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| WFT > SEC Filings for WFT > Form 8-K on 6-Aug-2012 | All Recent SEC Filings |
6-Aug-2012
Entry into a Material Definitive Agreement, Regulation
On August 6, 2012, we entered into an amendment and limited waiver to our senior unsecured revolving credit facility (the "Amendment and Waiver") under which our lenders have waived our compliance with financial reporting obligations for the second and third quarters of 2012 and extended these reporting obligations to not later than March 19, 2013. The Amendment and Waiver also provides a limited waiver of default relating to representations we made with respect to our existing financial statements and imposes certain additional requirements during the waiver period.
This summary of the Amendment and Waiver does not describe all of the terms of
the Amendment and Waiver and is qualified by reference to the Amendment and
Waiver, a copy of which is attached to this filing and is incorporated herein by
reference. There are representations and warranties contained in the Amendment
and Waiver that were made by the parties to each other as of specific dates. The
assertions embodied in the representations and warranties were made solely for
purposes of the Amendment and Waiver and may be subject to important
qualifications and limitations agreed to by the parties in connection with
negotiating the transaction documents' terms. Moreover, certain of these
representations and warranties may not be accurate and complete as of any
specified date because (i) they may be subject to contractual standards of
materiality that differ from standards generally applicable to investors, or
(ii) they may have been used to allocate risk among the parties rather than to
establish matters as facts. Based on the foregoing you should not rely on the
representations and warranties included in the Amendment and Waiver as
statements of factual information, whether about Weatherford or any of its
subsidiaries, any other persons, any state of affairs or otherwise.
As of August 6, 2012, we had no borrowings outstanding under our senior unsecured revolving credit facility and, after giving effect to the Amendment and Waiver, we were in compliance with our covenants under the facility.
(d) Exhibits
10.1 Amendment No. 2 and Limited Waiver, dated August 6, 2011, to Credit Agreement with Weatherford International Ltd. (Switzerland),Weatherford International Ltd. (Bermuda), Weatherford International, Inc. (Delaware), Weatherford Liquidity Management Hungary Limited Liability Company (Hungary), Weatherford Capital Management Services Limited Liability Company (Hungary), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent.
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