Document:

Wdesk | Exhibit 4.2 FIFTH SUPPLEMENTAL INDENTURE

EXHIBIT 4.2

	
	
	 

FIFTH SUPPLEMENTAL INDENTURE 

among

WEATHERFORD INTERNATIONAL, LLC,

a Delaware limited liability company,

WEATHERFORD INTERNATIONAL LTD., 

a Bermuda exempted company, 

WEATHERFORD INTERNATIONAL PLC,

an Irish public limited company,

and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee 

	
	
	 

Dated as of 

June 17, 2014

to Indenture dated as of June 18, 2007

	
	
	 

 

TABLE OF CONTENTS 
	
						
	 
	 
	 
	 
	 

	ARTICLE 1 Relation to Indenture; Definitions
	 
	 
	1
	

	 

	 
	 
	 
	 
	 

	SECTION 1.01. Relation to Indenture
	 
	 
	1
	

	 

	SECTION 1.02. Definitions
	 
	 
	1
	

	 

	SECTION 1.03. General References
	 
	 
	2
	

	 

	 
	 
	 
	 
	 

	ARTICLE 2 Amendments 
	 
	 
	2
	

	 

	 
	 
	 
	 
	 

	SECTION 2.01. Definitions
	 
	 
	2
	

	 

	SECTION 2.02. Certain References Regarding Weatherford Switzerland
	 
	 
	2
	

	 

	 
	 
	 
	 
	 

	ARTICLE 3 Assumption of Guarantee; Successor Substituted
	 
	 
	2
	

	 

	 
	 
	 
	 
	 

	SECTION 3.01. Assumption of Guarantee
	 
	 
	2
	

	 

	SECTION 3.02. Successor Substituted
	 
	 
	2
	

	 

	 
	 
	 
	 
	 

	ARTICLE 4 Miscellaneous Provisions
	 
	 
	3
	

	 

	 
	 
	 
	 
	 

	SECTION 4.01. Certain Trustee Matters
	 
	 
	3
	

	 

	SECTION 4.02. Continued Effect
	 
	 
	3
	

	 

	SECTION 4.03. Governing Law
	 
	 
	3
	

	 

	SECTION 4.04. Counterparts
	 
	 
	3
	

	 

This FIFTH SUPPLEMENTAL INDENTURE, dated as of June 17, 2014 (this “Supplemental Indenture”), among Weatherford International, LLC, a Delaware limited liability company (the “Company”), Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), Weatherford International plc, an Irish public limited company (“Weatherford Ireland”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee under the Indenture referred to below (in such capacity, the “Trustee”).

RECITALS OF THE COMPANY 

WHEREAS, the Company, Weatherford Bermuda and the Trustee are parties to an Indenture dated as of June 18, 2007 (the “Original Indenture”) (the Original Indenture, as supplemented from time to time, including without limitation pursuant to this Supplemental Indenture, being referred to herein as the “Indenture”);

WHEREAS, each of Weatherford Bermuda and Weatherford International Ltd., a Swiss joint-stock corporation (“Weatherford Switzerland”), has, in accordance with the Indenture, previously provided a guarantee of the Outstanding Securities;

WHEREAS, pursuant to a merger transaction between Weatherford Switzerland and Weatherford Ireland, contemporaneously with the effectiveness of this Supplemental Indenture, Weatherford Switzerland will be merged with and into Weatherford Ireland, with Weatherford Ireland as the surviving company of the merger, and the assets and liabilities of Weatherford Switzerland will be transferred to Weatherford Ireland by operation of law (the “Merger”);

WHEREAS, in connection with the Merger, Weatherford Ireland has determined that it will be in the best interests of and beneficial to Weatherford Ireland to enter into this Supplemental Indenture for the purposes of evidencing the succession of Weatherford Ireland to Weatherford Switzerland as Guarantor and the assumption by Weatherford Ireland of the Guarantee of Weatherford Switzerland in accordance with the terms of this Supplemental Indenture;

WHEREAS, Section 9.1(2) of the Indenture permits the execution of supplemental indentures without the consent of any Holders to evidence the succession of another Person to a Guarantor and the assumption by any such successor of the Guarantee of such Guarantor;

WHEREAS, Section 9.1(10) of the Indenture provides that the Company, when authorized by a Board Resolution, the Guarantors and Trustee may enter into one or more indentures supplemental to the Original Indenture for any of the purposes set forth in such Section without the consent of any of the Holders; 

WHEREAS, the Board of Directors of the Company has determined that this Supplemental Indenture complies with the requirements of Section 9.1(2) and 9.1(10) of the Original Indenture; and

WHEREAS, this Supplemental Indenture has been duly authorized by all necessary action on the part of the Company, including a Board Resolution. 

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 Outstanding Securities, as follows: 

ARTICLE 1

Relation to Indenture; Definitions 

SECTION 1.01. Relation to Indenture.

With respect to the Outstanding Securities and the Guarantees thereof by the Guarantors, this Supplemental Indenture constitutes an integral part of the Indenture.

SECTION 1.02. Definitions.

For all purposes of this Supplemental Indenture, capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Original Indenture, as previously supplemented and amended.

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

Amendments

SECTION 2.01. Definitions.

Section 1.1 of the Indenture is hereby amended by (a) adding the definition of “Weatherford Ireland” as indicated below, (b) deleting the definition of “Weatherford Switzerland,” and (c) replacing the definitions of “Bankruptcy Law” and “Guarantors” with the following, respectively: 

““Bankruptcy Law” means any applicable Federal, State, Bermuda or Irish bankruptcy, insolvency, reorganization or other similar law.”

““Guarantors” shall mean Weatherford Bermuda, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture (and thereafter shall mean such successor Person), and Weatherford Ireland, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture (and thereafter shall mean such successor Person), and “Guarantor” shall mean either (i) Weatherford Bermuda or its successor Person, or (ii) Weatherford Ireland or its successor Person.”

““Weatherford Ireland” means Weatherford International public limited company, an Irish public limited company.”

SECTION 2.02. Certain References Regarding Weatherford Switzerland 

Upon consummation of the Merger, all references in the Indenture to “Weatherford International Ltd., a Swiss corporation duly organized and existing under the laws of Switzerland” and all references of similar import shall be amended to refer to “Weatherford International public limited company, an Irish public limited company duly organized and existing under the laws of Ireland” in each instance.  In addition, all references in the Indenture to “Weatherford Switzerland” shall be amended to refer to “Weatherford Ireland” in each instance.

ARTICLE 3

Assumption of Guarantee; Successor Substituted

SECTION 3.01. Assumption of Guarantee.

Pursuant to Section 8.1 of the Indenture, upon the consummation of the Merger, Weatherford Ireland shall assume the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every other covenant of the Indenture on the part of Weatherford Switzerland to be performed or observed in accordance with the terms of the Indenture.

SECTION 3.02. Successor Substituted.

Pursuant to Section 8.2 of the Indenture, Weatherford Ireland shall, upon the consummation of the Merger, succeed to, and be substituted for, and may exercise every right and power of, Weatherford Switzerland, under the Indenture with the same effect as if Weatherford Ireland had been named as a Guarantor therein, and thereafter, Weatherford Switzerland shall be relieved of all obligations and covenants under this Indenture and the Securities.

ARTICLE 4

Miscellaneous Provisions 

SECTION 4.01. Certain Trustee Matters.

The recitals contained herein are an integral part of this Supplemental Indenture and 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 the Outstanding Securities or the proper authorization or the due execution hereof or thereof by the Company.

SECTION 4.02. 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 supplemented and amended hereby and thereby, is in all respects hereby ratified and confirmed. This Supplemental Indenture and all of its provisions shall be deemed a part of the Indenture, as supplemented and amended, in the manner and to the extent herein and therein provided.

SECTION 4.03. Governing Law. 

This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

SECTION 4.04. 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 PAGE FOLLOWS]

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

	
				
	 
	 
	 
	 

	 
	WEATHERFORD INTERNATIONAL, LLC

	 
	a Delaware limited liability company

	 
	 
	 
	 

	  
	By:
	/s/ James C. Parent

	  
	 
	Name:
	James C. Parent

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	 
	WEATHERFORD INTERNATIONAL LTD.,

	 
	a Bermuda exempted company

	 
	 
	 
	 

	  
	By:
	/s/ James C. Parent

	  
	 
	Name:
	James C. Parent

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	 
	WEATHERFORD INTERNATIONAL PLC

	 
	an Irish public limited company

	 
	 
	 
	 

	 
	By: 
	/s/ James C. Parent

	 
	 
	Name:
	James C. Parent

	 
	 
	Title:
	Director

	 
	 
	 
	 

	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

	 
	 
	 
	 

	 
	By:
	DEUTSCHE BANK NATIONAL
TRUST COMPANY

	 
	 
	 
	 

	 
	By: 
	/s/ Irina Golovashchuk

	 
	 
	Name:
	Irina Golovashchuk

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	 
	By: 
	/s/ Jeffrey Schoenfeld

	 
	 
	Name:
	Jeffrey Schoenfeld

	 
	 
	Title:
	Assistant Vice PresidentWdesk | Exhibit 10.1 ASSUMPTION AGREEMENT 2010 Credit Agreement

EXHIBIT 10.1

ASSUMPTION AGREEMENT

THIS ASSUMPTION AGREEMENT (this “Agreement”) is made as of June 17, 2014 (the “Effective Date”) by Weatherford International plc, an Irish public limited company (“WIL-Ireland”).

RECITALS:

WHEREAS, Weatherford International Ltd., a Swiss joint stock corporation (“WIL-Switzerland”), effected a “Redomestication” (as that term is defined in the Credit Agreement, dated as of October 15, 2010 (as amended or modified prior to the date hereof, the “Credit Agreement”), among WIL-Switzerland, Weatherford International Ltd., a Bermuda exempted company, as a borrower, the other borrowers party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the lenders party thereto) on the Effective Date pursuant to which WIL-Switzerland merged with and into WIL-Ireland with WIL-Ireland being the surviving entity (the “Merger”); and

WHEREAS, as a result of the Merger, WIL-Ireland desires to (a) unconditionally guarantee the Obligations for the benefit of the Credit Parties and (b) assume all rights and obligations of WIL-Switzerland under the Credit Agreement, in each case as required by the Credit Agreement;

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings set forth therefor in the Credit Agreement.

2.Joinder of WIL-Ireland to Credit Agreement.  WIL-Ireland hereby (a) agrees to be bound, from and after the Effective Date, by all of the provisions of the Credit Agreement and the other Loan Documents specifically applicable to WIL-Switzerland thereunder as if originally a party thereto and (b) expressly and completely assumes, as its direct and primary obligation, the performance of all of the obligations of WIL-Switzerland under the Credit Agreement and the other Loan Documents.

3.Guarantee of Obligations.  Without limiting the provisions of Section 3 of this Agreement, WIL-Ireland hereby agrees that it shall, on and as of the Effective Date, become a Guarantor under the Guaranty Agreement to the same extent as if originally a party thereto.

4.Representations and Warranties.  WIL-Ireland hereby represents and warrants to the Credit Parties as follows:

(a)The Merger has been consummated on the Effective Date in accordance with the requirements set forth in the definition of “Redomestication” in the Credit Agreement.

(b)No Default or Event of Default exists as of the Effective Date.

(c)WIL-Ireland is a company duly organized, validly existing and in good standing under the laws of Ireland.

(d)WIL-Ireland has the corporate power and authority to execute, deliver and perform its obligations under this Agreement and under the other Loan Documents to which it is has become a party as a result of the Merger, and all such action has been duly authorized by all necessary corporate proceedings on its part.  This Agreement has been duly and validly executed and delivered by WIL-Ireland and constitutes a valid and legally binding agreement of WIL-Ireland enforceable against WIL-

Ireland in accordance with the terms hereof.

(e)The representations and warranties set forth in Article VI of the Credit Agreement and in the other Loan Documents are true and correct in all material respects as of, and as if such representations and warranties were made on, the Effective Date (unless such representation and warranty expressly relates to an earlier date, in which case such representation and warranty shall continue to be true and correct in all material respects as of such earlier date).

5.References in Loan Documents.  From and after the Effective Date, each reference to “WIL-Switzerland” in any of the Loan Documents shall instead be deemed to be a reference to “WIL-Ireland”.

6.Ratification.  The Credit Agreement, the Guaranty Agreement and the other Loan Documents are hereby ratified, approved and confirmed in all respects.

7.Reference to Agreement.  From and after the Effective Date, each reference in the Credit Agreement and the Guaranty Agreement to “this Agreement”, “hereof”, or “hereunder” or words of like import, and all references to the Credit Agreement and the Guaranty Agreement in any and all agreements, instruments, documents, notes, certificates, guaranties and other writings of every kind and nature shall be deemed to mean the Credit Agreement or the Guaranty Agreement, as applicable, in each case as modified by this Agreement.

8.Successors and Assigns; Benefit of Agreement.  The provisions of this Agreement shall (a) be binding upon WIL-Ireland and its successors and assigns permitted by the Credit Agreement and (b) inure to the benefit of and be enforceable by the Guaranteed Parties (as defined in the Guaranty Agreement).

9.Governing Law.  This Agreement shall be construed in accordance with and governed by the law of the State of New York.

10.Submission to Jurisdiction; Consent to Service of Process; Waiver of Jury Trial.

(a)WIL-Ireland hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York (or the state courts sitting in the Borough of Manhattan in the event the Southern District of New York lacks subject matter jurisdiction), and any appellate court from any thereof, in any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and WIL-Ireland hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.  WIL-Ireland agrees that a final, non-appealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that any Guaranteed Party may otherwise have to bring any suit, action or proceeding relating to this Agreement or any other Loan Document against WIL-Ireland or its properties in the courts of any jurisdiction.

(b)WIL-Ireland hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (a) of this Section.  WIL-Ireland hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(c)WIL-Ireland irrevocably consents to service of process in the manner provided for notices in Section 11.02 of the Credit Agreement.  Nothing in this Agreement or any other Loan Document will affect the right of any Guaranteed Party to serve process in any other manner permitted 

by law.  Notwithstanding any other provision of this Agreement, WIL-Ireland hereby irrevocably designates CT Corporation System, 111 8th Avenue, New York, New York 10011, as the designee, appointee and agent of WIL-Ireland to receive, for and on its behalf, service of process in the State of New York in any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document.

(d)WIL-Ireland agrees that any suit, action or proceeding brought by WIL-Ireland or any of its Subsidiaries relating to this Agreement or any other Loan Document against any Guaranteed Party or any Affiliate of a Guaranteed Party shall be brought exclusively in the United States District Court for the Southern District of New York (or the state courts sitting in the Borough of Manhattan in the event the Southern District of New York lacks subject matter jurisdiction), and any appellate court from any thereof, unless no such court shall accept jurisdiction.

(e)To the extent that WIL-Ireland has or hereafter may acquire any immunity from jurisdiction of any court or from set-off or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, WIL-Ireland hereby irrevocably waives such immunity in respect of its obligations under this Agreement and the other Loan Documents.

(f)WIL-IRELAND HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

11.Loan Document.  This Agreement shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

12.Counterparts.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or electronic transmission (in .pdf form) shall be effective as delivery of a manually executed counterpart of this Agreement.

13.Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

14.Costs and Expenses. WIL-Ireland agrees to pay all reasonable costs, fees, and out-of-pocket expenses (including reasonable attorneys’ fees and disbursements) incurred by the Administrative Agent in connection with the review and enforcement of this Agreement.

15.Amendments; Waivers.  No amendment or waiver of any provision of this Agreement nor consent to any departure by any party hereto therefrom shall in any event be effective unless the same shall be in writing executed by WIL-Ireland and the Administrative Agent.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed and delivered by a duly authorized officer as of the date hereof.

	
					
	 
	 
	 
	WIL-IRELAND:

	 
	 
	 
	 
	 

	 
	 
	 
	WEATHERFORD INTERNATIONAL PLC,
an Irish public limited company

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ James C. Parent

	 
	 
	 
	Name:
	James C. Parent

	 
	 
	 
	Title:
	Director

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Accepted and acknowledged:
	 
	 
	 

	 
	 
	 
	 
	 

	JPMORGAN CHASE BANK, N.A., 
  as Administrative Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ Helen Carr
	 
	 
	 

	Name:
	Helen Carr
	 
	 
	 

	Title:
	Managing Director
	 
	 
	 

[Signature Page to Assumption Agreement (2010 Credit Agreement)]

REAFFIRMATION

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Assumption Agreement in connection with that certain Credit Agreement, dated as of October 15, 2010 (as amended or modified prior to the date hereof, the “Credit Agreement”), among Weatherford International Ltd., a Swiss joint stock company, Weatherford International Ltd., a Bermuda exempted company, as a borrower, the other borrowers party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the lenders party thereto, which Assumption Agreement is dated as of June 17, 2014 (the “Assumption Agreement”).  Capitalized terms used and not defined herein shall have the meanings given to them in the Credit Agreement.

Each of the undersigned (a) consents to the Assumption Agreement and reaffirms the terms and conditions of the Credit Agreement and each other Loan Document to which it is a party and (b) acknowledges and agrees that the Credit Agreement and each and every other Loan Document to which it is a party remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Assumption Agreement and as the same may from time to time hereafter be amended, modified or restated.

Dated as of June 17, 2014

[Signature Page Follows]

	
			
	 
	WEATHERFORD INTERNATIONAL LTD.,
a Bermuda exempted company

	 
	 
	 

	 
	By:
	/s/ James C. Parent

	 
	Name:
	James C. Parent

	 
	Title:
	Director

	 
	 
	 

	 
	 
	 

	 
	WEATHERFORD INTERNATIONAL, LLC,
a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ Alejandro Cestero

	 
	Name:
	Alejandro Cestero

	 
	Title:
	Vice President

	 
	 
	 

	 
	 
	 

	 
	WEATHERFORD LIQUIDITY MANAGEMENT HUNGARY LIMITED LIABILITY COMPANY, a Hungarian limited liability company

	 
	 
	 

	 
	By:
	/s/ Hans N. Falke

	 
	Name:
	Hans N. Falke

	 
	Title:
	Director

	 
	 
	 

	 
	By:
	/s/ Bastiaan Van Houts

	 
	Name:
	Bastiaan Van Houts

	 
	Title:
	Director

	 
	 
	 

	 
	 
	 

	 
	WEATHERFORD CAPITAL MANAGEMENT SERVICES LIMITED LIABILITY COMPANY, a Hungarian limited liability company

	 
	 
	 

	 
	By:
	/s/ Hans N. Falke

	 
	Name:
	Hans N. Falke

	 
	Title:
	Director

	 
	 
	 

	 
	By:
	/s/ Bastiaan Van Houts

	 
	Name:
	Bastiaan Van Houts

	 
	Title:
	Director

[Signature Page to Assumption Agreement (2010 Credit Agreement)]

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