Document:

gifi-ex42_17.htm

Exhibit 4.2

DESCRIPTION OF SECURITIES REGISTERED

UNDER SECTION 12 OF THE EXCHANGE ACT OF 1934

Gulf Island Fabrication, Inc. (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: common stock, no par value per share, which we refer to as our common stock.

The following summary of the material terms of our capital stock is not meant to be complete and is qualified by reference to the relevant provisions of our Amended and Restated Articles of Incorporation (“Articles”) and our Amended and Restated By-laws (“By-laws”). Copies of our Articles and our By-laws are incorporated herein by reference as Exhibits 3.1 and 3.2, respectively, to this Annual Report on Form 10-K.

Authorized Capital Stock

Our authorized capital stock consists of 35,000,000 shares of common stock and 5,000,000 shares of preferred stock, no par value per share, the rights and preferences of which may be established from time to time by our Board of Directors.

Description of Common Stock

The rights of all holders of the common stock are identical in all respects. Each shareholder is entitled to one vote for each share of common stock held on all matters submitted to a vote of the shareholders.

Dividends. Subject to the preferences of any outstanding preferred stock and any other stock ranking prior to the common stock as to the payment of dividends, the holders of the common stock are entitled to receive ratably such dividends, if any, as may be declared by our Board of Directors out of legally available funds.

Voting Rights. Each holder of record of common stock is entitled to one vote for each share on all matters duly submitted to shareholders for their vote or consent. Holders of our common stock do not have cumulative voting rights. As a result, the holders of more than 50% of the voting power are able to elect all of the directors, subject to any voting rights of holders of any shares of outstanding preferred stock. Unless otherwise required by law or, our Articles or By-laws, any matter brought before any meeting of shareholders, other than a contested election of directors, is decided by the affirmative vote of the holders of a majority of the votes cast, assuming a quorum is present. Except as otherwise provided by our By-laws, each of our directors is elected by the vote of a majority of the votes cast with respect to such director at any meeting of shareholders held for the election of directors at which a quorum is present; provided, however, that if the number of nominees exceeds the number of directors to be elected, the directors shall be elected by the vote of a plurality of the votes cast at any such meeting.

Liquidation Rights. Upon the dissolution, liquidation or winding up of the Company, after payments of debts and expenses and payment of the liquidation preference plus any accrued dividends on any shares of our outstanding preferred stock, the holders of our common stock will be entitled to receive all remaining assets of the Company ratably in proportion to the number of shares held by them, unless and to the extent that holders of any outstanding shares of preferred stock or other securities are entitled to participate with the holders of our common stock in receiving distributions of such remaining assets.

Preemptive and Other Rights. Holders of our common stock have no preemptive, subscription, sinking fund, or conversion rights and are not subject to further calls or assessments, or rights of redemption by us.

Nasdaq. Our common stock is listed for trading on the NASDAQ Global Select Market under the trading symbol “GIFI.”

Transfer Agent. As of the date of this prospectus, the transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.

Certain Anti-Takeover Provisions of our Articles and By-laws

General. Provisions of our Articles and By-laws may delay or discourage transactions involving an actual or potential change in control of the Company or change in its management.

Amendment of our Articles or By-laws. Our By-laws may be adopted only by a majority vote of our Board of Directors. Our By-laws may be amended or repealed by (i) a two-thirds vote of our Board of Directors, or (ii) the affirmative vote of the holders of at least a majority of the total number of votes that are entitled to be cast on the 

 

Exhibit 4.2

amendment, voting together as a single class, present or represented at any regular or special meeting of shareholders, the notice of which meeting of shareholders expressly states that the proposed amendment or repeal is to be considered at the meeting. Our Articles may be amended by the affirmative vote of at least a majority of the total number of votes that are entitled to be cast on the amendment.

Effects of Authorized but Unissued Common Stock and Blank Check Preferred Stock. One of the effects of the existence of authorized but unissued common stock and undesignated preferred stock may be to enable our Board of Directors to make more difficult or to discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity of management. If, in the due exercise of its fiduciary obligations, our Board of Directors were to determine that a takeover proposal was not in our best interest, such shares could be issued by our Board of Directors without shareholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover transaction by diluting the voting or other rights of the proposed acquirer or insurgent shareholder group, by putting a substantial voting block in institutional or other hands that might undertake to support the position of the incumbent Board of Directors, by effecting an acquisition that might complicate or preclude the takeover, or otherwise. 

In addition, our Articles grant our Board of Directors broad power to establish the rights and preferences of authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance also may adversely affect the rights and powers, including voting rights, of those holders and may have the effect of delaying, deterring or preventing a change in control of the Company. 

Classified Board of Directors Subject to Three Year Phase-out. At our 2020 annual meeting, our shareholders approved an amendment to our Articles to declassify our Board of Directors. The Articles previously provided that our Board of Directors was divided into three classes, each of which serves for staggered three-year terms. In connection with the approval of the amendment to the Articles to declassify our Board of Directors, beginning with the 2022 annual meeting of shareholders, our Board of Directors will be completely declassified and all directors will be elected on an annual basis to serve one-year terms expiring at the next annual meeting. In addition, if there is a vacancy on the Board of Directors because the number of directors is increased or otherwise at or following the 2020 annual meeting, any director elected or appointed to fill such vacancy will hold office for a term expiring at the next annual meeting. In all cases, each director will hold office until his or her successor is elected and qualified, or until his or her earlier resignation or removal.

In connection with the amendment to the Articles to declassify our Board of Directors, our Board of Directors approved conforming amendments to the By-laws to reflect the phase-in of the declassification of our Board of Directors.

Until the Board of Directors is fully declassified in 2022, this classification of our Board of Directors may prevent our shareholders from changing the membership of the entire Board of Directors in a relatively short period of time. At least two annual meetings, instead of one, generally will be required to change the majority of directors. The classified board provisions could have the effect of prolonging the time required for one of our shareholders with significant voting power to gain majority representation on our Board of Directors. 

Board Membership — Size, Removal, Vacancies. Our By-laws provide that our Board of Directors may be comprised of not less than three nor more than 12 persons as set from time to time by our Board of Directors. Our shareholders may remove one or more directors for cause only by a vote of not less than two-thirds of the outstanding shares. Our By-laws provide that any vacancy on our Board of Directors may be filled by our Board of Directors. In addition, despite the expiration of a director’s term, the director shall continue to serve until his or her successor is elected and qualifies, or until his or her resignation or removal.

Advance Notice of Intention to Nominate a Director. Our By-laws permit a shareholder to nominate a person for election as a director at either an annual meeting of shareholders or at a special meeting of shareholders where the notice of meeting specifies that directors will be elected. Such a nomination is permitted only if written notice of such shareholder’s intent to make a nomination has been delivered to our Secretary not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting or prior to such special meeting, as applicable. This provision also requires that the notice set forth, among other things, a description of all arrangements or understandings between the nominee and the shareholder pursuant to which the nomination is to be made or the nominee is to be elected and such other information regarding the nominee as would be required to be included in a proxy statement filed pursuant to the proxy rules promulgated 

 

Exhibit 4.2

under the Securities Exchange Act of 1934, as amended, had the nominee been nominated by our Board of Directors. In addition, a shareholder director nominee must complete, sign and supplement, upon request, a questionnaire provided by the Company. Any nomination that fails to comply with these requirements may be disqualified.

Advance Notice of Shareholder Proposals. Our By-laws permit a shareholder proposal to be presented at a shareholders’ meeting only if prior written notice of the proposal is provided to us within the time periods and in the manner specified in our By-laws.

Power to Call Special Shareholder Meeting. Special meetings of shareholders may be called by (i) any shareholder or group of shareholders holding at least 20% of all the votes entitled to be cast on an issue proposed to be considered at a proposed special meeting, subject to such shareholder’s or group of shareholders’ compliance with the procedural and information requirements set forth in our By-laws; or (ii) our Board of Directors.

Limitation of Liability of Directors and Officers. Our Articles and By-laws provide that no director or officer will be personally liable for monetary damages for any action taken, or any failure to take any action, as a director or officer except to the extent that by law a director’s or officer’s liability for monetary damages may not be limited. This provision does not eliminate or limit the liability of our directors and officers for (i) any breach of the director’s or officer’s duty of loyalty to the Company or our shareholders, (ii) any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) any unlawful dividend, stock repurchase or other distribution, payment or return of assets to shareholders, or (iv) any transaction from which the director or officer derived an improper personal benefit. This provision may preclude shareholder derivative actions and may be construed to preclude other third-party claims against the directors and officers.

Preferred Stock

We may issue shares of preferred stock in series and may, at the time of issuance, determine the rights, preferences and limitations of each series. Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up of the Company before any payment is made to the holders of shares of common stock. In some circumstances, the issuance of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Our Board of Directors, without shareholder approval, may issue shares of preferred stock with voting and conversion rights which could adversely affect the holders of shares of common stock. The issuance of any shares of preferred stock in the future could adversely affect the rights of the holders of common stock.gifi-ex1022_483.htm

Exhibit 10.22

WAIVER AND SEVENTH AMENDMENT TO CREDIT AGREEMENT

THIS WAIVER AND SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of March 26, 2021 (the “Seventh Amendment Effective Date”), by and among GULF ISLAND FABRICATION, INC., a Louisiana corporation, as borrower (“Borrower”), HANCOCK WHITNEY BANK, a Mississippi state chartered bank, as administrative agent for the Lenders (in such capacity, “Administrative Agent”), and the Lenders.  Capitalized terms used but not defined in this Amendment have the meanings given such terms in the Credit Agreement (defined below).

RECITALS

	
A.
	
Borrower, Administrative Agent, and Lenders entered into that certain Credit Agreement dated as of June 9, 2017 (as amended, restated or supplemented, the “Credit Agreement”).

	
B.
	
A Default (the “Subject Default”) has occurred and is continuing under Section 11.1(c) of the Credit Agreement as a result of Borrower’s failure to comply with the financial covenant under Section 10.2 of the Credit Agreement (as in effect immediately prior to the date of this Amendment) for the period ended December 31, 2020.

	
C.
	
Lenders have agreed to waive the Subject Default and Borrower and Lenders have agreed to amend the Credit Agreement, in each case subject to the terms and conditions of this Amendment.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

1.Waiver of Subject Default; Release of Liens. Subject to the terms and conditions set out in this Amendment, Lenders hereby (a) waive the Subject Default, and (b) agree not to exercise any of the rights or remedies available to Administrative Agent and Lenders under the Loan Documents solely as a result of the noncompliance described in the immediately preceding clause (a).  Except as set out in the preceding sentence, the foregoing waiver and consent does not constitute a waiver of, or consent to, any present or future violation of, or noncompliance with, any provision of any Loan Document or a waiver of, or consent by Administrative Agent and Lenders’ right to insist upon strict compliance with each term, covenant, condition, and provision of the Loan Documents.  Upon the effectiveness of this Amendment and subject to the satisfaction of conditions precedent set forth in Section 3 below and the terms of this Amendment (including without limitation, the Cash Collateralization Requirement, as defined in Section 2.6(d) of the Credit Agreement as amended below), provided that no Default shall then exist, Administrative Agent and Lenders shall release their Liens on, and security interests in, the Collateral (other than as to Cash Collateral pledged to satisfy the Cash Collateralization Requirement under, and after giving effect to, this Amendment), including any negative pledge on real property, at Borrower’s sole cost and expense, and file or authorize Borrower or its counsel to file, lien releases and termination statements reflecting such release.  In connection with any Equity Interests pledged pursuant to the Security Agreement or Pledge Agreement, Administrative Agent will return any certificates representing any such Equity Interests, any related stock powers, and any other possessory Collateral in its possession to Borrower, at Borrower’s sole cost and expense. 

2.Amendments to Credit Agreement.   

(a)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the defined terms “LC Sublimit”, “Revolving Committed Amount” and “Revolving Credit Termination Date” in their entirety to read as follows: 

“LC Submit means the Revolving Committed Amount. 

{N4354474.1}

4845-8497-8913 v.4

 
 

 

 

Revolving Committed Amount means (a) as to all Revolving Lenders, the aggregate amount set out for the Revolving Lenders on Schedule 1(a) (as such amount may be modified at any time or from time to time pursuant to the terms of this Agreement) and (b) as to any Revolving Lender, the amount set out opposite such Revolving Lender’s name on Schedule 1(a) as its Revolving Committed Amount (as such amount may be modified at any time or from time to time pursuant to the terms of this Agreement).  The aggregate Revolving Committed Amount of all Revolving Lenders on the Seventh Amendment Effective Date is $20,000,000.

 

Revolving Credit Termination Date means the earliest to occur of (a) June 30, 2023, (b) the date of termination of the entire Revolving Commitment by Borrower pursuant to Section 2.7, or (c) the date of termination of the Revolving Commitment pursuant to Section 11.2.”

 

(b)Section 1.1 of the Credit Agreement is hereby amended by adding the following defined terms in their appropriate alphabetical order as follows:

“Seventh Amendment Effective Date means March 26, 2021.”

 

(c)Section 2.1 of the Credit Agreement is hereby amended to add a new clause (iii) as follows:

“(iii) Effective as of the Seventh Amendment Effective Date, Borrower, Administrative Agent and Lenders hereby agree that (A) all of Lenders’ Commitments to make Revolving Loans in the form of cash borrowings under the Credit Agreement (other than to honor draws for LCs issued under the Credit Agreement), are hereby terminated, and (B) the only Commitments of the Lenders that remain under the Credit Agreement are in respect of Credit Extensions as to LCs under, and in accordance with and subject to, Section 2.6 below.”

 

(d)Section 2.6(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(d)Cash Collateral. At all times from the Seventh Amendment Effective Date under the earlier to occur of the Revolving Credit Termination Date and the date that all Obligations have been irrevocably -paid in cash in full and all Commitments have terminated, Borrower shall Cash Collateralize the outstanding LC Exposure in an amount equal to 100% of such LC Exposure at all times and in the case of Credit Extensions made after the Seventh Amendment Effective Date, prior to the date of such requested Credit Extension (the “Cash Collateralization Requirement”). If LCs are to be outstanding after the Revolving Credit Termination Date, not later than ten (10) Business Days prior to the Revolving Credit Termination Date, Borrower shall Cash Collateralize the LC Exposure for each such LC as provided in this Section 2.6(d). Borrower hereby grants to LC Issuer a security interest in and Lien upon all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. All such Cash Collateral shall be maintained in blocked deposit accounts at LC Issuer and subject to a first priority Lien in favor of Administrative Agent for the benefit of Lenders and subject to no other Lien.”

 

 

 

(e)Section 5.1(a) of the Credit Agreement is hereby deleted in its entirety and replaced as follows:

“(a) Borrower shall execute and deliver a Security Agreement (or an amendment to a presently effective Security Agreement in favor of Administrative Agent) on the Seventh Amendment Effective Date at Borrower’s sole cost and expense under which it shall grant to Agent a first priority security interest in, and Lien on (subject to no Lien other than in favor of Administrative Agent), one or more deposit or investment accounts with Administrative Agent and all Cash Collateral therein required to be pledged under a Security Agreement in favor of Administrative Agent to satisfy the Cash Collateralization Requirement; and all products and proceeds to the foregoing, together with any deposit account control agreements or securities account control agreements in Proper Form as may be required by Administrative Agent.”

 

(f)Sections 5.1(b) 5.1(c), 5.1(d) of the Credit Agreement are hereby deleted in their entirety.

(g)Article VII of the Credit Agreement is hereby amended to delete Sections 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.12, 7.16, 7.18, 7.19, 7.20, 7.21, and 7.25 in each case in their entirety and replace each of them with “Intentionally Left Blank” (with all such defined terms in Section 1.1 of the Credit Agreement in each place where such defined terms are used being deemed to be not applicable to the foregoing amended Sections) it being acknowledged and agreed that from and after the Seventh Amendment Effective Date the foregoing Sections that were in effect in such Article VII prior to the Seventh Amendment Effective Date are no longer be required under the Credit Agreement.

(h)Article VIII of the Credit Agreement is hereby amended to delete Sections 8.1(a), 8.1(b), 8.1(c), 8.1(d)(iii), 8.1(e), 8.1(g), 8.1(i)(iv), 8.1(i)(v), 8.1(i)(vii), 8.6, 8.8, 8.11, 8.12, 8.20 and 8.21 in each case in their entirety and replace each of them with “Intentionally Left Blank” (with all such defined terms in Section 1.1 of the Credit Agreement in each place where such defined terms are used being deemed to be not applicable to the foregoing amended Sections) it being acknowledged and agreed that from and after the Seventh Amendment Effective Date the foregoing Sections that were in effect in such Article VIII prior to the Seventh Amendment Effective Date are no longer be required under the Credit Agreement.

(i)Article IX of the Credit Agreement is hereby amended to delete Sections 9.1, 9.2, 9.4, 9.5, 9.6, 9.9, 9.10, 9.12, 9.15, 9.16 and 9.17 in each case in their entirety and replace each of them with “Intentionally Left Blank” (with all such defined terms in Section 1.1 of the Credit Agreement in each place where such defined terms are used being deemed to be not applicable to the foregoing amended Sections) it being acknowledged and agreed that from and after the Seventh Amendment Effective Date the foregoing Sections that were in effect in such Article IX prior to the Seventh Amendment Effective Date are no longer be required under the Credit Agreement.

(j)Article X of the Credit Agreement is hereby deleted in its entirety and replaced  with “ Intentionally Left Blank” (with all such defined terms in Section 1.1 of the Credit Agreement in each place where such defined terms are used being deemed to be not applicable to Article X) it being acknowledged and agreed that from and after the Seventh Amendment Effective Date the financial covenants that were in effect in such Article X prior to the Seventh Amendment Effective Date are no longer measured, tested or otherwise required under the Credit Agreement:

 

 

(k)Sections 11.1(h)(ii) and 11.1(l) of the Credit Agreement are hereby deleted in their entirety and each are replaced with “Intentionally Left Blank”.

(l)Schedule 1(a) to the Agreement is hereby deleted in its entirety and replaced with Schedule 1(a) attached to this Amendment. 

3.Conditions.  This Amendment shall be effective once each of the following have been delivered to Administrative Agent:

(a)this Amendment executed by Borrower, Administrative Agent, and the Lenders;

(b)the Guarantors’ Consent and Agreement attached to this Amendment executed by Guarantors; 

(c)a replacement Revolving Credit Note by Borrower and payable to Hancock Whitney Bank in the Revolving Committed Amount (after giving effect to this Amendment);

(d)an officer’s certificate of Borrower, certifying that (i) the resolutions of the Board of Directors of Borrower and each other Loan Party that is a legal entity approving the transactions contemplated by the Credit Agreement adopted by the Board of Directors electronically and certified by the Secretary of Borrower on February 28, 2020 are still in full force and effect and have not been repealed, amended or changed, (ii) the incumbency certificate of Borrower and each other Loan Party that is a legal entity has not changed since February 28, 2020, (iii) the representations and warranties of each Loan Party set forth in each Loan Document to which it is a party are true and correct in all material respects on and as of the Seventh Amendment Effective Date and (iv) after giving effect to this Amendment, no Default has occurred and is continuing;

(e)a Security Agreement by Borrower in favor of Administrative Agent (or a written amendment to a previously executed and presently effective Security Agreement by Borrower in favor or Administrative Agent) covering the account(s) with Administrative Agent and Cash Collateral contained therein to satisfy the Cash Collateralization Requirement with evidence that Borrower has satisfied the Cash Collateralization Requirement for LCs that are issued and outstanding on and as of the Seventh Amendment Effective Date; 

(f)such other documents as Administrative Agent may reasonably request; and

(g)payment by Borrower of all agreed fees and expenses of Administrative Agent and the Lenders in connection with this Amendment and the transactions contemplated hereby.

4.Representations and Warranties.  Borrower represents and warrants to Administrative Agent and Lenders that (a) it possesses all requisite power and authority to execute, deliver and comply with the terms of this Amendment, (b) this Amendment has been duly authorized and approved by all requisite corporate action on the part of Borrower, (c) no other consent of any Person is required for this Amendment to be effective, (d) the execution and delivery of this Amendment does not violate its organizational documents, (e) no changes have been made to Borrower’s Organizational Documents since the date of the certificate delivered in connection with the closing of the Credit Agreement (f) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on the date of this Amendment (except to the extent that such representations and warranties speak to a specific date), (g) after giving effect to this Amendment it is in full compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (h) except for the Subject Default and after giving effect to this 

 

 

Amendment no Default or Potential Default has occurred and is continuing.  The representations and warranties made in this Amendment shall survive the execution and delivery of this Amendment.  No investigation by Administrative Agent or any Lender is required for Administrative Agent and Lenders to rely on the representations and warranties in this Amendment.

5.Scope of Amendment; Reaffirmation; RELEASE.  All references to the Credit Agreement shall refer to the Credit Agreement as affected by this Amendment.  Except as affected by this Amendment, the Loan Documents remain unchanged and continue in full force and effect.  However, in the event of any inconsistency between the terms of the Credit Agreement (as affected by this Amendment) and any other Loan Document, the terms of the Credit Agreement shall control and such other document shall be deemed to be amended to conform to the terms of the Credit Agreement.  Borrower hereby reaffirms its obligations under the Loan Documents to which it is a party and agrees that all Loan Documents to which it is a party remain in full force and effect and continue to be legal, valid, and binding obligations enforceable in accordance with their terms (as the same are affected by this Amendment).  BORROWER HEREBY RELEASES ADMINISTRATIVE AGENT AND LENDERS FROM ANY LIABILITY FOR ACTIONS OR OMISSIONS IN CONNECTION WITH THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS PRIOR TO THE DATE OF THIS AMENDMENT.

6.Miscellaneous.

(a)No Waiver of Defaults. Except as expressly provided herein, this Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit Agreement or any other Loan Document not expressly referred to in this Amendment, or (B) any present or future violation of, or default under, any provision of the Loan Documents, or (ii) a waiver of Administrative Agent’s and Lenders’ right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.

(b)Form.  Each agreement, document, instrument or other writing to be furnished Lender under any provision of this Amendment must be in Proper Form.

(c)Headings.  The headings and captions used in this Amendment are included for convenience of reference only and shall not affect the interpretation of this Amendment, the Credit Agreement, or any other Loan Document.

(d)Costs, Expenses and Attorneys’ Fees.  Borrower agrees to pay or reimburse Administrative Agent on demand for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Amendment, including, without limitation, the reasonable fees and disbursements of Administrative Agent’s counsel.

(e)Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective successors and permitted assigns.

(f)Multiple Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different 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 in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

(g)Governing Law.  This Amendment and the other Loan Documents must be construed, and their performance enforced, under Louisiana law.

 

 

(h)Entirety.  The Loan Documents (as amended hereby) Represent the Final Agreement Among Borrower, Administrative Agent, and Lenders and May Not Be Contradicted by Evidence of Prior, Contemporaneous, or Subsequent Oral Agreements by the Parties.  There Are No Unwritten Oral Agreements among the Parties.

[Signatures appear on the immediately following pages.]

 

 

 

 

This Amendment is executed as of the date set out in the preamble to this Amendment.

BORROWER:

GULF ISLAND FABRICATION, INC., a Louisiana corporation

 

 

By:  /s/ Richard W. Heo

Name:  Richard W. Heo

Title:    President & CEO

 

Signature Page to 

Waiver and Seventh Amendment to Credit Agreement

 

ADMINISTRATIVE AGENT:

HANCOCK WHITNEY BANK,

a Mississippi state chartered bank, as Administrative Agent

 

 

 

By:  /s/ Tommy D. Pitre

Name:  Tommy D. Pitre

Title:    Senior Vice President

 

Signature Page to 

Waiver and Seventh Amendment to Credit Agreement

 

LENDERS:

 

HANCOCK WHITNEY BANK,

a Mississippi state chartered bank, as sole Lender 

 

 

 

By:  /s/ Tommy D. Pitre

Name:  Tommy D. Pitre

Title:    Senior Vice President

 

 

 

Signature Page to 

Waiver and Seventh Amendment to Credit Agreement

 

 

GUARANTORS’ CONSENT AND AGREEMENT

TO

WAIVER AND SEVENTH AMENDMENT TO CREDIT AGREEMENT

 

As an inducement to the Administrative Agent and each Lender to execute, and in consideration of the Administrative Agent and each Lender’s execution of, the Amendment, each of the undersigned hereby consents to this Amendment and agrees that this Amendment shall in no way release, diminish, impair, reduce or otherwise adversely affect the obligations and liabilities of such undersigned under the Guaranty executed by such undersigned in connection with the Credit Agreement, or under any other Loan Documents executed by the undersigned to secure any of the Obligations (as defined in the Credit Agreement), all of which are in full force and effect. Each of the undersigned further represents and warrants to the Administrative Agent and the Lenders that (a) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on the date of the Amendment, (b) after giving effect to this Amendment, it is in compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (c) except for the Subject Default, no Default or Potential Default has occurred and is continuing. The undersigned hereby releases, discharges and acquits Administrative Agent and each Lender from any and all claims, demands, actions, causes of action, remedies, and liabilities of every kind or nature (including without limitation, offsets, reductions, rebates, and lender liability) arising out of any act, occurrence, transaction or omission occurring in connection with the Guaranty prior to the date of the Amendment.  This Guarantors’ Consent and Agreement shall be binding upon the undersigned, and its permitted assigns, if any, and shall inure to the benefit of the Administrative Agent, each Lender and their respective successors and assigns. 

 

 

[Signature Page Follows]

 

Guarantors’ Consent 

and Agreement to Waiver and Seventh Amendment to Credit Agreement

 

 

GUARANTORS:

 

 

GULF ISLAND WORKS, LLC, a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

GULF ISLAND EPC, LLC, a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

GULF MARINE FABRICATORS, LIMITED PARTNER, L.L.C., a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

Signature Page to Guarantors’ Consent 

and Agreement to Waiver and Seventh Amendment to Credit Agreement

 

 

GULF MARINE FABRICATORS GENERAL PARTNER, L.L.C., a Louisiana limited liability company

 

	
 
	
By:
	
GULF MARINE FABRICATORS, LIMITED PARTNER, L.L.C., a Louisiana limited liability company, its sole member

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

GULF MARINE FABRICATORS, L.P., a Texas limited partnership

 

	
 
	
By:
	
GULF MARINE FABRICATORS, LIMITED PARTNER, L.L.C., a Louisiana limited liability company, its general partner

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

GULF ISLAND, L.L.C., a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

Signature Page to Guarantors’ Consent 

and Agreement to Waiver and Seventh Amendment to Credit Agreement

 

 

GULF ISLAND RESOURCES, L.L.C., a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND, L.L.C., a Louisiana limited liability company, its sole member

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

GULF ISLAND SHIPYARDS, LLC, a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

GULF ISLAND SERVICES, L.L.C., a Louisiana limited liability company

 

	
 
	
By:
	
GULF ISLAND FABRICATION, INC., a Louisiana corporation, its sole member

 

 

By:  /s/ Richard W. Heo

Name:   Richard W. Heo

Title:     President & CEO

 

 

Signature Page to Guarantors’ Consent 

and Agreement to Waiver and Seventh Amendment to Credit Agreement

 

 

SCHEDULE 1(a)

Lenders and Commitments

 

(As of the Seventh Amendment Effective Date)

 

 

			
	
Lender
	
Revolving Commitment
	
Revolving Commitment

Percentage

	
Hancock Whitney Bank
	
$20,000,000
	
100%

	
Total
	
$20,000,000
	
100%

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