Document:

exv10w40

 

EXHIBIT 10.40

FOURTH AMENDMENT TO

AMENDED AND RESTATED

CREDIT AGREEMENT

     THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is
made and entered into as of January 3, 2006 among NEWPARK RESOURCES, INC., a Delaware corporation
(“Newpark”), each of the other Borrowers signatory hereto (collectively with Newpark,
“Borrower” or “Borrowers”); the other Loan Parties signatory hereto; JPMORGAN CHASE
BANK, N.A. (successor by merger to Bank One, N.A. (Main Office Chicago)), for itself, as Lender,
and as agent for Lenders (in such capacity, the “Agent”); and the other Lenders signatory
hereto.

     WHEREAS, Borrowers, Loan Parties, Agent and Lenders are parties to that certain Amended and
Restated Credit Agreement dated as of February 25, 2004, as amended by that certain First Amendment
to Amended and Restated Credit Agreement dated as of July 26, 2004, that certain Second Amendment
to Amended and Restated Credit Agreement dated as of March 10, 2005 and that certain Third
Amendment to Amended and Restated Credit Agreement dated as of July, 2005 (as further amended,
restated or modified from time to time, the “Credit Agreement”);

     WHEREAS, Borrowers, Loan Parties, Lenders and Agent desire to amend the Credit Agreement to
allow and provide for the foregoing and certain matters, all as hereinafter set forth.

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

ARTICLE I

Definitions

     Section 1.01 Definitions. Capitalized terms used in this Amendment, to the extent not
otherwise defined herein, shall have the same meaning as in the Credit Agreement, as amended
hereby.

ARTICLE II

Amendments

     Section 2.01 Amendment to Section 6.28. Effective as of the date hereof,
Section 6.28 of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

     “Intentionally Omitted.”

     Section 2.02 Amendment to Credit Agreement and Other Loan Documents. Effective as of
the date hereof, with respect to the Credit Agreement and the Other Loan Documents all

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references in each such agreement to “Fleet Capital Corporation” shall be deleted and replaced with
“Bank of America, N.A.”

ARTICLE III

Conditions Precedent

     Section 3.01 Conditions. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent, unless specifically waived by Agent and
Lenders:

          (a) Agent shall have received all of the following documents, each document (unless otherwise
indicated) being dated the date hereof, duly authorized, executed and delivered by the parties
thereto, and in form and substance satisfactory to Agent and Lenders:

	 	(i)	 	this Amendment;

    (ii)    an Amendment to the Pledge and Security Agreement with respect to the
transfer of the ownership interest in The Loma Company, L.L.C.; and

	 	(iii)	 	such additional documents, instruments and information as Agent or
Lenders or their legal counsel may request.

          (b) The representations and warranties contained herein, in the Credit Agreement, as amended
hereby, and/or in the other Loan Documents shall be true and correct as of the date hereof as if
made on the date hereof, except for such representations and warranties as by their terms expressly
speak as of an earlier date; and

          (c) All corporate proceedings taken in connection with the transactions contemplated by this
Amendment and all documents, instruments and other legal matters incident thereto shall be
satisfactory to Agent, Lenders and their legal counsel.

ARTICLE IV

Limited Consent; No Other Waivers

     Section 4.01 Limited Consent. By execution of this Amendment and upon satisfaction of
the conditions set forth herein, Agent and Lenders hereby acknowledge and consent to the
Transactions set forth on Exhibit A (the “Transactions”) that would, without such
consent, be in violation of Sections 6.17, 6.20, 6.24 and Article
VII(k) of the Credit Agreement; provided, however, that (i) such consent and
acknowledgement shall not apply to any other past, present or future deviation or deviations of any
other provision of the Agreement and (ii) Agent’s or Lenders’ failure to exercise any right,
privilege or remedy as a result of the foregoing shall not directly or indirectly in any way
whatsoever either: (a) impair, prejudice or otherwise adversely affect Agent’s or any Lender’s
right at any time to exercise any right, privilege, or remedy in connection with the Agreement, any
other agreement, or any other contract or instrument, or (b) amend or alter any provision of the
Agreement, any other agreement, or any other contract or instrument, or (c) constitute any course
of dealing or other basis for altering any obligation of

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Borrower or any Credit Party or any rights, privilege, or remedy of Agent or any Lenders under
the Agreement, any other agreement, or any other contract or instrument.

     Section 4.02 Limited Consent. By execution of this Amendment and upon satisfaction of
the conditions set forth herein, Agent hereby acknowledges and consents to the Transactions that
would, without such consent, be in violation of Sections 8.5 and 8.14 of that
certain Reimbursement Agreement, dated as of May 1, 1998, among Newpark, The Loma Company, L.L.C.,
a Louisiana limited liability company (“Loma”), and JPMorgan Chase Bank, N.A. (successor by
merger to Bank One, N.A. (Main Office Chicago) f/k/a Bank One, Louisiana, National Association, as
supplemented by Rider 1 and amended by that First Amendment and Supplement to Reimbursement
Agreement, dated February 1, 1999, (as further amended from time to time, the “Reimbursement
Agreement”); provided, however, that (i) such consent and acknowledgement shall
not apply to any other past, present or future deviation or deviations of any other provision of
the Reimbursement Agreement and (ii) Agent’s failure to exercise any right, privilege or remedy as
a result of the foregoing shall not directly or indirectly in any way whatsoever either: (a)
impair, prejudice or otherwise adversely affect Agent’s right at any time to exercise any right,
privilege, or remedy in connection with the Reimbursement Agreement, any other agreement, or any
other contract or instrument, or (b) amend or alter any provision of the Reimbursement Agreement,
any other agreement, or any other contract or instrument, or (c) constitute any course of dealing
or other basis for altering any obligation of Newpark or Loma or any rights, privilege, or remedy
of Agent under the Reimbursement Agreement, any other agreement, or any other contract or
instrument.

     Section 4.03 No Other Waiver. Except as expressly set forth in Sections 4.01
and 4.02 above, nothing contained in this Amendment shall be construed as a waiver by Agent
or any Lender of any covenant or provision of the Credit Agreement, the other Loan Documents, this
Amendment, the Reimbursement Agreement or of any other contract or instrument between any Borrower
or any Loan Party and Agent or any Lender, and the failure of Agent or Lenders at any time or times
hereafter to require strict performance by any Borrower or any Loan Party of any provision thereof
shall not waive, affect or diminish any rights of Agent or Lenders to thereafter demand strict
compliance therewith. Agent and Lenders hereby reserve all rights granted under the Credit
Agreement, the other Loan Documents, this Amendment, the Reimbursement Agreement and any other
contract or instrument between any Borrower or any Loan Party and Agent or any Lender.

ARTICLE V

Ratifications, Representations and Warranties

     Section 5.01 Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and except as expressly modified and superseded by this Amendment, the terms and provisions of the
Credit Agreement are ratified and confirmed and shall continue in full force and effect.
Additionally, each Borrower and each Loan Party each hereby ratifies and confirms their agreements
under the Credit Agreement and the other Loan Documents as a Borrower and as a Loan Party,
respectively, as of the Closing Date. Each Borrower and Loan Party hereby agrees

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that all Liens and security interests securing payment of the Obligations are hereby collectively
renewed, ratified and brought forward as security for the payment and performance of the
Obligations, as the same may have been modified by the this Amendment and the documents executed in
connection herewith.

     Section 5.02 Ratification of Guaranty. Each Guarantor hereby ratifies and confirms
its guaranty to Agent and Lenders (the “Guaranty”). Each Guarantor hereby represents and
acknowledges that it has no claims, counterclaims, offsets, credits or defenses to the Loan
Documents or the performance of its obligations thereunder. Furthermore, each Guarantor agrees
that nothing contained in this Amendment shall adversely affect any right or remedy of Agent or
Lenders under the Guaranty. Each Guarantor agrees that all references in such Guaranty to the
“Guaranteed Obligations” shall include, without limitation, all of the obligations of Borrowers to
Agent and Lenders under the Credit Agreement, as amended hereby. Finally, each Guarantor hereby
represents and acknowledges that the execution and delivery of this Amendment and the other Loan
Documents executed in connection herewith shall in no way change or modify its obligations as a
guarantor, debtor, pledgor, assignor, obligor and/or grantor under the Guaranty and shall not
constitute a waiver by Agent or Lenders of any of their rights against such Guarantor.

     Section 5.03 Representations and Warranties. Each Borrower and each Loan Party hereby
represents and warrants to Agent and Lenders that (i) the execution, delivery and performance of
this Amendment and any and all other Loan Documents executed and/or delivered in connection
herewith have been authorized by all requisite corporate action on the part of such Borrower and
such Loan Party and will not violate the certificate/articles of incorporation or other analogous
formation document of such Borrower or such Loan Party or the bylaws or other analogous charter or
organizational documents of such Borrower or such Loan Party, (ii) except as disclosed to Agent and
Lenders in writing prior to the date hereof, the representations and warranties contained in the
Credit Agreement, as amended hereby, the Reimbursement Agreement and any other Loan Document are
true and correct on and as of the date hereof as though made on and as of the date hereof,
including such representations and warranties therein that relate solely to the Closing Date, which
shall be true and correct on and as of the date hereof as though made on and as of the date hereof,
(iii) except as disclosed to Agent and Lenders in writing prior to the date hereof, such Borrower
or such Loan Party is in full compliance with all covenants and agreements contained in the Credit
Agreement, as amended hereby, (iv) except as disclosed to Agent and Lenders in writing prior to the
date hereof, such Borrower or such Loan Party has not amended its certificate/articles of
incorporation or other analogous formation document or bylaws or other analogous charter or
organizational documents since February 25, 2004, and (iv) the Transactions will not violate any of
the provisions of the Indenture and no consent is required thereunder.

ARTICLE VI

Miscellaneous

     Section 6.01 Survival of Representations and Warranties. All representations and
warranties made in the Credit Agreement or any other document or documents relating thereto,

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including, without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, and no
investigation by Agent or any Lender or any closing shall affect the representations and warranties
or the right of Agent or Lenders to rely upon them.

     Section 6.02 Reference to Credit Agreement; Obligations. Each of the Loan Documents,
including the Credit Agreement and any and all other agreements, documents or instruments now or
hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents
to the Credit Agreement shall mean a reference to the Credit Agreement, as amended hereby. Each
Borrower acknowledges and agrees that its obligations under this Amendment and the Credit
Agreement, as amended hereby, constitute “Obligations” as defined in the Credit Agreement and as
used in the Loan Documents.

     Section 6.03 Expenses. As provided in the Credit Agreement, each Borrower agrees to
pay on demand all reasonable costs and expenses incurred by Agent in connection with the
preparation, negotiation and execution of this Amendment and the other Loan Documents executed
pursuant hereto and any and all amendments, modifications, and supplements thereto, including,
without limitation, the reasonable costs and fees of Agent’s legal counsel, and all reasonable
costs and expenses incurred by Agent in connection with the enforcement or preservation of any
rights under the Credit Agreement, as amended hereby, or any other Loan Document.

     Section 6.04 Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable. Furthermore, in lieu of each such invalid or unenforceable provision there shall
be added automatically as a part of this Amendment a valid and enforceable provision that comes
closest to expressing the intention of such invalid unenforceable provision.

     Section 6.05 APPLICABLE LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE
LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED, AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS)
OF THE STATE OF TEXAS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 6.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Agent, Lenders, Borrowers, the other Loan Parties signatory hereto and their
respective successors and assigns, except that no Borrower may assign or transfer any of its rights
or obligations hereunder without the prior written consent of each Lender.

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     Section 6.07 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

     Section 6.08 Effect of Waiver. No consent or waiver, express or implied, by Agent or
any Lender to or for any breach of or deviation from any covenant or condition of the Credit
Agreement shall be deemed a consent or waiver to or of any other breach of the same or any other
covenant, condition or duty.

     Section 6.09 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

     Section 6.10 Release. EACH OF BORROWER AND THE OTHER LOAN PARTIES SIGNATORY HERETO
HEREBY ACKNOWLEDGE THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND
OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE
FROM AGENT OR LENDERS. EACH OF BORROWER AND THE OTHER LOAN PARTIES SIGNATORY HERETO HEREBY
VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE AGENT AND EACH LENDER, THEIR RESPECTIVE
PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE
CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER,
KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH BORROWER OR THE OTHER LOAN PARTIES SIGNATORY HERETO MAY NOW HAVE
AGAINST AGENT AND ANY LENDER, THEIR PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT,
TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS, INCLUDING, WITHOUT
LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN
EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE
CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

     Section 6.11 NO ORAL AGREEMENTS. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, this Amendment has been executed on the date first written above, to be
effective upon satisfaction of the conditions set forth herein.

	 	 	 
	 

	 	BORROWERS:
	 
	 	 
	 

	 	NEWPARK RESOURCES, INC.,
	 

	 	DURA-BASE NEVADA, INC.,
	 

	 	EXCALIBAR MINERALS INC.,
	 

	 	EXCALIBUR MINERALS OF LA., L.L.C.,
	 

	 	NEWPARK DRILLING FLUIDS, LLC,
	 

	 	NEWPARK ENVIRONMENTAL SERVICES, L.L.C.,
	 

	 	NEWPARK ENVIRONMENTAL MANAGEMENT COMPANY, L.L.C.,
	 

	 	NEWPARK HOLDINGS, INC.,
	 

	 	NEWPARK TEXAS, L.L.C.,
	 

	 	NEWPARK DRILLING FLUIDS LABORATORY, INC.,
	 

	 	SOLOCO, L.L.C.,
	 

	 	SUPREME CONTRACTORS, L.L.C.,
	 

	 	COMPOSITE MAT SOLUTIONS L.L.C.,
	 

	 	NEWPARK ENVIRONMENTAL WATER SOLUTIONS LLC, and
	 

	 	NEWPARK WATER TECHNOLOGY PARTNERS LLC

	 	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 
	 

	 	BATSON MILL, L.P.,
	 

	 	NES PERMIAN BASIN, L.P.,
	 

	 	NEWPARK ENVIRONMENTAL SERVICES OF TEXAS, L.P.,
	 

	 	NID, L.P., and
	 

	 	SOLOCO TEXAS, L.P.

	 	 	 	 	 
	 	 	By: Newpark Holdings, Inc., the general partner of
such entity
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

Fourth Amendment to amended and

restated Credit Agreement

 

 

	 	 	 	 	 
	 	 	OLS CONSULTING SERVICES, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 	 	 
	 	 	THE LOMA COMPANY, L.L.C.
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 	 	 
	 	 	LOAN PARTIES:
	 
	 	 	 	 
	 	 	MALLARD & MALLARD OF LA., INC., and
	 	 	SHAMROCK DRILLING FLUIDS, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 	 	 
	 	 	NEWPARK ENVIRONMENTAL SERVICES
	 	 	MISSISSIPPI, L.P.
	 
	 	 	 	 
	 	 	By: Newpark Holdings, Inc., its general partner
	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

Fourth Amendment to amended and

Restated Credit Agreement

 

 

	 	 	 	 	 
	 

	 	LENDERS:	 
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.
	 	 	(successor by merger to Bank One, N.A. (Main
	 	 	Office Chicago))
	 	 	Individually, as Agent and LC Issuer
	 
	 	 	 	 
	 

	 	By:	 	/s/ J. Devin Mock
	 

	 	   	 
	 

	 	Name: 
	 J. Devin Mock
	 

	 	Title:
	 Vice President

Fourth Amendment to amended and

Restated Credit Agreement

 

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,
	 	 	as Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ John Olsen
	 

	 	 	 	 
	 

	 	Name:	 	John Olsen
	 

	 	 	 	 
	 

	 	Title:	 	Vice President
	 

	 	 	 	 

Fourth Amendment to amended and

Restated Credit Agreement

 

 

	 	 	 	 	 
	 	 	HIBERNIA NATIONAL BANK,
	 	 	as Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Cheryl Denenea
	 

	 	 	 	 
	 

	 	Name:
	 	Cheryl Denenea
	 

	 	Title:
	 	Vice President

Fourth Amendment to amended and

Restated Credit Agreement

 

 

	 	 	 	 	 
	 	 	WHITNEY NATIONAL BANK,
	 	 	as Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Josh Jones
	 

	 	 	 	 
	 

	 	Name:
	 	Josh Jones
	 

	 	Title:
	 	Assistant Vice President

Fourth Amendment to amended and

Restated Credit Agreement

 

 

EXHIBIT A

to

Fourth Amendment to Amended

and Restated Credit Agreement

Transactions

	1.	 	OLS Consulting Services, Inc. (“OLS”) shall distribute its assets to Newpark, including its
51% ownership interest in The Loma Company, L.L.C. (“Loma”).
	 
	2.	 	Newpark shall transfer its fifty-one percent (51%) ownership interests in Loma to Composite
Mat Solutions L.L.C. (“CMS”).
	 
	3.	 	SOLOCO, L.L.C. (“Soloco”) shall transfer its forty-nine percent (49%) ownership
interest in Loma to CMS. On such date, CMS will be the sole owner of Loma.
	 
	4.	 	CMS will cause Loma to transfer all of its assets and liabilities to CMS.

Fourth Amendment to amended and

Restated Credit Agreementexv10w41

 

EXHIBIT 10.41

FIFTH AMENDMENT TO

AMENDED AND RESTATED

CREDIT AGREEMENT

     THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is
made and entered into as of February 28, 2006 among NEWPARK RESOURCES, INC., a Delaware corporation
(“Newpark”), each of the other Borrowers signatory hereto (collectively with Newpark,
“Borrower” or “Borrowers”); the other Loan Parties signatory hereto; JPMORGAN CHASE
BANK, N.A. (successor by merger to Bank One, N.A. (Main Office Chicago)), for itself, as Lender,
and as agent for Lenders (in such capacity, the “Agent”); and the other Lenders signatory
hereto.

     WHEREAS, Borrowers, Loan Parties, Agent and Lenders are parties to that certain Amended and
Restated Credit Agreement dated as of February 25, 2004, as amended by that certain First Amendment
to Amended and Restated Credit Agreement dated as of July 26, 2004, that certain Second Amendment
to Amended and Restated Credit Agreement dated as of March 10, 2005, that certain Third Amendment
to Amended and Restated Credit Agreement dated as of July, 2005 and that certain Fourth Amendment
to Amended and Restated Credit Agreement dated as of January ___, 2005 (as further amended, restated
or modified from time to time, the “Credit Agreement”);

     WHEREAS, Borrowers, Loan Parties, Lenders and Agent desire to amend the Credit Agreement to
allow and provide for the foregoing and certain matters, all as hereinafter set forth.

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

ARTICLE I

Definitions

     Section 1.01 Definitions. Capitalized terms used in this Amendment, to the extent not
otherwise defined herein, shall have the same meaning as in the Credit Agreement, as amended
hereby.

ARTICLE II

Amendments

     Section 2.01 Amendment of Article I. Effective as of the date hereof, the definition
of “Facility Termination Date” found in Article I of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

     ““Facility Termination Date” means June 25, 2007, or any earlier date on which the
Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.”

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Restated Credit Agreement

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ARTICLE III

Conditions Precedent

     Section 3.01 Conditions. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent, unless specifically waived by Agent and
Lenders:

          (a) Agent shall have received all of the following documents, each document (unless otherwise
indicated) being dated the date hereof, duly authorized, executed and delivered by the parties
thereto, and in form and substance satisfactory to Agent and Lenders:

	 	(i)	 	this Amendment; and
	 
	 	(ii)	 	such additional documents, instruments and information as Agent or Lenders
or their legal counsel may request.

          (b) The representations and warranties contained herein, in the Credit Agreement, as amended
hereby, and/or in the other Loan Documents shall be true and correct as of the date hereof as if
made on the date hereof, except for such representations and warranties as by their terms expressly
speak as of an earlier date; and

          (c) All corporate proceedings taken in connection with the transactions contemplated by this
Amendment and all documents, instruments and other legal matters incident thereto shall be
satisfactory to Agent, Lenders and their legal counsel.

ARTICLE IV

No Waiver

     Section 4.01 No Waiver. Nothing contained in this Amendment shall be construed as a
waiver by Agent or any Lender of any covenant or provision of the Credit Agreement, the other Loan
Documents, this Amendment or of any other contract or instrument between any Borrower or any Loan
Party and Agent or any Lender, and the failure of Agent or Lenders at any time or times hereafter
to require strict performance by any Borrower or any Loan Party of any provision thereof shall not
waive, affect or diminish any rights of Agent or Lenders to thereafter demand strict compliance
therewith. Agent and Lenders hereby reserve all rights granted under the Credit Agreement, the
other Loan Documents, this Amendment and any other contract or instrument between any Borrower or
any Loan Party and Agent or any Lender.

ARTICLE V

Ratifications, Representations and Warranties

     Section 5.01 Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and except as expressly modified and superseded by this Amendment, the terms and provisions of the
Credit Agreement are ratified and confirmed and shall continue in full force and effect.
Additionally, each Borrower and each Loan Party each hereby ratifies and confirms their

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agreements under the Credit Agreement and the other Loan Documents as a Borrower and as a Loan
Party, respectively, as of the Closing Date. Each Borrower and Loan Party hereby agrees that all
Liens and security interests securing payment of the Obligations are hereby collectively renewed,
ratified and brought forward as security for the payment and performance of the Obligations, as the
same may have been modified by the this Amendment and the documents executed in connection
herewith.

     Section 5.02 Ratification of Guaranty. Each Guarantor hereby ratifies and confirms
its guaranty to Agent and Lenders (the “Guaranty”). Each Guarantor hereby represents and
acknowledges that it has no claims, counterclaims, offsets, credits or defenses to the Loan
Documents or the performance of its obligations thereunder. Furthermore, each Guarantor agrees
that nothing contained in this Amendment shall adversely affect any right or remedy of Agent or
Lenders under the Guaranty. Each Guarantor agrees that all references in such Guaranty to the
“Guaranteed Obligations” shall include, without limitation, all of the obligations of Borrowers to
Agent and Lenders under the Credit Agreement, as amended hereby. Finally, each Guarantor hereby
represents and acknowledges that the execution and delivery of this Amendment and the other Loan
Documents executed in connection herewith shall in no way change or modify its obligations as a
guarantor, debtor, pledgor, assignor, obligor and/or grantor under the Guaranty and shall not
constitute a waiver by Agent or Lenders of any of their rights against such Guarantor.

     Section 5.03 Representations and Warranties. Each Borrower and each Loan Party hereby
represents and warrants to Agent and Lenders that (i) the execution, delivery and performance of
this Amendment and any and all other Loan Documents executed and/or delivered in connection
herewith have been authorized by all requisite corporate action on the part of such Borrower and
such Loan Party and will not violate the certificate/articles of incorporation or other analogous
formation document of such Borrower or such Loan Party or the bylaws or other analogous charter or
organizational documents of such Borrower or such Loan Party, (ii) except as disclosed to Agent and
Lenders in writing prior to the date hereof, the representations and warranties contained in the
Credit Agreement, as amended hereby, and any other Loan Document are true and correct on and as of
the date hereof as though made on and as of the date hereof, including such representations and
warranties therein that relate solely to the Closing Date, which shall be true and correct on and
as of the date hereof as though made on and as of the date hereof, (iii) except as disclosed to
Agent and Lenders in writing prior to the date hereof, such Borrower or such Loan Party is in full
compliance with all covenants and agreements contained in the Credit Agreement, as amended hereby,
(iv) except as disclosed to Agent and Lenders in writing prior to the date hereof, such Borrower or
such Loan Party has not amended its certificate/articles of incorporation or other analogous
formation document or bylaws or other analogous charter or organizational documents since February
25, 2004, and (iv) the Transactions will not violate any of the provisions of the Indenture and no
consent is required thereunder.

Fifth Amendment to Amended and

Restated Credit Agreement

3

 

ARTICLE VI

Miscellaneous

     Section 6.01 Survival of Representations and Warranties. All representations and
warranties made in the Credit Agreement or any other document or documents relating thereto,
including, without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, and no
investigation by Agent or any Lender or any closing shall affect the representations and warranties
or the right of Agent or Lenders to rely upon them.

     Section 6.02 Reference to Credit Agreement; Obligations. Each of the Loan Documents,
including the Credit Agreement and any and all other agreements, documents or instruments now or
hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents
to the Credit Agreement shall mean a reference to the Credit Agreement, as amended hereby. Each
Borrower acknowledges and agrees that its obligations under this Amendment and the Credit
Agreement, as amended hereby, constitute “Obligations” as defined in the Credit Agreement and as
used in the Loan Documents.

     Section 6.03 Expenses. As provided in the Credit Agreement, each Borrower agrees to
pay on demand all reasonable costs and expenses incurred by Agent in connection with the
preparation, negotiation and execution of this Amendment and the other Loan Documents executed
pursuant hereto and any and all amendments, modifications, and supplements thereto, including,
without limitation, the reasonable costs and fees of Agent’s legal counsel, and all reasonable
costs and expenses incurred by Agent in connection with the enforcement or preservation of any
rights under the Credit Agreement, as amended hereby, or any other Loan Document.

     Section 6.04 Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable. Furthermore, in lieu of each such invalid or unenforceable provision there shall
be added automatically as a part of this Amendment a valid and enforceable provision that comes
closest to expressing the intention of such invalid unenforceable provision.

     Section 6.05 APPLICABLE LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE
LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED, AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS)
OF THE STATE OF TEXAS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 6.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Agent, Lenders, Borrowers, the other Loan Parties signatory hereto and

Fifth Amendment to Amended and

Restated Credit Agreement

4

 

their respective successors and assigns, except that no Borrower may assign or transfer any of its
rights or obligations hereunder without the prior written consent of each Lender.

     Section 6.07 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

     Section 6.08 Effect of Waiver. No consent or waiver, express or implied, by Agent or
any Lender to or for any breach of or deviation from any covenant or condition of the Credit
Agreement shall be deemed a consent or waiver to or of any other breach of the same or any other
covenant, condition or duty.

     Section 6.09 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

     Section 6.10 Release. EACH OF BORROWER AND THE OTHER LOAN PARTIES SIGNATORY HERETO
HEREBY ACKNOWLEDGE THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND
OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE
FROM AGENT OR LENDERS. EACH OF BORROWER AND THE OTHER LOAN PARTIES SIGNATORY HERETO HEREBY
VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE AGENT AND EACH LENDER, THEIR RESPECTIVE
PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE
CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER,
KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH BORROWER OR THE OTHER LOAN PARTIES SIGNATORY HERETO MAY NOW HAVE
AGAINST AGENT AND ANY LENDER, THEIR PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT,
TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS, INCLUDING, WITHOUT
LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN
EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE
CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

     Section 6.11 NO ORAL AGREEMENTS. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

Fifth Amendment to Amended and

Restated Credit Agreement

5

 

     IN WITNESS WHEREOF, this Amendment has been executed on the date first written above, to be
effective upon satisfaction of the conditions set forth herein.

	 	 	 
	 

	 	BORROWERS:
	 
	 	 
	 

	 	NEWPARK RESOURCES, INC.,
	 

	 	DURA-BASE NEVADA, INC.,
	 

	 	EXCALIBAR MINERALS INC.,
	 

	 	EXCALIBUR MINERALS OF LA., L.L.C.,
	 

	 	NEWPARK DRILLING FLUIDS, LLC,
	 

	 	NEWPARK ENVIRONMENTAL SERVICES, L.L.C.,
	 

	 	NEWPARK ENVIRONMENTAL MANAGEMENT COMPANY, L.L.C.,
	 

	 	NEWPARK HOLDINGS, INC.,
	 

	 	NEWPARK TEXAS, L.L.C.,
	 

	 	NEWPARK DRILLING FLUIDS LABORATORY, INC.,
	 

	 	SOLOCO, L.L.C.,
	 

	 	SUPREME CONTRACTORS, L.L.C.,
	 

	 	COMPOSITE MAT SOLUTIONS L.L.C.,
	 

	 	NEWPARK ENVIRONMENTAL WATER SOLUTIONS LLC, and
	 

	 	NEWPARK WATER TECHNOLOGY PARTNERS LLC

	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	John R. Dardenne
	 

	 	 	 	 	 	Treasurer

	 	 	 
	 

	 	BATSON MILL, L.P.,
	 

	 	NES PERMIAN BASIN, L.P.,
	 

	 	NEWPARK ENVIRONMENTAL SERVICES OF TEXAS, L.P.,
	 

	 	NID, L.P., and
	 

	 	SOLOCO TEXAS, L.P.

	 	 	 	 	 	 	 
	 	 	By: Newpark Holdings, Inc., the general partner of
such entity
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	John R. Dardenne
	 

	 	 	 	 	 	Treasurer

Fifth Amendment to amended and

Restated Credit Agreement

 

 

	 	 	 	 	 
	 	 	OLS CONSULTING SERVICES, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 	 	 
	 	 	THE LOMA COMPANY, L.L.C.
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 	 	 
	 	 	LOAN PARTIES:
	 
	 	 	 	 
	 	 	MALLARD & MALLARD OF LA., INC., and
	 	 	SHAMROCK DRILLING FLUIDS, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

	 	 	 	 	 
	 	 	NEWPARK ENVIRONMENTAL SERVICES
	 	 	MISSISSIPPI, L.P.
	 
	 	 	 	 
	 	 	By: Newpark Holdings, Inc., its general partner
	 
	 	 	 	 
	 

	 	By:	 	/s/ John R. Dardenne
	 

	 	 	 	 
	 

	 	 	 	John R. Dardenne
	 

	 	 	 	Treasurer

Fifth Amendment to amended and

Restated Credit Agreement 

 

 

	 	 	 	 	 
	 	

LENDERS:

JPMORGAN CHASE BANK, N.A. 

(successor by merger to Bank One, N.A. (Main Office Chicago)) 

Individually, as Agent and LC Issuer

 	 
	 	By:  	/s/
J. Devin Mock	 
	 	 	J. Devin Mock 	 
	 	 	Vice President 	 
	 

Fifth Amendment to amended and

Restated Credit Agreement 

 

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,
	 	 	as Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ John Olsen
	 

	 	 	 	 
	 

	 	Name:	 	John Olsen
	 

	 	 	 	 
	 

	 	Title:	 	Vice President
	 

	 	 	 	 

Fifth Amendment to amended and

Restated Credit Agreement

 

 

	 	 	 	 	 
	 	

HIBERNIA NATIONAL BANK,

as Lender

 	 
	 	By:  	/s/
Cheryl Denenea	 
	 	 	Cheryl Denenea 	 
	 	 	Vice President 	 
	 

Fifth Amendment to amended and

Restated Credit Agreement 

 

 

	 	 	 	 	 
	 	WHITNEY NATIONAL BANK,

as Lender

 	 
	 	By:  	/s/
Josh Jones	 
	 	 	Josh Jones 	 
	 	 	Assistant Vice President 	 
	 

Fifth Amendment to amended and

Restated Credit Agreement

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