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Title: |
Credit Agreement |
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Entities: |
Bank of Nova Scotia; Citibank, NA; JPMorgan Chase Bank; McDermott International Inc.; National City Bank; PNC Bank, NA; Wachovia Bank, NA; Wells Fargo Bank, NA; Bank of America, NA; Bank of New York; Baker Botts |
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Date: |
2006 |
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Size: |
Preview shows 63KB of 445KB total |
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Price: |
$78 |
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ID: |
#1093856 |
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EXHIBIT 10.4
$650,000,000
CREDIT AGREEMENT
Dated as of February 22, 2006
among
THE BABCOCK & WILCOX COMPANY
as Borrower
and
THE LENDERS, SYNTHETIC INVESTORS AND ISSUERS PARTY HERETO
and
CREDIT SUISSE, CAYMAN ISLANDS BRANCH
as Administrative Agent and Collateral Agent
and
CREDIT SUISSE SECURITIES (USA) LLC
Sole Lead Arranger and Sole Bookrunner
and
JPMORGAN CHASE BANK, N.A.
as Syndication Agent
and
WACHOVIA BANK, NATIONAL ASSOCIATION
and
THE BANK OF NOVA SCOTIA
as Co-Documentation Agents
TABLE OF CONTENTS
| Page | ||||
| ARTICLE I DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS |
2 | |||
| Section 1.1 |
Defined Terms |
2 | ||
| Section 1.2 |
Computation of Time Periods |
36 | ||
| Section 1.3 |
Accounting Terms and Principles |
36 | ||
| Section 1.4 |
Certain Terms |
37 | ||
| ARTICLE II THE FACILITIES |
38 | |||
| Section 2.1 |
The Commitments; Credit-Linked Deposit Account; Delayed Draw Loans |
38 | ||
| Section 2.2 |
Borrowing Procedures |
42 | ||
| Section 2.3 |
Swing Loans |
43 | ||
| Section 2.4 |
Letters of Credit |
45 | ||
| Section 2.5 |
Reduction and Termination of the Commitments |
51 | ||
| Section 2.6 |
Repayment of Loans |
52 | ||
| Section 2.7 |
Evidence of Debt |
52 | ||
| Section 2.8 |
Optional Prepayments |
53 | ||
| Section 2.9 |
Mandatory Prepayments |
53 | ||
| Section 2.10 |
Interest |
55 | ||
| Section 2.11 |
Conversion/Continuation Option |
56 | ||
| Section 2.12 |
Fees |
56 | ||
| Section 2.13 |
Payments and Computations |
59 | ||
| Section 2.14 |
Special Provisions Governing Eurodollar Rate Loans |
62 | ||
| Section 2.15 |
Capital Adequacy |
64 | ||
| Section 2.16 |
Taxes |
65 | ||
| Section 2.17 |
Substitution of Lenders |
69 | ||
| ARTICLE III CONDITIONS TO LOANS AND LETTERS OF CREDIT |
71 | |||
| Section 3.1 |
Conditions Precedent to Effectiveness |
71 | ||
| Section 3.2 |
Conditions Precedent to Each Loan and Letter of Credit |
75 | ||
| Section 3.3 |
Determinations of Initial Borrowing Conditions |
76 | ||
| ARTICLE IV REPRESENTATIONS AND WARRANTIES |
77 | |||
| Section 4.1 |
Corporate Existence; Compliance with Law |
77 | ||
TABLE OF CONTENTS
(CONTINUED)
| Page | ||||
| Section 4.2 |
Corporate Power; Authorization; Enforceable Obligations |
78 | ||
| Section 4.3 |
Ownership of Borrower; Subsidiaries |
79 | ||
| Section 4.4 |
Financial Statements |
79 | ||
| Section 4.5 |
Material Adverse Change |
80 | ||
| Section 4.6 |
Solvency |
80 | ||
| Section 4.7 |
Litigation |
80 | ||
| Section 4.8 |
Taxes |
80 | ||
| Section 4.9 |
Full Disclosure |
81 | ||
| Section 4.10 |
Margin Regulations |
81 | ||
| Section 4.11 |
No Burdensome Restrictions; No Defaults |
81 | ||
| Section 4.12 |
Investment Company Act; Public Utility Holding Company Act |
81 | ||
| Section 4.13 |
Use of Proceeds |
82 | ||
| Section 4.14 |
Insurance |
82 | ||
| Section 4.15 |
Labor Matters |
82 | ||
| Section 4.16 |
ERISA |
83 | ||
| Section 4.17 |
Environmental Matters |
83 | ||
| Section 4.18 |
Intellectual Property |
84 | ||
| Section 4.19 |
Title; Real Property |
84 | ||
| ARTICLE V FINANCIAL COVENANTS |
86 | |||
| Section 5.1 |
Maximum Leverage Ratio |
86 | ||
| Section 5.2 |
Minimum Interest Coverage Ratio |
87 | ||
| ARTICLE VI REPORTING COVENANTS |
87 | |||
| Section 6.1 |
Financial Statements |
87 | ||
| Section 6.2 |
Collateral Reporting Requirements |
89 | ||
| Section 6.3 |
Default Notices |
90 | ||
| Section 6.4 |
Litigation |
90 | ||
| Section 6.5 |
Asset Sales |
90 | ||
| Section 6.6 |
SEC Filings; Press Release |
90 | ||
| Section 6.7 |
Labor Relations |
90 | ||
| Section 6.8 |
Tax Returns |
91 | ||
| Section 6.9 |
Insurance |
91 | ||
ii
TABLE OF CONTENTS
(CONTINUED)
| Page | ||||
| Section 6.10 |
ERISA Matters |
91 | ||
| Section 6.11 |
Environmental Matters |
91 | ||
| Section 6.12 |
Patriot Act Information |
92 | ||
| Section 6.13 |
Other Information |
92 | ||
| ARTICLE VII AFFIRMATIVE COVENANTS |
93 | |||
| Section 7.1 |
Preservation of Corporate Existence, Etc. |
93 | ||
| Section 7.2 |
Compliance with Laws, Etc. |
93 | ||
| Section 7.3 |
Conduct of Business |
93 | ||
| Section 7.4 |
Payment of Taxes, Etc. |
93 | ||
| Section 7.5 |
Maintenance of Insurance |
94 | ||
| Section 7.6 |
Access |
94 | ||
| Section 7.7 |
Keeping of Books |
94 | ||
| Section 7.8 |
Maintenance of Properties, Etc. |
95 | ||
| Section 7.9 |
Application of Proceeds |
95 | ||
| Section 7.10 |
Environmental |
95 | ||
| Section 7.11 |
Additional Collateral and Guaranties |
97 | ||
| Section 7.12 |
Real Property |
98 | ||
| Section 7.13 |
Interest Rate Protection Collateral |
99 | ||
| ARTICLE VIII NEGATIVE COVENANTS |
99 | |||
| Section 8.1 |
Indebtedness |
99 | ||
| Section 8.2 |
Liens, Etc. |
101 | ||
| Section 8.3 |
Investments |
103 | ||
| Section 8.4 |
Sale of Assets |
104 | ||
| Section 8.5 |
Restricted Payments |
105 | ||
| Section 8.6 |
Restriction on Fundamental Changes |
106 | ||
| Section 8.7 |
Change in Nature of Business |
107 | ||
| Section 8.8 |
Transactions with Affiliates |
107 | ||
| Section 8.9 |
Restrictions on Subsidiary Distributions; No New Negative Pledge |
107 | ||
| Section 8.10 |
Modification of Constituent Documents |
108 | ||
| Section 8.11 |
Accounting Changes; Fiscal Year |
108 | ||
| Section 8.12 |
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