Exhibit 10.1(d)
EXECUTION COPY
CHICAGO BRIDGE & IRON COMPANY N.V.
CHICAGO BRIDGE & IRON COMPANY (DELAWARE)
CBI SERVICES, INC.
CB&I CONSTRUCTORS, INC.
CB&I TYLER COMPANY
LIMITED WAIVER
$75,000,000 Original Principal Amount
7.34% Senior Notes, due July 15, 2007
Dated as of May 30, 2006
To the Holders of Senior Notes
   of Chicago Bridge & Iron Company (Delaware),
   CBI Services, Inc., CB&I Constructors, Inc. and
   CB&I Tyler Company Named
   in the Attached Schedule I
Ladies and Gentlemen:
     Reference is made to the Note Purchase Agreement dated as of July 1, 2001
among Chicago Bridge & Iron Company N.V., a company organized under the laws of
the Kingdom of the Netherlands having its corporate seat in Amsterdam (the
“Company”), Chicago Bridge & Iron Company (Delaware), a Delaware corporation,
CBI Services, Inc., a Delaware corporation, CB&I Constructors, Inc., a Texas
corporation, CB&I Tyler Company, a Delaware corporation (each of the foregoing
being a Wholly Owned Subsidiary of the Company and referred to collectively as
the “Co-Obligors”), and the Purchasers named in Schedule A thereto (the “Note
Purchase Agreement”). You are the holders of the Co-Obligors’ 7.34% Senior
Notes, due July 15, 2007 (the “Notes”) in the unpaid principal amount set forth
opposite your name in the attached Schedule I. You are referred to herein
individually as a “Holder” and collectively as the “Holders.” Capitalized terms
used and not otherwise defined herein shall have the meanings ascribed to them
in the Note Purchase Agreement.
     The Company and the Co-Obligors have advised the Holders that the Company
can not timely comply with the provisions of Section 7.1(a) (Quarterly
Statements) of the Note Purchase Agreement, Section 7.1(b) (Annual Statements)
of the Note Purchase Agreement and Section 7.2 (Officer’s Certificate) of the
Note Purchase Agreement with respect to delivery of the financial statements for
the quarterly fiscal periods ended September 30, 2005 and March 31, 2006 and the

 

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

 

fiscal year ended December 31, 2005. The Holders granted a waiver of
Section 7.1(a) (Quarterly Statements) of the Note Purchase Agreement and
Section 7.2 (Officer’s Certificate) of the Note Purchase Agreement pursuant to
the Limited Waiver dated as of January 13, 2006 among the Company, the
Co-Obligors and the Holders, that expires on April 1, 2006. The Holders granted
a further waiver of compliance by the Company with Section 7.1(a) (Quarterly
Statements), Section 7.1(b) (Annual Statements) and Section 7.2 (Officer’s
Certificate) of the Note Purchase Agreement pursuant to the Limited Waiver dated
as of March 30, 2006 among the Company, the Co-Obligors and the Holders, that
expires on May 31, 2006. The Company and the Co-Obligors have requested a
further waiver of compliance by the Company with Section 7.1(a) (Quarterly
Statements), Section 7.1(b) (Annual Statements) and Section 7.2 (Officer’s
Certificate) of the Note Purchase Agreement and the Holders are willing to grant
such additional waiver, on the terms contained herein. The Company and the
Co-Obligors have requested a comparable waiver from the parties to the Credit
Agreement.
     In consideration of the premises and for good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the Company, the
Co-Obligors and the Holders agree as follows:
1. LIMITED WAIVER
     The Holders waive, until the date specified in Section 3.2, any Default or
Event of Default caused solely by (x) the Company’s failure to timely comply
with the provisions of Section 7.1(a) (Quarterly Statements), 7.1(b) (Annual
Statements) and Section 7.2 (Officer’s Certificate) of the Note Purchase
Agreement with respect to the delivery of the financial statements for the
quarterly fiscal periods ended September 30, 2005 and March 31, 2006 and for the
fiscal year ended December 31, 2005 or (y) any inaccuracy in any of the
Company’s internally prepared financial statements (and related statements,
reports, certificates and documents) for its four fiscal quarter period ending
December 31, 2005 that were delivered to the Holders in connection with earlier
Waivers and the draft September 30, 2005 Form 10-Q and draft December 31, 2005
Form 10-K (and related statements, reports, certificates and documents) that are
being delivered to the Holders in connection with this Waiver and the financial
information (and related statements, reports, certificates and documents) that
the Company has delivered to the Holders on or prior to December 31, 2005 and
that the Company is currently in the process of investigating as disclosed to
the Holders. This Limited Waiver is limited to its terms and shall not
constitute a waiver of any other term, condition, representation or covenant
under the Note Purchase Agreement or any of the other agreements, documents or
instruments executed and delivered in connection therewith. This Limited Waiver
shall not continue beyond the date specified in Section 3.2.
2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE CO-OBLIGORS;
REAFFIRMATION; COVENANTS
     2.1 No Default or Event of Default. As an inducement to the Holders to
grant the waiver contained in Section 1, the Company and the Co-Obligors,
jointly and severally, represent to the Holders that, after giving effect to
this Limited Waiver, there exists no Default or Event of Default.

2

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

 

     2.2 Reaffirmation of Note Purchase Agreement. The Company and the
Co-Obligors reaffirm their agreement to comply with each of the covenants,
agreements and other provisions of the Note Purchase Agreement and the Notes,
except as expressly modified by this Limited Waiver.
     2.3 Notice. The Company and the Co-Obligors agree to provide prompt notice
to each Holder in the event that a Responsible Officer reasonably believes that
the Company will be unable to comply with the financial covenants contained in
Sections 10.1 through 10.9, inclusive, and Section 10.12 of the Note Purchase
Agreement.
     2.4 Delivery of Documents. So long as this Limited Waiver is in effect, the
Company and the Co-Obligors agree to provide each Holder with a copy of any
document or other information delivered to a party to the Credit Agreement.
     2.5 Budgets; Business Plans and Financial Projections. The Company and the
Co-Obligors agree that the execution of this Limited Waiver by the Required
Holders serves as an ongoing request under Section 7.1(g) of the Note Purchase
Agreement by the Holders for the Company to provide the Holders with the
information provided to any party to the Credit Agreement under
Section 7.1(A)(iv) of the Credit Agreement.
3. CONDITIONS TO EFFECTIVENESS; LIMITED WAIVER EFFECTIVENESS
     3.1 Conditions to Effectiveness. This Limited Waiver shall become effective
only upon satisfaction of the following conditions:
     (a) The Company, the Co-Obligors and the Required Holders shall have
executed a counterpart of this Limited Waiver.
     (b) The Company shall have delivered to you a copy of a waiver to the
Credit Agreement executed by the Company, the Subsidiaries party thereto and the
financial institutions party thereto waiving until the date specified in
Section 3.2, all defaults and events of default caused solely by the Company’s
failure to timely deliver the financial statements for the quarterly fiscal
periods ended September 30, 2005 and March 31, 2006 and for the fiscal year
ended December 31, 2005.
     (c) The Company shall have delivered to you a copy of each document
provided to a party to the Credit Agreement in connection with the waiver
referred to in Section 3(b).
     3.2 Limited Waiver Effectiveness. This Limited Waiver shall remain in
effect until the earlier to occur of (i) a Default or Event of Default under the
Note Purchase Agreement; (ii) a Default (as defined in the Credit Agreement) or
Unmatured Default (as defined in the Credit Agreement) under the Credit
Agreement and (iii) June 16, 2006.

3

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

 

     IN WITNESS WHEREOF, the Company and the Co-Obligors have caused this
Limited Waiver to be executed and delivered by their respective officer or
officers thereunto duly authorized.

            CHICAGO BRIDGE & IRON COMPANY N.V.
      By:   /s/ Philip K. Asherman         Name:   Philip K. Asherman       
Title:   Authorized Signer        CHICAGO BRIDGE & IRON COMPANY (DELAWARE)
      By:   /s/ Luciano Reyes         Name:   Luciano Reyes        Title:   Vice
President and Treasurer        CBI SERVICES, INC.
      By:   /s/ Terrence G. Browne         Name:   Terrence G. Browne       
Title:   Treasurer        CB&I CONSTRUCTORS, INC.
      By:   /s/ Luciano Reyes         Name:   Luciano Reyes        Title:   Vice
President and Treasurer        CB&I TYLER COMPANY
      By:   /s/ Luciano Reyes         Name:   Luciano Reyes        Title:  
Treasurer     

S-1

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

 

          ALLSTATE LIFE INSURANCE COMPANY    
 
       
By:
       
 
       
Name:
       
Title:
  Authorized Signatory    
 
       
By:
       
 
       
Name:
       
Title:
  Authorized Signatory    

S-2

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

 

          TRANSAMERICA LIFE INSURANCE COMPANY
 
       
By:
  /s/ Frederick B. Howard    
 
       
Name:
  Frederick B. Howard    
Title:
  Vice President    
 
       
 
        TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
 
       
By:
  /s/ Frederick B. Howard    
 
       
Name:
  Frederick B. Howard    
Title:
  Vice President    

S-3

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

 

          NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
 
       
By:
  /s/ Wayne T. Frisbee    
 
       
Name:
  Wayne T. Frisbee    
Title:
  Authorized Signatory    
 
       
 
        NATIONWIDE LIFE INSURANCE COMPANY
 
       
By:
  /s/ Wayne T. Frisbee    
 
       
Name:
  Wayne T. Frisbee    
Title:
  Authorized Signatory    

S-4

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

 

          PHOENIX LIFE INSURANCE COMPANY
 
       
By:
  /s/ Christopher Wilkos    
 
       
Name:
  Christopher Wilkos    
Title:
  Sr. Vice President    

S-5

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

 

          THRIVENT FINANCIAL FOR LUTHERANS,
successor by merger to Lutheran Brotherhood
 
       
By:
  /s/ Mark A. Swenson    
 
       
Name:
  Mark A. Swenson    
Title:
  Vice President    

S-6

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

 

          AMERICAN UNITED LIFE INSURANCE COMPANY
 
       
By:
  /s/ Michael I. Bullock    
 
       
Name:
  Michael I. Bullock    
Title:
  V.P. Private Placements    

S-7

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

 

          MODERN WOODMEN OF AMERICA
 
       
By:
  /s/ Michael E. Dau    
 
       
Name:
  Michael E. Dau    
Title:
  Manager — Securities Division    

S-8

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

 

SCHEDULE I

              Outstanding Principal   Holders   Amount  
Allstate Life Insurance Company
  $ 15,333,333.33  
Transamerica Life Insurance Company
    5,333,333.33  
Transamerica Occidental Life Insurance Company
    5,333,333.33  
Nationwide Life and Annuity Insurance Company
    2,666,666.67  
Nationwide Life Insurance Company
    6,000,000.00  
Phoenix Life Insurance Company
    6,666,666.67  
Thrivent Financial for Lutherans
    3,333,333.33  
American United Life Insurance Company
    2,666,666.67  
Modern Woodmen of America
    2,666,666.67