Document:

exv10w31

 

Exhibit 10.31

AMENDMENT NO. 10 TO REVOLVING CREDIT AND 

SECURITY AGREEMENT AND WAIVER 

     THIS AMENDMENT NO. 10 TO REVOLVING CREDIT AND SECURITY AGREEMENT AND WAIVER (this “Amendment”)
is made and entered into as of March 17, 2005, between MasTec, Inc., a Florida corporation
(“MasTec”), the Subsidiaries of MasTec identified on the signature pages hereto (together with
MasTec, hereinafter collectively referred to as the “Borrowers”), the financial institutions party
from time to time to the Loan Agreement (as hereinafter defined) (the “Lenders”) and Fleet Capital
Corporation, a Rhode Island corporation, as administrative agent (the “Administrative Agent”) for
the Lenders.

Recitals:

     The Borrowers, the Lenders and the Administrative Agent are parties to a Revolving Credit and
Security Agreement dated as of January 22, 2002 (as amended and in effect on the date hereof, the
“Loan Agreement”), pursuant to which the Lenders have made certain revolving credit loans and
letter of credit accommodations to or for the benefit of the Borrowers.

     The Borrowers have requested that the Lenders agree to amend the Loan Agreement to, among
other things, amend the financial covenants set forth in Section 11.1 of the Loan Agreement.

     The Borrowers have informed the Administrative Agent and the Lenders that a Default exists
under the Loan Agreement (the “Designated Default”) by reason of the granting to DirecTV, Inc. by
MasTec North America, Inc. of a second priority lien upon Inventory sold to MasTec North America,
Inc. by DirecTV, Inc., in violation of Sections 7.2(a) and 8.7 of the Loan Agreement. The
Borrowers have further requested that the Lenders waive the Designated Default.

     Upon the terms and subject to the conditions hereinafter set forth, the Lenders have agreed so
to amend the Loan Agreement and to waive the Designated Default.

     NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable
consideration, the receipt and sufficiency of which are hereby severally acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

     1. Definitions. All capitalized terms used in this Amendment, unless otherwise
defined herein, shall have the meaning ascribed to such terms in the Loan Agreement.

     2. Amendments to Loan Agreement. Subject to the provisions of Section 4 of this
Amendment, the Loan Agreement is hereby amended as follows:Subject to the provisions of Section 4
of this Amendment, the Loan Agreement is hereby amended as follows:

     (a) By deleting the definition of “Comcast Concentration Limit,” “DirecTV Concentration
Limit,” “Fixed Charge Coverage Ratio,” “Letter of Credit Facility,” “Letter of Credit Reserve,” and
“Liberty Letter of Credit,” set forth in Section 1.1 of the Loan Agreement and by substituting the
following new definition in lieu thereof:

     “Comcast Concentration Percentage” means 15%, or such lesser percentage as the
Administrative Agent may in its reasonable credit judgment determine from time to time.

     “DirecTV Concentration Percentage” means (a) at any time that DirecTV’s corporate
credit rating or senior debt rating (secured or unsecured) by Moody’s is Ba3 or higher and
by S&P is BB or higher, 30%; provided that, if Borrowers maintain a Fixed Charge Coverage
Ratio as reflected on Borrowers’ quarterly financial statements and the related officer’s
certificate delivered in accordance with the respective provisions of Section 10.1(b) and
10.3, on average for any period of 4 consecutive Fiscal Quarters ended on or after June 30,
2005, greater than or equal to 1.25 or 1.00, and no Default or Event of Default exists,
then, for the Fiscal Quarter immediately succeeding such 4 consecutive Fiscal Quarter
period, so long as DirecTV’s ratings are not less than the levels set forth in this clause
(a), 35%; (b) at any time that DirecTV’s corporate credit rating or senior debt rating
(secured or unsecured) by Moody’s is lower than Ba3 or by S& P is lower than BB, 20%; or (c)
irrespective of DirecTV’s ratings, such lesser percentage as
the Administrative Agent may in its reasonable credit judgment determine from time to
time.

 

 

     “Fixed Charge Coverage Ratio” means, for any specified period, the ratio of EBITDA of
MasTec’s NAOperations for such period, adjusted, as appropriate, to add back any Non-Cash
Non-Recurring Charge Amounts deducted in computing such EBITDA, less the sum of cash income
taxes paid and Restricted Payments (other than to the extent permitted by this Agreement),
Restricted Distributions (other than to the extent permitted by this Agreement), and Net
Capital Expenditures (other then Financed Capex) made, on a consolidated basis by MasTec’s
NAOperations during such period, to the sum of their consolidated interest expense for such
period and current maturities of long-term Debt as of the date of determination, provided
that for any specified accounting period of less than 12 consecutive months, current
maturities of long-term Debt as of the date of determination shall be multiplied by a
fraction, the numerator of which is the number of months included in such specified
accounting period and the denominator of which is 12.

     “Letter of Credit Guarantee Facility” means a subfacility of the Revolving Credit
Facility providing for the issuance of (a) Letters of Credit and Letter of Credit Guarantees
as described in Article 3 in an aggregate amount of Letter of Credit Obligations at any one
time outstanding not to exceed $45,000,000, plus (b) the amount available to be drawn from
time to time under the Liberty Letter of Credit, plus (c) the amount available to be drawn
from time to time under the Canadian Financing Letter of Credit.

     “Letter of Credit Reserve” means, at any time, the aggregate Letter of Credit
Obligations at such time, other than Letter of Credit Obligations that are fully secured by
Cash Collateral. For the avoidance of doubt, at any time that the Liberty Letter of Credit
is outstanding, the amount of the Letter of Credit Reserve attributable to the Liberty
Letter of Credit at such time shall be equal to the lesser of (i) $32,300,000 and (ii) the
greatest amount of Letter of Credit Obligations that at any time may be outstanding under
the Liberty Letter of Credit in accordance with the terms thereof.

     “Liberty Letter of Credit” means Letter of Credit No. ASL-1 S1295730-120MAT issued by
the Issuing Bank for the amount of MasTec and for the benefit of Liberty Mutual Insurance
Company in an aggregate amount available to be drawn thereunder not to exceed $32,300,000 at
any time.

     (b) By deleting clause (d) in the definition of “Eligible Account” in Section 1.1 of the Loan
Agreement and by substituting the following new clause (d) in lieu thereof:

(d) such Account is owing by an Account Debtor more than 20% (for as to any Approved Account
Debtor, 50%) of whose then-existing accounts owing to all the Loan Parties do not meet the
requirements set forth in clause (b) above; provided that, any such Account owing by Comcast
that is unpaid not more than 60 days after its due date or more than 90 days after the
invoice date, net of bad debt allowance, shall be considered an Eligible Account for
purposes of (i) Borrowers’ Borrowing Base Certificate that was submitted as of February 28,
2005 (provided that Borrower updates such Borrowing Base Certificate to reflect changes in
the Accounts owing by Comcast that have occurred since January 31, 2005, and resubmits such
updated Borrowing Base Certificate to the Administrative Agent), and (ii) Borrowers’
Borrowing Base Certificate submitted as of March 25, 2005;

     (c) By inserting the following new definitions in Section 1.1 of the Loan Agreement in proper
alphabetical sequence:

     “Net Capital Expenditures” means, with respect to any fiscal period Borrowers, the sum
of all Capital Expenditures made during such fiscal period less the amount of cash proceeds
received by Borrowers from sales of Equipment made during such fiscal period in accordance
with the terms of this Agreement.

     “Verizon” means, collectively, Verizon Communications Inc. and its Affiliates and
Subsidiaries.

     “Verizon Concentration Limit” means (a) at any time that Verizon’s corporate credit
rating or senior debt rating (secured or unsecured) by Moody’s is Baa3 or higher and by S&P
BBB- or higher, 30%; if Borrowers maintain a Fixed Charge Coverage Ratio as reflected on
Borrower’s quarterly financial statements and the related officer’s certificate delivered in
accordance with the respective provisions of Section 10.1(b) and 10.3, on average for any
period of 4 consecutive Fiscal Quarters ended on or after June 30, 2005, greater than or
equal to 1.25 to 1.00, and no Default or Event of Default exists, then, for the Fiscal
Quarter immediately succeeding such 4 consecutive Fiscal
Quarter period, so long as Verizon’s ratings are not less than the levels set forth in
this clause (a), 35%; (b) at any

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time that Verizon’s corporate credit rating or senior debt
rating (secured or unsecured) by Moody’s is lower than Baa3 or by S&P is lower than BBB-,
20%; or (c) irrespective of Verizon’s rating, such lesser percentage as the Administrative
Agent may in its reasonable credit judgment determine from time to time.

     (d) By deleting Sections 11.1 (a) and (b) and by substituting the following new Sections
11.1(a) and (b) in lieu thereof:

     (a) Tangible Net Worth. Permit consolidated Tangible Net Worth of MasTec’s
NAOperations to be less than the sum set forth below at any time during the period corresponding
thereto:

	 	 	 
	Period	 	Amount
	December 31, 2004
	 	$45,000,000.00
	 
	 	 
	January 31, 2005, through May 31, 2005
	 	$40,000,000.00
	 
	 	 
	June 30, 2005, through August 31,2005
	 	$45,000,000.00
	 
	 	 
	September 30, 2005, through November 30, 2005
	 	$53,500,000.00
	 
	 	 
	December 1, 2005, and at all times thereafter
	 	$53,500,000.00 plus (ii) an
	 
	 	amount equal to 50% of
	 
	 	consolidated Net Income (but
	 
	 	without deduction for any
	 
	 	Net Loss) of MasTec’s
	 
	 	NAOperations for the period
	 
	 	from December 1, 2005,
	 
	 	through the date of
	 
	 	determination, treated as a
	 
	 	single accounting period.

     (b) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio to be
less than the ratio set forth below for the period corresponding thereto:

	 	 	 
	Period	 	Ratio
	The 9-calendar month period
	 	1.50 to 1.00
	ending on December 31, 2004
	 	 
	 
	 	 
	The 10-calendar month period
	 	1.15 to 1.00
	ending on January 31, 2005
	 	 
	 
	 	 
	The 11-calendar month period
	 	1.15 to 1.00
	ending on February 28, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.20 to 1.00
	on March 31, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.20 to 1.00
	on April 30, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.20 to 1.00
	on May 31, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.25 to 1.00
	on June 30, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.25 to 1.00
	on July 31, 2005
	 	 

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	Period	 	Ratio
	The 12-month period ending
	 	1.25 to 1.00
	on August 31, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.50 to 1.00
	on September 30, 2005
	 	 
	 
	The
12-month period ending
	 	1.50 to 1.00
	on October 31, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	1.50 to 1.00
	on November 30, 2005
	 	 
	 
	 	 
	The 12-month period ending
	 	2.00 to 1.00
	on December 31, 2005
and each 12-month period ending on
the last day of each calendar month
thereafter
	 	 

     3. Limited Waiver of Designated Defaults. Subject to the provisions of Section 4 of
this Amendment, the Administrative Agent and the Lenders hereby waive the Designated Default in
effect on the date hereof. In no event shall the foregoing waiver be deemed to constitute a waiver
of (i) any Default or Event of Default that may exist on the date of this Amendment (other than the
Designated Default) or (ii) the Borrowers’ respective obligations to comply with all of the terms
and conditions of the Loan Agreement and the other Loan Documents from and after the date hereof.
Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the
parties, each Borrower hereby agrees that it shall be required strictly to comply with all of the
terms of the Loan Agreement and the other Loan Documents on and after the date hereof.

     4. Conditions to Effectiveness. The provisions of Sections 2 and 3 of this Amendment
shall become effective on the date hereof, in each case on the date (the “Amendment No. 10
Effective Date”) on which the Administrative Agent shall have received, on or before March 18,
2005: (a) a fee in the amount of $93,750 for the Ratable account of the Lenders, which fee is
earned on the date hereof and is not subject to refund or rebate of any kind whatsoever, and (b)
the following documents, each of which shall be satisfactory in form and substance to the
Administrative Agent and in sufficient copies for each Lender:

     (i) this Amendment duly executed and delivered by the Borrowers, the Required Lenders
and the Administrative Agent;

     (ii) a certificate of the secretary or assistant secretary of each Borrower having
attached thereto the articles or certificate of incorporation and bylaws of such Borrower (or
containing the certification of such secretary or assistant secretary that no amendment or
modification of such articles or certificate of incorporation or bylaws has become effective
since the last date on which such documents were last delivered to the Lenders), all
corporate or company action, including shareholders’ or members’ approval, if necessary, has
been taken by such Borrower and/or its shareholders or members to authorize the execution,
delivery and performance of this Amendment and to the further effect that the incumbency
certificate most recently delivered to the Lenders remains in effect, unchanged;

     (iii) a certificate of the chief executive officer of MasTec stating that, to the best
of his or her knowledge and based on an examination sufficient to enable him or her to make
an informed statement, after giving effect to the Amendment and to the revised Schedules to
the Loan Agreement delivered therewith,

     (A) all of the representations and warranties made or deemed to be made under the
Loan Agreement are true and correct on and as of the Amendment No. 10 Effective Date,
and

     (B) no Default or Event of Default exists;

     and the Administrative Agent shall be satisfied as to the truth and accuracy thereof;
and

4

 

     (iv) such other documents and instruments as any Lender through the Administrative Agent
may reasonably request.

     5. Representations and Warranties. To induce the Administrative Agent and the Lenders
to enter into this Amendment, each Borrower hereby makes the following representations and
warranties to the Administrative Agent and the Lenders, which representations and warranties shall
survive the delivery of this Amendment and the making of additional Loans under the Loan Agreement
as amended hereby:

     (a) Authorization of Agreements. Each Borrower has the right and power, and
has taken all necessary action to authorize it, to execute, deliver and perform this
Amendment and each other agreement contemplated hereby to which it is a party in accordance
with their respective terms. This Amendment and each other such agreement contemplated
hereby to which it is a party has been duly executed and delivered by the duly authorized
officers of such Borrower and each is, or each when executed and delivered in accordance
with this Amendment will be, a legal, valid and binding obligation of such Borrower,
enforceable in accordance with its terms.

     (b) Compliance of Agreements with Laws. The execution, delivery and
performance of this Amendment in accordance with their respective terms do not and will not,
by the passage of time, the giving of notice or otherwise,

     (i) require any Governmental Approval that has not been obtained or violate any
Applicable Law relating to such Borrower or any of its Subsidiaries,

     (ii) conflict with, result in a breach of or constitute a default under the
articles or certificate of incorporation or by-laws or other constituent documents or
any shareholders’ or members’ agreement of such Borrower or any of its Subsidiaries,
any material provisions of any indenture, agreement or other instrument to which such
Borrower, any of its Subsidiaries or any of such Borrower’s or such Subsidiaries’
property may be bound or any Governmental Approval relating to such Borrower or any
of its Subsidiaries, or

     (iii) result in or require the creation or imposition of any Lien upon or with
respect to any property now owned or hereafter acquired by such Borrower other than
the Security Interest.

     (c) DirecTV Agreements.

     (i) Borrowers have delivered to Administrative Agent true, correct and complete
copies of that certain DirecTV, Inc. 2003 Home Services Provider Agreement dated
March 1, 2003, between DirecTV, Inc. and MasTec North America, Inc., as amended by
that certain First Amendment to That 2003 Home Services Provider Agreement between
MasTec North America, Inc. and DirecTV, Inc. (the “First Amendment”), dated October
6, 2003, and by that certain Second Amendment to That 2003 Home Services Provider
Agreement between MasTec North America Inc. and DirecTV, Inc. (the “Second
Amendment”), dated February ___, 2004 (as amended, the “DirecTV Home Services
Provider Agreement”).

     (ii) On March 17, 2005, MasTec North America, Inc. delivered a notice to
DirecTV, Inc. in the form attached to this Amendment as Exhibit A.

     6. Additional Covenant. To induce the Administrative Agent and the Lenders to enter
into this Amendment, each Borrower hereby covenants and agrees with the Administrative Agent and
the Lenders as follows:

     (a) Such Borrower shall cause MasTec North America, Inc. to deliver to the Administrative
Agent, within ninety (90) days of the date this Amendment becomes effective, a copy of a fully
executed and effective new agreement (the “New DirecTV Agreement”) between MasTec North America,
Inc. and DirecTV, Inc. that replaces the Home Services Provider Agreement in its entirety and
modifies all DirecTV, Inc.’s rights of setoff and recoupment so as to provide (by language
acceptable to the Administrative Agent in its reasonable credit judgment) that the New DirecTV
Agreement shall be subject and subordinate to any security interest granted by MasTec North
America, Inc. in the accounts receivable arising under the New DirecTV Agreement to Fleet Capital
Corporation, as administrative agent for the Lenders under MasTec North America, Inc.’s Revolving
Credit and Security Agreement, as may be amended from time to time; and

5

 

     (b) No such Borrower shall (i) enter into any agreement with DirecTV, Inc. other than the New
DirecTV Agreement, (ii) modify or amend the Home Services Provider Agreement other than to replace
it with the New DirecTV Agreement, or (iii) after the date on which MasTec North America, Inc.
delivers to the Administrative Agent a copy of the New DirecTV Agreement, modify or amend the New
DirecTV Agreement unless Borrowers shall have delivered written notice of such modification or
amendment to the Administrative Agent no fewer than three (3) Business Days prior to the effective
date of such modification or amendment. Each Borrower acknowledges and agrees that the
Administrative Agent is authorized to establish Additional Reserves with respect to such matters
and in such amounts as the administrative Agent may determined in the exercise of its reasonable
credit judgment and that the Administrative Agent may do so in response to any modification or
amendment of the New DirecTV Agreement. Nothing in the foregoing shall limit or restrict in any
way the right of the Administrative Agent to establish, change and otherwise employ any other
Additional Reserve or any other reserve from time to time in the exercise of its reasonable credit
judgment, or to exercise any other right or remedy available to the Administrative Agent under the
Loan Agreement or otherwise upon the occurrence of any Default or any Event of Default.

     7. Filing of From 10-K. MasTec’s annual report on Form 10-K for its Fiscal Year ended
December 31, 2004, shall be filed with the Securities and Exchange Commission on or before March
31, 2005. Such annual report shall include financial statements for MasTec and its Consolidated
Subsidiaries that are reported on, without qualification, by BDO Seidman LLP and are identical in
all material respects to the financial statements contained in the draft Form 10-K for its Fiscal
Year ended December 31, 2004, as delivered on March 17, 2005, to the Administrative Agent and the
Lenders.

     8. Effect of Amendment. From and after the Amendment No. 10 Effective Date, all
references in the Loan Agreement and in any other Loan Document to “this Agreement,” “the Loan
Agreement,” “hereunder,” “hereof” and words of like import referring to the Loan Agreement, shall
mean and at any time of determination be references to the Loan Agreement as amended by this
Amendment. Except as expressly amended hereby, the Loan Agreement and all terms, conditions and
provisions thereof remain in full force and effect and are hereby ratified and confirmed. 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 the Administrative Agent or any Lender
under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

     9. Breach of Amendment. Any breach by the Borrowers of any representation, warranty
or covenant contained herein shall constitute an Event of Default.

     10. Counterpart Execution; Facsimile Signatures. 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 but one and the same agreement. Any signature delivered by a party by facsimile
transmission shall be deemed to be an original signature hereto.

     11. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of Georgia without giving effect to conflicts of law principles thereof.

     12. Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

     13. Further Assurances. The Borrowers agree to take such further actions as any
Lender through the Administrative Agent shall reasonably request from time to time in connection
herewith to evidence or give effect to the amendments set forth herein or any of the transactions
contemplated hereby.

     14. Section Titles. Section titles and references used in this Amendment shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement
among the parties hereto.

     15. Waiver of Jury Trial. To the fullest extent permitted by Applicable Law, each of
the parties hereto hereby waives the right to trial by jury in any action, suit, counterclaim or
proceeding arising out of or related to this Amendment.

     16. Release of Claims. To induce the Administrative Agent and the Lenders to enter
into this Amendment, each Borrower hereby releases, acquits and forever discharges the
Administrative Agent and the Lenders, and all officers, directors, agents, employees, successors
and assigns of the Administrative Agent and the Lenders, from any and all liabilities, claims,
demands, actions or causes of action of any kind or nature (if there be any), whether absolute or
contingent, disputed or undisputed, at law or in equity, or known or unknown, that such Borrower
now has or ever had against Agent or any Lender

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arising under or in connection with any of the Loan Documents or otherwise. Each Borrower
represents and warrants to the Administrative Agent and the Lenders that such Borrower has not
transferred or assigned to any Person any claim that such Borrower ever had or claimed to have
against the Administrative Agent or any Lender.

     17. Expenses of Administrative Agent. The Borrowers agree to pay, on demand, all
costs and expenses reasonably incurred by the Administrative Agent in connection with the
preparation, negotiation and execution of this Amendment and any other Loan Documents executed
pursuant hereto and any and all amendments, modifications, and supplements thereto, including,
without limitation, the reasonable costs and fees of the Administrative Agent’s legal counsel and
any taxes or expenses associated with or incurred in connection with any instrument or agreement
referred to herein or contemplated hereby.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

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

	 	 	 	 	 
	 	FLEET CAPITAL CORPORATION,

as the Administrative Agent and as a Lender

 	 
	 	By:  	/s/ Dennis S. Losin
 	 
	 	 	Name:  	Dennis Losin 	 
	 	 	Title:  	SVP 	 
	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Ryan Parnell
 	 
	 	 	Name:  	Ryan Parnell 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	LASALLE BUSINESS CREDIT, LLC, successor in

interest to LASALLE BUSINESS CREDIT, INC., as a

Lender

 	 
	 	By:  	/s/ Douglas C. Colletti
 	 
	 	 	Name:  	Douglas C. Colletti 	 
	 	 	Title:  	SR VP 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as a Lender

 	 
	 	By:  	/s/ Jeffrey S. Ackerman
 	 
	 	 	Name:  	Jeffrey S. Ackerman 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Alex M. Council, IV
 	 
	 	 	Name:  	Alex M. Council IV 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

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	 	BORROWERS:

MASTEC, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	CHURCH & TOWER, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	CHURCH & TOWER ENVIRONMENTAL, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	CRUZ-CELL, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	DRESSER/AREIA CONSTRUCTION, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	FLAIRE INCORPORATED

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

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	 	MASTEC INTEGRATION SYSTEMS, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC NETWORK SERVICES, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC NORTH AMERICA, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC TELCOM & ELECTRICAL SERVICES, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

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	 	PROTEL IND., INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	RENEGADE OF IDAHO, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	S.S.S. CONSTRUCTION, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	UPPER VALLEY UTILITIES CORP.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	WILDE HOLDING CO., INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	WILDE ACQUISITION CO., INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

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	 	NORTHLAND CONTRACTING, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	WILDE OPTICAL SERVICE, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC REAL ESTATE HOLDINGS, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC OF TEXAS, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC CONTRACTING COMPANY, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC MINNESOTA, SW, LLC

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President
Of MasTec Services Company, Inc.,
Sole Member 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

12

 

	 	 	 	 	 
	 	MASTEC SERVICES COMPANY, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC ASSET MANAGEMENT COMPANY, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC TC, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	MASTEC FC, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	STACKHOUSE REAL ESTATE HOLDINGS, INC.

 	 
	 	By:  	/s/ Michael Nearing
 	 
	 	 	Michael Nearing 	 
	 	 	Executive Vice President 	 

13

 

	 	 	 	 	 

EXHIBIT A

March 17, 2005

Mr. Jan Farrell

Assistant General Counsel

DirecTV

8085 So. Chester Street

Suite 300

Englewood, CO 80112

Re: DIRECTV, Inc. 2003 Home Service Provider Agreement dated march 1, 2003, as
amended by the First Amendment dated October 6, 2003 and the Second Amendment dated
February 27, 2004 (collectively, the “Agreement”) by and between MasTec North
America, Inc. (“MasTec North America”) and DIRECTV, Inc. (“DIRECTV”).

Dear Mr. Farrell:

     MasTec North America hereby gives notice to DIRECTV that pursuant to that
certain Revolving Credit and Security Agreement between MasTec, Inc. (“MTZ”),
MasTec North America and certain other subsidiaries of MTZ and the lenders named
therein for whom Fleet Capital Corporation is administrative agent (the “Agent”),
MTZ and MasTec have granted to the Agent a first priority security interest in among
other assets of MasTec, all of MasTec’s accounts receivable under the Agreement.

Sincerely,

Group President

Cc: Mr. Bob Campbell<PAGE>

                                                                  EXHIBIT 10.45

                   WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

                                December 30, 2004

Global Preferred Holdings, Inc.
6455 East Johns Creek Crossing
Suite 402
Duluth, GA 30097
Attention: Ed McKernan

         Re:      Extension and Tolling Agreement between Western Reserve Life
                  Assurance Co. of Ohio ("WRL") and Global Preferred Holdings,
                  Inc. ("GPHI") dated December 15, 2003 (the "Tolling
                  Agreement") and Agreement and Plan of Reorganization by and
                  among AEGON, N.V., GPRe Acquisition Corp. and GPHI dated of
                  even date herewith (the "Reorganization Agreement")

Dear Sirs:

         This letter will evidence the agreement of the undersigned that notice
of termination of the above-referenced Tolling Agreement may not be given before
the earlier of (a) the "Effective Time" (as defined in the Reorganization
Agreement) or (b) the date of termination of the Reorganization Agreement. Any
notice by either party purporting to terminate the Tolling Agreement which is
given before such date shall be void and of no effect. The parties acknowledge
that, by the terms of the Tolling Agreement, the "deadlines" (as such term is
defined therein) are extended and tolled until ninety (90) days following
receipt of such notice by the other party.

                                         Sincerely,

                                         WESTERN RESERVE LIFE ASSURANCE CO.
                                         OF OHIO

                                         By:  /s/ Arthur C. Schneider
                                            -----------------------------------
                                         Print Name:  Arthur C. Schneider
                                                    ------------------------
                                         Title:  Vice President
                                               -----------------------------

Agreed and accepted:
GLOBAL PREFERRED HOLDINGS, INC.

By:  /s/ Edward F. McKernan
   -----------------------------------
Print Name:  Edward F. McKernan
           ---------------------------
Title:  CEO
      --------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]