) the sale of the Fabrication Crane; provided
that, (i) the sale of the Fabrication Crane is consummated on or before April 11, 2008, (ii) the
aggregate Net Proceeds received by the Borrower from the sale of the Fabrication Crane are not less
than $820,000 and on the date any portion of such Net Proceeds are received, the Borrower prepays
the Obligations as set forth in Section 2.11(e) of the Credit Agreement in an aggregate
amount equal to 100% of such Net Proceeds and (iii) each of the conditions precedent to this
Amendment set forth in Article V have been satisfied or waived in writing.

     Section 4.02 Limitations on Consent. To induce the Agent and the Lenders to agree to
the terms of Section 4.01, the Borrower hereby agrees that the consents set forth herein shall not
be deemed a consent to the departure from or waiver of (a) Section 6.05 of the Credit Agreement for
any purpose other than to permit the sale of Gulf Diver V, Gulf Diver IV and the Fabrication Crane
on the terms set forth in this Amendment, (b) any other provisions, covenants or conditions in the
Credit Agreement or any other Loan Document, or (c) any Default or Event of Default that otherwise
may arise as a result of the sale of Gulf Diver V, Gulf Diver IV or the Fabrication Crane. The
failure to comply with Section 6.05 of the Credit Agreement with respect to any other Asset Sale
restricted thereby shall constitute an Event of Default.

     Section 4.03 Release of Lien. The Agent and the Lenders agree that upon the
satisfaction of each of the conditions set forth in Section 4.01 with respect to the sale of each
of Gulf Diver V, Gulf Diver IV and the Fabrication Crane, as applicable, the Agent shall promptly
deliver to Borrower, or their designee, such documents as Borrower may reasonably require to

Fifth Amendment to Credit Agreement

Page 4

 

evidence the release of the Lien of the Agent, for the benefit of the Lenders, in Gulf Diver
V, Gulf Diver IV and the Fabrication Crane, as applicable, including, without limitation, Uniform
Commercial Code amendments, Uniform Commercial Code partial releases and partial releases of Vessel
Mortgages.

ARTICLE V

Conditions Precedent

     Section 5.01 Conditions. This Amendment shall become effective only upon the
satisfaction in full, in a manner satisfactory to the Agent, of the following conditions precedent
(the first date upon which all such conditions have been satisfied being herein called the
(“Effective Date”).

     (a) Agent shall have received all of the following documents, each
document (unless otherwise indicated) being dated the date hereof, duly
authorized, executed and delivered by the parties thereto, and in form and
substance reasonably satisfactory to the Agent and the Lenders:

     (i) this Amendment;

     (ii) that certain Collateral Account Agreement made by
the Borrower in favor of the Agent in substantially the form
attached hereto as Exhibit D (the “Collateral
Account Agreement”); and

     (iii) such additional documents, instruments and
information as the Agent or the Lenders or their legal
counsel may reasonably request.

     (b) The representations and warranties contained in the Credit
Agreement and/or in the other Loan Documents in each case, as Modified
hereby (herein defined) and as contained herein shall be true and correct in
all material respects as of the Effective Date as if made on such date,
except to the extent such representations and warranties (i) relate to the
Specified Defaults or any matter with respect to which written notice has
been given to the Agent and/or the Lenders by the Borrower pursuant to and
in accordance with the Credit Agreement or (ii) which by their terms
expressly speak as of an earlier date;

     (c) Borrower shall be in full compliance with the terms of the
Collateral Account Agreement and shall have deposited, or caused to be
deposited, into the Collateral Account (as defined in the Collateral Account
Agreement) an additional amount equal to $624,798.96 so that the total
amount deposited in the Collateral Account is not less than $12,756,508.52.

     (d) All corporate proceedings taken in connection with the transactions
contemplated by this Amendment and all documents,

Fifth Amendment to Credit Agreement

Page 5

 

instruments and other legal matters incident thereto shall be
reasonably satisfactory to the Agent, the Lenders and their legal counsel;
and

     (e) Except for the Specified Defaults, no Default or Event of Default
shall have occurred or be continuing or shall result from the effectiveness
of this Amendment.

     Section 5.02 The term “Modified” as used herein shall mean and include expressly
amended or modified, as the case may be, and shall include correlative meanings thereof; provided
however, for the avoidance of doubt, the term “Modified” shall not include any waivers that are
subsequently terminated and no longer of any force and effect pursuant to the terms hereof.

ARTICLE VI

Termination of Commitments, Release and Existing Letters of Credit

     Section 6.01 Termination of Commitments. Notwithstanding anything to the contrary
contained herein or in the Credit Agreement or any other Loan Document, the Borrower, the Lenders
and the Agent hereby acknowledge, agree and confirm that on the Commitment Termination Date, the
Commitments of each of the Lenders under the Credit Agreement shall automatically terminate and the
principal of all outstanding Loans, together with accrued and unpaid interest thereon, and all
accrued and unpaid fees, expenses, reimbursements, indemnities and other obligations of the
Borrower arising under the Credit Agreement and any other Loan Document (collectively, the
“Outstanding Obligations”) shall become due and payable immediately without presentment,
demand, protest, or other notice of any kind, all of which are waived by the Borrower. The Agent
shall notify the Borrower one (1) Business Day prior to the Commitment Termination Date of the
total cash amount of the Outstanding Obligations (the “Payoff Amount”) due and payable on
the Commitment Termination Date and a per diem accrual that should be added to the Payoff Amount
for each day (commencing at 12:00 p.m. (Dallas, Texas time) on the Commitment Termination Date) if
such Payoff Amount is not received by the Agent by 12:00 p.m. (Dallas, Texas time) on the
Commitment Termination Date.

     Section 6.02 Release of Liens and Security Interests. Notwithstanding the fact that
the Existing Letters of Credit will remain outstanding and be governed by the Collateral Account
Agreement, upon receipt by the Agent of the Payoff Amount, which Payoff Amount shall be delivered
to the Agent by wire transfer of immediately available funds in accordance with the wiring
instructions set forth on Exhibit E attached hereto, and subject to the terms set forth in
Section 6.03, (a) the Credit Agreement and the other Loan Documents (other than the Collateral
Account Agreement) shall terminate (other than any provisions which by their terms expressly
survive the termination of the Loan Documents), (b) the liens and security interests granted
pursuant to the Credit Agreement and the other Loan Documents (other than any liens and security
interests granted by the Borrower pursuant to the Collateral Account Agreement) shall be deemed to
have been automatically released and terminated as of the date of receipt of the Payoff Amount, (c)
all Obligations (other than any obligations of the Borrower under the Collateral Account Agreement)
shall be deemed paid in full, released and discharged (other than any provisions which by their
terms expressly survive the termination of the Loan Documents),

Fifth Amendment to Credit Agreement

Page 6

 

all without any further action being required to effectuate the foregoing, (d) the Borrower
(or its designee) shall thereupon be authorized to (i) file Uniform Commercial Code termination
statements in order to evidence the termination of the liens and security interests granted
pursuant to the Credit Agreement and the other Loan Documents (other than any liens and security
interests granted by the Borrower pursuant to the Collateral Account Agreement), and (ii) terminate
Collateral Access Agreements and insurance endorsements obtained in accordance with the Loan
Documents, (e) the Agent will, at the Borrower’s expense, execute and deliver such lien releases
and other documents as the Borrower may reasonably request in order to evidence the termination of
the liens and security interests granted pursuant to the Credit Agreement and the other Loan
Documents (other than any liens and security interests granted by the Borrower pursuant to the
Collateral Account Agreement), and (f) the Agent will promptly deliver any Collateral (other than
the Collateral (as defined in the Collateral Account Agreement) provided to the Agent pursuant to
the Collateral Account Agreement) in its possession to the Borrower or such party as the Borrower
may direct in writing. If, for any reason, any of the Payoff Amount or any other amounts applied
by the Agent to the payment of the Obligations is voided or rescinded or must otherwise be returned
by the Agent or any Lender as a result of Borrower’s insolvency, bankruptcy, or otherwise required
by applicable law, the Borrower acknowledges and agrees that their obligations and liabilities
under the Credit Agreement shall be reinstated to that extent.

     Section 6.03 Existing Letters of Credit. The Borrower hereby acknowledges, agrees and
confirms that upon the Commitment Termination Date and after receipt by the Agent of the Payoff
Amount in accordance with Section 6.02, (i) the Collateral Account Agreement shall continue to be
in full force and effect in accordance with its respective terms and shall govern the Existing
Letters of Credit and (ii) the liens and security interests granted pursuant to the Collateral
Account Agreement shall continue to secure the payment and performance of all of the Borrower’s
obligations under the Collateral Account Agreement (including, without limitation, any
reimbursement obligations, fees and expenses in respect of any Existing Letters of Credit). For
the avoidance of doubt, each party hereto acknowledges that (x) the Collateral Account Agreement is
not a Loan Document under and as defined in the Credit Agreement, (y) the Collateral Account (as
defined in the Collateral Account Agreement) and the funds deposited therein are not part of the
Collateral and (z) the Collateral Account Agreement, the Collateral Account (as defined in the
Collateral Account Agreement) and the funds deposited therein are not subject to the terminations
and other releases set forth in this Article VI and shall continue to govern and secure,
respectively, the Existing Letters of Credit.

ARTICLE VII

Ratifications, Representations and Warranties

     Section 7.01 Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and except as Modified and superseded by this Amendment, the terms and provisions of the Credit
Agreement are each ratified and confirmed and shall continue in full force and effect.
Additionally, the Borrower hereby ratifies and confirms its agreements under the Credit Agreement
and the other Loan Documents, in each case as Modified hereby, as of the Effective Date. The
Borrower hereby agrees that all Liens and security interests securing payment of the Obligations
are hereby collectively renewed, ratified and brought forward as security for the

Fifth Amendment to Credit Agreement

Page 7

 

payment and performance of the Obligations, as the same may have been Modified by this
Amendment and the documents executed in connection herewith, in each case, as of the Effective Date.

     Section 7.02 Representations and Warranties. The Borrower hereby represents and
warrants to the Agent and the Lenders as of the date hereof and the Effective Date that (i) the
execution, delivery and performance of this Amendment and any and all other Loan Documents executed
and/or delivered in connection herewith have been authorized by all requisite corporate action on
the part of the Borrower and will not violate the certificate/articles of incorporation or other
analogous formation documents of the Borrower (ii) the representations and warranties contained in
the Credit Agreement, and any other Loan Document, in each case as Modified hereby, are true and
correct in all material respects on and as of the date hereof and as of the Effective Date as
though made on and as of such date, except to the extent any such representations and warranties
(A) relate to the Specified Defaults or any matter with respect to which written notice has been
provided by the Borrower pursuant to and in accordance with the Credit Agreement or (B) which by
their terms expressly speak as of an earlier date, (iii) except for the Specified Defaults, no
Default or Event of Default has occurred and is continuing under the Credit Agreement or the Loan
Documents, each as Modified hereby, (iv) the Borrower has not amended its certificate/articles of
incorporation or other analogous formation document or bylaws or other analogous charter or
organizational documents after April 18, 2007.

ARTICLE VIII

Miscellaneous

     Section 8.01 Survival of Representations and Warranties. All representations and
warranties made in the Credit Agreement or any other document or documents relating thereto,
including, without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, in each case, as
Modified hereby, and no investigation by the Agent or any Lender or any closing shall affect the
representations and warranties or the right of the Agent or the Lenders to rely upon them.

     Section 8.02 Reference to Credit Agreement; Obligations. Each of the Loan Documents,
including the Credit Agreement and any and all other agreements, documents or instruments now or
hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement, are hereby amended so that any reference in such Loan Documents to the Credit
Agreement or any other Loan Documents shall mean a reference to the Credit Agreement or such other
Loan Document, in each case as Modified hereby. Borrower acknowledges and agrees that its
obligations under this Amendment and the Credit Agreement, as amended hereby, constitute
“Obligations” as defined in the Credit Agreement and as used in the Loan Documents.

     Section 8.03 Expenses. As provided in the Credit Agreement, the Borrower agrees to
pay on demand all reasonable costs and expenses incurred by the Agent in connection with the
preparation, negotiation and execution of this Amendment and the other Loan Documents executed
pursuant hereto and any and all amendments, modifications, and supplements thereto, including,
without limitation, the reasonable costs and fees of the Agent’s legal counsel, and all

Fifth Amendment to Credit Agreement

Page 8

 

reasonable costs and expenses incurred by the Agent in connection with the enforcement or
preservation of any rights under the Credit Agreement or any other Loan Document, in each case as
Modified hereby.

     Section 8.04 Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable. Furthermore, in lieu of each such invalid or unenforceable provision there shall
be added automatically as a part of this Amendment a valid and enforceable provision that comes
closest to expressing the intention of such invalid unenforceable provision.

     Section 8.05 APPLICABLE LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE
LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED, AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS)
OF THE STATE OF TEXAS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 8.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of the Agent, the Lenders, the Borrower and their respective successors and assigns,
except that the Borrower may not assign or transfer any of its rights or obligations hereunder
without the prior written consent of each Lender.

     Section 8.07 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

     Section 8.08 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

     Section 8.09 Release. THE BORROWER ACKNOWLEDGES THAT, BASED ON THE FACTS AND
CIRCUMSTANCES KNOWN TO THE BORROWER AS OF THE DATE HEREOF, IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET,
CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER RESULTING FROM THE CREDIT
AGREEMENT, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE
ALL OR ANY PART OF ITS LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR
DAMAGES OF ANY KIND OR NATURE FROM THE AGENT OR THE LENDERS. THE BORROWER HEREBY VOLUNTARILY AND
KNOWINGLY RELEASES AND FOREVER DISCHARGES THE AGENT AND THE LENDERS, THEIR RESPECTIVE PREDECESSORS,
OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, IN EACH CASE, TO
THE EXTENT (A) KNOWN, ANTICIPATED OR SUSPECTED BY BORROWER AS OF THE DATE HEREOF AND (B) RESULTING
FROM

Fifth Amendment to Credit Agreement

Page 9

 

THE CREDIT AGREEMENT, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, WHETHER FIXED, CONTINGENT,
OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW HAVE AGAINST THE AGENT AND ANY LENDER, THEIR
PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, IF ANY, AND
IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR
REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS, INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE
HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT
OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

     Section 8.10 NO ORAL AGREEMENTS. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow.]

Fifth Amendment to Credit Agreement

Page 10

 

     IN WITNESS WHEREOF, this Amendment has been executed as of the date first written above.

	 	 	 	 	 
	 	 	BORROWER:
	 	 	 	 	 
	 	 	SUPERIOR OFFSHORE
INTERNATIONAL, INC.
	 	 	 	 	 
	 	 	By:
	 	          /s/ Thomas E. Daman
	 	 	 	 	 
	 	 	Name:
	 	          Thomas E. Daman
	 	 	Title:
	 	          EVP & Chief Financial Officer

	 				
	Fifth Amendment to Credit Agreement	 	Signature Page
	 	 

 

 

	 	 	 	 	 
	 	 	AGENT:
	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.
	 	 	Individually, as Administrative Agent and Lender
	 	 	 	 	 
	 	 	By:	 	          /s/ Christy West
	 	 	 	 	 
	 	 	Name:	 	          Christy West
	 	 	Title:	 	          Vice President

	 				
	Fifth Amendment to Credit Agreement	 	Signature Page	 	 

 

 

Exhibit A

Vessels

	 	 	 	 	 	 	 
	VESSEL NAME	 	OFFICIAL NO.	 	GROSS TONS	 	NET TONS
	GULF DIVER V
	 	555837	 	381	 	259
	GULF DIVER IV
	 	553457	 	330	 	224

Equipment Relating to Gulf Diver V

	 	 	 
	Dive Hoses	 	 
	DH-064	 	699'
	DH-080	 	400'
	DH-105	 	650'
	DH-107	 	650'

	 	 	 	 	 
	Chambers	 	 	 	 
	PVHO-10	 	with Med-Locks	 	#05-146
	PVHO-25	 	with Med-Locks	 	#06-351

	 	 	 
	Dive Bell	 	 
	DB-01	 	(1-Air 1-HeO2)
	LARS GD V	 	Hyd. LARS system
	 	 	 
	Electric Compressors	 	 
	EC-5120-05	 	SOI-EC-5120-05
	EC-5120-08	 	SOC-EC-5120-08

Tuggers

10K-01

Electric Hydraulic Power Units

EHPU-01

Burning Rig

BL-01

Tool Manifold

TM-03

	 	 	 	 	 
	Gas Radios	 	 	 	 
	GR-11	 	Amron Gas Radio	 	#23043
	GR-14	 	Amron Gas Radio	 	#25146

	 				
	Fifth Amendment to Credit Agreement	 	Exhibit A	 	 

 

 

	 	 	 	 	 
	GR-26	 	Amron Gas Radio	 	#25146

2- Dive Ladders

1- Generator (GEN-01)

1- Electric Welder (DC 600 Welder)

2- BayTech Video Units (00142 & 00159)

1- Radio Shack 250 Watt (MPA-250A)

4- U/W Video Umbillicals #24, 42, 46, 47

	 				
	Fifth Amendment to Credit Agreement	 	Exhibit A	 	 

 

 

Exhibit B

Existing Letters of Credit

	 	 	 	 	 	 	 	 	 	 	 
	L/C Number	 	L/C Type	 	Expiry	 	Amount	 	Beneficiary
	CTCS-347437	 	A70S	 	May 26, 2008	 	$	742,064.04	 	 	The Commercial Bank of Qatar
	CTCS-625823	 	A70S	 	Nov. 30, 2008	 	$	25,000.00	 	 	Western Surety Company
	CTCS-289573	 	A70S	 	Jan. 21, 2009	 	$	8,000,000.00	 	 	Hornbeck Offshore Services, LLC
	CTCS-305857	 	A70S	 	Dec. 1, 2008	 	$	500,000.00	 	 	Standard Bank of South Africa
	CTCS-313377	 	A70S	 	Aug. 15, 2009	 	$	2,725,000.00	 	 	JPMorgan Chase Bank, N.A.

	 				
	Fifth Amendment to Credit Agreement	 	Exhibit B	 	 

 

 

Exhibit C

Commitment Schedule

April 10, 2008 through but excluding April 17, 2008

	 	 	 	 	 	 	 	 	 
	Lender	 	Revolving Commitment	 	Commitment
	JPMorgan Chase Bank, N.A.	 	 	$16,993,000	 	 	 	$16,993,000	 
	 	 	 	 	 	 	 	 	 
	Total
	 	 	$16,993,000	 	 	 	$16,993,000	 
	April 17,
2008 through but excluding April 24, 2008

	 	 	 	 	 	 	 	 	 
	Lender	 	Revolving Commitment	 	Commitment
	JPMorgan Chase Bank, N.A.
	 	 	$15,743,000	 	 		$15,743,000	 
	 
	 	 	 	 
	Total
	 	 	$15,743,000	 	 	 	$15,743,000	 
	April 24,
2008 through but excluding May 1, 2008

	 	 	 	 	 	 	 	 	 
	Lender	 	Revolving Commitment	 	Commitment
	JPMorgan Chase Bank, N.A.
	 	 	$14,493,000	 	 	 	$14,493,000	 
	 
	 	 	 	 
	Total
	 	 	$14,493,000	 	 	 	$14,493,000	 
	
May 1,
2008 through but excluding May 8, 2008

	 	 	 	 	 	 	 	 	 
	Lender	 	Revolving Commitment	 	Commitment
	JPMorgan Chase Bank, N.A.
	 	 	$13,243,000	 	 	 	$13,243,000	 
	 

	Total
	 	 	$13,243,000	 	 	 	$13,243,000	 
	 	 	 	 	 	 	 	 	 
	Fifth Amendment to Credit Agreement	 	 	Exhibit C	 	 

 

 

May 8, 2008 and any date thereafter

	 	 	 	 	 
	Lender	 	Revolving Commitment	 	Commitment
	JPMorgan Chase Bank, N.A.
	 	$0.00	 	$0.00
	 
	 	 	 	 
	Total
	 	$0.00
	 	$0.00

	 				
	Fifth Amendment to Credit Agreement	 	Exhibit C	 	 

 

 

Exhibit D

Collateral Account Agreement

(See attached)

	 				
	Fifth Amendment to Credit Agreement	 	Exhibit D	 	 

 

 

Exhibit E

Wiring Instructions

	 				
	Fifth Amendment to Credit Agreement	 	Exhibit E

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