Document:

EX-10.28 FIRST AMENDMENT LUXCO PURCHASE DOCUMENTS

 

Exhibit 10.28

EXECUTION VERSION

FIRST AMENDMENT TO LUXCO COMMODITIES PURCHASE FACILITIES

DOCUMENTS

AND

THIRD AMENDMENT TO LEASE/PURCHASE FACILITIES DOCUMENTS

Dated as of July 26, 2007

     This FIRST AMENDMENT TO LUXCO COMMODITIES PURCHASE FACILITIES DOCUMENTS AND THIRD AMENDMENT TO
LEASE/PURCHASE FACILITIES DOCUMENTS (this “Amendment”) is among TENSAR HOLDINGS, INC.
(“Tensar Holdings”) TENSAR CORPORATION, LLC
(“Tensar”), TCO FUNDING CORP. (“TCO”),
TTC HOLDINGS S.a.r.l. (“Luxco”) and CREDIT SUISSE as administrative agent (in such capacity, the
“Administrative Agent”).

PRELIMINARY STATEMENTS:

     A. Tensar, Tensar Holdings, TCO and the Administrative Agent entered into a Lease and License
Financing Purchase Option Agreement, dated as of October 31, 2005 (as amended, supplemented or
otherwise modified from time to time prior to the date hereof, the “Lease Agreement”) and
Tensar, Tensar Holdings, TCO, the Administrative Agent and certain other parties thereto, entered
into a Working Capital Murabaha Facility Agreement, dated as of October 31, 2005 (as amended,
supplemented or otherwise modified from time to time prior to the date hereof, the “Commodities
Purchase Agreement”); capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to such terms in the Lease Agreement, and, if not defined therein, in the
Commodities Purchase Agreement;

     B. Tensar Holdings, TCO, Luxco, Arcapita Investment Funding Limited, as agent for TCO, AIA
Limited as agent for Luxco, and the Administrative Agent entered into a Murabaha Facility
Agreement, dated as of June 22, 2006 (as amended, supplemented or otherwise modified from time to
time prior to the date hereof, the “Luxco Commodities Purchase Agreement”); and

     C. Tensar Holdings and Tensar have requested that TCO and the Administrative Agent amend the
Lease Agreement, the Commodities Purchase Agreement, the Luxco Commodities Purchase Agreement and
certain related documentation in connection with a reorganization of the Tensar Parties.

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

     1. Amendments to Lease Agreement. Subject to the satisfaction of the conditions
set forth in Section 5 hereof:

          (a) Schedule 1 of the Lease Agreement is hereby amended to add the following new defined
term in appropriate alphabetical order:

“Tensar International” shall mean Tensar
International Corporation, a Delaware corporation.

 

 

          (b) The definition of “Asset Sale” set forth in Schedule 1 to the Lease Agreement is
hereby amended and restated as follows:

“Asset Sale” shall mean the sale, lease,
sub-lease, license, sub-license, sale and leaseback,
assignment, conveyance, transfer, issuance or other
disposition (by way of merger, casualty, condemnation or
otherwise) by (x) any Tensar Party (other than Luxco and
its subsidiaries) or any Subsidiaries (other than Luxco
and its subsidiaries) to any person (other than Tensar
or any Subsidiary Guarantor) or (y) Luxco or any of its
subsidiaries to any person (other than Tensar Holdings,
Tensar or any subsidiary of Tensar Holdings which is a
Guarantor) of (a) any Equity Interests of any of the
Subsidiaries or (b) any other assets of any Tensar Party
or any of the Subsidiaries, including Equity Interests
of any person that is not a Subsidiary; provided
that any asset sale or series of related asset sales
described in clause (b) above having a value not in
excess of $250,000 shall be deemed not to be an
“Asset Sale” for purposes of this Agreement.

          (c) The definition of “Change in Control” set forth on Schedule 1 of the Lease Agreement is
hereby amended to amend and restate clause (d) therein as follows:

(d) Tensar Holdings shall at any time fail to own
directly or indirectly, beneficially and of record, 100%
of each class of issued and outstanding Equity Interests
in Holdings, Holdings shall fail to own directly or
indirectly, beneficially and of record, 100% of each
class of issued and outstanding Equity Interests in
Tensar, or Tensar Holdings shall fail to own, directly
or indirectly, beneficially and of record, 100% of each
class of issued and outstanding Equity Interests in
Luxco, in each case, free and clear of all Liens (except
Liens created by the Guarantee and Collateral Agreement,
the Luxco Security Documents or by the Second Lien
Commodities Purchase Facility Documents);

          (d) The definition of “Consolidated Fixed Charges” set forth in Schedule 1 of the Lease
Agreement is hereby amended and restated as follows:

“Consolidated Fixed Charges” shall mean, for any
period, without duplication, the sum of (a) Consolidated
Financing Expense for such period paid in cash, (b) the
aggregate

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amount of scheduled Acquisition Cost payments in respect of
the Leased Assets or scheduled payments (whether or not made)
during such period to reduce the unpaid stated amount in
respect of long term Financing Obligations (including
Purchase Price obligations under the Luxco Commodities
Purchase Facility (to the extent the Purchase Price for any
Metals Transaction thereunder is less than the Purchase Price
for the immediately preceding Metals Transaction, Capital
Lease Obligations and Synthetic Lease Obligations, but
excluding payments applied to Purchase Price under the
Commodities Purchase Facility) of Tensar Holdings and its
Subsidiaries, (c) Capital Expenditures for such period, less
Capital Expenditures incurred in connection with the new BX
geogrid manufacturing line in Morrow, Georgia, and (d) the
aggregate amount of Taxes paid in cash (net of refunds
received with respect to such Taxes) payable by Holdings and
its Subsidiaries during such period in accordance with
Section 1.06(iii)(y) of Schedule 4.

          (e) The definition of “Consolidated Net Income” set forth in Schedule 1 of the Lease
Agreement is hereby amended and restated as follows:

“Consolidated Net Income” shall mean, for any period, the
net income or loss of Tensar Holdings and its Subsidiaries for
such period determined on a consolidated basis in accordance with
GAAP; provided that there shall be excluded (a) the
income of any Subsidiary of Tensar Holdings to the extent that
the declaration or payment of dividends or similar distributions
by such Subsidiary of that income is not at the time permitted by
operation of the terms of any agreement, instrument, or
Requirement of Law applicable to such Subsidiary, (b) the income
or loss of any person accrued prior to the date it becomes a
Subsidiary of Tensar Holdings or is merged into or consolidated
with Tensar Holdings or any of its Subsidiaries or the date that
such person’s assets are acquired by Tensar Holdings or any of
its Subsidiaries, (c) the income of any person (other than a
Subsidiary of Tensar Holdings) in which any other person (other
than Tensar Holdings or a wholly owned Subsidiary of Tensar
Holdings or any director holding qualifying shares in accordance
with applicable law) has an interest, except to the extent of the
amount of dividends or other distributions actually paid to
Tensar Holdings or a wholly owned Subsidiary thereof by such
person during such period, (d) any gains attributable to sales of
assets out of the ordinary course of

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business and (e) the Consolidated Net Income of the Merex
Companies shall be excluded.

          (f) The definition of “Excess Cash Flow” set forth on Schedule 1 of the Lease
Agreement is hereby amended and restated as follows:

“Excess Cash Flow” shall mean, for any fiscal year
of Tensar Holdings, the excess of (a) the sum, without
duplication, of (i) Consolidated EBITDA for such fiscal
year and (ii) the decrease, if any, in Current Assets
minus Current Liabilities from the beginning to the end of
such fiscal year over (b) the sum, without duplication, of
(i) the amount of any Taxes payable (net of refunds
received with respect to such Taxes in such fiscal year)
in cash by Holdings and its Subsidiaries with respect to
such fiscal year, (ii) Consolidated Financing Expense for
such fiscal year payable in cash, (iii) Capital
Expenditures made in cash in accordance with Section 1.10
of Schedule 4 during such fiscal year, except to the
extent financed with the proceeds of Financing
Obligations, equity issuances, casualty proceeds,
condemnation proceeds or other proceeds that would not be
included in Consolidated EBITDA, (iv) permanent repayments
of Financing Obligations (other than mandatory prepayments
of Acquisition Cost pursuant to the terms of the Put
Option Letter or mandatory prepayments of Purchase Price
pursuant to Section 3.6 of the Luxco Commodities Purchase
Agreement) permitted hereunder made by Tensar Holdings and
its Subsidiaries during such fiscal year, but only to the
extent that such prepayments by their terms cannot be
redrawn and do not occur in connection with a refinancing
of all or any portion of such Financing Obligations and
(v) the increase, if any, in Current Assets minus Current
Liabilities from the beginning to the end of such fiscal
year.

          (g) The definition of “Guarantee and Collateral Agreement” set forth in Schedule 1 of
the Lease Agreement is hereby amended and restated as follows:

“Guarantee and Collateral Agreement” shall mean the
First Lien Guarantee and Collateral Agreement, dated as of
October 31, 2005, among TCO, Credit Suisse, Tensar Holdings
and the Subsidiaries party thereto (as the same amended,
supplemented or otherwise modified from time to time in
accordance with the provisions thereof).

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          (h) Clause (i) of The definition of “Material Obligations” set forth on Schedule 1 of
the Lease Agreement is hereby amended and restated as follows:

“(i) all Financing Obligations of the Tensar Parties with
respect to any Commodities Purchase Facility Document, any
Second Lien Commodities Purchase Facility Document or any
Tensar Holdings Commodities Purchase Facility Document”.

          (i) The definition of “Permitted Acquisition” set forth on Schedule 1 of the Lease
Agreement is hereby amended by (i) replacing the phrase “Tensar or any of its Subsidiaries” in
first line thereof with the phrase “any Subsidiary of Holdings” and (ii) inserting the word
“Holdings” immediately after the word “Tensar” in clause (ii) (B) and clause (iv) of the proviso
therein.

          (j) Section 1.08 of Schedule 2 of the Lease Agreement is hereby amended to amend and
restate the last sentence therein as follows:

“Holdings is a wholly owned subsidiary of Tensar Holdings and
Tensar is an indirect wholly owned subsidiary of Holdings.”

          (l) Section 1.01(c) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(c) unsecured intercompany Financing Obligations (i) of
Tensar Holdings and its Subsidiaries to the extent permitted
by Section 1.04(a) of this Schedule 4 and (ii) of Tensar
Holdings and its Subsidiaries to the extent permitted by
Section 1.04(1) of this Schedule 4, so long, in each case, as
such Financing Obligations are subordinated to the Obligations
pursuant to the Affiliate Subordination Agreement or such
other subordination agreement as is reasonably acceptable to
TCO and any interest of Luxco or any Guarantor thereunder is
pledged to TCO pursuant to the Security Documents;”

          (1) Section 1.01(f) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(f) Financing Obligations of any person that becomes a
Subsidiary of Tensar Holdings after the date hereof;
provided that (i) such Financing Obligations exist at
the time such person becomes a Subsidiary and is not created
in contemplation of or in connection with such person
becoming a Subsidiary, (ii) immediately before and after such
person becomes a Subsidiary, no Default or Event of Default
shall have occurred and be continuing and (iii) the aggregate
principal amount of Financing Obligations

5

 

permitted by this Section 1.01(f) shall not exceed
$4,000,000 at any time outstanding;”

          (m) Section 1.02(a) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(a) Liens on property or assets of Tensar Holdings and its
Subsidiaries existing on the date hereof and set forth in
Annex 2 of this Schedule 4; provided that such Liens
shall secure only those obligations which they secure on the
date hereof and refinancings, extensions, renewals and
replacements thereof permitted hereunder;”

          (n) Section 1.02(c) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(c) any Lien securing Financing Obligations permitted by
Section 1.01(f) of this Schedule 4 existing on any property or
asset prior to the acquisition thereof by Tensar Holdings or
any Subsidiary; provided that (i) such Lien is not
created in contemplation of or in connection with such
acquisition, (ii) such Lien does not apply to any other
property or assets of Tensar Holdings or any of the
Subsidiaries and (iii) in the case of Mortgaged Property, such
Lien does not (A) materially interfere with the use, occupancy
and operation of any Mortgaged Property, (B) materially reduce
the fair market value of such Mortgaged Property but for such
Lien or (C) result in any material increase in the cost of
operating, occupying or owning or leasing such Mortgaged
Property;”

          (o) Section 1.02(h) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(h) zoning restrictions, easements, rights-of-way,
restrictions on use of real property and other similar
encumbrances incurred in the ordinary course of business
which, in the aggregate, are not substantial in amount and do
not materially detract from the value of the properly subject
thereto or interfere with the ordinary conduct of the
business of Tensar Holdings or any of its Subsidiaries or the
ability of any of Tensar Holdings or any of its Subsidiaries
to utilize such property for its intended purpose;”

          (p) Section 1.02(i) of Schedule 4 of the Lease Agreement is hereby amended and
restated as follows:

6

 

“(i) Liens securing Financing Obligations, in an amount not to
exceed $4,000,000 at any time outstanding, incurred to finance
the acquisition (or construction) of fixed or capital assets
by Tensar Holdings or any of its Subsidiaries;
provided that (i) such security interests are
incurred, and the Financing Obligations secured thereby is
created, within 90 days after such acquisition (or
construction), (ii) such Liens do not at any time encumber any
property other than the property financed by such Financing
Obligations and (iii) the amount of Financing Obligations
secured thereby is not increased;”

          (q) Section 1.02(k) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(k) any interest or title of a lessor or sublessor under
any lease entered into by Tensar Holdings or any of its
Subsidiaries in the ordinary course of business and
covering only the assets so leased;”

          (r) Section 1.04(a) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(a) (i) Investments by Tensar Holdings, Holdings, Tensar
International, Tensar and the Subsidiaries existing on the
date hereof in the Equity Interests of Holdings, Tensar
International, Tensar and the Subsidiaries and (ii) additional
Investments by Tensar Holdings, Holdings, Tensar
International, Tensar and the Subsidiaries in the Equity
Interests of Holdings and its Subsidiaries; provided
that (A) any such Equity Interests held by a Tensar Party
shall be pledged pursuant to the Guarantee and Collateral
Agreement, (B) the aggregate amount of Investments by the
Tensar Parties (other than Luxco and its Subsidiaries) in
Subsidiaries of Holdings that are not Subsidiary Guarantors
shall not exceed $14,000,000, at any time outstanding;
provided that the aggregate amount of Investments in
Subsidiaries of Holdings other than Luxco or the Luxco
Subsidiary Guarantors shall not exceed $4,000,000, at any time
outstanding and (C) if such Investment shall be in the form of
a loan or advance, such loan or advance shall be unsecured and
subordinated to the Obligations pursuant to an Affiliate
Subordination Agreement and, if such loan or advance shall be
made by a Tensar Party, it shall be evidenced by a promissory
note pledged to TCO pursuant to the Guarantee and Collateral
Agreement;”

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          (s) Section 1.04(l)(i) of Schedule 4 of the Lease Agreement is hereby amended and
restated as follows:

“(i) to Tensar Holdings to the extent Holdings may pay
dividends to Tensar Holdings pursuant to Section 1.06 of this
Schedule 4 (and in lieu of paying such dividends) and”

          (t) Section 1.04(m) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(m) in addition to Investments permitted by clauses (a)
through (1) above, additional Investments by Holdings and its
Subsidiaries so long as the aggregate amount invested, loaned
or advanced pursuant to this clause (m) (determined without
regard to any write-downs or write-offs of such investments,
loans and advances) does not exceed $4,000,000 in the
aggregate.”

          (u) Section 1.05(a) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(a) the sale by Tensar Holdings and its Subsidiaries of
inventory in the ordinary course of business;”

          (v) Section 1.05(b) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(b) the sale or discount by Tensar Holdings or any of its
Subsidiaries in each case without recourse and in the ordinary
course of business of overdue accounts receivable arising in
the ordinary course of business, but only in connection with
the compromise or collection thereof consistent with customary
industry practice (and not as part of any bulk sale or
financing transaction);”

          (w) Section 1.05(h) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(h) if at the time thereof and immediately after giving
effect thereto no Event of Default or Default shall have
occurred and be continuing, (w) the merger or consolidation
of any wholly owned Subsidiary of Holdings into or with
Holdings in a transaction in which Holdings is the surviving
corporation, (x) the merger or consolidation of any wholly
owned Subsidiary of Holdings into or with any other wholly
owned Subsidiary of Holdings in a transaction in which the
surviving entity is a wholly owned Subsidiary of Holdings and
no person other than Holdings

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or a wholly owned Subsidiary receives any consideration
(provided that if any party to any such transaction is
(A) a Tensar Party, the surviving entity of such transaction
shall be a Tensar Party and (B) a Domestic Subsidiary, the
surviving entity of such transaction shall be a Domestic
Subsidiary), (y) Permitted Acquisitions by Holdings or any of
its Subsidiaries (otherwise permitted by Section 1.04(h) of
this Schedule 4), and (z) the sale, lease, sub-lease, license,
sub-license or other disposition of any part of its business,
assets or property (except any Equity Interests of Tensar
Holdings) so long as (i) such sale, lease, sub-lease, license,
sub-license or other disposition is for consideration at least
80% of which is cash (and no portion of the remaining
consideration shall be in the form of Financing Obligations of
Holdings or any of its Subsidiaries), (ii) such consideration
is at least equal to the fair market value of the assets being
sold, transferred, leased, licensed or disposed of and (iii)
the fair market value of all assets sold, transferred, leased,
licensed or disposed of pursuant to this clause (z) shall not
exceed $40,000,000 in the aggregate.”

          (x) Section 1.06(a) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

(a) Declare or make, or agree to declare or make, directly or
indirectly, any Restricted Payment (including pursuant to any
Synthetic Purchase Agreement), or incur any obligation
(contingent or otherwise) to do so; provided,
however, that (i) any wholly-owned Subsidiary of
Holdings may declare and pay dividends or make other
distributions to its equity holders, (ii) so long as no Event
of Default or Default shall have occurred and be continuing or
would result therefrom, Holdings may make distributions to
Tensar Holdings so that Tensar Holdings may, repurchase its
Equity Interests owned by employees of Tensar Holdings or the
Subsidiaries or make payments to employees of Tensar Holdings
or the Subsidiaries upon termination of employment in
connection with the exercise of stock options, stock
appreciation rights or similar equity incentives or equity
based incentives pursuant to management incentive plans or in
connection with the death or disability of such employees in
an aggregate amount not to exceed $2,000,000 in any fiscal
year and (iii) Holdings may make Restricted Payments to Tensar
Holdings (x) in an amount not to exceed, when taken together
with the aggregate amount of all loans or advances made
pursuant to Section 1.04(1) of this Schedule 4 for

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such purpose, $350,000 in any fiscal year to the extent
necessary to pay general corporate and overhead expenses
incurred by Tensar Holdings in the ordinary course of
business and (y) in an amount necessary to pay the Tax
liabilities of Tensar Holdings directly attributable to (or
arising as a result of) the operations of Holdings and its
Subsidiaries; provided that (A) the amount of such
dividends pursuant to clause (iii)(y) shall not exceed the
amount that Holdings and its Subsidiaries would be required
to pay in respect of United States Federal, State and local
Taxes were Holdings and its Subsidiaries to pay such Taxes as
stand-alone taxpayers and (B) all Restricted Payments made to
Tensar Holdings pursuant to clause (iii) shall be used by
Tensar Holdings for the purpose specified herein within 20
days of the receipt thereof.

          (y) Section 1.07 of Schedule 4 of the Lease Agreement is hereby amended and restated as
follows:

“Except for transactions by or among Tensar Parties and
except as set forth on Annex 7 to this Schedule 4, sell or
transfer any property or assets to, or purchase or acquire
any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except that (a)
Tensar Holdings and any of its Subsidiaries may engage in any
of the foregoing transactions in the ordinary course of
business at prices and on terms and conditions not less
favorable to Tensar Holdings or such Subsidiary than could be
obtained on an arm’s-length basis from unrelated third
parties, (b) Restricted Payments may be made to the extent
provided in Section 1.06 of this Section 4 and (c) if no
Default or Event of Default has occurred and is continuing,
Holdings may pay to the Sponsor or its Affiliates (i) an
annual management fee in an amount not to exceed $1,000,000
per year and (ii) deferred merger and acquisition fees earned
in connection with the Acquisition, in an amount not to
exceed $5,775,000 in the aggregate.”

          (z) Section 1.08(a)(ii) of Schedule 4 of the Lease Agreement is hereby amended and
restated as follows:

“(ii) with respect to Holdings, engage in any business
activities, other than the business conducted by it as of
the date hereof, or have any assets or liabilities other
than its ownership of the Equity Interest in Tensar
International, Tensar Polytechnologies, Inc., Geopier
Foundation Company, Inc., Geotechnical Reinforcement
Company,

10

 

Inc., North American Green, Inc. and liabilities incidental
thereto, including its liabilities pursuant to the
Lease/Purchase Facilities Documents and the Second Lien
Commodities Purchase Facility Documents and liabilities
consisting of administrative expenses of Tensar International
and its Subsidiaries.”

          (aa) Section 1.08(b) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(b) With respect to the Subsidiaries of Holdings, engage at
any time in any business or business activity other than the
business conducted by it as of the date hereof and business
activities reasonably incidental thereto. Except as permitted
under this Agreement, no Tensar Party shall (i) make any
changes in any of its business objective, purposes or
operations that could reasonably be expected to have or result
in a Material Adverse Effect, (ii) make any change in its
capital structure as described in Annex 8 to this Schedule 4
(other than as permitted or contemplated by Section 1.08(a)(i)
of this Schedule 4) including the issuance or sale of any shares of Equity Interests, warrants or other securities
convertible into Equity Interests or any revision of the terms
of its outstanding Equity Interests (other than the issuance
or sale of Equity Interest in connection with intercompany
Investments otherwise permitted under Section 1.04 of this
Schedule 4); or (iii) amend its charter or bylaws in a manner
that would adversely affect TCO or such Tensar Party’s duty or
ability to pay the Obligations.”

          (bb) Section 1.08(c) of Schedule 4 of the Lease Agreement is hereby amended and restated
as follows:

“(c) Enter into any Hedging Agreement other than (a) any such
agreement or arrangement entered into in the ordinary course
of business and consistent with prudent business practice to
hedge or mitigate risks to which Tensar Holdings or any of its
Subsidiaries is exposed in the conduct of its business or the
management of its liabilities or (b) any such agreement
entered into to hedge against fluctuations in interest rates
or currency incurred in the ordinary course of business and
consistent with prudent business practice; provided
that in each case such agreements or arrangements shall not
have been entered into for speculative purposes.”

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          (cc) The first sentence of Section 1.10 of Schedule 4 of the Lease Agreement is hereby
amended and restated as follows:

“Permit the aggregate amount of Capital Expenditures made
by Tensar Holdings and its Subsidiaries in any period set
forth below to exceed the amount set forth below for such
period:”

     2. Amendments to Commodities Purchase Agreement. Subject to the satisfaction of
the conditions set forth in Section 5 hereof:

          (a) Schedule 1 of the Commodities Purchase Agreement is hereby amended to add the following
new defined term in appropriate alphabetical order:

“Tensar International” shall mean Tensar
International Corporation, a Delaware corporation.

          (b) The definition of “Asset Sale” set forth in Schedule 1 to the Commodities Purchase
Agreement is hereby amended and restated as follows:

“Asset Sale” shall mean the sale, lease,
sub-lease, license, sub-license, sale and leaseback,
assignment, conveyance, transfer, issuance or other
disposition (by way of merger, casualty,
condemnation or otherwise) by (x) any Tensar Party
(other than Luxco and its subsidiaries) or any
Subsidiaries (other than Luxco and its subsidiaries)
to any person (other than Tensar or any Subsidiary
Guarantor) or (y) Luxco or any of its subsidiaries
to any person (other than Tensar Holdings, Tensar or
any subsidiary of Tensar Holdings which is a
Guarantor) of (a) any Equity Interests of any of the
Subsidiaries or (b) any other assets of any Tensar
Party or any of the Subsidiaries, including Equity
Interests of any person that is not a Subsidiary;
provided that any asset sale or series of
related asset sales described in clause (b) above
having a value not in excess of $250,000 shall be
deemed not to be an “Asset Sale” for
purposes of this Agreement.

          (c) The definition of “Change in Control” set forth on Schedule 1 of the Commodities Purchase
Agreement is hereby amended to amend and restate clause (d) therein as
follows:

(d) Tensar Holdings shall at any time fail to own
directly or indirectly, beneficially and of record,
100% of each class of issued and outstanding Equity
Interests in Holdings, Holdings shall fail to own

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directly or indirectly, beneficially and of record,
100% of each class of issued and outstanding Equity
Interests in Tensar, or Tensar Holdings shall fail to
own, directly or indirectly, beneficially and of
record, 100% of each class of issued and outstanding
Equity Interests in Luxco, in each case, free and clear
of all Liens (except Liens created by the Guarantee and
Collateral Agreement, the Luxco Security Documents or
by the Second Lien Commodities Purchase Facility
Documents);

          (d) The definition of “Consolidated Fixed Charges” set forth in Schedule 1 of the
Commodities Purchase Agreement is hereby amended and restated as follows:

“Consolidated Fixed Charges” shall mean, for any period,
without duplication, the sum of (a) Consolidated Financing Expense
for such period paid in cash, (b) the aggregate amount of
scheduled Acquisition Cost payments in respect of the Leased
Assets or scheduled payments (whether or not made) during such
period to reduce the unpaid stated amount in respect of long term
Financing Obligations (including Purchase Price obligations under
the Luxco Commodities Purchase Facility (to the extent the
Purchase Price for any Metals Transaction thereunder is less than
the Purchase Price for the immediately preceding Metals
Transaction, Capital Lease Obligations and Synthetic Lease
Obligations, but excluding payments applied to Purchase Price
under the Commodities Purchase Facility) of Tensar Holdings and
its Subsidiaries, (c) Capital Expenditures for such period, less
Capital Expenditures incurred in connection with the new BX
geogrid manufacturing line in Morrow, Georgia, and (d) the
aggregate amount of Taxes paid in cash (net of refunds received
with respect to such Taxes) payable by Holdings and its
Subsidiaries during such period in accordance with Section
1.06(iii)(y) of Schedule 4.

          (e) The definition of “Consolidated Net Income” set forth in Schedule 1 of the
Commodities Purchase Agreement is hereby amended and restated as follows:

“Consolidated Net Income” shall mean, for any
period, the net income or loss of Tensar Holdings and its
Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP; provided that there
shall be excluded (a) the income of any Subsidiary of Tensar
Holdings to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary of
that income is not at the time permitted by operation of the

13

 

terms of any agreement, instrument, or Requirement of Law applicable
to such Subsidiary, (b) the income or loss of any person accrued
prior to the date it becomes a Subsidiary of Tensar Holdings or is
merged into or consolidated with Tensar Holdings or any of its
Subsidiaries or the date that such person’s assets are acquired by
Tensar Holdings or any of its Subsidiaries, (c) the income of any
person (other than a Subsidiary of Tensar Holdings) in which any
other person (other than Tensar Holdings or a wholly owned Subsidiary
of Tensar Holdings or any director holding qualifying shares in
accordance with applicable law) has an interest, except to the extent
of the amount of dividends or other distributions actually paid to
Tensar Holdings or a wholly owned Subsidiary thereof by such person
during such period, (d) any gains attributable to sales of assets out
of the ordinary course of business and (e) the Consolidated Net
Income of the Merex Companies shall be excluded.

          (f) The definition of “Excess Cash Flow” set forth on Schedule 1 of the Commodities
Purchase Agreement is hereby amended and restated as follows:

“Excess Cash Flow” shall mean, for any fiscal year of
Tensar Holdings, the excess of (a) the sum, without
duplication, of (i) Consolidated EBITDA for such fiscal year
and (ii) the decrease, if any, in Current Assets minus Current
Liabilities from the beginning to the end of such fiscal year
over (b) the sum, without duplication, of (i) the amount of any
Taxes payable (net of refunds received with respect to such
Taxes in such fiscal year) in cash by Holdings and its
Subsidiaries with respect to such fiscal year, (ii)
Consolidated Financing Expense for such fiscal year payable in
cash, (iii) Capital Expenditures made in cash in accordance
with Section 1.10 of Schedule 4 during such fiscal year, except
to the extent financed with the proceeds of Financing
Obligations, equity issuances, casualty proceeds, condemnation
proceeds or other proceeds that would not be included in
Consolidated EBITDA, (iv) permanent repayments of Financing
Obligations (other than mandatory prepayments of Acquisition
Cost pursuant to the terms of the Put Option Letter or
mandatory prepayments of Purchase Price pursuant to Section 3.6
of the Luxco Commodities Purchase Agreement) permitted
hereunder made by Tensar Holdings and its Subsidiaries during
such fiscal year, but only to the

14

 

extent that such prepayments by their terms cannot be
redrawn and do not occur in connection with a
refinancing of all or any portion of such Financing
Obligations and (v) the increase, if any, in Current
Assets minus Current Liabilities from the beginning
to the end of such fiscal year.

          (g) The definition of “Guarantee and Collateral Agreement” set forth in Schedule 1 of
the Commodities Purchase Agreement is hereby amended and restated as follows:

“Guarantee and Collateral Agreement” shall mean the
First Lien Guarantee and Collateral Agreement, dated as of
October 31, 2005, among TCO, Credit Suisse, Tensar Holdings
and the Subsidiaries party thereto (as the same amended,
supplemented or otherwise modified from time to time in
accordance with the terms thereof).

          (h) Clause (i) of the definition of “Material Obligations” set forth on Schedule 1 of
the Commodities Purchase Agreement is hereby amended and restated as follows:

“(i) all Financing Obligations of the Tensar Parties
with respect to any Lease Document, any Second Lien
Commodities Purchase Facility Document or any Tensar
Holdings Commodities Purchase Facility Document”.

          (i) The definition of “Permitted Acquisition” set forth on Schedule 1 of the
Commodities Purchase Agreement is hereby amended by (i) replacing the phrase “Tensar or any of its
Subsidiaries” in first line thereof with the phrase “any Subsidiary of Holdings” and (ii) inserting
the word “Holdings” immediately after the word “Tensar” in clause (ii) (B) and clause (iv) of the
proviso therein.

          (j) Section 1.08 of Schedule 2 of the Commodities Purchase Agreement is hereby amended
to amend and restate the last sentence therein as follows:

“Holdings is a wholly owned subsidiary of Tensar Holdings and
Tensar is an indirect wholly owned subsidiary of Holdings.”

          (k) Section 1.01(c) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(c) unsecured intercompany Financing Obligations (i) of
Tensar Holdings and its Subsidiaries to the extent
permitted by Section 1.04(a) of this Schedule 4 and (ii)
of Tensar Holdings and its Subsidiaries to the extent
permitted by Section 1.04(1) of this Schedule 4, so long,
in each case, as such Financing Obligations

15

 

are subordinated to the Obligations pursuant to the
Affiliate Subordination Agreement or such other
subordination agreement as is reasonably acceptable to
TCO and any interest of Luxco or any Guarantor
thereunder is pledged to TCO pursuant to the Security
Documents;”

          (l) Section 1.01(f) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(f) Financing Obligations of any person that becomes a
Subsidiary of Tensar Holdings after the date hereof;
provided that (i) such Financing Obligations exist
at the time such person becomes a Subsidiary and is not
created in contemplation of or in connection with such
person becoming a Subsidiary, (ii) immediately before and
after such person becomes a Subsidiary, no Default or Event
of Default shall have occurred and be continuing and (iii)
the aggregate principal amount of Financing Obligations
permitted by this Section 1.01(f) shall not exceed
$4,000,000 at any time outstanding;”

          (m) Section 1.02(a) of Schedule 4 of the Commodities Purchase Agreement is hereby amended
and restated as follows:

“(a) Liens on property or assets of Tensar Holdings and its
Subsidiaries existing on the date hereof and set forth in
Annex 2 of this Schedule 4; provided that such Liens
shall secure only those obligations which they secure on the
date hereof and refinancings, extensions, renewals and
replacements thereof permitted hereunder;”

          (n) Section 1.02(c) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(c) any Lien securing Financing Obligations permitted
by Section 1.01(f) of this Schedule 4 existing on any
property or asset prior to the acquisition thereof by
Tensar Holdings or any Subsidiary; provided
that (i) such Lien is not created in contemplation of
or in connection with such acquisition, (ii) such Lien
does not apply to any other property or assets of
Tensar Holdings or any of the Subsidiaries and (iii) in
the case of Mortgaged Property, such Lien does not (A)
materially interfere

16

 

with the use, occupancy and operation of any Mortgaged
Property, (B) materially reduce the fair market value of
such Mortgaged Property but for such Lien or (C) result
in any material increase in the cost of operating,
occupying or owning or leasing such Mortgaged Property;”

          (o) Section 1.02(h) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(h) zoning restrictions, easements, rights-of-way,
restrictions on use of real property and other similar
encumbrances incurred in the ordinary course of
business which, in the aggregate, are not substantial
in amount and do not materially detract from the value
of the property subject thereto or interfere with the
ordinary conduct of the business of Tensar Holdings or
any of its Subsidiaries or the ability of any of Tensar
Holdings or any of its Subsidiaries to utilize such
property for its intended purpose;”

          (p) Section 1.02(i) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(i) Liens securing Financing Obligations, in an amount
not to exceed $4,000,000 at any time outstanding,
incurred to finance the acquisition (or construction)
of fixed or capital assets by Tensar Holdings or any of
its Subsidiaries; provided that (i) such
security interests are incurred, and the Financing
Obligations secured thereby is created, within 90 days
after such acquisition (or construction), (ii) such
Liens do not at any time encumber any property other
than the property financed by such Financing
Obligations and (iii) the amount of Financing
Obligations secured thereby is not increased;”

          (q) Section 1.02(k) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(k) any interest or title of a lessor or sublessor
under any lease entered into by Tensar Holdings or any
of its Subsidiaries in the ordinary course of business
and covering only the assets so leased;”

          (r) Section 1.04(a) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

17

 

“(a) (i) Investments by Tensar Holdings, Holdings, Tensar
International, Tensar and the Subsidiaries existing on
the date hereof in the Equity Interests of Holdings,
Tensar International, Tensar and the Subsidiaries and
(ii) additional Investments by Tensar Holdings, Holdings,
Tensar International, Tensar and the Subsidiaries in the
Equity Interests of Holdings and its Subsidiaries;
provided that (A) any such Equity Interests held
by a Tensar Party shall be pledged pursuant to the
Guarantee and Collateral Agreement, (B) the aggregate
amount of Investments by the Tensar Parties (other than
Luxco and its Subsidiaries) in Subsidiaries of Holdings,
that are not Subsidiary Guarantors shall not exceed
$14,000,000, at any time outstanding; provided
that the aggregate amount of Investments in Subsidiaries
of Holdings other than Luxco or the Luxco Subsidiaries
Guarantors shall not exceed $4,000,000, at any time
outstanding and (C) if such Investment shall be in the
form of a loan or advance, such loan or advance shall be
unsecured and subordinated to the Obligations pursuant to
an Affiliate Subordination Agreement and, if such loan or
advance shall be made by a Tensar Party, it shall be
evidenced by a promissory note pledged to TCO pursuant to
the Guarantee and Collateral Agreement;”

          (s) Section 1.04(l)(i) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(i) to Tensar Holdings to the extent that Holdings may
pay dividends to Tensar Holdings pursuant to Section
1.06 of this Schedule 4 (and in lieu of paying such
dividends) and”

          (t) Section 1.04(m) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(m) in addition to Investments permitted by clauses
(a) through (1) above, additional Investments by
Holdings and its Subsidiaries so long as the aggregate
amount invested, loaned or advanced pursuant to this
clause (m) (determined without regard to any
writedowns or write-offs of such investments, loans
and advances) does not exceed $4,000,000 in the
aggregate.”

18

 

          (u) Section 1.05(a) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(a) the sale by Tensar Holdings and its Subsidiaries of
inventory in the ordinary course of business;”

          (v) Section 1.05(b) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(b) the sale or discount by Tensar Holdings or any of its
Subsidiaries in each case without recourse and in the
ordinary course of business of overdue accounts receivable
arising in the ordinary course of business, but only in
connection with the compromise or collection thereof
consistent with customary industry practice (and not as part
of any bulk sale or financing transaction);”

          (w) Section 1.05(h) of Schedule 4 of the Commodities Purchase Agreement is hereby amended
and restated as follows:

“(h) if at the time thereof and immediately after giving
effect thereto no Event of Default or Default shall have
occurred and be continuing, (w) the merger or consolidation
of any wholly owned Subsidiary of Holdings into or with
Holdings in a transaction in which Holdings is the surviving
corporation, (x) the merger or consolidation of any wholly
owned Subsidiary of Holdings into or with any other wholly
owned Subsidiary of Holdings in a transaction in which the
surviving entity is a wholly owned Subsidiary of Holdings
and no person other than Holdings or a wholly owned
Subsidiary receives any consideration (provided that
if any party to any such transaction is (A) a Tensar Party,
the surviving entity of such transaction shall be a Tensar
Party and (B) a Domestic Subsidiary, the surviving entity of
such transaction shall be a Domestic Subsidiary), (y)
Permitted Acquisitions by Holdings or any of its
Subsidiaries (otherwise permitted by Section 1.04(h) of this
Schedule 4), and (z) the sale, lease, sub-lease, license,
sub-license or other disposition of any part of its
business, assets or property (except any Equity Interests of
Tensar Holdings) so long as (i) such sale, lease, sub-lease,
license, sub-license or other disposition is for
consideration at least 80% of which is cash (and no portion
of the remaining consideration

19

 

shall be in the form of Financing Obligations of
Holdings or any of its Subsidiaries), (ii) such
consideration is at least equal to the fair market
value of the assets being sold, transferred, leased,
licensed or disposed of and (iii) the fair market value
of all assets sold, transferred, leased, licensed or
disposed of pursuant to this clause (z) shall not
exceed $40,000,000 in the aggregate.”

          (x) Section 1.06(a) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

(a) Declare or make, or agree to declare or make, directly
or indirectly, any Restricted Payment (including pursuant to
any Synthetic Purchase Agreement), or incur any obligation
(contingent or otherwise) to do so; provided,
however, that (i) any wholly-owned Subsidiary of
Holdings may declare and pay dividends or make other
distributions to its equity holders, (ii) so long as no
Event of Default or Default shall have occurred and be
continuing or would result therefrom, Holdings may make
distributions to Tensar Holdings so that Tensar Holdings
may, repurchase its Equity Interests owned by employees of
Tensar Holdings or the Subsidiaries or make payments to
employees of Tensar Holdings or the Subsidiaries upon
termination of employment in connection with the exercise of
stock options, stock appreciation rights or similar equity
incentives or equity based incentives pursuant to management
incentive plans or in connection with the death or
disability of such employees in an aggregate amount not to
exceed $2,000,000 in any fiscal year and (iii) Holdings may
make Restricted Payments to Tensar Holdings (x) in an amount
not to exceed, when taken together with the aggregate amount
of all loans or advances made pursuant to Section 1.04(1) of
this Schedule 4 for such purpose, $350,000 in any fiscal
year to the extent necessary to pay general corporate and
overhead expenses incurred by Tensar Holdings in the
ordinary course of business and (y) in an amount necessary
to pay the Tax liabilities of Tensar Holdings directly
attributable to (or arising as a result of) the operations
of Holdings and its Subsidiaries; provided that (A)
the amount of such dividends pursuant to clause (iii)(y)
shall not exceed the amount that Holdings and its
Subsidiaries would be required

20

 

to pay in respect of United States Federal, State
and local Taxes were Holdings and its Subsidiaries
to pay such Taxes as stand-alone taxpayers and (B)
all Restricted Payments made to Tensar Holdings
pursuant to clause (iii) shall be used by Tensar
Holdings for the purpose specified herein within 20
days of the receipt thereof.

          (y) Section 1.07 of Schedule 4 of the Commodities Purchase Agreement is hereby amended
and restated as follows:

“Except for transactions by or among Tensar Parties and
except as set forth on Annex 7 to this Schedule 4, sell
or transfer any property or assets to, or purchase or
acquire any property or assets from, or otherwise engage
in any other transactions with, any of its Affiliates,
except that (a) Tensar Holdings and any of its
Subsidiaries may engage in any of the foregoing
transactions in the ordinary course of business at prices
and on terms and conditions not less favorable to Tensar
Holdings or such Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties, (b)
Restricted Payments may be made to the extent provided in
Section 1.06 of this Section 4 and (c) if no Default or
Event of Default has occurred and is continuing, Holdings
may pay to the Sponsor or its Affiliates (i) an annual
management fee in an amount not to exceed $1,000,000 per
year and (ii) deferred merger and acquisition fees earned
in connection with the Acquisition, in an amount not to
exceed $5,775,000 in the aggregate.”

          (z) Section 1.08(a)(ii) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(ii) with respect to Holdings, engage in any business
activities, other than the business conducted by it as of
the date hereof, or have any assets or liabilities other
than its ownership of the Equity Interest in Tensar
International, Tensar Polytechnologies, Inc., Geopier
Foundation Company, Inc., Geotechnical Reinforcement
Company, Inc., North American Green, Inc. and liabilities
incidental thereto, including its liabilities pursuant to
the Lease/Purchase Facilities Documents and the Second
Lien Commodities Purchase Facility Documents and
liabilities consisting

21

 

of administrative expenses of Tensar International
and its Subsidiaries.”

          (aa) Section 1.08(b) of Schedule 4 of the Commodities Purchase Agreement is hereby
amended and restated as follows:

“(b) With respect to the Subsidiaries of Holdings,
engage at any time in any business or business activity
other than the business conducted by it as of the date
hereof and business activities reasonably incidental
thereto. Except as permitted under this Agreement, no
Tensar Party shall (i) make any changes in any of its
business objective, purposes or operations that could
reasonably be expected to have or result in a Material
Adverse Effect, (ii) make any change in its capital
structure as described in Annex 8 to this Schedule 4
(other than as permitted or contemplated by Section
1.08(a)(i) of this Schedule 4) including the issuance or
sale of any shares of Equity Interests, warrants or
other securities convertible into Equity Interests or
any revision of the terms of its outstanding Equity
Interests (other than the issuance or sale of Equity
Interest in connection with intercompany Investments
otherwise permitted under Section 1.04 of this Schedule
4); or (iii) amend its charter or bylaws in a manner
that would adversely affect TCO or such Tensar Party’s
duty or ability to pay the Obligations.”

          (bb) Section 1.08(c) of Schedule 4 of the Commodities Purchase Agreement t is hereby
amended and restated as follows:

“(c) Enter into any Hedging Agreement other than (a)
any such agreement or arrangement entered into in the
ordinary course of business and consistent with prudent
business practice to hedge or mitigate risks to which
Tensar Holdings or any of its Subsidiaries is exposed
in the conduct of its business or the management of its
liabilities or (b) any such agreement entered into to
hedge against fluctuations in interest rates or
currency incurred in the ordinary course of business
and consistent with prudent business practice;
provided that in each case such agreements or
arrangements shall not have been entered into for
speculative purposes.”

22

 

          (cc) The first sentence of Section 1.10 of Schedule 4 of the Commodities Purchase
Agreement is hereby amended and restated as follows:

“Permit the aggregate amount of Capital Expenditures made
by Tensar Holdings and its Subsidiaries in any period set
forth below to exceed the amount set forth below for such
period:”

     3. Amendments to Luxco Commodities Purchase Facilities Documents. Subject to
the satisfaction of the conditions set forth in Section 5 hereof:

          (a) Schedule 1 of the Lease Agreement is hereby amended to add the following new defined term
in appropriate alphabetical order:

“Tensar International” shall mean Tensar
International Corporation, a Delaware corporation.

          (b) The definition of “Asset Sale” set forth in Schedule 1 to the Luxco Commodities
Purchase Agreement is hereby amended and restated as follows:

“Asset Sale” shall mean the sale, lease,
sub-lease, license, sub-license, sale and leaseback,
assignment, conveyance, transfer, issuance or other
disposition (by way of merger, casualty, condemnation or
otherwise) by (x) any Tensar Party (other than Luxco and
its subsidiaries) or any Subsidiaries (other than Luxco
and its subsidiaries) to any person (other than Tensar
or any US Guarantor) or (y) Luxco or any of its
subsidiaries to any person (other than Tensar Holdings,
Tensar or any subsidiary of Tensar Holdings which is a
Guarantor) of (a) any Equity Interests of any of the
Subsidiaries or (b) any other assets of any Tensar Party
or any of the Subsidiaries, including Equity Interests
of any person that is not a Subsidiary; provided
that any asset sale or series of related asset sales
described in clause (b) above having a value not in
excess of $250,000 shall be deemed not to be an
“Asset Sale” for purposes of this Agreement.

          (c) The definition of “Change in Control” set forth on Schedule 1 of the Luxco Commodities
Purchase Agreement is hereby amended to amend and restate clause
(d) therein as follows:

(d) Tensar Holdings shall at any time fail to own
directly or indirectly, beneficially and of record,
100% of each class of issued and outstanding Equity
Interests in Holdings, Holdings shall fail to own

23

 

directly or indirectly, beneficially and of record, 100%
of each class of issued and outstanding Equity Interests
in Tensar, or Tensar Holdings shall fail to own,
directly or indirectly, beneficially and of record, 100%
of each class of issued and outstanding Equity Interests
in Luxco, in each case, free and clear of all Liens
(except Liens created by the Guarantee and Collateral
Agreement or by the Second Lien Commodities Purchase
Facility Documents);

          (d) The definition of “Consolidated Fixed Charges” set forth on Schedule 1 of the Luxco
Commodities Purchase Agreement is hereby amended and restated as follows:

“Consolidated Fixed Charges” shall mean, for any
period, without duplication, the sum of (a) Consolidated
Financing Expense for such period paid in cash, (b) the
aggregate amount of scheduled Acquisition Cost payments
in respect of the Leased Assets or scheduled payments
(whether or not made) during such period to reduce the
unpaid stated amount in respect of long term Financing
Obligations (including Purchase Price obligations under
the Luxco Commodities Purchase Facility (to the extent
the Purchase Price for any Transaction is less than the
Purchase Price for the immediately preceding
Transaction), Capital Lease Obligations and Synthetic
Lease Obligations, but excluding payments applied to
Purchase Price under the Commodities Purchase Facility)
of Tensar Holdings and its Subsidiaries, (c) Capital
Expenditures for such period, less Capital Expenditures
incurred in connection with the new BX geogrid
manufacturing line in Morrow, Georgia, and (d) the
aggregate amount of Taxes paid in cash (net of refunds
received with respect to such Taxes) payable by Holdings
and its Subsidiaries during such period in accordance
with Section 1.06(iii)(y) of Schedule 4.

          (e) The definition of “Consolidated Net Income” set forth on Schedule 1 of the Luxco
Commodities Purchase Agreement is hereby amended and restated as follows:

“Consolidated Net Income” shall mean, for any
period, the net income or loss of Tensar Holdings and
its Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP;
provided that there shall be excluded (a) the
income of any Subsidiary of Tensar Holdings to the
extent

24

 

that the declaration or payment of dividends or similar
distributions by such Subsidiary of that income is not
at the time permitted by operation of the terms of any
agreement, instrument, or Requirement of Law applicable
to such Subsidiary, (b) the income or loss of any person
accrued prior to the date it becomes a Subsidiary of
Tensar Holdings or is merged into or consolidated with
Tensar Holdings or any of its Subsidiaries or the date
that such person’s assets are acquired by Tensar
Holdings or any of its Subsidiaries, (c) the income of
any person (other than a Subsidiary of Tensar Holdings)
in which any other person (other than Tensar Holdings or
a wholly owned Subsidiary of Tensar Holdings or any
director holding qualifying shares in accordance with
applicable law) has an interest, except to the extent of
the amount of dividends or other distributions actually
paid to Tensar Holdings or a wholly owned Subsidiary
thereof by such person during such period, (d) any gains
attributable to sales of assets out of the ordinary
course of business and (e) the Consolidated Net Income
of the Merex Companies.

          (f) The definition of “Excess Cash Flow” set forth on Schedule 1 of the Luxco
Commodities Purchase Agreement is hereby amended and restated as follows:

“Excess Cash Flow” shall mean, for any fiscal
year of Tensar Holdings, the excess of (a) the sum,
without duplication, of (i) Consolidated EBITDA for
such fiscal year and (ii) the decrease, if any, in
Current Assets minus Current Liabilities from the
beginning to the end of such fiscal year over (b) the
sum, without duplication, of (i) the amount of any
Taxes payable (net of refunds received with respect to
such Taxes in such fiscal year) in cash by Holdings and
its Subsidiaries with respect to such fiscal year, (ii)
Consolidated Financing Expense for such fiscal year
payable in cash, (iii) Capital Expenditures made in
cash in accordance with Section 1.10 of Schedule 4
during such fiscal year, except to the extent financed
with the proceeds of Financing Obligations, equity
issuances, casualty proceeds, condemnation proceeds or
other proceeds that would not be included in
Consolidated EBITDA, (iv) permanent repayments of
Financing Obligations (other than mandatory prepayments
of Acquisition Cost pursuant to the

25

 

terms of the Put Option Letter or mandatory
prepayments of Purchase Price pursuant to Section
3.6) permitted hereunder made by any Subsidiary
during such fiscal year, but only to the extent that
such prepayments by their terms cannot be redrawn and
do not occur in connection with a refinancing of all
or any portion of such Financing Obligations and (v)
the increase, if any, in Current Assets minus Current
Liabilities from the beginning to the end of such
fiscal year.

          (g) The definition of “Luxco Security Documents” set forth on Schedule 1 of the Luxco
Commodities Purchase Agreement is hereby amended and restated as follows:

“shall mean the share pledge over Luxco’s shares
executed by Tensar International in favor of TCO,
the Luxco Intercompany Notes Pledge Agreement and
each of the other security agreements, pledges,
mortgages, consents and other instruments and
documents with respect to collateral located in the
Grand Duchy of Luxembourg, executed and delivered
pursuant to any of the foregoing or pursuant to
Section 1.09 or 1.10 of Schedule 3.”

          (h) The definition of “Material Obligations” set forth on Schedule 1 of the Luxco
Commodities Purchase Agreement is hereby amended and restated as follows:

“(i) all Financing Obligations of the Tensar Parties
with respect to any Lease Document, any US
Commodities Purchase Facility Documents, any Second
Lien Commodities Purchase Facility Document or any
Tensar Holdings Commodities Purchase Facility
Document”.

          (i) The definition of “Permitted Acquisition” set forth on Schedule 1 of the Luxco
Commodities Purchase Agreement is hereby amended by (i) replacing the phrase “Tensar or any of its
Subsidiaries” in first line thereof with the phrase “any Subsidiary of Holdings” and (ii) inserting
the word “Holdings” immediately after the word “Tensar” in clause (ii) (B) and clause (iv) of the
proviso therein.

          (j) Section 1.08 of Schedule 2 of the Luxco Commodities Purchase Agreement is hereby
amended to amend and restate the last sentence therein as follows:

“Holdings is a wholly owned subsidiary of Tensar Holdings and
Tensar is an indirect wholly owned subsidiary of Holdings.”

26

 

          (k) Section 1.01(c) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(c) unsecured intercompany Financing Obligations
(i) of Tensar Holdings and its Subsidiaries to the
extent permitted by Section 1.04(a) of this Schedule
4 and (ii) of Tensar Holdings and its Subsidiaries
to the extent permitted by Section 1.04(1) of this
Schedule 4, so long, in each case, as such Financing
Obligations are subordinated to the Obligations
pursuant to the Affiliate Subordination Agreement or
such other subordination agreement as is reasonably
acceptable to TCO and any interest of Luxco or any
Guarantor thereunder is pledged to TCO pursuant to
the Security Documents;”

          (l) Section 1.01(f) of Schedule 4 of the Luxco Commodities Purchase Agreement is
hereby amended and restated as follows:

“(f) Financing Obligations of any person that becomes a
Subsidiary of Tensar Holdings after the date hereof;
provided that (i) such Financing Obligations
exist at the time such person becomes a Subsidiary and is
not created in contemplation of or in connection with
such person becoming a Subsidiary, (ii) immediately
before and after such person becomes a Subsidiary, no
Default or Event of Default shall have occurred and be
continuing and (iii) the aggregate principal amount of
Financing Obligations permitted by this Section 1.01(f)
shall not exceed $4,000,000 at any time outstanding;”

          (m) Section 1.02(a) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(a) Liens on property or assets of Tensar Holdings and
its Subsidiaries existing on the date hereof and set
forth in Annex 2 of this Schedule 4; provided
that such Liens shall secure only those obligations which
they secure on the date hereof and refinancings,
extensions, renewals and replacements thereof permitted
hereunder;”

          (n) Section 1.02(c) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

27

 

“(c) any Lien securing Financing Obligations permitted by
Section 1.01(f) of this Schedule 4 existing on any
property or asset prior to the acquisition thereof by
Tensar Holdings or any Subsidiary; provided that
(i) such Lien is not created in contemplation of or in
connection with such acquisition, (ii) such Lien does not
apply to any other property or assets of Tensar Holdings
or any of the Subsidiaries and (iii) in the case of
Mortgaged Property, such Lien does not (A) materially
interfere with the use, occupancy and operation of any
Mortgaged Property, (B) materially reduce the fair market
value of such Mortgaged Property but for such Lien or (C)
result in any material increase in the cost of operating,
occupying or owning or leasing such Mortgaged Property;”

          (o) Section 1.02(h) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(h) zoning restrictions, easements, rights-of-way,
restrictions on use of real property and other
similar encumbrances incurred in the ordinary course
of business which, in the aggregate, are not
substantial in amount and do not materially detract
from the value of the property subject thereto or
interfere with the ordinary conduct of the business
of Tensar Holdings or any of its Subsidiaries or the
ability of any of Tensar Holdings or any of its
Subsidiaries to utilize such property for its
intended purpose;”

          (p) Section 1.02(i) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(i) Liens securing Financing Obligations, in an amount
not to exceed $4,000,000 at any time outstanding,
incurred to finance the acquisition (or construction) of
fixed or capital assets by Tensar Holdings or any of its
Subsidiaries; provided that (i) such security
interests are incurred, and the Financing Obligations
secured thereby is created, within 90 days after such
acquisition (or construction), (ii) such Liens do not at
any time encumber any property other than the property financed by such Financing Obligations and (iii) the
amount of Financing Obligations secured thereby is not
increased;”

28

 

          (q) Section 1.02(k) of Schedule 4 of the Luxco Commodities Purchase Agreement is
hereby amended and restated as follows:

“(k) any interest or title of a lessor or sublessor under
any lease entered into by Tensar Holdings or any of its
Subsidiaries in the ordinary course of business and
covering only the assets so leased;”

          (r) Section 1.04(a) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(a) (i) Investments by Tensar Holdings, Holdings, Tensar
International, Tensar and the Subsidiaries existing on
the date hereof in the Equity Interests of Holdings,
Tensar International, Tensar and the Subsidiaries and
(ii) additional Investments by Tensar Holdings, Holdings,
Tensar and the Subsidiaries in the Equity Interests of
Holdings and its Subsidiaries; provided that (A)
any such Equity Interests held by a Tensar Party shall be
pledged pursuant to the Guarantee and Collateral
Agreement or a Foreign Pledge Agreement, (B) the
aggregate amount of Investments by Tensar Parties (other
than Luxco and its subsidiaries) in Subsidiaries of
Holdings that are not US Guarantors shall not exceed
$14,000,000, at any time outstanding; provided
that the aggregate amount of Investments in Subsidiaries
of Holdings other than Luxco or the Luxco Subsidiary
Guarantors shall not exceed $4,000,000, at any time
outstanding and (C) if such Investment shall be in the
form of a loan or advance, such loan or advance shall be
unsecured and subordinated to the Obligations pursuant to
an Affiliate Subordination Agreement and, if such loan or
advance shall be made by a Tensar Party, it shall be
evidenced by a promissory note pledged to TCO pursuant to
the Security Documents;”

          (s) Section 1.04(l)(i) of Schedule 4 of the Luxco Commodities Purchase Agreement
is hereby amended and restated as follows:

“(i) to Tensar Holdings to the extent that Holdings may
pay dividends to Tensar Holdings pursuant to Section
1.06 of this Schedule 4 (and in lieu of paying such
dividends) and”

29

 

          (t) Section 1.04(m) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(m) in addition to Investments permitted by clauses
(a) through (1) above, additional Investments by
Holdings and its Subsidiaries so long as the
aggregate amount invested, loaned or advanced
pursuant to this clause (m) (determined without
regard to any write-downs or write-offs of such
investments, loans and advances) does not exceed
$4,000,000 in the aggregate.”

          (u) Section 1.05(a) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(a) the sale by Tensar Holdings and its Subsidiaries of
inventory in the ordinary course of business;”

          (v) Section 1.05(b) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(b) the sale or discount by Tensar Holdings or any of
its Subsidiaries in each case without recourse and in the
ordinary course of business of overdue accounts
receivable arising in the ordinary course of business,
but only in connection with the compromise or collection
thereof consistent with customary industry practice (and
not as part of any bulk sale or financing transaction);”

          (w) Section 1.05(g) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(g) if at the time thereof and immediately after giving
effect thereto no Event of Default or Default shall have
occurred and be continuing, (w) the merger or
consolidation of any wholly owned Subsidiary into or with
Holdings in a transaction in which Holdings is the
surviving corporation, (x) the merger or consolidation of
any wholly owned Subsidiary into or with any other wholly
owned Subsidiary of Holdings in a transaction in which
the surviving entity is a wholly owned Subsidiary of
Holdings and no person other than Holdings or a wholly
owned Subsidiary receives any consideration
(provided that if any party to any such
transaction is (A) a Tensar Party, the surviving entity
of such transaction shall be a Tensar

30

 

Party and (B) a Domestic Subsidiary, the surviving entity
of such transaction shall be a Domestic Subsidiary), (y)
Permitted Acquisitions by Holdings or any of its
Subsidiaries (otherwise permitted by Section 1.04(h) of
this Schedule 4), and (z) the sale, lease, sub-lease,
license, sub-license or other disposition of any part of
its business, assets or property (except any Equity
Interests of Holdings, Luxco or Tensar (UK) so long as (i)
such sale, lease, sub-lease, license, sub-license or other
disposition is for consideration at least 80% of which is
cash (and no portion of the remaining consideration shall
be in the form of Financing Obligations of Holdings or any
of its Subsidiaries), (ii) such consideration is at least
equal to the fair market value of the assets being sold,
transferred, leased, licensed or disposed of and (iii) the
fair market value of all assets sold, transferred, leased,
licensed or disposed of pursuant to this clause (z) shall
not exceed $40,000,000 in the aggregate.”

          (x) Section 1.06(a) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

(a) Declare or make, or agree to declare or make,
directly or indirectly, any Restricted Payment (including
pursuant to any Synthetic Purchase Agreement), or incur
any obligation (contingent or otherwise) to do so;
provided, however, that (i) any
wholly-owned Subsidiary of Holdings may declare and pay
dividends or make other distributions to its equity
holders, (ii) so long as no Event of Default or Default
shall have occurred and be continuing or would result
therefrom, Holdings may make distributions to Tensar
Holdings so that Tensar Holdings may, repurchase its
Equity Interests owned by employees of Tensar Holdings or
the Subsidiaries or make payments to employees of Tensar
Holdings or the Subsidiaries upon termination of
employment in connection with the exercise of stock
options, stock appreciation rights or similar equity
incentives or equity based incentives pursuant to
management incentive plans or in connection with the
death or disability of such employees in an aggregate
amount not to exceed $2,000,000 in any fiscal year and
(iii) Holdings may make Restricted Payments to Tensar
Holdings (x) in an amount not to exceed, when taken

31

 

together with the aggregate amount of all loans or
advances made pursuant to Section 1.04(1) of this Schedule
4 for such purpose, $350,000 in any fiscal year to the
extent necessary to pay general corporate and overhead
expenses incurred by Tensar Holdings in the ordinary
course of business and (y) in an amount necessary to pay
the Tax liabilities of Tensar Holdings directly
attributable to (or arising as a result of) the operations
of Holdings and its Subsidiaries; provided that
(A) the amount of such dividends pursuant to clause
(iii)(y) shall not exceed the amount that Holdings and its
Subsidiaries would be required to pay in respect of United
States Federal, State and local Taxes were Holdings and
its Subsidiaries to pay such Taxes as stand-alone
taxpayers and (B) all Restricted Payments made to Tensar
Holdings pursuant to clause (iii) shall be used by Tensar
Holdings for the purpose specified herein within 20 days
of the receipt thereof.

          (y) Section 1.07 of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“Except for transactions by or among Tensar Parties and
except as set forth on Annex 7 to this Schedule 4, sell
or transfer any property or assets to, or purchase or
acquire any property or assets from, or otherwise engage
in any other transactions with, any of its Affiliates,
except that (a) Tensar Holdings and any of its
Subsidiaries may engage in any of the foregoing
transactions in the ordinary course of business at prices
and on terms and conditions not less favorable to Tensar
Holdings or such Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties, (b)
Restricted Payments may be made to the extent provided in
Section 1.06 of this Section 4 and (c) if no Default or
Event of Default has occurred and is continuing, Holdings
may pay to the Sponsor or its Affiliates (i) an annual
management fee in an amount not to exceed $1,000,000 per
year and (ii) deferred merger and acquisition fees earned
in connection with the Original Acquisition, in an amount
not to exceed $5,775,000 in the aggregate.”

          (z) Section 1.08(a)(ii) of Schedule 4 of the Luxco Commodities Purchase Agreement
is hereby amended and restated as follows:

32

 

“(ii) with respect to Holdings, engage in any
business activities, other than the business
conducted by it as of the date hereof, or have any
assets or liabilities other than its ownership of the
Equity Interest in Tensar International, Tensar
Polytechnologies, Inc., Geopier Foundation Company,
Inc., Geotechnical Reinforcement Company, Inc., North
American Green, Inc. and liabilities incidental
thereto, including its liabilities pursuant to the
Lease/Purchase Facilities Documents and the Second
Lien Commodities Purchase Facility Documents and
liabilities consisting of administrative expenses of
Tensar International and its Subsidiaries.”

          (aa) Section 1.08(b) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(b) With respect to the Subsidiaries of Holdings, engage
at any time in any business or business activity other
than the business conducted by it as of the date hereof
and business activities reasonably incidental thereto.
Except as permitted under this Agreement, no Tensar Party
shall (i) make any changes in any of its business
objective, purposes or operations that could reasonably
be expected to have or result in a Material Adverse
Effect, (ii) make any change in its capital structure as
described in Annex 8 to this Schedule 4 (other than as
permitted or contemplated by Section 1.08(a)(i) of this
Schedule 4) including the issuance or sale of any shares
of Equity Interests, warrants or other securities
convertible into Equity Interests or any revision of the
terms of its outstanding Equity Interests (other than the
issuance or sale of Equity Interest in connection with
intercompany Investments otherwise permitted under
Section 1.04 of this Schedule 4); or (iii) amend its
charter or bylaws in a manner that would adversely affect
TCO or such Tensar Party’s duty or ability to pay the
Obligations.”

          (bb) Section 1.08(c) of Schedule 4 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(c) Enter into any Hedging Agreement other than (a) any
such agreement or arrangement entered into in the
ordinary course of business and consistent with prudent
business practice to hedge or mitigate risks to

33

 

which Tensar Holdings or any of its Subsidiaries is
exposed in the conduct of its business or the
management of its liabilities or (b) any such
agreement entered into to hedge against fluctuations
in interest rates or currency incurred in the
ordinary course of business and consistent with
prudent business practice; provided that in
each case such agreements or arrangements shall not
have been entered into for speculative purposes.”

          (cc) The first sentence of Section 1.10 of Schedule 4 of the Luxco Commodities Purchase
Agreement is hereby amended and restated as follows:

“Permit the aggregate amount of Capital Expenditures made
by Tensar Holdings and its Subsidiaries in any period set
forth below to exceed the amount set forth below for such
period:”

          (dd) Section (h)(iii) of Schedule 5 of the Luxco Commodities Purchase Agreement is hereby
amended and restated as follows:

“(iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator
or similar official for Tensar Holdings, Holdings,
Tensar, Luxco or any Material Subsidiary or for a
substantial part of the property or assets of Tensar
Holdings, Holdings, Tensar, Luxco or any Material
Subsidiary,”

     4. Amendments to Guarantee and Collateral Agreement. Subject to the
satisfaction of the conditions set forth in Section 5 hereof:

          (a) Section 1.1 of the Guarantee and Collateral Agreement is hereby amended to add the
following defined term in appropriate alphabetical order:

“Tensar International” shall mean Tensar
International Corporation, a Delaware corporation.

          (b) The definition of “Holdings” set forth in Section 1.1 of the Guarantee and Collateral
Agreement is hereby amended and restated as follows:

“Holdings” shall mean Tensar Corporation, a
Delaware corporation.

          (c) The definition of “Tensar” set forth in Section 1.1 of the Guarantee and Collateral
Agreement is hereby amended and restated as follows:

34

 

“Tensar” shall mean Tensar Corporation LLC, a Georgia
limited liability company.

          (d) The schedules to the Guarantee and Collateral Agreement are hereby amended or
amended and restated as set forth in 

Section 6(c).

     5. Conditions to Effectiveness. The effectiveness of the amendments contained
in this Amendment are conditioned upon satisfaction of the following conditions precedent (the date
on which all such conditions precedent have been satisfied being referred to herein as the
“Amendment Effective Date”):

          (a) the Administrative Agent and TCO shall have each received counterparts of this Amendment
signed by each of Tensar, TCO, Luxco, the Tensar Parties listed on the signature pages hereto and
the Administrative Agent;

          (b) each of the representations and warranties in Section 6 below shall be true and correct in
all material respects on and as of the Amendment Effective Date;

          (c) the Administrative Agent, TCO, AIA and Arcapita shall have each received payment in
immediately available funds of all expenses incurred by the Administrative Agent (including,
without limitation, legal fees) that are then due and payable and reimbursable under the
Lease/Purchase Facilities Documents and/or the Luxco Commodities Purchase Facility Documents and
for which invoices have been presented; and

          (d) the Administrative Agent and TCO shall have received (i) an Assumption Agreement duly
executed and delivered by Tensar International, (ii) organizational documents of Tensar
International, certified by the Secretary of State of the State of Delaware, (iii) revised share
certificates of each of the Tensar Parties, to the extent necessary in connection with the
reorganization, (iv) a legal opinion of King & Spalding LLP, (v) corporate resolutions of each of
the Tensar Parties party hereto authorizing the reorganization and confirming corporate benefit in
connection therewith and (vi) such other documents, instruments and opinions as reasonably
requested by, and in form and substance reasonably satisfactory to, the Administrative Agent.

     6. Representations and Warranties. Each of Tensar Holdings and Tensar represents
and warrants to the Administrative Agent and TCO as follows:

          (a) Authority. Each Tensar Party party hereto has the corporate or other
organizational power and authority to execute and deliver this Amendment and to perform its
obligations hereunder and under each of the Lease/Purchase Facilities Documents or Luxco
Commodities Purchase Facility Documents , as applicable, amended hereby (as amended hereby). The
execution, delivery and performance by each Tensar Party party hereto of this Amendment and each of
the Lease/Purchase Facilities Documents and/or Luxco Commodities Purchase Facility Documents (as
amended hereby) and the consummation by Tensar Holdings and Tensar of the transactions contemplated
hereby and thereby have been duly authorized by all necessary corporate or other organizational
action of such Person. No material consent or authorization of, filing with, notice to, or other
act by or in respect of, any Governmental Authority or any other Person is required

35

 

in connection with the execution, delivery, performance, validity or enforceability of this
Amendment, or any of the Lease/Purchase Facilities Documents or Luxco Commodities Purchase Facility
Documents (as amended hereby), except such as have been made or obtained and are in full force and
effect.

          (b) Enforceability. This Amendment has been duly executed and delivered on behalf of
each Tensar Party that is party hereto. Assuming the conditions precedent in Section 5 of this
Amendment have been satisfied, this Amendment and each of the Lease/Purchase Facilities Documents
and the Luxco Commodities Purchase Facility Documents (as amended hereby) (i) constitutes a legal,
valid and binding obligation of each Tensar Party that is a party hereto or thereto, as applicable,
enforceable against such Tensar Party in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law) and (ii) is in full force and effect.
Neither the execution or delivery of this Amendment by Tensar or any of the Guarantors, as
applicable, nor the performance by Tensar or the Guarantors of their respective obligations under
this Amendment or any of the Lease/Purchase Facilities Documents or Luxco Commodities Purchase
Facility Documents (as amended hereby), will adversely affect the validity, perfection or priority
of TCO’s Lien (for the ratable benefit of Secured Parties) on any of the Collateral or its ability
to realize thereon.

          (c) Representations and Warranties. After giving effect to this Amendment, the
representations and warranties contained in the Lease/Purchase Facilities Documents and the Luxco
Commodities Purchase Facility Documents (other than any such representations and warranties that,
by their terms, are specifically made as of a date other than the date hereof) are true and correct
in all material respects on and as of the date hereof as though made on and as of the date hereof;
provided that (i) Schedule 4.3 to the Guarantee and Collateral Agreement is hereby amended
to include the information set forth on Annex A; (ii) Schedule 4.4 to the Guarantee and Collateral
Agreement is hereby amended and restated to include the information set forth on Annex B; (iii)
Schedule 4.5(a) to the Guarantee and Collateral Agreement is hereby amended and restated to include
the information set forth on Annex C; (iv) Schedule 4.7(a) to the Guarantee and Collateral
Agreement is hereby amended and restated to include the information set forth on Annex D; (v)
Schedule 4.7(b) to the Guarantee and Collateral Agreement is hereby amended and restated to include
the information set forth on Annex E; (vi) Schedule 4.9(a) to the Guarantee and Collateral
Agreement is hereby amended and restated to include the information set forth on Annex F; (vii)
Schedule 4.9(c) to the Guarantee and Collateral Agreement is hereby amended and restated to include
the information set forth on Annex G; (ix) Schedule 4.10 to the Guarantee and Collateral Agreement
is hereby amended and restated to include the information set forth on Annex H; (x) Schedule 4.11
to the Guarantee and Collateral Agreement is hereby amended and restated to include the information
set forth on Annex I; (xi) Schedule 4.12(a) to the Guarantee and Collateral Agreement is hereby
amended and restated to include the information set forth on Annex J; (xii) Schedule 4.12(b) to the
Guarantee and Collateral Agreement is hereby amended and restated to include the information set
forth on Annex K; and (xiii) Schedule 8.2 to the Guarantee and Collateral Agreement is hereby
amended and restated to include the information set forth on Annex L.

          (d) No Conflicts. Neither the execution and delivery of this Amendment, nor the
consummation of the transactions contemplated hereby, nor the performance of and compliance with

36

 

the terms and provisions hereof, thereof or of the Lease/Purchase Facilities Documents or the Luxco
Commodities Purchase Facility Documents (as amended hereby) by any Tensar Party will, at the time
of such performance, (i) violate (x) any provision of law, statute, rule or regulation, or of the
certificate or articles of incorporation or other constitutive documents or by-laws of any Tensar
Party or any Subsidiary, (y) any order of any Governmental Authority or arbitrator or (z) any
provision of any indenture, agreement or other instrument to which any Tensar Party or any
Subsidiary is a party or by which any of them or any of their property is or may be bound, (ii) be
in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or
both) a default under, or give rise to any right to accelerate or to require the prepayment,
repurchase or redemption of any obligation under any such indenture, agreement or other instrument
or (iii) result in the creation or imposition of any Lien upon or with respect to any property or
assets now owned or hereafter acquired by any Tensar Party or any Subsidiary (other than Liens
created under the Lease/Purchase Facility Documents, the Luxco Commodities Purchase Facility
Documents and the Second Lien Commodities Purchase Facility Documents).

          (e) No Default. After giving effect to this Amendment, no event has occurred
and is continuing that constitutes a Default or Event of Default.

     7. Reference to and Effect on the Lease/Purchase Facilities Documents.

          (a) Upon and after the effectiveness of this Amendment, each reference in any Lease/Purchase
Facilities Document to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
such Lease/Purchase Facility Document, and each reference in the other Lease/Purchase Facilities
Documents to any Lease/Purchase Facility Document amended hereby (or “thereunder”, “thereof” or
words of like import referring to such Lease/Purchase Facilities Document), shall mean and be a
reference to such Lease/Purchase Facilities Document as amended hereby. This Amendment is a
Lease/Purchase Facilities Document.

          (b) Upon and after the effectiveness of this Amendment, each reference in any Luxco
Commodities Purchase Facility Document to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to such Luxco Commodities Purchase Facility Document, and each reference in the
other Luxco Commodities Purchase Facility Documents to any Luxco Commodities Purchase Facility
Document amended hereby (or “thereunder”, “thereof” or words of like import referring to such Luxco
Commodities Purchase Facility Documents), shall mean and be a reference to such Luxco Commodities
Purchase Facility Document as amended hereby. This Amendment is a Luxco Commodities Purchase
Facility Document.

          (c) Except as specifically amended by this Amendment, the Lease/Purchase Facilities Documents
and the Luxco Commodities Purchase Facility Documents are and shall continue to be in full force
and effect and are hereby in all respects ratified and confirmed. Without limiting the generality
of the foregoing, the Security Documents and all of the Collateral described therein do and shall
continue to secure the payment of all Financing Obligations under and as defined therein, in each
case as modified hereby.

          (d) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Secured Party
under any of the Lease/Purchase Facilities Documents or any of the Luxco Commodities Purchase

37

 

Facility Documents, or, except as expressly provided herein, constitute a waiver or amendment of
any provision of any of the Lease/Purchase Facilities Documents or any of the Luxco Commodities
Purchase Facility Documents.

     8. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
shall be effective as delivery of a manually executed counterpart of this Amendment, as the case
may be.

     9. Severability. Any provision of this Amendment 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 not invalidate or render unenforceable
such provision in any other jurisdiction.

     10. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.

     11. Reaffirmation.

          (a) Each Tensar Party party hereto hereby reaffirms and admits the validity and enforceability
of the Lease/Purchase Facilities Documents and the Luxco Commodities Purchase Facility Documents,
all of such Tensar Party’s obligations thereunder and all Liens and security interests created
thereunder, as applicable, and agrees and admits that such Liens secure the Obligations or the
Luxco Murabaha Obligations, as applicable, (as defined in the Guarantee and Collateral Agreement
including the additional Obligations or Luxco Murabaha Obligations, as applicable, added in
connection with the this Amendment) and as of the date hereof, it has no defenses to, or offsets or
counterclaim against, any of its Obligations or Luxco Murabaha Obligations, as applicable, to, or
the Liens and security interests created in favor of, the Administrative Agent or any other Secured
Party under the Lease/Purchase Facility Documents or the Luxco Commodities Purchase Facility
Documents of any kind whatsoever.

          (b) Each Tensar Party hereto which is a Guarantor of the Financing Obligations of Tensar under
the Lease/Purchase Facilities Documents hereby (i) consents to the foregoing amendments, and (ii)
acknowledges and agrees that notwithstanding the execution and delivery of this Amendment, the
obligations of each of the undersigned Guarantors are not impaired or affected and all guaranties
given to the holders of Financing Obligations (including, without limitation, the Financing
Obligations after giving effect to this Amendment) continue in full force and effect.

[Signature pages follow]

38

 

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

	 	 	 	 	 
	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, 

as Administrative Agent

 	 
	 	By:  	/s/ Bill O’Daly
 	 
	 	 	Name:  	BILL O’DALY 	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	 	 
	 	By:  	/s/ Mikhail Faybusovich
 	 
	 	 	Name:  	MIKHAIL FAYBUSOVICH  	 
	 	 	Title:  	ASSOCIATE 	 
	 

     [1ST AMENDMENT TO LUXCO MURABAHA/

3RD AMENDMENT TO LEASE/PURCHASE FACILITIES DOCUMENTS]

 

 

	 	 	 	 	 
	 	TCO FUNDING CORP. 

 	 
	 	By:  	/s/ John M. DeMilt
 	 
	 	 	Name:  	John M. DeMilt 	 
	 	 	Title:  	Vice President 	 
	 
	 	TENSAR CORPORATION 

(f/k/a Tensar Holdings, Inc.)

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President and CEO	 
	 
	 	TENSAR CORPORATION, LLC

 (f/k/a The Tensar Corporation, LLC)

By: TENSAR INTERNATIONAL CORPORATION, 
its sole member

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 

[1ST AMENDMENT TO LUXCO MURABAHA/

3RD AMENDMENT TO LEASE/PURCHASE FACILITIES DOCUMENTS]

 

 

	 	 	 	 	 
	 	TENSAR HOLDINGS CORPORATION 

(f/k/a The Tensar Corporation) 

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President and CEO	 
	 
	 	TENSAR INTERNATIONAL CORPORATION 

(f/k/a Tensar Earth Technologies, Inc.)

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	TENSAR POLYTECHNOLOGIES, INC.

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President	 
	 
	 	GEOPIER FOUNDATION COMPANY, INC.

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	GEOTECHNICAL REINFORCEMENT COMPANY, INC.

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President	 
	 

[1ST AMENDMENT TO LUXCO MURABAHA/

3RD AMENDMENT TO LEASE/PURCHASE FACILITIES DOCUMENTS]

 

 

	 	 	 	 	 
	 	NORTH AMERICAN GREEN, INC. 

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	TTC HOLDINGS, S.A.R.L.

 	 
	 	By:  	/s/ Robert F. Briggs
 	 
	 	 	Name:  	Robert F. Briggs 	 
	 	 	Title:  	Director 	 
	 
	 	TENSAR INTERNATIONAL CORPORATION 

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 

[1ST AMENDMENT TO LUXCO MURABAHA/

3RD AMENDMENT TO LEASE/PURCHASE FACILITIES DOCUMENTS]EX-10.29 SECOND AMENDMENT SECOND LIEN DOCUMENTS

 

Exhibit 10.29

EXECUTION COPY

SECOND AMENDMENT TO SECOND LIEN COMMODITIES PURCHASE FACILITY

DOCUMENTS

Dated as of July 26, 2007

     This SECOND AMENDMENT TO SECOND LIEN COMMODITIES PURCHASE FACILITY DOCUMENTS (this
“Amendment”) is between TCO FUNDING CORP. 
(“TCO”), TENSAR CORPORATION (f/ka Tensar
Holdings, Inc.) (“Tensar Holdings”), TENSAR HOLDINGS CORPORATION (f/k/a The Tensar
Corporation) (“Holdings”), TENSAR CORPORATION, LLC (f/k/a The Tensar Corporation, LLC)
(“Tensar”), TENSAR INTERNATIONAL CORPORATION (“Tensar International”), the other
TENSAR PARTIES party hereto, ARCAPITA INVESTMENT FUNDING
LIMITED (“AIFL”), AIA LIMITED
(“AIA”) and AMERICAN CAPITAL FINANCIAL SERVICES, INC (the “Agent”).

PRELIMINARY STATEMENTS:

     A. Tensar, TCO, AIFL, AIA and the Agent entered into a Murabaha Facility Agreement, dated as
of October 31, 2005 (as amended, supplemented or otherwise modified from time to time, the
“Second Lien Commodities Purchase Agreement”; capitalized terms used and not otherwise
defined herein shall have the meanings ascribed to such terms in the Second Lien Commodities
Purchase Agreement);

     B. TCO, Tensar Holdings, Holdings, Tensar, the other Tensar Parties from time to time party
thereto and Agent, have entered into a Second Lien Collateral and Guaranty Agreement, dated as of
October 31, 2005 (as amended, supplemented or otherwise modified from time to time, the
“Second Lien Collateral and Guaranty Agreement”);

     C. Tensar has requested that TCO amend the Second Lien Commodities Purchase Agreement, Second
Lien Collateral and Guaranty Agreement and certain other related documentation in connection with
a reorganization of the Tensar Parties.

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged the parties hereto
agree as follows:

     1. Amendments to Second Lien Commodities Purchase Agreement. Subject to the
satisfaction of the conditions set forth in Section 3 hereof:

          (a) Section 5.2(b) of the Second Lien Commodities Purchase Agreement is hereby amended
and restated in its entirety as follows:

“Tensar shall, and shall cause each subsidiary of
Tensar Holdings to, allow TCO to designate two
observers, without voting rights, who will be
entitled to attend all meetings of such person’s
boards of directors (including committees). Tensar
shall, and shall cause each subsidiary of Tensar
Holdings to, give the designated observers notice of
all meetings of Tensar’s or its subsidiary’s, as the
case may be,

 

 

boards of directors (including committees meetings)
and the information provided to its respective
directors. Tensar shall, and shall cause each
subsidiary of Tensar Holdings to, reimburse its
respective observers for reasonable out-of-pocket
expenses incurred by such observers in connection
with their attendance at boards of directors and
committee meetings.

          (b) Section 5.3 of the Second Lien Commodities Purchase Agreement is hereby amended to
replace the phrase “each of its Subsidiaries” with “each Subsidiary of Holdings” in lieu thereof.

          (c) Schedule 1 of the Second Lien Commodities Purchase Agreement is hereby amended to add the
following new defined term in appropriate alphabetical order:

“Tensar International” shall mean Tensar
International Corporation, a Delaware corporation.

“US Guarantors” shall mean Tensar Holdings
and each of its Domestic Subsidiaries which has
provided a Guarantee with respect to the
Obligations.

          (d) The definition of “Asset Sale” set forth in Schedule 1 to the Second Lien Commodities
Purchase Agreement is hereby amended and restated as follows:

“Asset Sale” shall mean the sale, lease,
sub-lease, license, sub-license, sale and leaseback,
assignment, conveyance, transfer, issuance or other
disposition (by way of merger, casualty,
condemnation or otherwise) by (x) any Tensar Party
(other than Luxco and its subsidiaries) or any
Subsidiaries (other than Luxco and its subsidiaries)
to any person (other than Tensar Holdings or any US
Guarantor) or (y) Luxco or any of its subsidiaries
to any person (other than Tensar Holdings, Tensar or
any subsidiary of Tensar which is a Guarantor) of
(a) any Equity Interests of any of the Subsidiaries
or (b) any other assets of any Tensar Party or any
of the Subsidiaries, including Equity Interests of
any person that is not a Subsidiary;
provided that any asset sale or series of
related asset sales described in clause (b) above
having a value not in excess of $250,000 shall be
deemed not to be an “Asset Sale” for
purposes of this Agreement.

2

 

          (e) The definition of “Change in Control” set forth on Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended to amend and restate clause (d) therein as
follows:

“(d) Tensar Holdings shall at any time fail to own
directly or indirectly, beneficially and of record,
100% of each class of issued and outstanding Equity
Interests in Holdings, Holdings shall fail to own
directly or indirectly, beneficially and of record,
100% of each class of issued and outstanding Equity
Interests in Tensar, or Tensar Holdings shall fail
to own, directly or indirectly, beneficially and of
record, 100% of each class of issued and outstanding
Equity Interests in Luxco, in each case, free and
clear of all Liens (except Liens created by the
Guarantee and Collateral Agreement, the Luxco
Security Documents or by the Second Lien Commodities
Purchase Facility Documents);”

          (f) The definition of “Consolidated Fixed Charges” set forth in Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended and restated as follows:

“Consolidated Fixed Charges” shall mean, for
any period, without duplication, the sum of (a)
Consolidated Financing Expense for such period paid
in cash, (b) the aggregate amount of scheduled
Acquisition Cost payments in respect of the Leased
Assets or scheduled payments (whether or not made)
during such period to reduce the unpaid stated amount
in respect of long term Financing Obligations
(including Purchase Price obligations under the Luxco
Commodities Purchase Facility (to the extent the
Purchase Price for any Metals Transaction thereunder
is less than the Purchase Price for the immediately
preceding Metals Transaction), Capital Lease
Obligations and Synthetic Lease Obligations, but
excluding payments applied to Purchase Price under
the Commodities Purchase Facility) of Tensar Holdings
and its Subsidiaries (other than payments made by
Tensar Holdings or any of its Subsidiaries to Tensar
Holdings or another Subsidiary), (c) Capital
Expenditures for such period, less Capital
Expenditures incurred in connection with the new BX
geogrid manufacturing line in Morrow, Georgia, and
(d) the aggregate amount of Taxes paid in cash (net
of refunds received with respect to such Taxes)
payable

3

 

by Holdings and its Subsidiaries during such period
in accordance with Section 1.06(iii)(y) of Schedule
4.

          (g) The definition of “Consolidated Net Income” set forth in Schedule 1 of the Second
Lien Commodities Purchase Agreement is hereby amended and restated as follows:

“Consolidated Net Income” shall mean, for any
period, the net income or loss of Tensar Holdings and
its Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP;
provided that there shall be excluded (a) the
income of any Subsidiary of Tensar Holdings to the
extent that the declaration or payment of dividends
or similar distributions by such Subsidiary of that
income is not at the time permitted by operation of
the terms of any agreement, instrument, or
Requirement of Law applicable to such Subsidiary, (b)
the income or loss of any person accrued prior to the
date it becomes a Subsidiary of Tensar Holdings or is
merged into or consolidated with Tensar Holdings or
any of its Subsidiaries or the date that such
person’s assets are acquired by Tensar Holdings or
any of its Subsidiaries, (c) the income of any person
(other than a Subsidiary of Tensar Holdings) in which
any other person (other than Tensar Holdings or a
wholly owned Subsidiary of Tensar Holdings or any
director holding qualifying shares in accordance with
applicable law) has an interest, except to the extent
of the amount of dividends or other distributions
actually paid to Tensar Holdings or a wholly owned
Subsidiary thereof by such person during such period,
(d) any gains attributable to sales of assets out of
the ordinary course of business and (e) the
Consolidated Net Income of the Merex Companies shall
be excluded.

          (h) The definition of “Excess Cash Flow” set forth on Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended and restated as follows:

“Excess Cash Flow” shall mean, for any
fiscal year of Tensar Holdings, the excess of (a)
the sum, without duplication, of (i) Consolidated
EBITDA for such fiscal year and (ii) the decrease,
if any, in Current Assets minus Current Liabilities
from the beginning to the end of such fiscal year
over (b) the sum, without duplication, of (i) the
amount of any Taxes payable (net of refunds received
with respect to such

4

 

Taxes in such fiscal year) in cash by Holdings and
its Subsidiaries with respect to such fiscal year,
(ii) Consolidated Financing Expense for such fiscal
year payable in cash, (iii) Capital Expenditures
made in cash in accordance with Section 1.10 of
Schedule 4 during such fiscal year, except to the
extent financed with the proceeds of Financing
Obligations, equity issuances, casualty proceeds,
condemnation proceeds or other proceeds that would
not be included in Consolidated EBITDA, (iv)
permanent repayments of Financing Obligations (other
than mandatory prepayments of Acquisition Cost
pursuant to the terms of the Lease Agreement)
permitted hereunder made by Tensar Holdings and its
Subsidiaries during such fiscal year, but only to
the extent that such prepayments by their terms
cannot be redrawn and do not occur in connection
with a refinancing of all or any portion of such
Financing Obligations and (v) the increase, if any,
in Current Assets minus Current Liabilities from the
beginning to the end of such fiscal year.

          (i) The definition of “Existing Credit Facility” set forth on Schedule 1 of the Second
Lien Commodities Purchase Agreement is hereby amended and restated as follows:

“Existing Credit Facility” shall mean the
credit facility of Holdings under the Second Amended
and Restated Credit Agreement, dated as of December
24, 2004, among Holdings, certain subsidiaries of
Holdings, General Electric Capital Corporation, as a
lender and as agent for all lenders and the other
lenders party thereto.

          (j) The definition of “Existing Obligations set forth on Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended and restated as follows:

“Existing Obligations” shall mean (1) the
Existing Credit Facility, (ii) the Mezzanine Credit
Agreement, dated as of December 22, 2004, among
Tensar, certain subsidiaries of Holdings and the
lenders named therein and (iii) the PIK Notes issued
pursuant to the PIK Note Purchase Agreement, dated
as of December 22, 2004, as amended, among Tensar,
Holdings, Merill Lynch PCG, Inc., American Capital
Strategies, Ltd. and Stark Event Trading Ltd.

5

 

          (k) The definition of “Guarantee and Collateral Agreement” set forth in Schedule 1 of the Second Lien Commodities Purchase Agreement is hereby amended and restated as follows:

“Guarantee and Collateral Agreement” shall mean
the Second Lien Guarantee and Collateral Agreement, dated
as of October 31, 2005, among TCO, Agent, Tensar Holdings
and the Subsidiaries party thereto (as the same amended,
supplemented or otherwise modified from time to time in
accordance with the terms thereof).

          (l) The definition of “Holdings” set forth in Schedule 1 of the Second Lien Commodities
Purchase Agreement is hereby amended and restated as follows:

“Holdings” shall mean Tensar Holdings
Corporation, a Delaware corporation, formerly known
as The Tensar Corporation.

          (m) Clause (i) of the definition of “Material Obligations” set forth on Schedule 1 of the
Second Lien Commodities Purchase Agreement is hereby amended and restated as follows:

“(i) all Financing Obligations of the Tensar Parties
with respect to any Lease Document, any Commodities
Purchase Facility Document or any Tensar Holdings
Commodities Purchase Facility Document and”

          (n) The definition of “Subsidiary Guarantor” set forth in Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended and restated as follows:

“Subsidiary Guarantor” shall mean,
initially, each Subsidiary of Tensar Holdings
specified on Annex 1(b) of this Schedule 1, and, at
any time thereafter, shall include each other
Subsidiary of Tensar Holdings that is not an
Excluded Foreign Subsidiary.

          (o) The definition of “Tensar” set forth in Schedule 1 of the Second Lien Commodities
Purchase Agreement is hereby amended and restated as follows:

“Tensar” shall mean Tensar Corporation, LLC
a Georgia limited liability company, formerly known
as The Tensar Corporation, LLC.

          (p) The definition of “Tensar Holdings” set forth in Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended and restated as follows:

“Tensar Holdings” shall mean Tensar
Corporation, a Delaware corporation, formerly known
as Tensar Holdings, Inc.

6

 

          (q) The definition of “Tensar Parties” set forth in Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended and restated as follows:

“Tensar Parties” shall mean Tensar
Corporation, a Delaware corporation (f/ka Tensar
Holdings, Inc.), Tensar Holdings Corporation (f/k/a
The Tensar Corporation) and each Subsidiary that is
or becomes a party to a Murabaha Document,
Lease/Purchase Facilities Document, Second Lien
Commodities Purchase Facility Document or Tensar
Holdings Commodities Purchase Facility Document.

          (r) The definition of “Permitted Acquisition” set forth on Schedule 1 of the Second Lien
Commodities Purchase Agreement is hereby amended by (i) replacing the phrase “Tensar or any of its
Subsidiaries” in first line thereof with the phrase “any subsidiary of Holdings” and (ii)
inserting the word “Holdings” immediately after the word “Tensar” in clause (ii) (B) and in clause
(iv) of the proviso therein.

          (s) Section 1.08 of Schedule 2 of the Second Lien Commodities Purchase Agreement is hereby
amended to amend and restate the last sentence therein as follows:

“Holdings is a wholly owned subsidiary of Tensar
Holdings and Tensar is an indirect wholly owned
subsidiary of Holdings.”

          (t) Section 1.01(c) of Schedule 4 of the Second Lien Commodities Purchase Agreement is hereby
amended and restated as follows:

“(c) unsecured intercompany Financing Obligations
(i) of Holdings and its Subsidiaries to the extent
permitted by Section 1.04(a) of this Schedule 4 and
(ii) of Tensar and its subsidiaries to the extent
permitted by Section 1.04(1) of this Schedule 4, so
long, in each case, as such Financing Obligations
are subordinated to the Obligations pursuant to the
Affiliate Subordination Agreement or such other
subordination agreement as is reasonably acceptable
to TCO and any interest of any Guarantor thereunder
is pledged to TCO pursuant to the Security
Documents;”

          (u) Section 1.01(f) of Schedule 4 of the Second Lien Commodities Purchase Agreement is hereby
amended and restated as follows:

“(f) Financing Obligations of any person that
becomes a Subsidiary of Tensar Holdings after the
date hereof; provided that (i) such
Financing Obligations exist at the time such person
becomes a

7

 

Subsidiary and is not created in contemplation of or
in connection with such person becoming a
Subsidiary, (ii) immediately before and after such
person becomes a Subsidiary, no Default or Event of
Default shall have occurred and be continuing and
(iii) the aggregate principal amount of Financing
Obligations permitted by this Section 1.01(f) shall
not exceed $4,000,000 at any time outstanding;”

          (v) Section 1.02(a) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(a) Liens on property or assets of Tensar Holdings
and its Subsidiaries existing on the date hereof and
set forth in Annex 2 of this Schedule 4;
provided that such Liens shall secure only
those obligations which they secure on the date
hereof and refinancings, extensions, renewals and
replacements thereof permitted hereunder;”

          (w) Section 1.02(c) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(c) any Lien securing Financing Obligations
permitted by Section 1.01(f) of this Schedule 4
existing on any property or asset prior to the
acquisition thereof by Tensar Holdings or any
Subsidiary; provided that (i) such Lien is
not created in contemplation of or in connection
with such acquisition, (ii) such Lien does not apply
to any other property or assets of Tensar Holdings
or any of the Subsidiaries and (iii) in the case of
Mortgaged Property, such Lien does not (A)
materially interfere with the use, occupancy and
operation of any Mortgaged Property, (B) materially
reduce the fair market value of such Mortgaged
Property but for such Lien or (C) result in any
material increase in the cost of operating,
occupying or owning or leasing such Mortgaged
Property;”

          (x) Section 1.02(h) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(h) zoning restrictions, easements, rights-of-way,
restrictions on use of real property and other
similar encumbrances incurred in the ordinary course
of business which, in the aggregate, are not
substantial

8

 

in amount and do not materially detract from the
value of the property subject thereto or interfere
with the ordinary conduct of the business of Tensar
Holdings or any of its Subsidiaries or the ability
of Tensar Holdings or any of its Subsidiaries to
utilize such property for its intended purpose;”

          (y) Section 1.02(i) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(i) Liens securing Financing Obligations, in an
amount not to exceed $4,000,000 at any time
outstanding, incurred to finance the acquisition (or
construction) of fixed or capital assets by Tensar
Holdings or any of its Subsidiaries;
provided that (i) such security interests
are incurred, and the Financing Obligations secured
thereby is created, within 90 days after such
acquisition (or construction), (ii) such Liens do
not at any time encumber any property other than the
property financed by such Financing Obligations and
(iii) the amount of Financing Obligations secured
thereby is not increased;”

          (z) Section 1.02(k) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(k) any interest or title of a lessor or sublessor
under any lease entered into by Tensar Holdings or
any of its Subsidiaries in the ordinary course of
business and covering only the assets so leased;”

          (aa) Section 1.04(a) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(a) (i) Investments by Tensar Holdings, Holdings,
Tensar International, Tensar and the Subsidiaries
existing on the date hereof in the Equity Interests
of Holdings, Tensar International, Tensar and the
Subsidiaries and (ii) additional Investments by
Tensar Holdings, Holdings, Tensar International,
Tensar and the Subsidiaries in the Equity Interests
of Holdings and its subsidiaries; provided
that (A) any such Equity Interests held by a Tensar
Party shall be pledged pursuant to the Guarantee and
Collateral Agreement, (B) the aggregate amount of
Investments by the Tensar Parties (other than Luxco
and its Subsidiaries) in subsidiaries of Holdings
that are not

9

 

Subsidiary Guarantors shall not exceed $14,000,000,
at any time outstanding; provided that the
aggregate amount of Investments in subsidiaries of
Holdings other than Luxco or the Luxco Subsidiary
Guarantors shall not exceed $4,000,000, at any time
outstanding and (C) if such Investment shall be in
the form of a loan or advance, such loan or advance
shall be unsecured and subordinated to the
Obligations pursuant to an Affiliate Subordination
Agreement and, if such loan or advance shall be made
by a Tensar Party, it shall be evidenced by a
promissory note pledged to TCO pursuant to the
Guarantee and Collateral Agreement;”

          (bb) Section 1.04(l)(i) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(i) to Tensar Holdings to the extent that Holdings
may pay dividends to Tensar Holdings pursuant to
Section 1.06 of this Schedule 4 (and in lieu of
paying such dividends) and”

          (cc) Section 1.04(m) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(m) in addition to Investments permitted by clauses
(a) through (l) above, additional Investments by
Holdings and its Subsidiaries so long as the
aggregate amount invested, loaned or advanced
pursuant to this clause (m) (determined without
regard to any write-downs or write-offs of such
investments, loans and advances) does not exceed
$4,000,000 in the aggregate.”

          (dd) Section 1.05(a) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(a) the sale by Tensar Holdings and its
subsidiaries of inventory in the ordinary course of
business;”

          (ee) Section 1.05(b) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(b) the sale or discount by Holdings or any of its
subsidiaries in each case without recourse and in
the ordinary course of business of overdue accounts
receivable arising in the ordinary course of
business, but only in connection with the compromise
or

10

 

collection thereof consistent with customary
industry practice (and not as part of any bulk sale
or financing transaction);”

          (ff) Section 1.05(h) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(h) if at the time thereof and immediately after
giving effect thereto no Event of Default or Default
shall have occurred and be continuing, (w) the merger
or consolidation of any wholly owned subsidiary of
Holdings into or with Holdings in a transaction in
which Holdings is the surviving corporation, (x) the
merger or consolidation of any wholly owned
subsidiary of Holdings into or with any other wholly
owned subsidiary of Holdings in a transaction in
which the surviving entity is a wholly
owned Subsidiary of Holdings and no person other than
Holdings or a wholly owned subsidiary receives any
consideration (provided that if any party to
any such transaction is (A) a Tensar Party, the
surviving entity of such transaction shall be a
Tensar Party and (B) a Domestic Subsidiary, the
surviving entity of such transaction shall be a
Domestic Subsidiary), (y) Permitted Acquisitions
by Holdings or any of its subsidiaries (otherwise
permitted by Section 1.04(h) of this Schedule 4), and
(z) the sale, lease, sub-lease, license, sub-license
or other disposition of any part of its business,
assets or property (except any Equity Interests of
Tensar Holdings) so long as (i) such sale, lease,
sub-lease, license, sub-license or other
disposition is for consideration at least 80% of
which is cash (and no portion of the remaining
consideration shall be in the form of Financing
Obligations of Holdings or any of its
Subsidiaries), (ii) such consideration is at least
equal to the fair market value of the assets being
sold, transferred, leased, licensed or disposed of
and (iii) the fair market value of all assets sold,
transferred, leased, licensed or disposed of pursuant
to this clause (z) shall not exceed
$40,000,000 in the aggregate.”

          (gg) Section 1.06(a) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(a) Declare or make, or agree to declare or make,
directly or indirectly, any Restricted
Payment

11

 

(including pursuant to any Synthetic
Purchase Agreement), or incur any obligation
(contingent or otherwise) to do so; provided,
however, that (i) any wholly-owned Subsidiary
of Holdings may declare and pay dividends or make
other distributions to its equity holders, (ii) so
long as no Event of Default or Default shall have
occurred and be continuing or would result
therefrom, Holdings may make distributions to
Tensar Holdings so that Tensar Holdings may,
repurchase its Equity Interests owned by employees of
Tensar Holdings or the Subsidiaries or make payments
to employees of Tensar Holdings or the Subsidiaries
upon termination of employment in connection with the
exercise of stock options, stock appreciation rights
or similar equity incentives or equity based
incentives pursuant to management incentive plans
or in connection with the death or disability of such
employees in an aggregate amount not to exceed
$2,000,000 in any fiscal year and (iii) Holdings may
make Restricted Payments to Tensar Holdings (x) in an
amount not to exceed, when taken together with the
aggregate amount of all loans or advances made
pursuant to Section 1.04(1) of this Schedule 4 for
such purpose, $350,000 in any fiscal year to the
extent necessary to pay general corporate and
overhead expenses incurred by Tensar Holdings in the
ordinary course of business and (y) in an amount
necessary to pay the Tax liabilities of Tensar
Holdings directly attributable to (or arising as a
result of) the operations of Holdings and its
Subsidiaries; provided that (A) the amount of
such dividends pursuant to clause (iii)(y) shall not
exceed the amount that Holdings and its Subsidiaries
would be required to pay in respect of United States
Federal, State and local Taxes were Holdings and its
Subsidiaries to pay such Taxes as stand-alone
taxpayers and (B) all Restricted Payments made
to Tensar Holdings pursuant to clause (iii) shall
be used by Tensar Holdings for the purpose specified
herein within 20 days of the receipt thereof.”

          (hh) Section 1.07 of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“Except for transactions by or among Tensar Parties
and except as set forth on Annex 7 to this Schedule
4, sell or transfer any property or assets to, or
purchase

12

 

or acquire any property or assets from, or otherwise
engage in any other transactions with, any of its
Affiliates, except that (a) Tensar Holdings and any
of its subsidiaries may engage in any of the
foregoing transactions in the ordinary course of
business at prices and on terms and conditions not
less favorable to Tensar Holdings or such subsidiary
than could be obtained on an arm’s-length basis from
unrelated third parties, (b) Restricted Payments may
be made to the extent provided in Section 1.06 of
this Section 4 and (c) if no Default or Event of
Default has occurred and is continuing, Holdings may
pay to the Sponsor or its Affiliates (i) an annual
management fee in an amount not to exceed $1,000,000
per year and (ii) deferred merger and acquisition
fees earned in connection with the Acquisition, in
an amount not to exceed $5,775,000 in the
aggregate.”

          (ii) Section 1.08(a)(ii) of Schedule 4 of the Second Lien Commodities Purchase Agreement
is hereby amended and restated as follows:

“(ii) with respect to Holdings, engage in any
business activities, other than the business
conducted by it as of the date hereof, or have any
assets or liabilities other than its ownership of
the Equity Interest in Tensar International, Tensar
Polytechnologies, Inc., Geopier Foundation Company,
Inc., Geotechnical Reinforcement Company, Inc.,
North American Green, Inc. and liabilities
incidental thereto, including its liabilities
pursuant to the Lease/Purchase Facilities Documents
and the Second Lien Commodities Purchase Facility
Documents and liabilities consisting of
administrative expenses of Tensar International and
its Subsidiaries.”

          (jj) Section 1.08(b) of Schedule 4 of the Second Lien Commodities Purchase Agreement is
hereby amended and restated as follows:

“(b) With respect to the subsidiaries of Holdings,
engage at any time in any business or business
activity other than the business conducted by it as
of the date hereof and business activities
reasonably incidental thereto. Except as permitted
under this Agreement, no Tensar Party shall (i) make
any changes in any of its business objective,
purposes or operations that could reasonably be
expected to have or result in a Material Adverse
Effect, (ii) make any

13

 

change in its capital structure as described in
Annex 8 to this Schedule 4 (other than as permitted
or contemplated by Section 1.08(a)(i) of this
Schedule 4) including the issuance or sale of any
shares of Equity Interests, warrants or other
securities convertible into Equity Interests or any
revision of the terms of its outstanding Equity
Interests (other than the issuance or sale of Equity
Interest in connection with intercompany Investments
otherwise permitted under Section 1.04 of this
Schedule 4); or (iii) amend its charter or bylaws in
a manner that would adversely affect TCO or such
Tensar Party’s duty or ability to pay the
Obligations.”

          (kk) Section 1.08(c) of Schedule 4 of the Second Lien Commodities Purchase Agreement t is
hereby amended and restated as follows:

“(c) Enter into any Hedging Agreement other than (a)
any such agreement or arrangement entered into in
the ordinary course of business and consistent with
prudent business practice to hedge or mitigate risks
to which Tensar Holdings or any of its Subsidiaries
is exposed in the conduct of its business or the
management of its liabilities or (b) any such
agreement entered into to hedge against fluctuations
in interest rates or currency incurred in the
ordinary course of business and consistent with
prudent business practice; provided that in
each case such agreements or arrangements shall not
have been entered into for speculative purposes.”

          (ll) The first sentence of Section 1.10 of Schedule 4 of the Second Lien Commodities
Purchase Agreement is hereby amended and restated as follows:

“Permit the aggregate amount of Capital Expenditures
made by Tensar Holdings and its subsidiaries in any
period set forth below to exceed the amount set
forth below for such period:”

     2. Amendments to Second Lien Guarantee and Collateral Agreement. Subject to the
satisfaction of the conditions set forth in Section 3 hereof:

          (a) Section 1.1 of the Second Lien Guarantee and Collateral Agreement is hereby amended
to add the following defined term in appropriate alphabetical order:

“Tensar International” shall mean Tensar
International Corporation, a Delaware corporation.

14

 

          (b) The definition of “Agent” set forth in Section 1.1 of the Guarantee and Collateral
Agreement is hereby amended and restated as follows:

“Agent” shall mean American Capital
Financial Services, Inc. or its successors or
assigns.

          (c) The definition of “Holdings” set forth in Section 1.1 of the Guarantee and Collateral
Agreement is hereby amended and restated as follows:

“Holdings” shall mean Tensar Holdings
Corporation, a Delaware corporation, formerly known
as The Tensar Corporation.

          (d) The definition of “Tensar” set forth in Section 1.1 of the Guarantee and Collateral
Agreement is hereby amended and restated as follows:

“Tensar” shall mean Tensar Corporation, LLC
a Georgia limited liability company, formerly known
as The Tensar Corporation, LLC.

          (e) The definition of “Tensar Holdings” set forth in Section 1.1 of the Guarantee and
Collateral Agreement is hereby amended and restated as follows:

          (f) “Tensar Holdings” shall mean Tensar Corporation, a Delaware corporation, formerly
known as Tensar Holdings, In

          (g) The schedules to the Second Lien Guarnatee and Collateral Agreement are hereby amended or
amended and restated as set forth in Sectin 6(c).

     3. Conditions to Effectiveness. The effectiveness of the amendments, additions and
modifications contained in this Amendment are conditioned upon satisfaction of each of the
following conditions precedent (the date on which all such conditions precedent have been
satisfied being referred to herein as the “Amendment Effective Date”):

          (a) the Agent and TCO shall have each received counterparts of this Amendment signed by each
of the Tensar Parties listed on the signature pages hereto, AIFL and AIA;

          (b) each of the representations and warranties in Section 4 below shall be true and correct
in all material respects on and as of the Amendment Effective Date;

          (c) the Agent, TCO, AIFL and AIA shall have each received payment in immediately available
funds of all expenses incurred by the Agent (including, without limitation, legal fees and
expenses) that are then due and payable and reimbursable under the Second Lien Commodities
Purchase Facility Documents and/or Tensar Holdings Commodities Purchase Facility Documents and for
which invoices have been presented; and

          (d) the Agent and TCO shall have received (i) an Assumption Agreement duly executed and
delivered by Tensar International, (ii) organizational documents of Tensar International,

15

 

certified by the Secretary of State of the State of Delaware, (iii) revised stock certificates
and stock powers of each of the Tensar Parties, to the extent necessary to secure and perfect the
equity interest thereof in connection with the reorganization, (iv) a legal opinion of King &
Spalding LLP in form and substance reasonably acceptable to Agent, (v) corporate resolutions of
each of the Tensar Parties party hereto authorizing the reorganization and confirming corporate
benefit in connection therewith, (vi) all amendments or joinders to Security Documents necessary
for Agent to continue its second lien perfected security interest in all of the Collateral, and
(vii) such other documents, instruments and opinions, including that of Luxembourg counsel, as
reasonably requested by, and in form and substance reasonably satisfactory to, the Agent.

     4. Representations and Warranties. Tensar represents and warrants to Agent and
TCO as follows:

          (a) Authority. Each Tensar Party party hereto has the corporate or other
organizational power and authority to execute and deliver this Amendment and to perform its
obligations hereunder and under each of the Second Lien Commodities Purchase Facility Documents,
as applicable, amended. The execution, delivery and performance by each Tensar Party party hereto
of this Amendment and each of the Second Lien Commodities Purchase Facility Documents and/or Luxco
Commodities Purchase Facility Documents, each as amended and the consummation by Tensar and Tensar
Holdings of the transactions contemplated hereby and thereby have been duly authorized by all
necessary corporate or other organizational action of such Person. No material consent or
authorization of, filing with, notice to, or other act by or in respect of, any Governmental
Authority or any other Person is required in connection with the execution, delivery, performance,
validity or enforceability of this Amendment, or any of Second Lien Commodities Purchase Facility
Documents or Tensar Holdings Commodities Purchase Facility Documents, except such as have been
made or obtained and are in full force and effect.

          (b) Enforceability. This Amendment has been duly executed and delivered on behalf of
each Tensar Party that is party hereto. Assuming the conditions precedent in Section 2 of this
Amendment have been satisfied, this Amendment and each of the Second Lien Commodities Purchase
Facility Documents and the Tensar Holdings Facility Documents (i) constitutes a legal, valid and
binding obligation of each Tensar Party that is a party hereto or thereto, as applicable,
enforceable against such Tensar Party in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law) and (ii) is in full force and
effect. Neither the execution or delivery of this Amendment by Tensar or any of the Guarantors, as
applicable, nor the performance by Tensar or the Guarantors of their respective obligations under
this Amendment or any of the Second Lien Commodities Purchase Facility Documents or Tensar
Holdings Commodities Purchase Facility Documents, each as amended, will adversely affect the
validity, perfection or priority of TCO’s Lien (for the ratable benefit of Secured Parties) on any
of the Collateral or its ability to realize thereon.

          (c) Representations and Warranties. After giving effect to this Amendment, the
representations and warranties contained in the Lease/Purchase Facility Documents, the Luxco
Commodities Purchase Facility Documents, Second Lien Commodities Purchase Facility Documents and
the Tensar Holdings Commodities Purchase Facility Documents (other than any such

16

 

representations and warranties that, by their terms, are specifically made as of a date other than
the date hereof) are true and correct in all material respects on and as of the date hereof as
though made on and as of the date hereof; provided that (i) Schedule 4.3 to the Guarantee
and Collateral Agreement is hereby amended to include the information set forth on Annex A; (ii)
Schedule 4.4 to the Guarantee and Collateral Agreement is hereby amended and restated to include
the information set forth on Annex B; (iii) Schedule 4.5(a) to the Guarantee and Collateral
Agreement is hereby amended and restated to include the information set forth on Annex C; (iv)
Schedule 4.7(a) to the Guarantee and Collateral Agreement is hereby amended and restated to
include the information set forth on Annex D; (v) Schedule 4.7(b) to the Guarantee and Collateral
Agreement is hereby amended and restated to include the information set forth on Annex E; (vi)
Schedule 4.9(a) to the Guarantee and Collateral Agreement is hereby amended and restated to
include the information set forth on Annex F; (vii) Schedule 4.9(c) to the Guarantee and
Collateral Agreement is hereby amended and restated to include the information set forth on Annex
G; (ix) Schedule 4.10 to the Guarantee and Collateral Agreement is hereby amended and restated to
include the information set forth on Annex H; (x) Schedule 4.11 to the Guarantee and Collateral
Agreement is hereby amended and restated to include the information set forth on Annex I; (xi)
Schedule 4.12(a) to the Guarantee and Collateral Agreement is hereby amended and restated to
include the information set forth on Annex J; (xii) Schedule 4.12(b) to the Guarantee and
Collateral Agreement is hereby amended and restated to include the information set forth on Annex
K; and (xiii) Schedule 8.2 to the Guarantee and Collateral Agreement is hereby amended and
restated to include the information set forth on Annex L.

          (d) No Conflicts. Neither the execution and delivery of this Amendment, nor the
consummation of the transactions contemplated hereby, nor the performance of and compliance with
the terms and provisions, thereof or of the Second Lien Commodities Purchase Facility Documents
and/or the Tensar Holdings Commodities Purchase Facility Documents, each as amended, by any Tensar
Party will, at the time of such performance, (i) violate (x) any provision of law, statute, rule
or regulation, or of the certificate or articles of incorporation or other constitutive documents
or by-laws or operating agreement of any Tensar Party or any Subsidiary, (y) any order of any
Governmental Authority or arbitrator or (z) any provision of any indenture, agreement or other
instrument to which any Tensar Party or any Subsidiary is a party or by which any of them or any
of their property is or may be bound, (ii) be in conflict with, result in a breach of or
constitute (alone or with notice or lapse of time or both) a default under, or give rise to any
right to accelerate or to require the prepayment, repurchase or redemption of any obligation under
any such indenture, agreement or other instrument or (iii) result in the creation or imposition of
any Lien upon or with respect to any property or assets now owned or hereafter acquired by any
Tensar Party or any Subsidiary (other than Liens created under the Lease/Purchase Facility
Documents, the Luxco Commodities Purchase Facility Documents and the Second Lien Commodities
Purchase Facility Documents).

          (e) No Default. After giving effect to this Amendment, no event has occurred and is
continuing that constitutes a Default or Event of Default.

     5. Reference to and Effect on the Second Lien Commodities Purchase Facility
Documents.

          (a) Upon and after the effectiveness of this Amendment, each reference in the Second Lien
Commodities Purchase Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import
referring to the Second Lien Commodities Purchase Agreement, and each reference in

17

 

the other Second Lien Commodities Purchase Facility Documents to the Second Lien Commodities
Purchase Agreement (or “thereunder”, “thereof” or words of like import referring to the Second
Lien Commodities Purchase Agreement), shall mean and be a reference to the Second Lien
Commodities Purchase Agreement as amended hereby. This Amendment is a Second Lien Commodities
Purchase Facility Document.

          (b) Except as specifically amended by this Amendment, the Second Lien Commodities Purchase
Facility Documents are and shall continue to be in full force and effect and are hereby in all
respects ratified and confirmed. Without limiting the generality of the foregoing, the Security
Documents and all of the Collateral described therein do and shall continue to secure the payment
of all Financing Obligations under and as defined therein, in each case as modified hereby.

          (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Secured Party
under any of the Second Lien Commodities Purchase Facility Documents, or, except as expressly
provided herein, constitute a waiver or amendment of any provision of any of the Second Lien
Commodities Purchase Facility Documents.

     6. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile shall be effective as delivery of a manually executed counterpart of this Amendment, as
the case may be.

     7. Severability. Any provision of this Amendment 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 not invalidate or render unenforceable
such provision in any other jurisdiction.

     8. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.

     9. Reaffirmation.

          (a) Each Tensar Party party hereto hereby reaffirms and admits the validity and enforceability
of the Second Lien Commodities Purchase Facility Documents and Tensar Holdings Commodities Purchase
Facility Documents, all of such Tensar Party’s obligations thereunder and all Liens and security
interests created thereunder, as applicable, and agrees and admits that such Liens secure the
Obligations including any additional Obligations added in connection with this Amendment and as of
the date hereof, it has no defenses to, or offsets or counterclaim against, any of its Obligations,
to, or the Liens and security interests created in favor of, the Agent or any other Secured Party
under the Second Lien Commodities Purchase Facility Documents and Tensar Holdings Commodities
Facility Document of any kind whatsoever.

          (b) Each Tensar Party hereto which is a Guarantor of the Financing Obligations under the
Second Lien Commodities Purchase Facility Documents and/or Tensar Holdings

18

 

Commodities Purchase Facility Documents hereby (i) consents to the foregoing amendments, and
(ii) acknowledges and agrees that notwithstanding the execution and delivery of this Amendment, the
obligations of each of the undersigned Guarantors are not impaired or affected and all guaranties
given to the holders of Financing Obligations (including, without limitation, the Financing
Obligations after giving effect to this Amendment) continue in full force and effect.

[Signature pages follow]

19

 

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

	 	 	 	 	 
	 	AMERICAN CAPITAL FINANCIAL SERVICES, INC.,

as Agent 

 	 
	 	By:  	/s/ John C. Drennan
 	 
	 	 	Name:  	John C. Drennan 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	TCO FUNDING CORP.,  

a Delaware corporation

 	 
	 	By:  	/s/ John M. DeMilt
 	 
	 	 	Name:  	John M. DeMilt    	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	TENSAR CORPORATION
 (f/k/a Tensar Holdings,
Inc.),

a Delaware corporation

 	 
	 	By:  	/s/ Philip D. Egan 	 
	 	 	Name:  	Philip D. Egan 	 
	 	 	Title:  	President and CEO 	 
	 

	 	 	 	 	 	 	 
	 	 	TENSAR CORPORATION, LLC 

(f/k/a The Tensar
Corporation, LLC),

a Georgial limited liability company	 	 
	 
	 	 	 	 	 	 
	 	 	By: TENSAR INTERNATIONAL

CORPORATION,

a Delaware corporation,

its sole member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Philip D. Egan 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	Name: Philip D. Egan	 	 
	 

	 	 	 	Title: Chief Executive Officer	 	 

 

 

	 	 	 	 	 
	 	TENSAR HOLDINGS CORPORATION 
(f/k/a
The Tensar Corporation), 

a Delaware corporation 

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President and CEO	 
	 
	 	TENSAR INTERNATIONAL CORPORATION, 

a Delaware corporation

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	TENSAR INTERNATIONAL CORPORATION 

(f/k/a Tensar Earth Technologies, Inc.), 

a Georgia corporation

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	TENSAR POLYTECHNOLOGIES, INC., 

a Georgia corporation

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President	 
	 
	 	GEOPIER FOUNDATION COMPANY, INC., 

a Georgia corporation

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	GEOTECHNICAL REINFORCEMENT 

COMPANY, INC., 

a Georgia corporation

 	 
	 	By:  	/s/ Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	President	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	NORTH AMERICAN GREEN, INC., 

an Indiana corporation

 	 
	 	By:  	/s/
Philip D. Egan	 
	 	 	Name:  	Philip D. Egan	 
	 	 	Title:  	Chief Executive Officer	 
	 
	 	TTC HOLDINGS, S.A.R.L.,

a private limited liability company organized under

the laws of the Grand-Duchy of Luxembourg

 	 
	 	By:  	/s/
Robert F. Briggs
 	 
	 	 	Name:  	Robert F. Briggs      	 
	 	 	Title:  	Director 	 
	 
	 	ARCAPITA INVESTMENT FUNDING LIMITED, 

a Cayman Islands limited liability company 

 	 
	 	By:  	/s/
Mohammed Chowdhury
 	 
	 	 	Name:  	Mohammed Chowdhury 	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	AIA LIMITED,

a Cayman Islands limited liability company

 	 
	 	By:  	/s/ Abdulhameed Juma
 	 
	 	 	Name:  	Abdulhameed Juma 	 
	 	 	Title:  	VICE - PRESIDENT

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