Document:

Exhibit 4.49

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”) is made as of December 22, 2011 by and among TAL International Container Corporation, as Borrower (the “Borrower”), Fortis Bank SA/NV, New York Branch , as loan servicer and collateral agent (“Agent”), and such of the lenders (the “Lenders”) under the Credit Agreement (as defined below) as shall constitute the “Majority Lenders” (as such term is defined in the Credit Agreement).  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

WHEREAS, the Borrower, the Agent and the Lenders are party to that certain Credit Agreement dated as of July 31, 2006 (as amended prior to the date hereof, the “Credit Agreement”);

 

WHEREAS, the Borrower has requested that the Agent and the Majority Lenders enter into this Amendment to modify certain provisions of the Credit Agreement; and

 

WHEREAS, the Agent and the Majority Lenders are willing to make such modifications upon the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

Section 1.                                            Modifications to Credit Agreement.  Effective as of the Effective Date (defined below), the Credit Agreement is hereby modified as follows:

 

(a)                                  All references in the Credit Agreement to the “Swing Line Credit Agreement” are hereby deleted, as is the definition thereof.

 

(b)                                 Section 1.1 is hereby amended to replace the definition of “Bank Facility Credit Agreement” to read in its entirety as follows:

 

“Bank Facility Credit Agreement.  That certain Amended and Restated Credit Agreement dated on or about November 30, 2011 among the Borrower, The Royal Bank of Scotland plc, as administrative agent and collateral agent, RBS Securities Inc., as sole arranger, and the lenders party thereto from time to time (as such agreement may be amended, supplemented, restated, replaced or refinanced from time to time, but subject to Section 1.2(h) hereof), together with the “Loan Documents” (as defined therein).

 

(c)                                  In Section 1.1, the definition of “Refinancing Indebtedness” is hereby modified to delete the internal reference to clause “(xii)” of Section 9.4.

 

(d)                                 Section 9.4(xii) is hereby amended to read in its entirety as follows:

 

 

“(xii)                       Indebtedness incurred in connection with a Permitted Securitization (and any amendment, supplement, restatement, replacement or refinancing thereof) or pursuant to the Bank Facility Credit Agreement (and any amendment, supplement, restatement, replacement or refinancing thereof that does not increase the maximum principal amount thereunder to more than $150,000,000.00);”

 

(e)                                  Section 9.3(xiv) is hereby amended to read in its entirety as follows:

 

“(xiv)                   Liens incurred in connection with a Permitted Securitization or pursuant to the Bank Facility Credit Agreement; and”

 

Section 2.                                            Representations and Warranties.  The Borrower hereby represents and warrants to each other party hereto as of the Effective Date that:

 

(a)                                  It is duly organized and validly existing under the laws of the jurisdiction of its organization and in good standing (or its equivalent), except where the failure to be so duly organized, validly existing and in good standing, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, and it is duly qualified to do business in each jurisdiction where the failure to do so would have a material adverse effect upon its financial condition and business;

 

(b)                                 It has the power, and is duly authorized, to execute and deliver this Amendment, and it is authorized to perform its obligations under this Amendment;

 

(c)                                  The execution, delivery and performance of this Amendment does not and will not require any consent or approval of any Governmental Authority or any other Person which has not already been obtained or is being obtained herein;

 

(d)                                 This Amendment, when duly executed and delivered by the parties hereto, shall be the legal, valid and binding obligations of the Borrower and the Guarantor (as applicable), enforceable against the Borrower and the Guarantor (as applicable) in accordance with the terms set forth herein;

 

(e)                                  No Default or Event of Default has occurred and is continuing and no Default or Event of Default shall occur as a result of the execution, delivery and performance of this Amendment; and

 

(f)                                    It hereby confirms that each of the conditions precedent to this Amendment to the Credit Agreement has been, or contemporaneously with the execution of this Amendment will be, satisfied.

 

3.                                       Effectiveness of Amendment.  The modifications to the Credit Agreement provided for herein shall become effective on the first date (the “Effective Date”) on which each of the following conditions shall be satisfied:

 

 

(a)                                  the Agent (or its counsel) shall have received from (i) the Borrower, (ii)  and Lenders constituting the Majority Lenders, either (A) counterparts of this Amendment signed on behalf of such parties or (B) written evidence satisfactory to the Agent (which may include facsimile or other electronic transmissions of signed signature pages) that such parties have signed counterparts of this Amendment;

 

(b)                                 the Agent shall have received such documents and certificates as the Agent or its counsel may reasonably have requested relating to the organization, existence and good standing of the Borrower, the authorization of the transactions contemplated hereby and any other legal matters relating to the Borrower, the Loan Documents or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Agent.

 

(c)                                  the representations and warranties of the Borrower set forth in Section 2 hereof shall be true and correct on and as of the Effective Date.

 

Section 4.  Effect of Amendment.  On and after the execution and delivery hereof, as of the Effective Date, (i) this Amendment shall become a part of the Credit Agreement and (ii) each reference in the Credit Agreement and the other Loan Documents to “this Agreement”, or “hereof”, “hereunder” or words of like import, and each reference in any other document to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended or modified hereby.  Each party hereto agrees and acknowledges that this Amendment constitutes a “Loan Document” under the Credit Agreement.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Agent or the Lenders under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which, as amended, supplemented or otherwise modified hereby, are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.

 

Section 5.                                            Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on 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 telecopy or email shall be effective as delivery of a manually executed counterpart of this Amendment.

 

Section 6.                                            Governing Law; Severability.  THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.  IF ANY PROVISION OF THIS AMENDMENT IS DEEMED INVALID, IT

 

 

SHALL NOT AFFECT THE BALANCE OF THIS AMENDMENT.  THIS AMENDMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK.

 

Section 7.                                            Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 

[signatures appear on the following pages]

 

 

	
 
    	
TAL   INTERNATIONAL CONTAINER CORPORATION, as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:   Jeffrey Casucci
    
	
 
    	
Title:   Vice President, Treasurer
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
FORTIS   BANK SA/NV, NEW YORK BRANCH, as Loan Servicer and Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
FORTIS   BANK SA/NV, NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
DVB   BANK N.V., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
ING   BANK, N.V., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to Credit AgreementExhibit 10.7

 

	
FLUOR CORPORATION AND   SUBSIDIARIES
    
	
Policy Manual
    
	
 
    
	
Section:
    	
Human   Resources
    	
Effective:
    	
02/02/2012
    
	
 
    	
 
    	
 
    	
 
    
	
Directive:
    	
MPE-HR-005
    	
Supersedes:
    	
06/01/07
    
	
 
    	
 
    	
 
    	
 
    
	
Subject:
    	
Executive   Severance Policy
    	
Last   Review:
    	
02/02/2012
    
	
 
    	
 
    	
 
    	
 
    
	
Applies   To:
    	
Fluor   Corporation and Subsidiaries
    	
 
    	
 
    

 

PURPOSE

 

The purpose of this Executive Severance Policy is to provide severance compensation to eligible executives of Fluor Corporation and designated subsidiaries who leave the Company, depending on the circumstances and conditions leading to termination.  It is intended that the provisions of the Policy comply with the exclusion from Section 409A of the U.S. Internal Revenue Code for so-called short-term deferrals, and all provisions of the Policy will be construed and interpreted in a manner consistent with the requirements for avoiding taxes and penalties under Section 409A.

 

ELIGIBILITY

 

Individuals who are eligible are executives of Fluor Corporation and designated subsidiaries actively at work who are participants in the Fluor Corporation and Subsidiaries 2008 Executive Performance Incentive Plan (or any successor plan, the “Incentive Plan”) and who execute the required settlement and release agreement in exchange for the severance.  In the event of reclassification from Officer to Non-officer, the individual will retain the Officer level severance pay structure for one year after the reclassification.  In the event of decertification from EMT to Non-EMT status, this policy will be in effect for one year from the date of decertification.

 

DEFINITIONS

 

For the purpose of the Policy, the following definitions apply:

 

A.            Voluntary Separation
  
  Action taken by an executive which results in the executive no longer being employed by the Company for reasons including: personal reasons, to seek or accept other employment, for failure to return at conclusion of leave, or to voluntarily retire.

 

B.    Involuntary Separation

 

1.               Action taken by the Company due to reduction in force, reorganization or reduced workload or other similar circumstances whereby the executive’s services are no longer required by the Company.  Executives involuntarily separated who meet the retirement criteria may elect retirement under those benefit plans of the Company that provide retirement benefits.

 

2.               Action taken by the Company when an executive has a qualifying disability under the Americans with Disabilities Act, or a similar disability statute, and is unable to perform her/his essential job functions with or without reasonable accommodation.

 

This Fluor Corporation policy is subject to modification or revision in part or in its entirety to reflect changes in conditions subsequent to the effective date of this policy.

 

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C.           Involuntary Discharge
  
  Action taken by the Company for reasons other than stated in Paragraph B above including but not limited to absenteeism, misconduct, insubordination, appearing at work under the influence of a controlled substance or alcohol, unethical behavior, disclosure of confidential information, sexual harassment, employment discrimination, unsatisfactory performance, or violation of any Company policy.

 

D.           Officer

 

An executive who is a Vice President or above of Fluor Corporation, Fluor Enterprises Inc., or Fluor Constructors, Inc., who participates in the Incentive Plan.

 

F.             Completed Years of Accumulated Service

 

A period of accumulated service with the Company, subject to the limitation set forth in Paragraph A.4.c under Procedures.

 

G.            Beneficiary

 

The beneficiary/beneficiaries for the Executive Severance Policy will be determined, in order, and, as applicable, by (i.) the related Beneficiary form on file with the Executive Compensation department; (ii.) the beneficiary/beneficiaries listed on file with the Company’s Savings Investment Plan (SIP); (iii.) the beneficiary/beneficiaries listed on file with a Company Group Life/Health Insurance Plan; and, in the absence of any designation, by (iv.) the administrator or executor of the executive’s estate.

 

H.            Total and Permanent Disability

 

As set forth in the Company’s Long Term Disability Plan for Salaried Employees Summary Plan Description, an individual is totally and permanently disabled when, on the date of disability, he/she meets the following definition of disability:

 

·                       Own Occupation Period.  For the first 24 months for which benefits are paid, you are unable to perform the material and substantial duties of the occupation that you were performing when your Disability or Partial Disability began due to sickness or injury.

 

·                       Any Occupation Period.  After benefits have been paid for 24 months, you are unable to perform the material and substantial duties of any gainful occupation due to sickness or injury.

 

If your occupation requires a license, “loss of license” for any reason does not, in itself, constitute disability.

 

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PROCEDURES

 

A.            Severance Pay

 

1.              Voluntary Separation

 

The Company will not provide severance pay nor consider proration of incentive compensation in connection with any voluntary separation as set out in Paragraph A under Definitions.

 

2.              Involuntary Separation

 

Severance pay will be based on current base salary and Completed Years of Accumulated Service as follows:

 

a.               Officers

 

1)              Two weeks of severance pay for each Completed Year of Accumulated Service up to 52 weeks.

 

2)              Minimum eight weeks of severance pay.

 

b.              Non-Officer Executives

 

1)              Two weeks of severance pay for each Completed Year of Accumulated Service up to 26 weeks.

 

2)              Minimum four weeks of severance pay.

 

3.               Involuntary Discharge

 

The Company will not provide severance pay nor consider proration of incentive compensation in connection with any Involuntary Discharge as set out in Paragraph C under Definitions.

 

4.     Limitations

 

a.               The total Completed Years of Accumulated Service calculated for a severance payment may only be used one time in severance calculations.  So, in the case of re-hire, a subsequent calculation of severance would not include any Years of Accumulated Service previously used to calculate any other severance payment(s).

 

b.              In cases where the executive is entitled to legislated severance pay in non-U.S. countries, the executive may not receive a severance payment hereunder or severance payment may be reduced.

 

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5.     Lump Sum Payment

 

Severance pay will be paid in a lump sum within 75 days following the date of separation provided that the executive executes the required release within this time period.  Failure to execute such release will forfeit the executive’s right to severance pay.

 

6.               Payment in the Event of Death

 

In the event of an executive’s death prior to payment of any severance benefit, payment will be made to the designated beneficiary in a lump sum within 75 days following the date of separation.

 

B.            Annual Incentive Compensation (As defined in the Incentive Plan).

 

1.               Voluntary Separation

 

The Company will not provide a prorated incentive award except, at the discretion of the Company, in the case of death, or total and permanent disability.

 

2.               Involuntary Separation

 

The Company will not provide a prorated incentive award.

 

3.               Involuntary Discharge

 

The Company will not provide a prorated incentive award.

 

C.            Perquisites

 

Company perquisites will be awarded to a separating executive according to the designated perquisite policies located in the Human Resources (HR) section of this manual.

 

E.              Insurance Coverage

 

Applicable insurance coverage, i.e., group health, long-term disability, executive health, etc., will cease on date of termination, unless the departing executive converts coverage to an individual policy, where such coverage may available.  Where applicable, the departing executive may elect continued coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).

 

F.              Time Off with Pay (TOWP) Program

 

Balance will be paid at time of termination.

 

G.            Stock Based Awards

 

Upon separation, the treatment of stock-based awards is governed by the individual stock-based award agreement(s) and the Incentive Plan.

 

H.            Long Term Incentive (LTI) Program

 

Upon separation, the treatment of stock-based awards is governed by the individual stock-based award agreement(s) and the Incentive Plan.

 

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I.                 Separation and Release (S & R) Agreements of All Claims

 

No severance benefit will be due eligible executives unless a settlement and release agreement provided by the Company has been properly and timely executed.

 

J.              Policy Review

 

This policy will be reviewed on a periodic basis and amended to comply with established governmental rules and regulations and in accordance with Company policies and procedures.

 

EXCEPTIONS

 

Exceptions require the approval of the Chairman and Chief Executive Officer of Fluor Corporation for executives other than section 16(b) officers.  Exceptions for 16(b) officers may additionally require approval by the Organization and Compensation Committee of the Board of Directors.

 

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