EIGHTH AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.1
EIGHTH AMENDMENT TO CREDIT AGREEMENT
THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into on October 12, 2021 but effective as of July 1, 2021 (the “Eighth Amendment Effective Date”), by and among GULF ISLAND FABRICATION, INC., a Louisiana corporation, as borrower (“Borrower”), XXXXXXX XXXXXXX BANK, a Mississippi state chartered bank, as administrative agent for the Lenders (in such capacity, “Administrative Agent”), and the Lenders. Capitalized terms used but not defined in this Amendment have the meanings given such terms in the Credit Agreement (defined below).
RECITALS
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A. |
Borrower, Administrative Agent, and Lenders entered into that certain Credit Agreement dated as of June 9, 2017 (as amended, restated or supplemented, the “Credit Agreement”). |
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Borrower and Lenders have agreed to amend the Credit Agreement, subject to the terms and conditions of this Amendment. |
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:
1.Amendment to Credit Agreement. Section 1.1 of the Credit Agreement is hereby amended by amending and restating the defined term “Applicable Margin” in its entirety to read as follows:
“Applicable Margin means (a) for LIBOR Loans, 1.50%, and (b) for Base Rate Loans, 0.00%.”
2.Conditions. This Amendment shall be effective as of the Eighth Amendment Effective Date once each of the following have been delivered to Administrative Agent:
(a)this Amendment executed by Borrower, Administrative Agent, and the Lenders;
(b)the Guarantors’ Consent and Agreement attached to this Amendment executed by Guarantors;
(c)such other documents as Administrative Agent may reasonably request; and
(d)payment by Borrower of all agreed fees and expenses of Administrative Agent and the Lenders in connection with this Amendment and the transactions contemplated hereby.
3.Representations and Warranties. Borrower represents and warrants to Administrative Agent and Lenders that (a) it possesses all requisite power and authority to execute, deliver and comply with the terms of this Amendment, (b) this Amendment has been duly authorized and approved by all requisite corporate action on the part of Borrower, (c) no other consent of any Person is required for this Amendment to be effective, (d) the execution and delivery of this Amendment does not violate its organizational documents, (e) no changes have been made to Borrower’s Organizational Documents since the date of the certificate delivered in connection with the closing of the Credit Agreement (f) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on the date of this Amendment (except to the extent that such representations and warranties speak to a specific date), (g) it is in full compliance with all covenants and agreements contained in each Loan Document to which it is a party,
and (h) no Default or Potential Default has occurred and is continuing. The representations and warranties made in this Amendment shall survive the execution and delivery of this Amendment. No investigation by Administrative Agent or any Lender is required for Administrative Agent and Lenders to rely on the representations and warranties in this Amendment.
4.Scope of Amendment; Reaffirmation; RELEASE. All references to the Credit Agreement shall refer to the Credit Agreement as affected by this Amendment. Except as affected by this Amendment, the Loan Documents remain unchanged and continue in full force and effect. However, in the event of any inconsistency between the terms of the Credit Agreement (as affected by this Amendment) and any other Loan Document, the terms of the Credit Agreement shall control and such other document shall be deemed to be amended to conform to the terms of the Credit Agreement. Borrower hereby reaffirms its obligations under the Loan Documents to which it is a party and agrees that all Loan Documents to which it is a party remain in full force and effect and continue to be legal, valid, and binding obligations enforceable in accordance with their terms (as the same are affected by this Amendment). BORROWER HEREBY RELEASES ADMINISTRATIVE AGENT AND LENDERS FROM ANY LIABILITY FOR ACTIONS OR OMISSIONS IN CONNECTION WITH THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS PRIOR TO THE DATE OF THIS AMENDMENT.
5.Miscellaneous.
(a)No Waiver of Defaults. This Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit Agreement or any other Loan Document not expressly referred to in this Amendment, or (B) any present or future violation of, or default under, any provision of the Loan Documents, or (ii) a waiver of Administrative Agent’s and Lenders’ right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.
(b)Form. Each agreement, document, instrument or other writing to be furnished Lender under any provision of this Amendment must be in Proper Form.
(c)Headings. The headings and captions used in this Amendment are included for convenience of reference only and shall not affect the interpretation of this Amendment, the Credit Agreement, or any other Loan Document.
(d)Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay or reimburse Administrative Agent on demand for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Amendment, including, without limitation, the reasonable fees and disbursements of Administrative Agent’s counsel.
(e)Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective successors and permitted assigns.
(f)Multiple Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.
(g)Governing Law. This Amendment and the other Loan Documents must be construed, and their performance enforced, under Louisiana law.
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(h)Entirety. The Loan Documents (as amended hereby) Represent the Final Agreement Among Borrower, Administrative Agent, and Lenders and May Not Be Contradicted by Evidence of Prior, Contemporaneous, or Subsequent Oral Agreements by the Parties. There Are No Unwritten Oral Agreements among the Parties.
[Signatures appear on the immediately following pages.]
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This Amendment is executed as of the date set out in the preamble to this Amendment but effective as of the Eighth Amendment Effective Date.
BORROWER:
GULF ISLAND FABRICATION, INC., a Louisiana corporation
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
Signature Page to
Eighth Amendment to Credit Agreement
ADMINISTRATIVE AGENT:
XXXXXXX XXXXXXX BANK,
a Mississippi state chartered bank, as Administrative Agent
By: /s/ Xxxxx X. Xxxxx
Name: Xxxxx X. Xxxxx
Title: Senior Vice President
Signature Page to
Eighth Amendment to Credit Agreement
LENDERS:
XXXXXXX XXXXXXX BANK,
a Mississippi state chartered bank, as sole Lender
By: /s/ Xxxxx X. Xxxxx
Name: Xxxxx X. Xxxxx
Title: Senior Vice President
Signature Page to
Eighth Amendment to Credit Agreement
GUARANTORS’ CONSENT AND AGREEMENT
TO
EIGHTH AMENDMENT TO CREDIT AGREEMENT
As an inducement to the Administrative Agent and each Lender to execute, and in consideration of the Administrative Agent and each Lender’s execution of, the Amendment, each of the undersigned hereby consents to this Amendment and agrees that this Amendment shall in no way release, diminish, impair, reduce or otherwise adversely affect the obligations and liabilities of such undersigned under the Guaranty executed by such undersigned in connection with the Credit Agreement, or under any other Loan Documents executed by the undersigned to secure any of the Obligations (as defined in the Credit Agreement), all of which are in full force and effect. Each of the undersigned further represents and warrants to the Administrative Agent and the Lenders that (a) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on the date of the Amendment, (b) it is in compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (c) no Default or Potential Default has occurred and is continuing. The undersigned hereby releases, discharges and acquits Administrative Agent and each Lender from any and all claims, demands, actions, causes of action, remedies, and liabilities of every kind or nature (including without limitation, offsets, reductions, rebates, and lender liability) arising out of any act, occurrence, transaction or omission occurring in connection with the Guaranty prior to the date of the Amendment. This Guarantors’ Consent and Agreement shall be binding upon the undersigned, and its permitted assigns, if any, and shall inure to the benefit of the Administrative Agent, each Lender and their respective successors and assigns.
[Signature Page Follows]
Guarantors’ Consent
and Agreement to Eighth Amendment to Credit Agreement
GUARANTORS:
GULF ISLAND WORKS, LLC, a Louisiana limited liability company
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF ISLAND EPC, LLC, a Louisiana limited liability company
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF MARINE FABRICATORS, LIMITED PARTNER, L.L.C., a Louisiana limited liability company
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF MARINE FABRICATORS GENERAL PARTNER, L.L.C., a Louisiana limited liability company
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By: |
GULF MARINE FABRICATORS, LIMITED PARTNER, L.L.C., a Louisiana limited liability company, its sole member |
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF MARINE FABRICATORS, L.P., a Texas limited partnership
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By: |
GULF MARINE FABRICATORS, LIMITED PARTNER, L.L.C., a Louisiana limited liability company, its general partner |
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF ISLAND, L.L.C., a Louisiana limited liability company
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF ISLAND RESOURCES, L.L.C., a Louisiana limited liability company
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By: |
GULF ISLAND, L.L.C., a Louisiana limited liability company, its sole member |
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF ISLAND SHIPYARDS, LLC, a Louisiana limited liability company
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
GULF ISLAND SERVICES, L.L.C., a Louisiana limited liability company
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By: |
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member |
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: President & CEO
