Document:

Exhibit
10.29

 

[Execution
Copy]

 

AMENDMENT TO REVOLVING CREDIT
FACILITY AGREEMENT

 

 

AMENDMENT TO REVOLVING CREDIT FACILITY AGREEMENT, dated March 15, 2004,
between SEACOR SMIT Inc., (the “Borrower”), (2) the banks and financial
institutions whose names and addresses are set out in Schedule A to the
Revolving Credit Facility Agreement, as defined below (together with any
assignee pursuant to Section 11, collectively, the “Lenders”, each a “Lender”),
(3) FLEET NATIONAL BANK, a national banking association, as syndication agent
(the “Syndication Agent”), (4) DNB NOR BANK ASA (fomerly den Norske Bank ASA),
a bank incorporated under the laws of the Kingdom of Norway, acting through its
New York branch, with offices at 200 Park Avenue, New York, New York, as administrative
agent (the “Administrative Agent”), (5) NORDEA, a Finnish banking
corporation, acting through Nordea Bank Finland Plc, New York Branch, as
documentation agent (the “Documentation Agent”), and (6) THE GOVERNOR AND
COMPANY OF THE BANK OF SCOTLAND, a bank incorporated under the laws of
Scotland, as Co-Agent (the “Co-Agent” and together with the Syndication Agent,
the Administrative Agent and the Documentation Agent, the “Agents”).

 
 

                WHEREAS, the
Borrower, Lenders and Agents entered into a Revolving Credit Facility Agreement,
dated February 5, 2002 (the “Revolving Credit Facility Agreement”) to provide
to Borrower a revolving credit facility in the amount of $200,000,000;

 

                WHEREAS, SEACOR
Holdings Inc., a Delaware corporation and wholly-owned subsidiary of the Borrower,
will merge with and into the Borrower pursuant to Section 253 of the Delaware
General Corporation Law (the “DGCL”) for the sole purpose of changing the Borrower’s
corporate name to SEACOR Holdings Inc. as permitted by Section 253(b) of the
DGCL; and

 

                WHEREAS, the Borrower,
the Lenders and the Agents now desire to amend the Revolving Credit Facility
Agreement solely to reflect the change in corporate name of the Borrower.

 

                NOW, THEREFORE,
the parties hereto, in consideration of the premises and their mutual covenants
and agreements herein set forth, and intending to be legally bound hereby,
covenant and agree as follow:

ARTICLE 1

AMENDMENTS

1.1           Amendments.        The Revolving Credit Facility Agreement
is hereby amended in the following respect:

 

 

(a)           In each place where the name “SEACOR
SMIT Inc.” appears in the Revolving Credit Facility Agreement, the name “SEACOR
Holdings Inc.” shall be substituted in place thereof.

 

ARTICLE 2

MISCELLANEOUS

2.1           Counterparts.  This Amendment to Revolving Credit Facility
Agreement may be executed by each of the parties hereto in any number of
counterparts, each of which counterpart, when so executed and delivered, shall
be deemed to be an original and all such counterparts shall together constitute
one and the same agreement.

2.2           Governing Law.  THIS AMENDMENT TO REVOLVING CREDIT FACILITY
AGREEMENT SHALL BE INTERPRETED, CONSTRUED, ENFORCED AND ADMINISTERED IN
ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS (AND NOT THE CHOICE OF LAW RULES)
OF THE STATE OF NEW YORK.

2.3           Confirmation.  This Amendment to Revolving Credit Facility
Agreement and the Revolving Credit Facility Agreement shall henceforth be read
together.  Except as expressly set forth
herein, the Revolving Credit Facility Agreement shall remain unchanged and is
in all respect confirmed and preserved.

2.4           Terms Defined.  All capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in
the Revolving Credit Facility Agreement.

2.5           Severability.  The invalidity, illegality or unenforceability
of any provision of this Amendment to Revolving Credit Facility Agreement shall
in no way affect the validity, legality or enforceability of any other
provision; and if any provision is held to be unenforceable as a matter of law,
the other provisions shall not be affected thereby and shall remain in full
force and effect.

2.6           Facsimile Signatures.  The exchange of copies of this Amendment to
Revolving Credit Facility Agreement and of signature pages by facsimile or
electronic transmission shall constitute effective execution and delivery hereof
as to the parties and may be used in lieu of the original document for all
purposes.  Signatures of the parties
transmitted by facsimile or electronic transmission shall be deemed to be their
original signatures for all purposes.

2.7           Headings.  The headings contained in this Amendment to Revolving
Credit Facility Agreement are for convenience of reference only and shall have
no effect on the interpretation or operation hereof.

[Remainder of Page Intentionally
Left Blank.]

 

2

 

IN
WITNESS WHEREOF, each of the parties have caused this Amendment to Revolving
Credit Facility Agreement to be executed by a duly authorized officer as of the
day and year first written above.

	
  SEACOR
  SMIT Inc. as Borrower

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Randall Blank

  	
   

  	
   

  	
   

  
	
  Name:
  Randall Blank

  	
   

  	
   

  	
   

  
	
  Title:
  Executive Vice
  President and Chief Financial Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DNB
  NOR BANK ASA,

  	
   

  	
  FLEET
  NATIONAL BANK,

  
	
  as
  Administrative Agent, Joint Lead

  	
   

  	
  as
  Syndication Agent and Lender

  
	
  Arranger
  and Lender

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Nikolai A.
  Nachamkin

  	
   

  	
  By:

  	
  /s/
  Katherine A. Brand

  
	
  Name:
  Nikolai A.
  Nachamkin

  	
   

  	
  Name:
  Katherine A. Brand

  	
   

  
	
  Title:
  First Vice
  President

  	
   

  	
  Title:
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  THE
  GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND as Co-Agent and Lender

  	
   

  	
  NORDEA,
  acting through Nordea Bank Finland Plc, New York Branch as Documentation
  Agent, Joint Lead Arranger and Lender

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  M.J. Strevens

  	
   

  	
  By:

  	
  /s/
  Hans Chr. Kjelsrud

  
	
  Name:
  M.J. Strevens

  	
   

  	
  Name:
  Hans Chr. Kjelsrud

  	
   

  
	
  Title:
  Associate Director

  	
   

  	
  Title:
  Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Anne Engen

  
	
   

  	
   

  	
  Name:
  Anne Engen

  	
   

  
	
   

  	
   

  	
  Title:
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  HSH
  NORDBANK AG (formerly Hamburgische Landesbank), as Lender

  	
   

  	
  BANK
  ONE NA, as Lender 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Urbaniak Radtke

  	
   

  	
  By:

  	
  /s/
  Dianne L. Russell

  
	
  Name:
  Urbaniak Radtke

  	
   

  	
  Name:
  Dianne L. Russell

  	
   

  
	
  Title:
  Vice President

  	
   

  	
  Title:
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  WHITNEY
  NATIONAL BANK, as Lender

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  David Leeds Eustis

  	
   

  	
   

  	
   

  
	
  Name:
  David Leeds Eustis

  	
   

  	
   

  	
   

  
	
  Title:
  Sr. Vice President

  	
   

  	
   

  	
   

  
						

 

S-1Exhibit 10.30

 

AMENDMENT NO. 2 TO REVOLVING CREDIT FACILITY AGREEMENT

 

THIS
AMENDMENT NO. 2 TO REVOLVING CREDIT FACILITY AGREEMENT, (this “Amendment”) is
made as of May 17, 2004, by and among SEACOR Holdings Inc., (as successor in
interest to SEACOR SMIT Inc.) (the “Borrower”), (2) the banks and financial
institutions whose names and addresses are set out in Schedule A to the
Credit Agreement, as defined below (together with any assignee pursuant to Section 11,
collectively, the “Lenders”, each a “Lender”), (3) FLEET NATIONAL BANK, a
national banking association, as syndication agent (the “Syndication Agent”),
(4) DNB NOR BANK ASA (formerly Den Norske Bank ASA), a bank incorporated under
the laws of the Kingdom of Norway, acting through its New York branch, with
offices at 200 Park Avenue, New York, New York, as administrative agent (the “Administrative
Agent”), (5) NORDEA, a Finnish banking corporation, acting through Nordea
Bank Finland Plc, New York Branch, as documentation agent (the “Documentation
Agent”), and (6) THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND, a bank
incorporated under the laws of Scotland, as Co-Agent (the “Co-Agent” and
together with the Syndication Agent, the Administrative Agent and the
Documentation Agent, the “Agents”) and amends and is supplemental to that
certain Credit Agreement dated as of February 5, 2002, as amended by that
certain Amendment No. 1 to Credit Agreement dated as of March 15, 2004, by
and among the Borrower, the Lenders and the Agents (collectively, the “Credit Agreement”).

 

WITNESSETH

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have made available to the
Borrower a revolving credit facility in the amount of $200,000,000 (the
“Facility”) for the purposes described in Section 3.2 of the Credit Agreement;

 

WHEREAS,
the Borrower has requested, and the Lenders have agreed, that the definition of
EBITDA be amended and that the Interest Coverage Ratio be modified; and

 

NOW,
THEREFORE, the parties hereto, in consideration of the premises and their
mutual covenants and agreements herein set forth, and intending to be legally
bound hereby, covenant and agree as follows:

 

1.               Definitions.  Unless otherwise defined herein, words and
expressions defined in the Credit Agreement have the same meanings when used
herein, including in the recitals hereto.

 

2.               Representations
and Warranties.  The Borrower hereby
reaffirms, as of the date hereof, each and every representation and warranty
made thereby in the Credit Agreement (as the same may be amended hereby) and
the Note (updated mutatis mutandis).

 

 

3.               No
Defaults.  The Borrower hereby
represents and warrants that as of the date hereof there exists no Event of
Default or any condition which, with the giving of notice or passage of time,
or both, would constitute an Event of Default.

 

4.               Performance
of Covenants.  The Borrower hereby
reaffirms that it has duly performed and observed the covenants and
undertakings set forth in the Credit Agreement and the Note, on its part to be
performed, and covenants and undertakes to continue duly to perform and observe
such covenants and undertakings, as amended hereby, so long as the Credit
Agreement, as the same is amended hereby and may hereafter be amended or
supplemented, shall remain in effect.

 

5.               Amendment
to the Credit Agreement.  Subject to
the terms and conditions of this Amendment, the Credit Agreement is hereby
amended and supplemented as follows:

 

(a)                                  all
references to “this Agreement” shall be deemed to refer to the Credit Agreement
as amended by this Amendment; and

 

(b)                                 the
definition “EBITDA” in Section 1.1 shall be amended to read “means on a
consolidated basis, the aggregate, to be measured on a trailing twelve (12)
month basis, of (i) operating income (before deductions for interest, taxes,
depreciation and amortization) (ii) interest income, (iii) “Equity in Net
Earnings of Fifty Percent (50%) or Less Owned Companies” (as such term is used
in the Borrower’s published financial reports) and (iv) “Gains and Losses from
Equipment Sales – Net” (as such term is used in the Borrower’s published
financial reports).”

 

(c)                                  Section 10.1
(a) (xvii) shall be amended to read “Maintain, on a consolidated basis, an
Interest Coverage Ratio of not less than 3.25 to 1.0, determined at the end of
each fiscal quarter.”

 

6.               No
Other Amendment.  All other terms and
conditions of the Credit Agreement shall remain in full force and effect and
the Credit Agreement shall be read and construed as if the terms of this
Amendment were included therein by way of addition or substitution, as the case
may be.

 

7.               Other
Documents.  By the execution and
delivery of this Amendment, the Borrower and the Lenders hereby consent and
agree that all references to the Credit Agreement in the Note shall be deemed
to refer to the Credit Agreement as amended by this Amendment.  By the execution and delivery of this
Amendment, the Borrower hereby consents and agrees that the Note and any other
documents that may be executed as security for the Facility and the Borrower’s
obligations under the Credit Agreement shall remain in full force and effect
notwithstanding the amendments contemplated hereby.

 

8.               Fees
and Expenses.  On the date of this
Amendment, the Borrower shall pay an amendment fee to the Administrative Agent
(for the account of the Lenders)

 

2

 

in an amount of Twenty
Thousand United States Dollars (US$20,000), such fee to be distributed to the
Lenders on a pro rata basis based on each Lenders respective Commitment.  The Borrower agrees to pay promptly all costs
and expenses (including legal fees) of any Agent or Lender in connection with
the preparation of this Amendment.

 

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

 

10.         Counterparts.  This Amendment may be executed in as many
counterparts as may be deemed necessary or convenient, and by the different
parties hereto on separate counterparts each of which, when so executed, shall
be deemed to be an original but all such counterparts shall constitute but one
and the same agreement.

 

11.         Headings;
Amendment.  In this Amendment, section headings
are inserted for convenience of reference only and shall be ignored in the
interpretation of this Amendment.  This
Amendment cannot be amended other than by written agreement signed by the
parties hereto.

 

3

 

IN WITNESS WHEREOF, each of the parties have caused
this Amendment to be executed by a duly authorized officer as of the day and
year first written above.

 

 

	
  SEACOR HOLDINGS
  INC.,

  	
   

  
	
  as Borrower

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Dick
  Fagerstal

  	
   

  	
   

  
	
  Name:

  	
  Dick Fagerstal

  	
   

  
	
  Title:

  	
  Sr. Vice
  President, Corporate

  Development, Treasurer

  	
   

  
	
   

  	
   

  
	
  DNB NOR BANK
  ASA, 

  as Administrative Agent, Joint Lead 

  Arranger and Lender

  	
  FLEET NATIONAL
  BANK,

  as Syndication Agent and Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Barbara
  Gronquist

  	
   

  	
  By:

  	
   

  	
  /s/ Katherine A.
  Brand

  	
   

  
	
  Name:

  	
  Barbara Gronquist

  	
  Name:

  	
  Katherine A. Brand

  
	
  Title:

  	
  Sr. Vice President

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Nikolai A.
  Nachamkin

  	
   

  	
   

  
	
  Name:

  	
  Nikolai A. Nachamkin

  	
   

  
	
  Title:

  	
  First Vice President

  	
   

  
	
   

  	
   

  
	
  THE GOVERNOR AND
  COMPANY OF

  THE BANK OF SCOTLAND, as Co-

  Agent and Lender

  	
  NORDEA, acting
  through Nordea Bank

  Finland Plc, New York Branch, as

  Documentation Agent, Joint Lead Arranger

  and Lender

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Alan Boothby

  	
   

  	
  By:

  	
   

  	
  /s/ Martin
  Lunder

  	
   

  
	
  Name:

  	
  Alan Boothby

  	
  Name:

  	
  Sr. Vice
  President

  
	
  Title:

  	
  Director of
  Corporate Banking

  	
  Title:

  	
  Sr. Vice
  President

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Anne Engen

  	
   

  
	
   

  	
  Name:

  	
  Anne Engen

  
	
   

  	
  Title:

  	
  Vice President

  

 

4

 

	
  HSH NORDBANK AG
  (formerly

  Hamburgische Landesbank), as Lender

  	
  BANK ONE NA, as
  Lender

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Radtke

  	
   

  	
  By:

  	
   

  	
  /s/ Jane Bek
  Keil

  	
   

  
	
  Name:

  	
  Radtke

  	
  Name:

  	
  Jane Bek Keil

  
	
  Title:

  	
  Vice President

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Dr. Hermanns

  	
   

  	
   

  
	
  Name:

  	
  Dr. Hermanns

  	
   

  
	
  Title:

  	
  Sr. Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  WHITNEY NATIONAL
  BANK, as

  Lender

  	
   

  
	
  By:

  	
   

  	
  /s/ Edgar W.
  Santa Cruz III

  	
   

  	
   

  
	
  Name:

  	
  Edgar W. Santa
  Cruz III 

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  

 

5

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