Document:

Unassociated Document

EXHIBIT 10.3

ATWOOD OCEANICS, INC.

RETENTION PLAN

FOR CERTAIN SALARIED EMPLOYEES

 

 

The Company (as defined herein) hereby adopts this Retention Plan for Certain Salaried Employees (the "Plan"), effective as of the 1st day of January, 2011.

INTRODUCTION

The purpose of this Plan is to secure the interests of the Company’s shareholders in the event of a change of control of the Company.  In such an event, this Plan would provide an enhanced severance payment and other benefits to encourage certain valued employees to remain employed with the Company during that period of financial uncertainty preceding and following the change of control.  If such an event does not occur on or before December 31, 2011, this Plan will terminate automatically, unless otherwise renewed by the Company’s Board of Directors.

ARTICLE I

DEFINITIONS

Terms defined above and initially capitalized shall have the respective meanings so ascribed.  When used in this Plan and initially capitalized, the following words and phrases shall have the following respective meanings unless the context clearly requires otherwise:

1.1           "Base Salary" as to any Covered Employee for any period, shall mean the greater of the sum of such individual’s monthly base salary and Bonus as of the Termination of Employment or as of the date immediately preceding the Effective Date, which is paid to such individual by the Company during employment for such period, before reduction because of an election between benefits or cash provided under a plan of the Company maintained pursuant to Section 125 or 401(k) of the Internal Revenue Code of 1986, as amended, and before reduction for any other amounts contributed by the Company on such individual’s behalf to any other employee-benefit plan.

1.2           “Bonus” as to Covered Employee for any period, shall mean the average of bonus payments, if any, made over the preceding three years, including any year for which a bonus has been awarded but not paid, divided by twelve.  If the Covered Employee has not been an employee of the Company for at least three years, then Bonus shall be calculated over the period for which the employee has been employed with the Company.

1.3           "Company" shall mean Atwood Oceanics, Inc., a Texas corporation, or any entity that is a successor to it in ownership of substantially all its assets and their affiliates (“Atwood”) and its direct and indirect subsidiaries.

1.4           "Covered Employee" shall mean an employee described in Article II of the Plan.

1.5           "Effective Date" shall mean the date on or before December 31, 2011, on which any of the following is effective:

	
  

	
(a)

	
The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of either (i) the then outstanding shares of common stock of Atwood or (ii) the combined voting power of the then outstanding voting securities of Atwood entitled to vote generally in the election of directors; provided, however, that the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from Atwood; (ii) any acquisition by Atwood; (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company; or

	
  

	
(b)

	
Atwood shall sell substantially all of its assets to another corporation which is not a wholly owned subsidiary; or

 

 

 

  

  

  

 

 

	
  

	
(c)

	
Individuals who, as of the date hereof, constitute the Board of Atwood (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by Atwood’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

1.6           "Employment Year" shall mean a period which commences on the first date of employment or any anniversary of such date and ends one year from such date.

1.7           "Good Cause" shall mean a material violation of a Company policy or procedure applicable to employees in the same or similar job position, the willful disregard or failure to follow the reasonable instructions of a superior, the taking of any action, or the failure to take any action, which results in a damage or detriment to the Company, or the conviction of an employee of a felony involving moral turpitude.

1.8           "Health and Life Benefits" shall mean as to any employee, the group-health and life-insurance benefits sponsored by the Company for its full-time employees and provided to or elected by such individual as of the date immediately preceding the Effective Date.

1.9           "Other Severance" shall have the meaning set forth in Section 2.2 of the Plan.

1.10           "Severance Pay" shall mean the sum payable to a Covered Employee upon Termination of Employment as set forth in Section 3.1 of the Plan.

1.11           “Term” shall mean the period commencing on the Effective Date and ending one year after that date.

1.12           "Termination of Employment" shall mean a termination of employment with the Company at the option of the Company for any reason, except a termination of employment for Good Cause shall not mean a Termination of Employment.

1.13           "Years of Continuous Service" shall mean, as to any employee, all full or partial years during which he was employed on a full-time basis by the Company.

 

 

ARTICLE II.

COVERED EMPLOYEES

2.1           Who is a Covered Employee.  Any employee of the Company who upon the occurrence of an Effective Date, shall be listed in Schedule 3.1 hereto, which Schedule 3.1 shall be amended from time to time by the Company, and who has a Termination of Employment during the Term shall be a Covered Employee and eligible to receive the benefits described in this Plan.

2.2           Exclusions.  Any employee who otherwise is a Covered Employee but who, pursuant to a separate agreement signed on behalf of the Company, receives severance or other salary continuation benefits upon a Termination of Employment (other than payments or benefits under the Company’s Executive Life Insurance Plan) shall not be a Covered Employee under this Plan.  This Plan shall be in lieu of any plan, program, policy or practice of or contract or agreement with the Company relating to severance of employment ("Other Severance") and any and all benefits of payments arising out of or relating to Other Severance shall be fully offset against any benefits or payments due and owing hereunder.

  

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ARTICLE III

SEVERANCE PAY AND OTHER BENEFITS

3.1           Amount of Severance Pay.  The Company shall pay Severance Pay to a Covered Employee upon a Termination of Employment in an amount equal to the greater of (a) or (b):

	
  

	
(a)

	
such individual’s weekly Base Salary multiplied by such individual’s Years of Continuous Service; or

	
  

	
(b)

	
a payment, depending upon the category of employee as identified in Schedule 3.1 hereto, as follows:

	
 Category of Employee

 

	  	
Payment

	
Houston Management A:

	  	
(i) Less than 4 Years of Continuous Service - 6 months' Base Salary; or

	  	  	  
	  	  	
(ii) 4 Years but less than 8 Years of Continuous Service - 12 months' Base Salary; or

	  	  	  
	  	  	
(iii) 8 or greater Years of Continuous Service - 18 months' Base Salary

	 	 	 
	  	  	  
	
Houston Management B,

	  	
(i) Less than 4 Years of Continuous Service - 1 month Base Salary; or

	
Houston Technical,

	  	  
	
Rig Management and

	  	
(ii) 4 Years but less than 8 Years of Continuous Service - 4 months' Base Salary; or

	
Other Administration:

	  	  
	  	  	
(iii) 8 Years but less than 12 Years of Continuous Service - 8 months' Base Salary; or

	  	  	  
	  	  	
(iv) 12 or greater Years of Continuous Service - 12 months' Base Salary

	 	 	 
	  	  	  
	

Houston Accounting A, Houston Accounting B and

	  	

(i) Less than 4 Years of Continuous Service - 1 month Base Salary; or

	

Houston Staff:

	  	
(ii) 4 Years but less than 8 Years of Continuous Service - 3 months' Base Salary; or

	  	  	  
	  	  	
(iii) 8 or greater Years of Continuous Service - 6 months' Base Salary

 

  

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        3.2                      Health and Life Benefits.  Upon a Termination of Employment, a Covered Individual’s Health and Life Benefits shall be treated as follows:

	
  

	
(a)

	
Upon a Termination of Employment and if applicable, the Company will notify each Covered Employee of the right to elect to continue any Company-provided health or disability benefits, all in accordance with and subject to the provisions of the Consolidated Omnibus Budget Reconciliation Act ("COBRA").  The Company shall charge the maximum allowable premium in connection with any COBRA benefits so provided.  Other than the benefits provided under COBRA, the Company shall have no further obligation to provide health or disability insurance benefits to any Covered Individual following a Termination of Employment.

	
  

	
(b)

	
Upon written request by a Covered Individual within five (5) days of a Termination of Employment, the Company shall assign any life, salary continuation or travel insurance plans or policies to such Covered Individual which by their terms are so assignable, and such Covered Individual will thenceforth become responsible for the payment of any premiums required to maintain said plans or policies from and after the date of Termination of Employment; otherwise, the Company will cease to continue such life insurance plans or policies on behalf of any Covered Employee effective as of the date of Termination of Employment.

3.3               Payment for Unused Vacation.  Upon a Termination of Employment, the Company will pay a Covered Employee an amount equal to such individual’s weekly Base Salary multiplied by each full and partial week of vacation, which was accrued but unused during the Employment Year in which occurred such individual’s Termination of Employment.  For purposes of determining payment under this Section 3.3, a full week of vacation consists of five (5) vacation days.

ARTICLE IV

DISTRIBUTION OF CASH PAYMENTS

The Company shall pay a Covered Employee the amount to which he or she is entitled under (as applicable) Plan Section 3.1 (relating to Severance Pay) and Plan Section 3.3 (relating to Payment for Unused Vacation) in one lump sum within a reasonable time, but in no event greater than ten (10) business days, after such Covered Employee’s Termination of Employment.

 

ARTICLE V

ADMINISTRATION OF PLAN

5.1               In General.  The Plan shall be administered by Atwood, which shall be the named fiduciary under the Plan.  Atwood may delegate any of its administrative duties, including without limitation duties with respect to the processing, review, investigation, approval, and payment of benefits under the Plan, to a named administrator or administrators.

5.2               Regulations.  Atwood shall promulgate any rules and regulations that it deems necessary to carry out the purposes of the Plan, or to interpret the terms and conditions of the Plan; provided that no rule, regulation, or interpretation shall be contrary to the provisions of the Plan.  The rules, regulations, and interpretations made by the Atwood shall, subject only to the claims procedure outlined in Section 5.3 hereof, be final and binding on any employee or former employee of the Company, or any successor in interest of either.

5.3               Claims Procedure.  The Company shall determine the rights of any employee or former employee of the Company to any benefits hereunder.  Any employee or former employee of the Company who believes that he is entitled to receive any benefits other than as initially determined by the Company, may file a claim in writing with Atwood’s President.  Atwood shall no later than ninety (90) days after the receipt of a claim either allow or deny the claim in writing.

A denial of a claim, wholly or partially, shall be written in a manner calculated to be understood by the claimant and shall include:

 

 

  

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(a)

	
the specific reason or reasons for the denial;

	
  

	
(b)

	
specific reference to pertinent Plan provisions on which the denial is based;

	
  

	
(c)

	
a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

	
  

	
(d)

	
an explanation of the claim-review procedure.

A claimant whose claim is denied (or his duly authorized representative), may within 30 days after receipt of denial of his claim:

	
  

	
(a)

	
request a review upon written application to the Company’s personnel administrator;

	
  

	
(b)

	
review pertinent documents; and

	
  

	
(c)

	
submit issues and comments in writing.

Atwood shall notify the claimant of its decision on review within sixty (60) days after receipt of a request for review.  Notice of the decision on review shall be in writing.

5.4               Revocability of Company Action.  Any action taken by Atwood with respect to the rights under the Plan of any employee or former employee shall be revocable by Atwood as to payments or distributions not yet made to such person, and acceptance of any benefits under the Plan constitutes acceptance of and agreement to any appropriate adjustments made by the Company in future payments or distributions to such person to offset any excess or underpayment previously made to him with respect to any benefits.

ARTICLE VI

AMENDMENT OR TERMINATION OF PLAN

6.1               Right to Amend or Terminate.  Atwood reserves the right at any time prior to the Effective Date, and without prior or other approval of any employee or former employee, to change, modify, amend, or terminate the Plan.  All such changes, modifications, or amendments may be retroactive to any date up to and including the original effective date of the Plan, and shall be retroactive to that date unless other provision is specifically made; provided that no such change, modification, or amendment shall adversely affect any benefit under the Plan previously paid or provided to a Covered Employee (or his or her successor in interest).

6.2               Automatic Termination.  This Plan shall terminate automatically as of December 31, 2011, or such other extended termination date duly adopted in accordance with the provisions of Section 6.1 above, if there is no Effective Date on or before that date.  Termination pursuant to this Plan Section 6.2 shall occur without any action on the part of the Company and shall be effective without prior notice to or approval of any employee or former employee of the Company.

ARTICLE VII

METHOD OF FUNDING

The Company shall pay benefits under the Plan from current operating funds.  No property of the Company is or shall be, by reason of this Plan, held in trust for any employee of the Company, nor shall any person have any interest in or any lien or prior claim upon any property of the Company by reason of the Plan or the Company's obligations to make payments hereunder.

  

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ARTICLE VIII

LEGAL FEES AND EXPENSES; ENFORCEMENT

It is the intent of the Company that no Covered Employee be required to incur the expenses associated with the enforcement of his rights under this Plan by litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to a Covered Employee hereunder.  Accordingly, if it should appear to a Covered Employee that the Company has failed to comply with any of its obligations under this Plan or in the event that the Company or any other person takes any action inconsistent with the terms of this Plan to declare this Plan void or unenforceable, or institutes any litigation designed to deny, or to recover from, the Covered Employee the benefits intended to be provided to such Covered Employee hereunder, the Company irrevocably authorizes such Covered Employee from time to time to retain counsel of his choice, at the expense of the Company as thereafter provided, to represent such Covered Employee in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, stockholder, or other person affiliated with the Company in any jurisdiction.  Notwithstanding any existing prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to such Covered Employee's entering into an attorney-client relationship with such counsel, and in that connection the Company and such Covered Employee agree that a confidential relationship shall exist between such Covered Employee and such counsel.  The Company shall pay and be solely responsible for any and all attorneys' and related fees and expenses incurred by such Covered Employee as a result of the Company's failure to perform under this Plan or any provision thereof; or as a result of the Company or any person contesting the validity or enforceability of this Plan or any provision thereof.

ARTICLE IX

MISCELLANEOUS

9.1               Limitation on Rights.  Participation in the Plan shall not give any employee the right to be retained in the service of the Company or any rights to any benefits whatsoever, except to the extent specifically set forth herein.  Unless otherwise agreed in writing, employment with the Company is "at will."

9.2               Headings.  Headings of Articles and Sections in this instrument are for convenience only, and do not constitute any part of the Plan.

9.3               Gender and Number.  Unless the context clearly indicates otherwise, the masculine gender when used in the Plan shall include the feminine, and the singular number shall include the plural and the plural number the singular.

EXECUTED as of the date first set forth above.

ATWOOD OCEANICS, INC.

/S/ ROBERT J. SALTIEL                                                          

Name: Robert J. Saltiel

Title: President & Chief Executive Officer

 

 

 

 

  

6Unassociated Document

EXHIBIT 10.4

LIMITED WAIVER AND SECOND AMENDMENT TO CREDIT AGREEMENT

LIMITED WAIVER AND SECOND AMENDMENT TO CREDIT AGREEMENT (this “Waiver and Second Amendment”), dated as of November 29, 2010, by and among ATWOOD OCEANICS, INC., a Texas corporation (the “Parent”), ATWOOD OCEANICS PACIFIC LIMITED, a company organized under the laws of the Cayman Islands and a Wholly-Owned Subsidiary of the Parent (the “Borrower”), the lenders party hereto (each, a “Lender” and, collectively, the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.

 

W I T N E S S E T H :

 

WHEREAS, the Parent, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to a Credit Agreement, dated as of October 26, 2007 (and amended on August 19, 2008 (which amendment was amended and restated on November 24, 2008) the “Credit Agreement”);

 

WHEREAS, the Parent, the Borrower and its Subsidiaries have requested that the Lenders permit, notwithstanding the requirements of the Credit Agreement and any other applicable requirements set forth in the Credit Documents, the Parent, the Borrower and their respective Subsidiaries to enter into the Restructuring Transactions (as defined below); and

 

WHEREAS, the Lenders have consented to waive certain provisions of the Credit Agreement and any other Credit Documents on the terms and conditions contained herein in order to permit the Restructuring Transactions.

 

NOW, THEREFORE, it is agreed:

 

I. Waivers to the Credit Agreement.

 

1.    Notwithstanding the requirements of the Credit Agreement and any other applicable requirements set forth in the Credit Documents (collectively, the “Applicable Requirements”) other than the requirements set forth in Section 8.11 of the Credit Agreement, the Lenders hereby waive the Applicable Requirements solely to the extent necessary to permit the Parent, the Borrower and their respective Subsidiaries to enter into the specific restructuring transactions detailed in the report titled “Atwood Oceanics, Inc. International Restructuring Steps” attached as Annex A hereto (each a “Restructuring Transaction”, together the “Restructuring Transactions”), provided that, in each case, the Borrower (x) shall provide at least 30 days’ (or less with the consent of the Administrative Agent) prior written notice to the Administrative Agent of the occurrence of each such Restructuring Transaction that (i) is to be completed on or after the date hereof and (ii) affects, impairs, interrupts or discharges (or could affect, impair, interrupt or discharge) the perfected status and priority of each Lien and security interest created under any Credit Document in any way (each such occurrence, a “Collateral Implication”), shall comply with all requirements set forth in Section 8.11 of the Credit Agreement and to the extent any Restructuring Step has Collateral Implications, the Administrative Agent acting on its own or at the direction of one or more Lenders may request legal opinions covering such matters as the Administrative Agent shall reasonably request acting in its sole discretion and (y) shall provide written notice to the Administrative Agent, within three days of completion, of the occurrence of each such Restructuring Transaction that is to be completed on or after the date hereof and does not involve a Collateral Implication.

 

 

  

  

  

 

II. Miscellaneous Provisions.

 

1.   In order to induce the Administrative Agent and the Lenders to enter into this Waiver and Second Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Waiver and Second Amendment Effective Date (as defined below), both immediately before and after giving effect to this Waiver and Second Amendment on such date, (ii) all of the representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects on the Waiver and Second Amendment Effective Date, both immediately before and after giving effect to this Waiver and Second Amendment on such date, with the same effect as though such representations and warranties had been made on and as of the Waiver and Second Amendment Effective Date or, to the extent such representations and warranties expressly relate to an earlier date, on and as of such earlier date, (iii) this Waiver and Second Amendment has been duly authorized by all necessary action on the part of each Credit Party, has been duly executed and delivered by each Credit Party and constitutes a legal, valid and binding obligation of each Credit Party, enforceable against each of them in accordance with its terms, except to the extent that the enforceability hereof may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar 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 (iv) the execution and delivery hereof by each Credit Party and the performance and observance by each Credit Party of the provisions hereof do not violate or conflict with (A) any organizational document of any Credit Party or (B) any requirement of law applicable to such Credit Party or result in a breach of any provision of or constitute a default under any Obligations of any Credit Party.

 

2.   The Credit Parties acknowledge and agree and hereby represent and warrant that (x) the Credit Agreement (as modified hereby) and each other Credit Document, and all Obligations and Liens thereunder, are valid and enforceable against the Credit Parties in every respect and all of the terms and conditions thereof are legally binding upon the Credit Parties, in each case all without offset, counterclaims or defenses of any kind and (y) the perfected status and priority of each Lien and security interest created under any Credit Document remains in full force and effect in accordance with the requirements of the Credit Agreement and the other Credit Documents on a continuous basis, unimpaired, uninterrupted and undischarged, in each case as of the Waiver and Second Amendment Effective Date, both immediately before and immediately after giving effect to this Waiver and Second Amendment on such date.

 

 

  

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3.   In further consideration of the Lenders’ execution of this Waiver and Second Amendment, each Credit Party unconditionally and irrevocably acquits, releases and discharges each Lender, the Administrative Agent, the Collateral Agent and all affiliates, partners, subsidiaries, officers, employees, agents, attorneys, principals, directors and shareholders of such Persons, and their respective heirs, legal representatives, successors and assigns (collectively, the “Releasees”) from any and all claims, demands, causes of action, obligations, remedies, suits, damages and liabilities of any nature whatsoever, whether now known, suspected or claimed, whether arising under common law, in equity or under statute, which such Credit Party ever had or now has against any of the Releasees and which may have arisen at any time prior to the date hereof (but excluding claims that arise from and after the date hereof) and which were in any manner related to this Waiver and Second Amendment, the Credit Agreement, any other Credit Document or related documents, instruments or agreements or the enforcement or attempted or threatened enforcement by any of the Releasees of any of their respective rights, remedies or recourse related thereto (collectively, the “Released Claims”).  Each Credit Party covenants and agrees never to commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted against any of the Releasees any action or other proceeding based upon any of the Released Claims.

 

4.   This Waiver and Second Amendment and the waivers set forth herein are limited precisely as written and shall not constitute or be deemed to constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document and shall not prejudice any right or rights that the Administrative Agent or the Lenders may have now or in the future under or in connection with the Credit Agreement or any other Credit Document.

 

5.   This Waiver and Second Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent.

 

6.   THIS WAIVER AND SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES TO THIS WAIVER AND SECOND AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS WAIVER AND SECOND AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

7.   This Waiver and Second Amendment shall become effective on the date (the “Waiver and Second Amendment Effective Date”) when each of the following conditions shall have been satisfied:

 

(i) the Borrower, the Lenders constituting the Required Lenders and the Administrative Agent shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention:  May Yip (facsimile number: 212-354-8113 / e-mail address:myip@whitecase.com);

 

 

  

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(ii) notwithstanding anything to the contrary contained in the Credit Agreement or otherwise, within one Business Day of the date hereof, the Borrower shall have paid (x) all fees, costs and expenses (including, without limitation, legal fees and expenses of White and Case LLP) due and payable to the Administrative Agent on such date and (y) all reasonable out-of-pocket costs, fees and expenses (including, without limitation, reasonable attorney’s costs, fees and expenses) incurred by the Administrative Agent in connection with the negotiation, preparation and execution of this Waiver and Second Amendment and the transactions contemplated hereby; and

 

(iii) the Borrower shall have entered into an amendment to the Credit Agreement, dated November 25, 2008 (as amended on April 28, 2010, the “2008 Credit Agreement”), by and among the Parent, the Borrower, the lenders from time to time party thereto and the Administrative Agent (the “Waiver and Second Amendment to the Credit Agreement”), which shall be in form and substance satisfactory to the Administrative Agent and shall be in full force and effect substantially concurrently with the effectiveness of this Waiver and Second Amendment.

 

8.   This Waiver and Second Amendment constitutes a “Credit Document” for purposes of the Credit Agreement and the other Credit Documents.  No provision of this Waiver and Second Amendment may be amended, modified, waiver or supplemented, except as provided in Section 14.12 of the Credit Agreement.

 

9.   By executing and delivering a copy hereof (or the Subsidiary Guarantor Consent attached hereto), each Credit Party hereby agrees that all Obligations of the Credit Parties shall be fully guaranteed pursuant to the Subsidiary Guaranty and shall be fully secured pursuant to the Credit Documents, in each case in accordance with the respective terms and provisions thereof and that this Waiver and Second Amendment does not in any manner constitute a novation of any Obligations under any of the Credit Documents.

 

                              10.   By executing and delivering a copy of the Subsidiary Guarantor Consent attached hereto, each Subsidiary Guarantor acknowledges that its consent to this Waiver and Second Amendment is not required, but each Subsidiary Guarantor nevertheless hereby agrees and consents to this Waiver and Second Amendment and to the documents and agreements referred to herein.  Each Subsidiary Guarantor agrees and acknowledges that (i) notwithstanding the effectiveness of this Waiver and Second Amendment, the Guaranteed Obligations and liens under the Security Documents shall remain in full force and effect without modification thereto and (ii) nothing herein shall in any way limit any of the terms or provisions of any Guaranteed Obligations, the Security Documents, or any other Credit Document executed by any Subsidiary Guarantor (as the same may be amended from time to time), all of which are hereby ratified, confirmed and affirmed in all respects.  Each Subsidiary Guarantor hereby agrees and acknowledges that no other agreement, instrument, consent or document shall be required to give effect to Section II.9 and this Section II.10.  Each Subsidiary Guarantor hereby further acknowledges that the Parent, the Borrower, the Administrative Agent and the Lenders may from time to time enter into any further amendments, modifications, terminations and/or waivers of any provisions of the Guaranteed Obligations without notice to or consent from any Subsidiary Guarantor and without affecting the validity or enforceability of any Guaranteed Obligations or liens under the Security Documents or giving rise to any reduction, limitation, impairment, discharge or termination of any Guaranteed Obligations.

 

 

  

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11.   From and after the Waiver and Second Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

 

[SIGNATURE PAGES TO FOLLOW]

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Waiver and Second Amendment as of the date first written above.

 

	
  

	
ATWOOD OCEANICS PACIFIC LIMITED,

AS BORROWER

 

BY: /s/NOEL BALDWIN

Name: Noel Baldwin

Title: Director

 

	
  

	
ATWOOD OCEANICS, INC.,

AS PARENT

 

By: /s/MARK L. MEY

Name: Mark L. Mey

Title: Senior Vice-President

 

 

 

 

 

 

 

Signature page to Limited Waiver and Second Amendment

  

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NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

Individually as a Lender and as Administrative Agent

 

By: /s/ MARTIN LUNDER

Name: Martin Lunder

Title: Senior Vice President

 

 

 

 

 

Signature page to Limited Waiver and Second Amendment

  

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SIGNATURE PAGE TO THE LIMITED WAIVER AND

SECOND AMENDMENT TO CREDIT AGREEMENT,

DATED AS OF THE DATE FIRST WRITTEN ABOVE,

AMONG ATWOOD OCEANICS, INC., AS PARENT, 

TWOOD OCEANICS PACIFIC LIMITED, AS 

BORROWER, VARIOUS LENDERS PARTY THERETO

AND NORDEA BANK FINLAND PLC, NEW YORK 

BRANCH, AS ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

BNP Paribas

By: /s/ GUILLAUME DEVE

       Name: Guillaume Deve

       Title: Managing Director

NAME OF INSTITUTION:

CREDIT AGRICOLE CORPORATE AND

INVESTMENT BANK (renamed from CALYON S.A.)

By: /s/ ROGER AMILLOM

       Name: Roger Amillom

       Title: Attorney-in-fact

NAME OF INSTITUTION:

ITF International Transport Finance Suisse AG

By: /s/ CARSTEN GUTKNECHT-STOHR

       Name: Carsten Gutknecht-Stohr

       Title: Managing Director

NAME OF INSTITUTION:

UniCredit Bank AG

By: /s/ STEPHAN SOMITSCH

       Name: Stephan Somitsch

       Title: Vice President

 

 

  

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SIGNATURE PAGE TO THE LIMITED WAIVER AND

SECOND AMENDMENT TO CREDIT AGREEMENT,

DATED AS OF THE DATE FIRST WRITTEN ABOVE,

AMONG ATWOOD OCEANICS, INC., AS PARENT, 

ATWOOD OCEANICS PACIFIC LIMITED, AS

BORROWER, VARIOUS LENDERS PARTY THERETO

AND NORDEA BANK FINLAND PLC, NEW YORK 

BRANCH, AS ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Whitney National Bank

By: /s/ HARRY C. STAHEL

       Name: Harry C. Stahel

       Title: Senior Vice President

Signature page to Limited Waiver and Second Amendment

  

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Subsidiary Guarantor Consent

 

Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the Subsidiary Guaranty referenced in the foregoing Waiver and Second Amendment, hereby consents to the entering into of the foregoing Waiver and Second Amendment and agrees to, and to be bound by, the provisions thereof.

 

 

	
  

	
ATWOOD HUNTER CO.,

as a Subsidiary Guarantor

 

By: /s/ GLEN P. KELLEY

Name: Glen P. Kelley

Title: Director

 

 

	
  

	
ATWOOD DEEP SEAS, LTD.,

as a Subsidiary Guarantor

 

By: ATWOOD HUNTER CO., General Partner

 

By:  /s/ RODNEY L. MALLAMS

Name: Rodney L. Mallams

Title: Director

 

 

	
  

	
ALPHA BEACON COMPANY,

as a Subsidiary Guarantor

 

By:/s/ NOEL BALDWIN

Name: Noel Baldwin

Title: Director

 

 

	
  

	
ALPHA HUNTER COMPANY,

as a Subsidiary Guarantor

 

By:/s/ NOEL BALDWIN

Name: Noel Baldwin

Title: Director

 

 

Signature page to Limited Waiver and Second Amendment

  

10

  

 

 

 

ANNEX A

TO

 WAIVER AND SECOND AMENDMENT

Report Titled Atwood Oceanics Inc. International Restructuring Steps

 

 

  

11

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