Document:

GGP 12.31.14 10K Exhibit 10.37

FIRST AMENDMENT 

TO  

LOAN AGREEMENT

among

GENERAL GROWTH PROPERTIES, INC., 
as Borrower,

and

THE LENDERS PARTY HERETO, 
as Lenders,

and
 
THE GUARANTORS PARTY HERETO, 
as Guarantors,
and 

U.S. BANK NATIONAL ASSOCIATION, 
as Administrative Agent.

Date:    As of July 23, 2013

NYDOCS03/971996    1

FIRST AMENDMENT TO LOAN AGREEMENT
This First Amendment to Loan Agreement (as amended, modified or supplemented from time to time, this “Amendment”) is dated as of July 23, 2013 among GENERAL GROWTH PROPERTIES, INC., a Delaware corporation (“Borrower”); each of the lenders listed on the signature pages hereof (“Lenders”); each of the guarantors listed on the signature pages hereof (each, a “Guarantor” and collectively, “Guarantors”); and U.S. BANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, Borrower, Guarantors, Lenders, Administrative Agent, and the other parties from time to time party thereto entered into a Loan Agreement dated as of April 26, 2013 (the “Loan Agreement”);
WHEREAS, the parties now desire to make certain amendments to the Loan Agreement as set forth herein;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
		
	1.
	Definitions.  Except as otherwise expressly provided for in this Amendment, capitalized terms used in this Amendment shall have the meanings assigned thereto in the Loan Agreement.

		
	2.
	Amendments to Loan Agreement.  

2.1    The definition of “Change of Control” in Section 1.1 of the Loan Agreement is hereby amended by inserting “or” between (ii) and (iii) in clause (a) thereof.
2.2    The definition of “Eligible Assignee” in Section 1.1 of the Loan Agreement is hereby amended by inserting “or the United States” after “located in the country in which it is organized” in clause (ii)(y) thereof.
2.3    The definition of “LIBOR Rate” in Section 1.1 of the Loan Agreement is hereby amended by replacing “such rate rounded up to the nearest one sixteenth percent” with the phrase “such rate rounded upwards, if necessary, to the nearest 1/1000 of 1%”.
2.4    Sections 2.6(4)(b), 2.6(5) and 2.6(6)(b) of the  Loan Agreement are each hereby amended by replacing the word “predicted”  with “predicated”.
2.5    Section 2.8(2)(c) of the  Loan Agreement is hereby amended by replacing the phrase “except as provided in Section 2.4(4)” with “except as provided in Section 2.9(4)”.
2.6    Section 2.9(4)(a) of the  Loan Agreement is hereby amended by replacing the phrase “would otherwise be applied to such Lender’s Loans” to “would otherwise be applied to such Lender’s LIBOR Loans”.
2.7    Section 4.1(2) of the  Loan Agreement is hereby amended by replacing the phrase “Upon and occurrence” with “Upon an occurrence”.

NYDOCS03/971996    2

		
	3.
	Representations and Warranties. Borrower and each Guarantor hereby represent and warrant that the representations and warranties of Borrower and each Guarantor contained in each of the Loan Documents (as amended or supplemented to date, including pursuant to this Amendment) are true and correct in all material respects (except to the extent that any representation or warranty that is qualified by materiality shall be true and correct in all respects) as such representations and warranties may have changed based upon events or activities not prohibited by the Loan Agreement on and as of the Effective Date (as defined below), before and after giving effect to this Amendment, as though made on and as of such date.  Borrower and each Guarantor further represent and warrant that the factual matters described herein are true and correct as of the date hereof.

		
	4.
	Effectiveness of Amendment.  This Amendment shall become effective as of the date first above written (the “Effective Date”) when, and only when, the Administrative Agent shall have received counterparts of this Amendment executed by Borrower, each Guarantor, Administrative Agent and the Lenders (or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment).

		
	5.
	Costs and Expenses.  Borrower agrees to pay within five (5) Business Days of receipt of written demand from Administrative Agent all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and any instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 12.5 of the Loan Agreement.

		
	6.
	Certain Definitions.  On and after the Effective Date, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement, as amended by this Amendment.

		
	7.
	Ratification.  The Loan Agreement (as amended by this Amendment) and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents.

		
	8.
	Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

		
	9.
	Guarantor Consent.  By its signature below, each Guarantor, as a Guarantor under the Repayment Guaranty dated as of April 26, 2013 in favor of Administrative Agent, for its benefit and for the benefit of the Lenders, hereby consents to this Amendment and hereby confirms and agrees that notwithstanding the effectiveness of this Amendment, the Repayment Guaranty is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects.

		
	10.
	Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

NYDOCS03/971996    3

		
	11.
	[Balance of page intentionally left blank]

NYDOCS03/971996    4

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunder duly authorized, as of the date first above written.

BORROWER:
GENERAL GROWTH PROPERTIES, INC., a Delaware corporation
		
	By:
	/s/ Marvin J. Levine     
Name: Marvin J. Levine, Esq. 
Title: Authorized Signatory

[Signatures continue on next page]

NYDOCS03/971996    S-1

GUARANTORS:
GGPLP REAL ESTATE HOLDING I, INC.

		
	By:
	/s/ Marvin J. Levine     
Authorized Signatory

GGP, INC.

		
	By:
	/s/ Marvin J. Levine     
Authorized Signatory

GGP REAL ESTATE HOLDING II, INC.

		
	By:
	/s/ Marvin J. Levine     
Authorized Signatory

GGP LIMITED PARTNERSHIP II

     By:  GGP, Inc., its general partner

              By:  /s/ Marvin J. Levine     
                Authorized Signatory

GGP LIMITED PARTNERSHIP

By:  GGP, Inc., its general partner

              By:  /s/ Marvin J. Levine     
                Authorized Signatory

GGPLP L.L.C.

     By:  GGP Limited Partnership, its managing              member
    
By:  GGP, Inc., its general partner

                   By:  /s/ Marvin J. Levine     
                 Authorized Signatory 

[Signatures continue on next page]

NYDOCS03/971996    S-2

GGPLP REAL ESTATE, INC.

By:    /s/ Marvin J. Levine     
               Authorized Signatory

GGPLPLLC 2010 LOAN PLEDGOR     HOLDING, LLC

By:    /s/ Marvin J. Levine     
        Authorized Signatory

GGPLP 2010 LOAN PLEDGOR HOLDING,     LLC

By:    /s/ Marvin J. Levine     
        Authorized Signatory

GGPLP REAL ESTATE 2010 LOAN     PLEDGOR HOLDING, LLC

By:    /s/ Marvin J. Levine     
        Authorized Signatory

GGPLPLLC 2010 LOAN PLEDGEE, LLC

By:    /s/ Marvin J. Levine     
        Authorized Signatory

GGPLP 2010 LOAN PLEDGEE, LLC

By:    /s/ Marvin J. Levine     
        Authorized Signatory

GGPLP REAL ESTATE 2010 LOAN     PLEDGEE, LLC

By:    /s/ Marvin J. Levine     
        Authorized Signatory

[Signatures continue on next page]

NYDOCS03/971996    S-3

ADMINISTRATIVE AGENT:
U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent
		
	By:
	/s/ Dennis Redpath     
Name: Dennis Redpath 
Title:  Senior Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-4

LENDER:
U.S. BANK NATIONAL ASSOCIATION
		
	By:
	/s/ Dennis Redpath     
Name:  Dennis Redpath 
Title:  Senior Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-5

LENDER:
ROYAL BANK OF CANADA
		
	By:
	/s/ Dan LePage     
Name:  Dan LePage  
Title:  Authorized Signatory

 [Signatures continue on next page]

NYDOCS03/971996    S-6

LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:
	/s/ Winita V. Lau     
Name:  Winita V. Lau 
Title:  Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-7

LENDER:
BANK OF AMERICA, N.A.
		
	By:
	/Cheryl Sneor     
Name:  Cheryl Sneor 
Title:  Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-8

LENDER:
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:
	/s/ Richard Pulido     
Name:  Richard Pulido 
Title:  Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-9

LENDER:
AAREAL CAPITAL CORPORATION
		
	By:
	/s/ Alan L. Griffin     
Name:  Alan L. Griffin 
Title:  General Counsel

		
	By:
	/s/ David Goldman     
Name:  David Goldman 
Title:  Executive Director

[Signatures continue on next page]

NYDOCS03/971996    S-10

LENDER:
MORGAN STANLEY BANK, N.A.
		
	By:
	/s/ Kristin Sansone     
Name:  Kristin Sansone 
Title:  Authorized Signatory

[Signatures continue on next page]

NYDOCS03/971996    S-11

LENDER:
UNION BANK, N.A.
		
	By:
	/s/ Gregory A. Conner     
Name:  Gregory A. Conner 
Title:  Assistant Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-12

LENDER:
PNC BANK, NATIONAL ASSOCIATION
		
	By:
	/s/ Joel Dalson     
Name:  Joel Dalson  
Title:  Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-13

LENDER:
THE BANK OF NOVA SCOTIA
		
	By:
	/s/ Frank Ottavino     
Name:  Frank Ottavino 
Title:  Director

[Signatures continue on next page]

NYDOCS03/971996    S-14

LENDER:
MANUFACTURERS AND TRADERS TRUST COMPANY
		
	By:
	/s/ Mark A. Cunningham     
Name: Mark A. Cunningham 
Title:  Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-15

LENDER:
RAYMOND JAMES BANK, N.A.
		
	By:
	/s/ Ted Long     
Name:  Ted Long  
Title:  Assistant Vice President

[Signatures continue on next page]

NYDOCS03/971996    S-16

LENDER:
CIT FINANCE LLC
		
	By:
	/s/ John Monaghan     
Name:  John Monaghan 
Title:  Director

[Signatures continue on next page]

NYDOCS03/971996    S-17

LENDER:
THE BANK OF NEW YORK MELLON
		
	By:
	/s/ Carol Murray     
Name:  Carol Murray 
Title:  Managing Director

[Signatures continue on next page]

NYDOCS03/971996    S-18

LENDER:
COMPASS BANK
		
	By:
	/s/ Brian Tuerff     
Name:  Brian Tuerff 
Title:  Senior Vice President

[Signatures end]

NYDOCS03/971996    S-19Exhibit 4.21

Execution Version

ASSUMPTION AGREEMENT

This Assumption Agreement dated as of January 16, 2015 (this “Assumption Agreement”), is made by North Ocean II KS, a limited partnership organized and existing under the laws of Norway (“NO II KS”), North Ocean II AS, a company organized and existing under the laws of Norway (“NO II AS”), McDermott Blackbird Holdings, LLC, a Delaware limited liability company (together, with NO II KS and NO II AS, the “Additional Grantors”), in favor of Crédit Agricole Corporate and Investment Bank (“CA CIB”), as administrative agent (in such capacity and together with its successors in such capacity, the “Administrative Agent”) for the Lenders and the Issuers and collateral agent (in such capacity and together with its successors in such capacity, the “Collateral Agent”) for the Secured Parties.

WHEREAS, McDermott International, Inc., a Panamanian corporation (the “Parent”) and McDermott Finance L.L.C., a Delaware limited liability company (the “Term Borrower”), entered into the Credit Agreement dated April 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with the Lenders, the Issuers and CA CIB, as administrative agent for the Lenders and the Issuers and collateral agent for the Secured Parties.  Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

WHEREAS, in connection with the Credit Agreement, the Parent, the LC Borrower and certain of their Subsidiaries (other than the Additional Grantors) have entered into the First Lien Pledge and Security Agreement dated as of April 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”), in favor of the Collateral Agent and the Administrative Agent for the benefit of the Secured Parties;

WHEREAS, the Credit Agreement requires each Additional Grantor to become a party to the Pledge and Security Agreement as a Grantor (as defined in the Pledge and Security Agreement) and a Guarantor thereunder; and

WHEREAS, each Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Pledge and Security Agreement as a Grantor and a Guarantor thereunder;

NOW, THEREFORE, IT IS AGREED:

1. Pledge and Security Agreement.  By executing and delivering this Assumption Agreement, each Additional Grantor, as provided in Section 8.14 of the Pledge and Security Agreement, hereby becomes a party to the Pledge and Security Agreement as a Grantor and a Guarantor thereunder with the same force and effect as if originally named therein as a Grantor and a Guarantor.  In accordance with the terms of the Pledge and Security Agreement and without limiting the generality of the foregoing, each Additional Grantor hereby expressly (a) assumes all obligations and liabilities of a Grantor and a Guarantor under the Pledge and Security Agreement; (b) guarantees the Borrowers’ Obligations pursuant to Section 2 of the Pledge and Security Agreement; and (c) grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such Additional Grantor’s right, title and interest in and to the Collateral (as defined in the Pledge and Security Agreement), wherever located and whether now owned or at any time hereafter acquired by such Additional Grantor or in which such Additional Grantor now has or at any time in the future may acquire any right, title or interest, as security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of such Additional Grantor’s Obligations. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedules 4.3, 4.4 and 4.7 to the Pledge and Security Agreement.  Each Additional Grantor hereby makes each of the representations and warranties contained in Section 4 of the Pledge and Security Agreement (as supplemented by, and after giving effect to, this Assumption Agreement and the Schedules attached hereto) as of the date hereof. 

2. North Ocean II AS. 

(a) Notwithstanding anything set out to the contrary in this Assumption Agreement or any other Loan Document to the contrary, the obligations and liabilities of North Ocean II AS under any provision of this Assumption Agreement or any other Loan Document to which it is a party shall not include any obligations or liabilities to the extent they would constitute unlawful financial assistance within the meaning of Section 8-7 and/or 8-10, cfr. Section 1-4, of the Norwegian Companies Act of 13 June 1997 no. 44, and the obligations and liabilities of North Ocean II AS under this Assumption Agreement or any other Loan Document only apply to the extent permitted by those provisions of the Norwegian Companies Act of 13 June 1997 no. 44.

(b) The total liability of North Ocean II AS under this Assumption Agreement or any other Loan Document to which it is a party shall never exceed $1,000,000,000 plus interest thereon and fees, costs and expenses as set out in this Assumption Agreement or any other Loan Document.

1

 

3. North Ocean II KS.  

(a) Notwithstanding anything set out to the contrary in this Assumption Agreement or any other Loan Document to the contrary, the obligations and liabilities of North Ocean II KS under any provision of this Assumption Agreement or any other Loan Document to which it is a party shall not include any obligations or liabilities to the extent they would be in breach of Section 2-26 and/or 3-17 of the Norwegian Partnership Act of 21 June 1985 no. 83, and the obligations and liabilities of North Ocean II KS under this Assumption Agreement or any other Loan Document only apply to the extent permitted by those provisions of the Norwegian Partnership Act of 21 June 1985 no. 83.

(b) The total liability of North Ocean II KS under this Assumption Agreement or any other Loan Document to which it is a party shall never exceed $1,000,000,000 plus interest thereon and fees, costs and expenses as set out in this Assumption Agreement or any other Loan Document.

4. GOVERNING LAW.  THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS.

[Remainder of this page intentionally left blank]

 

 

 

2

 

IN WITNESS WHEREOF, the undersigned have caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	
ADDITIONAL GRANTORS:

	
NORTH OCEAN II KS

	
By:
	
/s/ Donald A. MacLeod   

	
Name:   
	
Donald A. MacLeod

	
Title:
	
Chairman and Director, North Ocean II AS

	
NORTH OCEAN II AS

	
By:
	
/s/ Donald A. MacLeod

	
Name:
	
Donald A. MacLeod

	
Title:
	
Chairman and Director  

 

 

 

Signature Page to

Assumption Agreement (First Lien)

 

 

	
ADDITIONAL GRANTORS CONT’D:

	
McDermott BLACKBIRD HOLDINGS,

LLC

	
By:
	
/s/ Steven D. Oldham

	
Name: 
	
Steven D. Oldham

	
Title:
	
Vice President, Treasurer

 

 

 

Signature Page to

Assumption Agreement (First Lien)

 

 

	
Acknowledged and Accepted:

	
J. RAY MCDERMOTT (NORWAY), AS

	
By:
	
/s/ Steven D. Oldham

	
Name: 
	
Steven D. Oldham

	
Title:
	
Treasurer

 

 

 

Signature Page to

Assumption Agreement (First Lien)

 

 

	
Acknowledged and Accepted:

	
McDermott, Inc.

	
By:
	
/s/ Steven D. Oldham

	
Name: 
	
Steven D. Oldham

	
Title:
	
Vice President, Treasurer

 

 

 

Signature Page to

Assumption Agreement (First Lien)

 

Annex 1

Supplemental Schedules

(See Attached.)

 

 

 

 

 

SCHEDULE 4.3

TO PLEDGE AND SECURITY AGREEMENT

PERFECTED FIRST PRIORITY LIENS

UCC Filings

A UCC1 Financing Statement listing each Additional Grantor, as debtor, and the Collateral Agent, as secured party, should be filed in the governmental office set forth below.  Each such UCC1 Financing Statement will need to include a description of the Collateral that complies with Section 9-504 of the Uniform Commercial Code.

 

	
Grantor
	
Jurisdiction of Filing

	
North Ocean II AS
	
Texas Secretary of State

Washington, D.C. Recorder of Deeds

	
North Ocean II KS
	
Texas Secretary of State

Washington, D.C. Recorder of Deeds

	
McDermott Blackbird Holdings, LLC
	
Delaware Secretary of State

 

 

 

 

 

SCHEDULE 4.4

TO PLEDGE AND SECURITY AGREEMENT

Name; Jurisdiction of Organization, etc.

 

	
Exact Legal Name of Grantor
	
Type of

Organization
	
Jurisdiction of

Organization
	
Organizational Identification Number
	
Chief Executive Office

	
North Ocean II AS

 
	
Limited 

Company

 
	
Norway

 
	
889815752

 
	
99 Wyse Road, Suite 1245

Dartmouth, NS B3A 4S5

Canada

	
North Ocean II KS

 
	
Limited 

Partnership

 
	
Norway

 
	
989815822

 
	
99 Wyse Road, Suite 1245

Dartmouth, NS B3A 4S5

Canada

	
McDermott Blackbird Holdings, LLC
	
Limited 

Liability 

Company
	
Delaware
	
5666492
	
757 N. Eldridge Parkway

Houston, TX  77079

Prior Names during last 5 years:

None.

Prior Addresses during last 5 years:

North Ocean II AS

Tveiterasveien 12

5232 Paradis

1201 Bergen

Norway

North Ocean II KS

Tveiterasveien 12

5232 Paradis

1201 Bergen

Norway

 

 

 

 

 

SCHEDULE 4.7

TO PLEDGE AND SECURITY AGREEMENT

investment PROPERTY

Pledged Stock: 

None.

Pledged LLC Interests:

 

	
Grantor
	
Issuer
	
Type of Organization
	
# of Shares Owned
	
Total Shares Outstanding
	
% of Interest Pledged
	
Certificate No.
	
Par Value

	
McDermott, Inc.
	
McDermott Blackbird Holdings, LLC
	
Limited Liability Company
	
N/A
	
N/A
	
100%
	
N/A
	
N/A

	
J. Ray McDermott (Norway), AS
	
North Ocean II AS
	
Limited Liability Company
	
17,863,000
	
17,863,000
	
100%
	
N/A
	
NOK 1

Pledged Partnership Interests:

 

	
Grantor
	
Issuer
	
Type of Organization
	
# of Shares Owned
	
Total Shares Outstanding
	
% of Interest Pledged
	
Certificate No.
	
Par Value

	
J. Ray McDermott (Norway), AS
	
North Ocean II KS
	
Limited Partnership
	
159,957
	
177,730
	
90%
	
1b
	
NOK 1

	
North Ocean II AS
	
North Ocean II KS
	
Limited Partnership
	
17,773
	
177,730
	
10%
	
1a
	
NOK 1

Pledged Trust Interests:

None.

Pledged Notes:

None.

Pledged Commodities Contracts:

None.

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