Document:

exv4w13

 

EXHIBIT 4.13

NINTH AMENDMENT

     THIS NINTH AMENDMENT dated as of July 18, 2002 (this “Amendment”)
amends the Second Amended and Restated Credit Agreement dated as of February 3,
1999 (as previously amended, the “Credit Agreement”) among U S Liquids Inc. (the
“Company”), various financial institutions (the “Banks”), Fleet National Bank,
as Syndication Agent, and Bank of America, N.A. (formerly known as Bank of
America National Trust and Savings Association), as administrative agent (in
such capacity, the “Administrative Agent”). Capitalized terms used but not
otherwise defined herein have the respective meanings given to them in the
Credit Agreement.

     WHEREAS, the Company, the Banks and the Administrative Agent have
entered into the Credit Agreement; and

     WHEREAS, the parties hereto desire to amend the Credit Agreement in
certain respects as more fully set forth herein;

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1 Amendments. Subject to the satisfaction of the conditions
precedent set forth in Section 3, the Credit Agreement shall be amended as
follows:

     1.1 Amendment to Section 10.6.4. Section 10.6.4 is amended by deleting
the reference to “$14,000,000” therein and substituting “$10,000,000” therefor.

     1.2 Amendment to Section 10.9. Section 10.9 is amended by deleting the
reference to “$6,000,000” therein and substituting “$7,500,000” therefor.

     SECTION 2 Representations and Warranties. The Company represents and
warrants to the Administrative Agent and the Banks that, after giving effect to
the effectiveness hereof, (a) each warranty set forth in Section 9 (excluding
Section 9.14 with respect to Re-Claim Environmental Louisiana, L.L.C., Waste
Research and Recovery, Inc., U S Liquids of Greater Chicago, Inc., U S Liquids
of Houston, L.L.C., U S Liquids of Central Texas, L.L.C. and U S Liquids of
Detroit, Inc.) of the Credit Agreement is true and correct as of the date of the
execution and delivery of this Amendment by the Company, with the same effect as
if made on such date, and (b) no Event of Default or Unmatured Event of Default
exists.

     SECTION 3 Effectiveness. The amendments set forth herein shall become
effective when the Administrative Agent shall have received (a) counterparts of
this Amendment executed by the Company and the Required Banks and (b) a
Confirmation, substantially in the form of Exhibit A, signed by the Company and
each Subsidiary.

     SECTION 4 Miscellaneous.

     4.1 Continuing
Effectiveness, etc. As herein amended, the Credit
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects. After the effectiveness of this Amendment, all
references in the Credit Agreement and the other Loan

 

 

Documents to “Credit Agreement” or similar terms shall refer to the Credit
Agreement as amended hereby.

     4.2 Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.

     4.3 Governing Law. This Amendment shall be a contract made under and
governed by the laws of the State of Illinois applicable to contracts made and
to be performed entirely within such state.

     4.4 Successors and Assigns. This Amendment shall be binding upon the
Company, the Banks and the Administrative Agent and their respective successors
and assigns, and shall inure to the benefit of the Company, the Banks and the
Administrative Agent and the respective successors and assigns of the Banks and
the Administrative Agent.

     4.5 Trinity Acquisition; Baltimore Sale. The Required Banks agree that,
notwithstanding anything to the contrary contained in Section 10.11 of the
Credit Agreement, (a) U S Liquids of La, L.P. may purchase certain assets of
Trinity Storage Services, L.P. so long as the aggregate purchase price paid for
such assets does not exceed $2,950,000 in cash plus other consideration in the
form of (i) the assumption by the Company of (x) approximately $3,000,000 of
annual lease obligations and (y) approximately $750,000 of closure obligations
and (ii) warrants to purchase 100,000 shares of common stock of the Company, and
(b) USL Environmental Services, Inc. may sell the facility located at 5200
Raynor Avenue in Anne Arundel County, Maryland and certain related assets, it
being understood that, to the extent that the Net Cash Proceeds received from
such sale do not exceed $750,000, (i) such assets shall be treated as Specified
Property for purposes of Section 10.11(c) of the Credit Agreement and (ii) the
Company shall not be required to apply such proceeds in accordance with the
commitment reduction and prepayment provisions contained in Sections 6.1 and 6.2
of the Credit Agreement so long as the proceeds from such sale are used by the
Company to purchase a replacement facility within 360 days following such sale.

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-2-

 

Delivered at Chicago, Illinois, as of the day and year first above written.

	 	 	 	 	 
	 	 	U S LIQUIDS INC.
	 	 	 	 	 
	 	 	
By
	 	/s/ EARL J. BLACKWELL
	 	 	 	 	

	 	 	
Title
	 	CFO
	 	 	 	 	

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative
Agent
	 	 	 	 	 
	 	 	
By
	 	/s/ KRISTINE THENNES
	 	 	 	 	

	 	 	
Title
	 	Vice President
	 	 	 	 	

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as a Bank
	 	 	 	 	 
	 	 	
By
	 	/s/ STEVEN R. ARENTSEN
	 	 	 	 	

	 	 	
Title
	 	Senior Vice President
	 	 	 	 	

	 	 	 	 	 
	 	 	FLEET NATIONAL BANK, as Syndication Agent
and as a Bank
	 	 	 	 	 
	 	 	
By
	 	/s/ DAVID C. BRECHT
	 	 	 	 	

	 	 	
Title
	 	Vice President
	 	 	 	 	

	 	 	 	 	 
	 	 	BANK ONE, NA
	 	 	 	 	 
	 	 	
By
	 	/s/ DENNIS WARREN
	 	 	 	 	

	 	 	
Title
	 	First Vice President
	 	 	 	 	

	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA
	 	 	 	 	 
	 	 	
By
	 	/s/ N. BELL
	 	 	 	 	

	 	 	
Title
	 	Senior Manager
	 	 	 	 	

 

 

	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA
	 	 	 	 	 
	 	 	
By
	 	 
	 	 	 	 	

	 	 	
Title
	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	COMERICA BANK
	 	 	 	 	 
	 	 	
By
	 	 
	 	 	 	 	

	 	 	
Title
	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.
	 	 	 	 	 
	 	 	
By
	 	/s/ LARRY CLAYTON
	 	 	 	 	

	 	 	
Title
	 	Vice President
	 	 	 	 	

	 	 	 	 	 
	 	 	BNP PARIBAS
	 	 	 	 	 
	 	 	
By
	 	 
	 	 	 	 	

	 	 	
Title
	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	
By
	 	 
	 	 	 	 	

	 	 	
Titleexv4w14

 

EXHIBIT 4.14

August 8, 2002

U S Liquids, Inc.

411 N. Sam Houston Pkwy E.

Suite 400

Houston, Texas 77006

     Re: Consent under Credit Agreement

Ladies/Gentlemen:

     Please refer to the Second Amended and Restated Credit Agreement dated as
of February 3, 1999 (as amended, the “Credit Agreement”) among U S Liquids,
Inc. (the “Company”), various financial institutions and Bank of America, N.A.
(f/k/a Bank of America National Trust and Savings Association), as
administrative agent (in such capacity, the “Administrative Agent”).
Capitalized terms used but not defined herein have the respective meanings
given to them in the Credit Agreement.

     The Required Banks agree that, notwithstanding anything to the contrary
contained in Sections 10.23 and 10.24 of the Credit Agreement, (a) the net book
value of all property of the Company and its Subsidiaries located at the
Ethanol Plant Site, 3500 Highway 555, Bartow, Florida, 33830 shall not exceed
$1,750,000 at any time and (b) Parallel Products of Florida, Inc. may not own
assets (other than accounts receivable) with a net book value in excess of
$1,750,000.

     This letter agreement may be executed by the parties hereto on separate
counterparts. This letter agreement shall become effective when the
Administrative Agent has received counterparts hereof executed by the
Required Banks and the Company. This letter agreement shall be governed by the
laws of the State of Illinois applicable to contracts made and to be performed
entirely within such State.

 

     This letter agreement is limited to the matters specifically set forth
herein and shall not be deemed to constitute a waiver or consent with respect
to any other matter whatsoever. Except as specifically set forth herein, the
Credit agreement herein, the Credit Agreement shall remain in full force and
effect and is hereby ratified in all respects.

	 	 	 	 	 	 	 
	 	 	 	 	Very truly yours,
	 	 	 	 	 	 	 
	 	 	 	 	BANK OF AMERICA, N.A., as Administrative
Agent
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ Kristine Thennes
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: Kristine Thennes

Title: Vice President
	 	 	 	 	 	 	 
	 	 	 	 	BANK OF AMERICA, N.A., as a Bank
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ Steven R. Arentsen
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: Steven R.
Arentsen

Title: Senior Vice President
	 	 	 	 	 	 	 
	 	 	 	 	FLEET NATIONAL BANK, as Syndication
Agent and as a Bank
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ David C. Brecht
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: David C.
Brecht

Title: Vice President
	 	 	 	 	 	 	 
	 	 	 	 	BANK ONE, NA
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ Dennis Warren
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: Dennis Warren

Title: First Vice President
	 	 	 	 	 	 	 
	 	 	 	 	THE BANK OF NOVA SCOTIA
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ N. Bell
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: N. Bell

Title: Senior Manager
	 	 	 	 	 	 	 
	 	 	 	 	UNION BANK OF CALIFORNIA
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	 
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name:
	 	 	 	 	 	 	Title:

 

	 	 	 	 	 	 	 
	 	 	 	 	COMERICA BANK
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	 
	 	 	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	WELLS FARGO BANK, N.A.
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ Larry Clayton
	 	 	 	 	 	 	

	 	 	 	 	Name:

Title:
	 	Larry Clayton

Vice President
	 	 	 	 	 	 	 
	 	 	 	 	BNP PARIBAS
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	 
	 	 	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	 
	 	 	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	
ACKNOWLEDGED AND AGREED:	 	 	 	 
	 	 	 	 	 	 	 
	
U S LIQUIDS INC.	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	
/s/ Steve Read	 	 	 	 
	 	 	

	 	 	 	 
	Name:

Title:	 	
Steve Read

Vice President & Treasurer

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