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                                                                   EXHIBIT 10.49

                               NOVATION AGREEMENT

         THIS NOVATION AGREEMENT (the "Agreement") is made effective as of 21st
day of March, 2003, by and among Grant Geophysical, Inc., a corporation
organized and existing under the laws of the State of Delaware (the "Parent
Company"); Grant Geophysical (Int'l), Inc., a wholly-owned subsidiary of the
Company, organized and existing under the laws of the State of Texas (the
"Subsidiary Company"); and Lee Parker (the "Employee").

                                   WITNESSETH

         WHEREAS, the Parent Company on behalf of itself and any of its
subsidiaries which entered into that certain Employment Agreement by and between
the Parent Company and certain un-named subsidiaries and the Employee, first
effective as of August 1, 2001 (the "Employment Agreement");

         WHEREAS, the Parent Company is a holding company that operates through
its subsidiary entities, including, but not limited to, the Subsidiary Company;

         WHEREAS, the Employee is employed by and primarily performs services
for the Subsidiary Company, and from time to time, performs services for the
benefit of the Parent Company and its other subsidiaries;

         WHEREAS, the parties hereto are now desirous of clarifying the
relationship as regards to the Employment Agreement, clearly identifying the
contractual parties thereto and it is the intent of the Subsidiary Company to
continue to employ the Employee on the same terms and conditions as set forth in
the Employment Agreement;

         WHEREAS, the Parent Company, the Subsidiary Company and the Employee
now desire to confirm and clarify in the Employment Agreement that Employee is
employed by the Subsidiary Company and the Subsidiary Company now desires to
accept and assume the assignment of the financial obligations and any and all
other obligations of the Parent Company arising under the Employment Agreement;

         NOW, THEREFORE, for and in consideration of the premises, and other
good and valuable consideration, including the assignment of the financial
obligations and any and all other obligations of the Parent Company pursuant to
the Employment Agreement, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1.       NOVATION. The Parent Company and the Subsidiary Company hereby
agree to substitute the Subsidiary Company as a party to the Employment
Agreement, in place of and substitution for, the Parent Company.

         2.       ACCEPTANCE. The Subsidiary Company hereby agrees to the
substitution, assumes and agrees to pay, perform and discharge in due course any
and all financial and other

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obligations and other liabilities of the Parent Company arising under the
Employment Agreement, subject to the provisions of the Employment Agreement.

         3.       EMPLOYEE. The Employee hereby consents to the substitution of
the Subsidiary Company for the Parent Company under the Employment Agreement
pursuant to the terms, conditions and capacities set forth in the Employment
Agreement. Further, the Employee hereby confirms and affirmatively agrees to
remain bound by the Employment Agreement in accordance with the terms and
conditions thereunder and that Employee's rights and obligations, including, but
not limited to, the benefits described therein and the applicable effective
dates set forth in the Employment Agreement shall remain in full force and
effect.

         4.       SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon,
inure to the benefit of and be enforceable by and against the respective
successors and assigns of the Parent Company and the Subsidiary Company.

         5.       RELEASE. The Subsidiary Company and the Employee hereby
release, acquit and forever discharge the Parent Company of and from all
obligations and other liabilities of any kind or character, whether known or
unknown, liquidated or unliquidated, fixed or contingent, formerly existing, now
existing or that might arise hereafter, under the Employment Agreement.

         6.       GOVERNING LAW. This Agreement is being made and executed in
and is intended to be performed in the State of Texas and shall be governed,
construed, interpreted and enforced in accordance with the substantive laws of
the State of Texas, to the exclusion of any laws, substantive or otherwise which
would direct the law of any other jurisdiction to be applicable hereto.

         IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement as of the dates set forth below in multiple counterparts, each of
which shall be deemed an original, to be effective as of the date first set
forth above.

GRANT GEOPHYSICAL, INC.                        GRANT GEOPHYSICAL (INT'L), INC.

By: /s/ RICHARD F. MILES                       By: /s/ A. MARIZZA GLANCEY
    -------------------------------                -----------------------------
    Richard F. Miles                               A. Marizza Glancey
Its: President and CEO                         Its: Corporate Secretary

Date: March 21, 2003                           Date: March 21, 2003

EMPLOYEE

/s/ LEE PARKER
------------------------------------
Lee Parker

Date: March 21, 2003
      ------------------------------
                                      - 2 -Second Amendment to Credit Agreement

 

EXHIBIT 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

     This SECOND AMENDMENT TO THE CREDIT AGREEMENT dated as of April 29, 2003
(the “Amendment”), is entered into by and among BLUE RHINO CORPORATION, a
Delaware corporation (the “Borrower”), the Lenders referred to in the Credit
Agreement referred to below (the “Lenders”) and BANK OF AMERICA, N.A., as
Administrative Agent for the Lenders (the “Administrative Agent”).

Statement of Purpose

     WHEREAS, the Borrower, the Lenders and the Administrative Agent are
parties to that certain Credit Agreement dated as of November 20, 2002 (as
amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), pursuant to which the Lenders have extended certain credit
facilities to the Borrower;

     WHEREAS, the Borrower, the Administrative Agent and the Lenders have
entered into that certain Consent and Waiver to Credit Agreement dated as of
January 22, 2003 (the “Consent”), pursuant to which the parties agreed, among
other things, to (i) extend the deadline by which the Borrower must apply the
Net Cash Proceeds in the amount of $14,955,500 from the completed Additional
Equity Offering (such amount, the “Prepayment Amount”) to repay the Senior
Subordinated Debt or the Term Loan to February 25, 2003, and (ii) reserve
$10,000,000 of availability under the Revolving Credit Commitment for the
repayment of the Senior Subordinated Debt or the Term Loan (the amount reserved
for such purpose from time to time, the “Reserve Amount”);

     WHEREAS, the Borrower, the Administrative Agent and the Lenders have
entered into that certain First Amendment to Credit Agreement dated as of
February 25, 2003 (the “First Amendment”), pursuant to which the parties
agreed, among other things, to (i) consent to the extension of the deadline by
which the Borrower must apply the Prepayment Amount to May 26, 2003, (ii)
reduce the Reserve Amount to $5,000,000 and (iii) change the due dates for
delivery of the Borrowing Base Certificate; and

     WHEREAS, the Borrower has requested that the Lenders and the
Administrative Agent agree to amend the Credit Agreement to, among other
things, (i) consent to the extension of the deadline by which the Borrower must
apply the Prepayment Amount to July 31, 2003, and (ii) reduce the Reserve
Amount to $0; and

     WHEREAS, the Lenders and the Administrative Agent are, on the terms and
conditions stated below, willing to grant the requests of the Borrower.

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

     SECTION 1. Definitions. All capitalized, undefined terms used in this
Agreement shall have the meanings assigned thereto in the Credit Agreement.

 

 

     SECTION 2. Agreements Concerning Reserve Amount and Application of
Repayment Amount. Pursuant to Section 11.01 of the Credit Agreement and
subject to the satisfaction of the conditions specified in Section 4 below (but
effective as of the date hereof) the Borrower, the Administrative Agent and the
Lenders hereby agree to the Following:

     (a)  The Reserve Amount is hereby reduced to $0.

     (b)  Notwithstanding anything to the contrary contained in Section 2.06(e)
of the Credit Agreement, or in the Consent, or in the First Amendment, the
Borrower may apply the Prepayment Amount to repay the Senior Subordinated Debt
and/or the Term Loan at such times and in such relative proportion as the
Borrower elects in its sole discretion; provided that the full amount of the
Prepayment Amount shall be used to make such repayment by July 31, 2003. This
Section 2(b) hereby supersedes and replaces in its entirety the third sentence
of Section 3(a) of the First Amendment. Section 2.06(e)(ii) of the Credit
Agreement shall be interpreted and construed consistent with this Section 3(a)
as it relates to the application of the Net Cash Proceeds of the Additional
Equity Offering. The Borrower agrees and acknowledges that failure to apply
the full Prepayment Amount to repay the Senior Subordinated Debt and/or the
Term Loan, on or before July 31, 2003 shall constitute an immediate Default and
Event of Default.

     SECTION 3. Waiver. Pursuant to Section 11.01 of the Credit Agreement and
subject to the satisfaction of the conditions specified in Section 4 below (but
effective as of the date hereof), the Administrative Agent and the Lenders
hereby waive any requirement of Section 2.06(e)(iii)(A) that the Borrower repay
outstanding Revolving Credit Loans with Net Cash Proceeds from the Non-Propane
Products Divestiture.

     SECTION 4. Conditions of Effectiveness. This Amendment shall be effective
as of the date hereof if, and only if, the Administrative Agent shall receive
(a) counterparts of this Amendment executed by the Borrower, the Required
Lenders and the Administrative Agent, (b) an amendment fee from the Borrower in
an amount equal to 10 basis points on the Aggregate Commitment of the Lenders,
such fee to be distributed pro rata to the Lenders signatory hereto, and (c)
all additional fees separately agreed to by the Borrower and the Administrative
Agent.

     SECTION 5. Expenses. The Borrower agrees to pay on demand all costs and
expenses of the Administrative Agent in connection with the preparation,
execution, delivery and administration of this Amendment and the other
instruments and documents to be delivered hereunder (including, without
limitation, all reasonable fees and expenses of Kennedy Covington Lobdell &
Hickman, L.L.P., as legal counsel to the Administrative Agent).

     SECTION 6. Limited Waiver and Amendment. The Credit Agreement and each
other Loan Document shall continue to be, and shall remain, in full force and
effect. Except as expressly provided in this Amendment, this Amendment shall
not be deemed or otherwise construed (i) to be a waiver of, or consent to or a
modification or amendment of, any other term or condition of the Credit
Agreement or any other Loan Document; (ii) to prejudice any other right or
remedies that the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or the Loan Documents, as such documents
may be

 

 

amended, restated or otherwise modified from time to time; (iii) to be a
commitment or any other undertaking or expression of any willingness to engage
in any further discussion with the Borrower or any other person, firm or
corporation with respect to any waiver, amendment, modification or any other
change to the Credit Agreement or the Loan Documents or any rights or remedies
arising in favor of the Lenders under or with respect to any such documents; or
(iv) to be a waiver of, or consent to or a modification or amendment of, any
other term or condition of any other agreement by and among the Borrower and
the Lenders.

     SECTION 7. Representations and Warranties. By its execution hereof, the
Borrower hereby certifies that each of the representations and warranties set
forth in the Credit Agreement and the other Loan Documents is true and correct
as of the date hereof (other than representations and warranties which speak as
of a specific date pursuant to the Credit Agreement, which representations and
warranties shall have been true and correct as of such specific dates) as if
fully set forth herein, and that as of the date hereof and after giving effect
to this Amendment, no Default or Event of Default has occurred and is
continuing.

     SECTION 8. Integration. The Credit Agreement, as amended and modified by
this Amendment, comprises the complete and integrated agreement of the parties
on the subject matter hereof and thereof supersedes all prior written and oral
agreements on such subject matter.

     SECTION 9. Execution in Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which taken together shall constitute but one and the
same agreement.

     SECTION 10. Governing Law. This Amendment shall be governed by, construed
and enforced in accordance with the laws of the State of North Carolina,
without reference to the conflicts or choice of law principles thereof.

     SECTION 11. Fax Transmission. A facsimile, telecopy or other reproduction
of this Amendment may be executed by one or more parties hereto, and an
executed copy of this Amendment may be delivered by one or more parties hereto
by facsimile or similar instantaneous electronic transmission device pursuant
to which the signature of or on behalf of such party can be seen, and such
execution and delivery shall be considered valid, binding and effective for all
purposes. At the request of any party hereto, all parties hereto agree to
execute an original of this Amendment as well as any facsimile, telecopy or
other reproduction hereof.

[Signature Pages Follow]

 

 

     IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date first above written.

	 	 	 
	 	 	
BLUE RHINO CORPORATION
	 
	 	 	 
	 
	 	 	
By:     /s/  Mark Castaneda

Name:   Mark Castaneda

Title:  Executive Vice President and Chief

          Financial Officer

 

 

	 	 	 
	 	 	
BANK OF AMERICA, N.A.,

as Administrative Agent
	 
	 	 	 
	 
	 	 	
By:      /s/ David A. Johanson

Name:    David A. Johanson

Title:   Vice President

 

 

	 	 	 
	 	 	
BANK OF AMERICA, N.A., as Lender, L/C

Issuer and Swing Line Lender
	 
	 	 	 
	 
	 	 	
By:     /s/ J. Thomas Johnson, Jr.

Name:  J. Thomas Johnson, Jr.

Title:    Senior Vice President

 

 

	 	 	 
	 
	 	 	
WACHOVIA BANK, NATIONAL ASSOCIATION, as a

Lender
	 
	 	 	 
	 
	 	 	
By:     /s/ Mark Evans

Name:   Mark Evans

Title:  Senior Vice President

 

 

	 	 	 
	 
	 	 	
SUNTRUST BANK, as a Lender
	 
	 	 	 
	 
	 	 	
By:      /s/ Deborah S. Armstrong

Name:  Deborah S. Armstrong

Title:  Managing Director

 

 

	 	 	 
	 
	 	 	
RBC CENTURA BANK, as a Lender
	 
	 	 	 
	 
	 	 	
By:      /s/ Michael H. Trainor

Name:  Michael H. Trainor

Title:  Vice President

 

 

	 	 	 
	 
	 	 	
LASALLE BANK NATIONAL ASSOCIATION, as a

Lender
	 
	 	 	 
	 
	 	 	
By:       /s/ Amy B. Yore

Name:    Amy B. Yore

Title:  Assistant Vice President

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