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Exhibit 10.3

 
AMENDMENT NO. 4 TO CREDIT AGREEMENT
 
This Amendment No. 4 to Credit Agreement, dated as of November 2 2012 (this
“Fourth Amendment”), is entered into by CAL DIVE INTERNATIONAL, INC., a Delaware
corporation (the “Borrower”), the lenders party to the Credit Agreement
described below, and BANK OF AMERICA, N.A., as Administrative Agent (in such
capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer.
 
INTRODUCTION
 
Reference is made to the Credit Agreement dated as of April 26, 2011 (as amended
by Amendment No. 1 dated October 7, 2011, Amendment No. 2 dated July 9, 2012,
Amendment No. 3 dated September 19, 2012, and as otherwise modified from time to
time, the “Credit Agreement”), among the Borrower, the lenders from time to time
party thereto (collectively, the “Lenders” and individually, a “Lender”) and the
Administrative Agent.
 
The Borrower, the Lenders and the Administrative Agent have agreed to make
certain amendments to the Credit Agreement as set forth herein.
 
THEREFORE, in connection with the foregoing and for other good and valuable
consideration, the Borrower, the Lenders, and the Administrative Agent hereby
agree as follows:
 
Section 1. Definitions; References.  Unless otherwise defined in this Fourth
Amendment, each term used in this Fourth Amendment that is defined in the Credit
Agreement has the meaning assigned to such term in the Credit Agreement.
 
Section 2. Amendments to Credit Agreement.
 
(a) Section 1.01 of the Credit Agreement is hereby amended by adding the
following definition in appropriate alphabetical order:
 
“Fourth Amendment Effective Date” means November 2 2012.
 
(b) Section 1.01 of the Credit Agreement is hereby amended by replacing the
definition of “Revolving Credit Facility” in its entirety with the following:
 
“Revolving Credit Facility” means, at any time, the aggregate amount of the
Revolving Credit Lenders' Revolving Credit Commitments at such time.  The amount
of the Revolving Credit Facility as of the Fourth Amendment Effective Date is
$150,000,000; provided, that from and after November 30, 2012, the amount of the
Revolving Credit Facility shall be $125,000,000.
 
 
 
 

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(c) Section 1.01 of the Credit Agreement is hereby amended by replacing the
definition of “Revolving Credit/Swing Line Loan Sublimit” in its entirety with
the following:
 
“Revolving Credit/Swing Line Loan Sublimit” means an amount equal to the lesser
of (a) $100,000,000 and (b) the aggregate amount of the Revolving Credit
Commitments.
 
(d) Section 2.07 of the Credit Agreement is hereby amended by replacing clause
(b) thereof in its entirety with the following:
 
(b)           Mandatory.  On November 30, 2012, (a) the Revolving Credit
Facility shall be automatically and permanently reduced to $125,000,000 and (b)
the Borrower shall prepay (or caused to be prepaid) Revolving Credit Loans
and/or Swing Line Loans such that, after giving effect to such reduction of the
Revolving Credit Facility, the Total Revolving Credit Outstandings shall not
exceed the Revolving Credit Facility.  Such reduction of the Revolving Credit
Facility shall be applied to the Revolving Credit Commitment of each Revolving
Credit Lender according to its Applicable Revolving Credit Percentage.
 
(e) Section 2.09(a) of the Credit Agreement is hereby amended by replacing
subclause (iii) thereof in its entirety with the following:
 
(iii) each Swing Line Loan shall bear interest on the principal amount thereof
from time to time outstanding from the applicable borrowing date and until
repaid at a rate per annum equal to the Base Rate plus the Applicable Margin
applicable to Base Rate Loans.
 
(f) Section 7.05 of the Credit Agreement is hereby amended by replacing clause
(e) thereof in its entirety with the following:
 
(e)           Dispositions in connection with any sale and leaseback transaction
otherwise permitted hereunder in an amount not to exceed $15,000,000 in the
aggregate for any fiscal year;
 
(g) Section 7.11 of the Credit Agreement is hereby amended by replacing clause
(b) thereof in its entirety with the following:
 
(b)           Consolidated Leverage Ratio.  Permit the Consolidated Leverage
Ratio to be greater than the following amounts at any time during each of the
following corresponding periods:
 
Period
Ratio
For the fiscal quarter ending December 31, 2012
5.00 to 1.00
For the fiscal quarter ending March 31, 2013, and thereafter
3.75 to 1.00

From and including January 1, 2012 through and including June 30, 2012, no
maximum Consolidated Leverage Ratio shall be required except to the extent
described in Section 7.11(c) below.  From and including July 1, 2012 through and
including September 30, 2012, no maximum Consolidated Leverage Ratio shall be
applicable.
 
 
 

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(h) Exhibit D (Form of Compliance Certificate) to the Credit Agreement is hereby
deleted in its entirety and replaced with Exhibit D attached hereto.
 
(i) Schedule 2.01 (Commitments and Applicable Percentages) to the Credit
Agreement is hereby deleted in its entirety and replaced with Schedule 2.01
attached hereto.
 
Section 3. Representations and Warranties.  The Borrower represents and warrants
that (a) the execution, delivery, and performance of this Fourth Amendment by
each Loan Party are within the corporate or equivalent power and authority of
such Loan Party and have been duly authorized by all necessary corporate or
other organizational action, (b) this Fourth Amendment and the Credit Agreement,
as amended hereby, constitute legal, valid, and binding obligations of each Loan
Party that is a party hereto or thereto, enforceable against such Loan Party in
accordance with their terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
of general applicability affecting the enforcement of creditors’ rights and the
application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or law); (c) the
representations and warranties of the Borrower and each other Loan Party
contained in the Credit Agreement, as amended hereby, and in each Loan Document
are true and correct in all material respects as of the date of this Fourth
Amendment, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they were true and correct
in all material respects as of such earlier date; (d) no Default or Event of
Default exists under the Loan Documents; and (e) the Liens under the Security
Documents are valid and subsisting and secure the Obligations.
 
Section 4. Effect on Loan Documents.  Except as amended hereby, the Credit
Agreement and all other Loan Documents remain in full force and effect as
originally executed.  Nothing herein shall act as a waiver of any of the
Administrative Agent’s or any Lender’s rights under the Loan Documents as
amended, including the waiver of any Default or Event of Default, however
denominated.  The Borrower acknowledges and agrees that this Fourth Amendment
shall in no manner impair or affect the validity or enforceability of the Credit
Agreement.  This Fourth Amendment is a Loan Document for the purposes of the
provisions of the other Loan Documents.  Without limiting the foregoing, any
breach of representations, warranties, and covenants under this Fourth Amendment
may be a Default or Event of Default under the other Loan Documents.
 
Section 5. Effectiveness.  This Fourth Amendment shall become effective, and the
Credit Agreement shall be amended as provided for herein, upon the satisfaction
of the following conditions:
 
(a) the Administrative Agent (or its counsel) shall have received counterparts
hereof duly executed and delivered by a duly authorized officer of the Borrower,
each Subsidiary Guarantor, and by the Lenders whose consent is required to
effect the amendments contemplated hereby;
 
 
 

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(b) the Administrative Agent shall have received, or shall concurrently receive
(i) for the account of each Lender that has delivered an executed counterpart of
this Fourth Amendment to the Administrative Agent by November 1, 2012, a consent
fee equal to 25 basis points on the amount of such executing Lender's Revolving
Credit Commitment then in effect and aggregate outstanding Term Loans, and (ii)
for the account of the applicable Person, payment of all other fees payable in
connection with this Fourth Amendment; and
 
(c) if applicable, the Borrower shall have prepaid, or shall concurrently
prepay, outstanding Revolving Credit Loans and/or Swing Line Loans, such that
after giving effect thereto, the aggregate Outstanding Amount of all Revolving
Credit Loans plus the aggregate Outstanding Amount of all Swing Line Loans does
not exceed the Revolving Credit/Swing Line Loan Sublimit (after giving effect to
the reduction of such Revolving Credit/Swing Line Loan Sublimit on the effective
date of this Fourth Amendment).
 
Section 6. Reaffirmation of Subsidiary Guaranty and Security Documents.  By its
signature hereto, each Subsidiary Guarantor represents and warrants that (a)
such Subsidiary Guarantor has no defense to the enforcement of the Subsidiary
Guaranty, and that according to its terms the Subsidiary Guaranty will continue
in full force and effect to guaranty the Borrower’s obligations under the Credit
Agreement and the other amounts described in the Subsidiary Guaranty following
the execution of this Fourth Amendment and (b) the Liens created under the
Security Documents to which such Subsidiary Guarantor is a party are valid and
subsisting and will continue in full force and effect to secure the Borrower’s
obligations under the Credit Agreement and the other amounts described in such
Security Documents following the execution of this Fourth Amendment.
 
Section 7. Governing Law.  THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 
Section 8. Miscellaneous.  The miscellaneous provisions set forth in Article X
of the Credit Agreement apply to this Fourth Amendment.  This Fourth Amendment
may be signed in any number of counterparts, each of which shall be an original,
and may be executed and delivered electronically and by telecopier.
 
Section 9. ENTIRE AGREEMENT.  THIS FOURTH AMENDMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
 
[Signature pages follow.]
 
 

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EXECUTED as of the first date above written.
 

 
CAL DIVE INTERNATIONAL, INC.
     
By:
/s/ Brent Smith
 
Name:
Brent Smith
 
Title:
Vice President, CFO & Treasurer
       

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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CAL DIVE OFFSHORE CONTRACTORS, INC., a Delaware corporation
AFFILIATED MARINE CONTRACTORS, INC., a Delaware corporation
FLEET PIPELINE SERVICES, INC., a Delaware corporation
GULF OFFSHORE CONSTRUCTION, INC., a Delaware corporation
CDI RENEWABLES, LLC, a Delaware limited liability company
     
By:
/s/ Brent Smith
 
Name:
Brent Smith
 
Title:
Vice President, CFO & Treasurer
       

 
Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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BANK OF AMERICA, N.A., as Administrative Agent
     
By:
/s/ Michelle D. Diggs
 
Name:
Michelle D. Diggs
 
Title:
Agency Management Officer
       

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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BANK OF AMERICA, N.A.,
as a Lender, Swing Line Lender and L/C Issuer
     
By:
/s/ David Maiorella
 
Name:
David Maiorella
 
Title:
Senior Vice President
       

 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agent and Lender
     
By:
/s/ Robert Corder
 
Name:
Robert Corder
 
Title:
Director
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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BNP PARIBAS, as Co-Syndication Agent and Lender
     
By:
/s/ Christine Blanc-Leonard
 
Name:
Christine Blanc-Leonard
 
Title:
Head of Transportation Group Middle Office
     
By:
/s/ Paul Barnes
 
Name:
Paul Barnes
 
Title:
Managing Director
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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DNB NOR BANK ASA, as Co-Documentation Agent and Lender
     
By:
   
Name:
   
Title:
       
By:
 
 
Name:
   
Title:
   

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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NATIXIS, as Co-Documentation Agent and Lender
     
By:
/s/ Kenyatta Gibbs
 
Name:
Kenyatta Gibbs
 
Title:
Director
     
By:
/s/ Louis P. Laville  
Name:
Louis P. Laville  
Title:
Managing Director  

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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THE BANK OF NOVA SCOTIA, as a Lender
     
By:
/s/ J. Frazell
 
Name:
J. Frazell
 
Title:
Director
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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SCOTIABANC INC., as a Lender
     
By:
/s/ J.F. Todd
 
Name:
J.F. Todd
 
Title:
Managing Director
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
     
By:
/s/ Peter Hart
 
Name:
Peter Hart
 
Title:
Vice President
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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AMEGY BANK NATIONAL ASSOCIATION, as a Lender
     
By:
/s/ Brian Duncan
 
Name:
Brian Duncan
 
Title:
Senior Vice President
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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CAPITAL ONE, N.A., as a Lender
     
By:
/s/ Don Backer
 
Name:
Don Backer
 
Title:
Senior Vice President
 

Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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COMPASS BANK, as a Lender
     
By:
/s/ Stuart Murray
 
Name:
Stuart Murray
 
Title:
Senior Vice President
 

 
Signature Page to Amendment No. 4 to Credit Agreement
 
 
 

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EXHIBIT D
FORM OF COMPLIANCE CERTIFICATE
 
Financial Statement Date:  , ____________________________
 
To:           Bank of America, N.A., as Administrative Agent
 
Ladies and Gentlemen:
 
Reference is made to that certain Credit Agreement, dated as of April 26, 2011
(as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the "Agreement;" the terms defined therein being used herein
as therein defined) among Cal Dive International, Inc., a Delaware corporation
(the "Borrower"), the Lenders from time to time party thereto, and Bank of
America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.
 
The undersigned Responsible Officer hereby certifies as of the date hereof that
he/she is theof the Borrower, and that, as such, he/she is authorized to execute
and deliver this Certificate to the Administrative Agent on the behalf of the
Borrower, and that:
 
[Use following paragraph 1 for fiscal year-end financial statements]
 
[Attached hereto as Schedule 1][Filed with the Borrower's Form 10-K for the year
ended ___________, 20__ and delivered in accordance with Section 6.01 of the
Agreement] are the year-end audited financial statements required by
Section 6.01(a) of the Agreement for the fiscal year of the Borrower, ended as
of the above date, together with the report and opinion of an independent
certified public accountant required by such section.
 
[Use following paragraph 1 for fiscal quarter-end financial statements]
 
[Attached hereto as Schedule 1][Filed with the Borrower's  Form 10-Q for the
quarter ended ___________, 20__ and delivered in accordance with Section 6.01 of
the Agreement] are the unaudited financial statements required by
Section 6.01(b) of the Agreement for the fiscal quarter of the Borrower, ended
as of the above date.  Such financial statements fairly present the financial
condition, results of operations and cash flows of the Borrower and its
Subsidiaries in accordance with GAAP as at such date and for such period,
subject only to normal year-end audit adjustments and the absence of footnotes.
 
The undersigned is familiar with the terms of the Agreement and has made, or has
caused to be made under his/her supervision, a review of the transactions and
condition (financial or otherwise) of the Borrower and its Subsidiaries during
the accounting period covered by the attached financial statements with a view
to determine whether during such fiscal period the Borrower performed and
observed all its Obligations under the Loan Documents, and
 
 
 

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[select one:]
 
[to the best knowledge of the undersigned during such fiscal period, the
Borrower performed and observed each covenant and condition of the Loan
Documents applicable to it, and no Default has occurred and is continuing.]
 
--or--
 
[to the best knowledge of the undersigned during such fiscal period, the
following covenants or conditions have not been performed or observed and the
following is a list of each such Default and its nature and status:]
 
The representations and warranties of the Borrower contained in Article V of the
Agreement, and any representations and warranties of the Borrower that are
contained in any document furnished at any time under or in connection with the
Loan Documents, are true and correct in all material respects on and as of the
date hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
in all material respects as of such earlier date, and except that for purposes
of this Compliance Certificate, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b)
respectively, of Section 6.01 of the Agreement, including the statements in
connection with which this Compliance Certificate is delivered.
 
The financial covenant analyses and information set forth on Schedules 2 and 3
attached hereto are true and accurate on and as of the date of this Certificate.
 
IN WITNESS WHEREOF, the undersigned has executed this Certificate as
of    __________, ________________.
 
CAL DIVE INTERNATIONAL, INC.
 
 
By:
 
Name:
 
Title:
 

Exhibit D to Amendment No. 4 to Credit Agreement
 
 

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For the Quarter/Year ended ___________________("Statement Date")
SCHEDULE 2
 
to the Compliance Certificate
($ in 000's)
 
I.
Section 7.11(a) – Consolidated Fixed Charge Coverage Ratio.
     
A.
Consolidated EBITDA (including 3Q & 4Q 20121
       
permitted severance costs) for the relevant period
       
as shown on Schedule 3 hereto:
$
             
B.
Consolidated EBITDA (excluding 3Q & 4Q 2012
       
permitted severance costs) for the relevant period
       
as shown on Schedule 3 hereto:
$
             
C.
Maintenance Capital Expenditures for such period:
$
             
D.
Cash Taxes paid during such period:
$
             
E.
Aggregate principal amount of all scheduled principal
       
payments or redemptions or similar acquisitions for value
       
of outstanding debt for borrowed money for such period:
$
             
F.
Scheduled interest payments for such period:
$
             
G.
Consolidated Fixed Charge Coverage Ratio2
       
(Line I.A – Line I.C – Line I.D) ¸ (Line I.E + Line I.F):
   ____ to 1.00                
Minimum Required for each fiscal quarter ending
       
September 30, 2012 and thereafter:
 
1.25 to 1.00
             
H.
Consolidated Fixed Charge Coverage Ratio3
       
(Line I.B – Line I.C – Line I.D) ¸ (Line I.E + Line I.F):
 
____ to 1.00
II.
Section 7.11(b) – Consolidated Leverage Ratio.
     
A.
Consolidated Funded Indebtedness at Statement Date:4
$
             
B.
    Consolidated EBITDA (including 3Q & 4Q 2012
       
permitted severance costs)  for four consecutive fiscal
       
quarters ending on the Statement Date as set forth on
       
Schedule 3 hereto:
$
             
C.
    Consolidated EBITDA (excluding 3Q & 4Q 2012
       
permitted severance costs) for four consecutive fiscal
       
quarters ending on the Statement Date as set forth on
       
Schedule 3 hereto:
$
             
D.
    +/- adjustments to EBITDA for
       
Acquisitions/Material Dispositions:
$
             
E.
Consolidated Leverage Ratio5
            (Line II.A) ¸ (Line II.B +/- Line II.D):    ____ to 1.00            
 
    Maximum permitted:6
       
On December 31, 2012
 
5.00 to 1.00
             
Thereafter:
 
3.75 to 1.00
           
F.
Consolidated Leverage Ratio7
       
(Line II.A) ¸ (Line II.C +/- Line II.D):
 
____ to 1.00

 
 
 

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III.
Section 7.11(d) – Collateral Coverage Sublimit.
               
A.
80% of the net orderly liquidation value of each
       
Mortgaged Vessel (per the most recent appraisal):
$
 

           
B.
80% of accounts receivable as of the A/R Determination
       
Date immediately preceding the Statement Date:
$
             
C.
Outstanding Amount of Term Loans as of Statement Date:
$
             
D.
Outstanding Amount of Revolving Credit Loans
       
as of Statement Date:
$
             
E.
Outstanding Amount of Swing Line Loans
       
as of Statement Date:
$
             
F.
Outstanding Amount of L/C Obligations
       
as of Statement Date:
$
             
G.
Aggregate Outstanding Amount
       
(Line III.D + Line III.E + Line III.F):
$
               
Maximum Permitted
       
(Line III.A + Line III.B – Line III.C):
$
           
IV.
Section 7.12 -- Capital Expenditures.
               
A.
Capital Expenditures made during fiscal
       
year to date8:
$
             
B.
Maximum permitted Capital Expenditures
       
during the fiscal year ending 2011:
$
65,000,0009
           
C.
Maximum permitted Capital Expenditures
       
during each fiscal year thereafter:
$
50,000,00010
               
$
200,000,00011
 
D.
Amount permitted to be carried over
       
from prior year:12
$
             
E.
Excess (deficit) for covenant compliance
                 
For the fiscal year ending 2011
       
(Line IV.B – IV.A):
$
               
For each fiscal year thereafter
       
(Line IV.C +Line IV.D – IV.A):
$
           

 

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1 For purposes of calculating the Consolidated Fixed Charge Coverage Ratio for
(A) the fiscal quarter ending September 30, 2012, the relevant calculation
period shall be the sixth month period ending on such date, (B) the fiscal
quarter ending December 31, 2012, the relevant calculation period shall be the
nine month period ending on such date, and (C) any fiscal quarter ending
thereafter, the relevant calculation period shall be the twelve month period
ending on such date.
 
2 This calculation is to be used only for purposes of calculating compliance
under Section 7.11(a) of the Agreement.
 
3 This calculation is to be used for all purposes other than calculating
compliance under Section 7.11(a) of the Agreement, including without limitation
determining achievement of the Financial Covenant Compliance Date.
 
4 For purposes of determining “Consolidated Funded Indebtedness”, the
outstanding principal amount of any Qualified Convertible Indebtedness and
Refinanced Qualified Convertible Indebtedness on such date shall be excluded
from such determination.
 
 

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5 This calculation is to be used only for purposes of calculating compliance
under Section 7.11(b) of the Agreement.
 
6 From and including July 1, 2012 through and including September 30, 2012, no
maximum Consolidated Leverage Ratio shall be applicable.
 
7 This calculation is to be used for all purposes other than calculating
compliance under Section 7.11(b) of the Agreement, including without limitation
determination of the Applicable Margin, achievement of the Financial Covenant
Compliance Date, and pro forma calculations in connection with Acquisitions
pursuant to Section 7.02(h) of the Agreement.
 
8 Line IV.A excludes all Capital Expenditures made during fiscal year to date
for assets acquired, constructed, improved, enlarged, developed, re-constructed
or repaired with proceeds from a Recovery Event or Asset Disposition within 365
days after the receipt of the applicable Net Cash Proceeds in accordance with
the Agreement, to the extent of such proceeds.  Line IV.A also excludes all
Maintenance Capital Expenditures for the fiscal year ending December 31, 2011
and each fiscal year thereafter prior to the fiscal year in which the Financial
Covenant Compliance Date occurs.
 
9 For any fiscal year prior to the fiscal year in which the Financial Covenant
Compliance Date occurs and excluding Maintenance Capital Expenditures.
 
10 For any fiscal year prior to the fiscal year in which the Financial Covenant
Compliance Date occurs and excluding Maintenance Capital Expenditures.
 
11 For the fiscal year in which the Financial Covenant Compliance Date occurs
and each fiscal year thereafter and including Maintenance Capital Expenditures.
 
12 Carry-forward permitted only for fiscal years occurring after the fiscal year
in which the Financial Covenant Compliance Date occurs.

Exhibit D to Credit Agreement
 
 

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For the Quarter/Year ended ___________________("Statement Date")
SCHEDULE 3
 
to the Compliance Certificate
($ in 000's)
 
Consolidated EBITDA
(in accordance with the definition of Consolidated EBITDA
as set forth in the Agreement)
 
Consolidated
EBITDA
 
Quarter
Ended
__________
 
Quarter
Ended
__________
 
Quarter
Ended
__________
 
Quarter
Ended
__________
Twelve
Months
Ended
__________
Consolidated
Net Income
         
+ Consolidated Interest Charges
         
+ income taxes
         
+ depreciation expense
         
+ amortization expense
         
+ non-recurring non-cash charges or losses13
         
+ non-capitalized transaction costs of Transaction
         
+ non-cash stock-based compensation
         
+ permitted severance costs14
         
+ 3Q & 4Q 2012 permitted severance costs15
         
- non-recurring non-cash items16
         
- net income from non Subsidiaries (to extent included in Consolidated Net
Income)
         
+ cash dividends and distributions from non Subsidiaries
         
+/- adjustments to EBITDA for non Wholly Owned Subsidiaries
         
= Consolidated EBITDA (including 3Q & 4Q 2012 permitted severance costs)
         
= Consolidated EBITDA (excluding 3Q & 4Q 2012 permitted severance costs)
         

 

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13 Excluding, for any fiscal quarter ending on or after September 30, 2011, any
charges or losses (whether cash or non-cash) resulting from the Disposition of
any asset of the Borrower or any Subsidiary.
 
14 Permitted severance costs include: $400,000 for the fiscal quarter ending
March 31, 2011, $600,000 for the fiscal quarter ending June 30, 2011, $2,500,000
for the fiscal quarter ending September 30, 2011 and $300,000 for the fiscal
quarter ending December 31, 2011.
 
15 3Q & 4Q 2012 permitted severance costs are to be added back in calculating
Consolidated EBITDA only for purposes of calculating compliance with Section
7.11(a) and (b) of the Agreement, and include: (1) for the fiscal quarter ending
September 30, 2012, the lesser of actual severance costs for such fiscal quarter
and $2,500,000, and (2) for the fiscal quarter ending December 31, 2012, the
lesser of actual severance costs for such fiscal quarter and the difference of
$2,500,000 minus all severance costs added back pursuant to the preceding clause
(1).
 
16 Excluding, for any fiscal quarter ending on or after September 30, 2011, any
items (whether cash or non-cash) resulting from the Disposition of any asset of
the Borrower or any Subsidiary.

Exhibit D to Credit Agreement
 
 

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SCHEDULE 2.01

COMMITMENTS AND APPLICABLE PERCENTAGES
 
As of the Fourth Amendment Effective Date:
 
Lender
Revolving Credit Commitment
Pro Rata Share
(Revolving)
Pro Rata Share (Term)
Bank of America, N.A.
$23,333,333.33
15.555555553%
15.555555553%
Wells Fargo Bank, National Association
$23,333,333.33
15.555555553%
15.555555553%
BNP Paribas
$21,666,666.67
14.444444447%
14.444444447%
Natixis
$16,666,666.67
11.111111113%
11.111111113%
DnB NOR Bank, ASA
$16,666,666.67
11.111111113%
11.111111113%
Bank of Nova Scotia
$13,333,333.34
8.888888893%
--------------------
Scotiabanc Inc
--------------------
--------------------
8.888888893%
Capital One, N.A.
$10,000,000.00
6.666666667%
6.666666667%
HSBC Bank USA, National Association
$8,333,333.33
5.555555553%
5.555555553%
Compass Bank
$8,333,333.33
5.555555553%
5.555555553%
Amegy Bank National Association
$8,333,333.33
5.555555553%
5.555555553%
Total
$150,000,000
100.000000000%
100.000000000%

From and after November 30, 2012:
 
Lender
Revolving Credit Commitment
Pro Rata Share
(Revolving)
Pro Rata Share (Term)
Bank of America, N.A.
$19,444,444.44
15.555555553%
15.555555553%
Wells Fargo Bank, National Association
$19,444,444.44
15.555555553%
15.555555553%
BNP Paribas
$18,055,555.56
14.444444447%
14.444444447%
Natixis
$13,888,888.89
11.111111113%
11.111111113%
DnB NOR Bank, ASA
$13,888,888.89
11.111111113%
11.111111113%
Bank of Nova Scotia
$11,111,111.12
8.888888893%
--------------------
Scotiabanc Inc
--------------------
--------------------
8.888888893%
Capital One, N.A.
$8,333,333.33
6.666666667%
6.666666667%
HSBC Bank USA, National Association
$6,944,444.44
5.555555553%
5.555555553%
Compass Bank
$6,944,444.44
5.555555553%
5.555555553%
Amegy Bank National Association
$6,944,444.44
5.555555553%
5.555555553%
 Total $125,000,000 100.000000000%  100.000000000%        

 
 

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