Exhibit 10.1

 

LOGO [g14698image002.jpg]

JPMorgan Chase Bank, N. A.

 

July 20, 2005

 

Matrix Service Company

Attn: Michael J. Hall, Chief Executive Officer

10701 East Ute Street

Tulsa, OK 74116

 

All Other Loan Parties Under the Credit

Agreement Described Below

 

  Re: Credit Agreement dated as of March 7, 2003 among Matrix Service Company,
as “Borrower,” the Lenders described therein, and JPMorgan Chase Bank, N.A.
(successor by merger to Bank One, N.A. (Main Office, Chicago)), as a Lender, LC
Issuer, and as Agent for the Lenders, and others, as amended (as amended, the
“Credit Agreement”)

 

Gentlemen:

 

This is in regard to the above-referenced Credit Agreement. Capitalized terms
not defined in this waiver letter and amendment have the same meanings as in the
Credit Agreement.

 

Borrower has asked for a waiver of certain provisions of the Credit Agreement
and certain other Loan Documents as follows (such waivers collectively the “Sale
Waivers”): (i) a partial waiver of Sections 6.4 and 6.13 of the Credit Agreement
to allow sales outside the ordinary course of business by Borrower or one or
more of its Subsidiaries (such Person who is the selling party is hereinafter
referred to as the “Seller”) of the property described on the attached Exhibit
“A” (the “Sale Property”) (which property Borrower has determined to be surplus,
not necessary for Borrower’s business plans or otherwise in the Borrower’s best
interests to sell), according to the terms set forth on Exhibit “A”
(collectively the “Subject Sales” and each a “Subject Sale”), (ii) a partial
waiver of the provisions of Section 2.1.5 of the Credit Agreement so that the
$10,000,000.00 amount set forth in Section 2.1.5(i) shall be reduced by the
amount of proceeds received from any Subject Sale only to the extent that, on
the date of Borrower’s receipt of the first proceeds from such Subject Sale,
there exists any outstanding principal balance of Revolver B, (iii) a partial
waiver of

 

Member FDIC

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Section 6.23 of the Credit Agreement to allow the particular Sale and Leaseback
Transaction described in general terms as Item B on Exhibit “A”, and (iv) a
partial waiver of Section 4.1.5 of the Security Agreement and Exhibit B,
paragraph 8 of the applicable Mortgage, Assignment of Leases and Rents, Security
Agreement and Financing Statement (the “Mortgage”) by the Seller in favor of the
Agent, to the extent any of the Subject Sales may be restricted, limited or
prohibited by the Mortgage.

 

The Lenders shall have agreed to grant the Sale Waivers upon the satisfaction of
the following:

 

(a) execution and delivery of this waiver letter and amendment by the Loan
Parties, the Agent and all Lenders; and

 

(b) payment by Borrower of all currently invoiced legal fees of Agent and
Lenders and all currently invoiced fees of Capstone Corporate Recovery, LLC.

 

Notwithstanding the foregoing, the Sale Waivers shall be applicable only to any
Subject Sale that meets the following requirements (collectively the “Subject
Sale Requirements”):

 

(i) except as specifically set forth on Exhibit “A”, such Subject Sale shall be
for cash paid to the Seller in full on or before closing and before transfer of
possession or delivery of the applicable Sale Property to the purchaser;

 

(ii) the sale price for each item of Sale Property shall be no less than the
amount set forth on Exhibit “A” unless otherwise agreed by the Required Lenders;

 

(iii) all other terms of such Subject Sale shall be in accordance with Exhibit
“A”;

 

(iv) all “Net Cash Proceeds” (as defined below) of such Subject Sale shall be
paid to Agent immediately upon receipt by the applicable Loan Party for
application to the Obligations as provided in Exhibit “A”;

 

(v) all requirements relating to such Subject Sale set forth on Exhibit “A” are
met;

 

(vi) the definitive agreements for such Subject Sale shall be acceptable to
Agent and Agent’s counsel;

 

(vii) such Subject Sale must be closed and all Net Cash Proceeds paid to Agent
on or before September 30, 2005; and

 

(viii) there does not exist at the time of closing such Subject Sale any
Unmatured Default or Default.

 

Borrower also hereby agrees with the Lenders as follows:

 

(a) within two (2) Business Days of closing of each Subject Sale, Borrower shall
deliver to Agent a completed Borrowing Base Certificate prepared as of the time
immediately after closing of such Subject Sale, certified by the chief financial
officer of the Borrower;

 

Member FDIC

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(b) from and after the closing of such Subject Sale and until the delivery of
the Borrowing Base Certificate described in (a) above, notwithstanding anything
to the contrary in Exhibit “A”, the Borrowing Base shall be immediately reduced
by the amount of proceeds required to be paid to Agent for application to the
Revolving Loan, and after the delivery of such Borrowing Base Certificate the
Borrowing Base shall be calculated as provided in the Credit Agreement; and

 

(c) all rights, interests and claims of the Loan Parties, or any of them, under
or related to any of the Subject Sales, including but not limited to the right
to receive any payments under or arising from any of the Subject Sales, are and
shall be part of and included in the Collateral, and to the extent necessary all
Loan Documents are hereby amended to reflect the preceding provisions of this
subparagraph (c).

 

The term “Net Cash Proceeds” in regard to any Subject Sale shall mean the amount
of cash received by the Seller and all other Loan Parties on account of or
arising from the closing of such Subject Sale minus the sum of the Seller’s
reasonable and necessary expenses incurred in connection with the negotiation
and consummation of such Subject Sale.

 

To the extent a Sale Waiver is applicable to any particular Sale Property, Agent
shall, and is authorized by all Lenders to, release all mortgages, liens and
security interests encumbering such Sale Property upon receipt by Agent of
(i) Net Sale Proceeds from the applicable Subject Sale in an amount greater than
or equal to (or constituting) the Release Price reflected on Exhibit “A” or such
other amount as may be authorized by the Required Lenders and (ii) a written
report itemizing all deductions from the gross sales price used to arrive at the
amount of Net Cash Proceeds.

 

The waivers described above are limited to Subject Sales that meet the Subject
Sale Requirements and shall not waive any provisions of the Credit Agreement or
any of the other Loan Documents as they may relate to any other facts and
circumstances. The Subject Sales described in this waiver letter and amendment
are mutually exclusive of those Subject Sales (the “Other Subject Sales”)
described in that certain waiver letter and amendment dated on or about June 8,
2005 (the “Other Waiver Letter”), and none of the Other Subject Sales shall be
affected or addressed by the terms of this waiver letter and amendment, nor
shall any of the Subject Sales described herein be affected or addressed by the
Other Waiver Letter.

 

This waiver letter and amendment shall constitute a supplement and amendment to
the Credit Agreement. From and after the date hereof, references in the Credit
Agreement to “this Agreement” and like terms shall be deemed to be references to
the Credit Agreement as supplemented by this waiver, and as otherwise amended,
supplemented, restated or otherwise modified from time to time in accordance
with the Loan Documents. References in the other Loan Documents to the Credit
Agreement shall be deemed to be references to the Credit Agreement as
supplemented by this waiver letter and amendment and as further amended,
supplemented, restated or otherwise modified from time to time. This waiver
letter and amendment is a Loan Document executed pursuant to the Credit
Agreement and shall (unless otherwise expressly indicated therein) be construed,
administered and applied in accordance with the terms and provisions of the
Credit Agreement. The Credit Agreement as supplemented by this waiver letter and
amendment is ratified and confirmed in all respects, and all other Loan
Documents are hereby ratified and confirmed in all respects.

 

Except as expressly provided hereby, all of the representations, warranties,
terms, covenants and conditions of the Credit Agreement and the other Loan
Documents shall remain unamended and unwaived and shall continue to be, and
shall remain, in full force and effect in accordance with their

 

Member FDIC

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respective terms, including express limitations therein relating to the date on
which such representations and warranties were made. The waiver and agreements
set forth herein shall be limited precisely as provided for herein, and shall
not be deemed to be a waiver of, amendment to, consent to or modification of any
other term or provision of the Credit Agreement or of any event, condition, or
transaction on the part of the Borrower or any other Person which would require
the consent of the Agent or any of the Lenders.

 

The Borrower and each Loan Party, for itself and on behalf of all its
predecessors, successors, assigns, agents, employees, representatives, officers,
directors, general partners, limited partners, joint shareholders,
beneficiaries, trustees, administrators, subsidiaries, affiliates, employees,
servants and attorneys (collectively the “Releasing Parties”), hereby releases
and forever discharges Agent and each Lender and their respective successors,
assigns, partners, directors, officers, agents, attorneys, and employees from
any and all claims, demands, cross-actions, controversies, causes of action,
damages, rights, liabilities and obligations, at law or in equity whatsoever,
known or unknown, whether past, present or future, now held, owned or possessed
by the Releasing Parties, or any of them, or which the Releasing Parties or any
of them may, as a result of any actions or inactions occurring on or prior to
the date hereof, hereafter hold or claim to hold under common law or statutory
right, arising, directly or indirectly out of any Loan or any of the Loan
Documents or any of the documents, instruments or any other transactions
relating thereto or the transactions contemplated thereby. Borrower and each
Loan Party understands and agrees that this is a full, final and complete
release and agrees that this release may be pleaded as an absolute and final bar
to any or all suit or suits pending or which may hereafter be filed or
prosecuted by any of the Releasing Parties, or anyone claiming by, through or
under any of the Releasing Parties, in respect of any of the matters released
hereby, and that no recovery on account of the matters described herein may
hereafter be had from anyone whomsoever, and that the consideration given for
this release is no admission of liability.

 

Please indicate your approval of the terms and provisions hereof by executing
this letter in the space provided below.

 

This waiver letter and amendment may be executed in any number of counterparts,
all of which together shall constitute a single instrument, and it shall not be
necessary that any counterpart be signed by all the parties hereto. A facsimile
copy of this waiver letter and amendment and signatures thereon shall be
considered for all purposes as originals.

 

Yours very truly,

 

J. P. MORGAN CHASE BANK, N.A., as Agent

By:  

/s/ Hal E. Fudge        

   

Hal E. Fudge, First Vice President

 

Member FDIC

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ACCEPTED AND AGREED TO:   Borrower:   MATRIX SERVICE COMPANY  

By:

 

/s/ Michael J. Hall

   

Michael J. Hall, Chief Executive Officer

  Loan Parties:  

MATRIX SERVICE INC., an Oklahoma

corporation; MATRIX SERVICE INDUSTRIAL

CONTRACTORS, INC. (formerly known

as MATRIX SERVICE MID-CONTINENT,

INC.), an Oklahoma corporation; MATRIX

SERVICE, INC. CANADA, an Ontario, Canada

corporation; HAKE GROUP, INC., a Delaware

corporation; BOGAN, INC. (including

Fiberspec, a division), a Pennsylvania

corporation; MATRIX SERVICE

SPECIALIZED TRANSPORT, INC.

(formerly known as FRANK W. HAKE,

INC.), a Pennsylvania corporation; HOVER

SYSTEMS, INC., a Pennsylvania corporation;

I & S, INC., a Pennsylvania corporation;

MCBISH MANAGEMENT, INC.,

a Pennsylvania corporation; MECHANICAL

CONSTRUCTION, INC., a Delaware

corporation; MID-ATLANTIC

CONSTRUCTORS, INC., a Pennsylvania

corporation; TALBOT REALTY, INC.,

a Pennsylvania corporation; BISH

INVESTMENTS, INC., a Delaware

corporation; I & S JOINT VENTURE, L.L.C.,

a Pennsylvania limited liability company

    By:   /s/ George L. Austin                                             

George L. Austin, Vice President

 

Member FDIC

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Lenders:

J. P. MORGAN CHASE BANK, N.A.

By:

 

/s/ Hal E. Fudge

   

Hal E. Fudge, First Vice President

WACHOVIA BANK, NATIONAL ASSOCIATION

By:

 

/s/ Patrick McGovern

   

Patrick McGovern, Senior Vice President

UMB BANK, N.A.

By:

 

/s/ Michael P. Nash

   

Michael P. Nash, Senior Vice President

WELLS FARGO BANK, NA

(formerly known as Wells Fargo Bank Texas, NA)

By:

 

/s/ Roger Fruendt

   

Roger Fruendt, Senior Vice President

INTERNATIONAL BANK OF COMMERCE,

successor in interest to

LOCAL OKLAHOMA BANK,

an Oklahoma Banking Corporation

formerly known as LOCAL OKLAHOMA BANK, NA,

By:

 

/s/ David Moore

   

David Moore, Senior Vice President

 

Member FDIC

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Exhibit “A”

 

Item

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Common Name

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Legal Description of Any
Real Property Included

(As Applicable)

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   Price

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   Release
Price

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Payment and Certain

Other Terms

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Application of Net Sale
Proceeds after Receipt by
Agent

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A

  

4300 E. 36th Street Facility, Tulsa, OK (Office/Fabrication/

Warehouse)

   See Item 1 of attached Schedule A-1    $ 725,000    $ 680,000    Net Cash
Proceeds paid at closing    Term Loan in inverse order of maturity

B

   10701 E. Ute Street, Tulsa, OK (Corporate Offices/Warehouse)    See Item 2 of
attached Schedule A-1    $ 750,000    $ 710,000    Sale and Leaseback
Transaction. Sale price of $750,000, with Net Cash Proceeds paid at closing.
Lease terms shall be acceptable to Agent    Term Loan in inverse order of
maturity

C

   1.16 acres of land in Orange County, CA (Excess Land)    See Item 3 of
attached Schedule A-1    $ 850,000    $ 800,000    Net Cash Proceeds paid at
closing. Closing must occur on or before August 31, 2005    Term Loan in inverse
order of maturity

 

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Item

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Common Name

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Legal Description of Any
Real Property Included
(As Applicable)

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   Price

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   Release
Price

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Payment and Certain
Other Terms

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Application of Net Sale
Proceeds after Receipt by
Agent

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D

   Rigging Business and Related Assets    See Item 5 of attached Schedule A-1   
$ 1,500,000    $ 1,500,000    Net Cash Proceeds paid at closing    First
$900,000 paid to Agent shall be applied to Term Loan in inverse order of
maturity. Any additional proceeds paid to Agent prior to or on the date one year
after closing are to be applied to the Revolving Loan (with no corresponding
reduction in the Revolving Loan Commitment); any proceeds paid after such date
shall be applied to the Term Loan in the inverse order of maturity

 

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SCHEDULE A-1

 

Description of Assets to be Sold

 

1. 4300 E. 36th Street, Tulsa, Oklahoma (Tulsa County)

 

The vacant tank construction, storage and office facilities located on 417,300
square feet of land at 4300 E. 36th Street Facility, Tulsa, Oklahoma. The
facilities being sold include:

 

11,930 square foot office building

55,830 square foot manufacturing building

6,000 square foot storage building

6,000 square foot storage building

4,300 square foot storage building

 

Legal description:

 

TRACT I:

 

All that part of the North Half of the Northwest Quarter of the Northeast
Quarter (N/2 NW/4 NE/4), lying North of the Atchison, Topeka and Santa Fe
Railway Right-of Way, in Section Twenty-One (21), Township Twenty (20) North,
Range Thirteen (13) East of the Indian Base and Meridian, Tulsa County, State of
Oklahoma, according to the United States Government Survey thereof, LESS AND
EXCEPT the following tract, more particularly describes as follows:

 

BEGINNING at the Northeast corner of said NW/4 NE/4; thence West along the North
boundary of said NW/4 NE/4 a distance of 143.97 feet to the center line of
Toledo Avenue; thence South 0°53’03” West along the center line of Toledo
Avenue, a distance of 301.2 feet to a point in the northerly right-of-way line
of the Atchison, Topeka and Santa Fe Railway Right-of-Way; thence North
81°26’00” East along the northerly right-of-way line of the Atchison, Topeka and
Santa Fe Railway Right-of-Way a distance of 150.92 feet to a point in the East
boundary line of said NW/4 NE/4; thence North 0°04’00” East along the Easterly
boundary line of said NW/4 NE/4 a distance of 278.56 feet to the Point of
Beginning.

 

AND

 

TRACT II:

 

A parcel of land in the County of Tulsa, State of Oklahoma, lying in the
Northwest Quarter of the Northeast Quarter (NW/4 NE/4) of Section Twenty-one
(21), Township Twenty (20) North, Range Thirteen (13) East of the Indian
Meridian, being that portion of that certain Tract Number 2 and that portion of
that certain Tract Number 3 described in award of referees entitled “In the
United States Court for the Indian Territory, Northern District at Claremore.
The Atchison, Topeka and Santa Fe Railway Company, Plaintiff –vs- Pierce P.
Butler, Daniel R. Butler, Kathleen P. Butler and the Cherokee Nation or Tribe of
Indians, Defendants,” filed of record December 21, 1910 and recorded in Record
76, Page 527, records of said County described as follows:

 

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Beginning at the Northwesterly corner of said Tract Number 3, said corner being
distant South 0 deg. 01’ 52” West along the Westerly line of said Northwest
Quarter 426.85 feet from the Northwest corner of said Northwest Quarter; thence
along the boundary of said Tract Number 3 and along the boundary of said Tract
Number 2 the following Three (3) courses: (1) North 81 deg. 32’ 24” East, 820.10
feet; thence (2) South 8 deg. 27’ 36” East, 50.00 feet; thence (3) North 81 deg.
32’ 24” East 330.09 feet to a line parallel with and distant Westerly 25.0 feet
measured at Right Angles from that certain center line course described in
Easement Deed dated July 5, 1940, from W. D. Clark and Mary C. Patchin to Tulsa
County, State of Oklahoma, recorded April 29, 1946 in Book 1428, Page 622,
records of said County, as “North and parallel to the North and South center
line of Section 21 a distance of 409.4 feet more or less to the South
Right-of-Way line of the County Highway”; thence South 1 deg. 03’ 12” West along
said parallel line, 76.05 feet to a line parallel with and distant Northerly
25.0 feet measured at right angles from the center line of that certain railroad
track designated in the records of said Railway Company as the “Illinois
Division, Tulsa Subdivision, Main Line Track at Mohawk Station”; thence South 81
deg. 32’ 24” West along last said parallel line 1156.29 feet to the Westerly
boundary of said Tract Number 3 said Westerly boundary being along said Westerly
line of said Northwest Quarter; thence North 0 deg. 01’ 52” East along said
Westerly boundary 126.39 feet to the Point of Beginning.

 

2. 10701 E. Ute Street, Tulsa, Oklahoma (Tulsa County)

 

The corporate offices and a small warehouse located on 2.75 acres at 10701 E.
Ute Street, Tulsa, Oklahoma. The office space is 20,400 square feet and the
warehouse space is 3,000 square feet.

 

Legal description:

 

Lot Fifteen (15), Block One (1), WOLF POINT INDUSTRIAL PARKWAY WEST, an Addition
in the City of Tulsa, Tulsa County, State of Oklahoma, according to the recorded
plat thereof.

 

3. 1.16 acres of excess land in Orange, CA (Orange County)

 

Vacant land parcel located behind 500 W. Collins Avenue, Orange, California,
pictured as the “Subject” on the attached Schedule A-2.

 

4. Rigging Business

 

The rigging business and related materials and equipment are being sold by
Matrix Services Specialized Transport. The material and equipment being sold
includes gantries, containers, hydraulic jacks, welders, trailers, jacking
systems, trucks, tractors, cranes, forklifts and other specialty equipment.

 

See attached Schedule A-4 listing the detail of the materials and equipment to
be sold in connection with the rigging business.

 

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LOGO [g14698image004.jpg]

 

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SCHEDULE A-3

 

(Intentionally Omitted)

 

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SCHEDULE A-4

 

MATRIX SERVICE SPECIALIZED TRANSPORT

HAKE ASSET LIST - MATERIALS*

GANTRIES

                   

ALL SMALL GANTRIES

CONTAINERS

                   

4 - GOOD STORAGE CONTAINER 40’ – EMPTY

         

2 - GOOD STORAGE CONTAINER 20’ – EMPTY

SPECIALTY

               560225   

PORT STEEL BRIDGE 54’

     560226   

PORT STEEL BRIDGE 30’

     503355   

STRAND LIFT TOWER SECTIONS

     810090   

LOT 8 1”THK x 48”x48” CS PLATE

     560272   

10” DIAMETER LIFTING PIN

     503349   

JACKING TOWER

         

TURN TABLES

         

SWIVLE LIFT BEAM

         

CONCRETE COUNTERWEIGHT

         

SPREADER BEAMS & END CAPS

         

LIFTING BEAMS, STEEL AND STEEL PLATE

         

2 70 TON SCHNABELS

         

HYDRAULIC JACKS IN EDDYSTONE WHAREHOUSE

         

HYDRAULIC JACKS IN EDDYSTONE TOOL ROOM

         

HILLMAN DOLLIES AND HEAVY ROLLERS IN EDDYSTONE WAREHOUSE

         

SPECIAL DOLLEY SYSTEM

         

CHAINS AND BINDERS - IN EDYYSTONE WAREHOUSE

         

PORTA POWERS > 30 TON

         

1000ft OF WELDING LEAD

         

1000ft OF WELDING GROUND

         

4 STINGERS

         

ALL LARGE BOTTLE RACKS EXCLUDING ONE

         

10 SMALL BOTTLE RACKS

         

SHACKLES > 1 1/4 PIN

         

10 COMPLETE BURNING OUTFITS

         

TWIN PATHS AND SYNTHETIC SLINGS IN EDDYSTONE WAREHOUSE

         

ALL NON STEEL CHOKERS - NYLON STRAPS

         

ALL STEEL CHOCKERS

         

6 TUG BARS

         

2 FORKLIFT BOOMS FOR SMALL LIFTS

         

WATER PUMPS IN EDDYSTONE WAREHOUSE

         

AIR TUGGERS AND POWERED WINCHES IN EDDYSTONE WAREHOUSE

         

4 ROUST-A-BOUTS

         

4 MECHANICAL TORQUE WRENCHES

 

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MATRIX SERVICE SPECIALIZED TRANSPORT

HAKE ASSET LIST - MATERIALS*

 

    2 MAN BASKETS     2 - 250 AMP ELECTRIC WELDERS     TOOLS AND RIGGING IN
RIGGER PICK UP TRUCKS     ALL MATS AND TIMBERS     ALL CONTENTS OF MECHANICS
SHOP ALL PARTS, MANUALS, SPECIAL TOOLS, TIRES, RECORDS FOR THE ABOVE THAT ARE IN
SELLERS POSSESSION AS OF THE CLOSING DATE * ASSETS LIMITED TO SUCH ITEMS OWNED
BY MATRIX SERVICE SPECIALIZED TRANSPORT, INC. (“SELLER”) LOCATED AT THE
EDDYSTONE FACILITY AND AT THE PROJECTS LISTED ON THIS EXHIBIT “A” AT THE TIME OF
CLOSING. THIS LIST SPECIFICALLY EXCLUDES ANY OF THE ASSETS OWNED BY MATRIX
SERVICE COMPANY AND ANY OTHER MATRIX SERVICE COMPANY OWNED COMPANIES.

 

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SCHEDULE A-4

 

MATRIX SERVICE SPECIALIZED TRANSPORT

HAKE ASSET LIST - CAPITAL EQUIPMENT*

 

JACK-N-SLIDE

               560231         HYDRAULIC JACK AND SLIDE #1      560232        
HYDRAULIC JACK AND SLIDE #2                POWER UNITS FOR JACK N SLIDE     
503348         JACK & SLIDE

JACKING SYSTEMS

               560233         1200T JACKING SYSTEM - VSL#3      560234        
1200T JACKING SYSTEM - ELGOOD      560235         1200T JACKING SYSTEM - VSL#1  
   560236         1200T JACKING SYSTEM VSL#2      808748         200 TON
CYLINDER      503350         JACKING SYSTEM      600304         POWER PACK

GANTRIES

                              400 TON STRAND LIFT SYSTEM w/ Four Strandjacks and
Pump      505784         500 TON LIFTIN GANTRY      505781         300 TON
GANTRY CRANE      505783         350 TON HYDRAULIC GANTRY                GANTRY
TRACK      600301         1992 TRAIL-EZE-TRAILER 30T

TRAILERS

                    600309         1976 TRANSCRAFT 40’-65’ S8      600285     
   80’ TON LOWBED 7400      670199         2 AXEL STINGER FOR 80T LOWBED     
670304         80 TON CAPACITY TANDEM DOLLY-D      600284         1965 ROGERS 75
TON 75TLB 11      670182         DD3 DROP DECK TRAILER

TRUCKS & TRACTORS

          Year    Make    Penta #    VIN #    Enterprise
#    Leased
Y/N    Last    First

2000

   Ford F-250    670043    1FTNF20L2YED85635    J68320    Y    FOCHT    CHRIS

2000

   Ford F-250    670042    1FTNF20L9YED85633    J68321    Y    HANSEN JR    KNUD

2001

   Ford F-250    670044    1FTNF20L11EA27139    J68381    Y    MCDEVITT JR   
JOHN

 

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MATRIX SERVICE SPECIALIZED TRANSPORT

HAKE ASSET LIST - CAPITAL EQUIPMENT*

 

2003

   Ford F-250    670053    1FTNF20L23EC08608    JL1700    Y    MESSNER    JOE

2003

   Ford F-250    670058    1FTNF20L53EB31300    JL1501    Y    ECKLER    CHUCK

2001

   Ford F-250    670045    1FTNF20L51EB70160    J69054    Y    VALENTINE    JIM

2003

   Chrysler Concord    670007    2C3HD36M83H558590    JL1577    Y    HANSEN SR
   KNUD

2003

   Ford F-350    670145    1FDWF36L53ED00468    JL1892    Y    Mechanics w/boom
    

1989

   Mack Tractor    509333    1M2N187Y2KW026415              Dispatch     

1989

   Mack Tractor    509334    1M2AY04Y6KM005398              Dispatch     

1990

   Mack RB    670259    1M2AA06Y6LW006879              Dispatch          

AUTOCAR T-104

Tractor

CRAWLER TRANSPORTER

   509338    DC10364SOH58143              Dispatch      CRANES                  
                      505785         OVERHEAD CRANE OUTSIDE                    
505786         INSIDE OVERHEAD 20 TON CRANE (SHARED USE)      FORKLIFTS        
                                Asset #         Make    Capacity    S/N        
       503347         TAYLOR    20/40T    S-42-9834           503346        
CATERPILLAR    10T    68Y01634           503345         1990 HYSTERLIFT    7.5T
   F006A04464L           503354         CATERPILLAR    4T    77X2622          
503344         YALE    4T    Damaged - Junk           503340         CATERPILLAR
   2T    4N882                503343         Yale Walkie Stacker        
B819N02384W      SPECIALTY                                                   400
AMP MILLER DIESEL WELDER                          Peachbottom laptop computer   
                           Office Furniture and Equipment in subleased areas   
  ALL PARTS, MANUALS, SPECIAL TOOLS, TIRES, RECORDS FOR THE ABOVE THAT ARE IN
SELLERS POSSESSION AS OF THE CLOSING DATE * ASSETS LIMITED TO SUCH ITEMS OWNED
BY MATRIX SERVICE SPECIALIZED TRANSPORT, INC. (“SELLER”) LOCATED AT THE
EDDYSTONE FACILITY AND AT PROJECTS PERFORMED BY THE SELLER AT THE TIME OF
CLOSING. THIS LIST SPECIFICALLY EXCLUDES ANY OF THE ASSETS OWNED BY MATRIX
SERVICE COMPANY AND ANY OTHER MATRIX SERVICE COMPANY OWNED COMPANIES.

 

19

--------------------------------------------------------------------------------

SCHEDULE A-4

 

MATRIX SERVICE SPECIALIZED TRANSPORT

HAKE ASSET LIST - CHAINFALLS*

 

Type

--------------------------------------------------------------------------------

   Model

--------------------------------------------------------------------------------

  

Description

--------------------------------------------------------------------------------

   Quantity

--------------------------------------------------------------------------------

Chainfall

   > 5 Ton    All located at Eddystone Wharehouse    All

Chainfall

   1/2 Ton 40’    1/2 Ton 31-40’ Drift Chainfall    2

Chainfall

   1 Ton 10’    1 Ton 1-10’ Drift    5

Chainfall

   1 Ton 20’    1 Ton 11-20’ Drift    10

Chainfall

   1 Ton 30’    1 Ton 21-30’ Drift    5

Chainfall

   1 Ton 40’    1 Ton 31-40’ Drift    3

Chainfall

   1-1/2 Ton 20’    1 1/2 Ton 11-20’ Drift    5

Chainfall

   1-1/2 Ton 30’    1-1/2 Ton 21-30’ Drift    2

Chainfall

   2 Ton 20’    2 Ton 11-20’ Drift    10

Chainfall

   2 Ton 30’    2 Ton 21-30’ Drift    5

Chainfall

   3 Ton 10’    3 Ton 1-10’ Drift    5

Chainfall

   3 Ton 20’    3 Ton 11-20’ Drift    10

Chainfall

   3 Ton 30’    3 Ton 21-30’ Drift    2

Chainfall

   3 Ton 40’    3 Ton 31-40’ Drift    2

Chainfall

   3 Ton 60’    3 Ton 51-60’ Drift    2

Com-a-long, Cable

   6000-15    3 Ton Com-a-long - Cable    2

Com-a-long, Cable

   3000-30    1-1/2 Ton Com-a-long - Cable    5

Com-a-long, Cable

   Tractel -TU 32    4 Ton Com-a-long - Cable - U    2

Com-a-long, Cable

   Tractel -TU 32    4 Ton Com-a-long - Cable - U    2

Com-a-long, Chain

   1ton    1 Ton Chain Come-a-long 10’ and Over    5

Com-a-long, Chain

   1 1/2 ton    1-1/2 Ton Chain Come-a-long 10’ and Over    10

Com-a-long, Chain

   3 ton    3 Ton Chain 10’ and Over Comealong    10 *ASSETS LIMITED TO SUCH
ITEMS OWNED BY MATRIX SERVICE SPECIALIZED TRANSPORT, INC. (“SELLER”) LOCATED AT
THE EDDYSTONE FACILITY AND AT THE PROJECTS LISTED ON THIS EXHIBIT “A” AT THE
TIME OF CLOSING. THIS LIST SPECIFICALLY EXCLUDES ANY OF THE ASSETS OWNED BY
MATRIX SERVICE COMPANY AND ANY OTHER MATRIX SERVICE COMPANY OWNED COMPANIES.

 

20

--------------------------------------------------------------------------------

SCHEDULE A-4

 

A. Projects to Be Released:

 

All the Debtor’s interest in and rights under the following projects arising or
generated on or after July 18, 2005 are hereby released, provided that any and
all accounts arising under and proceeds and collections from or in regard to
such projects arising or generated prior to July 18, 2005 are not released and
remain subject to Secured Party’s liens and security interests (such accounts,
proceeds and collections not released are hereinafter referred to as the
“Unreleased Proceeds”):

 

  •   PECO route survey project

  •   Kimmell Center

  •   PECO rigging and hauling work

  •   Bruner Island (PPL)

  •   Duratek-Memphis

 

All of the above mentioned projects are covered by the following contracts
and/or purchase orders:

 

Customer

--------------------------------------------------------------------------------

   Contract/PO#

--------------------------------------------------------------------------------

  

Project Description

--------------------------------------------------------------------------------

Excelon Generation Company, LLC

   01002334    Blanket - Peachbottom

Duratek, Inc.

   20318    Blanket

PSEG Nuclear LLC

   4500277511    Blanket

Excelon Business Services Co.

   01047776    Blanket

Excelon Business Services Co.

   01047317    Blanket

Excelon Business Services Co.

   01047724    Blanket

E.I. du Pont de Nemours and Company

   LMD621787    Blanket

PPL Brunner Island

   778610    Offload a Transformer

Kimmel Center

   010000325    Rigging Organ Pipes into position

 

B. Secured Party also hereby releases all its liens and security interests that
may encumber or have attached to Debtor’s rights in the funds under the
Conawingo Dam/PECO project (Excelon contract number 50012617) that are required
to be paid by Debtor to the purchaser of the property described herein pursuant
to the terms of the written agreements between Debtor and such purchaser that
have been approved by Secured Party.