Document:

ex10-14.htm

    Exhibit
10.14

     

    PATENT
AND TRADEMARK SECURITY AGREEMENT

     

    This
Patent and Trademark Security Agreement (this “Agreement”), dated as of Dec. 7,
2009, is made by and among IRONCLAD PERFORMANCE WEAR CORPORATION, a California
corporation ( the “Client”) and FCC, LLC, a Florida limited liability company
doing business as First Capital Western Region, LLC (the “Factor”).

     

    Recitals

     

    Client
and Factor are parties to a Factoring and Inventory Advances and Security
Agreement of even date herewith (as the same may hereafter be amended,
supplemented or restated from time to time, the “Factoring Agreement”) setting
forth the terms on which Factor may now or hereafter extend credit to or for the
account of Client.

     

    As a
condition to extending credit to or for the account of Client, Factor has
required the execution and delivery of this Agreement by Client.

     

    ACCORDINGLY,
in consideration of the mutual covenants contained in the Factoring Agreement
and herein, the parties hereby agree as follows:

     

    1. Definitions. 
All terms defined in the Recitals hereto or in the Factoring Agreement
that are not otherwise defined herein shall have the meanings given to them
therein. In addition, the following terms have the meanings set forth
below:

     

    “Affiliate”
means, with respect to any Person, any other Person directly or indirectly
Controlling or Controlled by, or under direct or indirect common Control with
such Person.

     

    “Control”
means, with respect to any Person, the possession, directly or indirectly, of
the affirmative power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of securities,
partnership interests or other ownership interests, by contract, by membership
or involvement in the board of directors or other management structure of such
Person, or otherwise.

     

    “Obligations”
means each and every debt, liability and obligation of every type and
description arising under or in connection with any Factoring Document (as
defined in the Factoring Agreement) which Client may now or at any time
hereafter owe to Factor, whether such debt, liability or obligation now exists
or is hereafter created or incurred and whether it is or may be direct or
indirect, due or to become due, absolute or contingent, primary or secondary,
liquidated or unliquidated, independent, joint, several or joint and several,
and including specifically, but not limited to, the Obligations (as defined in
the Factoring Agreement).

     

    “Patents”
means all of Client’s right, title and interest in and to patents or
applications
for patents, fees or royalties with respect to each, and including without
limitation
the right to sue for past infringement and damages therefor, and licenses
thereunder, all as presently existing or hereafter arising or acquired,
including without limitation the patents listed on Exhibit
A.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Permitted
Liens” shall mean mortgages, deeds of trust, pledges, liens, security interests
or other charges or encumbrances:

     

    
      	
            	
              (i) 

            	
              for
      taxes, assessments or governmental charges or levies onproperty
      of the Client or subsidiary if the same shall not at the time be
      delinquent or thereafter can be paid without penalty, or are being
      contested in good faith and by appropriate
  proceedings;

            

    

     

    
      	
            	
              (ii) 

            	
              imposed
      by law, such as carriers’, warehousemen’s, mechanics’,materialmen’s
      liens and other similar liens arising in the ordinary course of
      business;

            

    

     

    
      	
            	
              (iii) 

            	
              arising
      out of pledges or deposits under workers’ compensationlaws,
      unemployment insurance, old age pensions, or other social security or
      retirement benefits, or similar
legislation;

            

    

     

    
      	
            	
              (iv) 

            	
              arising
      from any litigation or proceeding which is being contested ingood
      faith by appropriate proceedings, provided, however, that no execution or
      levy has been made; and

            

    

     

    
      	
            	
              (v) 

            	
              liens
      incurred in connection with the extension, renewal orrefinancing
      of the indebtedness secured by liens of the type described in clauses (i)
      through (iv) above, provided that any extension, renewal or replacement
      lien shall be limited to the property encumbered by the existing lien and
      the principal amount of the indebtedness being extended, renewed or
      refinanced does not increase.

            

    

     

    “Security
Interest” has the meaning given in Section 2.

     

    “Trademarks”
means all of Client’s right, title and interest in and to: (i) trademarks,
service marks, collective membership marks, registrations and applications for
registration for each, and the respective goodwill associated with each, (ii)
licenses, fees or royalties with respect to each, (iii) the right to sue for
past, present and future infringement, dilution and damages therefor, (iv) and
licenses thereunder, all as presently existing or hereafter arising or acquired,
including, without limitation, the marks listed on Exhibit
B.

     

    2. Security
Interest.  Client hereby irrevocably pledges and assigns to, and
grants
Factor a security interest (the “Security Interest”) with power of sale to the
extent permitted by law, in the Patents and in the Trademarks to secure payment
of the Obligations. As set forth in the Factoring Agreement, the Security
Interest is coupled with a security interest in substantially all of the
personal property of Client. This Agreement grants only the Security Interest
herein described, is not intended to and does not affect any present transfer of
title of any trademark registration or application and makes no assignment and
grants no right to assign or perform any other action with respect to any intent
to use trademark application, unless such action is permitted under 15 U.S.C. §
1060.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Representations,
Warranties and Agreements.  Client represents, warrants and
agrees as follows:

     

    (a)            Patents.
Exhibit A accurately lists all Patents owned or controlled by the
Client as
of the date hereof, or to which the Client has a right as of the date hereof to
have assigned to it, and accurately reflects the existence and status of
applications and letters patent pertaining to the Patents as of the date hereof.
If after the date hereof, Client owns, controls or has a right to have assigned
to it any Patents not listed on Exhibit
A, or if Exhibit
A ceases to accurately reflect the existence and status of applications
and letters patent pertaining to the Patents, then Client shall within 30 days
provide written notice to Factor with a replacement Exhibit
A, which upon acceptance by Factor shall become part of this
Agreement.

     

    (b)            Trademarks.
Exhibit B accurately lists all Trademarks owned or controlled
by the Client as of the date hereof and accurately reflects the existence and
status of Trademarks and all applications and registrations pertaining thereto
as of the date hereof; provided, however, that Exhibit
B need not list common law marks (i.e., Trademarks for which there are no
applications or registrations) which are not material to the Client’s or any
Affiliate’s business(es). If after the date hereof, Client owns or controls any
Trademarks not listed on Exhibit
B (other than common law marks which are not material to the Client’s or
any Affiliate’s business(es)), or if Exhibit
B ceases to accurately reflect the existence and status of applications
and registrations pertaining to the Trademarks, then Client shall promptly
provide written notice to Factor with a replacement Exhibit
B, which upon acceptance by Factor shall become part of this
Agreement.

     

    (c)            
Affiliates.
As of the date hereof, no Affiliate of the Client owns, controls, or has a
right to have assigned to it any items that would, if such item were owned by
the Client, constitute Patents or Trademarks. If after the date hereof any
Affiliate of the Client owns, controls, or has a right to have assigned to it
any such items, then Client shall promptly either: (i) cause such Affiliate to
assign all of its rights in such item(s) to the Client; or (ii) notify Factor of
such item(s) and cause such Affiliate to execute and deliver to Factor a patent
and trademark security agreement substantially in the form of this
Agreement.

     

    (e)             Title.
Client identified as the owner of each Patent and Trademark on
Exhibits
A and B
has absolute title to each Patent and each Trademark listed thereon, free and
clear of all Liens except Permitted
Liens. The Client (i) will have, at the time such Client acquires any rights in
Patents or Trademarks hereafter arising, absolute title to each such Patent or
Trademark free and clear of all Liens except Permitted Liens, and (ii) will keep
all Patents and Trademarks free and clear of all Liens except Permitted
Liens.

     

    (f)            No
Sale. Client
will not assign, transfer, encumber or otherwise dispose of the Patents
or Trademarks, or any interest therein, without Factor’s prior written
consent.

     

    (g)           Defense.
Client will, to the extent it is reasonably advisable in its business, at
its own expense and using commercially reasonable efforts, protect and defend
the Patents and Trademarks against all claims or demands of all Persons other
than those holding Permitted Liens.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (h)            Maintenance.
Client will at its own expense maintain the Patents and the
Trademarks
to the extent reasonably advisable in its business including, but not limited
to, filing all applications to obtain letters patent or trademark registrations
and all affidavits, maintenance fees, annuities, and renewals possible with
respect to letters patent, trademark registrations and applications therefor.
Client covenant that it will not abandon nor fail to pay any maintenance fee or
annuity due and payable on any Patent or Trademark, nor fail to file any
required affidavit or renewal in support thereof, without first providing
Factor: (i) sufficient written notice, of at least 30 days, to allow Factor to
timely pay any such maintenance fees or annuities which may become due on any
Patents or Trademarks, or to file any affidavit or renewal with respect thereto,
and (ii) a separate written power of attorney or other authorization to pay such
maintenance fees or annuities, or to file such affidavit or renewal, should such
be necessary or desirable. Notwithstanding any of the foregoing, Client shall
not be under any obligation to pay such maintenance fee or annuity on a Patent
or Trademark which is utilized in a product that has not been sold in the last
three years.

     

    (i)            Factor’s
Right to Take Action. If Client fails to perform or observe any
of its
covenants or agreements set forth in this Section 3, and if such failure
continues for a period of ten (10) calendar days after Factor gives Client
written notice thereof (or, in the case of the agreements contained in
subsection (h), immediately upon the occurrence of such failure, without notice
or lapse of time), or if Client notifies Factor that they intend to abandon a
Patent or Trademark, Factor may (but need not) perform or observe such covenant
or agreement or take steps to prevent such intended abandonment on behalf and in
the name, place and stead of the Client (or, at Factor’s option, in Factor’s own
name) and may (but need not) take any and all other actions which Factor may
reasonably deem necessary to cure or correct such failure or prevent such
intended abandonment.

     

    (j)            Costs
and Expenses. Except to the extent that the effect of such payment
would be
to render any loan or forbearance of money usurious or otherwise illegal under
any applicable law, Client shall pay Factor on demand the amount of all moneys
expended and all costs and expenses (including reasonable attorneys’ fees and
disbursements) incurred by Factor in connection with or as a result of Factor’s
taking action under subsection (i) or exercising its rights under Section 6,
together with interest thereon from the date expended or incurred by Factor at
the default rate of interest provided for in the Factoring
Agreement.

     

    (k)            Power
of Attorney. To
facilitate Factor’s taking action under subsection (i) and exercising its
rights under Section 6, Client hereby irrevocably appoints (which appointment is
coupled with an interest) Factor, or its delegate, as the attorney-in-fact of
such Client with the right (but not the duty) from time to time to create,
prepare, complete, execute, deliver, endorse or file, in the name and on behalf
of such Client, any and all instruments, documents, applications, financing
statements, and other agreements and writings required to be obtained, executed,
delivered or endorsed by such Client under this Section 3, or, necessary for
Factor, after a Default, to enforce or use the Patents or Trademarks or to grant
or issue any exclusive or non-exclusive license under the Patents or Trademarks
to any third party, or to sell, assign, transfer, pledge, encumber or otherwise
transfer title in or dispose of the Patents or Trademarks to any third party.
Client hereby ratifies all that such attorney shall lawfully do or cause to be
done by virtue hereof. The power of attorney granted herein shall terminate upon
the termination of the Factoring Agreement as provided therein and the payment
and performance of all Obligations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.            Client’s
Use of the Patents and Trademarks. Client shall be permitted to
control
and manage the Patents and Trademarks, including the right to exclude others
from making, using or selling items covered by the Patents and Trademarks and
any licenses thereunder, in the same manner and with the same effect as if this
Agreement had not been entered into, so long as no Default exists.

     

    5.          Defaults.
Each of the following occurrences shall constitute an event of
default
under this Agreement (herein called a “Default”): (a) a Default, as defined in
the Factoring Agreement, shall occur; or (b) Client shall fail promptly to
observe or perform any covenant or agreement herein binding on it; or (c) any of
the representations or warranties contained in Section 3 shall prove to have
been incorrect in any material respect when made.

     

    6.           
Remedies.
While a Default exists, Factor may, at its option, take any or all of the
following actions:

     

    (a)          Factor
may exercise any or all remedies available under the Factoring Agreement.

     

    (b)          Factor
may sell, assign, transfer, pledge, encumber or otherwise dispose of
the
Patents and Trademarks.

     

    (c)          Factor
may enforce the Patents and Trademarks and any licenses thereunder,
and if Factor shall commence any suit for such enforcement, Client shall, at the
request of Factor, do any and all lawful acts and execute any and all proper
documents required by Factor in aid of such enforcement.

     

    7.            Miscellaneous.
This Agreement can be waived, modified, amended,terminated
or discharged, and the Security Interest can be released, only explicitly in a
writing signed by Factor. A waiver signed by Factor shall be effective only in
the specific instance and for the specific purpose given. Mere delay or failure
to act shall not preclude the exercise or enforcement of any of Factor’s rights
or remedies. All rights and remedies of Factor shall be cumulative and may be
exercised singularly or concurrently, at Factor’s option, and the exercise or
enforcement of any one such right or remedy shall neither be a condition to nor
bar the exercise or enforcement of any other. All notices to be given to Client
under this Agreement shall be given in the manner and with the effect provided
in the Factoring Agreement. Factor shall not be obligated to preserve any rights
the Client may have against prior parties, to realize on the Patents and
Trademarks at all or in any particular manner or order, or to apply any cash
proceeds of Patents and Trademarks in any particular order of application. This
Agreement shall be binding upon and inure to the benefit of Client and Factor
and their respective participants, successors and assigns and shall take effect
when signed by Client and delivered to Factor, and each Client waives notice of
Factor’s acceptance hereof. Factor may execute this Agreement if appropriate for
the purpose of filing, but the failure of Factor to execute this Agreement shall
not affect or impair the validity or effectiveness of this Agreement. A carbon,
photographic or other reproduction of this Agreement or of any financing
statement authorized by the Client shall have the same force and effect as the
original for all purposes of a financing statement. This Agreement shall be
governed by the internal law of California without regard to conflicts of law
provisions. If any provision or application of this Agreement is held unlawful
or unenforceable in any respect, such illegality or unenforceability shall not
affect other provisions or applications which can be given effect and this
Agreement shall be construed as if the unlawful or unenforceable provision or
application had never been contained herein or prescribed hereby. All
representations and warranties contained in this Agreement shall survive the
execution, delivery and performance of this Agreement and the creation and
payment of the Obligations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THE
PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR
PERTAINING TO THIS AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties have executed this Patent and Trademark Security
Agreement as of the date first written above.

     

     

    
      
        	 	IRONCLAD PERFORMANCE WEAR
    CORPORATION	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Scott
      Jarus 	 
	 	 	Scott
      Jarus, Chief Executive Officer	 
	 	 	 	 
	 	 	 	 

      

    

    
      
        	 	FCC, LLC, d/b/a FIRST CAPITAL WESTERN
      REGION, LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ David
      P. Scheer	 
	 	 	Name:
      David P. Scheer	 
	 	 	
                Title:
      V.P.

              	 
	 	 	 	 

      

    

     

    
       

    

     

    
      	
              STATE
      OF 
      ____________

            	
              )

            

    

    
      	
            	
              
                )
      SS:

              

            

    

    
      	
              COUNTY
      OF  ____________  

            	
              )

            

    

     

    On _______________________,
2009 before me, _________________________, Notary Public, personally
appeared Scott Jarus, who proved to me on the basis of satisfactory evidence to
be the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument the person, or the entity upon behalf of which the
person acted, executed the instrument.

     

    I certify
under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.

     

    WITNESS
my hand and official seal.

     

    Signature _________________________(Signature
of Notary)                  (Seal
of Notary)exhibit10_17.htm

 

  

Exhibit 10.17

____________________________________________________________________________________________

Fourth Amendment

to

Credit Agreement

Dated as of February 2, 2010

among

McMoRan Exploration Co.,

As Parent,

McMoRan Oil & Gas LLC,

as Borrower,

The Guarantors,

JPMorgan Chase Bank, N.A.

as Administrative Agent,

GE Business Financial Services Inc.,

fka Merrill Lynch Business Financial Services Inc.

as Syndication Agent,

 

Toronto Dominion (Texas) LLC, BNP Paribas,

and ING Capital LLC,

as Documentation Agents,

and

The Lenders Party Hereto

____________________________________________________________________________________________

 

  

  

  

Fourth Amendment To Amended and Restated Credit Agreement

 

THIS Fourth Amendment to Amended and Restated Credit Agreement (this “Fourth Amendment”) dated as of February 2, 2010, is among McMoRan Exploration Co., a Delaware corporation (the “Parent”), McMoRan Oil & Gas LLC, a Delaware limited liability company (the “Borrower”), the undersigned guarantors (the “Guarantors”, and together with the Parent and the Borrower, the “Obligors”), each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”), GE Business Financial Services Inc., fka Merrill Lynch Business Financial Services Inc., as syndication agent for the Lenders (in such capacity, together with its successors in such capacity, the “Syndication Agent”), and The Toronto Dominion (Texas) LLC, BNP Paribas, and ING Capital LLC, as co-documentation agents for the Lenders (in such capacity, together with its successors in such capacity, each a “Documentation Agent”).

 

R E C I T A L S

 

A.           The Borrower, the Agents and the Lenders are parties to that certain Amended and Restated Credit Agreement dated as of August 6, 2007 (as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of June 20, 2008, that certain Second Amendment to Amended and Restated Credit Agreement dated as of September 10, 2008, that certain Third Amendment to Amended and Restated Credit Agreement dated as of April 17, 2009, and as further amended from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.

 

B.           The Borrower has requested and the Administrative Agent and the Majority Lenders have agreed to amend certain provisions of the Credit Agreement.

 

C.           NOW, THEREFORE, to induce the Administrative Agent and the Majority Lenders to enter into this Fourth Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1. Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Fourth Amendment.  Unless otherwise indicated, all section references in this Fourth Amendment refer to sections of the Credit Agreement.

 

Section 2. Amendments to Credit Agreement.

 

2.1 Amendments to Section 1.02.

 

  

Page 1

  

(a) The definition of “Agreement” is hereby amended in its entirety to read as follows:

 

“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, and as further amended by the Fourth Amendment, including the Schedules and Exhibits hereto, as the same may be amended or supplemented from time to time.

 

(b) The following definitions are hereby added where alphabetically appropriate to read as follows:

 

“8.00% Convertible Preferred” means the $86,250,000 8.00% Convertible Preferred Stock of the Parent issued pursuant to that Certificate of Designation dated June 22, 2009.

 

“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement, dated as of February 2, 2010, among the Parent, the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.

 

2.2 Section 9.04(a).  Section 9.04(a) is hereby amended by deleting the word “and”  prior to clause (v) and inserting a “comma” in lieu thereof and by inserting the following clause at the end of such Section:

 

“and (vi) the Parent may make aggregate cash payments on or prior to June 15, 2014 in an amount not to exceed $29,325,000 (less the amount of any dividends paid by the Parent on the 8.00% Convertible Preferred after the February 15, 2010 dividend) to the holders of the 8.00% Convertible Preferred to induce such holders to convert the 8.00% Convertible Preferred into common Equity Interests of the Parent, provided that before and after giving effect to each such payment, no Default or Event of Default existed or would result and the Borrower will have (after giving effect to such payment) unused availability under this Agreement of not less than 15% of the then current Borrowing Base.”

 

Section 3. Conditions Precedent.  This Fourth Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement):

 

3.1 The Administrative Agent shall have received from the Majority Lenders, the Parent, the Borrower and the Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Fourth Amendment signed on behalf of such Person.

 

3.2 The Administrative Agent and each Lender approving this Fourth Amendment prior to 2:00 Houston time, on February 1, 2010 shall have received all fees and other amounts due and payable on or prior to the date hereof, including a work fee payable to each such Lender in an amount of $5,000.

 

  

Page 2

  

3.3 No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Fourth Amendment.

 

The Administrative Agent is hereby authorized and directed to declare this Fourth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  Notwithstanding the foregoing, this Fourth Amendment shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 12.02 of the Credit Agreement) at or prior to 2:00 p.m., Houston time, on February 5, 2010.

 

Section 4. Miscellaneous.

 

4.1 Confirmation.  The provisions of the Credit Agreement, as amended by this Fourth Amendment, shall remain in full force and effect following the effectiveness of this Fourth Amendment.  The parties agree that this Fourth Amendment is a Loan Document.

 

4.2 Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby (a) acknowledges the terms of this Fourth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fourth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

4.3 Counterparts.  This Fourth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Fourth Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

4.4 No Oral Agreement.  This Fourth Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.

 

  

Page 3

  

4.5 GOVERNING LAW.  THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.6 Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fourth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

4.7 Severability.  Any provision of this Fourth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.8 Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

 

  

Page 4

  

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

 

BORROWER:                                                                           MCMORAN OIL & GAS LLC

 

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

PARENT:                                                                           MCMORAN EXPLORATION CO.

 

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Senior Vice

President & Treasurer

GUARANTORS:                                                                           K-MC VENTURE I LLC

By:           MCMORAN OIL & GAS LLC,

its sole member

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

FREEPORT CANADIAN

EXPLORATION COMPANY

By:           MCMORAN OIL & GAS LLC,

its sole member

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

MCMORAN INTERNATIONAL INC.

By:           MCMORAN OIL & GAS LLC,

its sole member

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

Signature Page 1

Fourth Amendment

  

  

  

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and as a Lender

By:           /s/ Jo Linda Papadakis 

Name:      Jo Linda Papadakis

Title:           Vice President

GE BUSINESS FINANCIAL SERVICES 

INC., fka Merrill Lynch Business Financial Services 

Inc., as Syndication Agent and as 

a Lender

By:        /s/ Carl Peterson 

Name:   Carl Peterson

Title:     Authorized Signatory

 

 

BNP PARIBAS, as a Documentation Agent 

and as a Lender

By:       /s/ John Clark                                                                

Name:    John Clark

Title:      Managing Director

By:       /s/ Matt Turner 

Name:           Matt Turner

Title:           Vice President

TORONTO DOMNION (TEXAS) LLC, as 

a Documentation Agent and as a Lender

By:       /s/ Ian Murray 

Name:    Ian Murray

Title:     Authorized Signatory

Signature Page 2

Fourth Amendment

  

  

ING CAPITAL LLC, as a Documentation 

Agent and as a Lender

By:      /s/ Charles E. Hall                                                                

Name:  Charles E. Hall

Title:    Managing Director

	 	
  

	
U.S. BANK NATIONAL ASSOCIATION

By:      /s/ Justin M. Alexander                                                                

Name:   Justin M. Alexander

Title:     Vice President

CAPITAL ONE, N.A., as a

Lender

By:      /s/ Matthew L. Molero 

Name:  Matthew L. Molero

Title:    Assistant Vice President

Signature Page 3

Fourth Amendment

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