Document:

Exhibit

EXHIBIT 10.30(e)

Execution Version 

AMENDMENT NO. 5 TO CREDIT AGREEMENT
This Amendment No. 5 to Credit Agreement (this “Amendment”), dated as of February 24, 2017, is made by and among CHICAGO BRIDGE & IRON COMPANY N.V., a corporation organized under the laws of the Kingdom of the Netherlands (the “Company”), CHICAGO BRIDGE & IRON COMPANY (DELAWARE), a Delaware corporation (the “Initial Borrower”), CERTAIN SUBSIDIARIES OF THE COMPANY SIGNATORY HERETO (each a “Designated Borrower” and, together with the Initial Borrower, collectively the “Borrowers” and each a “Borrower”), 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 Borrowers, the Administrative Agent, and the Lenders have entered into that certain Credit Agreement dated as of October 28, 2013 (as amended by that certain Amendment to Credit Agreement, dated as of June 11, 2014, Amendment No. 2 to Credit Agreement, dated as of December 31, 2014, Amendment No. 3 to Credit Agreement, dated as of July 8, 2015, Amendment No. 4 to Credit Agreement, dated as of October 27, 2015, and as hereby amended and as from time to time further amended, modified, supplemented, 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), pursuant to which the Lenders have made available to the Borrowers a senior unsecured credit facility in an original aggregate principal amount of $1,350,000,000; and
WHEREAS, the Company has entered into the Guaranty pursuant to which it has guaranteed certain or all of the obligations of the Borrowers under the Credit Agreement and the other Loan Documents; and
WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement in certain respects, which the Administrative Agent and the Lenders party hereto are willing to do on the terms and conditions contained in this Amendment; 
NOW, THEREFORE, in consideration of the premises 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, the Credit Agreement (exclusive of Schedules and Exhibits thereto) is amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions in their proper alphabetical order:
““Amendment No. 5 Closing Date” means February 24, 2017, the effective date of Amendment No. 5 to Credit Agreement by and among the Company, the Borrowers, the Administrative Agent and the Lenders party thereto.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

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“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Project Jazz” means, collectively, the Disposition by the Company of the Capital Services business.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.”
(b)    Section 1.01 of the Credit Agreement is hereby amended by restating the following definitions in their entirety as follows:
““Applicable Rate” means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth below:

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	Applicable Rate

	Pricing Level
	Leverage Ratio
	Commitment Fee
	Eurodollar Rate + / Financial Letter of Credit Fees
	Performance Letter of Credit Fees
	Base Rate +

	1
	Less than 0.75 to 1.00
	0.150%
	1.250%
	0.650%
	0.250%

	2
	Less than 1.25 to 1.00 but greater than or equal to 0.75 to 1.00
	0.175%
	1.375%
	0.700%
	0.375%

	3
	Less than 2.00 to 1.00 but greater than or equal to 1.25 to 1.00
	0.225%
	1.500%
	0.800%
	0.500%

	4
	Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00
	0.250%
	1.750%
	0.900%
	0.750%

	5
	Less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00
	0.300%
	2.000%
	1.000%
	1.000%

	6
	Greater than or equal to 3.00 to 1.00
	0.350%
	2.250%
	1.100%
	1.250%

Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective five (5) Business Days immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c)(ii); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 6 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for the period from the Amendment No. 5 Closing Date through and including the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c)(ii) for the period of four consecutive fiscal quarters ending March 31, 2017 shall be Pricing Level 6.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
“Arrangers” mean each of Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), Compass Bank, BNP Paribas Securities Corp., Crédit Agricole Corporate and Investment Bank and RBS Securities Inc., each in its capacity as a joint lead arranger and joint bookrunner.
“Defaulting Lender” means, subject to Section 2.17(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date 

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such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the applicable L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two (2) Business Days of the date when due, (b) has notified the Company, the Administrative Agent, the L/C Issuers or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (i) the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Authority or (ii) in the case of a Solvent Person, the precautionary appointment of an administrator, guardian, custodian or other similar official by a Governmental Authority under or based on the Law of the country where such Person is subject to home jurisdiction supervision if applicable Law requires that such appointment not be publicly disclosed, in any such case, so long as such ownership interest or where such action (as applicable) does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company, each L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination.
“Guarantors” means, collectively, (a) the Subsidiary Guarantors, (b) the Company and (c) with respect to the payment and performance by each Specified Loan Party of its obligations under its Guaranty with respect to all Hedging Obligations under Designated Hedging Agreements, each Borrower.”

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(c)    Section 2.17(a)(iv) of the Credit Agreement is hereby amended by restating such subsection its entirety to read as follows:
“(iv)    Reallocation of Applicable Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment.  Subject to Section 10.22, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.”
(d)    Article V is hereby amended by adding a new Section 5.25 to the end of such Article as follows:
“5.25    Not an EEA Financial Institution.  Neither any Borrower nor any Guarantor is an EEA Financial Institution.”
(e)    Section 7.02 of the Credit Agreement is hereby amended as follows:
(1)    deleting the word “and” at the end of subsection (e);
(2)    removing the “.” at the end of subsection (f) and replacing it with “; and”; and
(3)    adding a new subsection (g) to read in its entirety as follows:
“(g)    Dispositions in connection with Project Jazz; provided, however, that all of the cash proceeds received from the divestiture in connection with Project Jazz shall be promptly (but in any event within 30 days upon such receipt of proceeds), and on a pro rata basis based on outstanding balances as of the last day of the fiscal quarter immediately preceding the consummation of Project Jazz, used to prepay (1) syndicated term loans, Committed Loans hereunder, Committed Loans (as defined therein) under the Existing Revolving Credit Agreement and/or outstanding amounts owing under any bilateral revolving credit facility (collectively, “Bank Debt”), on the one hand, and (2) certain outstanding amounts owing under the NPA Notes, on the other hand, in each case, as determined by the Company and reasonably satisfactory to the Administrative Agent, it being agreed and understood that (i) any portion of such proceeds to be applied to the NPA Notes may be first applied to Bank Debt consisting of revolving loans and, subject to the terms of such revolving loans, reborrowed for purposes of prepaying the NPA Notes in accordance with their terms, and (ii) any portion of such proceeds offered to, but declined by, the holders of the NPA Notes may be used to prepay Bank Debt, as 

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determined by the Company.  Any such prepayment of Committed Loans hereunder shall be deemed a prepayment under, and shall be made in accordance with, Section 2.05 hereof.”. 
(f)    Section 7.06 of the Credit Agreement is hereby amended by replacing the first part (up to and including the “:” only) of the last sentence in the main paragraph of Section 7.06 in its entirety to read as follows:
“From the Amendment No. 5 Closing Date until the earlier to occur of (x) the date on which the Dispositions in connection with Project Jazz have been consummated in full and (y) the date occurring on or after the termination of the purchase agreement in respect of Project Jazz in accordance with its terms on which the Leverage Ratio is less than 3.00 to 1.00, neither the Company nor its Subsidiaries shall make any Acquisitions or share repurchases.  Thereafter, neither the Company nor its Subsidiaries shall make any Acquisitions, other than Acquisitions meeting the following requirements or otherwise approved by the Required Lenders (each such Acquisition constituting a “Permitted Acquisition”):”.
(g)    Section 7.18(a) of the Credit Agreement is hereby amended by adding the following proviso to the end of the first sentence of such subsection:
“; provided, further, that for the period of four consecutive fiscal quarters ending December 31, 2016 and continuing thereafter until the earlier to occur of (x) December 31, 2017 and (y) the last day of the first fiscal quarter in which the 45th day immediately following the consummation of Project Jazz occurs, the Company shall not permit the Leverage Ratio to be greater than 3.50 to 1.00 (such that, upon the earlier to occur of clauses (x) and (y) above, and continuing thereafter, the Company shall not permit the Leverage Ratio to be greater than 3.00 to 1.00).”
(h)    Section 7.18(c) of the Credit Agreement is hereby amended by restating subsection (c) in its entirety to read as follows:
“(c)    Minimum Consolidated Net Worth.  The Company shall not permit its Consolidated Net Worth at any time on or after December 31, 2016 to be less than the greater of (a) the sum of (i) eighty-five percent (85%) of the actual net worth of the Company and its Subsidiaries on a consolidated basis as of December 31, 2016 (after giving effect to write-downs associated with Project Jazz) plus (ii) fifty percent (50%) of the sum of Consolidated Net Income (if positive) earned in each fiscal quarter, commencing with the fiscal quarter ending on March 31, 2017 less (iii) a one-time non-cash tax expense resulting from the tax gain on the Project Jazz sale, not to exceed $150,000,000, and (b) the minimum amount of Consolidated Net Worth that the Company shall be required to maintain under any instrument, agreement or indenture pertaining to any Material Indebtedness.  Notwithstanding the foregoing, in no event shall Consolidated Net Worth of the Company as of December 31, 2016 be less than $1,200,000,000.”
(i)    Article X is hereby amended by adding a new Section 10.22 to the end of such Article as follows:
“10.22     Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any 

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other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.”
2.    Amendments to Compliance Certificate.  Exhibit D to the Credit Agreement is hereby amended and restated in its entirety as set forth in Annex I hereto. 
3.    Effectiveness; Conditions Precedent.  This Amendment and the amendments to the Credit Agreement provided in Sections 1 and 2 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 the Company, each Borrower, and the Required Lenders, which counterparts may be delivered by telefacsimile or other electronic means (including .pdf); and
(b)    (i) The Company shall have paid any fees required to be paid on the date hereof pursuant to that certain Fee Letter dated as of February 6, 2017 by and among the Company, Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Incorporated; (ii) an amendment fee shall have been received by the Administrative Agent for each Lender executing this Amendment by 12:00 p.m. (New York time) on February 9, 2017 for the account of such Lender, paid to the Administrative Agent, equal to 0.125% (12.5 bps) multiplied by each such Lender’s Commitments as of the date hereof immediately after giving effect to this Amendment; and (iii) all other fees and expenses of the Administrative Agent (including the fees and expenses of counsel to the Administrative Agent) to the extent due and payable under Section 10.04(a) of the Credit Agreement and for which invoices have been presented a reasonable period of time prior to the effectiveness 

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hereof shall have been paid in full (which fees and expenses may be estimated to date without prejudice to final settling of accounts for such fees and expenses).
4.    Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Company represents and warrants to the Administrative Agent and the Lenders as follows:
(a)    The representations and warranties made by the Company in Article V of the Credit Agreement are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date;
(b)    This Amendment has been duly authorized, executed and delivered by the Company and the Borrowers 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.
5.    Reduction of Commitments.  Effective as of the date of consummation of Project Jazz (if any), the Aggregate Commitments shall be permanently reduced, ratably in accordance with Section 2.06 of the Credit Agreement, from $1,350,000,000 to $1,150,000,000.  After giving effect to such reduction, the Commitments and Applicable Percentages of each Lender will be as set forth on a revised Schedule 2.01 to be published by the Administrative Agent at such time.
6.    Consent of the Company.  The Company hereby consents, acknowledges and agrees to the amendments and other matters set forth herein and hereby confirms and ratifies in all respects the Guaranty to which it is a party (including without limitation the continuation of the Company’s payment and performance obligations thereunder upon and after the effectiveness of this Amendment and the amendments, waivers and consents contemplated hereby) and the enforceability of the Guaranty against the Company in accordance with its terms.
7.    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 10.01 of the Credit Agreement.
8.    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.
9.    Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed and to be performed 

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entirely within such State, and shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.
10.    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.  
11.    References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.
12.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Company, the Borrowers, the Administrative Agent and each of the Guarantors and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.
13.    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.
14.    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.
15.    FATCA.  For purposes of determining withholding Taxes imposed under the Foreign Account Tax Compliance Act (FATCA), from and after the effective date of this Amendment, it is understood and agreed that the Administrative Agent may treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
16.    Acknowledgement of Release.  Pursuant to Section 9.10 of the Credit Agreement, the Administrative Agent hereby acknowledges the release of CB&I Government Solutions, Inc. and CB&I Environmental & Infrastructure, Inc. from their respective obligations under the Guaranty concurrent with, and conditioned upon, their ceasing to be Subsidiaries upon the consummation of Project Jazz.
 [Signature pages follow.]

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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.

BORROWERS:

CHICAGO BRIDGE & IRON COMPANY (Delaware), 
as the Initial Borrower

By:  /s/ Luciano Reyes
Name:  Luciano Reyes
Title:  Treasurer 

CB&I LLC, as a Designated Borrower
By: CB&I HoldCo, LLC, its Sole Member

By:  /s/ Regina N. Hamilton
Name: Regina N. Hamilton
Title:  Secretary

CB&I SERVICES, LLC, as a Designated Borrower
By: CB&I HoldCo, LLC, its Sole Member

By:  /s/ Regina N. Hamilton
Name: Regina N. Hamilton
Title:  Secretary

CHICAGO BRIDGE & IRON COMPANY B.V., 
as a Designated Borrower

By:  /s/ Michael S. Taff
Name:  Michael S. Taff
Title:  Managing Director
CHICAGO BRIDGE & IRON COMPANY, 
as a Designated Borrower

By:  /s/ Luciano Reyes
Name: Luciano Reyes
Title: Vice President and Treasurer 

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

COMPANY:
CHICAGO BRIDGE & IRON COMPANY N.V.

By: CHICAGO BRIDGE & IRON COMPANY B.V., 
       its Managing Director

By:  /s/ Michael S. Taff
Name:  Michael S. Taff
Title: Authorized Signatory

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

ACKNOWLEDGEMENT

Each of the undersigned Subsidiary Guarantors hereby acknowledge and agree to the foregoing Amendment.

	
										
	CHICAGO BRIDGE & IRON COMPANY, a Delaware corporation

	 
	 
	 

	By:
	 
	/s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Authorized Signatory
	 

	 
	 

	CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

	 
	 
	 

	By:
	 
	/s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Authorized Signatory
	 

	 
	 

	CB&I TYLER COMPANY
	 

	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 

	 
	 
	Title:
	 
	Treasurer
	 

	 
	 

	CB&I, LLC
	 

	By:
	CB&I HoldCo, LLC, its Sole Member
	 

	 
	 
	 
	 

	By:
	 
	 /s/ Regina N. Hamilton
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 

	 
	 
	Title:
	 
	Secretary
	 

	
	
	CHICAGO BRIDGE & IRON COMPANY, an Illinois corporation

	
										
	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 Luciano Reyes
	 

	 
	 
	Title:
	 Treasurer
	 

	 
	 

	A&B BUILDERS, LTD.
	 

	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 

	 
	 
	Title:
	 
	Treasurer
	 

	 
	 

	ASIA PACIFIC SUPPLY COMPANY
	 

	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 

	 
	 
	Title:
	 
	Treasurer
	 

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
					
	CBI AMERICAS LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CSA TRADING COMPANY, LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CB&I WOODLANDS L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CBI COMPANY LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CENTRAL TRADING COMPANY, LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	CONSTRUCTORS INTERNATIONAL, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	HBI HOLDINGS, L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
					
	HOWE-BAKER INTERNATIONAL, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
					
	HOWE-BAKER ENGINEERS, LTD.

	 
	 

	By:
	 
	 /s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	HOWE-BAKER HOLDINGS, L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	HOWE-BAKER MANAGEMENT, L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	HOWE-BAKER INTERNATIONAL MANAGEMENT L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	MATRIX ENGINEERING, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	MATRIX MANAGEMENT SERVICES, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
						
	OCEANIC CONTRACTORS, INC.

	 
	 

	By:
	 
	 /s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CBI VENEZOLANA, S.A.

	 
	 

	By:
	 
	/s/ Rui Orlando Gomes

	 
	 
	Name:
	 
	Rui Orlando Gomes

	 
	 
	Title:
	 
	Treasurer

	
						
	CBI MONTAJES DE CHILE LIMITADA

	 
	 

	By:
	 
	/s/ Rui Orlando Gomes

	 
	 
	Name:
	 
	Rui Orlando Gomes

	 
	 
	Title:
	 
	Director/Legal Representative

	 

	CB&I EUROPE B.V.

	 
	 

	By:
	 
	/s/ Raymond Buckley

	 
	 
	Name:
	 
	Raymond Buckley

	 
	 
	Title:
	 
	Director

	 

	CBI EASTERN ANSTALT

	 
	 

	By:
	 
	/s/ Raymond Buckley

	 
	 
	Name:
	 
	Raymond Buckley

	 
	 
	Title:
	 
	Director

	
	
	CB&I POWER COMPANY B.V. 
(f/k/a/ CMP HOLDINGS B.V.)

	
						
	By:
	 
	 /s/ Raymond Buckley
	 

	 
	 
	Name:
	 
	Raymond Buckley
	 

	 
	 
	Title:
	 
	Director
	 

	 
	 
	 
	 
	 
	 

	CBI CONSTRUCTORS PTY LTD
	 

	 
	 

	 By:
	/s/ Ian Michael Bendesh
	 

	 
	Name:
	 
	Ian Michael Bendesh
	 

	 
	Title:
	 
	Director
	 

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
					
	CBI ENGINEERING AND CONSTRUCTION

	CONSULTANT (SHANGHAI) CO. LTD.
	 

	 
	 
	 

	By:
	 
	/s/ Raymond Buckley
	 

	 
	 
	Name:
	 Raymond Buckley
	 

	 
	 
	Title:
	 Chairman
	 

	 
	 

	CBI (PHILIPPINES), INC.
	 

	 
	 
	 

	By:
	 
	/s/ Tom Anderson
	 

	 
	 
	Name:
	Tom Anderson
	 

	 
	 
	Title:
	President
	 

	 
	 

	CBI OVERSEAS, LLC
	 

	By:
	 
	/s/ Regina N. Hamilton
	 

	 
	 
	Name:
	Regina N. Hamilton
	 

	 
	 
	Title:
	 Secretary
	 

	
					
	CB&I CONSTRUCTORS LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I HOLDINGS (U.K.) LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I UK LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I MALTA LIMITED

	 
	 

	By:
	 
	/s/ Duncan Wigney

	 
	 
	Name:
	 
	Duncan Wigney

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
					
	LUTECH RESOURCES LIMITED

	 
	 

	By:
	 
	/s/ Jonathan Stephenson

	 
	 
	Name:
	 
	Jonathan Stephenson

	 
	 
	Title:
	 
	Secretary

	
	
	NETHERLANDS OPERATING COMPANY B.V.

	
							
	By:
	 
	/s/ H.M. Koese

	 
	 
	Name:
	 
	H. M. Koese

	 
	 
	Title:
	 
	Director

	 
	 
	 
	 
	 

	CBI NEDERLAND B.V.

	 
	 

	By:
	 
	/s/ Ashok Joshi

	 
	 
	Name:
	 
	Ashok Joshi

	 
	 
	Title:
	 
	Director

	
	
	ARABIAN GULF MATERIAL SUPPLY COMPANY, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
	
	PACIFIC RIM MATERIAL SUPPLY COMPANY, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
	
	SOUTHERN TROPIC MATERIAL SUPPLY COMPANY, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
	
	CHICAGO BRIDGE & IRON (ANTILLES) N.V.

	
					
	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Managing Director

	
	
	LUMMUS TECHNOLOGY HEAT TRANSFER B.V.

	
								
	By:
	 
	/s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
									
	LEALAND FINANCE COMPANY B.V.
	 

	 
	 
	 

	By:
	 
	/s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Managing Director
	 

	 
	 
	 
	 
	 

	CB&I FINANCE COMPANY LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I OIL & GAS EUROPE B.V.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Managing Director

	
									
	CBI COLOMBIANA S.A.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Director

	
	
	CHICAGO BRIDGE & IRON COMPANY B.V.

	
					
	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Managing Director

	
	
	LUMMUS INTERNATIONAL CORPORATION

	
					
	By:
	 
	/s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Vice President – Finance – Treasurer

	 

	HUA LU ENGINEERING CO., LTD.

	 
	 

	By:
	 
	 /s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
	
	CB&I TECHNOLOGY VENTURES, INC.

	(f/k/a LUMMUS CATALYST COMPANY LTD.)

	
									
	By:
	 
	/s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Vice President & Treasurer

	 
	 
	 
	 
	 
	 

	LUMMUS OVERSEAS CORPORATION
	 

	 
	 
	 

	By:
	 
	 /s/ John R. Albanese, Jr.
	 

	 
	 
	Name:
	 
	John R. Albanese, Jr.
	 

	 
	 
	Title:
	 
	Vice President & Treasurer
	 

	
	
	CATALYTIC DISTILLATION TECHNOLOGIES

	
					
	By:
	 
	 /s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Management Committee Member

	
					
	LUMMUS TECHNOLOGY, INC.

	 
	 

	By:
	 
	 /s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	CFO & Treasurer

	 

	CBI SERVICES, LLC

	By:
	CB&I HoldCo, LLC, its Sole Member

	 
	 

	By:
	 
	/s/ Regina N. Hamilton

	 
	 
	Name:
	 
	Regina N. Hamilton

	 
	 
	Title:
	 
	Secretary

	
	
	WOODLANDS INTERNATIONAL INSURANCE COMPANY

	
					
	By:
	 
	 /s/ Robert Havlick

	 
	 
	Name:
	 
	Robert Havlick

	 
	 
	Title:
	 
	Director

	
	
	CB&I HUNGARY HOLDING LIMITED LIABILITY COMPANY

	
					
	By:
	 
	 /s/ William G. Lamb

	 
	 
	Name:
	 
	William G. Lamb

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
	
	LUMMUS NOVOLEN TECHNOLOGY GMBH

	
					
	By:
	 
	 /s/ Godofredo Follmer

	 
	 
	Name:
	 
	Godofredo Follmer

	 
	 
	Title:
	 
	Managing Director

	 
	 
	 
	 
	 

	CB&I LUMMUS GMBH

	 
	 

	By:
	 
	 /s/ Andreas Schwarzhaupt

	 
	 
	Name:
	 
	Andreas Schwarzhaupt

	 
	 
	Title:
	 
	Managing Director

	 

	CB&I S.R.O.

	 
	 

	By:
	 
	 /s/ Jiri Gregor

	 
	 
	Name:
	 
	Jiri Gregor

	 
	 
	Title:
	 
	Managing Director

	 

	CBI PERUANA S.A.C.

	 
	 

	By:
	 
	 /s/ James E. Bishop

	 
	 
	Name:
	 
	James E. Bishop

	 
	 
	Title:
	 
	General Manager

	
					
	HORTON CBI, LIMITED

	 
	 

	By:
	 
	 /s/ James M. Brewer

	 
	 
	Name:
	 
	James M. Brewer

	 
	 
	Title:
	 
	Director

	 

	CB&I (NIGERIA) LIMITED

	 
	 

	By:
	 
	/s/ Andy Dadosky

	 
	 
	Name:
	 
	Andy Dadosky

	 
	 
	Title:
	 
	Director

	 

	CB&I SINGAPORE PTE LTD.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
					
	CB&I NORTH CAROLINA, INC.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
						
	SHAW ALLOY PIPING PRODUCTS, LLC

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Manager

	 

	CB&I WALKER LA, L.L.C. (f/k/a SHAW SUNLAND FABRICATORS, LLC)

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Manager

	
					
	CB&I ENVIRONMENTAL & INFRASTRUCTURE, INC.

	(f/k/a SHAW ENVIRONMENTAL, INC.)

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
											
	CB&I OVERSEAS (FAR EAST) LTD.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 /s/ William G. Lamb
	 
	 
	 

	 
	 
	Name:
	 
	William G. Lamb
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

	 
	 
	 
	 

	THE SHAW GROUP INC.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 
	 
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 
	 
	 

	 
	 
	Title:
	 
	Treasurer
	 
	 
	 

	 

	LUMMUS GASIFICATION TECHNOLOGY LICENSING COMPANY

	 
	 
	 
	 
	 

	By:
	 
	/s/ John R. Albanese, Jr.
	 
	 
	 

	 
	 
	Name:
	 
	John R. Albanese, Jr.
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

	
											
	CB&I LAURENS, INC.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 /s/ William G. Lamb
	 
	 
	 

	 
	 
	Name:
	 
	William G. Lamb
	 
	 
	 

	 
	 
	Title:
	 
	Vice President – Global Tax
	 
	 
	 

	 
	 
	 
	 

	CB&I GOVERNMENT SOLUTIONS, INC.
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 
	 
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

	 
	 
	 
	 

	SHAW SSS FABRICATORS, INC.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 
	 
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 
	 
	 

	 
	 
	Title:
	 
	Treasurer
	 
	 
	 

	 
	 

	CHICAGO BRIDGE & IRON COMPANY (NETHERLANDS)
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Regina N. Hamilton
	 
	 
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 
	 
	 

	 
	 
	Title:
	 
	Secretary
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	CBI US HOLDING COMPANY, INC
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Regina N. Hamilton
	 
	 
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 
	 
	 

	 
	 
	Title:
	 
	Secretary
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	CBI HOLDCO TWO, INC
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Regina N. Hamilton
	 
	 
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 
	 
	 

	 
	 
	Title:
	 
	Secretary
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	CBI COMPANY BV
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 /s/Ashok Joshi
	 
	 
	 

	 
	 
	Name:
	 
	Ashok Joshi
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

ADMINISTRATIVE AGENT:
BANK OF AMERICA, N.A., 
as Administrative Agent
	
			
	By:
	/s/ Bridgett J. Manduk Mowry

	Name:
	Bridgett J. Manduk Mowry

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

LENDERS:
BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and L/C Issuer

	
			
	By:
	/s/ Patrick N. Martin

	Name:
	Patrick N. Martin

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

ARAB BANKING CORPORATION (B.S.C.), as a Lender

	
			
	By:
	/s/ Richard Tull

	Name:
	Richard Tull

	Title:
	Vice President

	 
	Head of Trade Finance

	
			
	By:
	/s/ Gautier Strub

	Name:
	Gautier Strub

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED), as a Lender

	
			
	By:
	/s/ Robert Grillo

	Name:
	Robert Grillo

	Title:
	Director 

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

BANK OF MONTREAL, as a Lender

	
			
	By:
	/s/ John Armstrong

	Name:
	John Armstrong

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

THE BANK OF NOVA SCOTIA, as a Lender

	
			
	By:
	/s/ Michael Grad

	Name:
	Michael Grad

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender and an L/C Issuer

	
			
	By:
	/s/ Mark Maloney

	Name:
	Mark Maloney

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

BNP PARIBAS, as a Lender and an L/C Issuer

	
			
	By:
	/s/ Jamie Dilion

	Name:
	Jamie Dilion

	Title:
	Managing Director

	
			
	By:
	/s/ Mary-Ann Wong

	Name:
	Mary-Ann Wong

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

BOKF, NA DBA BANK OF TEXAS, as a Lender

	
			
	By:
	/s/ Marian Livingston

	Name:
	Marian Livingston

	Title:
	Senior Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

COMERICA BANK, as a Lender

	
			
	By:
	/s/ L. J. Perenyi

	Name:
	L. J. Perenyi

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

COMMERZBANK AG, NEW YORK BRANCH, as a Lender

	
			
	By:
	/s/ Barbara Stacks

	Name:
	Barbara Stacks

	Title:
	Director

	
			
	By:
	/s/ Tom Kang

	Name:
	Tom Kang

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

COMPASS BANK, as a Lender and L/C Issuer

	
			
	By:
	/s/ Aaron Loyd

	Name:
	Aaron Loyd

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender and an L/C Issuer

	
			
	By:
	/s/ Dixon Schultz

	Name:
	Dixon Schultz

	Title:
	Managing Director

	
			
	By:
	/s/ Michael Willis

	Name:
	Michael Willis

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

DBS BANK LTD., as a Lender

	
			
	By:
	/s/ Yeo How Ngee

	Name:
	Yeo How Ngee

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

LENDERS:
HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Paul Hatton

	Name:
	Paul Hatton

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

ING BANK N.V., DUBLIN BRANCH, as a Lender

	
			
	By:
	/s/ Shaun Hawley

	 
	 

	Name:
	Shaun Hawley

	Title:
	Director

	
			
	By:
	/s/ Barry Fehily

	 
	 

	Name:
	Barry Fehily

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

INTESA SANPAOLO S.P.A., NEW YORK BRANCH, as a Lender

	
			
	By:
	/s/ Glen Binder

	Name:
	Glen Binder

	Title:
	Global Relationship Manager

	
			
	By:
	/s/ Francesco Di Mario

	Name:
	Francesco Di Mario

	Title:
	First Vice President & Head of Credit

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

LLOYDS BANK PLC, as a Lender

	
			
	By:
	/s/ Daven Popat

	Name:
	Daven Popat

	Title:
	Senior Vice President

	 
	Transaction Execution

	 
	Category A

	 
	P003

	
			
	By:
	/s/ Stephen Parker

	Name:
	Stephen Parker

	Title:
	Vice President

	 
	Banking Operations

	 
	Category A

	 
	P012

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

MIZUHO BANK, LTD., as a Lender

	
			
	By:
	/s/ Donna DeMagistris

	Name:
	Donna DeMagistris

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

NATIONAL BANK OF KUWAIT, S.A.K. - NEW YORK, as a Lender

	
			
	By:
	/s/ Wendy Wanninger

	Name:
	Wendy Wanninger

	Title:
	Executive Manager

	
			
	By:
	/s/ Michael McHugh

	Name:
	Michael McHugh

	Title:
	Executive Manager

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

NBAD AMERICAS N.V.,
(formerly known as Abu Dhabi International Bank N.V.), as a Lender

	
			
	By:
	/s/ William Ghazar

	Name:
	William Ghazar

	Title:
	Executive Director

	
			
	By:
	/s/ Pamela Sigda

	Name:
	Pamela Sigda

	Title:
	COO

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

THE NORTHERN TRUST COMPANY, as a Lender

	
			
	By:
	/s/ Keith L. Burson

	Name:
	Keith L. Burson

	Title:
	Senior Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

REGIONS BANK, as a Lender

	
			
	By:
	/s/ Joey Powell

	Name:
	Joey Powell

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

RIYAD BANK, HOUSTON AGENCY, as a Lender

	
			
	By:
	/s/ Tim Hartnett

	 
	Tim Hartnett

	 
	Vice President & Administrative Officer

	
			
	By:
	/s/ Ana McQuaig

	 
	Ana McQuaig

	 
	Letters of Credit Supervisor

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

LENDERS:
SANTANDER BANK, N.A., as a Lender

	
			
	By:
	/s/ John W. Deeson

	Name:
	John W. Deeson

	Title:
	Exec. Dir

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

LENDERS:
STANDARD CHARTERED BANK, as a Lender

	
			
	By:
	/s/ Daniel Mattem

	Name:
	Daniel Mattem

	Title:
	Associate

	 
	Standard Chartered Bank

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

SUMITOMO MITSUI BANKING CORPORATION, as a Lender

	
			
	By:
	/s/ David W. Kee

	Name:
	David W. Kee

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

The Toronto-Dominion Bank, New York Branch, as a Lender

	
			
	By:
	/s/ Annie Dorval

	Name:
	Annie Dorval

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

U.S. BANK NATIONAL ASSOCIATION, as a Lender and an L/C Issuer

	
			
	By:
	/s/ Jonathan F. Lindvall

	Name:
	Jonathan F. Lindvall

	Title:
	Senior Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

WHITNEY BANK, as a Lender 

	
			
	By:
	/s/ J. Greg Scott

	Name:
	J. Greg Scott

	Title:
	Senior Vice President

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

ZB, N.A. D/B/A AMEGY BANK NATIONAL ASSOCIATION, as a Lender 

	
			
	By:
	/s/ Lauren Eller

	Name:
	Lauren Eller

	Title:
	AVP

Chicago Bridge & Iron
Amendment No. 5 to Credit Agreement
Signature Page

ANNEX I

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 October 28, 2013 (as amended, restated, amended and 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 Chicago Bridge & Iron Company N.V., a corporation organized under the laws of The Kingdom of the Netherlands (the “Company”), Chicago Bridge & Iron Company (Delaware), a Delaware corporation (the “Initial Borrower”), certain Subsidiaries of the Company from time to time party thereto (each a “Designated Borrower” and, together with the Initial Borrower, the “Borrowers” and each a “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 the                              of the Company, and that, in such capacity, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Company, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1.    The Company has delivered the year-end audited financial statements required by Section 6.01(b) of the Agreement for the fiscal year of the Company 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]

1.    The Company has delivered the unaudited financial statements required by Section 6.01(a) of the Agreement for the fiscal quarter of the Company ended as of the above date.  Such financial statements fairly present the consolidated financial condition, results of operations and cash flows of the Company and its Subsidiaries in accordance with Agreement Accounting Principles as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

2.    The undersigned has reviewed the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition of the Company during the accounting period covered by such financial statements.

3.    The financial covenant analyses and information set forth on Schedules 1, 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 

D - 1    
Form of Compliance Certificate
86539978_7

 
of             ,         .
CHICAGO BRIDGE & IRON COMPANY N.V.

		
	By:
	Chicago Bridge & Iron Company B.V., its Managing Director 

By:      
Name:      
Title:      

D - 2    
Form of Compliance Certificate
86539978_7

For the Quarter/Year ended ___________________ (“Statement Date”)

SCHEDULE 1 
to the Compliance Certificate 
($ in 000’s)

		
	I.
	Section 7.18(a) – Maximum Leverage Ratio.

		
	A.
	Adjusted Indebtedness at Statement Date:    $    

		
	B.
	EBITDA (see Schedule 2) for four consecutive fiscal quarters

ending on above date (“Subject Period”):    $    
		
	C.
	Leverage Ratio (Line I.A  ̧ Line I.B):        to 1.00

		
	Maximum permitted:
	[3.00 to 1.00][3.25 to 1.00]

[3.50 to 1.00]
		
	II.
	Section 7.18(b) – Minimum Fixed Charge Coverage Ratio.

		
	A.
	Consolidated Net Income Available for Fixed Charges:

1.    Consolidated Net Income for Subject Period:    $    
2.    Provision for income taxes for Subject Period:    $    
3.    Consolidated Fixed Charges for Subject Period:    $    
4.    Dividends and distributions received in cash during Subject
Period:                $    
5.    Retention bonuses paid to officers, directors and employees
of the Company and its Subsidiaries in connection with the
Transaction (not to exceed $25,000,000) for Subject Period:    $    
6.    Fees, charges and expenses incurred in connection with the
Transaction, the transactions related thereto, and any related
issuance of Indebtedness or equity, whether or not
successful, for Subject Period:    $    
7.    Restructuring and integration charges, fees and expenses
incurred in connection with the Transaction during Subject

D-3  
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86539978_7

Period:                $    
8.    Non-cash compensation expenses for management or
employees for Subject Period:    $    
9.    Expenses incurred in connection with the Shaw Acquisition
and relating to termination and severance as to, or relocation 
of, officers, directors and employees (not exceeding
$110,000,000) for Subject Period:    $    
10.    Equity earnings booked or recognized by the Company or
any of its Subsidiaries from Eligible Joint Ventures 
for Subject Period:        $    
11.    Consolidated Net Income Available for Fixed Charges
(Lines II.A1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10) 
for Subject Period:            $    
		
	B.
	Consolidated Fixed Charges for Subject Period:    $    

1.    Consolidated Long-Term Lease Rentals for Subject Period:    $    
2.    Consolidated Interest Expense for the Subject Period:    $    
3.    Consolidated Fixed Charges for Subject Period 
(Lines II.B1 + 2):            $    
		
	C.
	Fixed Charge Coverage Ratio (Line II.A11  ̧ Line II.B3):        to 1.00

		
	Minimum required:
	1.75 to 1.00

		
	III.
	Section 7.18(c) – Minimum Consolidated Net Worth.

		
	A.
	Consolidated Net Worth at Statement Date:    $    

		
	B.
	85% of the actual net worth of the Company and its Subsidiaries as of December 31, 2016 (after giving effect to Project Jazz write-downs):    $    

		
	C.
	50% of the sum of Consolidated Net Income (if positive) 

earned in each fiscal quarter, commencing with the fiscal 
quarter ending on March 31, 2017:    $    

D - 4    
Form of Compliance Certificate
86539978_7

		
	D.
	One-time non-cash tax expense resulting from the tax gain on the Project Jazz sale, not to exceed $150,000,000:    $    

		
	E.
	Minimum Consolidated Net Worth  
(Lines III.B + III.C – III.D):         $    

		
	F.
	Minimum amount of Consolidated Net Worth that the Company

shall be required to maintain under any instrument, agreement or
indenture pertaining to any Material Indebtedness:    $    
		
	G.
	Greater of Line III.E and Line III.F:    $    

		
	H.
	Excess (deficient) for covenant compliance (Line III.A – III.G):    $    

3 For use for all Statement Dates except as set forth in the footnotes below, including on and after the earlier of (x) December 31,
2017 and (y) the last day of the fiscal quarter ending immediately following the expiration of 45 days after the consummation of
Project Jazz.
4 For use for all Statement Dates within the period of four consecutive fiscal quarters ending December 31, 2015, March 31,
2016, June 30, 2016 and September 30, 2016.
5 For use for all Statement Dates within the period of four consecutive fiscal quarters ending December 31, 2016 and continuing
thereafter until the earlier to occur of (x) December 31, 2017 and (y) the last day of the fiscal quarter ending immediately
following the expiration of 45 days after the consummation of Project Jazz.
6 Not to exceed 15% (or such lower percentage as may be set forth in the Note Purchase Agreements) of EBITDA of the
Company pursuant to clauses (a) through (i) of the definition thereof for the period of twelve (12) prior consecutive months.

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Form of Compliance Certificate
86539978_7

For the Quarter/Year ended ___________________ (“Statement Date”)

SCHEDULE 2 
to the Compliance Certificate 
($ in 000’s)

EBITDA 
(in accordance with the definition of EBITDA 
as set forth in the Agreement)

	
						
	

EBITDA
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Twelve  
Months 
Ended 
__________

	(i)(1) Consolidated 
Net Income
	 
	 
	 
	 
	 

	(2)   +   Interest Expense
	 
	 
	 
	 
	 

	(3)   +   charges against income for foreign, federal, state and local taxes to the extent deducted
	 
	 
	 
	 
	 

	(4)   +   non-recurring non-cash charges (excluding any charge that becomes, or is expected to become, a cash charge) to the extent deducted
	 
	 
	 
	 
	 

	(5)   +   extraordinary losses to the extent deducted
	 
	 
	 
	 
	 

	(6)   -   non-recurring non-cash credits to the extent added
	 
	 
	 
	 
	 

	(7)   -extraordinary gains to the extent added
	 
	 
	 
	 
	 

	(ii)   +   depreciation expense to the extent deducted
	 
	 
	 
	 
	 

	(iii)   +   amortization expense to the extent deducted
	 
	 
	 
	 
	 

	(iv)   +   non-cash compensation expenses for management or employees to the extent deducted
	 
	 
	 
	 
	 

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	(v)   +   to the extent not already included, dividends distributions actually received in cash received from Persons other than Subsidiaries
	 
	 
	 
	 
	 

	(vi)   +retention bonuses paid in connection with the Transaction not to exceed $25,000,000
	 
	 
	 
	 
	 

	(vii)   + charges, fees and expenses incurred in connection with the Transaction, the transactions related thereto, and any related issuance of Indebtedness or equity, whether or not successful
	 
	 
	 
	 
	 

	(viii)   + charges, fees and expenses incurred in connection with restructuring and integration activities in connection with the Transaction, including in connection with the closures of certain facilities and termination of leases
	 
	 
	 
	 
	 

	(ix)   + expenses incurred in connection with the Shaw Acquisition and relating to termination and severance as to, or relocation of, officers, directors and employees not exceeding $110,000,000
	 
	 
	 
	 
	 

	(x)   + equity earnings booked or recognized by the Company or any of its Subsidiaries from Eligible Joint Ventures
	 
	 
	 
	 
	 

	=   Consolidated EBITDA
	 
	 
	 
	 
	 

7 Not to exceed 15% (or such lower percentage as may be set forth in the Note Purchase Agreements) of EBITDA of
the Company pursuant to clauses (a) through (i) of this definition for the period of twelve (12) prior consecutive
months.

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86539978_7

SCHEDULE 3 

Eligible Joint Ventures

[INCLUDE LISTING OF ELIGIBLE JOINT VENTURES]

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86539978_7Exhibit

EXHIBIT 10.31(b)

Execution Version
AMENDMENT NO. 2 TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
This Amendment No. 2 to Amended and Restated Revolving Credit Agreement (this “Amendment”), dated as of February 24, 2017, is made by and among CHICAGO BRIDGE & IRON COMPANY N.V., a corporation organized under the laws of the Kingdom of the Netherlands (the “Company”), CHICAGO BRIDGE & IRON COMPANY (DELAWARE), a Delaware corporation (the “Initial Borrower”), CERTAIN SUBSIDIARIES OF THE COMPANY SIGNATORY HERETO (each a “Designated Borrower” and, together with the Initial Borrower, collectively the “Borrowers” and each a “Borrower”), 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 Borrowers, the Administrative Agent, and the Lenders have entered into that certain Amended and Restated Revolving Credit Agreement dated as of July 8, 2015 (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of October 27, 2015, and as hereby amended and as from time to time further amended, modified, supplemented, 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), pursuant to which the Lenders have made available to the Borrowers a senior unsecured revolving credit facility in an original aggregate principal amount of $800,000,000; and
WHEREAS, the Company has entered into the Guaranty pursuant to which it has guaranteed certain or all of the obligations of the Borrowers under the Credit Agreement and the other Loan Documents; and
WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement in certain respects, which the Administrative Agent and the Lenders party hereto are willing to do on the terms and conditions contained in this Amendment; 
NOW, THEREFORE, in consideration of the premises 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, the Credit Agreement (exclusive of Schedules and Exhibits thereto) is amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions in their proper alphabetical order:
““Amendment No. 2 Closing Date” means February 24, 2017, the effective date of Amendment No. 2 to Credit Agreement by and among the Company, the Borrowers, the Administrative Agent and the Lenders party thereto.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

86678088_4

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Project Jazz” means, collectively, the Disposition by the Company of the Capital Services business.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.”
(b)    Section 1.01 of the Credit Agreement is hereby amended by restating the following definitions in their entirety as follows:
““Applicable Rate” means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth below:

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	Applicable Rate

	Pricing Level
	Leverage Ratio
	Commitment Fee
	Eurodollar Rate + / Financial Letter of Credit Fees
	Performance Letter of Credit Fees
	Base Rate +

	1
	Less than 0.75 to 1.00
	0.150%
	1.250%
	0.650%
	0.250%

	2
	Less than 1.25 to 1.00 but greater than or equal to 0.75 to 1.00
	0.175%
	1.375%
	0.700%
	0.375%

	3
	Less than 2.00 to 1.00 but greater than or equal to 1.25 to 1.00
	0.225%
	1.500%
	0.800%
	0.500%

	4
	Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00
	0.250%
	1.750%
	0.900%
	0.750%

	5
	Less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00
	0.300%
	2.000%
	1.000%
	1.000%

	6
	Greater than or equal to 3.00 to 1.00
	0.350%
	2.250%
	1.100%
	1.250%

Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective five (5) Business Days immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c)(ii); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 6 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for the period from the Amendment No. 2 Closing Date through and including the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c)(ii) for the period of four consecutive fiscal quarters ending March 31, 2017 shall be Pricing Level 6.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
“Arrangers” mean each of Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), Compass Bank, BNP Paribas Securities Corp., Crédit Agricole Corporate and Investment Bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd., each in its capacity as a joint lead arranger and joint bookrunner.
“Defaulting Lender” means, subject to Section 2.17(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date 

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such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the applicable L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two (2) Business Days of the date when due, (b) has notified the Company, the Administrative Agent, the L/C Issuers or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (i) the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Authority or (ii) in the case of a Solvent Person, the precautionary appointment of an administrator, guardian, custodian or other similar official by a Governmental Authority under or based on the Law of the country where such Person is subject to home jurisdiction supervision if applicable Law requires that such appointment not be publicly disclosed, in any such case, so long as such ownership interest or where such action (as applicable) does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company, each L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination.
“Guarantors” means, collectively, (a) the Subsidiary Guarantors, (b) the Company and (c) with respect to the payment and performance by each Specified Loan Party of its obligations under its Guaranty with respect to all Hedging Obligations under Designated Hedging Agreements, each Borrower.”

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(c)    Section 2.17(a)(iv) of the Credit Agreement is hereby amended by restating such subsection its entirety to read as follows:
“(iv)    Reallocation of Applicable Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment.  Subject to Section 10.23, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.”
(d)    Article V is hereby amended by adding a new Section 5.25 to the end of such Article as follows:
“5.25    Not an EEA Financial Institution.  Neither any Borrower nor any Guarantor is an EEA Financial Institution.”
(e)    Section 7.02 of the Credit Agreement is hereby amended as follows:
(1)    deleting the word “and” at the end of subsection (e);
(2)    removing the “.” at the end of subsection (f) and replacing it with “; and”; and
(3)    adding a new subsection (g) to read in its entirety as follows:
“(g)    Dispositions in connection with Project Jazz; provided, however, that all of the cash proceeds received from the divestiture in connection with Project Jazz shall be promptly (but in any event within 30 days upon such receipt of proceeds), and on a pro rata basis based on outstanding balances as of the last day of the fiscal quarter immediately preceding the consummation of Project Jazz, used to prepay (1) syndicated term loans, Committed Loans hereunder, Committed Loans (as defined therein) under the Existing Revolving Credit Agreement and/or outstanding amounts owing under any bilateral revolving credit facility (collectively, “Bank Debt”), on the one hand, and (2) certain outstanding amounts owing under the NPA Notes, on the other hand, in each case, as determined by the Company and reasonably satisfactory to the Administrative Agent, it being agreed and understood that (i) any portion of such proceeds to be applied to the NPA Notes may be first applied to Bank Debt consisting of revolving loans and, subject to the terms of such revolving loans, reborrowed for purposes of prepaying the NPA Notes in accordance with their terms, and (ii) any portion of such proceeds offered to, but declined by, the holders of the NPA Notes may be used to prepay Bank Debt, as 

5
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determined by the Company.  Any such prepayment of Committed Loans hereunder shall be deemed a prepayment under, and shall be made in accordance with, Section 2.05 hereof.”.
(f)    Section 7.06 of the Credit Agreement is hereby amended by replacing the first part (up to and including the “:” only) of the last sentence in the main paragraph of Section 7.06 in its entirety to read as follows:
“From the Amendment No. 2 Closing Date until the earlier to occur of (x) the date on which the Dispositions in connection with Project Jazz have been consummated in full and (y) the date occurring on or after the termination of the purchase agreement in respect of Project Jazz in accordance with its terms on which the Leverage Ratio is less than 3.00 to 1.00, neither the Company nor its Subsidiaries shall make any Acquisitions or share repurchases.  Thereafter, neither the Company nor its Subsidiaries shall make any Acquisitions, other than Acquisitions meeting the following requirements or otherwise approved by the Required Lenders (each such Acquisition constituting a “Permitted Acquisition”):”.
(g)    Section 7.18(a) of the Credit Agreement is hereby amended by adding the following proviso to the end of the first sentence of such subsection:
“; provided, further, that for the period of four consecutive fiscal quarters ending December 31, 2016 and continuing thereafter until the earlier to occur of (x) December 31, 2017 and (y) the last day of the first fiscal quarter in which the 45th day immediately following the consummation of Project Jazz occurs, the Company shall not permit the Leverage Ratio to be greater than 3.50 to 1.00 (such that, upon the earlier to occur of clauses (x) and (y) above, and continuing thereafter, the Company shall not permit the Leverage Ratio to be greater than 3.00 to 1.00).”
(h)    Section 7.18(c) of the Credit Agreement is hereby amended by restating subsection (c) in its entirety to read as follows:
“(c)    Minimum Consolidated Net Worth.  The Company shall not permit its Consolidated Net Worth at any time on or after December 31, 2016 to be less than the greater of (a) the sum of (i) eighty-five percent (85%) of the actual net worth of the Company and its Subsidiaries on a consolidated basis as of December 31, 2016 (after giving effect to write-downs associated with Project Jazz) plus (ii) fifty percent (50%) of the sum of Consolidated Net Income (if positive) earned in each fiscal quarter, commencing with the fiscal quarter ending on March 31, 2017 less (iii) a one-time non-cash tax expense resulting from the tax gain on the Project Jazz sale, not to exceed $150,000,000, and (b) the minimum amount of Consolidated Net Worth that the Company shall be required to maintain under any instrument, agreement or indenture pertaining to any Material Indebtedness.  Notwithstanding the foregoing, in no event shall Consolidated Net Worth of the Company as of December 31, 2016 be less than $1,200,000,000.”
(i)    Article X is hereby amended by adding a new Section 10.23 to the end of such Article as follows:
“10.23     Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any 

6
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other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.”
2.    Amendments to Compliance Certificate.  Exhibit D to the Credit Agreement is hereby amended and restated in its entirety as set forth in Annex I hereto. 
3.    Effectiveness; Conditions Precedent.  This Amendment and the amendments to the Credit Agreement provided in Sections 1 and 2 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 the Company, each Borrower, and the Required Lenders, which counterparts may be delivered by telefacsimile or other electronic means (including .pdf); and 
(b)    (i) The Company shall have paid any fees required to be paid on the date hereof pursuant to that certain Fee Letter dated as of February 6, 2017 by and among the Company, Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Incorporated; (ii) an amendment fee shall have been received by the Administrative Agent for each Lender executing this Amendment by 12:00 p.m. (New York time) on February 9, 2017 for the account of such Lender, paid to the Administrative Agent, equal to 0.125% (12.5 bps) multiplied by each such Lender’s Commitments as of the date hereof immediately after giving effect to this Amendment; and (iii) all other fees and expenses of the Administrative Agent (including the fees and expenses of counsel to the Administrative Agent) to the extent due and payable under Section 10.04(a) of the Credit Agreement and for which invoices have been presented a reasonable period of time prior to the effectiveness 

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hereof shall have been paid in full (which fees and expenses may be estimated to date without prejudice to final settling of accounts for such fees and expenses).
4.    Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Company represents and warrants to the Administrative Agent and the Lenders as follows:
(a)    The representations and warranties made by the Company in Article V of the Credit Agreement are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date;
(b)    This Amendment has been duly authorized, executed and delivered by the Company and the Borrowers 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.
5.    Consent of the Company.  The Company hereby consents, acknowledges and agrees to the amendments and other matters set forth herein and hereby confirms and ratifies in all respects the Guaranty to which it is a party (including without limitation the continuation of the Company’s payment and performance obligations thereunder upon and after the effectiveness of this Amendment and the amendments, waivers and consents contemplated hereby) and the enforceability of the Guaranty against the Company in accordance with its terms.
6.    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 10.01 of the Credit Agreement.
7.    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.
8.    Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed and to be performed entirely within such State, and shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.
9.    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.  

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10.    References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.
11.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Company, the Borrowers, the Administrative Agent and each of the Guarantors and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.
12.    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.
13.    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.
14.    FATCA.  For purposes of determining withholding Taxes imposed under the Foreign Account Tax Compliance Act (FATCA), from and after the effective date of this Amendment, it is understood and agreed that the Administrative Agent may treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
15.    Acknowledgement of Release.  Pursuant to Section 9.10 of the Credit Agreement, the Administrative Agent hereby acknowledges the release of CB&I Government Solutions, Inc. and CB&I Environmental & Infrastructure, Inc. from their respective obligations under the Guaranty concurrent with, and conditioned upon, their ceasing to be Subsidiaries upon the consummation of Project Jazz.
 [Signature pages follow.]

9
86678088_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.

BORROWERS:

CHICAGO BRIDGE & IRON COMPANY (Delaware), 
as the Initial Borrower

By:  /s/ Luciano Reyes
Name:  Luciano Reyes
Title:  Treasurer 

CB&I LLC, as a Designated Borrower
By: CB&I HoldCo, LLC, its Sole Member

By:  /s/ Regina N. Hamilton
Name: Regina N. Hamilton
Title:  Secretary

CB&I SERVICES, LLC, as a Designated Borrower
By: CB&I HoldCo, LLC, its Sole Member

By:  /s/ Regina N. Hamilton
Name: Regina N. Hamilton
Title:  Secretary

CHICAGO BRIDGE & IRON COMPANY B.V., 
as a Designated Borrower

By:  /s/ Michael S. Taff
Name:  Michael S. Taff
Title:  Managing Director
CHICAGO BRIDGE & IRON COMPANY, 
as a Designated Borrower

By:  /s/ Luciano Reyes
Name: Luciano Reyes
Title: Vice President and Treasurer 

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

COMPANY:
CHICAGO BRIDGE & IRON COMPANY N.V.

By: CHICAGO BRIDGE & IRON COMPANY B.V., 
       its Managing Director

By:  /s/ Michael S. Taff
Name:  Michael S. Taff
Title: Authorized Signatory

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

ACKNOWLEDGEMENT

Each of the undersigned Subsidiary Guarantors hereby acknowledge and agree to the foregoing Amendment.

	
										
	CHICAGO BRIDGE & IRON COMPANY, a Delaware corporation

	 
	 
	 

	By:
	 
	/s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Authorized Signatory
	 

	 
	 

	CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

	 
	 
	 

	By:
	 
	/s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Authorized Signatory
	 

	 
	 

	CB&I TYLER COMPANY
	 

	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 

	 
	 
	Title:
	 
	Treasurer
	 

	 
	 

	CB&I, LLC
	 

	By:
	CB&I HoldCo, LLC, its Sole Member
	 

	 
	 
	 
	 

	By:
	 
	 /s/ Regina N. Hamilton
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 

	 
	 
	Title:
	 
	Secretary
	 

	
	
	CHICAGO BRIDGE & IRON COMPANY, an Illinois corporation

	
										
	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 Luciano Reyes
	 

	 
	 
	Title:
	 Treasurer
	 

	 
	 

	A&B BUILDERS, LTD.
	 

	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 

	 
	 
	Title:
	 
	Treasurer
	 

	 
	 

	ASIA PACIFIC SUPPLY COMPANY
	 

	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 

	 
	 
	Title:
	 
	Treasurer
	 

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
					
	CBI AMERICAS LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CSA TRADING COMPANY, LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CB&I WOODLANDS L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CBI COMPANY LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CENTRAL TRADING COMPANY, LTD.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	CONSTRUCTORS INTERNATIONAL, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	HBI HOLDINGS, L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
					
	HOWE-BAKER INTERNATIONAL, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
					
	HOWE-BAKER ENGINEERS, LTD.

	 
	 

	By:
	 
	 /s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	HOWE-BAKER HOLDINGS, L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	HOWE-BAKER MANAGEMENT, L.L.C.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	HOWE-BAKER INTERNATIONAL MANAGEMENT L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	MATRIX ENGINEERING, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	
	
	MATRIX MANAGEMENT SERVICES, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
						
	OCEANIC CONTRACTORS, INC.

	 
	 

	By:
	 
	 /s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

	 

	CBI VENEZOLANA, S.A.

	 
	 

	By:
	 
	/s/ Rui Orlando Gomes

	 
	 
	Name:
	 
	Rui Orlando Gomes

	 
	 
	Title:
	 
	Treasurer

	
						
	CBI MONTAJES DE CHILE LIMITADA

	 
	 

	By:
	 
	/s/ Rui Orlando Gomes

	 
	 
	Name:
	 
	Rui Orlando Gomes

	 
	 
	Title:
	 
	Director/Legal Representative

	 

	CB&I EUROPE B.V.

	 
	 

	By:
	 
	/s/ Raymond Buckley

	 
	 
	Name:
	 
	Raymond Buckley

	 
	 
	Title:
	 
	Director

	 

	CBI EASTERN ANSTALT

	 
	 

	By:
	 
	/s/ Raymond Buckley

	 
	 
	Name:
	 
	Raymond Buckley

	 
	 
	Title:
	 
	Director

	
	
	CB&I POWER COMPANY B.V. 
(f/k/a/ CMP HOLDINGS B.V.)

	
						
	By:
	 
	 /s/ Raymond Buckley
	 

	 
	 
	Name:
	 
	Raymond Buckley
	 

	 
	 
	Title:
	 
	Director
	 

	 
	 
	 
	 
	 
	 

	CBI CONSTRUCTORS PTY LTD
	 

	 
	 

	 By:
	/s/ Ian Michael Bendesh
	 

	 
	Name:
	 
	Ian Michael Bendesh
	 

	 
	Title:
	 
	Director
	 

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
					
	CBI ENGINEERING AND CONSTRUCTION

	CONSULTANT (SHANGHAI) CO. LTD.
	 

	 
	 
	 

	By:
	 
	/s/ Raymond Buckley
	 

	 
	 
	Name:
	 Raymond Buckley
	 

	 
	 
	Title:
	 Chairman
	 

	 
	 

	CBI (PHILIPPINES), INC.
	 

	 
	 
	 

	By:
	 
	/s/ Tom Anderson
	 

	 
	 
	Name:
	Tom Anderson
	 

	 
	 
	Title:
	President
	 

	 
	 

	CBI OVERSEAS, LLC
	 

	By:
	 
	/s/ Regina N. Hamilton
	 

	 
	 
	Name:
	Regina N. Hamilton
	 

	 
	 
	Title:
	 Secretary
	 

	
					
	CB&I CONSTRUCTORS LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I HOLDINGS (U.K.) LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I UK LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I MALTA LIMITED

	 
	 

	By:
	 
	/s/ Duncan Wigney

	 
	 
	Name:
	 
	Duncan Wigney

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
					
	LUTECH RESOURCES LIMITED

	 
	 

	By:
	 
	/s/ Jonathan Stephenson

	 
	 
	Name:
	 
	Jonathan Stephenson

	 
	 
	Title:
	 
	Secretary

	
	
	NETHERLANDS OPERATING COMPANY B.V.

	
							
	By:
	 
	/s/ H.M. Koese

	 
	 
	Name:
	 
	H. M. Koese

	 
	 
	Title:
	 
	Director

	 
	 
	 
	 
	 

	CBI NEDERLAND B.V.

	 
	 

	By:
	 
	/s/ Ashok Joshi

	 
	 
	Name:
	 
	Ashok Joshi

	 
	 
	Title:
	 
	Director

	
	
	ARABIAN GULF MATERIAL SUPPLY COMPANY, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
	
	PACIFIC RIM MATERIAL SUPPLY COMPANY, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
	
	SOUTHERN TROPIC MATERIAL SUPPLY COMPANY, LTD.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
	
	CHICAGO BRIDGE & IRON (ANTILLES) N.V.

	
					
	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Managing Director

	
	
	LUMMUS TECHNOLOGY HEAT TRANSFER B.V.

	
								
	By:
	 
	/s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
									
	LEALAND FINANCE COMPANY B.V.
	 

	 
	 
	 

	By:
	 
	/s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Managing Director
	 

	 
	 
	 
	 
	 

	CB&I FINANCE COMPANY LIMITED

	 
	 

	By:
	 
	/s/ Kevin J. Forder

	 
	 
	Name:
	 
	Kevin J. Forder

	 
	 
	Title:
	 
	Director

	 

	CB&I OIL & GAS EUROPE B.V.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Managing Director

	
									
	CBI COLOMBIANA S.A.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Director

	
	
	CHICAGO BRIDGE & IRON COMPANY B.V.

	
					
	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Managing Director

	
	
	LUMMUS INTERNATIONAL CORPORATION

	
					
	By:
	 
	/s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Vice President – Finance – Treasurer

	 

	HUA LU ENGINEERING CO., LTD.

	 
	 

	By:
	 
	 /s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
	
	CB&I TECHNOLOGY VENTURES, INC.

	(f/k/a LUMMUS CATALYST COMPANY LTD.)

	
									
	By:
	 
	/s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Vice President & Treasurer

	 
	 
	 
	 
	 
	 

	LUMMUS OVERSEAS CORPORATION
	 

	 
	 
	 

	By:
	 
	 /s/ John R. Albanese, Jr.
	 

	 
	 
	Name:
	 
	John R. Albanese, Jr.
	 

	 
	 
	Title:
	 
	Vice President & Treasurer
	 

	
	
	CATALYTIC DISTILLATION TECHNOLOGIES

	
					
	By:
	 
	 /s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	Management Committee Member

	
					
	LUMMUS TECHNOLOGY, INC.

	 
	 

	By:
	 
	 /s/ John R. Albanese, Jr.

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	CFO & Treasurer

	 

	CBI SERVICES, LLC

	By:
	CB&I HoldCo, LLC, its Sole Member

	 
	 

	By:
	 
	/s/ Regina N. Hamilton

	 
	 
	Name:
	 
	Regina N. Hamilton

	 
	 
	Title:
	 
	Secretary

	
	
	WOODLANDS INTERNATIONAL INSURANCE COMPANY

	
					
	By:
	 
	 /s/ Robert Havlick

	 
	 
	Name:
	 
	Robert Havlick

	 
	 
	Title:
	 
	Director

	
	
	CB&I HUNGARY HOLDING LIMITED LIABILITY COMPANY

	
					
	By:
	 
	 /s/ William G. Lamb

	 
	 
	Name:
	 
	William G. Lamb

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
	
	LUMMUS NOVOLEN TECHNOLOGY GMBH

	
					
	By:
	 
	 /s/ Godofredo Follmer

	 
	 
	Name:
	 
	Godofredo Follmer

	 
	 
	Title:
	 
	Managing Director

	 
	 
	 
	 
	 

	CB&I LUMMUS GMBH

	 
	 

	By:
	 
	 /s/ Andreas Schwarzhaupt

	 
	 
	Name:
	 
	Andreas Schwarzhaupt

	 
	 
	Title:
	 
	Managing Director

	 

	CB&I S.R.O.

	 
	 

	By:
	 
	 /s/ Jiri Gregor

	 
	 
	Name:
	 
	Jiri Gregor

	 
	 
	Title:
	 
	Managing Director

	 

	CBI PERUANA S.A.C.

	 
	 

	By:
	 
	 /s/ James E. Bishop

	 
	 
	Name:
	 
	James E. Bishop

	 
	 
	Title:
	 
	General Manager

	
					
	HORTON CBI, LIMITED

	 
	 

	By:
	 
	 /s/ James M. Brewer

	 
	 
	Name:
	 
	James M. Brewer

	 
	 
	Title:
	 
	Director

	 

	CB&I (NIGERIA) LIMITED

	 
	 

	By:
	 
	/s/ Andy Dadosky

	 
	 
	Name:
	 
	Andy Dadosky

	 
	 
	Title:
	 
	Director

	 

	CB&I SINGAPORE PTE LTD.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
					
	CB&I NORTH CAROLINA, INC.

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
						
	SHAW ALLOY PIPING PRODUCTS, LLC

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Manager

	 

	CB&I WALKER LA, L.L.C. (f/k/a SHAW SUNLAND FABRICATORS, LLC)

	 
	 

	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Manager

	
					
	CB&I ENVIRONMENTAL & INFRASTRUCTURE, INC.

	(f/k/a SHAW ENVIRONMENTAL, INC.)

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Director

	
											
	CB&I OVERSEAS (FAR EAST) LTD.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 /s/ William G. Lamb
	 
	 
	 

	 
	 
	Name:
	 
	William G. Lamb
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

	 
	 
	 
	 

	THE SHAW GROUP INC.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 
	 
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 
	 
	 

	 
	 
	Title:
	 
	Treasurer
	 
	 
	 

	 

	LUMMUS GASIFICATION TECHNOLOGY LICENSING COMPANY

	 
	 
	 
	 
	 

	By:
	 
	/s/ John R. Albanese, Jr.
	 
	 
	 

	 
	 
	Name:
	 
	John R. Albanese, Jr.
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

	
											
	CB&I LAURENS, INC.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 /s/ William G. Lamb
	 
	 
	 

	 
	 
	Name:
	 
	William G. Lamb
	 
	 
	 

	 
	 
	Title:
	 
	Vice President – Global Tax
	 
	 
	 

	 
	 
	 
	 

	CB&I GOVERNMENT SOLUTIONS, INC.
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 
	 
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

	 
	 
	 
	 

	SHAW SSS FABRICATORS, INC.
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Luciano Reyes
	 
	 
	 

	 
	 
	Name:
	 
	Luciano Reyes
	 
	 
	 

	 
	 
	Title:
	 
	Treasurer
	 
	 
	 

	 
	 

	CHICAGO BRIDGE & IRON COMPANY (NETHERLANDS)
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Regina N. Hamilton
	 
	 
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 
	 
	 

	 
	 
	Title:
	 
	Secretary
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	CBI US HOLDING COMPANY, INC
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Regina N. Hamilton
	 
	 
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 
	 
	 

	 
	 
	Title:
	 
	Secretary
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	CBI HOLDCO TWO, INC
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	/s/ Regina N. Hamilton
	 
	 
	 

	 
	 
	Name:
	 
	Regina N. Hamilton
	 
	 
	 

	 
	 
	Title:
	 
	Secretary
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	CBI COMPANY BV
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 /s/Ashok Joshi
	 
	 
	 

	 
	 
	Name:
	 
	Ashok Joshi
	 
	 
	 

	 
	 
	Title:
	 
	Director
	 
	 
	 

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

ADMINISTRATIVE AGENT:
BANK OF AMERICA, N.A., 
as Administrative Agent
	
			
	By:
	/s/ Bridgett J. Manduk Mowry

	Name:
	Bridgett J. Manduk Mowry

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

LENDERS:
BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

	
			
	By:
	/s/ Patrick N. Martin

	Name:
	Patrick N. Martin

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

BANK OF MONTREAL, as a Lender and an L/C Issuer

	
			
	By:
	/s/ John Armstrong

	Name:
	John Armstrong

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

THE BANK OF NOVA SCOTIA, as a Lender

	
			
	By:
	/s/ Michael Grad

	Name:
	Michael Grad

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender and an L/C Issuer

	
			
	By:
	/s/ Mark Maloney

	Name:
	Mark Maloney

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

BNP PARIBAS, as a Lender and an L/C Issuer

	
			
	By:
	/s/ Jamie Dillon

	Name:
	Jamie Dillon

	Title:
	Managing Director

	
			
	By:
	/s/ Mary-Ann Wong

	Name:
	Mary-Ann Wong

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

CITIBANK, N.A., as a Lender

	
			
	By:
	/s/ Millie Schild

	Name:
	Millie Schild

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

COMMERZBANK AG, NEW YORK BRANCH, as a Lender

	
			
	By:
	/s/ Barbara Stacks

	Name:
	Barbara Stacks

	Title:
	Director

	
			
	By:
	/s/ Tom Kang

	Name:
	Tom Kang

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

COMPASS BANK, as a Lender and L/C Issuer

	
			
	By:
	/s/ Aaron Loyd

	Name:
	Aaron Loyd

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender and an L/C Issuer

	
			
	By:
	/s/ Dixon Schultz

	Name:
	Dixon Schultz

	Title:
	Managing Director

	
			
	By:
	/s/ Michael Willis

	Name:
	Michael Willis

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

DBS BANK LTD., as a Lender

	
			
	By:
	/s/ Yeo How Ngee

	Name:
	Yeo How Ngee

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

FIFTH THIRD BANK., as a Lender

	
			
	By:
	/s/ Matthew Lewis

	Name:
	Matthew Lewis

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Paul Hatton

	Name:
	Paul Hatton

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

ING BANK N.V., DUBLIN BRANCH, as a Lender

	
			
	By:
	/s/ Shaun Hawley

	 
	 

	Name:
	Shaun Hawley

	Title:
	Director

	
			
	By:
	/s/ Barry Fehily

	 
	 

	Name:
	Barry Fehily

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

INTESA SANPAOLO S.P.A., NEW YORK BRANCH, as a Lender

	
			
	By:
	/s/ Glen Binder

	Name:
	Glen Binder

	Title:
	Global Relationship Manager

	
			
	By:
	/s/ Franco Di Mario

	Name:
	Franco Di Mario

	Title:
	FVP and Head of Credit

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

LLOYDS BANK PLC, as a Lender

	
			
	By:
	/s/ Daven Popat

	Name:
	Daven Popat

	Title:
	Senior Vice President  P003

	
			
	By:
	/s/ Stephen Parker

	Name:
	Stephen Parker

	Title:
	Vice President  P012

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

MIZUHO BANK, LTD., as a Lender

	
			
	By:
	/s/ Donna DeMagistris

	Name:
	Donna DeMagistris

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

NBAD AMERICAS N.V., as a Lender

	
			
	By:
	/s/ William Ghazar

	Name:
	William Ghazar

	Title:
	Executive Director

	
			
	By:
	/s/ Pamela Sigda

	Name:
	Pamela Sigda

	Title:
	COO

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

THE NORTHERN TRUST COMPANY, as a Lender

	
			
	By:
	/s/ Keith L. Burson

	Name:
	Keith L. Burson

	Title:
	Senior Vice President

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

REGIONS BANK, as a Lender

	
			
	By:
	/s/ Joey Powell

	Name:
	Joey Powell

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

RIYAD BANK, HOUSTON AGENCY, as a Lender

	
		
	By:
	/s/ Tim Hartnett

	Tim Hartnett

	Vice President & Administrative Officer

	
		
	By:
	/s/ Ana McQuaig

	Ana McQuaig

	Letters of Credit Supervisor

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

SANTANDER BANK, N.A., as a Lender

	
			
	By:
	/s/ John W. Deegan

	Name:
	John W. Deegan

	Title:
	Exec. Dir.

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

LENDERS:
STANDARD CHARTERED BANK, as a Lender

	
			
	By:
	/s/ Daniel Mattem

	Name:
	Daniel Mattem

	Title:
	Associate

	 
	Standard Chartered Bank

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

SUMITOMO MITSUI BANKING CORPORATION, as a Lender

	
			
	By:
	/s/ David W. Kee

	Name:
	David W. Kee

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

SUNTRUST BANK, as a Lender

	
			
	By:
	/s/ Lisa Garling

	Name:
	Lisa Garling

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

UNICREDIT BANK AG, NEW YORK BRANCH, as a Lender and an L/C Issuer

	
			
	By:
	/s/ Filippo Pappalardo

	Name:
	Filippo Pappalardo

	Title:
	Managing Director

	
			
	By:
	/s/ Julien Tizorin

	Name:
	Julien Tizorin

	Title:
	Director

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

ZB, N.A. D/B/A AMEGY BANK NATIONAL ASSOCIATION, as a Lender 

	
			
	By:
	/s/ Lauren Eller

	Name:
	Lauren Eller

	Title:
	AVP

Chicago Bridge & Iron
Amendment No. 2 to Amended and Restated Revolving Credit Agreement
Signature Page

ANNEX I

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 Amended and Restated Credit Agreement, dated as of July 8, 2015 (as amended, restated, amended and 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 Chicago Bridge & Iron Company N.V., a corporation organized under the laws of The Kingdom of the Netherlands (the “Company”), Chicago Bridge & Iron Company (Delaware), a Delaware corporation (the “Initial Borrower”), certain Subsidiaries of the Company from time to time party thereto (each a “Designated Borrower” and, together with the Initial Borrower, the “Borrowers” and each a “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 the                              of the Company, and that, in such capacity, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Company, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1.    The Company has delivered the year-end audited financial statements required by Section 6.01(b) of the Agreement for the fiscal year of the Company 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]

1.    The Company has delivered the unaudited financial statements required by Section 6.01(a) of the Agreement for the fiscal quarter of the Company ended as of the above date.  Such financial statements fairly present the consolidated financial condition, results of operations and cash flows of the Company and its Subsidiaries in accordance with Agreement Accounting Principles as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

2.    The undersigned has reviewed the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition of the Company during the accounting period covered by such financial statements.

3.    The financial covenant analyses and information set forth on Schedules 1, 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             ,         .

D-1 
Form of Compliance Certificate
86678088_4

CHICAGO BRIDGE & IRON COMPANY N.V.

		
	By:
	Chicago Bridge & Iron Company B.V., its Managing Director 

By:      
Name:      
Title:      

D-2 
Form of Compliance Certificate
86678088_4

For the Quarter/Year ended ___________________(“Statement Date”)

SCHEDULE 1 
to the Compliance Certificate 
($ in 000’s)

		
	I.
	Section 7.18 (a) – Maximum Leverage Ratio.

		
	A.
	Adjusted Indebtedness at Statement Date:    $    

		
	B.
	EBITDA (see Schedule 2) for four consecutive fiscal quarters

ending on above date (“Subject Period”):    $    
		
	C.
	Leverage Ratio (Line I.A  ̧ Line I.B):        to 1.00

		
	Maximum permitted:
	[3.00 to 1.00][3.25 to 1.00]

[3.50 to 1.00]

		
	II.
	Section 7.18(b) – Minimum Fixed Charge Coverage Ratio.

		
	A.
	Consolidated Net Income Available for Fixed Charges:

1.    Consolidated Net Income for Subject Period:    $    
2.    Provision for income taxes for Subject Period:    $    
3.    Consolidated Fixed Charges for Subject Period:    $    
4.    Dividends and distributions received in cash during Subject
Period:                $    
5.    Retention bonuses paid to officers, directors and employees
of the Company and its Subsidiaries in connection with the
Transaction (not to exceed $25,000,000) for Subject Period:    $    
6.    Fees, charges and expenses incurred in connection with the
Transaction, the transactions related thereto, and any related
issuance of Indebtedness or equity, whether or not
successful, for Subject Period:    $    
7.    Restructuring and integration charges, fees and expenses

D-3 
Form of Compliance Certificate
86678088_4

incurred in connection with the Transaction during Subject
Period:                $    
8.    Non-cash compensation expenses for management or
employees for Subject Period:    $    
9.    Expenses incurred in connection with the Shaw Acquisition
and relating to termination and severance as to, or relocation 
of, officers, directors and employees (not exceeding
$110,000,000) for Subject Period:    $    
10.    Equity earnings booked or recognized by the Company or
any of its Subsidiaries from Eligible Joint Ventures 
for Subject Period:        $    
11.    Consolidated Net Income Available for Fixed Charges
(Lines II.A1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10) 
for Subject Period:            $    
		
	B.
	Consolidated Fixed Charges for Subject Period:    $    

1.    Consolidated Long-Term Lease Rentals for Subject Period:    $    
2.    Consolidated Interest Expense for the Subject Period:    $    
3.    Consolidated Fixed Charges for Subject Period 
(Lines II.B1 + 2):            $    
		
	C.
	Fixed Charge Coverage Ratio (Line II.A11  ̧ Line II.B3):        to 1.00

		
	Minimum required:
	1.75 to 1.00

		
	III.
	Section 7.18(c) – Minimum Consolidated Net Worth.

		
	A.
	Consolidated Net Worth at Statement Date:    $    

		
	B.
	85% of the actual net worth of the Company and its Subsidiaries as of December 31, 2016 (after giving effect to Project Jazz write-downs):    $    

		
	C.
	50% of the sum of Consolidated Net Income (if positive) 

earned in each fiscal quarter, commencing with the fiscal 

D-4 
Form of Compliance Certificate
86678088_4

quarter ending on March 31, 2017:    $    
		
	D.
	One-time non-cash tax expense resulting from the tax gain on the Project Jazz sale, not to exceed $150,000,000:    $    

		
	E.
	Minimum Consolidated Net Worth  
(Lines III.B + III.C – III.D):         $    

		
	F.
	Minimum amount of Consolidated Net Worth that the Company

shall be required to maintain under any instrument, agreement or
indenture pertaining to any Material Indebtedness:    $    
		
	G.
	Greater of Line III.E and Line III.F:    $    

		
	H.
	Excess (deficient) for covenant compliance (Line III.A – III.G):    $    

3 For use for all Statement Dates except as set forth in the footnotes below, including on and after the earlier of (x) December 31,
2017 and (y) the last day of the fiscal quarter ending immediately following the expiration of 45 days after the consummation of
Project Jazz.
4 For use for all Statement Dates within the period of four consecutive fiscal quarters ending December 31, 2015,
March 31, 2016, June 30, 2016 and September 30, 2016.
5 For use for all Statement Dates within the period of four consecutive fiscal quarters ending December 31, 2016 and continuing
thereafter until the earlier to occur of (x) (x) December 31, 2017 and (y) the last day of the fiscal quarter ending immediately
following the expiration of 45 days after the consummation of Project Jazz.
6 Not to exceed 15% (or such lower percentage as may be set forth in the Note Purchase Agreements) of EBITDA of
the Company pursuant to clauses (a) through (i) of the definition thereof for the period of twelve (12) prior
consecutive months.

D-5 
Form of Compliance Certificate
86678088_4

For the Quarter/Year ended ___________________(“Statement Date”)

SCHEDULE 2 
to the Compliance Certificate 
($ in 000’s)

EBITDA 
(in accordance with the definition of EBITDA 
as set forth in the Agreement)
	
						
	

EBITDA
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Twelve  
Months 
Ended 
__________

	(i)(1) Consolidated 
Net Income
	 
	 
	 
	 
	 

	(2)   +   Interest Expense
	 
	 
	 
	 
	 

	(3)   +   charges against income for foreign, federal, state and local taxes to the extent deducted
	 
	 
	 
	 
	 

	(4)   +   non-recurring non-cash charges (excluding any charge that becomes, or is expected to become, a cash charge) to the extent deducted
	 
	 
	 
	 
	 

	(5)   +   extraordinary losses to the extent deducted
	 
	 
	 
	 
	 

	(6)   -   non-recurring non-cash credits to the extent added
	 
	 
	 
	 
	 

	(7)   -   extraordinary gains to the extent added
	 
	 
	 
	 
	 

	(ii)   +   depreciation expense to the extent deducted 
	 
	 
	 
	 
	 

	(iii)   +   amortization expense to the extent deducted
	 
	 
	 
	 
	 

	(iv)   +   non-cash compensation expenses for management or employees to the extent deducted
	 
	 
	 
	 
	 

D-6 
Form of Compliance Certificate
86678088_4

	
						
	

EBITDA
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Quarter 
Ended 
__________
	Twelve  
Months 
Ended 
__________

	(v)   +   to the extent not already included, dividends distributions actually received in cash received from Persons other than Subsidiaries 
	 
	 
	 
	 
	 

	(vi)   +retention bonuses paid in connection with the Transaction not to exceed $25,000,000
	 
	 
	 
	 
	 

	(vii)   +charges, fees and expenses incurred in connection with the Transaction, the transactions related thereto, and any related issuance of Indebtedness or equity, whether or not successful
	 
	 
	 
	 
	 

	(viii)   +charges, fees and expenses incurred in connection with restructuring and integration activities in connection with the Transaction, including in connection with the closures of certain facilities and termination of leases
	 
	 
	 
	 
	 

	(ix)   + expenses incurred in connection with the Shaw Acquisition and relating to termination and severance as to, or relocation of, officers, directors and employees not exceeding $110,000,000
	 
	 
	 
	 
	 

	(x)   + equity earnings booked or recognized by the Company or any of its Subsidiaries from Eligible Joint Ventures
	 
	 
	 
	 
	 

	=   Consolidated EBITDA
	 
	 
	 
	 
	 

D-7 
Form of Compliance Certificate
86678088_4

7 Not to exceed 15% (or such lower percentage as may be set forth in the Note Purchase Agreements) of EBITDA of
the Company pursuant to clauses (a) through (i) of this definition for the period of twelve (12) prior consecutive
months.

D-8 
Form of Compliance Certificate
86678088_4

SCHEDULE 3 

Eligible Joint Ventures

[INCLUDE LISTING OF ELIGIBLE JOINT VENTURES]

D-9  
Form of Compliance Certificate
86678088_4

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