Document:

exv4w23

 

Exhibit 4.23

 

 

Exhibit 4.23

	 	 	 
	 

	 	BARCLAYS BANK PLC
	 

	 	54 LOMBARD STREET
	

	 	LONDON EC3P 3AH

	 	 	 
	Mrs H.M. Cropper
	 	 
	Detail Omitted
	 	 
	 
	 	17th March, 1998
	 
	 	 

 

 

 

Further to my telephone call of yesterday, I am writing to confirm that I would very much like
you to join the Barclays PLC Board as a non-executive Director.

The Barclays Board normally meets ten times a year for formal Board meetings – in each month apart
from May and September. In addition, there is a formal meeting for the Annual General Meeting at
the end of April. It has been our recent practice to have one Board meeting a year outside
London; last year that meeting was held in Coventry and this year will be held in Leeds. One
meeting a year – normally the June meeting – is a whole day meeting concentrating on strategy but
other Board meetings commence at 10:00 a.m. and are finished by 1:00 p.m.

This year the Board will be visiting New York for its October meeting and there is currently a plan
to visit Harare in 1999, either in April or June.

The two main Committees of the Board are the Remuneration Committee and the Audit Committee and I
expect all of our non-executive Directors to service on one of those Committees. Each of those
Committees meets up to four times a year with Committee meetings being dovetailed with Board
meetings, as far as possible.

Continued...

 

 

 

Regulated by IMRO and the Personal Investment Authority.

Barclays Bank PLC represents only the Barclays Marketing Group for life assurance, pensions
and unit trust business.

Registered in London, England. Reg. No: 1026167. Reg. Office: 54 Lombard Street, London EC3P 3AH

 

 

The current Board fee for a non-executive Director is £26,000 per annum, plus a Committee
membership fee of £3,000 per annum. In addition, a non-executive Director is paid £1,000 for each
Committee attendance. A proposal will go to the Board at the beginning of April for the base fee
to be raised to £31,000 per annum with the whole of the extra £5,000 per annum being paid in
shares, which may not be sold until the Director leaves the Board.

Non-executive Directors are appointed initially for a period of five years, purely for the purpose
of reviewing the position at that stage. It would be the intention of Barclays that you should
serve longer. Non-executive Directors do not normally serve behind the age of 65.

I hope that you will be willing to join us. My colleagues and I will be extremely pleased if you
take that step.

 

 

 

A.R.F. Buxton

-Page 2-Exhibit 10.1

                  FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

     This FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this "Amendment"),
dated as of March 18, 2005, is entered into by BWX Technologies, Inc. (the
"Borrower"), BWXT Services, Inc. and BWXT Federal Services, Inc. (the
"Guarantors"), the lenders from time to time party to the Credit Agreement
described below (the "Lenders"), and Calyon, New York Branch (formerly known as
Credit Lyonnais, New York Branch), as administrative agent for the Lenders (the
"Administrative Agent").

                                  INTRODUCTION

     WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative
Agent are parties to that certain Revolving Credit Agreement dated as of
December 9, 2003 (the "Credit Agreement"); and

     WHEREAS, The Borrower, the Guarantors, the Lenders and the Administrative
Agent wish to, subject to the terms and conditions of this Amendment, amend
certain sections of the Credit Agreement, each as provided for in this
Amendment.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein, and for other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

     Section 1. Definitions. Unless otherwise defined in this Amendment, each
term used in this 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 1.1 of the Credit Agreement is amended by inserting the
following definitions in alphabetical order:

            "Acquired Debt" means, with respect to any specified Person, (a)
     Debt of any other Person existing at the time such other Person merged with
     or into or became a Subsidiary of such specified Person, including Debt
     incurred by such other Person in connection with, or in contemplation of,
     such other Person merging with or into or becoming a Subsidiary of such
     specified Person and (b) Debt encumbering any asset acquired by such
     specified Person.

<PAGE>

            "Exchange Rate" means, with respect to any calculation of the
     Foreign Currency Equivalent with respect to a currency other than Dollars
     on any date, the rate at which Dollars may be exchanged into such currency,
     as set forth on such date on the relevant FWDS Series Reuters currency page
     at or about 12:00 p.m. New York time on such date. In the event that such
     rate does not appear on any such Reuters page, the "Exchange Rate" with
     respect to such currency shall be determined by reference to such other
     publicly available service for displaying exchange rates as may be agreed
     upon by the Administrative Agent and the Borrower or, in the absence of
     such agreement, such "Exchange Rate" shall instead be the Administrative
     Agent's spot rate of exchange in the interbank market where its currency
     exchange operations in respect of such currency are then being conducted,
     at or about 10:00 a.m. local time at such date for the purchase of such
     currency with Dollars, provided that if at the time of any such
     determination no such spot rate can reasonably be quoted, the
     Administrative Agent may use any reasonable method (including obtaining
     quotes from three or more market makers for such currency) as it deems
     appropriate to determine such rate and such determination shall be
     conclusive absent manifest error (without prejudice to the determination of
     the reasonableness of such method).

            "Foreign Currency Equivalent" means with respect to an amount of
     foreign currency on any date, the amount of Dollars that would be required
     to purchase such amount of such foreign currency using the applicable
     Exchange Rate.

            (b) The definition of "Consolidated EBITDA" in Section 1.1 of the
Credit Agreement is amended by inserting "plus (e) any non-cash allocation of
qualified pension plan expense by McDermott for such period" immediately after
"(other than sales of inventory in the ordinary course of business of the
Borrower or such Subsidiary)".

            (c) The definition of "Leverage Ratio" in Section 1.1 of the Credit
Agreement is amended by inserting "; provided that, for the purpose of
calculating the Leverage Ratio only, for a period of calculation during which
the Borrower or any of its Subsidiaries makes any Acquisition, Consolidated
EBITDA shall be calculated on a pro forma basis assuming that such Acquisition
was made on the first day of the determination period, which adjustments shall
be made in accordance with the guidelines for pro forma presentations set forth
by the SEC" at the end of such Section.

            (d) The definition of "Maturity Date" in Section 1.1 of the Credit
Agreement is amended by replacing "December 9, 2006" with "March 18, 2010".

            (e) Section 2.1(b) of the Credit Agreement is amended by replacing
"At any time on or before the six-month anniversary of the Closing Date" with
"At any time on or before the Maturity Date".

            (f) Section 2.3(a) of the Credit Agreement is amended by replacing
".50%" with ".375%".

            (g) Section 6.2(f) of the Credit Agreement is amended by replacing
"$2,000,000" with "$7,500,000".

                                       2
<PAGE>

            (h) Section 6.2 of the Credit Agreement is amended by deleting
subsections (g) and (h) in their entirety and inserting the following
immediately after subsection (f):

            (g) other unsecured Debt of the Borrower or any of its Subsidiaries
     in an aggregate amount not to exceed $20,000,000 (or, if applicable, the
     Foreign Currency Equivalent thereof, measured for any such Debt using the
     Exchange Rate in effect at the time such Debt is incurred) at any time
     outstanding; provided that, no additional such Debt shall be incurred if an
     Event of Default exists or if immediately after giving effect to such
     incurrence, a Default would exist;

            (h) Acquired Debt of the Borrower or any of its Subsidiaries;
     provided that (i) no additional Acquired Debt shall be incurred if an Event
     of Default exists or if immediately after giving effect to such incurrence,
     a Default would exist and (ii) the Dollar amount of such Acquired Debt (or,
     if applicable, the Foreign Currency Equivalent thereof, measured for any
     such Acquired Debt using the Exchange Rate in effect at the time such
     Acquired Debt is incurred by the Borrower or any of its Subsidiaries) must
     be less than or equal to pro forma Consolidated EBITDA for the four fiscal
     quarters immediately preceding the Acquisition calculated assuming that
     such Acquisition occurred on the first day of the determination period,
     which adjustments shall be made in accordance with the guidelines for pro
     forma presentations set forth by the SEC.

            (i) any extension, renewal, refinancing, refunding or replacement
     (or successive extensions, renewals, refinancings, refundings or
     replacements), in whole or in part, of any Debt referred to in clauses (a)
     through (h) of this Section 6.2; provided that, the principal amount of
     such Debt is not thereby increased (other than by the reasonable fees,
     expenses and any premium incurred in connection with the extension,
     renewal, refinancing, refunding or replacement).

            (i) Section 6.3(c)(iv) of the Credit Agreement is amended by
replacing "$10,000,000" with "$20,000,000 (or, if applicable, the Foreign
Currency Equivalent thereof, measured for any Asset Sale using the Exchange Rate
in effect at the time of such Asset Sale)".

            (j) Section 6.17 of the Credit Agreement is amended by replacing
"$25,000,000" with "$75,000,000 (or, if applicable, the Foreign Currency
Equivalent thereof, measured for any Acquisition using the Exchange Rate in
effect at the time of such Acquisition)".

            (k) Exhibit C to the Credit Agreement is replaced in its entirety
with "Exhibit C" attached hereto and made a part hereof.

     Section 3. Effectiveness. The Credit Agreement shall be amended as provided
in this Amendment as of the first date written above upon the occurrence of the
following conditions precedent:

            (a) the parties hereto shall have duly and validly executed
originals of this Amendment and delivered them to the Administrative Agent;

                                       3
<PAGE>

            (b) Borrower shall have paid to the Administrative Agent the fees
described in the Fee Letter dated February 24, 2005 from Administrative Agent to
Borrower and any other fees payable to the Lenders;

            (c) Borrower shall have reimbursed the Administrative Agent for all
reasonable fees and expenses incurred by the Administrative Agent in connection
with the preparation of this Amendment and any other invoiced fees or past due
amounts; and

            (d) Administrative Agent and the Lenders shall have received a
favorable opinion dated as of March 18, 2005 from each of the Borrower and Baker
Botts L.L.P., counsel to the Credit Parties, each in form and substance
reasonably satisfactory to the Administrative Agent.

     Section 4. Representations and Warranties. Each Credit Party jointly and
severally represents and warrants as follows:

            (a) the execution, delivery, and performance of this Amendment are
within the corporate power and authority of the Credit Parties and have been
duly authorized by appropriate proceedings;

            (b) this Amendment constitutes legal, valid, and binding obligations
of the Credit Parties enforceable in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the rights of creditors generally and general principles
of equity;

            (c) the representations and warranties of the Credit Parties
contained in the Credit Agreement and the other Credit Documents are true and
correct in all material respects on and as of the date hereof as though made on
and as of the date hereof, except to the extent such representations and
warranties relate solely to an earlier date; and

            (d) after giving effect to this Amendment, no event has occurred and
is continuing which constitutes an Event of Default or that with the passage of
time would constitute an Event of Default.

     Section 5. Ratification. Except to the extent modified by this Amendment,
the Credit Agreement and all other Credit Documents executed in connection
therewith to which the Borrower or any other Credit Party is a party shall
remain in full force and effect, and all rights and powers created thereby or
thereunder are in all respects ratified and confirmed. The Borrower and the
Credit Parties agree that all obligations of the Borrower and each other Credit
Party under the Credit Agreement as modified by this Amendment and all other
Credit Documents to which the Borrower or any other Credit Party is a party are
hereby reaffirmed and renewed.

     Section 6. Reaffirmation of Commitments. Each Lender shall continue to have
the Commitment set opposite such Lender's name on the signature pages of this
Amendment.

                                       4
<PAGE>

     Section 7. Governing Law. This Amendment shall be governed by and
interpreted in accordance with the laws of the State of New York.

     Section 8. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. 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]

                                       5
<PAGE>

     Executed as of the date first written above.

                                       BORROWER:
                                       --------

                                       BWX TECHNOLOGIES, INC.

                                       By: /s/ James R. Easter
                                           -------------------------------------
                                           James R. Easter
                                           Vice President, Finance and Treasurer

                                       GUARANTORS:
                                       ----------

                                       BWXT SERVICES, INC.

                                       By: /s/ James R. Easter
                                           -------------------------------------
                                           James R. Easter
                                           Treasurer

                                       BWXT FEDERAL SERVICES, INC.

                                       By: /s/ James R. Easter
                                           -------------------------------------
                                           James R. Easter
                                           Treasurer

<PAGE>

     Commitment: $30,000,000           CALYON, NEW YORK BRANCH (formerly known
                                       as Credit Lyonnais, New York Branch), as
                                       Administrative Agent and as a Lender

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

     Commitment: $30,000,000           THE BANK OF NOVA SCOTIA, as a Lender

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

     Commitment: $20,000,000           WELLS FARGO BANK, N.A., as a Lender

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

     Commitment: $20,000,000           ALLIED IRISH BANKS, PLC, as a Lender

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

     Commitment: $20,000,000           COMPASS BANK, as a Lender

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

     Commitment: $15,000,000           AMEGY BANK N.A. (formerly known as
                                       Southwest Bank of Texas, N.A.), as a
                                       Lender

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                    EXHIBIT C

                         FORM OF COMPLIANCE CERTIFICATE
                         ------------------------------

                 FOR THE PERIOD FROM _____, 200_ TO _____, 200_

     This certificate dated as of ______________, _______ is prepared pursuant
to the Revolving Credit Agreement dated as of December 9, 2003, as amended by
the First Amendment to Revolving Credit Agreement dated as of March 18, 2005 (as
further amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among BWX Technologies, Inc., a Delaware corporation
("Borrower"), certain subsidiaries of the Borrower that are party thereto as a
guarantor from time to time ("Guarantors"), the lenders party thereto from time
to time (the "Lenders"), and Calyon, New York Branch (formerly known as Credit
Lyonnais, New York Branch), as administrative agent for such Lenders (in such
capacity, the "Administrative Agent"). Unless otherwise defined in this
certificate, capitalized terms that are defined in the Credit Agreement shall
have the meanings assigned to them by the Credit Agreement.

     The undersigned, a Responsible Officer of the Borrower, hereby certifies
(a) that no Default or Event of Default has occurred or is continuing, (b) that
all of the representations and warranties made by the Borrower in the Credit
Agreement and the other Credit Documents are true and correct in all material
respects as if made on this date (other than any such representations or
warranties that, by their terms refer to a specific date other than the date
hereof, in which case as of such specific date), and (c) that as of the last day
of the fiscal quarter immediately preceding the date hereof, the following
amounts and calculations were true and correct:

I. Section 6.14  Leverage Ratio.(1)
                 --------------

     (a)  Consolidated Debt                                 $________________

     (b)  Consolidated Net Income                           $________________

     (c)  Consolidated Interest Expense                     $________________

     (d)  charges against income for foreign,
          federal, state and local taxes                    $________________

     (e)  depreciation and amortization expense             $________________

     (f)  extraordinary gains                               $________________

     (g)  gains realized upon the sale or other
          disposition of any assets of the Borrower
          or any of its Subsidiaries (other than inventory
          sold in the ordinary course of business)          $________________

___________________
     1 Consolidated EBITDA and its components to be calculated for the four
fiscal quarter period ended immediately prior to the date hereof.

<PAGE>

     (h)  non-cash allocation of qualified pension
          plan expense by McDermott                         $________________

     (i)  cash distributions received from Joint Ventures   $________________

     (j)  portion of Consolidated Net Income
          attributable to net income of Joint Ventures      $________________

     (k)  Joint Venture adjustment = (i) - (j)              $________________(2)

     (l)  Consolidated EBITDA =
          (b) + (c)(3) + (d)(4) + (e)(5) - (f) - (g) + (h) + (k)
                                                            $________________

     Leverage Ratio = (a) divided by (l)                     ______to 1.00___

     Maximum Leverage Ratio                                  2.00 to 1.00

     Compliance                                              Yes       No

II. Section 6.15  Fixed Charge Coverage Ratio.(6)
                  ---------------------------

          (a)  Consolidated EBITDA =                        $________________
               determined in accordance
               with clause I(l)above)

          (b)  principal payments in respect                $________________
               of any Consolidated Funded Debt(7)

          (c)  Consolidated Interest Expense                $________________

          (d)  capital expenditures                         $________________

___________________
     2 Could be a negative number.

     3 To the extent deducted in determining Consolidated Net Income.

     4 To the extent deducted in determining Consolidated Net Income.

     5 To the extent deducted in determining Consolidated Net Income.

     6 Calculated for the four fiscal quarters then ended.

     7 Other than (w) principal payments made to MII on the Closing Date in
respect of the retirement of the MII Subordinated Loan, (x) principal payments
made on the Closing Date under the Existing Credit Agreement, (y) principal
payments made on the closing date of the Existing Credit Agreement to repay
amounts owed by the Borrower under its credit facility that was refinanced by
the Existing Credit Agreement, and (z) principal payments made under the Credit
Agreement.

<PAGE>

          (e)  Restricted Payments made to BWICO            $________________

          (f)  Restricted Payments made to any Person
               in respect of any Preferred Interests        $________________

          (g)  Investments made in BWICO pursuant
               to Section 6.4(d) of the Credit Agreement
               net of any cash payments received by
               the Borrower from BWICO                      $________________

          (h)  cash taxes allocated to the Borrower         $________________

     Fixed Charge Coverage Ratio =

          (a) divided by ((b) + (c) + (d) + (e) + (f) + (g) + (h))
                                                            ______to 1.00____

     Minimum Fixed Charge Coverage Ratio                    1.10 to 1.00

     Compliance                                             Yes       No

III. Section 6.16  Debt to Capitalization Ratio.(8)
                   ----------------------------

          (a)  Consolidated Funded Debt                     $________________

          (b)  Consolidated Net Worth                       $________________

     Debt to Capitalization Ratio =

          (a) divided by ((a) + (b))                        ______to 1.00____

     Maximum Debt to Capitalization Ratio                   .40 to 1.00

     Compliance                                             Yes      No

     IN WITNESS THEREOF, I have hereto signed my name to this Compliance
Certificate as of ___________, _______.

                                       By:
                                           -------------------------------------
                                       Name:
                                             -----------------------------------
                                       Title:
                                              ----------------------------------

___________________
     8 Calculated for the four fiscal quarters then ended.

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