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ARTICLE I | DEFINITIONS AND ACCOUNTING TERMS | 1 | ||||
1.01 | Defined Terms | 1 | ||||
1.02 | Other Interpretive Provisions | 22 | ||||
1.03 | Accounting Terms | 23 | ||||
1.04 | References to Agreements and Laws | 23 | ||||
1.05 | Exchange Rates; Currency Equivalents | 23 | ||||
1.06 | Credit Amounts | 24 | ||||
1.07 | Times of Day | 24 | ||||
1.08 | Rounding | 24 | ||||
ARTICLE II | THE CREDIT-LINKED DEPOSITS AND CREDIT EXTENSIONS | 24 | ||||
2.01 | Credits | 24 | ||||
2.02 | Cash Collateral | 37 | ||||
2.03 | Reduction of Total Credit-Linked Deposits; Conversion to Funded Term Loans | 38 | ||||
2.04 | Interest on Borrowings Other Than Term Loans; Other Interest Provisions | 41 | ||||
2.05 | Fees and Other Charges | 41 | ||||
2.06 | Computation of Interest and Fees | 43 | ||||
2.07 | Evidence of Debt | 43 | ||||
2.08 | Payments Generally | 44 | ||||
2.09 | Sharing of Payments | 45 | ||||
2.10 | Appointment of the Company as Co-Obligors’ Agent | 45 | ||||
ARTICLE III | TAXES AND YIELD PROTECTION | 46 | ||||
3.01 | Taxes | 46 | ||||
3.02 | Increased Cost and Reduced Return; Capital Adequacy | 47 | ||||
3.03 | Illegality | 48 | ||||
3.04 | Funding Losses | 48 | ||||
3.05 | Matters Applicable to All Requests for Compensation | 49 | ||||
3.06 | Survival | 49 | ||||
3.07 | Replacement of Lenders | 49 | ||||
3.08 | Compensation for Losses | 50 |
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ARTICLE IV | CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | 50 | ||||
4.01 | Conditions of Credit-Linked Deposits and Initial Credit Extension | 50 | ||||
4.02 | Conditions to all Credit Extensions | 53 | ||||
4.03 | Conditions to Term Loans | 53 | ||||
ARTICLE V | REPRESENTATIONS AND WARRANTIES | 54 | ||||
5.01 | Organization; Power and Authority | 54 | ||||
5.02 | Authorization, Etc | 55 | ||||
5.03 | Disclosure | 55 | ||||
5.04 | Organization and Ownership of Shares of Subsidiaries; Affiliates | 56 | ||||
5.05 | Financial Statements; Material Liabilities | 56 | ||||
5.06 | Compliance with Law, Other Instruments, Etc | 56 | ||||
5.07 | Governmental Authorizations, Etc | 57 | ||||
5.08 | Litigation; Observance of Agreements, Statutes and Orders | 57 | ||||
5.09 | Taxes | 57 | ||||
5.10 | Title to Property; Leases | 57 | ||||
5.11 | Licenses, Permits, Etc | 58 | ||||
5.12 | Compliance with ERISA | 58 | ||||
5.13 | Private Offering by Company and the Co-Obligors | 59 | ||||
5.14 | Use of Proceeds; Margin Regulations | 59 | ||||
5.15 | Existing Indebtedness; Future Liens | 60 | ||||
5.16 | Foreign Assets Control Regulations, etc | 60 | ||||
5.17 | Status under Certain Statutes | 61 | ||||
5.18 | Environmental Matters | 61 | ||||
5.19 | Solvency | 61 | ||||
5.20 | Pari Passu | 61 | ||||
5.21 | Compliance With Issuance Limits and L/C Issuer Sublimits | 61 | ||||
ARTICLE VI | AFFIRMATIVE COVENANTS | 62 | ||||
6.01 | Financial and Business Information | 62 | ||||
6.02 | Officer’s Certificate | 65 |
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6.03 | Inspection | 66 | ||||
6.04 | Compliance with Laws | 66 | ||||
6.05 | Insurance | 66 | ||||
6.06 | Maintenance of Properties | 67 | ||||
6.07 | Payment of Taxes and Claims | 67 | ||||
6.08 | Corporate Existence, Etc | 67 | ||||
6.09 | Books and Records | 67 | ||||
6.10 | Purpose of Credits | 68 | ||||
6.11 | Pari Passu | 68 | ||||
6.12 | Execution of Additional Subsidiary Guaranties | 68 | ||||
6.13 | Conversions Into Term Loans | 68 | ||||
ARTICLE VII | NEGATIVE COVENANTS | 68 | ||||
7.01 | Transactions with Affiliates | 68 | ||||
7.02 | Merger, Consolidation, Sale of Assets, etc | 69 | ||||
7.03 | Liens | 71 | ||||
7.04 | Maximum Leverage Ratio | 73 | ||||
7.05 | Minimum Fixed Charge Coverage Ratio | 73 | ||||
7.06 | Minimum Consolidated Net Worth | 73 | ||||
7.07 | Limitation on Priority Debt | 73 | ||||
7.08 | Nature of Business | 74 | ||||
7.09 | [Reserved.] | 74 | ||||
7.10 | Permitted Investments | 74 | ||||
7.11 | Indebtedness of Subsidiaries | 75 | ||||
7.12 | Subsidiary Guaranties | 76 | ||||
7.13 | Assets of Non-Guarantor Subsidiaries | 76 | ||||
7.14 | Margin Stock | 76 | ||||
7.15 | Terrorism Sanctions Regulations | 77 | ||||
ARTICLE VIII | EVENTS OF DEFAULT AND REMEDIES | 77 | ||||
8.01 | Events of Default | 77 |
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8.02 | Remedies Upon Event of Default | 79 | ||||
8.03 | Application of Funds | 80 | ||||
ARTICLE IX | ADMINISTRATIVE AGENT | 81 | ||||
9.01 | Appointment and Authority | 81 | ||||
9.02 | Rights of Administrative Agent | 82 | ||||
9.03 | Exculpatory Provisions | 82 | ||||
9.04 | Reliance by Administrative Agent | 82 | ||||
9.05 | Delegation of Duties | 83 | ||||
9.06 | Non-Reliance on Administrative Agent and the Lenders | 83 | ||||
9.07 | No Other Duties, Etc | 83 | ||||
9.08 | Notice of Default | 84 | ||||
9.09 | Successor Administrative Agent | 84 | ||||
9.10 | Taxes | 84 | ||||
9.11 | Administrative Agent May File Proofs of Claim | 85 | ||||
9.12 | Guaranty Matters | 85 | ||||
ARTICLE X | MISCELLANEOUS | 86 | ||||
10.01 | Amendments, Etc | 86 | ||||
10.02 | Notices and Other Communications; Facsimile Copies | 87 | ||||
10.03 | No Waiver; Cumulative Remedies | 89 | ||||
10.04 | Expenses; Indemnity | 89 | ||||
10.05 | Payments Set Aside | 91 | ||||
10.06 | Successors and Assigns | 92 | ||||
10.07 | Confidentiality | 94 | ||||
10.08 | Set-off | 96 | ||||
10.09 | Representations and Warranties of Each Lender | 96 | ||||
10.10 | Counterparts | 98 | ||||
10.11 | Integration | 98 | ||||
10.12 | Survival of Representations and Warranties | 99 | ||||
10.13 | Severability | 99 |
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10.14 | Governing Law | 99 | ||||
10.15 | Waiver of Right to Trial by Jury | 100 | ||||
10.16 | Judgment Currency | 100 | ||||
10.17 | Credit Rating Downgrade Event or Deposit Account Interest Non-Payment Event | 100 | ||||
10.18 | Interest Rate Limitation | 103 | ||||
10.19 | No Advisory or Fiduciary Responsibility | 103 | ||||
10.20 | USA Patriot Act Notice | 104 | ||||
10.21 | ENTIRE AGREEMENT | 104 | ||||
10.22 | Tax Forms | 104 | ||||
SIGNATURES | S-1 |
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SCHEDULES | ||
A | Information Relating to Lenders | |
B | Interest on Credit-Linked Deposits; Applicable Rates | |
1.01-1 | Alternative Currencies | |
1.01-2 | Existing Credits | |
2.01 | Credit-Linked Deposits and Pro Rata Shares | |
5.04 | Organization and Ownership Shares of Subsidiaries; Affiliates | |
5.05 | Financial Statements | |
5.08 | Litigation | |
5.15 | Existing Debt; Future Liens | |
7.03 | Liens | |
7.10 | Permitted Investments | |
7.11(h) | Permitted Existing Contingent Obligations | |
10.02 | Administrative Agent’s Office; Certain Addresses for Notices | |
EXHIBITS | ||
Form of | ||
A | Request for Credit Extension | |
B | Assignment and Assumption | |
C-1 | Opinion of Internal Counsel to the Company | |
C-2 | Opinion of Thelen Reid & Priest LLP | |
C-3 | Opinion of Netherlands Counsel to the Company | |
C-4 | Opinion of Morrison & Foerster LLP | |
C-5 | Opinion of Internal Counsel to the Administrative Agent | |
C-6 | Opinion of Special Counsel to the Lenders | |
D | Credit-Linked Note | |
E | Request for Term Loans | |
F | Term Note | |
G | Subsidiary Guaranty | |
H-1 | LOC Application and Agreement (Bank of America) | |
H-2 | LOC Application and Agreement (JPMorgan Chase Bank) | |
I | Money Market Account Agreement | |
J | Parent Guaranty | |
K | Allocation Agreement |
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TAXES AND YIELD PROTECTION
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CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
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COMPANY: | ||||||
CHICAGO BRIDGE & IRON COMPANY N.V., as Co-Obligors’ Agent and in its individual capacity | ||||||
By: Chicago Bridge & Iron Company B.V., as its | ||||||
Managing Director | ||||||
By: | /s/ Ronald A. Ballschmiede | |||||
Name: Ronald A. Ballschmiede | ||||||
Title: Managing Director | ||||||
CO-OBLIGORS: | ||||||
CHICAGO BRIDGE & IRON COMPANY (DELAWARE) | ||||||
By: | /s/ Luciano Reyes | |||||
Name: Luciano Reyes | ||||||
Title: Vice President and Treasurer | ||||||
CBI SERVICES, INC. | ||||||
By: | /s/ Terrence G. Browne | |||||
Name: Terrence G. Browne | ||||||
Title: Treasurer | ||||||
CB&I CONSTRUCTORS, INC. | ||||||
By: | /s/ Luciano Reyes | |||||
Name: Luciano Reyes | ||||||
Title: Vice President and Treasurer | ||||||
CB&I TYLER COMPANY | ||||||
By: | /s/ Luciano Reyes | |||||
Name: Luciano Reyes | ||||||
Title: Treasurer |
BANK OF AMERICA, N.A.,as | ||||||
Administrative Agent | ||||||
By: | /s/ Dora A. Brown | |||||
Name: Dora A. Brown | ||||||
Title: Vice President |
BANK OF AMERICA, N.A.,as L/C Issuer | ||||||
By: | /s/ Robert W. Troutman | |||||
Name: Robert W. Troutman | ||||||
Title: Managing Director |
JPMORGAN CHASE BANK, N.A.,as | ||||||
L/C Issuer | ||||||
By: | /s/ H. David Jones | |||||
Name: H. David Jones | ||||||
Title: Vice President |
LENDERS: | ||||||
METROPOLITAN LIFE INSURANCE COMPANY | ||||||
By: | /s/ Judith A. Gulotta | |||||
Name: Judith A. Gulotta | ||||||
Title: Director |
ALLSTATE LIFE INSURANCE COMPANY | ||||||
By: | /s/ Robert B. Bodett | |||||
Name: Robert B. Bodett | ||||||
Title: Authorized Signatory | ||||||
By: | /s/ Jerry D. Zinkula | |||||
Name: Jerry D. Zinkula | ||||||
Title: Authorized Signatory |
PHOENIX LIFE INSURANCE COMPANY | ||||||
By: | /s/ John H. Beers | |||||
Name: John H. Beers | ||||||
Title: Vice President |