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Title: |
Credit Agreement |
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Entities: |
Bank of Nova Scotia; JPMorgan Chase Bank; McDermott International Inc.; National City Bank; PNC Bank, NA; Wachovia Bank, NA; Bank of America, NA; Bank of New York; Baker Botts; Gardere Wynne Sewell, LLP |
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Date: |
2006 |
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Size: |
Preview shows 47KB of 431KB total |
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Price: |
$97 |
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ID: |
#2072658 |
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Start of Preview |
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$500,000,000
CREDIT AGREEMENT
Dated as of June 6, 2006
among
J. RAY MCDERMOTT, S.A.
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
BANK OF AMERICA, N.A.
and
CALYON NEW YORK BRANCH
as Co-Syndication Agents
and
FORTIS CAPITAL CORP.
and
WACHOVIA BANK, NATIONAL ASSOCIATION
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 | 32 | ||
|
Section 1.3 |
Accounting Terms and Principles | 32 | ||
|
Section 1.4 |
Certain Terms | 33 | ||
|
ARTICLE II THE FACILITIES |
34 | |||
|
Section 2.1 |
The Commitments; Credit-Linked Deposit Account | 34 | ||
|
Section 2.2 |
Borrowing Procedures | 38 | ||
|
Section 2.3 |
Swing Loans | 39 | ||
|
Section 2.4 |
Letters of Credit | 41 | ||
|
Section 2.5 |
Reduction and Termination of the Commitments | 47 | ||
|
Section 2.6 |
Repayment of Loans | 49 | ||
|
Section 2.7 |
Evidence of Debt | 49 | ||
|
Section 2.8 |
Optional Prepayments | 49 | ||
|
Section 2.9 |
Mandatory Prepayments | 50 | ||
|
Section 2.10 |
Interest | 50 | ||
|
Section 2.11 |
Conversion/Continuation Option | 51 | ||
|
Section 2.12 |
Fees | 52 | ||
|
Section 2.13 |
Payments and Computations | 54 | ||
|
Section 2.14 |
Special Provisions Governing Eurodollar Rate Loans | 57 | ||
|
Section 2.15 |
Capital Adequacy | 59 | ||
|
Section 2.16 |
Taxes | 60 | ||
|
Section 2.17 |
Substitution of Lenders | 64 | ||
|
ARTICLE III CONDITIONS TO LOANS AND LETTERS OF CREDIT |
65 | |||
|
Section 3.1 |
Conditions Precedent to Effectiveness | 65 | ||
|
Section 3.2 |
Conditions Precedent to Each Loan and Letter of Credit | 70 | ||
|
Section 3.3 |
Determinations of Initial Borrowing Conditions | 71 | ||
|
ARTICLE IV REPRESENTATIONS AND WARRANTIES |
71 | |||
|
Section 4.1 |
Corporate Existence; Compliance with Law | 71 | ||
TABLE OF CONTENTS
(CONTINUED)
| Page | ||||
|
Section 4.2 |
Corporate Power; Authorization; Enforceable Obligations | 72 | ||
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Section 4.3 |
Ownership of Borrower; Subsidiaries | 73 | ||
|
Section 4.4 |
Financial Statements | 73 | ||
|
Section 4.5 |
Material Adverse Change | 74 | ||
|
Section 4.6 |
Solvency | 74 | ||
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Section 4.7 |
Litigation | 74 | ||
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Section 4.8 |
Taxes | 74 | ||
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Section 4.9 |
Full Disclosure | 75 | ||
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Section 4.10 |
Margin Regulations | 75 | ||
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Section 4.11 |
No Burdensome Restrictions; No Defaults | 75 | ||
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Section 4.12 |
Investment Company Act | 75 | ||
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Section 4.13 |
Use of Proceeds | 76 | ||
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Section 4.14 |
Insurance | 76 | ||
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Section 4.15 |
Labor Matters | 76 | ||
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Section 4.16 |
ERISA | 76 | ||
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Section 4.17 |
Environmental Matters | 77 | ||
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Section 4.18 |
Intellectual Property | 78 | ||
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Section 4.19 |
Title; Real Property | 78 | ||
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Section 4.20 |
Mortgaged Vessels | 80 | ||
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ARTICLE V FINANCIAL COVENANTS |
80 | |||
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Section 5.1 |
Maximum Leverage Ratio | 80 | ||
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Section 5.2 |
Minimum Interest Coverage Ratio | 80 | ||
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ARTICLE VI REPORTING COVENANTS |
81 | |||
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Section 6.1 |
Financial Statements | 81 | ||
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Section 6.2 |
Collateral Reporting Requirements | 82 | ||
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Section 6.3 |
Default Notices | 83 | ||
|
Section 6.4 |
Litigation | 84 | ||
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Section 6.5 |
Labor Relations | 84 | ||
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Section 6.6 |
Tax Returns | 84 | ||
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Section 6.7 |
Insurance | 84 | ||
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Section 6.8 |
ERISA Matters | 85 | ||
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Section 6.9 |
Environmental Matters | 85 | ||
ii
TABLE OF CONTENTS
(CONTINUED)
| Page | ||||
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Section 6.10 |
Patriot Act Information | 86 | ||
|
Section 6.11 |
Other Information | 86 | ||
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ARTICLE VII AFFIRMATIVE COVENANTS |
87 | |||
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Section 7.1 |
Preservation of Corporate Existence, Etc. | 87 | ||
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Section 7.2 |
Compliance with Laws, Etc. | 87 | ||
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Section 7.3 |
Conduct of Business | 87 | ||
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Section 7.4 |
Payment of Taxes, Etc. | 87 | ||
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Section 7.5 |
Maintenance of Insurance | 88 | ||
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Section 7.6 |
Access | 88 | ||
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Section 7.7 |
Keeping of Books | 89 | ||
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Section 7.8 |
Maintenance of Properties, Etc. | 89 | ||
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Section 7.9 |
Application of Proceeds | 89 | ||
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Section 7.10 |
Environmental | 89 | ||
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Section 7.11 |
Additional Collateral and Guaranties | 91 | ||
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Section 7.12 |
Real Property | 92 | ||
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Section 7.13 |
Post-Closing Covenants | 93 | ||
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ARTICLE VIII NEGATIVE COVENANTS |
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