Document:

EXHIBIT
10.2

 

AMENDMENT NO. 2

 

TO

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDMENT NO.
2 dated as of July 22, 2004 (this “Amendment”),
to the AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 9, 2003,  as amended by Amendment No. 1 dated as of
March 19, 2004 (as may be further amended, supplemented, restated or otherwise
modified from time to time, the “Credit
Agreement”), among Washington Group International, Inc., a Delaware
corporation (the “Borrower”), the
Lenders and the Issuers party thereto from time to time and Credit Suisse First
Boston, as administrative agent for the Lenders and the issuers thereunder (in
such capacity, together with its successors in such capacity, the “Administrative Agent”).  Unless otherwise specified herein, all capitalized
terms used in this Amendment shall have the meanings ascribed to them in the
Credit Agreement.

 

A.                                   The Borrower
has requested that the Administrative Agent and the Lenders agree to amend
certain provisions of the Credit Agreement.

 

B.                                     Pursuant
to Section 11.1(a) of the Credit
Agreement, the consent of the Requisite Lenders is required to effect the
amendments set forth herein; provided
that the amendments set forth herein extending the scheduled maturity or
reducing the rate of interest on any Loan or Reimbursement Obligation
outstanding or any fee payable under the Credit Agreement shall also require
the consent of each Lender in respect of which such scheduled maturity is being
extended or rate of interest on any Loan or Reimbursement Obligation outstanding
to such Lender or fee payable to such Lender (including, in each case, any
interest or fee ultimately payable to any Tranche B Investor) is being reduced
by the terms of this Amendment (in each case, such Lenders or Tranche B
Investors, the “Affected Lenders”).

 

C.                                     The Borrower,
the Administrative Agent, the Requisite Lenders and the Affected Lenders have
agreed to amend the Credit Agreement on the terms and subject to the conditions
herein provided.

 

Accordingly,
in consideration of the above premises, the Borrower and the Administrative
Agent, at the direction of the Requisite Lenders and the Affected Lenders,
agree as follows:

 

Section 2.                                            Amendments
to the Credit Agreement.  As of the
Amendment No. 2 Effective Date (as defined below), the Credit Agreement is
hereby amended as follows:

 

(a)                                  by
inserting the definition of “Amendment No. 2”
and “Amendment No. 2 Effective Date”
in the appropriate alphabetical order in Section
1.1 (Defined Terms) of the Credit Agreement, each to read in its
entirety as follows:

 

“ “Amendment No. 2” means
Amendment No. 2 to this Agreement, dated as of July 22, 2004, among the
Borrower, the Lenders the Administrative Agent, the Documentation Agent and the
Syndication Agent.

 

 

“Amendment No. 2 Effective Date”
has the meaning ascribed to such term in Amendment No. 2.”

 

(b)                                 by
deleting the definition of the term “Capital
Expenditures” in Section 1.1
(Defined Terms) of the Credit Agreement in its entirety and
inserting in lieu thereof the following:

 

“ “Capital Expenditures”
means, with respect to any Person for any period, (a) the aggregate of amounts
that would be reflected as additions to property, plant or equipment on a
consolidated balance sheet of such Person and its Subsidiaries prepared in
conformity with GAAP, excluding interest capitalized during construction less (b) the aggregate of such amounts
used to acquire replacement assets useful in the Borrower’s business (x) in
connection with a Reinvestment Event as permitted under Section 2.9 (Mandatory Prepayments) or (y)
to the extent such amounts arose from a sale or disposition of equipment
described in Section 8.4(c) (Sale of Assets)
of the Credit Agreement; provided, however,
that the Capital Expenditures of the Borrower shall (i) include the Capital
Expenditures of Permitted Joint Ventures and non- Wholly-Owned Subsidiaries
only to the extent of the aggregate direct and indirect interest therein of the
Borrower, any other Loan Party and any Wholly-Owned Subsidiary of any of them
and (ii) exclude Capital Expenditures by Permitted Joint Ventures or
non-Wholly-Owned Subsidiaries to the extent made from proceeds of Non-Recourse
Indebtedness of such Permitted Joint Ventures or non-Wholly-Owned
Subsidiaries.”

 

(c)                                  by
deleting the amounts “$25,000,000” and “$75,000,000” from clause (d) of the definition of the term
“Permitted Acquisition” in Section 1.1
(Defined Terms) of the Credit Agreement and substituting therefor
the amounts “$30,000,000” and “$80,000,000”, respectively.

 

(d)                                 by
inserting the words “except where such joint venture has incurred Non-Recourse
Indebtedness the terms of which either (i) require security interests in such
Stock, Stock Equivalents or other interests to be granted to secure such
Non-Recourse Indebtedness or (ii) prohibit such a security interest to be
granted to the Lenders” immediately after the word “Subsidiaries” in the
definition of the term “Permitted Joint
Ventures” in Section 1.1 (Defined
Terms) of the Credit Agreement.

 

(e)                                  by
deleting the definition of the term “Scheduled
Termination Date” in Section 1.1
(Defined Terms) of the Credit Agreement in its entirety and
inserting in lieu thereof the following:

 

“ “Scheduled Termination Date”
means (i) with respect to the Tranche A Facility, the fourth anniversary of the
Effective Date and (ii) with respect to the Tranche B Facility, the fourth
anniversary of the Amendment No. 2 Effective Date.”

 

(f)                                    by
deleting clause(a) of Section 2.5 (Reduction and termination of the
Commitments) of the Credit Agreement in its entirety and inserting
in lieu thereof the following:

 

“(a)                            The
Borrower may, upon at least five Business Days’ prior notice to the
Administrative Agent, terminate in whole or reduce in part the unused portions
of the respective Commitments of the Lenders; provided,
however, that (i) each partial

 

2

 

reduction
shall be in an aggregate amount that is an integral multiple of
$5,000,000,   (ii) if at the time of
such reduction, any Loans are outstanding, each such reduction shall be made pro
rata between the Tranche A Facility and the Tranche B Facility, ratably in
accordance with each Lender’s Commitment, and (iii) if any such reduction is to
be made in a non pro rata manner as between the Tranche A Facility and the
Tranche B Facility (a “Non Pro Rata
Commitment Reduction”) at a time when Letters of Credit are
outstanding, then as a condition to the effectiveness of such Non Pro Rata
Commitment Reduction, the Administrative Agent shall have received a
certificate executed on behalf of the Company by a Responsible Officer to the
effect that, as of the date of such Non Pro Rata Commitment Reduction, the
statements set forth in clauses (b)(i)
and (b)(ii) of Section 3.2 (conditions Precedent to Each Loan and
Letter of Credit) are true and correct.  On and as of the date of any Non Pro Rata Commitment Reduction,
the Letter of Credit Undrawn Amounts at such time shall be reallocated to the
Lenders in accordance with their new respective Commitments.”

 

(g)                                 by
deleting the reference to “50%” set forth in Section
5.4 (Capital Expenditures) of the Credit Agreement and substituting
therefor a reference to “100%”.

 

(h)                                 by
deleting the amount “$35,000,000” set forth in Section
8.3(e) (Investments) of the Credit Agreement and substituting
therefore the amount “$50,000,000”.

 

(i)                                     by
deleting Section 8.5(e) (Restricted
Payments) of the Credit Agreement in its entirety and substituting
in lieu thereof the following:

 

“(e)                            any
redemption, retirement, sinking fund or similar payment,    purchase or other acquisition for value,
direct or indirect, of any Stock or Stock Equivalents of the Borrower or any of
its Subsidiaries or any dividend, distribution or other payment, whether direct
or indirect, on account of any Stock or Stock Equivalents of the Borrower or any
of its Subsidiaries, provided, however,
that (i) the aggregate amount of all such Restricted Payments shall not exceed
(x) $50,000,000 in any Fiscal Year and (y) $100,000,000 from the Effective Date
until the payment in full of the Obligations and (ii) no such Restricted
Payment may be made unless, at the time thereof and after giving effect thereto
and the source of funds therefor, the Borrower and its consolidated
Subsidiaries would have at least $150,000,000 of cash and Cash Equivalents;”

 

(j)                                     by
deleting Section 8.9 (Restrictions on
Subsidiary Distributions; No New Negative Pledge) of the Credit
Agreement in its entirety and substituting in lieu thereof the following:

 

“Section 8.9 Restrictions on
Subsidiary Distributions; No New Negative Pledge

 

Other than pursuant to the Loan Documents and any agreements governing
any Non-Recourse Indebtedness, or any purchase money Indebtedness or Capital
Lease Obligations permitted by Section
8.1(b), (d) or (e) (Indebtedness)
(in the case of any such purchase money Indebtedness or Capital Lease
Obligations, so long as any prohibition or limitation is only effective against
the assets financed thereby), the Borrower shall not, and shall not permit any
of its subsidiaries to, (a) other than for Permitted Joint Ventures, agree to
enter into or suffer to exist or become effective any consensual encumbrance or
restriction of any kind on the ability of such Subsidiary to

 

3

 

pay dividends
or make any other distribution or transfer of funds or assets or make loans or
advances to or other Investments in, or pay any Indebtedness owed to, the
Borrower or any other Subsidiary of the Borrower or (b) enter into or suffer to
exist or become effective any enforceable agreement prohibiting or limiting the
ability of the Borrower or any Subsidiary to create, incur, assume or suffer to
exist any Lien upon any of its property, assets or revenues, whether now owned
or hereafter acquired to secure the Obligations, including any agreement requiring
any other Indebtedness or Contractual Obligation to be equally and ratably
secured with the Obligations.”

 

(k)                                  by
deleting Schedule II to the Credit Agreement in its entirety and substituting
in lieu thereof the Amended and Restated Schedule II attached hereto as Exhibit
A.

 

Section 3.                                            Conditions
to Effectiveness.  This Amendment
shall become effective as of the date (the “Amendment
No. 2 Effective Date”) on which the Administrative Agent shall have
received each of the following:

 

(a)                                  counterparts of
this Amendment duly executed by the Company, the Administrative Agent, the
Requisite Lenders and the Affected Lenders;

 

(b)                                 all
fees and expenses required to be paid or reimbursed by the Company pursuant to
the Engagement Letter dated July 15, 2004, between the Company and CSFB; and

 

(c)                                  such other
items from the Loan Parties as the Administrative Agent may reasonably request
in writing.

 

Section 4.                                            Representations
and Warranties.  The Borrower hereby
represents and warrants to the Lenders, the Issuers, the Tranche B Investors
and the Administrative Agent, with respect to all Loan Parties, as follows:

 

(a)                                  After
giving effect to this Amendment, each of the representations and warranties in Article IV (Representations and Warranties)
of the Credit Agreement and in the other Loan Documents are true and correct in
all material respects on and as of the date hereof as though made on and as of
such date, except to the extent that any such representation or warranty
expressly relates to an earlier date and except for changes therein expressly
permitted by the Credit Agreement.

 

(b)                                 The
Borrower reaffirms the Liens granted pursuant to the Loan Documents to the
Administrative Agent for the benefit of the Lenders and the Issuers, which
Liens shall continue in full force and effect during the term of the Credit
Agreement and any renewals thereof and shall continue to secure the
Obligations.

 

(c)                                  The
execution, delivery and performance by the Borrower of this Amendment have been
duly authorized by all requisite corporate or other action on the part of the
Borrower and will not violate any of the articles of incorporation or by-laws
(or other constituent documents) of the Borrower.

 

(d)                                 This
Amendment has been duly executed and delivered by the Borrower, and each of
this Amendment and the Credit Agreement as amended hereby constitutes the
legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with their terms.

 

4

 

(e)                                  After giving effect
to this Amendment, no Default or Event of Default has occurred and is
continuing as of the date hereof.

 

Section 5.                                            Reference
to and Effect on the Loan Documents

 

(a)                                  As
of the Amendment No. 2 Effective Date, each reference in the Credit Agreement
and the other Loan Documents to “this
Agreement,” “hereunder,”
“hereof,” “herein” or words of like import shall mean
and be a reference to the Credit Agreement as amended hereby.

 

(b)                                 Except
to the extent amended hereby, the Credit Agreement and all of the other Loan
Documents shall remain in full force and effect and are hereby ratified and
confirmed.

 

(c)                                  The
execution, delivery and effectiveness of this Agreement shall not operate as a
waiver of any Default or Event of Default or any right, power, privilege or
remedy of the Administrative Agent, the Documentation Agent, the Syndication
Agent any Lender or any Issuer under the Credit Agreement or any Loan Document,
or constitute a waiver of any provision of the Credit Agreement or any Loan
Document.

 

Section 6.                                            Governing
Law.  This Amendment and the rights
and obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

 

Section 7.                                            Headings.  Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of
this Amendment for any other purposes.

 

Section 8.                                            Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument.  Receipt by the Administrative Agent of a
facsimile copy of an executed signature page hereof shall constitute receipt by
the Administrative Agent of an executed counterpart of this Amendment.

 

[SIGNATURE
PAGES FOLLOW]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

 

	
   

  	
  WASHINGTON GROUP
  INTERNATIONAL, INC.

  
	
   

  	
    as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
       /s/
  Earl L. Ward

  	
   

  
	
   

  	
   

  	
  Name:  Earl L. Ward

  
	
   

  	
   

  	
  Title:  Treasurer & VP Investor Relations

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE FIRST BOSTON, ACTING

  THROUGH ITS CAYMAN ISLANDS BRANCH

  
	
   

  	
  as Administrative Agent, Fronting Lender, Lender

  and Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

6

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

 

	
   

  	
  WASHINGTON GROUP
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE FIRST BOSTON, ACTING

  THROUGH ITS CAYMAN ISLANDS BRANCH,

  
	
   

  	
  as Administrative Agent, Fronting Lender, Lender

  and Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
           /s/
  Jay Chall

  	
   

  
	
   

  	
   

  	
  Name:  Jay Chall

  
	
   

  	
   

  	
  Title:   Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
           /s/
  Vanessa Gomez

  	
   

  
	
   

  	
   

  	
  Name:  Vanessa Gomez

  
	
   

  	
   

  	
  Title: Associate

  
						

 

7

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Harch
  CLO’I. Ltd.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Michael E.
  Lewitt

  
	
   

  	
  Name:  Michael E. Lewitt

  
	
   

  	
  Title:   Authorized Signatory

  
					

 

8

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Oppenheimer
  Senior Floating Rate Fund

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Lisa
  Chaffee

  
	
   

  	
   

  	
  Name:  Lisa Chaffee

  
	
   

  	
   

  	
  Title:   Manager

  
					

 

9

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  STONE
  TOWER CLO LTD.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  STONE TOWER DEBT ADVISORS
  LLC

  
	
   

  	
  its Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ William J.
  Sheoris

  
	
   

  	
  Name:  William J. Sheoris

  
	
   

  	
  Title:   Authorized Signatory

  
						

 

10

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Foothill
  Income Trust, L.P.

  by FIT GP, LLC, its General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Dennis R.
  Ascher

  
	
   

  	
   

  	
  Name:  Dennis Ascher

  
	
   

  	
   

  	
  Title:   Managing Member

  
					

 

11

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  STANWICH
  LOAN FUNDING LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Meredith
  J. Koslick

  
	
   

  	
   

  	
  Name:  Meredith J. Koslick

  
	
   

  	
   

  	
  Title:  Assistant Vice President

  
						

 

12

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Bushnell
  CBNA Loan Funding LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ T. Houghton

  
	
   

  	
  Name: Tim Houghton

  
	
   

  	
  Title:  Attorney-in-fact

  
					

 

13

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Trumball
  THC, Ltd.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ T. Houghton

  
	
   

  	
  Name:  Tim Houghton

  
	
   

  	
  Title:  Attorney-in-fact

  
					

 

14

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  SRF
  2000, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Meredith J. Koslick

  
	
   

  	
  Name:  Meredith J. Koslick

  
	
   

  	
  Title:  Assistant Vice President

  
					

 

15

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  SRF
  TRADING, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J.
  Koslick

  
	
   

  	
  Name:  Meredith J. Koslick

  
	
   

  	
  Title:   Assistant Vice President

  
					

 

16

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  AURUM
  CLO 2002-1-LTD.

  	
   

  
	
   

  	
   

  	
   

  
	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  By:
  Columbia Management Advisors, Inc.

  (f/k/a Stein Roe & Farnham Incorporated)

  As Investment Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas R.
  Bouchard

  
	
   

  	
   

  	
  Name:  Thomas R. Bouchard

  
	
   

  	
   

  	
  Title:  V.P.

  
						

 

17

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
     FRANKLIN
  TOTAL RETURN FUND

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  
	
   

  	
   

  	
  Name:  Richard Hsu

  
	
   

  	
   

  	
  Title:   Vice President

  
						

 

18

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  FRANKLIN
  TEMPLETON

  LIM. DURATION INCOME TRUST

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  
	
   

  	
  Name:  Richard Hsu

  
	
   

  	
  Title:   Vice President

  
					

 

19

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME
  OF LENDER/

  TRANCHE B INVESTOR:

  	
  FRANKLIN FLOATING RATE

  DAILY ACCESS FUND

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  
	
   

  	
   

  	
  Name:  Richard Hsu

  
	
   

  	
   

  	
  Title:   Vice President

  
						

 

20

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Franklin
  Floating Rate Master Series

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  
	
   

  	
   

  	
  Name:  Richard Hsu

  
	
   

  	
   

  	
  Title:   Vice President

  
					

 

21

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  Franklin
  Floating Rate Trust

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  
	
   

  	
   

  	
  Name:  Richard Hsu

  
	
   

  	
   

  	
  Title:    Vice President

  
						

 

22

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Close
  International Custody Services Limited as Custodian of

  	
   

  
	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  CYPRESSTREE
  INTERNATIONAL LOAN HOLDING

  COMPANY LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jeffrey Megar

  
	
   

  	
  Name:  Jeffrey Megar

  
	
   

  	
  Title:   Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   /s/ Preston I.
  Carnes, Jr.

  
	
   

  	
  Preston
  I. Carnes, Jr.

  
	
   

  	
  Managing
  Director

  
					

 

23

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Hewitt’s Island CDO, Ltd.

  	
   

  
	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  By:

  	
  CypressTree Investment
  Management Company, Inc.

  as Portfolio Manager.

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/ Jeffrey Megar

  
	
   

  	
  Name:  Jeffrey Megar

  
	
   

  	
  Title:   Director

  
						

 

24

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
   

  	
  LaSalle Bank N.A.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steve Trepicciome

  
	
   

  	
   

  	
  Name:  Steve Trepicciome

  
	
   

  	
   

  	
  Title:   FVP

  
						

 

25

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
   

  	
  XI. Re Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
   

  	
  By: Stanfield Capital
  Partners LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
   

  	
  as its Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher A. Bondy

  
	
   

  	
  Name: Christopher A.
  Bondy

  
	
   

  	
  Title:   Partner

  
						

 

26

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
   

  	
  Stanfield CLO Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
   

  	
  By: Stanfield Capital
  Partners LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
   

  	
  as its Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher A. Bondy

  
	
   

  	
   

  	
  Name: Christopher A.
  Bondy

  
	
   

  	
   

  	
  Title:   Partner

  
							

 

27

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
   

  	
  Stanfield/RFM
  Transatlantic CDO Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
   

  	
  By: Stanfield Capital
  Partners LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
   

  	
  as its Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher A. Bondy

  
	
   

  	
  Name: Christopher A.
  Bondy

  
	
   

  	
  Title:  Partner

  
						

 

28

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
   

  	
  Windsor Loan Funding,
  Limited

  	
   

  
	
  NAME OF LENDER/

  	
   

  	
  By:  Stanfield Capital Partners LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
   

  	
  as its Investment Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher A. Bondy

  
	
   

  	
  Name:  Christopher A. Bondy

  
	
   

  	
  Title:   Partner

  
						

 

29

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
   

  	
  Hamilton CDO, Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
   

  	
  By: Stanfield Capital
  Partners LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
   

  	
  As its Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher A. Bondy

  
	
   

  	
  Name:  Christopher A. Bondy

  
	
   

  	
  Title:   Partner

  
						

 

30

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  COLUMBIA
  FLOATING RATE

  LIMITED LIABILITY COMPANY

  	
   

  
	
  NAME OF LENDER/

  	
  By:
  Highland Capital Management, L.P.

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Its
  Investment Advisor

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/ Todd Travers

  
	
   

  	
  Name:  Todd Travers

  
	
   

  	
  Title:  Senior Portfolio Manager

  Highland Capital Management, L.P.

  
					

 

31

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Denali
  Capital LLC, managing member of

  	
   

  
	
  NAME OF LENDER/

  	
  DC
  Funding Partners, portfolio manager for

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  DENALI
  CAPITAL CLO II, LTD., or an affiliate

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John P. Thacker

  
	
   

  	
  Name:  John P. Thacker

  
	
   

  	
  Title:   Chief Credit Officer

  
					

 

32

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Denali
  Capital LLC, managing member of

  	
   

  
	
  NAME OF LENDER/

  	
  DC
  Funding Partners, portfolio manager for

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  DENALI
  CAPITAL CLO III, LTD., or an affiliate

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John P. Thacker

  
	
   

  	
  Name:  John P. Thacker

  
	
   

  	
  Title:   Chief Credit Officer

  
					

 

33

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  GULF
  STREAM-COMPASS CLO 2002-1 LTD

  	
   

  
	
  NAME OF LENDER/

  	
  By:  Gulf Stream Asset Management LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  As
  Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Barry Love

  
	
   

  	
  Name:  Barry Love

  
	
   

  	
  Title:   Chief Credit Officer

  
					

 

34

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  GULFSTREAM-COMPASS
  CLO 2003-1-LTD.

  	
   

  
	
  NAME OF LENDER/

  	
  By:  Gulf Stream Asset Management LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  As
  Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Barry Love

  
	
   

  	
  Name:  Barry Love

  
	
   

  	
  Title:   Chief Credit Officer

  
					

 

35

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  TRS
  CALLISTO, LLC

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/ Deborah O’Keefe

  
	
   

  	
  Name:  Deborah O’Keefe

  
	
   

  	
  Title:

  
					

 

36

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Nationwide
  Mutual Insurance Company

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas S. Leggett

  
	
   

  	
  Name:  Thomas S. Leggett

  
	
   

  	
  Title:  Associate Vice President

  Public Bonds

  
					

 

37

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Nationwide
  Life Insurance Company

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas S. Leggett

  
	
   

  	
  Name:  Thomas S. Leggett

  
	
   

  	
  Title:  Associate Vice President

  Public Bonds

  
					

 

38

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
  Nationwide
  Life Insurance Company

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Separate
  Account–B Retirement

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/ Thomas S. Leggett

  
	
   

  	
  Name:  Thomas S. Leggett

  
	
   

  	
  Title:  Associate Vice President

  Public Bonds

  
					

 

39

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Harch
  CLO’I, Ltd.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Michael E. Lewitt

  
	
   

  	
  Name:  Michael E. Lewitt

  
	
   

  	
  Title:    Authorized Signatory

  
					

 

40

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  By:
  Callidus Debt Partners CLO Fund II; Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
  By:
  Its Collateral Manager,

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Callidus
  Capital Management, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mavis Taintor

  
	
   

  	
   

  	
  Name:  Mavis Taintor

  
	
   

  	
   

  	
  Title:   Managing Director

  
					

 

41

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  GSC
  Partners CDO Fund IV, Limited

  	
   

  
	
   

  	
  By: GSCP (NJ), L.P., as
  Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Seth Katzenstein

  
	
   

  	
  Name:  Seth Katzenstein

  
	
   

  	
  Title:   Vice President

  
					

 

42

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  GSC
  Partners Gemini Fund Limited

  	
   

  
	
   

  	
  By:
  GSCP (NJ), L.P., as Collateral Monitor

  	
   

  
	
   

  	
  By:
  GSCP (NJ), INC., its General Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Seth Katzenstein

  
	
   

  	
   

  	
  Name:   Seth Katzenstein

  
	
   

  	
   

  	
  Title:    Vice President

  
						

 

43

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  TRYON
  CLO LTD. 2000-I

  	
   

  
	
  NAME OF LENDER/

  	
  By:  Babson Capital Management LLC

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  as
  Collateral Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Glenn P. Duffy

  
	
   

  	
   

  	
  Name:  Glen P. Duffy, CFA

  
	
   

  	
   

  	
  Title:     Managing Director

  
						

 

44

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  APEX
  (IDM) CDO I, LTD.

  	
   

  
	
  NAME OF LENDER/

  	
  ELC
  (CAYMAN) LTD. CDO SERIES 1999-I

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  By:  Babson Capital Management LLC as
  Collateral Manager

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/ Glenn P. Duffy

  
	
   

  	
  Name:  Glenn P. Duffy, CFA

  
	
   

  	
  Title:    Managing Director

  
					

 

45

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  BABSON
  CLO LTD. 2003-I

  	
   

  
	
  NAME OF LENDER/

  	
  By:  Babson Capital Management LLC as

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Collateral
  Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Glenn P. Duffy

  
	
   

  	
   

  	
  Name:  Glenn P. Duffy CFA

  
	
   

  	
   

  	
  Title:   Managing Director

  
						

 

46

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Landmark
  CDO Limited

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Joe Moroney

  
	
   

  	
   

  	
  Name:  Joe Moroney

  
	
   

  	
   

  	
  Title:   Authorized Signatory

  
						

 

47

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Landmark
  II CDO Limited

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Joe Moroney

  
	
   

  	
   

  	
  Name:  Joe Moroney

  
	
   

  	
   

  	
  Title:   Authorized Signatory

  
						

 

48

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Landmark
  III CDO Limited

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Joe Moroney

  
	
   

  	
  Name:  Joe Moroney

  
	
   

  	
  Title:   Authorized Signatory

  
					

 

49

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  First
  Dominion Funding II

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David H. Lerner

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

50

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  First
  Dominion Funding III

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David H. Lerner

  
	
   

  	
  Name:  David H. Lerner

  
	
   

  	
  Title:    Authorized Signatory

  
					

 

51

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Monument
  Park CDO Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
  By:
  Blackstone Debt Advisors L.P.

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  As
  Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. T. Criares

  
	
   

  	
  Name:  Dean T. Criares

  
	
   

  	
  Title:    Managing Director

  
					

 

52

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Hanover
  Square CLO Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
  By:
  Blackstone Debt Advisors L.P.

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  As
  Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. T. Criares

  
	
   

  	
  Name:  Dean T. Criares

  
	
   

  	
  Title:    Managing Director

  
					

 

53

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
   

  	
  Union
  Square CDO Ltd.

  	
   

  
	
  NAME OF LENDER/

  	
  By:
  Blackstone Debt Advisors L.P.

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  As
  Collateral Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. T. Criares

  
	
   

  	
  Name:  Dean T. Criares

  
	
   

  	
  Title:    Managing Director

  
					

 

54

 

 

SIGNATURE
PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  	
   

  	
   

  
	
  TRANCHE B INVESTOR:

  	
  Bank
  of Montreal

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ S. Vaher

  
	
   

  	
  Name:  S. Vaher

  
	
   

  	
  Title:    MD

  
					

 

55

SIGNATURE PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

	
  NAME OF
  LENDER/

  TRANCHE B INVESTOR:

  	
  Bear Stearns Investment Products Inc.

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/ R.
  Bram Smith

  
	
   

  	
  Name:

  	
  Richard Bram
  Smith

  
	
   

  	
  Title:

  	
  Vice
  President

  
						

 

56

 

	
   

  	
  CSAM Funding I

  	
   

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Marshak

  	
   

  
	
   

  	
  Name:  Andrew Marshak

  
	
   

  	
  Title:   Authorized Signatory

  

 

57

 

	
   

  	
  CSAM Funding II

  	
   

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Marshak

  	
   

  
	
   

  	
  Name:  Andrew Marshak

  
	
   

  	
  Title:   Authorized Signatory

  

 

58

 

SIGNATURE PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

 

	
  NAME OF LENDER/

  TRANCHE B INVESTOR:

  	
  CSAM Funding III

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   /s/
  David H. Lerner

  
	
   

  	
  Name:

  	
  David H.
  Lerner

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
						

 

59

 

	
   

  	
  CSAM Funding IV

  	
   

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Andrew Marshak

  	
   

  
	
   

  	
  Name:  Andrew Marshak

  
	
   

  	
  Title:   Authorized Signatory

  

 

60

 

SIGNATURE PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

	
  NAME OF
  LENDER/

  TRANCHE B INVESTOR:

  	
  Forest Multi-Strategy Master Fund SPC,

  	
   

  
	
   

  	
  on behalf of its multi-strategy segregated portfolio

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ David Teolis

  
	
   

  	
  Name:

  	
  David Teolis

  
	
   

  	
  Title:

  	
  Portfolio
  Manager

  
						

 

61

 

SIGNATURE PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

	
   

  	
  APEX (IDM) CDO I. LTD.

  
	
  NAME OF
  LENDER/

  	
  LLC (CAYMAN) LTD. CDO SERIES 1999-I

  
	
  TRANCHE B
  INVESTOR:

  	
  By:  Babson Capital Management
  LLC as Collateral Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Glenn P.
  Duffy

  
	
   

  	
   

  	
  Name:  Glenn P. Duffy, CFA

  
	
   

  	
   

  	
  Title:    Managing Director

  
					

 

62

 

SIGNATURE PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

	
  NAME OF
  LENDER/

  TRANCHE B INVESTOR:

  	
  STONE TOWER CLO II LTD.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  STONE TOWER
  DEBT ADVISORS LLC

  
	
   

  	
   

  	
  its
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/
  William J. Sheoris

  
	
   

  	
   

  	
  Name:  William J. Sheoris

  
	
   

  	
   

  	
  Title:    Authorized Signatory

  
					

 

63

 

	
   

  	
  Atrium II

  	
   

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Marshak

  	
   

  
	
   

  	
  Name:  Andrew Marshak

  
	
   

  	
  Title:    Authorized Signatory

  
					

 

64

 

	
   

  	
  Atrium CDO

  	
   

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Marshak

  	
   

  
	
   

  	
  Name:  Andrew Marshak

  
	
   

  	
  Title:    Authorized Signatory

  
					

 

65

 

SIGNATURE PAGE TO

AMENDMENT NO. 2 DATED

AS OF JULY 22, 2004, TO THE

WASHINGTON GROUP, INC.

CREDIT AGREEMENT DATED

AS OF OCTOBER 9, 2003,

AS AMENDED

 

	
  NAME OF
  LENDER/

  TRANCHE B INVESTOR:

  	
  CREDIT SUISSE

  FIRST BOSTON INTERNATIONAL

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ S.
  Martin [illegible]

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: 

  
					

 

66Exhibit 10.50.1

 

AMENDMENT NO. 1 TO SECURITY AGREEMENT

July 30, 2004

 

Reference is
made to that certain Security Agreement dated August 14, 2003, made by and
between Artemis International Solutions Corporation, a Delaware corporation
(the “Borrower”) Artemis
International Solutions Ltd. a United Kingdom corporation (“Guarantor Subsidiary”) and LAURUS MASTER
FUND, LTD., c/o Ogier Corporate Services Ltd., P.O. Box 1234 G.T., Queensgate
House, South Church Street, Grand Cayman, Cayman Islands (the “Laurus”“) (the “Security Agreement”)
pursuant to which, among other things, the Borrower issued a note in the
original principal amount of Five Million Dollars ($5,000,000) (the “Note”) to Laurus.  Capitalized terms used herein without definition shall have the
meanings ascribed to such terms in the Security Agreement.

 

WHEREAS, the
Borrower and Laurus have agreed, as part of the their Restructuring Agreement
executed contemporaneously herewith (the “Restructured Agreement”), to amend
the Security Agreement to reflect the terms of a Secured Revolving Note in the
original principal amount of Three Million Five Hundred Thousand Dollars
($3,500,000) (the Revolving Note”) and a Secured Convertible Minimum Borrowing
Note in the original principal amount of One Million Five Hundred Thousand
Dollars ($1,500,000) (the “MB Note”), each issued as of August 14, 2003 in
exchange for and in substitution of the Note and the Borrower desires to make
such changes and to effect such an exchange; and

 

WHEREAS the
Borrower and Laurus agree that on the date hereof that an aggregate amount of
$1,500,000 is outstanding under the Revolving Note and MB Note, with no monies
being attributed and owed relating to the Revolving Note, while all of the
$1,500,000 that is outstanding is owed and relating to the MB Note.

 

NOW,
THEREFORE, in consideration for the execution and delivery by the Borrower of
this amendment, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Section
2 (a)(i) of the Security Agreement is hereby deleted in its entirety and the
following inserted in its stead:

 

“2. Loans.

 

(a) (i)  Subject to the terms and conditions set
forth herein and in the Ancillary Agreements, Laurus may make loans (the
“Loans”)  to the Company from time to
time during the Term which, in the aggregate at any time outstanding, will not
exceed the lesser of (x) (I) the Capital Availability Amount minus (II)  such reserves as Laurus may reasonably in
its good faith judgment deem proper and necessary from time to time to preserve
and protect Collateral (the “Reserves”) or (y) an amount equal to (I) the
Accounts Availability minus (II) the Reserves. 
The amount derived at any time from Section 2(a)(i)(y)(I) minus

 

 

2(a)(i)(y)(II) shall be
referred to as the “Formula Amount.” Company shall execute and deliver to
Laurus on the Closing Date a Minimum Borrowing Note evidencing the Loans funded
on the Closing Date and a Revolving Note evidencing (without duplication of Loans
evidenced by any Minimum Borrowing Note) the Capital Availability Amount.  From time to time thereafter, Company shall
execute and deliver to Laurus immediately prior to the final funding of each
additional $1,500,000 tranche of Loans (calculated on a cumulative basis for
each such tranche) an additional Minimum Borrowing Note evidencing such
tranche, in the form of Minimum Borrowing Note delivered by Company to Laurus
on the Closing Date. Notwithstanding anything herein to the contrary, whenever
during the Term the outstanding balance on the Minimum Borrowing Note should
equal $0, such portion of the balance of the Revolving Note that exceeds
$1,000,000 shall be deemed to be simultaneously extinguished on the Revolving
Note and transferred to, and evidenced by, a new and additional (serialized)
Minimum Borrowing Note.  Any such new
additional Minimum Borrowing Note shall be subject to the parties agreeing to
an adjusted Fixed Conversion Price, per Section 2.2 of the Secured Convertible
Minimum Borrowing Note, executed contemporaneously herewith.”

 

2.                                       Section
2(c) of the Security Agreement is hereby added and in its entirety shall read
as follows:

 

“2(c) Minimum Borrowing
Amount.  After a registration statement
registering the Registrable Securities (as defined in the Registration rights
Agreement) has been declared effective by the SEC, conversions of the Minimum
Borrowing Amount into the Common Stock of the Company may be initiated as set
forth in the Notes.  From and after the
date upon which the entire outstanding principal of the Minimum Borrowing
Amount (as evidenced by the first Minimum Borrowing Note) is converted into
Common Stock (the “First Conversion Date”), (i) corresponding amounts of all
outstanding Loans (not attributable to the then outstanding Minimum Borrowing
Amount) existing on or made after the First Conversion Date will be aggregated
(and the corresponding amount shall be deducted from Loans under the Revolving
Note) until they reach the sum of $1,500,000 and (ii) the Company will issue a
new (serialized) Minimum Borrowing Note to Laurus in respect of such $1,500,000
aggregation, and (iii) the Company shall prepare and file a subsequent
registration statement with the SEC to register such subsequent Minimum
Borrowing Note as set forth in the Registration Rights Agreement.  Any such new Minimum Borrowing Note shall be
subject to the parties agreeing to an adjusted Fixed Conversion Price, per
Section 2.2 of the Secured Convertible Minimum Borrowing Note, executed
contemporaneously herewith.”

 

 

3.                                       Section
5(b)(iv) of the Security Agreement is hereby deleted in its entirety and the
following inserted in its stead:

 

“(iv) Overadvance Payment.  Without affecting the Company’s obligation
to immediately repay any Loans which exceed the Formula Amount set forth in
Section 2(a) hereof (“Overadvances”), in the event an Overadvance occurs or is
made by Laurus, all such Overadvances shall bear interest at a monthly rate
equal to: two percent (2.0%) of the amount of such Overadvances for each month
or portion thereof as such amounts shall be outstanding (if the Company has not
registered the shares of its Common Stock underlying the conversion of the
Minimum Borrowing Notes and the Warrant on a registration statement declared
effective by the SEC); and one percent (1.0%) of the amount of such
Overadvances for each month or portion thereof as such amounts shall be
outstanding (if the Company has registered the shares of its Common Stock
underlying the conversion of the Minimum Borrowing Notes and the Warrant on a
registration statement declared (and remaining) effective by the SEC).”  Notwithstanding anything herein to the
contrary, and for purposes of clarification, Overadvance Payments shall be
applicable only to those monies borrowed by the Company that exceed $1,500,000
and that are not secured by the Company’s Accounts Receivables as may apply
pursuant to the Restructured Agreement.

 

4.                                       Section
12(n) of the Security Agreement is hereby amended by deleting its last three
sentences beginning with “Notwithstanding the immediately foregoing” and
replacing them with the following:

 

Notwithstanding anything to the contrary
herein, Laurus acknowledges that while the re-audit by Squar Milner of the
Company’s December 31, 2001 consolidated financial statements is now complete,
the Company has decided not to file an amendment to its December 31, 2002 Form
10-K as previously disclosed, which would require obtaining the consents of
certain predecessor auditors to re-issue their audit reports on the Company’s
financial statements for the year ended December 31, 2000.  The Company
has not obtained such consents, and instead, has included all relevant 2001
financial information in the annual report on Form 10-K for the year ended
December 31, 2003.

 

5.                                       Section
12(n) of the Security Agreement is hereby amended by adding the following
provision as its last sentence:

 

Notwithstanding anything to the contrary
herein, Laurus acknowledges that on June 16, 2004, the Company completed a
private placement of $9.0 million of convertibe preferred stock.

 

 

6.                                       The
following definitions shall be inserted in Annex A to the Security Agreement in
their correct alphabetical order:

 

““Minimum Borrowing Amount” means $1,500,000, which such
aggregate amount shall be evidenced by Minimum Borrowing Notes.”

 

““Minimum Borrowing Notes” shall mean each secured convertible
note, which shall be issued in a series, made by the Company in favor of Laurus
to evidence the Minimum Borrowing Amount.”

 

““Notes” means each of the Minimum Borrowing Notes and the
Revolving Note made by Company in favor of Laurus in connection with the
transactions contemplated hereby, as the same may be amended, modified and
supplemented from time to time, as applicable.”

 

““Revolving Note” means that secured revolving note made by the
Company in favor of Laurus in the aggregate principal amount of Three Million
Five Hundred Thousand Dollars ($3,500,000).”

 

““Securities” means the Notes and the Warrants being issued by
the Company to Laurus pursuant to this Agreement and the Ancillary Agreements
and the shares of the common stock of the Company which may be issued pursuant
to conversion of such Notes in whole or in part or exercise of such Warrants.

 

““Warrants” has the meaning set forth in the Registration Rights
Agreement.”

 

7.                                       The
foregoing amendments shall be effective as of August 14, 2003.

 

8.                                       There
are no other amendments to the Security Agreement, and all of the other forms,
terms and provisions of the Security Agreement remain in full force and effect.

 

9.                                       The
Borrower hereby represents and warrants to Laurus that as of the date hereof
all representation, warranties and covenants made by Borrower in connection
with the Security Agreement are true correct and complete and all of Borrower’s
covenants requirements have been met.

 

 

IN WITNESS WHEREOF,
each of the Borrower the Guarantor Subsidiary and Laurus has caused this
Amendment No. 1 to Security Agreement to be signed in its name effective as of
this 14th day of August, 2003.

 

 

	
   

  	
  ARTEMIS INTERNATIONAL

  SOLUTIONS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARTEMIS INTERNATIONAL

  SOLUTIONS LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAURUS MASTER FUND, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00070-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00070-of-00352.parquet"}]]