Exhibit
10.1





Conformed







 


AMENDMENT
NO. 2 TO


amended
and restated CREDIT AGREEMENT


 


This Amendment No.
2 to Amended and Restated Credit Agreement (this “Amendment”), dated as of April 14, 2020, is made by
and among LYONDELLBASELL INDUSTRIES N.V., a naamloze vennootschap (a public limited liability company) formed under
the laws of The Netherlands (the “Company”), LYB AMERICAS FINANCE COMPANY LLC, a Delaware limited
liability company (the “Co-Borrower”, and together with the Company, the “Borrowers”),
BANK OF AMERICA, N.A., a national banking association organized and existing under the laws of the United States (“Bank
of America”), in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement) (in such
capacity, the “Administrative Agent”), and each of the Lenders signatory hereto.


 


W I
T N E S S E T H:


 


WHEREAS, each
of the Company, the Co-Borrower, the Administrative Agent, and the Lenders have entered into that certain Amended and Restated
Credit Agreement dated as of June 5, 2014 (as amended by the certain Amendment No. 1 to Amended and Restated Credit Agreement dated
as of June 3, 2016, and as further amended, modified, supplemented, extended, restated, or amended and restated, the “Credit
Agreement”; capitalized terms used in this Amendment not otherwise defined herein shall have the respective meanings
given thereto in the Credit Agreement as amended hereby); and


 


WHEREAS, the
Borrowers have requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement in certain respects;
and


 


WHEREAS, the
Administrative Agent and the Lenders party hereto, which constitute the Required Lenders, are willing to amend the Credit Agreement
as set forth below on the terms and conditions contained in this Amendment;


 


NOW, THEREFORE,
in consideration of the premises herein and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:


 


1.                  
Amendments to Credit Agreement. Subject to the terms and conditions set forth herein:


 


(a)               
Section 1.01 of the Credit Agreement shall be amended by adding the following two defined terms, in alphabetical
order, as set forth below:


 


““Liquidity”
means, as of any date of determination, the sum of (a) Unrestricted Net Cash as of such date, plus (b) the aggregate USD
Commitments available to be drawn by the Borrowers under the terms hereof (including the satisfaction of the conditions precedent
set forth in Section 3.02(a) and (b)) as of such date, plus (c) the aggregate U.S. Dollar Equivalent of EUR
Commitments available to be drawn by the Company under the terms hereof (including the satisfaction of the conditions precedent
set forth in Section 3.02(a) and (b)) as of such date, plus (d) the aggregate commitments available to be
drawn by the Company or any Subsidiary under all Qualified Receivables Financings as of such date, minus (e) Indebtedness
of each Borrower in respect of any commercial paper outstanding as of such date. For purposes of this definition, the amount of
any cash or cash equivalents denominated in any currency other than U.S. Dollars as of any date of determination shall be the equivalent
in U.S. Dollars of such amount, as calculated by the Company based on an applicable currency exchange rate as of such date.”


 






     


     


    

 


““Unrestricted
Net Cash” means, as of any date of determination, the sum of (a) 100% of the unrestricted cash and cash equivalents,
free of any Liens securing Indebtedness for borrowed money (excluding Indebtedness in respect of a Qualified Receivables Financing)
or direct or contingent obligations arising under letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds and similar instruments, held in the United States by the Company and its Subsidiaries as of such
date, plus (b) 95% of the unrestricted cash and cash equivalents, free of any Liens securing Indebtedness for borrowed money
(excluding Indebtedness in respect of a Qualified Receivables Financing) or direct or contingent obligations arising under letters
of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments,
held outside of the United States by the Company and its Subsidiaries as of such date, minus (c) $300,000,000; provided,
however, that in no event shall the sum of Unrestricted Net Cash be less than zero.”


 


(b)               
The definition of “Leverage Ratio” in Section 1.01 of the Credit Agreement shall be amended by deleting
the term “Total Funded Debt” appearing therein and replacing such term with “Total Net Funded Debt” in
lieu thereof.


 


(c)               
The definition of “Restricted Payment” in Section 1.01 of the Credit Agreement shall be amended and restated
so that, after giving effect to this Amendment, “Restricted Payment” shall read in its entirety as set forth below:


 


““Restricted
Payment” means (a) any payment of any dividends on or any other distributions in respect of any class or series of Capital
Stock of the Company and (b) the direct or indirect purchase, redemption, or other acquisition or retirement of any of the Capital
Stock of the Company or any warrants, options, or similar instruments to acquire the same.”


 


(d)               
The definition of “Total Funded Debt” in Section 1.01 of the Credit Agreement shall be deleted and replaced
with the following definition of “Total Net Funded Debt”:


 


““Total
Net Funded Debt” means, as of any date of determination, the sum, without duplication, of (a) Indebtedness of the type
set forth in clauses (a)(i) through (iv) and, to the extent it relates to Indebtedness of the foregoing types, clauses
(b) and (c) of the definition thereof, of the Company and its Subsidiaries as of such date, if and to the extent such
Indebtedness would appear as a liability upon the consolidated balance sheet (excluding the footnotes thereto) of the Company and
its Subsidiaries prepared in accordance with GAAP, minus (b) Unrestricted Net Cash as of such date.”


 


(e)               
Section 5.12 of the Credit Agreement shall be amended and restated so that, after giving effect to this Amendment,
Section 5.12 shall read in its entirety as set forth below:


 


“Section
5.12 Dividends and Certain Other Restricted Payments. (a) The Company will not declare or make any Restricted Payment of
the type described in clause (a) of the definition thereof (other than a dividend payable solely in Capital Stock of the
Company) (i) at any time an Event of Default exists or (ii) at any time that Liquidity is less than $1,000,000,000; and (b) the
Company will not, nor will permit any of its Subsidiaries to, directly or indirectly make any Restricted Payments of the type described
in clause (b) of the definition thereof (i) at any time an Event of Default exists or (ii) at any time that Liquidity is
less than $2,000,000,000; provided, however, that the foregoing shall not operate to prevent the making of dividends
or distributions within 60 days after their declaration by the Company, if at the declaration date thereof, the declaration of
such Restricted Payment was permitted by the foregoing clause (a).”


 






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(f)                
Schedule 9.07 of the Credit Agreement shall be amended by amending and restating the US Taxpayer ID of the Co-Borrower
set forth therein to read as follows:


 


“US Taxpayer
ID: 75-3260806”


 


2.                  
Effectiveness; Conditions Precedent. This Amendment and the amendments to the Credit Agreement provided in Section 1
hereof shall be effective as of the date first written above upon the satisfaction of the following conditions precedent:


 


(a)               
the Administrative Agent shall have received counterparts of this Amendment, duly executed by each Borrower, the Administrative
Agent and the Lenders constituting the Required Lenders, which counterparts may be delivered by telefacsimile or other electronic
means (including .pdf); and


 


(b)               
(i) the Borrowers shall have paid any fees in U.S. Dollars required to be paid on date hereof pursuant to that certain Engagement
Letter dated as of April 7, 2020 by and among the Borrowers, Bank of America and BofA Securities, Inc. (as successor to Merrill
Lynch, Pierce, Fenner & Smith Incorporated); and (ii) to the extent the Borrowers have received an invoice therefor no later
than 12:00 noon one (1) Business Day prior to the date hereof, all other reasonable fees and expenses incurred or payable in connection
with the execution and delivery of this Amendment (including the reasonable fees and expenses of counsel to the Administrative
Agent) required to be reimbursed or paid by the Borrowers pursuant to Section 9.12(a)(i) of the Credit Agreement shall have
been paid in full.


 


3.                  
Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment,
each Borrower represents and warrants to the Administrative Agent and the Lenders as follows:


 


(a)               
The representations and warranties made by each Borrower in Article IV of the Credit Agreement and the other Loan
Documents are true and correct in all material respects on and as of the date hereof (except that any representation and warranty
that is qualified by materiality shall to the extent so qualified be true and correct in all respects), except to the extent that
such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date (except that any representation and warranty that is qualified
by materiality shall to the extent so qualified be true and correct in all respects), except that the representations and warranties
contained Section 4.04 shall be deemed to refer to the most recent statements furnished pursuant to clause (b) of
Section 5.01;


 


(b)               
This Amendment has been duly authorized, executed and delivered by each Borrower and constitutes a legal, valid and binding
obligation of such parties, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally
affecting the rights of creditors, and subject to equitable principles of general application; and


 


(c)               
After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing, or would result from
the effectiveness of this Amendment.


 






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4.                  
Entire Agreement. This Amendment, together with all the Loan Documents (collectively, the “Relevant Documents”),
sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes
any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied
on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly
stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party
to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed,
modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 9.10 of the Credit Agreement.
This Agreement shall constitute a “Loan Document” under and as defined in the Credit Agreement.


 


5.                  
Full Force and Effect of Credit Agreement. Except as hereby specifically amended, waived, modified or supplemented,
the Credit Agreement is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according
to its respective terms.


 


6.                  
Governing Law. This Amendment shall in all respects be governed by, and construed in accordance with, the laws of
the State of New York, and shall be further subject to the provisions of Sections 9.21 and 9.22 of the Credit Agreement.


 


7.                  
Enforceability. Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable
as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.


 


8.                  
References. All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit
Agreement, as amended hereby.


 


9.                  
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of each Borrower, the Administrative
Agent and each of the Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees
are permitted assignees as provided in Section 9.09 of the Credit Agreement.


 


10.              
No Novation. Neither the execution and delivery of this Amendment nor the consummation of any other transaction contemplated
hereunder is intended to constitute a novation of the Credit Agreement or of any of the other Loan Documents or any obligations
thereunder.


 


11.              
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery
of an executed counterpart of a signature page of this Amendment by telecopy or other electronic means (including .pdf) shall be
effective as delivery of a manually executed counterpart of this Amendment. The
words “execution”, “signed”, “signature”, and words of like import in this Amendment shall
be deemed to include electronic signatures and digital copies of a signatory's manual signature, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the
Uniform Electronic Transactions Act.


 


[Signature pages follow.]


 






    4


     


    

 


IN WITNESS WHEREOF,
the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day
and year first above written.


  


	 	COMPANY:
	 	 
	 	LYONDELLBASELL INDUSTRIES N.V.
	 	 
	 	By:	 /s/ Michael C. McMurray
	 	Name:	Michael C. McMurray
	 	Title:	CFO & Authorized Attorney
	 	 
	 	CO-BORROWER:
	 	 
	 	LYB AMERICAS FINANCE COMPANY LLC
	 	 
	 	By:	/s/ Anuj H. Dhruv
	 	Name:	Anuj H. Dhruv
	 	Title:	Assistant Treasurer




  



     


     


    




 


	 	BANK OF AMERICA, N.A, as
    Administrative Agent
	 	
	 	By:	/s/ Maurice Washington
	 	Name:	Maurice Washington
	 	Title:	Vice President
	 	
	 	BANK OF AMERICA, N.A.,
	 	as a Lender, as L/C Issuer, and as Swing Line Lender
	 	
	 	By:	/s/ Mukesh Singh
	 	Name:	Mukesh Singh
	 	Title:	 Director
	 	
	 	CITIBANK, N.A., as
    a Lender and as L/C Issuer
	 	
	 	By:	/s/ Michael Vondriska
	 	Name:	 Michael Vondriska
	 	Title:	 Vice President
	 	
	 	DEUTSCHE BANK AG NEW YORK
	 	BRANCH, as
    a Lender and as L/C Issuer
	 	
	 	By:	/s/ Ming K. Chu
	 	Name:	Ming K. Chu
	 	Title: Director
	 	
	 	By:	/s/ Annie Chung
	 	Name:	Annie Chung
	 	Title:	 Director
	 	
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as
    a Lender
	 	
	 	By:	/s/ Judy Smith
	 	Name:	 Judy Smith
	 	Title:	Authorized Signatory
	 	
	 	By:	/s/ Brady Bingham
	 	Name:	Brady Bingham
	 	Title:	Authorized Signatory






 





LyondellBasell Industries N.V.


Amendment No. 2 to Amended and Restated
Credit Agreement


Signature Page


 







 






     


     


    

	 	 
	 	
	 	HSBC BANK USA, NATIONAL ASSOCIATION, as
    a Lender
	 	
	 	By: 	/s/ Adam Hendley
	 	Name: 	Adam Hendley
	 	Title:	 Managing Director
	 	
	 	JPMORGAN CHASE BANK, N.A., as a Lender
	 	
	 	By: 	/s/ Peter S. Predun
	 	Name: 	Peter S. Predun
	 	Title:	 Executive Director
	 	
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
	 	
	 	By:	 /s/ Nathan R. Rantala
	 	Name:	 Nathan R. Rantala
	 	Title: 	Managing Director
	 	
	 	BARCLAYS BANK PLC, as a Lender
	 	
	 	By: 	/s/ Sydney G. Dennis
	 	Name: 	Sydney G. Dennis
	 	Title: 	Director
	 	
	 	MORGAN STANLEY BANK, N.A., as a Lender
	 	
	 	By: 	/s/ Jake Dowden
	 	Name: 	Jake Dowden
	 	Title: 	Authorized Signatory
	 	
	 	MIZUHO BANK, LTD., as a Lender
	 	
	 	By: 	/s/ Donna DeMagistris
	 	Name:	 Donna DeMagistris
	 	Title: 	Authorized Signatory



 


LyondellBasell Industries N.V.


Amendment No. 2 to Amended and Restated
Credit Agreement


Signature Page



 






     


     


    

 





	 	THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender
	 	 
	 	By:	/s/ Joe Lattanzi
	 	Name:	Joe Lattanzi
	 	Title:	Managing Director
	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION, as a Lender
	 	 
	 	By:	 /s/ Jun Ashley
	 	Name:	Jun Ashley
	 	Title:	Director
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as
    a Lender
	 	 
	 	By:	/s/ Andrea Kinnik
	 	Name:	Andrea Kinnik
	 	Title:	Senior Vice President
	 	 
	 	MUFJ BANK, LTD., as a Lender
	 	 
	 	By:	 /s/ Victor Pierzchalski
	 	Name:	Victor Pierzchalski
	 	Title:	Authorized Signatory










 


LyondellBasell Industries N.V.


Amendment No. 2 to Amended and Restated
Credit Agreement


Signature Page



 






     


     


    

	 	 
	 	
	 	THE BANK OF NEW YORK MELLON, as
    a Lender
	 	
	 	By: 	/s/ William M. Feathers
	 	Name:	 William M. Feathers
	 	Title: 	Director
	 	
	 	ING BANK N.V., as a Lender
	 	
	 	By: 	/s/ D. Wagemaker
	 	Name:	 D. Wagemaker
	 	Title:	 Director
	 	
	 	By:	 /s/ W.J.S.A van de Noort
	 	Name: 	W.J.S.A van de Noort
	 	Title: 	Director
	 	
	 	UNICREDIT BANK AG, as a Lender
	 	
	 	By: 	/s/ Simone Faber
	 	Name:	 Simone Faber
	 	Title: 	Director
	 	
	 	By: 	/s/ Carl-Josef Schulte
	 	Name: 	Carl-Josef Schulte
	 	Title: 	Managing Director
	 	
	 	BANK OF CHINA, NEW YORK BRANCH, as a Lender
	 	
	 	By: 	/s/ Raymond Qiao
	 	Name: 	Raymond Qiao
	 	Title: 	Executive Vice President
	 	
	 	
	 	THE NORTHERN TRUST COMPANY, as a Lender
	 	
	 	By: 	/s/ Keith Burson
	 	Name: 	Keith Burson
	 	Title:	 Senior Vice President







 


LyondellBasell Industries N.V.

 Amendment No. 2 to Amended and Restated Credit Agreement 

Signature Page