Document:

Restricted Stock Award Agreement

 Exhibit 10-1 

  
 THE THIRD AMENDMENT TO THE GAS SALES 
 AGREEMENT DATED NOVEMBER 7TH, 1995 
  

  
 BETWEEN 
  
 PTT PUBLIC COMPANY LIMITED 
  
 AND 
  
 CHEVRON OFFSHORE (THAILAND) LIMITED 
  
 THAIPO LIMITED 
  
 PALANG
SOPHON LIMITED 
  
 B8/32 PARTNERS LIMITED 
  
 DATED 
  
 EFFECTIVE AS OF OCTOBER 1, 2001 
  

 Page 1 

 THE THIRD AMENDMENT TO THE GAS SALES AGREEMENT (the “GSA”) dated November 7th, 1995 is hereby made effective as
of the 1st day of October, 2001. 
  
 BETWEEN 
  

	(1)	PTT PUBLIC COMPANY LIMITED, successor in interest to The PETROLEUM AUTHORITY OF THAILAND, having its principal office at 555 Vibhavadi Rangsit Road, Bangkok 10900 (hereinafter
called “PTT”); and 

  

	(2)	THAIPO LIMITED, a company duly incorporated and existing under the laws of Thailand and having an office at 8th floor, M. Thai Tower, All Seasons Place, 87 Wireless Road, Khwaeng Lumpini, Khet Patumwan, Bangkok 10330 (hereinafter called “THAIPO”); and

  

	(3)	CHEVRON OFFSHORE (THAILAND) LIMITED, formerly known as Thai Romo Limited, a company duly incorporated and existing under the laws of Thailand and having its registered office at
27th Floor, Suntowers Building B, 123 Vibhavadi-Rangsit Road, Kwaeng Ladyao, Khet Jatujak, Bangkok 10900
(hereinafter called “CHEVRON”); and 

  

	(4)	PALANG SOPHON LIMITED, a company duly incorporated and existing under the laws of Thailand and having its registered office at 27th Floor, Suntowers Building B, 123 Vibhavadi-Rangsit Road, Kwaeng Ladyao, Khet Jatujak, Bangkok 10900 (hereinafter called “SOPHON”); and

  

	(5)	B8/32 PARTNERS LIMITED, a company duly incorporated and existing under the laws of Thailand and having an office at 8th floor, M. Thai Tower, All Seasons Place, 87 Wireless Road, Khwaeng Lumpini, Khet Patumwan, Bangkok 10330 (hereinafter called “B8/32 PARTNERS”).

  
 THAIPO, CHEVRON, B8/32 PARTNERS and SOPHON hereinafter all
collectively called “Concessionaire”) 
  
 WHEREAS: 
  
 The Concessionaire and PTT have agreed to modify certain terms of the GSA, as
amended by the First Amendment and the Second Amendment relating to PTT’s rights and obligations to purchase additional quantities of Sales Gas in excess of one hundred forty five (145) million Cubic Feet per day; 
  

 Page 2 

 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS THAT THE GSA, AS PREVIOUSLY AMENDED, SHALL BE FURTHER AMENDED BY THIS
THIRD AMENDMENT TO REFLECT: 
  

	1.	DEFINITIONS 

  
 Article 1 Definitions shall have the following definitions (a) amended: 
  

	 	•	“Interim Period” shall mean the period of time commencing as of 6:00 a.m. October 1, 2001 and ending 6:00 a.m. January 1, 2008. 

  
 and (b) added: 
  

	 	•	“Bank Holiday” shall mean any day announced by the Bank of Thailand as a bank holiday. 

  

	2.	QUALITY 

  
 Item 9 of the Second Schedule (Quality Specifications) shall be revised to read as follows: 
  
 “TEMPERATURE: have a temperature which is not less than sixty (60) degrees Fahrenheit and (a) not more than one hundred
and twenty (120) degrees Fahrenheit at Tantawan Delivery Point; (b) not more than one hundred and thirty (130) degrees Fahrenheit at Benchamas Delivery Point.” 
  

	3.	PRICE CALCULATION 

  
 The definitions of the terms “Fy” and “W” contained in Clause 11.5 of the GSA are amended to read: 
  

	 Fy
	  	=	 	the arithmetic average of the available figures last published, Platts Oilgram Price Report date, for each month of the six month period ending in March and September respectively
in which the prices have to be adjusted, in United States Dollars per barrel of the Singapore Product Postings for Med FO 180cst from Shell Eastern Petroleum PTE Ltd., ESSO Singapore PTE Ltd., Mobil Sales and Supply Corporation, Caltex Petroleum
Corporation, BP Oil International and Singapore Petroleum Corporation PTE Ltd., as published in “Platt’s Oilgram Price Service”.
			
	 W
	  	=	 	a) for the period through 31 December 1999, the arithmetic average of the figures published for each month of the six month period from October 1994 to March 1995 inclusive for
the index of Wholesale Prices in Thailand based on 100 for the calendar year 1990 as published by the International Monetary Fund in “International Financial Statistics”. The agreed value is 114.02160.
			
	 	  	 	 	b) for the period from 1 January 2000 onward, the arithmetic average of the figures published for each month of the six month period from

  

 Page 3 

	 	  	 	 	October 1994 to March 1995 inclusive for the index of Producer Prices based on 100 for the calendar year 1995 as published by the Bureau of Trade and Economic Indices, Ministry of
Commerce. The agreed value is 95.09744.

  

	4.	QUANTITIES 

  
 That Subclause 6.6(ii) shall be amended to read as follows: 
  
 “The DCQ for the third Contract Year and subsequent Contract Years shall be determined by dividing the Field Reserves as determined or last
redetermined by six thousand (6000). The DCQ shall not be less than one hundred twenty five (125) million Cubic Feet unless as determined by Clause 6.11. 
  
 The following new Subclause 6.6(vi) shall be added: 
  
 “The Concessionaire shall endeavor to deliver one hundred twenty five (125) million Cubic Feet in 2010, if economic for the Concessionaire as
determined by the Concessionaire in its sole discretion.” 
  

	5.	BILLING AND PAYMENT 

  
 That Clause 12.3 of the GSA shall be amended by the addition of the following words; 
  
 “(a) If the payment date falls on Saturday, or a Bank Holiday that occurs on a Wednesday, Thursday or Friday, PTT shall
pay Concessionaire on the preceding working business day. 
  
 (b)
If the payment date falls on Sunday, or a Bank Holiday that occurs on a Monday or Tuesday, PTT shall pay Concessionaire on the next working business day” 
  

	6.	AMENDMENTS TO ARTICLE XXXII – SUPPLEMENTAL GAS QUANTITIES FOR THE INTERIM PERIOD 

  
 The Parties agree that the following paragraphs in Article XXXII of the GSA shall be amended and restated in their entirety
as set forth below: 
  

	 	32.2	During the Interim Period, PTT agrees to purchase additional volumes of Sales Gas amounting to at least one hundred seventy-seven decimal three six five billion Cubic Feet (177.365
Bcf) in accordance with the Sixth Schedule attached hereto. Such additional gas shall be nominated and purchased by PTT after it nominates and purchases the GSA Quantities. 

  

 Page 4 

	 	32.6	The price to be paid by PTT for the Supplemental Gas Quantities shall be 88% of the Current Price with the exception that from and after March 1, 2004, Sales Gas nominated and taken
by PTT in excess of 105% of the Total Supplemental DAQ shall be paid for by PTT at the Current Price. For clarity, the price for quantities taken by PTT in excess of 105% of the Total Supplemental DAQ but not nominated shall be 88% of the Current
Price. 

  

	 	32.7	PTT may nominate up to 105% of the Total Supplemental DAQ, as shown in the Sixth Schedule on any day. 

  

	 	(a)	If, at any time, Concessionaire fails to deliver enough Sales Gas during the period from 6.00 a.m. October 1, 2001 to 6.00 a.m. March 1, 2004 and during the period from 6.00 a.m.
January 1, 2006 through the remainder of the Interim Period, so that Supplemental Shortfall Gas occurs, then the Concessionaires shall pay to PTT, by means of a credit against the next payment due by PTT to the Concessionaires pursuant to this
Agreement, for the Supplemental Shortfall Gas an amount equal to 12% of the Current Price in effect at the time of the Supplemental Shortfall Gas occurrence times the Supplemental Shortfall Gas. 

  

	 	(b)	In consideration of Concessionaire’s need to develop additional gas reserves and of PTT’s forecast of Gulf of Thailand gas availability, if, at any time, Concessionaire
fails to deliver enough Sales Gas during the period from 6.00 a.m. March 1, 2004 to 6.00 a.m. January 1, 2006, so that Supplemental Shortfall Gas occurs, then the Concessionaires shall pay to PTT, by means of a credit against the next payment due by
PTT to the Concessionaires pursuant to this Agreement, for the Supplemental Shortfall Gas an amount equal to 6% of the Current Price in effect at the time of the Supplemental Shortfall Gas occurrence times the Supplemental Shortfall Gas.

  
 If the Sales Gas produced in any month during
this period is insufficient to fully satisfy Concessionaire’s Supplemental Shortfall Gas obligations for the preceding month, the excess Supplemental Shortfall Gas obligations for such month shall be accrued and carried over to the following
month, and from month to month to the end of the Contract Year, any outstanding Supplemental Shortfall Gas obligations remaining shall be applied as a credit against PTT’s annual payment obligations under Articles 6.8 or 32.5. At such time, the
excess amounts owed by Concessionaire for such Supplemental Shortfall Gas will be credited against any amounts owed by PTT to Concessionaires for natural gas not taken by PTT pursuant to Clause 32.5 above in the same manner as such calculations are
made for GSA Quantities of Sales Gas and any additional amounts still owing to PTT after such offsets shall be paid in cash at that time. For the avoidance of doubt, the Shortfall provisions of Article 15.2 will apply 

  

 Page 5 

 
to any shortfall between one hundred forty-three decimal seventy-five (143.75) million Cubic Feet per Day and one hundred forty-five (145) million Cubic Feet
per Day. 
  

	 	32.9	Without accruing any obligations to pay for Supplemental Shortfall Gas under Article 32.7 or Shortfall Gas under Article 15.2, the Concessionaire may conduct the preventive
maintenance and facilities upgrade work, other than works conducted under Clause 6.18, not more than 

  

	 	(a)	two (2) times and the aggregate period for such maintenance and upgrade work shall not exceed thirty (30) days during the year 2002, and 

  

	 	(b)	four (4) times and the aggregate period for such maintenance and upgrade work shall not exceed sixty (60) days from the year 2003 through the remainder of the Interim Period.

  
 Concessionaire shall update and discuss with PTT
from time to time of its anticipated period(s) for such maintenance and upgrades. Concessionaire shall designate by revocable notice to PTT the shutdown window equal to the shutdown period plus seven (7) days at least four (4) months in advance of
the shutdown. Concessionaire shall then designate by revocable notice to PTT, at least two (2) months in advance, the date of commencement of the actual period(s) during which it shall claim the benefits of this Article 32.9. 
  

	 	32.11	Concessionaire shall be entitled to conduct the managed maintenance under Clause 6.18 without accruing any obligation to pay for Supplemental Shortfall Gas under Article 32.7.

  

	7.	AMENDED SIXTH SCHEDULE – SUPPLEMENTAL GAS QUANTITIES 

  
 The “Sixth Schedule – Supplemental Gas Quantities” is hereby amended, restated and replaced in its entirety as set forth in the attachment
hereto. 
  

	8.	CONFLICT 

  
 The provisions of this Third Amendment shall constitute an amendment and supplement to the GSA, the First Amendment and the Second Amendment. To the
extent that there is any conflict or inconsistency between the terms of the GSA, the First Amendment and the Second Amendment, with the terms of this Third Amendment, the terms of this Third Amendment shall prevail. 
  

 Page 6 

	9.	GSA REMAINS IN EFFECT 

  
 Except as amended hereby, the GSA, as amended by the First Amendment and the Second Amendment, shall remain in full force and effect. 
  

	10.	APPLICABLE LAW 

  
 This Third Amendment shall be governed by and construed in accordance with the laws of Thailand. 
  

	11.	EFFECTIVE DATE 

  
 This Third Amendment shall be effective from October 1, 2001. 
  
 IN WITNESS WHEREOF, each party hereto has caused this Agreement to be executed by its duly authorized representatives as of October 10, 2003. 
  

	 PTT Public Company Limited
	 	 	 	 Witness:

			
	 /s/ Prasert Bunsumpun

	 	 	 	 /s/ Dr. Chitraphongse Kwangsukstith

	 Mr. Prasert Bunsumpun
 President
	 	 	 	 Dr. Chitraphongse Kwangsukstith
 Senior Executive Vice President
 Gas Business Group

			
	 Chevron Offshore (Thailand) Limited
	 	 	 	 Witness:

			
	 /s/ Isikeli Reuben Taureka

	 	 	 	 /s/ Prapavadee Sophonpanich

	 Mr. Isikeli Reuben Taureka
 Managing Director
	 	 	 	 Ms. Prapavadee Sophonpanich

	 	 	 	 	 
			
	 /s/ Edward Stuart Johnson

	 	 	 	  
	 Mr. Edward Stuart Johnson
 Director
	 	 	 	 
			
	 Thaipo Limited
	 	 	 	 Witness:

			
	 /s/ Kevin Herrmann

	 	 	 	 /s/ Edward Stuart Johnson

	 Mr. Kevin Herrmann
 Resident Manager
	 	 	 	 Mr. Edward Stuart Johnson

  

 Page 7 

	 Palang Sophon Limited
	 	 	 	 Witness:

			
	 /s/ Prapavadee Sophonpanich

	 	 	 	 /s/ Kevin Herrmann

	 Ms. Prapavadee Sophonpanich
	 	 	 	 Mr. Kevin Herrmann

	 	 	 	 	 
	 	 	 	 	 
			
	 /s/ Isikeli Reuben Taureka

	 	 	 	  
	 Mr. Isikeli Reuben Taureka
 Director
	 	 	 	 
			
	 B8/32 PARTNERS LIMITED
	 	 	 	 Witness:

			
	 /s/ Kevin Herrmann

	 	 	 	 /s/ Prapavadee Sophonpanich

	 Mr. Kevin Herrmann
 Director
	 	 	 	 Ms. Prapavadee Sophonpanich

	 	 	 	 	 
			
	 /s/ Isikeli Reuben Taureka

	 	 	 	  
	 Mr. Isikeli Reuben Taureka
 Director
	 	 	 	 
	 	 	 	 	 

  

 Page 8 

 SIXTH SCHEDULE 
 QUANTITIES DURING INTERIM PERIOD 
  

	 1

	  	2

	 	3

	 Period

	  	 Supplemental
DAQ
 (MMcf per day)

	 	 Total Supplemental
DAQ
 (GSA Quantities plus
Supplemental DAQ)
 (MMcf per day)

	 October 2001 – November 2001
	  	55	 	200
	 December 2001
	  	45	 	190
	 January 2002
	  	35	 	180
	 February 2002
	  	45	 	190
	 March 2002 – September 2002
	  	55	 	200
	 Contract Year 2001 / 2002
	  	 18.865 Bcf 
	 	 
	 October 2002 – February 2003
	  	55	 	200
	 March 2003 – September 2003
	  	85	 	230
	 Contract Year 2002 / 2003
	  	 26.495 Bcf 
	 	 
	 October 2003 – September 2004
	  	85	 	230
	 Contract Year 2003 / 2004
	  	31.110 Bcf	 	 
	 October 2004 – September 2005
	  	85	 	230
	 Contract Year 2004 / 2005
	  	31.025 Bcf	 	 
	 October 2005 – September 2006
	  	85	 	230
	 Contract Year 2005 / 2006
	  	31.025 Bcf	 	 
	 October 2006 – September 2007
	  	85	 	230
	 Contract Year 2006 / 2007
	  	31.025 Bcf	 	 
	 October 2007 – December 2007
	  	85	 	230
	 Contract Year 2007 / 2008
	  	7.820 Bcf	 	 
	 Total
	  	177.365 Bcf	 	 

  
 Note: The
volumes specified in the column titled “Total Supplemental DAQ” are for illustrative purposes only. The calculation of Total Supplemental DAQ assumes GSA Quantities of 145 MMcf per day. The actual Total Supplemental DAQ may vary depending
on the then current GSA Quantities for the relevant period. 
  

 Page 9AMENDED AND RESTATED REVOLVING AND TERM LOAN AGREEMENT

 EXHIBIT 10.50 
  
 THIRD AMENDMENT 
 TO 

AMENDED AND RESTATED REVOLVING AND TERM LOAN CREDIT AGREEMENT 
  
 This Third Amendment to Amended and Restated Revolving and Term Loan Credit Agreement (this
“Amendment”) is executed effective as of October 15, 2003 (the “Effective Date”), by and among AZZ incorporated, a Texas corporation (“Borrower”), Bank of America,
N.A., as Administrative Agent and Collateral Agent for Lenders (in such capacity, “Administrative Agent”), and other Agents and Lenders party hereto. 
  
 A. Borrower, Administrative Agent, Lenders and certain other lenders entered into that certain Amended and Restated Revolving and Term Loan
Credit Agreement dated as of November 1, 2001, as amended by the First Amendment to Amended and Restated Revolving and Term Loan Credit Agreement dated as of April 4, 2002 and the Second Amendment to Amended and Restated Revolving and Term Loan
Credit Agreement dated as of March 7, 2003 (as the same may be further amended, modified, supplemented, restated or amended and restated from time to time, the “Credit Agreement”). 
  
 B. Borrower has requested that Administrative Agent and Lenders amend certain terms and
provisions of the Credit Agreement. 
  
 C. Borrower, Administrative Agent, and
Lenders have agreed, upon the following terms and conditions, to amend the Credit Agreement subject to and upon the terms and conditions provided herein. 
  
 NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other valuable consideration, the parties hereto agree as
follows: 
  
 Section 1. Defined Terms; References.
Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement. 
  
 Section 2. Amendments to Credit Agreement. Effective as of the Effective Date, but subject to satisfaction of
the conditions precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended as set forth below. 
  
 (a) The definition of “Co-Documentation Agents” in Section1.1 of the Credit Agreement is amended to read as follows:

  
 “‘Documentation
Agent’ means Comerica Bank, together with its successors and assigns.” 
  
 (b) Section3.2(c) of the Credit Agreement is amended in full to read as follows: 
  
 “(c) Term Principal Debt. The Term Principal Debt is due and payable in quarterly installments in the principal amounts
indicated in the table below, commencing on the last Business Day of March, 2002, and continuing thereafter on the last Business Day of each March (but excluding March 2003), June, September, and December, with a payment equal to the remaining Term
Principal Debt due on the Term Termination Date, in accordance with the following amortization schedule: 
  

	 	  	1	  	AZZ Third Amendment

	 Payment Dates

	  	 Principal Installments

	 March 29, 2002
	  	 $1,000,000

		
	 June 28, 2002,September 30, 2002 and
 December 31, 2002
	  	 $3,000,000/each

		
	 Last Business Day of Each March, June, September, and December, commencing June 30, 2003, through
and including September 29, 2006
	  	 $1,375,000/each

		
	 Term Termination Date
	  	 Remaining Term Principal Debt

  
 provided, however,
that on the Applicable Sales Date the amount in the table above shall be reduced by an amount equal to the Applicable Sale Proceeds, in accordance with the proviso to Section 3.3(a)(ii); provided further that the
Applicable Sales Date shall have occurred by not later than June 30, 2004.” 
  
 (c) Section9.29(b) of the Credit Agreement is amended in full to read as follows: 
  
 “(b) Maximum Leverage Ratio. On and after December 31, 2002 through and including February 27, 2005, the Leverage Ratio to be
greater than 2.50:1, and thereafter, to be greater than 2.25:1, each to be determined with respect to the immediately preceding Rolling Period.” 
  
 (d) Section 9.29(c) of the Credit Agreement is amended in full to read as follows: 
  
 “(c) Minimum Fixed Charge Coverage Ratio. The
Fixed Charge Coverage Ratio to be less than: (i) from August 31, 2003 through and including February 27, 2005, 1.10:1; and (ii) from February 28, 2005 and thereafter, 1.25:1, in each case determined with respect to the immediately preceding Rolling
Period.” 
  
 (e) Section 9.29(d) of the Credit
Agreement is amended in full to read as follows: 
  
 “(d) Intentionally Omitted.” 
  
 (f)
Schedule 2.1 to the Credit Agreement is deleted and replaced by Schedule2.1 attached hereto. 
  
 (g) Exhibit E-1 to the Credit Agreement is amended by deleting Section 5(d) from Annex B thereto. 
  
 Section 3. Conditions to Effectiveness. This Amendment shall
become effective as of the date first set forth above when and if Administrative Agent has received the following: 
  
 (a) an assignment and acceptance agreement effective immediately prior to the effectiveness of this Amendment on the Effective Date, executed by Borrower,
Administrative Agent, Lenders, Wells Fargo Bank Texas, National Association and Guaranty Bank (Wells Fargo Bank Texas, National Association and Guaranty Bank being herein called the “Exiting Lenders”), pursuant to which the
Exiting Lenders sell and assign to the Lenders, and the Lenders purchase and assume from the Exiting Lenders all of each Exiting Lender’s Rights and obligations under the Credit Agreement and the Related Loan Documents; 
  

	 	  	2	  	AZZ Third Amendment

 (b) for the respective accounts of the Lenders, an amendment fee in an amount equal to 15 basis points of
such Lenders’ respective aggregate Committed Sums (after giving effect to this Amendment); 
  
 (c) this Amendment, duly executed by Borrower, each Guarantor, each Lender and Administrative Agent; 
  
 (d) a Revolver Note and a Term Note, duly executed by Borrower, each in the
amount of each Lender’s Committed Sum under the Revolver Facility and the Term Facility (after giving effect to this Amendment), in replacement of and substitution for, but not in novation or discharge of, the Revolver Note and Term Note held
by each Lender prior to this Amendment; 
  
 (e) copies of the
resolutions of Borrower’s Board of Directors approving and authorizing the execution, delivery and performance by Borrower of this Amendment, certified by a Responsible Officer; 
  
 (f) a certificate of a Responsible Officer, certifying the names and true signatures of the officers of Borrower authorized
to execute and deliver this Amendment; 
  
 (g) (i) for each
Guarantor that is not a partnership, copies of the resolutions of the Board of Managers or Board of Directors of such Guarantor, approving and authorizing the execution, delivery and performance by such Guarantor of this Amendment, certified by a
Responsible Officer of such Guarantor; and (ii) for each Guarantor that is a partnership, evidence of approval and authorization of the execution, delivery and performance by such Guarantor of this Amendment, accompanied by a certificate from the
general partner or other appropriate managing partner; 
  
 (h) a
certificate of a Responsible Officer (or general partner or other appropriate managing partner, as applicable) of each Guarantor, certifying the names and true signatures of the officers of such Guarantor authorized to execute and deliver this
Amendment; and 
  
 (i) such other assurances, certificates,
documents, consents and opinions as Administrative Agent may reasonably require. 
  
 Section 4. Representations and Warranties of Borrower. Borrower represents and warrants to the Lenders and Administrative Agent as set forth below. 
  
 (a) The execution, delivery and performance by Borrower of this Amendment and
the Credit Agreement, as amended hereby, have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval not heretofore obtained of any director, stockholder, security holder or creditor of
Borrower, (ii) violate or conflict with any provision of Borrower’s Articles of Incorporation, (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or leased or hereafter acquired by
Borrower, (iv) violate any Laws applicable to Borrower or (v) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any other material
agreement to which Borrower is a party or by which Borrower or any of its Property is bound or affected. 
  
 (b) No authorization, consent, approval, order license or permit from, or filing, registration or qualification with, any Governmental Authority is or
will be required to authorize or permit under applicable Law the execution, delivery and performance by Borrower of this Amendment and the Credit Agreement, as amended hereby. 
  

	 	  	3	  	AZZ Third Amendment

 (c) Each of this Amendment and the Credit Agreement, as amended hereby, has been duly executed and
delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the
granting of specific performance and other equitable remedies as a matter of judicial discretion. 
  
 (d) The representations and warranties of Borrower contained in Section 8 of the Credit Agreement are true and correct in all material
respects as though made on and as of the Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they are true and correct as of such earlier date). 
  
 (e) No Default or Potential Default exists or would result from the
effectiveness of this Amendment. 
  
 (f) Borrower agrees to
perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents and certificates as Administrative Agent may reasonably request in order to create, perfect, preserve, and protect those guaranties,
assurances, and Liens. 
  
 Section 5. Reference to and
Effect on Loan Documents. 
  
 (a) On and after the Effective
Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or any other expression of like import referring to the Credit Agreement, and each reference in the other Loan
Documents to “the Credit Agreement,” “thereunder,” “thereof,” “therein” or any other expression of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as
amended by this Amendment. 
  
 (b) Except as specifically amended
hereby, all provisions of the Credit Agreement and all Collateral Documents shall remain in full force and effect and are hereby ratified and confirmed. 
  
 (c) Except as otherwise expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of any Lender or Administrative Agent under any of the Loan Documents or constitute a waiver of any provision of any of the Loan Documents. 
  
 (d) Borrower (A) ratifies and confirms all provisions of the Loan Documents applicable to Borrower, and (B) ratifies and confirms that all guaranties,
assurances, and Liens granted, conveyed, or assigned to Administrative Agent under the Loan Documents by Borrower are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee, assure, and secure full payment
and performance of the present and future Obligation. 
  
 Section 6. Costs and Expenses. Borrower agrees to pay on demand all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other instruments
and documents to be delivered hereunder, including the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with respect thereto and with respect to advising Administrative Agent as to its rights and responsibilities
hereunder and thereunder. 
  
 Section 7. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and 

  

	 	  	4	  	AZZ Third Amendment

 
delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This agreement, when countersigned
by the parties hereto, shall be a “Loan Document” as defined and referred to in the Credit Agreement and the other Loan Documents. 
  
 Section 8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
TEXAS. 
  
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK.] 
  

	 	  	5	  	AZZ Third Amendment

 Section 9. ENTIRETY. THIS AMENDMENT, THE CREDIT AGREEMENT, THE NOTES AND THE OTHER LOAN
DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE
CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
  

	AZZ incorporated
		
	 By:
	 	 /s/ Dana Perry

	 	 	 Dana Perry, Vice President

  

 Signature Page to Third Amendment 

	ADMINISTRATIVE AGENT:
	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	 By:
	 	 /s/ Suzanne M. Paul

	 	 	 Suzanne M. Paul, Vice President

  

 Signature Page to Third Amendment 

	LENDERS:
	
	BANK OF AMERICA, N.A.
		
	 By:
	 	 /s/ Steven A. Mackenzie

	 	 	 Steven A. Mackenzie, Vice President

  

 Signature Page to Third Amendment 

	COMERICA BANK
		
	 By:
	 	 /s/ Corey R. Bailey

	 	 	 Corey R. Bailey, Vice President

  

 Signature Page to Third Amendment 

	WASHINGTON MUTUAL BANK, FA
		
	 By:
	 	 /s/ Randy Woods

	 	 	 Randy Woods, Vice President

  

 Signature Page to Third Amendment 

 To induce Administrative Agent and Lenders to enter into this Amendment, the undersigned consent and agree (a) to its
execution and delivery and terms and conditions thereof, (b) that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any Liens, charges, guaranties, assurances, or other obligations or undertakings of any
of the undersigned under any Loan Documents, and (c) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative Agent,
Lenders, and their respective successors and permitted assigns. 
  

	 GUARANTORS :

	
	 AZTEC INDUSTRIES, INC.

	
	 THE CALVERT COMPANY, INC.

	
	 GULF COAST GALVANIZING, INC.

	
	 ARKGALV, INC.

	
	 ARBOR-CROWLEY, INC.

	
	 ATKINSON INDUSTRIES, INC.

	
	 AZTEC INDUSTRIES, INC. - MOSS POINT

	
	 AUTOMATIC PROCESSING INCORPORATED

	
	 ARIZONA GALVANIZING, INC.

	
	 HOBSON GALVANIZING, INC.

	
	 CGIT WESTBORO, INC.

	
	 WESTSIDE GALVANIZING SERVICES, INC.

	
	 CARTER AND CRAWLEY, INC.

	
	 CENTRAL ELECTRIC COMPANY

	
	 CENTRAL ELECTRIC MANUFACTURING COMPANY

	
	 ELECTRICAL POWER SYSTEMS, INC.

	
	 CLARK CONTROL SYSTEMS, INC.

	
	 AZTEC MANUFACTURING PARTNERSHIP, LTD.

		
	 By:
	 	 AZZ GROUP, LP, its General Partner

			
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

	
	 AZTEC MANUFACTURING – WASKOM PARTNERSHIP, LTD.

		
	 By:
	 	 AZZ GROUP, LP, its General Partner

			
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

  

 Signature Page to Third Amendment 

	RIG-A-LITE PARTNERSHIP, LTD.
	 By:
	 	 AZZ GROUP, LP, its General Partner

			
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

	
	 INTERNATIONAL GALVANIZERS
 PARTNERSHIP, LTD.

		
	 By:
	 	 AZZ GROUP, LP, its General Partner

			
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

	
	 DRILLING RIG ELECTRICAL SYSTEMS CO.
 PARTNERSHIP, LTD.

		
	 By:
	 	 AZZ GROUP, LP, its General Partner

			
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

	
	 AZZ GROUP, LP

	
	 By: AZZ GP, LLC, its General Partner

	
	AZZ GP, LLC
	
	AZZ LP, LLC
		
	 By:
	 	 /s/ Dana L. Perry

		
	 	 	 Dana L. Perry, Secretary

	
	AZZ Holdings, Inc.
		
	 By:
	 	 /s/ Mike McLain

		
	 	 	 Mike McLain, President

  

 Signature Page to Third Amendment 

 SCHEDULE 2.1 
  

	 NAME AND ADDRESS
 OF
LENDERS

	  	TERM FACILITY
COMMITMENT SUM

	  	 REVOLVER
 FACILITY
 COMMITTED SUM

	  	COMMITMENT
PERCENTAGE

	 
	 Bank of America, N.A.
 901 Main Street, 67th Floor
 Dallas, TX 75202
 Attn: Steven A. Mackenzie
 214-209-3680 phone
 214-209-             fax
	  	$	12,272,411.25	  	$	9,917,100.00	  	49.585500000	%
				
	 Comerica Bank
 8828 Stemmons Freeway, Suite 441
 Dallas, TX 75247
 Attn: Donald P. Hellman
 214-589-4419 phone
 972-263-9837 fax
	  	$	8,182,770.75	  	$	6,612,340.00	  	33.061700000	%
				
	 Washington Mutual Bank, FA
 120 W. 3rd Street, Suite 300
 Fort Worth, TX 76102
 Attn: Randy Woods
 817-348-8177 phone
 817-333-2775 fax
	  	$	4,294,818.00	  	$	3,470,560.00	  	17.352800000	%
	 	  	
	
	  	
	
	  	
	

	 Totals
	  	$	24,750,000.00	  	$	20,000,000.00	  	100.000000000	%
	 	  	
	
	  	
	
	  	
	

  

	 	  	13	  	AZZ Third Amendment

 MASTER ASSIGNMENT AND ACCEPTANCE AGREEMENT 
  
 Reference is made to the Amended and Restated Revolving and Term Loan Credit
Agreement dated as of November 1, 2001 (as amended, modified, supplemented, or restated to the Effective Date, the “Credit Agreement”) among AZZ incorporated (“Borrower”), Bank of America, N.A., as
Administrative Agent for Lenders (“Administrative Agent”), and Agents and Lenders party thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit
Agreement. 
  
 Each “Assignor” and each
“Assignee” referred to on Schedule 1 and Borrower agree as follows: 
  
 1. Each Assignor hereby sells and assigns to each Assignee, without recourse and without representation or warranty except as expressly set forth
herein, and each Assignee hereby purchases and assumes from each Assignor, an interest in and to each Assignor’s Rights and obligations in each Facility under the Credit Agreement and the related Loan Documents as of the Effective Date so that,
after giving effect to such sale, assignment, purchase and assumption (and to the Committed Sum already held by, and the portion of the Principal Debt already owing to, each Assignee under each Facility), (a) the Committed Sum of, and portion of the
Principal Debt owing to, each Assignee under each Facility shall be as set forth on Schedule 1 and (b) the Committed Sum of, and portion of the Principal Debt owing to, each Assignor under each Facility shall be $0. The aggregate amount to be paid
by Assignees to Wells Fargo Bank Texas, National Association in purchase of the portion of the Principal Debt owing to Wells Fargo Bank Texas, National Association shall be $3,669,164.43. The aggregate amount to be paid by Assignees to Guaranty Bank
in purchase of the portion of the Principal Debt owing to Guaranty Bank shall be $5,789,655.50. 
  
 2. Each Assignor (a) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such
interest is free and clear of any adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties, or representations made in or in connection with the Loan Documents or the execution,
legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Documents or any other instrument or document furnished pursuant thereto; (c) makes no representation or warranty and assumes no responsibility with respect to the
financial condition of any party to any Loan Document or the performance or observance by any such party of any of its obligations under the Loan Documents or any other instrument or document furnished pursuant thereto; and (d) attaches the Notes
held by such Assignor and requests that Administrative Agent exchange such Notes for new Notes. Such new Notes shall be prepared in accordance with the provisions of Section 3.1(a) of the Credit Agreement and will reflect the Committed
Sum of, and portion of the Principal Debt owing to, each Assignee under each Facility after giving effect to this Assignment and Acceptance Agreement and after giving effect to the reduction of the Committed Sum under the Revolver Facility
contemplated by paragraph 7 of this Assignment and Acceptance Agreement. 
  
 3. Each Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance Agreement; (b) confirms that it has received a copy of the Credit Agreement, together
with copies of the Current Financials and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance Agreement; (c) agrees that it will,
independently and without reliance upon Administrative Agent, Assignor, or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Agreement; (d) confirms that it is an Eligible Assignee; (e) appoints and authorizes Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such powers and discretion
under the Credit Agreement as are delegated to Administrative Agent by the terms thereof, together with such 
  

	 	  	14	  	Master Assignment and Acceptance Agreement

 
powers and discretion as are reasonably incidental thereto; (f) agrees that it will perform in accordance with their terms all of the obligations that by the
terms of the Credit Agreement are required to be performed by it as a Lender; and (g) attaches any U.S. Internal Revenue Service or other forms required under Section4.6(d) of the Credit Agreement. 
  
 4. Following the execution of this Assignment and Acceptance Agreement by
each Assignor, each Assignee, and Borrower, it will be delivered to Administrative Agent for acceptance and recording by Administrative Agent pursuant to the Credit Agreement. The effective date for this Assignment and Acceptance Agreement shall be
the date set forth on Schedule 1 hereof (the “Effective Date”). 
  
 5. Upon such acceptance and recording by Administrative Agent, as of the Effective Date, (a) each Assignee shall continue to be a party to the Credit
Agreement and have the Rights and obligations of a Lender thereunder, and (b) each Assignor shall relinquish all of its Rights and be released from all of its obligations under the Credit Agreement. 
  
 6. Upon such acceptance and recording by Administrative Agent, from and after
the Effective Date, Administrative Agent shall make all payments under the Credit Agreement, the Notes, and loan accounts in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest, and commitment
fees and other fees with respect thereto) to each Assignee. 
  
 7.
Borrower has executed this Assignment and Acceptance Agreement to evidence its acknowledgment and agreement that (a) upon the acceptance and recording by Administrative Agent hereof, Borrower shall pay all accrued interest on the Principal Debt to
the Effective Date and all accrued Commitment Fees, Commission Fees and other fees and expenses owing to Lenders to the Effective Date (for distribution by Administrative Agent to Lenders in accordance with their Pro Rata Parts immediately prior to
the effectiveness of this Assignment and Acceptance Agreement) and (b) immediately after the effectiveness of this Assignment and Acceptance Agreement on the Effective Date, Borrower will enter into an amendment to the Credit Agreement pursuant to
which, among other things, the Revolver Commitment shall be reduced to $20,000,000 (and, by their execution hereof, each Assignee and Administrative Agent likewise agrees to enter into such an amendment). 
  
 8. Administrative Agent waives the receipt of the processing fees
contemplated by Section13.13(b)(iv) of the Credit Agreement in connection with this Assignment and Acceptance Agreement. 
  
 9. THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
TEXAS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  
 10. This Assignment and Acceptance Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this
Assignment and Acceptance Agreement. 
  
 IN WITNESS WHEREOF, each
Assignor, each Assignee and Borrower have caused Schedule 1 to this Assignment and Acceptance Agreement to be executed by their officers thereunto duly authorized as of the date specified thereon. 
  

	 	  	15	  	Master Assignment and Acceptance Agreement

 SCHEDULE 1 
  

TO ASSIGNMENT AND ACCEPTANCE AGREEMENT 
  

	 Assignee

	  	Revolver
Committed Sum

	  	 Term
 Committed Sum

	  	 Revolver
 Principal Debt

	  	 Term Principal
 Debt

	 Bank of America, N.A.
	  	$	22,313.475.00	  	$	12,272,411.25	  	$	3,995,622.76	  	$	12,272,411.25
	 Comerica Bank
	  	$	14,877,765.00	  	$	8,182,770.75	  	$	2,664,127.23	  	$	8,182,770.75
	 Washington Mutual Bank, FA
	  	$	7,808,760.00	  	$	4,294,818.00	  	$	1,398,296.73	  	$	4,294,818.00
	 	  	
	
	  	
	
	  	
	
	  	
	

	 Totals
	  	$	45,000,000.00	  	$	24,750,000.00	  	$	8,058,046.72	  	$	24,750,000.00
	 	  	
	
	  	
	
	  	
	
	  	
	

  
 EFFECTIVE DATE OF ASSIGNMENT:
October 15, 2003. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 
  

 Schedule 1 to Master Assignment and Acceptance Agreement 

	 WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION, as an Assignor

		
	 By:
	 	 /s/ Daniel T. Brown

	 	 	 Daniel T. Brown, Vice President

	
	 GUARANTY BANK, as an Assignor

		
	 By:
	 	 /s/ Michael Ansolabehere

	 	 	 Michael Ansolabehere, Vice President

	
	 BANK OF AMERICA, N.A., as an Assignee

		
	 By:
	 	 /s/ Steven A. Mackenzie

	 	 	 Steven A. Mackenzie, Vice President

	
	 COMERICA BANK, as an Assignee

		
	 By:
	 	 /s/ Corey R. Bailey

	 	 	 Corey R. Bailey, Vice President

	
	 WASHINGTON MUTUAL BANK, FA, as an Assignee

		
	 By:
	 	 /s/ Randy Woods

	 	 	 Randy Woods, Vice President

	
	AZZ INCORPORATED
		
	 By:
	 	 /s/ Dana Perry

	 	 	 Dana Perry, Vice President

	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	 By:
	 	 /s/ Suzanne M. Paul

	 	 	 Suzanne M. Paul, Vice President

  

 Schedule 1 to Master Assignment and Acceptance Agreement

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