Document:

exv4w3

EXHIBIT 4.3

	 	 	 	 	 

	 

	 	
	 	

	 	 	 

	BankAtlantic Bancorp, Inc.

	 	250 Royall Street, Suite V
	 

	 	Canton MA 02021
	 

	 	Information Agent:
	 

	 	Georgeson
	 

	 	Telephone 888 219 8320

 

BANKATLANTIC BANCORP, INC. RIGHTS OFFERING

 

THIS RIGHTS OFFERING EXPIRES AT 5:00 P.M., NEW YORK CITY TIME, ON JULY 20, 2010, UNLESS
EXTENDED IN THE SOLE DISCRETION OF BANKATLANTIC BANCORP, INC. (THE “COMPANY”) (SUCH DATE AND TIME,
AS IT MAY BE EXTENDED, THE “EXPIRATION DATE”).

The Company has distributed, at no charge, to each holder of record of the Company’s Class A Common
Stock, par value $0.01 per share (“Class A Common Stock”), and Class B Common stock, par value
$0.01 per share (“Class B Common Stock”), as of the close of business on June 14, 2010 (the “Record
Date”), 0.327 subscription rights for each share of Class A Common Stock and Class B Common Stock
held as of the close of business on the Record Date. No fractional subscription rights were issued.
Instead, the number of subscription rights issued to each shareholder was rounded up to the next
largest whole number. Each subscription right entitles the holder thereof to subscribe for one
share of Class A Common Stock (the “Basic Subscription Right”) at a subscription price of $1.50 per
share. A holder of subscription rights who exercises his, her or its Basic Subscription Rights in
full may also request to purchase, pursuant to an over-subscription option (the “Over-Subscription
Option”), additional shares of Class A Common Stock that are not subscribed for by other
shareholders pursuant to their Basic Subscription Rights at a subscription price of $1.50 per
share, subject to acceptance by the Company and availability and allocation as described in the
Prospectus (as hereinafter defined).

The terms and conditions of the Rights Offering are set forth in the Company’s prospectus
supplement, dated June 18, 2010, and accompanying prospectus, dated May 4, 2010 (collectively, as
amended or further supplemented, the “Prospectus”), which is incorporated into this Subscription
Rights Certificate by reference. Capitalized terms used but not defined herein have the meanings
set forth in the Prospectus. The owner of this Subscription Rights Certificate is entitled to the
number of Basic Subscription Rights, and is entitled to exercise the Basic Subscription Rights for
the number of shares of Class A Common Stock, shown on this Subscription Rights Certificate. In
addition, as described above and in the Prospectus, holders who exercise their Basic Subscription
Rights in full may also request to purchase additional shares pursuant to the Over-Subscription
Option.

THE SUBSCRIPTION RIGHTS ARE NON-TRANSFERABLE, SUBJECT TO LIMITED EXCEPTIONS

The subscription rights are non-transferable, except to affiliates of the recipient and by
operation of law. The subscription rights will not be listed on the New York Stock Exchange or any
other securities exchange or quoted on any automated quotation system.

METHOD OF EXERCISE OF SUBSCRIPTION RIGHTS

IN ORDER TO EXERCISE YOUR SUBSCRIPTION RIGHTS, COMPLETE AND SIGN THIS SUBSCRIPTION RIGHTS
CERTIFICATE AND RETURN IT TOGETHER WITH PAYMENT IN FULL FOR THE SHARES SUBSCRIBED FOR (INCLUDING
THOSE SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION OPTION) TO THE SUBSCRIPTION AGENT,
COMPUTERSHARE TRUST COMPANY, N.A. TO BE TIMELY, THE SUBSCRIPTION AGENT MUST RECEIVE THE PROPERLY
COMPLETED AND EXECUTED SUBSCRIPTION RIGHTS CERTIFICATE AND PAYMENT IN FULL FOR THE SHARES
SUBSCRIBED FOR (INCLUDING THOSE SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION OPTION) ON OR
BEFORE THE EXPIRATION DATE.

ALTERNATIVELY, YOU CAN SUBSCRIBE FOR SHARES BY USING A NOTICE OF GUARANTEED DELIVERY. IF A NOTICE
OF GUARANTEED DELIVERY IS USED, THE SUBSCRIPTION AGENT MUST RECEIVE (I) THE PROPERLY COMPLETED AND
EXECUTED NOTICE OF GUARANTEED DELIVERY AND PAYMENT IN FULL FOR THE SHARES SUBSCRIBED FOR (INCLUDING
THOSE SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION OPTION) ON OR BEFORE THE EXPIRATION DATE AND
(II) THE PROPERLY COMPLETED AND EXECUTED SUBSCRIPTION RIGHTS CERTIFICATE ON OR BEFORE 5:00 P.M.,
NEW YORK CITY TIME, ON THE THIRD BUSINESS DAY AFTER THE EXPIRATION DATE.

Full payment for the shares of Class A Common Stock subscribed for pursuant to the subscription
rights must be payable in U.S. dollars by check or bank draft drawn upon a U.S. bank or postal,
telegraphic or express money order payable to “Computershare Trust Company, N.A. acting as
Subscription Agent for BankAtlantic Bancorp, Inc.”

For a complete description of the terms and conditions of the Rights Offering, please refer to the
Prospectus. Copies of the Prospectus are available upon request from Georgeson Inc., the
Information Agent for the Rights Offering (Shareholders: (888) 219-8320; Banks and Brokers: (212)
440-9800).

Stock certificates, if any, for the shares of Class A Common Stock acquired pursuant to the Basic
Subscription Rights will be mailed promptly after the Expiration Date and after full payment for
the shares has been received and cleared, subject to a limited exception allowing for earlier
delivery as described in the Prospectus. Stock certificates, if any, for the shares of Class A Common Stock acquired
pursuant to the Over-Subscription Option will be mailed as soon as practicable after full payment
has been received and cleared and all determinations, allocations and adjustments described in the
Prospectus have been effected. In the event the shares of Class A Common Stock are not represented
by certificates, such shares will be deposited in a book-entry account held on the owner’s behalf
in accordance with the applicable time period described in the preceding sentences. Any excess
payment to be refunded to a shareholder will be mailed by the Subscription Agent to such
shareholder as promptly as possible. You will not be paid any interest on funds paid to the
Subscription Agent, regardless of whether the funds are disbursed to the Company or returned to
you. Delivery to an address other than one of the addresses listed on the information sheet
accompanying this Subscription Rights Certificate will not constitute valid delivery.

	 	 	 	 	 	 	 	 	 	 
	Holder ID	 	COY	 	Class	 	Rights Qty Issued	 	Rights Cert #	 
	123456789

	 	BBX
	 	Subscription Rights
	 	XXX.XXXXXX
	 	12345678 	
	 	 	 	 	 	 

	 	 	 	 	 
	Signature of Owner and U.S. Person for Tax Certification 	 	Signature of Co-Owner (if more than one registered holder listed)	 	Date (mm/dd/yyyy) 
	 

	 	 
	 	 
	 

	 	 
	 	 
	 

	 	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 

	n

	 	1 2 3 4 5 6 7 8
	 	C L S
	 	X R T 2
	 	C O Y C
	 	1 2 3 4 5 6 . 7 8
	 	+

 

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY

 

SECTION 1:  EXERCISE AND SUBSCRIPTION:

	 	 	 	 	 	 	 	 	 

	Basic Subscription Rights:
	 	 	 	 	 	 	 	 
	     I subscribe for

	 	 	 	shares at $1.50 each =
	 	$                    
	 	(Line 1)
	 

	 	 	 	 	 	 	 	 
	 

	 	(no. of new shares)
	 	(Subscription Price)	 	 	 	 

Over-Subscription Option: IF YOU HAVE FULLY EXERCISED YOUR BASIC SUBSCRIPTION RIGHTS AND WISH TO
REQUEST TO PURCHASE ADDITIONAL SHARES PURSUANT TO THE OVER-SUBSCRIPTION OPTION:

	 	 	 	 	 	 	 	 	 

	 
	 	 	 	 	 	 	 	 
	     I apply for

	 	 	 	additional shares at $1.50 each =
	 	$                    
	 	(Line 2)
	 

	 	 	 	 	 	 	 	 
	 

	 	(no. of new shares)
	 	(Subscription Price)	 	 	 	 

Total Amount Enclosed (sum of amounts set forth in lines 1 and 2 above) = $                    

	o	 	Check here if the Basic Subscription Rights exercised hereby do not account for all of the
Basic Subscription Rights represented by this Subscription Rights Certificate and you wish to
receive a new Subscription Rights Certificate evidencing the remaining Basic Subscription
Rights to which you are entitled.

      

SECTION 2:  SUBSCRIPTION AUTHORIZATION:

I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably
subscribe for the number of shares of Class A Common Stock indicated above on the terms and
conditions set forth in the Prospectus.

Signature of Subscriber(s)

	 

	 

	 

	 

(and address if different than that listed on this Subscription Rights Certificate)

Telephone Number (including area code)                                         
                    

      

			
	SECTION 3:	 	SPECIAL ISSUANCE INSTRUCTIONS (IF YOU COMPLETE THIS SECTION, YOU MUST ALSO COMPLETE SECTIONS 4 AND 5):

     The subscription rights are not transferable, except to affiliates of the recipient and except
by operation of law. By executing below, you hereby represent and warrant that the person in whose
name you are requesting that we issue the Class A Common Stock is your affiliate or is a transferee
by operation of law. Evidence satisfactory to the Company that any such permitted transfer is
proper must be delivered by mail, express mail or overnight courier to Computershare Trust Company,
N.A. at the address specified on the information sheet accompanying this Subscription Rights
Certificate prior to the Expiration Date.

     Complete the following ONLY if the shares of Class A Common Stock subscribed for are to be
issued in a name other than that of the registered holder.

	 	 	 

	Issue Shares to:

	 	Soc. Sec. #/Tax ID#:

	 
	 	 
	Address:

	 	 

      

			
	SECTION 4:	 	ACKNOWLEDGMENT (TO BE COMPLETED ONLY IF YOU COMPLETED SECTION 3. IF YOU COMPLETE THIS SECTION, YOU MUST ALSO
COMPLETE SECTION 5):

     I/We acknowledge receipt of the Prospectus and understand that, after delivery to
Computershare Trust Company, N.A. as Subscription Agent for BankAtlantic Bancorp, Inc., I/we may
not modify or revoke this Subscription Rights Certificate. Under penalties of perjury, I/we certify
that the information contained herein, including the social security number or taxpayer
identification number given above, is correct.

     The signature below must correspond with the name of the registered holder exactly as it
appears on the books of the Company’s transfer agent without any alteration or change whatsoever.

	 	 	 

	Signature(s) of Registered Holder:

	 	Date:

     If signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a corporation
or another acting in a fiduciary or representative capacity, please provide the following information.

	 	 	 	 	 

	Name:

	 	Capacity:

	 	Soc. Sec. #/Tax ID #:

	 	 	 
	Address:

	 	Telephone Number (including area code):

      

			
	SECTION 5:	 	GUARANTEE OF SIGNATURES (TO BE COMPLETED ONLY IF YOU COMPLETED SECTIONS 3 AND 4):

All subscription rights holders who specify special issuance or delivery instructions must have
their signatures guaranteed by an Eligible Guarantor Institution, as defined in Rule 17Ad-15 of the
Securities Exchange Act of 1934.

	 	 	 
	Name of Firm:

	 	Authorized Signature:

	 
	 	 
	Address:

	 	Name:

	 
	 	 
	City, State, Zip Code:

	 	Title:

	 
	 	 
	Telephone Number (including area code):

	 	 

 

BANKATLANTIC BANCORP, INC. RIGHTS OFFERING

BankAtlantic Bancorp, Inc. (the “Company”) is conducting a rights offering (the “Rights Offering”)
pursuant to which the holders of the Company’s Class A Common Stock, par value $0.01 per share (the
“Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common
Stock,” and collectively with the Class A Common Stock, the “Common Stock”), as of the close of
business on June 14, 2010 (the “Record Date”) received 0.327 subscription rights for each share of
Common Stock held of record as of the close of business on the Record Date. No fractional
subscription rights were issued. Instead, the number of subscription rights received by each
shareholder was rounded up to the next largest whole number. Each subscription right entitles the
holder thereof to subscribe for one share of Class A Common Stock (the “Basic Subscription Right”)
at a subscription price of $1.50 per share. A holder of subscription rights who exercises his, her
or its Basic Subscription Rights in full may also request to purchase, pursuant to an
over-subscription option (the “Over-Subscription Option”), additional shares of Class A Common
Stock that are not subscribed for by other shareholders pursuant to their Basic Subscription Rights
at a subscription price of $1.50 per share, subject to acceptance by the Company and availability
and allocation as described in the Prospectus (as hereinafter defined). The Rights Offering will
expire at 5:00 p.m., New York City time, on July 20, 2010, unless extended in the sole discretion
of the Company (such date and time, as it may be extended, the “Expiration Date”).

METHOD OF EXERCISE OF RIGHTS

IN ORDER TO EXERCISE YOUR SUBSCRIPTION RIGHTS, COMPLETE AND SIGN THE ACCOMPANYING SUBSCRIPTION
RIGHTS CERTIFICATE AND RETURN IT TOGETHER WITH PAYMENT IN FULL FOR THE SHARES SUBSCRIBED FOR
(INCLUDING THOSE SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION OPTION) TO THE SUBSCRIPTION
AGENT, COMPUTERSHARE TRUST COMPANY, N.A. TO BE TIMELY, THE SUBSCRIPTION AGENT MUST RECEIVE THE
PROPERLY COMPLETED AND EXECUTED SUBSCRIPTION RIGHTS CERTIFICATE AND PAYMENT IN FULL FOR THE SHARES
SUBSCRIBED FOR (INCLUDING THOSE SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION OPTION) ON OR
BEFORE THE EXPIRATION DATE.

ALTERNATIVELY, YOU CAN SUBSCRIBE FOR SHARES BY USING A NOTICE OF GUARANTEED DELIVERY. IF A NOTICE
OF GUARANTEED DELIVERY IS USED, THE SUBSCRIPTION AGENT MUST RECEIVE (I) THE PROPERLY COMPLETED AND
EXECUTED NOTICE OF GUARANTEED DELIVERY AND PAYMENT IN FULL FOR THE SHARES SUBSCRIBED FOR (INCLUDING
THOSE SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION OPTION) ON OR BEFORE THE EXPIRATION DATE AND
(II) THE PROPERLY COMPLETED AND EXECUTED SUBSCRIPTION RIGHTS CERTIFICATE ON OR BEFORE 5:00 P.M.,
NEW YORK CITY TIME, ON THE THIRD BUSINESS DAY AFTER THE EXPIRATION DATE.

Full payment for the shares subscribed for pursuant to both the Basic Subscription Rights and
Over-Subscription Option must be made payable in United States dollars by check, bank draft or
money order payable to “Computershare Trust Company, N.A. acting as Subscription Agent for
BankAtlantic Bancorp, Inc.”

For a complete description of the terms and conditions of the Rights Offering, please refer to the
Company’s prospectus supplement, dated June 18, 2010, and accompanying prospectus, dated May 4,
2010 (collectively, the “Prospectus”), which is incorporated herein by reference. Copies of the
Prospectus are available upon request from Georgeson Inc., the Information Agent for the Rights
Offering (Shareholders: (888) 219-8320; Banks and Brokers: (212) 440-9800).

Stock certificates, if any, for the shares of Class A Common Stock acquired pursuant to the Basic
Subscription Rights will be mailed promptly after the Expiration Date and after full payment for
the shares has been received and cleared, subject to a limited exception allowing for earlier
delivery as described in the Prospectus. Stock certificates, if any, for the shares of Class A
Common Stock acquired pursuant to the Over-Subscription Option will be mailed as soon as
practicable after full payment has been received and cleared and all determinations, allocations
and adjustments described in the Prospectus have been effected. In the event the shares of Class A
Common Stock are not represented by certificates, such shares will be deposited in a book-entry
account held on the owner’s behalf in accordance with the applicable time period described in the
preceding sentences. Any excess payment to be refunded to a shareholder will be mailed by the
Subscription Agent to such shareholder as promptly as possible. You will not be paid any interest
on funds paid to the Subscription Agent, regardless of whether the funds are disbursed to the
Company or returned to you. Delivery to an address other than one of the addresses listed below
will not constitute valid delivery.

	 	 	 

	BY MAIL:
	 	BY EXPRESS MAIL OR OVERNIGHT COURIER:
	Computershare
	 	Computershare
	c/o Voluntary Corporate Actions
	 	c/o Voluntary Corporate Actions
	P.O. Box 43011
	 	Suite V, 250 Royall Street
	Providence, RI 02940-3011
	 	Canton, MA 02021

Any questions regarding this Subscription Rights Certificate or the Rights Offering may be directed to

Georgeson Inc. at (888) 219-8320 for shareholders or (212) 440-9800 for banks and brokers.exv10w1

Exhibit 10.1

AMENDMENT NO. 6

TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDMENT NO. 6 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”)
is made and entered into effective as of June 16, 2010 (the “Effective Date”), by and among
(a) GLOBAL INDUSTRIES, LTD., a Louisiana corporation (the “Parent”), GLOBAL OFFSHORE
MEXICO, S. DE R.L. DE C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the
“Mexican Borrower”), and GLOBAL INDUSTRIES INTERNATIONAL, L.L.C., a Louisiana limited
liability company, in its capacity as general partner of GLOBAL INDUSTRIES INTERNATIONAL, L.P., a
Cayman Islands exempted limited partnership (the “Cayman Borrower” and together with the
Parent and the Mexican Borrower, each a “Borrower” and collectively, the
“Borrowers”), (b) the financial institutions parties hereto which are Lenders party to the
Credit Agreement (as defined below); and (c) Crédit Agricole Corporate and Investment Bank
(formerly known as Calyon New York Branch), as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”), Issuing Bank and Swingline Bank.

PRELIMINARY STATEMENTS

     A. The Parent, the Mexican Borrower, the Cayman Borrower, the Administrative Agent and the
lenders signatory thereto (the “Lenders”) are parties to that certain Third Amended and
Restated Credit Agreement dated as of June 30, 2006 as amended by Amendment No. 1 thereto dated as
of October 6, 2006, Amendment No. 2 thereto dated as of July 26, 2007, Amendment No. 3 thereto
dated as of October 18, 2007, Amendment No. 4 and Waiver thereto dated as of November 7, 2008 and
Amendment No. 5 thereto dated as of February 25, 2009 (as so amended, the “Credit
Agreement”).

     B. The parties hereto wish to enter into this Amendment to amend certain terms and provisions
of the Credit Agreement as set forth herein.

     NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, agree as follows:

ARTICLE I

DEFINITIONS

     Capitalized terms used in this Amendment are defined in the Credit Agreement, as amended
hereby, unless otherwise stated.

 

 

ARTICLE II

AMENDMENT

     2.01 Amendment to Section 1.01. The definition of “Applicable Margin” in Section
1.01 of the Credit Agreement is hereby amended by adding the following paragraph at the and of
such definition:

Notwithstanding the foregoing, during the Modification Period, if Level I is in
effect, the percentage rates per annum set forth in the chart above for Level II
shall apply.

     2.02 Amendment to Section 1.01 — “Consolidated EBITDA”. The definition of
“Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by
replacing “Consolidated Interest Expense” with “Consolidated Cash Interest Expense”.

     2.03 Amendment to Section 1.01 — “Consolidated Interest Expense”. Section 1.01 of
the Credit Agreement is hereby amended by deleting the definition of “Consolidated Interest
Expense” in its entirety.

     2.04 Amendment to Section 1.01 — “Consolidated Net Worth”. The definition of
“Consolidated Net Worth” in Section 1.01 of the Credit Agreement is hereby restated in its
entirety as follows:

     “Consolidated Net Worth” means, for the Parent and its Subsidiaries calculated
on a consolidated basis at any time, all amounts which would be included under
shareholders’ equity, excluding any portion of the Convertible Unsecured Debentures
included as equity on the consolidated balance sheet of the Parent and its
Subsidiaries prior to the conversion thereof from debt to equity.

     2.05 Amendment to Section 1.01 — “Fixed Charge Coverage Ratio”. The definition of
“Fixed Charge Coverage Ratio” in Section 1.01 of the Credit Agreement is hereby amended by
replacing “(i) cash Consolidated Interest Expense, (ii) to the extent not included in cash
Consolidated Interest Expense, letter of credit fees” with “(i) Consolidated Cash Interest Expense,
(ii) to the extent not included in Consolidated Cash Interest Expense, letter of credit fees”.

     2.06 Amendment to Section 1.01 — New Definitions. Section 1.01 of the Credit
Agreement is hereby amended by inserting the following new definitions in their appropriate
alphabetical order:

     “Collateral Coverage Amount” means an amount equal to (i) the sum of (A) the
aggregate Orderly Liquidation Value of all Eligible Mortgaged Vessels as determined
by the most recent Appraisal Report delivered to Administrative Agent and the
Lenders pursuant to Section 5.14, and (B) the fair market value (as set forth in the
most recent appraisal delivered to Administrative Agent) of Eligible Real Property
divided by (ii) 1.5.

2

 

     “Consolidated Cash Interest Expense” means, for any Person and its Subsidiaries
calculated on a consolidated basis for any period, without duplication, the sum of
(a) interest expense, including the interest component of Capitalized Leases and the
net amount payable under any Rate Hedging Agreement, (b) the interest component of
Synthetic Leases, (c) commitment, facility, usage and similar fees payable in
connection with any Debt, and (d) letter of credit fees for Financial Letters of
Credit, in each case, excluding all pay-in-kind interest expense or other noncash
interest expense, all determined in accordance with GAAP.

     “Modification Period” means the period beginning on the Sixth Amendment
Effective Date and ending on the Modification Period Termination Date.

     “Modification Period Termination Date” means the earlier of (a) June 30, 2011
and (b) the last day of a fiscal quarter ending after the Sixth Amendment Effective
Date which the Parent has designated in a written notice to the Administrative Agent
as its requested “Modification Period Termination Date”; provided that, in
either case, the Parent has provided financial statements pursuant to Section
5.05 and a Compliance Certificate evidencing compliance with Sections
6.13, 6.14 and 6.15 for the fiscal quarter ending on such date.

     “Sixth Amendment Effective Date” means June 16, 2010.

     2.07 Amendment to Section 2.01(a)(i). Section 2.01(a)(i) of the Credit Agreement is
hereby amended by replacing “may not exceed at any time the aggregate amount of the Revolving
Commitments” with “may not exceed at any time the lesser of (1) the aggregate amount of the
Revolving Commitments and (2) the Collateral Coverage Amount”.

     2.08 Amendment to Section 2.01(c). Section 2.01(c) of the Credit Agreement is
hereby restated in its entirety with the following:

          (c) Collateral Coverage Amount. The Collateral Coverage Amount shall
at any time be based on the most recent calculation of the Collateral Coverage
Amount delivered by the Parent to the Administrative Agent pursuant to Section
5.05(q). Following the Administrative Agent’s receipt of the calculation of the
Collateral Coverage Amount pursuant to Section 5.05(q), the Administrative
Agent shall review the terms thereof and shall notify the Issuing Bank, the
Swingline Bank, the Lenders and the Parent of the Collateral Coverage Amount that
shall apply for the period up to the next determination of the Collateral Coverage
Amount. If at any time the Parent fails to deliver the calculation of the
Collateral Coverage Amount within the times specified in Section 5.05(q),
then the most recent Collateral Coverage Amount shall be deemed to be in effect
until the Administrative Agent receives such calculation.

     2.09 Amendment to Section 2.01(d)(i). Section 2.01(d)(i) of the Credit
Agreement is hereby amended by replacing “shall never exceed the aggregate Revolving Commitments at
such

3

 

time” with “shall never exceed the lesser of (1) the aggregate Revolving Commitments and (2)
the Collateral Coverage Amount at such time”.

     2.10 Amendment to Section 2.01. Section 2.01 of the Credit Agreement is
hereby amended by adding the following as new clause (f):

          (f) Limitation on Advances During Modification Period. Notwithstanding
anything to the contrary herein, during the Modification Period, no Borrower shall
have the right to request Revolving Advances or Swingline Advances under Section
2.01(a) or (d); provided, that the Borrowers may Convert and
Continue Advances pursuant to Section 2.02(b). The Revolving Commitment Fee
shall continue to accrue during the Modification Period notwithstanding this clause
(f).

     2.11 Amendment to Section 2.07(c)(i). Section 2.07(c)(i) of the Credit
Agreement is hereby amended by replacing “exceeds the aggregate Revolving Commitments, in the
amount of such excess” with “exceeds the lesser of (A) the aggregate Revolving Commitments and (B)
the Collateral Coverage Amount, in the amount of such excess”.

     2.12 Amendment to Section 2.15(a)(i). Section 2.15(a)(i) of the Credit
Agreement is hereby amended by replacing “cause the Letter of Credit Exposure to exceed (A) the
aggregate Revolving Commitments” with “cause the Letter of Credit Exposure to exceed (A) the lesser
of (1) the aggregate Revolving Commitments and (2) the Collateral Coverage Amount”.

     2.13 Amendment to Section 5.05(q). Section 5.05(q) of the Credit Agreement is
hereby restated in its entirety with the following:

          (q) Collateral Coverage Amount. Provide to the Administrative Agent
not later than the 45th day after the end of each fiscal quarter a calculation of
the Collateral Coverage Amount as of the end of such fiscal quarter in form
satisfactory to the Administrative Agent.

     2.14 Amendment to Section 6.13. Section 6.13 of the Credit Agreement is
hereby restated in its entirety with the following:

     Section 6.13 Leverage Ratio. The Parent shall not permit its Leverage
Ratio at the end of any fiscal quarter, commencing with the fiscal quarter ending on
the earlier of (a) the Modification Period Termination Date and (b) June 30, 2011,
to be greater than 3.00 to 1.00.

     2.15 Amendment to Section 6.16. Section 6.16 of the Credit Agreement is
hereby restated in its entirety with the following:

     Section 6.16 Minimum Consolidated EBITDA. The Parent shall not, at the
end of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2010
through but excluding the fiscal quarter ending on the earlier to occur of (a) the
Modification Period Termination Date and (b) June 30, 2011, permit its

4

 

Consolidated EBITDA for the four fiscal quarters then ended to be less than
$40,000,000.

ARTICLE III

CONDITIONS PRECEDENT

     This Amendment shall become effective as of the Effective Date upon the satisfaction of the
following conditions precedent:

     3.01 Documentation. The Administrative Agent shall have received the following in
form and substance satisfactory to the Administrative Agent:

     (a) this Amendment duly executed by the Borrowers, the Administrative Agent and the
Majority Lenders;

     (b) (i) the attached Acknowledgment and Reaffirmation of the US Guaranty duly executed
by each US Guarantor and (ii) the attached Acknowledgment and Reaffirmation of the Foreign
Guaranty duly executed by each Foreign Guarantor; and

     (c) a Foreign Vessel Mortgage executed by Global International Vessels, Ltd., together
with (i) any other documents, agreements or instruments necessary to create an Acceptable
Security Interest in the Global Orion, Official Number 1794, and the revenues therefrom and
(ii) lien, tax and judgment searches reflecting no Liens other than Permitted Liens against
such Collateral.

     3.02 Payment of Fees. The Borrowers shall have paid (i) all fees required to be paid
to the Administrative Agent and the Lenders on the Effective Date pursuant to the fee letter
between the Borrowers and the Administrative Agent dated as of the Effective Date and (ii) all
costs and expenses which have been invoiced and are payable pursuant to Section 11.04 of
the Credit Agreement.

     3.03 Repayment of Advances. The Borrowers shall have prepaid all Revolving Advances
and Swingline Advances on the Effective Date.

ARTICLE IV

NO WAIVER

     Nothing contained in this Amendment shall be construed as a waiver by the Administrative Agent
or any Lender of any covenant or provision of the Credit Agreement, the other Credit Documents,
this Amendment, or of any other contract or instrument between any Borrower and the Administrative
Agent or any Lender, and the failure of the Administrative Agent or any Lender at any time or times
hereafter to require strict performance by each Borrower of any provision thereof shall not waive,
affect or diminish any right of the Administrative Agent or any Lender to thereafter demand strict
compliance therewith. The Administrative Agent and each Lender hereby reserves all rights granted
under the Credit Agreement, the other Credit Documents, this Amendment and any other contract or
instrument between any of them.

5

 

ARTICLE V

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

     5.01 Ratifications. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other
Credit Documents, and, except as expressly modified and superseded by this Amendment, the terms and
provisions of the Credit Agreement and the other Credit Documents are ratified and confirmed and
shall continue in full force and effect. Each Borrower hereby agrees that all liens and security
interests securing payment of the Obligations under the Credit Agreement are hereby collectively
renewed, ratified and brought forward as security for the payment and performance of the
Obligations. Each Borrower, the Administrative Agent and the Lenders agree that the Credit
Agreement, as amended hereby, and the other Credit Documents shall continue to be legal, valid,
binding and enforceable in accordance with their respective terms.

     5.02 Representations and Warranties. Each Borrower hereby represents and warrants to
the Administrative Agent and the Lenders that (a) the execution, delivery and performance of this
Amendment have been authorized by all requisite corporate action on the part of such Borrower and
will not violate the applicable organization or governing documents of any Borrower; (b) the
representations and warranties contained in the Credit Agreement, as amended hereby, and the other
Credit Documents are true and correct on and as of the date hereof and on and as of the date of
execution hereof as though made on and as of each such date; (c) no Default or Event of Default
under the Credit Agreement, as amended hereby, has occurred and is continuing; (d) each Borrower is
in full compliance with all covenants and agreements contained in the Credit Agreement, as amended
hereby, and the other Credit Documents; and (e) no Borrower has amended its applicable
organizational or governing documents since the date of the Credit Agreement.

ARTICLE VI

MISCELLANEOUS PROVISIONS

     6.01 Survival of Representations and Warranties. All representations and warranties
made in the Credit Agreement or the other Credit Documents, including, without limitation, any
document furnished in connection with this Amendment, shall survive the execution and delivery of
this Amendment, and no investigation by the Administrative Agent or any Lender shall affect the
representations and warranties or the right of the Administrative Agent and Lenders to rely upon
them.

     6.02 Reference to Credit Agreement. Each of the Credit Agreement and the other Credit
Documents, and any and all other agreements, documents or instruments now or hereafter executed and
delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended
hereby, are hereby amended so that any reference in the Credit Agreement and such other Credit
Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

     6.03 Expenses of the Administrative Agent. Each Borrower agrees to pay on demand all
reasonable costs and expenses incurred by the Administrative Agent in connection

6

 

with any and all amendments, modifications, and supplements to the Credit Documents,
including, without limitation, the reasonable costs and fees of the Administrative Agent’s legal
counsel, and all costs and expenses incurred by the Administrative Agent in connection with the
enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any
other Credit Documents, including, without, limitation, the costs and fees of the Administrative
Agent’s legal counsel.

     6.04 Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.

     6.05 Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of the Administrative Agent, the Lenders and Borrowers and their respective successors and
assigns, except that no Borrower may assign or transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent.

     6.06 Counterparts. This Amendment may be executed in one or more counterparts, each
of which when so executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument. This Amendment may be executed by facsimile
signature and all such signatures shall be effective as originals.

     6.07 Effect of Waiver. No consent or waiver, express or implied, by the
Administrative Agent to or for any breach of or deviation from any covenant or condition by any
Borrower shall be deemed a consent to or waiver of any other breach of the same or any other
covenant, condition or duty.

     6.08 Headings. The headings, captions, and arrangements used in this Amendment are
for convenience only and shall not affect the interpretation of this Amendment.

     6.09 Applicable Law. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE
PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

[Remainder of page intentionally left blank. Signatures on following pages.]

7

 

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

	 	 	 	 	 
	 	PARENT:

GLOBAL INDUSTRIES, LTD.

 	 
	 	By:  	/s/ C. Andrew Smith
 	 
	 	 	Name:  	C. Andrew Smith 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MEXICAN BORROWER:

GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V

 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Attorney-in-Fact / Apoderado 	 
	 
	 	CAYMAN BORROWER:

GLOBAL INDUSTRIES INTERNATIONAL, L.P.

 	 
	 	By:  	Global Industries International, L.L.C., its general partner
 	 
	 	 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Chief Administrative Officer & General
Counsel 	 
	 

Signature Page to Amendment No. 6 to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 
	 	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK (formerly known as Calyon

New York Branch), as Administrative Agent, Issuing Bank, Swingline Bank and as
a Lender

 	 
	 	By:  	/s/ Page Dillehunt
 	 
	 	 	Name:  	Page Dillehunt 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Michael Willis
 	 
	 	 	Name:  	Michael Willis 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to Amendment No. 6 to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 
	 	LENDERS:

WHITNEY NATIONAL BANK

 	 
	 	By:  	/s/ Mark McCullough
 	 
	 	 	Name:  	Mark McCullough 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 6 to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 
	 	NATIXIS (formerly known as Natexis Banques Populaires)

 	 
	 	By:  	/s/ Carlos Quinteros
 	 
	 	 	Name:  	Carlos Quinteros 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Timothy L. Polvado
 	 
	 	 	Name:  	Timothy L. Polvado 	 
	 	 	Title:  	Senior Managing Director 	 
	 

Signature Page to Amendment No. 6 to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 
	 	FORTIS CAPITAL CORP.

 	 
	 	By:  	/s/ Mark H. Wolf
 	 
	 	 	Name:  	Mark H. Wolf 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/ Mei Wan Tong
 	 
	 	 	Name:  	Mei Wan Tong 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Amendment No. 6 to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

ACKNOWLEDGMENT AND REAFFIRMATION OF

SECOND AMENDED AND RESTATED US GUARANTY

Each of the undersigned (each a “US Guarantor” and collectively the “US
Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 6 to
Third Amended and Restated Credit Agreement dated as of June 16, 2010 among (a) GLOBAL INDUSTRIES,
LTD., a Louisiana corporation, GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican sociedad de
responsabilidad limitada de capital variable, and GLOBAL INDUSTRIES INTERNATIONAL, L.L.C., a
Louisiana limited liability company, in its capacity as general partner of GLOBAL INDUSTRIES
INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership, (b) the financial institutions
parties thereto; and (c) Crédit Agricole Corporate and Investment Bank (formerly known as Calyon
New York Branch), as administrative agent (in such capacity, the “Administrative Agent”) and (ii)
reaffirms its obligations under the Second Amended and Restated US Guaranty dated as of June 30,
2006 by the US Guarantors in favor of the Administrative Agent for the benefit of the Beneficiaries
(as defined therein).

	 	 	 	 	 
	 	GLOBAL INDUSTRIES, LTD.

 	 
	 	By:  	/s/ C. Andrew Smith
 	 
	 	 	Name:  	C. Andrew Smith 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	GIL HOLDINGS, L.L.C.

GLBL HOLDINGS, L.L.C.

GLOBAL DIVERS AND CONTRACTORS, L.L.C.

GLOBAL INDUSTRIES INTERNATIONAL, L.L.C.

GLOBAL INDUSTRIES OFFSHORE, L.L.C.

GLOBAL PIPELINES PLUS, L.L.C.

GLOBAL MOVIBLE OFFSHORE, L.L.C.

NORMAN OFFSHORE PIPELINES, L.L.C.

PIPELINES, L.L.C.

SUBTEC MIDDLE EAST LIMITED

 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Chief Administrative Officer & General
Counsel 	 
	 

Acknowledgment and Reaffirmation of

Second Amended and Restated US Guaranty

 

 

ACKNOWLEDGMENT AND REAFFIRMATION OF

SECOND AMENDED AND RESTATED FOREIGN GUARANTY

Each of the undersigned (each a “Foreign Guarantor” and collectively the “Foreign
Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 6 to
Third Amended and Restated Credit Agreement dated as of June 16, 2010 among (a) GLOBAL INDUSTRIES,
LTD., a Louisiana corporation, GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican sociedad de
responsabilidad limitada de capital variable, and GLOBAL INDUSTRIES INTERNATIONAL, L.L.C., a
Louisiana limited liability company, in its capacity as general partner of GLOBAL INDUSTRIES
INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership, (b) the financial institutions
parties thereto; and (c) Crédit Agricole Corporate and Investment Bank (formerly known as Calyon
New York Branch), as administrative agent (in such capacity, the “Administrative Agent”) and (ii)
reaffirms its obligations under the Second Amended and Restated Foreign Guaranty dated as of June
30, 2006 by the Foreign Guarantors in favor of the Administrative Agent for the benefit of the
Beneficiaries (as defined therein).

	 	 	 	 	 
	 	GLOBAL INDUSTRIES INTERNATIONAL, L.P.

 	 
	 	By:  	Global Industries International, L.L.C., its
 	 
	 	 	general partner 	 
	 	 	 	 
	 	By:  	                                            /s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Chief Administrative Officer & General
Counsel 	 
	 
	 	GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Attorney-in-Fact / Apoderado 	 
	 
	 	GLOBAL INTERNATIONAL VESSELS, LTD.

GLOBAL OFFSHORE INTERNATIONAL, LTD.

 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Chief Administrative Officer & General
Counsel 	 
	 

Acknowledgment and Reaffirmation of

Second Amended and Restated Foreign Guaranty

 

 

	 	 	 	 	 
	 	GLOBAL INDUSTRIES OFFSHORE NETHERLANDS, BV

 	 
	 	By:  	Global Industries International, L.L.C., as
 	 
	 	 	managing director 	 
	 	 	 
	 	By:  	                                            /s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Chief Administrative Officer & General
Counsel 	 
	 	 	 
	 	By:  	                                            Executive Management Trust, B.V., as
 	 
	 	 	managing director 	 
	 	 	 
	 	By:  	                                            /s/ Dennis Beets
 	 
	 	 	Name:  	Dennis Beets 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                                            /s/ Anneke Hooiveld
 	 
	 	 	Name:  	Anneke Hooiveld 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	GIL MAURITIUS HOLDINGS, LTD.

 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Chief Administrative Officer & General
Counsel 	 
	 
	 	GLOBAL INDUSTRIES MEXICO HOLDINGS, S. DE R.L. DE C.V.

GLOBAL VESSELS MEXICO, S. DE R.L. DE C.V.

GLOBAL INDUSTRIES OFFSHORE SERVICES, S. DE R.L. DE C.V.

GLOBAL INDUSTRIES SERVICES, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Russell J. Robicheaux
 	 
	 	 	Name:  	Russell J. Robicheaux 	 
	 	 	Title:  	Attorney-in-Fact / Apoderado 	 
	 

Acknowledgment and Reaffirmation of

Second Amended and Restated Foreign Guaranty

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