Document:

Form of Voting Agreement

 EXHIBIT 10.5 
  
 FORM OF VOTING AGREEMENT 
  
 VOTING AGREEMENT, dated as of August 5, 2005 (this “Agreement”), by and among Modtech Holdings, Inc., a Delaware corporation (the
“Company”), and                      (the “Stockholder”). 
  
 WHEREAS, the Company and Amphora Limited (the “Investor) entered
into a Securities Purchase Agreement, dated as of December 30, 2004 (the “Existing Securities Purchase Agreement”), pursuant to which, among other things, the Company issued and sold to the Investor and the Investor agreed to
purchase (i) $25,000,000 in principal amount of senior secured convertible notes of the Company (the “Notes”), which Notes are convertible into the Company’s common stock, $.01 par value per share (the “Common
Stock”) and (ii) warrants to purchase shares of Common Stock; 
  
 WHEREAS, the Company, the Investor and certain other parties are entering into a new Securities Purchase Agreement, dated as of the date hereof (the “Securities Purchase Agreement”), pursuant to which, among other things,
the Company shall issue and sell to the Investor and the Investor agrees to purchase (i) shares of Common Stock and (ii) warrants to purchase shares of Common Stock; 
  
 WHEREAS, as a condition to the willingness of the Investor to enter into the Securities Purchase Agreement and to consummate
the transactions contemplated thereby (collectively, the “Transaction”), the Investor has required that the Stockholder agree, and in order to induce the Investor to enter into the Securities Purchase Agreement, the Stockholder has
agreed, to enter into this Agreement with respect to all the Common Stock now owned and which may hereafter be acquired by the Stockholder and any other securities, if any, which Stockholder is currently entitled to vote, or after the date hereof
becomes entitled to vote, at any meeting of the stockholders of the Company (the “Other Securities”); 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the
parties hereto hereby agree as follows: 
  
 ARTICLE I 

 
 VOTING AGREEMENT OF THE STOCKHOLDER 
  
 SECTION 1.01. Voting Agreement. The Stockholder hereby agrees that at
any meeting of the stockholders of the Company, however called, and in any action by written consent of the Company’s stockholders, the Stockholder shall vote the Common Stock and the Other Securities: (a) in favor of the Stockholder Approval
(as defined in the Existing Securities Purchase Agreement) as described in Section 4(v) of the Existing Securities Purchase Agreement, which Stockholder Approval relates to the Transaction; and (b) against any proposal or any other corporate action
or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Transaction Documents (as defined in the Existing Securities Purchase Agreement) or which could
result in any of the conditions to the Company’s obligations under the Transaction Documents not being fulfilled. The Stockholder acknowledges receipt and review of a copy of 
  

					
	 VOTING AGREEMENT
	 	1	 	 

 the Existing Securities Purchase Agreement and the other Transaction Documents. The obligations of the Stockholder under
this Section 1.01 shall terminate immediately following the occurrence of the Stockholder Approval of the Transaction or, subject to the survival of Section 1.01(a) pursuant to Section 3.02 below, 90 days after the execution of this Agreement,
whichever occurs first. 
  
 ARTICLE II 
  
 REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER 
  
 The Stockholder hereby represents and warrants to the Company as follows:

  
 SECTION 2.01. Authority Relative to this Agreement.
The Stockholder, if an individual, has the capacity, and if not an individual, has all the necessary power and authority to execute and deliver this Agreement, to perform his obligations hereunder and to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by the Stockholder and constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except (a) as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to, or affecting generally, the enforcement of creditors’ and other
obligees’ rights and (b) where the remedy of specific performance or other forms of equitable relief may be subject to certain equitable defenses and principles and to the discretion of the court before which the proceeding may be brought.

  
 SECTION 2.02. No Conflict. (a) The execution and
delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder shall not, (i) conflict with or violate any federal, state or local law, statute, ordinance, rule, regulation, order, judgment or decree
applicable to the Stockholder or by which the Common Stock or the Other Securities owned by the Stockholder are bound or affected or (ii) result in any breach of or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a lien or encumbrance on any of the Common Stock or the Other Securities owned by the Stockholder pursuant
to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder or the Common Stock or Other Securities owned by the
Stockholder is bound. 
  
 (b) The execution and delivery of this
Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by the Stockholder.

  
 SECTION 2.03. Title to the Stock. As of the date
hereof, the Stockholder is the owner of              shares of Common Stock, entitled to vote, without restriction, on all matters brought before holders of capital stock of the
Company. Such Common Stock is all the securities of the Company owned, either of record or beneficially, by the Stockholder. The Stockholder has not appointed or granted any proxy inconsistent with this Agreement, which appointment or grant is still
effective, with respect to the Common Stock or Other Securities owned by the Stockholder. 
  

					
	 VOTING AGREEMENT
	 	2	 	 

 ARTICLE III 
  
 COVENANTS 
  
 SECTION 3.01 Restrictions on Sale. Until the earlier of (i) Stockholder Approval (as defined in the Existing Securities Purchase Agreement) and
(ii) the 90th day following the execution of this Agreement, the Stockholder hereby covenants and agrees that the Stockholder shall not offer or agree to sell, transfer, tender, assign or otherwise dispose of the Common Stock or Other Securities,
directly or indirectly, or initiate, solicit or encourage any person to take actions which could reasonably be expected to lead to the occurrence of any of the foregoing; provided, however, that the Stockholder shall be permitted to sell, transfer,
tender, assign or otherwise dispose of up to an aggregate of forty percent (40%) of the Common Stock and Other Securities held by the Stockholder. 
  
 SECTION 3.02 Secondary Voting Obligations. If Stockholder Approval (as defined in the Existing Securities Purchase Agreement) of the Transaction
has not been obtained by the 90th day following the execution of this Agreement, the Stockholder hereby agrees to be bound by Section 1.01(a) on a continuous basis until such time, if ever, as the Company obtains Stockholder Approval of the
Transaction, it being understood that there shall be no restriction imposed by this Agreement on such Stockholder’s ability to sell, transfer, tender, assign or otherwise dispose of any Common Stock or Other Securities except as specifically
provided in Section 3.01. 
  
 ARTICLE IV 
  
 MISCELLANEOUS 
  
 SECTION 4.01. Further Assurances. The Stockholder shall execute and
deliver such further documents and instruments and take all further action as may be reasonably necessary in order to consummate the transactions contemplated hereby. 
  
 SECTION 4.02. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any
provision of this Agreement was not performed in accordance with the terms hereof and that Investor shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. Investor shall be entitled to its
reasonable attorneys’ fees in any action brought to enforce this Agreement in which it is the prevailing party. 
  
 SECTION 4.03. Entire Agreement. This Agreement constitutes the entire agreement among the Company and the Stockholder with respect to the subject
matter hereof and supersedes all prior agreements and understandings, both written and oral, among the Company and the Stockholder with respect to the subject matter hereof. 
  
 SECTION 4.04. Amendment. This Agreement may not be amended except by an instrument in writing signed by the parties
hereto. 
  
 SECTION 4.05. Severability. If any term or
other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so 
  

					
	 VOTING AGREEMENT
	 	3	 	 

 long as the economic or legal substance of this Agreement is not affected in any manner materially adverse to any party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible. 
  
 SECTION 4.06. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of Delaware. The parties hereby submit to the non-exclusive jurisdiction of the Supreme Court of the State of New York or the United States District Court for the Southern District of New York located in New York
County, New York. The parties consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of motion or other application to any of said courts or a judge thereof may be served inside or outside the State of
New York or the Southern District of New York by registered mail, return receipt requested, directed to the party being served at its address set forth on the signature ages to this Agreement (and service so made shall be deemed complete three (3)
days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said courts. Each of the Company and the Stockholder irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such a court and any claim that suit, action, or proceeding has been brought in an inconvenient forum. EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
  
 SECTION 4.07. Third-Party Beneficiaries. The Investor shall be an
intended third party beneficiary of this Agreement to the same extent as if it were a party hereto, and shall be entitled to enforce the provisions hereof. 
  
 SECTION 4.08. Termination. This Agreement shall terminate immediately following the occurrence of the Stockholder Approval or upon the mutual
consent of the Stockholder and the Investor. 
  

					
	 VOTING AGREEMENT
	 	4	 	 

 IN WITNESS WHEREOF, the Stockholder and the Company has duly executed this Agreement. 
  

			
	 THE COMPANY:

	 MODTECH HOLDINGS, INC.

		
	 By:
	 	  

	 Name:

	 Title:

	
	 Address:

			
	
	 Modtech Holdings, Inc.
 2830 Barrett Avenue
 Perris, California 92751

	 Telephone:
	 	 
	 Facsimile: 951-943-9814

	 Attention: President

	
	 STOCKHOLDER:

	
	

  

					
	 VOTING AGREEMENT
	 	5First Amendment and Waiver, Dated August 5, 2005

 Exhibit 10.6 
  
 FIRST AMENDMENT AND WAIVER OF FINANCING AGREEMENT 
  
 THIS FIRST AMENDMENT AND WAIVER OF THE FINANCING AGREEMENT, dated as of August 5, 2005 (this “Amendment and
Waiver”), is by and among each of the lenders that from time to time is a party hereto (such lenders, each individually a “Lender” and collectively, the “Lenders”), Fortress Credit Corp., as administrative
agent for the Lenders (in such capacity, together with its successors and assigns, if any, for the benefit of the Agents and the Lenders in such capacity, the “Administrative Agent”), Fortress Credit Corp., as collateral agent (in
such capacity, together with its successors and assigns, if any, in such capacity, the “Collateral Agent”, and together with the Administrative Agent, each an “Agent” and collectively the “Agents”)
and Modtech Holdings, Inc., a Delaware corporation (the “Parent” or “Borrower”). 
  
 RECITALS: 
  
 WHEREAS, the parties hereto are parties to that certain Financing Agreement dated as of February 25, 2005 (the “Financing Agreement”); 
  

WHEREAS, the Borrower will issue common stock with in an aggregate purchase price of $11,629,110 to purchasers (the “Common Stock
PIPE”); 
  
 WHEREAS, the Borrower has requested that the
Lenders, among other things, (i) waive certain defaults more specifically described herein and (ii) consent to certain amendments to the Second Lien Credit Documents; 
  
 WHEREAS, the Borrower has requested that in connection with the above, the Lenders amend and waive certain provisions of the
Financing Agreement and the Lenders, subject to the terms and conditions set forth herein, are willing to grant such requests; 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows: 
  
 SECTION 1. Defined Terms. Unless otherwise defined herein, all
capitalized terms used herein shall have the meanings given them in the Financing Agreement. 
  
 SECTION 2. Amendments to the Financing Agreement. The Financing Agreement is, as of the First Amendment Effective Date (as defined below), hereby amended as follows: 
  
 1. Section 1.01 of the Financing Agreement (Definitions) is
hereby amended by adding the following new definitions thereto in their appropriate alphabetical order: 
  
 “Common Stock PIPE” shall mean that common stock issued by Borrower to purchasers with in an aggregate purchase price of $11,629,110 to
purchasers in accordance with the Purchase Agreement. 
  
 “Common Stock PIPE Transaction Documents” shall mean the Purchase Agreement and each of the other agreements, documents and instruments providing for or evidencing or relating to the Common Stock PIPE, and any other 

 
agreement, writing, document or instrument executed or delivered at any time in connection with the Common Stock PIPE. 
  
 “First Amendment Effective Date” shall mean the date on
which all of the conditions precedent set forth in Section 4 are satisfied. 
  
 “Second Lien Credit Amendment” shall mean the Consent, Waiver, Amendment and Exchange Agreement dated as of August 5, 2005, between the Borrower and Amphora Limited, with respect to the Second Lien
Credit Agreement and the other Second Lien Loan Documents. 
  
 2. Section 1.01 of the Financing Agreement (Definitions) is hereby amended by deleting the definition of “Consolidated EBITDA” in its entirety and replacing it with the following: 
  
 “Consolidated EBITDA” means, with respect to any Person and
its Subsidiaries for any period, the Consolidated Net Income of such Persons for such period, plus (i) without duplication, the sum of the following amounts of such Persons for such period to the extent deducted in determining Consolidated Net
Income of such Persons for such period: (A) Consolidated Net Interest Expense, (B) income tax expense, (C) depreciation expense and (D) amortization expense; provided, that for purposes of Sections 7.03(b) and (d) Consolidated EBITDA shall be deemed
to be (i) for the period ending June 30, 2005, Consolidated EBITDA for the quarter ending June 30, 2005 multiplied by four (4); (ii) for the period ending September 30, 2005, the sum of (x) Consolidated EBITDA for the quarter ending September 30,
2005 and (y) Consolidated EBITDA for the quarter ending June 30, 2005 multiplied by two (2); (iii) for the period ending December 31, 2005, the sum of (x) Consolidated EBITDA for the quarter ending December 31, 2005 and (y) Consolidated EBITDA for
the quarter ending September 30, 2005 and (z) Consolidated EBITDA for the quarter ending June 30, 2005, multiplied by one and one third (1.33) and (iv) for all periods thereafter, Consolidated EBITDA for the 12 month period most recently ended;
provided further that for purposes of Section 7.03(a), Consolidated EBITDA shall be deemed to be (i) for the period ending September 30, 2005, Consolidated EBITDA for the quarter ending June 30, 2005 plus the Consolidated EBITDA for the quarter
ending September 30, 2005; (ii) for the period ending December 31, 2005, Consolidated EBITDA for the quarter ending June 30, 2005 plus the Consolidated EBITDA for the quarter ending September 30, 2005 plus the Consolidated EBITDA for the quarter
ending December 31, 2005 and (iv) for all period thereafter, Consolidated EBITDA for the 12 month period most recently ended. 
  

 - 2 - 

 3. Section 2.05(c) of the Financing Agreement (Mandatory Prepayments) is hereby amended
by adding the following new subsection as follows: 
  
 “(vii) Immediately upon the receipt by the Borrower of the proceeds of the Common Stock PIPE, the Borrower shall prepay the outstanding amount of the Term Loan Obligations in an amount equal to $1,150,000.” 
  
 4. Section 2.05(d) of the Financing Agreement (Application
of Payments) is hereby amended by deleting “and” immediately before “(c)(vi)” and inserting “,” and immediately after “(c)(vi)” inserting “and (c)(vii)”. 
  
 5. Section 7.03(a) (Minimum EBITDA) is hereby amended by
deleting the information set forth under the heading “Fiscal Quarter Ending” and “Minimum Consolidated EBITDA” in the rows September 30, 2005, December 31, 2005, March 30, 2006, June 30, 2006, September 30, 2006, December 31,
2006, March 31, 2007, June 30, 2007, September 30, 2007 and December 31, 2007 and replacing it with the following: 
  

				
	 Fiscal Quarter Ending:

	  	Minimum
Consolidated EBITDA:

	 September 30, 2005
	  	$	9,290,000
	 December 31, 2005
	  	$	14,130,000
	 March 30, 2006
	  	$	18,120,000
	 June 30, 2006
	  	$	20,330,000
	 September 30, 2006
	  	$	23,600,000
	 December 31, 2006
	  	$	25,375,000
	 March 31, 2007
	  	$	25,575,000
	 June 30, 2007
	  	$	28,950,000
	 September 30, 2007
	  	$	29,500,000
	 December 31, 2007
	  	$	29,800,000

  
 6.
Section 7.03(b) (Senior Secured Leverage Ratio) is hereby amended by deleting the information set forth under the heading “Fiscal Quarter Ending” and “Senior Secured Leverage Ratio” in the rows September 30, 2005, December 31,
2005, March 31, 2006 and June 30, 2006 and replacing it with the following: 
  

			
	 Fiscal Quarter Ending:

	  	Senior
Secured Leverage Ratio:

	 September 30, 2005
	  	1.00:1.00
	 December 31, 2005
	  	1.00:1.00
	 March 31, 2006
	  	1.00:1.00
	 June 30, 2006
	  	1.00:1.00

  

 - 3 - 

 7. Section 7.03)(d) (Consolidated Fixed Charge Coverage Ratio) is hereby amended by
deleting the information set forth under the heading “Fiscal Quarter Ending” and “Fixed Charge Coverage Ratio” in the rows September 30, 2005 and December 31, 2005 and replacing it with the following: 
  

			
	 Fiscal Quarter Ending:

	  	Fixed Charge Coverage Ratio:

	 September 30, 2005
	  	1.75:1.00
	 December 31, 2005 and each fiscal quarter end thereafter
	  	1.75:1.00

  
 SECTION 3. Waiver
and Consent. The Lenders hereby agree as follows: 
  
 1. Waiver. As of the First Amendment Effective Date, the Lenders hereby waive compliance with each of the financial covenants in Section 7.03 of the Financing Agreement set forth on Schedule A annexed hereto existing as of the First
Amendment Effective Date and any breach, default or event of default under the Financing Agreement that results solely (except for any required notice or passage of time) from any prior non-compliance with such covenants. The foregoing waiver (the
“Waiver”) is specifically limited in time and scope to the individual occurrences described above and shall not be deemed to extend or apply to any other term, provision, event or occurrence in existence as of the date hereof or
arising hereafter. In addition, the Waiver shall not be deemed to constitute a custom or a practice on the part of any or all of the Lenders. 
  
 2. Consent. As of the First Amendment Effective Date and by their execution of this Amendment and Waiver, the Lenders consent to
(i) certain amendments of, and waivers with respect to, the Second Lien Credit Agreement and the other Second Lien Loan Documents, as set forth in the Second Lien Credit Amendment, and (ii) the execution by the Borrower of the Second Lien Credit
Amendment. The scope of the foregoing consents (the “Consents”) are specifically limited in time and scope to the individual actions described above and shall not be deemed to extend or apply to any other action in existence as of
the date hereof or arising hereafter. In addition, the Consents shall not be deemed to constitute a custom or a practice on the part of the Lenders. 
  
 SECTION 4. Conditions Precedent to Effectiveness of Amendment and Waiver. This Amendment and Waiver shall become effective upon the date (the
“First Amendment Effective Date”) when each of the following conditions have been satisfied: 
  
 1. Execution of Amendment and Waiver. Borrower and each Lender shall have executed and delivered this Amendment and Waiver (whether
the same or different counterparts). 
  
 2.
Delivery of Second Lien Credit Amendment Documents. Borrowers shall have delivered a duly executed Second Lien Credit Amendment, together with all documents and certificates required therein and delivered in connection therewith, each in form
and substance satisfactory to the Lenders (including, without limitation, a consent and acknowledgment to this Amendment and Waiver and the matters set forth herein). 
  

 - 4 - 

 3. Common Stock PIPE Transaction. On or before the First Amendment Effective Date,
the Lenders shall have received a copy of the duly executed Common Stock PIPE Transaction Documents, together with all documents and certificates required therein and delivered in connection therewith, each in form and substance satisfactory to the
Lenders and Borrower shall have received $11,629,110 in cash proceeds and, contemporaneously therewith, the Borrower shall have applied $1,150,000 of the proceeds to the Term Loan Obligations in accordance with the terms hereof. 
  
 4. Perfection of Collateral Agent’s security
interest in tax payment. On or before the First Amendment Effective Date, the Lenders shall have received evidence that the anticipated tax refund of 2004 owing to the Borrower in an approximate amount of $5,000,000 is properly pledged to the
Collateral Agent and a first priority security interest granted to the Agent, on behalf of the Lenders, each on terms and conditions satisfactory to the Collateral Agent. 
  
 5. Amendment Fee. On or prior to the First Amendment Effective Date, the Borrower shall pay to the
Administrative Agent for the account of the Lenders, a non-refundable fee (the “Amendment Fee”) equal to 0.50% of the Total Commitments, which shall be deemed fully earned on the First Amendment Effective Date. 
  
 6. Minimum Availability. As of the First Amendment
Effective Date, as evidenced by an officer’s certificate of an Authorized Officer, Borrower shall have at least $8,000,000 of Availability. 
  
 7. Representations and Warranties. Borrower shall have delivered an officer’s certificate of an Authorized Officer certifying
that the matters set forth Section 5 are true, correct and complete. 
  
 SECTION 5. Representations and Warranties of Borrower. Borrower represents and warrants to the Lenders that the following statements are true, correct and complete as follows: 
  
 1. The representations and warranties contained in Section
6.01 of the Financing Agreement are true and correct in all material respects at and as of the date hereof (after giving effect to the Common Stock PIPE Transaction Documents and the Second Lien Credit Amendment) as though made on and as of the date
hereof. 
  
 2. After giving effect to this
Amendment and Waiver, no Event of Default or Default is continuing. 
  
 3. The execution, delivery and performance of this Amendment and Waiver has been duly authorized by all necessary action on the part of, and duly executed and delivered by, the Borrower and this Amendment and Waiver
is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, except as the enforcement thereof may be subject to the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law). 
  

 - 5 - 

 4. The execution, delivery and performance of this Amendment and Waiver and the
fulfillment of and compliance with the respective terms hereof by the Borrower does not and will not (a) conflict with or result in a breach of any term, condition or provision of or (b) require any authorization, consent, approval, exemption or
other action by or notice to any Governmental Entity or any other Person pursuant to the Certificate of Incorporation or bylaws or memorandum and articles of association of Borrower, or any Law, statute, rule or regulation to which Borrower is
subject, or any agreement to which Borrower is subject (other than those which have been obtained on or prior to the date hereof). 
  
 5. Borrower has obtained all necessary corporate, governmental, regulatory and other third party consents and approvals required in
connection with its execution, delivery and performance of this Amendment and Waiver and any other documents to be executed by Borrower pursuant hereto. 
  
 SECTION 6. References to and Effect on the Financing Agreement. 
  
 1. On and after the First Amendment Effective Date each reference in the Financing Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference to the Financing Agreement in the other documents (the “Ancillary Documents”) delivered in connection with
the Financing Agreement shall mean and be a reference to the Financing Agreement as amended hereby. 
  
 2. Except as specifically amended above, the Financing Agreement and all other Ancillary Documents shall remain in full force and effect
and are hereby ratified and confirmed. 
  
 3. The
execution, delivery and effectiveness of this Amendment and Waiver shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the holders of Loans under the Financing Agreement or the Ancillary Documents.

  
 4. This Amendment and Waiver shall be binding
on the Borrower and the Lenders and shall inure to the benefit of the Borrower and the Lenders and the successors and assigns of the Lenders. 
  
 SECTION 7. Expenses. Borrower agrees to reimburse the Lenders upon demand for all expenses, reasonable fees of attorneys, and reasonable legal
expenses, reasonably incurred by the Lenders in the review, preparation, negotiation and execution of this Amendment and Waiver and any other document required to be furnished herewith, and in enforcing the obligations of the Borrower hereunder,
which obligations of the Borrower shall survive any termination of the Financing Agreement. 
  
 SECTION 8. Execution in Counterparts. This Amendment and Waiver may be executed in 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 instrument. This Amendment and Waiver shall be binding upon the respective parties hereto upon the execution and delivery of this Amendment and Waiver by the Borrower and the Lenders. Delivery of an 

  

 - 6 - 

 
executed counterpart of a signature page of this Amendment and Waiver by facsimile transmission shall be effective as delivery of a manually executed
counterpart of this Amendment and Waiver. 
  
 SECTION 9.
Release. Borrower does hereby release and forever discharge each of the Lenders and each affiliate thereof and each of their respective employees, officers, directors, trustees, agents, attorneys, successors, assigns or other representatives
from any and all claims, demands, damages, actions, cross-actions, causes of action, costs and expenses (including legal expenses), of any kind or nature whatsoever, whether based on law or equity, which any of said parties has held or may now or in
the future own or hold, whether known or unknown, for or because of any matter or thing done, omitted or suffered to be done on or before the actual date upon which this Amendment and Waiver is signed by any of such parties (i) arising directly or
indirectly out of the Financing Agreement or any other documents, instruments or any other transactions relating thereto and/or (ii) relating directly or indirectly to all transactions by and between the Borrower or its representatives and each
Lender or any of their respective directors, officers, agents, employees, attorneys or other representatives. Such release, waiver, acquittal and discharge shall and does include, without limitation, any claims of usury, fraud, duress,
misrepresentation, lender liability, control, calling of the Financing Agreement s into default, exercise of remedies and all similar items and claims, which may, or could be, asserted by the Borrower. 
  
 SECTION 10. Governing Law. THIS AMENDMENT AND WAIVER SHALL BE GOVERNED
BY, AND BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 11. Headings. Section headings in this Amendment and Waiver are included herein for convenience of reference only and shall not constitute a part of this Amendment and Waiver for any other purposes.

  
 *        *        *        *        * 
  

 - 7 - 

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

					
	MODTECH HOLDINGS, INC.
			
	 	 	By:	 	/s/ DENNIS SHOGREN
	 	 	 Its:
	 	Chief Financial Officer

  

					
	FORTRESS CREDIT CORP.
			
	 	 	By:	 	/s/ CONSTANTINE DAKOLIAS
	 	 	 Its:
	 	Chief Credit Officer

  

					
	 ABLECO FINANCE LLC, ON BEHALF
 OF ITSELF AND
ITS AFFILIATE
 ASSIGNEES

			
	 	 	By:	 	Illegible
	 	 	 Its:
	 	SVP

 Schedule A 
  
 Section 7.03 (Financial Covenants) including the following: (a) Minimum EBITDA, (b) Senior Secured Leverage Ratio, (c) Excess Availability
and (d) Consolidated Fixed Charge Coverage Ratio (as set forth in the Financing Agreement).

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