Document:

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EXHIBIT 4.A

 

EL PASO CORPORATION

as Issuer

and

HSBC BANK USA, NATIONAL ASSOCIATION

as Trustee

TWELFTH SUPPLEMENTAL INDENTURE

Dated as of June 18, 2007

to

INDENTURE

Dated as of May 10, 1999

$375,000,000 6.875% Senior Notes due 2014

$900,000,000 7.000% Senior Notes due 2017

 

 

 

TABLE
OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1

	Relation to Indenture; Definitions

	 
	 	 	 	 
	Section 1.01. Relation to Indenture

	 	 	2	 
	Section 1.02. Definitions

	 	 	2	 
	Section 1.03. General References

	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2

	Terms and Issuance of 6.875% Senior Notes due 2014 and 7.000% Senior Notes due 2017

	 
	 	 	 	 
	Section 2.01. Issue of Notes

	 	 	2	 
	Section 2.02. Form of Notes, Authentication Certificate

	 	 	2	 
	Section 2.03. Additional Notes

	 	 	2	 
	 
	 	 	 	 
	ARTICLE 3

	Miscellaneous

	 
	 	 	 	 
	Section 3.01. Certain Trustee Matters

	 	 	3	 
	Section 3.02. Continued Effect

	 	 	3	 
	Section 3.03. Provisions Binding on Company’s Successors

	 	 	3	 
	Section 3.04. Governing Law

	 	 	3	 
	Section 3.05. Counterparts

	 	 	3	 
	 
	 	 	 	 
	Exhibit A-1

	 	A-1-1

	Exhibit A-2

	 	A-2-1

 i

 

 

     TWELFTH SUPPLEMENTAL INDENTURE, dated as of June 18, 2007 (this “Supplemental Indenture”),
between EL PASO CORPORATION, a Delaware corporation (the “Company”), and HSBC BANK USA, NATIONAL
ASSOCIATION, a national banking association, as successor-in-interest to JPMorgan Chase Bank
(formerly The Chase Manhattan Bank), as trustee under the Indenture referred to below (in such
capacity, the “Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company and the Trustee are parties to an Indenture dated as of May 10, 1999 (as
amended and supplemented from time to time, the “Indenture”), providing for the issuance from time
to time of one or more series of the Company’s unsecured debentures, notes or other evidences of
indebtedness (the “Securities”), the terms of which are to be determined as set forth in Section
301 of the Indenture; and

     WHEREAS, pursuant to Section 901 of the Indenture, without the consent of any Holders, the
Company and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Indenture to establish the form or terms of securities of any series as
permitted by Sections 201 and 301 of the Indenture; and

     WHEREAS, pursuant to this Supplemental Indenture, the Company desires to create two new series
of Securities under the Indenture, one to be titled the 6.875% Senior Notes due 2014 in an initial
aggregate principal amount of $375,000,000 (the “2014 Notes”) and the other to be titled the 7.000%
Senior Notes due 2017 in an initial aggregate principal amount of $900,000,000 (the “2017 Notes”,
together with the 2014 Notes, the “Notes”) and to establish the forms and the terms and conditions
thereof;

     WHEREAS, all action on the part of the Company necessary to authorize the issuance of each
series of Notes under the Indenture and this Supplemental Indenture has been duly taken; and

     WHEREAS, all acts and things necessary to make each series of Notes, when executed by the
Company and authenticated and delivered by the Trustee as provided in the Indenture and this
Supplemental Indenture, the valid and binding obligations of the Company and to make this
Supplemental Indenture a valid and binding agreement in accordance with the Indenture have been
done and performed;

     NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all
Holders of each series of the Notes, as follows:

 

 

ARTICLE 1

Relation to Indenture; Definitions

     Section 1.01. Relation to Indenture. With respect to the Notes, this Supplemental Indenture
constitutes an integral part of the Indenture.

     Section 1.02. Definitions. For all purposes of this Supplemental Indenture, except as
otherwise expressly provided herein, capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned thereto in the Indenture.

     Section 1.03. General References. All references in this Supplemental Indenture to Articles
and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this
Supplemental Indenture; and the terms “herein”, “hereof”, “hereunder” and any other word of similar
import refers to this Supplemental Indenture.

ARTICLE 2

Terms and Issuance 

     Section 2.01. Issue of Notes. Two new series of Securities are to be issued under the
Indenture as supplemented by this Supplemental Indenture. The first series shall be titled the
“6.875% Senior Notes due 2014” and the second series shall be titled the “7.000% Senior Notes due
2017.”

     Section 2.02. Form of Notes, Authentication Certificate. Each of the new series of Notes
initially shall be issuable in the form of one or more Global Securities, registered in the name of
the Depositary or its nominee. The Depository Trust Company shall be the Depositary for such
Global Securities. The forms and terms of each series of Notes and the Trustee’s certificate of
authentication shall be substantially as set forth in Exhibit A-1 and Exhibit A-2 hereto. Except
as otherwise provided herein, each series of Notes shall in all respects be subject to the terms,
conditions and covenants of the Indenture as supplemented by this Supplemental Indenture (including
the applicable form of Note set forth as Exhibit A-1 (with respect to the 2014 Notes) and Exhibit
A-2 (with respect to the 2017 Notes) hereto (the terms of which are incorporated in and made a part
of this Supplemental Indenture for all intents and purposes)). In the event of any inconsistency
between the provisions of this Supplemental Indenture and the provisions of the Indenture, the
provisions of this Supplemental Indenture shall be controlling with respect to each series of
Notes.

     Section 2.03. Additional Notes. The Company will initially issue $375,000,000 aggregate
principal amount of the 2014 Notes and $900,000,000 aggregate principal amount of the 2017 Notes.
Each series of Notes may be reopened, without the consent of the Holders thereof, for increases in
the aggregate principal amount of each series of Notes and issuance of additional

2

 

Notes of either series. Any additional Notes of a series shall be consolidated and form a
single series with, and shall have the same terms as to status, redemption or otherwise as the
Notes of the series then outstanding, except for issue date, issue price and, if applicable, first
interest payment date. No additional Notes of a series may be issued if an Event of Default under
the Indenture has occurred and is continuing with respect to the Notes of that series.

ARTICLE 3

Miscellaneous

     Section 3.01. Certain Trustee Matters. The recitals contained herein shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture
or each series of Notes or the proper authorization or the due execution hereof or thereof by the
Company.

     Section 3.02. Continued Effect. Except as expressly supplemented and amended by this
Supplemental Indenture, the Indenture shall continue in full force and effect in accordance with
the provisions thereof, and the Indenture (as further supplemented and amended by this Supplemental
Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all
its provisions shall be deemed a part of the Indenture in the manner and to the extent herein and
therein provided.

     Section 3.03. Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements in this Supplemental Indenture contained by the Company shall bind its
successors and assigns whether so expressed or not.

     Section 3.04. Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH SERIES OF NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Section 3.05. Counterparts. This instrument may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument.

(Signature Pages Follow)

3

 

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

	 	 	 	 	 
	 	EL PASO CORPORATION

 	 
	 	By:  	/s/ John J. Hopper
 	 
	 	 	John J. Hopper 	 
	 	 	Vice President and Treasurer 	 
	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION

     as Trustee

 	 
	 	By:  	Illegible
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

4

 

	 	 	 	 	 

EXHIBIT A-1

     [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A
GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]1

EL PASO CORPORATION

6.875% SENIOR NOTE DUE 2014

			
	 	 	 
	NO.
	 	U.S.$
	 
	CUSIP NO. 28336L BMO	 	 

     EL PASO CORPORATION, a corporation duly incorporated and existing under the laws of Delaware
(herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to [CEDE & Co.] 2,
or registered assigns, the principal sum of                      United States Dollars on June 15, 2014 and to
pay

 

			
	1	 	Insert in Global Securities only.
	 
	2	 	Insert in Global Securities only.

A-1-1

 

interest thereon from June 18, 2007, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on June 15 and December 15 of
each year, commencing December 15, 2007, at the rate of 6.875% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the June 1 or
December 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in such Indenture. Interest will be payable on overdue interest to the extent permitted
by law at the same rate as interest is payable on principal.

     [Payment of the principal of (and premium, if any) and interest on this Security will be made
by transfer of immediately available funds to a bank account in New York, New York designated by
the Holder in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.]3

     [Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The
City of New York, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the addresses of the Persons
entitled thereto as such addresses shall appear in the Security Register.]4

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

			
	3	 	Insert in Global Securities only.
	 
	4	 	Insert in Definitive Securities only.

A-1-2

 

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

A-1-3

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	Dated: 	EL PASO CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	HSBC Bank USA, National 

     Association, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-1-4

 

	 	 	 	 	 

[REVERSE OF SECURITY]

El Paso Corporation

6.875% Senior Note due 2014

     This Security is one of a duly authorized issue of securities of the Company (the
“Securities”), issued and to be issued in one or more series under an Indenture dated as of May 10,
1999 (as amended and supplemented from time to time, the “Indenture”), between the Company and HSBC
Bank USA, National Association, as Trustee (the “Trustee”, which term includes any successor
trustee under the Indenture), as supplemented by the Twelfth Supplemental Indenture dated as of
June 18, 2007, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture,
the Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may bear interest, if any, at different
rates, may be subject to different redemption provisions, if any, may be subject to different
sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted.

     The Securities of this series are redeemable, upon not less than 30 nor more than 60 days’
notice, at any time in whole or from time to time in part, at the option of the Company at a
Redemption Price (the “Make-Whole Price”) equal to the greater of (i) 100% of the principal amount
thereof and (ii) as determined by an Independent Investment Banker, the sum of the present values
of the remaining scheduled payments of principal and interest thereon from the Redemption Date to
Maturity, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate less accrued and unpaid interest
thereon to the Redemption Date, plus, in each case, accrued and unpaid interest thereon to the
Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.

     The notice of redemption shall set forth the manner of calculation of the Make-Whole Price,
but not necessarily its amount. The Company shall notify the Trustee of the amount of the
Make-Whole Price with respect to any redemption promptly after the calculation thereof, and the
Trustee shall not be responsible for the accuracy of the calculation. Unless the Company defaults
in payment of the Make-Whole Price, on and after the applicable Redemption Date, interest will
cease to accrue on the Notes or portions thereof called for redemption.

A-1-5

 

     “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a
percentage of its principal amount) assuming a price for the Comparable Treasury Issue that is the
same as the Comparable Treasury Price for such redemption date, plus 0.50%.

     “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
Securities of this series that would be utilized, 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 the Securities of this series.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of
four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations.

     “Independent Investment Banker” means any of Deutsche Bank Securities Inc., Citigroup Global
Markets Inc., Greenwich Capital Markets, Inc. and Morgan Stanley & Co. Incorporated, and their
respective successors, or, if any such firm or their successors, if any, as the case may be, are
unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Company.

     “Reference Treasury Dealer” means Deutsche Bank Securities Inc., Citigroup Global Markets
Inc., Greenwich Capital Markets, Inc. and Morgan Stanley & Co. Incorporated, and their respective
successors (provided, however, that if any such firm or any such successor shall cease to be a
primary U.S. government securities dealer in New York City, the Company shall substitute therefor
another dealer).

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Company, 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 the Company by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third business day preceding such Redemption Date.

     If a Change of Control Triggering Event occurs, unless the Company has exercised its option to
redeem all Securities of this series then outstanding, the Company will make an offer to each
Holder of Securities of this series to repurchase all or any part (in integral multiples of $1,000)
of that Holder’s Securities of this series at a repurchase price in cash equal to 101% of the
aggregate principal amount of the Securities of this series repurchased plus any

A-1-6

 

accrued and unpaid interest on the Securities of this series repurchased to the date of
purchase. Within 30 days following any Change of Control Triggering Event or, at the Company’s
option, prior to any Change of Control, but after the public announcement of the Change of Control,
the Company will mail a notice to each Holder, with a copy to the Trustee, describing the
transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase Securities of this series on the payment date specified in the
notice, which date will be no earlier than 30 days and no later than 60 days from the date such
notice is mailed (the “Change of Control Payment Date”). The notice shall, if mailed prior to the
date of consummation of the Change of Control, state that the offer to purchase is conditioned on
the Change of Control Triggering Event occurring on or prior to the payment date specified in the
notice. To the extent that the provisions of any securities laws or regulations conflict with the
Change of Control Triggering Event provisions of the Securities of this series, the Company will
comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under the Change of Control Triggering Event provisions of the Securities of this
series by virtue of such conflict.

     On the Change of Control Payment Date, the Company will, to the extent lawful:

     (1) accept for payment all Securities of this series or portions of Securities of this series
properly tendered pursuant to the offer;

     (2) deposit with the paying agent an amount equal to the aggregate purchase price in respect
of all Securities of this series or portions of Securities of this series properly tendered; and

     (3) deliver or cause to be delivered to the Trustee the Securities of this series properly
accepted, together with an officers’ certificate stating the aggregate principal amount of
Securities of this series being purchased by the Company.

     The Company will not be required to make an offer to repurchase the Securities of this series
upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at
the times and otherwise in compliance with the requirements for an offer made by the Company and
such third party purchases all Securities of this series properly tendered and not withdrawn under
its offer.

     “Change of Control” means the occurrence of any of the following:

     (1) the direct or indirect sale, lease or exchange (other than by way of merger or
consolidation), in one transaction or a series of related transactions, of all or substantially all
of the assets of the Company and its subsidiaries taken as a whole to any “person” (as that term is
used in Section 13(d)(3) of the Securities

A-1-7

 

Exchange Act of 1934, as amended) other than the Company or one of its subsidiaries; or

     (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as defined above), becomes the beneficial
owner, directly or indirectly, of more than 50% of the Company’s Voting Stock, measured by voting
power rather than number of shares.

     “Change of Control Triggering Event” means (a) the occurrence of a Change of Control and (b)
during the period beginning on the earlier of (i) the date of the public notice of the Company’s
intention to effect such Change of Control and (ii) the occurrence of such Change of Control and
ending 90 days after the occurrence of such Change of Control, (x) if three Rating Agencies are
continuing to provide ratings for the Securities of this series on such date, more than one of the
Rating Agencies rating the Securities of this series at such time shall downgrade, below the rating
as of the date of the supplemental indenture establishing the terms of the Securities of this
series, its respective rating of the Securities of this series as a result of such Change of
Control, (y) if fewer than three Rating Agencies are continuing to provide ratings for the
Securities of this series on such date, any of the Rating Agencies rating the Securities of this
series at such time shall downgrade, below the rating as of the date of the supplemental indenture
establishing the terms of the Securities of this series, its respective rating of the Securities of
this series as a result of such Change of Control, or (z) no Rating Agency provides a rating for
the Securities of this series.

     “Fitch” means Fitch Inc.

     “Moody’s” means Moody’s Investor Services Inc.

     “Rating Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Securities of this series or fails to make a rating of the Securities of
this series publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Securities Exchange Act of 1934, as amended, selected by the Company (as certified by a
resolution of the Company’s board of directors) as a replacement agency for Moody’s, S&P or Fitch,
or all, as the case may be.

     “S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc.

     “Voting Stock” of any specified “person” (as defined above) as of any date means the capital
stock of such person that is at the time entitled to vote generally in the election of the board of
directors of such person.

     In the event of redemption or repurchase of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed or

A-1-8

 

unpurchased portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all series to be affected (voting as one class). The Indenture also
contains provisions permitting the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all affected series (voting as one class), on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture. The Indenture permits, with certain exceptions as therein provided, the Holders of a
majority in principal amount of Securities of any series then Outstanding to waive past defaults
under the Indenture with respect to such series and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, premium, if any, and interest

A-1-9

 

on this Security at the times, place(s) and rate, and in the coin or currency, herein
prescribed.

     [This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture.

     The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]5

     [As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in the Borough of Manhattan,
The City of New York or at such other offices or agencies as the Company may designate, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.]6

     The Securities of this series are issuable only in registered form without coupons in
denominations of U.S.$1,000 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     This Security may be surrendered for registration of transfer and exchange at the Corporation
Trust Office.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all

 

			
	5	 	Insert in Global Securities only.
	 
	6	 	Insert in Definitive Securities only.

A-1-10

 

purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

     No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in any Security, or for any claim based thereon or otherwise in
respect thereof, or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or of any successor Person, either directly or through the
Company or any successor Person, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment, penalty or otherwise; it being expressly understood that all
such liability is hereby expressly waived and released by the acceptance hereof and as a condition
of, and as part of the consideration for, the Securities and the execution of the Indenture.

     The Indenture provides that the Company (a) will be discharged from any and all obligations in
respect of the Securities (except for certain obligations described in the Indenture), or (b) need
not comply with certain restrictive covenants of the Indenture, in each case if the Company
deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination
thereof) which through the payment of interest thereon and principal thereof in accordance with
their terms will provide money, in an amount sufficient to pay all the principal of and interest on
the Securities, but such money need not be segregated from other funds except to the extent
required by law.

     Payment of principal of and premium, if any, and interest, if any, on the Securities of this
series shall be without deduction for taxes, assessments or governmental charges paid by Holders
thereof.

     Notices and demands to or upon the Company in respect of the Securities of this series may be
served on the Company at its address specified in the Indenture.

     THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-1-11

 

[FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

(Please Print or Typewrite Name and Address of Assignee)

the within instrument of EL PASO CORPORATION and does hereby irrevocably constitute and appoint
                                         Attorney to transfer said instrument on the books of the within-named Company, with full power of
substitution in the premises.

Please Insert Social Security or Other

Identifying Number of Assignee:

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	(Signature)

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.]7

 

			
	7	 	Insert in Definitive Securities only.

A-1-12

 

EXHIBIT A-2

     [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A
GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]8

EL PASO CORPORATION

7.000% SENIOR NOTE DUE 2017

			
	 	 	 
	NO. 

CUSIP NO. 28336L BQ1
	 	U.S.$

     EL PASO CORPORATION, a corporation duly incorporated and existing under the laws of Delaware
(herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to [CEDE & Co.] 9,
or registered assigns, the principal sum of                      United States Dollars on June 15, 2017 and to
pay

 

			
	8	 	Insert in Global Securities only.
	 
	9	 	Insert in Global Securities only.

A-2-1

 

interest thereon from June 18, 2007, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on June 15 and December 15 of
each year, commencing December 15, 2007, at the rate of 7.000% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the June 1 or
December 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in such Indenture. Interest will be payable on overdue interest to the extent permitted
by law at the same rate as interest is payable on principal.

     [Payment of the principal of (and premium, if any) and interest on this Security will be made
by transfer of immediately available funds to a bank account in New York, New York designated by
the Holder in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.]10

     [Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The
City of New York, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the addresses of the Persons
entitled thereto as such addresses shall appear in the Security Register.]11

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

			
	10	 	Insert in Global Securities only.
	 
	11	 	Insert in Definitive Securities only.

A-2-2

 

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

A-2-3

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	Dated: 	EL PASO CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	HSBC Bank USA, National

     Association, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-2-4

 

	 	 	 	 	 

[REVERSE OF SECURITY]

El Paso Corporation

7.000% Senior Note due 2017

     This Security is one of a duly authorized issue of securities of the Company (the
“Securities”), issued and to be issued in one or more series under an Indenture dated as of May 10,
1999 (as amended and supplemented from time to time, the “Indenture”), between the Company and HSBC
Bank USA, National Association, as Trustee (the “Trustee”, which term includes any successor
trustee under the Indenture), as supplemented by the Twelfth Supplemental Indenture dated as of
June 18, 2007, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture,
the Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may bear interest, if any, at different
rates, may be subject to different redemption provisions, if any, may be subject to different
sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted.

     The Securities of this series are redeemable, upon not less than 30 nor more than 60 days’
notice, at any time in whole or from time to time in part, at the option of the Company at a
Redemption Price (the “Make-Whole Price”) equal to the greater of (i) 100% of the principal amount
thereof and (ii) as determined by an Independent Investment Banker, the sum of the present values
of the remaining scheduled payments of principal and interest thereon from the Redemption Date to
Maturity, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate less accrued and unpaid interest
thereon to the Redemption Date, plus, in each case, accrued and unpaid interest thereon to the
Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.

     The notice of redemption shall set forth the manner of calculation of the Make-Whole Price,
but not necessarily its amount. The Company shall notify the Trustee of the amount of the
Make-Whole Price with respect to any redemption promptly after the calculation thereof, and the
Trustee shall not be responsible for the accuracy of the calculation. Unless the Company defaults
in payment of the Make-Whole Price, on and after the applicable Redemption Date, interest will
cease to accrue on the Notes or portions thereof called for redemption.

A-2-5

 

     “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a
percentage of its principal amount) assuming a price for the Comparable Treasury Issue that is the
same as the Comparable Treasury Price for such redemption date, plus 0.50%.

     “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
Securities of this series that would be utilized, 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 the Securities of this series.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of
four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations.

     “Independent Investment Banker” means any of Deutsche Bank Securities Inc., Citigroup Global
Markets Inc., Greenwich Capital Markets, Inc. and Morgan Stanley & Co. Incorporated, and their
respective successors, or, if any such firm or their successors, if any, as the case may be, are
unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Company.

     “Reference Treasury Dealer” means Deutsche Bank Securities Inc., Citigroup Global Markets
Inc., Greenwich Capital Markets, Inc. and Morgan Stanley & Co. Incorporated, and their respective
successors (provided, however, that if any such firm or any such successor shall cease to be a
primary U.S. government securities dealer in New York City, the Company shall substitute therefor
another dealer).

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Company, 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 the Company by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third business day preceding such Redemption Date.

     If a Change of Control Triggering Event occurs, unless the Company has exercised its option to
redeem all Securities of this series then outstanding, the Company will make an offer to each
Holder of Securities of this series to repurchase all or any part (in integral multiples of $1,000)
of that Holder’s Securities of this series at a repurchase price in cash equal to 101% of the

A-2-6

 

aggregate principal amount of the Securities of this series repurchased plus any accrued and
unpaid interest on the Securities of this series repurchased to the date of purchase. Within 30
days following any Change of Control Triggering Event or, at the Company’s option, prior to any
Change of Control, but after the public announcement of the Change of Control, the Company will
mail a notice to each Holder, with a copy to the Trustee, describing the transaction or
transactions that constitute or may constitute the Change of Control Triggering Event and offering
to repurchase Securities of this series on the payment date specified in the notice, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the
“Change of Control Payment Date”). The notice shall, if mailed prior to the date of consummation
of the Change of Control, state that the offer to purchase is conditioned on the Change of Control
Triggering Event occurring on or prior to the payment date specified in the notice. To the extent
that the provisions of any securities laws or regulations conflict with the Change of Control
Triggering Event provisions of the Securities of this series, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control Triggering Event provisions of the Securities of this series by virtue
of such conflict.

     On the Change of Control Payment Date, the Company will, to the extent lawful:

     (1) accept for payment all Securities of this series or portions of Securities of this series
properly tendered pursuant to the offer;

     (2) deposit with the paying agent an amount equal to the aggregate purchase price in respect
of all Securities of this series or portions of Securities of this series properly tendered; and

     (3) deliver or cause to be delivered to the Trustee the Securities of this series properly
accepted, together with an officers’ certificate stating the aggregate principal amount of
Securities of this series being purchased by the Company.

     The Company will not be required to make an offer to repurchase the Securities of this series
upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at
the times and otherwise in compliance with the requirements for an offer made by the Company and
such third party purchases all Securities of this series properly tendered and not withdrawn under
its offer.

     “Change of Control” means the occurrence of any of the following:

     (1) the direct or indirect sale, lease or exchange (other than by way of merger or
consolidation), in one transaction or a series of related transactions, of

A-2-7

 

all or substantially all of the assets of the Company and its subsidiaries taken as a whole to
any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) other than the Company or one of its subsidiaries; or 

     (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as defined above), becomes the beneficial
owner, directly or indirectly, of more than 50% of the Company’s Voting Stock, measured by voting
power rather than number of shares.

     “Change of Control Triggering Event” means (a) the occurrence of a Change of Control and (b)
during the period beginning on the earlier of (i) the date of the public notice of the Company’s
intention to effect such Change of Control and (ii) the occurrence of such Change of Control and
ending 90 days after the occurrence of such Change of Control, (x) if three Rating Agencies are
continuing to provide ratings for the Securities of this series on such date, more than one of the
Rating Agencies rating the Securities of this series at such time shall downgrade, below the rating
as of the date of the supplemental indenture establishing the terms of the Securities of this
series, its respective rating of the Securities of this series as a result of such Change of
Control, (y) if fewer than three Rating Agencies are continuing to provide ratings for the
Securities of this series on such date, any of the Rating Agencies rating the Securities of this
series at such time shall downgrade, below the rating as of the date of the supplemental indenture
establishing the terms of the Securities of this series, its respective rating of the Securities of
this series as a result of such Change of Control, or (z) no Rating Agency provides a rating for
the Securities of this series.

     “Fitch” means Fitch Inc.

     “Moody’s” means Moody’s Investor Services Inc.

     “Rating Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Securities of this series or fails to make a rating of the Securities of
this series publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Securities Exchange Act of 1934, as amended, selected by the Company (as certified by a
resolution of the Company’s board of directors) as a replacement agency for Moody’s, S&P or Fitch,
or all, as the case may be.

     “S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc.

A-2-8

 

     “Voting Stock” of any specified “person” (as defined above) as of any date means the capital
stock of such person that is at the time entitled to vote generally in the election of the board of
directors of such person.

     In the event of redemption or repurchase of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed or unpurchased portion hereof will
be issued in the name of the Holder hereof upon the cancellation hereof.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all series to be affected (voting as one class). The Indenture also
contains provisions permitting the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all affected series (voting as one class), on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture. The Indenture permits, with certain exceptions as therein provided, the Holders of a
majority in principal amount of Securities of any series then Outstanding to waive past defaults
under the Indenture with respect to such series and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal

A-2-9

 

hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, premium, if any, and interest on this Security at the times, place(s) and rate,
and in the coin or currency, herein prescribed.

     [This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture.

     The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]12

     [As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in the Borough of Manhattan,
The City of New York or at such other offices or agencies as the Company may designate, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.]13

     The Securities of this series are issuable only in registered form without coupons in
denominations of U.S.$1,000 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     This Security may be surrendered for registration of transfer and exchange at the Corporation
Trust Office.

 

			
	12	 	Insert in Global Securities only.
	 
	13	 	Insert in Definitive Securities only.

A-2-10

 

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in any Security, or for any claim based thereon or otherwise in
respect thereof, or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or of any successor Person, either directly or through the
Company or any successor Person, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment, penalty or otherwise; it being expressly understood that all
such liability is hereby expressly waived and released by the acceptance hereof and as a condition
of, and as part of the consideration for, the Securities and the execution of the Indenture.

     The Indenture provides that the Company (a) will be discharged from any and all obligations in
respect of the Securities (except for certain obligations described in the Indenture), or (b) need
not comply with certain restrictive covenants of the Indenture, in each case if the Company
deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination
thereof) which through the payment of interest thereon and principal thereof in accordance with
their terms will provide money, in an amount sufficient to pay all the principal of and interest on
the Securities, but such money need not be segregated from other funds except to the extent
required by law.

     Payment of principal of and premium, if any, and interest, if any, on the Securities of this
series shall be without deduction for taxes, assessments or governmental charges paid by Holders
thereof.

     Notices and demands to or upon the Company in respect of the Securities of this series may be
served on the Company at its address specified in the Indenture.

     THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-2-11

 

[FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

(Please Print or Typewrite Name and Address of Assignee)

the within
instrument of EL PASO CORPORATION and does hereby irrevocably
constitute and appoint
_____________________
Attorney to transfer said instrument on the books of the within-named Company, with full power of
substitution in the premises.

Please Insert Social Security or Other

Identifying Number of Assignee:

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	(Signature)

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.]14

 

			
	14	 	Insert in Definitive Securities only.

A-2-12exv4w1

 

Exhibit 4.1

THIRD AMENDMENT TO CREDIT AGREEMENT

          THIS
THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of July 9, 2007 and is
entered into by and among J. RAY MCDERMOTT, S.A., a Panamanian corporation (the
“Borrower”), CERTAIN OF THE GUARANTORS executing the signature pages hereto, CERTAIN LENDERS AND
SYNTHETIC INVESTORS (as such terms are defined in the hereinafter described Credit Agreement)
listed on the signature pages hereto (the “Lenders”), and CREDIT SUISSE, CAYMAN ISLANDS
BRANCH, as Administrative Agent (in such capacity,
“Administrative Agent”) and as Collateral
Agent (in such capacity, “Collateral Agent”), and is made with reference to that certain CREDIT
AGREEMENT dated as of June 6, 2006 (as amended by the First Amendment dated as of August 4, 2006
and the Second Amendment dated as of December 1, 2006, the
“Credit Agreement”) by and among
Borrower, Lenders, Administrative Agent and the other agents party thereto. Capitalized terms used
herein without definition shall have the same meanings herein as set forth in the Credit Agreement
after giving effect to this Amendment.

RECITALS

          WHEREAS, the Borrower has requested that the Lenders and the Synthetic Investors agree to
amend certain provisions of the Credit Agreement as provided for herein; and

          WHEREAS, subject to certain conditions provided for herein, the Lenders and the Synthetic
Investors are willing to agree to such amendments.

          NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows:

     SECTION I. Amendments

   1.1  Amendments to Section 1: Definitions. 

          A. Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
in proper alphabetical sequence:

          “Available Amount” shall mean, at any time,

          (a) the sum of (i) 35% of Excess Cash Flow; plus (ii) 100% of the aggregate net
cash proceeds received by the Borrower since the Third Amendment Effective Date from the
issuance of Stock or from capital contributions to the Borrower;

     less

          (b) the amount thereof theretofore utilized for Investments under Section 8.3(h)(ii)
and Restricted Payments under Section 8.5(e)(ii).

 

 

          “ECF Calculation Date” means the last day of the most recently ended Fiscal Quarter for
which financial statements were delivered pursuant to Section 6.1(a) or 6.1(b).

          “Excess Cash Flow” means, for any ECF Calculation Date, an amount (if positive) equal
to (i) EBITDA for the period (taken as one accounting period) from the beginning of the
Borrower’s Fiscal Quarter that commenced April 1, 2007 to the ECF Calculation Date
minus (ii) the sum, without duplication, of the amounts for such period of (a)
Capital Expenditures, plus (b) Interest Expense.

          “Secunda Purchase Agreement” means that certain Asset Purchase Agreement dated as of
June 1, 2007 by and among J. Ray McDermott Canada, Ltd., Secunda International Limited and
the other sellers listed on the signature pages thereto.

          “Third Amendment” means that certain Third Amendment to Credit Agreement dated as of
July ___, 2007 among the Borrower, the Administrative Agent, the Collateral Agent and the
Lenders and Synthetic Investors listed on the signature pages thereto.

          “Third Amendment Effective Date” means the date of satisfaction of the conditions
referred to in Section II of the Third Amendment.

     B. Section 1.1 of the Credit Agreement is hereby further amended by deleting the “and” at the
end of clause (iii)in the definition of “Capital Expenditures” and inserting new clauses (v) and
(vi) at the end of clause (iv), such new clauses (v) and (vi) to read in their entirety as follows:

“(v) the initial purchase price of the 31/64th ownership interests in the vessel
“Thebaud Sea” pursuant to the Secunda Purchase Agreement and (vi) Capital Expenditures made
to the vessels “Thebaud Sea” and “Bold Endurance” prior to each such vessel becoming
Mortgaged Vessels.”

     C. Section 1.1 of the Credit Agreement is hereby further amended by deleting the “and” at the
end of clause (e) in the definition of “Customary Permitted Liens”, and inserting new clauses (g)
and (h), such new clauses (g) and (h) to read in their entirety as follows:

          “(g) liens, pledges or deposits relating to escrows established in connection with the
purchase or sale of property otherwise permitted hereunder and the amounts secured thereby
shall not exceed the aggregate consideration in connection with such purchase or sale
(whether established for an adjustment in purchase price or liabilities, to secure
indemnities, or otherwise); and

          “(h) bankers’ Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by the
Borrower or a Subsidiary, in each case granted in the ordinary course of business in favor
of the bank or banks with which such accounts are maintained, securing amounts owing to such
bank with respect to cash management and operating account arrangements, including those
involving pooled accounts and netting arrangements; provided that, unless such Liens are
non-consensual and arise by operation of law, in no

2

 

case shall any such Liens secure (either directly or indirectly) the repayment of any
Indebtedness”

     D. Section 1.1 of the Credit Agreement is hereby further amended by deleting clause (a) in the
definition of “Intercompany Subordinated Debt Payment” and inserting a new clause (a), such clause
(a) to read in its entirety as follows:

“(a) such Subordinated Debt (i) is owed to the Borrower or a Subsidiary or Joint Venture of
the Borrower that is a Guarantor or (ii) is permitted by Section 8.1(f)(vi) and”

     E. Section 1.1 of the Credit Agreement is hereby further amended by (i) deleting the words
“required to be” from the definition of “Mortgaged Vessels” and (ii) adding “or 8.1(h)(only in the
case of assumed debt pursuant to 8.1(h))” immediately after “8.1(d)” in clause (ii) of the
definition of “Mortgaged Vessels.”

     F. Section 1.1 of the Credit Agreement is hereby further amended by deleting clause (e) in the
definition of “Permitted Acquisitions” and inserting a new clause (e), such clause (e) to read in
its entirety as follows:

“ (e) if such Permitted Acquisition involves the acquisition of one or more marine vessels,
in each case having a Fair Market Value in excess of $10,000,000, such vessel or vessels,
except in the case where acquired using Indebtedness permitted by Section 8.1(d) or
8.1(h)(only in the case of assumed debt pursuant to 8.1(h)), shall within 20 Business Days
of such acquisition, become Collateral pursuant to arrangements substantially similar to
those made with respect to similar Mortgaged Vessels on the Effective Date; and”

   1.2 Amendments to Section 2.8: Optional Prepayments.

     Section 2.8 of the Credit Agreement is hereby amended by adding the following sentence at the
end thereto:

“A notice of prepayment of the outstanding principal amount of the Loans and Swing Loans in
whole or in part may state that such notice is conditioned upon the effectiveness of other
credit facilities, and if any notice so states it may be revoked by the Borrower by notice
to the Administrative Agent on or prior to the date specified for such prepayment that the
refinancing condition has not been met and the notice of such prepayment is to be revoked
(it being understood that any Loans outstanding at the time of such notice or drawn
thereafter will, upon such revocation, be continued as Base Rate Loans and, thereafter, may
be converted to Eurodollar Rate Loans pursuant to Section 2.11).”

1.3 Amendments to Section 2.18: Incremental Facilities.

     The Credit Agreement is hereby amended by adding a new Section 2.18 to read as follows:

     “Section 2.18 Incremental Facilities

3

 

     The Borrower may by written notice to the Administrative Agent elect to request prior
to the Revolving Facility Termination Date, one or more increases to the existing Revolving
Commitments (any such increase, the “New Revolving
Commitments”), by an amount not in excess
of $100,000,000 in the aggregate and not less than $25,000,000 individually (or such lesser
amount which shall be approved by Administrative Agent); provided that any such increase in
the Revolving Commitments shall be accompanied by a corresponding decrease in the Synthetic
Commitments which itself shall be accompanied by a corresponding repayment of Synthetic
Loans and/or a refund of Credit-Linked Deposits, as applicable. Such notice shall specify
(A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New
Revolving Commitments shall be effective, which shall be a date not less than 10 Business
Days after the date on which such notice is delivered to the Administrative Agent and (B)
the identity of each Lender or other Person that is an Eligible Assignee (each, a “New
Revolving Lender”) to whom the Borrower proposes any portion of such New Revolving
Commitments be allocated and the amounts of such allocations; provided that the
Administrative Agent may elect or decline to arrange such New Revolving Commitments in its
sole discretion and any Lender approached to provide all or a portion of the New Revolving
Commitments may elect or decline, in its sole discretion, to provide a New Revolving
Commitment. Such New Revolving Commitments shall become effective, as of such Increased
Amount Date; provided that (1) no Default or Event of Default shall exist on such Increased
Amount Date before or after giving effect to such New Revolving Commitments; (2) the
Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants
set forth in Article V as of the last day of the most recently ended Fiscal Quarter after
giving effect to such New Revolving Commitments; (3) the New Revolving Commitments shall be
effected pursuant to a joinder agreement in form and substance acceptable to the
Administrative Agent in its reasonable discretion, executed and delivered by the Borrower,
the New Revolving Lender and the Administrative Agent, and which shall be recorded in the
Register and each New Revolving Lender shall be subject to the requirements set forth in
Section 2.16(f); (4) the Borrower shall make any payments required pursuant to Section
2.14(e) in connection with the New Revolving Commitments; and (5) the Borrower shall deliver
or cause to be delivered any legal opinions or other documents reasonably requested by
Administrative Agent in connection with any such transaction.

     On the Increased Amount Date on which New Revolving Commitments are effected, subject
to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders
shall assign to each of the New Revolving Lenders, and each of the New Revolving Lenders
shall purchase from each of the Revolving Lenders, at the principal amount thereof (together
with accrued interest), such interests in the Revolving Loans outstanding on such Increased
Amount Date as shall be necessary in order that, after giving effect to all such assignments
and purchases, such Revolving Loans will be held by existing Revolving Lenders and New
Revolving Lenders ratably in accordance with their Revolving Commitments after giving effect
to the addition of such New Revolving Commitments to the Revolving Commitments, (b) each New
Revolving Commitment shall be deemed for all purposes a Revolving Commitment and each Loan
made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a

4

 

Revolving Loan and (c) each New Revolving Lender shall become a Lender with respect to
the New Revolving Commitment and all matters relating thereto.

     The Administrative Agent shall notify the Lenders and the Synthetic Investors promptly
upon receipt of Borrower’s notice of the Increased Amount Date and in respect thereof (y)
the New Revolving Commitments and the New Revolving Lenders, and (z) in the case of each
notice to any Revolving Lender, the respective interests in such Revolving Lender’s
Revolving Loans, in each case subject to the assignments contemplated by this Section.

The terms and provisions of the New Revolving Loans shall be identical to the Revolving
Loans. Each joinder agreement may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or
appropriate, in the opinion of the Administrative Agent to effect the provision of this
Section 2.18.”

   1.4 Amendments to Section 3.2: Conditions Precedent to Each Loan.

     Section 3.2 of the Credit Agreement is hereby amended by deleting clause (d) therein in its
entirety.

   1.5 Amendments to Section 6.1: Financial Statements.

     A. Section 6.1 of the Credit Agreement is hereby amended by deleting clause (c) in its
entirety and inserting a new clause (c), such clause (c) to read in its entirety as follows:

“ (c) Compliance Certificate. Together with each delivery of any financial statement
pursuant to clause (a) or (b) above, a certificate of a Responsible Officer of the Borrower
substantially in the form of Exhibit K (each, a “Compliance Certificate”) (i) showing in
reasonable detail the calculations used in determining the Leverage Ratio and demonstrating
compliance with each of the other financial covenants contained in Article V (Financial
Covenants), and (ii) stating that no Default or Event of Default has occurred and is
continuing or, if a Default or an Event of Default has occurred and is continuing, stating
the nature thereof and the action which the Borrower has taken or proposes to take with
respect thereto.”

     B. Section 6.1 of the Credit Agreement is hereby further amended by deleting clause (e)
therein in its entirety.

   1.6 Amendments to Section 7.11: Additional Collateral and Guaranties.

     Section 7.11(d) of the Credit Agreement is hereby amended by (i) replacing the reference
therein to “$3,000,000” with a reference to “$10,000,000” and (ii) adding “or 8.1(h)(only in the
case of assumed debt pursuant to 8.1(h))” immediately after “8.1(d)” at the end of the phrase
contained in the first parenthetical thereof.

   1.7 Amendments to Section 8.1: Indebtedness.

5

 

     A. Section 8.1(f) of the Credit Agreement is hereby amended by deleting “or” at the end of
clause (iv) thereof, adding “or” at the end of clause (v) thereof and inserting a new clause (vi)
immediately preceding the phrase “; provided, however,”, such clause (vi) to read in its entirety
as follows:

“(vi) from Babcock & Wilcox Canada Ltd. to the Borrower or a Subsidiary of the Borrower to
pay a portion of the purchase price in connection with the acquisition contemplated by the
Secunda Purchase Agreement, in an aggregate principal amount not to exceed $55,000,000 (or
its equivalent)”

     B. Section 8.1(f) of the Credit Agreement is hereby further amended by inserting “or (vi)”
immediately after the phrase “clause (iii)” in the parenthetical in clause (x) thereof.

     C. Section 8.1 of the Credit Agreement is hereby further amended by deleting “and” at the end
of paragraph (j) thereof, deleting the period at the end of clause (k) thereof, adding “; and” at
the end of paragraph (k) thereof and inserting a new paragraph (l) immediately after paragraph (k)
thereof, such paragraph (l) to read in its entirety as follows:

“ (l) Indebtedness in respect of any insurance premium financing for insurance being
acquired by the Borrower or any Subsidiary under customary terms and conditions and not in
connection with the borrowing of money.”

   1.8 Amendments to Section 8.2: Liens, Etc.

     A. Section 8.2 of the Credit Agreement is hereby amended by deleting clause (d) in its
entirety and replacing it with the following:

“ (d) Liens granted by the Borrower or any Subsidiary of the Borrower under a Capital Lease
and Liens to which any property is subject at the time, on or after the Effective Date, of
the Borrower’s or such Subsidiary’s acquisition thereof in accordance with this Agreement,
in each case securing Indebtedness permitted under Section 8.1(d) or 8.1(h)(only in the case
of assumed debt pursuant to 8.1(h)) and limited to the property purchased (and proceeds
thereof) with the proceeds subject to such Capital Lease or Indebtedness.”

     B. Section 8.2 of the Credit Agreement is hereby further amended by deleting “and” at the end
of paragraph (l) thereof, changing paragraph (m) thereof to paragraph (n) and inserting a new
paragraph (m) immediately after paragraph (l), such paragraph (m) to read in its entirety as
follows:

“ (m) Liens securing insurance premium financing permitted under Section 8.1(l)
(Indebtedness) under customary terms and conditions; provided, that no such Lien may extend
to or cover any property other than the insurance being acquired with such financing, the
proceeds thereof and any unearned or refunded insurance premiums related thereto; and”

   1.9 Amendments to Section 8.3: Investments.

6

 

     Section 8.3 of the Credit Agreement is hereby amended by deleting the “and” before clause
(k)of such section and inserting the following before the period at the end of such clause (k):

“and (l) Investments in connection with the escrow of funds by the Borrower or one of its
Subsidiaries pursuant to the options to purchase the vessels “Thebaud Sea” and “Bold
Endurance” as described in the Secunda Purchase Agreement and Investments in connection with
the exercise of such purchase options pursuant to the Secunda Purchase Agreement; provided,
that within twenty (20) Business Days after the exercise of the options by the Borrower or
one of its Subsidiaries to purchase the remaining interests in each such vessel as described
in the Secunda Purchase Agreement, such respective vessel shall become a Mortgaged Vessel
pursuant to Section 7.11(d)”

   1.10 Amendments to Section 8.4: Sale of Assets.

     A. Section 8.4 of the Credit Agreement is hereby amended by deleting the reference to
“$500,000” in the first paragraph therein and replacing it with “$1,000,000”.

     B. Section 8.4 of the Credit Agreement is hereby further amended by deleting clause (e) in its
entirety and inserting a new clause (e), such clause (e) to read in its entirety as follows:

     “(e) as long as no Default or Event of Default is continuing or would result therefrom,
the lease or sublease or chartering of property not constituting a sale and leaseback, to
the extent not otherwise prohibited by this Agreement or the Mortgages;”

   1.11 Amendments to Section 8.5: Restricted Payments.

     Section 8.5 of the Credit Agreement is hereby amended by deleting clause (e) in its entirety
and inserting a new clause (e), such clause (e) to read in its entirety as follows:

“(e) so long as no Default or Event of Default has occurred and is continuing, or would
result therefrom, the Borrower may make Restricted Payments in an aggregate amount not to
exceed the result of (i) $50,000,000 plus (ii) so long as the Leverage Ratio, pro
forma for the making of such Restricted Payments, is less than 1.50:1.00, the Available
Amount.”

   1.12 Amendments to Section 8.8: Transactions with Affiliates.

     Section 8.8 of the Credit Agreement is hereby amended by adding the following sentence at the
end thereof:

“Notwithstanding the foregoing, the Borrower and its Subsidiaries may (i) borrow and repay
Indebtedness owed to Babcock & Wilcox Canada Ltd. in an aggregate amount not to exceed
$55,000,000 (or its equivalent), provided that such Indebtedness was permitted to be
incurred pursuant to Section 8.1(f)(vii), and (ii) acquire the vessel Emerald Sea (or the
Stock of the Person that owns the Emerald Sea) from MII or one of

7

 

its Affiliates, provided that the consideration paid by the Borrower and its Subsidiaries
for such vessel (or the Stock of the Person that owns the Emerald Sea) is no greater than
the consideration paid by MII or such Affiliate paid for such vessel.”

   1.13 Amendments to Section 10.5: Indemnifications.

     Section 10.5 of the Credit Agreement is hereby amended by inserting a new clause (c)
immediately following clause (b) thereof to read in its entirety as follows:

“ (c) To the extent required by any applicable law, the Administrative Agent may withhold
from any payment to any Lender or any Synthetic Investor an amount equivalent to any
applicable withholding tax. If the Internal Revenue Service or any other Governmental
Authority asserts a claim that the Administrative Agent did not properly withhold tax from
amounts paid to or for the account of any Lender or any Synthetic Investor because the
appropriate form was not delivered or was not properly executed or because such Lender or
such Synthetic Investor failed to notify the Administrative Agent of a change in
circumstances which rendered the exemption from or reduction of withholding tax ineffective
or for any other reason, such Lender or such Synthetic Investor, as applicable, shall
indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by
the Administrative Agent as tax or otherwise, including any penalties or interest and
together with any all expenses incurred.”

   SECTION II. CONDITIONS TO EFFECTIVENESS

     This Amendment shall become effective as of the date hereof only upon the satisfaction of all
of the following conditions precedent (the date of satisfaction of such conditions being referred
to herein as the “Third Amendment Effective Date”):

     A. Execution. The Administrative Agent shall have received a counterpart signature page of
this Amendment duly executed by the Borrower, each of the Guarantors and Requisite Lenders.

     B. Opinions. The Administrative Agent shall have received favorable written opinions of (a)
Baker Botts L.L.P., counsel to the Loan Parties and (b) Liane K. Hinrichs, Vice President, General
Counsel and Corporate Secretary of the Borrower, in each case dated as of the Third Amendment
Effective Date addressing such matters as the Administrative Agent may reasonably request.

   SECTION III. REAFFIRMATION OF CREDIT SUPPORT

     A. Each of the Borrower and each Guarantor (each, individually, a “Credit Support Party” and,
collectively, the “Credit Support Parties”) has read this Amendment and consents to the terms
hereof and further hereby confirms and agrees that, notwithstanding the effectiveness of this
Amendment, the obligations of such Credit Support Party under, and the Liens granted by such Credit
Support Party as collateral security for the Indebtedness, obligations and liabilities evidenced by
the Credit Agreement and the other Loan Documents pursuant to, each of the Loan Documents to which
such Credit Support Party is a party shall not be impaired and each of the

8

 

Loan Documents to which such Credit Support Party is a party is, and shall continue to be, in
full force and effect and are hereby confirmed and ratified in all respects

     B. Each Credit Support Party (other than the Borrower) acknowledges and agrees that (i)
notwithstanding the conditions to effectiveness set forth in this Amendment, such Credit Support
Party is not required by the terms of the Credit Agreement or any other Loan Document to consent to
the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the
Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent
of such Credit Support Party to any future amendments to the Credit Agreement.

   SECTION IV. REPRESENTATIONS AND WARRANTIES

     In order to induce Lenders and Synthetic Investors to enter into this Amendment and to amend
the Credit Agreement in the manner provided herein, the Borrower represents and warrants to each
Lender and each Synthetic Investor that the following statements are true and correct in all
material respects:

     A. Corporate Power and Authority. The Borrower and each Guarantor has all requisite corporate
or other organizational power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Credit Agreement and the other
Loan Documents.

     B. Authorization of Agreements. The execution and delivery of this Amendment has been duly
authorized by all necessary corporate or other organizational action on the part of the Borrower
and each Guarantor.

     C. No Conflict. The execution and delivery by the Borrower and each Guarantor of this
Amendment does not and will not (i) violate (A) any provision of any law, statute, rule or
regulation, or of the certificate or articles of incorporation or partnership agreement, other
constitutive documents or by-laws of the Borrower or any such Guarantor or (B) any applicable order
of any court or any rule, regulation or order of any Governmental Authority, (ii) be in conflict
with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default
under any Contractual Obligation of the Borrower or any Guarantor, where any such conflict,
violation, breach or default referred to in clause (i) or (ii) of this Section IV.C., individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect, (iii) except as
permitted under the Credit Agreement, result in or require the creation or imposition of any Lien
upon any of the properties or assets of the Borrower or any such Guarantor (other than any Liens
created under any of the Loan Documents in favor of Collateral Agent on behalf of Lenders), or (iv)
require any approval of stockholders or partners or any approval or consent of any Person under any
Contractual Obligation of the Borrower or any Guarantor except for such approvals or consents which
will be obtained on or before the Third Amendment Effective Date and except for any such approvals
or consents the failure of which to obtain will not have a Material Adverse Effect.

     D. Governmental Consents. No action, consent or approval of, registration or filing with or
any other action by any Governmental Authority is or will be required in connection with

9

 

the execution and delivery by the Borrower or any Guarantor, except for such actions, consents
and approvals the failure of which to obtain or make could not reasonably be expected to result in
a Material Adverse Effect or which have been obtained and are in full force and effect.

     E. Binding Obligation. This Amendment has been duly executed and delivered by the Borrower
and each Guarantor and constitutes a legal, valid and binding obligation of the Borrower and each
such Guarantor, enforceable against the Borrower and each Guarantor in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or
other similar laws affecting creditors’ rights generally and except as enforceability may be
limited by general principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law).

     F. Incorporation of Representations and Warranties from Credit Agreement. The representations
and warranties contained in Article IV of the Credit Agreement are and will be true and correct in
all material respects on and as of the Third Amendment Effective Date to the same extent as though
made on and as of that date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true and correct in all material respects on and
as of such earlier date.

     G. Absence of Default. No event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would constitute an Event of
Default or a Default, except for the events expressly being waived hereby.

   SECTION V. MISCELLANEOUS

     A. Effect on the Credit Agreement and the Other Loan Documents.

     (i) Except as specifically modified by this Amendment, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby ratified and
confirmed.

     (ii) The execution, delivery and performance of this Amendment shall not constitute a
waiver of any provision of, or operate as a waiver of any right, power or remedy of any
Agent, Lender or Synthetic Investor under, the Credit Agreement or any of the other Loan
Documents except as otherwise expressly provided for herein.

     B. Headings. Section and Subsection headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other
purpose or be given any substantive effect.

     C. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW
OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

10

 

     D. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate 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; signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to the same document.

[Remainder of this page intentionally left blank.]

11

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 	 	 
	BORROWER:	 	J. RAY MCDERMOTT, S.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ James C. Lewis
 

Name: James C. Lewis
	 	 
	 

	 	 	 	Title: Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	GUARANTORS:	 	GLOBAL ENERGY-MCDERMOTT LIMITED	 	 
	 	 	J. RAY MCDERMOTT ENGINEERING, LLC	 	 
	 	 	J. RAY MCDERMOTT SOLUTIONS, INC.	 	 
	 	 	J. RAY MCDERMOTT TECHNOLOGY, INC.	 	 
	 	 	J. RAY MCDERMOTT UNDERWATER SERVICES, INC.	 	 
	 	 	J. RAY MCDERMOTT WEST AFRICA HOLDINGS, INC.	 	 
	 	 	J. RAY MCDERMOTT WEST AFRICA, INC.	 	 
	 	 	J. RAY MCDERMOTT DE MEXICO, S.A. DE C.V.	 	 
	 	 	MCDERMOTT TRADE CORPORATION	 	 
	 	 	MENTOR SUBSEA TECHNOLOGY SERVICES, INC.	 	 
	 	 	OFFSHORE PIPELINES INTERNATIONAL, LTD.	 	 
	 	 	OPI VESSELS, INC.	 	 
	 	 	OPMI, LTD.	 	 
	 	 	SABINE RIVER REALTY, INC.	 	 
	 	 	SPARTEC, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ James C. Lewis
 

Name: James C. Lewis
	 	 
	 

	 	 	 	Title:   Treasurer of each of the above-named Guarantors
	 	 

1

 

	 	 	 	 	 
	 	J. RAY MCDERMOTT HOLDINGS, LLC

J.RAY MCDERMOTT, INC.

 	 
	 	By:  	     /s/ James C. Lewis
 	 
	 	 	Name:  	James C. Lewis 	 
	 	 	Title:  	Vice President and Treasurer of each of
the 	 
	 	 	above-named Guarantors 
	 

	 	 	 	 	 	 	 	 	 
	 	 	MCDERMOTT SERVICOS
DE CONSTRUCAO, LTDA.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 By:
	 	 J. Ray McDermott, Inc., its majority equity holder
	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ James C. Lewis
 	 
	 	 	Name:  	James C. Lewis 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

	 	 	 	 	 	 	 	 	 
	 	 	OFFSHORE PIPELINES SDN. BHD.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	By:
	 	Offshore Pipelines International,
Ltd., its sole shareholder	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                                   /s/ James C. Lewis
 	 
	 	 	Name:  	James C. Lewis 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	J. RAY MCDERMOTT (NIGERIA) LTD.

MCDERMOTT INTERNATIONAL B.V.

 	 
	 	By:  	     /s/ Robert E. Stumpf
 	 
	 	 	Name:  	Robert E. Stumpf 	 
	 	 	Title:  	Assistant Secretary of each of the
above-named Guarantors 	 

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	Executed as a Deed by:

J. RAY MCDERMOTT INTERNATIONAL VESSELS, LTD.

 	 
	 	By:  	     /s/ James C. Lewis
 	 
	 	 	Name:  	James C. Lewis 	 
	 	 	Title:  	Treasurer 	 
	 
	 	In the presence of:

 	 
	 	By:  	     /s/ Robert E. Stumpf
 	 
	 	 	Name:  	Robert E. Stumpf 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 

3

 

	 	 	 	 	 	 	 
	AGENT and LENDER:	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,	 	 
	 	 	as Administrative Agent, Lender, Synthetic Investor
and Collateral Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Robert Hetu
 

Name: Robert Hetu
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Denise L. Alvarez	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Denise L. Alvarez	 	 
	 

	 	 	 	Title: Associate	 	 

4

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

BANK OF AMERICA, N.A.

 	 
	 	By:  	     /s/ Robert W. Troutman
 	 
	 	 	Name:  	Robert W. Troutman 	 
	 	 	Title:  	Managing Director 	 
	 

5

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

THE BANK OF NOVA SCOTIA

 	 
	 	By:  	     /s/ D. G. Mills
 	 
	 	 	Name:  	DG Mills 	 
	 	 	Title:  	Director 	 
	 

6

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

CALYON NEW YORK BRANCH

 	 
	 	By:  	     /s/ Page Dillehunt
 	 
	 	 	Name:  	Page Dillehunt 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                                          /s/ Michael Willis
 	 
	 	 	Name:  	Michael Willis 	 
	 	 	Title:  	Director 	 
	 

7

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent, Lender, Synthetic

Investor and Collateral Agent

 	 
	 	By:  	/s/ Robert Hetu
 	 
	 	 	Name:  	Robert Hetu 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                                     /s/ Denise L. Alvarez
 	 
	 	 	Name:  	Denise L. Alvarez 	 
	 	 	Title:  	Associate 	 
	 

8

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

FORTIS CAPITAL CORP.

 	 
	 	By:  	     /s/ Svein Engh
 	 
	 	 	Name:  	Svein Engh 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                                          /s/ Joe Maxwell
 	 
	 	 	Name:  	Joe Maxwell 	 
	 	 	Title:  	Senior Vice President 	 
	 

9

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	     /s/ Dianne L. Russell
 	 
	 	 	 Name: Dianne L. Russell

Title: Vice President

 	 
	 	 	 
	 	 	 
	 	 	 
	 

10

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

MIZUHO CORPORATE BANK, LTD.

 	 
	 	By:  	     /s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 
	 

11

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

NATIXIS

 	 
	 	By:  	     /s/ Timothy L. Polvado
 	 
	 	 	Name:  	Timothy L. Polvado 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                                          /s/ Louis P. Laville, III
 	 
	 	 	Name:  	Louis P. Laville, III 	 
	 	 	Title:  	Managing Director 	 
	 

12

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

NATIONAL CITY BANK

 	 
	 	By:  	     /s/ Stephen Monto
 	 
	 	 	Name:  	Stephen Monto 	 
	 	 	Title:  	Vice President 	 
	 

13

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ W. J. Bowne
 	 
	 	 	Name:  	W. J. Bowne 	 
	 	 	Title:  	Managing Director 	 
	 

14

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

UBS LOAN FINANCE LLC

 	 
	 	By:  	     /s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	                                                          /s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 

15

 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

AMEGY BANK N.A.

 	 
	 	By:  	     /s/ Michael Skarke
 	 
	 	 	Name:  	Michael Skarke 	 
	 	 	Title:  	Banking Officer 	 

16

 

	 	 	 	 	 

LENDERS and

SYNTHETIC INVESTORS

	 	 	 	 	 
	 	By signing below, you have indicated your

consent to the Fourth Amendment to the Credit

Agreement

Name of Institution:

WHITNEY NATIONAL BANK

 	 
	 	By:  	     /s/ Larry Stephens
 	 
	 	 	Name:  	Larry Stephens 	 
	 	 	Title:  	Vice President 	 

17

 

	 	 	 	 	 

	 	 	 
	ADDITIONAL GUARANTORS:

	 	CHARTERING COMPANY (SINGAPORE) PTE. LTD.
	 

	 	EASTERN MARINE SERVICES, INC.
	 

	 	HYDRO MARINE SERVICES, INC.
	 

	 	INTERNATIONAL VESSELS LTD.
	 

	 	J. RAY MCDERMOTT (AUST.) HOLDING PTY. LIMITED
	 

	 	J. RAY MCDERMOTT ASIA PACIFIC PTE. LTD.
	 

	 	J. RAY MCDERMOTT CONTRACTORS, INC.
	 

	 	J. RAY MCDERMOTT FAR EAST, INC.
	 

	 	J. RAY MCDERMOTT INTERNATIONAL, INC.
	 

	 	J. RAY MCDERMOTT MIDDLE EAST INC.
	 

	 	MCDERMOTT (MALAYSIA) SENDIRIAN BERHAD
	 

	 	MCDERMOTT CASPIAN CONTRACTORS, INC.
	 

	 	MCDERMOTT FAR EAST, INC.
	 

	 	MCDERMOTT GULF OPERATING COMPANY, INC.
	 

	 	MCDERMOTT INDUSTRIES (AUST.) PTY. LIMITED
	 

	 	MCDERMOTT OLD JV OFFICE, INC.
	 

	 	MCDERMOTT OVERSEAS, INC.
	 

	 	NORTH ATLANTIC VESSEL, INC.
	 

	 	PT. J. RAY MCDERMOTT INDONESIA
	 

	 	J. RAY MCDERMOTT CANADA HOLDING, LTD.
	 

	 	J. RAY MCDERMOTT CANADA, LTD.
	 

	 	MCDERMOTT INTERNATIONAL VESSELS, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	                                /s/ Janet Duncan
 	 
	 	 	Name:  	Janet Duncan 	 
	 	 	Title:  	Assistant Treasurer of each of the
above-named Guarantors 	 

18

 

	 	 	 	 	 

	 	 	 	 	 
	 	J. RAY MCDERMOTT EASTERN HEMISPHERE LIMITED

MCDERMOTT MARINE CONSTRUCTION LIMITED

 	 
	 	By:  	     /s/ Stephen C. Howard
 	 
	 	 	Name:  	Stephen C. Howard 	 
	 	 	Title:  	Assistant Treasurer of each of the
above-named Guarantors 	 
	 
	 	J. Ray McDermott Investments B.V. 

McDermott International Marine  Investments
N.V.

Varsy International, N.V. 

 	 
	 	By:  	     /s/ Robert E. Stumpf
 	 
	 	 	Name:  	Robert E. Stumpf 	 
	 	 	Title:  	Assistant Secretary of each of the
above-named Guarantors 	 
	 
	 	J. RAY MCDERMOTT INTERNATIONAL SERVICES LIMITED 

MCDERMOTT HOLDINGS (U.K.) LIMITED 

MCDERMOTT MARINE UK LIMITED 

MENTOR ENGINEERING CONSULTANTS LIMITED

 	 
	 	By:  	     /s/ Robert E. Stumpf
 	 
	 	 	Name:  	Robert E. Stumpf 	 
	 	 	Title:  	Joint Secretary of each of the above-named
Guarantors 	 
	 
	 	McDermott Offshore Services Company, Inc.

 	 
	 	By:  	     /s/ Robert E. Stumpf
 	 
	 	 	Name:  	Robert E. Stumpf 	 
	 	 	Title:  	Secretary and Treasurer 	 
	 

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]