Document:

EX-10.101

Exhibit 10.101

AMENDMENT NO. 1

TO

AMENDED AND RESTATED CREDIT AGREEMENT

AMENDMENT NO. 1 dated as of September 30, 2005 to the Amended and Restated Credit Agreement
dated as of September 29, 2004 (as amended and restated, the “Credit Agreement”) among RailAmerica,
Inc., a Delaware corporation (“Holdings”), Palm Beach Rail Holding, Inc., a Delaware corporation
(“Intermediate Holdings”), RailAmerica Transportation Corp., a Delaware corporation (the
“Company”), RailAmerica Canada Corp., RaiLink Canada Ltd., the Lenders referred to therein (the
“Lenders”), UBS AG, Stamford Branch, as Administrative Agent (the “Administrative Agent”) and The
Bank of Nova Scotia, as Collateral Agent for the Lenders (the “Collateral Agent”).

RECITALS:

The Company has advised the Lenders that it wishes to undertake the Alcoa Railroad Acquisition
referred to below. To permit it to consummate the Alcoa Railroad Acquisition, the Company (i)
wishes to borrow Alcoa Additional Term Loans (as defined in the Credit Agreement) in the principal
amount of $75,000,000, the proceeds of which will be applied to fund the Alcoa Railroad Acquisition
and pay fees and expenses in connection therewith, and which Alcoa Additional Term Loans will
become a U.S. Term Loan (as defined in the Credit Agreement) in a single tranche with existing U.S.
Term Loans and (ii) has requested the Lenders to effect certain other amendments to the Credit
Agreement. The Lenders party hereto are willing to agree to such amendments on and subject to the
terms and conditions set forth herein.

The parties hereto therefore agree as follows:

SECTION 1 . Definitions. Unless otherwise specifically defined in the recitals above, each
term used herein which is defined in the Credit Agreement shall have the meaning assigned to such
term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and
each other similar reference and each reference to “this Agreement” and each other similar
reference contained in the Credit Agreement shall, on and after the effectiveness of this
Amendment, refer to the Credit Agreement as amended hereby.

SECTION 2 . Amendment to Definitions.

(a) The definitions of the following terms set forth in Section 1.1 of the Credit Agreement
are hereby amended to read in full as follows:

“Commitment” means, as the context may require, (i) a Lender’s Term Loan Commitment,
Revolving Loan Commitment, Letter of Credit Commitment or the Alcoa Additional Term Loan
Commitment or (ii) the Swing Line Lender’s Swing Line Loan Commitment.

“Commitment Amount” means, as the context may require, the U.S. Term Loan Commitment
Amount, the U.S. Revolving Loan Commitment Amount, the Canadian Term Loan Commitment
Amount, the Canadian Revolving Loan Commitment Amount, the Letter of Credit Commitment
Amount, the Swing Line Loan Commitment Amount or the Alcoa Additional Term Loan Commitment
Amount.

“Term Loan Commitment” means, relative to any Lender, such Lender’s obligation (if
any) to make Term Loans pursuant to Section 2.1.3(a); provided that each Lender with a
Term Loan Percentage shall be obligated to make Term Loans (other than Alcoa Additional
Term Loans or any Other Additional Term Loans) up to a percentage of the U.S. Term Loan
Commitment Amount and the Canadian Term Loan Commitment Amount which, in each case, is
equal to such Lender’s percentage of the aggregate Term Loans (other than the Alcoa
Additional Term Loans and any Other Additional Term Loans).

“type” means (i) relative to any Loan, the portion thereof, if any, being maintained
as a Base Rate Loan or a LIBO Rate Loan, (ii) in the case of Term Loans, made or being
maintained as U.S. Term Loans (including Alcoa Additional Term Loans), Canadian Term Loans
or Other Additional Term Loans (if any) and (iii) in the case of Revolving Loans, made or
being maintained as U.S. Revolving Loans or Canadian Revolving Loans.

“U.S. Term Loans” has the meaning set forth in Section 2.1.3(a).

(b) New Definitions. Section 1.1 of the Credit Agreement is hereby amended by adding, in
appropriate alphabetical order, the following definitions:

“Alcoa Additional Term Loan Commitment” means, relative to any Lender, such Lender’s
obligation (if any) to make an Alcoa Additional Term Loan pursuant to Section 2.1.3(c)

“Alcoa Additional Term Loan Commitment Amount” means $75,000,000.

“Alcoa Additional Term Loans” is defined in Section 2.1.3(c).

“Alcoa Railroad Acquisition” means the acquisition by the Company and/or one or more
of its Subsidiaries of the Alcoa Railroads pursuant to the Alcoa Railroad Acquisition
Agreement.

“Alcoa Railroad Acquisition Agreement” means the Stock Purchase Agreement made and
entered into as of September 30, 2005 by and among Alcoa Inc., a Pennsylvania corporation,
certain other shareholders referred to therein and the Company, as “Purchaser”, as in
effect on the date hereof.

“Alcoa Railroads” means the “Railroads” as defined in the Alcoa Railroad Acquisition
Agreement.

“Amendment No. 1” means Amendment No. 1 to this Agreement dated as of September 30,
2005.

“Amendment No. 1 Effective Date” means September 30, 2005.

“Other Additional Term Loans” is defined in clause (a) of Section 7.2.2.

SECTION 3 . Certain Amendments Relating to Alcoa Additional Term Loans.

(a) References to “U.S. Term Loans”. Section 2.1.3 of the Credit Agreement is amended by
adding, immediately after the words “shall refer to such U.S. Term Loans and Canadian Term Loans
made on the Amendment Effective Date” in clause (a) thereof, the following parenthetical phrase:

(and, in the case of U.S. Term Loans, additional U.S. Term Loans made as Alcoa Additional
Term Loans on the Amendment No. 1 Effective Date)

(b) Commitment to Make Additional Term Loans. Section 2.1.3 of the Credit Agreement is
amended by relettering clause (c) thereof as clause (d), and relettering clause (d) thereof as
clause (e) and inserting the following as a new clause (c) thereof:

(c) In a single Borrowing occurring on the Amendment No. 1 Effective Date, each
Lender that has an Alcoa Additional Term Loan Commitment agrees that it will make a loan
to the Company (relative to such Lender, its “Alcoa Additional Term Loan”; and
together with the Amendment Effective Date U.S. Term Loans (in a single tranche), the
“U.S. Term Loans”) in a principal amount equal to the amount set forth opposite
each such Lender’s name on Schedule II-B hereto.

(c) Interest Period Adjustments. Section 2.1.3 of the Credit Agreement is amended by
inserting at the end thereof a new clause (f) to read in full as follows:

(f) Notwithstanding anything to the contrary in the definition of Interest Period or
elsewhere herein, all Interest Periods for U.S. Term Loans in existence immediately before
the Amendment No. 1 Effective Date shall end on (but exclude) the Amendment No. 1
Effective Date and a new Interest Period for U.S. Term Loans (including U.S. Term Loans
made as Alcoa Additional Term Loans on the Amendment No. 1 Effective Date) shall begin on
(and include) the Amendment No. 1 Effective Date. In the event any Lender shall incur any
loss or expense resulting from such Interest Period termination, such Lender shall be
reimbursed in accordance with the terms of Section 4.4 herein.

(c) Repayments and Prepayments. Section 3.1.1 of the Credit Agreement is amended by (i)
replacing the percentage in the “Term Loan Stated Maturity Date” row and “U.S. Term Loans” column
of the table in clause (c) thereof with the phrase “aggregate outstanding principal amount” and
(ii) inserting, immediately after the words “the aggregate principal amount of U.S. Term Loans or
Canadian Term Loans (as applicable) immediately after the Borrowing to occur on the Amendment
Effective Date” in clause (c) thereof, the following parenthetical phrase:

(or, in the case of any such payment of U.S. Term Loans after the end of 2005, the
aggregate principal amount of U.S. Term Loans, including Alcoa Additional Term Loans,
immediately after giving effect to the making of Alcoa Additional Term Loans on the
Amendment No. 1 Effective Date)

SECTION 4 . Certain Conforming Changes To Accommodate Additional Term Loans.

(a) Section 2.1.4 of the Credit Agreement is amended by: (i) inserting immediately after the
phrase “all Term Loans” in clause (c) thereof the phrase “(other than Additional Term Loans)”; (ii)
replacing the period at the end of clause (d)(ii) thereof with the expression “; and” and (iii)
inserting at the end thereof a new clause (e) to read in full as follows:

(e) the Alcoa Additional Term Loans

(i) of all Lenders made on the Amendment No. 1 Effective Date would exceed the Alcoa
Additional Term Loan Commitment Amount; or

(ii) of any such Lender with an Alcoa Additional Term Loan Commitment made on the
Amendment No. 1 Effective Date would exceed the amount set forth opposite each such
Lender’s name on Schedule II-B hereto.

(b) Section 2.3.1 of the Credit Agreement is amended by inserting immediately after the
parenthetical “(other than any Additional Term Loans)” the expression “, or the Amendment No. 1
Effective Date in the case of Alcoa Additional Term Loans”.

(c) Section 2.7 of the Credit Agreement is hereby amended by inserting immediately after the
phrase “a U.S. Term Note” in clause (c) thereof the expression “,an amended U.S. Term Note
reflecting such Lender’s Alcoa Additional Term Loan Commitment, if any,”.

(d) Schedules. Schedule II of the Credit Agreement is hereby amended by adding immediately to
the right of the column entitled “Term Loan Commitment” the column contained hereto in the form of
Schedule II-B to Amendment No. 1.

SECTION 5 . Amendments to Covenants.

(a) Confirmation of Existing Mortgages and Execution of New Mortgages. The heading for
Section 7.1.8 of the Credit Agreement is modified to read “Modification of Mortgages; Execution of
Certain Additional Mortgages”, and new text is added to the end of the existing text of Section
7.1.8 to read in full as follows:

Within 90 days after the Amendment No. 1 Effective Date, the Company will deliver to the
Administrative Agent, with respect to each of the Mortgages in effect immediately prior to
the Amendment No. 1 Effective Date, either (i) confirmation from counsel (in the form of
an opinion of counsel or otherwise) reasonably satisfactory to the Administrative Agent
that no amendment or supplement to such Mortgage is necessary to ensure its continued
enforceability and the continued creation and perfection of the security interest created
thereby in support of the Obligations to the same extent as before giving effect to
Amendment No. 1 or (ii) counterparts of a modification to each Mortgage duly executed by
the applicable Borrower and/or the applicable Subsidiary Guarantor, together with evidence
of (x) the completion of all recordings and filings as may be necessary or desirable to
confirm and extend the lien of such Mortgage (or other arrangements reasonably
satisfactory to the Administrative Agent) and (y) payment of mortgage recording or similar
taxes and charges, and an opinion of local counsel in form and substance reasonably
satisfactory to the Administrative Agent, including as to the enforceability of such
Mortgage, as amended. Within 30 days after the Amendment No. 1 Effective Date, the
Company will deliver to the Administrative Agent a duly executed Mortgage with respect to
each of the properties referred to on Schedule I to Amendment No. 1, together with (x)
UCC-1 financing statements with respect to fixtures and personal property thereon, (y)
evidence of (A) the completion of all recordings and filings as may be necessary or
desirable to confirm and extend the lien of such Mortgage (or other arrangements
reasonably satisfactory to the Administrative Agent) and (B) payment of mortgage recording
or similar taxes and charges and (z) an opinion of counsel with respect to each such
Mortgage in form and substance reasonably satisfactory to the Administrative Agent.

(b) Indebtedness. Clause (a) of Section 7.2.2 of the Credit Agreement is amended to read in
full as follows:

(a) Indebtedness in respect of the Obligations (including the Alcoa Additional Term
Loans) and, in addition to the Alcoa Additional Term Loans, up to $25,000,000 aggregate
principal amount of additional term loans under this Agreement, either as additional Term
Loans or another tranche of term loans (such loans, the “Other Additional Term
Loans”; and together with the Alcoa Additional Term Loans, the “Additional Term
Loans”), to the Company, provided that (i) the Administrative Agent and the Lead
Arranger consent to such borrowing of Other Additional Term Loans, (ii) one borrowing of
Other Additional Term Loans may be made and no Default exists at the time of such
borrowing, (iii) all financial covenants in Section 7.2.4 are satisfied on a pro forma
basis on the date of such borrowing and for the then most recent determination period
after giving effect to such Other Additional Term Loans and any acquisition funded in
whole or in part by such Other Additional Term Loans, (iv) the Other Additional Term Loans
do not mature or require any amortization payments prior to the Stated Maturity Date of
the existing Term Loans (other than de minimis amortization payments similar to those of
the existing Term Loans) and are otherwise no more than pari passu with the Term Loans
with respect to mandatory prepayments and other payment rights, (v) the Company seeks
commitments for the Other Additional Term Loans first from existing Lenders (each of which
may agree or decline to participate in its sole discretion) and, thereafter if necessary,
additional financial institutions, (vi) this Agreement and the other Loan Documents are
amended as necessary to provide fully for such Other Additional Term Loans and the Lenders
thereof by amendments satisfactory to each Obligor, the Required Lenders and the
Administrative Agent and (vii) all conditions precedent to such borrowing (including
compliance with the Senior Leverage Ratio in Section 7.2.4(b) hereof) set forth in this
Agreement as so amended are satisfied or waived by the Lenders;

(c) Financial Covenants. Section 7.2.4 of the Credit Agreement is hereby amended by restating
clause (a) and (b) thereof in full as follows:

(a) The Company and the Restricted Subsidiaries will not permit the Leverage Ratio as
of the last day of any Fiscal Quarter to be greater than 4.75:1.0.

(b) So long as any Additional Term Loans (including without limitation the Alcoa
Additional Term Loans) are outstanding, the Company and the Restricted Subsidiaries will
not permit the Senior Leverage Ratio as of the last day of any Fiscal Quarter occurring
during any period set forth below to be greater than the ratio set forth opposite such
period:

	 	 	 
	Period_____	 	Senior Leverage Ratio
	7/1/05 – 6/30/06

	 	4.75:1.0
	 
	 	 
	7/1/06 – 12/31/07

	 	4.50:1.0
	 
	 	 
	1/1/08 – 12/31/08

	 	4.25:1.0
	 
	 	 
	1/1/09 – thereafter

	 	3.75:1.0

(d) Investments. Section 7.2.5(g) of the Credit Agreement is amended to read in full as
follows:

(g) Investments by the Company or any Restricted Subsidiary by way of the
acquisition of Capital Stock constituting Permitted Acquisitions in an amount not to
exceed $80,000,000 in any one transaction, but in any event not to exceed $300,000,000 for
all such Permitted Acquisitions (excluding from such calculation the Alcoa Railroad
Acquisition) over the term of this Agreement; provided that (i) such Investments shall
result in the acquisition of a wholly owned Subsidiary and (ii) upon making such
Investments, the provisions of Section 7.1.9 are complied with;

SECTION 6 . Conditions To Extension of Credit. Article 5 is amended by inserting at the end
thereof the following section:

Section 5.3. Extension of Credit for Alcoa Additional Term Loan. The obligations of
the Lenders to fund a Credit Extension in respect of the Alcoa Additional Term Loans shall
be subject to the satisfaction of each of the conditions precedent set forth below:

Section 5.3.1. Notes. The Agents shall have received, for the account of
each Lender with an Alcoa Additional Term Loan Commitment that has requested an amended
U.S. Term Note in writing two Business Days prior to the Amendment No. 1 Effective Date,
such Lender’s amended U.S. Term Note duly executed and delivered by an Authorized Officer
of the Company.

Section 5.3.2. Closing Fees and Expenses. The Agents shall have received
for their respective accounts, or for the account of each Lender, as the case may be, all
fees, costs and expenses due and payable pursuant to Sections 3.3 and 11.3, to the extent
then invoiced.

Section 5.3.3. Financial Information; No Material Adverse Change. (a) The
Agents shall have received, with counterparts for each Lender,

(i) a Compliance Certificate from Holdings for the period of four full
Fiscal Quarters immediately preceding the Alcoa Railroad Acquisition (prepared in
good faith and in a manner and using such methodology which is consistent with
the most recent financial statements delivered pursuant to Section 7.1.1) giving
pro forma effect to the consummation of the Alcoa Railroad Acquisition and
evidencing compliance with the covenants set forth in Section 7.2.4;

(ii) the pro forma consolidated balance sheets and statements of income and
cash flows for Holdings, as well as the pro forma levels of EBITDA and other
operating data, for the fiscal year ending December 31, 2004 and pro forma
statements of income for Holdings for each fiscal quarter of the fiscal year in
which the Amendment No. 1 Effective Date occurs and for the comparable periods of
the preceding fiscal year, after giving effect to the transactions contemplated
by Amendment No. 1, and

(iii) projected consolidated financial statements (including balance sheets
and statements of income, stockholders’ equity and cash flows) of Holdings and
its Restricted Subsidiaries for the five-year period following the first
Anniversary of the Amendment No. 1 Effective Date satisfactory in form and
substance to the Agents.

(b) Since December 31, 2004, there shall not have been any material adverse change
in the business, assets, condition (financial or otherwise), operations, performance,
properties, Projections or prospects of Holdings, Intermediate Holdings, the Company and
the Restricted Subsidiaries, taken as a whole.

(c) The Agents shall have received a certificate duly executed and delivered by the
chief financial officer of each of Holdings, Intermediate Holdings and the Company, dated
the date of the Amendment No. 1 Effective Date, in the form of the Amendment Effective
Date Certificate with such modifications thereto as the Agents may deem appropriate to
reflect the transactions contemplated on the Amendment No. 1 Effective Date.

Section 5.3.4. Opinions of Counsel. The Agents shall have received an
opinion, dated the Amendment No. 1 Effective Date and addressed to the Agents and all of
the Lenders, from Shutts & Bowen LLP, counsel to the Obligors, in form and substance
satisfactory to the Administrative Agent.

Section 5.3.5. Collateral Documents. The Agents shall have received duly
executed counterparts of a supplement to the U.S. Guaranty and Security Agreement pursuant
to which each Alcoa Railroad becomes a Domestic Subsidiary Guarantor party to the U.S.
Guaranty and Security Agreement, together with (a) the certificates evidencing all of the
issued and outstanding shares of Capital Stock pledged pursuant to the U.S. Guarantee and
Security Agreement, which certificates shall in each case be accompanied by undated powers
of transfer duly executed in blank and such other instruments and documents as the Agents
shall deem necessary or, in the reasonable opinion of the Agents, desirable under
applicable law to perfect the security interest of the Collateral Agent in such shares of
Capital Stock and (b) UCC-1 financing statements in form acceptable to the Collateral
Agent for filing to perfect the security interests of the Collateral Agent therein to the
extent such security interest may be perfected by a filing of such a financing statement.

Section 5.3.6. Litigation. There shall exist no pending or threatened
action, suit, investigation, litigation or proceeding in any court or before any
arbitrator or Governmental Authority which (x) purports to affect the consummation of the
transactions contemplated by Amendment No. 1 or the legality or validity of the Credit
Agreement, any other Loan Document or any Material Document or (y) could reasonably be
expected to have a Material Adverse Effect.

Section 5.3.7. Acquisition. The Alcoa Railroad Acquisition shall be
consummated substantially simultaneously with the borrowing of Alcoa Additional Term
Loans, and on terms, and with an ownership, corporate, legal, tax, management and capital
structure, reasonably satisfactory to the Administrative Agent in all respects.

Section 5.3.8. Approvals. All governmental, shareholder and third party
consents and approvals necessary or desirable in connection with the execution and
delivery of Amendment No. 1 and the Loan Documents to be delivered in connection therewith
by the Obligors and the performance of their obligations thereunder and hereunder shall
have been duly obtained and all applicable waiting periods shall have expired, without any
action being taken by any competent authority that could restrain, prevent or impose any
materially adverse conditions on the execution and delivery of such documents by the
Obligors and the performance of their Obligations thereunder and hereunder, and no such
law or regulation shall be applicable which in the judgment of the Collateral or
Administrative Agent could have any such effect.

Section 5.3.9. Borrowing Request. The Administrative Agent shall have
received a Borrowing Request from the Company in respect of the Alcoa Additional Term
Loans.

SECTION 7 . Representations and Warranties. The Company represents and warrants that (i) the
representations and warranties set forth in Article 6 of the Credit Agreement will be true and
correct as of the Amendment No. 1 Effective Date and (ii) no Default will have occurred and be
continuing on such date.

SECTION 8 . Miscellaneous.

(a) Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of New York.

(b) Effectiveness. This Amendment may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument, and shall become effective on the date when the following conditions are met:

(i) the Administrative Agent shall have received duly executed counterparts hereof
signed by Holdings, Intermediate Holdings, the Borrowers and the Required Lenders and each
Lender with an Alcoa Additional Term Loan Commitment (or, in the case of any such party as
to which an executed counterpart or consent shall not have been received, the
Administrative Agent shall have received telegraphic, telex or other written confirmation
from such party of execution of a counterpart hereof or consent hereto by such party);

(ii) the conditions set forth in Section 5.3 of the Credit Agreement (as amended
hereby) shall have been satisfied; and

(iii) the Alcoa Railroad Acquisition shall each close simultaneously with the
effectiveness of this Amendment.

1

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

	 	 	 	RAILAMERICA, INC.

	 	 	 	By: _/s/ Larry W. Bush     

Name: Larry W. Bush

Title: Vice President and Treasurer

	 	 	 	PALM BEACH RAIL HOLDING, INC.

	 	 	 	By: _/s/ Larry W. Bush     

	 	 	 	Name:Larry W. Bush

Title: Vice President and Treasurer

	 	 	 	RAILAMERICA TRANSPORTATION CORP.

	 	 	 	By: _/s/ Larry W. Bush     

Name: Larry W. Bush

Title: Vice President and Treasurer

	 	 	 	RAILAMERICA CANADA CORP.

	 	 	 	By: _/s/ Larry W. Bush     

Name: Larry W. Bush

Title: Vice President and Treasurer

2

	 	 	 	RAILINK CANADA LTD.

	 	 	 	By: _/s/ Larry W. Bush     

Name: Larry W. Bush

Title: Vice President and Treasurer

3

	 	 	 	UBS AG, STAMFORD BRANCH, as Administrative Agent

	 	 	 	By: /s/ Wilfred V. Saint     

Name: Wilfred V. Saint

Title: Director Banking Products Services, U.S.

	 	 	 	By: /s/ Joselin Fernandes     

Name: Joselin Fernandes

Title: Associate Director Banking Products Services, U.S.

4

SCHEDULE I

AMENDMENT NO. 1 EFFECTIVE DATE MORTGAGES

5

SCHEDULE II-B

ALCOA ADDITIONAL TERM LOAN COMMITMENTS

	 	 	 
	
 
	 	Alco Additional

Term Loan

Commitment
	
 
	 	 
	UBS AG, Stamford Branch

677 Washington Blvd.

Stamford, CT 06901

	 	

100%
	 
	 	 

6EX-10.1

AMENDMENT NO. 1

AMENDMENT NO. 1 dated as of October 3, 2005 among The Shaw Group Inc. (the
“Borrower”), the subsidiaries of the Borrower listed on the signature pages hereto as
“Guarantors” and BNP Paribas, as administrative agent (in such capacity, the “Agent”)
pursuant to authority granted by the Required Lenders.

The Borrower, the “Guarantors” party thereto, the “Lenders” party thereto and the Agent are
parties to a Credit Agreement dated as of April 25, 2005 (as modified and supplemented and in
effect from time to time, the “Credit Agreement”), providing, subject to the terms and
conditions thereof, for extensions of credit (by means of loans and letters of credit) to be made
by said lenders to the Borrower in an aggregate principal or face amount not exceeding
$450,000,000, and the parties hereto now desire to increase such amount from the aforesaid
$450,000,000 to $550,000,000.

The parties hereto also wish to amend the Credit Agreement in certain other respects and the
Security Agreement as hereinafter set forth and accordingly hereby agree as follows:

Section 1. Definitions. Except as otherwise defined in this Amendment No. 1, terms
defined in the Credit Agreement are used herein as defined therein.

Section 2. Amendments. Subject to the satisfaction of the conditions precedent
specified in Section 5 below, but effective as of the date hereof, the Credit Agreement, or the
Security Agreement, as the case may be, shall be amended as follows:

2.01. References Generally. References in the Credit Agreement (including references
to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit
Agreement as amended hereby.

2.02. Recitals. The reference in the second paragraph of the recitals to the Credit
Agreement to “$450,000,000” shall be replaced by “$550,000,000”.

2.03. Definitions. Article I of the Credit Agreement shall be amended by amending the
following definitions (to the extent already included in said Article I and adding the following
definitions in the appropriate alphabetical location (to the extent not already included in said
Article I):

“Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of
the Outstanding Credit Exposure of all the Lenders (including the Swing Line Lender);
provided that solely for purposes of determining whether the Aggregate Outstanding Credit
Exposure exceeds the Borrowing Base at any time, the Aggregate Outstanding Credit Exposure
shall be deemed reduced by 50% of the aggregate undrawn stated amount under all Performance
Letters of Credit at such time.

“Aggregate Revolving Credit and Financial LC Commitment” means $325,000,000.

“Facility LC Commitment” means the commitment of each Lender to participate in
Facility LCs issued by an Issuer in the amount not exceeding that set forth opposite its
signature below or on its Lender Addendum or as set forth in any assignment executed
pursuant to Section 12.3.1, as modified from time to time pursuant to the terms
hereof. In the case of any Lender that executes and delivers a Lender Addendum, the amount
of its Facility LC Commitment as set forth therein shall supersede the amount of its
Facility LC Commitment theretofore in effect.

“Lenders” means the lending institutions listed on the signature pages of this
Agreement and their respective successors and assigns, and the lending institutions
executing a Lender Addendum and their respective successors and assigns.

“Lender Addendum” means a Lender Addendum, substantially in the form of
Exhibit H, accepted and agreed to by the Borrower and the Agent, pursuant to which, on or
before the effective date of Amendment No. 1 to this Agreement, a Lender shall increase its
Commitments or a Person shall become a Lender and undertake new Commitments; provided that
after giving effect to all Lender Addenda neither the Aggregate Commitment nor the
Aggregate Facility LC Commitment shall exceed $550,000,000 and neither the Aggregate
Revolving Credit and Financial LC Commitment nor the Aggregate Revolving Credit Commitment
shall exceed $325,000,000.

“Revolving Credit Commitment” means, for each Lender, the obligation of such
Lender to make Revolving Credit Loans, other than Swing Line Loans, to Borrower in an
aggregate amount not exceeding 59.090909% of its Facility LC Commitment, as modified from
time to time pursuant to the terms hereof.

2.04. Agreed Currency Provisions. The last sentence of Section 2.19.13 of the Credit
Agreement is hereby amended to read in its entirety as follows:

“If at any time the Dollar Amount of the sum of the aggregate principal amount of all
outstanding LC Obligations (calculated, with respect to those LC Obligations denominated in
Agreed Currencies other than Dollars, as of the most recent Computation Date), excluding
solely for purposes of clause (ii)(2) below 50% of the aggregate undrawn stated amount
under all Performance Letters of Credit, exceeds (i) the Aggregate Facility LC Commitment
during any Unrestricted Period or (ii) the lesser of (1) the Aggregate Facility LC
Commitment or (2) the Borrowing Base at any time during any Restricted Period (subject to
Section 2.2(c)), the Borrower shall immediately make deposits to the Facility LC
Collateral Account to the extent of the Collateral Shortfall Amount.”

2.05. Delivery of Lender Addendum. A new Section 15.7 of the Credit Agreement shall
be inserted to read in its entirety as follows:

“15.7 Delivery of Lender Addendum. Each Lender that executes and delivers a
Lender Addendum shall by executing its Lender Addendum be bound by and entitled to the
benefits of the Loan Documents as a Lender with the Commitments set forth opposite its name
in such Lender Addendum.”

2.06. Security Agreement. The second paragraph of the preamble of the Security
Agreement is hereby amended to read in its entirety as follows:

“The Borrower, the Guarantors, certain lenders and the Agent are parties to a Credit
Agreement dated as of April 25, 2005 (as modified and supplemented and in effect from time
to time, the “Credit Agreement”), providing, subject to the terms and conditions
thereof, for extensions of credit (by making of loans and issuing letters of credit) to be
made by said lenders to the Borrower in an aggregate principal or face amount not exceeding
$550,000,000.”

Section 3. Pro Rata Adjustments. If any Revolving Credit Loans are outstanding under
the Credit Agreement on the date that the amendments thereto contemplated by this Amendment No. 1
become effective (the “Amendment Effective Date”), the Borrower shall (a) borrow and prepay
Revolving Credit Loans to the extent necessary such that, after giving effect to all duly executed
and delivered Lender Addenda and to such borrowing and prepayment, Revolving Credit Loans of the
same Type and (in the case of Eurodollar Loans) having the same Interest Periods shall be allocated
among the Lenders on the Amendment Effective Date ratably according to their respective Revolving
Credit Commitments and (b) pay on the Amendment Effective Date all accrued and unpaid interest on
the Loans so prepaid and any amounts owing under Section 3.4 by reason of such prepayment. The
respective Pro Rata Shares of the Lenders (and, without limitation, the undivided interests and
participations of the Lenders in Facility LCs then outstanding) shall automatically and without
further action be adjusted on the Amendment Effective Date after giving effect to all duly executed
and delivered Lender Addenda.

Section 4. Representations and Warranties. The Borrower represents and warrants to
the Lenders that the representations and warranties set forth in Article V of the Credit Agreement
are true and correct on the date hereof as if made on and as of the date hereof (except to the
extent any such representation or warranty is stated to relate solely to an earlier date, in which
case such representation or warranty shall have been true and correct on and as of such earlier
date) and as if each reference in said Article V to “this Agreement” included reference to this
Amendment No. 1.

Section 5. Conditions Precedent. The amendments set forth in Section 2 hereof shall
become effective, as of the date hereof, upon:

(i) the execution and delivery of counterparts of this Amendment No. 1 by the
Borrower, the Guarantors and the Agent pursuant to authority granted by the Required
Lenders,

(ii) the execution and delivery of a Lender Addendum by each Lender that is increasing
its Commitments and each Person that is becoming a Lender pursuant to this Amendment No. 1,

(iii) the Borrower furnishing the following to the Agent each in form and substance
satisfactory to the Agent and with sufficient copies for the Lenders, where appropriate,
executed by the relevant Person:

(a) a copy, certified by the Secretary or Assistant Secretary of the Borrower
of its by-laws,

(b) a copy, certified by the Secretary or Assistant Secretary of the
Borrower, along with a certificate of good standing and existence from the
Secretary of State of the State of Louisiana, of resolutions of its board of
directors authorizing the execution of this Amendment No. 1,

(c) an incumbency certificate, executed by the Secretary or Assistant
Secretary of the Borrower which shall identify by name and title and bear the
signatures of the Authorized Officers and any other officers or managers of the
Borrower authorized to sign this Amendment No. 1, upon which certificates the Agent
and the Lenders shall be entitled to rely until informed of any change in writing
by the Borrower,

(d) a written opinion or opinions of counsel to the Borrower and the
Guarantors, addressed to the Lenders and covering such matters as may be required
by Agent, in form and substance reasonably satisfactory to the Agent, and

(iv) the Borrower furnishing to the Agent each in form and substance satisfactory to
the Agent, and with sufficient copies for the Lenders, a bring-down certificate executed by
the Secretary or Assistant Secretary of each Guarantor, certifying that: (a) the
organizational and operative documents of such Guarantor certified and delivered as of
April 25, 2005 have not been amended, rescinded or otherwise changed and remain in full
force and effect, (b) the incumbency certificate of such Guarantor certified and delivered
as of April 25, 2005 has not been amended, rescinded or otherwise changed, and each
signatory thereto remains an Authorized Officer of such Guarantor and is authorized to sign
this Amendment No. 1, (c) to the best knowledge of such Secretary or Assistant Secretary,
the good standing certificates delivered by such Guarantor in connection with the closing
of the Credit Agreement on April 25, 2005 remain true, accurate and correct and that such
Secretary or Assistant Secretary has no knowledge to the contrary thereof and (d) that the
copies of the resolutions of the respective boards of directors, members or managers or any
other governing body authorizing the execution of this Amendment No. 1, as attached to such
certificate, are true, accurate and correct and remain in full force and effect.

Section 6. Conditions Subsequent. The Borrower shall furnish to the Agent, each in
form and substance satisfactory to the Agent:

(a) evidence that any amendment to the Mortgages to reflect the increase in
Commitments pursuant to the Lender Addenda shall have been made, within 30 days of the date
hereof,

(b) evidence satisfactory to the Agent that date down endorsements or the functional
equivalent thereof, current to the date of the recording of the amendments to the Mortgages
that reflect the increase in Commitments pursuant to the Lender Addenda, are issued in
connection with each of the existing Mortgage Policies issued, within 60 days of the date
hereof; provided that the Agent shall be able to grant extensions in its sole discretion
for the date down endorsements or functional equivalent thereof for the Mortgages
identified on Schedule I,

and the failure of the Borrower to furnish any document in clauses (a) and (b) above within the
time frames noted above shall constitute a Default under the Credit Agreement and any other Loan
Document.

Section 7. Miscellaneous. Except as herein provided, the Credit Agreement and the
Security Agreement shall remain unchanged and in full force and effect. This Amendment No. 1 may
be executed in any number of counterparts, all of which taken together shall constitute one and the
same amendatory instrument and any of the parties hereto may execute this Amendment No. 1 by
signing any such counterpart. This Amendment No. 1 shall be governed by, and construed in
accordance with, the law of the State of New York.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed
and delivered as of the day and year first above written.

THE SHAW GROUP INC.

By:

Robert L. Belk

Executive Vice President and

Chief Financial Officer

1

GUARANTORS:

WHIPPANY VENTURE I, L.L.C.

By:      

Robert L. Belk

Executive Vice President

SHAW CONSTRUCTORS, INC.

By:      

Ronnie Volentine

President

STONE & WEBSTER MICHIGAN, INC.

By:      

Gary P. Graphia

Secretary

SO-GLEN GAS CO., LLC

by its sole member,

EMCON/OWT, Inc.

By:      

Robert L. Belk

Executive Vice President, Assistant Treasurer and

Assistant Chief Financial Officer

EMCON/OWT, INC.

By:      

Robert L. Belk

Executive Vice President, Assistant Treasurer and

Assistant Chief Financial Officer

GUARANTORS (continued)

AMERICAN PLASTIC PIPE AND

SUPPLY, L.L.C.

EDS EQUIPMENT COMPANY, LLC

EDS PUERTO RICO, INC.

ENVIROGEN, INC.

LFG SPECIALTIES, L.L.C.

MWR, INC.

SHAW BENECO, INC.

SHAW COASTAL, INC.

SHAW E & I INVESTMENT HOLDINGS, INC.

SHAW E & I RUSSIA, INC.

SHAW ENERGY DELIVERY SERVICES, INC.

SHAW ENVIRONMENTAL, INC.

SHAW ENVIRONMENTAL &

INFRASTRUCTURE, INC.

SHAW FACILITIES, INC.

SHAW INFRASTRUCTURE, INC.

SHAW LIQUID SOLUTIONS LLC

SHAW LITTLE ROCK HOUSING, L.L.C.

SHAW POWER SERVICES GROUP, L.L.C.

SHAW PROPERTY HOLDINGS, INC.

SHAW SERVICES, L.L.C.

STONE & WEBSTER MANAGEMENT CONSULTANTS, INC.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   Executive Vice President and Treasurer

SHAW WASTE SOLUTIONS, LLC

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

Executive Vice President and Chief Financial Officer

2

GUARANTORS (continued):

STONE & WEBSTER – JSC MANAGEMENT CONSULTANTS, INC.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   Senior Vice President and Treasurer

	 	 	 
	BADGER TECHNOLOGIES, L.L.C.	 	 
	BADGER TECHNOLOGY HOLDINGS, L.LC.	 	 
	B.F. SHAW, INC.	 	 
	C.B.P. ENGINEERING CORP.	 	 
	FIELD SERVICES, INC.	 	 
	PIKE PROPERTIES I, INC.	 	 
	PIKE PROPERTIES II, INC.	 	 
	PROSPECT INDUSTRIES (HOLDINGS) INC.	 	 
	SHAW ALLOY PIPING PRODUCTS, INC.	 	 
	SHAW CAPITAL, INC.	 	 
	SHAW CONNEX, INC.	 	 
	SHAW FABRICATORS, INC.	 	 
	SHAW FIELD SERVICES, INC.	 	 
	SHAW FT. LEONARD WOOD HOUSING,	 	L.L.C.
	SHAW GLOBAL ENERGY SERVICES, INC.	 	 
	SHAW GLOBAL, L.L.C.	 	 
	SHAW GRP OF CALIFORNIA	 	 
	SHAW INDUSTRIAL SUPPLY CO., INC.	 	 
	SHAW INTELLECTUAL PROPERTY	 	 
	HOLDINGS, INC.

	 	

SHAW INTERNATIONAL, INC.

SHAW JV HOLDINGS, L.L.C.

SHAW MAINTENANCE, INC.

SHAW TRANSMISSION & DISTRIBUTION SERVICES, INC.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   Vice President and Treasurer

3

GUARANTORS (continued):

S C WOODS, L.L.C.

by its sole member,

Stone & Webster, Inc.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   Vice President and Treasurer

STONE & WEBSTER SERVICES, L.L.C.

SWINC ACQUISITION FIVE, L.L.C.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   Executive Vice President and Treasurer

STONE & WEBSTER CONSTRUCTION SERVICES, L.L.C.

STONE & WEBSTER CONSTRUCTION, INC.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   President

4

GUARANTORS (continued):

SHAW BEALE HOUSING, L.L.C.

SHAW CENTCOM SERVICES, L.L.C.

SHAW HANSCOM HOUSING, L.L.C.

SHAW INTERNATIONAL MANAGEMENT SERVICES ONE, INC.

SHAW INTERNATIONAL MANAGEMENT SERVICES TWO, INC.

	 	 	 
	SHAW MANAGED SERVICES, INC.

SHAW MANAGEMENT SERVICES

ONE, INC.

SHAW NAPTECH, INC.

SHAW NORTHEAST HOUSING, L.L.C.

SHAW NORTHWEST HOUSING, L.L.C.

SHAW POWER SERVICES, INC.

SHAW PROCESS AND INDUSTRIAL

GROUP, INC.

SHAW PROCESS FABRICATORS, INC.

SHAW SSS FABRICATORS, INC.

SHAW STONE & WEBSTER PUERTO RICO,

SHAW SUNLAND FABRICATORS, INC.

SHAW WORD INDUSTRIES

FABRICATORS, INC.

	 	

INC.

STONE & WEBSTER ASIA, INC.

STONE & WEBSTER HOLDING ONE, INC.

STONE & WEBSTER HOLDING TWO, INC.

STONE & WEBSTER, INC.

STONE & WEBSTER INTERNATIONAL HOLDINGS, INC.

	 	 	 	 	 
	STONE & WEBSTER INTERNATIONAL, INC.
	STONE & WEBSTER MASSACHUSETTS, INC.
	STONE & WEBSTER PROCESS	 	 
	 	 	TECHNOLOGY, INC.
	By:
	 	 	—	 
	   Robert L. Belk

	   Vice President and Treasurer

5

GUARANTORS (continued):

LANDBANK PROPERTIES, L.L.C.

By:      

T.A. Barfield, Jr.

Chief Executive Officer, President and Chairman

SHAW ENVIRONMENTAL LIABILITY SOLUTIONS, L.L.C.

By:      

T.A. Barfield, Jr.

Chief Executive Officer and Chairman

THE LANDBANK GROUP, INC.

By:      

T.A. Barfield, Jr.

Executive Vice President

SHAW-ROBOTIC ENVIRONMENTAL SERVICES, L.L.C.

By:      

T.A. Barfield, Jr.

President and Chief Executive Officer

ARLINGTON AVENUE E VENTURE, LLC

BENICIA NORTH GATEWAY II, L.L.C.

CAMDEN ROAD VENTURE, LLC

CHIMENTO WETLANDS, L.L.C.

GREAT SOUTHWEST PARKWAY VENTURE,

LLC

HL NEWHALL II, L.L.C.

JERNEE MILL ROAD, L.L.C.

KATO ROAD II, L.L.C.

KIP I, L.L.C.

LANDBANK BAKER, L.L.C.

MILLSTONE RIVER WETLAND

SERVICES, L.L.C.

NORWOOD VENTURE I, L.L.C.

OTAY MESA VENTURES II, L.L.C.

PLATTSBURG VENTURE, L.L.C.

RARITAN VENTURE I, L.L.C.

SHAW ALASKA, INC.

SHAW AMERICAS, L.L.C.

SHAW CALIFORNIA, L.L.C.

SHAW CMS, INC.

SHAW MEXICO, L.L.C.

SHAW REMEDIATION SERVICES, L.L.C.

	 	 	 	 	 
	By:
	 	 	—	 
	   T.A. Barfield, Jr.

President

INTEGRATED SITE SOLUTIONS, L.L.C.

by its sole member,

Shaw Environmental & Infrastructure, Inc.

By:      

T.A. Barfield, Jr.

Executive Vice President

6

GUARANTORS (continued):

NUCLEAR TECHNOLOGY SOLUTIONS, L.L.C.

by its sole member,

S C WOODS, L.L.C.

by its sole member,

Stone & Webster, Inc.

	 	 	 	 	 
	By:
	 	 	—	 
	   Robert L. Belk

	   Vice President and Treasurer

SELS ADMINISTRATIVE SERVICES, L.L.C.

by its sole member,

Shaw Environmental Liability Solutions, L.L.C.

	 	 	 	 	 
	By:
	 	 	—	 
	   T.A. Barfield, Jr.

	   Chief Executive Officer and Chairman

7

BNP PARIBAS, as Agent

By:

Name:

Title:

8

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