Document:

Exhibit

EXHIBIT 10.32(b)

Execution Version

AMENDMENT NO. 2 TO TERM LOAN AGREEMENT
This Amendment No. 2 to Term Loan 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 “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 Borrower, the Administrative Agent, and the Lenders have entered into that certain Term Loan Agreement dated as of July 8, 2015 (as amended by that certain Amendment No. 1 to Term Loan 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 Borrower a senior unsecured term loan credit facility in an original aggregate principal amount of $500,000,000; and
WHEREAS, the Company has entered into the Guaranty pursuant to which it has guaranteed certain or all of the obligations of the Borrower under the Credit Agreement and the other Loan Documents; and
WHEREAS, the Borrower has 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 Term Loan Agreement by and among the Company, the Borrower, 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.
“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 

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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
	Eurodollar Rate +
	Base Rate +

	1
	Less than 0.75 to 1.00
	1.250%
	0.250%

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

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

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

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

	6
	Greater than or equal to 3.00 to 1.00
	2.250%
	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 2.13(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 such Loans were required to be funded hereunder unless such Lender notifies the 

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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 or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Company or the Administrative Agent 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 2.13(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 and each 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, the Borrower.”
(c)    Article V is hereby amended by adding a new Section 5.24 to the end of such Article as follows:

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“5.24    Not an EEA Financial Institution.  Neither the Borrower nor any Guarantor is an EEA Financial Institution.”
(d)    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 (as defined therein) under either or both of the Existing 2013 Revolving Credit Agreement and Existing 2015 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 determined by the Company.”.
(e)    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”):”.
(f)    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 

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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).”
(g)    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.”
(h)    Article X is hereby amended by adding a new Section 10.21 to the end of such Article as follows:
“10.21     Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any 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

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(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 C 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, the 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 Outstanding Amount 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 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 Borrower and constitutes a legal, valid and binding obligation of such parties, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting the rights of creditors, and subject to equitable principles of general application; and
(c)    After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing, or would result from the effectiveness of this Amendment.
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, 

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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.  
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 Borrower, 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 

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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.] 

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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.

BORROWER:

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

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

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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

	
					
	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 Term Loan Agreement
Signature Page
86678630_4

	
					
	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 Term Loan Agreement
Signature Page
86678630_4

	
						
	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 Term Loan Agreement
Signature Page
86678630_4

	
					
	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 Term Loan Agreement
Signature Page
86678630_4

	
					
	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/ Ashhok 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 Term Loan Agreement
Signature Page
86678630_4

	
									
	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 Term Loan Agreement
Signature Page
86678630_4

	
	
	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 Term Loan Agreement
Signature Page
86678630_4

	
	
	LUMMUS NOVOLEN TECHNOLOGY GMBH

	
					
	By:
	 
	 /s/ Godofredo Foller

	 
	 
	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 Term Loan Agreement
Signature Page
86678630_4

	
					
	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 Term Loan Agreement
Signature Page
86678630_4

	
											
	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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

LENDERS:
BANK OF AMERICA, N.A., as a Lender

	
			
	By:
	/s/ Patrick N. Martin

	Name:
	Patrick N. Martin

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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.2 to Term Loan Agreement
Signature Page
86678630_4

THE BANK OF EAST ASIA, LIMITED, NEW YORK BRANCH, as a Lender

	
			
	By:
	/s/ James Hua

	Name:
	James Hua

	Title:
	SVP

	
			
	By:
	/s/ Kitty Sin

	Name:
	Kitty Sin

	Title:
	SVP

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

BANK OF MONTREAL, as a 

	
			
	By:
	/s/ John Armstrong

	Name:
	John Armstrong

	Title:
	Managing Director

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

LENDERS:
THE BANK OF NOVA SCOTIA, as a Lender

	
			
	By:
	/s/ Michael Grad

	Name:
	Michael Grad

	Title:
	Director

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

LENDERS:
BANK OF WEST, as a Lender

	
			
	By:
	/s/ Duc Duong

	Name:
	Duc Duong

	Title:
	Director

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender 

	
			
	By:
	/s/ Mark Maloney

	Name:
	Mark Maloney

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

BNP PARIBAS, as a Lender 

	
			
	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 Term Loan Agreement
Signature Page
86678630_4

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.2 to Term Loan Agreement
Signature Page
86678630_4

CITIBANK, N.A., as a Lender

	
			
	By:
	/s/ Millie Schild

	Name:
	Millie Schild

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

COMPASS BANK, as a Lender and L/C Issuer

	
			
	By:
	/s/ Aaron Lloyd

	Name:
	Aaron Lloyd

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

FIFTH THIRD BANK., as a Lender

	
			
	By:
	/s/ Matthew Lewis

	Name:
	Matthew Lewis

	Title:
	Vice President

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

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:
	FVP and Head of Credit

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

MIZUHO BANK, LTD., as a Lender

	
			
	By:
	/s/ Donna DeMagistris

	Name:
	Donna DeMagistris

	Title:
	Authorized Signatory

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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

	
			
	By:
	/s/ Wendy Wanninger

	Name:
	Wendy Wanninger

	Title:
	Executive Manager

	
			
	By:
	/s/ Arlette Kittaneh

	Name:
	Arlette Kittaneh

	Title:
	Executive Manager

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

REGIONS BANK, as a Lender

	
			
	By:
	/s/ Joey Powell

	Name:
	Joey Powell

	Title:
	Director

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

SUNTRUST BANK, as a Lender

	
			
	By:
	/s/ Lisa Garling

	Name:
	Lisa Garling

	Title:
	Director

 

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

THE STANDARD BANK OF SOUTH AFRICA LIMITED, as a Lender

	
			
	By:
	/s/ Greg Tyte

	Name:
	Greg Tyte

	Title:
	Head of MEI-Investment Banking

09/02/2017

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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.2 to Term Loan Agreement
Signature Page
86678630_4

UNICREDIT BANK AG, NEW YORK BRANCH, as a Lender

	
			
	By:
	/s/ Ken Hamilton

	Name:
	Ken Hamilton

	Title:
	Managing Director

	
			
	By:
	/s/ Eleni Athanasatos

	Name:
	Eleni Athanasatos

	Title:
	Associate Director

Chicago Bridge & Iron
Amendment No.2 to Term Loan Agreement
Signature Page
86678630_4

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 Term Loan Agreement
Signature Page
86678630_4

ANNEX I

EXHIBIT C
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 Term Loan 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 “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

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             ,         .
CHICAGO BRIDGE & IRON COMPANY N.V.

C - 1    
Form of Compliance Certificate
86678630_4

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

By:      
Name:      
Title:      

C - 2    
Form of Compliance Certificate
86678630_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
incurred in connection with the Transaction during Subject
Period:                $    

C - 3    
Form of Compliance Certificate
86678630_4

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

C - 4    
Form of Compliance Certificate
86678630_4

		
	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):    $    

2 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.
3 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.
4 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.
5 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.

C - 5    
Form of Compliance Certificate
86678630_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
	 
	 
	 
	 
	 

C - 6    
Form of Compliance Certificate
86678630_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
	 
	 
	 
	 
	 

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 this definition for the period of twelve (12) prior consecutive months.

C - 7    
Form of Compliance Certificate
86678630_4

SCHEDULE 3 

Eligible Joint Ventures

[INCLUDE LISTING OF ELIGIBLE JOINT VENTURES]

    

C - 1    
Form of Compliance Certificate
86678630_4Exhibit

EXHIBIT 10.33(b)

Execution Version

SECOND AMENDMENT TO NOTE PURCHASE AND GUARANTEE AGREEMENT
This Second Amendment to Note Purchase and Guarantee Agreement (this “Amendment”), dated as of December 29, 2016, is made by and among CHICAGO BRIDGE & IRON COMPANY (DELAWARE), a Delaware corporation (the “Company”), CHICAGO BRIDGE & IRON COMPANY N.V., a corporation incorporated under the laws of The Netherlands (the “Parent Guarantor” and, together with the Company, the “Obligors”), and each of the institutions set forth on the signature pages to this Amendment (collectively, the “Noteholders”).
RECITALS:
A.    The Obligors and each of the Noteholders have heretofore entered into the Note Purchase and Guarantee Agreement dated as of July 22, 2015 (as amended, amended and restated, supplemented or otherwise modified, the “Note Purchase Agreement”), pursuant to which the Company issued U.S. $200,000,000 aggregate principal amount of its 4.53% Senior Notes, due July 30, 2025 (the “Notes”).
B.    The Obligors and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.
C.    Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement unless herein defined or the context shall otherwise require.
D.    All requirements of law have been fully complied with and all other acts and things necessary to make this Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.
NOW, THEREFORE, the Obligors and the Noteholders, in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, do hereby agree as follows:
		
	SECTION 1.
	AMENDMENTS TO NOTE PURCHASE AGREEMENT.

Subject to the terms and conditions set forth herein, the Note Purchase Agreement (exclusive of Schedules thereto) is amended as follows:

-1-

(a)    Section 9.11 of the Note Purchase Agreement is hereby amended by:
(i)    amending and restating the second parenthetical in clause (a)(iii) of Section 9.11 to read as follows:
(any such provision and any Restricted Payment Provisions described in clause (e) below, in each case, together with all definitions and interpretive provisions from such Credit Agreement to the extent used in relation thereto, a “Most Favorable Covenant”)
and 
(ii)    adding a new clause (e) to follow clause (d), which shall read as follows:
(e) In addition to the foregoing, the Obligors agree that the “Restricted Payments” covenants contained in each of the Credit Agreements are hereby incorporated by reference into this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the Second Amendment Effective Date, and such Restricted Payments covenants shall be deemed to constitute Incorporated Covenants for purposes of this Section 9.11.  Upon the request of any holder of a Note, the Obligors shall enter into any additional agreement or amendment to this Agreement reasonably requested by such holder to further evidence the foregoing.  In addition, the Most Favorable Covenants under this Section 9.11 shall include any covenant (whether constituting a covenant or event of default) of an Obligor contained in any Credit Agreement from and after the Second Amendment Effective Date that expressly and directly limits dividends or other restricted payments (collectively, “Restricted Payment Provisions”), and all rights and obligations set forth herein with respect to Most Favorable Covenants shall apply equally thereto.  For informational purposes only, the Restricted Payments covenant contained in the Credit Agreements as of the Second Amendment Effective Date is set forth on Exhibit A to the Second Amendment to this Agreement.

-2-

(b)    Section 10.7 of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:
Section 10.7.    Leverage Ratio.  The Parent Guarantor shall not permit the ratio (the “Leverage Ratio”) of (i) all Adjusted Indebtedness of the Parent Guarantor and its Subsidiaries as of any date of determination (but excluding Excluded JV Indebtedness) to (ii) EBITDA for the most recently-ended period of four-fiscal quarters for which financial statements were required to be delivered to exceed the lesser of (a) 3.00:1.0 and (b) the level required to be maintained under a similar leverage covenant contained in any Credit Agreement for such applicable fiscal period.  For purposes of this Section, if during the period of calculation any Obligor or any Subsidiary shall have acquired or disposed of any Person or acquired or disposed of all or substantially all of the operating assets of any Person, EBITDA for such period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of such period.
The Leverage Ratio shall be calculated as of the last day of each fiscal quarter based upon (A) for Adjusted Indebtedness, Adjusted Indebtedness (but excluding Excluded JV Indebtedness) as of the last day of each such fiscal quarter and (B) for EBITDA, the actual amount for the four quarter period ending on such day, calculated, with respect to acquisitions and disposals, if any, as provided in the preceding paragraph. 
		
	SECTION 2.
	AMENDMENTS TO DEFINED TERMS.

(a)    Schedule B to the Note Purchase Agreement is hereby amended by amending and restating the following existing definitions to read as follows:
“Consolidated Net Income” means, for any period, the net income (or deficit) of the Parent Guarantor and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, but excluding in any event, without duplication, (i) any extraordinary gain or loss (net of any tax effect), (ii) cash distributions received by the Parent Guarantor or any Subsidiary from any Eligible Joint Venture and (iii) net earnings of any Person (other than a 

-3-

Subsidiary) in which the Parent Guarantor or any Subsidiary has an ownership interest unless such net earnings shall have actually been received by the Parent Guarantor or such Subsidiary in the form of cash distributions.
“Consolidated Net Income Available for Fixed Charges” means, for any period, Consolidated Net Income plus, without duplication, to the extent deducted in determining such Consolidated Net Income, (i) provisions for income taxes, (ii) Consolidated Fixed Charges, (iii) to the extent not already included in Consolidated Net Income, dividends and distributions actually received in cash during such period from Persons that are not Subsidiaries of the Parent Guarantor, (iv) retention bonuses paid to officers, directors and employees of the Parent Guarantor and its Subsidiaries in connection with the Transaction not to exceed $25,000,000, (v) any 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, (vi) charges, expenses and losses incurred in connection with restructuring and integration activities in connection with the Transaction, including in connection with closures of certain facilities and termination of leases, (vii) non-cash compensation expenses for management or employees to the extent deducted in computing Consolidated Net Income, (viii) 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, and (ix) equity earnings booked or recognized by the Parent Guarantor or any of its Subsidiaries from Eligible Joint Ventures not to exceed 15% of EBITDA of the Parent Guarantor pursuant to clauses (i) through (ix) of the definition of EBITDA for such period.
“EBITDA” means, for any period, on a consolidated basis for the Parent Guarantor and its Subsidiaries, the sum of the amounts for such period, without duplication, calculated in each case in accordance with GAAP, of (i) EBIT plus (ii) depreciation expense to the extent deducted in computing Consolidated Net Income, plus (iii) amortization expense, including, without limitation, amortization of goodwill and other intangible assets to the extent deducted in computing Consolidated Net Income, plus (iv) non-cash 

-4-

compensation expenses for management or employees to the extent deducted in computing Consolidated Net Income, plus (v) to the extent not already included in Consolidated Net Income, dividends and distributions actually received in cash during such period from Persons that are not Subsidiaries of the Parent Guarantor, plus (vi) retention bonuses paid to officers, directors and employees of the Parent Guarantor and its Subsidiaries in connection with the Transaction not to exceed $25,000,000, plus (vii) any 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, plus (viii) charges, expenses and losses incurred in connection with restructuring and integration activities in connection with the Transaction, including in connection with closures of certain facilities and termination of leases, plus (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, and plus (x) equity earnings booked or recognized by the Parent Guarantor or any of its Subsidiaries from Eligible Joint Ventures not to exceed 15% of EBITDA of the Parent Guarantor pursuant to clauses (i) through (ix) of this definition for such period.
“Incorporated Covenant” is defined in Section 9.11(b).
 (b)    Schedule B to the Note Purchase Agreement is hereby amended by adding the following new definitions in their proper alphabetical order:
“Eligible Joint Venture” means, at each time of determination, a joint venture of the Parent Guarantor or any of its Subsidiaries that has been designated as such to the holders of the Notes (i) for which annual unaudited financial statements and quarterly unaudited financial statements have been delivered to the holders of the Notes, in each case such financial statements prepared in accordance with GAAP, (ii) of which between a 20% and 50% interest in the profits or capital thereof is owned by the Parent Guarantor or one or more of its Subsidiaries, or the Parent Guarantor and one or more of its Subsidiaries, (iii) for which the Eligible Joint Venture Leverage Ratio of such joint venture is less than 1.00 to 1.00, and (iv) that is validly existing under the laws of its jurisdiction of 

-5-

organization or formation (or equivalent); provided, however, that there may not be more than ten (10) designated Eligible Joint Ventures at any time.
“Eligible Joint Venture Consolidated Net Income” means, for any period, the net income (or deficit) of any joint venture of the Parent Guarantor and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, but excluding in any event (i) any extraordinary gain or loss (net of any tax effect) and (ii) net earnings of any Person (other than a Subsidiary) in which such joint venture or any Subsidiary has an ownership interest unless such net earnings shall have actually been received by such joint venture or such Subsidiary in the form of cash distributions.
“Eligible Joint Venture EBITDA” means, for any period, for any joint venture of the Parent Guarantor or any of its Subsidiaries, an amount equal to Eligible Joint Venture Consolidated Net Income for such period plus, without duplication, (i) the following to the extent deducted in calculating such Eligible Joint Venture Consolidated Net Income: (a) Eligible Joint Venture Interest Charges for such period, (b) the provision for federal, state, local and foreign income taxes payable by such joint venture for such period, (c) depreciation and amortization expense and (d) other non-recurring expenses of such joint venture reducing such Eligible Joint Venture Consolidated Net Income which do not represent a cash item in such period or any future period, and minus, without duplication, (ii) the following to the extent included in calculating such Eligible Joint Venture Consolidated Net Income: (a) federal, state, local and foreign income tax credits of such joint venture for such period and (b) all non-cash items increasing Eligible Joint Venture Consolidated Net Income for such period.
“Eligible Joint Venture Interest Charges” means, for any period, for any joint venture of the Parent Guarantor or any of its Subsidiaries, the sum of (i) all interest, premium payments, debt discount, fees, charges and related expenses of such joint venture in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, and (ii) the 

-6-

portion of rent expense of such joint venture with respect to such period under capital leases that is treated as interest in accordance with GAAP.
“Eligible Joint Venture Leverage Ratio” means, as of any date of determination, for any joint venture of the Parent Guarantor, the ratio of (i) Indebtedness for such joint venture of the Parent Guarantor or any of its Subsidiaries, on a consolidated basis, to (ii) Eligible Joint Venture EBITDA for the period of the four prior fiscal quarters ending on or most recently ended prior to such date.
“Excluded JV Indebtedness” means, at the time of any determination, Joint Venture Indebtedness, provided that (i) the respective advancing joint venture does not at the time of such determination have any outstanding Indebtedness (other Indebtedness owing to a partner or co-venturer in such joint venture), (ii) neither of the Obligors nor any Subsidiary guarantees any Indebtedness of such joint venture, and (iii) Excluded JV Indebtedness shall not exceed $1,000,000,000 at any one time, provided that Excluded JV Indebtedness may exceed $1,000,000,000 so long as any amount in excess of $1,000,000,000 represents Joint Venture Indebtedness owed to a particular joint venture (meeting the criteria in clauses (i) and (ii) above) and the indebted Company or Subsidiary Guarantor, as applicable, has paid down such outstanding Joint Venture Indebtedness to zero for at least two consecutive Business Days during each period of 60 consecutive days from and after the Second Amendment Effective Date.
 “Joint Venture Indebtedness” shall mean unsecured Indebtedness of the Company or any Subsidiary Guarantor owing to a joint venture in which the Company or any Subsidiary Guarantor owns any interest.
 “Second Amendment Effective Date” means December 29, 2016.
(c)    Schedule B to the Note Purchase Agreement is hereby amended by deleting the definitions of “Mozambique Joint Venture,” “Mozambique Joint Venture Consolidated Net 

-7-

Income,” “Mozambique Joint Venture EBITDA,” “Mozambique Joint Venture Interest Charges,” and “Mozambique Joint Venture Leverage Ratio.”
		
	SECTION 3.
	REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS.

To induce the Noteholders to execute and deliver this Amendment (which representations shall survive the execution and delivery of this Amendment), each Obligor represents and warrants to the Noteholders that:
(a)    this Amendment has been duly authorized, executed and delivered by it and this Amendment constitutes the legal, valid and binding obligation, contract and agreement of such Obligor enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;
(b)    the Note Purchase Agreement, as amended by this Amendment, constitutes the legal, valid and binding obligation, contract and agreement of such Obligor enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;
(c)    the execution, delivery and performance by such Obligor of this Amendment (i) has been duly authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, including, without limitation, any Credit Agreement, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 3(c);
(d)    as of the date hereof immediately prior to and after giving effect to this Amendment, no Default or Event of Default has occurred which is continuing;
(e)    no amendment or modification of any outstanding Credit Agreement that addresses the subject matter of this Amendment is being entered into by the Obligors on or about the date of this Amendment or is currently contemplated by the Obligors; and

-8-

(f)    all of the representations and warranties contained in Section 5 of the Note Purchase Agreement are true and correct in all material respects (in all respects in the case of representations and warranties qualified by materiality, Material Adverse Effect or similar language in the text thereof) with the same force and effect as if made by such Obligor on and as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date or due solely as a result of actions taken by the Obligors in accordance with the covenants set forth in the Note Purchase Agreement.
		
	SECTION 4.
	EFFECTIVENESS; CONDITIONS PRECEDENT.

This Amendment and the amendments to the Note Purchase 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)    executed counterparts of this Amendment, duly executed by the Obligors and the holders of not less than 51% of the outstanding principal of the Notes and consented to by the Subsidiary Guarantors shall have been delivered to the Noteholders;
(b)    the representations and warranties of the Obligors set forth in Section 3 hereof are true and correct on and with respect to the date hereof;
(c)    the Obligors shall have paid the fees and expenses of Chapman and Cutler LLP, counsel to the Noteholders in connection with the negotiation, preparation, approval, execution and delivery of this Amendment; and
(d)    each holder (as such term is defined in the Note Purchase Agreement) of a Note shall have received a fee in an amount equal to five basis points (5 bps) on the aggregate outstanding principal amount of each Note held by such holder.
		
	SECTION 5.
	MISCELLANEOUS.

(a)    This Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect.
(b)    Each Subsidiary Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under its Subsidiary Guarantee, and (iii) agrees that this Amendment and all documents delivered in connection herewith do not operate 

-9-

to reduce or discharge its obligations under the Note Purchase Agreement or its Subsidiary Guarantee.
(c)    Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Amendment may refer to the Note Purchase Agreement without making specific reference to this Amendment but nevertheless all such references shall include this Amendment unless the context otherwise requires.
(d)    The descriptive headings of the various Sections or parts of this Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.
(e)    This Amendment shall be governed by and construed in accordance with New York law.
 [Signature pages follow.]

-10-

IN WITNESS WHEREOF, the undersigned has duly executed this Amendment as of the date first written above. 
CHICAGO BRIDGE & IRON COMPANY N.V., as the Parent Guarantor 
By: CHICAGO BRIDGE & IRON COMPANY B.V., as its Managing Director 
 
	
					
	By:
	 
	  /s/ Michael S. Taff  

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Authorized Signatory

 

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
										
	 
	 
	 
	 
	 

	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:
	 
	 /s/ Michael S. Taff
	 

	 
	 
	Name:
	 
	Michael S. Taff
	 

	 
	 
	Title:
	 
	Authorized Signatory
	 

	
	
	 

	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
	 

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
					
	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

	
					
	HOWE-BAKER INTERNATIONAL, L.L.C.

	
					
	By:
	 
	/s/ Luciano Reyes

	 
	 
	Name:
	 
	Luciano Reyes

	 
	 
	Title:
	 
	Treasurer

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
					
	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

	 
	 
	 
	 
	 

	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

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
						
	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
	 

	
					
	CBI ENGINEERING AND CONSTRUCTION

	CONSULTANT (SHANGHAI) CO. LTD.
	 

	 
	 
	 

	By:
	 
	/s/ Raymond Buckley
	 

	 
	 
	Name:
	 Raymond Buckley
	 

	 
	 
	Title:
	 Chairman
	 

	 
	 

	CBI (PHILIPPINES), INC.
	 

	 
	 
	 

	By:
	 
	/s/ Douglas A. Willard
	 

	 
	 
	Name:
	Douglas A. Willard
	 

	 
	 
	Title:
	President
	 

	 
	 

	CBI OVERSEAS, LLC
	 

	By:
	 
	/s/ Regina N. Hamilton
	 

	 
	 
	Name:
	Regina N. Hamilton
	 

	 
	 
	Title:
	 Secretary
	 

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
					
	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

	 

	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

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
	
	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
	 

	 
	 

	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

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
									
	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

	
	
	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

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
					
	LUMMUS TECHNOLOGY, INC.

	 
	 

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

	 
	 
	Name:
	 
	John R. Albanese, Jr.

	 
	 
	Title:
	 
	CFO & Treasurer

	 

	CBI SERVICES, LLC

	 
	 

	By:
	 
	/s/ Joshua A. Decuir

	 
	 
	Name:
	 
	Joshua A. Decuir

	 
	 
	Title:
	 
	Assistant 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

	
	
	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

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
					
	HORTON CBI, LIMITED

	 
	 

	By:
	 
	 /s/ James M. Brewer

	 
	 
	Name:
	 
	James M. Brewer

	 
	 
	Title:
	 
	Director

	 

	CB&I (NIGERIA) LIMITED

	 
	 

	By:
	 
	/s/ Douglas Arthur Willard

	 
	 
	Name:
	 
	Douglas Arthur Willard

	 
	 
	Title:
	 
	Director

	 

	CB&I SINGAPORE PTE LTD.

	 
	 

	By:
	 
	/s/ Michael S. Taff

	 
	 
	Name:
	 
	Michael S. Taff

	 
	 
	Title:
	 
	Director

	 

	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.

	 
	 

	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

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
											
	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
	 
	 
	 

	 
	 
	 
	 

	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
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

[Signature to Second Amendment to 2015 Note Purchase Agreement]

	
											
	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
	 
	 
	 

[Signature to Second Amendment to 2015 Note Purchase Agreement]

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

THE GIBRALTAR LIFE INSURANCE CO., LTD.

By:  Prudential Investment Management Japan Co., Ltd., as Investment Manager

By:  PGIM, Inc., as Sub-Adviser

By:  /s/ Chris J.
Vice President

We acknowledge that The Gibraltar Life Insurance Co., Ltd. holds $34,000,000.00 of the Notes.

THE PRUDENTIAL INSURANCE COMPANY
  OF AMERICA

By:    /s/ Chris J.
Vice President

We acknowledge that The Prudential Insurance Company of America holds $24,150,000.00 of the Notes.

PRUDENTIAL RETIREMENT GUARANTEED
  COST BUSINESS TRUST

By:  PGIM, Inc., as investment manager

By:    /s/ Chris J.
Vice President

We acknowledge that Prudential Retirement Guaranteed Cost Business Trust holds $1,000,000.00 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

FARMERS INSURANCE EXCHANGE

By:  Prudential Private Placement Investors, L.P. 
(as Investment Advisor)

By:  Prudential Private Placement Investors, Inc. 
(as its General Partner)

By:    /s/ Chris J.
Vice President

We acknowledge that Farmers Insurance Exchange holds $7,595,000.00 of the Notes.

MID CENTURY INSURANCE COMPANY

By:  Prudential Private Placement Investors, L.P. 
(as Investment Advisor)

By:  Prudential Private Placement Investors, Inc. 
(as its General Partner)

By:    /s/ Chris J.
Vice President

We acknowledge that Mid Century Insurance Company holds $3,255,000.00 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

METROPOLITAN LIFE INSURANCE COMPANY

NEW ENGLAND LIFE INSURANCE COMPANY
by Metropolitan Life Insurance Company, Its Investment Manager

By: /s/ John A. Willis____________________________
Name:  John A. Wills
Title:    Managing Director

We acknowledge that Metropolitan Life Insurance Company holds $17,800,000.00 of the Notes.

We acknowledge that New England Life Insurance Company holds $4,600,000.00 of the Notes.

METLIFE INSURANCE K.K.
by MetLife Investment Advisors, LLC, Its Investment Manager

SYMETRA LIFE INSURANCE COMPANY
by MetLife Investment Advisors, LLC, Its Investment Manager

By: /s/ C. Scott Inglis____________________________
Name:  C. Scott Inglis
Title:    Managing Director

We acknowledge that Metlife Insurance K.K. holds $4,600,000.00 of the Notes.

We acknowledge that Symetra Life Insurance Company holds $9,000,000.00 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

		
	By:
	Delaware Investment Advisers,  
a series of Delaware Management Business Trust, Attorney in Fact

By: /s/ Karl Spaeth
Name:  Karl Spaeth
Title:    Vice President

We acknowledge that The Lincoln National Life Insurance Company holds $33,000,000 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

		
	By
	: /s/ Thomas M. Donohue

Name:    Thomas M. Donohue
Title:    Managing Director

We acknowledge that The Guardian Life Insurance Company of America holds $25,000,000 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.    

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
GENWORTH LIFE INSURANCE COMPANY OF NEW YORK

		
	By
	: /s/ Eric M. Boyd

Name:  Eric M. Boyd
Title:  Investment Officer

We acknowledge that Genworth Life and Annuity Insurance Company holds $13 Million of the Notes and that Genworth Life Insurance Company of New York holds $2 Million of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY

		
	By
	: /s/ David Divine

Name: David Divine
Title: Senior Portfolio Manager

We acknowledge that Southern Farm Bureau Life Insurance Company holds $10,000,000 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

AMERICAN FAMILY LIFE INSURANCE COMPANY

		
	By
	: /s/ David L. Voge

Name:  David L. Voge
Title:  Fixed Income Portfolio Manager

We acknowledge that American Family Life Insurance Company holds $5,000,000 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

ASSURITY LIFE INSURANCE COMPANY

By /s/ Victor Weber
Name:  Victor Weber
Title:  Senior Director - Investments

We acknowledge that Assurity Life Insurance Company holds $3,000,000 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

This Amendment is hereby
accepted and agreed to as 
of the date thereof.

CMFG LIFE INSURANCE COMPANY

By:  MEMBERS Capital Advisors, Inc. 
acting as Investment Advisor

		
	By
	 /s/ Jason Micks

Name: Jason Micks
Title: Director, Investments

We acknowledge that CMFG Life Insurance Company holds $3,000,000 of the Notes.

[Signature to Second Amendment to 2015 Note Purchase Agreement]

Chicago Bridge & Iron Company (Delaware)
Chicago Bridge & Iron Company N.V.

EXHIBIT A

(Restricted Payments Covenant in Credit Agreements  
as in effect on Second Amendment Effective Date) 

Restricted Payments. The Company shall not, nor shall it permit any Subsidiary to, declare, make or pay any Restricted Payments in excess of $250,000,000 in the aggregate during any period of twelve (12) consecutive months, other than (a) permitted Restricted Payments listed on Schedule 7.17, (b) payments and prepayments of debt permitted by Section 7.01(j), (c) payments and prepayments of the Transaction Facilities, (d) any Subsidiary may declare and pay dividends ratably with respect to its Equity Interests and (e) other Restricted Payments so long as when each such Restricted Payment is made, on a pro forma basis, the Leverage Ratio of the Company and its Subsidiaries for the most recently-ended period of four-fiscal quarters shall be less than 1.50 to 1.00.

Note: Capitalized terms used in this Exhibit have the meanings ascribed to them in the applicable Credit Agreement and, with respect to the Term Facility, references to Schedule 7.17 and Section 7.01(j) above are to Schedule 7.3(s) and Section 7.3(a)(x), respectively.

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