Document:

Exhibit 10.18

    
      

    

    EXHIBIT
      10.18

     

    
      SECOND
        AMENDMENT TO CREDIT AND SECURITY AGREEMENT

       

      THIS
        SECOND AMENDMENT TO CREDIT AND SECURITY AGREEMENT
        (this
“Amendment”),
        dated
        as of November 30, 2006, is made by and between IWC
        SERVICES, LLC,
        a Texas
        limited liability company (“Borrower”)
        and
WELLS
        FARGO BANK,
        National Association (“Lender”),
        acting through its WELLS
        FARGO BUSINESS CREDIT
        operating division.

      

      RECITALS

      

      Borrower,
        Boots & Coots International Well Control, Inc. (“BNC”)
        and
        Lender are parties to the Credit and Security Agreement dated as of March
        3,
        2006 (as amended, restated, amended and restated or extended from time to
        time,
        the “Credit
        Agreement”).
        

      

      Borrower
        has requested that certain amendments and a waiver be made to the Credit
        Agreement in connection with HWCES’ proposed acquisition of the Rig Assist Unit
        - 460K unit and related equipment from Odfjell Drilling AS, a Norwegian company
        (the “RAS
        Equipment”)
        on or
        about November 30, 2006, with the RAS Equipment to be acquired using HWCES’
available cash on-hand for an aggregate purchase price not to exceed U.S.
        $3,600,000 plus the related transportation and set-up costs not to exceed
        $200,000 in the aggregate and free of any Liens thereon (the “RAS
        Equipment Acquisition”),
        which
        Lender is willing to make pursuant to the terms and conditions set forth
        herein.

      

      NOW,
        THEREFORE, in consideration of the premises and of the mutual covenants and
        agreements herein contained, it is agreed as follows:

      

      1.    Consent
        to Acquisition of RAS Equipment.
        As of
        the Effective Date, Lender consents to the RAS Equipment Acquisition and
        waives
        the Default arising solely on account of HWCES contracting to incur the Capital
        Expenditures for the RAS Equipment Acquisition before the Effective Date.
        

       

      2.    Amendments
        to the Credit Agreement.
        As of
        the Effective Date, the Credit Agreement shall be amended as
        follows:

       

      (a)    The
        definition of “Unfinanced Capital Expenditures” appearing in Section
        1.1
        of the
        Credit Agreement shall be amended and restated, in its entirety, to read
        as
        follows:

      

      “Unfinanced
        Capital Expenditures”
means
        Capital Expenditures paid in cash (other than cash that constitutes the proceeds
        of Indebtedness). However, for purposes of this definition, Capital Expenditures
        incurred using the proceeds of a Revolving Advance shall constitute Unfinanced
        Capital Expenditures, and the RAS Equipment Capital Expenditures shall not
        constitute Unfinanced Capital Expenditures. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)    A
        definition for “RAS Equipment Acquisition” shall be added to Section
        1.1
        of the
        Credit Agreement in its proper alphabetical location:

      

      “RAS
        Equipment Acquisition”
means
        HWCES’ acquisition of the Rig Assist Unit - 460K unit and related equipment from
        Odfjell Drilling AS, a Norwegian company (the “RAS
        Equipment”)
        on or
        about November 30, 2006, with the RAS Equipment to be acquired using HWCES’
available cash on-hand for an aggregate purchase price not to exceed U.S.
        $3,600,000 (said purchase price, together with the costs for transporting
        the
        RAS Equipment from Bergen, Norway to Qatar and other costs to place the RAS
        Equipment in service not to exceed $200,000 in the aggregate, being collectively
        the “RAS
        Equipment Capital Expenditures”)
        and
        free of any Liens thereon.

      

      (c)    Section
        6.2(c)
        of the
        Credit Agreement shall be amended and restated, in its entirety, to read
        as
        follows:

      

      (c)    Capital
        Expenditures.
        BNC and
        its Subsidiaries, including Borrower, will not incur (i) Unfinanced Capital
        Expenditures of more than $4,500,000 in the aggregate during any fiscal year
        and
        (ii) Capital Expenditures (whether financed or Unfinanced Capital Expenditures)
        of more than $10,000,000 in the aggregate plus the RAS Equipment Capital
        Expenditures incurred during any fiscal year.

       

      3.    No
        Other Changes.
        Except
        as explicitly amended by this Amendment, all of the terms and conditions
        of the
        Credit Agreement and the other Loan Documents shall remain in full force
        and
        effect.

       

      4.    Conditions
        Precedent.
        This
        Amendment shall be effective when Lender shall have received an executed
        original hereof, together with each of the following, each in substance and
        form
        acceptable to Lender in its sole discretion (the date on which these conditions
        are satisfied shall be the “Effective
        Date”):

       

      (a)    Originals
        of the Acknowledgment and Agreement of Guarantors and the Acknowledgment
        and
        Agreement of Subordinated Creditor set forth at the end of this Amendment,
        duly
        executed by each Guarantor and the Subordinated Creditor.

       

      (b)    All
        representations and warranties made under this Amendment shall be true, correct
        and complete. 

       

      (c)    Such
        other matters as Lender may require in its Permitted Discretion.

       

      5.    Representations
        and Warranties.
        Borrower hereby represents and warrants to Lender as follows:

      
        
          
          

        

        
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      (a)    Borrower
        and each Guarantor have all requisite power and authority to execute this
        Amendment and the Acknowledgement and Agreement of Guarantors, as applicable
        and
        to perform all of their obligations under this Amendment and the Acknowledgement
        and Agreement of Guarantors, and this Amendment and the Acknowledgement and
        Agreement of Guarantors have been duly executed and delivered by Borrower
        and
        the Guarantors, as applicable, and constitute the
        legal, valid and binding obligations of such parties, enforceable in accordance
        with their respective terms.

       

      (b)    The
        execution, delivery and performance by Borrower and Guarantors of this Amendment
        and the Acknowledgement and Agreement of Guarantors have been duly authorized
        by
        all necessary action and do not (i) require any authorization, consent or
        approval by any governmental department, commission, board, bureau, agency
        or
        instrumentality, domestic or foreign, (ii) violate any provision of any
        law, rule or regulation or of any order, writ, injunction or decree presently
        in
        effect, having applicability to Borrower or any Guarantor, or any governing
        document of Borrower or any Guarantor, or (iii) result in a breach of or
        constitute a default under any indenture or loan or credit agreement or any
        other agreement, lease or instrument to which Borrower or any Guarantor is
        a
        party or by which it or its properties may be bound or affected.

       

      (c)    Except
        for the Default to be waived pursuant to Section
        1
        hereof,
        no Default or Event of Default exists under the Credit Agreement before or
        after
        giving effect to this Amendment. 

       

      (d)    All
        of
        the representations and warranties contained in Article
        V
        of the
        Credit Agreement are correct on and as of the date hereof as though made
        on and
        as of such date, except to the extent that such representations and warranties
        relate solely to an earlier date.

       

      6.    References.
        All
        references in the Credit Agreement to “this Agreement” shall be deemed to refer
        to the Credit Agreement as amended hereby; and any and all references in
        the
        Security Documents to the Credit Agreement shall be deemed to refer to the
        Credit Agreement as amended hereby.

       

      7.    No
        Other Waiver.
        Except
        as set forth in Section
        1
        hereof,
        the execution of this Amendment and acceptance of any documents related hereto
        shall not be deemed to be a waiver of any Default or Event of Default under
        the
        Credit Agreement or breach, default or event of default under any Security
        Document or other document held by Lender, whether or not known to Lender
        and
        whether or not existing on the date of this Amendment.

      
        
          
          

        

        
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      8.    Release.
        BORROWER, AND EACH GUARANTOR BY SIGNING THE ACKNOWLEDGMENT AND AGREEMENT
        OF
        GUARANTORS SET FORTH BELOW, EACH HEREBY ABSOLUTELY AND UNCONDITIONALLY RELEASES
        AND FOREVER DISCHARGES LENDER, AND ANY AND ALL PARTICIPANTS, PARENT
        CORPORATIONS, SUBSIDIARY CORPORATIONS, AFFILIATED CORPORATIONS, INSURERS,
        INDEMNITORS, SUCCESSORS AND ASSIGNS THEREOF, TOGETHER WITH ALL OF THE PRESENT
        AND FORMER DIRECTORS, OFFICERS, ATTORNEYS, AGENTS AND EMPLOYEES OF ANY OF
        THE
        FOREGOING, FROM ANY AND ALL CLAIMS, DEMANDS OR CAUSES OF ACTION OF ANY KIND,
        NATURE OR DESCRIPTION, WHETHER ARISING IN LAW OR EQUITY OR UPON CONTRACT
        OR TORT
        OR UNDER ANY STATE OR FEDERAL LAW OR OTHERWISE, WHICH BORROWER OR SUCH GUARANTOR
        HAS HAD, NOW HAS OR HAS MADE CLAIM TO HAVE AGAINST ANY SUCH PERSON FOR OR
        BY
        REASON OF ANY ACT, OMISSION, MATTER, CAUSE OR THING WHATSOEVER ARISING FROM
        THE
        BEGINNING OF TIME TO AND INCLUDING THE EFFECTIVE DATE, WHETHER SUCH CLAIMS,
        DEMANDS AND CAUSES OF ACTION ARE MATURED OR UNMATURED OR KNOWN OR UNKNOWN,
        INCLUDING,
        WITHOUT LIMITATION, ALL CLAIMS, DEMANDS OR CAUSES OF ACTION ARISING IN WHOLE
        OR
        PART FROM THE NEGLIGENCE OR STRICT LIABLITY OF LENDER OR ANY OTHER RELEASED
        PARTY.

       

      9.    Severability.
        If any
        term or provision of this Amendment is adjudicated to be invalid under
        applicable laws or regulations, such provision shall be inapplicable to the
        extent of such invalidity without affecting the validity or enforceability
        of
        the remainder of this Amendment which shall be given effect so far as
        possible.

       

      10.    Binding
        Effect.
        This
        Amendment shall be binding upon and inure to the benefit of Borrower and
        Lender
        and their respective successors and assigns, except that Borrower shall not
        have
        the right to assign any rights thereunder or any interest therein without
        Lender’s prior written consent.

       

      12.    Costs
        and Expenses.
        Borrower hereby reaffirms its agreement under the Credit Agreement to pay
        or
        reimburse Lender on demand for all costs and expenses incurred by Lender
        in
        connection with the Loan Documents, including without limitation all reasonable
        fees and disbursements of legal counsel. Without limiting the generality
        of the
        foregoing, Borrower specifically agrees to pay all fees and disbursements
        of
        counsel to Lender for the services performed by such counsel in connection
        with
        the preparation of this Amendment and the documents and instruments incidental
        hereto. Borrower hereby agrees that Lender may, at any time or from time
        to time
        in its sole discretion and without further authorization by Borrower, make
        a
        loan to Borrower under the Credit Agreement, or apply the proceeds of any
        loan,
        for the purpose of paying any such fees, disbursements, costs and
        expenses.

      
        
          
          

        

        
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      13.    Miscellaneous.
        This
        Amendment, the Acknowledgment and Agreement of Guarantors and the Acknowledgment
        and Agreement of Subordinated Creditor (i) may
        be
        executed in any number of counterparts, each of which when so executed and
        delivered shall be deemed an original and all of which counterparts, taken
        together, shall constitute one and the same instrument and (ii)
        AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES
        AND
        MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
        ORAL
        AGREEMENTS OF THE PARTIES, AND THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
        THE
        PARTIES.
        Capitalized terms used in this Amendment and the Acknowledgments attached
        hereto
        have the meanings given to them in the Credit Agreement unless otherwise
        specified. This Amendment shall be governed and construed in accordance with
        the
        laws of the State of Texas.

       

      [SIGNATURE
        PAGE FOLLOWS]

      

        
          
            
            

          

          
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      IN
        WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
        executed as of the date first written above to be effective as of the Effective
        Date.

      

      
        	IWC
                SERVICES, LLC,
                a
                Texas limited liability company	 
	 	 	 
	
                By:

              	
                /s/
                  Jerry Winchester

              	 
	Name:
                Jerry Winchester	 
	Title:
                President and CEO	 
	 	 	 
	WELLS
                FARGO BANK, NATIONAL ASSOCIATION,
                acting through its Wells Fargo Business Credit operating
                division	 
	 	 	 
	
                By:

              	
                /s/
                  John Wattinger

              	 
	Name: 
                John Wattinger	 
	Title:
                Vice-President	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      ACKNOWLEDGMENT
        AND AGREEMENT OF GUARANTORS

      

      Each
        undersigned, each a guarantor of the indebtedness and other obligations of
        Borrower to Lender pursuant to a separate Guaranty each dated as of March
        3,
        2006 (each a “Guaranty”),
        hereby (i) acknowledges receipt of the foregoing Amendment; (ii) consents
        to the terms (including without limitation the release set forth in Section
        8
        of the
        Amendment) and execution thereof; (iii) reaffirms its obligations to Lender
        pursuant to the terms of its Guaranty; and (iv) acknowledges that Lender
        may amend, restate, extend, renew or otherwise modify the Credit Agreement
        and
        any indebtedness or agreement of Borrower, or enter into any agreement or
        extend
        additional or other credit accommodations, without notifying or obtaining
        the
        consent of the undersigned and without impairing the liability of the
        undersigned under its Guaranty for all of Borrower’s present and future
        indebtedness and other obligations to Lender.

      

      BOOTS
        & COOTS INTERNATIONAL WELL CONTROL, INC.

      BOOTS
        & COOTS SERVICES, INC.

      BOOTS
        & COOTS SPECIAL SERVICES, INC.

      ELMAGCO,
        INC.

      HELL
        FIGHTERS, INC.

      HWC
        LIMITED

      IWC
        ENGINEERING, INC.

      

      

      
        	
                By:

              	
                /s/
                  Jerry Winchester

              	 
	Name:
                Jerry Winchester	 
	Title:
                President and CEO of each entity above	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ACKNOWLEDGMENT
        AND AGREEMENT OF SUBORDINATED CREDITORS

      

      The
        undersigned, a subordinated creditor of BNC pursuant to each Senior Subordinated
        Promissory Note, hereby (i) acknowledges receipt of the foregoing Amendment;
        (ii) consents to the terms and execution thereof; (iii) reaffirms the
        terms of each Senior Subordinated Promissory Note; and (iv) acknowledges
        that Lender may amend, restate, extend, renew or otherwise modify the Loan
        Documents and any indebtedness or agreement of Borrower or enter into any
        agreement or extend additional or other credit accommodations (in each case
        subject to any limitations set forth in the respective Senior Subordinated
        Promissory Note), without notifying or obtaining the consent of the undersigned
        except as may be expressly required under the terms of each Senior Subordinated
        Promissory Note.

       

       

      OIL
        STATES ENERGY SERVICES, INC.

      (formerly
        known as HWC Energy Services, Inc.)

       

       

      
        	
                By:

              	/s/
                Cindy Taylor	 
	
                Name:

              	Cindy
                Taylor	 
	
                Title:

              	PresidentExhibit 10.19

    
      

    

    EXHIBIT
      10.19

    THIRD AMENDMENT
      TO CREDIT AND SECURITY AGREEMENT

    

    THIS
      THIRD AMENDMENT TO CREDIT AND SECURITY AGREEMENT
      (this
“Amendment”),
      dated
      as of March 20, 2007, is made by and between IWC
      SERVICES, LLC,
      a Texas
      limited liability company (“Borrower”)
      and
WELLS
      FARGO BANK,
      National Association (“Lender”),
      acting through its WELLS
      FARGO BUSINESS CREDIT
      operating division.

     

    RECITALS

     

    Borrower,
      Boots & Coots International Well Control, Inc. (“BNC”)
      and
      Lender are parties to the Credit and Security Agreement dated as of
      March 3, 2006 (as amended, restated, amended and restated or extended from
      time to time, the “Credit
      Agreement”).

    

    Borrower
      has requested that certain amendments be made to the Credit Agreement as more
      particularly set forth herein, which Lender is willing to make pursuant to
      the
      terms and conditions set forth herein.

    

    NOW,
      THEREFORE, in consideration of the premises and of the mutual covenants and
      agreements herein contained, it is agreed as follows:

    

    1.    Amendments
      to the Credit Agreement.
      Effective as of December 31, 2006 upon satisfaction of the Conditions Precedent,
      the Credit Agreement shall be amended as
      follows:

    

    (a)    Section
      1.1
      of the
      Credit Agreement shall be amended by adding the following new definition in
      its
      proper alphabetical order:

    

    “’Eligible
      Joint Venture’
means
      any joint venture proposed to be entered into by any Credit Party, provided
      that (i)
      the terms of which shall have been furnished to Lender in writing prior to
      the
      effectiveness thereof, (ii) upon the reasonable request of Lender and if the
      joint venture relationship is or will be governed by the laws of the United
      States or any political subdivision thereof, such Credit Party shall pledge
      its
      ownership interests in such joint venture to Lender as additional Collateral
      for
      the Obligations, and (iii) prior to or simultaneous with any contribution to
      such joint venture of Eligible Equipment or any other Equipment financed with
      an
      Equipment Term Advance, Borrower shall prepay the Equipment Term Note by an
      amount equal to at least eighty percent (80%) of the value of such Equipment
      as
      set forth in the most recent appraisal delivered to Lender in accordance with
      this Agreement.”

    

    (b)    Section
      2.4(a)(i)
      of the
      Credit Agreement shall be amended to replace “$1,000,000” with
“$2,000,000.”

    

    (c)    Section
      6.2(c)
      of the
      Credit Agreement shall be amended and restated, in its entirety, to read as
      follows:

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    (c)    Capital
      Expenditures.
      BNC and
      its Subsidiaries, including Borrower, will notify Lender within five (5)
      Business Days of making any Capital Expenditure exceeding $500,000, and such
      notice shall include sufficient detail to describe the amount expended and
      the
      asset or assets acquired pursuant to such expenditure.

    

    (d)    Section
      6.6(b)
      of the
      Credit Agreement shall be amended and restated, in its entirety, to read as
      follows:

    

    (b)    Travel
      advances or loans to Borrower’s Officers and employees not exceeding at any one
      time (i) an aggregate of $45,000 per occurrence per Person, or
      (ii) $450,000 in the aggregate outstanding at any time;

    

    (e)    Section
      6.6(c)
      of the
      Credit Agreement shall be amended and restated, in its entirety, to read as
      follows:

    

    (c)    Prepaid
      rent or security deposits made in the ordinary course of business and in
      accordance with generally accepted commercial business practices; 

    

    (f)    Section
      6.6
      of the
      Credit Agreement further shall be amended to replace the punctuation mark “.” in
      paragraph (d) thereof with “; and”, and to add a new paragraph (e) which shall
      read as follows:

    

    (e)    Investments
      in Eligible Joint Ventures.

    

    (g)    The
      first
      sentence of Section
      6.17
      of the
      Credit Agreement shall be amended and restated, in its entirety, to read as
      follows:

    

    BNC
      and
      Borrower will not, and will not permit any other Credit Party to, sell, lease,
      assign, transfer or otherwise dispose of (i) the stock of any Subsidiary
      (other than Director’s qualifying shares issued in BNC or shares of a Foreign
      Subsidiary (that do not dilute or affect Lender’s pledge of the Equity Interests
      in the Foreign Subsidiary) required or deemed advisable to be issued to a
      foreign national in connection with any Foreign Subsidiary), (ii) all or a
      substantial part of its assets (a “substantial
      part”
shall
      be triggered if the value of any contemplated sale, lease, assignment, transfer
      or other disposition when aggregated all other similar transactions occurring
      in
      any fiscal year would exceed five percent (5%) of the then applicable Book
      Net
      Worth), or (iii) any Collateral or any interest therein (whether in one
      transaction or in a series of transactions) to any other Person other than
      the
      sale of Inventory in the ordinary course of business or the disposition of
      (a)
      Equipment (other than Eligible Equipment or any other Equipment financed with
      an
      Equipment Term Advance) that is used, obsolete, worn out or surplus (the
      proceeds of which shall be paid to reduce the Obligations unless used
      immediately for the purchase of like Equipment) or (b) Equipment contributed
      by
      any Credit Party to an Eligible Joint Venture and will not liquidate, dissolve
      or suspend business operations, except that any Subsidiary that is an Inactive
      Subsidiary may liquidate or dissolve if (i)  BNC determines in good faith
      that such liquidation or dissolution is in the best interests of BNC, (ii)
      the
      liquidation or dissolution shall not have a Material Adverse Effect, and
      (iii) any assets of the Inactive Subsidiary are distributed to
      Borrower.

    

    
      
        
          
          

        

        
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    2.    No
      Other Changes.
      Except
      as explicitly amended by this Amendment, all of the terms and conditions of
      the
      Credit Agreement and the other Loan Documents shall remain in full force and
      effect.

    

    3.    Conditions
      Precedent.
      This
      Amendment shall be effective when Lender shall have received an executed
      original hereof, together with each of the following, each in substance and
      form
      acceptable to Lender in its sole discretion (these conditions being
      collectively, the “Conditions
      Precedent”):

    

    (a)    Originals
      of the Acknowledgment and Agreement of Guarantors and the Acknowledgment and
      Agreement of Subordinated Creditor set forth at the end of this Amendment,
      duly
      executed by each Guarantor and the Subordinated Creditor.

    

    (b)    All
      representations and warranties made under this Amendment shall be true, correct
      and complete.

    

    (c)    In
      consideration for entering into this Amendment, Lender shall have received
      from
      Borrower in immediately available funds an amendment fee of $10,000, which
      fee
      shall be duly earned and nonrefundable upon execution of this
      Amendment.

    

    (d)    Such
      other matters as Lender may require in its Permitted Discretion.

    

    4.    Representations
      and Warranties.
      Borrower hereby represents and warrants to Lender as follows:

    

    (a)    Borrower
      and each Guarantor have all requisite power and authority to execute this
      Amendment and the Acknowledgement and Agreement of Guarantors, as applicable
      and
      to perform all of their obligations under this Amendment and the Acknowledgement
      and Agreement of Guarantors, and this Amendment and the Acknowledgement and
      Agreement of Guarantors have been duly executed and delivered by Borrower and

      the Guarantors, as applicable, and constitute the
      legal, valid and binding obligations of such parties, enforceable in accordance
      with their respective terms.

    

    (b)    The
      execution, delivery and performance by Borrower and Guarantors of this Amendment
      and the Acknowledgement and Agreement of Guarantors have been duly authorized
      by
      all necessary action and do not (i) require any authorization, consent or
      approval by any governmental department, commission, board, bureau, agency
      or
      instrumentality, domestic or foreign, (ii) violate any provision of any
      law, rule or regulation or of any order, writ, injunction or decree presently
      in
      effect, having applicability to Borrower or any Guarantor, or any governing
      document of Borrower or any Guarantor, or (iii) result in a breach of or
      constitute a default under any indenture or loan or credit agreement or any
      other agreement, lease or instrument to which Borrower or any Guarantor is
      a
      party or by which it or its properties may be bound or affected.

    

    
      
        
          
          

        

        
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    (c)    No
      Default or Event of Default exists under the Credit Agreement before or after
      giving effect to this Amendment.

    

    (d)    All
      of
      the representations and warranties contained in Article V of the Credit
      Agreement are correct on and as of the date hereof as though made on and as
      of
      such date, except to the extent that such representations and warranties relate
      solely to an earlier date.

    

    5.    References.
      All
      references in the Credit Agreement to “this Agreement” shall be deemed to refer
      to the Credit Agreement as amended hereby; and any and all references in the
      Security Documents to the Credit Agreement shall be deemed to refer to the
      Credit Agreement as amended hereby.

    

    6.    No
      Other Waiver.
      The
      execution of this Amendment and acceptance of any documents related hereto
      shall
      not be deemed to be a waiver of any Default or Event of Default under the Credit
      Agreement or breach, default or event of default under any Security Document
      or
      other document held by Lender, whether or not known to Lender and whether or
      not
      existing on the date of this Amendment.

    

    7.    Ratification.
      Except
      as specifically amended hereby, the Credit Agreement and the other Loan
      Documents shall remain in full force and effect and hereby are ratified and
      confirmed by Borrower and each Guarantor as so amended. Borrower and each
      Guarantor hereby ratify and confirm all of the Obligations pursuant to the
      Credit Agreement and other Loan Documents to which it is a party and confirm
      and
      ratify the liens and security interests granted in favor of Lender in the
      Collateral to secure the repayment and performance of all
      Obligations.

    

    8.    Release.
      BORROWER, AND EACH GUARANTOR BY SIGNING THE ACKNOWLEDGMENT AND AGREEMENT OF
      GUARANTORS SET FORTH BELOW, EACH HEREBY ABSOLUTELY AND UNCONDITIONALLY RELEASES
      AND FOREVER DISCHARGES LENDER, AND ANY AND ALL PARTICIPANTS, PARENT
      CORPORATIONS, SUBSIDIARY CORPORATIONS, AFFILIATED CORPORATIONS, INSURERS,
      INDEMNITORS, SUCCESSORS AND ASSIGNS THEREOF, TOGETHER WITH ALL OF THE PRESENT
      AND FORMER DIRECTORS, OFFICERS, ATTORNEYS, AGENTS AND EMPLOYEES OF ANY OF THE
      FOREGOING, FROM ANY AND ALL CLAIMS, DEMANDS OR CAUSES OF ACTION OF ANY KIND,
      NATURE OR DESCRIPTION, WHETHER ARISING IN LAW OR EQUITY OR UPON CONTRACT OR
      TORT
      OR UNDER ANY STATE OR FEDERAL LAW OR OTHERWISE, WHICH BORROWER OR SUCH GUARANTOR
      HAS HAD, NOW HAS OR HAS MADE CLAIM TO HAVE AGAINST ANY SUCH PERSON FOR OR BY
      REASON OF ANY ACT, OMISSION, MATTER, CAUSE OR THING WHATSOEVER ARISING FROM
      THE
      BEGINNING OF TIME TO AND INCLUDING THE DATE OF EXECUTION OF THIS AMENDMENT,
      WHETHER SUCH CLAIMS, DEMANDS AND CAUSES OF ACTION ARE MATURED OR UNMATURED
      OR
      KNOWN OR UNKNOWN, INCLUDING,
      WITHOUT LIMITATION, ALL CLAIMS, DEMANDS OR CAUSES OF ACTION ARISING IN WHOLE
      OR
      PART FROM THE NEGLIGENCE OR STRICT LIABLITY OF LENDER OR ANY OTHER RELEASED
      PARTY.

    

    
      
        
          
          

        

        
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    9.    Severability.
      If any
      term or provision of this Amendment is adjudicated to be invalid under
      applicable laws or regulations, such provision shall be inapplicable to the
      extent of such invalidity without affecting the validity or enforceability
      of
      the remainder of this Amendment which shall be given effect so far as
      possible.

    

    10.    Binding
      Effect.
      This
      Amendment shall be binding upon and inure to the benefit of Borrower and Lender
      and their respective successors and assigns, except that Borrower shall not
      have
      the right to assign any rights thereunder or any interest therein without
      Lender’s prior written consent.

    

    11.    Costs
      and Expenses.
      Borrower hereby reaffirms its agreement under the Credit Agreement to pay or
      reimburse Lender on demand for all costs and expenses incurred by Lender in
      connection with the Loan Documents, including without limitation all reasonable
      fees and disbursements of legal counsel. Without limiting the generality of
      the
      foregoing, Borrower specifically agrees to pay all fees and disbursements of
      counsel to Lender for the services performed by such counsel in connection
      with
      the preparation of this Amendment and the documents and instruments incidental
      hereto. Borrower hereby agrees that Lender may, at any time or from time to
      time
      in its sole discretion and without further authorization by Borrower, make
      a
      loan to Borrower under the Credit Agreement, or apply the proceeds of any loan,
      for the purpose of paying any such fees, disbursements, costs and
      expenses.

    

    12.    Miscellaneous.
      This
      Amendment, the Acknowledgment and Agreement of Guarantors and the Acknowledgment
      and Agreement of Subordinated Creditor (i) may
      be
      executed in any number of counterparts, each of which when so executed and
      delivered shall be deemed an original and all of which counterparts, taken
      together, shall constitute one and the same instrument and
      (ii) AND
      THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
      MAY
      NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
      AGREEMENTS OF THE PARTIES, AND THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
      THE
      PARTIES.
      Capitalized terms used in this Amendment and the Acknowledgments attached hereto
      have the meanings given to them in the Credit Agreement unless otherwise
      specified. This Amendment shall be governed and construed in accordance with
      the
      laws of the State of Texas.

    

    [SIGNATURE
      PAGE FOLLOWS]

    

      
        
          
          

        

        
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    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed as of the date first written above.

    

    
      	IWC
              SERVICES, LLC,
              a
              Texas limited liability company	 
	 	 	 
	
              By:

            	
              /s/
                Jerry Winchester

            	 
	Name:
              Jerry Winchester	 
	Title:
              President and CEO	 
	 	 	 
	WELLS
              FARGO BANK, NATIONAL ASSOCIATION,
              acting through its Wells Fargo Business Credit operating
              division	 
	 	 	 
	
              By:

            	
              /s/
                John Wattinger

            	 
	Name:
              John Wattinger	 
	Title:  
              Vice President	 

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ACKNOWLEDGMENT
      AND AGREEMENT OF GUARANTORS

    

    Each
      undersigned, each a guarantor of the indebtedness and other obligations of
      Borrower to Lender pursuant to a separate Guaranty each dated as of March 3,
      2006 (each a “Guaranty”),
      hereby (i) acknowledges receipt of the foregoing Amendment; (ii) consents
      to the terms (including without limitation the release set forth in Section
      8
      of the
      Amendment) and execution thereof; (iii) reaffirms its obligations to Lender
      pursuant to the terms of its Guaranty; and (iv) acknowledges that Lender
      may amend, restate, extend, renew or otherwise modify the Credit Agreement
      and
      any indebtedness or agreement of Borrower, or enter into any agreement or extend
      additional or other credit accommodations, without notifying or obtaining the
      consent of the undersigned and without impairing the liability of the
      undersigned under its Guaranty for all of Borrower’s present and future
      indebtedness and other obligations to Lender.

     

     

    BOOTS
      & COOTS INTERNATIONAL WELL CONTROL, INC.

    BOOTS
      & COOTS SERVICES, INC.

    BOOTS
      & COOTS SPECIAL SERVICES, INC.

    ELMAGCO,
      INC.

    HELL
      FIGHTERS, INC.

    HWC
      LIMITED

    IWC
      ENGINEERING, INC.

     

     

    
      
        	
                By:

              	
                /s/
                  Jerry Winchester

              	 
	Name:
                Jerry Winchester	 
	Title:
                President and CEO of each entity above	 

      

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ACKNOWLEDGMENT
      AND AGREEMENT OF SUBORDINATED CREDITORS

    

    The
      undersigned, a subordinated creditor of BNC pursuant to each Senior Subordinated
      Promissory Note, hereby (i) acknowledges receipt of the foregoing Amendment;
      (ii) consents to the terms and execution thereof; (iii) reaffirms the
      terms of each Senior Subordinated Promissory Note; and (iv) acknowledges
      that Lender may amend, restate, extend, renew or otherwise modify the Loan
      Documents and any indebtedness or agreement of Borrower or enter into any
      agreement or extend additional or other credit accommodations (in each case
      subject to any limitations set forth in the respective Senior Subordinated
      Promissory Note), without notifying or obtaining the consent of the undersigned
      except as may be expressly required under the terms of each Senior Subordinated
      Promissory Note.

     

     

    OIL
      STATES ENERGY SERVICES, INC.

    (formerly
      known as HWC Energy Services, Inc.)

     

     

    
      	
              By:

            	 /s/
              Cindy B. Taylor	 
	 	
                    
                Cindy B. Taylor, President

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