Document:

exv10w1

Exhibit 10.1

     AMENDMENT TO SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT AND WAIVER dated as of
April 24, 2009 (this “Amendment and Waiver”) among CMC RECEIVABLES, INC. (the “Seller”), COMMERCIAL
METALS COMPANY (the “Servicer”), LIBERTY STREET FUNDING LLC (“Liberty”), GOTHAM FUNDING CORPORATION
(“Gotham”, and together with Liberty, the “Buyers”), THE BANK OF NOVA SCOTIA (“Scotia”), THE BANK
OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”, and together with Scotia, the “Managing
Agents”) and THE BANK OF NOVA SCOTIA, as Administrative Agent (the “Administrative Agent”).

WITNESSETH:

     WHEREAS, the Seller, the Servicer, the Buyers, the Managing Agents and the Administrative
Agent are parties to a Second Amended and Restated Receivables Purchase Agreement dated as of April
30, 2008 (as from time to time amended prior to the date hereof, the “RPA”);

     WHEREAS, the parties desire to amend the RPA;

     NOW, THEREFORE, the parties agree as follows:

SECTION 1. DEFINITIONS

     Defined terms used herein and not defined herein shall have the meanings assigned to such
terms in the RPA.

SECTION 2. WAIVER OF TERMINATION EVENT

     The Administrative Agent, the Managing Agents and the Buyers each hereby waive any Termination
Event arising under Section 10.01(r) of the RPA as a result of the average Default Ratio for the
three consecutive Accounting Periods ended March 31, 2009 exceeding 3%. The limited waiver set
forth in this Amendment and Waiver shall be effective only in the specific instance and for the
specific purpose for which expressly given herein and shall not be deemed to apply to any other
event or circumstance.

SECTION 3. AMENDMENT OF RPA

     The parties hereto agree that, effective as of April 24, 2009:

	 	(a)	 	The definition of “Commitment Termination Date” set forth in Section 1.01 of
the RPA shall be amended by replacing the date “April 24, 2009” set forth therein with
the date “May 26, 2009”.
	 
	 	(b)	 	The definition of “Expiration Date” set forth in Section 1.01 of the RPA shall
be amended by replacing the date “April 24, 2009” set forth therein with the date “May
26, 2009”.

 

 

	 	(c)	 	Section 1.01 of the RPA shall be amended by inserting the following definitions
in proper alphabetical order therein:

	 	 	 	““Portfolio Performance Reserve” shall mean, as of
any Settlement Date, an amount equal to the product of (i)
the aggregate outstanding balance of Eligible Receivables in
the Receivables Pool as of the last day of the full
Accounting Period immediately preceding such Settlement
Date, and (ii) .05.
	 
	 	 	 	“Reserve Period” shall mean the period of time from
and including April 24, 2009 to but excluding May 26, 2009.”

	 	(d)	 	Section 5.06 of the RPA shall be amended to read it in its entirety as follows:

	 	 	 	“5.06 Deferred Purchase Price. On the Initial
Closing Date, and, thereafter, in each Settlement Statement,
the Servicer shall calculate the Deferred Purchase Price as
of the last day of the full Accounting Period most recently
completed, which shall be an amount equal to the sum of (1)
the Credit Enhancement Reserve, plus (2) the Yield Reserve,
plus (3) the Servicer’s Compensation Reserve;
provided, that if a Liquidation Day occurs, the
Deferred Purchase Price will thereafter be the amount of the
Deferred Purchase Price at the close of business on the day
immediately preceding such Liquidation Day;
provided, further, that with respect to any
day during the Reserve Period, the “Deferred Purchase Price”
that would otherwise be applicable to such day (after giving
effect to the occurrence or deemed occurrence , if any, of a
Liquidation Day prior to such day) shall be increased by an
amount equal to the Portfolio Performance Reserve.”

SECTION 4. GOVERNING LAW

     THIS AMENDMENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAWS RULES (OTHER THAN SECTION 5-1401 OF
NEW YORK’S GENERAL OBLIGATIONS LAW).

SECTION 5. EXECUTION IN COUNTERPARTS

     This Amendment and Waiver 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, when taken together, shall constitute one and the same

2

 

Amendment and Waiver. Delivery of an executed counterpart of a signature page to this Amendment and Waiver by
facsimile shall be effective as delivery of a manually executed counterpart of this Amendment and
Waiver.

SECTION 6. CONFIRMATION OF AGREEMENT

     Each of the parties to the RPA agree that, except as amended or waived hereby, the RPA
continues in full force and effect. The Seller and the Servicer hereby represent and warrant that,
after giving effect to the effectiveness of this Amendment and Waiver, their respective
representations and warranties contained in the RPA are true and correct in all material respects
upon and as of such effectiveness with the same force and effect as though made on and as of such
date (except to the extent that such representations and warranties relate solely to an earlier
date). All references in any Purchase Document to the RPA on and after the date hereof shall be
deemed to refer to the RPA as amended hereby.

[Signature Page Follows]

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly
executed by their authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	CMC RECEIVABLES, INC.,

as Seller	 	COMMERCIAL METALS COMPANY,

as Servicer
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	 	/s/ Louis Federle  	 	By:	 	/s/ Murray R. McClean
	 

	 	 

Name: Louis Federle
	 	 	 	 

Name: Murray R. McClean
	 

	 	Title:	 	  Treasurer	 	 	 	Title:	 	  President and Chief Executive Officer
	 
	 	 	 	 	 	 	 	 	 	 
	THE BANK OF NOVA SCOTIA,
as Managing Agent and Administrative Agent	 	LIBERTY STREET FUNDING LLC,

as Buyer
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	 	/s/ Michael Eden	 	By:	 	/s/ Bernard J. Angelo
	 
	 	 

Name: Michael Eden
	 	 	 	 

Name: Bernard J. Angelo
	 

	 	Title:
	 	  Director	 	 	 	Title:	 	  Vice President
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH,
as Managing Agent	 	GOTHAM FUNDING CORPORATION,

as Buyer
	 
	By: 

	 	/s/ Aditya Reddy	 	By:	 	/s/ Louise E. Colby
	 

	 	 

Name: Aditya Reddy
	 	 	 	 

Name: Louise E. Colby
	 

	 	Title:
	 	  VP and Manager	 	 	 	Title:	 	  Vice President

SK 26326 0001 988231 

Signature Page to RPA Extension Amendment 

April 2009

 

Acknowledged and Agreed to by:

	 	 	 	 	 	 	 	 	 
	STRUCTURAL METALS, INC., d/b/a
CMC STEEL TEXAS	 	SMI STEEL, INC., d/b/a
CMC STEEL ALABAMA	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Murray R. McClean 	 	By:	 	/s/ Murray R. McClean 	 	 
	 

	 	 

Authorized Signatory
	 	 	 	 

Authorized Signatory	 	 
	 
	 	 	 	 	 	 	 	 
	OWEN ELECTRIC STEEL COMPANY OF SOUTH
CAROLINA, d/b/a CMC
STEEL SOUTH CAROLINA	 	CMC STEEL FABRICATORS, INC.,
d/b/a CMC JOIST	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Murray R. McClean 	 	By:	 	/s/ Murray R. McClean 	 	 
	 

	 	 

Authorized Signatory
	 	 	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 	 	 	 	 
	HOWELL METAL COMPANY,
d/b/a CMC HOWELL METAL
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Murray R. McClean 	 	 	 	 	 	 
	 	 	

     

Authorized Signatory	 	 	 	 	 	 

SK 26326 0001 988231 

Signature Page to RPA Extension Amendment 

April 2009exv10w1

Exhibit 10.1

April 27, 2009

John T. Rynd

Hercules Offshore, Inc.

9 Greenway Plaza, Suite 2200

Houston, Texas 77046

     The Company appreciates your willingness and offer to modify certain aspects of your
compensation arrangement as set forth in the following paragraph of this letter. Please review
this proposal and consider it carefully. If you find the proposed modifications acceptable, please
signify your agreement by executing this letter in the space provided below.

     Reference is made to that certain Executive Employment Agreement between you and Hercules
Offshore, Inc. (the “Company”), dated effective as of December 15, 2008 (the “Employment
Agreement”). For good and valuable consideration provided by each to the other, the sufficiency of
which is hereby acknowledged, you hereby agree with the Company to waive certain provisions of your
Employment Agreement in connection with the reduction of your salary approved by the Company’s
Compensation Committee of the Board of Directors (the “Salary Reduction”) on April 22, 2009.
Specifically, you hereby agree to waive Section 4(b)(i) of your Employment Agreement that provides,
“in no event shall the Annual Base Salary as defined in the Employment Agreement be less than
$700,000.” In addition, you hereby agree that the Salary Reduction shall not constitute “good
reason” under Section 5(c)(i) of the Employment Agreement for purposes of termination of the
Employment Agreement by you. Further, to the extent necessary to effectuate the foregoing, the
Executive and the Company hereby amend the Employment Agreement so that the Salary Reduction will
not constitute a breach of Section 4(b)(i) of the Employment Agreement or “good reason” for
termination under Section 5(c)(i) thereunder. Upon request by the Company, the Executive will
promptly execute such additional documentation of this agreement as the Company may reasonably
request. The Salary Reduction will not be taken into account for the purpose of the calculation of
severance or benefits due on a change in control.

     To the extent of any conflict, inconsistency or ambiguity between the terms of the Employment
Agreement and this letter agreement, the terms of this letter agreement shall govern and prevail.
In all other respects, the terms of the Employment Agreement continue to be in full force and
effect.

	 	 	 	 	 
	 	Sincerely,

Hercules Offshore, Inc.

 	 
	 	By:  	     /s/ James W. Noe
 	 
	 	 	James W. Noe 	 
	 	 	Senior Vice President, General Counsel, Chief
Compliance Officer and Secretary 	 
	 

AGREED to this 27th day of April, 2009

	 	 	 	 	 
	By:

	 	     /s/ John T. Rynd
	 	 
	 

	 	 	 	 
	 

	 	John T. Rynd

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