Execution Version | Exhibit 4.1 |
AS SYNDICATION AGENTS
WELLS FARGO SECURITIES, LLC
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ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | ||||||||
Section 1.01 | Certain Defined Terms | 1 | ||||||
Section 1.02 | Computation of Time Periods | 23 | ||||||
Section 1.03 | Accounting Terms | 23 | ||||||
Section 1.04 | Miscellaneous | 23 | ||||||
ARTICLE II AMOUNT AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT | ||||||||
Section 2.01 | The Advances | 23 | ||||||
Section 2.02 | Making the Advances | 23 | ||||||
Section 2.03 | Fees | 25 | ||||||
Section 2.04 | Repayments of Advances | 26 | ||||||
Section 2.05 | Interest | 27 | ||||||
Section 2.06 | Additional Interest on LIBOR Advances | 27 | ||||||
Section 2.07 | Interest Rate Determination and Protection | 28 | ||||||
Section 2.08 | Conversion of Advances; Continuation | 29 | ||||||
Section 2.09 | Optional Prepayments | 30 | ||||||
Section 2.10 | Increased Costs; Capital Adequacy, Etc | 30 | ||||||
Section 2.11 | Illegality and Defaulting Lenders | 31 | ||||||
Section 2.12 | Payments and Computations | 33 | ||||||
Section 2.13 | Taxes | 35 | ||||||
Section 2.14 | Sharing of Payments, Etc | 37 | ||||||
Section 2.15 | Ratable Reduction or Termination of the Commitments; Effect of Termination | 37 | ||||||
Section 2.16 | Increase of Commitments; Additional Lenders | 38 | ||||||
Section 2.17 | Replacement of Lender | 39 | ||||||
Section 2.18 | Certificates of Lenders | 40 | ||||||
Section 2.19 | Letters of Credit | 40 | ||||||
Section 2.20 | Reallocation of Defaulting Lender Commitment, Etc | 43 | ||||||
Section 2.21 | Right to Give Drawdown Notices | 44 | ||||||
Section 2.22 | Termination of Defaulting Lender Commitment | 45 |
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ARTICLE III CONDITIONS | ||||||||
Section 3.01 | Initial Conditions Precedent | 45 | ||||||
Section 3.02 | Additional Conditions Precedent to Each Advance | 46 | ||||||
Section 3.03 | Conditions Precedent to Each Letter of Credit | 47 | ||||||
Section 3.04 | Conditions Precedent to Each Commitment Increase | 48 | ||||||
Section 3.05 | Determinations Under Article III | 49 | ||||||
ARTICLE IV REPRESENTATIONS AND WARRANTIES | ||||||||
Section 4.01 | Representations and Warranties | 49 | ||||||
ARTICLE V COVENANTS | ||||||||
Section 5.01 | Affirmative Covenants | 53 | ||||||
Section 5.02 | Negative Covenants | 59 | ||||||
ARTICLE VI EVENTS OF DEFAULT | ||||||||
Section 6.01 | Events of Default | 67 | ||||||
Section 6.02 | L/C Cash Collateral Accounts | 70 | ||||||
Section 6.03 | Application of Amounts Received Following the Occurrence of an Event of Default | 71 | ||||||
ARTICLE VII THE ADMINISTRATIVE AGENT AND THE ISSUING BANKS | ||||||||
Section 7.01 | Authorization and Action | 72 | ||||||
Section 7.02 | Administrative Agent’s Reliance, Etc | 73 | ||||||
Section 7.03 | Administrative Agent and Its Affiliates | 74 | ||||||
Section 7.04 | Lender Credit Decision | 74 | ||||||
Section 7.05 | Certain Rights of the Administrative Agent | 75 | ||||||
Section 7.06 | Holders | 75 | ||||||
Section 7.07 | Indemnification | 75 | ||||||
Section 7.08 | Resignation by the Administrative Agent | 76 | ||||||
Section 7.09 | Resignation by an Issuing Bank | 77 | ||||||
Section 7.10 | Issuing Banks’ Reliance, Etc | 78 |
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(continued)
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Section 7.11 | Issuing Banks and Their Affiliates | 78 | ||||||
Section 7.12 | No Other Duties, etc | 79 | ||||||
Section 7.13 | Cure of Defaulting Lender | 79 | ||||||
Section 7.14 | Removal of Administrative Agent | 79 | ||||||
ARTICLE VIII MISCELLANEOUS | ||||||||
Section 8.01 | Amendments, Etc | 79 | ||||||
Section 8.02 | Notices, Etc | 80 | ||||||
Section 8.03 | No Waiver; Remedies | 83 | ||||||
Section 8.04 | Costs, Expenses and Indemnity | 83 | ||||||
Section 8.05 | Right of Set-Off | 84 | ||||||
Section 8.06 | Assignments and Participations | 84 | ||||||
Section 8.07 | Governing Law; Entire Agreement | 87 | ||||||
Section 8.08 | Interest | 87 | ||||||
Section 8.09 | Confidentiality | 88 | ||||||
Section 8.10 | Execution in Counterparts | 89 | ||||||
Section 8.11 | Domicile of Loans | 89 | ||||||
Section 8.12 | Binding Effect | 89 | ||||||
Section 8.13 | WAIVER OF JURY TRIAL | 89 | ||||||
Section 8.14 | Severability | 89 | ||||||
Section 8.15 | FORUM SELECTION AND CONSENT TO JURISDICTION | 89 | ||||||
Section 8.16 | DAMAGES | 90 | ||||||
Section 8.17 | Patriot Act Notice | 91 | ||||||
Section 8.18 | Survival of Agreements, Representations and Warranties, Etc | 91 | ||||||
Section 8.19 | Judgment Currency | 91 | ||||||
Section 8.20 | Currency Conversion | 91 | ||||||
Section 8.21 | Determination and Notice of Exchange Rates | 92 | ||||||
Section 8.22 | Substitution of Currency | 92 | ||||||
ARTICLE IX GUARANTY | ||||||||
Section 9.01 | Guaranty | 93 |
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(continued)
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Section 9.02 | Limit of Liability | 93 | ||||||
Section 9.03 | Guaranty Absolute | 93 | ||||||
Section 9.04 | Waiver of Notice and Other Remedies | 95 | ||||||
Section 9.05 | Deferral of Subrogation, Etc. | 95 | ||||||
Section 9.06 | Reinstatement | 96 | ||||||
Section 9.07 | Exercise of Remedies | 96 | ||||||
Section 9.08 | Continuing Guaranty; Assignments | 96 | ||||||
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SCHEDULES: | ||
Schedule I | Applicable Lending Offices and Commitments | |
Schedule 4.01(r) | Existing Debt | |
Schedule 4.01(s) | Existing Liens | |
Schedule 5.01(c) | Insurance Threshold |
EXHIBITS: | ||
Exhibit A-1 | Form of Note to be issued by Pride | |
Exhibit A-2 | Form of Note to be issued by BVI Borrower | |
Exhibit B | Form of Notice of Borrowing | |
Exhibit C | Form of Notice of Letter of Credit | |
Exhibit D | Form of Opinion of Baker Botts L.L.P., Special Counsel to Pride | |
Exhibit D-1 | Form of Opinion of Maples & Calder, Special Counsel to BVI Borrower | |
Exhibit E | Form of Opinion of the General Counsel of Pride | |
Exhibit F | Form of Transfer Agreement | |
Exhibit G | Form of Subsidiary Guaranty | |
Exhibit H | Form of Joinder Agreement |
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DEFINITIONS AND ACCOUNTING TERMS
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Credit Rating | ||||
S&P/Moody’s | Applicable Commitment Fee Rate | |||
Level 1 BBB+/Baa1 or above | 0.250 | % | ||
Level 2 BBB/Baa2 | 0.350 | % | ||
Level 3 BBB-/Baa3 | 0.500 | % | ||
Level 4 BB+/Ba1 | 0.625 | % | ||
Level 5 Lower than Level 4 | 0.750 | % |
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Credit Rating | ||||
S&P/Moody’s | Applicable Margin | |||
Level 1 BBB+/Baa1 or above | 2.00 | % | ||
Level 2 BBB/Baa2 | 2.25 | % | ||
Level 3 BBB-/Baa3 | 2.50 | % | ||
Level 4 BB+/Ba1 | 2.75 | % | ||
Level 5 Lower than Level 4 | 3.00 | % |
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AMOUNT AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT
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CONDITIONS
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REPRESENTATIONS AND WARRANTIES
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COVENANTS
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EVENTS OF DEFAULT
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THE ADMINISTRATIVE AGENT AND THE ISSUING BANKS
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MISCELLANEOUS
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Attention: Bank Loans Syndications Department
1615 Brett Road, Building #3
New Castle, DE 19720
Re: Pride International
Telecopier No.: 212-994-0961
Email address: GLAgentOfficeOps@citi.com
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Attention: Bank Loans Syndications Department
1615 Brett Road, Building #3
New Castle, DE 19720
Re: Pride International
Telecopier No.: 212-994-0961
Email address: GLAgentOfficeOps@citi.com
Global Energy & Commodities
333 Clay Street, Suite 4340
Houston, TX 77002
Attn: Joseph Brandariz
Telecopier No.: 713-583-7745
Email address: joseph.brandariz@us.natixis.com
Attn: Loan Administration Manager
1700 Lincoln, 3rd Floor
Denver, CO 80203
Telecopier No.: 303-863-2729
Email address: denlclnsvmembersyndication@wellsfargo.com
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GUARANTY
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BORROWERS: PRIDE INTERNATIONAL, INC. | ||||
By: | /s/ Steven D. Oldham | |||
Name: | Steven D. Oldham | |||
Title: | Vice President and Treasurer |
5847 San Felipe, Suite 3300
Houston, Texas 77057
Fax Number: 713-789-1430
Telephone Number: 713-789-1400
Operations and its General Counsel.
PRIDE INTERNATIONAL LTD. | ||||
By: | /s/ Steven D. Oldham | |||
Name: | Steven D. Oldham | |||
Title: | Vice President and Treasurer | |||
ADMINISTRATIVE AGENT: CITIBANK, N.A., as Administrative Agent | ||||
By: | /s/ Andrew Sidford | |||
Name: | Andrew Sidford | |||
Title: | Vice President | |||
ISSUING BANKS CITIBANK, N.A., as an Issuing Bank | ||||
By: | /s/ Andrew Sidford | |||
Name: | Andrew Sidford | |||
Title: | Vice President | |||
NATIXIS, as an Issuing Bank | ||||
By: | /s/ Louis P. Laville, III | |||
Name: | Louis P. Laville, III | |||
Title: | Managing Director | |||
By: | /s/ Daniel Payer | |||
Name: | Daniel Payer | |||
Title: | Managing Director | |||
WELLS FARGO BANK, NATIONAL ASSOCIATION, as an Issuing Bank | ||||
By: | /s/ Sarah L. Sandercock | |||
Name: | Sarah L. Sandercock | |||
Title: | Director | |||
LENDERS CITIBANK, N.A. | ||||
By: | /s/ Andrew Sidford | |||
Name: | Andrew Sidford | |||
Title: | Vice President | |||
NATIXIS | ||||
By: | /s/ Louis P. Laville, III | |||
Name: | Louis P. Laville, III | |||
Title: | Managing Director | |||
By: | /s/ Daniel Payer | |||
Name: | Daniel Payer | |||
Title: | Managing Director | |||
WELLS FARGO BANK, NATIONAL ASSOCIATION | ||||
By: | /s/ Sarah L. Sandercock | |||
Name: | Sarah L. Sandercock | |||
Title: | Director | |||
THE BANK OF NOVA SCOTIA | ||||
By: | /s/ John Frazell | |||
Name: | John Frazell | |||
Title: | Director | |||
ING BANK N.V. | ||||
By: | /s/ J.J. Dicker | |||
Name: | J.J. Dicker | |||
Title: | Director | |||
By: | /s/ Michael Klemme | |||
Name: | Michael Klemme | |||
Title: | Managing Director | |||
BANK OF AMERICA, N.A. | ||||
By: | /s/ William W. Stevenson | |||
Name: | William W. Stevenson | |||
Title: | Vice President | |||
COMPASS BANK | ||||
By: | /s/ Stuart Murray | |||
Name: | Stuart Murray | |||
Title: | Senior Vice President | |||
BNP PARIBAS | ||||
By: | /s/ Mark H. Wolf | |||
Name: | Mark H. Wolf | |||
Title: | Director | |||
By: | /s/ Polly Schott | |||
Name: | Polly Schott | |||
Title: | Director | |||
HSBC BANK USA, N.A. | ||||
By: | /s/ Dale T. Wilson | |||
Name: | Dale T. Wilson | |||
Title: | Senior Vice President | |||
By: | /s/ Bruce Robinson | |||
Name: | Bruce Robinson | |||
Title: | Vice President | |||
STANDARD CHARTERED BANK | ||||
By: | /s/ James P. Hughes | |||
Name: | James P. Hughes | |||
Title: | Director | |||
By: | /s/ Robert K. Reddington | |||
Name: | Robert K. Reddington | |||
Title: | AVP/Credit Documentation | |||
JPMORGAN CHASE BANK, N.A. | ||||
By: | /s/ Thomas Okamoto | |||
Name: | Thomas Okamoto | |||
Title: | Vice President | |||
AMEGY BANK NATIONAL ASSOCIATION | ||||
By: | /s/ Kenyatta Gibbs | |||
Name: | Kenyatta Gibbs | |||
Title: | Vice President | |||
UBS LOAN FINANCE LLC | ||||
By: | /s/ [Illegible] | |||
Name: | [Illegible] | |||
Title: | Associate Director | |||
By: | /s/ [Illegible] | |||
Name: | [Illegible] | |||
Title: | Director | |||
FIRST COMMERCIAL BANK, LTD., NEW YORK BRANCH | ||||
By: | /s/ Jenn-Hwa Wang | |||
Name: | Jenn-Hwa Wang | |||
Title: | VP & General Manager | |||
ENCORE BANK, N.A. | ||||
By: | /s/ Robert S. Martin | |||
Name: | Robert S. Martin | |||
Title: | Vice President | |||
HUA NAN COMMERCIAL BANK, NY AGENCY | ||||
By: | /s/ Henry Hsieh | |||
Name: | Henry Hsieh | |||
Title: | Assistant Vice President | |||