Document:

exv4wa

 

Execution Copy

 

 

Exhibit 4.A

FIFTH SUPPLEMENTAL INDENTURE

among

EL PASO EXPLORATION & PRODUCTION COMPANY,

as Issuer,

MBOW FOUR STAR CORPORATION,

EL PASO EXPLORATION & PRODUCTION MANAGEMENT, INC.,

EL PASO E&P HOLDINGS, INC.,

EL PASO E&P COMPANY, L.P.,

EL PASO PRODUCTION RESALE COMPANY,

EL PASO ENERGY OIL TRANSMISSION, L.L.C.

and

EL PASO PRODUCTION OIL & GAS GATHERING, L.P.,

as Subsidiary Guarantors,

and

WILMINGTON TRUST COMPANY

as Trustee

 

June 30, 2006

 

73/4% Senior Notes due 2013

 

 

 

 

FIFTH SUPPLEMENTAL INDENTURE

     This Fifth Supplemental Indenture, dated as of June 30, 2006 (this “Fifth Supplemental
Indenture”), is entered into by and among (i) El Paso Exploration & Production Company (the
“Company”), formerly known as El Paso Production Holding Company, (ii) MBOW Four Star
Corporation, El Paso Exploration & Production Management, Inc., formerly known as El Paso
Production Oil & Gas Company (“El Paso Management”), El Paso E&P Holdings, Inc., formerly
known as El Paso Production Oil & Gas Holdings, Inc. (“El Paso Holdings”), El Paso E&P
Company, L.P., formerly known as El Paso Production Oil & Gas USA, L.P. (“El Paso E&P”), El
Paso Production Resale Company (“El Paso Resale”), El Paso Energy Oil Transmission, L.L.C.
(“El Paso Transmission”) and El Paso Production Oil & Gas Gathering, L.P. (“El Paso
Gathering”) (collectively, the “Subsidiary Guarantors”), and (iii) Wilmington Trust
Company, as trustee (the “Trustee”). Capitalized terms used but not defined herein have
the meanings ascribed to them in the Indenture (as defined below).

W I T N E S S E T H:

     WHEREAS, the Company, El Paso Production Company (“El Paso Production”), El Paso
Production GOM Inc. (“GOM”), Vermejo Minerals Corporation (“Vermejo”) and El Paso
Energy Raton, L.L.C. (“Raton”) heretofore executed and delivered to the Trustee that
certain Indenture, dated as of May 23, 2003 (the “Original Indenture”), providing for the
issuance of $1,200,000,000 aggregate principal amount of the Company’s 73/4% Senior Notes due 2013
(the “Notes”);

     WHEREAS, as set forth in the First Supplemental Indenture (as defined below), Raton and
Vermejo entered into an Agreement of Merger dated January 31, 2003, pursuant to which (i) Raton was
merged with and into Vermejo, (ii) Vermejo was the surviving corporation of the merger contemplated
by such agreement, and (iii) Vermejo’s name was changed to “El Paso Energy Raton Corporation”
(“Raton Corporation”);

     WHEREAS, the Company, El Paso Production, GOM, Vermejo and the Trustee entered into that
certain First Supplemental Indenture, dated as of January 31, 2004 (the “First Supplemental
Indenture”), pursuant to which the Original Indenture was amended and Vermejo expressly assumed
the obligations of Raton under its Subsidiary Guarantee;

     WHEREAS, the Company, El Paso Production, GOM, Raton Corporation and the Trustee entered into
that certain Second Supplemental Indenture, dated as of July 26, 2004 (the “Second Supplemental
Indenture”), pursuant to which the Original Indenture was further amended and certain
covenants were added for the benefit of the Holders pursuant to Section 9.01(6) of the Original
Indenture;

     WHEREAS, the Company, El Paso Production, GOM, Raton Corporation, Medicine Bow Energy
Corporation (“Medicine Bow”), Medicine Bow Operating Company (“MBOW Operating”) and
MBOW Four Star Corporation (“MBOW Four Star”) entered into that certain Third Supplemental
Indenture, dated as of August 31, 2005 (the “Third Supplemental Indenture”), pursuant to
which the Original Indenture was further amended and Medicine Bow,

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MBOW Operating and MBOW Four Star each expressly assumed the obligations of a Subsidiary
Guarantor under the Original Indenture;

     WHEREAS, the Company, El Paso Production, Medicine Bow, MBOW Operating, MBOW Four Star, El
Paso Management, El Paso Holdings, El Paso E&P, El Paso Resale, El Paso Transmission and El Paso
Gathering entered into that certain Fourth Supplemental Indenture, dated as of December 31, 2005
(the “Fourth Supplemental Indenture”), pursuant to which the Original Indenture was
further amended and (i) El Paso Management, El Paso Holdings, El Paso E&P, El Paso Resale, El Paso
Transmission and El Paso Gathering each expressly assumed the obligations of a Subsidiary Guarantor
under the Original Indenture and (ii) El Paso E&P, in connection with the merger of GOM and Raton
Corporation with and into El Paso E&P, expressly assumed the obligations of GOM and Raton
Corporation under their respective Subsidiary Guarantees;

     WHEREAS, as of the date hereof, in connection with the reorganization of certain subsidiaries
of the Company, (i) El Paso Production, MBOW Operating, and El Paso E&P entered into and
consummated an Agreement of Merger pursuant to which (a) El Paso Production and MBOW Operating
merged with and into El Paso E&P and (b) El Paso E&P is the surviving entity of the merger and (ii)
the Company and Medicine Bow entered into and consummated an Agreement of Merger pursuant to which
(a) Medicine Bow merged with and into the Company and (b) the Company is the surviving entity of
the merger;

     WHEREAS, Section 5.01(b) of the Original Indenture (as supplemented by the First Supplemental
Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth
Supplemental Indenture, and as so supplemented, the “Indenture”) provides that, in
connection with a merger of any Subsidiary Guarantor with or into any Person, such Person shall
expressly assume the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee;

     WHEREAS, El Paso E&P desires to expressly assume the obligations of El Paso Production and
MBOW Operating under their respective Subsidiary Guarantees, and the Company desires to expressly
assume the obligations of Medicine Bow under its Subsidiary Guarantee; and

     WHEREAS, the Trustee, upon satisfaction of all actions and conditions on the part of the
Company and the Subsidiary Guarantors necessary for the execution, delivery and performance of this
Fifth Supplemental Indenture (including, without limitation, the receipt of an Officers’
Certificate and an Opinion of Counsel) is willing to amend the Indenture as hereinafter set forth;

     NOW, THEREFORE, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and
agree for the equal and proportionate benefit of all Holders of the Notes as follows:

ARTICLE 1

     Section 1.01 This Fifth Supplemental Indenture is supplemental to the Indenture, and
does and shall be deemed to form a part of, and shall be construed in connection with and as a part
of, the Indenture, for any and all purposes.

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     Section 1.02 This Fifth Supplemental Indenture shall become effective immediately upon
its execution and delivery by each of the Company, the Subsidiary Guarantors and the Trustee.

ARTICLE 2

     Section 2.01 El Paso E&P hereby assumes all of the obligations of El Paso Production
and MBOW Operating under the Indenture, including all their obligations under their respective
Subsidiary Guarantees, and the Company hereby assumes the obligations of Medicine Bow under the
Indenture, including all its obligations under its Subsidiary Guarantee.

ARTICLE 3

     Section 3.01 Except as specifically modified herein, the Notes and the Indenture are
in all respects ratified and confirmed and shall remain in full force and effect in accordance with
their terms. This Fifth Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be
bound hereby. The Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the
recitals contained herein, all of which are made solely by the Company and the Subsidiary
Guarantors.

     Section 3.02 Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by
reason of this Fifth Supplemental Indenture. This Fifth Supplemental Indenture is executed and
accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the
same force and effect as if those terms and conditions were repeated at length herein and made
applicable to the Trustee with respect hereto. In entering into this Fifth Supplemental Indenture,
the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the
conduct or affecting the liability or affording protection to the Trustee, regardless of whether
elsewhere herein so provided, including indemnification pursuant to Section 7.07 of the Original
Indenture, and the Company acknowledges that the Trustee shall be entitled to indemnification
pursuant to Section 7.07 of the Original Indenture against any and all loss, liability or expense
(including attorney’s fees) in connection with the Trustee’s signing this Fifth Supplemental
Indenture.

     Section 3.03 THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     Section 3.04 This Fifth Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument.

     Section 3.05 All notices and other communications to the New Subsidiary Guarantors
shall be given as provided in Section 11.02 of the Original Indenture for notices to Subsidiary
Guarantors.

[Signature page follows.]

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

	 	 	 	 	 
	 	Issuer:

EL PASO EXPLORATION & PRODUCTION COMPANY

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead 	 
	 	 	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	Subsidiary Guarantors:

MBOW FOUR STAR CORPORATION

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead 	 
	 	 	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	EL PASO EXPLORATION & PRODUCTION MANAGEMENT, INC.

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	EL PASO E&P HOLDINGS, INC.

 	 
	 	By:  	/s/ Karen T. Severino
 	 
	 	 	Karen T. Severino 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	EL PASO E&P COMPANY, L.P.

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead

Senior Vice President and
Chief Financial
Officer 	 
	 

 

 

	 	 	 	 	 
	 	EL PASO PRODUCTION RESALE COMPANY

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead 	 
	 	 	Senior Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	EL PASO ENERGY OIL TRANSMISSION, L.L.C.

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead 	 
	 	 	Senior Vice President, Controller and Chief
Financial Officer 	 
	 

	 	 	 	 	 
	 	EL PASO PRODUCTION OIL & GAS GATHERING, L.P.

 	 
	 	By:  	/s/ Dane E. Whitehead
 	 
	 	 	Dane E. Whitehead 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	Trustee:

WILMINGTON TRUST COMPANY, as Trustee

 	 
	 	By:  	/s/ Steven Cimalore
 	 
	 	 	Name:  	Steven Cimalore 	 
	 	 	Title:  	Vice Presidentexv4w1

 

Exhibit 4.1

Weatherford International Ltd.

Weatherford International, Inc.

Officers’ Certificate

Establishing 6.50 % Senior Notes due 2036

     I, Burt M. Martin, Senior Vice President of Weatherford International Ltd., a Bermuda
exempted company (the “Company”), and Senior Vice President of Weatherford International, Inc., a
Delaware corporation (the “Guarantor”), hereby certify, pursuant to Sections 1.3, 1.4, 2.1 and 3.1
of the Indenture, dated as of October 1, 2003 (the “Indenture”), among the Company, the Guarantor,
as guarantor, and Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”), that the
Pricing Committee of the Board of Directors of the Company at its meeting held on August 2, 2006,
determined that the terms of a series of Securities to be issued under the Indenture, and the form
thereof, are as follows:

	 	 	 
	Designation of Securities

	 	6.50% Senior Notes due 2036 (the “Notes”).
	 
	 	 
	Aggregate Principal Amount

	 	$600,000,000, except for Notes authenticated and
delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Notes pursuant to
Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the Indenture and
except for any Notes which pursuant to Section 3.3 are
deemed never to have been authenticated and delivered.
The Company may reopen this series of Notes for
additional issuances from time to time pursuant to the
terms of the Indenture.
	 
	 	 
	Denominations

	 	$1,000 and any integral multiple thereof.
	 
	 	 
	Stated Maturity Date

	 	August 1, 2036.
	 
	 	 
	Interest Rate

	 	6.50% per annum from August 7, 2006, to, but excluding,
August 1, 2036.
	 
	 	 
	Interest Payment Dates

	 	Interest payable semiannually on February 1 and August 1,
commencing 
February 1, 2007.
	 
	 	 
	Regular Record Dates

	 	January 15 or July 15 next preceding an Interest Payment
Date.
	 
	 	 
	Optional Redemption

	 	The Notes are redeemable at the Company’s option, in
whole or in part, at any time and from time to time, at a
redemption price equal to the greater of: (a) 100% of the
principal amount of notes then outstanding to be
redeemed, plus accrued and unpaid interest thereon to the
redemption date; or (b) the sum of the present values of
the remaining scheduled payments of principal and
interest on the notes then outstanding to be redeemed
(not including any portion of such payments of interest
accrued as of the redemption date) discounted to the
redemption date on a semi-annual basis (computed based on
a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate, plus 25 basis points (0.25%), as
calculated by an Independent Investment Banker, plus
accrued and unpaid

 

 

	 	 	 
	 

	 	interest thereon to the redemption date.
	 
	 	 
	 

	 	“Adjusted Treasury Rate” means, with respect to any
redemption date: (a) the yield, under the heading which
represents the average for the immediately preceding
week, appearing in the most recently published
statistical release designated “H.15(519)” or any
successor publication which is published weekly by the
Board of Governors of the Federal Reserve System and
which establishes yields on actively traded United States
Treasury securities adjusted to constant maturity under
the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue
(if no maturity is within three months before or after
the remaining life, as defined below, yields for the two
published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the
Adjusted Treasury Rate will be interpolated or
extrapolated from such yields on a straight line basis,
rounding to the nearest month); or (b) if such release
(or any successor release) is not published during the
week preceding the calculation date or does not contain
such yields, the rate per year equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price
for such redemption date. The Adjusted Treasury Rate
will be calculated on the third business day preceding
the redemption date.
	 
	 	 
	 

	 	“Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining
term of the notes to be redeemed that would be used, at
the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining
term of such notes.
	 
	 	 
	 

	 	“Comparable Treasury Price” means (1) the average of five
Reference Treasury Dealer Quotations for the redemption
date, after excluding the highest and lowest Reference
Treasury Dealer Quotations, or (2) if an Independent
Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such
quotations.
	 
	 	 
	 

	 	“Independent Investment Banker” means Banc of America
Securities LLC, Morgan Stanley & Co. Incorporated or UBS
Securities LLC or any of their respective successors, as
designated by the Company, or if all such firms are
unwilling or unable to serve as such, an independent
investment and banking

2

 

	 	 	 
	 

	 	institution of national standing appointed by the Company.
	 
	 	 
	 

	 	“Reference Treasury Dealer” means: (a) Banc of America
Securities LLC, Morgan Stanley & Co. Incorporated and UBS
Securities LLC and each of their respective successors;
provided that, if any such Reference Treasury Dealer
ceases to be a primary U.S. Government securities dealer
in the United States (Primary Treasury Dealer), the
Company will substitute another Primary Treasury Dealer;
and (b) up to two other Primary Treasury Dealers selected
by the Company.
	 
	 	 
	 

	 	“Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by an
Independent Investment Banker, of the bid and asked
prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted
in writing to an Independent Investment Banker at 5:00
p.m., New York City time, on the third business day
preceding such redemption date.
	 
	 	 
	Place of Payment

	 	The principal of and interest on the Notes shall be
payable, Notes may be surrendered for registration of
transfer, Notes may be surrendered for exchange, and
notices and demands to or upon the Company in respect of
the Notes and the Indenture may be served, at the places
designated therefore in the Indenture.
	 
	 	 
	Guarantor

	 	     The Notes will be guaranteed by the Guarantor pursuant to
the Guarantee, and the provisions of Article Fourteen
shall apply to the Notes; provided, that at such time as
the Guarantor has no outstanding Debt (exclusive of (a)
Debt owed to the Company or any Subsidiary and (b) any
guarantee that has a provision substantially similar to
this provision such that by its terms it will be
automatically released and discharged simultaneously with
the release and discharge of the Guarantee), the
Guarantee shall be terminated, and Article Fourteen of
the Indenture shall not apply to the Notes; provided
further that if the Guarantor subsequently incurs any
Debt (exclusive of Debt owed to the Company or any
Subsidiary), the Guarantee shall automatically be
reinstated while any such Debt is outstanding. In
connection with each such reinstatement, the Guarantor
will promptly execute and deliver and cause to be
executed and delivered to the Trustee any and all
certificates, opinions, instruments, agreements and
documents, and to take all such other actions, that may
be requested by or on behalf of the Trustee to better
evidence the reinstatement of the Guarantee and the
Guarantor’s obligations set forth under Article Fourteen
of the Indenture; provided however, that neither the
failure or delay of the Trustee to request any such

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	 	certificates, opinions, instruments, agreements or
documents nor the failure of the Guarantor to execute or
deliver or the delay in the execution or delivery of any
of same will in any manner whatsoever reduce, diminish,
delay or otherwise alter the Guarantor’s obligations
under the Guarantee, or prejudice, impair or otherwise
adversely effect the rights, benefits or remedies of the
Trustee or any Holders under or with respect to the
Guarantee, which Guarantee in each case shall
automatically arise and be in effect upon the Guarantor
incurring any Debt (exclusive of Debt owed to the Company
or any Subsidiary), without the necessity of any further
act or deed.
	 
	 	 
	Global Securities

	 	The Notes shall be issued as a Global Security. The
Depository Trust Company shall be the Depository.
	 
	 	 
	Events of Default

	 	In addition to the Events of Default specified in Section
5.1 of the Indenture, the following additional Event of
Default shall apply with respect to the Notes:
	 
	 

	 	“the acceleration of the maturity of any indebtedness for
borrowed money of the Company or any Subsidiary (other
than the Notes or any Non-Recourse Indebtedness) having
an aggregate principal amount outstanding in excess of
$100,000,000, if such acceleration is not rescinded or
annulled, or such indebtedness shall not have been
discharged, within 15 days after written notice thereof
to the Company.”
	 
	 	 
	 

	 	“Non-Recourse Indebtedness” shall mean indebtedness of
the Company or any Subsidiary in respect of which the
recourse of the holder of such indebtedness, whether
direct or indirect and whether contingent or otherwise,
is effectively limited to specified assets, and with
respect to which neither the Company nor any Subsidiary
provides any credit support.
	 
	 	 
	Settlement

	 	Payments in respect of principal of and interest on the
Notes shall be made by the Company in immediately
available funds.
	 
	 	 
	Form of Notes

	 	Attached as Annex A, and incorporated herein by reference.

          1. I have read Sections 1.3, 1.4, 2.1, 2.2, 2.3 and 3.1 of the Indenture and the definitions
in the Indenture relating thereto.

          2. The statements made herein are based either upon my personal knowledge or on information,
data and reports furnished to me by the officers, counsel or employees of the Company and the
Guarantor who have knowledge of the relevant facts.

          3. In my opinion, I have made such examination or investigation as is necessary to enable me
to express an informed opinion as to whether or not all conditions

4

 

provided for in the Indenture with respect to the determination of the terms of the Notes and
the form thereof, and the authentication and delivery of the Notes, have been complied with.

          4. In my opinion, all conditions precedent to the determination of the terms and form of the
Notes and to the authentication by the Trustee of $600,000,000 principal amount thereof have been
complied with and such Notes may be delivered in accordance with the Indenture.

          Capitalized terms not otherwise defined herein have the meaning provided in the Indenture.

[Remainder of page has been intentionally left blank]

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          IN WITNESS WHEREOF, I have hereunto signed my name this 7th day of August, 2006.

	 	 	 	 	 
	 	 	 
	 	                                              /s/ BURT M. MARTIN
 	 
	 	Burt M. Martin 	 
	 	Senior Vice President

Weatherford International Ltd. 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                              /s/ BURT M. MARTIN
 	 
	 	Burt M. Martin 	 
	 	Senior Vice President

Weatherford International, Inc. 	 

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