Document:

Exhibit 4.1

 Exhibit 4.1 
  

CHASE ISSUANCE TRUST 
 as Issuer

  
 CLASS C(2005-3) TERMS DOCUMENT 
 dated as of October 6, 2005 
  
 to 
  
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
  
 to 
  
 AMENDED AND RESTATED 
 INDENTURE 
 dated as of October 15, 2004 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE

	 ARTICLE I Definitions and Other Provisions of General Application
	  	 
			
	 Section 1.01
	  	Definitions	  	1
	 Section 1.02
	  	Governing Law	  	4
	 Section 1.03
	  	Counterparts	  	4
	 Section 1.04
	  	Ratification of Indenture and Indenture Supplement	  	4
		
	 ARTICLE II The Class C(2005-3) Notes
	  	 
			
	 Section 2.01
	  	Creation and Designation	  	5
	 Section 2.02
	  	Interest Payment	  	5
	 Section 2.03
	  	Calculation Agent; Determination of LIBOR	  	5
	 Section 2.04
	  	Payments of Interest and Principal	  	6
	 Section 2.05
	  	Targeted Amount to be on Deposit in the Class C Reserve Sub-Account	  	6
	 Section 2.06
	  	Form of Delivery of Class C(2005-3) Notes; Depository; Denominations	  	7
	 Section 2.07
	  	Delivery and Payment for the Class C(2005-3) Notes	  	8
	 Section 2.08
	  	Supplemental Indenture	  	8
	 Section 2.09
	  	Appointment of co-Paying Agent and co-Transfer Agent	  	8

 THIS CLASS C(2005-3) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of October 6, 2005. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall
create a new Tranche of CHASEseries Class C Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular; 
  
 (2) all other terms used herein which are
defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the
respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions
contained in this Terms Document or in any such certificate or other document shall control; 
  
 (4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular
provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term
“including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; references to any Person include that
Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 
  

 1 

 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
  
 (6) each capitalized term defined herein shall relate only to the Class C(2005-3) Notes and no other Tranche of CHASEseries
Notes issued by the Issuer. 
  
 “Asset Pool
Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, among the Issuer, the Indenture Trustee and
the Collateral Agent. 
  
 “BDL” means Banque de
Luxembourg. 
  
 “Beneficiary” means Chase Bank
USA, National Association, in its capacity as beneficial owner of the Issuer. 
  
 “Calculation Agent” is defined in Section 2.03(a). 
  
 “Class C Reserve Account Percentage” means, for any Monthly Period, (i) zero, if the Quarterly Excess Spread Percentage for such
Monthly Period is greater than or equal to 4.50%, (ii) 1.25%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 4.50% and greater than or equal to 4.00%, (iii) 1.75%, if the Quarterly Excess Spread Percentage
for such Monthly Period is less than 4.00% and greater than or equal to 3.50%, (iv) 2.75%, if the Quarterly Excess Spread Percentage is less than 3.50% and greater than or equal to 3.00%; (v) 4.00%, if the Quarterly Excess Spread
Percentage for such Monthly Period is less than 3.00% and greater than or equal to 2.50%, (vi) 5.00%, if the Quarterly Excess Spread Percentage is less than 2.50% and greater than or equal to 2.00%, (vii) 6.00%, if the Quarterly Excess
Spread Percentage for such Monthly Period is less than 2.00% and greater than or equal to 0.00% and (viii) 6.75%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 0.00%. 
  
 “Class C(2005-3) Note” means any Note, substantially in the
form set forth in Exhibit A-3 to the Indenture Supplement, designated therein as a Class C(2005-3) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class C(2005-3) Noteholder” means a Person in whose name a Class C(2005-3) Note is registered in the Note
Register. 
  
 “Class C(2005-3) Termination Date”
means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2005-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is
discharged and satisfied pursuant to Article V thereof. 
  
 “Controlled Accumulation Amount” means $10,000,000; provided, however, if the Accumulation Period Length is determined to be less than twelve months 
  

 2 

 pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note
Transfer Date with respect to the Class C(2005-3) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
  
 “Indenture” means the Amended and Restated Indenture, dated as of October 15, 2004, between the Issuer
and the Indenture Trustee. 
  
 “Indenture
Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the Issuer, the Indenture Trustee and the Collateral Agent. 
  
 “Initial Dollar Principal Amount” means $120,000,000. 
  
 “Interest Payment Date” means November 15, 2005 and the
15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or
in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 
  
 “Issuance Date” means October 6, 2005. 
  
 “Legal Maturity Date” means November 15, 2012. 
  
 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States
dollar deposits determined by the Trustee on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means (1) October 4, 2005 for the period from and including the Issuance Date through but excluding
November 15, 2005 and (2) for each interest period thereafter, the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are
transacted in the London interbank market. 
  
 “Note
Interest Rate” means a rate per annum equal to 0.34% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means Wells Fargo Bank, National Association.

  
 “Predecessor Note” means, with respect to any
particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such 
  

 3 

 particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of
the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  

“Quarterly Excess Spread Percentage” means, for each Determination Date, the percentage equivalent of a fraction the numerator of
which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London
interbank market selected by the Beneficiary. 
  
 “Scheduled Principal Payment Date” means September 15, 2010. 
  
 “Stated Principal Amount” means $120,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate Market Report (or such other page as may replace that page on that service for the purpose of displaying
comparable rates or prices). 
  
 Section 1.02 Governing
Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03
Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04 Ratification of Indenture and Indenture Supplement.
As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture
Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 4 

 ARTICLE II 
  
 The Class C(2005-3) Notes 
  
 Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class C Notes to be issued pursuant to the Indenture
and the Indenture Supplement to be known as the “CHASEseries Class C(2005-3) Notes.” 
  
 Section 2.02 Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class C(2005-3) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of
days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class
C(2005-3) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class C(2005-3) Notes; provided, however, that for the first Interest Payment Date the amount of
interest due with respect to the Class C(2005-3) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class C(2005-3) Notes on the Issuance Date, (y) 40 divided by 360 and (z) the Note
Interest Rate in effect with respect to the Class C(2005-3) Notes determined on October 4, 2005. Interest on the Class C(2005-3) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year. 
  
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note
Transfer Date with respect to the Class C(2005-3) Notes, the Indenture Trustee shall deposit into the Class C(2005-3) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class C(2005-3)
Notes.  
  
 Section 2.03 Calculation Agent;
Determination of LIBOR. 
  
 (a) The Issuer hereby agrees
that for so long as any Class C(2005-3) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee
as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if
the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m., London time, on such date. If such 
  

 5 

 rate does not appear on Telerate Page 3750 or on a comparable system as is customarily used to quote LIBOR the rate for
that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank
market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination
Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the
Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
  

(c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.

  
 (d) On each LIBOR Determination Date, the Calculation Agent
shall send to the Indenture Trustee and the Beneficiary, by facsimile transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.04 Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class C(2005-3) Note which is punctually paid or duly provided for by the Issuer and
the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class C(2005-3) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date
of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class C(2005-3) Noteholders to receive payments from the Issuer will terminate on the first Business
Day following the Class C(2005-3) Termination Date. 
  
 Section 2.05 Targeted Amount to be on Deposit in the Class C Reserve Sub-Account. The amount targeted, with respect to any Monthly Period, to be on deposit in the Class C Reserve Sub-Account for the Class C(2005-3) Notes on the
Note Transfer Date in the immediately succeeding Monthly Period, will, on the issuance date, be zero 
  

 6 

 and, thereafter, will be an amount equal to the product of (A) the Class C Reserve Account Percentage for such
Monthly Period times (B) the Initial Outstanding Dollar Principal Amount of the CHASEseries Notes (exclusive of (x) any Class or Tranche of CHASEseries Notes which will be paid in full on the applicable Payment Date for such Class or
Tranche of CHASEseries Notes in the immediately succeeding Monthly Period and (y) any Class or Tranche of CHASEseries Notes which will have a Nominal Liquidation Amount of zero on the applicable Payment Date for such Class or Tranche of
CHASEseries Notes in the immediately succeeding Monthly Period) times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2005-3) Notes as of the close of business on the last day of such Monthly Period
(exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note Transfer Date for such Tranche of CHASEseries Class C Notes in the next succeeding Monthly Period) and the denominator of which is the
Nominal Liquidation Amount of all Class C Notes in the CHASEseries as of the close of business on the last day of such Monthly Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note
Transfer Date for all Tranches of CHASEseries Class C Notes in the next succeeding Monthly Period); provided however, that if an Early Redemption Event or Event of Default occurs with respect to the Class C(2005-3) Notes, the amount targeted to be
on deposit will be the Initial Outstanding Dollar Principal Amount of the Class C(2005-3) notes. 
  
 The Issuer may change the percentage and methodology set forth above for calculating the amount targeted to be on deposit in the Class C Reserve
Sub-Account for the Class C(2005-3) Notes without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the CHASEseries that the change in
such percentage or formula will not result in a Ratings Effect with respect to any Outstanding Class C(2005-3)Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion.

  
 Section 2.06 Form of Delivery of Class C(2005-3)
Notes; Depository; Denominations. 
  
 (a) The Class
C(2005-3) Notes shall each be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 
  
 (b) The Depository for the Class C(2005-3) Notes shall be The Depository Trust Company, and the Class C(2005-3) Notes shall initially be registered in
the name of Cede & Co., its nominee. 
  
 (c) The Class
C(2005-3) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount. 
  

 7 

 Section 2.07 Delivery and Payment for the Class C(2005-3) Notes. The Issuer shall execute and
deliver the Class C(2005-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2005-3) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
  
 Section 2.08 Supplemental Indenture. The Issuer may enter into a
supplemental indenture with respect to the Class C(2005-3) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit
enhancement for the Class C(2005-3) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such
change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
  
 Section 2.09 Appointment of co-Paying Agent and co-Transfer Agent. BDL is appointed as co-paying agent and as co-transfer agent in Luxembourg
with respect to the Class C(2005-3) Notes for so long as the Class C(2005-3) Notes are listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the Indenture Supplement, the Asset Pool Supplement and the Indenture to the Paying
Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise. 
  

[END OF ARTICLE II] 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA,
	 	 	NATIONAL ASSOCIATION,
	 	 	 as Beneficiary and not in its individual
 capacity

		
	By:	 	 /s/ Keith Schuck

	Name:	 	Keith Schuck
	Title:	 	President
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Indenture Trustee and Collateral Agent

		
	By:	 	 /s/ Cheryl Zimmerman

	Name:	 	Cheryl Zimmerman
	Title:	 	Assistant Vice President

  
 Signature Page to
the Chase Issuance Trust 
 CHASEseries Class C(2005-3) Terms Document 
  

 9Credit Agreement

 Exhibit 10.5 
  
 

 
  
 JPMorgan Chase Bank, N. A. 
  
 September 28, 2005 
  
 Matrix Service Company 
 Attn: George L. Austin, Vice President 
 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
Section 2.7.2(x) of the Credit Agreement to allow the sale of the Sale Property as described in the Credit Agreement (the “First Subject Sale”), with these terms that vary from the Credit Agreement: 
  
 (a) the “Price” shall be $3,500,000, along with an additional
series of deferred payments of up to an aggregate of $200,000 as provided in the purchase agreement applicable to the First Subject Sale, 
  
 (b) the “Release Price” shall be “$3,000,000 plus the pledge and assignment of all Seller’s rights to receive the remaining $700,000
of the Price and all related rights in form acceptable to Agent, and with documents evidencing such obligation also in form acceptable to Agent”, and 

 (c) the “Payment and Certain Other Terms” shall be “Net Cash Sale Proceeds (less $700,000)
paid at closing, plus an additional $500,000 paid in cash over a term of sixty-three (63) months, plus the remaining $200,000 paid over a term of five (5) years if certain conditions are met as described in the purchase agreement related
to the First Subject Sale. Buyer’s obligation to pay the additional $500,000 shall be evidenced by a promissory note in favor of Matrix Service, Inc., an Oklahoma corporation (the “Purchase Note”), and in regard to the Purchase Note
(i) all rights of the Loan Parties, or any of them, in, to and arising under the Purchase Note are and shall be subject to the existing liens, pledges and security interests in favor of Agent as set forth in the Security Agreements,
(ii) Borrower and the Loan Parties hereby grant to Agent, consistent with the terms of the Security Agreements, a first priority lien and security interest in, and pledge of, the Purchase Note, and (iii) Borrower shall deliver (or cause to
be delivered) the Purchase Note to Agent immediately after closing, along with an allonge to the Purchase Note assigning the Purchase Note to Agent;” and 
  

(d) the “Application of Net Cash Sale Proceeds after Receipt by Agent” shall be “Of Net Cash Sale Proceeds received at closing, all
shall be paid to Agent immediately, and $1,550,000 shall be applied to the principal balance of the Term Loan in the inverse order of maturity thereof, and the other Net Cash Sale Proceeds shall be applied to the principal balance of the Revolving
Loan (but not Revolving B Loan) (with no corresponding decrease in the Revolving Loan Commitment). All payments received by Borrower or any Loan Party attributable to the $500,000 and $200,000 obligations (including without limitation all payments
of interest thereon) shall be paid immediately to Agent and applied to the principal balance of the Revolving Loan (with no corresponding decrease in the Revolving Loan Commitment). Notwithstanding the foregoing, if as of the date of receipt of any
such proceeds an Unmatured Default or Default has occurred and is continuing, all proceeds shall be applied as specified by the Required Lenders;” 
  
 (ii) a partial waiver of Sections 6.4 and 6.13 of the Credit Agreement to allow the sale 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 “New 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” (the “New Subject Sale,”
collectively with the First Subject Sale the “Subject Sales” and each a “Subject Sale”), 
  
 (iii) 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, 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 if any (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 Security Agreement or 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 
  
 Member FDIC 

 (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 otherwise in the Credit Agreement or in
this waiver letter and amendment (in regard to the First Subject Sale) or on Exhibit “A” (in regard to the New Subject Sale), 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 in the Credit Agreement (as to the First Subject Sale) or on Exhibit “A” (as to the New Subject Sale)
unless otherwise agreed by the Required Lenders; 
  
 (iii) all
other terms of such Subject Sale shall be in accordance with the Credit Agreement (as to the First Subject Sale) and Exhibit “A” (as to the New Subject Sale); 
  
 (iv) all Net Cash Sale Proceeds of such Subject Sale shall be paid to Agent immediately upon receipt by the applicable Loan
Party for application to the Obligations as provided above (as to the First Subject Sale) and as provided in Exhibit “A” (as to the New Subject Sale); 
  
 (v) all requirements relating to the First Subject Sale set forth in the Credit Agreement or the New Subject Sale set forth
on Exhibit “A”, as applicable, 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 Sale Proceeds paid to Agent on or before November 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 such closing, certified by the chief financial officer of the Borrower; 
  
 (b) from and after such closing 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 Loans, 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). 
  
 Member FDIC 

 The term “Net Cash Sale 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 in the Credit Agreement (as to the First Subject Sale) and on Exhibit “A” (as to the New Subject Sale) 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 July 20, 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
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. 
  
 Member FDIC 

 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:	 	  

	 	 	Dianne Wooley, Vice President

  
 Member FDIC

 ACCEPTED AND AGREED TO: 
  

Borrower: 
  
 MATRIX SERVICE COMPANY 
  

			
	By:	 	  

	 	 	George L. Austin, Vice President

  
 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:	 	  

	 	 	George L. Austin, Vice President

  
 Member FDIC 

			
	Lenders:
	
	J. P. MORGAN CHASE BANK, N.A.
		
	 By:
	 	  

	 	 	 Dianne Wooley, Vice President

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 	 	 Patrick McGovern, Senior Vice President

	
	 UMB BANK, N.A.

		
	 By:
	 	  

	 	 	 Michael P. Nash, Senior Vice President

	
	 WELLS FARGO BANK, NA

	 (formerly known as Wells Fargo Bank Texas, NA)

		
	 By:
	 	  

	 	 	 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:	 	  

	 	 	David Moore, Senior Vice President

  
 Member FDIC 

 Exhibit “A” 
  

													
	 Common Name

	  	Description of Any Real
Property Included (As
Applicable)

	  	Personal
Property
Included

	  	Price

	  	Release Price

	  	Payment and Certain
Other Terms

	  	Application of Net Sale
Proceeds after Receipt by
Agent

	Holmes Facility	  	Street Address: 0 Price
Street a/k/a 101 Talbot
Ave,Ridley Township,
Delaware County,
Pennsylania.	  	That property
described on
the attached
Schedule A-1	  	$750,000	  	$720,000	  	All Net Cash Proceeds
paid at closing	  	Applied to principal
balance of Term Loan in
inverse order of maturity
thereof

 SCHEDULE A-1 
  
 Description of Personal Property

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