Document:

exv4w3w5

Exhibit 4.3.5

     FOURTH SUPPLEMENTAL INDENTURE, dated as of January 27, 2010 (this “Fourth Supplemental
Indenture”), among Encore Acquisition Company, a Delaware corporation (the “Company”), the
Subsidiaries of the Company party hereto and Wells Fargo Bank, National Association, as trustee
(the “Trustee”).

     WHEREAS, the Company and the Trustee have heretofore entered into an Indenture dated as of
November 16, 2005 (the “Original Indenture”), as supplemented by (i) the First Supplemental
Indenture dated as of November 23, 2005 (the “First Supplemental Indenture” and, together with the
Original Indenture, the “2017 Notes Indenture”), pursuant to which the Company’s 7.25% Senior
Subordinated Notes due 2017 (the “2017 Notes”) were issued, (ii) the Second Supplemental Indenture
dated as of January 2, 2008 (the “Second Supplemental Indenture”), and (iii) the Third Supplemental
Indenture dated as of April 27, 2009 (the “Third Supplemental Indenture” and, together with the
Original Indenture, the “2016 Notes Indenture”), pursuant to which the Company’s 9.5% Senior
Subordinated Notes due 2016 (the “2016 Notes”) were issued. The Original Indenture, as
supplemented by the First Supplemental Indenture, the Second Supplemental Indenture and the Third
Supplemental Indenture, is referred to herein as the “Indenture”; and

     WHEREAS, the Company has formed a new indirect wholly owned subsidiary, Greencore Pipeline
Company LLC, a Delaware limited liability company (“Greencore”); and

     WHEREAS, Section 4.15 of the 2017 Notes Indenture provides that the Company shall cause each
Restricted Subsidiary that Incurs any Indebtedness (other than Indebtedness Incurred pursuant to
and in compliance with the last clause of Section 4.08(b)(16) of the 2017 Notes Indenture) to, at
the same time, execute and deliver to the Trustee a Guaranty Agreement pursuant to which such
Restricted Subsidiary will Guarantee payment of the 2017 Notes on the same terms and conditions as
those set forth in the 2017 Notes Indenture; and

     WHEREAS, Section 9.01 of the 2017 Notes Indenture provides that the Company, the Subsidiary
Guarantors and the Trustee may amend the 2017 Notes Indenture without the consent of any Holder to
add Guarantees with respect to the 2017 Notes; and

     WHEREAS, Section 4.15 of the 2016 Notes Indenture, provides that the Company shall cause each
Restricted Subsidiary that Incurs any Indebtedness (other than Indebtedness Incurred pursuant to
and in compliance with the last clause of Section 4.08(b)(16) of the 2016 Notes Indenture) to, at
the same time, execute and deliver to the Trustee a Guaranty Agreement pursuant to which such
Restricted Subsidiary will Guarantee payment of the 2016 Notes on the same terms and conditions as
those set forth in the 2016 Notes Indenture; and

     WHEREAS, Section 9.01 of the 2016 Notes Indenture provides that the Company, the Subsidiary
Guarantors and the Trustee may amend the 2016 Notes Indenture without the consent of any Holder to
add Guarantees with respect to the 2016 Notes; and

     WHEREAS, all acts and things necessary to make this Fourth Supplemental Indenture a valid and
binding agreement in accordance with the Indenture have been done or performed;

 

 

     NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     SECTION 1. Capitalized Terms. Capitalized terms used in this Fourth Supplemental
Indenture and not otherwise defined herein shall have the respective meanings assigned to such
terms in the 2017 Notes Indenture or the 2016 Notes Indenture, as applicable.

     SECTION 2. Guarantee of the 2017 Notes. Greencore hereby agrees, by its execution of
this Fourth Supplemental Indenture, (a) to guarantee, jointly and severally with the other
Subsidiary Guarantors under the 2017 Notes Indenture, the Guaranteed Obligations (as defined in the
2017 Notes Indenture) on the terms and subject to the conditions set forth in Article 11 of the
2017 Notes Indenture and (b) to be bound by all other provisions of the 2017 Notes Indenture
applicable to Subsidiary Guarantors thereunder.

     SECTION 3. Guarantee of the 2016 Notes. Greencore hereby agrees, by its execution of
this Fourth Supplemental Indenture, (a) to guarantee, jointly and severally with the other
Subsidiary Guarantors under the 2016 Notes Indenture, the Guaranteed Obligations (as defined in the
2016 Notes Indenture) on the terms and subject to the conditions set forth in Article 10 of the
2016 Notes Indenture and (b) to be bound by all other provisions of the 2016 Notes Indenture
applicable to Subsidiary Guarantors thereunder.

     SECTION 4. Continuing Effect of Indenture. Except as expressly provided herein, all
of the terms, provisions and conditions of the Indenture and the Notes outstanding thereunder shall
remain in full force and effect.

     SECTION 5. Construction of Fourth Supplemental Indenture. This Fourth Supplemental
Indenture is executed as and shall constitute an indenture supplemental to the Indenture and shall
be construed in connection with and as part of the Indenture.

     SECTION 6. Trust Indenture Act Controls. If any provision of this Fourth Supplemental
Indenture limits, qualifies or conflicts with another provision of this Fourth Supplemental
Indenture or the Indenture that is required to be included by the Trust Indenture Act of 1939 as in
force at the date as of which this Fourth Supplemental Indenture is executed, the provision
required by said Act shall control.

     SECTION 7. Trustee Disclaimer. The recitals contained in this Fourth Supplemental
Indenture shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this First Supplemental Indenture.

     SECTION 8. Governing Law. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     SECTION 9. Counterparts. This Fourth Supplemental Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed, as of the day and year first above written.

	 	 	 	 	 
	 	ENCORE ACQUISITION COMPANY

 	 
	 	By:  	/s/ Robert C. Reeves
 	 
	 	 	Name:  	Robert C. Reeves 	 
	 	 	Title:  	Senior Vice President, Chief
Financial Officer, Treasurer and Corporate
Secretary 	 
	 
	 	EAP OPERATING, LLC

 	 
	 	By:  	/s/ Robert C. Reeves
 	 
	 	 	Name:  	Robert C. Reeves 	 
	 	 	Title:  	Senior Vice President, Chief
Financial Officer, Treasurer and Secretary 	 
	 
	 	EAP PROPERTIES, INC.

 	 
	 	By:  	/s/ Robert C. Reeves
 	 
	 	 	Name:  	Robert C. Reeves 	 
	 	 	Title:  	Senior Vice President, Chief
Financial Officer, Treasurer and Secretary 	 
	 
	 	ENCORE OPERATING, L.P.

By:  EAP Operating, LLC, its general partner

 	 
	 	By:  	/s/ Robert C. Reeves
 	 
	 	 	Name:  	Robert C. Reeves 	 
	 	 	Title:  	Senior Vice President, Chief
Financial Officer, Treasurer and Secretary 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ENCORE OPERATING LOUISIANA, LLC

 	 
	 	By:  	/s/  Thomas H. Olle
 	 
	 	 	Name:  	Thomas H. Olle 	 
	 	 	Title:  	President and Assistant
Secretary 	 
	 
	 	GREENCORE PIPELINE COMPANY LLC

 	 
	 	By:  	/s/ Robert C. Reeves
 	 
	 	 	Name:  	Robert C. Reeves 	 
	 	 	Title:  	Senior Vice President, Chief
Financial Officer, Treasurer and Secretary 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/
Patrick T. Giordano
 	 
	 	 	Name:  	Patrick T. Giordano 	 
	 	 	Title:  	Vice Presidentexv4w3w6

Exhibit 4.3.6

Execution Version

DENBURY RESOURCES INC.

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

FIFTH SUPPLEMENTAL INDENTURE TO INDENTURE,

DATED AS OF NOVEMBER 16, 2005, AS SUPPLEMENTED

Dated as of March 10, 2010

 

 

          FIFTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 10, 2010,
among DENBURY RESOURCES INC., a Delaware corporation (the “Company”), as successor in interest by
merger to Encore Acquisition Company, a Delaware corporation (“Encore”), EAP PROPERTIES, INC., a
Delaware corporation (“Properties”), DENBURY ENCORE HOLDINGS INC., a Delaware corporation
(“Holdings”), EAP OPERATING, LLC, a Delaware limited liability company (“EAP Operating”), ENCORE
OPERATING, L.P., a Texas limited partnership (“Encore Operating”), ENCORE OPERATING LOUISIANA, LLC,
a Delaware limited liability company (“Louisiana”), GREENCORE PIPELINE COMPANY LLC, a Delaware
limited liability company (“Greencore”), DENBURY ONSHORE, LLC, a Delaware limited liability company
(“Onshore”), DENBURY GATHERING & MARKETING, INC., a Delaware corporation (“Gathering”), DENBURY
OPERATING COMPANY, a Delaware corporation (“Denbury Operating”), DENBURY MARINE, L.L.C., a
Louisiana limited liability company (“Marine”), TUSCALOOSA ROYALTY FUND LLC, a Mississippi limited
liability company (“Tuscaloosa”), DENBURY GREEN PIPELINE-TEXAS, LLC, a Delaware limited liability
company (“Denbury Green” and, together with Properties, Holdings, EAP Operating, Encore Operating,
Louisiana, Greencore, Onshore, Gathering, Denbury Operating, Marine, and Tuscaloosa, the
“Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as
trustee (the “Trustee”), to the INDENTURE, dated as of November 16, 2005, among the Company, the
Guarantors, and the Trustee, as supplemented by the First Supplemental Indenture, dated November
23, 2005, the Second Supplemental Indenture, dated January 2, 2008, and the Third Supplemental
Indenture, dated April 27, 2009 (the “Indenture”), amending certain provisions of the Indenture.
Capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the
Indenture.

          WHEREAS, Encore was merged with and into the Company pursuant to the Agreement and Plan of
Merger, dated as of October 31, 2009, between the Company and Encore;

          WHEREAS, Encore, certain guarantors and the Trustee have heretofore executed and delivered the
Indenture providing for the issuance of the 9.5% Senior Subordinated Notes due 2016 (the “9.5%
Securities”) and the 7.25% Senior Subordinated Notes due 2015 (the “7.25% Securities” and together
with the 9.5% Securities, the “Securities”);

          WHEREAS, there is currently outstanding under the Indenture $150,000,000 in aggregate
principal amount of 9.5% Securities and $150,000,000 in aggregate principal amount of 7.25%
Securities;

          WHEREAS, the Company will assume all of the obligations of Encore under the Securities and the
Indenture;

          WHEREAS, the Company desires to amend the Indenture, as set forth herein;

          WHEREAS, Section 9.01 of the Indenture permits amendment of the Indenture by the Company, the
Guarantors, and the Trustee without the consent of the Holders to add Guarantees of any series of
Securities and cure any defect;

 

 

          WHEREAS, Section 9.02 of the Indenture permits amendment of the Indenture as provided in
Section 2(a) and (b) hereof by the Company, the Guarantors, and the Trustee with the consent of the
Holders of at least a majority in principal amount of the outstanding Securities of each series
affected by such amendment and subject to the other provisions of Article IX of the Indenture;

          WHEREAS, the Company has commenced, pursuant to the Offer to Purchase and Consent Solicitation
Statement of the Company, dated February 8, 2010 (the “Offer to Purchase”), an offer to purchase
all of the outstanding 7.25% Securities and a solicitation to obtain (a) the consent of the Holders
of at least a majority in outstanding principal amount of the 7.25% Securities to the amendments to
the Indenture set forth in Section 2(a) and (b) hereof and (b) the direction of the Holders of at
least a majority in outstanding principal amount of the 7.25% Securities to the Trustee to execute
and deliver this Supplemental Indenture (collectively, the “Consent”);

          WHEREAS, the Company certifies in this Supplemental Indenture that the Holders of at least a
majority in principal amount of the 7.25% Securities currently outstanding have provided consents
to the execution and delivery by the Trustee of this Supplemental Indenture in accordance with the
provisions of the Indenture;

          WHEREAS, the Company and the Guarantors have been authorized by resolutions of their
respective Boards of Directors or comparable governing bodies or member, as the case may be, to
enter into this Supplemental Indenture; and

          WHEREAS, the Company has delivered to the Trustee an Officers’ Certificate (as defined in the
Indenture) as well as an Opinion of Counsel (as defined in the Indenture) to the effect that the
execution and delivery of this Supplemental Indenture by the Company and the Guarantors is
authorized or permitted under the Indenture and that all conditions precedent provided for in the
Indenture relating to the execution and delivery of this Supplemental Indenture to be complied with
by the Company and the Guarantors have been complied with.

          NOW, THEREFORE, the parties hereto agree as follows:

     1. Company Representations and Warranties. The Company hereby represents, warrants,
and certifies to the Trustee that the Holders of at least a majority in principal amount of the
7.25% Securities currently outstanding have provided Consents (the “Consenting Securities”), and
that all other conditions precedent provided for in the Indenture, including without limitation,
those contained in Article IX of the Indenture, relating to the execution of this Supplemental
Indenture have been complied with as of the date hereof.

     2. Amendments to the Indenture.

          a. The Indenture is hereby amended, solely as it relates to the 7.25% Securities, by (i)
deleting the text of Sections 4.03, 4.04, 4.06, 4.08, 4.09, 4.10, 4.12, 4.14, 4.15, 5.01(a),
6.01(6), and 6.01(9) of the Indenture and replacing them with the words “Intentionally Omitted,”
and (ii) deleting all references to such sections and clauses in their entirety, including without
limitation all references, direct or indirect, thereto in Section 6.01, “Events of Default.”

2

 

          b. The Indenture is hereby amended by deleting those definitions from the Indenture for which
all references to such definitions will be eliminated as a result of the provisions of Section
2(a) of this Supplemental Indenture.

          c. The Indenture is hereby amended, solely as it relates to the 9.5% Senior Subordinated
Notes due 2016, by deleting the text of Section 5.01(a)(5) and replacing it with the following:
"(5) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders will not recognize income, gain or loss for Federal income tax purposes as a result of
such transaction and will be subject to Federal income tax on the same amounts, in the same manner
and at the same time as would have been the case if such transaction had not occurred.”

     3. Assumption of Obligations. The Company assumes all obligations of Encore under the
Securities and the Indenture.

     4. Addition of Guarantors. Onshore, Gathering, Denbury Operating, Marine, Tuscaloosa,
Holdings, and Denbury Green hereby agree, jointly and severally with the Subsidiary Guarantors, to
guarantee the Company’s obligations under the Securities on the terms and subject to the conditions
set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of the
Indenture.

     5. Miscellaneous.

          a. Ratification of Agreement. As supplemented by this Supplemental Indenture,
the Indenture is in all respects ratified and confirmed and the Indenture, as so supplemented by
this Supplemental Indenture, shall be read, taken and construed as one and the same instrument.
Except as provided for in this Supplemental Indenture, the Indenture shall remain in full force and
effect. The Consent of the Holders of the 7.25% Securities to this Supplemental Indenture shall
not constitute an amendment or waiver of any provision of the Indenture except to the extent
expressly set forth herein, and shall not be construed as a waiver or consent to any further or
future action on the part of the Company.

          b. Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument.

          c. Governing Law. This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York, but without giving effect to applicable
principles of conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby.

          d. Effectiveness. This Supplemental Indenture shall be effective upon its execution
and delivery by the parties hereto. The amendments set forth in Section 2(a) and (b) hereof will
become operative concurrently with the Company’s acceptance of the Consenting Securities for
payment pursuant to the Offer to Purchase on or promptly after March 10, 2010.

          e. Trustee. The Trustee accepts the trusts created by the Indenture, as amended and
supplemented by this Supplemental Indenture, and agrees to perform the same upon the

3

 

terms and conditions of the Indenture, as amended and supplemented by this
Supplemental Indenture. Without limiting the generality of the foregoing, the Trustee assumes no
responsibility for the correctness of the recitals herein contained and for the correctness of the
Offer to Purchase, which shall be taken as the statements of the Company, and the Trustee shall not
be responsible or accountable in any way whatsoever for or with respect to the validity or
execution or sufficiency of this Supplemental Indenture, and the Trustee makes no representation
with respect thereto. All of the provisions contained in the Indenture in respect of the rights,
privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this
Supplemental Indenture as fully and with like force and effect as though fully set forth in full
herein.

          f. Indemnification of Trustee. The Company agrees to indemnify and hold harmless the
Trustee from and against any and all claims, demands, causes of action, losses, damages,
liabilities, costs and expenses (including, without limitation, attorneys’ fees and court costs) at
any time asserted against or incurred by the Trustee by reason of, arising out of or in connection
with the execution of this Supplemental Indenture incurred without negligence or bad faith on its
part.

          g. Trust Indenture Act Controls. If any provision of this Supplemental Indenture
limits, qualifies, or conflicts with another provision of this Supplemental Indenture or the
Indenture that is required to be included by the Trust Indenture Act of 1939, as amended, as in
force at the date this Supplemental Indenture is executed, the provision required by said Act shall
control.

          h. Headings. The section headings herein are for convenience only and shall not
affect the construction thereof.

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

[signature page follows]

4

 

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

	 	 	 	 	 
	 	DENBURY RESOURCES INC.

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	EAP PROPERTIES, INC.

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	DENBURY ENCORE HOLDINGS INC.

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	EAP OPERATING, LLC

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 

5

 

	 	 	 	 	 

	 	 	 	 	 
	 	ENCORE OPERATING, L.P.

 	 
	 	By: EAP Operating, LLC, its General Partner
 	 
	 	 	 
	 	 	 
	 	By:  	            /s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	ENCORE OPERATING LOUISIANA, LLC

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	GREENCORE PIPELINE COMPANY LLC

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	DENBURY ONSHORE, LLC

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	DENBURY GATHERING & MARKETING, INC.

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 

6

 

	 	 	 	 	 

	 	 	 	 	 
	 	DENBURY OPERATING COMPANY

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	DENBURY MARINE, L.L.C.

 	 
	 	By: Denbury Operating Company, its sole member
 	 
	 	 	 	 
	 	 	 
	 	By:  	          /s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	TUSCALOOSA ROYALTY FUND LLC

 	 
	 	By: Denbury Operating Company, its sole member
 	 
	 	 	 	 
	 	 	 
	 	By:  	         /s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	DENBURY GREEN PIPELINE-TEXAS, LLC

 	 
	 	By:  	/s/ Mark C. Allen
 	 
	 	 	Name:  	Mark C. Allen 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	/s/ Patrick T. Giordano
 	 
	 	 	Name:  	Patrick T. Giordano 	 
	 	 	Title:  	Vice President 	 
	 

7

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