Exhibit 10.3
AMENDMENT NO. 1
     THIS AMENDMENT NO. 1 (the “Amendment”) is being executed and delivered as
of August 5, 2008, by and among Chicago Bridge and Iron Company N.V., a
corporation organized under the laws of the Kingdom of the Netherlands (the
“Company”), Chicago Bridge & Iron Company, a Delaware corporation, as borrower
under the hereinafter identified and defined Term Loan Agreement (the
“Borrower”), JPMorgan Chase Bank, National Association as administrative agent
(the “Administrative Agent”) under said Term Loan Agreement, and the Required
Lenders party hereto. All capitalized terms used herein without definition shall
have the same meanings as set forth in the Term Loan Agreement.
W I T N E S S E T H:
     WHEREAS, the Company, the Borrower, the Lenders and the Administrative
Agent are currently parties to that certain Term Loan Agreement dated as of
November 9, 2007 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Term Loan Agreement”);
     WHEREAS, the Company and the Borrower have requested the Lenders to amend
the Term Loan Agreement in certain respects;
     WHEREAS, the Required Lenders have agreed to amend the Term Loan Agreement
on the terms and conditions set forth in Section 1 hereof.
     NOW, THEREFORE, in consideration of the foregoing premises, the terms and
conditions stated herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Company, the Borrower and
the Lenders, such parties hereby agree as follows:
     1. Amendment. Effective as of June 30, 2008 and subject to the satisfaction
of the conditions set forth in paragraph 2 below, the Term Loan Agreement shall
be and hereby is amended as follows:
     (a) The following definitions of “Adjusted EBITDA”, “Pricing Ratio” and
“Second Quarter 2008 Adjustment” are hereby added to Section 1.1 of the Term
Loan Agreement in their respective appropriate alphabetical order:
     “ “Adjusted EBITDA” means EBITDA plus, to the extent the losses specified
in the definition of “Second Quarter 2008 Adjustment” were recognized during a
period for which EBITDA is being calculated, the Second Quarter 2008
Adjustment.”
     “ “Pricing Ratio” means the ratio of (i) all Adjusted Indebtedness of the
Company and its Subsidiaries to (ii) EBITDA.”

 

--------------------------------------------------------------------------------

 

     “ “Second Quarter 2008 Adjustment” means an amount (in any event, not to
exceed $105,000,000) attributable to 33% of the losses relating to the “South
Hook” and “Isle of Grain” contracts, to the extent such losses were recognized
during the fiscal quarter of the Company and its Subsidiaries ending June 30,
2008.”
     (b) The definition of “Consolidated Net Income Available for Fixed Charges”
is hereby amended to add at the end of such definition “, plus, to the extent
the losses specified in the definition of ‘Second Quarter 2008 Adjustment’ were
recognized during a period for which Consolidated Net Income Available for Fixed
Charges is being calculated, the Second Quarter 2008 Adjustment”.
     (c) Section 2.14(D)(ii) of the Term Loan Agreement is hereby amended and
restated in its entirety as follows:
(ii) (a) The Applicable Floating Rate Margins and Applicable Eurodollar Margin
shall, subject to the provisions of Section 2.14(D)(ii)(b) below, be determined
from time to time by reference to the table set forth below, on the basis of the
then applicable Pricing Ratio as described in this Section 2.14(D)(ii):

                          Greater than or   Greater than or             equal to
1.00 to   equal to 1.50 to   Greater than or     Less than 1.00 to   1.00 and
less than   1.00 but less than   equal to 2.00 to Pricing Ratio   1.00   1.50 to
1.00   2.00 to 1.00   1.00
 
               
Applicable Eurodollar Margin
  1.25%   1.50%   2.00%   2.25%
 
               
Applicable Floating Rate Margin
  0.00%   0.25%   0.75%   1.00%

(b) Upon receipt of the financial statements delivered pursuant to Sections
7.1(A)(i) and (ii), as applicable, the Applicable Floating Rate Margins and
Applicable Eurodollar Margin shall be adjusted, such adjustment being effective
five (5) Business Days following the date such financial statements and the
compliance certificate required to be delivered in connection therewith pursuant
to Section 7.1(A)(iii) shall be due; provided, that if the Company shall not
have timely delivered its financial statements in accordance with Section
7.1(A)(i) or (ii), as applicable, then commencing on the date upon which such
financial statements should have been delivered and continuing until five (5)
Business Days following the date such financial statements are actually
delivered, the Applicable Floating Rate Margins and Applicable Eurodollar Margin
shall be the maximum Applicable Floating

 

--------------------------------------------------------------------------------

 

     Rate Margins and Applicable Eurodollar Margin, as applicable, as set forth
in this Section 2.14(D)(ii).
     (d) Section 7.3(A)(i) is hereby amended and restated in its entirety as
follows:
     “(i) Indebtedness of the Borrower under this Agreement and the Subsidiaries
under the Subsidiary Guaranty;”
     (e) Section 7.3(F)(b) is hereby amended to delete the reference to “EBITDA”
therein and to substitute “EBITDA and Adjusted EBITDA” therefor.
     (f) Section 7.4(A) is hereby amended to delete the references therein to
“EBITDA” and to substitute “Adjusted EBITDA” therefor.
     2. Conditions of Effectiveness. The effectiveness of this Amendment is
subject to the conditions precedent that the Administrative Agent shall have
received (i) counterparts of this Amendment duly executed and delivered by the
Company, the Borrower and the Required Lenders and executed counterparts of the
Reaffirmation attached hereto duly executed and delivered by the Subsidiary
Guarantors, (ii) an executed amendment to the Letter of Credit Agreement
incorporating amendments thereto which are consistent with the amendments
herein, (iii) for the account of each Lender that executes and delivers its
counterpart hereto as and by such time as is requested by the Administrative
Agent, an amendment fee in the amount previously disclosed to the Lenders and
(iv) payment and/or reimbursement of its and its affiliates’ fees and expenses
(including reasonable out-of-pocket fees and expenses of counsel) in connection
herewith.
     3. Representation and Warranties. Each of the Company and the Borrower
hereby represents and warrants that (i) all of the representations and
warranties contained in Article VI of the Term Loan Agreement, as amended
hereby, are true and correct and (ii) no Default or Unmatured Default is in
effect.
     4. No Implicit Waiver. Except as expressly set forth herein, (i) the
execution, delivery and effectiveness of this Amendment shall neither operate as
a waiver of any rights, power or remedy of the Administrative Agent or the
Lenders under the Term Loan Agreement or any other documents executed in
connection with the Term Loan Agreement, nor constitute a waiver of any
provision of the Term Loan Agreement nor any other document executed in
connection therewith and (ii) the Term Loan Agreement shall remain in full force
and effect in accordance with their original terms.
     5. Reference to Term Loan Agreement. Upon the effectiveness of this
Amendment, each reference in the Term Loan Agreement or any other Loan Document
to “this Agreement,” “hereunder,” or words of like or similar import shall mean
and be reference to the Term Loan Agreement, as amended and modified by this
Amendment.
     6. GOVERNING LAW. THE ADMINISTRATIVE AGENT ACCEPTS THIS AMENDMENT, ON
BEHALF OF ITSELF AND THE LENDERS, AT CHICAGO, ILLINOIS BY ACKNOWLEDGING AND
AGREEING TO IT THERE. ANY DISPUTE

 

--------------------------------------------------------------------------------

 

BETWEEN THE COMPANY OR THE BORROWER AND THE ADMINISTRATIVE AGENT OR ANY LENDER
ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED BETWEEN THEM IN CONNECTION WITH, THIS AMENDMENT, THE TERM LOAN
AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, AND WHETHER ARISING IN CONTRACT,
TORT, EQUITY, OR OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE INTERNAL
LAWS (INCLUDING §735 ILCS 105/5-1 ET SEQ. BUT OTHERWISE WITHOUT REGARD TO THE
CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS.
     7. Counterparts. This Amendment may be executed in any number of
counterparts by the parties hereto, each of which counterparts when so executed
shall be an original, but all the counterparts shall together constitute one and
the same agreement. The parties hereto agree that delivery of an executed
counterpart of a signature page to this Amendment by facsimile shall be
effective as delivery of an original executed counterpart of this Amendment.
[Signature Pages Follow]

 

--------------------------------------------------------------------------------

 

     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and
year first above written.
CHICAGO BRIDGE & IRON COMPANY N.V., as the Company
By: CHICAGO BRIDGE & IRON COMPANY B.V.
Its: Managing Director
By: /s/ Ronald A. Ballschmiede
Name: Ronald A. Ballschmiede
Title: Managing Director
CHICAGO BRIDGE & IRON COMPANY, as the Borrower
By: /s/ Luciano Reyes
Name: Luciano Reyes
Title: Vice President & Treasurer
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as
Administrative Agent and as a Lender
By: /s/ Robert L. Mendoza
Name: Robert L. Mendoza
Title: Vice President
BANK OF AMERICA, N.A., as Syndication Agent and as
a Lender
By: /s/ Mathew Griesboch
Name: Mathew Griesboch
Title: Vice President
WELLS FARGO BANK, N.A., as a Documentation Agent
and as a Lender
By: /s/ Thomas F. Caver, III
Name: Thomas F. Caver, III
Title: Vice President
BNP PARIBAS, as a Documentation Agent and as a
Lender
By: /s/ Jamie Dillon
Name: Jamie Dillon
Title: Managing Director
By: /s/ Pierre-Nicholas Rogers
Name: Pierre Nicholas Rogers
Title: Managing Director
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

THE ROYAL BANK OF SCOTLAND plc, as a
Documentation Agent and as a Lender
By: /s/ Brian Williams
Name: Brian Williams
Title: Vice President
FORTIS BANK SA/NV, CAYMAN ISLANDS BRANCH, as a
Lender
By: /s/ Douglas Riahi___
Name: Douglas Riahi
Title: Managing Director
By: /s/ John W. Deegan___
Name: John W. Deegan
Title: Director and Group Head
FIFTH THIRD BANK, as a Lender
By: /s/ Tim Adair
Name: Tim Adair
Title: Officer
CALYON NEW YORK BRANCH, as a Lender
By: /s/ Page Dillehunt
Name: Page Dillehunt
Title: Managing Director
By: /s/ Michael Willis
Name: Michael Willis
Title: Director
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender
By: /s/ Robert Hetu
Name: Robert Hetu
Title: Managing Director
By: /s/ Christopher Reo Day
Name: Christopher Reo Day
Title: Associate
THE NORTHERN TRUST COMPANY, as a Lender
By: /s/ Keith L. Burson
Name: Keith L. Burson
Title: Vice President
STANDARD CHARTERED BANK, as a Lender
By: /s/ Katherine E. Leahy
Name: Katherine E. Leahy
Title: Relationship Manager
By: /s/ Robert K. Reddington
Name: Robert K. Reddington
Title: Assistant Vice President
          Credit Documentation
          Credit Risk Control
          Standard Chartered Bank N.Y.
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

ABU DHABI INTERNATIONAL BANK INC. as a Lender
By: /s/ David J. Young
Name: David J. Young
Title: Vice President
By: /s/ Nagy S. Kolta
Name: Nagy S. Kolta
Title: Executive Vice President
CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
By: /s/ Don Backer
Name: Don Backer
Title: Senior Vice President
ARAB BANKING CORPORATION, as a Lender
By: /s/ Robert Ivosevich
Name: Robert Ivosevich
Title: General Manager
By: /s/ Rami El-Rifai
Name: Rami El Rifai
Title: Head of Corporate Finance
BANK OF TEXAS, N.A., as a Lender
By: /s/ Marian Livingston
Name: Marian Livingston
Title: Senior Vice President
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

COMPASS BANK, as a Lender
By: /s/ Eric E. Ensmann
Name: Eric E. Ensmann
Title: Senior Vice President
SUMITOMO MITSUI BANKING CORPORATION, as a Lender
By: /s/ Yoshihiro Hyakutome
Name: Yoshihiro Hyakutome
Title: General Manager
U.S. BANK NATIONAL ASSOCIATION, as a Lender
By:                                         
Name:
Title:
ING BANK N.V., as a Lender
By: /s/ M.W.L. Weijers
Name: M.W.L. Weijers
Title: Managing Director
By: /s/ B.D. Gilbert
Name: B.D. Gilbert
Title: Relationship Manager
COMERICA BANK, as a Lender
By: /s/ DeVon Lang
Name: DeVon Lang
Title: Corporate Banking Office
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

COMMERZBANK AG, NEW YORK AND GRAND CAYMAN
BRANCHES, as a Lender
By: /s/ Edward C.A. Forsberg, Jr.
Name: Edward C.A. Forsberg, Jr.
Title: Senior Vice President & Manager
By: /s/ David A. Bennett
Name: David A. Bennett
Title: Vice President
DEUTSCHE BANK AG, NEW YORK BRANCH, as a Lender
By: /s/ Ming K. Chu
Name: Ming K. Chu
Title: Vice President
By: /s/ Heidi Sandquist
Name: Heidi Sandquist
Title: Vice President
HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
By: /s/ Steven F. Larsen
Name: Steven F. Larsen
Title: First Vice President
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007

 

--------------------------------------------------------------------------------

 

RIYAD BANK, HOUSTON AGENCY, as a Lender
By: /s/ Paul N. Travis
Name: Paul N. Travis
Title: Vice President & Head of Corporate Finance
By: /s/ Harlene Sridharan
Name: Harlene Sridharan
Title: Operations Manager
THE BANK OF NOVA SCOTIA, as a Lender
By: /s/ Karen L. Anillo
Name: Karen L. Anillo
Title: Director
WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender
By: /s/ Michael R. Quiray
Name: Michael R. Quiray
Title: Vice President
Signature Page to Amendment No. 1 to
Chicago Bridge & Iron Company
Term Loan Agreement dated as of November 9, 2007