Document:

<PAGE>   1

                                                                     EXHIBIT 4.5

[LEGEND FOR INCLUSION IN GLOBAL SECURITY -- THIS [NOTE/DEBENTURE] IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
[NOTE/DEBENTURE] IS EXCHANGEABLE FOR [NOTES/DEBENTURES] REGISTERED IN THE NAME
OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR [NOTES/DEBENTURES] IN DEFINITIVE FORM, THIS
[NOTE/DEBENTURE] MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]

[LEGEND FOR INCLUSION IN GLOBAL SECURITY -- UNLESS THIS [NOTE/DEBENTURE] IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION ("DTC"), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY [NOTE/DEBENTURE] ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

C____________
No.:
CUSIP No.:      [FOR INCLUSION IN CERTIFICATED SECURITIES--Principal Amount: $!]

                         PERFORMANCE FOOD GROUP COMPANY

                           6% [Notes/Debentures] due 6

         Performance Food Group Company, a Tennessee corporation (hereinafter
called the "Company", which term includes any successor corporation under the
Indenture referred to below), for value received, hereby promises to pay to !,
or registered assigns, the principal sum of [FOR INCLUSION IN GLOBAL
SECURITIES-- indicated on Schedule A hereto] [FOR INCLUSION IN CERTIFICATED
SECURITIES-- ! DOLLARS ($!)] on 6, and to pay interest thereon from 6, 6 or from
the most recent date to which interest has been paid or duly provided for,
semiannually in arrears on 6 and 6 of each year (each, an "Interest Payment
Date"), commencing 6, 6, and at Maturity, at the rate of 6% per annum, until the
principal hereof is paid or duly made available for payment. Interest on this
[Note/Debenture] shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The interest so payable and punctually paid or duly
provided for on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this [Note/Debenture] (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the 6 or 6 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date shall forthwith cease to be payable to the
registered Person who was the Holder hereof on the relevant Regular Record Date
by virtue of having been such Holder, and may be paid to the Person in whose
name this [Note/Debenture] (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
the Holder of this [Note/Debenture] not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
[Notes/Debentures] may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in such Indenture.

<PAGE>   2

         Payment of the principal of and [premium, if any, and] the interest on
this [Note/Debenture] will be made at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, The City of New York
and !, in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; provided,
however, that, at the option of the Company, interest may be paid by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or by transfer to an account maintained by the
payee with a bank located in the United States.

         This [Note/Debenture] is one of a duly authorized issue of Securities
of the Company (herein called the ["Notes/Debentures"]) issued and to be issued
in one or more series under an Indenture dated as of June 6, 2001 (herein
called, together with all indentures supplemental thereto, the "Indenture")
between the Company and 6, as trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the [Notes/Debentures], and the
terms upon which the [Notes/Debentures] are, and are to be, authenticated and
delivered. This [Note/Debenture] is one of the series designated on the face
hereof, limited (subject to exceptions provided in the Indenture and subject to
the right of the Company to reopen such series for issuances of additional
Securities of such series on the terms and subject to the conditions specified
in the Indenture) in aggregate principal amount to $6,000,000.

         [INCLUDE FOR SUBORDINATED SECURITIES-- Subject to Section 6 of the
Indenture, the payment of the indebtedness evidenced by this [Note/Debenture]
is, to the extent and in the manner set forth in the Indenture, expressly
subordinated to all Senior Indebtedness of the Company. This [Note/Debenture] is
issued subject to such provisions of the Indenture, and each Holder of this
[Note/Debenture], by accepting the same, agrees to and shall be bound by such
provisions and authorizes and directs the Trustee on his behalf, as between the
Holders of the [Notes/Debentures] and the holders of Senior Indebtedness, to
take such action as may be necessary or appropriate to effectuate such
subordination as provided in the Indenture and appoints the Trustee his
attorney-in-fact for any and all such purposes.]

         [INCLUDE IF SECURITIES ARE NOT SUBJECT TO REDEMPTION PRIOR TO
MATURITY-- The [Notes/Debentures] are not subject to redemption prior to the
Stated Maturity of the principal thereof.]

         [INCLUDE IF SECURITIES ARE REDEEMABLE PRIOR TO MATURITY OR ADD OTHER
APPROPRIATE REDEMPTION PROVISIONS-- The [Notes/Debentures] shall not be subject
to redemption prior to 6. The Company shall have the right to redeem the
[Notes/Debentures], in whole or in part from time to time, on or after 6, upon
not less than 30 nor more than 60 days notice, at the following prices
(expressed as percentages of the principal amount of the [Notes/Debentures] to
be redeemed) together (except as otherwise provided in the Indenture) with
accrued and unpaid interest, to, but excluding, the Redemption Date, if redeemed
during the 12-month period beginning 6 of the years set forth below:

<TABLE>
<CAPTION>
                                                         Redemption
Year                                                       Price
----                                                     ----------
<S>                                                      <C>

  6   .............................................         6%
  6   .............................................         6
  6   .............................................         6
  6   .............................................         6
  6   .............................................         6
</TABLE>

and 100% of the principal amount thereof if redeemed on or after 6 [CONFORM
THE FOLLOWING TO THE INDENTURE AS APPROPRIATE--; provided, however, that
installments of interest whose Stated Maturity is on or prior to a Redemption
Date will be payable to the Holders of the [Notes/Debentures] (or one or more
Predecessor Securities) registered as such at the close of business on the
relevant Regular Record Dates according to their terms and the provisions of the
Indenture.]

                                       2
<PAGE>   3

         If an Event of Default with respect to the [Notes/Debentures] shall
occur and be continuing, the principal of and accrued and unpaid interest on the
[Notes/Debentures] may be declared due and payable in the manner and with the
effect provided in the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series issued
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of any series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this [Note/Debenture] shall be conclusive and
binding upon such Holder and upon all future Holders of this [Note/Debenture]
and of any [Notes/Debentures] issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this [Note/Debenture].

         No reference herein to the Indenture and no provision of this
[Note/Debenture] or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
[premium, if any, and] interest on this [Note/Debenture], at the time, place and
rate, and in the coin or currency, herein and in the Indenture prescribed.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this [Note/Debenture] may be registered on the
Security Register upon surrender of this [Note/Debenture] for registration of
transfer at the Office or Agency of the Company maintained for the purpose in
any place where the principal of and interest on this [Note/Debenture] are
payable, duly endorsed, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by the
Holder hereof or by his attorney duly authorized in writing, and thereupon one
or more new [Notes/Debentures], of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

         The [Notes/Debentures] are issuable only in registered form without
coupons in the denominations of $1,000 and integral multiples of $1,000. As
provided in the Indenture and subject to certain limitations set forth therein,
the [Notes/Debentures] are exchangeable for a like aggregate principal amount of
[Notes/Debentures] of authorized denominations as requested by the Holders
surrendering the same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith, other than
in certain cases provided in the Indenture.

         Prior to due presentment of this [Note/Debenture] for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this [Note/Debenture] is registered as the
owner hereof for all purposes, whether or not this [Note/Debenture] shall be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

         The Indenture contains provisions whereby (i) the Company may be
discharged from its obligations with respect to the [Notes/Debentures] (subject
to certain exceptions) or (ii) the Company may be released from its obligations
under specified covenants and agreements in the Indenture, in each case if the
Company irrevocably deposits with the Trustee money or Government Obligations
sufficient to pay and discharge the entire indebtedness on all
[Notes/Debentures], and satisfies certain other conditions, all as more fully
provided in the Indenture. In addition, the Indenture shall cease to be of
further effect (subject to certain exceptions) with respect to the
[Notes/Debentures] when (1) either (A) all [Notes/Debentures] previously
authenticated and delivered have been delivered (subject to certain exceptions)
to the Trustee for cancellation, or (B) all [Notes/Debentures] (i) have become
due and payable or (ii) will become due and payable at their Stated Maturity
within one year or [(iii) are to be called for redemption within one year] and,
in the case of (i), (ii) [or (iii)] above, the Company has irrevocably deposited
with the Trustee money in an amount sufficient to pay and discharge the entire
indebtedness on all such

                                       3
<PAGE>   4

[Notes/Debentures] not theretofore delivered to the Trustee for cancellation,
and (2) the Company satisfies certain other conditions, all as more fully
provided in the Indenture.

         This [Note/Debenture] shall be governed by and construed in accordance
with the laws of the State of New York.

         All terms used in this [Note/Debenture] which are defined in the
Indenture [and not defined herein] shall have the meanings assigned to them in
the Indenture.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee under the Indenture by the manual signature of one of
its authorized signatories, this [Note/Debenture] shall not be entitled to any
benefits under the Indenture or be valid or obligatory for any purpose.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       4
<PAGE>   5
\

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated: !

[Seal]                                       6

Attest:                                      By:
         -----------------------                --------------------------
         Name:                                   Name:
         Title:                                  Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

6, as Trustee

By:
   ------------------------------------
           Authorized Signatory

                                       5
<PAGE>   6

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM--as tenants in common    UNIF GIFT MIN ACT - -       Custodian
                                                    --------           ---------
TEN ENT--as tenants by the entireties                (Cust)             (Minor)
JT TEN--as joint tenants with right of survivorship  Under Uniform Gifts to
and not as tenants in common                         Minors Act
                                                               -----------------
                                                                   (State)

     Additional abbreviations may also be used though not in the above list.

                     --------------------------------------

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

  ---------------------------------------------------------------------

  ---------------------------------------------------------------------

--------------------------------------------------------------------------------
             PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

--------------------------------------------------------------------------------
the within security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                                        Attorney
------------------------------------------------------------------------
to transfer said security on the books of the Company with full power of
substitution in the premises.

Dated:                                   Signed:
      --------------------------                -------------------------------

                  Notice: The signature to this assignment must correspond with
         the name as it appears upon the face of the within security in every
         particular, without alteration or enlargement or any change whatever.

                                       6
<PAGE>   7

                      [FOR INCLUSION IN GLOBAL SECURITIES]

                                   SCHEDULE A

         The initial principal amount of this Global Security is ! Dollars ($!).
The following increases or decreases in the principal amount of this Global
Security have been made:

<TABLE>
<CAPTION>
========================= ====================== ======================= ====================== ======================
Date made                 Amount of increase     Amount of               Principal amount of
                          in principal amount    decrease in             this Global Security   Signature of
                          of this Global         principal amount of     following such         authorized signatory
                          Security               this Global Security    decrease or increase   of Trustee
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
<S>                       <C>                    <C>                     <C>                    <C>

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

========================= ====================== ======================= ====================== ======================
</TABLE>

                                       7<PAGE>   1

                                                                   EXHIBIT 10.52

                                 THIRD AMENDMENT

         THIS THIRD AMENDMENT (this "Amendment"), dated as of June 18, 2001, to
the Credit Agreement referenced below, is by and among RailWorks Corporation, a
Delaware corporation (the "Borrower"), the Subsidiaries of the Borrower
identified on the signature pages hereto (the "Guarantors"), the Lenders
identified on the signature pages hereto (the "Lenders") and Bank of America,
N.A., as Administrative Agent (the "Administrative Agent"). Terms used herein
but not otherwise defined herein shall have the meanings provided to such terms
in the Credit Agreement (defined below).

                               W I T N E S S E T H

         WHEREAS, a $250 million credit facility has been extended to the
Borrower pursuant to the terms of that certain Amended and Restated Credit
Agreement dated as of April 28, 2000 among the Borrower, the Guarantors, the
Lenders, First Union National Bank, as Documentation Agent, and Bank of America,
N.A., as Administrative Agent (as amended, modified and supplemented from time
to time, the "Credit Agreement");

         WHEREAS, the Borrower's Subsidiary, Railworks W.T. Byler, L.P.
("Byler") has advised the Lenders that it intends to transfer those assets
described in Exhibit A attached hereto (the "Byler Sale Assets") to an unrelated
third party via a sale that would (i) generate not less than $13,000,000 of Net
Cash Proceeds and pursuant to which a minimum aggregate principal amount of
$2,750,000 in fixed asset Indebtedness of the Borrower will be assumed by the
buyer at closing (the "Byler Sale"), and (ii) be consummated according to terms
and conditions substantially similar to those set forth in that certain draft
Asset Purchase Agreement furnished to counsel for the Agent as of the date
hereof;

         WHEREAS, the Credit Parties have also advised the Lenders that they
expect that they will not meet the financial covenants contained in Section 7.9
of the Credit Agreement for the period ending June 30, 2001;

         WHEREAS, the Borrower has requested that the Lenders (a) consent to the
Byler Sale, (b) waive any Default or Event of Default arising exclusively as a
result of the Credit Parties' failure to comply with the financial covenants
contained in Section 7.9 for the period ending June 30, 2001 (the "Anticipated
Events of Default"), and (c) make certain modifications to the Credit Agreement;

         WHEREAS, certain of the requested modifications cannot be made without
the consent of (a) one hundred percent (100%) of the Revolving Lenders and (b)
Tranche B Term Lenders holding sixty-six and two-thirds percent (66-2/3%) of the
Tranche B Term Loan (collectively, the "Necessary Lenders");

         WHEREAS, the Necessary Lenders have agreed to the requested
modifications on the terms and conditions set forth herein.

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

         1.       Amendments. The Credit Agreement is amended in the following
respects:

         1.1      The definition of "Applicable Percentage" contained in Section
1.1 is amended by deleting the pricing grid contained therein and replacing it
with the following pricing grid:

<PAGE>   2

<TABLE>
<CAPTION>
                                          Applicable Percentages                    Applicable Percentages
                                         for Revolving Loans for                      Tranche B Term Loan
                                         -----------------------                   ------------------------
                                         Eurodollar
                                           Loans
                       Consolidated         and
          Pricing     Total Leverage     Letter of    Base Rate     Commitment     Eurodollar     Base Rate
           Level           Ratio         Credit Fee     Loans           Fee           Loans         Loans
          -------     ---------------    ----------   ---------     ----------     ----------     ---------
          <S>         <C>                <C>          <C>           <C>            <C>            <C>
             I             > 5.5           4.50%        3.00%         0.750%          5.50%         4.00%
                           -
             II       > 5.0 but < 5.5      4.00%        2.50%         0.750%          5.00%         3.50%
                      -
            III       > 4.5 but < 5.0      3.75%        2.25%         0.625%          4.75%         3.25%
                      -
             IV       > 4.0 but < 4.5      3.50%        2.00%         0.625%          4.50%         3.00%
                      -
             V        > 3.5 but < 4.0      3.00%        1.50%         0.500%          4.00%         2.50%
                      -
             VI       > 3.0 but < 3.5      2.75%        1.25%         0.500%          4.00%         2.25%
                      -
            VII       > 2.5 but < 3.0      2.50%        1.00%         0.375%          4.00%         2.25%
                      -
            VIII      > 2.0 but < 2.5      2.25%        0.50%         0.300%          4.00%         2.25%
                      -
             IX       > 1.5 but < 2.0      2.00%        0.50%         0.300%          4.00%         2.25%
                      -
             X             < 1.5           1.75%        0.50%         0.250%          4.00%         2.25%
</TABLE>

         1.2      The term "Available Revolving Committed Amount" is deleted
from Section 1.1.

         1.3      Clause (i) contained in the proviso to Section 2.1(a) is
amended to read as follows:

                           (i) with regard to the Revolving Lenders
                  collectively, the aggregate principal amount of Revolving
                  Obligations outstanding at any time shall not exceed ONE
                  HUNDRED ELEVEN MILLION DOLLARS ($111,000,000) (as such amount
                  may be reduced from time to time in accordance with the
                  provisions hereof, the "Aggregate Revolving Committed
                  Amount"),

         1.4      The first sentence of Section 3.3(c)(ii)(A) is amended to read
as follows:

                  Mandatory prepayments made under this Section 3.3 in respect
                  of Divestitures shall be applied to the Revolving Obligations
                  (with a corresponding permanent reduction in the Aggregate
                  Revolving Committed Amount in an amount equal to all amounts
                  so applied) until such time as the Aggregate Revolving
                  Committed Amount has been reduced to $96,057,690, and, at any
                  time thereafter, ratably among the Tranche B Term Loan (to the
                  principal amortization installments thereof in inverse order
                  of maturity) and the Revolving Obligations (with a
                  corresponding permanent reduction in the Aggregate Revolving
                  Committed Amount in an amount equal to all amounts so
                  applied).

         1.5      The first sentence of Section 3.3(c)(ii)(B) is amended to read
as follows:

                  Mandatory prepayments made under this Section 3.3 in respect
                  of Debt Transactions and Equity Transactions shall be applied
                  to the Revolving Obligations (with a corresponding permanent
                  reduction in the Aggregate Revolving Committed Amount in each
                  case in an amount equal to all amounts so applied) until such
                  time as the Aggregate Revolving Committed Amount has been
                  reduced to $96,057,690, and, at any time thereafter, ratably
                  among the Tranche B Term Loan (to the principal amortization
                  installments thereof in inverse order of maturity) and the
                  Revolving Obligations (with a corresponding permanent
                  reduction in the Aggregate Revolving Committed Amount in an
                  amount equal to all amounts so applied).

         1.6      The first sentence of Section 3.3(c)(ii)(C) is amended to read
as follows:

                  Mandatory prepayments made under this Section 3.3 in respect
                  of Consolidated Excess Cash Flow shall be applied to the
                  Revolving Obligations (with a corresponding

<PAGE>   3

                  permanent reduction in the Aggregate Revolving Committed
                  Amount in an amount equal to all amounts so applied) until
                  such time as the Aggregate Revolving Committed Amount has been
                  reduced to $96,057,690, and, at any time thereafter, fifty
                  percent (50%) to the Tranche B Term Loan (to the principal
                  amortization installments thereof in inverse order of
                  maturity) and fifty percent (50%) to the Revolving Obligations
                  (with a corresponding permanent reduction in the Aggregate
                  Revolving Committed Amount in an amount equal to all amounts
                  so applied).

         1.7      Section 3.4(b) is amended to read as follows:

                           (b)      Mandatory Reductions for Prepayments. The
                  Aggregate Revolving Committed Amount shall be permanently
                  reduced by the amount of any prepayment on the Revolving
                  Obligations made pursuant to Section 3.3(c)(ii).

         1.8      Section 3.4(c) of the Credit Agreement is amended to read as
follows:

                           (c)      Automatic Reductions. Unless the Aggregate
                  Revolving Committed Amount has been sooner permanently
                  reduced, in accordance with the provisions of the Credit
                  Agreement, to or below $96,057,690, the Aggregate Revolving
                  Committed Amount shall be automatically and permanently
                  reduced to $96,057,690 on October 1, 2001. The Aggregate
                  Revolving Committed Amount shall be further automatically and
                  permanently reduced on the dates set forth below by the amount
                  set forth opposite each such date:

<TABLE>
<CAPTION>
                       Date                                 Amount
                       ----                               ----------
                       <S>                                <C>
                       June 30, 2002                      $2,500,000
                       December 31, 2002                  $2,500,000
                       June 30, 2003                      $3,750,000
                       December 31, 2003                  $3,750,000
                       June 30, 2004                      $7,500,000
</TABLE>

         1.9      Section 3.15(c) is amended in its entirety to read as follows:

                           (c)      Allocation of Payments After Event of
                  Default. Notwithstanding any other provisions of this Credit
                  Agreement to the contrary, after the occurrence and during the
                  continuance of an Event of Default, all amounts collected or
                  received by the Administrative Agent or any Lender on account
                  of the Obligations or any other amounts outstanding under any
                  of the Credit Documents shall be paid over or delivered as
                  follows:

                                    FIRST, to the payment of all reasonable
                           out-of-pocket costs and expenses (including without
                           limitation reasonable attorneys' fees) of the Agents
                           in connection with enforcing the rights of the
                           Lenders under the Credit Documents;

                                    SECOND, to payment of any Administrative
                           Agent's Fees then due and payable;

                                    THIRD, to the payment of all reasonable
                           out-of-pocket costs and expenses (including without
                           limitation, reasonable attorneys' fees) of each of
                           the Lenders in connection with enforcing its rights
                           under the Credit Documents or otherwise with respect
                           to the Obligations owing to such Lender;

                                    FOURTH, to the payment of all accrued
                           interest and Fees on or in respect of the
                           Obligations;

<PAGE>   4

                                    FIFTH, to the payment of any outstanding
                           principal amounts of Revolving Obligations in excess
                           of $96,057,690;

                                    SIXTH, to the payment of the outstanding
                           principal amount of the Obligations (including the
                           payment of all LOC Obligations then reimbursable by
                           the Borrower pursuant to Section 2.6(c), but
                           excluding any LOC Obligations attributable to issued
                           but undrawn Letters of Credit) and to the payment of
                           any principal amounts outstanding under Hedging
                           Agreements (to the extent permitted hereunder);

                                    SEVENTH, to the cash collateralization of
                           all LOC Obligations attributable to issued but
                           undrawn Letters of Credit;

                                    EIGHTH, to all other obligations which shall
                           have become due and payable under the Credit
                           Documents or otherwise and not repaid pursuant to
                           clauses "FIRST" through "SIXTH" above; and

                                    NINTH, to the payment of the surplus, if
                           any, to whomever may be lawfully entitled to receive
                           such surplus.

                  In carrying out the foregoing, (i) amounts received shall be
                  applied in the numerical order provided until exhausted prior
                  to application to the next succeeding category; and (ii) each
                  of the Lenders shall receive an amount equal to its pro rata
                  share (based on the proportion that then outstanding
                  Obligations and obligations under Hedging Agreements (to the
                  extent permitted hereunder) held by such Lender bears to the
                  aggregate then outstanding Obligations and obligations under
                  Hedging Agreements (to the extent permitted hereunder)) of
                  amounts available to be applied pursuant to clauses "THIRD",
                  "FOURTH", "FIFTH", "SIXTH" and "SEVENTH" above; and (iii) all
                  amounts available to be applied to pursuant to clause
                  "SEVENTH" above shall be held by the Administrative Agent in a
                  cash collateral account and applied (A) first, to reimburse
                  the Issuing Lender for any drawings under such Letters of
                  Credit and (B) then, following the expiration of all Letters
                  of Credit, to all other obligations of the types described in
                  clauses "SEVENTH" AND "EIGHTH" above in the manner provided in
                  this Section 3.15(c).

         1.10     Section 5.2(c) is amended to read as follows:

                           (c)      Officer's Certificate. If after giving
                  effect to such Extension Credit, the aggregate principal
                  amount of the Revolving Obligations will exceed the greater of
                  the "Borrowing Base" (as defined in the Senior Subordinated
                  Note Indenture) or $100,000,000 (as such amounts may be
                  reduced pursuant clause (ii) of the definition of "Permitted
                  Indebtedness" in the Senior Subordinated Note Indenture), the
                  Borrower shall have delivered to the Administrative Agent and
                  to the Trustee under the Senior Subordinated Note Indenture a
                  certificate of a Responsible Officer of the Borrower to the
                  effect that the acceptance by the Borrower of such Extension
                  of Credit does not violate the provisions of Section 4.11 of
                  the Senior Subordinated Note Indenture.

         1.11     Clause (h) of Section 7.2 is amended to read as follows:

                           (h)      Cash Flow Reports. As soon as available, and
                  in any event within three (3) Business Days following the end
                  of the previous week (commencing with the week beginning June
                  18, 2001) a report, in a form acceptable to the Administrative
                  Agent, that includes (i) a detailed cash flow projection of
                  the Borrower for the then upcoming thirteen weeks, on a
                  consolidated and consolidating basis (a "Forecast"), (ii) a
                  variance analysis reflecting a detailed comparison between the
                  actual cash flow computations of the Borrower

<PAGE>   5

                  through the end of the previous week on a consolidated and
                  consolidating basis and those projected for such period in the
                  most recent cash flow projection previously provided to the
                  Administrative Agent in accordance with this Section, and
                  (iii) a narrative discussion of any material variances between
                  the actual cash flow computations for any given week and those
                  contained for such week in the previous Forecast;

         1.12     Clause (i) of Section 7.2 is renumbered as clause 7.2(m)
thereof and the following new clauses (j), (k), and (l) are added to Section
7.2:

                           (j)      Daily Cash Report. Each Business Day, a
                  report in form reasonably acceptable to the Administrative
                  Agent summarizing the Borrower's cash position as of such day
                  including without limitation a list of presentments expected
                  to be made that day.

                           (k)      Accounts Payable Agings. Concurrently with
                  the deliver of the financial statements referred to in Section
                  7.2(h) above, a summary of the accounts payable agings in a
                  form reasonably acceptable to the Administrative Agent.

                           (l)      Surety Claims. Within five (5) Business Days
                  of receipt, written notice of any notification from any surety
                  of any of the Credit Parties concerning claims made against
                  such surety in connection with any significant project of such
                  Credit Party, and, as soon as available, and in any event
                  within five (5) Business Days after the receipt of such
                  notification, a copy of any such notification; and

         1.13     The following new Section 8.15 is added:

                           8.15     Surety Claims. Permit claims against
                  sureties of any of the Credit Parties remaining uncured after
                  thirty (30) days to exceed (a) $750,000 in the aggregate
                  through June 30, 2001, and (b) $250,000 in the aggregate at
                  any time thereafter, unless such claims are being contested in
                  good faith with appropriate reserves taken in accordance with
                  GAAP.

         2.       Eurodollar Loans. Notwithstanding anything to contrary
contained in the Credit Agreement, each currently outstanding Eurodollar Loan
shall be converted to a Base Rate Loan at the end of the current interest
period. Until October 1, 2001, the Borrower shall not be permitted to request
additional Eurodollar Loans or convert Base Rate Loans to Eurodollar Loans.

         3.       Consent/Waiver.

                  (a)      Consent. The Required Lenders hereby consent to the
         Byler Sale on the conditions that (i) the Net Cash Proceeds from the
         Byler Sale are (A) not less than $13,000,000 and (B) are delivered to
         the Administrative Agent for application in accordance with the terms
         and conditions of the Credit Agreement, as amended by this Agreement,
         (ii) a minimum aggregate principal amount of $2,750,000 in fixed asset
         Indebtedness of the Borrower is assumed by the buyer of the Byler Sale
         Assets upon closing of the Byler Sale, and (iii) the sale is
         consummated according to terms and conditions substantially similar to
         those set forth in that certain draft Asset Purchase Agreement
         furnished to counsel for the Agent as of the date hereof.

                  (b)      Waiver. The Lenders hereby waive the Anticipated
         Events of Default; provided, however, that nothing contained in this
         Amendment shall relieve any Credit Party from complying with each and
         every other term and condition of the Credit Documents (including the
         financial covenants contained in Section 7.9 of the Credit Agreement as
         they relate to any period after June 30, 2001) from and after the date
         hereof.

         4.       Covenants. The Credit Parties hereby covenant and agree that:

<PAGE>   6

                  (a)      Additional Financial Covenant. For the period ending
         June 30, 2001, they shall cause Consolidated EBITDA (calculated in this
         instance by excluding any EBITDA generated by the Byler civil division
         after May 31, 2001) for the fiscal quarter ending June 30, 2001 to be
         not less than $15,000,000;

                  (b)      Crisis Manager. The Borrower shall continue to engage
         a crisis manager (the "Crisis Manager") to assist it in improving its
         cash management and financial reporting and developing a comprehensive
         business recovery plan in form reasonably acceptable to the
         Administrative Agent (the "Business Plan") for presentation to the
         Administrative Agent and the Lenders; and that the Borrower shall (i)
         cause the Crisis Manager to meet periodically with the Administrative
         Agent and the Lenders to report on the Crisis Manager's findings,
         reports and recommendations, and (ii) refrain from terminating its
         current engagement of Glass & Associates, Inc. as Crisis Manager unless
         the Borrower immediately replaces Glass & Associates, Inc. with another
         Crisis Manager with similar experience and reputation, and upon similar
         terms and scope;

                  (c)      Access to Officers and Directors. The Borrower shall
         cause its officers and directors to be available to meet with the
         Administrative Agent and to issue reports to the Administrative Agent
         addressing the Credit Parties' cash flow situation and any other
         matters related to the Credit Parties financial situation, at such
         times as reasonably requested by the Administrative Agent; provided,
         however, that any negotiations concerning terms and conditions of the
         Credit Agreement shall be conducted with the officers of the Borrower;

                  (d)      Consultant. They shall cooperate fully with the
         consultant retained by the Administrative Agent and the Lenders,
         Policano & Manzo, LLC (the "Lenders Consultant"), which cooperation
         shall include, without limitation allowing the Consultant reasonable
         access to observe the Credit Parties' respective operations and
         financial records and projections, and the Borrower shall reimburse the
         Administrative Agent and the Lenders for all reasonable fees and
         expenses incurred by the Administrative Agent and the Lenders in
         connection with their retention of the Consultant;

                  (e)      Arthur Andersen Report. The Borrower shall deliver to
         the Administrative Agent (i) on or before June 30, 2001, a preliminary
         overview of contracts and project controls from Borrower's outside
         accountant, Arthur Andersen ("Andersen"), and (ii) on or before July
         31, 2001, a final report prepared by Anderson concerning the
         aforementioned contracts and project controls in form consistent with
         Andersen's standard operating procedures and reasonably acceptable to
         the Administrative Agent; and

                  (f)      Business Plan. That the Borrower shall deliver a
         complete copy of the Business Plan to the Administrative Agent on or
         before August 17, 2001.

         5.       Warrants. On or before July 31, 2001, the Borrower shall
deliver to an escrow agent designated by the Administrative Agent warrants for
registered shares of common stock (the "Warrants") in an amount which will be
equal to two percent (2.0%) of the fully diluted and outstanding equity of the
Borrower as of the date hereof (after giving effect to the issuance of the
Warrants). The Warrants shall be beneficially held by the Lenders and allocated
among the Lenders on a pro rata basis based on each Lender's Commitments under
the Credit Agreement as of the date hereof. One-fourth of the Warrants shall be
exercisable on or after each of September 30, 2001, October 31, 2001, November
30, 2001 and December 31, 2001. The Warrants shall have a strike price of $0.01
per share (payable in cash or in kind), be freely assignable, incorporate
standard weighted average anti-dilution protection for stock splits, dividends
and distributions, and have one long-form demand, unlimited short-form demand
and unlimited piggyback registration rights (subject to customary thresholds and
pro rata cutbacks).

         6.       Representations. The Borrower hereby affirms that the
representations and warranties set forth in the Credit Agreement and the other
Credit Documents are true and correct as of the date hereof (except those which
expressly relate to an earlier period).

<PAGE>   7

         7.       Special Compliance Certificate. On October 1, 2001 the
Borrower shall deliver to the Agent a certificate in the form attached hereto as
Schedule I, duly executed by a Responsible Officer (the "October 1, 2001
Compliance Certificate"). Failure to deliver the October 1, 2001 Compliance
Certificate on October 1, 2001 shall constitute an immediate Event of Default
under the Credit Agreement.

         8.       Legal Opinion. On or before June 25, 2001, the Borrower shall
deliver to the Administrative Agent an opinion of counsel to the Credit Parties
relating to this Amendment and the transactions contemplated hereby, in form and
substance reasonably acceptable to the Administrative Agent.

         9.       Release. Each Credit Party hereby represents and warrants that
it has no claims, counterclaims, offsets, or defenses to the Credit Documents or
to the performance of its obligations thereunder. In consideration of the
Lenders' willingness to enter into this Amendment, each Credit Party hereby
releases the Administrative Agent, the Collateral Agent and the Lenders, and the
respective officers, employees, representatives, agents, counsel, trustees and
directors of each of the foregoing, from any and all actions, causes of action,
claims, demands, damages and liabilities or whatever kind or nature, in law or
in equity, now known or unknown, suspected or unsuspected, that may exist in
connection with any of the Credit Documents or the Obligations, to the extent
that any of the foregoing arises from any action or failure to act on or prior
to the date hereof.

         10.      Amendment Fee. In consideration of the willingness of the
Necessary Lenders to enter into this Amendment, the Borrower agrees to pay the
Administrative Agent, for the ratable benefit of the Lenders which execute this
Amendment on the date hereof, an amendment fee (the "Amendment Fee") equal to
one-quarter percent (0.25%) of the aggregate Commitments (after giving effect to
this Amendment). One-fourth of the Amendment Fee shall be due and payable on the
date hereof, an additional one-fourth of the Amendment Fee shall be due and
payable on or before August 1, 2001, an additional one-fourth of the Amendment
Fee shall be due and payable on or before September 1, 2001, and the final
one-fourth of the Amendment Fee shall be due and payable on or before September
30, 2001.

         11.      Costs and Expenses. The Borrower agrees to pay all reasonable
costs and expenses of the Administrative Agent and the Lenders in connection
with the preparation, execution and delivery of this Amendment, including,
without limitation, the reasonable fees and expenses of Moore & Van Allen, PLLC,
counsel to the Administrative Agent.

         12.      Reaffirmation of Guaranty. Each Guarantor (a) acknowledges and
consents to all of the terms and conditions of this Amendment, (b) affirms all
of its obligations under the Credit Documents and (c) agrees that this Amendment
and all documents executed in connection herewith do not operate to reduce or
discharge such Guarantor's obligations under the Credit Agreement or the other
Credit Documents.

         13.      No Other Changes. Except as modified hereby, all of the terms
and provisions of the Credit Agreement and the other Credit Documents (including
schedules and exhibits thereto) shall remain in full force and effect.

         14.      Conditions Precedent. The effectiveness of this Amendment
shall be subject to satisfaction of the following conditions precedent:

                  (a)      receipt by the Administrative Agent of multiple
         counterparts of this Amendment executed by the Credit Parties and the
         Necessary Lenders; and

                  (b)      receipt by the Administrative Agent, for the ratable
         benefit of the Lenders which execute this Amendment on the date hereof,
         of one-fourth of the Amendment Fee.

<PAGE>   8

         15.      Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original and it shall not be necessary in making proof of this Amendment to
produce or account for more than one such counterpart. Delivery of an executed
counterpart of this Amendment by telecopy shall be effective as an original and
shall constitute a representation that an original shall be delivered to the
Administrative Agent.

         16.      Governing Law. This Amendment shall be deemed to be a contract
made under, and for all purposes shall be construed in accordance with, the laws
of the State of New York.

                  [Remainder of Page Intentionally Left Blank]

<PAGE>   9

         IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this Amendment to be duly executed and delivered as of the date first above
written.

BORROWER:         RAILWORKS CORPORATION,
                  a Delaware corporation

                  By:
                     ------------------------------------------
                  Name:  Michael R. Azarela
                  Title: President

GUARANTORS:       BREAKING TECHNOLOGY & EQUIPMENT, INC., a New York corporation
                  CPI CONCRETE PRODUCTS, INCORPORATED, a Tennessee corporation
                  CRANEQUIP INC., a Delaware corporation
                  GANTREX CORPORATION, a Pennsylvania corporation
                  HSQ TECHNOLOGY CORPORATION, a California corporation
                  L.K. COMSTOCK & COMPANY, INC., a New York corporation
                  M-TRACK ENTERPRISES, INC., a New York corporation
                  MIDWEST CONSTRUCTION SERVICES, INC., an Indiana corporation
                  NEOSHO CENTRAL AMERICA, INC., a Kansas corporation
                  NEOSHO CONSTRUCTION COMPANY, INCORPORATED, a Kansas
                           corporation
                  NEOSHO INCORPORATED, INC., a Kansas corporation
                  RAILWORKS RAIL PRODUCTS & SERVICES, INC., a Kansas corporation
                  RAILWORKS TRANSIT, INC., a New York corporation
                  RAILWORKS WOOD PRODUCTS, INC., a Delaware corporation
                  RWKS CONSTRUCTION, INC., a Maryland corporation
                  U.S. RAILWAY SUPPLY, INC., an Indiana corporation
                  WOOD WASTE ENERGY, INC., a Virginia corporation

                  By:
                     -----------------------------------------
                  Name:  Michael R. Azarela
                  Title: Executive Vice President of each of the foregoing

                  RAILWORKS TRANSIT SYSTEMS, INC., a Delaware corporation
                  RAILWORKS CANADA, INC., a Delaware corporation

                  By:
                     -----------------------------------------
                  Name:  John P. Nuzzo
                  Title: Assistant Secretary of each of the foregoing

                  By:
                     -----------------------------------------
                  Name:  Michael R. Azarela
                  Title: Executive Vice President of each of the foregoing

                  DURA-WOOD LLC, a Delaware limited liability company

                  By:    RAILWORKS WOOD PRODUCTS, INC.,
                         a Delaware corporation, its managing member

<PAGE>   10

                         By:
                            -----------------------------------------
                            Name:  Michael R. Azarela
                            Title: Executive Vice President

                  RAILWORKS TRACK SERVICES, INC., an Indiana corporation

                  By:
                     -----------------------------------------
                  Name:  Harold Kropp
                  Title: Vice President

                  RAILWORKS TRACK SYSTEMS, INC., a Nevada corporation

                  By:
                     -----------------------------------------
                  Name:  Michael R. Azarela
                  Title: Vice President

                  RAILWORKS W.T. BYLER, L.P., a Texas limited partnership

                  By:    RAILWORKS TRACK SYSTEMS, INC., a Nevada corporation

                         By:
                            -----------------------------------------
                            Name:  Michael R. Azarela
                            Title: Vice President

                           [SIGNATURE PAGES CONTINUE]

<PAGE>   11

LENDERS:                 BANK OF AMERICA, N.A.,
                         individually in its capacity as a
                         Lender and in its capacity as Administrative Agent

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         FIRST UNION NATIONAL BANK

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         FLEET NATIONAL BANK

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         M&T BANK

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         KEY BANK NATIONAL ASSOCIATION

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         BANK ONE, MICHIGAN

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         COMERICA BANK

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                           [SIGNATURE PAGES CONTINUE]

<PAGE>   12

                         ALLFIRST BANK

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         HELLER FINANCIAL, INC.

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         THE PROVIDENT BANK

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         FOOTHILL INCOME TRUST II, L.P.

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         FOOTHILL PARTNERS IV, LP

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         METROPOLITAN PROPERTY AND CASUALTY INSURANCE COMPANY

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                           [SIGNATURE PAGES CONTINUE]

<PAGE>   13

                         FLOATING RATE PORTFOLIO
                         By:  INVESCO Senior Secured Management, Inc.,
                              as attorney in fact

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         AVALON CAPITAL LTD.
                         By:  INVESCO Senior Secured Management, Inc.

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         AVALON CAPITAL LTD 2.
                         By:  INVESCO Senior Secured Management, Inc.

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         CERES II FINANCE LTD
                         By:  INVESCO Senior Secured Management, Inc.,
                              as Sub-Management Agent (Financial)

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         VAN KAMPEN PRIME RATE INCOME TRUST

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         VAN KAMPEN CLO I, LIMITED

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         VAN KAMPEN CLO II, LIMITED

                         By:
                            -----------------------------------------
                            Name:
                            Title:

<PAGE>   14

                         VAN KAMPEN SENIOR INCOME TRUST

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         VAN KAMPEN SENIOR FLOATING RATE

                         By:
                            -----------------------------------------
                            Name:
                            Title:

                         REDWOOD MASTER FUND, LTD.

                         By:
                            -----------------------------------------
                            Name:
                            Title:

<PAGE>   15

                                   Schedule I

                 Form of October 1, 2001 Compliance Certificate

         This Certificate is delivered in accordance with the provisions of
Section 7 of that Third Amendment dated as of June __, 2001 among RailWorks
Corporation, a Delaware corporation (the "Borrower"), the Subsidiaries of the
Borrower identified therein, the lenders identified therein, and Bank of
America, N.A., as Administrative Agent (the "Third Amendment"). The Third
Amendment is to that certain Amended and Restated Credit Agreement dated as of
April 28, 2000 (as amended, modified and supplemented, the "Credit Agreement")
among the Borrower, the Subsidiaries of the Borrower identified therein, the
lenders identified therein, First Union National Bank, as Documentation Agent,
and Bank of America, N.A., as Administrative Agent. Terms used but not otherwise
defined herein shall have the same meanings provided in the Credit Agreement.

         The undersigned, being a Responsible Officer of the Borrower, hereby
certifies, in my official capacity and not in my individual capacity, that to
the best of my knowledge and belief as of the date hereof no Default or Event of
Default has occurred and is continuing.

         This the 1st day of October, 2001.

                                    RAILWORKS CORPORATION

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:

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