Document:

Exhibit 4.1

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  

 

	
  NO. FXR-

  	
   

  	
  MEDIUM-TERM
  NOTE, SERIES C

  	
   

  	
  PRINCIPAL AMOUNT:
  

  
	
   

  	
   

  	
  (Fixed
  Rate)

  	
   

  	
  U.S.$

  
	
   

  	
   

  	
   

  	
   

  	
  CUSIP: 25468PCH7

  

 

Unless and until it is exchanged in whole or in part
for Notes in definitive form, this Note 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. Unless this certificate is presented by an authorized
representative of The Depository Trust Company, New York, New York (“DTC”), to
the issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede & Co. or such
other name as requested by an authorized representative of DTC and any payment
is made to Cede & Co. or such other entity as 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 since the registered owner
hereof, Cede & Co., has as interest herein.

 

	
  ORIGINAL ISSUE DATE: December 4, 2007

  	
  INTEREST RATE: 
  4.70% per annum

  
	
  MATURITY DATE: December 1, 2012

  	
  EARLIEST REDEMPTION DATE:  December 4, 2007

  
	
  ORIGINAL ISSUE PRICE: 99.772%

  	
  INTEREST PAYMENT DATES:  June 1 and December 1, commencing June 1,
  2008

  
	
   

  	
  REDEMPTION PRICE: See paragraph 10 below 

  

 

Date:

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the Notes of the series designated
herein referred to in the within-mentioned Indenture.

 

WELLS FARGO BANK, N.A., as
Trustee

 

	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

 

THE WALT DISNEY COMPANY, a corporation duly organized
and existing under the laws of the State of Delaware (herein referred to as the
“Company”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the Principal Amount specified above on the Maturity
Date specified above and to pay interest thereon from the Original Issue Date
specified above or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semiannually in arrears as specified in the
Pricing Supplement, in each year, commencing with the first Interest Payment
Date next succeeding the Original Issue Date, at the rate per annum set forth
above, until the principal hereof is paid or made available for payment; provided, however, that if the Original Issue Date of this
Note is between a Regular Record Date and the related Interest Payment Date,
the first payment of interest on this Note will be made on the Interest Payment
Date immediately following the next succeeding Regular Record Date to the
registered Holder on such next succeeding Regular Record Date. Interest
payments for this Note will include interest accrued to but excluding the
Interest Payment Date. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture
(as defined below), be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date, as specified in the Pricing Supplement (whether or
not a Business Day), as the case may be, next preceding such Interest Payment
Date; provided, however, that interest payable
at Maturity shall be payable to the Person to whom principal shall be payable.
If any Interest Payment Date or Maturity with respect to this Note falls on a
day that is not a Business Day, the payment due on such Interest Payment Date
or at Maturity will be made on the following day that is a Business Day as if
it were made on the date such payment was due and no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date
or Maturity, as the case may be. Interest on this Note will be computed on the
basis of a 360-day year of twelve 30-day months. Except as otherwise provided
in the Indenture, any interest not punctually paid or duly provided for on any
Interest Payment Date (herein called “Defaulted Interest”) will forthwith cease
to be payable to the Holder on the Regular Record Date with respect to such
Interest Payment Date and may either be paid to the Person in whose name this
Note (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 (as defined below), notice of which shall be given to
Holders of Notes not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. Payment of the principal of and interest on this
Note will be made at the office or agency of the Company maintained for that
purpose, initially designated to be the Corporate Trust Office of the Trustee
in Los Angeles, California, and at such additional offices or agencies as the
Company may designate, 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, payments of principal of and interest on this Note may be made
by check mailed to the address of the Person entitled thereto as such address
shall appear in the register of Securities or by wire transfer of immediately
available funds to the account of the Holder of this Note if appropriate wire
transfer instructions have been received in writing by the Trustee not less
than 15 days prior to the applicable payment date. Notwithstanding the
foregoing, the Company will make payments of interest on any Interest Payment
Date other than the Maturity Date to each registered Holder of $10,000,000 (or,
if the payment currency is other than United States dollars, the equivalent
thereof in the particular payment currency) or more in aggregate principal
amount of definitive Notes (whether having identical or different terms and
provisions) by wire transfer of immediately available funds if the applicable
registered Holder has delivered appropriate wire transfer instructions in
writing to the Trustee not less than 15 days prior to the particular Interest
Payment Date. Any wire transfer instructions received by the Trustee shall
remain in effect until revoked by the applicable registered Holder.

 

Reference is hereby made to
the further provisions of this Note set forth below, which further provisions
shall for all purposes have the same effect as if set forth at this place.

 

2

 

Unless the certificate of authentication hereon has been executed by
the Trustee or its duly appointed co-authenticating agent by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

This Note is one of a duly
authorized issue of securities (herein called the “Securities”) of the Company
(which term includes any successor corporation under the Indenture hereinafter
referred to) issued and to be issued pursuant to such Indenture. This Security
is one of a series designated by the Company as its Medium-Term Notes, Series
C. The Indenture does not limit the aggregate principal amount of the
Securities.

 

The Company issued this Note
pursuant to an Indenture, dated as of September 24, 2001 (herein called the “Indenture”),
between the Company and Wells Fargo Bank, N.A., a national banking association,
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 Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered.

 

The Notes are issuable as
Registered Securities, without coupons, in denominations of $2,000 and any
amount in excess thereof which is an integral multiple of $1,000. As provided
in the Indenture and subject to certain limitations therein set forth, Notes
are exchangeable for a like aggregate principal amount of Notes of like tenor
of any authorized denomination, as requested by the Holder surrendering the
same, upon surrender of the Note or Notes to be exchanged at any office or
agency described below where Notes may be presented for registration of
transfer.

 

The
Company may from time to time, without the consent of existing Note Holders,
issue additional Notes having the same terms and conditions (including maturity
and interest payment terms) as previously issued Notes in all respects, except
for issue date, issue price and the first payment of interest. Additional Notes
issued in this manner will be fungible with the previously issued Notes to the
extent specified in the applicable Pricing Supplement.

 

This Note may not be
redeemed prior to the Earliest Redemption Date set forth above. If no Earliest
Redemption Date is so set forth, this Note is not redeemable prior to the
Maturity Date. This Note is redeemable at any time on or after the Earliest
Redemption Date set forth above at the option of the Company, in whole or from
time to time in part, upon not less than 30 nor more than 60 days’ notice
mailed to the registered Holder hereof, at the Redemption Price equal to the
amount set forth below, together in each case with accrued interest to but
excluding the Redemption Date.

 

Notwithstanding the
preceding paragraph, installments of interest whose Stated Maturity is prior to
the Redemption Date of any Note will be payable to the Holder of such Note, or
one or more Predecessor Securities, of record at the close of business on the
relevant Regular Record Dates referred to above, all as provided in the
Indenture.

 

The Redemption Price shall
be equal to the greater of the following amounts: (1) 100% of the principal
amount of the Notes to be redeemed; or (2) as determined by the Independent
Investment Banker (as defined below), the sum of the present values of the
remaining scheduled payments of principal and interest on the Notes to be
redeemed (not including any portion of any payments of interest accrued as of
the Redemption Date) discounted to the Redemption Date on a semiannual basis at
the Treasury Rate (as defined below) plus 20 basis points. The Redemption Price
will be calculated assuming a 360-day year consisting of twelve 30-day months.

 

For purposes of calculating
the Redemption Price, the terms below shall have the following meanings:

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable

 

3

 

Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption
Date.

 

The Treasury Rate will be
calculated on the third Business Day preceding the Redemption Date.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Independent
Investment Banker as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of those
Notes.

 

“Comparable Treasury Price”
means, with respect to any Redemption Date, (i) the average of five Reference
Treasury Dealer Quotations for that redemption date, after excluding the
highest and lowest of those Reference Treasury Dealer Quotations, or (ii) if
the Independent Investment Banker obtains fewer than five such Reference Treasury
Dealer Quotations, the average of all of those quotations.

 

“Independent Investment
Banker” means one of Banc of America Securities LLC, Deutsche Bank Securities
Inc., or Merrill Lynch, Pierce, Fenner & Smith Incorporated, and their
respective successors appointed by the Company to act as the Independent
Investment Banker, from time to time, or if any such firm is unwilling or
unable to serve in that capacity, an independent investment and banking
institution of national standing appointed by the Company.

 

“Reference Treasury Dealer”
means: (i) Banc of America Securities LLC, Deutsche Bank Securities Inc., and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, and their respective
successors; provided that, if any such firm ceases to be a primary U.S. Government
securities dealer in New York City (“Primary Treasury Dealer”), the Company
will substitute another Primary Treasury Dealer; and (ii) up to two other
Primary Treasury Dealers selected by the Company.

 

“Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Independent Investment Banker by such Reference Treasury Dealer
at 5:00 p.m. (New York City time) on the third Business Day preceding that
Redemption Date.

 

All notices of redemption
shall state the Redemption Date, the Redemption Price, if fewer than all the
outstanding Notes with the same Original Issue Date, Interest Rate and Stated
Maturity are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of Notes to be redeemed, that on the
Redemption Date the Redemption Price will become due and payable upon each
Note, or portion thereof, to be redeemed, that interest on each Note, or
portion thereof, called for redemption will cease to accrue on and including
the Redemption Date and the place or places where Notes may be surrendered for
redemption. However, payment of the Redemption Price, together with accrued
interest to but excluding the Redemption Date, for a Note for which a
redemption notice has been delivered is conditioned upon delivery of such Note
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing) to the office or agency of the Company maintained for that purpose,
initially designated to be the Corporate Trust Office of the Trustee in Los
Angeles, California, and at such additional offices or agencies as the Company
may designate, at any time (whether prior to, on or after the Redemption Date)
after delivery of the redemption notice. Payment of the Redemption Price for
the Note (or portion thereof to be redeemed), together with accrued interest to
the Redemption Date, will be made on the later of the Redemption Date or
promptly following the time of delivery of the Note. If fewer than all of the
Notes with the same Original Issue Date, Interest Rate and Stated Maturity are
to be redeemed at any time, selection of such Notes for redemption will be made
by the Trustee by such method as the Trustee shall deem fair and appropriate.

 

4

 

In the event of redemption
of this Note in part only, a new Note or Notes of like tenor for the aggregate
principal amount equal to and in exchange for the unredeemed portion of the
principal of the Notes so surrendered will be issued in the name of the Holder
hereof upon the cancellation hereof.

 

For all purposes of this
Note and the Indenture, unless the context otherwise requires, all provisions
relating to the redemption by the Company of Notes shall relate, in the case of
any Notes redeemed or to be redeemed by the Company only in part, to the
portion of the principal amount of such Notes which has been or is to be so
redeemed.

 

If an Event of Default with respect to the Notes shall
occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, in certain circumstances
therein specified, the amendment thereof without the consent of the Holders of
the Securities. The Indenture also permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations under the Indenture of the Company and the rights of Holders of the
Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all the 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 shall be
conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note 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.

 

No reference herein to the Indenture and no provision
of this Note or, subject to the provisions for satisfaction and discharge in
Article Eight of the Indenture, of the Indenture, shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the
coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of Notes is registrable in the
register of Securities, upon surrender of a Note for registration of transfer
at the office or agency of the Company maintained for that purpose, initially
designated to be the Corporate Trust Office of the Trustee in Los Angeles,
California, and at such additional offices or agencies as the Company may
designate, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

 

No service charge shall be made by the Company, the
Trustee or the Registrar 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 exchanges
pursuant to Sections 2.11, 3.6, 9.5 or 10.3 of the Indenture, not involving any
transfer).

 

Prior to due presentment of this Note 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 is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

 

5

 

The Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York, including
without limitation, §§ 5-1401 and 5-1402 of the New York General
Obligations Law and New York Civil Practice Law Rule 327(b).

 

All undefined terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

 

6

 

IN WITNESS WHEREOF, The Walt Disney Company has caused
this Instrument to be signed by the signature or facsimile signature of its
Chairman of the Board, one of its Vice Chairmen, its President or one of its
Vice Presidents, or its Treasurer or any Assistant Treasurer and attested by
its Secretary or one of its Assistant Secretaries by his or her signature or a
facsimile thereof, and its corporate seal or a facsimile of its corporate seal
to be affixed hereunto or imprinted hereon.

 

 

	
  (SEAL)

  	
  THE WALT DISNEY COMPANY

  
	
   

  	
   

   

   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:  

  	
  Christine M. McCarthy

  
	
   

  	
  Title:  

  	
  Executive Vice President-Corporate Finance 

  and Real Estate and Treasurer

  
	
   

  	
   

   

   

  
	
  Attest:

  	
   

  
	
   

  	
   

   

   

  
	
   

  	
   

  
	
  Name:

  	
  Marsha L. Reed

  	
   

  
	
  Title:  

  	
  Vice President-Governance Administration and 

  Assistant Secretary

  	
   

  
						

 

7

 

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 v as tenants in common 

  	
   

  	
   

  	
   

  	
  UNIF GIFT MIN ACT     Custodian       

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  (Cust.)
            (Minor)

  
	
  TEN ENT v as tenants by the entireties

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Under Uniform Gifts to Minors Act

  
	
  JT TEN v as joint tenants with right of 

  	
   

  	
   

  	
   

  	
   

  
	
  survivorship and not as tenants in common 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (State)

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

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

 

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

 

Please Insert Social Security or Employer

Identification Number of Assignee

 

 

 

 

Please Print or Typewrite
Name and Address

Including Postal Zip Code
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:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
  NOTICE: 

  	
   

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

  
						

 

 

THE
WALT DISNEY COMPANY

 

ADDENDUM TO MEDIUM-TERM
NOTE

Fixed Rate

 

The following provisions shall be of the same
force and effect as if set forth in the Medium-Term Note of the Walt Disney
Company to which this Addendum is attached.

 

This Note constitutes a portion of the Company’s 4.70% Global Notes due
2012, issued by the Company on the Original Issue Date specified above in the
aggregate principal amount of $750,000,000 (the “4.70% Notes”). The Company will,
subject to certain exceptions and limitations set forth below, pay to the
Holder of any 4.70% Note who is a United States Alien, as additional interest,
such amounts (“Additional Amounts”) as may be necessary in order that every net
payment on such 4.70% Note (including payment of the principal of and interest
on such 4.70% Note) by the Company or a Paying Agent, after deduction or
withholding for or on account of any present or future tax, assessment or other
governmental charge imposed upon or as a result of such payment by the United
States (or any political subdivision or taxing authority thereof or therein),
will not be less than the amount provided in such 4.70% Note to be then due and
payable; provided, however, that the foregoing obligation to pay Additional
Amounts will not apply to:

 

(a)          
any tax, assessment or other governmental charge that would not have been so
imposed but for (i) the existence of any present or former connection
between such Holder or beneficial owner of such 4.70% Note (or between a
fiduciary, settlor or beneficiary of, or a person holding a power over, such
Holder, if such Holder is an estate or a trust, or a member or shareholder of
such Holder, if such Holder is a partnership or corporation) and the United States
or any political subdivision or taxing authority thereof or therein, including,
without limitation, such Holder (or such fiduciary, settlor, beneficiary,
person holding a power, member or shareholder) being or having been a citizen
or resident of the United States or treated as a resident thereof or being or
having been engaged in a trade or business or present therein or having or
having had a permanent establishment therein or (ii) such Holder’s or
beneficial owner’s past or present status, as applicable (under prior or
current law), as a personal holding company, foreign personal holding company,
foreign private foundation or other foreign tax-exempt organization with
respect to the United States, passive foreign investment company or controlled
foreign corporation for United States tax purposes or corporation that
accumulates earnings to avoid United States Federal income tax;

 

 

(b)          
any estate, inheritance, gift, excise, sales, transfer, wealth or personal
property tax or any similar tax, assessment or other governmental charge;

 

(c)          
any tax, assessment or other governmental charge that would not have been
imposed but for the presentation by the Holder of a 4.70% Note for payment more
than 30 days after the date on which such payment became due and payable
or the date on which payment thereof was duly provided for, whichever occurred
later;

 

(d)          
any tax, assessment or other governmental charge that is payable otherwise than
by withholding from a payment on a 4.70% Note;

 

(e)          
any tax, assessment or other governmental charge required to be withheld by any
Paying Agent from a payment on a 4.70% Note, if such payment could be made
without such withholding by any other Paying Agent;

 

(f)           
any tax, assessment or other governmental charge that would not have been
imposed but for a failure to comply with applicable certification, information,
documentation, identification or other reporting requirements concerning the
nationality, residence, identity or connection with the United States of the
Holder or beneficial owner of a 4.70% Note if such compliance is required by
statute or regulation of the United States or by an applicable tax treaty to
which the United States is a party as a precondition to relief or exemption
from such tax, assessment or other governmental charge;

 

(g)          
any tax, assessment or other governmental charge imposed on a Holder that
actually or constructively owns 10 percent or more of the combined voting
power of all classes of the Company’s stock or that is a bank receiving
interest on an extension of credit made pursuant to a loan agreement entered
into in the ordinary course of its trade or business;

 

(h)          
any withholding or deduction imposed on a payment to an individual where such
withholding or deduction is required to be made pursuant to Council Directive
2003/48/EC or any other European Union Directive implementing the conclusions
of the ECOFIN Council meeting of 26th — 27th November, 2000 on the
taxation of savings income or any law implementing or complying with, or
introduced in order to conform to, such Directive; or

 

(i)           
any combination of items (a), (b), (c), (d), (e), (f), (g) and (h);

 

nor shall
Additional Amounts be paid with respect to a payment on a 4.70% Note to a
Holder that is a fiduciary or partnership or other than the 

 

2

 

sole
beneficial owner of such payment to the extent a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
would not have been entitled to Additional Amounts (or payment of Additional
Amounts would not have been necessary) had such beneficiary, settlor, member or
beneficial owner been the Holder of such 4.70% Note.

 

If (a) as a result of any change in, or
amendment to, the laws (or any regulations or rulings promulgated thereunder)
of the United States (or any political subdivision or taxing authority thereof
or therein), or any change in the official application (including a ruling by a
court of competent jurisdiction in the United States) or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes
effective on or after the Original Issue Date specified above, the Company
becomes or will become obligated to pay Additional Amounts as described above,
or (b) any act is taken by a taxing authority of the United States on or
after the Original Issue Date specified above, whether or not such act is taken
with respect to the Company or any affiliate, that results in a substantial
likelihood that the Company will or may be required to pay such Additional
Amounts, then the Company may, at its option, redeem, as a whole, but not in
part, the 4.70% Notes on not less than 30 nor more than 60 days’ prior
notice, at a redemption price equal to 100% of their principal amount, together
with interest accrued thereon to the date fixed for redemption; provided that
the Company determines, in its business judgment, that the obligation to pay
such Additional Amounts cannot be avoided by the use of reasonable measures
available to it, not including substitution of the obligor under the 4.70%
Notes or any action that would entail a material cost to the Company. No
redemption pursuant to (b) above may be made unless the Company shall have
received an opinion of independent counsel to the effect that an act taken by a
taxing authority of the United States results in a substantial likelihood that
it will or may be required to pay Additional Amounts described above and the
Company shall have delivered to the Trustee a certificate, signed by a duly
authorized officer, stating that based on such opinion the Company is entitled
to redeem the 4.70% Notes pursuant to their terms.

 

3Exhibit
10.11.17

 

EXECUTION
VERSION

 

SEVENTH AMENDMENT TO, AND WAIVER UNDER,
CREDIT AGREEMENT

 

THIS SEVENTH AMENDMENT TO, AND WAIVER UNDER, CREDIT AGREEMENT (this “Seventh
Amendment”) is made and entered into as of November 28, 2007, by and among
the financial institutions identified on the signature pages hereof (such
financial institutions, together with their respective successors and assigns,
are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), WELLS FARGO FOOTHILL, INC., a California
corporation, as arranger and administrative agent for the Lenders (in such
capacities, together with any successor arranger and administrative agent, “Agent”),
and TRC COMPANIES, INC., a Delaware corporation (the “Administrative Borrower”),
on behalf of all Borrowers.

 

WITNESSETH:

 

WHEREAS, the Administrative Borrower, the Administrative Borrower’s
Subsidiaries party thereto, the Lenders and Agent are parties to that certain
Credit Agreement, dated as of July 17, 2006 (as amended as of October 31,
2006, as of November 29, 2006, as of December 29, 2006, as of January 31, 2007,
as of July 30, 2007, and as of September 25, 2007, and as the same may be further
amended, modified, supplemented or amended and restated from time to time, the “Credit
Agreement”);

 

WHEREAS, pursuant to Section 6.16(a) of the Credit Agreement,
the Borrowers were required to achieve EBITDA of at least $12,278,000 for the
12-month period ended June 30, 2007 (the “June 2007 EBITDA Requirement”);

 

WHEREAS, the Borrowers have failed to comply with the June 2007 EBITDA
Requirement (the “June 2007 EBITDA Default”);

 

WHEREAS, pursuant to clauses (a) and (b) of Schedule 5.3 to the
Credit Agreement, as amended, with respect to the month ended June 30, 2007,
the Borrowers were required to deliver an unaudited consolidated and
consolidating balance sheet, income statement, and statement of cash flow
covering Parent’s and its Subsidiaries’ operations during such period, together
with a comparison to the Projections for such monthly period and the
corresponding monthly period of the prior fiscal year, together with a
Compliance Certificate related thereto, on or prior to October 1, 2007 (the “June
2007 Monthly Financial Statement Obligations”);

 

WHEREAS, the Borrowers have complied with such June 2007 Monthly
Financial Statement Obligations (other than with respect to the delivery of
consolidating financial statements for such period) but failed to do so on a
timely basis (the “June 2007 Monthly Financial Statement Default”);

 

WHEREAS, pursuant to clauses (a) and (b) of Schedule 5.3 to the
Credit Agreement, as amended, with respect to the month ended July 31, 2007,
the Borrowers were required to deliver an unaudited consolidated and
consolidating balance sheet, income statement, and statement of cash flow
covering Parent’s and its Subsidiaries’ operations during such period, together
with a comparison to the Projections for such monthly period and the
corresponding monthly period of

 

 

the prior fiscal year, together with a Compliance
Certificate related thereto, on or prior to October 15, 2007 (the “July 2007
Monthly Financial Statement Obligations”);

 

WHEREAS, the Borrowers have complied with such July 2007 Monthly
Financial Statement Obligations (other than with respect to the delivery of
consolidating financial statements for such period) but failed to do so on a
timely basis (the “July 2007 Monthly Financial Statement Default”);

 

WHEREAS, pursuant to clauses (a) and (b) of Schedule 5.3 to the
Credit Agreement, as amended, with respect to the month ended August 31, 2007,
the Borrowers were required to deliver an unaudited consolidated and
consolidating balance sheet, income statement, and statement of cash flow
covering Parent’s and its Subsidiaries’ operations during such period, together
with a comparison to the Projections for such monthly period and the
corresponding monthly period of the prior fiscal year, together with a
Compliance Certificate related thereto, on or prior to October 31, 2007 (the “August
31, 2007 Monthly Financial Statement Obligations”);

 

WHEREAS, the Borrowers have complied with such August 2007 Monthly
Financial Statement Obligations (other than with respect to the delivery of
consolidating financial statements for such period) but failed to do so on a
timely basis (the “August 2007 Monthly Financial Statement Default”);

 

WHEREAS, pursuant to clauses (c) and (d) of Schedule 5.3 to the
Credit Agreement, as amended, with respect to the fiscal year ended June 30,
2007, the Borrowers were required to deliver consolidated and consolidating
financial statements of Parent and its Subsidiaries for such fiscal year,
audited by independent certified public accountants reasonably acceptable to
Agent and certified, without any qualifications, by such accountants to have
been prepared in accordance with GAAP, together with a Compliance Certificate
related thereto, on or prior to October 31, 2007 (the “2007 Audited
Financial Statement Obligations”);

 

WHEREAS, the Borrowers have failed to comply with such 2007 Audited
Financial Statement Obligations (the “2007 Audited Financial Statement
Default”);

 

WHEREAS, the Borrowers were required to deliver consolidating (in
addition to consolidated) unaudited financial statements for each monthly
period since the Closing Date pursuant to clause (a) of Schedule 5.3 to the
Credit Agreement (the “Monthly Consolidating Financial Statement Obligation”);

 

WHEREAS, the Borrowers have failed to comply with such Monthly
Consolidating Financial Statement Obligation for each of the monthly periods
since the Closing Date (the “Monthly Consolidating Financial Statement
Default” and together with the June 2007 EBITDA Default, the June 2007
Monthly Financial Statement Default, July 2007 Monthly Financial Statement
Default, the August 2007 Monthly Financial Statement Default and the 2007
Audited Financial Statement Default, the “Applicable Defaults”);

 

WHEREAS, the Administrative Borrower has requested Agent and the
Lenders to waive the Applicable Defaults, and Agent and the Lenders have agreed
to do so subject to the terms and conditions set forth herein; and

 

2

 

WHEREAS, Agent, the Lenders and the Borrowers have agreed to amend the
Credit Agreement, all as herein provided subject to the terms and conditions
set forth herein;

 

NOW, THEREFORE, in consideration of the agreements and provisions herein contained, the parties hereto do
hereby agree as follows:

 

Section 1.              Definitions.  Any capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Credit
Agreement.

 

Section 2.              Waivers
Under Credit Agreement.  Subject to the satisfaction of the terms and
conditions set forth herein, Agent and the Required Lenders hereby (a) waive
the June 2007 EBITDA Default; (b) waive the June 2007 Monthly Financial
Statement Default; (c) waive the July 2007 Monthly Financial Statement Default;
(d) waive the August 2007 Monthly Financial Statement Default; (e) waive the
2007 Audited Financial Statement Default; provided that the foregoing
waiver under this clause (e) shall be rescinded and no longer effective as of December
7, 2007 if the Borrowers fail to comply with the 2007 Audited Financial
Statement Obligations on or prior to December 7, 2007; and (f) waive the
Monthly Consolidating Financial Statement Default solely with respect to the
failure of the Borrowers to deliver monthly consolidating financial statements
since the Closing Date (it being understood and agreed that the waiver pursuant
to this clause (f) does not apply to consolidated financial statements).

 

Section 3.              Amendments to the Credit Agreement.
 Subject
to the terms and conditions set forth herein, the Credit Agreement is hereby
amended, as of the Effective Date (defined below), as follows:

 

3.01.       Section
6.16(a).  Section 6.16(a) of the Credit Agreement
is hereby amended by deleting it in its entirety and inserting the following in
lieu thereof:

 

(a)           Minimum EBITDA.  Fail
to achieve EBITDA, measured on a quarterly basis, of at least the
required amount set forth in the following table for the applicable period set
forth opposite thereto:

 

	
  Applicable Amount

  	
   

  	
  Applicable Period

  
	
   

  	
   

  	
   

  
	
  $2,446,000

  	
   

  	
  For the 3 month period
  ending September 30, 2007

  
	
   

  	
   

  	
   

  
	
  $5,654,000

  	
   

  	
  For the 6 month period
  ending December 31, 2007

  
	
   

  	
   

  	
   

  
	
  $9,018,000

  	
   

  	
  For the 9 month period
  ending March 31, 2008

  
	
   

  	
   

  	
   

  
	
  $13,262,000

  	
   

  	
  For the 12 month period
  ending June 30, 2008

  
	
   

  	
   

  	
   

  
	
  An amount determined by
  Agent based on the projections delivered pursuant to Section 5.3
  satisfactory to Agent (or if Borrowers fail to timely deliver such
  projections, an amount reasonably determined by Agent but in no event less
  than $16,000,000), unless otherwise agreed to in writing by Agent, Required
  Lenders and Borrowers

  	
   

  	
  For the 12 month period 

  ending each quarter thereafter

  

 

3

 

3.02.       Section
6.19.  Section 6.19 of the Credit Agreement is
hereby amended by deleting it in its entirety and inserting the following in
lieu thereof:

 

6.19.        Liquidity.
 At any time permit the sum of Borrowers’
and their Restricted Subsidiaries’ Excess Availability plus Qualified Cash to
be less than $2,500,000; provided that this covenant shall no longer be
applicable at the time Borrowers deliver to Agent the Form 10-K annual report
for the fiscal year ended June 30, 2008 if Borrowers shall have complied with
all requirements under Section 5.3 and Schedule 5.3 for the
fiscal year ended June 30, 2008 in a timely manner.”

 

3.03.       Definition
of Base Rate Margin in Schedule 1.1.  The definition of “Base Rate Margin”
in Schedule 1.1 to the Credit Agreement is hereby amended by deleting it
in its entirety and inserting the following in lieu thereof:

 

“Base Rate Margin”
means, as of any date of determination:

 

(a)           For the period from and
including the Seventh Amendment Effective Date to but excluding the effective
date of any determination of the Base Rate Margin pursuant to clause (c) below,
2.25 percentage points per annum (the “Initial Base Rate Margin”).

 

(b)           Thereafter, so long as no
Event of Default has occurred and is continuing, the relevant Base Rate Margin
set forth in the table below that corresponds to the applicable TTM EBITDA of
Parent and its Subsidiaries set forth opposite thereto (as determined in
accordance with clause (c) below). At any time that an Event of Default has
occurred and is continuing, the “Base Rate Margin” shall be reset to the
Initial Base Rate Margin. 

 

4

 

	
  TTM EBITDA

  	
   

  	
  Base Rate Margin

  
	
   

  	
   

  	
   

  
	
  Less than or equal to
  $12,500,000

  	
   

  	
  2.25
  percentage points

  
	
   

  	
   

  	
   

  
	
  Greater than $12,500,000
  but less than or equal to $16,000,000

  	
   

  	
  1.75
  percentage points

  
	
   

  	
   

  	
   

  
	
  Greater than $16,000,000

  	
   

  	
  1.25
  percentage points

  

 

(c)           The Base Rate Margin shall
be determined from time to time pursuant to clause (b) above on the first
day of the month following the date on which Parent delivers to Agent a
quarterly Compliance Certificate in accordance with Section 5.3,
commencing with the delivery by Parent of the Compliance Certificate for the
fiscal quarter of Parent ended September 30, 2007. In the event that a
quarterly Compliance Certificate is not provided to Agent in accordance with Section
5.3, the Base Rate Margin shall be set at the Initial Base Rate Margin as
of the first day of the month following the date on which such quarterly
Compliance Certificate was required to be delivered until the date on which
such quarterly Compliance Certificate is delivered (on which date (but not
retroactively), without constituting a waiver of any Default or Event of
Default arising as a result of Parent’s and Borrowers’ failure to timely
deliver such quarterly Compliance Certificate, the Base Rate Margin shall be
set at the relevant Base Rate Margin set forth in the table above based upon
the calculation of TTM EBITDA of Parent and its Subsidiaries set forth in such
quarterly Compliance Certificate). If the aforementioned financial statements
are at any time restated or otherwise revised (including as a result of an
audit) or if the information set forth in such financial statements otherwise
proves to be false or incorrect such that the Base Rate Margin would have been
higher than was otherwise in effect during any period, without constituting a
waiver of any Default or Event of Default arising as a result thereof, interest
due under the Agreement shall immediately be recalculated at such higher rate
for any applicable periods and shall be due and payable on demand.

 

3.04.       Definition
of EBITDA in Schedule 1.1.  The definition of “EBITDA” in Schedule 1.1
to the Credit Agreement is hereby amended by deleting it in its entirety and
inserting the following in lieu thereof:

 

“EBITDA”
means, with respect to any fiscal period, Parent’s and its Subsidiaries’
consolidated net earnings (or loss), minus (a) the sum for such period of (i)
extraordinary gains and (ii) interest income (excluding interest income related
to any Exit Strategy Program), plus (b) the sum for such period of (i) interest
expenses, (ii) income taxes, (iii) depreciation and amortization, (iv)
restructuring charges incurred during the fiscal year ended June 30, 2008 in an
aggregate amount not to exceed $2,750,000, and (v) non-cash losses incurred in
connection with the Exit Strategy Program solely to the extent such losses are
reimbursable to Parent or one of its Subsidiaries under insurance policies with
AIG (or another insurer), in each case, determined on a consolidated basis in
accordance with GAAP.

 

5

 

3.05.       Definition
of LIBOR Rate Margin in Schedule 1.1.  The definition of “LIBOR Rate
Margin” in Schedule 1.1 to the Credit Agreement is hereby amended by
deleting it in its entirety and inserting the following in lieu thereof:

 

“LIBOR Rate Margin”
means, as of any date of determination:

 

(a)           For the period from and
including the Seventh Amendment Effective Date to but excluding the effective
date of any determination of the LIBOR Rate Margin pursuant to clause (c)
below, 3.25 percentage points per annum (the “Initial LIBOR Rate Margin”).

 

(b)           Thereafter, so long as no
Event of Default has occurred and is continuing, the relevant LIBOR Rate Margin
set forth in the table below that corresponds to the applicable TTM EBITDA of
Parent and its Subsidiaries set forth opposite thereto (as determined in
accordance with clause (c) below). At any time that an Event of Default has
occurred and is continuing, the “LIBOR Rate Margin” shall be reset to the
Initial LIBOR Rate Margin. 

 

	
  TTM EBITDA

  	
   

  	
  LIBOR Rate Margin

  
	
   

  	
   

  	
   

  
	
  Less than or equal to
  $12,500,000

  	
   

  	
  3.25
  percentage points

  
	
   

  	
   

  	
   

  
	
  Greater than $12,500,000
  but less than or equal to $16,000,000

  	
   

  	
  2.75
  percentage points

  
	
   

  	
   

  	
   

  
	
  Greater than $16,000,000

  	
   

  	
  2.25
  percentage points

  

 

(c)           The LIBOR Rate Margin shall
be determined from time to time pursuant to clause (b) above on the first
day of the month following the date on which Parent delivers to Agent a
quarterly Compliance Certificate in accordance with Section 5.3,
commencing with the delivery by Parent of the Compliance Certificate for the
fiscal quarter of Parent ended September 30, 2007. In the event that a
quarterly Compliance Certificate is not provided to Agent in accordance with Section
5.3, the LIBOR Rate Margin shall be set at the Initial LIBOR Rate Margin as
of the first day of the month following the date on which such quarterly
Compliance Certificate was required to be delivered until the date on which
such quarterly Compliance Certificate is delivered (on which date (but not
retroactively), without constituting a waiver of any Default or Event of
Default arising as a result of Parent’s and Borrowers’ failure to timely
deliver such quarterly Compliance Certificate, the LIBOR Rate Margin shall be
set at the relevant LIBOR Rate Margin set forth in the table above based upon
the calculation of TTM EBITDA of Parent and its Subsidiaries set forth in such
quarterly Compliance Certificate). If the aforementioned financial statements
are at any time restated or otherwise revised (including as a result of an
audit) or if the information set forth in such financial statements otherwise
proves to be false or incorrect such that the LIBOR Rate Margin would have been
higher than was

 

6

 

otherwise
in effect during any period, without constituting a waiver of any Default or
Event of Default arising as a result thereof, interest due under the Agreement
shall immediately be recalculated at such higher rate for any applicable
periods and shall be due and payable on demand.

 

3.06.       Definition
of Seventh Amendment Effective Date in Schedule 1.1.  Schedule
1.1 to the Credit Agreement is hereby amended by adding the following
definition in proper alphabetical order:

 

“Seventh
Amendment Effective Date” means the “Effective Date” under the Seventh
Amendment to, and Waiver under, Credit Agreement dated as of November 28, 2007,
among the Administrative Borrower, Agent and the Lenders party thereto.

 

3.07.       Definition
of TTM EBITDA in Schedule 1.1.
 Schedule 1.1 to the Credit
Agreement is hereby amended by adding the following definition in proper
alphabetical order:

 

“TTM EBITDA”
means, as of any date of determination, EBITDA of Parent and its Subsidiaries
determined on a consolidated basis in accordance with GAAP, for the 12 month
period most recently ended.

 

3.08.       Schedule
5.3.  Schedule 5.3 to the Credit Agreement is
hereby amended as follows:

 

(a)           The left hand column in
the first row of the table in Schedule 5.3 to the Credit Agreement relating
to monthly financial statements is hereby deleted in its entirety and replaced
with the following: “as soon as available, but in any event within 40 days (45
days in the case of a month that is the end of one of Parent’s fiscal quarters)
after the end of each month during each of Parent’s fiscal years; provided,
that (x) with respect to the month ended September 30, 2007, Borrowers shall
deliver the required information and documents to Agent on or prior to December
14, 2007, and (y) with respect to the month ended October 31, 2007, Borrowers
shall deliver the required information and documents to Agent on or prior to
December 24, 2007”;

 

(b)           Clause (a) in the right
hand column in the first row of the table in Schedule 5.3 to the Credit
Agreement relating to monthly financial statements is hereby amended by
deleting the words “and consolidating” in the first line thereof; and

 

(c)           The left hand column in
the second row of the table in Schedule 5.3 to the Credit Agreement relating
to annual audited financial statements is hereby deleted in its entirety and
replaced with the following: “as soon as available, but in any event within 90
days after the end of each of Parent’s fiscal years; provided that with
respect to the fiscal year ended June 30, 2007, Borrowers shall deliver the
required information and documents to Agent on or prior to December 7, 2007”.

 

Section 4.              Representations
and Warranties.  In
order to induce Agent and the Lenders to enter into this Seventh Amendment, the
Administrative Borrower, for itself and on behalf of all of the other
Borrowers, hereby represents and warrants that:

 

7

 

4.01.       No
Default.  At
and as of the date of this Seventh Amendment and at and as of the Effective
Date and both prior to (other than with respect to the Applicable Defaults) and
after giving effect to this Seventh Amendment, no Default or Event of Default
exists and is continuing.

 

4.02.       Representations
and Warranties True and Correct.
 At and as of the date of this Seventh Amendment and both prior to (other
than with respect to the Applicable Defaults) and after giving effect to this Seventh
Amendment, each of the representations and warranties contained in the Credit
Agreement and other Loan Documents is true and correct in all material
respects.

 

4.03.       Corporate
Power, Etc.  Administrative Borrower (a) has all requisite
corporate power and authority to execute and deliver this Seventh Amendment and
to consummate the transactions contemplated hereby for itself and, in the case
of Administrative Borrower, on behalf of all of the other Borrowers, and (b)
has taken all action, corporate or otherwise, necessary to authorize the
execution and delivery of this Seventh Amendment and the consummation of the
transactions contemplated hereby for itself and, in the case of Administrative
Borrower, on behalf of all of the other Borrowers.

 

4.04.       No
Conflict.  The
execution, delivery and performance by Administrative Borrower (on behalf of
itself and all of the other Borrowers) of this Seventh Amendment will not (a)
violate any provision of federal, state, or local law or regulation applicable
to any Borrower, the Governing Documents of any Borrower, or any order,
judgment or decree of any court or other Governmental Authority binding on any
Borrower, (b) conflict with or result in any breach of, or constitute (with due
notice or lapse of time or both) a default under any material contractual
obligation of any Borrower, (c) result in or require the creation or imposition
of any Lien of any nature whatsoever upon any properties or assets of any
Borrower, other than Permitted Liens, or (d) require any approval of any Borrower’s
interestholders or any approval or consent of any Person under any material
contractual obligation of any Borrower, other than consents or approvals that
have been obtained and that are still in force and effect.

 

4.05.       Binding
Effect.  This
Seventh Amendment has been duly executed and delivered by the Administrative
Borrower (on behalf of itself and all of the other Borrowers) and constitutes
the legal, valid and binding obligation of the Administrative Borrower (on
behalf of itself and all of the other Borrowers), enforceable against the
Administrative Borrower (on behalf of itself and all of the other Borrowers) in
accordance with its terms, except as such enforceability may be limited by (a)
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws, now or hereafter in effect, relating to or affecting the enforcement of
creditors’ rights generally, and (b) the application of general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

Section 5.              Conditions.  This Seventh Amendment shall be effective upon
the fulfillment by the Borrowers, in a manner satisfactory to Agent and the
Lenders, of all of the following conditions precedent set forth in this Section 5
(such date, the “Effective Date”):

 

8

 

5.01.       Execution
of the Seventh Amendment.  Each
of the parties hereto shall have executed an original counterpart of this Seventh
Amendment and shall have delivered (including by way of telefacsimile or
electronic mail) the same to Agent.

 

5.02.       Amendment
Fee.  Borrowers shall have paid to Agent, for
the ratable benefit of the Lenders, in immediately available funds an amendment
fee equal to $75,000.

 

5.03.       Representations
and Warranties.  As
of the Effective Date, the representations and warranties set forth in Section 4
hereof shall be true and correct.

 

5.04.       Compliance with Terms.  Borrowers shall have complied in all respects
with the terms hereof and of any other agreement, document, instrument or other
writing to be delivered by Borrowers in connection herewith.

 

5.05.       Delivery of Other Documents.
 Agent shall have received all other instruments, documents and agreements
as Agent may reasonably request, in form and substance reasonably satisfactory
to Agent.

 

Section 6.              Miscellaneous.

 

6.01.       Continuing
Effect.  Except
as specifically provided herein, the Credit Agreement and the other Loan
Documents shall remain in full force and effect in accordance with their
respective terms and are hereby ratified and confirmed in all respects.

 

6.02.       No
Waiver; Reservation of Rights.  This
Seventh Amendment is limited as specified and the execution, delivery and
effectiveness of this Seventh Amendment shall not operate as a modification,
acceptance or waiver of any provision of the Credit Agreement, or any other
Loan Document, except as specifically set forth herein. Notwithstanding
anything contained in this Seventh Amendment to the contrary, Agent and the
Lenders expressly reserve the right to exercise any and all of their rights and
remedies under the Credit Agreement, any other Loan Document and applicable law
in respect of any Default or Event of Default.

 

6.03.       References.

 

(a)           From and
after the Effective Date, (i) the
Credit Agreement, the other Loan Documents and all agreements, instruments and
documents executed and delivered in connection with any of the foregoing shall
each be deemed amended hereby to the extent necessary, if any, to give effect
to the provisions of this Seventh Amendment and (ii) all of the terms and
provisions of this Seventh Amendment are hereby incorporated by reference into
the Credit Agreement, as applicable, as if such terms and provisions were set
forth in full therein, as applicable.

 

(b)           From and
after the Effective Date, (i) all references in the Credit Agreement to “this
Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring
to the Credit Agreement shall mean the Credit Agreement as amended hereby and
(ii) all references in the Credit Agreement, the other Loan Documents or any
other agreement, instrument or document executed and delivered in connection
therewith to “Credit Agreement”,

 

9

 

“thereto”, “thereof”,
“thereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended hereby.

 

6.04.       Governing
Law.  THIS
SEVENTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

 

6.05.       Severability.  The provisions of this Seventh Amendment are
severable, and if any clause or provision shall be held invalid or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction and shall not in any manner affect such clause or
provision in any other jurisdiction, or any other clause or provision in this Seventh
Amendment in any jurisdiction.

 

6.06.       Counterparts.  This Seventh Amendment may be executed in any
number of counterparts, each of which counterparts when executed and delivered
shall be an original, but all of which shall together constitute one and the
same instrument. Delivery of an executed counterpart of this Seventh Amendment
by telefacsimile or electronic mail shall be equally effective as delivery of a
manually executed counterpart. A complete set of counterparts shall be lodged
with the Administrative Borrower, Agent and each Lender.

 

6.07.       Headings.  Section headings in this Seventh Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Seventh Amendment for any other purpose.

 

6.08.       Binding
Effect; Assignment.  This
Seventh Amendment shall be binding upon and inure to the benefit of Borrowers,
Agent and the Lenders and their respective successors and assigns; provided,
however, that the rights and obligations of Borrowers under this Seventh
Amendment shall not be assigned or delegated without the prior written consent
of Agent and the Lenders.

 

6.09.       Expenses.  Borrowers agree to pay Agent upon demand, for all
reasonable expenses, including reasonable fees of attorneys and paralegals for
Agent and the Lenders (who may be employees of Agent or the Lenders), incurred
by Agent and the Lenders in connection with the preparation, negotiation and
execution of this Seventh Amendment and any document required to be furnished
herewith.

 

6.10.       Integration.  This Seventh
Amendment, together with the other Loan Documents, incorporates all negotiations
of the parties hereto with respect to the subject matter hereof and is the
final expression and agreement of the parties hereto with respect to the
subject matter hereof.

 

[Signature page follows]

 

10

 

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

 

 

	
   

  	
  ADMINISTRATIVE
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  TRC COMPANIES, INC., a Delaware

  corporation, as Administrative Borrower, on

  behalf of itself and all other Borrowers

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Martin H. Dodd

  	
   

  
	
   

  	
  Name:

  	
  Martin H. Dodd

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT AND LENDERS:

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO
  FOOTHILL, INC.,
 as Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Jason P. Shanahan

  	
   

  
	
   

  	
  Name:

  	
  Jason P.
  Shanahan

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TEXTRON FINANCIAL

  CORPORATION,
 as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Chris Grivakis

  	
   

  
	
   

  	
  Name:

  	
  Chris Grivakis

  	
   

  
	
   

  	
  Title:

  	
  Senior Account
  Executive

  	
   

  
						

 

 

[SIGNATURE PAGE OF SEVENTH AMENDMENT]

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