Document:

exv10w2

Exhibit 10.2

FIRST SUPPLEMENTAL INDENTURE

to

INDENTURE

Dated as of July 31, 2009

among

BASIC ENERGY SERVICES, INC.

as Issuer,

The GUARANTORS named therein

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

as Trustee

 

11.625% Senior Secured Notes due 2014, Series A

11.625% Senior Secured Notes due 2014, Series B

 

 

FIRST SUPPLEMENTAL INDENTURE

     SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of December 22, 2010,
among Admiral Well Service, Inc., a Texas corporation (“Admiral”), Platinum Pressure
Services, Inc., a Texas corporation (“Platinum”), Taylor Industries, LLC, a Texas limited
liability company (together with Admiral and Platinum, the “New Guarantors”), each an
indirect subsidiary of Basic Energy Services, Inc. (or its successor), a Delaware corporation (the
“Issuer”), the Guarantors (the “Existing Guarantors”) under the Indenture referred
to below, and The Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture
referred to below (the “Trustee”).

W I T N E S S E T H :

     WHEREAS the Issuer has heretofore executed and delivered to the Trustee an Indenture (as such
may be amended from time to time, the “Indenture”), dated as of July 31, 2009 providing for
the issuance of its 11.625% Senior Secured Notes due 2014 (the “Notes”);

     WHEREAS under certain circumstances the Issuer is required to cause the New Guarantors to
execute and deliver to the Trustee a supplemental indenture pursuant to which each New Guarantor
shall unconditionally guarantee all of the Issuer’s obligations under the Notes pursuant to a Note
Guarantee on the terms and conditions set forth herein; and

     WHEREAS pursuant to Section 8.01 of the Indenture, the Trustee, the Issuer and the Existing
Guarantors are authorized to execute and deliver this Supplemental Indenture;

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Issuer, the
Existing Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders as follows:

     1. Definitions. (a) Capitalized terms used herein without definition have the
meanings assigned to them in the Indenture.

     (b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly
provided or unless the context otherwise requires: (i) the terms and expressions used herein shall
have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

     2. Agreement to Guarantee. Each New Guarantor hereby agrees, jointly and severally
with all Existing Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms
and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other
applicable provisions of the Indenture. From and after the

 

 

date hereof, each New Guarantor will be a Guarantor for all purposes under the Indenture and
the Notes.

     3. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or
hereafter authenticated and delivered shall be bound hereby.

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

     5. Trustee Makes No Representation. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which are made solely by the Issuer.

     6. Multiple Counterparts. The parties may sign multiple counterparts of this
Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them
together represent one and the same agreement.

     7. Headings. The headings of this Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify
or restrict any of the terms or provisions hereof.

[Signatures on following pages]

2

 

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

	 	 	 	 	 
	 	BASIC ENERGY SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	NEW GUARANTOR:

ADMIRAL WELL SERVICE, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	PLATINUM PRESSURE SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	TAYLOR INDUSTRIES, LLC

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 

Signature Page to First Supplemental Indenture

 

 

	 	 	 	 	 
	 	EXISTING GUARANTORS: 

ACID SERVICES, LLC 

BASIC ENERGY SERVICES GP, LLC 

	 
	 
	 	By:  	 BASIC ENERGY SERVICES,
 	 
	 	 	INC., its sole Member 	 
	 
	 	BASIC ENERGY SERVICES, L.P.
 	 
	 
	 	By:  	BASIC ENERGY SERVICES GP,
 	 
	 	 	LLC, its General Partner 	 
	 
	 	By:  	                                                    BASIC ENERGY SERVICES,
 	 
	 	 	INC., its sole Member 	 
	 
	 	BASIC ESA, INC. 

BASIC MARINE SERVICES, INC. 

CHAPARRAL SERVICE, INC. 

FIRST ENERGY SERVICES COMPANY 

GLOBE WELL SERVICE, INC. 

HENNESSEY RENTAL TOOLS, INC. 

JETSTAR ENERGY SERVICES, INC. 

JETSTAR HOLDINGS, INC. 

JS ACQUISITION LLC 

LEBUS OIL FIELD SERVICE CO. 

OILWELL FRACTURING SERVICES, INC. 

PERMIAN PLAZA, LLC 

SCH DISPOSAL, L.L.C. 

SLEDGE DRILLING CORP. 

WILDHORSE SERVICES, INC. 

XTERRA FISHING & RENTAL TOOLS CO.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:    	           Kenneth V. Huseman	 
	 	 	Title:  	

President 	 
	 

Signature Page to First Supplemental Indenture

 

 

	 	 	 	 	 
	 	

BASIC ENERGY SERVICES LP, LLC

 	 
	 	By:  	/s/ Jerry Tufly
 	 
	 	 	Name:  	Jerry Tufly 	 
	 	 	Title:  	President 	 
	 

Signature Page to First Supplemental Indenture

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,
as Trustee

 	 
	 	By:  	/s/ Julie Hoffman-Ramos
 	 
	 	 	Name:  	Julie Hoffman-Ramos 	 
	 	 	Title:  	Senior Associate 	 
	 

Signature Page to First Supplemental Indentureexv10w3

Exhibit 10.3

          This SUPPLEMENT NO. 1 dated as of December 22, 2010 (this “Supplement”), is delivered
in connection with the Security Agreement dated as of July 31, 2009 (as amended or otherwise
modified from time to time, the “Security Agreement”), by and between Basic Energy
Services, Inc., a Delaware corporation (the “Company”), each of the Guarantors party
thereto (the “Guarantors,” and together with the Company, the “Grantors”) in favor
of The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) under the
Indenture dated as of July 31, 2009 (as amended, supplemented or otherwise modified, the
“Indenture”) among the Company, the guarantors named therein and the Trustee, for the
benefit of the holders of the Note Obligations (as defined therein).

     A Reference is made to Section 4.20 and Section 10.07 of the Indenture, which
provide for the manner by which a newly formed or acquired subsidiary of the Company shall or may
become a Guarantor under the Indenture.

     B. The Guarantors party to the Indenture have entered into the Security Agreement to secure
payment of the Company’s 11.625% Senior Secured Notes due 2014 and the Note Guarantees (as defined
in the Indenture) under the Indenture. Section 7.12 of the Security Agreement provides that
additional Subsidiaries of the Company that are required to become Guarantors by executing a
supplement to the Indenture shall execute and deliver to the Trustee a supplement to the Security
Agreement, pursuant to which such Guarantor will grant the Trustee a first-priority lien on certain
collateral secured by the Security Agreement. Each undersigned Subsidiary (each a “New
Grantor” and collectively, the “New Grantors”) is executing this Supplement in
accordance with the requirements of the Security Agreement to become a Grantor under the Security
Agreement.

     C. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Security Agreement and the Indenture.

          Accordingly, the Trustee and each New Grantor agree as follows:

     SECTION 1. In accordance with Section 7.12 of the Security Agreement, each New Grantor
by its signature below becomes a Grantor under the Security Agreement with the same force and
effect as if originally named therein as a Grantor, and each New Grantor hereby (a) agrees to all
the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and (b)
represents and warrants that the representations and warranties made by it as a Grantor thereunder
are true and correct in
all material respects on and as of the date hereof. The Schedules to the Security Agreement are
hereby supplemented by the Schedules attached hereto with respect to each New Grantor. In
furtherance of the foregoing, each New Grantor, as security for the payment and performance in full
of the Obligations (as defined in the Security Agreement), does hereby create and grant to the
Trustee, for the benefit of the holders of the Obligations, a security interest in and lien on all
of such New Grantor’s right, title and interest in and to the Collateral of such New Grantor. Each
reference to a “Grantor” in the Security Agreement shall be deemed to include the New Grantors.

     SECTION 2. Each New Grantor represents and warrants to the Trustee that this Supplement has
been duly authorized, executed and delivered by it and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms.

 

 

     SECTION 3. This Supplement may be executed by one or more of the parties to this Agreement on
any number of separate counterparts (including by telecopy), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

     SECTION 4. Except as expressly supplemented hereby, the Security Agreement shall remain in
full force and effect.

     SECTION 5. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF
THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

     SECTION 6. All communications and notices to the New Grantors under the Security Agreement
shall be in writing and given as provided in Section 7.02 of the Security Agreement to the
addresses for the New Grantors set forth under their signatures below.

     SECTION 7. Each New Grantor agrees to reimburse the Trustee for its reasonable out-of-pocket
expenses in connection with this Supplement, including the reasonable fees, other charges and
disbursements of counsel for the Trustee.

2

 

          IN WITNESS WHEREOF, the New Grantors and the Trustee have duly executed this Supplement to the
Security Agreement as of the day and year first above written.

	 	 	 	 	 
	 	NEW GRANTOR:	 
	 
	 	ADMIRAL WELL SERVICE, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President
	 
	 	 	Address:  	500 W. Illinois
Midland, TX 79701 	 
	 
	 	PLATINUM PRESSURE SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President
	 
	 	 	Address:   	500 W. Illinois Midland, TX 79701	 
	 
	 	TAYLOR INDUSTRIES, LLC

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President
 	 
	 	 	Address:  	500 W. Illinois
Midland, TX 79701 	 
	 

Signature Page to Supplement No. 1 to Security Agreement

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON 
TRUST COMPANY, N.A.,
as Trustee

 	 
	 	By:  	/s/ Julie Hoffman-Ramos
 	 
	 	 	Name:  	Julie Hoffman-Ramos 	 
	 	 	Title:  	Senior Associate 	 
	 

Signature Page to Supplement No. 1 to Security Agreement

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