as Co-Obligors
as Administrative Agent
as a Letter of Credit Issuer
as a Letter of Credit Issuer and Joint Book Manager
Page | ||||
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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(Continued)
Page | ||||
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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(Continued)
Page | ||||
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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Page | ||||
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 |
-v-
(Continued)
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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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 Directo | r | |||||
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: | ||||||
JEFFERSON PILOT FINANCIAL INSURANCE COMPANY | ||||||
By Delaware Investment Advisers, a series of | ||||||
Delaware Management Business Trust, Attorney in Fact | ||||||
By: | /s/ Frank G. LaTorraca | |||||
Name: Frank G. LaTorraca Title: Vice President | ||||||
JEFFERSON-PILOT LIFE INSURANCE COMPANY | ||||||
By Delaware Investment Advisers, a series of | ||||||
Delaware Management Business Trust, Attorney in Fact | ||||||
By: | /s/ Frank G. LaTorraca | |||||
Name: Frank G. LaTorraca Title: Vice President |
TRANSAMERICA OCCIDENTAL LIFE | ||||||
By: | /s/ Bill Henricksen | |||||
Name: Bill Henricksen | ||||||
Title: Vice President |
HARTFORD LIFE INSURANCE COMPANY | ||||||
By: Hartford Investment Management Company, | ||||||
its Agent and Attorney-in-Fact | ||||||
By: | /s/ Matthew J. Poznar | |||||
Name: Matthew J. Poznar Title: Vice President |
PACIFIC LIFE INSURANCE COMPANY (NOMINEE MAC & CO) | ||||||
By: | /s/ Diane W. Dales | |||||
Name: Diane W. Dales Title: Assistant Vice President | ||||||
By: | /s/ Cathy L. Schwartz | |||||
Name: Cathy L. Schwartz Title: Assistant Secretary |