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Indenture

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Date:
2003
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TRANSMONTAIGNE INC. AND THE GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO 9 1/8% SENIOR SUBORDINATED NOTES DUE 2010 ---------- INDENTURE Dated as of May 30, 2003 ---------- WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee ================================================================================ CROSS-REFERENCE TABLE TIA Indenture Section Section ------- ----------- 310(a)(1)....................................................................... 7.10 (a)(2)....................................................................... 7.10 (a)(3)....................................................................... N.A. (a)(4)....................................................................... N.A. (a)(5)....................................................................... 7.10 (b).......................................................................... 7.10 (c).......................................................................... N.A. 311(a).......................................................................... 7.11 (b).......................................................................... 7.11 (c).......................................................................... N.A. 312(a).......................................................................... 2.05 (b).......................................................................... 13.03 (c).......................................................................... 13.03 313(a).......................................................................... 7.06 (b)(2)....................................................................... 7.07 (c).......................................................................... 7.06; 13.02 (d).......................................................................... 7.06 314(a).......................................................................... 4.03; 13.02 (c)(1)....................................................................... 13.04 (c)(2)....................................................................... 13.04 (c)(3)....................................................................... N.A. (e).......................................................................... 13.05 (f).......................................................................... N.A. 315(a).......................................................................... 7.01 (b).......................................................................... 7.05; 13.02 (c).......................................................................... 7.01 (d).......................................................................... 7.01 (e).......................................................................... 6.11 316(a) (last sentence).......................................................... 2.09 (a)(1)(A).................................................................... 6.05 (a)(1)(B).................................................................... 6.04 (a)(2)....................................................................... N.A. (b).......................................................................... 6.07 (c).......................................................................... 2.12 317(a)(1)....................................................................... 6.08 (a)(2)....................................................................... 6.09 (b).......................................................................... 2.04 318(a).......................................................................... 13.01 (b).......................................................................... N.A. (c).......................................................................... 13.01 ---------- N.A. means Not Applicable Note: This Cross-Reference Table is not part of this Agreement. TABLE OF CONTENTS Page ---- ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 1.01 Definitions..................................................................................1 1.02 Other Definitions...........................................................................27 1.03 Incorporation by Reference of Trust Indenture Act...........................................28 1.04 Rules of Construction.......................................................................28 ARTICLE II THE NOTES 2.01 Form and Dating.............................................................................29 2.02 Execution and Authentication................................................................30 2.03 Registrar and Paying Agent..................................................................30 2.04 Paying Agent to Hold Money in Trust.........................................................31 2.05 Holder Lists................................................................................31 2.06 Transfer and Exchange.......................................................................31 2.07 Replacement Notes...........................................................................44 2.08 Outstanding Notes...........................................................................45 2.09 Treasury Notes..............................................................................45 2.10 Temporary Notes.............................................................................45 2.11 Cancellation................................................................................45 2.12 Defaulted Interest..........................................................................46 2.13 CUSIP Numbers...............................................................................46 ARTICLE III REDEMPTION AND PREPAYMENT 3.01 Notices to Trustee..........................................................................46 3.02 Selection of Notes to Be Redeemed...........................................................46 3.03 Notice of Redemption........................................................................47 3.04 Effect of Notice of Redemption..............................................................48 3.05 Deposit of Redemption Price.................................................................48 3.06 Notes Redeemed in Part......................................................................48 3.07 Optional Redemption.........................................................................48 3.08 Mandatory Redemption........................................................................49 -i- Page ---- ARTICLE IV COVENANTS 4.01 Payment of Notes............................................................................49 4.02 Maintenance of Office or Agency.............................................................50 4.03 Reports.....................................................................................50 4.04 Compliance Certificate......................................................................51 4.05 Taxes.......................................................................................51 4.06 Stay, Extension and Usury Laws..............................................................52 4.07 Restricted Payments.........................................................................52 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries..............................54 4.09 Limitation on Additional Indebtedness.......................................................56 4.10 Asset Sales.................................................................................57 4.11 Transactions with Affiliates................................................................59 4.12 Liens.......................................................................................60 4.13 Business Activities.........................................................................61 4.14 Corporate Existence.........................................................................61 4.15 Offer to Repurchase Upon Change of Control..................................................61 4.16 Designation of Unrestricted Subsidiaries....................................................62 4.17 Limitation on Issuance or Sale of Equity Interests of Restricted Subsidiaries...............63 4.18 Additional Note Guarantees..................................................................63 4.19 Limitation on Layering Indebtedness.........................................................64 ARTICLE V SUCCESSORS 5.01 Merger, Consolidation, or Sale of Assets....................................................64 5.02 Successor Corporation Substituted...........................................................65 ARTICLE VI DEFAULTS AND REMEDIES 6.01 Events of Default...........................................................................65 6.02 Acceleration................................................................................67 6.03 Other Remedies..............................................................................67 6.04 Waiver of Past Defaults.....................................................................68 6.05 Control by Majority.........................................................................68 6.06 Limitation on Suits.........................................................................68 6.07 Rights of Holders of Notes to Receive Payment...............................................69 6.08 Collection Suit by Trustee..................................................................69 6.09 Trustee May File Proofs of Claim............................................................69 6.10 Priorities..................................................................................69 6.11 Undertaking for Costs.......................................................................70 -ii- Page ---- ARTICLE VII TRUSTEE 7.01 Duties of Trustee...........................................................................70 7.02 Rights of Trustee...........................................................................71 7.03 Individual Rights of Trustee................................................................72 7.04 Trustee's Disclaimer........................................................................72 7.05 Notice of Defaults..........................................................................73 7.06 Reports by Trustee to Holders of the Notes..................................................73 7.07 Compensation and Indemnity..................................................................73 7.08 Replacement of Trustee......................................................................74 7.09 Successor Trustee by Merger, etc............................................................75 7.10 Eligibility; Disqualification...............................................................75 7.11 Preferential Collection of Claims Against Company...........................................75 ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE 8.01 Option to Effect Legal Defeasance or Covenant Defeasance....................................76 8.02 Legal Defeasance and Discharge..............................................................76 8.03 Covenant Defeasance.........................................................................76 8.04 Conditions to Legal or Covenant Defeasance..................................................77 8.05 Deposited Money and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions..................................................................................78 8.06 Repayment to Company........................................................................78 8.07 Reinstatement...............................................................................79 ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER 9.01 Without Consent of Holders of Notes.........................................................79 9.02 With Consent of Holders of Notes............................................................80 9.03 Compliance with Trust Indenture Act.........................................................81 9.04 Revocation and Effect of Consents...........................................................81 9.05 Notation on or Exchange of Notes............................................................82 9.06 Trustee to Sign Amendments, etc.............................................................82 ARTICLE X SUBORDINATION 10.01 Agreement to Subordinate....................................................................82 10.02 Liquidation; Dissolution; Bankruptcy........................................................82 10.03 Default on Designated Senior Debt...........................................................83 10.04 Acceleration of Securities..................................................................84 -iii- Page ---- 10.05 When Distribution Must Be Paid Over.........................................................84 10.06 Notice by Company...........................................................................84 10.07 Subrogation.................................................................................84 10.08 Relative Rights.............................................................................85 10.09 Subordination May Not Be Impaired by Company................................................85 10.10 Distribution or Notice to Representative....................................................85 10.11 Rights of Trustee and Paying Agent..........................................................85 10.12 Authorization to Effect Subordination.......................................................86 10.13 Amendments..................................................................................86 ARTICLE XI NOTE GUARANTEES 11.01 Guarantee...................................................................................86 11.02 Subordination of Note Guarantee.............................................................87 11.03 Limitation on Guarantor Liability...........................................................87 11.04 Execution and Delivery of Note Guarantee....................................................88 11.05 Guarantors May Consolidate, etc., on Certain Terms..........................................88 11.06 Releases Following Sale of Assets...........................................................89 ARTICLE XII SATISFACTION AND DISCHARGE 12.01 Satisfaction and Discharge..................................................................89 12.02 Application of Trust Money..................................................................90 ARTICLE XIII MISCELLANEOUS 13.01 Trust Indenture Act Controls................................................................91 13.02 Notices.....................................................................................91 13.03 Communication by Holders of Notes with Other Holders of Notes...............................92 13.04 Certificate and Opinion as to Conditions Precedent..........................................92 13.05 Statements Required in Certificate or Opinion...............................................92 13.06 Rules by Trustee and Agents.................................................................93 13.07 No Personal Liability of Directors, Officers, Employees and Stockholders....................93 13.08 Governing Law...............................................................................93 13.09 No Adverse Interpretation of Other Agreements...............................................93 13.10 Successors..................................................................................93 13.11 Severability................................................................................94 13.12 Counterpart Originals.......................................................................94 13.13 Table of Contents, Headings, etc............................................................94 -iv- EXHIBITS Exhibit A-1 FORM OF NOTE Exhibit A-2 FORM OF REGULATION S GLOBAL NOTE Exhibit B FORM OF CERTIFICATE OF TRANSFER Exhibit C FORM OF CERTIFICATE OF EXCHANGE Exhibit D FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR Exhibit E FORM OF NOTE GUARANTEE Exhibit F FORM OF SUPPLEMENTAL INDENTURE Annex A RELATED PARTY AGREEMENTS AND TRANSACTIONS -v- INDENTURE dated as of May 30, 2003 (the "AGREEMENT") between TransMontaigne Inc., a Delaware corporation (the "COMPANY"), the subsidiary guarantors listed on the signature pages hereto (collectively, the "GUARANTORS") and Wells Fargo Bank Minnesota, National Association, as trustee (the "TRUSTEE"). The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes: ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 1.1. DEFINITIONS. "144A GLOBAL NOTE" means a global note substantially in the form of EXHIBIT A-1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. "ACQUIRED INDEBTEDNESS" means (1) with respect to any Person that becomes a Restricted Subsidiary after the Issue Date, Indebtedness of such Person and its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary that was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary and (2) with respect to the Issuer or any Restricted Subsidiary, any Indebtedness of a Person (other than the Company or a Restricted Subsidiary) existing at the time such Person is merged with or into the Company or a Restricted Subsidiary, or Indebtedness expressly assumed by the Company or any Restricted Subsidiary in connection with the acquisition of an asset or assets from another Person, which Indebtedness was not, in any case, incurred by such other Person in connection with, or in contemplation of, such merger or acquisition. "ADDITIONAL INTEREST" has the meaning set forth in the Registration Rights Agreement. "ADDITIONAL NOTES" means an unlimited principal amount of Notes (other than the Initial Notes) issued under this Agreement in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. "AFFILIATE" of any Person means any other Person which directly or indirectly controls or is controlled by, or is under direct or indirect common control with, the referent Person. For purposes of Section 4.11 hereof Affiliates shall be deemed to include, with respect to any Person, any other Person (1) which beneficially owns or holds, directly or indirectly, 10% or more of any class of the Voting Stock of the referent Person, (2) of which 10% or more of the Voting Stock is beneficially owned or held, directly or indirectly, by the referenced Person or (3) with respect to an individual, any immediate family member of such Person. For purposes of this definition, "control" of a
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