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Exhibit 10.3  

 
 

NINTH AMENDMENT TO NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT    
    

        This Ninth Amendment to Non-Recourse Receivables Purchase Agreement (this "Amendment") is entered into as of January 12, 2007, by and between
SILICON VALLEY BANK, a California-chartered bank, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at
One Newton Executive Park, Suite 200, 2221 Washington Street, Newton, Massachusetts 02462 ("Buyer") and ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal Park, Cambridge, Massachusetts 02141 ("Seller"). 

	1.
	DESCRIPTION OF EXISTING AGREEMENT.    Reference is made to a certain Non-Recoirrse Receivables Purchase Agreement
by and between Buyer and Seller dated as of December 31, 2003, as amended by a certain First Amendment to Non-Recourse Receivables Purchase Agreement dated June 30, 3004, as
further amended by a certain Second Amendment to Non-Recourse Receivables Purchase Agreement dated September 30, 2004, as further amended by a certain Third Amendment to
Non-Recourse Receivables Purchase Agreement dated December 31, 2004, as further amended by a certain Fourth Amendment to Non-Recourse Receivables Purchase Agreement
dated March 8, 2005, as further amended by a certain Fifth Amendment to Non-Recourse Receivables Purchase Agreement dated March 31, 2005, as further amended by a certain
Sixth Amendment to Non-Recourse Receivables Purchase Agreement dated December 29, 2005, as further amended by a certain Seventh Amendment to Non-Recourse Receivables
Purchase Agreement dated as of July 17, 2006, and as further amended by a certain Eighth Amendment to Non-Recourse Receivables Purchase Agreement dated as of September 15,
2006 (as further amended from time to time, the "Purchase Agreement"). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Purchase Agreement.

	2.
	DESCRIPTION OF CHANGE IN TERMS.

Modification to Purchase Agreement.

	A.
	The
Purchase Agreement shall be amended by deleting Section 2.1 thereof and inserting in lieu thereof the following Section 2.1: 

"2.1    Sale and Purchase.    Subject to the terms and conditions of this Agreement, with respect to each Purchase, effective on
each applicable Purchase Date, Seller agrees to sell to Buyer and Buyer agrees to buy from Seller all right, title, and interest (but none of the obligations with respect to) of the Seller to the
payment of all sums owing or to be owing from the Account Debtors under each Purchased Receivable to the extent of the Purchased Receivable Amount for such Purchased Receivable. 

        Each
purchase and sale hereunder shall be in the sole discretion of Buyer and Seller. In any event, Buyer will not (i) purchase any Receivables in excess of an aggregate
outstanding amount exceeding Forty-Five Million Dollars ($45,000,000.00), or (ii) purchase any Receivables under this Agreement after April 16, 2007. The purchase of each
Purchased Receivable may be evidenced by an assignment or bill of sale in a form acceptable to Buyer." 

	3.
	FEES.    Seller shall pay to Buyer a modification fee of $27,250.00, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. Seller shall also reimburse Buyer for all legal fees and expenses incurred in connection with this Amendment.

	4.
	CONSISTENT CHANGES.    The Purchase Agreement is hereby amended wherever necessary to reflect the changes described above.

	5.
	RATIFICATION OF DOCUMENTS.    Seller hereby ratifies, confirms, and reaffirms all terms and conditions of the Purchase
Agreement. 

	6.
	CONTINUING VALIDITY.    Seller understands and agrees that in modifying the Purchase Agreement, Buyer is relying upon Seller's
representations, warranties, and agreements, as set forth in the Purchase Agreement. Except as expressly modified pursuant to this Amendment, the terms of the Purchase Agreement remain unchanged and
in full force and effect. Buyer's agreement to modifications to the Purchase Agreement pursuant to this Amendment in no way shall obligate Buyer to make any future modifications to the Purchase
Agreement.

	7.
	NO DEFENSES OF SELLER.    Seller hereby acknowledges and agrees that Seller has no offsets, defenses, claims, or counterclaims
against Buyer with respect to the Purchase Agreement or otherwise, and that if Seller now has, or ever did have, any offsets, defenses, claims, or counterclaims against Buyer, whether known or
unknown, at law or in equity, all of them are hereby expressly WAIVED and Seller hereby RELEASES Buyer from any liability thereunder.

	8.
	COUNTERSIGNATURE.    This Amendment shall become effective only when it shall have been executed by Seller and Buyer. 

[remainder
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        This
Amendment is executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first written above. 

	SELLER:	 	BUYER:
	
ASPEN TECHNOLOGY, INC.	
 	

SILICON VALLEY BANK
	

By:	

/s/ LEO S. VANNONI
	
 	

By:	

/s/ MICHAEL J. FELL

	

Name:	

Leo S. Vannoni
	
 	

Name:	

Michael J. Fell

	

Title:	

VP/Treasurer
	
 	

Title	

Relationship Manager

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NINTH AMENDMENT TO NON-RECOURSE RECEIVABLES PURCHASE AGREEMENTAutoCoded Document

Exhibit 10.1

Execution

SEVENTH
AMENDMENT TO CREDIT AGREEMENT

     THIS
SEVENTH AMENDMENT TO CREDIT AGREEMENT (herein called this
“Amendment”) is executed on April 18, 2007 but is effective as
of March 30, 2007, by and among ENGLOBAL CORPORATION, a Nevada corporation
(“ENGlobal Corporation”), ENGLOBAL CORPORATE SERVICES, INC., a
Texas corporation (“ENGlobal Corporate”), ENGLOBAL ENGINEERING,
INC., a Texas corporation (“ENGlobal Engineering”), ENGLOBAL
CONSTRUCTION RESOURCES, INC., a Texas corporation (“ENGlobal
Construction”), ENGLOBAL SYSTEMS, INC., a Texas corporation
(“ENGlobal Systems”), R.P.M. ENGINEERING, INC., a Louisiana
corporation (“R.P.M. Engineering”), ENGLOBAL TECHNICAL
SERVICES, INC., a Texas corporation, formerly known as ENGlobal Design Group,
Inc. (“ENGlobal Technical”), ENGLOBAL AUTOMATION GROUP, INC., a
Texas corporation, formerly known as ENGlobal Technologies, Inc.
(“ENGlobal Automation”), PEI INVESTMENTS, A TEXAS JOINT
VENTURE, a Texas general partnership (“PEI”), ENGLOBAL CANADA
ULC, an Alberta corporation (“ENGlobal Canada”), WRC
CORPORATION, a Colorado corporation (“WRC”), and WRC CANADA
LTD., an Alberta corporation (“WRC Canada”); individually and
collectively, jointly and severally, ENGlobal Corporation, ENGlobal Corporate,
ENGlobal Engineering, ENGlobal Construction, ENGlobal Systems, R.P.M.
Engineering, ENGlobal Technical, ENGlobal Automation, PEI, ENGlobal
Canada, WRC and WRC Canada are hereinafter called “Borrower”),
and COMERICA BANK (“Bank”).

THE
RECITALS

     WHEREAS,
Borrower and Bank have entered into that certain Credit Agreement dated as of
July 27, 2004 (as heretofore amended by a First Amendment to Credit Agreement
effective as of September 30, 2004, a Second Amendment to Credit Agreement
effective as of April 1, 2005, a Third Amendment to Credit Agreement effective
as of July 31, 2005, a Fourth Amendment to Credit Agreement dated as of December
31, 2005, a Fifth Amendment to Credit Agreement effective as of July 26, 2006,
and a Sixth Amendment to Credit Agreement effective as of December 31, 2006, and
as it may hereafter be amended, the “Original Credit
Agreement”); and

     WHEREAS,
Borrower and Bank desire to amend the Original Credit Agreement as provided
herein.

     NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein and in the Original Credit Agreement, in
consideration of the loans which may hereafter be made by Bank to Borrower, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto do hereby agree as follows:

1 

ARTICLE I

Definitions
and References

     Section
1.1 Terms Defined in the Original Credit Agreement. Unless the context  otherwise
requires or unless otherwise expressly defined herein, the terms  defined in the Original
Credit Agreement shall have the same meanings whenever  used in this Amendment.

     Section  1.2
Other Defined Terms. Unless the context otherwise requires, the  following terms
when used in this Amendment shall have the meanings assigned to  them in this Section 1.2.

	 	"Amendment"
means this Seventh Amendment to Credit Agreement. 

	 	“Amendment
Documents” means, collectively, this Amendment, the Renewal Revolving Credit
Note, and any other document required to be delivered by Borrower pursuant to Article IV
hereof. 

	 	"Assignment
of Note and Liens" means that certain Act of Assignment of Note and Liens from
R.P.M. Engineering, Inc., as assignor, in favor of Bank, as assignee, assigning to the
Bank the Baton Rouge Note. 

	 	“Baton
Rouge Note” means that certain promissory note executed by Celtic Management
Group in partial payment for the Baton Rouge Property payable to the order of R.P.M.
Engineering, Inc., secured by a lien on the Baton Rouge Property, and in the form of
Exhibit A attached to this Seventh Amendment to Credit Agreement. 

	 	“Baton
Rouge Property” means that one (1) certain lot or parcel of ground, together
with  all the buildings and improvements thereon, situated in the Parish of Baton Rouge,
State  of Louisiana, in that subdivision known as Park Plaza Subdivision, and being
designated as  Lot One (1) on the official plan of said subdivision prepared by Barnard
and Burk, Inc.,  Consulting Engineers, dated November 18, 1965, a copy of which is on
file and of record in  Original 98, Bundle 6063 of the official records of said Parish
and State, said lot having  such size, shape and dimensions and being subject to such
servitudes as are shown on said  map, such lot being generally known by its street
address of 10252 Mayfair Drive, Baton  Rouge, Louisiana 70809. 

	 	“Credit
Agreement” means the Original Credit Agreement, as amended hereby. 

	 	“Original
Revolving Credit Note” means that certain promissory note dated as of July 26,
2006 in the original principal amount of $30,000,000.00 executed by Borrower payable to
the order of Bank. 

2 

	 	“Renewal
Revolving Credit Note” means that certain promissory note of even date herewith
in the original principal amount of $35,000,000.00 executed by Borrower payable to the
order of Bank, which note renews and increases the Original Revolving Credit Note. 

ARTICLE
II

Amendments
to Original Credit Agreement

     Section  2.1
The Original Credit Agreement is hereby amended by deleting Section 3.1 and  substituting
therefor the following:

	 	“Authority.
Each Loan Party (other than PEI Investments, a Texas Joint Venture) is a corporation that
is a is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and is duly qualified and authorized to do business in
each other jurisdiction in which the character of its assets or the nature of its
business  makes such qualification necessary.” 

     Section  2.2
The Original Credit Agreement is hereby amended by deleting the word  “and” at
the end of Section 5.8(a), deleting the period at the end of  Section 5.8(b) and
substituting therefor a semicolon followed by the word  “and” and inserting the
following new Section 5.8(c):

	 	"(c)
the Baton Rouge Note." 

     Section  2.3
The Original Credit Agreement is hereby amended by deleting Section 5.18 and
substituting therefor the following:

	 	“5.18
Limitation on Contracts. Without prior written approval from Bank, the Borrower
will not enter into (i) any fixed price engineering procurement and construction contract
that exceeds $2,000,000 or (ii) any fixed price engineering services contract that
exceeds  $5,000,000.” 

     Section  2.4
The Original Credit Agreement is hereby amended by adding thereto a new  Section 7.21 to
read as follows:

	 	     “7.21
Guarantor Waivers by Borrower. IF AND TO THE EXTENT THAT ANY OBLIGATION  OF ANY
BORROWER TO BANK SHALL BE CONSIDERED AN OBLIGATION OF GUARANTY OR  SURETYSHIP, THEN THE
FOLLOWING PROVISIONS OF THIS SECTION 7.21 SHALL APPLY WITH  RESPECT TO EACH SUCH BORROWER
SOLELY TO THE EXTENT THAT SUCH BORROWER IS DEEMED  TO ACT IN THE CAPACITY OF A GUARANTOR
AND SHALL NOT EFFECT A WAIVER OF RIGHTS IN  SUCH PERSON’S CAPACITY AS A BORROWER:

3 

	 	     (A)
SUCH BORROWER EXPRESSLY WAIVES THE RIGHT TO REQUIRE BANK FIRST TO PURSUE ANY  OTHER
PERSON, THE COLLATERAL, OR ANY OTHER SECURITY OR GUARANTY THAT MAY BE HELD  FOR THE
INDEBTEDNESS, OR TO APPLY ANY SUCH SECURITY OR GUARANTY TO THE  INDEBTEDNESS BEFORE
SEEKING FROM SUCH BORROWER PAYMENT IN FULL OF ITS  LIABILITIES TO BANK OR PROCEEDING
AGAINST SUCH BORROWER FOR SAME.

	 	     (B)
SUCH BORROWER ACKNOWLEDGES THAT IF BANK MAY, UNDER APPLICABLE LAW, PROCEED TO  REALIZE
ITS BENEFITS UNDER ANY OF THE LOAN DOCUMENTS GIVING BANK A LIEN UPON ANY  COLLATERAL,
WHETHER OWNED BY ANY BORROWER OR BY ANY OTHER PERSON, EITHER BY  JUDICIAL FORECLOSURE OR
BY NON-JUDICIAL SALE OR ENFORCEMENT, BANK MAY, AT ITS  SOLE OPTION, DETERMINE WHICH OF
ITS REMEDIES OR RIGHTS IT MAY PURSUE WITHOUT  AFFECTING ANY OF ITS RIGHTS AND REMEDIES.
IF, IN THE EXERCISE OF ANY OF ITS  RIGHTS AND REMEDIES, BANK SHALL FORFEIT ANY OF ITS
RIGHTS OR REMEDIES, INCLUDING  ITS RIGHT TO ENTER A DEFICIENCY JUDGMENT AGAINST ANY
BORROWER OR ANY OTHER  PERSON, WHETHER BECAUSE OF ANY APPLICABLE LAWS PERTAINING TO “ELECTION
OF  REMEDIES” OR THE LIKE, SUCH BORROWER HEREBY CONSENTS TO SUCH ACTION BY BANK  AND
WAIVES ANY CLAIM BASED UPON SUCH ACTION, EVEN IF SUCH ACTION BY BANK SHALL  RESULT IN A
FULL OR PARTIAL LOSS OF ANY RIGHTS OF SUBROGATION WHICH SUCH  BORROWER MIGHT OTHERWISE
HAVE HAD BUT FOR SUCH ACTION BY BANK. ANY ELECTION OF  REMEDIES THAT RESULTS IN THE
DENIAL OR IMPAIRMENT OF THE RIGHT OF BANK TO SEEK A  DEFICIENCY JUDGMENT AGAINST ANY
BORROWER SHALL NOT IMPAIR ANY OTHER  BORROWER’S OBLIGATION TO PAY THE FULL AMOUNT OF
THE INDEBTEDNESS. IN THE  EVENT BANK SHALL BID AT ANY FORECLOSURE OR TRUSTEE’S SALE
OR AT ANY PRIVATE  SALE PERMITTED BY LAW OR THE LOAN DOCUMENTS, BANK MAY BID ALL OR LESS
THAN THE  AMOUNT OF THE INDEBTEDNESS AND THE AMOUNT OF SUCH BID NEED NOT BE PAID BY BANK
BUT SHALL BE CREDITED AGAINST THE INDEBTEDNESS. THE AMOUNT OF THE SUCCESSFUL BID  AT ANY
SUCH SALE, WHETHER BANK OR ANY OTHER PARTY IS THE SUCCESSFUL BIDDER,  SHALL BE
CONCLUSIVELY DEEMED TO BE THE FAIR MARKET VALUE OF THE COLLATERAL AND  THE DIFFERENCE
BETWEEN SUCH BID AMOUNT AND THE REMAINING BALANCE OF THE  INDEBTEDNESS SHALL BE
CONCLUSIVELY DEEMED TO BE THE AMOUNT OF THE INDEBTEDNESS  GUARANTEED BY SUCH BORROWER,
NOTWITHSTANDING THAT ANY PRESENT OR FUTURE LAW OR  COURT DECISION OR RULING MAY HAVE THE
EFFECT OF REDUCING THE AMOUNT OF ANY  DEFICIENCY CLAIM TO WHICH BANK MIGHT OTHERWISE BE
ENTITLED BUT FOR SUCH BIDDING  AT ANY SUCH SALE.

	 	     (C)
SUCH BORROWER AGREES THAT BANK SHALL BE UNDER NO OBLIGATION TO (I) MARSHAL ANY  ASSETS IN
FAVOR OF SUCH BORROWER, (II) PROCEED FIRST AGAINST ANY OTHER BORROWER  OR PERSON OR ANY
PROPERTY OF ANY OTHER BORROWER OR PERSON OR AGAINST ANY  COLLATERAL, (III) ENFORCE FIRST
ANY OTHER GUARANTEED INDEBTEDNESS WITH RESPECT  TO, OR SECURITY FOR, THE INDEBTEDNESS, OR
(IV) PURSUE ANY OTHER REMEDY IN  BANK’S POWER THAT SUCH BORROWER MAY NOT BE ABLE TO
PURSUE ITSELF AND THAT  MAY LIGHTEN SUCH BORROWER’S BURDEN, ANY RIGHT TO WHICH SUCH
BORROWER HEREBY  EXPRESSLY WAIVES.

	 	     (D)
EACH BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE A MATERIAL INDUCEMENT  TO BANK’S
CONTINUING TO MAKE LOANS AND TO ISSUE LETTERS OF CREDIT AND THAT  BANK IS RELYING UPON
THE FOREGOING WAIVERS IN ITS FUTURE DEALINGS WITH SUCH  BORROWER.”

4 

     Section  2.5
The Defined Terms Addendum to the Original Credit Agreement is hereby  amended by
deleting the definition of “Agreement” and substituting  therefor the following:

	 	“‘Agreement’ shall
mean this Credit Agreement, including the Defined Terms Addendum and the Loan Terms,
Conditions and Procedures Addendum, together with all exhibits and schedules, as amended
by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth
Amendment, Sixth Amendment and Seventh Amendment, and as it may be further amended from
time to time.” 

     Section  2.6
The Defined Terms Addendum to the Original Credit Agreement is hereby  amended by
deleting the definition of “Applicable Interest Rate” and  substituting
therefor the following:

	 	“Applicable
Interest Rate’ shall mean, with respect to the Indebtedness from time to time
outstanding under any Note the rate or rates provided in the following table: 

			
	Funded Debt to EBITDA	 	Eurodollar Margin	 	Base Rate	 
	Greater than 2.50x	 	200 basis points (2%)	 	Prime	 
	Less than or equal to 2.50x but	 	175 basis points (1.75%)	 	Prime	 
	greater than or equal to 2.00x	 				
	Less than 2.00x	 	150 basis points (1.5%)	 	Prime	 
	 					

	 	provided,
however, the “Eurodollar Margin,” as used herein, shall be 200 basis  points
(2%) until the Borrower has submitted a Compliance Certificate and  Financial Statements
in accordance with Section 4.3(c) of this Credit Agreement  to Bank reflecting two (2)
consecutive, profitable quarters of earnings.” 

     Section  2.7
The Defined Terms Addendum to the Original Credit Agreement is hereby  amended by
deleting the definition of “Loan Documents” and  substituting therefor the
following:

	 	     “‘Loan
Documents’ shall mean collectively, this Agreement, the Notes, the  Assignment
of Note and Liens, any reimbursement agreement or other documentation  executed in
connection with any Letter of Credit, and any other documents,  instruments or agreements
evidencing, governing, securing, guaranteeing or  otherwise relating to or executed
pursuant to or in connection with any of the  Indebtedness or any Loan Document (whether
executed and delivered prior to,  concurrently with or subsequent to this Agreement), as
such documents may have  been or may hereafter be amended from time to time.”

5 

     Section  2.8
The Defined Terms Addendum to the Original Credit Agreement is hereby  amended by adding
the following definitions thereto:

	 	"Assignment
of Note and Liens'  means that certain Act of Assignment of Note and Liens from
R.P.M. Engineering, Inc., as assignor, in favor of Bank, as assignee, assigning to the
Bank the Baton Rouge Note." 

	 	“‘Baton
Rouge Note’ means that certain promissory note executed by Celtic  Management
Group in partial payment for the Baton Rouge Property payable to the  order of R.P.M.
Engineering, Inc., secured by a lien on the Baton Rouge  Property, and in the form of
Exhibit A attached to this Seventh Amendment to  Credit Agreement.” 

	 	“‘Baton
Rouge Property’ means that one (1) certain lot or parcel of ground,  together
with all the buildings and improvements thereon, situated in the Parish  of Baton Rouge,
State of Louisiana, in that subdivision known as Park Plaza  Subdivision, and being
designated as Lot One (1) on the official plan of said  subdivision prepared by Barnard
and Burk, Inc., Consulting Engineers, dated  November 18, 1965, a copy of which is on
file and of record in Original 98,  Bundle 6063 of the official records of said Parish
and State, said lot having  such size, shape and dimensions and being subject to such
servitudes as are  shown on said map, such lot being generally known by its street
address of 10252  Mayfair Drive, Baton Rouge, Louisiana 70809.” 

	 	“‘Seventh
Amendment’ shall mean that certain Seventh Amendment to Credit  Agreement
effective as of March 30, 2007 among Borrower and Bank.” 

     Section  2.9
The Defined Terms Addendum to the Original Credit Agreement is hereby  amended by
deleting the definition of “Revolving Credit Maximum  Amount” and substituting
therefor the following:

	 	“‘Revolving
Credit Maximum Amount’ shall mean THIRTY FIVE MILLION DOLLARS  ($35,000,000).” 

     Section  2.10
The Defined Terms Addendum to the Original Credit Agreement is hereby  amended by
deleting the definition of “Revolving Credit Note” and  substituting therefor
the following:

	 	“‘Revolving
Credit Note’ shall mean the Master Revolving Note-Eurodollar  Rate-Maturity
Date-Committed dated July 27, 2004, in the original principal  amount of $22,000,000 made
by Borrower payable to the order of the Bank, as  renewed, extended, modified, and
enlarged on July 26, 2006, to the amount of  $30,000,000 made by Borrower payable to the
order of the Bank, in accordance  with the terms of the Fifth Amendment of even date
therewith, as renewed,  extended, modified, and enlarged on March 30, 2007, to the amount
of $35,000,000  made by Borrower payable to the order of the Bank, in accordance with the
terms  of the Seventh Amendment of even date therewith, and as renewed, extended,
modified, increased or restated from time to time.” 

6 

     Section  2.11
The Loan Terms, Conditions and Procedures Addendum to the Original Credit  Agreement is
hereby amended by deleting Section 1.9(a) and substituting therefor  the following:

	 	“(a)
Letters of Credit. Subject to the terms and conditions of this Agreement  and the
other Loan Documents, the Bank shall, upon request from Borrower from  time to time prior
to the Revolving Credit Maturity Date, issue one or more  Letters of Credit. The Letter
of Credit Liabilities shall not exceed $2,000,000,  provided that, at all times
the sum of (i) the outstanding principal  balance of all Revolving Loans plus (ii)
the Letter of Credit Liabilities  shall not exceed the Revolving Credit Maximum Amount.
Letters of Credit may be  issued to finance working capital needs. Each Letter of Credit
issued pursuant  to this Agreement shall be in a minimum amount of $25,000. No Letter of
Credit  shall have a stated expiration date later than thirty (30) days prior to the
Revolving Credit Maturity Date.” 

ARTICLE
III

Sale
of Baton Rouge Property

     Section  3.1
Baton Rouge Property. Bank hereby approves and consents to R.P.M.  Engineering Inc.‘s
sale of the Baton Rouge Property on the condition that  R.P.M. Engineering, Inc. pledge
the Baton Rouge Note as Collateral to secure  payment of the Indebtedness.

     Section  3.2
Release of Lien. Bank hereby agrees to release its lien on the Baton  Rouge
Property under that certain Act of Mortgage and Security Agreement, as  amended, dated
July 27, 2004 from R.P.M. Engineering, Inc., as mortgagor, to  Bank, a copy of which is
on file and of record in Original 587, Bundle 11652 of  the official records of East
Baton Rouge Parish, Louisiana, provided that:

	 	     (a)
R.P.M. Engineering, Inc. (i) completes the sale of the Baton Rouge Property for  a sale
price of not less than $1,850,000, (ii) receives not less than $370,000  in cash proceeds
from the sale of the Baton Rouge Property, (iii) takes  possession of the Baton Rouge
Note representing the balance of the purchase  price for the Baton Rouge Property, and
(iv) secures the Baton Rouge Note with a  first priority lien on the Baton Rouge Property;

	 	     (b)
R.P.M. Engineering, Inc. executes the Assignment of Note and Liens in favor of  Bank; and

7 

	 	     (c)
R.P.M. Engineering, Inc. delivers the original Baton Rouge Note to Bank for Bank  to hold
as Collateral.

ARTICLE
IV 

Conditions
of Effectiveness 

     Section  4.1
Effective Date. This Amendment shall become effective as of the date  first above
written when and only when Bank shall have received, at Bank’s  office,

	 	     (a)  a
duly executed counterpart of this Amendment and the Renewal Revolving Credit  Note
executed by Borrower;

	 	     (b)  a
duly executed counterpart of the No Oral Agreements of even date herewith to  be executed
by Borrower;

	 	     (c)  a
certificate of each Loan Party dated the date of this Amendment (A) to the  effect that
all of the representations and warranties set forth in Article V  hereof are true and
correct in all material respects at and as of the time of  such effectiveness, (B)
certifying resolutions adopted by the Board of Directors  (or equivalent governing body)
of each Loan Party authorizing the execution,  delivery and performance by each Loan
Party of this Amendment and the other  Amendment Documents to which it is a party and (C)
certifying the names and true  signatures of the officers of each Loan Party authorized
to sign this Amendment  and the other Amendment Documents to which it is a party;

	 	     (d)  each
other document to be executed and delivered by Borrower pursuant hereto or  thereto;

	 	     (e)  all
fees and reimbursements to be paid to Bank pursuant to any Loan Documents or  otherwise
due bank, including reasonable fees and disbursements of Bank’s  attorneys; and

	 	     (f)  an
amendment fee in the amount of $45,000.

ARTICLE
V

Representations
and Warranties

     Section  5.1
Representations and Warranties of Borrower. In order to induce Bank  to enter into
this Amendment, Borrower represents and warrants to Bank that:

	 	     (a)  The
representations and warranties contained in Section 3 of the Original Credit  Agreement
are true and correct at and as of the time of the effectiveness  hereof;

	 	     (b)  Borrower
is duly authorized to execute and deliver this Amendment and the other  Amendment
Documents to which it is a party and is and will continue to be duly  authorized to
borrow and to perform its obligations under the Credit Agreement.  Borrower has duly
taken all corporate or equivalent action necessary to  authorize the execution and
delivery of this Amendment and the other Amendment  Documents to which it is a party and
to authorize the performance of the  obligations of Borrower hereunder and thereunder;

8 

	 	     (c)  The
execution and delivery by Borrower of this Amendment and the other Amendment  Documents
to which it is a party, the performance by Borrower of its obligations  hereunder and
thereunder and the consummation of the transactions contemplated  hereby and thereby do
not and will not conflict with any provision of law,  statute, rule or regulation or of
the articles of incorporation and bylaws or  partnership agreement of any Borrower, or of
any material agreement, judgment,  license, order or permit applicable to or binding upon
Borrower, or result in  the creation of any lien, charge or encumbrance upon any assets
or properties of  Borrower. Except for those which have been duly obtained, no consent,
approval,  authorization or order of any court or governmental authority or third party
is  required in connection with the execution and delivery by Borrower of this  Amendment
and the other Amendment Documents to which it is a party or to  consummate the
transactions contemplated hereby and thereby;

	 	     (d)  When
duly executed and delivered, each of this Amendment, Credit Agreement, the  Renewal
Revolving Credit Note, the Assignment of Note and Liens and the other  Amendment
Documents will be a legal and binding instrument and agreement of each  Borrower party
thereto, enforceable in accordance with its respective terms,  except as limited by
bankruptcy, insolvency and similar laws applying to  creditors’ rights generally and
by principles of equity applying to  creditors’ rights generally; and

	 	     (e)  No
material adverse change has occurred in the financial condition or businesses  or in the
consolidated financial condition or businesses of Borrower since the  date of the most
recently delivered financial statements.

ARTICLE
VI

Miscellaneous

     Section  6.1
Ratification of Agreement. The Original Credit Agreement as hereby  amended is
hereby ratified and confirmed in all respects. The Loan Documents, as  they may be
amended or affected by the various Amendment Documents, are hereby  ratified and
confirmed in all respects. Any reference to the Credit Agreement in  any Loan Document
shall be deemed to refer to this Amendment also. Any reference  to the Notes in any other
Loan Document shall be deemed to be a reference to the  Renewal Revolving Credit Note
issued and delivered pursuant to this Amendment.  Any reference to the Loan Documents in
any other Loan Document shall be deemed  to be a reference to and include the Assignment
of Note and Liens. The  execution, delivery and effectiveness of this Amendment and the
other Amendment  Documents shall not, except as expressly provided herein, operate as a
waiver of  any right, power or remedy of Bank under the Credit Agreement or any other
Loan  Document nor constitute a waiver of any provision of the Credit Agreement or any
other Loan Document.

9 

     Section  6.2
Ratification of Security Documents. Borrower and Bank acknowledge and  agree that
any and all indebtedness, liabilities or obligations, arising under  or in connection
with the Letter of Credit Liabilities or the Notes, are  Indebtedness and are secured
indebtedness under, and are secured by, (i) the  Security Agreement (Accounts Receivable
and Equipment) dated as of July 27, 2004  executed by each of ENGlobal Corporation,
ENGlobal Corporate Services, Inc.,  Thermaire, Inc. (since dissolved), ENGlobal
Engineering, Inc., ENGlobal  Construction Resources, Inc., ENGlobal Systems, Inc., R.P.M.
Engineering, Inc.,  ENGlobal Technologies, Inc. (now known as ENGlobal Automation Group,
Inc.),  ENGlobal Constant Power, Inc. (since dissolved), Senftleber & Associates,
L.P. (since dissolved) and ENGlobal Design Group, Inc. (now known as ENGlobal  Technical
Services, Inc.) in favor of Bank, and (ii) the Security Agreement  (Accounts Receivable
and Equipment) dated as of July 26, 2006 executed by each  of PEI Investments, a Texas
Joint Venture, ENGlobal Canada, ULC, WRC Corporation  and WRC Canada, Ltd. in favor of
Bank.

     Section  6.3
Survival of Agreements. All representations, warranties, covenants  and agreements
of Borrower herein shall survive the execution and delivery of  this Amendment, the
issuance and delivery of the Renewal Revolving Credit Note  and the performance hereof,
and shall further survive until all of the  Indebtedness is paid in full. All statements
and agreements contained in any  certificate or instrument delivered by Borrower
hereunder or under the Credit  Agreement to Bank shall be deemed to constitute
representations and warranties  by, or agreements and covenants of, Borrower under this
Amendment and under the  Credit Agreement.

     Section  6.4
Loan Documents. This Amendment, the Renewal Revolving Credit Note,  the Assignment
of Note and Liens and the other Amendment Documents are each a  Loan Document, and all
provisions in the Credit Agreement pertaining to Loan  Documents apply hereto and thereto.

     Section  6.5
Governing Law. This Amendment shall be governed by and construed in  accordance
with the laws of the State of Texas and any applicable laws of the  United States of
America in all respects, including construction, validity and  performance.

     Section  6.6
Counterparts; Fax. This Amendment may be separately executed in  counterparts and
by the different parties hereto in separate counterparts, each  of which when so executed
shall be deemed to constitute one and the same  Amendment. This Amendment may be duly
executed by facsimile or other electronic transmission.

     Section  6.7
THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT  BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,  CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

10 

THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[REMAINDER OF
PAGE INTENTIONALLY BLANK] 

11 

     IN
WITNESS WHEREOF, this Amendment is effective as of March 30, 2007.

	 	BORROWER:

ENGLOBAL CORPORATION,
  a Nevada corporation  

By: _________________________________  
R.W.
Raiford,  
Chief Financial Officer and Treasurer 

 ENGLOBAL CORPORATE SERVICES, INC.,  
a
Texas corporation  

By: _________________________________ 
 R.W. Raiford,  
Chief Financial
Officer and Treasurer 

 ENGLOBAL ENGINEERING, INC., 
 a Texas corporation

  By:
_________________________________ 
 R.W. Raiford,  
Chief Financial Officer and Treasurer

ENGLOBAL CONSTRUCTION  RESOURCES, INC., 
a Texas corporation  

By:
_________________________________
  R.W. Raiford,
  Chief Financial Officer and Treasurer 

Signature
Page 1 

	 	ENGLOBAL
SYSTEMS, INC., 
 a Texas corporation  

By: _________________________________  
R.W. Raiford,

Chief Financial Officer and Treasurer

  R.P.M. ENGINEERING, INC.,  
a Louisiana corporation

By: _________________________________  
R.W. Raiford,  
Chief Financial Officer and
Treasurer  

ENGLOBAL TECHNICAL SERVICES, INC.,  
a Texas corporation, formerly known as

ENGlobal Design Group, Inc.

  By: _________________________________  
R.W.  Raiford,  
Chief
Financial Officer and Treasurer

  ENGLOBAL AUTOMATION GROUP, INC.,  
a Texas corporation,
formerly known as
 ENGlobal Technologies, Inc.  

By: _________________________________

R.W. Raiford,  
Chief Financial Officer and Treasurer 

Signature
Page 2 

	 	PEI
INVESTMENTS, A TEXAS JOINT  VENTURE,
 a Texas general partnership  

By:
_________________________________  
R.W. Raiford,  
Chief Financial Officer and Treasurer

ENGLOBAL CANADA ULC,
  an Alberta corporation  

By: _________________________________  
R.W.
Raiford,
  Chief Financial Officer and Treasurer

  WRC CORPORATION,
  a Colorado corporation

By: _________________________________
  R.W. Raiford,
  Chief Financial Officer and
Treasurer

  WRC CANADA LTD.,
  an Alberta corporation  

By:
_________________________________  
R.W. Raiford,  
Chief Financial Officer and Treasurer 

Signature
Page 3 

	 	BANK:

COMERICA BANK

  By: _________________________________  
James R. McNutt,  
Sr. Vice President—Texas
Division 

Signature
Page 4 

Exhibit
A

REAL
ESTATE LIEN NOTE

		
	$_________	 	_______________________, 2007	 
	 			

     FOR
VALUE RECEIVED, the undersigned, CELTIC MANAGEMENT CORPORATION, a
__________________ corporation (“Maker”), promises to pay to
the order of R.P.M. ENGINEERING, INC., a Louisiana corporation
(“Payee”), at its offices in Jefferson County, Texas at 3155
Executive Blvd., Suite 222, Beaumont, TX 77705, or other such offices as Payee
may designate, the principal sum of __________________ DOLLARS ($__________)
together with interest thereon from the date hereof until maturity at a
fluctuating rate per annum which shall from day to day be equal to the lesser of
(a) the Maximum Rate (as hereinafter defined), or (b) a rate (“Contract
Rate”), calculated on the basis of the actual days elapsed but computed
as if each year consisted of 360 days, equal to the sum of (i) the WSJ Prime
Rate (as hereinafter defined) in effect as of the date hereof until adjusted on
each subsequent Interest Reset Date (as hereinafter defined), plus (ii)
one-quarter percent (0.25%), each change in the rate to be charged on this Note
to become effective without notice to Maker on the effective date of each change
in the Maximum Rate or the WSJ Prime Rate, as the case may be; provided,
however, that if at any time the Contract Rate shall exceed the Maximum Rate,
thereby causing the interest on this Note to be limited to the Maximum Rate,
then any subsequent reduction in the WSJ Prime Rate shall not reduce the rate of
interest on this Note below the Maximum Rate until the total amount of interest
accrued on this Note equals the amount of interest which would have accrued on
this Note if the Contract Rate had at all times been in effect.

     The
term “WSJ Prime Rate,” as used herein, shall mean, on the date
hereof and on each Interest Reset Date, the rate per annum published in the
Money Rates section of The Wall Street Journal (Southwest Edition) and
identified therein as the highest “prime rate.” If The Wall Street
Journal Prime Rate ceases to be made available by the publisher, or any
successor to the publisher, then Payee will choose a substitute WSJ Prime Rate,
for purposes of calculating the rate applicable to this Note which is based on
comparable information, until such time as the prime rate is published in the
Money Rates section of The Wall Street Journal.

Page 1 of 6
Page Promissory Note 

     On
the first day of each month while this Note is outstanding (each such date being
an “Interest Reset Date”), the WSJ Prime Rate shall be adjusted
and reset to the prime rate as published in The Wall Street
Journal’s Money Rates section for that day or if The Wall Street
Journal is not published for that day, then the next day that The Wall
Street Journal is published (unless publication has ceased, in which event the
provisions of the preceding paragraph of this Note shall apply).

     The
term “Maximum Rate,” as used herein, shall mean at the
particular time in question the maximum rate of interest which, under applicable
law, may then be charged on this Note. If such maximum rate of interest changes
after the date hereof, the Maximum Rate shall be automatically increased or
decreased, as the case may be, without notice to Maker from time to time as of
the effective date of each change in such maximum rate. If applicable law ceases
to provide for such a Maximum Rate of interest, the Maximum Rate shall be equal
to eighteen percent (18%) per annum.

     This
Note shall be due and payable in sixty (60) consecutive monthly installments of
principal plus accrued interest, the first fifty-nine (59) of which shall be in
the amount of $_______ principal each, plus accrued interest on the outstanding
principal balance of this Note, commencing ______, 2007 through and including
_____, 2012, and the sixtieth (60th) and final installment shall be due and
payable on ___________________ __, 2012, when the entire principal sum of
this Note then unpaid, together with all accrued and unpaid interest thereon,
shall be finally due and payable.

     Notwithstanding
anything herein to the contrary, upon an Event of Default (as hereinafter
defined) or at maturity, whether by acceleration or otherwise, all matured
unpaid principal and interest shall bear interest from date of maturity until
paid at the Maximum Rate.

     Maker
may from time to time prepay all or any portion of the principal of this Note
without premium or penalty. All regularly scheduled payments of the indebtedness
evidenced by this Note and by any of the other Note Documents (as hereinafter
defined) shall be applied to any accrued but unpaid interest then due and
payable hereunder or thereunder. All non-regularly scheduled payments shall be
applied to the last maturing installment first. All payments and prepayments of
principal of or interest on this Note shall be made in lawful money of the
United States of America in immediately available funds, at the address of Payee
indicated above, or such other place as the holder of this Note shall designate
in writing to Maker. If any payment of principal of or interest on this Note
shall become due on a day which is not a Business Day (as hereinafter defined),
such payment shall be made on the next succeeding Business Day and any such
extension of time shall be included in computing interest in connection with
such payment. As used herein, the term “Business Day” shall
mean any day other than any day on which commercial banks in the State of
Louisiana are authorized to be closed. The books and records of Payee shall be
prima facie evidence of all outstanding principal of and accrued
and unpaid interest on this Note.

Page 2 of 6
Page Promissory Note 

     This
Note is secured by, inter alia, an Act of Mortgage of even date
herewith from Maker for the benefit of Payee, covering certain real property
situated in East Baton Rouge Parish, Louisiana (the
“Mortgage”).

     This
Note and the Mortgage are referred to collectively as the “Note
Documents.” The holder of this Note is entitled to the benefits and
security provided in the Note Documents.

     Maker
agrees that upon the occurrence of any one or more of the following events of
default (“Event of Default”):

	 	     (a)
failure of Maker to pay any installment of principal of or interest on this Note  or on
any other indebtedness of Maker to Payee when due; or

	 	     (b)
the occurrence of any Event of Default as such term is defined in the Mortgage;

the
holder of this Note may, at its option, without further notice or demand, (i)
declare the outstanding principal balance of and accrued but unpaid interest on
this Note at once due and payable, (ii) foreclose all liens securing payment
hereof, (iii) pursue any and all other rights, remedies and recourses available
to the holder hereof, including but not limited to any such rights, remedies or
recourses under the Note Documents, at law or in equity, or (iv) pursue any
combination of the foregoing.

Page 3 of 6
Page Promissory Note 

     The
failure to exercise the option to accelerate the maturity of this Note or any
other right, remedy or recourse available to the holder hereof upon the
occurrence of an Event of Default hereunder shall not constitute a waiver of the
right of the holder of this Note to exercise the same at that time or at any
subsequent time with respect to such Event of Default or any other Event of
Default. The rights, remedies and recourses of the holder hereof, as provided in
this Note and in any of the other Note Documents, shall be cumulative and
concurrent and may be pursued separately, successively or together as often as
occasion therefore shall arise, at the sole discretion of the holder hereof. The
acceptance by the holder hereof of any payment under this Note which is less
than the payment in full of all amounts due and payable at the time of such
payment shall not (i) constitute a waiver of or impair, reduce, release or
extinguish any right, remedy or recourse of the holder hereof, or nullify any
prior exercise of any such right, remedy or recourse, or (ii) impair, reduce,
release or extinguish the obligations of any party liable under any of the Note
Documents as originally provided herein or therein.

     This
Note and all of the other Note Documents are intended to be performed in
accordance with, and only to the extent permitted by, all applicable usury laws.
If any provision hereof or of any of the other Note Documents or the application
thereof to any person or circumstance shall, for any reason and to any extent,
be invalid or unenforceable, neither the application of such provision to any
other person or circumstance nor the remainder of the instrument in which such
provision is contained shall be affected thereby and shall be enforced to the
greatest extent permitted by law. It is expressly stipulated and agreed to be
the intent of the holder hereof to at all times comply with the usury and other
applicable laws now or hereafter governing the interest payable on the
indebtedness evidenced by this Note. If the applicable law is ever revised,
repealed or judicially interpreted so as to render usurious any amount called
for under this Note or under any of the other Note Documents, or contracted for,
charged, taken, reserved or received with respect to the indebtedness evidenced
by this Note, or if Payee’s exercise of the option to accelerate the
maturity of this Note, or if any prepayment by Maker results in Maker having
paid any interest in excess of that permitted by law, then it is the express
intent of Maker and Payee that all excess amounts theretofore collected by Payee
be credited on the principal balance of this Note (or, if this Note and all
other indebtedness arising under or pursuant to the other Note Documents have
been paid in full, refunded to Maker), and the provisions of this Note and the
other Note Documents immediately be deemed reformed and the amounts thereafter
collectable hereunder and thereunder reduced, without the necessity of the
execution of any new document, so as to comply with the then applicable law, but
so as to permit the recovery of the fullest amount otherwise called for
hereunder or thereunder. All sums paid, or agreed to be paid, by Maker for the
use, forbearance, detention, taking, charging, receiving or reserving of the
indebtedness of Maker to Payee under this Note or arising under or pursuant to
the other Note Documents shall, to the maximum extent permitted by applicable
law, be amortized, prorated, allocated and spread throughout the full term of
such indebtedness until payment in full so that the rate or amount of interest
on account of such indebtedness does not exceed the usury ceiling from time to
time in effect and applicable to such indebtedness for so long as such
indebtedness is outstanding. Notwithstanding anything to the contrary contained
herein or in any of the other Note Documents, it is not the intention of Payee
to accelerate the maturity of any interest that has not accrued at the time of
such acceleration or to collect unearned interest at the time of such
acceleration.

Page 4 of 6
Page Promissory Note 

     If
this Note is placed in the hands of an attorney for collection, or is collected
in whole or in part by suit or through probate, bankruptcy or other legal
proceedings of any kind, Maker agrees to pay, in addition to all other sums
payable hereunder, all costs and expenses of collection, including but not
limited to reasonable attorneys’ fees.

     Maker
and any and all endorsers and guarantors of this Note severally waive
presentment for payment, notice of nonpayment, protest, demand, notice of
protest, notice of intent to accelerate, notice of acceleration and dishonor,
diligence in enforcement and indulgences of every kind and without further
notice hereby agree to renewals, extensions, exchanges or releases of
collateral, taking of additional collateral, indulgences or partial payments,
either before or after maturity.

          THIS
NOTE HAS BEEN EXECUTED UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF LOUISIANA.

Page 5 of 6
Page Promissory Note 

     THIS
WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH
RESPECT TO THE SUBJECT MATTER HEREIN CONTAINED, AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

	 	MAKER:

CELTIC MANAGEMENT CORPORATION,
 a _______________ corporation

 By:
_____________________________________
 Printed Name: _____________________________ 
Title:
____________________________________ 

Page 6 of 6
Page Promissory Note 

ALLONGE  TO
NOTE 

_____________________
___, 2007 

     Allonge
to that certain Promissory Note dated ___________________ ___, 2007 executed by
CELTIC MANAGEMENT CORPORATION, in the original principal amount of
$____________, payable to the order of R.P.M. ENGINEERING, INC. Such Promissory
Note is hereby transferred pursuant to the following endorsement with the same
force and effect as if such endorsement were set forth at the end or on the
reverse of such Promissory Note.

     Pay
to the order of COMERICA BANK.

	 	R.P.M.
ENGINEERING INC. 

 By:____________________________  
R. W. Raiford,  
Chief Financial
Officer and Treasurer

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