Document:

exv10w4

 

Exhibit 10.4

FIRST AMENDMENT AND WAIVER

TO AMENDED AND RESTATED

CREDIT AGREEMENT

     THIS FIRST AMENDMENT AND WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made and entered into as of March 21, 2007 among NEWPARK RESOURCES, INC., a
Delaware corporation (“Newpark”), each of the other Borrowers signatory hereto
(collectively with Newpark, “Borrower” or “Borrowers”); the other Loan Parties
signatory hereto; JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A. (Main Office
Chicago)), for itself, as Lender and LC Issuer, and as agent for Lenders (in such capacity, the
“Agent”); and the other Lenders signatory hereto.

     WHEREAS, Borrowers, the other Loan Parties, Agent, the LC Issuer and Lenders are parties to
that certain Amended and Restated Credit Agreement, dated as of December 29, 2006 (as amended,
restated or modified from time to time, the “Credit Agreement”);

     WHEREAS, one of the Borrowers effected a name change from NMIS LLC to Newpark Mats &
Integrated Services LLC, and the Company amended its bylaws (each, as further described in
Section 4.01 below), which changes Borrowers and the other Loan Parties have represented to
Agent and Lenders did not and do not negatively affect the Borrowers’ or Loan Parties’ ability to
perform their respective obligations under the Credit Agreement or any other of the Loan Documents;

     WHEREAS, Borrowers, the other Loan Parties, Lenders, the LC Issuer and Agent desire to amend
the Credit Agreement to allow and provide for such matters contained herein, all as hereinafter set
forth.

     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.

ARTICLE II

Amendments

     Section 2.01 Amendment of Preamble. Effective as of the Effective Date, the preamble
of the Credit Agreement is hereby amended and restated to read as follows:

“This Amended and Restated Credit Agreement, dated as of December 29, 2006, is among
Newpark Resources, Inc., a Delaware corporation, as the Company and

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as
a Borrower, Batson Mill LLC, a Texas limited liability company, Dura-Base
Nevada, Inc., a Nevada corporation, Excalibar Minerals LLC, a Texas limited
liability company, Newpark Drilling Fluids LLC, a Texas limited liability company,
Newpark Environmental Management Company, L.L.C., a Louisiana limited liability
company, Newpark Environmental Services LLC, a Texas limited liability company,
Newpark Texas, L.L.C., a Louisiana limited liability company, Newpark Environmental
Water Solutions LLC, a Delaware limited liability company, Newpark Mats & Integrated
Services LLC, a Texas limited liability company, each as a Borrower, the other Loan
Parties, the Lenders, and JPMorgan Chase Bank, N.A. (successor by merger to Bank
One, N.A. (Main Office Chicago)), as an LC Issuer and as the Agent.”

     
Section 2.02 Amendment to Article I. Effective as of the
Effective Date, the
following definitions found in Article I of the Credit Agreement are each hereby amended and
restated in their entireties to read as follows:

     “‘Authorized Officer’ means any of (i) James E.
Braun, (ii) Paul L.
Howes, (iii) Joseph L. Gocke, or (iv) until the effective date of termination of his
employment with the Company, John R. Dardenne.

     ‘Borrower’ or ‘Borrowers’
means, individually or collectively,
jointly and severally, the Company, Batson Mill LLC, a Texas limited liability
company, Dura-Base Nevada, Inc., a Nevada corporation, Excalibar Minerals LLC, a
Texas limited liability company, Newpark Drilling Fluids LLC, a Texas limited
liability company, Newpark Environmental Management Company, L.L.C., a Louisiana
limited liability company, Newpark Environmental Services LLC, a Texas limited
liability company, Newpark Texas, L.L.C., a Louisiana limited liability company,
Newpark Environmental Water Solutions LLC, a Delaware limited liability company and
Newpark Mats & Integrated Services LLC, a Texas limited liability company.”

     Section 2.03 Amendment to Section 6.1(t). Effective as of the Effective Date,
Section 6.1(t) of the Credit Agreement is hereby amended and restated in its entirety as
follows:

     “(t) on (i) each of April 16, 2007 and
September 4, 2007 for Fiscal Year 2007
and (ii) the first Business Day of the months of March and September for each Fiscal
Year thereafter, a certificate of good standing for each Loan Party from the
appropriate governmental officer in its jurisdiction of incorporation, formation, or
organization.”

     Section 2.04 Amendment to Pricing Schedule. Effective as of the Effective Date, the
Pricing Schedule attached to the Credit Agreement is hereby amended by deleting the
reference to “March 30, 2006” therein and substituting “March 31, 2007” in lieu thereof.”

     Section 2.05 Amendment to Credit Agreement and Other Loan Documents. Effective as of
the Effective Date, with respect to the Credit Agreement and the other Loan

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Documents, all references in each such agreement to (i) “Borrower”, “Loan Party” and
“Guarantor” shall be deemed to include Batson Mill LLC, Excalibar Minerals LLC, Newpark
Environmental Services LLC, Newpark Mats & Integrated Services LLC, and Newpark Drilling Fluids LLC
(in addition to all other Borrowers, Loan Parties and Guarantors) and (ii) “Batson Mill, L.P.”
shall mean Batson Mill LLC, “Excalibar Minerals Inc.” shall mean Excalibar Minerals LLC, “Newpark
Drilling Fluids, LP.” shall mean Newpark Drilling Fluids LLC, “Newpark Environmental Services of
Texas, L.P.” shall mean “Newpark Environmental Services LLC, and “Soloco Texas, L.P.” shall mean
Newpark Mats & Integrated Services LLC.

ARTICLE III

     Section 3.01 Conditions Precedent. The effectiveness of this Amendment is subject to
the satisfaction of the following conditions precedent (such date on which such conditions are
satisfied being the “Effective Date”), unless specifically waived by Agent and Required
Lenders:

     (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 Agent and Lenders:

     (i) this Amendment;

     (ii) a copy of the amended and restated bylaws of the Company (the “Amended
Bylaws”), certified by its Secretary or Assistant Secretary as a true, correct
and complete copy thereof in effect as of the date hereof and the Effective Date and
a true correct and complete copy of each of the resolutions adopted by each Loan
Party’s Board of Directors or of its members or any other body authorizing the
execution, delivery and performance of this Amendment and any other Loan Documents
to which such Loan Party is a party, certified by its Secretary or Assistant
Secretary;

     (iii) an incumbency certificate, executed by each Loan Party’s Secretary or
Assistant Secretary (or Secretary or Assistant Secretary of the general partner of
such Person, if applicable), which shall identify by name and title and bear the
signatures of the Authorized Officers and any other officers such Loan Party
authorized to sign this Amendment or any other Loan Documents to which such Loan
Party is a party;

     (iv) a certified copy of the certificate of amendment of NMIS LLC, a Texas
limited liability company, evidencing its name change to Newpark Mats & Integrated
Services LLC filed in the Office of the Secretary of State of the State of Texas.

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

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

     (c) No Default or Unmatured Default (in each case, after giving effect to the
Modifications contained in this Amendment) shall have occurred and be continuing.

     (d) All corporate proceedings taken in connection with the transactions contemplated by
this Amendment and all documents, instruments and other legal matters incident thereto shall
be reasonably satisfactory to Agent, Lenders and their legal counsel.

     The term “Modified” as used herein shall mean and include expressly amended, modified
or waived, 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 of no longer of any force and effect pursuant to the terms hereof.

     Section 3.02 Conditions Subsequent. The continued effectiveness of the waivers
contained in Section 4.01 of this Amendment is subject to the satisfaction of the following
conditions subsequent on or before April 6, 2007 or such later date, as may be agreed to in writing
by Agent and Required Lenders (April 6, 2007 or such later date, if any, the “Subsequent
Satisfaction Date”), unless specifically waived by Agent and the Required Lenders:

     (a) a fully executed copy of a consent, waiver and/or amendment to the Term Agreement
(“Term Agreement Waiver”), in form and substance satisfactory to Agent and Required
Lenders, in their Permitted Discretion, pursuant to which the requisite lenders and if
required, requisite agents thereunder consent to the Loan Parties’ actions or otherwise
expressly waive such matters which are in violation of the Term Agreement, as described in
Section 4.01 of this Amendment.

     (b) No Default or Unmatured Default (in each case, after giving effect to the consents
and/or waivers contained in the Term Agreement Waiver and the Modifications contained in this
Amendment) shall have occurred and be continuing.

ARTICLE IV

Limited Waivers and Other Agreements 

     Section 4.01 Acknowledgment and Limited Waiver. Loan Parties hereby acknowledge the
occurrence and continuation of certain Defaults in connection with (x) the previous name change of
NMIS LLC to Newpark Mats & Integrated Services LLC on or around March 9, 2007 and (y) the Company’s
adoption of the Amended Bylaws effective as of March 7, 2007, in each case, in violation of
Sections 6.4, 6.23 and 6.25, as applicable, of the Credit Agreement, which Defaults (collectively,
the “Existing Events of Default”) are hereby waived by

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the Lenders effective as of the Effective Date of this Amendment, and such waivers shall
continue to be effective from the Effective Date to and including the Subsequent Satisfaction Date;
provided however, notwithstanding the foregoing, such waivers shall automatically
terminate and be of no further force and effect effective as of the Effective Date, without notice
or any other future act or instrument being required, upon the earlier to occur of (i) the exercise
of remedies or delivery of notice of such intention under the Term Agreement by the Term Collateral
Agent, Term Administrative Agent and/or Term Lenders party thereto pursuant to any Existing Events
of Default and (ii) the failure of Loan Parties to satisfy the conditions subsequent set forth in
Section 3.02 hereof on or before the Subsequent Satisfaction Date; provided
further however, in the event the waivers have not been terminated pursuant to
clause (i) above, and the conditions subsequent set forth in Section 3.02 hereof are
satisfied on or before the Subsequent Satisfaction Date (or Agent and Required Lenders waive such
conditions in writing), the Existing Events of Default shall be deemed waived from and after the
Effective Date.

     Section 4.02 Amendment of Agreement Regarding Post Closing Matters. The Borrowers,
the other Loan Parties, Agent and the Lenders agree that, as of the Effective Date, each deadline
set forth under “Time for Performance to be Completed” referenced in Exhibit A to the
Agreement Regarding Post Closing Matters, dated as of December 29, 2006, by and among Borrowers,
the other Loan Parties and Agent is hereby amended as follows:

     (a) Item 1 of Exhibit A is hereby amended by deleting the reference to “60 days
after the Closing Date” in clause (ii) therein and substituting “April 30, 2007” in
lieu thereof;

     (b) Item 2 of Exhibit A is hereby amended by deleting the reference to “April 1,
2007” therein and substituting in its place “April 30, 2007” in lieu thereof; and

     (c) Item 3 of Exhibit A is hereby amended by deleting the reference to “60 days
after the Closing Date” therein and substituting in its place “April 30, 2007” in lieu
thereof.

     Section 4.03 No Waiver.

     (a) Except as expressly set forth in Section 4.01, nothing contained in this
Amendment shall be construed as a consent or waiver by Agent or any Lender of any covenant or
provision of this Amendment, the Credit Agreement, the other Loan Documents, or of any other
contract or instrument between any Borrower or any Loan Party and Agent or any Lender, and
the failure of Agent or Lenders at any time or times hereafter to require strict performance
by any Borrower or any Loan Party of any provision thereof shall not waive, affect or
diminish any rights of Agent or Lenders to thereafter demand strict compliance therewith.
Subject to the terms and provisions of this Amendment, Agent and Lenders hereby reserve all
rights granted under the Credit Agreement, the other Loan Documents, this Amendment and any
other contract or instrument between any Borrower or any Loan Party and Agent or any Lender.
Nothing set forth herein shall constitute a course of dealing among the parties, and neither
Agent

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nor the Lenders shall have any obligation to further amend, waive or modify any terms
and provisions of the Credit Agreement or any of the other Loan Documents.

     Section 4.04 This Amendment shall constitute delivery of a “notice of default” by Loan Parties
of the Existing Events of Default as required by the Credit Agreement.

ARTICLE V

Ratifications, Representations and Warranties

     Section 5.01 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, each Borrower and each Loan Party each hereby ratifies and confirms their agreements
under the Credit Agreement and the other Loan Documents, in each case as Modified hereby, as a
Borrower and as a Loan Party, respectively, as of each of the date hereof, the Effective Date and
the Subsequent Satisfaction Date. Each Borrower and Loan Party 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 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 each of the date hereof, the Effective Date and the Subsequent Satisfaction Date.

     Section 5.02 Ratification of Guaranty. As of each of the date hereof, the Effective
Date and the Subsequent Satisfaction Date, each Guarantor hereby ratifies and confirms its guaranty
to Agent and Lenders (the “Guaranty”) and each Guarantor hereby represents and acknowledges
that it has no claims, counterclaims, offsets, credits or defenses to the Loan Documents or the
performance of its obligations thereunder. Furthermore, each Guarantor agrees that nothing
contained in this Amendment shall adversely affect any right or remedy of Agent or Lenders under
the Guaranty. Each Guarantor agrees that all references in such Guaranty to the “Guaranteed
Obligations” shall include, without limitation, all of the obligations of Borrowers to Agent and
Lenders under the Credit Agreement, as amended hereby. Finally, each Guarantor hereby represents
and acknowledges, as of each of the date hereof, the Effective Date and the Subsequent Satisfaction
Date, that the execution and delivery of this Amendment and the other Loan Documents executed in
connection herewith shall in no way change or modify its obligations as a guarantor, debtor,
pledgor, assignor, obligor and/or grantor under the Guaranty and shall not constitute a waiver by
Agent or Lenders of any of their rights against such Guarantor.

     Section 5.03 Representations and Warranties. Each Borrower and each Loan Party hereby
represents and warrants to Agent and 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 such Borrower and such Loan Party and will not violate the
certificate/articles of incorporation or other analogous formation document of such Borrower

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or such Loan Party or the bylaws (including the Amended Bylaws) or other analogous charter or
organizational documents of such Borrower or such Loan Party, (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 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 any matter with respect to which written notice has been provided by Loan Parties
pursuant to and in accordance with the Credit Agreement or (B) which by their terms expressly speak
as of an earlier date, (iii) such Borrower or such Loan Party is in full compliance with all
covenants and agreements contained in the Credit Agreement, each as Modified hereby, (iv) such
Borrower or such Loan Party has not amended its certificate/articles of incorporation or other
analogous formation document or bylaws or other analogous charter or organizational documents on or
after December 29, 2006 except (A) solely pursuant to consummation of the Permitted Restructuring,
(B) the Company’s adoption of the Amended Bylaws, and (C) the name change of NMIS LLC to Newpark
Mats & Integrated Services LLC, and (v) all requisite corporate proceedings, including any
shareholder consents that may be required, authorizing the Permitted Restructuring, the Company’s
adoption of the Amended Bylaws and the name change of NMIS LLC to Newpark Mats & Integrated
Services LLC were taken and obtained prior to the consummation of such transactions.

ARTICLE VI

Miscellaneous

     Section 6.01 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 Agent or any Lender or any closing shall affect the
representations and warranties or the right of Agent or Lenders to rely upon them.

     Section 6.02 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. Each 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 6.03 Expenses. As provided in the Credit Agreement, each Borrower agrees to
pay on demand all reasonable costs and expenses incurred by 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 Agent’s legal counsel, and all reasonable
costs and expenses incurred by Agent in connection with the enforcement or

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preservation of any rights under the Credit Agreement or any other Loan Document, in each case
as Modified hereby.

     Section 6.04 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 6.05 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 6.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Agent, Lenders, Borrowers, the other Loan Parties signatory hereto and their
respective successors and assigns, except that no Borrower may assign or transfer any of its rights
or obligations hereunder without the prior written consent of each Lender.

     Section 6.07 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 6.08 Effect of Waiver. No consent or waiver, express or implied, by Agent or
any Lender to or for any breach of or deviation from any covenant or condition of the Credit
Agreement shall be deemed a consent or waiver to or of any other breach of the same or any other
covenant, condition or duty.

     Section 6.09 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

     Section 6.10 Release. EACH OF BORROWER AND THE OTHER LOAN PARTIES SIGNATORY HERETO
HEREBY ACKNOWLEDGE THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND
OF ANY KIND OR NATURE WHATSOEVER 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 AGENT OR LENDERS. EACH OF BORROWER AND THE OTHER LOAN PARTIES SIGNATORY HERETO HEREBY
VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE AGENT AND EACH LENDER, THEIR RESPECTIVE
PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, FROM

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'

ALL POSSIBLE CLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND
LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED,
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 BORROWER OR THE OTHER LOAN PARTIES SIGNATORY
HERETO MAY NOW HAVE AGAINST 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 6.11 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]

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     IN WITNESS WHEREOF, this Amendment has been executed on the date first written above, to be
effective as of the Effective Date.

	 	 	 	 	 
	 	BORROWERS:

NEWPARK RESOURCES, INC., 

BATSON MILL LLC,

DURA-BASE NEVADA, INC.,

EXCALIBAR MINERALS LLC,

NEWPARK DRILLING FLUIDS LLC,

NEWPARK ENVIRONMENTAL SERVICES LLC,

NEWPARK ENVIRONMENTAL MANAGEMENT COMPANY, L.L.C.,

NEWPARK TEXAS, L.L.C.,

NEWPARK ENVIRONMENTAL WATER SOLUTIONS LLC and

NEWPARK MATS & INTEGRATED SERVICES LLC

 	 
	 	By:  	/s/ James E. Braun
 	 
	 	Name:  	James E. Braun 	 
	 	Title:  	VP 	 
	 

	 	 	 	 	 
	 	LOAN PARTIES: 

NEWPARK ENVIRONMENTAL SERVICES

MISSISSIPPI, L.P.

 	 
	 	By:  	Newpark Texas, L.L.C., its general partner 	 
	 	 	 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/ James E. Braun 	 
	 	Name:  	James E. Braun 	 
	 	Title:  	VP 	 
	 

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and

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	 	LENDERS:

JPMORGAN CHASE BANK, N.A.

(successor by merger to Bank One, N.A. (Main Office

Chicago))

Individually, as Agent and LC Issuer

 	 
	 	By:  	/s/ J. Devin Mock
 	 
	 	 	J. Devin Mock 	 
	 	 	Vice President 	 
	 

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	 	BANK OF AMERICA, N.A.,

as Lender

 	 
	 	By:  	/s/ John M. Olsen
 	 
	 	 	John M. Olsen 	 
	 	 	Vice President 	 
	 

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	 	CAPITAL ONE, NATIONAL ASSOCIATION, 

as Lender

 	 
	 	By:  	/s/ Cheryl Denenea
 	 
	 	 	Cheryl Denenea 	 
	 	 	Vice President 	 
	 

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	 	WHITNEY NATIONAL BANK,

as Lender

 	 
	 	By:  	/s/ Josh Jones
 	 
	 	 	Josh Jones 	 
	 	 	Assistant Vice President 	 
	 

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EXHIBIT 4.C

FOURTH SUPPLEMENTAL INDENTURE

     FOURTH SUPPLEMENTAL INDENTURE DATED MAY 4, 2007 (THIS “FOURTH SUPPLEMENTAL INDENTURE”)
AMONG (i) SOUTHERN NATURAL GAS COMPANY, A DELAWARE CORPORATION (THE “COMPANY”), (ii) SOLELY
WITH RESPECT TO THE RECITALS HEREIN AND THE SECTIONS HEREOF IDENTIFIED BESIDE ITS SIGNATURE ON THE
SIGNATURE PAGE HEREOF, WILMINGTON TRUST COMPANY, A DELAWARE BANKING CORPORATION (THE “ORIGINAL
TRUSTEE”), AND (iii) THE BANK OF NEW YORK TRUST COMPANY, N.A., A NATIONAL BANKING ASSOCIATION
(THE “SERIES TRUSTEE”).

RECITALS

     WHEREAS, the Company has heretofore executed and delivered to the Original Trustee (as
successor in interest to JPMorgan Chase Bank, National Association, successor to Manufacturers
Hanover Trust Company, pursuant to the Instrument of Resignation, Appointment and Acceptance, dated
as of February 27, 2003, among the Company, JPMorgan Chase Bank and the Original Trustee (the
“2003 Resignation and Appointment”)) the Indenture, dated as of June 1, 1987 (such
Indenture as amended and supplemented by the First Supplemental Indenture thereto dated as of
September 30, 1997, the Second Supplemental Indenture thereto dated as of February 13, 2001 and the
2003 Resignation and Appointment being herein called the “Original Indenture”), providing
for the issuance from time to time of one or more series of the Company’s unsecured debentures,
notes or other evidences of indebtedness (the “Securities”), the terms of which are to be
determined as set forth in Section 3.01 of the Original Indenture; and

     WHEREAS, Section 12.01(g) of the Original Indenture provides that the Company and the Trustee
may enter into indentures supplemental to the Original Indenture for the purpose of establishing
the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the
Original Indenture; and

     WHEREAS, Section 12.01(i) of the Original Indenture provides that the Company and the Trustee
may enter into indentures supplemental to the Original Indenture for the purpose of making such
other provisions in regard to matters or questions arising under the Original Indenture which shall
not be inconsistent with the provisions of the Original Indenture and which shall not adversely
affect in any material respect the interests of any holders of Securities; and

     WHEREAS, on March 26, 2007 (the “Original Issue Date”), the Company and the Series
Trustee entered into an instrument entitled Third Supplemental Indenture, dated as of March 26,
2007, as a supplement to the Original Indenture (including the exhibits thereto, the “Third
Supplemental Indenture”), a copy of which is attached hereto as Exhibit A, for the purpose of
creating a series of Securities under the Original Indenture designated as the 5.90% Notes Due 2017
(the “Notes”); and on the Original Issue Date, the Company executed and the Series Trustee
authenticated Notes in the aggregate principal amount of $500,000,000, such Notes

 

 

having been made payable to Cede & Co., nominee of The Depository Trust Company, and held by
the Series Trustee as custodian for Cede & Co. (the “Issued Notes”); and

     WHEREAS, in addition to the Issued Notes, there are outstanding as of the date hereof the
following Securities issued under the Original Indenture:

     (i) $48,055,000 in aggregate principal amount of the Company’s 6.70% Notes Due
October 1, 2007;

     (ii) $100,000,000 in aggregate principal amount of the Company’s 6.125% Notes
Due September 15, 2008;

     (iii) $300,000,000 in aggregate principal amount of the Company’s 7.35% Notes
Due February 15, 2031; and

     (iv) $300,000,000 in aggregate principal amount of the Company’s 8% Notes Due
March 1, 2032 (the Securities described in clauses (i) through (iv) above being
herein called the “Outstanding Securities”); and

     WHEREAS, the parties hereto desire to confirm that the Series Trustee shall act as the Trustee
under the Indenture with respect to the Notes (including the Issued Notes), to clarify the
respective rights, obligations and duties of the parties hereto in respect of the Notes (including
the Issued Notes) and to set forth certain other related agreements and acknowledgments of the
parties hereto; and

     WHEREAS, the Company desires to confirm that the Issued Notes are entitled to the benefits of
the Original Indenture and the Third Supplemental Indenture; and

     WHEREAS, all acts and things necessary to constitute these presents a valid and binding
supplemental indenture and agreement according to its terms, have been done and performed;

     NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH:

ARTICLE 1

DEFINITIONS

     Initially capitalized terms used and not otherwise defined in this Fourth Supplemental
Indenture have the meanings ascribed to such terms in the Original Indenture.

ARTICLE 2

ADOPTION OF THIRD SUPPLEMENTAL INDENTURE

     The Company and the Series Trustee agree that the Third Supplemental Indenture, as modified by
this Fourth Supplemental Indenture, (i) is hereby approved and adopted by the Company and the
Series Trustee to the same extent as if it were duly executed and delivered by

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the Company and the Series Trustee on the date hereof and (ii) shall be construed as an
indenture supplemental to the Original Indenture, and as provided in the Original Indenture shall
form a part thereof, for all purposes, including without limitation for the purpose of establishing
the Notes as a series of Securities pursuant to Section 3.01 of the Original Indenture. All
references in the Third Supplemental Indenture to the “Original Indenture” shall be deemed to refer
to the Original Indenture as defined in this Fourth Supplemental Indenture, and all references
herein and in the Notes to the “Indenture” shall be deemed to refer to the Original Indenture as
defined in this Fourth Supplemental Indenture, as amended and supplemented by the Third
Supplemental Indenture and this Fourth Supplemental Indenture.

ARTICLE 3

APPOINTMENT OF SERIES TRUSTEE

     Section 3.01. Appointment of Series Trustee.

     (a) The Company hereby appoints the Series Trustee as Trustee under the Indenture with respect
to the Notes (including the Issued Notes) and vests and confirms to the Series Trustee all rights,
powers, trusts, privileges, duties, security interests and obligations of Trustee under the
Indenture with respect to the Notes (including the Issued Notes). The Series Trustee will not
serve as Trustee under the Indenture with respect to the Outstanding Securities.

     (b) The parties hereto expressly and irrevocably acknowledge and agree that the Series Trustee
shall have no rights, powers, trusts, privileges, duties, security interests or obligations of any
kind (under the Indenture or otherwise) with respect to the Outstanding Securities.

     Section 3.02. Acceptance of Appointment by Series Trustee. The Series Trustee hereby accepts
its appointment as Trustee under the Indenture with respect to the Notes (including the Issued
Notes) and agrees that it is hereby vested with all rights, powers, trusts, privileges, duties,
security interests and obligations of Trustee under the Indenture with respect to the Notes
(including the Issued Notes) and with respect to all property and monies held or to be held under
the Indenture with respect to the Notes. The Series Trustee represents and warrants to the Company
that the Series Trustee is qualified under the provisions of Section 9.08 of the Original Indenture
and eligible under the provisions of Section 9.09 of the Original Indenture to act as a Trustee
under the Indenture.

     Section 3.03. Duties and Obligations of Original Trustee in Respect of the Outstanding
Securities. The Original Trustee shall continue to serve as Trustee under the Indenture with
respect to the Outstanding Securities, having all rights, powers, trusts, privileges, duties,
security interests and obligations of Trustee under the Indenture with respect to the Outstanding
Securities.

     Section 3.04 The Notes and the Original Trustee. The parties hereto acknowledge that the
Original Trustee has not acted as Trustee or Paying Agent or in any other role with respect to the
Issued Notes, and the Company and the Series Trustee irrevocably agree as between themselves and
confirm to the Original Trustee that the Original Trustee (a) shall have no rights, powers, trusts,
privileges, duties, security interests or obligations of any nature whatsoever,

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whether as Trustee, Paying Agent or otherwise, with respect to the Notes or the authentication
thereof and (b) shall have no duties or obligations of any nature whatsoever under the Indenture
with respect to the Notes. Without limiting the generality of the foregoing, the Company and the
Series Trustee irrevocably agree as between themselves and confirm to the Original Trustee that no
duties or obligations of any nature whatsoever on the part of the Original Trustee shall be read
into the Indenture with respect to the Notes.

     Section 3.05 The Outstanding Securities and the Series Trustee

     (a) The parties hereto irrevocably agree that the Series Trustee shall not have any liability
arising out of any breach by the Original Trustee in the performance or non-performance of any of
its duties as Trustee under the Indenture with respect to the Outstanding Securities or otherwise
in respect of any of the Outstanding Securities for so long as the Original Trustee is duly acting
as Trustee with respect to such Outstanding Securities under the Indenture or in respect of any
Securities that may be issued pursuant to the Indenture after the date of this Fourth Supplemental
Indenture and with respect to which the Original Trustee shall be duly appointed by the Company as
Trustee that is directly and solely caused by any action or omission of the Original Trustee.

     (b) The Company irrevocably agrees to indemnify the Series Trustee for, and to hold it
harmless against, any loss, liability or expense (including the reasonable compensation and the
expenses and disbursements of its counsel) arising out of or in connection with the performance or
non-performance by the Original Trustee of its duties under the Indenture, including the reasonable
costs and expenses of defending itself against any claim or liability in connection therewith. The
indemnification provided for in this paragraph shall survive the termination of this Fourth
Supplemental Indenture and the Indenture.

     Section 3.06. Series Trustee to Serve as Paying Agent. The Company and the Series Trustee
agree that the Paying Agent for the Notes shall initially be the Series Trustee.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company hereby represents and warrants to the Original Trustee and the Series Trustee that
(i) the Original Indenture was duly authorized, executed and delivered by the Company, is in full
force and effect and has not been amended or modified except as provided by or referred to in this
Fourth Supplemental Indenture and (ii) no event has occurred and is continuing that, after the
execution and delivery of this Fourth Supplemental Indenture, constitutes, or after notice or
lapse of time would constitute, an Event of Default.

ARTICLE 5

THE ISSUED NOTES

     Section 5.01. Ratification by Company. The Company hereby ratifies and confirms its execution
and delivery of the Issued Notes and confirms and agrees that the Issued Notes constitute valid and
legally binding obligations of the Company.

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     Section 5.02. Certain Additional Agreements.

     (a) The Company hereby confirms its intention to appoint the Series Trustee as Trustee with
respect to the Notes, and the Series Trustee hereby confirms its intention to accept such
appointment, as of the Original Issue Date.

     (b) The Company hereby irrevocably agrees, for the benefit of the other parties hereto and the
holders of the Issued Notes at all times from the Original Issue Date to the date hereof, that such
holders were entitled to the benefits of the Original Indenture as supplemented by the Third
Supplemental Indenture.

     (c) The Company has requested that the Series Trustee, and the Series Trustee agrees that it
will, retrieve the Issued Notes and execute and attach to the Issued Notes a certificate of
authentication of the Issued Notes in the form set forth in the Indenture and dated on or as soon
as practicable after the date hereof.

ARTICLE 6

CERTAIN MATTERS WITH RESPECT TO THE ORIGINAL TRUSTEE

     Section 6.01. Knowledge of Original Trustee. The parties hereto acknowledge that the Original
Trustee had no knowledge on or prior to the Original Issue Date of the proposed execution and
delivery of the Third Supplemental Indenture or the issuance of the Issued Notes, and was not
notified of the issuance of the Issued Notes.

     Section 6.02. Indemnification of Original Trustee. The Company irrevocably agrees to
indemnify the Original Trustee for, and to hold it harmless against, any loss, claim, liability or
expense (including the reasonable compensation and the expenses and disbursements of its counsel)
arising out of or in connection with the issuance of the Issued Notes, the execution and delivery
by the Company and the Series Trustee of the Third Supplemental Indenture, and the execution and
delivery by the parties hereto of this Fourth Supplemental Indenture, including, without limiting
the generality of the foregoing, the performance or any actual or alleged non-performance by the
Series Trustee of any of its powers, trusts, privileges or duties under the Indenture in respect of
the Notes, or the exercise by the Series Trustee of any of its rights or privileges under the
Indenture in respect of the Notes (including, without limitation, any realization by the Series
Trustee in respect of any security interest created under the Indenture). The indemnity provided
by this Section 6.02 shall include the reasonable costs and expenses of the Original Trustee
incurred in defending itself against any loss, claim or liability referred to above. The
indemnification provided for in this Section 6.02 shall survive the termination of this Fourth
Supplemental Indenture and the Indenture.

ARTICLE 7

MISCELLANEOUS

     Section 7.01. Execution as Supplemental Indenture. This Fourth Supplemental Indenture is
executed and shall be construed as an indenture supplemental to the Original

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Indenture and, as provided in the Original Indenture, this Fourth Supplemental Indenture forms
a part thereof.

     Section 7.02. Responsibility for Recitals, Etc. The recitals herein, in the Third
Supplemental Indenture and in the Notes (except in the Series Trustee’s certificate of
authentication in respect of the Notes, including the Issued Notes, which constitute statements of
the Series Trustee, and except for the recitals herein that are specifically attributed to some or
all of the parties hereto) shall be taken as the statements of the Company, and neither the
Original Trustee nor the Series Trustee assumes any responsibility for the correctness thereof.
Neither the Original Trustee nor the Series Trustee makes any representation as to the validity or
sufficiency of the Third Supplemental Indenture or this Fourth Supplemental Indenture.

     Section 7.03. Provisions Binding on Successors. All the respective covenants, stipulations,
promises and agreements of each party hereto contained in this Fourth Supplemental Indenture shall
bind such party’s successors and assigns whether so expressed or not.

     Section 7.04. New York Contract. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Section 7.05. Execution in Counterparts. This Fourth Supplemental Indenture may be executed
with counterpart signature pages or in any number of counterparts, each of which shall be an
original but such counterparts shall together constitute but one and the same instrument.

[Signatures on following page.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture
to be executed on May 4, 2007.

	 	 	 	 	 
	 	SOUTHERN NATURAL GAS COMPANY

 	 
	 	By:  	/s/ John J. Hopper
 	 
	 	 	Name:  	John J. Hopper 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	WILMINGTON TRUST COMPANY, 

as Trustee under the Original Indenture (solely with respect to
the fifth, sixth and eighth recitals herein,
Articles 1, 4, 6 and 7 hereof and Sections
3.01(b), 3.03, 3.04, 3.05(a),
5.01, 5.02(b) and 5.02(c) hereof)

 	 
	 	By:  	/s/ James J. MGinley
 	 
	 	 	Name:  	James J. McGinley 	 
	 	 	Authorized Representative 	 
	 
	 	THE BANK OF NEW YORK TRUST COMPANY,

N.A., as Trustee with respect to the Notes

 	 
	 	By:  	/s/ Brian Echausse
 	 
	 	 	Name:  	Brian Echausse 	 
	 	 	Authorized Representative 	 

Signature Page to Fourth Supplemental Indenture

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