Document:

exhibit101-amendmentno1

Execution Version  AMENDMENT NO. 1 dated as of December 24, 2020 (this  “Amendment”), among VECTRUS, INC., an Indiana  corporation (“Holdings”), VECTRUS SYSTEMS  CORPORATION, a Delaware corporation (the “Borrower”),  the other LOAN PARTIES party hereto, the LENDERS and  ISSUING BANKS party hereto and JPMORGAN CHASE  BANK, N.A. (“JPMorgan”), as administrative agent (in such  capacity, the “Administrative Agent”) to the Credit Agreement  dated as of September 17, 2014 (as amended by that certain  Amendment No. 1 as of April 19, 2016, as further amended  and restated by that certain Amendment and Restatement  Agreement as of November 15, 2017, and as further amended,  restated, amended and restated, supplemented or otherwise  modified from time to time prior to the date hereof, the  “Existing Credit Agreement”; the Existing Credit Agreement,  as amended by this Amendment, the “Amended Credit  Agreement”), among Holdings, the Borrower, the lenders and  issuing banks party thereto and the Administrative Agent.  Capitalized terms used but not defined herein shall have the  meanings assigned to such terms in the Amended Credit  Agreement, except as otherwise expressly set forth herein.     WHEREAS, the Borrower has requested, and the undersigned Lenders, Issuing Banks and the  Administrative Agent have agreed, upon the terms and subject to the conditions set forth herein, that (a) the Existing  Credit Agreement will be amended as provided herein, (b) in connection therewith, the Revolving Commitments  under the Existing Credit Agreement shall be increased to $270,000,000 in aggregate principal amount (as further  described below) and (c) the Loan Parties will reaffirm their respective obligations under the Security Documents;   WHEREAS, each Lender under the Existing Credit Agreement immediately prior to the effectiveness of  this Amendment (each, an “Existing Lender”) that executes and delivers a signature page to this Amendment (each,  a “Consenting Lender”) will have agreed to the terms of this Amendment upon the effectiveness of this Amendment  on the Amendment Effective Date (as defined below);     WHEREAS, the Borrower hereby requests that the Amendment No. 1 Increase Lenders (as defined below)  (a) provide additional Revolving Commitments on the Amendment Effective Date in an aggregate principal amount  of $150,000,000 (the “Amendment No. 1 Revolving Commitment Increase”) and (b) make Revolving Loans to the  Borrower in respect thereof from time to time during the Revolving Availability Period subject to the terms and  conditions set forth herein and in the Amended Credit Agreement; and  WHEREAS, each Person party hereto whose name is set forth on Schedule I hereto under the heading  “Amendment No. 1 Increase Lenders” (each such Person, a “Amendment No. 1 Increase Lender”) has agreed (a) to  provide a portion of the Amendment No. 1 Revolving Commitment Increase to the Borrower in the amount set forth  opposite its name on such Schedule and (b) to make Revolving Loans to the Borrower in respect thereof from time  to time during the Revolving Availability Period subject to the terms and conditions set forth herein and in the  Amended Credit Agreement;  NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and  valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions  set forth herein, the parties hereto hereby agree as follows:  SECTION 1. Rules of Interpretation.  The rules of interpretation set forth in Section 1.03 of the  Amended Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.  SECTION 2. Amendment Effective Date.  The “Amendment Effective Date” shall be the date as of  which all the conditions set forth or referred to in Section 5 hereof shall have been satisfied.   

 

-2-  SECTION 3. Representations and Warranties. Each of Holdings and the Borrower (with respect to  itself and, where applicable, its respective Subsidiaries) represents and warrants to the Administrative Agent, each of  the Issuing Banks and each of the Lenders that:  (a) Each Loan Party has all requisite power and authority to execute and deliver this Amendment and  perform its obligations under this Amendment and the Amended Credit Agreement. The execution and delivery of  this Amendment and the performance of this Amendment and the Amended Credit Agreement have been duly  authorized by all necessary corporate or other organizational action and, if required, action by the holders of such  Loan Party’s Equity Interests. This Amendment has been duly executed and delivered by each Loan Party and this  Amendment and the Amended Credit Agreement constitute the legal, valid and binding obligations of each such  Loan Party, enforceable against each such Person in accordance with their terms, subject to applicable bankruptcy,  insolvency, fraudulent conveyance, reorganization, moratorium or other laws affecting creditors’ rights generally  and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and  an implied covenant of good faith and fair dealing.  (b) The representations and warranties of each Loan Party set forth in the Amended Credit Agreement  and in the other Loan Documents are true and correct in all material respects (or, in the case of representations and  warranties qualified as to materiality, in all respects) on and as of the Amendment Effective Date after giving effect  to this Amendment and the establishment of the Amendment No. 1 Revolving Commitment Increase, except in the  case or any such representation and warranty that expressly relates to a prior date, in which case such representation  and warranty was true and correct in all material respects (or in all respects, as applicable) as of such earlier date.  (c) After giving effect to this Amendment and the establishment of the Amendment No. 1 Revolving  Commitment Increase, no Default or Event of Default has occurred and be continuing.  SECTION 4. Amendment of the Existing Credit Agreement; Amendment No. 1 Revolving  Commitment Increase.  (a) Effective as of the Amendment Effective Date, (i) the Existing Credit Agreement is hereby  amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text)  and to add the double-underlined text (indicated textually in the same manner as the following example: double- underlined text) as set forth in the pages of the Existing Credit Agreement attached as Exhibit A hereto and (ii)  Schedule 2.01 to the Existing Credit Agreement is hereby amended by replacing the table under the caption  “Revolving Commitment” in its entirety with Schedule II hereto.   (b) The aggregate amount of all Letters of Credit outstanding under the Existing Credit Agreement on  the Amendment Effective Date shall continue to be outstanding under the Amended Credit Agreement and, from  and after such date, the terms of the Amended Credit Agreement will govern the rights of the Administrative Agent,  the Lenders and the Issuing Banks with respect thereto.   (c) Effective as of the Amendment Effective Date, but immediately after giving effect to the  transactions described in paragraph (a) of this Section 4, the Amendment No. 1 Revolving Commitment Increase  shall become effective. For the avoidance of doubt, the Amendment No. 1 Revolving Commitment Increase shall  have the same terms and conditions as, and form part of a single Class of Revolving Commitments with, the existing  Revolving Commitments under the Existing Credit Agreement. Schedule I hereto sets forth the portion of the  Amendment No. 1 Revolving Commitment Increase of each Amendment No. 1 Increase Lender as of the  Amendment Effective Date (with respect to each Amendment No. 1 Increase Lender, such Amendment No. 1  Increase Lender’s “Applicable Increased Commitment”), and immediately after the occurrence of the Amendment  Effective Date, the amount of Revolving Commitments of each Amendment No. 1 Increase Lender shall include  such Amendment No. 1 Increase Lender’s Applicable Increased Commitment. Effective as of the Amendment  Effective Date, each Amendment No. 1 Increase Lender shall be a “Revolving Lender” and a “Lender” under the  Amended Credit Agreement and the other Loan Documents, and each Amendment No. 1 Increase Lender shall have  all the rights and obligations of a “Revolving Lender” and a “Lender” holding a Revolving Commitment or a  Revolving Loan under the Amended Credit Agreement and the other Loan Documents. Each Amendment No. 1  Increase Lender’s Applicable Increased Commitment shall be several and not joint.   

 

-3-  (d) On the Amendment Effective Date, but immediately after giving effect to the transactions  described in paragraph (c) of this Section 4, (i) the aggregate principal amount of Revolving Borrowings outstanding  immediately prior to the effectiveness of the Amendment No. 1 Revolving Commitment Increase (the “Existing  Revolving Borrowings”) shall be deemed to be repaid, (ii) each Amendment No. 1 Increase Lender that shall have  had a Revolving Commitment immediately prior to the effectiveness of the Amendment No. 1 Revolving  Commitment Increase shall pay to the Administrative Agent in same day funds an amount equal to the amount, if  any, by which (A) (1) such Amendment No. 1 Increase Lender’s Applicable Percentage (calculated after giving  effect to the Amendment No. 1 Revolving Commitment Increase) multiplied by (2) the aggregate principal amount  of the Resulting Revolving Borrowings (as defined below) exceeds (B) (1) such Amendment No. 1 Increase  Lender’s Applicable Percentage (calculated without giving effect to the Amendment No. 1 Revolving Commitment  Increase) multiplied by (2) the aggregate principal amount of Existing Revolving Borrowings, (iii) each Amendment  No. 1 Increase Lender that shall not have had a Revolving Commitment immediately prior to the effectiveness of the  Amendment No. 1 Revolving Commitment Increase shall pay to the Administrative Agent in same day funds an  amount equal to (A) such Amendment No. 1 Increase Lender’s Applicable Percentage (calculated after giving effect  to the effectiveness of the Amendment No. 1 Revolving Commitment Increase) multiplied by (B) the aggregate  principal amount of the Resulting Revolving Borrowings, (iv) after the Administrative Agent receives the funds  specified in clauses (ii) and (iii) above, the Administrative Agent shall pay to each Revolving Lender (other than, for  the avoidance of doubt, the Amendment No. 1 Increase Lender from whom such funds were received) the portion of  such funds that is equal to the amount, if any, by which (A) (1) such Revolving Lender’s Applicable Percentage  (calculated without giving effect to the effectiveness of the Amendment No. 1 Revolving Commitment Increase)  multiplied by (2) the aggregate principal amount of the Existing Revolving Borrowings exceeds (B) (1) such  Revolving Lender’s Applicable Percentage (calculated after giving effect to the effectiveness of the Amendment No.  1 Revolving Commitment Increase) multiplied by (2) the aggregate principal amount of the Resulting Revolving  Borrowings, (v) after the effectiveness of the Amendment No. 1 Revolving Commitment Increase, the Borrower  shall be deemed to have made new Revolving Borrowings (the “Resulting Revolving Borrowings”) in an aggregate  principal amount equal to the aggregate principal amount of the Existing Revolving Borrowings and of the same  Types and for the same Interest Periods as applicable to the Existing Revolving Borrowings, (vi) each Revolving  Lender (including, for the avoidance of doubt, each Amendment No. 1 Increase Lender) shall be deemed to hold its  Applicable Percentage of the Resulting Revolving Borrowings (calculated after giving effect to the effectiveness of  the Amendment No. 1 Revolving Commitment Increase) and (vii) the Borrower shall pay to each Existing Lender  any and all accrued but unpaid interest on its Loans comprising the Existing Revolving Borrowings. Upon the  effectiveness of the Amendment No. 1 Revolving Commitment Increase, each Revolving Lender immediately prior  to the Amendment No. 1 Revolving Commitment Increase will automatically and without further action be deemed  to have assigned to each Amendment No. 1 Increase Lender, and each such Amendment No. 1 Increase Lender will  automatically and without further act be deemed to have assumed, a portion of such Revolving Lender’s  participations hereunder in outstanding Letters of Credit such that, after giving effect to the Amendment No. 1  Revolving Commitment Increase and each such deemed assignment and assumption of participations, the  percentage of the aggregate outstanding participations hereunder in Letters of Credit, in each case held by each  Revolving Lender (including each such Amendment No. 1 Increase Lender) will equal such Revolving Lender’s  Applicable Percentage.  (e) Each Amendment No. 1 Increase Lender, by delivering its signature page to this Amendment on  the Amendment Effective Date, shall be deemed to have acknowledged receipt of, and consented to and approved,  each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the  Administrative Agent or any Lenders, as applicable on the Amendment Effective Date.  (f) The aggregate amount of the Revolving Commitments of each Revolving Lender immediately  after giving effect to the consummation of the transactions described in this Amendment is set forth opposite such  Lender’s name on Schedule II hereto.  SECTION 5. Conditions.  The effectiveness of this Amendment and the establishment of the  Amendment No. 1 Revolving Commitment Increase shall be subject to the satisfaction of the following conditions  precedent:  (a) The Administrative Agent (or its counsel) shall have received duly executed counterparts (or written evidence satisfactory to the Administrative Agent (which may include a facsimile or other  

 

-4-  electronic transmission) that such party has signed a counterpart) of this Amendment that, when taken  together, bear the signatures of (u) each Loan Party, (v) each Existing Lender, (w) each Amendment No. 1  Increase Lender, (x) the Administrative Agent, (y) each Issuing Bank and (z) each Swingline Lender.  (b)  The Administrative Agent shall have received a favorable written opinion (addressed to  the Administrative Agent, the Lenders and the Issuing Banks) of each of (x) Skadden, Arps, Slate, Meagher  & Flom LLP, counsel for the Loan Parties and (y) Faegre Drinker Biddle & Reath LLP, Indiana counsel for  the Loan Parties , in each case, (i) dated as of the Amendment Effective Date and (ii) in form and substance  reasonably satisfactory to the Administrative Agent. Each Loan Party hereby requests such counsel to  deliver such opinion.     (c) The Administrative Agent (or its counsel) shall have received a certificate of each Loan  Party (or an omnibus certificate of all Loan Parties), in form and substance reasonably satisfactory to the  Administrative Agent, dated the Amendment Effective Date, certifying as to (w) the organizational  documents of such Loan Party (which, to the extent filed with a Governmental Authority, shall be certified  as of a recent date by such Governmental Authority), (x) the resolutions of the board of directors or other  governing body of such Loan Party approving and authorizing the execution, delivery and performance of  this Amendment and the other Loan Documents to which it is a party, (y) the good standing of such Loan  Party (to the extent the concept is relevant and customarily certified in the applicable jurisdiction) by  attaching a good standing certificate, certified as of a recent date by such Governmental Authority, and  (z) the incumbency (including specimen signatures) of the authorized signatories of such Loan Party.   (d) After giving effect to this Amendment and the establishment of the Amendment No. 1  Revolving Commitment Increase, no Default or Event of Default shall have occurred and be continuing.  (e) The representations and warranties of each Loan Party set forth in Section 3 above and in  the other Loan Documents shall be true and correct in all material respects (or, in the case of  representations and warranties qualified as to materiality, in all respects) on and as of the Amendment  Effective Date after giving effect to this Amendment and the establishment of the Amendment No. 1  Revolving Commitment Increase, except in the case or any such representation and warranty that expressly  relates to a prior date, in which case such representation and warranty shall be true and correct in all  material respects (or in all respects, as applicable) as of such earlier date.  (f) The Administrative Agent shall have received, at least five Business Days prior to the  Amendment Effective Date, (x) all documentation and other information about the Loan Parties that the  Administrative Agent and the Amendment No. 1 Increase Lenders reasonably determine is required by  bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and  regulations, including, without limitation, the USA PATRIOT Act and (y) a certification regarding  beneficial ownership with respect to the Borrower as required by the Beneficial Ownership Regulation, in  each case, that has been requested at least ten Business Days prior to the Amendment Effective Date.  (g) The Administrative Agent shall have received (x) payment of all fees required to be paid,  or caused to be paid, by Holdings or the Borrower on the Amendment Effective Date and (y) to the extent  invoiced at least two Business Days prior to the Amendment Effective Date, reimbursement or payment of  all reasonable and documented out-of-pocket expenses (including the reasonable and documented fees,  charges and disbursements of counsel) required to be paid or reimbursed, or caused to be paid or  reimbursed, by Holdings or the Borrower on the Amendment Effective Date, in each case, pursuant to  Section 12 hereof or under any agreement entered into by any of the Amendment No. 1 Arrangers, the  Administrative Agent and the Lenders, on the one hand, and Holdings or the Borrower, on the other hand.  (h) The Borrower shall have paid to the Administrative Agent, for the account of the Lenders  and the Issuing Banks, all unpaid interest and fees in respect of the Revolving Commitments and the  Revolving Loans that have accrued to (but not including) the Amendment Effective Date.   

 

-5-  (i) The Administrative Agent (or its counsel) shall have received a certificate, dated the  Amendment Effective Date and signed by a Financial Officer of the Borrower, certifying as to the  satisfaction of the conditions set forth in paragraphs (d) and (e) above.   (j) (x) The Collateral and Guarantee Requirement shall be satisfied as of the Amendment  Effective Date and (y) the Administrative Agent (or its counsel) shall have received a completed updated  Perfection Certificate, together with all attachments contemplated thereby, in form and substance  reasonably satisfactory to the Administrative Agent.  SECTION 6. Reaffirmation.  (a) Each of the Loan Parties hereby consents to this Amendment and the transactions contemplated  hereby and hereby confirms its guarantees, pledges, grants of security interests and other agreements, as applicable,  under each of the Security Documents to which it is party and agrees that, notwithstanding the effectiveness of this  Amendment and the consummation of the transactions contemplated hereby (including, without limitation, the  amendment of the Existing Credit Agreement), such guarantees, pledges, grants of security interests and other  agreements of such Loan Parties shall continue to be in full force and effect and shall accrue to the benefit of the  Secured Parties under the Amended Credit Agreement. Each of the Loan Parties further agrees to take any action  that may be required under any applicable law or that is reasonably requested by the Administrative Agent to ensure  compliance by the Borrower with Section 5.12 of the Amended Credit Agreement and hereby reaffirms its  obligations under each similar provision of each Security Document to which it is a party.   (b) Each of the Loan Parties hereby confirms and agrees that the Tranche A Term Loans, the  Revolving Loans, the Letters of Credit and the Swingline Loans (in each case, if any) have constituted and continue  to constitute Obligations (or any word of like import) under the Security Documents.  SECTION 7. Counterparts; Amendments.  This Amendment may not be amended nor may any  provision hereof be waived except pursuant to a writing signed by each of the parties hereto. This Amendment may  be executed in two or more counterparts, each of which shall constitute an original but all of which when taken  together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this  Amendment by facsimile or other electronic transmission shall be effective as delivery of an original executed  counterpart of this Amendment. The provisions set forth in Section 9.06 of the Amended Credit Agreement are  hereby incorporated by reference herein, mutatis mutandis.  SECTION 8. No Novation.  (a) Until this Amendment becomes effective in accordance with its terms and the Amendment  Effective Date shall have occurred, the Existing Credit Agreement shall remain in full force and effect and shall not  be affected hereby. On and after the Amendment Effective Date, all obligations of the Loan Parties under the  Existing Credit Agreement shall become obligations of the Loan Parties under the Amended Credit Agreement and  the provisions of the Existing Credit Agreement shall be superseded by the provisions of the Amended Credit  Agreement.   (b) Without limiting the generality of the foregoing, this Amendment shall not extinguish the Loans  outstanding under the Existing Credit Agreement or any other obligations for the payment of money outstanding  under the Existing Credit Agreement or release the Liens granted under or the priority of any Security Document or  any security therefor. Nothing herein contained shall be construed as a substitution or novation of the Loans  outstanding under the Existing Credit Agreement or any other obligations for the payment of money outstanding  under the Existing Credit Agreement, in each case which shall remain outstanding on and after the Amendment  Effective Date as modified hereby. Nothing implied herein shall be construed as a release or other discharge of  Holdings, the Borrower or any of its Subsidiaries under any Loan Document from any of its obligations and  liabilities as “Holdings,” a “Borrower,” a “Grantor” or a “Guarantor” under the Existing Credit Agreement or the  other Loan Documents. Notwithstanding any provision of this Amendment, the provisions of Sections 2.15, 2.16,  2.17 and 9.03 of the Existing Credit Agreement as in effect immediately prior to the Amendment Effective Date will  continue to be effective as to all matters arising out of or in any way related to facts or events existing or occurring  prior to the Amendment Effective Date.  

 

-6-  SECTION 9. Post-Closing Requirement. On or before the date that is sixty (60) days following the  Amendment Effective Date (or such later date as the Administrative Agent may agree in its reasonable discretion),  the Administrative Agent shall have received a counterpart (or written evidence satisfactory to the Administrative  Agent (which may include a facsimile or other electronic transmission) that such party has signed a counterpart),  duly executed and delivered by the applicable Loan Party and the applicable depositary bank, of a Control  Agreement (or with respect to any existing Control Agreement, an amendment thereto or amendment and  restatement thereof) with respect to each deposit account listed on Schedule III hereto that are required to be  delivered pursuant to the Collateral and Guarantee Requirement.  SECTION 10. Applicable Law; Waiver of Jury Trial.    (a) THIS AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF  ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF  OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY  SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE  OF NEW YORK. (b) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.09(b),  9.09(c), 9.09(d) AND 9.10 OF THE AMENDED CREDIT AGREEMENT AS IF SUCH SECTION WERE  SET FORTH IN FULL HEREIN.  SECTION 11. Notices.  All notices hereunder shall be given in accordance with the provisions of  Section 9.01 of the Amended Credit Agreement.  SECTION 12. Fees and Expenses.  (a) The Borrower agrees to pay to the Administrative Agent, for the ratable account of each  Amendment No. 1 Increase Lender, an upfront fee in an amount equal to 0.25% of the Applicable Increased  Commitment of such Amendment No. 1 Increase Lender held by it on the Amendment Effective Date. The fees  payable pursuant to this Section 12(a) will be paid in dollars in immediately available funds on, and subject to the  occurrence of, the Amendment Effective Date.  (b) The Borrower agrees to reimburse the Administrative Agent for its reasonable and documented  out-of-pocket expenses in connection with this Amendment to the extent required under Section 9.03 of the  Amended Credit Agreement.  SECTION 13. Headings.  The Section headings used herein are for convenience of reference only, are  not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting,  this Amendment.  [Signature Pages Follow]  

 

 

 

 

 

[Amendment No. 1 Signature Page]  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent, a Consenting Lender,  an Amendment No. 1 Increase Lender, a  Swingline Lender and an Issuing Bank  By:        Name: Marshall J. Trenckmann   Title: Managing Director  

 

  [Amendment No. 1 Signature Page]    BANK OF AMERICA, N.A.,   as a Consenting Lender and an Amendment No. 1 Increase  Lender  By:      Name: Mark A. Zirkle   Title: Senior Vice President       

 

 

 

[Amendment No. 1 Signature Page]  TRUIST BANK,   as a Consenting Lender, an Amendment No. 1  Increase Lender, a Swingline Lender and an  Issuing Bank   By:        Name: Anika Kirs   Title: Vice President    

 

[Amendment No. 1 Signature Page] U.S. BANK NATIONAL ASSOCIATION,  as a Consenting Lender, an Amendment No. 1  Increase Lender, a Swingline Lender and an  Issuing Bank By: Name: Marty McDonald Title: Vice President 

 

[Amendment No. 1 Signature Page] BANK OF THE WEST,  as a Consenting Lender and an Amendment No.  1 Increase Lender   By:       Name: Robert J. Likos  Title:  Managing Director 

 

 

 

 

 

[Amendment No. 1 Signature Page]  BANCO DE SABADELL, S.A., MIAMI BRANCH,   as a Consenting Lender and an Amendment No. 1 Increase  Lender  By:   Name:   Title:  Head of Structured Finance Americas Ignacio Alcaraz 

 

[Amendment No. 1 Signature Page]  COMERICA BANK,   as a Consenting Lender and an Amendment No. 1 Increase  Lender   By:   Name: Liz V Hulley  Title: Vice President   

 

SCHEDULE I  Amendment No. 1 Increase Lenders  Amendment No. 1 Increase Lender Amendment No. 1 Revolving  Commitment Increase  Bank of America, N.A. $28,940,000  JPMorgan Chase Bank, N.A. $19,640,000  Citibank, N.A. $19,640,000  Truist Bank $19,640,000  U.S. Bank National Association $19,640,000  Bank of the West $14,000,000  Synovus Bank $9,250,000  TD Bank, N.A. $9,250,000  Banco de Sabadell, S.A., Miami Branch $5,000,000  Comerica Bank $5,000,000  TOTAL: $150,000,000  

 

SCHEDULE II  Revolving Commitment  Revolving Lenders Revolving Commitment  Bank of America, NA $40,940,000  JPMorgan Chase Bank, N.A. $37,640,000  Citibank, N.A. $37,640,000  Truist Bank $37,640,000  U.S. Bank National Association $37,640,000  Bank of the West $26,000,000  Synovus Bank $15,250,000  TD Bank, N.A. $15,250,000  Banco de Sabadell, S.A., Miami Branch $11,000,000  Comerica Bank $11,000,000  TOTAL: $270,000,000Document

EXHIBIT 4.1

AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT
This Amendment No. 3 to Amended and Restated Credit Agreement (this “Amendment”), dated as of December 30, 2020 (the “Effective Date”), is entered into by HELIX ENERGY SOLUTIONS GROUP, INC., a Minnesota corporation (the “Borrower”), the Guarantors (as defined in the Credit Agreement referenced below) party hereto, the Lenders (as defined below) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer.
INTRODUCTION
Reference is made to the Amended and Restated Credit Agreement dated as of June 30, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and the Administrative Agent.
The Borrower has requested, and the undersigned Lenders (which Lenders constitute the Required Lenders) and the Administrative Agent have agreed, on the terms and conditions set forth herein, to make certain amendments to the Credit Agreement.
THEREFORE, in connection with the foregoing and for other good and valuable consideration, the Borrower, the undersigned Lenders, and the Administrative Agent hereby agree as follows:
Section 1.Definitions; References.  Unless otherwise defined in this Amendment, each term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.
Section 2.Amendments to Credit Agreement.
(a)Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined terms in appropriate alphabetical order: 
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
(b)The following defined terms in Section 1.01 of the Credit Agreement are hereby amended and restated in their entirety to read as follows: 
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Write-Down and Conversion Powers” means, (a) 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, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
(c)Section 5.25 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
5.25.    Affected Financial Institutions.  Neither the Borrower nor any Guarantor is an Affected Financial Institution.
(d)Section 6.13 of the Credit Agreement is hereby amended by restating clause (e) in its entirety to read as follows:
(e)    Helix Offshore Ltd., in its capacity as the owner of the Well Enhancer (or any other Subsidiary of the Borrower that owns such vessel), shall, as soon as reasonably possible after the Amendment No. 2 Effective Date and in 
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any event on or before February 15, 2021, (i) become a party to the Guaranty, (ii) grant the Administrative Agent for the benefit of the Secured Parties a security interest in all of the right, title, and interest in Helix Offshore Ltd.’s property (other than Excluded Property), including the Well Enhancer, (iii) take all actions reasonably required by the Administrative Agent to insure the attachment, perfection or priority of, or the ability of the Administrative Agent to enforce, the security interest in such property, including the Well Enhancer, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.
(e)Section 10.18 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
10.18    Electronic Execution of Assignments and Certain Other Documents.  This Agreement and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a “Communication”), including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures.  Each of the Loan Parties agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on each of the Loan Parties to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of each of the Loan Parties enforceable against such in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.  Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent, the L/C Issuer, and each of the Lenders of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.  The Administrative Agent, the L/C Issuer, and each of the Lenders may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of the such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, neither the Administrative Agent, the L/C Issuer nor any Lender is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent, the L/C Issuer or such Lender pursuant to procedures approved by it; provided, without limiting the foregoing, (a) to the 
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extent the Administrative Agent, the L/C Issuer or any Issuer has agreed to accept such Electronic Signature, the Administrative Agent, the L/C Issuer and each of the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party without further verification and (b) upon the request of the Administrative Agent, the L/C Issuer, or any Lender, any Electronic Signature shall be promptly followed by such manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.
(f)Section 10.21 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
Section 10.21    Acknowledgement and Consent to Bail-In of Affected 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 Affected 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 the applicable 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 the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected 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 Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.
Section 3.Representations and Warranties.  The Borrower represents and warrants that (a) the execution, delivery, and performance by each Loan Party of this Amendment have been duly authorized by all necessary corporate or other organizational action, and do not and will not violate the terms of any of such Person’s Organization Documents; (b) this Amendment, 
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and the Credit Agreement as amended hereby, constitute legal, valid, and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their terms, subject to Debtor Relief Laws and similar Laws affecting creditors’ rights generally or providing relief for debtors and subject to principles of equity; (c) the representations and warranties of the Borrower and each other Loan Party contained in each Loan Document are true and correct in all material respects as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; (d) no Default or Event of Default exists under the Loan Documents; and (e) the Liens under the Collateral Documents are valid and subsisting and secure the Obligations.
Section 4.Effect on Credit Documents.  Except as amended herein, the Credit Agreement and all other Loan Documents remain in full force and effect as originally executed.  Nothing herein shall act as a waiver of any of the Administrative Agent’s or any Lender’s rights under the Loan Documents as amended, including the waiver of any default or event of default, however denominated.  The Borrower acknowledges and agrees that this Amendment shall in no manner impair or affect the validity or enforceability of the Credit Agreement.  This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a default or event of default under the other Loan Documents.
Section 5.Conditions to Effectiveness of this Agreement.  This Amendment shall become effective, and the Credit Agreement shall be amended as provided for herein as of the Effective Date, upon satisfaction of the following conditions:
(a)    the Administrative Agent (or its counsel) shall have received:
(i)    counterparts hereof duly executed and delivered by a duly authorized officer of the Borrower, each Guarantor, and by the Lenders whose consent is required to effect the amendments contemplated hereby; and
(ii)    certificates of good standing or similar certificates or instruments as the Administrative Agent may reasonably require to evidence that the Borrower and each Guarantor is validly existing and in good standing. 
(b)    the Borrower shall have paid (i) to the Administrative Agent, for the account of each Lender who shall have provided its consent to this Amendment by 12:00 p.m. (Eastern Time) on December 17, 2020, an amendment fee in an amount equal to 0.05% of such Lender’s Commitment, (ii) all reasonable fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent), and (iii) all other costs, expenses, and fees which are payable pursuant to Section 10.04 of the Credit Agreement. 
Section 6.Reaffirmation of Guaranty.  By its signature hereto, each Guarantor represents and warrants that such Guarantor has no defense to the enforcement of the Guaranty, and that according to its terms the Guaranty will continue in full force and effect to guaranty the Borrower’s obligations under the Credit Agreement and the other amounts described in the Guaranty following the execution of this Amendment.
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Section 7.Governing Law.  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, the LAW OF THE STATE OF NEW YORK.
Section 8.Miscellaneous.  The miscellaneous provisions set forth in Article X of the Credit Agreement apply to this Amendment.  This Amendment may be signed in any number of counterparts, each of which shall be an original, and may be executed and delivered by facsimile or other electronic imaging means (e.g. “pdf” or “tif”).
Section 9.ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[signature page follows]

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EXECUTED as of the first date above written.
															
			HELIX ENERGY SOLUTIONS GROUP
			   INC., a Minnesota corporation

					
			By:	/s/ Erik Staffeldt	
			Name:	Erik Staffeldt	
			Title:	Executive Vice President & Chief Operating Officer	
					
			HELIX ROBOTICS SOLUTIONS, INC.
			   (F/K/A CANYON OFFSHORE, INC.), a

			   Texas corporation
			HELIX ROBOTICS SOLUTIONS
			   INTERNATIONAL CORP. (F/K/A

			   CANYON OFFSHORE

			   INTERNATIONAL CORP.), a Texas

			   corporation
			HELIX OFFSHORE INTERNATIONAL,
			   INC., a Texas corporation

			HELIX PROPERTY CORP., a Texas

			   corporation
			HELIX SUBSEA CONSTRUCTION, INC., a

			   Delaware corporation
			HELIX WELL OPS INC., a Texas corporation

			KOMMANDOR LLC, a Delaware limited

			   liability company
			DEEPWATER ABANDONMENT 
			   ALTERNATIVES, INC., a Texas

			   corporation
					
			By:	/s/ Erik Staffeldt	
			Name:	Erik Staffeldt	
			Title:	Vice President and Treasurer	
					
			HELIX ROBOTICS SOLUTIONS
			   LIMITED (F/K/A CANYON OFFSHORE
			   LIMITED), a Scottish company

					
			By:	/s/ Erik Staffeldt	
			Name:	Erik Staffeldt	
			Title:	Director	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			HELIX WELL OPS (U.K.) LIMITED, a

			company incorporated in Scotland

					
			By:	/s/ Kenneth E. Neikirk	
			Name:	Ken Neikirk	
			Title:	Director	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			BANK OF AMERICA, N.A., as 

			Administrative Agent
					
			By:	/s/ Don B. Pinzon	
			Name:	Don B. Pinzon	
			Title:	Vice President	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			BANK OF AMERICA, N.A., as a Lender, L/C

			Issuer and Swing Line Lender
					
			By:	/s/ Tyler Ellis	
			Name:	Tyler Ellis	
			Title:	Director	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			WELLS FARGO BANK, N.A., as a Lender

					
			By:	/s/ Shannon Cunningham	
			Name:	Shannon Cunningham	
			Title:	Director	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			ING CAPITAL LLC, as a Lender

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

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			REGIONS BANK, as a Lender

					
			By:	/s/ David Valentine	
			Name:	David Valentine	
			Title:	Managing Director	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			ZIONS BANCORPORATION, N.A. DBA 
			AMEGY BANK, as a Lender

					
			By:	/s/ Brad Ellis	
			Name:	Brad Ellis	
			Title:	Senior Vice President	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			HSBC BANK USA, N.A., as a Lender

					
			By:	/s/ Shaun R. Kleinman	
			Name:	Shaun R. Kleinman	
			Title:	Senior Vice President	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			BBVA USA (F/K/A COMPASS BANK), as a

			Lender
					
			By:	/s/ Julia Barnhill	
			Name:	Julia Barnhill	
			Title:	Vice President	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			FROST BANK, as a Lender

					
			By:	/s/ John Whitehurst	
			Name:	John Whitehurst	
			Title:	Assistant Vice President	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

															
			RAYMOND JAMES BANK, N.A., as a 

			Lender
					
			By:	/s/ Mark Specht	
			Name:	Mark Specht	
			Title:	Vice President	

Signature Page to Amendment No. 3 to Amended and Restated Credit Agreement

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