Document:

Fourth Amendment to Ninth Amended and Restated Credit Agreement

 Exhibit 10.1 
  
 FOURTH AMENDMENT TO 
 NINTH AMENDED AND RESTATED 
 CREDIT AGREEMENT 
  
 This FOURTH AMENDMENT dated as of January 30, 2006 (this “Fourth
Amendment”) to that certain NINTH AMENDED AND RESTATED CREDIT AGREEMENT, as amended (as so amended, the “Credit Agreement”), dated as of December 31, 2003, is among GULF ISLAND FABRICATION, INC., a
Louisiana corporation (“Borrower”), GULF ISLAND, L.L.C., a Louisiana limited liability company (“Gulf Island Subsidiary”), DOLPHIN SERVICES, L.L.C., a Louisiana limited liability company and successor
by merger to Dolphin Services, Inc. (“Dolphin”), SOUTHPORT, L.L.C., a Louisiana limited liability company and successor by merger to Southport, Inc. (“Southport”), GULF ISLAND MINDOC COMPANY, L.L.C.
(formerly Vanguard Ocean Services, L.L.C.), a Louisiana limited liability company (“MinDOC”), and NEW VISION L.P., a Texas limited Partnership (“New Vision”), NEW VISION GENERAL PARTNER, L.L.C., a
Louisiana limited liability company (“New Vision GP”), NEW VISION LIMITED PARTNER, L.L.C., a Louisiana limited liability company (“New Vision LP”), as Guarantors, WHITNEY NATIONAL BANK, a national
banking association (“Whitney”) and JPMORGAN CHASE BANK, N.A. (successor by merger to BANK ONE, N.A., Chicago) in its individual capacity (“JPMorgan”) (Whitney and JPMorgan, each a “Lender” and
collectively the “Lenders”) and JPMorgan, as Agent and LC Issuer. 
  
 WHEREAS, the Borrower intends to cause New Vision to acquire certain assets of Gulf Marine Fabricators, an indirect subsidiary of Technip-Coflexip USA Holdings, Inc., near Corpus Christi, Texas (the
“Acquisition”); and 
  
 WHEREAS, the Acquisition
shall be for a cash price of approximately $40,000,000.00 together with issuance of stock of Borrower; and 
  
 WHEREAS, the Borrower has requested that the Lenders extend the Facility Termination Date under the Credit Agreement and increase the maximum principal
amount of the aggregate Commitments from $20,000,000.00 to $50,000,000.00, and make other modifications in order to accommodate such acquisition; and 
  
 WHEREAS, the Borrower has sold its interest in MinDOC, LLC, an Excluded Subsidiary, and wishes to delete all references to MinDOC, LLC from the Credit
Agreement; and 
  
 WHEREAS, the Lenders are agreeable thereto, on
the terms and conditions set forth herein; 
  
 NOW, THEREFORE,
the parties hereto do hereby amend the Credit Agreement, all on the terms and conditions hereof and do hereby agree as follows: 
  
 1. Unless otherwise defined herein, all defined terms used in this Fourth Amendment shall have the same meaning ascribed to such terms in the Credit
Agreement. 

 2. The Credit Agreement is hereby amended by amending and restating the definition of “Applicable
Margin” to read in its entirety as follows: 
  
 “Applicable Margin” means, with respect to Eurodollar Advances, 1.25% per annum. 
  
 3. The Credit Agreement is hereby amended by amending and restating the definition of “Collateral Documents” to read in its entirety as follows:

  
 “Collateral Documents” means the documents set
forth on Exhibit A hereto, together with all amendments, modifications, and restatements thereof, including any requested by the Agent in connection with assets acquired in the Acquisition or pursuant to Section 4.1(vii) or otherwise.

  
 4. The Credit Agreement is hereby amended by amending and
restating the definition of “Excluded Subsidiaries” to read in its entirety as follows: 
  
 “Excluded Subsidiaries” means Southport of Houma, L.L.C., GIFI Properties, L.L.C., and Deep Ocean Services, L.L.C. 
  
 5. The Credit Agreement is hereby amended by amending and restating the
definition of “Facility Termination Date” to read in its entirety as follows: 
  
 “Facility Termination Date” means July 31, 2008 or any later date as may be specified as the Facility Termination Date in any amendment to this Agreement or any earlier date on which the Aggregate
Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 
  
 6. The Credit Agreement is hereby amended by amending and restating the definition of “Guarantor” to read in its entirety as follows: 
  
 “Guarantor” means each of the Existing Subsidiaries and their respective successors and assigns, together with any
Subsidiaries (other than Excluded Subsidiaries) formed from time to time, including New Vision, New Vision GP, and New Vision LP. 
  
 7. The Credit Agreement is hereby amended by amending and restating the definition of “Guaranty” to read in its entirety as follows: 

 
 “Guaranty” means that certain Amended and Restated Subsidiary
Continuing Guaranty dated as of January 30, 2006, executed by the Existing Subsidiaries and New Vision, New Vision GP, and New Vision LP in favor of the Agent, for the ratable benefit of the 

  

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Lenders, as they may be amended or modified and in effect from time to time. 
  
 8. Section 2.19.4 of the Credit Agreement is hereby amended by deleting the number “$300.00” appearing in
subpart (x) and replacing it with the number “$500.00”. 
  
 9. The Credit Agreement is hereby amended by amending and restating the Commitment of each Lender as appearing on its signature page to read as follow: 
  

			
	 JPMorgan Chase Bank, N.A.
	  	$25,000,000.00
	 Whitney National Bank
	  	$25,000,000.00

  
 The parties hereto
acknowledge that the Credit Agreement does not impose a sub-limit or restriction on the percentage or amount of the Aggregate Commitments that may be utilized for Facility LCs rather than for Loans. 
  
 10. Within ten (10) days after completion of the Acquisition, New
Vision agrees to execute a first priority mortgage and deed of trust and security agreement affecting such of the properties and assets acquired in the Acquisition as may be directed by Agent. New Vision shall also furnish to Agent a mortgagee title
insurance policy with respect to, and a survey of, the real property acquired by New Sub in the Acquisition, other than the real property in Refugio, Texas, not later than thirty (30) days after the Acquisition. 
  
 11. The Borrower has executed and delivered to Lenders new Notes in
amendment and Restatement of the Notes delivered pursuant to the Credit Agreement as evidence of the increased Commitment of the Lenders. 
  
 12. The Existing Subsidiaries and New Vision, New Vision GP, and New Vision LP have executed a Guaranty contemporaneously with this Fourth Amendment. In
the case of the Existing Subsidiaries, such Guaranty constitutes, in part, an amendment and restatement of the Guaranty dated as of December 31, 2003 and reflects the consent by the Existing Subsidiaries to the increase in the obligations owed
by the Existing Subsidiaries as the result of this Fourth Amendment, the increase in the maximum amount of the Commitment of each Lender, and the other terms and conditions hereof. 
  
 13. Except to the extent its provisions are specifically amended, modified or superseded by this Fourth Amendment, the
representations, warranties and affirmative and negative covenants of the Borrower contained in the Credit Agreement are incorporated herein by reference for all purposes as if copied herein in full. The Borrower hereby restates and reaffirms each
and every term and provision of the Credit Agreement, as amended, including, without limitation, all representations, warranties and affirmative and negative covenants. Except to the extent its provisions are specifically amended, modified or
superseded by this Fourth Amendment, the Credit Agreement, as amended, and all terms and provisions thereof shall remain in full force and effect, and the same in all respects are confirmed and approved by the parties hereto. 
  

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 14. Borrower and each Guarantor acknowledge and agree that this Fourth Amendment shall not be considered
a novation or a new contract. Borrower and each Guarantor acknowledge that all existing rights, titles, powers, Liens, security interests and estates in favor of the Lenders constitute valid and existing obligations and Liens and security interests
as against the Collateral in favor of the Agent for the benefit of the Lenders. Borrower and each Guarantor confirm and agree that (a) neither the execution of this Fourth Amendment nor the consummation of the transactions described herein
shall in any way effect, impair or limit the covenants, liabilities, obligations and duties of the Borrower and each Guarantor under the Loan Documents and (b) the obligations evidenced and secured by the Loan Documents continue in full force
and effect. Each Guarantor hereby further confirms that it unconditionally guarantees to the extent set forth in the Guaranty the due and punctual payment and performance of any and all amounts and obligations owed the Borrower under the Credit
Agreement or the other Loan Documents. 
  
 15. Borrower and each
Guarantor that has executed any mortgage, security agreement, pledge, or other security device as security for the obligations under the Credit Agreement hereby acknowledges and affirms that such security remains in effect for the obligations
evidenced by the Credit Agreement, as amended by this Fourth Amendment. Further, Borrower and each Guarantor agree to execute such amendments, modifications, and additions as may be requested by Agent from time to time. 
  
 15. This Fourth Amendment may be executed in any number of counterparts and
all of such counterparts taken together shaft be deemed to constitute one and the same instrument. 
  
 16. THIS FOURTH AMENDMENT AND THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF LOUISIANA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
  
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

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 IN WITNESS WHEREOF, the Borrower, the Guarantors, the Lenders, the LC Issuer and the Agent have executed
this Fourth Amendment as of the date first above written. 
  

			
	 BORROWER:
  
 GULF ISLAND FABRICATION, INC.

		
	By:	 	 /s/ Kerry J. Chauvin

	 	 	 Kerry J. Chauvin,
 President & CEO

  

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	 GUARANTORS:
  
 GULF ISLAND, L.L.C.

		
	By:	 	 /s/ Kirk J. Meche

	 	 	 Kirk J. Meche, President & CEO

  

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	 DOLPHIN SERVICES, L.L.C.,
 successor by merger to
 Dolphin Services, Inc.

		
	By:	 	 /s/ William J. Fromenthal

	 	 	 William J. Fromenthal, President
 & CEO

  

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	SOUTHPORT, L.L.C.
		
	By:	 	 /s/ Jacques C. Olivier

	 	 	 Jacques C. Olivier, President
 & CEO

  

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	 GULF ISLAND MINDOC
 COMPANY,
L.L.C.

		
	By:	 	 /s/ Kerry J. Chauvin

	 	 	 Kerry J. Chauvin, Manager

  

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	 NEW VISION, L.P.
  
 By: New Vision General Partner, L.L.C.

		
	By:	 	 /s/ Kerry J. Chauvin

	 	 	 Kerry J. Chauvin, Manager

  

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	NEW VISION GENERAL PARTNER, L.L.C.
		
	By:	 	 /s/ Kerry J. Chauvin

	 	 	 Kerry J. Chauvin, Manager

  

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	NEW VISION LIMITED PARTNER, L.L.C.
		
	By:	 	 /s/ Kerry J. Chauvin

	 	 	 Kerry J. Chauvin, Manager

  

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	 LENDERS:
  
 JPMorgan Chase Bank, N.A.,
 Successor by merger
 to Bank One, NA, Chicago
 Individually, as LC Issuer, and as Agent

		
	By:	 	 /s/ Tara T. Narasiman

	 	 	 Tara T. Narasiman, Associate

  

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	WHITNEY NATIONAL BANK
		
	By:	 	 /s/ Josh J. Jones

	 	 	 Josh J. Jones, Assistant Vice President

  

 14Lock-Up Agreement

 EXHIBIT 10.2 
  
 LOCK-UP AGREEMENT 
  
 January 31, 2006 
  
 Gulf Island Fabrication, Inc. 
 583 Thompson Road 
 Houma, Louisiana 70363 
  

	 	Re:	Lock-Up Agreement Delivered Pursuant to Section 2.9(a) of 

 Asset Purchase Agreement, dated December 20, 2005 
  
 Dear Sirs: 
  
 Reference is made to that certain Asset Purchase and Sale Agreement, dated December 20, 2005 (the “Purchase Agreement”), by and
among Gulf Island Fabrication, Inc. a Louisiana corporation (“Gulf Island”), New Vision, L.P., a Texas limited partnership (“Buyer”), on the one hand, and Gulf Marine Fabricators, a Texas general partnership
(“Seller”), and Technip-Coflexip USA Holdings, Inc., a Delaware corporation (“Parent”), on the other hand. Capitalized terms used but not defined herein shall have the meanings given to them in the Purchase
Agreement. 
  
 For an in consideration of the Purchase Price, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Seller and Parent hereby agrees with Gulf Island and Buyer that, during the Lock-Up Period (as hereinafter defined), Seller will not,
and Parent shall cause Seller not to, without the prior written consent of Gulf Island, directly or indirectly, (i) offer, sell, contract to sell, lend or otherwise dispose of or transfer any shares of Gulf Island Common Stock issued pursuant
to Section 2.3 of the Purchase Agreement or any securities received as a distribution thereon or otherwise with respect thereto, whether now owned or hereafter acquired by Seller or with respect to which Seller has or hereafter acquires the
power of disposition, or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of such shares of Gulf Island Common Stock, whether
any such swap or transaction described in (i) or (ii) above is to be settled by the delivery of shares of Gulf Island Common Stock or other securities, in cash or otherwise. 
  
 The foregoing paragraph shall not, however, prohibit Seller from conveying its Gulf Island Common Stock to Parent or another
subsidiary of Parent provided that (i) such conveyance complies with applicable securities laws and (ii) prior to such conveyance, the new 

 January 31, 2006 
 Page 2 of
3 
  
 holder of the Gulf Island Common Stock enters into a replacement lock-up
agreement with Gulf Island on the same terms as set forth herein. 
  
 For purposes hereof, the “Lock-Up Period” means the period commencing on the Closing Date and ending on the second anniversary of the Closing Date; provided, however, that, if, prior to the second anniversary of the
Closing Date, Gulf Island notifies Seller in writing under Section 5.18 of the Purchase Agreement that Gulf Island has determined that, under applicable antitrust laws, Gulf Island cannot nominate the Seller Director to Gulf Island’s Board
of Directors or, if the Seller Director is already serving on Gulf Island’s Board of Directors, that the Seller Director must resign in order to comply with applicable antitrust laws, the Lock-Up Period shall expire on the later to occur of
Seller’s receipt of such notice or the first anniversary of the Closing Date. 
  

			
	 Very truly yours,

	
	 GULF MARINE FABRICATORS

	
	 By: Gulf Deepwater Fabricators, Inc., its partner

		
	 By:
	 	 /s/ Luc Messier

	 	 	 Name: Luc Messier
 Its: President

	
	 By: Gulf Deepwater Yards, Inc., its partner

		
	 By:
	 	 /s/ Luc Messier

	 	 	 Name: Luc Messier
 Its: President

	
	TECHNIP-COFLEXIP USA HOLDINGS, INC.
		
	 By:
	 	 /s/ Stuart Bannerman

	 Name: Stuart Bannerman
 Title: Treasurer and
Chief Financial Officer

 January 31, 2006 
 Page 3 of 3 
  

			
	 Agreed and Accepted this 31st day of
 January, 2006

	
	GULF ISLAND FABRICATION, INC.
		
	By:	 	 /s/ Kerry J. Chauvin

	 Name: Kerry J. Chauvin
 Title:
President

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