Document:

Exhibit 10.74

 

SECOND
AMENDMENT TO REVOLVING LOAN PROMISSORY NOTE

 

This
Second Amendment to Revolving Loan Promissory Note (this “Amendment”) is
entered into on June 28, 2010, effective on June 29, 2010, by and
between AMERICAN AGCREDIT, PCA, an agricultural
credit association chartered pursuant to the Farm Credit Act of 1971 (“Lender”),
and ML MACADAMIA ORCHARDS, L.P., a Delaware
limited partnership, and ML RESOURCES, INC.,
a Hawaii corporation (together, “Borrower”).

 

R  E  C  I  T  A
L  S:

 

A.            Borrower and Lender entered into a
Third Amended and Restated Credit Loan Agreement dated June 30, 2009 (the “Credit
Agreement”) whereby Lender agreed, among other things, to modify the terms of
repayment and extend the maturity date of that certain Revolving Loan Promissory
Note dated July 8, 2008 in the amount of Six Million Dollars
($6,000,000.00) made by Borrower in favor of Lender (the “Revolving Note”).

 

B.            On June 30, 2009 the parties
hereto entered into a First Amendment to Revolving Loan Promissory Note
extending the Maturity Date from May 1, 2008 to June 29, 2010.  The parties now desire to further extend the
Maturity Date.

 

C.            The parties are entering into this
Amendment to evidence the extension of the maturity of the Revolving Note.

 

NOW, THEREFORE, taking the foregoing Recitals into account,
and for other good and valuable consideration, the receipt of which are hereby
acknowledged, the parties agree as follows:

 

A  G  R  E  E  M
E  N  T

 

1.             Amendment.  The maturity date of that
certain Revolving Loan Promissory Note dated July 8, 2008 in the amount of
Six Million Dollars ($6,000,000.00) (the commitment under which was reduced to
Five Million Dollars ($5,000,000.00) by instrument dated June 29, 2009)
made by Borrower in favor of Lender (the “Revolving Note”) is hereby extended
from June 29, 2010 to July 15, 2010. 
The Revolving Note, as extended hereby, is and remains secured by: (i) a
Mortgage, Security Agreement, Financing Statement and Assignment of Rents 

 

 

dated
January 8, 2009 and recorded by the State of Hawaii Bureau of Conveyances
on January 14, 2009 as Doc No. 2009-004913 as amended on June 30,
2009 by a document recorded by the State of Hawaii Bureau of Conveyances on July 6,
2009 as Doc Nos. 2009-103496 thru 2009-103497; 
(ii) a Security Agreement dated as of May 1, 2000; (iii) a
Supplemental Security Agreement dated as of May 1, 2004; (iv) a
Second Supplement Security Agreement dated as of July 8, 2008; and (v) a
Third Supplemental Security Agreement dated as of June 30, 2009.

 

2.             No Other Amendments.  Except as modified expressly herein, all of
the terms and conditions of the Revolving Note and all other writings and
agreements in favor of Lender in connection with the Revolving Note (including,
without limitation, all mortgages, security agreements, financing statement,
guarantees, pledges, or otherwise) remain and shall remain unchanged and in
full force and effect.

 

[signatures appear on the following page]

 

 

IN WITNESS WHEREOF, this Second Amendment to
Revolving Loan Promissory Note has been duly executed as of the date first
written above.

 

	
   

  	
  ML
  MACADAMIA ORCHARDS, L.P., a Delaware limited
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ML
  RESOURCES, INC., a Hawaii corporation, its managing general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Wayne W. Roumagoux

  
	
   

  	
   

  	
  Name:

  	
  Wayne
  W. Roumagoux

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President/CFO

  
	
   

  	
   

  
	
   

  	
  ML
  RESOURCES, INC., a Hawaii corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Wayne W. Roumagoux

  
	
   

  	
  Name:

  	
  Wayne
  W. Roumagoux

  
	
   

  	
  Title:

  	
  Vice
  President/CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERICAN
  AGCREDIT, PCA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Vern Zander

  
	
   

  	
  Name:

  	
  Vern
  Zander

  
	
   

  	
  Title:

  	
  Vice
  PresidentExhibit 10.1

 

Execution
Copy

 

 

AECOM TECHNOLOGY CORPORATION

 

$175,000,000 5.43% Senior Notes, Series A, due July 7, 2020

$125,000,000 1.00% Senior Discount Notes, Series B, due
July 7, 2022

 

 

NOTE PURCHASE AGREEMENT

 

 

Dated as of June 28, 2010

 

 

 

TABLE OF CONTENTS

 

(Not a part of the Agreement)

 

	
  SECTION

  	
   

  	
  HEADING

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
   

  	
  AUTHORIZATION OF NOTES

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
   

  	
  SALE AND PURCHASE OF NOTES

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
   

  	
  Purchase and Sale of Notes

  	
   

  	
  2

  
	
  Section 2.2.

  	
   

  	
  Subsidiary Guaranties

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
   

  	
  CLOSING

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
   

  	
  CONDITIONS TO CLOSING

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
   

  	
  Representations and Warranties

  	
   

  	
  4

  
	
  Section 4.2.

  	
   

  	
  Performance; No Default

  	
   

  	
  4

  
	
  Section 4.3.

  	
   

  	
  Compliance Certificates

  	
   

  	
  4

  
	
  Section 4.4.

  	
   

  	
  Opinions of Counsel

  	
   

  	
  5

  
	
  Section 4.5.

  	
   

  	
  Purchase Permitted by Applicable Law, Etc.

  	
   

  	
  5

  
	
  Section 4.6.

  	
   

  	
  Sale of Other Notes

  	
   

  	
  5

  
	
  Section 4.7.

  	
   

  	
  Payment of Special Counsel Fees

  	
   

  	
  5

  
	
  Section 4.8.

  	
   

  	
  Private Placement Number

  	
   

  	
  5

  
	
  Section 4.9.

  	
   

  	
  Changes in Corporate Structure

  	
   

  	
  6

  
	
  Section 4.10.

  	
   

  	
  Funding Instructions

  	
   

  	
  6

  
	
  Section 4.11.

  	
   

  	
  Proceedings and Documents

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
   

  	
  Organization; Power and Authority

  	
   

  	
  6

  
	
  Section 5.2.

  	
   

  	
  Authorization, Etc.

  	
   

  	
  6

  
	
  Section 5.3.

  	
   

  	
  Disclosure

  	
   

  	
  7

  
	
  Section 5.4.

  	
   

  	
  Organization and Ownership of Shares of Subsidiaries;
  Affiliates

  	
   

  	
  7

  
	
  Section 5.5.

  	
   

  	
  Financial Statements; Material Liabilities

  	
   

  	
  8

  
	
  Section 5.6.

  	
   

  	
  Compliance with Laws, Other Instruments, Etc.

  	
   

  	
  8

  
	
  Section 5.7.

  	
   

  	
  Governmental Authorizations, Etc.

  	
   

  	
  8

  
	
  Section 5.8.

  	
   

  	
  Litigation; Observance of Agreements, Statutes and Orders

  	
   

  	
  8

  
	
  Section 5.9.

  	
   

  	
  Taxes

  	
   

  	
  9

  
	
  Section 5.10.

  	
   

  	
  Title to Property; Leases

  	
   

  	
  9

  
	
  Section 5.11.

  	
   

  	
  Licenses, Permits, Etc.

  	
   

  	
  9

  
	
  Section 5.12.

  	
   

  	
  Compliance with ERISA

  	
   

  	
  10

  
	
  Section 5.13.

  	
   

  	
  Private Offering by the Company

  	
   

  	
  10

  
	
  Section 5.14.

  	
   

  	
  Use of Proceeds; Margin Regulations

  	
   

  	
  11

  
	
  Section 5.15.

  	
   

  	
  Existing Indebtedness; Future Liens

  	
   

  	
  11

  

 

i

 

	
  Section 5.16.

  	
   

  	
  Foreign Assets Control Regulations, Etc.

  	
   

  	
  11

  
	
  Section 5.17.

  	
   

  	
  Status under Certain Statutes

  	
   

  	
  12

  
	
  Section 5.18.

  	
   

  	
  Notes Rank Pari Passu

  	
   

  	
  12

  
	
  Section 5.19.

  	
   

  	
  Environmental Matters

  	
   

  	
  12

  
	
  Section 5.20.

  	
   

  	
  Subsidiary Guarantors

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
   

  	
  REPRESENTATIONS AND AGREEMENT OF THE PURCHASERS

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
   

  	
  Purchase for Investment

  	
   

  	
  13

  
	
  Section 6.2.

  	
   

  	
  Source of Funds

  	
   

  	
  13

  
	
  Section 6.3.

  	
   

  	
  Accredited Investor

  	
   

  	
  15

  
	
  Section 6.4.

  	
   

  	
  Organization; Power and Authority

  	
   

  	
  15

  
	
  Section 6.5.

  	
   

  	
  Authorization, Etc.

  	
   

  	
  15

  
	
  Section 6.6.

  	
   

  	
  Governmental Authorizations, Etc.

  	
   

  	
  15

  
	
  Section 6.7.

  	
   

  	
  Limitations on Transfers to Non-US Persons

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
   

  	
  INFORMATION AS TO THE COMPANY

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
   

  	
  Financial and Business Information

  	
   

  	
  16

  
	
  Section 7.2.

  	
   

  	
  Officer’s Certificate

  	
   

  	
  19

  
	
  Section 7.3.

  	
   

  	
  Visitation

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
   

  	
  PREPAYMENT OF THE NOTES

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
   

  	
  Maturity

  	
   

  	
  20

  
	
  Section 8.2.

  	
   

  	
  Optional Prepayments with Make-Whole Amount

  	
   

  	
  20

  
	
  Section 8.3.

  	
   

  	
  Change in Control

  	
   

  	
  21

  
	
  Section 8.4.

  	
   

  	
  Allocation of Partial Prepayments

  	
   

  	
  25

  
	
  Section 8.5.

  	
   

  	
  Maturity; Surrender, Etc.

  	
   

  	
  26

  
	
  Section 8.6.

  	
   

  	
  Purchase of Notes

  	
   

  	
  26

  
	
  Section 8.7.

  	
   

  	
  Make-Whole Amount

  	
   

  	
  26

  
	
  Section 8.8.

  	
   

  	
  Allocation of Partial Prepayments

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
   

  	
  AFFIRMATIVE COVENANTS

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
   

  	
  Compliance with Law

  	
   

  	
  28

  
	
  Section 9.2.

  	
   

  	
  Insurance

  	
   

  	
  28

  
	
  Section 9.3.

  	
   

  	
  Maintenance of Properties

  	
   

  	
  28

  
	
  Section 9.4.

  	
   

  	
  Payment of Taxes and Claims

  	
   

  	
  28

  
	
  Section 9.5.

  	
   

  	
  Legal Existence, Etc.

  	
   

  	
  29

  
	
  Section 9.6.

  	
   

  	
  Notes to Rank Pari Passu

  	
   

  	
  29

  
	
  Section 9.7.

  	
   

  	
  Guaranty by Subsidiaries

  	
   

  	
  29

  
	
  Section 9.8.

  	
   

  	
  Books and Records

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
   

  	
  NEGATIVE COVENANTS

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
   

  	
  Leverage Ratio

  	
   

  	
  30

  
	
  Section 10.2

  	
   

  	
  Consolidated Net Worth

  	
   

  	
  31

  
	
  Section 10.3.

  	
   

  	
  Limitations on Consolidated Priority Indebtedness

  	
   

  	
  31

  

 

ii

 

	
  Section 10.4.

  	
   

  	
  Limitation on Liens

  	
   

  	
  31

  
	
  Section 10.5.

  	
   

  	
  Mergers, Consolidations, Etc.

  	
   

  	
  34

  
	
  Section 10.6.

  	
   

  	
  Sale of Assets

  	
   

  	
  35

  
	
  Section 10.7.

  	
   

  	
  Transactions with Affiliates

  	
   

  	
  37

  
	
  Section 10.8.

  	
   

  	
  Line of Business

  	
   

  	
  37

  
	
  Section 10.9.

  	
   

  	
  Terrorism Sanctions Regulations

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
   

  	
  EVENTS OF DEFAULT

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
   

  	
  REMEDIES ON DEFAULT, ETC.

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.1.

  	
   

  	
  Acceleration

  	
   

  	
  40

  
	
  Section 12.2.

  	
   

  	
  Other Remedies

  	
   

  	
  41

  
	
  Section 12.3.

  	
   

  	
  Rescission

  	
   

  	
  41

  
	
  Section 12.4.

  	
   

  	
  No Waivers or Election of Remedies, Expenses, Etc.

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.

  	
   

  	
  REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.1.

  	
   

  	
  Registration of Notes

  	
   

  	
  42

  
	
  Section 13.2.

  	
   

  	
  Transfer and Exchange of Notes

  	
   

  	
  42

  
	
  Section 13.3.

  	
   

  	
  Replacement of Notes

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 14.

  	
   

  	
  PAYMENTS ON NOTES

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.1.

  	
   

  	
  Place of Payment

  	
   

  	
  43

  
	
  Section 14.2.

  	
   

  	
  Home Office Payment

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 15.

  	
   

  	
  EXPENSES, ETC.

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.1.

  	
   

  	
  Transaction Expenses

  	
   

  	
  43

  
	
  Section 15.2.

  	
   

  	
  Survival

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 16.

  	
   

  	
  SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE
  AGREEMENT

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 17.

  	
   

  	
  AMENDMENT AND WAIVER

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 17.1.

  	
   

  	
  Requirements

  	
   

  	
  44

  
	
  Section 17.2.

  	
   

  	
  Solicitation of Holders of Notes

  	
   

  	
  45

  
	
  Section 17.3.

  	
   

  	
  Binding Effect, Etc.

  	
   

  	
  45

  
	
  Section 17.4.

  	
   

  	
  Notes Held by Company, Etc.

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 18.

  	
   

  	
  NOTICES

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 19.

  	
   

  	
  REPRODUCTION OF DOCUMENTS

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 20.

  	
   

  	
  CONFIDENTIAL INFORMATION

  	
   

  	
  47

  

 

iii

 

	
  SECTION 21.

  	
   

  	
  SUBSTITUTION OF PURCHASER

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 22.

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 22.1.

  	
   

  	
  Successors and Assigns

  	
   

  	
  48

  
	
  Section 22.2.

  	
   

  	
  Payments Due on Non-Business Days

  	
   

  	
  48

  
	
  Section 22.3.

  	
   

  	
  Accounting Terms

  	
   

  	
  48

  
	
  Section 22.4.

  	
   

  	
  Severability

  	
   

  	
  49

  
	
  Section 22.5.

  	
   

  	
  Construction, Etc.

  	
   

  	
  49

  
	
  Section 22.6.

  	
   

  	
  Counterparts

  	
   

  	
  49

  
	
  Section 22.7.

  	
   

  	
  Governing Law

  	
   

  	
  49

  
	
  Section 22.8.

  	
   

  	
  Jurisdiction and Process; Waiver of Jury Trial

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  	
   

  	
  51

  

 

iv

 

	
  SCHEDULE A

  	
  —

  	
  Information
  Relating to Purchasers

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE B

  	
  —

  	
  Defined
  Terms

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 2.2(a)

  	
  —

  	
  List
  of Subsidiary Guarantors

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 5.3

  	
  —

  	
  Disclosure
  Materials

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 5.4(a)

  	
  —

  	
  Subsidiaries
  of the Company and Ownership of Subsidiary Stock

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 5.4(d)

  	
  —

  	
  Restrictions
  on Distributions

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 5.5

  	
  —

  	
  Financial
  Statements

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 5.15(a)

  	
  —

  	
  Existing
  Indebtedness

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 5.15(c)

  	
  —

  	
  Restrictions
  on Indebtedness

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 8.7

  	
  —

  	
  Schedule
  of Accreted Values of Series B Notes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 8.8

  	
  —

  	
  Examples
  of Partial Prepayment of the Series B Notes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 10.4

  	
  —

  	
  Existing
  Liens

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT 1-A

  	
  —

  	
  Form of
  5.43% Senior Note, Series A, due July 7, 2020

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT 1-B

  	
  —

  	
  Form of
  1.00% Senior Discount Note, Series B, due July 7, 2022

  	
   

  	
   

  

 

v

 

AECOM TECHNOLOGY CORPORATION

555 South Flower Street, Suite 3700

Los Angeles, California  90071

 

$175,000,000 5.43%  Senior Notes,
Series A, due July 7, 2020

$125,000,000 1.00% Senior Discount Notes, Series B, due
July 7, 2022

 

Dated June 28, 2010

 

TO
EACH OF THE PURCHASERS LISTED IN

SCHEDULE A
HERETO:

 

Ladies
and Gentlemen:

 

AECOM
TECHNOLOGY CORPORATION, a Delaware corporation (the “Company”),
agrees with each of the purchasers whose names appear at the end hereof (each,
a “Purchaser” and, collectively, the “Purchasers”) as follows:

 

SECTION 1.                                          AUTHORIZATION
OF NOTES.

 

Section 1.1.      The
Company will authorize the issue and sale of (i) $175,000,000 aggregate
principal amount of its 5.43% Senior Notes, Series A, due July 7,
2020 (the “Series A Notes”) and (ii) $125,000,000  aggregate principal amount of its 1.00% Senior Discount
Notes, Series B, due July 7, 2022 (the “Series B
Notes”; the Series A Notes and the Series B Note being
hereinafter collectively referred to as (the “Notes”),
such term to include any such notes issued in substitution therefor pursuant to
Section 13).  The Notes shall be substantially in the form
set out in Exhibit 1.  Certain capitalized and other terms used in
this Agreement are defined in Schedule B;
and references to a “Schedule” or an
“Exhibit” are, unless otherwise
specified, to a Schedule or an Exhibit attached to this Agreement.

 

Section 1.2.      (a) Pursuant
to Section 10.1(b), the interest rate
payable on or in respect of the Notes may be adjusted from time to time to the
Adjusted Interest Rate and Adjusted Default Interest Rate based upon the terms
and provisions set forth in Section 10.1(b) and
readjusted to the Interest Rate and Default Rate, as applicable, as hereinafter
set forth.

 

If
as of any Determination Date the Leverage Ratio determined as of such
Determination Date exceeds 3.00 to 1.00 (as evidenced by an Officer’s
Certificate delivered pursuant to Section 7.2(a) of
this Agreement), then on and as of the Interest Rate Adjustment Date with
respect to such Determination Date, the Notes shall bear interest at the
Adjusted Interest Rate or, during the continuance of an Event of Default, the
Adjusted Default Interest Rate, as the case may be (such adjustment, an “Interest Rate Increase”). 
The Notes shall cease to accrue interest at the Adjusted Interest Rate
or the Adjusted Default Interest Rate, as the case may be, from and after the
Interest Rate Adjustment Date with respect to any Determination Date on which
the Leverage Ratio is equal to or below 3.00 to 1.00 and shall resume payment
of interest at the 

 

 

stated
coupon rate or, during the continuance of an Event of Default, the Default Rate
(such adjustment, an “Interest Rate Decrease”).

 

(b)     For the avoidance of
doubt, in connection with the calculation of any Make-Whole Amount payable
pursuant to Section 8.2 or Section 12.1 of this Agreement, whether before or after
the imposition of an Interest Rate Increase, all payments of interest that
would be due after the Settlement Date with respect to any Called Principal or
Accreted Value which are part of any determination of Remaining Scheduled
Payments for purposes of Section 8.7
shall be determined using the stated coupon rate which would have been in
effect at the time of such determination had the Interest Rate Increase not occurred
and/or had an Event of Default not have occurred and shall not be determined
using the Default Rate, Adjusted Interest Rate or Adjusted Default Interest
Rate.

 

Section 1.3.      The
Company and the Purchasers agree that for purposes of Section 1273(b) of
the Code and Treasury Reg. Section 1.1275-3(b) the aggregate issue
price of the Series B Notes is $74,839,595 or approximately $598.72 per
$1,000 principal amount of the Series B Notes for purposes of
Section 1273 of the Code, the Series B Notes have aggregate original
issue discount of $50,160,405 or approximately $401.28 per $1,000 principal
amount, the issue date of the Series B Notes is July 7, 2010; and the
yield to maturity of the Series B Notes for purposes of Treasury Reg.
Section 1.1272-1(b) is approximately 5.62%.  These shall be the issue prices and values
ascribed to the Series B Notes by the Company and the Purchasers and any
subsequent holder of the Series B Notes for all purposes, including the
preparation of tax returns and the preparation of the Company’s financial
statements.

 

SECTION 2.                                          SALE AND
PURCHASE OF NOTES.

 

Section 2.1.      Purchase
and Sale of Notes.  Subject to
the terms and conditions of this Agreement, the Company will issue and sell to
each Purchaser and each Purchaser will purchase from the Company, at the
Closing provided for in Section 3,
Notes in the principal amount and of the series specified opposite such
Purchaser’s name in Schedule A
at the purchase price of 100% of the principal amount thereof in the case of
the Series A Notes and 59.87% of the principal amount thereof in the case
of the Series B Notes.  The
Purchasers’ obligations hereunder are several and not joint obligations and no
Purchaser shall have any liability to any Person for the performance or
non-performance of any obligation by any other Purchaser hereunder.

 

Section 2.2.      Subsidiary
Guaranties.  (a) The
payment by the Company of all amounts due with respect to the Notes and the
performance by the Company of its obligations under this Agreement will be
absolutely and unconditionally guaranteed by all Subsidiaries of the Company
who guarantee the Indebtedness outstanding under the Bank Credit Agreement and
which are named on Schedule 2.2(a) (together
with any additional Subsidiary who delivers a guaranty pursuant to Section 9.7, the “Subsidiary Guarantors”)
pursuant to a guaranty agreement in a form satisfactory to the Company and the
Purchasers (as the same may be amended, modified, extended or renewed, the “Subsidiary Guaranty”).

 

2

 

(b)     The holders of the Notes
acknowledge and agree that such holders will discharge and release any
Subsidiary Guarantor from the Subsidiary Guaranty to which it is a party
pursuant to the written request of the Company, provided
that (i) such Subsidiary Guarantor has been or substantially concurrently
will be released and discharged as a guarantor under and in respect of all
Indebtedness of the Company under the Bank Credit Agreement  and
the Company so certifies to the holders of the Notes in a certificate which
accompanies such request for release and discharge, which certificate shall
also include information in reasonable detail to show compliance with Section 10.3, (ii) any such release and discharge
shall be expressly conditioned upon receipt by the holders of the Notes of a
written agreement executed by the Subsidiary Guarantor to be released pursuant
to which such Subsidiary Guarantor shall agree that if, for any reason
whatsoever, it thereafter becomes a guarantor under and in respect of any
Indebtedness of the Company due and owing under the Bank Credit Agreement, then
such Subsidiary Guarantor shall contemporaneously provide written notice
thereof to the holders of the Notes accompanied by an executed Subsidiary
Guaranty of such Subsidiary Guarantor, and (iii) at the time of such
release and discharge, the Company shall deliver a certificate of a Responsible
Officer to the holders of the Notes to the effect that no Default or Event of
Default exists.

 

(c)     The Company agrees that it
will not, nor will it permit any Subsidiary or Affiliate to, directly or
indirectly, pay or cause to be paid any consideration or remuneration, whether
by way of supplemental or additional interest, fee or otherwise, to any
creditor under the Bank Credit Agreement as consideration for or as an
inducement to the entering into by any such creditor of any release or
discharge of any Subsidiary Guarantor with respect to any liability of such
Subsidiary Guarantor as a guarantor under or in respect of the Bank Credit
Agreement, unless such consideration or remuneration is concurrently paid, on
the same terms and in the same amount (calculated as a percent of the aggregate
outstanding loans, in the case of the Series A Notes, or Accreted Value,
in the case of the Series B Notes, as the case may be, under the Bank
Credit Agreement or Notes hereunder, respectively), ratably to the holders of
all of the Notes then outstanding.

 

SECTION 3.                                          CLOSING.

 

The
execution and delivery of this Agreement will occur at the offices of Chapman
and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603 on
June 28, 2010 (the “Execution Date”).

 

The
sale and purchase of the Notes to be purchased by each Purchaser shall occur at
the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois
60603, at 10:00 a.m. Chicago time, at a closing (the “Closing”)
on July 7, 2010 or on such other Business Day thereafter on or prior to
July 13, 2010 as may be agreed upon by the Company and the
Purchasers.  At the Closing the Company
will deliver to each Purchaser the Notes of the series to be purchased by such
Purchaser in the form of a single Note in a principal amount of at least
$250,000 (or such greater number of Notes, each in a principal amount as may be
agreed upon by the Company and such Purchaser) for each series dated the date
of the Closing and registered in such Purchaser’s name (or in the name of its
nominee), against delivery by such Purchaser to the Company or its order of
immediately available funds in the amount of the purchase price therefor by
wire transfer of immediately available funds for the account of the Company to 

 

3

 

account
number 4121023352 at Wells Fargo Bank, Los Angeles, California, ABA # 121000248,
Reference: Note Purchase.  If at the
Closing the Company shall fail to tender such Notes to any Purchaser as
provided above in this Section 3,
or any of the conditions specified in Section 4
shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser
shall, at its election, be relieved of all further obligations under this
Agreement, without thereby waiving any rights such Purchaser may have by reason
of such failure or such nonfulfillment.

 

SECTION 4.                                          CONDITIONS TO
CLOSING.

 

Each
Purchaser’s obligation to purchase and pay for the Notes to be sold to such
Purchaser at the Closing is subject to the fulfillment to such Purchaser’s
satisfaction, prior to or at the Closing Date, of the following conditions:

 

Section 4.1.      Representations
and Warranties. 
(a) The representations and warranties of the Company in this
Agreement shall be correct when made on (i) the Execution Date and
(ii) at the time of Closing (except in each case for representations and
warranties, if any, (x) made as of a specific date which representations
and warranties will be true and correct as of such specific date or
(y) which are not qualified by the inclusion of a materiality standard,
which representations and warranties shall be true and correct in all material
respects at the time of Closing).

 

(b)     The representations and
warranties of each Subsidiary Guarantor in the Subsidiary Guaranty shall be
correct when made and at the time of Closing.

 

Section 4.2.      Performance;
No Default. 
(a) The Company shall have performed and complied with all
conditions and in all material respects with all agreements contained in this
Agreement required to be performed or complied with by it prior to or at the
Closing, and after giving effect to the issue and sale of the Notes (and the
application of the proceeds thereof as contemplated by Section 5.14),
no Default or Event of Default shall have occurred and be continuing.  Neither the Company nor any Subsidiary
Guarantor shall have entered into any transaction since the date of the delivery
of the most recently dated Disclosure Document that would have been prohibited
by Sections 10.3, 10.4, 10.5 and 10.6 had such Sections applied since such date.

 

(b)     Each Subsidiary Guarantor
shall have performed and complied with all agreements and conditions contained
in the Subsidiary Guaranty required to be performed and complied with by it
prior to or at the Closing.

 

Section 4.3.      Compliance
Certificates.

 

(a)     Officer’s
Certificate.  The Company
shall have delivered to such Purchaser an Officer’s Certificate, dated the date
of the Closing, certifying that the conditions specified in Sections 4.1(a), 4.2(a) and 4.9
have been fulfilled.

 

(b)     Subsidiary
Guarantor Officer’s Certificate.  Each Subsidiary Guarantor shall have delivered
to such Purchaser a certificate of an authorized officer, dated the date of the
Closing,

 

4

 

certifying that the conditions set forth in Section 4.1(b),
4.2(b) and 4.9,
as they relate to such Subsidiary Guarantor, have been fulfilled.

 

(c)     Secretary’s
Certificate.  The Company
shall have delivered to such Purchaser a certificate of its Secretary or
Assistant Secretary, dated the date of Closing, certifying as to the
resolutions attached thereto and other corporate proceedings relating to the
authorization, execution and delivery of the Notes and this Agreement.

 

(d)     Subsidiary
Guarantor Secretary’s Certificate. 
Each Subsidiary Guarantor shall have delivered to such Purchaser a
certificate of its Secretary or Assistant Secretary, dated the date of Closing,
certifying as to the resolutions attached thereto and other corporate
proceedings relating to the authorization, execution and delivery of the
Subsidiary Guaranty.

 

Section 4.4.      Opinions of
Counsel.  Such Purchaser shall have received
opinions in form and substance satisfactory to such Purchaser, dated the date
of the Closing (a) from Nancy J. Laben, General Counsel for the Company
and the Subsidiary Guarantors or such other in-house counsel that is acceptable
to the Purchasers and Gibson, Dunn & Crutcher LLP, counsel for the
Company and the Subsidiary Guarantors and (b) from Chapman and Cutler LLP,
the Purchasers’ special counsel in connection with such transactions.

 

Section 4.5.      Purchase
Permitted by Applicable Law, Etc.  On the date of the Closing such Purchaser’s
purchase of Notes shall (a) be permitted by the laws and regulations of
each jurisdiction to which such Purchaser is subject, without recourse to
provisions (such as section 1405(a)(8) of the New York Insurance
Law) permitting limited investments by insurance companies without restriction
as to the character of the particular investment, (b) not violate any
applicable law or regulation (including, without limitation, Regulation T,
U or X of the Board of Governors of the Federal Reserve System) and
(c) not subject such Purchaser to any tax, penalty or liability under or
pursuant to any applicable law or regulation, which law or regulation was not
in effect on the date hereof.  If
requested by such Purchaser, such Purchaser shall have received an Officer’s
Certificate certifying as to such matters of fact as such Purchaser may
reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted.

 

Section 4.6.      Sale of
Other Notes. 
Contemporaneously with the Closing, the Company shall sell to each other
Purchaser, and each other Purchaser shall purchase, the Notes to be purchased
by it at the Closing as specified in Schedule A.

 

Section 4.7.      Payment of
Special Counsel Fees.  Without
limiting the provisions of Section 15.1,
the Company shall have paid on or before the Closing the reasonable fees,
charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of
such counsel rendered to the Company at least one Business Day prior to the
Closing.

 

Section 4.8.      Private
Placement Number.  A Private
Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in
cooperation with the Securities Valuation Office of the National Association of
Insurance Commissioners) shall have been obtained for each series of the Notes.

 

5

 

Section 4.9.      Changes in
Corporate Structure.  Neither the
Company nor any Subsidiary Guarantor shall have changed its respective
jurisdiction of incorporation or organization, as applicable, or been a party
to any merger or consolidation or succeeded to all or any substantial part of
the liabilities of any other entity, at any time following the date of the most
recent financial statements referred to in Schedule 5.5.

 

Section 4.10.       Funding Instructions.  At least three Business Days prior to the
date of the Closing, each Purchaser shall have received written instructions
signed by a Responsible Officer on letterhead of the Company confirming the
information specified in Section 3
including (a) the name and address of the transferee bank, (b) such
transferee bank’s ABA number and (c) the account name and number into
which the purchase price for the Notes is to be deposited.

 

Section 4.11.       Proceedings
and Documents.  All
corporate and other proceedings in connection with the transactions
contemplated by this Agreement and all documents and instruments incident to
such transactions shall be satisfactory to such Purchaser and its special
counsel, and such Purchaser and its special counsel shall have received all
such counterpart originals or certified or other copies of such documents as
such Purchaser or such special counsel may reasonably request.

 

SECTION 5.                                          REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to each Purchaser on the Execution Date and the
date of the Closing that:

 

Section 5.1.      Organization;
Power and Authority.  The Company
is a corporation duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation, and is duly qualified as a
foreign corporation and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.  The Company has the corporate power and
authority to (a) own or hold under lease the properties it purports to own
or hold under lease, except to the extent the failure to so own or hold any
such property could not reasonably be expected to have a Material Adverse
Effect, (b) transact the business it transacts and proposes to transact,
and (c) execute and deliver this Agreement and the Notes and to perform
the provisions hereof and thereof.

 

Section 5.2.      Authorization, Etc.  This Agreement and the Notes have been duly
authorized by all necessary corporate action on the part of the Company, and
this Agreement constitutes, and upon execution and delivery thereof each Note
will constitute, a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by (a) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and (b) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law).

 

6

 

Section 5.3.      Disclosure.  The Company has delivered to each Purchaser
the documents, certificates and other writings in connection with the
transactions contemplated hereby and identified in Schedule 5.3
and the financial statements listed in Schedule 5.5
(this Agreement, such documents, certificates and other writings and such
financial statements delivered to each Purchaser prior to the date hereof being
referred to, collectively, as the “Disclosure Documents”).  The Disclosure Documents (a) fairly
describe, in all material respects, the general nature of the business and
principal properties of the Company and the Subsidiary Guarantors taken as a
whole and (b) do not when taken as a whole, as of the Execution Date and
date of the Closing,  contain any
untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading in light of the
circumstances under which they were made. 
Since September 30, 2009, there has been no change in the financial
condition, operations, business or properties of the Company or any Subsidiary
Guarantor except changes that individually or in the aggregate could not
reasonably be expected to have a Material Adverse Effect.  There is no fact known to the Company that
could reasonably be expected to have a Material Adverse Effect that has not
been set forth herein or in the Disclosure Documents.

 

Section 5.4.      Organization
and Ownership of Shares of Subsidiaries; Affiliates.  (a) Schedule 5.4(a) contains
(except as noted therein) complete and correct lists (i) of the Subsidiary
Guarantors, showing, as to each Subsidiary Guarantor, the correct name thereof,
the jurisdiction of its organization, and the percentage of shares of each
class of its capital stock or similar Equity Interests outstanding owned by the
Company and each other Subsidiary, and (ii) the Proxy Statement contains
(except as noted therein) complete and correct lists of the Company’s directors
and senior officers.

 

(b)     All of the outstanding
shares of capital stock or similar Equity Interests of each Subsidiary
Guarantor shown in Schedule 5.4(a) as
being owned by the Company and its Subsidiaries have been validly issued, are
fully paid and nonassessable and are owned by the Company or another Subsidiary
free and clear of any Lien (except as otherwise disclosed in Schedule 5.4(a)).

 

(c)     Each Subsidiary Guarantor
is a corporation or other legal entity duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization, and is duly
qualified as a foreign corporation or other legal entity and is in good
standing in each jurisdiction in which such qualification is required by law,
other than those jurisdictions as to which the failure to be so qualified or in
good standing could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
Each such Subsidiary Guarantor has the corporate or other power and
authority to own or hold under lease the properties it purports to own or hold
under lease and to transact the business it transacts and proposes to transact
except to the extent the failure to so own or hold any such property could not
reasonably be expected to have a Material Adverse Effect.

 

(d)     No Subsidiary Guarantor is
a party to, or otherwise subject to, any legal, regulatory, contractual or
other restriction (other than this Agreement, the agreements listed on Schedule 5.4(d) and customary limitations imposed
by corporate law or similar statutes) restricting the ability of such
Subsidiary to pay dividends out of profits or make any other similar

 

7

 

distributions of profits to the Company or any of the Subsidiary
Guarantors that owns outstanding shares of capital stock or similar equity
interests of such Subsidiary Guarantor.

 

Section 5.5.      Financial
Statements; Material Liabilities.  The Company has delivered to each Purchaser
copies of the financial statements listed on Schedule 5.5
of the Company and its consolidated Subsidiaries.  All of said financial statements (including
in each case the related schedules and notes) fairly present in all material
respects the consolidated financial position of the Company and such
Subsidiaries as of the respective dates specified in such financial statements
and the consolidated results of their operations and cash flows for the
respective periods so specified and have been prepared in accordance with GAAP
consistently applied throughout the periods involved except as set forth in the
notes thereto (subject, in the case of any interim financial statements, to
normal year-end adjustments).  The
Company and the Subsidiary Guarantors do not have any Material liabilities that
are not disclosed on such financial statements or otherwise disclosed in the
Disclosure Documents.

 

Section 5.6.      Compliance
with Laws, Other Instruments, Etc.  The execution, delivery and performance by
the Company of this Agreement and the Notes will not (a) contravene,
result in any breach of, or constitute a default under, or result in the
creation of any Lien in respect of any property of the Company or any
Subsidiary Guarantor under, any indenture, mortgage, deed of trust, loan,
purchase or credit agreement, lease, corporate charter or by-laws, or any other
agreement or instrument to which the Company or any Subsidiary Guarantor is
bound or by which the Company or any Subsidiary Guarantor or any of their
respective properties may be bound or affected, (b) conflict with or
result in a breach of any of the terms, conditions or provisions of any order,
judgment, decree, or ruling of any court, arbitrator or Governmental Authority
applicable to the Company or any Subsidiary Guarantor or (c) violate any
provision of any statute or other rule or regulation of any Governmental
Authority applicable to the Company or any Subsidiary Guarantor, except, with
respect to clauses (a), (b) or (c) above, to the extent that any
such contravention, breach, default, Lien, conflict or violation, individually
or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.

 

Section 5.7.      Governmental
Authorizations, Etc.  No
consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required in connection with the execution,
delivery or performance by the Company of this Agreement or the Notes, except
to the extent the failure to receive such consent, approval or authorization or
to make such registration, filing or declaration, could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 5.8.      Litigation;
Observance of Agreements, Statutes and Orders.  (a) There are no actions, suits,
investigations or proceedings pending or, to the actual knowledge of the
Company, threatened against or affecting the Company or any Subsidiary
Guarantor or any property of the Company or any Subsidiary Guarantor in any
court or before any arbitrator of any kind or before or by any Governmental
Authority that, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect.

 

(b)     Neither the Company nor
any Subsidiary Guarantor is in default under any term of any agreement or
instrument to which it is a party or by which it is bound, or any order,

 

8

 

judgment, decree or ruling of any court, arbitrator or Governmental
Authority or is in violation of any applicable law, ordinance, rule or
regulation (including without limitation Environmental Laws or the USA Patriot
Act) of any Governmental Authority, which default or violation, individually or
in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

 

Section 5.9.      Taxes.  The Company and the Subsidiary Guarantors
have filed all material Tax returns that are required to have been filed in any
jurisdiction, and have paid all Taxes shown to be due and payable on such
returns and all Taxes levied upon them or their properties, assets, income or
franchises, to the extent such Taxes have become due and payable and before
they have become delinquent, except for any Taxes (a) the amount of which
is not individually or in the aggregate Material or (b) the amount,
applicability or validity of which is currently being contested in good faith
by appropriate proceedings and with respect to which the Company or a
Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP.  The charges, accruals and
reserves on the books of the Company and the Subsidiary Guarantors in respect
of federal, state or other taxes for all fiscal periods were established in
good faith and consistent with prior practices and in light of the
circumstances and knowledge of the Company at that time.  The federal income tax liabilities of the
Company and the Subsidiary Guarantors have been finally determined (whether by
reason of completed audits or the statute of limitations having run) for all
fiscal years up to and including the fiscal year ended September 30, 2005.

 

Section 5.10.       Title to
Property; Leases.  The Company
and the Subsidiary Guarantors have good and sufficient title to their
respective properties including all such properties reflected in the most
recent audited balance sheet referred to in Section 5.5
or purported to have been acquired by the Company or any Subsidiary Guarantor
after said date (except as sold or otherwise disposed of in the ordinary course
of business and except to the extent the failure to have such title could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect), in each case free and clear of Material Liens prohibited by
this Agreement.  All leases that
individually or in the aggregate are Material are valid and subsisting and are
in full force and effect except as could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

Section 5.11.       Licenses,
Permits, Etc. 
(a) The Company and the Subsidiary Guarantors own or possess all
licenses, permits, franchises, authorizations, patents, copyrights, proprietary
software, service marks, trademarks and trade names, or rights thereto, without
known conflict with the rights of others, except to the extent any such
conflict or failure to so own or possess any of the foregoing could not
reasonably be expected to have a Material Adverse Effect.

 

(b)     To the actual knowledge of
the Company, no product of the Company infringes in any Material respect any
license, permit, franchise, authorization, patent, copyright, proprietary
software, service mark, trademark, trade name or other right owned by any other
Person, except as could not reasonably be expected to have a Material Adverse
Effect.

 

(c)     To the actual knowledge of
the Company, there is no violation by any Person of any right of the Company or
any of the Subsidiary Guarantors with respect to any patent, copyright,
proprietary software, service mark, trademark, trade name or other right owned
or used by the

 

9

 

Company or any of the Subsidiary Guarantors, except as could not
reasonably be expected to have a Material Adverse Effect.

 

Section 5.12.       Compliance
with ERISA. 
(a) The Company and each ERISA Affiliate have operated and
administered each employee benefit plan (as defined in section 3 of ERISA)
in compliance with all applicable laws except for such instances of
noncompliance as have not resulted in and could not reasonably be expected to
result in a Material Adverse Effect. 
Neither the Company nor any ERISA Affiliate has incurred any liability
pursuant to Title I or IV of ERISA, and no event, transaction or condition
has occurred or exists that could reasonably be expected to result in the
incurrence of any such liability by the Company or any ERISA Affiliate, or in
the imposition of any Lien on any of the rights, properties or assets of the
Company or any ERISA Affiliate, in either case pursuant to Title I or IV
of ERISA or to such penalty or excise tax provisions or to
section 401(a)(29) or 412 of the Code, other than, in each case, such
liabilities or Liens as could not reasonably be expected to have a Material
Adverse Effect.

 

(b)     The present value of the
aggregate benefit liabilities under each of the Plans (other than Multiemployer
Plans), determined as of the end of such Plan’s most recently ended plan year
on the basis of the actuarial assumptions specified for funding purposes in
such Plan’s most recent actuarial valuation report, did not exceed the
aggregate current value of the assets of such Plan allocable to such benefit
liabilities by more than, in the aggregate for all Plans, $60,000,000.  The term “benefit liabilities” has the
meaning specified in Section 4001 of ERISA and the terms “current value”
and “present value” have the meaning specified in section 3 of ERISA.

 

(c)     The Company and its ERISA
Affiliates have not incurred withdrawal liabilities (and are not subject to
contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA in
respect of Multiemployer Plans that individually or in the aggregate could not
reasonably be expected to have a Material Adverse Effect.

 

(d)     The expected post
retirement benefit obligation (determined as of the last day of the Company’s
most recently ended fiscal year in accordance with Financial Accounting
Standards Board Statement No. 106, without regard to liabilities
attributable to continuation coverage mandated by Section 4980B of the
Code) of the Company and its Subsidiaries could not reasonably be expected to
have a Material Adverse Effect.

 

(e)     The execution and delivery
of this Agreement and the issuance and sale of the Notes hereunder will not
involve any non-exempt prohibited transaction (as described in Section 406
of ERISA or Section 4975 of the Code). 
The representation by the Company in the first sentence of this Section 5.12(e) is made in reliance upon and
subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay
the purchase price of the Notes to be purchased by such Purchaser.

 

Section 5.13.       Private
Offering by the Company. 
Neither the Company nor anyone acting on its behalf has offered the
Notes or any similar securities for sale to, or solicited any offer to buy any
of the Notes from, or otherwise approached or negotiated in respect thereof with,
any Person other than the Purchasers and not more than five other Institutional
Investors, each of which has been offered the Notes at a private sale for
investment.  Neither the Company nor

 

10

 

anyone acting on its behalf has taken, or will take, any action that
would subject the issuance or sale of the Notes to the registration
requirements of Section 5 of the Securities Act or to the registration
requirements of any securities or blue sky laws of any applicable jurisdiction.

 

Section 5.14.           Use
of Proceeds; Margin Regulations.  The Company will apply the proceeds of the
sale of the Notes to the repayment of existing Indebtedness and for general
corporate purposes, including acquisitions. 
No part of the proceeds from the sale of the Notes hereunder will be
used, directly or indirectly, for the purpose of buying or carrying any margin
stock within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System (12 CFR 221), or for the purpose of buying or
carrying or trading in any securities under such circumstances as to involve
the Company in a violation of Regulation X of said Board (12 CFR 224)
or to involve any broker or dealer in a violation of Regulation T of said
Board (12 CFR 220).  Margin stock
does not constitute more than 2% of the value of the consolidated assets of the
Company and its Subsidiaries and the Company does not have any present
intention that margin stock will constitute more than 2% of the value of such
assets.  As used in this Section, the
terms “margin stock” and “purpose of buying or carrying” shall have the
meanings assigned to them in said Regulation U.

 

Section 5.15.           Existing
Indebtedness; Future Liens.  (a) Schedule 5.15(a) sets
forth a complete and correct list of all outstanding Indebtedness of the
Company and its Material Subsidiaries as of the Execution Date (including a
description of the obligors and obligees, principal amount outstanding and
collateral therefor, if any, and Guaranty thereof, if any), except Indebtedness
which individually does not exceed $5,000,000 in principal amount
outstanding.  Neither the Company nor any
Subsidiary Guarantor is in default and no waiver of default is currently in effect,
in the payment of any principal or interest on any Indebtedness of the Company
or such Subsidiary Guarantor and no event or condition exists with respect to
any Indebtedness of the Company or any Subsidiary Guarantor that would permit
(or that with notice or the lapse of time, or both, would permit) one or more
Persons to cause such Indebtedness to become due and payable before its stated
maturity or before its regularly scheduled dates of payment.  Since the Execution Date and as of the date
of the Closing, no Indebtedness has been created, assumed, incurred or
guaranteed in violation of Section 10
of this Agreement.

 

(b)        The Company and its
Subsidiaries do not owe any Indebtedness to Prudential (as defined therein)
under or with respect to that certain Third Amended and Restated Master Guaranty
and Intercreditor Agreement dated as of August 31, 2007.

 

(c)        Neither the Company nor
any Subsidiary Guarantor is a party to, or otherwise subject to any provision
contained in, any instrument evidencing Indebtedness of the Company or such
Subsidiary, any agreement relating thereto or any other agreement (including,
but not limited to, its charter or other organizational document) which limits
the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness
of the Company or any Subsidiary Guarantor, except as specifically indicated in
Schedule 5.15(c).

 

Section 5.16.           Foreign
Assets Control Regulations, Etc.  (a) Neither the sale of the Notes by the
Company hereunder nor its use of the proceeds thereof will violate the Trading
with the Enemy Act, as amended, or any of the foreign assets control
regulations of the United States

 

11

 

Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) or any enabling legislation or executive order relating thereto.

 

(b)        Neither the Company nor
any Subsidiary (i) is a Person described or designated in the Specially
Designated Nationals and Blocked Persons List of the Office of Foreign Assets
Control or in Section 1 of the Anti-Terrorism Order or (ii) engages
in any dealings or transactions with any such Person.  The Company and its Subsidiaries are in
compliance, in all material respects, with the USA Patriot Act.

 

(c)        No part of the proceeds
from the sale of the Notes hereunder will be used, directly or indirectly, for
any payments to any governmental official or employee, political party,
official of a political party, candidate for political office, or anyone else
acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign
Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act
applies to the Company.

 

Section 5.17.           Status
under Certain Statutes. 
Neither the Company nor any Subsidiary is subject to regulation under
the Investment Company Act of 1940, as amended, the ICC Termination Act of
1995, as amended, or the Federal Power Act, as amended.

 

Section 5.18.           Notes Rank Pari Passu.  The obligations
of the Company under this Agreement and the Notes rank pari passu
in right of payment with all other unsecured Senior Indebtedness (actual or
contingent) of the Company, including, without limitation, all unsecured Senior
Indebtedness of the Company described in Schedule 5.15
hereto.

 

Section 5.19.           Environmental
Matters.   (a) Neither the Company nor any
Subsidiary Guarantor has actual knowledge of any claim or has received any
notice of any claim, and, to the actual knowledge of the Company and the
Subsidiary Guarantors, no proceeding has been instituted raising any claim
against the Company or any of the Subsidiary Guarantors or any of their
respective real properties now or formerly owned, leased or operated by any of
them or other assets, alleging any damage to the environment or violation of
any Environmental Laws, except, in each case, such as could not reasonably be
expected to result in a Material Adverse Effect.

 

(b)        Neither the Company nor
any Subsidiary Guarantor has actual knowledge of any facts which would give
rise to any claim, public or private, of violation of Environmental Laws or
damage to the environment emanating from, occurring on or in any way related to
real properties now or formerly owned, leased or operated by any of them or to
other assets or their use, except, in each case, such as could not reasonably
be expected to result in a Material Adverse Effect.

 

(c)        Neither the Company nor
any Subsidiary Guarantor has, in any manner contrary to Environmental Laws,
stored any Hazardous Materials on real properties now or formerly owned, leased
or operated by any of them or has disposed of any Hazardous Materials in a
manner contrary to any Environmental Laws in each case in any manner that could
reasonably be expected to result in a Material Adverse Effect.

 

12

 

(d)        All buildings on all
real properties now owned, leased or operated by the Company or any Subsidiary
Guarantor are in compliance with applicable Environmental Laws, except where
failure to comply could not reasonably be expected to result in a Material
Adverse Effect.

 

Section 5.20.           Subsidiary
Guarantors.  As of September 30,
2009, the Consolidated EBITDA generated by the Company and the Subsidiary
Guarantors together account for 90% or more of Consolidated EBITDA.

 

SECTION 6.                                                 REPRESENTATIONS
AND AGREEMENT OF THE PURCHASERS.

 

Section 6.1.              Purchase
for Investment.  Each Purchaser severally
represents, as of the Execution Date and as of the Closing, that it is
purchasing the Notes for its own account or for one or more separate accounts
maintained by such Purchaser or for the account of one or more pension or trust
funds and not with a view to the distribution thereof in a manner that would
constitute a distribution within the meaning of the Securities Act; provided that the disposition of such Purchaser’s or their
property shall at all times be within such Purchaser’s or their control.  Each Purchaser understands that the Notes
have not been registered under the Securities Act and may be resold only if
registered pursuant to the provisions of the Securities Act or if an exemption
from registration is available, except under circumstances where, neither such
registration nor such an exemption is required by law, and that the Company is
not required, to register the Notes.

 

Section 6.2.              Source
of Funds.  Each
Purchaser severally represents as of the Closing, that at least one of the
following statements is an accurate representation as to each source of funds
(a “Source”) to be used by such Purchaser
to pay the purchase price of the Notes to be purchased by such Purchaser
hereunder:

 

(a)          the Source is an “insurance company general account” (as
the term is defined in the United States Department of Labor’s Prohibited
Transaction Exemption (“PTE”) 95-60)
in respect of which the reserves and liabilities (as defined by the annual
statement for life insurance companies approved by the National Association of
Insurance Commissioners (the “NAIC Annual Statement”))
for the general account contract(s) held by or on behalf of any employee
benefit plan together with the amount of the reserves and liabilities for the
general account contract(s) held by or on behalf of any other employee
benefit plans maintained by the same employer (or affiliate thereof as defined
in PTE 95-60) or by the same employee organization in the general account do
not exceed ten percent (10%) of the total reserves and liabilities of the
general account (exclusive of separate account liabilities) plus surplus as set
forth in the NAIC Annual Statement filed with such Purchaser’s state of
domicile; or

 

(b)         the Source is a separate account that is maintained solely
in connection with such Purchaser’s fixed contractual obligations under which
the amounts payable, or credited, to any employee benefit plan (or its related
trust) that has any interest in such separate account (or to any participant or
beneficiary of such plan (including any annuitant)) are not affected in any
manner by the investment performance of the separate account; or

 

13

 

(c)          the Source is either (i) an insurance company pooled
separate account, within the meaning of PTE 90-1, or (ii) a bank
collective investment fund, within the meaning of the PTE 91-38 and, except as
have been disclosed by such Purchaser to the Company in writing pursuant to
this clause (c), no employee benefit plan or group of plans maintained by
the same employer or employee organization beneficially owns more than 10% of
all assets allocated to such pooled separate account or collective investment
fund; or

 

(d)         the Source constitutes assets of an “investment fund”
(within the meaning of Part V of the QPAM Exemption) managed by a “qualified
professional asset manager” or “QPAM” (within the meaning of Part V of the
QPAM Exemption), no employee benefit plan’s assets that are included in such
investment fund, when combined with the assets of all other employee benefit
plans established or maintained by the same employer or by an affiliate (within
the meaning of Section V(c)(1) of the QPAM Exemption) of such
employer or by the same employee organization and managed by such QPAM, exceed
20% of the total client assets managed by such QPAM, the conditions of
Part I(c) and (g) of the QPAM Exemption are satisfied, as of the
last day of its most recent calendar quarter, the QPAM does not own a 10% or
more interest in the Company and no Person controlling or controlled by the
QPAM (applying the definition of “control” in Section V(e) of the
QPAM Exemption) owns a 20% or more interest in the Company (or less than 20%
but greater than 10%, if such person exercises control over the management or
policies of the Company by reason of its ownership interest) and (i) the
identity of such QPAM and (ii) the names of all employee benefit plans
whose assets are included in such investment fund have been disclosed to the
Company in writing pursuant to this clause (d); or

 

(e)          the Source constitutes assets of a “plan(s)” (within the
meaning of Section IV of PTE 96-23 (the “INHAM
Exemption”)) managed by an “in-house asset manager” or “INHAM”
(within the meaning of Part IV of the INHAM Exemption), the conditions of
Part I(a), (g) and (h) of the INHAM Exemption are satisfied,
neither the INHAM nor a Person controlling or controlled by the INHAM (applying
the definition of “control” in Section IV(d) of the INHAM Exemption)
owns a 5% or more interest in the Company and (i) the identity of such
INHAM and (ii) the name(s) of the employee benefit plan(s) whose
assets constitute the Source have been disclosed to the Company in writing
pursuant to this clause (e); or

 

(f)         the Source is a governmental plan; or

 

(g)         the Source is one or more employee benefit plans, or a
separate account or trust fund comprised of one or more employee benefit plans,
each of which has been identified to the Company in writing pursuant to this
clause (g); or

 

(h)         the Source does not include assets of any employee benefit
plan, other than a plan exempt from the coverage of ERISA or any “Plan” covered
by section 4975 of the Code.

 

14

 

As
used in this Section 6.2, the terms “employee
benefit plan”, “governmental plan”, “party in interest” and “separate account”
shall have the respective meanings assigned to such terms in section 3 of
ERISA.

 

Section 6.3.              Accredited
Investor.  Each Purchaser represents, as of
the Execution Date and as of the date of the Closing, that it is an
institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) acting for its own
account.  Each Purchaser further
represents that such Purchaser has had the opportunity to ask questions of the
Company and received answers concerning the terms and conditions of the sale of
the Notes.

 

Section 6.4.              Organization;
Power and Authority.  Each Purchaser represents, as of
the Execution Date and the date of the Closing, that (a) it is duly
organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation or formation, as applicable and (b) it has
the corporate power and authority to execute and deliver this Agreement and to
perform the provisions hereof.

 

Section 6.5.              Authorization, Etc.  Each Purchaser
represents, as of the Execution Date and the date of the Closing, that this
Agreement has been duly authorized by all necessary legal action on the part of
such Purchaser, and this Agreement constitutes a legal, valid and binding
obligation of such Purchaser enforceable against such Purchaser in accordance
with its terms, except as such enforceability may be limited by
(a) applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally and
(b) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

 

Section 6.6.              Governmental
Authorizations, Etc.  Each Purchaser represents, as of
the Execution Date and the date of the Closing, no consent, approval or
authorization of, or registration, filing or declaration with, any Governmental
Authority is required in connection with the execution, delivery or performance
by such Purchaser of this Agreement, except as could not reasonably be expected
to have a material adverse effect.

 

Section 6.7.              Limitations
on Transfers to Non-US Persons.  (a) Each of the holders of the
Notes agrees that, without the prior written consent of the Company, such
holder shall not transfer its Note (a “Note Transfer”)
to any Person that is not a United States person (as such term is defined in
Section 7701(a)(30) of the Code) (a “Non-US Person”)
unless such Non-US Person has submitted to the Company on or before the date of
such transfer, a duly completed and signed copy of (i) either Form W-8BEN
(relating to such Non-US Person and establishing that all categories of income
arising in respect of the Notes would be completely exempt from U.S.
withholding tax under the Code or under an applicable treaty on all amounts
paid to such holder), or Form W-8ECI (establishing that all amounts to be
paid to such Non-US Person are effectively connected to a U.S. trade or
business and are completely exempt from U.S. withholding tax under the Code or
under an applicable treaty), or (ii) solely if such Non-US Person will be
claiming exemption from United States withholding tax under Section 871(h) or
881(c) of the Code with respect to payments of “portfolio interest,” a Form W-8 BEN,
or any successor form prescribed by the Internal Revenue Service, and a
certificate representing that

 

15

 

such Non-US Person (A) is not a bank for purposes of
Section 881(c) of the Code, (B) is not a 10-percent shareholder
(within the meaning of Section 871(h)(3)(B) of the Code) of the
Company, (C) is not a controlled foreign corporation related to the
Company (within the meaning of Section 864(d)(4) of the Code), and (D) will
use reasonable commercial efforts to ensure that (A), (B) and (C) will
remain true at any time it holds any Notes. 
Any transfer made in violation of this provision shall be null and void.

 

(b)           Notwithstanding the
foregoing, if at any time the Company is or becomes obligated to deduct and
withhold from any payment of interest on account of any of the Notes held by a
Non-US Person, the Company shall be entitled to deduct and withhold from any
payment otherwise payable to any Non-US Person pursuant to this Agreement or
any Note such amounts as it is required to deduct and withhold with respect to
the making of such payment under any provision of applicable law.  If the Company so withholds amounts, such
amounts shall be treated for all purposes of the Notes and this Agreement as
having been paid to the holder of the Note in respect of which the Company made
such deduction and withholding.

 

SECTION 7.                                                 INFORMATION AS
TO THE COMPANY.

 

Section 7.1.              Financial
and Business Information.  The
Company shall deliver to each holder of Notes that is an Institutional
Investor:

 

(a)          Quarterly Statements
— as soon as practicable and in any event within 45 days after the end of each
of the first three fiscal quarters of each fiscal year of the Company (after
giving effect to one automatic 5-day extension pursuant to Rule 12b-25 of
the Securities Exchange Act of 1934), duplicate copies of:

 

(i)           a consolidated balance sheet of the Company and its Subsidiaries
as at the end of such quarter, and

 

(ii)          consolidated statements of income, shareholders’ equity and
cash flows of the Company and its Subsidiaries for such quarter and (in the
case of the second and third quarters) for the portion of the fiscal year
ending with such quarter,

 

setting
forth in each case in comparative form the figures for the corresponding
periods in the previous fiscal year, all in reasonable detail, prepared in
accordance with GAAP applicable to quarterly financial statements generally,
and certified by a Senior Financial Officer as fairly presenting, in all
material respects, the financial position of the companies being reported on
and their results of operations and cash flows, subject to changes resulting
from year-end adjustments; provided that
delivery within the time period specified above of copies of the Company’s
Form 10-Q prepared in compliance with the requirements therefor and filed
with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); provided, further,
that the Company shall be deemed to have made such delivery of such
Form 10-Q if it shall have made such Form 10-Q available on “EDGAR”
and on its home page on the worldwide web (at the date of this Agreement
located at:  http//www.aecom.com) and
shall have given each Purchaser prior 

 

16

 

notice
of such availability on EDGAR and on its home page in connection with
such delivery (such availability and notice thereof being referred to as “Electronic Delivery”);

 

(b)         Annual Statements
— as soon as practicable and in any event within 90 days after the end of each
fiscal year of the Company (after giving effect to one automatic 15-day
extension pursuant to Rule 12b-25 of the Securities Exchange Act of 1934),
duplicate copies of,

 

(i)           a consolidated balance sheet of the Company and its
Subsidiaries, as at the end of such year, and

 

(ii)          consolidated statements of income, changes in shareholders’
equity and cash flows of the Company and its Subsidiaries, for such year,

 

setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail, prepared in accordance with
GAAP, and accompanied by an report thereon of independent public accountants of
recognized national standing, which report shall be unqualified as to going
concern and shall state that such financial statements present fairly, in all
material respects, the financial position of the companies being reported upon
and their results of operations and cash flows and have been prepared in
conformity with GAAP (except as otherwise stated therein), that the examination
of such accountants in connection with such financial statements has been made
in accordance with the standards of the Public Company Accounting Oversight
Board United States or any successor entity thereto (solely to the extent the
Company is required to comply with such standards under applicable law) and
that such audit provides a reasonable basis for such opinion in the
circumstances; provided that the delivery within
the time period specified above of the Company’s Form 10-K for such fiscal
year (together with the Company’s annual report to shareholders, if any,
prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in
accordance with the requirements therefor and filed with the SEC shall be
deemed to satisfy the requirements of this Section 7.1(b);
provided, further, that the Company
shall be deemed to have made such delivery of such Form 10-K if it shall
have timely made Electronic Delivery thereof;

 

(c)          SEC and Other Reports
— promptly upon their becoming available, one copy of (i) each financial
statement or notice of default or event of default sent by the Company to its
principal lending banks as a whole (excluding information sent to such banks in
the ordinary course of administration of a bank facility, such as information
relating to pricing and borrowing availability or to its public securities
holders generally) and (ii) each regular or periodic report, each registration
statement (without exhibits except as expressly requested by such holder), and
each prospectus and all amendments thereto filed by the Company with the SEC
and of all press releases and other statements made available generally by the
Company to the public concerning developments that are Material; provided, that
the Company shall be deemed to have made such delivery of such materials
referenced in clauses (i) and (ii) hereof if it shall have made
Electronic Delivery thereof;

 

17

 

(d)         Notice of Default or Event
of Default — promptly, and in any event within five days after
a Responsible Officer becoming aware of the existence of any Default or Event
of Default or that any Person has given any written notice or taken any action
with respect to a default hereunder claimed in writing or that any Person has
given any written notice or taken any action with respect to a claimed default
of the type referred to in Section 11(f),
a written notice specifying the nature and period of existence thereof and what
action the Company is taking or proposes to take with respect thereto;

 

(e)          ERISA Matters —
promptly, and in any event within 10 Business Days after a Responsible Officer
becoming aware of any of the following, a written notice setting forth the
nature thereof and the action, if any, that the Company or an ERISA Affiliate
proposes to take with respect thereto:

 

(i)         with respect to any Plan, any reportable event, as defined
in Section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on
the date hereof; or

 

(ii)          the institution by the PBGC of proceedings under
Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Plan, or the receipt by the Company or any ERISA
Affiliate of a notice from a Multiemployer Plan that such action has been taken
by the PBGC with respect to such Multiemployer Plan; or

 

(iii)          any event, transaction or condition that could result in
the incurrence of any liability by the Company or any ERISA Affiliate pursuant
to Title I or IV of ERISA, or the penalty or excise tax provisions of the
Code relating to employee benefit plans, or in the imposition of any Lien on
any of the rights, properties or assets of the Company or any ERISA Affiliate
pursuant to Title I or IV of ERISA or such penalty or excise tax
provisions, in each case, if such liability or Lien, taken together with any
other such liabilities or Liens then existing, could reasonably be expected to
have a Material Adverse Effect;

 

(f)         Notices from Governmental
Authority — to the extent permitted pursuant to applicable laws and
regulations, promptly, and in any event within 30 days of receipt thereof,
copies of any notice to the Company or any Subsidiary from any Federal or state
Governmental Authority relating to any decree, finding, liability or order,
ruling, statute or other law or regulation that could reasonably be expected to
have a Material Adverse Effect; and

 

(g)         Requested Information
— with reasonable promptness, such other data and information relating to the
business, operations, affairs, financial condition, assets or properties of the
Company or any of its Subsidiaries (including, but without limitation, actual
copies of the Company’s Form 10-Q and Form 10-K) or relating to the
ability of the Company to perform its obligations hereunder and under the Notes
as from time to time may be reasonably requested by any such holder of Notes.

 

18

 

Section 7.2.              Officer’s
Certificate.  Each set of
financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall
be accompanied by a certificate of a Senior Financial Officer setting forth (which,
in the case of Electronic Delivery of such financial statements, shall be by
delivery of such certificate to each holder of Notes within two (2) days
of such Electronic Delivery):

 

(a)          Covenant Compliance
— the information (including detailed calculations) required in order to
establish whether the Company was in compliance with the requirements of Section 10.1 through Section 10.3
and 10.6(b), inclusive, during the
quarterly or annual period covered by the statements then being furnished
(including with respect to each such Section, where applicable, the
calculations of the maximum or minimum amount, ratio or percentage, as the case
may be, permissible under the terms of such Sections, and the calculation of
the amount, ratio or percentage then in existence) and, in the event that as of
any Determination Date covered by the statements then being furnished an
Acquisition has occurred pursuant to which the Company intends to exercise its
option under Section 10.1(b) hereof
to permit the Leverage Ratio to exceed the limitations of Section 10.1(a) as
provided in Section 10.1(b), the date of
such Acquisition, the intent to exercise such option and the applicable
Interest Rate Adjustment Date; and

 

(b)         Event of Default
— a statement that such Senior Financial Officer has reviewed the relevant
terms hereof and has made, or caused to be made, under his or her supervision,
a review in reasonable detail of the transactions and conditions of the Company
and its Subsidiaries from the beginning of the quarterly or annual period
covered by the statements then being furnished to the date of the certificate
and that such review shall not have disclosed the existence during such period
of any condition or event that constitutes a Default or an Event of Default or,
if any such condition or event existed or exists (including, without
limitation, any such event or condition resulting from the failure of the
Company or any Subsidiary Guarantor to comply with any Environmental Law),
specifying the nature and period of existence thereof and what action the
Company shall have taken or proposes to take with respect thereto.

 

Section 7.3.              Visitation.  The Company shall permit the representatives
of each holder of Notes that is an Institutional Investor:

 

(a)          No Event of Default
— if no Event of Default then exists, at the expense of such holder and upon
reasonable prior notice to the Company, to visit the principal executive office
of the Company, to discuss the affairs, finances and accounts of the Company
and its Subsidiaries with the Company’s officers, and (with the consent of the
Company, which consent will not be unreasonably withheld) to visit the other
offices and properties of the Company and each Subsidiary, all at such
reasonable times and as often as may be reasonably requested in writing; and

 

(b)         Event of Default
— if an Event of Default then exists, at the expense of the Company, to visit
and inspect any of the offices or properties of the Company or any Subsidiary,
to examine all their respective books of account, records, reports and other

 

19

 

papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and
independent public accountants (and by this provision the Company authorizes
said accountants to discuss the affairs, finances and accounts of the Company
and its Subsidiaries), all at such reasonable times and frequencies and under
reasonable business circumstances as may be requested.

 

SECTION 8.                                                 PREPAYMENT OF
THE NOTES.

 

Section 8.1.              Maturity.  As provided therein, the entire unpaid principal balance of
the Notes shall be due and payable on the stated maturity date thereof.

 

Section 8.2.              Optional
Prepayments with Make-Whole Amount.  (a) The Company may, at its option, upon
notice as provided below, prepay at any time all, or from time to time any part
of, the Series A Notes, in an amount not less than 10% of the aggregate
principal amount of the Series A Notes then outstanding in the case of a
partial prepayment, at 100% of the principal amount so prepaid, together with
interest accrued thereon to the date of such prepayment, and the Make-Whole
Amount determined for the prepayment date with respect to such principal
amount.  The Company will give each
holder of Series A Notes written notice of each optional prepayment under
this Section 8.2 not less than
30 days and not more than 60 days prior to the date fixed for such
prepayment.  Each such notice shall
specify such date (which shall be a Business Day), the aggregate principal
amount of the Series A Notes to be prepaid on such date, the principal
amount of each Note held by such holder to be prepaid (determined in accordance
with Section 8.4), and the interest to
be paid on the prepayment date with respect to such principal amount being
prepaid, and shall be accompanied by a certificate of a Senior Financial
Officer as to the estimated Make-Whole Amount due in connection with such
prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment,
the Company shall deliver to each holder of Series A Notes a certificate
of a Senior Financial Officer specifying the calculation of such Make-Whole
Amount as of the specified prepayment date.

 

(b)        The Company may, at its
option, upon notice as provided below, prepay at any time all, or from time to
time any part of, the Series B Notes, in a principal amount not less than
10% of the aggregate principal amount of the Series B Notes then
outstanding in the case of a partial prepayment, at 100% of the Accreted Value
of such principal amount so prepaid, together with interest accrued thereon to
the date of such prepayment, and the Make-Whole Amount determined for the
prepayment date with respect to such Accreted Value.  The Company will give each holder of
Series B Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more
than 60 days prior to the date fixed for such prepayment.  Each such notice shall specify such date
(which shall be a Business Day), the Accreted Value and principal amount of the
Series B Notes to be prepaid on such date, the Accreted Value and
principal amount of each Note held by such holder to be prepaid (determined in
accordance with Section 8.4), and the
interest to be paid on the prepayment date with respect to such principal
amount being prepaid, and shall be accompanied by a certificate of a Senior
Financial Officer as to the estimated Make-Whole Amount due in connection with
such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment,
the

 

20

 

Company shall deliver to each holder of Series B Notes a
certificate of a Senior Financial Officer specifying the calculation of such
Make-Whole Amount as of the specified prepayment date.

 

(c)        For the
avoidance of doubt, in the case of a partial prepayment of the Series B
Notes in accordance with Section 8.2(b),
the principal amount of each Series B Note on or after the date of such
prepayment shall be reduced in the same proportion as the aggregate Accreted
Value of the Notes immediately prior to such prepayment is reduced as a result
of such prepayment.

 

Section 8.3.           Change
in Control.

 

(a)        Notice
of Change in Control.

 

(i)        To the extent
the Bank Credit Agreement contains a Bank Credit Agreement Change in Control
Provision which does not include a Ratings Trigger, the Company shall, within
five Business Days after any Responsible Officer has knowledge that a Change in
Control is reasonably certain to occur, give written notice of such Change in
Control to each holder of Notes, which notice shall specify that such Change in
Control would constitute a Change in Control Prepayment Event and shall contain
and constitute an offer to prepay Notes as described in subparagraph (c) of
this Section 8.3 and shall be
accompanied by the certificate described in subparagraph (g) of this Section 8.3.

 

(ii)         To the extent
the Bank Credit Agreement either (A) does not contain a Bank Credit
Agreement Change in Control Provision or (B) contains a Bank Credit
Agreement Change in Control Provision which includes a Ratings Trigger, the
Company shall, within five Business Days after any Responsible Officer has
knowledge that a Change in Control is reasonably certain to occur, give written
notice of such Change in Control to each holder of Notes and apply to a Rating
Agency for a review and re-issuance of the Applicable Rating after giving pro
forma effect to the transaction giving rise to such Change in Control (a “Ratings Review”).

 

(b)        Notice
of Prepayment Event; Condition to Company Action.  Unless notice in respect of
a Change in Control Prepayment Event shall have been given pursuant to
subparagraph (a) of this Section 8.3,
within five Business Days after any Responsible Officer has knowledge that a
Change in Control Prepayment Event is reasonably certain to occur, the Company
shall give written notice of such Change in Control Prepayment Event to each
holder of Notes.  To the extent a Change
in Control Prepayment Event has occurred prior to the delivery of notice
pursuant to this clause (b), such notice shall contain and constitute an offer
to prepay Notes as described in subparagraph (c) of this Section 8.3 and shall be accompanied by the certificate
described in subparagraph (g) of this Section 8.3.  The Company will not take any action that
consummates or finalizes a Change in Control which would result in a Change in
Control Prepayment Event unless contemporaneously with such action, it prepays
all Notes required to be prepaid in accordance with this Section 8.3.

 

(c)        Offer
to Prepay Notes.  The offer to
prepay Notes contemplated by subparagraphs (a) and (b) of this Section 8.3 shall be an offer to prepay, in accordance
with and subject to this Section 8.3,
all, but not less than all, of the Notes held by each holder (in this case
only,

 

21

 

“holder” in respect of any Note registered in the name of a
nominee for a disclosed beneficial owner shall mean such beneficial owner) on
the date specified in such offer (the “Proposed Prepayment Date”).  Such Proposed Prepayment Date shall in no
event be later than the scheduled date of the Change in Control; provided that in the event the Company shall not have taken,
or been party to, any action that consummates or finalizes a Change in Control,
such Proposed Prepayment Date shall then and thereupon be a date no later than
60 days following the date of the Change in Control.

 

(d)        Acceptance/Rejection.  A holder of Notes may accept the offer to
prepay made pursuant to this Section 8.3
by causing a notice of such acceptance to be delivered to the Company not later
than 5 Business Days after receipt by such holder of the most recent offer
of prepayment.  A failure by a holder of
Notes to respond to an offer to prepay made pursuant to this Section 8.3 shall be deemed to constitute a rejection of
such offer by such holder.

 

(e)        Prepayment.  Prepayment of the Notes to be prepaid
pursuant to this Section 8.3 shall be at 100%
of the principal amount of the Series A Notes, and at 100% of the Accreted
Value of the Series B Notes, as the case may be, together with interest on
such Notes accrued to the date of prepayment, but without Make-Whole Amount or
other premium.  The prepayment shall be
made on the Proposed Prepayment Date except as provided in subparagraph (f) of
this Section 8.3.

 

(f)         Deferral
Pending Change in Control.  The obligation of the Company to prepay Notes
pursuant to any offer required by subparagraph (c) and accepted in
accordance with subparagraph (d) of this Section 8.3
is subject to the occurrence of the Change in Control Prepayment Event in
respect of which such offer and acceptances shall have been made.  In the event that such Change in Control
Prepayment Event has not occurred on the Proposed Prepayment Date in respect
thereof, the prepayment shall be deferred until, and shall be made on, the date
on which such Change in Control Prepayment Event occurs.  The Company shall keep each holder of Notes
reasonably and timely informed of (i) any such deferral of the date of
prepayment, (ii) the date on which such Change in Control Prepayment Event
and the prepayment are expected to occur, and (iii) any determination by
the Company that efforts to effect the Change in Control giving rise to a
Change in Control Prepayment Event have ceased or been abandoned (in which case
the offers and acceptances made pursuant to this Section 8.3
in respect of such Change in Control shall be deemed rescinded).

 

(g)        Officer’s
Certificate.  Each offer to
prepay the Notes pursuant to this Section 8.3
shall be accompanied by a certificate, executed by a Senior Financial Officer
of the Company and dated the date of such offer, specifying: (i) the
Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.3; (iii) the principal amount or
Accreted Value, as the case may be, of each Note offered to be prepaid;
(iv) the interest that would be due on each Note offered to be prepaid,
accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.3 have been
fulfilled; and (vi) in reasonable detail, the nature and date or proposed
date of the Change in Control.

 

22

 

(h)        Certain
Definitions.

 

“Acquirer” means the Person, if applicable, which will or may,
as the case may be, control the Company as a result of a proposed Change in Control.

 

“Applicable Rating” means (i) the rating
of the Notes, (ii) to the extent the Notes are not rated by any Rating
Agency, the rating of any other outstanding Rated Security of the Company, (iii) to
the extent the Notes are not rated by any Rating Agency and Company does not
have any Rated Securities outstanding, any outstanding Rated Security of the
Acquirer, if applicable, and (iv) to the extent the Notes are not rated by
any Rating Agency and neither the Company nor the Acquirer have any Rated Securities
outstanding, the corporate credit rating of the Company or the Acquirer.

 

“Bank Credit Agreement Change in Control Provision” means a
covenant or event of default in the Bank Credit Agreement relating to a Change
in Control or other change of ownership or control of all or a portion of the
Company’s Capital Stock, including without limitation any such covenant or
event of default directly or indirectly restricting the ability of the Company
to consummate or suffer to exist such a Change in Control or other change of
ownership or control.

 

“Change in Control” means any event or series
of events by which any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act), but excluding:

 

(1)          any employee stock ownership
plan or arrangement of the Company or its Subsidiaries,

 

(2)          any current or former
employee who owns Common Stock or option rights (as such term is defined
below),

 

(3)          any Person that holds Common
Stock on behalf of employees or former employees of the Company and its
Subsidiaries,

 

(4)          any Employee Benefit Plan of
the Company or its Subsidiaries,

 

(5)          any Person acting in its
capacity as trustee, agent or other fiduciary or administrator of any such
plan, and

 

(6)          any other Person who
acquired Preferred Stock prior to the date of the initial public offering, or
any Affiliate of such Person, provided that
at all times after the initial public offering such Person and its Affiliates
collectively own no more than 35% of the voting equity securities of the
Company

 

becomes
the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5, under the Exchange Act, except that a person or
group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire (such
right, an “option right”), whether such 

 

23

 

right
is exercisable immediately or only after the passage of time), directly or
indirectly, of 25% or more of the equity securities of the Company entitled to
vote for members of the board of directors or equivalent governing body of the
Company on a partially-diluted basis (i.e., taking
into account all such securities that such person or group has the right to
acquire pursuant to any option right) (such percentage of equity securities
being referred to herein as the “Threshold Percentage”);
provided that (i) if any Bank
Credit Agreement Change in Control Provision contains a Threshold Percentage
that is greater than 25%, the Threshold Percentage under this Section 8.3 shall equal such greater percentage (but in
no event to exceed 51% of the equity securities of the Company) and
(ii) if the Bank Credit Agreement ceases altogether to contain a Bank
Credit Agreement Change in Control Provision, the Threshold Percentage under this
Section 8.3 shall thereafter equal
51% of such voting equity securities of the Company.

 

“Change in Control Prepayment Event” means:

 

(i)         prior to the date, if any,
on which either (A) the Bank Credit Agreement ceases to contain a Bank
Credit Agreement Change in Control Provision or (B) the Bank Credit
Agreement contains a Bank Credit Agreement Change in Control Provision that
includes a Ratings Trigger, a Change in Control; and

 

(ii)          from and after the date, if
any, on which either (A) the Bank Credit Agreement ceases to contain a
Bank Credit Agreement Change in Control Provision or (B) the Bank Credit
Agreement contains a Bank Credit Agreement Change in Control Provision that
includes a Ratings Trigger, both:

 

(1)          a Change in Control; and

 

(2)          a Rating Downgrade in
respect of such Change in Control on or before the Required Credit Affirmation
Date.

 

“Investment Grade” means a rating equal to or
higher than (a) “Baa3” by Moody’s; (b) “BBB-” by S&P or Fitch or
(c) an equivalent rating by any other Rating Agency mutually agreed upon
by the Required Holders and the Company,
provided that at such time no Rating Agency has publicly announced
that the Applicable Rating is under consideration for possible downgrade to
below investment grade; and provided,
further, that if the Rating Agency changes its rating system, such ratings
shall be the equivalent ratings after such changes.

 

“Rated Securities” means the Notes and
otherwise any other senior unsecured Indebtedness of the Company (or Acquirer,
if applicable) having a remaining maturity of at least the lesser of (a) five
years or (b) the remaining maturity of the Notes which is rated by a
Rating Agency.

 

“Rating Agency” means any of Fitch, S&P
or Moody’s or any other rating agency mutually agreed by the Required Holders
and the Company, or any of their respective successors.

 

24

 

“Rating Downgrade” shall be deemed to have
occurred in respect of a Change in Control:

 

(A)        if, prior to
the Ratings Review, the Applicable Rating is an Investment Grade Rating, and as
a result of a Ratings Review the Applicable Rating is not an Investment Grade
Rating or any Rating Agency shall have rated any Rated Securities less than an
Investment Grade Rating; or

 

(B)         if, prior to
the Ratings Review, the Applicable Rating is not an Investment Grade Rating,
and as a result of a Ratings Review any Rating Agency gives notice that the
Applicable Rating would be decreased by one or more gradations (including
gradations within rating categories as well as between rating categories) by
the Rating Agency; or

 

(C)         if, prior to
the Ratings Review, there is no Applicable Rating, and as a result of a Ratings
Review the Applicable Rating is not an Investment Grade Rating; or

 

(D)         if the Company
fails for any reason whatsoever (including without limitation by failing to
seek a rating or otherwise) to obtain a Ratings Review.

 

“Ratings Trigger” means a provision in a Bank Credit Agreement
Change in Control Provision (or related covenant, provision or event of
default), to the effect that unless a related Ratings Downgrade or other
downgrade or decrease in any rating of the Company or any of its Rated
Securities occurs in relation to or as a result of a Change in Control or other
change in ownership or control, and notwithstanding a Change in Control or
other change of ownership or control of all or a portion of the Company’s
Capital Stock, no default, event of default, put right or mandatory prepayment
with respect to the relevant Indebtedness would occur under such Bank Credit
Agreement, and no restriction on such Change in Control or other change in
ownership or control would exist.

 

“Required Credit Affirmation Date” means  the
date 30 days prior to the scheduled date a Change in Control is to occur; provided that in the event the Company shall not have taken,
or been party to, any action that consummates or finalizes a Change in Control
such Required Credit Affirmation Date shall be a date no later than 30 days
following the date of the Change in Control.

 

Section 8.4.           Allocation
of Partial Prepayments.  In
the case of each partial prepayment of the Notes pursuant to Section 8.2, in the case of the Series A Notes,
the principal amount and in the case of the Series B Notes, the Accreted
Value, as applicable, to be prepaid shall be (a) allocated among each
series of Notes in proportion to the aggregate unpaid principal amount (in the
case of the Series A Notes) or Accreted Value (in the case of the Series B
Notes) of such series of Notes and (b) allocated pro rata on all of the
holders of each series of the Notes at the time outstanding in proportion, as
nearly as practicable, to the respective unpaid principal amounts (in the case
of the Series A Notes) or Accreted Value (in the case of the Series B
Notes) thereof not theretofore called for prepayment.  All partial prepayments made pursuant to Section 8.3 shall be applied only to the Notes of the
holders who have elected to participate in such prepayment.

 

25

 

Section 8.5.           Maturity;
Surrender, Etc.  In the case
of each prepayment of Notes pursuant to this Section 8,
the principal amount (in the case of the Series A Notes) or Accreted Value
(in the case of the Series B Notes) of each Note to be prepaid shall
mature and become due and payable on the date fixed for such prepayment (which
shall be a Business Day), together with interest on such principal amount (in
the case of the Series A Notes) or Accreted Value (in the case of the Series B
Notes) accrued to such date and the applicable Make-Whole Amount, if any.  From and after such date, unless the Company
shall fail to pay such principal amount or Accreted Value, as the case may be,
when so due and payable, together with the interest and Make-Whole Amount, if
any, as aforesaid, interest on such principal amount or Accreted Value, as the
case may be, shall cease to accrue.  Any
Note paid or prepaid in full shall be surrendered to the Company and cancelled
and shall not be reissued, and no Note shall be issued in lieu of any prepaid
principal amount of any Note.

 

Section 8.6.           Purchase
of Notes.  The Company
will not and will not permit any Affiliate to purchase, redeem, prepay or
otherwise acquire, directly or indirectly, any of the outstanding Notes except
upon the payment or prepayment of the Notes in accordance with the terms of
this Agreement and the Notes.  The
Company will promptly cancel all Notes acquired by it or any Affiliate pursuant
to any payment, prepayment or purchase of Notes pursuant to any provision of
this Agreement and no Notes may be issued in substitution or exchange for any
such Notes.

 

Section 8.7.           Make-Whole
Amount.  The term “Make-Whole
Amount” means, with respect to any Note, an amount equal to the
excess, if any, of the Discounted Value of the Remaining Scheduled Payments
with respect to the Called Principal of such Notes over the amount of such
Called Principal of such Notes; provided that
the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the
Make-Whole Amount, the following terms have the following meanings:

 

“Called Principal” means, (a) with
respect to any Series A Note, the principal of such Note and (b) with
respect to any Series B Note, the Accreted Value that is to be prepaid
pursuant to Section 8.2 or has become or
is declared to be immediately due and payable pursuant to Section 12.1,
as the context requires.

 

“Discounted Value” means, with respect to the
Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal, from their respective
scheduled due dates to the Settlement Date with respect to such Called
Principal, in accordance with accepted financial practice and at a discount
factor (applied on the same periodic basis as that on which interest on the
Notes is payable) equal to the Reinvestment Yield with respect to such Called
Principal or Accreted Value, as the case may be.

 

“Reinvestment Yield” means, with respect to the
Called Principal of any Note, 0.50% (50 basis points) over the yield to
maturity implied by (i) the yields reported as of 10:00 a.m.
(New York City time) on the second Business Day preceding the Settlement
Date with respect to such Called Principal on the display designated as “Page PX1”
(or such other display as may replace Page PX1) on Bloomberg Financial
Markets for the most recently issued actively traded on the run U.S. Treasury
securities having a maturity 

 

26

 

equal
to the Remaining Average Life of such Called Principal as of such Settlement
Date, or (ii) if such yields are not reported as of such time or the
yields reported as of such time are not ascertainable (including by way of
interpolation), the Treasury Constant Maturity Series Yields reported, for
the latest day for which such yields have been so reported as of the second
Business Day preceding the Settlement Date with respect to such Called
Principal in Federal Reserve Statistical Release H.15 (or any comparable
successor publication) for U.S. Treasury securities having a constant maturity
equal to the Remaining Average Life of such Called Principal as of such
Settlement Date.  In the case of each
determination under clause (i) or clause (ii), as the case may
be, of the preceding paragraph, such implied yield will be determined, if
necessary, by (a) converting U.S. Treasury bill quotations to
bond-equivalent yields in accordance with accepted financial practice and
(b) interpolating linearly between (1) the applicable U.S. Treasury
security with the maturity closest to and greater than such Remaining Average
Life and (2) the applicable U.S. Treasury security with the maturity
closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to
the number of decimal places as appears in the interest rate of the applicable
Note.

 

“Remaining Average Life” means, with respect to any
Called Principal the number of years (calculated to the nearest one-twelfth
year) obtained by dividing (a) such Called Principal into (b) the sum
of the products obtained by multiplying (i) the principal (in the case of
the Series A Notes) or Accreted Value (in the case of the Series B
Notes) component of each Remaining Scheduled Payment with respect to such
Called Principal by (ii) the number of years (calculated to the nearest
one-twelfth year) that will elapse between the Settlement Date with respect to
such Called Principal and the scheduled due date of such Remaining Scheduled
Payment.

 

“Remaining Scheduled Payments” means, (a) with respect
to the Called Principal of any Series A Note, all payments of such Called
Principal and interest thereon that would be due after the Settlement Date with
respect to such Called Principal if no payment of such Called Principal were
made prior to its scheduled due date or (b) with respect to the Series B
Note, all payments of such Called Principal and interest thereon that would be
due and increases in Accreted Value thereof that would occur, after the
Settlement Date with respect to such Called Principal if no payment of such
Called Principal were made prior to its scheduled due date; provided, in each case, that if such Settlement Date is not
a date on which interest payments are due to be made under the terms of the
Notes, then the amount of the next succeeding scheduled interest payment will
be reduced by the amount of interest accrued to such Settlement Date and
required to be paid on such Settlement Date pursuant to Section 8.2
or 12.1.

 

“Settlement Date” means, with respect to the Called Principal
of any Note, the date on which such Called Principal is to be prepaid pursuant
to Section 8.2 or has become or is
declared to be immediately due and payable pursuant to Section 12.1,
as the context requires.

 

27

 

Section 8.8.           Examples
of Partial Prepayments.  For
avoidance of doubt, the parties hereto agree that Schedule 8.8
hereto includes representative examples of partial prepayments of the Series B
Notes.

 

SECTION 9.                                                 AFFIRMATIVE
COVENANTS.

 

The
Company covenants that so long as any of the Notes are outstanding:

 

Section 9.1.           Compliance
with Law.  The Company
will cause each of the Subsidiary Guarantors to, comply with all laws,
ordinances or governmental rules or regulations to which each of them is
subject, including, without limitation, ERISA, the USA Patriot Act and
Environmental Laws, and will obtain and maintain in effect all licenses,
certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of
their respective businesses, in each case to the extent necessary to ensure
that non-compliance with such laws, ordinances or governmental rules or
regulations or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

Section 9.2.           Insurance.  The Company will maintain and will maintain
on behalf of the Subsidiary Guarantors or, as appropriate, cause each of the
Subsidiary Guarantors to maintain, with financially sound and reputable
insurers, insurance with respect to their respective properties and businesses
against such casualties and contingencies, of such types, on such terms and in
such amounts (including deductibles, co-insurance and self-insurance, if
adequate reserves are maintained with respect thereto) as is commercially
reasonable in the case of entities of established reputations engaged in the same
or a similar business and similarly situated; provided
that the foregoing provisions of this Section 9.2
shall not restrict the Company’s ability to use commercially reasonable
self-insurance through insurance Subsidiaries.

 

Section 9.3.           Maintenance
of Properties.  The Company
will, and will cause each of the Subsidiary Guarantors to, maintain and keep,
or cause to be maintained and kept, their respective properties in good repair,
working order and condition (other than ordinary wear and tear), so that the
business carried on in connection therewith may be properly conducted at all
times; provided that this Section 9.3
shall not prevent the Company or any Subsidiary Guarantor from discontinuing
the operation or the maintenance of any of its properties if such
discontinuance is desirable in the conduct of its business and the Company has
concluded that such discontinuance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

Section 9.4.           Payment
of Taxes.  The Company
will, and will cause each of the Subsidiary Guarantors to, file all Tax returns
required to be filed in any jurisdiction and to pay and discharge all Taxes
shown to be due and payable on such returns and all other Taxes imposed on them
or any of their properties, assets, income or franchises, to the extent the
same have become due and payable and before they have become delinquent and all
claims for Taxes for which sums have become due and payable that have or might
become a Lien on properties or assets of the Company or any Subsidiary
Guarantor; provided that neither the Company nor
any

 

28

 

Subsidiary Guarantor need pay any such Tax if (a) the amount,
applicability or validity thereof is contested by the Company or such
Subsidiary Guarantor on a timely basis in good faith and in appropriate
proceedings, and the Company or a Subsidiary Guarantor has established adequate
reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary
Guarantor or (b) the nonpayment of all such Taxes in the aggregate could
not reasonably be expected to have a Material Adverse Effect.

 

Section 9.5.           Legal
Existence, Etc.  Subject to Section 10.5, the Company will at all times preserve
and keep in full force and effect its legal existence.  Subject to Sections 10.5
and 10.6, the Company will at all times
preserve and keep in full force and effect the legal existence of each of the
Subsidiary Guarantors (unless merged into the Company or a Wholly-owned
Subsidiary) and all rights and franchises of the Company and the Subsidiary
Guarantors unless, in the good faith judgment of the Company, the termination
of or failure to preserve and keep in full force and effect such legal
existence, right or franchise could not, individually or in the aggregate, have
a Material Adverse Effect.

 

Section 9.6.           Notes
to Rank Pari Passu.  The Notes and
all other obligations under this Agreement of the Company are and at all times
shall rank pari passu in right of payment with all
other present and future unsecured Senior Indebtedness (actual or contingent)
of the Company which is not expressed to be subordinate or junior in rank to
any other unsecured Senior Indebtedness of the Company.

 

Section 9.7.           Guaranty
by Subsidiaries.  The Company
will cause each Subsidiary which delivers a Guaranty pursuant to and in respect
of the Bank Credit Agreement to concurrently enter into a Subsidiary Guaranty,
and within ten Business Days thereafter will deliver to each of the holders of
the Notes the following items:

 

(a)          an executed counterpart of
such Subsidiary Guaranty or joinder agreement in respect of an existing
Subsidiary Guaranty, as appropriate;

 

(b)         a certificate signed by the
President, a Vice President or another authorized Responsible Officer of such
Subsidiary making representations and warranties to the effect of those
contained in Sections 5.1, 5.2, 5.6 and 5.7, but with respect to such Subsidiary and such Subsidiary
Guaranty, as applicable;

 

(c)          a certificate of a Responsible
Officer of the Company certifying that at such time and after giving effect to
the execution and delivery of such Subsidiary Guaranty or joinder agreement, no
Default or Event of Default shall have occurred and be continuing;

 

(d)         such documents and evidence
with respect to such Subsidiary as the Required Holders may reasonably request
in order to establish the existence and good standing of such Subsidiary and
the authorization of the transactions contemplated by such Subsidiary Guaranty;
and

 

29

 

(e)          an opinion of counsel (which
may be internal counsel to the Company) reasonably satisfactory to the Required
Holders to the effect that the Subsidiary Guaranty by such Person has been duly
authorized, executed and delivered and that such Subsidiary Guaranty
constitutes the legal, valid and binding contract and agreement of such Person
enforceable in accordance with its terms, except as an enforcement of such
terms may be limited by bankruptcy, insolvency, fraudulent conveyance and
similar laws affecting the enforcement of creditors’ rights generally and by
general equitable principles.

 

Section 9.8.           Books
and Records.  The Company
will, and will cause each of the Subsidiary Guarantors to, maintain proper books
of record and account in conformity in all material respects with GAAP.

 

SECTION 10.                                           NEGATIVE
COVENANTS.

 

The
Company covenants that so long as any of the Notes are outstanding:

 

Section 10.1.           Leverage
Ratio.  (a) The Company will not,
as of the end of any fiscal quarter, permit the Leverage Ratio for the four
fiscal quarter period then ended to exceed 3.00 to 1.00, determined as of the
last day of each fiscal quarter.

 

(b)        Notwithstanding
clause (a) of this Section 10.1,
the Company may in order to consummate an acquisition by purchase or otherwise
(including by way of merger or consolidation) by the Company or a Subsidiary
thereof of the business, or all or substantially all of the property or fixed
assets of, or stock or other evidence of beneficial ownership of, any Person or
any division or line of business or other business unit of any Person in a
single transaction or group of connected transactions (an “Acquisition”)
permit the Leverage Ratio to exceed the limitations of Section 10.1(a);
provided that (i) in no event may
the Leverage Ratio as of any Determination Date exceed 3.75 to 1.00,
(ii) the Company shall pay the Adjusted Interest Rate and the Adjusted
Default Interest Rate, as applicable, in accordance with Section 1.2
of this Agreement, (iii) during the period (the “Elevated
Compliance Period”) beginning on the Determination Date on which the
Leverage Ratio initially exceeds 3.00 to 1.00 (the “Elevated
Determination Date”) and ending on the Determination Date following
the Elevated Determination Date on which the Leverage Ratio first ceases to
exceed 3.00 to 1.00, the Company or a Subsidiary thereof may consummate up to
but no more than two (2) additional Acquisitions (each an “Additional Acquisition”); provided
that in the case of each such Additional Acquisition consummated pursuant to
this clause (iii), the Leverage Ratio (as calculated on a pro forma basis by
the Company after giving effect to either or both of such Additional
Acquisitions, as the case may be) does not increase by more than 0.25 to 1.00
in the aggregate above the Leverage Ratio in effect immediately prior to the
consummation of the first such Additional Acquisitions (and in no event above
3.75 to 1.00), (iv) the Leverage Ratio shall be brought within the 3.00 to
1.00 Leverage Ratio required by Section 10.1(a) not
later than the first Determination Date next following the fourth Determination
Date next following the Elevated Determination Date, and (v) anything
contained in this Agreement, including without limitation, this Section 10.1, to the contrary notwithstanding, prior to
the payment in full of the Notes, the Company and its Subsidiaries may only
exercise the option set forth in this Section

 

30

 

10.1(b) to permit the Leverage Ratio to exceed the
3.00 to 1.00 limitation contained in Section 10.1(a) once
prior to payment in full of the Notes.

 

Section 10.2.           Consolidated
Net Worth.  The Company
will at all times keep and maintain Consolidated Net Worth at an amount not
less than the sum of (a) $1,242,306,000 plus
(b) an aggregate amount equal to 40% of Consolidated Net Income (but, in
each case, only if a positive number) for each completed fiscal quarter
commencing with the fiscal quarter ending June 30, 2010, determined as of the
last day of each fiscal quarter.

 

Section 10.3.           Limitations
on Consolidated Priority Indebtedness. The Company will not, as of
the end of each fiscal quarter, permit (a) Consolidated Priority
Indebtedness to exceed 10% of Consolidated Net Worth and (b) Tax
Arrangement Priority Indebtedness to exceed 10% of Consolidated Net Worth, in
each case determined as of the last day of such fiscal quarter; provided, however, that (1) Indebtedness incurred
pursuant to this Section 10.3 shall be
permitted to the extent but only to the extent that such preceding test was
satisfied  as of the end of the fiscal
quarter in which such Indebtedness was incurred notwithstanding any subsequent
decrease in Consolidated Net Worth and (2) Tax Arrangement Priority
Indebtedness in excess of 10% of Consolidated Net Worth (such excess Tax
Arrangement Priority Indebtedness, the “Excess Tax Arrangement
Priority Indebtedness”) shall be permitted if in any such case the
sum of such Excess Tax Arrangement Priority Indebtedness plus all Consolidated
Priority Indebtedness permitted pursuant to subsection (a), does not exceed 10%
of Consolidated Net Worth.

 

Section 10.4.           Limitation
on Liens.   The Company will not,
and will not permit any Subsidiary Guarantor to, create or incur, or suffer to
be incurred or to exist, any Lien on its or their property or assets, whether
now owned or hereafter acquired, or upon any income or profits therefrom, or
transfer any property for the purpose of subjecting the same to the payment of obligations
in priority to the payment of its or their general creditors, or acquire or
agree to acquire, or permit any Subsidiary Guarantor to acquire, any property
or assets upon conditional sales agreements or other title retention devices,
except:

 

(a)          Liens for taxes, assessments
or governmental charges or levies and Liens securing claims or demands of
mechanics and materialmen; provided that
payment thereof is not at the time required by Section 9.4;

 

(b)         Liens of or resulting from
any judgment or award, (i) the time for the appeal or petition for
rehearing of which shall not have expired, or (ii) in respect of which the
Company or a Subsidiary Guarantor shall at all times in good faith be
prosecuting an appeal or proceeding for a review and in respect of which a stay
of execution pending such appeal or proceeding for review shall have been
secured or (iii) to the extent that payment is covered by insurance
pursuant to which the insurer has not denied coverage; provided
that, in the case of clauses (i) and (ii) above, the Company or
such Subsidiary Guarantor (1) is contesting such judgment or award on a
timely basis, in good faith and by appropriate proceedings, and (2) has
established adequate reserves therefor in accordance with GAAP on the books of
the Company or such Subsidiary Guarantor, as the case may be;

 

31

 

(c)           Liens incidental to the conduct of business or the
ownership of properties and assets (including Liens in connection with worker’s
compensation, unemployment insurance and other like laws, mechanics’,
materialmens’, carriers’, suppliers’, customs and revenue authorities’,
warehousemen’s and attorneys’ liens and statutory landlords’ liens) and Liens
to secure the performance of bids, tenders or trade contracts, or to secure
statutory obligations, surety or appeal bonds or other Lien of like general
nature, in any such case incurred in the ordinary course of business and not in
connection with the borrowing of money; provided that
(i) any such Lien secures only amounts not due and payable or the payment
of which is being contested in good faith by appropriate actions or proceedings
and (ii) any such Lien, individually or in the aggregate, do not
materially impair the business of the Company and its Subsidiary Guarantors
taken as a whole;

 

(d)           rights of way, survey exceptions or minor
encumbrances, leases or subleases granted to others, easements or reservations,
building restrictions, licenses, sublicenses, leases, or subleases or rights of
others for rights-of-way, utilities and other similar purposes, or zoning or
other restrictions as to the use of real properties, in any such case granted
in the ordinary course of business to others, and which, individually or in the
aggregate, do not in any event materially impair their use in the operation of
the business of the Company and its Subsidiary Guarantors taken as a whole or
the value of such properties;

 

(e)           Liens securing Indebtedness of a Subsidiary
Guarantor to the Company or to another Wholly-owned Subsidiary;

 

(f)            Liens existing as of the Execution Date, and
described on Schedule 10.4 hereto;

 

(g)           Liens created or incurred after the Execution Date
given to secure the payment of the purchase price incurred in connection with
the acquisition or purchase or the cost of construction of property or of
assets useful and intended to be used in carrying on the business of the
Company or a Subsidiary Guarantor, including Liens existing on such property or
assets at the time of acquisition thereof or at the time of completion of
construction, as the case may be, whether or not such existing Liens were given
to secure the payment of the acquisition or purchase price or cost of
construction, as the case may be, of the property or assets to which they
attach; provided that (i) the Lien shall
attach solely to the property or assets acquired, purchased or constructed, (ii) such
Lien shall have been created or incurred within 365 days of the date of
acquisition or purchase or completion of construction, as the case may be,
(iii) at the time of acquisition or purchase or of completion of
construction of such property or assets, the aggregate amount remaining unpaid
on all Indebtedness secured by Liens on such property or assets, whether or not
assumed by the Company or a Subsidiary Guarantor, shall not exceed an amount
equal to 100% of the total purchase price or the cost of construction on the
date of completion thereof, and (iv) at the time of creation, issuance,
assumption, guarantee or incurrence of the Indebtedness secured by such Lien
and after giving effect thereto and to the application of the proceeds thereof,
no Default or Event of Default would exist;

 

32

 

(h)           any Lien existing on property or assets of a Person
at the time such Person is consolidated with or merged into the Company or a
Subsidiary Guarantor or becomes a Subsidiary, or any Lien existing on any
property or assets acquired by the Company or any Subsidiary Guarantor at the
time such property or assets are so acquired (whether or not the Indebtedness
secured thereby shall have been assumed), provided that
(i) each such Lien shall extend solely to the property or assets so
acquired, and (ii) at the time of creation, issuance, assumption,
guarantee or incurrence of the Indebtedness secured by such Lien and after
giving effect thereto and to the application of the proceeds thereof, no
Default or Event of Default would exist;

 

(i)            Liens created or incurred after the Execution Date
given to secure Indebtedness or other obligations of the Company or any
Subsidiary Guarantor in addition to the Liens permitted by the preceding
clauses (a) through (g) hereof; provided that
at the time of creation, issuance, assumption, guarantee or incurrence of the
Indebtedness or other obligations secured by such Lien and after giving effect
thereto and to the application of the proceeds thereof, no Default or Event of
Default would exist; and provided, further,
that, notwithstanding the foregoing, in the event that at any time the Company
or any Subsidiary Guarantor provides a Lien to or for the benefit of the
lenders under the Bank Credit Agreement or the administrative agent on their
behalf, then the Company will, and will cause each of its Subsidiary Guarantors
that has provided such Lien, to concurrently grant to or for the benefit of the
holders of Notes a similar first priority Lien (subject only to Liens
permitted, at the time originally incurred, by the Bank Credit Agreement and
this Section 10.4, and ranking pari passu with the Lien provided to or for the benefit of
the lenders under such Bank Credit Agreement), over the same assets, property
and undertaking of the Company and such Subsidiary Guarantor as those
encumbered in respect of the Bank Credit Agreement, in form and substance
satisfactory to the Required Holders with such security to be the subject of an
intercreditor agreement among the lenders under the Bank Credit Agreement or
the administrative agent on their behalf and the holders of Notes, which shall
be satisfactory in form and substance to the Required Holders; and

 

(j)            any extension, renewal or refunding of any Lien
permitted by the preceding clause (f) of this Section 10.5
in respect of the same property theretofore subject to such Lien in connection
with the extension, renewal or refunding of the Indebtedness secured thereby; provided that (i) such extension, renewal or refunding
of Indebtedness shall be without increase in the principal amount remaining
unpaid as of the date of such extension, renewal or refunding, (ii) such
Lien shall attach solely to the same such property, and (iii) at the time
of such extension, renewal or refunding and after giving effect thereto, no
Default or Event of Default would exist; and

 

(k)           Liens consisting of any right of offset, or
statutory or consensual banker’s lien, on bank deposits or securities accounts
maintained in the ordinary course of business so long as such bank deposits or
securities accounts are not established or maintained for the purpose of
providing such right of offset or banker’s lien; and

 

33

 

(l)            Liens securing swap related or cash management
related obligations under the Bank Credit Agreement owing to lenders (or
current or former Affiliates of lenders) thereunder; provided
that (i) such Lien shall have been incurred in the ordinary course of
business and (ii) such Lien shall not secure Indebtedness for borrowed
money; and

 

(m)          other Liens not otherwise permitted pursuant to
clauses (a) through (l) above securing Indebtedness or other
obligations in an aggregate amount not to exceed $2,000,000 at any time outstanding.

 

Section 10.5.           Mergers, Consolidations, Etc.  The Company will not, and
will not permit any Subsidiary Guarantor to, consolidate with or be a party to
a merger with any other Person, or sell, lease or otherwise dispose of all or
substantially all of its assets; provided that:

 

(a)           any Subsidiary Guarantor may merge or consolidate
with or into the Company or any Subsidiary Guarantor so long as in (i) any
merger or consolidation involving the Company, the Company shall be the
surviving or continuing corporation and (ii) in any merger or
consolidation involving a Subsidiary Guarantor (and not the Company), the
Subsidiary Guarantor shall be the surviving or continuing Person;

 

(b)           the Company may consolidate or merge with or into
any other corporation or limited liability company if (i) the corporation
or limited liability company which results from such consolidation or merger
(the “Surviving Person”) is solvent and
organized under the laws of any Permitted Jurisdiction, (ii) the due and
punctual payment of the principal of and premium, if any, and interest on all
of the Notes, according to their tenor, and the due and punctual performance
and observation of all of the covenants in the Notes and this Agreement to be
performed or observed by the Company are expressly assumed in writing by the
Surviving Person and the Surviving Person shall furnish to the holders of the
Notes an opinion of counsel satisfactory to the Required Holders to the effect
that the instrument of assumption has been duly authorized, executed and
delivered and constitutes the legal, valid and binding contract and agreement
of the Surviving Person enforceable in accordance with its terms, except as
enforcement of such terms may be limited by bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles,
(iii) each of the Subsidiary Guarantors shall have confirmed in writing
its agreement to duly and punctually observe all of its covenants and
agreements contained in the Subsidiary Guaranty to which it is a party, and
(iv) at the time of such consolidation or merger and immediately after
giving effect thereto, no Default or Event of Default would exist; and

 

(c)           the Company may sell or otherwise dispose of all or
substantially all of its assets to any Person for consideration which
represents the fair market value of such assets (as determined in good faith by
a Senior Financial Officer of the Company at the time of such sale or other
disposition if (i) the acquiring Person (the “Acquiring
Person”) is a solvent corporation or limited liability company
organized under the laws of any Permitted Jurisdiction, (ii) the due and
punctual payment of the principal of and premium, if any, and interest on all
the Notes, according to their tenor, and the due and

 

34

 

punctual performance and observance of all of the covenants in the
Notes and in this Agreement to be performed or observed by the Company are expressly
assumed in writing by the Acquiring Person and the Acquiring Person shall
furnish to the holders of the Notes an opinion of counsel satisfactory to the
Required Holders to the effect that the instrument of assumption has been duly
authorized, executed and delivered and constitutes the legal, valid and binding
contract and agreement of such Acquiring Person enforceable in accordance with
its terms, except as enforcement of such terms may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles,
(iii) each of the Subsidiary Guarantors shall have confirmed in writing
its agreement to duly and punctually observe all of its covenants and agreements
contained in the Subsidiary Guaranty to which it is a party, and (iv) at
the time of such sale or disposition and immediately after giving effect
thereto, no Default or Event of Default would exist.

 

Section 10.6.           Sale of Assets.  The Company will not, and will not permit any
Subsidiary Guarantor to, sell, lease, transfer, abandon or otherwise dispose of
assets (except assets sold, leased, transferred, abandoned or otherwise
disposed of in the ordinary course of business and except as provided in Section 10.5(c)); provided that
the foregoing restrictions do not apply to:

 

(a)           the sale, lease, transfer or other disposition of
assets of the Company or a Subsidiary Guarantor to the Company or a Subsidiary
Guarantor;

 

(b)           Liens permitted pursuant to Section 10.4
hereof;

 

(c)           the sale, lease, transfer or other disposition of
any assets within 365 days of the acquisition thereof if (i) such assets
are outside the principal business areas to which the assets acquired, taken as
a whole, relate, and (ii) such assets are sold or disposed of for cash or
any other consideration which represents the fair market value thereof; or

 

(d)           the sale, lease, transfer or other disposition of
assets for cash or other property to a Person or Persons if all of the
following conditions are met:

 

(i)            such assets (valued at net
book value) do not, together with all other assets of the Company and its
Subsidiaries previously disposed of during the period from the date of this
Agreement to and including the date of the sale of such assets (other than in
the ordinary course of business), exceed 20% of Consolidated Total
Capitalization, determined as of the end of the immediately preceding fiscal
year; provided, that any such sale of assets
shall be permitted pursuant to this Section 10.6(d)(i) to
the extent the preceding test was satisfied at the time of consummation of such
sale of assets notwithstanding any subsequent decrease in Consolidated Total
Capitalization;

 

(ii)           in the opinion of a Senior
Financial Officer of the Company, the sale is for fair value and is in the best
interests of the Company; and

 

35

 

(iii)          immediately before and
immediately after the consummation of the transaction and after giving effect
thereto, no Default or Event of Default would exist;

 

provided, however, that for purposes of the
foregoing calculation, there shall not be included any assets the proceeds of
which were or are applied within 365 days of the date of sale of such assets to
either (A) the acquisition (including, without limitation through mergers
and acquisitions) of assets useful and intended to be used in the operation of
the business of the Company and the Subsidiary Guarantors as described in Section 10.8 and having a fair market value (as determined
in good faith by a Senior Financial Officer of the Company) at least equal to
that of the assets so disposed of, (B) the prepayment at any applicable
prepayment premium, on a pro rata
basis (calculated with respect to the Series B Notes, based on the
Accreted Value thereof), of Senior Indebtedness of the Company or (C) the
prepayment of any Indebtedness that was incurred in connection with the
financing of the original acquisition of such asset and which is secured by a
Lien on such asset.  It is understood and
agreed by the Company that any such proceeds paid and applied to the prepayment
of the Notes as hereinabove provided shall be prepaid as and to the extent
provided in Section 8.2 (it being
understood and agreed that with respect to the Notes, notwithstanding the terms
and provisions of Section 8.2,
an offer of prepayment pursuant to this Section 10.6 of
the Notes shall be at 100% of the principal amount (with respect to the Series A
Notes) or Accreted Value (with respect to the Series B Notes), thereof,
together with interest accrued and unpaid thereon to the date of such
prepayment, on a pro rata basis (calculated with respect to the Series B
Notes, based on the Accreted Value thereof)).

 

Without limiting the foregoing clause (b), the Company agrees
that:

 

(x)            the timing and manner of any
offer of prepayment to the holders of the Notes shall be in the manner
contemplated by Section 8.2; provided that any such prepayment of the Notes pursuant to
this Section 10.6 may be in an amount
less than 10% of the aggregate principal amount (with respect to the Series A
Notes) or Accreted Value (with respect to the Series B Notes) of the Notes
then outstanding and shall only be at 100% of the principal amount (with
respect to the Series A Notes) or Accreted Value (with respect to the Series B
Notes) thereof, together with interest accrued and unpaid thereon to the date
of such prepayment, and in no event with a Make-Whole Amount or other premium;

 

(y)           any holder of the Notes may
decline any offer of prepayment pursuant to the foregoing clause (b); and

 

(z)            if such offer is so
accepted, the proceeds so offered towards the prepayment of the Notes and
accepted shall be prepaid and applied in the manner provided in Section 8.2, excepting only that such prepayment shall
be at 100% of the principal amount (with respect to the Series A Notes) or
Accreted Value (with respect to the Series B Notes) thereof, together with
interest accrued and unpaid

 

36

 

thereon to the date of such prepayment, without payment of Make-Whole
Amount or other premium.

 

To
the extent that any holder of the Notes declines or is deemed to have declined
such offer of prepayment, the Company may use the remaining amount of such
prepayment so declined for general corporate purposes.

 

Section 10.7.           Transactions with Affiliates.  The Company will not and will not permit any
Subsidiary Guarantor to enter into directly or indirectly any transaction or
group of related transactions (including without limitation the purchase,
lease, sale or exchange of properties of any kind or the rendering of any
service) with any Affiliate (other than the Company or another Subsidiary),
except in the ordinary course and pursuant to the reasonable requirements of
the Company’s or such Subsidiary Guarantor’s business and upon fair and
reasonable terms no less favorable to the Company or such Subsidiary Guarantor
than would be obtainable in a comparable arm’s-length transaction with a Person
not an Affiliate or, if such transaction is not one which by its nature could
be obtained on arm’s length terms from such other Person, was at least on fair
and reasonable terms and negotiated in good faith; provided,
that this Section 10.7 shall not restrict
(a) payments otherwise allowed under this Agreement and other transfers on
account of shares of Capital Stock of the Company or any Subsidiary,
(b) customary board of director fees, (c) any payments pursuant to
the terms of the certificate of incorporation or bylaws of the Company, or to
any of the Company’s Plans; (d) the rights, privileges and preferences
granted to the holders of Preferred Stock arising under any related certificate
of designation, investor rights agreement or regulatory side letter, each in
form and substance reasonably satisfactory to the Required Holders and (e) so
long as the Company is subject to the filing requirements of the SEC, any
transaction that is otherwise permitted by any Company policy regarding such
transactions to the extent such policy was approved by the Company’s Board of
Directors.

 

Section 10.8.           Line of Business.  The Company will not and will not permit any
Subsidiary Guarantor to engage in any business if, as a result, the general
nature of the business in which the Company and its Subsidiaries, taken as a
whole, would then be engaged would be substantially changed from the general
nature of the business in which the Company and its Subsidiaries, taken as a
whole, are engaged on the date of this Agreement, including any businesses
ancillary thereto (businesses ancillary thereto shall be deemed to include
construction management or asset management businesses).

 

Section 10.9.           Terrorism Sanctions Regulations.  The Company will not and will not permit any
Subsidiary to (a) become a Person described or designated in the Specially
Designated Nationals and Blocked Persons List of the Office of Foreign Assets
Control or in Section 1 of the Anti-Terrorism Order or (b) except to
the extent permitted by applicable laws and regulations, knowingly engage in any
dealings or transactions with any such Person.

 

37

 

SECTION 11.                          EVENTS OF
DEFAULT.

 

An
“Event of Default” shall exist if any of
the following conditions or events shall occur and be continuing:

 

(a)           the Company defaults in the payment of any principal
(with respect to the Series A Notes) or Accreted Value (with respect to
the Series B Notes) or Make-Whole Amount, if any, on any Note when the
same becomes due and payable, whether at maturity or at a date fixed for
prepayment or by declaration or otherwise; or

 

(b)           the Company defaults in the payment of any interest
on any Note for more than five Business Days after the same becomes due and
payable; or

 

(c)           the Company defaults in the performance of or compliance
with any term contained in Section 7.1(d) or
Sections 10.1 through 10.6; or

 

(d)           the Company defaults in the performance of or
compliance with any term contained herein (other than those referred to in Sections 11(a), (b) and (c)) or any Subsidiary Guarantor defaults in the performance
of or compliance with any term contained in the Subsidiary Guaranty to which it
is a party and such default is not remedied within 30 days after the
earlier of (i) a Responsible Officer obtaining actual knowledge of such
default and (ii) the Company receiving written notice of such default from
any holder of a Note (any such written notice to be identified as a “notice of
default” and to refer specifically to this Section 11(d));
or

 

(e)           any representation or warranty made in writing by or
on behalf of the Company or any Subsidiary Guarantor or by any officer of the
Company or any Subsidiary Guarantor in this Agreement or any Subsidiary
Guaranty, as the case may be, or in any writing furnished in connection with
the transactions contemplated hereby proves to have been false or incorrect in
any material respect on the date as of which made; or

 

(f)            (i) the Company, any Subsidiary Guarantor or
any Material Subsidiary is in default (as principal or as guarantor or other
surety) in the payment of any principal of or premium or make-whole amount or
interest on any Indebtedness that is outstanding in an aggregate principal
amount of at least 3% of the Company’s Consolidated Net Worth beyond any period
of grace provided with respect thereto, or (ii) the Company, any
Subsidiary Guarantor or any Material Subsidiary is in default in the
performance of or compliance with any term of any Indebtedness in an aggregate
outstanding principal amount of at least 3% of the Company’s Consolidated Net
Worth or of any mortgage, indenture or other agreement relating thereto or any
other condition (other than as a result of any condition which is a Change in
Control, in which event the terms and provisions of Section 8.3
shall govern) exists, and as a consequence of such default or condition such
Indebtedness has become, or has been declared (or one or more Persons are
entitled to declare such Indebtedness to be), due and payable before its stated
maturity or before its regularly scheduled dates of payment, or (iii) as a
consequence of the occurrence or

 

38

 

continuation of any event or condition (other than the passage of time
or the right of the holder of Indebtedness to convert such Indebtedness into equity
interests and in all cases other than as a result of any condition which is a
Change in Control, in which event the terms and provisions of Section 8.3 shall govern), (1) the Company, any
Subsidiary Guarantor or any Material Subsidiary has become obligated to
purchase or repay Indebtedness before its regular maturity or before its
regularly scheduled dates of payment in an aggregate outstanding principal
amount of at least 3% of the Company’s Consolidated Net Worth, or (2) one
or more Persons have the right to require the Company, any Subsidiary Guarantor
or any Material Subsidiary so to purchase or repay such Indebtedness; or

 

(g)           the Company or any Subsidiary Guarantor (i) is
generally not paying, or admits in writing its inability to pay, its debts as
they become due, (ii) files, or consents by answer or otherwise to the
filing against it of, a petition for relief or reorganization or arrangement or
any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any
jurisdiction, (iii) makes an assignment for the benefit of its creditors,
(iv) consents to the appointment of a custodian, receiver, trustee or
other officer with similar powers with respect to it or with respect to any
substantial part of its property, (v) is adjudicated as insolvent or to be
liquidated, or (vi) takes corporate action to approve any of the
foregoing; or

 

(h)           a court or Governmental Authority of competent
jurisdiction enters an order appointing, without consent by the Company or any
Subsidiary Guarantor, a custodian, receiver, trustee or other officer with
similar powers with respect to it or with respect to any substantial part of
its property, or constituting an order for relief or approving a petition for
relief or reorganization or any other petition in bankruptcy or for liquidation
or to take advantage of any bankruptcy or insolvency law of any jurisdiction,
or ordering the dissolution, winding-up or liquidation of the Company or any
Subsidiary Guarantor, or any such petition shall be filed against the Company
or any Subsidiary Guarantor and such petition shall not be dismissed within
60 days; or

 

(i)            a final judgment or judgments for the payment of
money aggregating in excess of $100,000,000 are rendered against one or more of
the Company or any Subsidiary Guarantor and which judgments are not, within
60 days after entry thereof, bonded, discharged or stayed pending appeal,
or are not discharged within 60 days after the expiration of such stay; or

 

(j)            if (i) any Plan shall fail to satisfy the
minimum funding standards of ERISA or the Code for any plan year or part
thereof or a waiver of such standards or extension of any amortization period
is sought or granted under section 412 of the Code, (ii) a notice of
intent to terminate any Plan in a distress termination described in
Section 4041(c) of ERISA shall have been or is reasonably expected to
be filed with the PBGC or the PBGC shall have instituted proceedings under
ERISA Section 4042 to terminate or appoint a trustee to administer any
Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a
Plan will become a subject of any such

 

39

 

proceedings, (iii) the aggregate “amount of unfunded benefit
liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under
all Plans, determined in accordance with Title IV of ERISA, shall exceed
the greater of $100,000,000 and 5% of the Company’s Consolidated Net Worth,
(iv) the Company or any ERISA Affiliate shall have incurred or is
reasonably expected to incur any liability pursuant to Title I or IV of
ERISA or the penalty or excise tax provisions of the Code relating to employee
benefit plans (v) the Company or any ERISA Affiliate withdraws from any
Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or
amends any employee welfare benefit plan that provides post employment
welfare benefits in a manner that would increase the liability of the Company
or any Subsidiary thereunder; and any such event or events described in
clauses (i) through (vi) above, either individually or together
with any other such event or events, could reasonably be expected to have a
Material Adverse Effect; or

 

(k)           any Subsidiary Guaranty shall cease to be in full
force and effect for any reason whatsoever, including, without limitation, a
determination by any Governmental Authority that such Subsidiary Guaranty is
invalid, void or unenforceable or any Subsidiary Guarantor which is a party to
such Subsidiary Guaranty shall contest or deny in writing the validity or
enforceability of any of its obligations under such Subsidiary Guaranty, but
excluding any Subsidiary Guaranty which ceases to be in full force and effect
in accordance with and by reason of the express provisions of Section 2.2(b).

 

As
used in Section 11(j), the terms “employee
benefit plan” and “employee welfare benefit plan” shall have the respective
meanings assigned to such terms in Section 3 of ERISA.

 

SECTION 12.                          REMEDIES ON DEFAULT, ETC.

 

Section 12.1.           Acceleration.  (a) If an Event of Default with respect
to the Company described in Section 11(g) or
(h) (other than an Event of
Default described in clause (i) of Section 11(g) or
described in clause (vi) of Section 11(g) by
virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then
outstanding shall automatically become immediately due and payable.

 

(b)           If any other
Event of Default has occurred and is continuing, the Required Holders may at
any time at its or their option, by notice or notices to the Company, declare
all the Notes then outstanding to be immediately due and payable.

 

(c)           If any Event of
Default described in Section 11(a) or (b) has occurred and is continuing, any holder or
holders of Notes at the time outstanding affected by such Event of Default may
at any time, at its or their option, by notice or notices to the Company,
declare all the Notes held by it or them to be immediately due and payable.

 

Upon any Notes becoming due and payable under this Section 12.1,
whether automatically or by declaration, such Notes will forthwith mature and
the entire unpaid principal amount of such Series A Notes and the then
current Accreted Value of Series B Notes, plus,
in each case, (i) all accrued and unpaid interest thereon (including, but
not limited to, interest

 

40

 

accrued
thereon at the Default Rate or Adjusted Default Interest Rate, as applicable)
and (ii) the Make-Whole Amount determined in respect of such principal
amount or Accreted Value, as the case may be, (to the full extent permitted by
applicable law), shall all be immediately due and payable, in each and every
case without presentment, demand, protest or further notice, all of which are
hereby waived.  The Company acknowledges,
and the parties hereto agree, that each holder of a Note has the right to maintain
its investment in the Notes free from repayment by the Company (except as
herein specifically provided for), and that the provision for payment of a
Make-Whole Amount by the Company in the event that the Notes are prepaid or are
accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances.

 

Section 12.2.           Other Remedies.  If any Default or Event of Default has
occurred and is continuing, and irrespective of whether any Notes have become
or have been declared immediately due and payable under Section 12.1,
the holder of any Note at the time outstanding may proceed to protect and
enforce the rights of such holder by an action at law, suit in equity or other
appropriate proceeding, whether for the specific performance of any agreement
contained herein or in any Note, or for an injunction against a violation of
any of the terms hereof or thereof, or in aid of the exercise of any power
granted hereby or thereby or by law or otherwise.

 

Section 12.3.           Rescission.  At any time after any Notes have been
declared due and payable pursuant to Section 12.1(b) or
(c), the holders of not less than 51%
of the Notes then outstanding (measured based on the principal amount thereof
in the case of the Series A Notes and Accreted Value thereof in the case
of the Series B Notes), by written notice to the Company, may rescind and
annul any such declaration and its consequences if (a) the Company has
paid all overdue interest on the Notes, all principal of and Make-Whole Amount,
if any, on any Notes that are due and payable and are unpaid other than by
reason of such declaration, and all interest on such overdue principal and
Make-Whole Amount, if any, and (to the extent permitted by applicable law) any
overdue interest in respect of the Notes, at the Default Rate or Adjusted
Default Interest Rate, as applicable, (b) neither the Company nor any
other Person shall have paid any amounts which have become due solely by reason
of such declaration, (c) all Events of Default and Defaults, other than
non-payment of amounts that have become due solely by reason of such
declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been
entered for the payment of any monies due pursuant hereto or to the Notes.  No rescission and annulment under this Section 12.3 will extend to or affect any subsequent
Event of Default or Default or impair any right consequent thereon.

 

Section 12.4.           No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part
of any holder of any Note in exercising any right, power or remedy shall
operate as a waiver thereof or otherwise prejudice such holder’s rights, powers
or remedies.  No right, power or remedy
conferred by this Agreement or by any Note upon any holder thereof shall be
exclusive of any other right, power or remedy referred to herein or therein or
now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the
Company under Section 15, the Company will
pay to the holder of each Note on demand such further amount as shall be
sufficient to cover all costs and expenses of such holder incurred in any
enforcement or collection under this Section 12,
including, without limitation, reasonable attorneys’ fees, expenses and
disbursements.

 

41

 

SECTION 13.                                           REGISTRATION;
EXCHANGE; SUBSTITUTION OF NOTES.

 

Section 13.1.           Registration of Notes.  The Company shall keep at its principal
executive office a register for the registration and registration of transfers
of Notes.  The name and address of each
holder of one or more Notes, each transfer thereof and the name and address of each
transferee of one or more Notes shall be registered in such register.  Prior to due presentment for registration of
transfer, the Person in whose name any Note shall be registered shall be deemed
and treated as the owner and holder thereof for all purposes hereof, and the
Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a
Note that is an Institutional Investor promptly upon request therefor, a
complete and correct copy of the names and addresses of all registered holders
of Notes.

 

Section 13.2.           Transfer and Exchange of Notes.  Upon surrender of any Note to the Company at
the address and to the attention of the designated officer (all as specified in
Section 18(iii)) for registration
of transfer or exchange (and in the case of a surrender for registration of
transfer accompanied by a written instrument of transfer duly executed by the
registered holder of such Note or such holder’s attorney duly authorized in
writing and accompanied by the relevant name, address and other information for
notices of each transferee of such Note or part thereof), within ten Business
Days thereafter, the Company shall execute and deliver, at the Company’s
expense (except as provided below), one or more new Notes (as requested by the
holder thereof) in exchange therefor, of the same series and in an aggregate
principal amount equal to the unpaid principal amount of the surrendered
Note.  Each such new Note shall be
payable to such Person as such holder may request and shall be substantially in
the form of Exhibit 1-A or Exhibit 1-B, as the case may be.  Each such new Note shall be dated and bear
interest from the date to which interest shall have been paid on the
surrendered Note or dated the date of the surrendered Note if no interest shall
have been paid thereon.  The Company may
require payment of a sum sufficient to cover any stamp tax or governmental
charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in
denominations of less than $250,000; provided that
if necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than $250,000.  Any transferee, by its acceptance of a Note
registered in its name (or the name of its nominee), shall be deemed to have
made the representations set forth in Section 6.1 through
Section 6.6, as applicable.

 

Section 13.3.           Replacement of Notes.  Upon receipt by the Company at the address
and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to
it of the ownership of and the loss, theft, destruction or mutilation of any
Note (which evidence shall be, in the case of an Institutional Investor, notice
from such Institutional Investor of such ownership and such loss, theft,
destruction or mutilation), and

 

42

 

(a)          in the case of loss, theft
or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee
for, an original Purchaser or another holder of a Note with a minimum net worth
of at least $100,000,000 or a Qualified Institutional Buyer, such Person’s own
unsecured agreement of indemnity shall be deemed to be satisfactory), or

 

(b)         in the case of mutilation,
upon surrender and cancellation thereof,

 

within
ten Business Days thereafter, the Company at its own expense shall execute and
deliver, in lieu thereof, a new Note of the same series, dated and bearing
interest from the date to which interest shall have been paid on such lost,
stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
destroyed or mutilated Note if no interest shall have been paid thereon.

 

SECTION 14.                                           PAYMENTS ON
NOTES.

 

Section 14.1.           Place of Payment.  Subject to Section 14.2,
payments of principal, Make-Whole Amount, if any, and interest becoming due and
payable on the Notes shall be made in New York, New York at the
principal office of Citibank, N.A. in such jurisdiction.  The Company may at any time, by notice to
each holder of a Note, change the place of payment of the Notes so long as such
place of payment shall be either the principal office of the Company in such
jurisdiction or the principal office of a bank or trust company in such
jurisdiction.

 

Section 14.2.           Home Office Payment.  So long as any Purchaser or its nominee shall
be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the
Company will pay all sums becoming due on such Note for principal, Make-Whole
Amount, if any, and interest by the method and at the address specified for
such purpose below such Purchaser’s name in Schedule A,
or by such other method or at such other address as such Purchaser shall have
from time to time specified to the Company in writing for such purpose, without
the presentation or surrender of such Note or the making of any notation
thereon, except that upon written request of the Company made concurrently with
or reasonably promptly after payment or prepayment in full of any Note, such
Purchaser shall surrender such Note for cancellation, reasonably promptly after
any such request, to the Company at its principal executive office or at the
place of payment most recently designated by the Company pursuant to Section 14.1. 
Prior to any sale or other disposition of any Note held by a Purchaser
or its nominee, such Purchaser will, at its election, either endorse thereon
the amount of principal paid thereon and the last date to which interest has
been paid thereon or surrender such Note to the Company in exchange for a new
Note or Notes of the same series pursuant to Section 13.2.  The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the
direct or indirect transferee of any Note purchased by a Purchaser under this
Agreement and that has made the same agreement relating to such Note as the
Purchasers have made in this Section 14.2.

 

SECTION 15.                                           EXPENSES, ETC.

 

Section 15.1.           Transaction Expenses.  Whether or not the
transactions contemplated hereby are consummated, the Company will pay all
costs and expenses (including reasonable

 

43

 

attorneys’ fees of a special counsel and, if reasonably required by the
Required Holders, local or other counsel) incurred by the Purchasers and each
other holder of a Note in connection with such transactions and in connection
with any amendments, waivers or consents under or in respect of this Agreement,
any Subsidiary Guaranty, or the Notes (whether or not such amendment, waiver or
consent becomes effective), including, without limitation:  (a) the costs and expenses incurred in
enforcing or defending (or determining whether or how to enforce or defend) any
rights under this Agreement, any Subsidiary Guaranty, or the Notes or in
responding to any subpoena or other legal process or informal investigative
demand issued in connection with this Agreement, any Subsidiary Guaranty, or
the Notes, or by reason of being a holder of any Note, and (b) the costs
and expenses, including reasonable financial advisors’ fees, incurred in
connection with the insolvency or bankruptcy of the Company or any Subsidiary
or in connection with any work-out or restructuring of the transactions
contemplated hereby or by any Subsidiary Guaranty, and by the Notes.  The Company will pay, and will save each
Purchaser and each other holder of a Note harmless from, all claims in respect
of any fees, costs or expenses, if any, of brokers and finders (other than
those, if any, retained by a Purchaser or other holder in connection with its
purchase of the Notes).

 

Section 15.2.           Survival.  The obligations of the Company under this Section 15 will survive the payment or transfer of any
Note, the enforcement, amendment or waiver of any provision of this Agreement,
any Subsidiary Guaranty, or the Notes, and the termination of this Agreement.

 

SECTION 16.                                           SURVIVAL OF
REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

 

All
representations and warranties contained herein or in any Subsidiary Guaranty
shall survive the execution and delivery of this Agreement, any Subsidiary
Guaranty and the Notes, the purchase or transfer by any Purchaser of any Note
or portion thereof or interest therein and the payment of any Note, and may be
relied upon by any subsequent holder of a Note, regardless of any investigation
made at any time by or on behalf of such Purchaser or any other holder of a
Note.  All statements contained in any
certificate or other instrument delivered by or on behalf of the Company
pursuant to this Agreement, any Subsidiary Guaranty shall be deemed
representations and warranties of the Company under this Agreement.  Subject to the preceding sentence, this
Agreement, the Subsidiary Guaranties and the Notes embody the entire agreement
and understanding between each Purchaser and the Company and supersede all
prior agreements and understandings relating to the subject matter hereof.

 

SECTION 17.                                           AMENDMENT AND
WAIVER.

 

Section 17.1.           Requirements.  This Agreement, any Subsidiary Guaranty and
the Notes may be amended, and the observance of any term hereof or of the Notes
may be waived (either retroactively or prospectively), with (and only with) the
written consent of the Company and the Required Holders, except that
(a) no amendment or waiver of any of the provisions of Section 1 or 21 hereof, or
any defined term (as it is used therein), will be effective as to any Purchaser
unless consented to by such Purchaser in writing, and (b) no such
amendment or waiver may, without the written consent of the holder of each Note
at the time outstanding affected thereby, (i) subject to the provisions of
Section 12 relating to
acceleration or rescission, change the 

 

44

 

amount or time of any prepayment or payment of principal (in the case
of the Series A Notes) or Accreted Value (in the case of the Series B
Notes) of, or reduce the rate or change the time of payment or method of
computation of interest or of the Make-Whole Amount on, the Notes,
(ii) change the percentage of the principal amount of the Notes the
holders of which are required to consent to any such amendment or waiver, or
(iii) amend any of Section 8, 11(a),
11(b), 12, 17 or 20.

 

Section 17.2.           Solicitation of Holders of Notes.

 

(a)        Solicitation.  The Company will provide each holder of the
Notes (irrespective of the amount or series of Notes then owned by it) with
sufficient information, sufficiently far in advance of the date a decision is
required, to enable such holder to make an informed and considered decision
with respect to any proposed amendment, waiver or consent in respect of any of
the provisions hereof or of the Notes. 
The Company will deliver executed or true and correct copies of each
amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding Notes promptly
following the date on which it is executed and delivered by, or receives the
consent or approval of, the requisite holders of Notes.

 

(b)        Payment.  The Company will not directly or indirectly
pay or cause to be paid any remuneration, whether by way of supplemental or
additional interest, fee or otherwise, or grant any security or provide other
credit support, to any holder of Notes as consideration for or as an inducement
to the entering into by any holder of any series of Notes of any waiver or
amendment of any of the terms and provisions hereof unless such remuneration is
concurrently paid, or security is concurrently granted or other credit support
concurrently provided, on the same terms, ratably to each holder of each series
of Notes then outstanding even if such holder did not consent to such waiver or
amendment.

 

(c)        Consent
in Contemplation of Transfer.  Any consent made pursuant to this Section 17.2 by the holder of any Note of any series
that has transferred or has agreed to transfer such Note to the Company, any
Subsidiary or any Affiliate of the Company and has provided or has agreed to
provide such written consent as a condition to such transfer shall be void and
of no force or effect except solely as to such holder, and any amendments
effected or waivers granted or to be effected or granted that would not have
been or would not be so effected or granted but for such consent (and the
consents of all other holders of Notes that were acquired under the same or
similar conditions) shall be void and of no force or effect except solely as to
such transferring holder.

 

Section 17.3.           Binding Effect, Etc.  Any amendment or waiver consented to as
provided in this Section 17 applies equally to
all holders of each series of the Notes and is binding upon them and upon each
future holder of any Note of any series and upon the Company without regard to
whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or
affect any obligation, covenant, agreement, Default or Event of Default not
expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and the
holder of any Note of any series nor any delay in exercising any rights
hereunder or under any Note of any series shall operate as a waiver of 

 

45

 

any rights of any holder of such Note. 
As used herein, the term “this Agreement” and references thereto shall
mean this Agreement as it may from time to time be amended or supplemented.

 

Section 17.4.           Notes Held by Company, Etc.  Solely for the purpose of determining whether
the holders of the requisite percentage of the aggregate principal amount of
the Series A Notes then outstanding or Accreted Value of the Series B
Notes then outstanding approved or consented to any amendment, waiver or
consent to be given under this Agreement or the Notes, or have directed the
taking of any action provided herein or in the Notes to be taken upon the
direction of the holders of a specified percentage of the aggregate principal
amount of the Series A Notes then outstanding or Accreted Value of the Series B
Notes then outstanding, Notes directly or indirectly owned by the Company or
any of its Affiliates shall be deemed not to be outstanding.

 

SECTION 18.                                           NOTICES.

 

All
notices and communications provided for hereunder shall be in writing and sent
(a) by telefacsimile if the sender on the same day sends a confirming copy
of such notice by a recognized overnight delivery service (charges prepaid), or
(b) by registered or certified mail with return receipt requested (postage
prepaid), or (c) by a recognized overnight delivery service (with charges
prepaid).  Any such notice must be sent:

 

(i)            if to any Purchaser or its nominee, to such
Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser
or nominee shall have specified to the Company in writing,

 

(ii)           if to any other holder of any Note, to such holder
at such address as such other holder shall have specified to the Company in
writing, or

 

(iii)          if to the Company, to the Company at its address set
forth at the beginning hereof to the attention of the Chief Financial Officer,
or at such other address as the Company shall have specified to the holder of
each Note in writing.

 

Notices
under this Section 18 will be deemed
given only when actually received.

 

SECTION 19.                                           REPRODUCTION OF
DOCUMENTS.

 

This
Agreement and all documents relating thereto, including, without limitation,
(a) consents, waivers and modifications that may hereafter be executed,
(b) documents received by any Purchaser at the Closing (except the Notes
themselves), and (c) financial statements, certificates and other
information previously or hereafter furnished to any Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, electronic,
digital or other similar process and such Purchaser may destroy any original document
so reproduced.  The Company agrees and
stipulates that, to the extent permitted by applicable law, any such
reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by such Purchaser in
the regular course of business) and any enlargement, facsimile or 

 

46

 

further
reproduction of such reproduction shall likewise be admissible in
evidence.  This Section 19
shall not prohibit the Company or any other holder of Notes from contesting any
such reproduction to the same extent that it could contest the original, or
from introducing evidence to demonstrate the inaccuracy of any such
reproduction.

 

SECTION 20.                                           CONFIDENTIAL
INFORMATION.

 

For
the purposes of this Section 20,
“Confidential Information” means
information delivered to any Purchaser by or on behalf of the Company or any
Subsidiary in connection with the transactions contemplated by or otherwise
pursuant to this Agreement that is proprietary in nature; provided
that such term does not include information that (a) was publicly known or
otherwise known to such Purchaser prior to the time of such disclosure,
(b) subsequently becomes publicly known through no act or omission by such
Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise
becomes known to such Purchaser other than through disclosure by the Company or
any Subsidiary, (d) constitutes financial statements delivered to such
Purchaser under Section 7.1 that are
otherwise publicly available or (e) that is marked identified in writing
by the Company as “Public”.  Each
Purchaser will maintain the confidentiality of such Confidential Information in
accordance with procedures adopted by such Purchaser in good faith to protect
confidential information of third parties delivered to such Purchaser; provided that such Purchaser may deliver or disclose
Confidential Information to (i) its directors, trustees, officers,
employees, agents, attorneys and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by its
Notes), (ii) its financial advisors and other professional advisors who
agree to hold confidential the Confidential Information substantially in
accordance with the terms of this Section 20,
(iii) any other holder of any Note, (iv) any Institutional Investor
to which it sells or offers to sell such Note or any part thereof or any
participation therein (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which it offers
to purchase any security of the Company (if such Person has agreed in writing
prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 20),
(vi) any federal or state regulatory authority having jurisdiction over
such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar
organization, or any nationally recognized rating agency that requires access
to information about such Purchaser’s investment portfolio or (viii) any
other Person to which such delivery or disclosure may be necessary or
appropriate (w) to effect compliance with any law, rule, regulation or
order applicable to such Purchaser, (x) in response to any subpoena or
other legal process, (y) in connection with any litigation to which such
Purchaser is a party or (z) if an Event of Default has occurred and is
continuing, to the extent such Purchaser may reasonably determine such delivery
and disclosure to be necessary or appropriate in the enforcement or for the
protection of the rights and remedies under such Purchaser’s Notes and this
Agreement.  Each holder of a Note, by its
acceptance of a Note, will be deemed to have agreed to be bound by and to be
entitled to the benefits of this Section 20
as though it were a party to this Agreement. 
On reasonable request by the Company in connection with the delivery to
any holder of a Note of information required to be delivered to such holder
under this Agreement or requested by such holder (other than a holder that is a
party to this Agreement or its nominee), such holder will enter into an
agreement with the Company embodying the provisions of this Section 20.

 

47

 

SECTION 21.                                           SUBSTITUTION OF
PURCHASER.

 

Each
Purchaser shall have the right to substitute any one of its Affiliates as the
purchaser of the Notes that it has agreed to purchase hereunder, by written
notice to the Company, which notice shall be signed by both such Purchaser and
such Affiliate, shall contain such Affiliate’s agreement to be bound by this
Agreement and shall contain a confirmation by such Affiliate of the accuracy
with respect to it of the representations set forth in Section 6;
provided, however, that any such
substitution prior to the Closing shall not release the original Purchaser
signatory hereto from its obligations hereunder to purchase the Notes at the
Closing.  Upon receipt of such notice,
any reference to such Purchaser in this Agreement (other than in this Section 21) shall be deemed to refer to such Affiliate
in lieu of such original Purchaser.  In
the event that such Affiliate is so substituted as a Purchaser hereunder and
such Affiliate thereafter transfers to such original Purchaser all of the Notes
then held by such Affiliate, upon receipt by the Company of notice of such
transfer, any reference to such Affiliate as a “Purchaser” in this Agreement
(other than in this Section 21)
shall no longer be deemed to refer to such Affiliate, but shall refer to such
original Purchaser, and such original Purchaser shall again have all the rights
of an original holder of the Notes under this Agreement.

 

SECTION 22.                                           MISCELLANEOUS.

 

Section 22.1.           Successors and Assigns.  All covenants and other agreements contained
in this Agreement by or on behalf of any of the parties hereto bind and inure
to the benefit of their respective successors and assigns (including, without
limitation, any subsequent holder of a Note) whether so expressed or not.

 

Section 22.2.           Payments Due on Non-Business Days.  Anything in this Agreement or the Notes to
the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment
specify a Business Day as the date fixed for such prepayment), any payment of
principal of or Make-Whole Amount or interest on any Note that is due on a date
other than a Business Day shall be made on the next succeeding Business Day
without including the additional days elapsed in the computation of the
interest payable on such next succeeding Business Day; provided
that if the maturity date of any Note is a date other than a Business Day, the
payment otherwise due on such maturity date shall be made on the next succeeding
Business Day and shall include the additional days elapsed in the computation
of interest payable on such next succeeding Business Day.

 

Section 22.3.           Accounting Terms.  (a) All accounting terms used herein
which are not expressly defined in this Agreement have the meanings
respectively given to them in accordance with GAAP.  Except as otherwise specifically provided
herein, (i) all computations made pursuant to this Agreement shall be made
in accordance with GAAP and (ii) all financial statements shall be
prepared in accordance with GAAP.

 

(b)        For purposes of
determining compliance with the financial covenants contained in this
Agreement, any election by the Company to measure an item of Indebtedness using
an amount other than par (as permitted by FASB 159 or any similar or
successor accounting

 

48

 

standard) shall be disregarded and such determination shall be made as
if such election had not been made.

 

(c)        If at any time
any change in GAAP (including the adoption by the Company of International
Financial Reporting Standards) would affect the computation of any covenant,
financial ratio or other provision set forth in this Agreement, and either the
Company or the Required Holders shall so request, the Required Holders and the
Company shall negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change in GAAP (subject
to the approval of the Required Holders); provided that,
until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) the
Company shall provide to the holders of the Notes financial statements and
other documents required under this Agreement or as reasonably requested by the
Required Holders hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change
in GAAP.

 

Section 22.4.           Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other
jurisdiction.

 

Section 22.5.           Construction, Etc.  Each covenant contained herein shall be
construed (absent express provision to the contrary) as being independent of
each other covenant contained herein, so that compliance with any one covenant
shall not (absent such an express contrary provision) be deemed to excuse
compliance with any other covenant. 
Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be
applicable whether such action is taken directly or indirectly by such Person.  As referred to herein, “knowledge” of the
Company shall be deemed to mean the actual knowledge of any Senior Financial
Officer.

 

For
the avoidance of doubt, all Schedules and Exhibits attached to this Agreement
shall be deemed to be a part hereof.

 

Section 22.6.           Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original but all of which together
shall constitute one instrument.  Each
counterpart may consist of a number of copies hereof, each signed by less than
all, but together signed by all, of the parties hereto.

 

Section 22.7.            Governing Law.  This Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York, excluding
choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State.

 

Section 22.8.           Jurisdiction and Process; Waiver of Jury Trial.  (a) The Company irrevocably submits to
the non-exclusive jurisdiction of any New York State or federal court
sitting in the Borough of Manhattan, The City of New York, over any suit,
action or proceeding

 

49

 

arising out of or relating to this Agreement or the Notes.  To the fullest extent permitted by applicable
law, the Company irrevocably waives and agrees not to assert, by way of motion,
as a defense or otherwise, any claim that it is not subject to the jurisdiction
of any such court, any objection that it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding brought in any such
court and any claim that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum.

 

(b)        The Company
consents to process being served by or on behalf of any holder of Notes in any
suit, action or proceeding of the nature referred to in Section 22.8(a) by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, return receipt requested, to it at its
address specified in Section 18
or at such other address of which such holder shall then have been notified
pursuant to said Section.  The Company
agrees that such service upon receipt (i) shall be deemed in every respect
effective service of process upon it in any such suit, action or proceeding and
(ii) shall, to the fullest extent permitted by applicable law, be taken
and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively
presumed received as evidenced by a delivery receipt furnished by the United
States Postal Service or any reputable commercial delivery service.

 

(c)        Nothing in this
Section 22.8 shall affect the
right of any holder of a Note to serve process in any manner permitted by law,
or limit any right that the holders of any of the Notes may have to bring
proceedings against the Company in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in
any other jurisdiction.

 

(d)        THE PARTIES
HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO
THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH
OR THEREWITH.

 

*     *     *     *     *

 

50

 

If
you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this
Agreement shall become a binding agreement between you and the Company.

 

	
   

  	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AECOM
  TECHNOLOGY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
     /s/
  Eric Chen

  
	
   

  	
   

  	
   

  	
   Eric
  Chen

  
	
   

  	
   

  	
   

  	
   Senior
  Vice President, Corporate Finance

  

 

51

 

This
Agreement is hereby accepted and agreed 

to as of the date thereof.

 

	
   

  	
  MIDLAND
  NATIONAL LIFE INSURANCE COMPANY

  
	
   

  	
  By:
  

  	
  Guggenheim
  Partners Asset Management,

  
	
   

  	
   

  	
    LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Damaso

  
	
   

  	
   

  	
  Name:
  Michael Damaso

  
	
   

  	
   

  	
  Title:
  Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH AMERICAN COMPANY FOR LIFE AND HEALTH
  INSURANCE

  
	
   

  	
  By:
  

  	
  Guggenheim
  Partners Asset Management,

  
	
   

  	
   

  	
    LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Damaso

  
	
   

  	
   

  	
  Name:
  Michael Damaso

  
	
   

  	
   

  	
  Title:
  Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HORACE
  MANN LIFE INSURANCE COMPANY

  
	
   

  	
  By:
  

  	
  Guggenheim
  Partners Asset Management,

  
	
   

  	
   

  	
    LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Damaso

  
	
   

  	
   

  	
  Name:
  Michael Damaso

  
	
   

  	
   

  	
  Title:
  Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILTON
  REASSURANCE COMPANY

  
	
   

  	
  By:
  

  	
  Guggenheim
  Partners Asset Management,

  
	
   

  	
   

  	
    LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Damaso

  
	
   

  	
   

  	
  Name:
  Michael Damaso

  
	
   

  	
   

  	
  Title:
  Senior Managing Director

  

 

52

 

	
   

  	
  TEXAS
  LIFE INSURANCE COMPANY

  
	
   

  	
  By:
  

  	
  Guggenheim
  Partners Asset Management,

  
	
   

  	
   

  	
    LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Damaso

  
	
   

  	
   

  	
  Name:
  Michael Damaso

  
	
   

  	
   

  	
  Title:
  Senior Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SECURITY
  BENEFIT LIFE COMPANY

  
	
   

  	
  By:
  

  	
  Guggenheim
  Partners Asset Management,

  
	
   

  	
   

  	
    LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Damaso

  
	
   

  	
   

  	
  Name:
   Michael Damaso

  
	
   

  	
   

  	
  Title:
   Senior Managing Director

  

 

53

 

DEFINED TERMS

 

As
used herein, the following terms have the respective meanings set forth below
or set forth in the Section hereof following such term:

 

“Accreted Value” means the Accreted Value of any Series B
Note or Notes as reflected on Schedule 8.7
attached hereto.

 

“Acquiring Person” is defined in Section 10.5(c).

 

“Acquisition” is defined in Section 10.1(b).

 

“Additional Acquisition” is defined in Section 10.1(b).

 

“Additional Priority Indebtedness” means the aggregate amount
of outstanding Tax Arrangement Priority Indebtedness; provided
that, such amount shall in no event exceed 10% of Consolidated Net Worth at the
end of any fiscal quarter.

 

“Adjusted Default Interest Rate” means (a) with respect
to the Series A Notes, that rate of interest that is  2% per annum
above the rate of interest stated in clause (a) of the first
paragraph of the Series A Notes and (b) with respect to the
Series B Notes, that rate of interest that is  2% per annum above the
rate of interest stated in clause (a) of the first paragraph of the
Series B Notes.

 

“Adjusted Interest Rate” means with respect to the
Series A Notes 7.43% per annum and with respect to the Series B Notes
3.00% per annum.

 

“Affiliate” means, at any time, and with respect to any Person,
any other Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with,
such first Person, and with respect to the Company, shall include any Person
beneficially owning or holding, directly or indirectly, 10% or more of any
class of voting or equity interests of the Company or any Subsidiary or any
corporation of which the Company and its Subsidiaries beneficially own or hold,
in the aggregate, directly or indirectly, 10% or more of any class of voting or
equity interests.  As used in this
definition, “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise.  Unless the
context otherwise clearly requires, any reference to an “Affiliate”
is a reference to an Affiliate of the Company.

 

“Anti-Terrorism Order”  means Executive Order
No. 13,224 of September 24, 2001, Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism,
66 U.S. Fed. Reg. 49,079 (2001), as amended.

 

“Bank Credit Agreement” means that certain Second
Amended and Restated Credit Agreement dated as of August 31, 2007 among
the Company, the Subsidiary Borrowers, Bank of America, N.A. as the
administrative agent, Union Bank of California, N.A., Wells Fargo Bank, 

 

SCHEDULE B

(to Note Purchase Agreement)

 

 

N.A.,
BMO Capital Markets Financing, Inc. and BNP Paribas, as co-syndication
agents, the other financial institutions party thereto, Banc of America
Securities LLC, as a co-lead arranger and sole book manager, and Union Bank of
California, N.A., as a co-lead arranger, as the same may from time to time be
supplemented, amended, waived, renewed or replaced.

 

“Business Day” means (a) for the purposes of Section 8.7 only, any day other than a Saturday, a
Sunday or a day on which commercial banks in New York City are required or
authorized to be closed, and (b) for the purposes of any other provision
of this Agreement, any day other than a Saturday, a Sunday or a day on which
commercial banks in Los Angeles, California, or New York, New York
are required or authorized to be closed.

 

“Capital Stock” of any Person means any and all shares,
interests, participations or other equivalents (howsoever designated) of
capital stock and any rights (other than debt securities convertible into
capital stock), warrants or options to acquire capital stock.

 

“Capitalized Lease” means any lease (or other
agreement conveying the right to use) of real or personal property by a Person
as lessee or guarantor which would, in conformity with GAAP, be required to be
accounted for as a capital lease on the balance sheet of that Person.

 

“Capitalized Lease Obligations” means all obligations under
Capitalized Leases of a Person that would, in conformity with GAAP, appear on a
balance sheet of that Person.

 

“Closing” is defined in Section 3.

 

“Code” means the Internal Revenue Code of 1986, as amended
from time to time, and the rules and regulations promulgated thereunder
from time to time.

 

“Common Stock” means the common stock of the Company.

 

“Common Stock Units” means the common stock
units of the Company issued from time to time pursuant to the Company’s Stock
Purchase Plan dated June 1, 1991, as amended from time to time.

 

“Company” means AECOM Technology Corporation, Delaware or any
successor that becomes such in the manner prescribed in Section 10.5.

 

“Confidential Information” is defined in Section 20.

 

“Consolidated EBITDA” means, for any measurement
period, an amount equal to the sum of
(a) Consolidated Net Income for the period, plus (b) Consolidated
Interest Expense for such period, plus (c) 100%
of the principal contributions for such period accrued for stock match programs
for employees, consultants and Directors for purchases of the Company’s Capital
Stock, plus (d) the amount of Taxes
expensed, based on or measured by income, used or included in the determination
of Consolidated Net Income for such period, plus
(e) the amount of depreciation and amortization expense deducted in
determining Consolidated Net Income for such period, plus (f) extraordinary
losses included in the determination of Consolidated Net 

 

B-2

 

Income
for such period, minus (g) extraordinary
gains included in the determination of Consolidated Net Income for such period;
provided, however, that with respect to
a Subsidiary acquired within such measurement period or any proposed Investment
permitted hereunder, the Company may also include items (a) through (f) above
for such acquired Subsidiary or such proposed Investment for the entire
measurement period in Consolidated EBITDA for the measurement period to the
extent that either:

 

(A)         the Company has provided to
the Required Holders (1) financial statements for that entity for the
portion of such measurement period occurring prior to its acquisition or
proposed acquisition, and (2) the most recent year-end audited financial statements
for that entity (which audited statements must be as of a date occurring within
five fiscal quarters prior to the acquisition date (even if such date is prior
to the measurement period and, therefore, such audited statements are not
actually used in computing Consolidated EBITDA for such measurement period));
or

 

(B)          if the Company has not
provided to the Required Holders the audited financial statements for the
entity described in clause (A)(2) above, but the Company has provided
to the Required Holders the financial statements for that entity described in
clause (A)(1) above and the most recent unaudited financial
statements for the entity (which unaudited financial statements must satisfy
the timing requirements described in the parenthetical reference in
clause (A)(2) above), provided that
the Company may not include pursuant to this clause (B) more than
$15,000,000 of the net sum of items (a) through (g) above for
any single such acquisition or investment, nor more than $30,000,000 of the net
sum of items (a) through (g) above in the aggregate for all such
acquisitions or investments made in any consecutive twelve-month period.

 

“Consolidated Interest Expense” means, for any period,
total interest expense of the Company and its Subsidiaries on a consolidated
basis accrued in that period as shown in the Company’s profit and loss
statement for that period, determined in accordance with GAAP, including
commitment fees owed pursuant to the Bank Credit Agreement, charges in respect
of Financial Letters of Credit, the portion of any Capitalized Lease
Obligations allocable to interest expense, but excluding (i) amortization,
expensing or write-off of financing costs or debt discount or expense,
(ii) amortization, expensing or write-off of capitalized private equity
transaction costs, to the extent such costs are treated as interest under GAAP,
and (iii) the portion of the upfront costs and expenses for Swap Contracts
(to the extent included in interest expense) fairly allocated to such Swap
Contracts as expenses for such period, less interest income on Swap Contracts
for that period and Swap Contracts payments received.

 

“Consolidated Net Income” means, for any period, the
net earnings (or loss) after Taxes of the Company and its Subsidiaries on a
consolidated basis for such period taken as a single accounting period,
determined in accordance with GAAP, provided that there shall be excluded
therefrom (a) portions of income properly attributable to minority
interests, if any, in the stock and surplus of such Subsidiaries held by anyone
other than the Company or any of its Subsidiaries, and (b) except to the
extent of dividends or other distributions actually paid to the Company or its
Subsidiaries by such Person during such period, the income (or loss) of any Person
accrued prior to the date it becomes a Subsidiary of the Company or is merged
with or 

 

B-3

 

into
the Company or any of its Subsidiaries or such Person’s assets are acquired by
the Company or any of its Subsidiaries.

 

“Consolidated Net Worth” means, at any date, the
consolidated stockholders’ equity of the Company and its Subsidiaries
determined in accordance with GAAP, plus redeemable Common Stock and Common
Stock Units shown on the Company’s consolidated balance sheet, plus an amount
equal to the principal amount or liquidation preference of issued and
outstanding Preferred Stock of the Company.

 

“Consolidated Priority Indebtedness” means all Priority
Indebtedness of the Company and its Subsidiaries (but not Tax Arrangement
Priority Indebtedness) determined on a consolidated basis eliminating
inter-company items.

 

“Consolidated Total Assets” means as of the date of any
determination thereof, total assets of the Company and its Subsidiaries
determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Total Capitalization” means as of the date of any
determination thereof, the sum of (a) Consolidated Total Indebtedness plus (b) Consolidated Net Worth.

 

“Consolidated Total Indebtedness” means, as of any date of
determination, all Indebtedness of the Company and its Subsidiaries on a
consolidated basis (excluding obligations relating to Performance Letters of
Credit and the Company’s payment obligations with respect to its Preferred
Stock.

 

“Contingent Obligation” means, as to any Person,
any obligation, direct or indirect, contingent or otherwise, of such Person
(a) with respect to any Indebtedness or other obligation or liability of
another Person, including, without limitation, any direct or indirect guarantee
of such Indebtedness, obligation or liability, endorsement (other than for
collection or deposit in the ordinary course of business) thereof or discount
or sale thereof by such Person with recourse to such Person, or any other
direct or indirect obligation, by agreement or otherwise, to purchase or
repurchase any such Indebtedness, obligation or liability or any security
therefor, or to provide funds for the payment or discharge of any such
Indebtedness, obligation or liability (whether in the form of loans, advances,
stock purchases, capital contributions, performance letters of credit or
otherwise), (b) to provide funds to maintain working capital or equity
capital of another Person or otherwise to maintain the net worth, solvency or
financial condition of the other Person, (c) to make payment for any
products, property, securities or services regardless of non-delivery thereof,
if the purpose of any agreement so to do is to provide assurance that another
Person’s Indebtedness, obligation or liability will be paid or discharged, or
that any agreements relating thereto will be complied with, or that the holders
of another Person’s Indebtedness, obligation or liability will be protected (in
whole or in part) against loss in respect thereof, (d) in respect of any
Swap Contract that is not entered into in connection with a bona fide hedging
operation that provides offsetting benefits to such Person,
(e) reimbursement obligations under undrawn Financial Letters of Credit,
(f) to redeem preferred stock issued by such Person, or (g) otherwise
to assure or hold harmless the holders of Indebtedness or other obligation or
liability of another Person against loss in respect thereof.  The amount of any 

 

B-4

 

Contingent
Obligation shall be an amount equal to that portion of the amount of the
Indebtedness, obligation or liability guaranteed or otherwise supported
thereby.

 

“Convertible Securities” means evidences of
Indebtedness which are convertible into or exchangeable for Equity Interests,
either immediately or upon the arrival of a specified date or the happening of
a specified event.

 

“Default” means an event or condition the occurrence or
existence of which would, with the lapse of time or the giving of notice or
both, become an Event of Default.

 

“Default Rate” means with respect to any series of Notes,
(a) that rate of interest that is 2% per annum above the rate of interest
stated in clause (a) of the first paragraph of the Notes of such Series or
(b) if the Adjusted Interest Rate would, but for the application of the
Default Rate, be in effect, the Adjusted Default Interest Rate.

 

“Determination Date” means the last day of each
fiscal quarter of the Company .

 

“Determination Period” means each period of four
consecutive fiscal quarters of the Company (taken as a single accounting
period) ending on a Determination Date.

 

“Disclosure Documents”  is defined in Section 5.3.

 

“Electronic Delivery” is defined in Section 7.1(a).

 

“Elevated Compliance Period” is defined in Section 10.1(b).

 

“Elevated Determination Date” is defined in Section 10.1(b).

 

“Environmental Laws” means any and all federal,
state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses,
agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the
environment, including but not limited to those related to Hazardous Materials.

 

“Equity Interests” means, in the case of a
corporation, shares of capital stock of any class or series, including
warrants, rights, participating interests or options to purchase or otherwise
acquire any class or series of capital stock or Securities exchangeable for or
convertible into any class or series of capital stock, and in the case of any
limited liability company or other entity shall mean any class or series of
limited liability company interests or like interests constituting equity, and
in the case of each of the foregoing, any part or portion thereof or
participation in any of the foregoing.

 

“ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect.

 

B-5

 

“ERISA Affiliate” means any trade or business (whether or not
incorporated) that is treated as a single employer together with the Company
under Section 414 of the Code.

 

“Event of Default” is defined in Section 11.

 

“Excess Tax Arrangement Priority Indebtedness” is defined in Section 10.3.

 

“Exchange Act” means the Securities Exchange Act of 1934,
as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect.

 

“Execution Date” is defined in Section 3.

 

“Financial Letter of Credit” means a standby letter of
credit supporting Indebtedness owing to third parties.

 

“Fitch” means Fitch, Inc. or any of its successors.

 

“Form 10-K” means the Company’s Annual Report on Form 10-K.

 

“Form 10-Q” means the Company’s Quarterly Report on Form 10-Q.

 

“GAAP” means generally accepted accounting principles as
in effect from time to time in the United States of America.

 

“Governmental Authority” means

 

(a)          the government of

 

(i)         the United States of America
or any State or other political subdivision thereof, or

 

(ii)          any other jurisdiction in
which the Company or any Subsidiary conducts all or any part of its business,
or which asserts jurisdiction over any properties of the Company or any
Subsidiary, or

 

(b)         any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, any such government.

 

“Hazardous Materials” means any and all
pollutants, toxic or hazardous wastes or any other substances, including all
substances listed in or regulated in any Environmental law that might pose a
hazard to health and safety, the removal of which may be required or the
generation, manufacture, refining, production, processing, treatment, storage,
handling, transportation, transfer, use, disposal, release, discharge,
spillage, seepage, or filtration of which is or shall be restricted, regulated,
prohibited or penalized by any applicable law including, but not limited to,
asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, 

 

B-6

 

petroleum,
petroleum products, lead based paint, radon gas or similar restricted,
prohibited or penalized substances.

 

“holder” means, with respect to any Note, the Person in
whose name such Note is registered in the register maintained by the Company
pursuant to Section 13.1.

 

“Indebtedness” means, with respect to any Person, the
aggregate amount of, without duplication:  (a) all obligations for
borrowed money; (b) all obligations evidenced by bonds, debentures, notes
or other similar instruments, including, without limitation, Convertible
Securities of the Company or any of its Subsidiaries (prior to the conversion
thereof); (c) all obligations to pay the deferred purchase price of
property or services, except trade accounts payable arising in the ordinary
course of business; (d) all Capitalized Lease Obligations; (e) all
obligations or liabilities of others secured by a Lien on any asset owned by
such Person or Persons whether or not such obligation or liability is assumed;
(f) all obligations of such Person or Persons, contingent or otherwise, in
respect of any letters of credit (other than Performance Contingent Obligations)
or bankers’ acceptances; and (g) all Contingent Obligations (other than
Performance Contingent Obligations) to the extent the obligation supported by
such Contingent Obligation would otherwise constitute Indebtedness; provided, that Indebtedness shall not include
(i) indebtedness or other liabilities in an aggregate amount not to exceed
$25,000,000 owing to shareholders pursuant to employee stock repurchase
contracts as in effect on March 31, 2010, in connection with purchases of
the Company’s Capital Stock by the Company consistent with prior business
practices,  (ii) indebtedness of Joint
Ventures of which the Company or any Subsidiary is a member to the extent such
indebtedness is non-recourse (whether expressly, by operation of law or
otherwise) to the Company or such Subsidiary or its assets, (iii) an
amount equal to the lesser of (A) the principal amount of Indebtedness
supported by letters of credit, and (B) the face amount of such letters of
credit, and (iv) the liquidation preference or other amounts payable in
connection with any Preferred Stock.

 

“Institutional Investor” means (a) any
purchaser of a Note, (b) any holder of a Note holding (together with one
or more of its affiliates) more than 5% of the aggregate principal amount of
the Notes then outstanding, (c) any bank, trust company, savings and loan
association or other financial institution, any pension plan, any investment
company, any insurance company, any broker or dealer, or any other similar
financial institution or entity, regardless of legal form, and (d) any
Related Fund of any holder of any Note.

 

“Interest Rate Adjustment Date” means the second Business
Day following the last day legally permitted by the rules and regulations
of the SEC on which the Company may deliver quarterly financial statements as
contemplated by Section 7.1(a) and the
second Business Day following the last day legally permitted by the rules and
regulations of the SEC on which the Company may deliver the annual financial
statements of the Company as contemplated by Section 7.1(b).

 

“Interest Rate Decrease” is described in Section 1.2.

 

“Interest Rate Increase” is described in Section 1.2.

 

B-7

 

“Investment” means, as applied to any Person, any direct or
indirect purchase or other acquisition by that Person of stock or securities,
or any beneficial interest in stock or other securities, of any other Person,
any partnership interest (whether general or limited) in any other Person, or
all or any substantial part of the business or assets of any other Person, or
any direct or indirect loan, advance or capital contribution by that Person to
any other Person, including all indebtedness and accounts receivable from that
other Person which are not current assets or did not arise from sales or the
provision of services to that other Person in the ordinary course of
business.  The amount of any Investment
shall be the original cost of such Investment plus the cost of all additions
thereto, without any adjustments for increases or decreases in value, or
write-ups, write-downs or write-offs with respect to such Investment.

 

“Joint Venture” means a joint venture, partnership or
similar arrangement formed for the purpose of performing a single project or
series of related projects, whether in corporate, partnership or other legal
form; provided, that, as to any such
arrangement in corporate form, such corporation shall not, as to any Person of
which such corporation is a subsidiary, be considered to be a Joint Venture to
which such Person is a party.

 

“Leverage Ratio” means, at any date of determination thereof,
the ratio of (a) Consolidated Total Indebtedness plus, without
duplication, all unreimbursed drawings under any Letter of Credit existing as
of such date, to (b) Consolidated EBITDA for the four fiscal quarters most
recently ended as of such date.

 

“Lien” means, with respect to any Person, any mortgage,
lien, pledge, charge, security interest or other encumbrance, or any interest
or title of any vendor, lessor, lender or other secured party to or of such
Person under any conditional sale or other title retention agreement or
Capitalized Lease, upon or with respect to any property or asset of such
Person.

 

“Make-Whole Amount” is defined in Section 8.7.

 

“Material” means material in relation to the business,
operations, affairs, financial condition, assets or properties of the Company
and its Subsidiaries taken as a whole.

 

“Material Adverse Effect” means a material adverse
effect on (a) the business, operations, affairs, financial condition,
assets, or properties of the Company and its Subsidiaries taken as a whole, or
(b) the ability of the Company to perform its obligations under this
Agreement and the Notes, (c) the ability of any Subsidiary to perform its
obligations under the Subsidiary Guaranty to which it is a party, or
(d) the validity or enforceability of this Agreement, the Notes or any
Subsidiary Guaranty.

 

“Material Subsidiary” means any Subsidiary which
generates 10% or more of the Consolidated EBITDA of the Company and its
Subsidiaries determined on a consolidated basis.

 

“Moody’s” means Moody’s Investors Service, Inc. or any
of its successors.

 

“Multiemployer Plan” means any Plan that is a “multiemployer
plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

B-8

 

“NAIC” means the National Association of Insurance
Commissioners or any successor thereto.

 

“Notes” is defined in Section 1.

 

“Officer’s Certificate” means a certificate of a
Senior Financial Officer or of any other officer of the Company whose
responsibilities extend to the subject matter of such certificate.

 

“PBGC” means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA or any successor thereto.

 

“Performance Contingent Obligations” means any bid, performance
or similar project related bonds, parent company guarantees or standby Letters
of Credit used directly or indirectly to cover bid, performance, advance and
retention obligations, including, without limitation, any bid, performance or
similar project related bonds, performance guarantees or Letters of Credit
issued in favor of sureties who in connection therewith cover bid, performance,
advance and retention obligations.

 

“Permitted Jurisdiction” means (a) the United
States of America, (b) Canada, (c) Australia and (d) any other
country that on April 30, 2004 was a member of the European Union, other
than Greece, Italy, Spain or Portugal.

 

“Person” means an individual, partnership, corporation,
limited liability company, association, trust, unincorporated organization,
business entity or Governmental Authority.

 

“Plan” means an “employee benefit plan” (as defined in
section 3(3) of ERISA) subject to Title IV of ERISA that is or,
within the preceding five years, has been established or maintained, or to
which contributions are or, within the preceding five years, have been made or
required to be made, by the Company or any ERISA Affiliate or with respect to
which the Company or any ERISA Affiliate may have any liability.

 

“Preferred Stock” means any class of preferred stock of the
Company.

 

“Priority Indebtedness” means (a) any
Indebtedness of the Company secured by a Lien created or incurred within the
limitations of Section 10.4(i) and
(b) any Indebtedness of the Company’s Subsidiaries; provided, that,
there shall be excluded from any calculation of Priority Indebtedness, the
Indebtedness of any Subsidiary evidenced by (i) a Guaranty of the
Indebtedness of the Company owing pursuant to the Bank Credit Agreement,
(ii) a Subsidiary Guaranty in respect of Indebtedness of the Company owing
pursuant to this Agreement and (iii) a Guaranty delivered by a Subsidiary
Guarantor of other Indebtedness of the Company.

 

“property” or “properties”
means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate.

 

“Proxy Statement” means the Company’s Definitive Proxy
Statement on Schedule 14A filed January 22, 2010.

 

B-9

 

“PTE” is defined in Section 6.2(a).

 

“Purchaser” is defined in the first paragraph of this
Agreement.

 

“QPAM Exemption” means Prohibited Transaction Class Exemption
84-14 issued by the United States Department of Labor.

 

“Qualified Institutional Buyer” means any Person who is a “qualified
institutional buyer” within the meaning of such term as set forth in
Rule 144A(a)(1) under the Securities Act.

 

“Rating Review” is defined in Section 8.3(a)(ii).

 

“Ratings Trigger” is defined in Section 8.3(h).

 

“Related Fund” means, with respect to any holder of any
Note, any fund or entity that (a) invests in Securities or bank loans, and
(b) is advised or managed by such holder, the same investment advisor as
such holder or by an affiliate of such holder or such investment advisor.

 

“Required Holders” means, at any time, the
holders of at least 51% in the aggregate of the principal amount of the Series A
Notes and the Accreted Value of the Series B Notes at the time outstanding
(exclusive of Notes then owned by the Company or any of its Affiliates).

 

“Responsible Officer” means any Senior Financial
Officer and any other officer of the Company with responsibility for the
administration of the relevant portion of this Agreement.

 

“SEC” shall mean the Securities and Exchange Commission
of the United States, or any successor thereto.

 

“Securities” or Security”
shall have the same meaning as in Section 2(1) of the Securities Act.

 

“Securities Act” means the Securities Act of 1933, as amended
from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

 

“Senior Financial Officer” means the Chief Financial
Officer; the Chief Strategy Officer; the Senior Vice President, Corporate
Finance; the Treasurer or the Controller.

 

“Senior Indebtedness” means all Indebtedness of
the Company which is not expressed to be subordinate or junior in rank to any
other Indebtedness of the Company.

 

“Series A Notes” is defined in Section 1.1.

 

“Series B Notes” is defined in Section 1.

 

“S&P” means Standard & Poor’s Ratings Services
or any of its successors.

 

B-10

 

“Subsidiary” means any corporation or other entity (excluding
Joint Ventures) of which more than fifty percent (50%) of the total voting
power of shares of stock or other securities or other ownership interests
entitled to vote in the election of the board of directors or other persons
performing similar functions are at the time directly or indirectly owned by
the Company and one or more of the Company’s Subsidiaries.

 

“Subsidiary Guarantor” is defined in Section 2.2(a) and shall include any Subsidiary Guarantor
which is required to comply with the requirements of Section 9.7.

 

“Subsidiary Guaranty” is defined in Section 2.2(a) and shall include any Subsidiary
Guaranty delivered pursuant to Section 9.7
means any Guaranty of any Subsidiary of the Company with respect to the payment
of the Notes and all other sums due and owing by the Company under this
Agreement, which Guaranty shall be in form and substance reasonably
satisfactory to the Required Holders.

 

“Surviving Person” is defined in Section 10.5(b).

 

“SVO” means the Securities Valuation Office of the NAIC or
any successor to such Office.

 

“Swap Contract” means (a) all rate swap transactions,
basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or
equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap
transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether
or not any such transaction is governed by or subject to any master agreement,
and (b) all transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

“Tax Arrangement” means any tax arrangement or structure among
the Company and its Subsidiaries that:

 

(a)           is entered into
or created pursuant to advice from any of Ernst & Young, KPMG,
PricewaterhouseCoopers, Deloitte Touche Tohmatsu, their respective Affiliates
or any other nationally recognized tax advisory firm and a copy of such advice
is either delivered or made available to the Required Holders;

 

(b)           requires that
one or more Subsidiaries of the Company (but not the Company) directly incur
Indebtedness;

 

B-11

 

(c)           is intended to
enable the Company and/or its Subsidiaries to realize tax savings in connection
with (i) repatriation of cash at lower tax rates than would be the case
absent such tax arrangement or structure or (ii) qualifying for tax
credits, tax deductions or other tax incentives greater than the cost of
structuring and implementing such tax arrangement or structure, provided that, for the avoidance of doubt, any interest
deduction on such Indebtedness shall not 
be considered as a tax credit, tax deduction  or other tax incentive; and

 

(d)           complies with
applicable laws and regulations.

 

“Tax Arrangement Priority Indebtedness” means Priority Indebtedness
incurred by a Subsidiary of the Company pursuant to a Tax Arrangement.

 

“Taxes” means any present or future income, stamp and other
taxes, charges, fees, levies, duties, imposts, withholdings or other
assessments, together with any interest and penalties, additions to tax and
additional amounts imposed by any federal, state, local or foreign taxing
authority upon any Person.

 

“Threshold Percentage” is defined in Section 8.3(h).

 

“USA Patriot Act” means United States Public Law 107-56,
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from
time to time, and the rules and regulations promulgated thereunder from
time to time in effect.

 

“Voting Stock” means Securities of any class or classes,
the holders of which are ordinarily, in the absence of contingencies, entitled
to elect the corporate directors (or Persons performing similar functions).

 

“Wholly-owned Subsidiary” means, at any time, any
Subsidiary one hundred percent (100%) of all of the equity interests (except
directors’ qualifying shares) and voting interests of which are owned by any
one or more of the Company and the Company’s other Wholly-owned Subsidiaries at
such time.

 

B-12

 

[FORM OF SERIES A NOTE]

 

AECOM TECHNOLOGY CORPORATION

 

5.43%  Senior Notes, Series A, due
July 7, 2020

 

	
  No. [                  ]

  	
  [Date]

  
	
  $[                        ]

  	
  PPN 00765* AF2

  

 

FOR
VALUE RECEIVED, the undersigned, AECOM TECHNOLOGY CORPORATION (herein called
the “Company”), a corporation organized and
existing under the laws of the Delaware, hereby promises to pay to
[                                ],
or registered assigns, the principal sum of
[                                ]
DOLLARS (or so much thereof as shall not have been prepaid) on July 7,
2020, with interest (computed on the basis of a 360-day year of twelve 30-day
months) on the unpaid balance hereof at the rate of (a) 5.43% per annum
from the date hereof, payable quarterly, on the 7th day of  January,
April, July and October in each year, commencing with the  January 7,
April 7, July 7 and October 7 next succeeding the date hereof,
until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, on any overdue payment of interest and, during the
continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any Make-Whole Amount, at a rate per annum from time to time equal
to 7.43% per annum payable quarterly as aforesaid (or, at the option of the
registered holder hereof, on demand).

 

Payments
of principal of, interest on and any Make-Whole Amount with respect to this
Note are to be made in lawful money of the United States of America at
Citibank, N.A. or at such other place as the Company shall have designated by
written notice to the holder of this Note as provided in the Note Purchase
Agreement referred to below.

 

This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to the Note Purchase Agreement, dated as of June 28, 2010
(as from time to time amended, the “Note Purchase Agreement”),
between the Company and the respective Purchasers named therein and is entitled
to the benefits thereof.  Each holder of
this Note will be deemed, by its acceptance hereof, to have (i) agreed to
the confidentiality provisions set forth in Section 20
of the Note Purchase Agreement and (ii) made the representations set forth
in Section 6.1 through Section 6.6 of the Note Purchase Agreement.  Unless otherwise indicated, capitalized terms
used in this Note shall have the respective meanings ascribed to such terms in
the Note Purchase Agreement.

 

This
Note is a registered Note and, as provided in the Note Purchase Agreement, upon
surrender of this Note for registration of transfer, duly endorsed, or
accompanied by a written instrument of transfer duly executed, by the
registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the
name of, the transferee.  Prior to due
presentment for registration of transfer, the Company may treat the person in
whose name this Note is registered as the owner hereof for the 

 

Exhibit 1-A

(to Note Purchase Agreement)

 

 

purpose
of receiving payment and for all other purposes, and the Company will not be
affected by any notice to the contrary.

 

This
Note is subject to optional prepayment, in whole or from time to time in part,
at the times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

 

If
an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price
(including any applicable Make-Whole Amount) and with the effect provided in
the Note Purchase Agreement.

 

This Note shall be construed and enforced in accordance with, and the
rights of the Company and the holder of this Note shall be governed by, the law
of the State of New York, excluding choice-of-law principles of the law of
such State that would permit application of the laws of a jurisdiction other
than such State.

 

	
   

  	
  AECOM
  TECHNOLOGY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  [Title]

  

 

2

 

FOR
PURPOSES OF SECTION 1272 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, THE ISSUE PRICE WITH RESPECT TO EACH $1,000 OF PRINCIPAL AT MATURITY
OF THIS NOTE IS APPROXIMATELY $598.72, THE AMOUNT OF ORIGINAL DISCOUNT IS
APPROXIMATELY $401.28 PER $1,000 PRINCIPAL AMOUNT, THE ISSUE DATE IS
JULY 7, 2010, AND THE YIELD TO MATURITY IS APPROXIMATELY 5.62%.

 

[FORM OF SERIES B NOTE]

 

AECOM TECHNOLOGY CORPORATION

 

1.00%  Senior Discount Notes,
Series B, due July 7, 2022

 

	
  No. [                  ]

  	
   

  	
  [Date]

  
	
  $[                        ]

  	
   

  	
  PPN 00765* AG0

  

 

FOR
VALUE RECEIVED, the undersigned, AECOM TECHNOLOGY CORPORATION (herein called
the “Company”), a corporation organized and
existing under the laws of the Delaware, hereby promises to pay to
[                                ],
or registered assigns, the principal sum of
[                                ]
DOLLARS (or so much thereof as shall not have been prepaid) on July 7,
2020, with interest (computed on the basis of a 360-day year of twelve 30-day
months) on the unpaid principal balance hereof at the rate of (a) 1.0% per
annum from the date hereof, payable quarterly, on the 7th day of January,
April, July and October in each year, commencing with the
January 7, April 7, July 7 and October 7 next succeeding
the date hereof, until the principal hereof shall have become due and payable,
and (b) to the extent permitted by law, on any overdue payment of interest
and, during the continuance of an Event of Default, on such unpaid balance and
on any overdue payment of any Make-Whole Amount, at a rate per annum from time
to time equal to  3.0% per annum payable quarterly as aforesaid (or, at
the option of the registered holder hereof, on demand).

 

Payments
of principal of, interest on and any Make-Whole Amount with respect to this
Note are to be made in lawful money of the United States of America at
Citibank, N.A. or at such other place as the Company shall have designated by
written notice to the holder of this Note as provided in the Note Purchase
Agreement referred to below.

 

This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to the Note Purchase Agreement, dated as of June 28, 2010
(as from time to time amended, the “Note Purchase Agreement”),
between the Company and the respective Purchasers named therein and is entitled
to the benefits thereof.  Each holder of
this Note will be deemed, by its acceptance hereof, to have (i) agreed to
the confidentiality provisions set forth in Section 20
of the Note Purchase Agreement and (ii) made the representations set forth
in Section 6.1 through Section 6.6 of the Note Purchase Agreement.  Unless otherwise indicated, capitalized terms
used in this Note shall have the respective meanings ascribed to such terms in
the Note Purchase Agreement.

 

EXHIBIT 1-B

(to Note Purchase Agreement)

 

 

This
Note is a registered Note and, as provided in the Note Purchase Agreement, upon
surrender of this Note for registration of transfer, duly endorsed, or
accompanied by a written instrument of transfer duly executed, by the
registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the
name of, the transferee.  Prior to due
presentment for registration of transfer, the Company may treat the person in
whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company will not be
affected by any notice to the contrary.

 

This
Note is subject to optional prepayment, in whole or from time to time in part,
at the times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

 

Notwithstanding any other provision of this Note or
the Note Purchase Agreement, the liability of the Company with respect to the
principal under this Note shall at no time exceed the Accreted Value of this
Note at such time, as determined pursuant to the provisions of the Note
Purchase Agreement.  If an Event of
Default occurs and is continuing, the Accreted Value of this Note may be
declared or otherwise become due and payable in the manner, at the price
(including any applicable Make-Whole Amount) and with the effect provided in
the Note Purchase Agreement.

 

This Note shall be construed and enforced in accordance with, and the
rights of the Company and the holder of this Note shall be governed by, the law
of the State of New York, excluding choice-of-law principles of the law of
such State that would permit application of the laws of a jurisdiction other
than such State.

 

	
   

  	
  AECOM
  TECHNOLOGY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  [Title]

  

 

2

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