Document:

Senior Credit Facility Amendment 9 dated April 22, 2005

 Exhibit 10.5 
  
 AMENDMENT NINE TO CREDIT AGREEMENT 
  
 This Amendment Nine to Credit Agreement (“Amendment”) is dated as of April 22, 2005 (“Closing Date”),
among MATRIX SERVICE COMPANY, a Delaware corporation (“Borrower”), the Lenders described below, and JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A. (Main Office Chicago)), as a Lender, LC Issuer and as Agent
for the Lenders. 
  
 RECITALS 
  
 A. Lenders have provided credit facilities to Borrower pursuant to that
certain Credit Agreement dated as of March 7, 2003, among Borrower, Agent and the various Lenders party thereto (the “Original Credit Agreement”), as amended by that certain Amendment One to Credit Agreement dated as of May 22, 2003, that
certain Amendment Two to Credit Agreement dated as of August 27, 2003, that certain Amendment Three to Credit Agreement dated as of December 19, 2003, that certain Amendment Four to Credit Agreement dated as of March 11, 2004, that certain Amendment
Five to Credit Agreement dated as of May 6, 2004, that certain Amendment Six to Credit Agreement dated as of August 5, 2004, that certain Amendment Seven to Credit Agreement dated as of October 6, 2004, that certain Amendment Eight to the Credit
Agreement dated as of November 30, 2004, that certain letter agreement dated March 23rd, 2005, and that certain letter agreement dated April 8, 2005 (as amended, the “Credit Agreement”). 
  
 B. Pursuant to Amendment Six to Credit Agreement referenced above,
$20,000,000 of the Revolving Commitment was converted to Term Loan B. Pursuant to this Amendment, the Term Loan B Commitment of each of the Lenders other than the Revolver B Lenders will be reduced to zero and the Term Loan B Commitments of the
Revolver B Lenders will be restructured as Revolver B Loan Commitments. As a condition of the Agent and the Lenders’ agreement to this Amendment, Borrower shall incur the “XYZ Subordinated Obligations” (as defined below) by borrowing
from various investors on a subordinated, unsecured basis, with the proceeds of such borrowing to be applied as provided in this Amendment. 
  
 C. Due to and in consideration of the foregoing and other circumstances, Borrower and the Lenders have agreed to make certain modifications to the Credit
Agreement as provided in this Amendment. 
  
 AGREEMENT

  
 1. Definitions. Capitalized terms used but not
defined in this Amendment (including the Recitals) shall have the meanings given to them in the Credit Agreement. All terms defined in the foregoing Recitals are incorporated herein by reference. The term “Loan Documents” is hereby amended
to include the Credit Agreement, as amended by this Amendment, all as they may be further amended from time to time with the consent of the Agent and, to the extent required by the Credit Agreement, the Lenders. The term “Agreement”, as
used in the Credit Agreement, is hereby amended to mean the Credit Agreement, as amended by this Amendment and as it may be further amended from time to time with the consent of the Agent and, to the extent required by the Credit Agreement, the
Lenders. The term “Credit Agreement” in all other Loan Documents is hereby amended to mean the Credit Agreement, as amended by this Amendment, as it may be further 

  

 
amended from time to time with the consent of the Agent and, to the extent required by the Credit Agreement, the Lenders. 
  
 The following terms shall hereafter mean the following, for purposes of this
Amendment and the Credit Agreement as amended by this Agreement: 
  
 “Additional Accrued Margin” means the percentage rate per annum designated as such which is applicable with respect to Loans as set forth in the definition of Applicable Margin. 
  
 “Cash Collateralization” means the deposit of unencumbered
immediately available cash into an LC Cash Collateral Account. 
  
 “LC Cash Collateral Account” means a blocked deposit account or accounts to be established and maintained at the office of the Agent (or an affiliate thereof) in the name of the Agent as collateral security for outstanding LC
Obligations. Any such account and deposits shall be and are hereby designated as Pledged Deposits, as such term is defined in the Security Agreement. 
  
 “Revolver B Borrowing Base” means $10,000,000.00 (which represents a portion of the total amount the Revolver B Lenders estimate is likely to be
collected by Borrower in connection with the Large Disputed Accounts), provided that such amount shall be reduced immediately upon receipt by Borrower of written notice from the Agent at any time and from time to time if the Revolver B Lenders
determine, in their sole judgment, that the amount Borrower is likely to ultimately collect from the Large Disputed Accounts has declined from the amount last estimated by the Revolver B Lenders. Notwithstanding anything to the contrary in Section
8.2, the Revolver B Lenders may, by unanimous action of the Revolver B Lenders, reduce the Revolver B Borrowing Base as provided above or otherwise unanimously agree to increase or decrease the Revolver B Borrowing Base in their sole discretion
without the consent or agreement of any other Lender. 
  
 “Revolver B Lenders” means JPMorgan Chase Bank, N.A. and Wells Fargo Bank, NA, and their respective successors and assigns in regard to the Revolving B Loan. 
  
 “Revolving B Loan” means, with respect to a Revolver B Lender, such Lender’s loan made pursuant to its
commitment to lend set forth in Section 2.1.5. (or any conversion or continuation thereof). 
  
 “Revolving B Loan Commitment” means, for each Revolver B Lender, the obligation of such Lender to make Revolving B Loans to Borrower in an
aggregate amount not exceeding the amount specified in Section 2.1.5. with respect to such Revolver B Lender, as such amount may be modified from time to time pursuant to the terms hereof. 
  
 “Revolver B Termination Date” means October 31, 2005 or any earlier
date on which the Revolving B Loan Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 
  
 “Securities Purchase Agreement” means that certain Securities Purchase Agreement dated as of the Closing Date among the Borrower and the
investors identified on the signature pages thereto. 
  
 “Subordination Agreement” means that certain Subordination Agreement dated as of the Closing Date, between the Subordinated Creditors party thereto, the Agent, the Borrower and the 

  

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other various obligors listed on the signature pages of such agreement, as further amended, supplemented, restated or otherwise modified from time to time in
accordance with its terms and the terms of the Credit Agreement. 
  
 “XYZ Subordinated Loan Documents” means the Securities Purchase Agreement, the Notes (as defined in the Securities Purchase Agreement), the Registration Rights Agreement (as defined in the Securities Purchase Agreement), and any
other documents or agreements executed in connection with the transactions contemplated under the Securities Purchase Agreement. 
  
 “XYZ Subordinated Loans” means the loans made to the Borrower pursuant to the XYZ Subordinated Loan Documents, which loans are subordinated to
the Obligations in accordance with the terms of the Subordination Agreement. 
  
 “XYZ Subordinated Obligations” has the meaning assigned to such term in the Subordination Agreement. 
  
 2. Amendments to Credit Agreement. 
  
 2.1 The following defined terms are hereby amended by deleting the current definition and replacing it with the following: 
  
 “Aggregate Commitment” means the aggregate of the Revolving Credit
Commitments, the Revolving B Loan Commitments and the Term Loan Commitments of all the Lenders, as reduced from time to time pursuant to the terms hereof. 
  
 “Applicable Margin” means the percentage rate per annum which is applicable at such time with respect to the listed Loans and Advances as set
forth below: 
  

													
	 	  	Applicable Margin

	 	 	Additional Accrued Margin

	 
	 Period

	  	Revolver &
Term Loans

	 	 	Revolver B
Loans

	 	 	Revolver &
Term Loans

	 	 	Revolver B
Loans

	 
	 April 22, 2005 - April 30, 2005
	  	1.00	%	 	0	%	 	1.00	%	 	0	%
	 May 1, 2005 - May 31, 2005
	  	1.00	%	 	0	%	 	1.50	%	 	0	%
	 June 1, 2005 - June 30, 2005
	  	1.00	%	 	0	%	 	2.00	%	 	0	%
	 July 1, 2005 - July 31, 2005
	  	1.00	%	 	0	%	 	2.50	%	 	0	%
	 August 1, 2005 - August 31, 2005
	  	1.00	%	 	0	%	 	3.00	%	 	0	%
	 September 1, 2005 - September 30, 2005
	  	1.00	%	 	0	%	 	3.50	%	 	0	%
	 October 1, 2005 - October 31, 2005
	  	1.00	%	 	0	%	 	4.00	%	 	0	%
	 November 1, 2005 - November 30, 2005
	  	1.00	%	 	0	%	 	4.50	%	 	0	%
	 December, 2005 and after
	  	1.00	%	 	0	%	 	5.00	%	 	0	%

  
 “Borrowing
Base” means eighty percent (80%) of Consolidated Eligible Accounts Receivable. 
  

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 “Borrowing Base Determination Date” means (i) the last day of each calendar month, and (ii)
Friday of each calendar week. 
  
 “Consolidated EBITDA”
means Consolidated Net Income plus, to the extent deducted in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation, amortization, other non-cash charges, (iv) losses on
sale of fixed assets, and (v) extraordinary losses incurred other than in the ordinary course of business, minus, to the extent included in Consolidated Net Income, (i) gains on sales of fixed assets, (ii) extraordinary gains realized other than in
the ordinary course of business, and (iii) income tax benefits, all calculated for the Borrower and its Subsidiaries on a consolidated basis for any period. 
  
 “Loan” means a Term Loan, a Revolving Loan, a Revolving B Loan or a Swing Line Loan. 
  
 “Non-Earmarked Cash” shall mean (i) the aggregate of all Cash
Equivalent Investments of Borrower and all Subsidiaries excluding (ii) (A) funds required by Sections 2.7.2. (i), (ii), (iii), (v), (vi), or (viii) to be paid as mandatory prepayments under such Sections, provided that such amounts are paid
as required by such Sections immediately upon being received by Borrower or the applicable Subsidiary in collected funds, and (B) funds kept on hand in the ordinary course of business of Borrower and its Subsidiaries for payroll funding. 

 
 “Term Loan B Commitment” means, as of the Closing Date of
Amendment Nine, as to each Lender, zero. 
  
 2.2 Section
2.1.1. is hereby amended by deleting the last sentence thereof and adding the following language at the end of the section: 
  
 From and including April 22, 2005, all Revolving Loans, including those outstanding on such date and those made thereafter, will accrue interest at the
Alternate Base Rate plus the Applicable Margin plus the Additional Accrued Margin. The portion of the accrued interest on all Revolving Loans attributable to the Alternate Base Rate plus the Applicable Margin shall be due and payable on each Payment
Date. The portion of the accrued interest on all Revolving Loans attributable to the Additional Accrued Margin shall not be payable on each Payment Date, but shall be payable on the earlier of (i) voluntary prepayment of all Obligations associated
with the Revolving Loans, (ii) as required by Section 2.7.2. or (iii) the Facility Termination Date. 
  
 2.3 Section 2.1.2. is hereby amended by adding the following language at the end of the section: 
  
 From and including April 22, 2005, the Term Loan will accrue interest at the
Alternate Base Rate plus the Applicable Margin plus the Additional Accrued Margin. The portion of the accrued interest on the Term Loan attributable to the Alternate Base Rate plus the Applicable Margin shall be due and payable on each Payment Date.
The portion of the interest on the Term Loan attributable to the Additional Accrued Margin shall not be payable on each Payment Date, but shall be payable on the earlier of (i) the voluntary prepayment in full of all Obligations associated with the
Term Loan, (ii) as required by Section 2.7.2., or (iii) the Facility Termination Date. If such Additional Accrued Margin interest is paid on the Facility Termination Date and the Term Loan remains outstanding after such date, the portion of
interest 

  

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attributable to the Additional Accrued Margin for subsequent periods shall be payable on the earlier of (i) the voluntary prepayment in full of all
Obligations associated with the Term Loan, (ii) as required by Section 2.7.2., or (iii) the Term Loan Maturity Date. 
  
 2.4 A new Section 2.1.5. is hereby added to the Credit Agreement and shall read as follows: 
  
 2.1.5. Revolving Loan B Commitment. The sum of $10,000,000 of the
Term Loan B Commitment is and hereby shall be restructured and become the Revolving B Loan Commitments, as further described in this Section 2.1.5., and the remainder of the Term Loan B Commitment is hereby permanently reduced to $0. From and
including the date hereof but prior to the Revolver B Termination Date, the Revolver B Lenders agree to make Revolving B Loans to the Borrower from time to time, in amounts not to exceed in the aggregate at any one time outstanding the lesser of (i)
$10,000,000 less an amount equal to the value of all outstanding checks as reported on Borrower’s most recent Borrowing Base Certificate or (ii) the Revolver B Borrowing Base less an amount equal to the value of all outstanding checks as
reported on Borrower’s most recent Borrowing Base Certificate. Upon any collection of funds with respect to a Large Disputed Account, receipt of Net Cash Proceeds of any sale of common stock, preferred stock, warrants or other equity by
Borrower or any of its Subsidiaries, or receipt of proceeds of any asset sale by Borrower or any of its Subsidiaries, in each case, the $10,000,000.00 amount referred to in (i) above will be automatically and permanently reduced by an amount equal
to the amount of cash received by Borrower or any of its Subsidiaries, without any further action by the Agent, the Lenders or the Borrower. 
  
 The Borrower shall not be entitled to and no Revolver B Lender shall be obligated to make any Revolver B Loans until and unless the
Revolver Commitments have been fully utilized through the issuance of the maximum aggregate amount of Revolving Loans and Facility LC’s permitted by Section 2.1.1. No Revolver B Lender shall be required to make any Revolving B Loans in
excess of its pro rata share of all such Loans, as determined by dividing such Revolving B Lender’s Revolving B Loan Commitment by the aggregate amount of all Revolving B Loan Commitments. 
  
 Not later than 11:00 a.m. Tulsa, Oklahoma time on the date
specified for each borrowing of Revolver B Loans, each Revolver B Lender shall make available the amount of the Revolving B Loan to be made by it on such date to the Agent, to an account which the Agent shall specify, in immediately available funds,
for the account of the Borrower. The amounts so received by the Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by depositing the same, in immediately available funds, in an account of the
Borrower, designated by the Borrower from time to time, written notice of the location of which shall be given to the Agent together with the notice made pursuant to Section 2.8. As of April 22, 2005, the Revolving B Loan Commitments of each
of the Lenders are as follows: 
  

				
	 JPMorgan Chase Bank
	  	$	5,000,000.00
	 Wells Fargo Bank, NA
	  	$	5,000,000.00
	 International Bank of Commerce
	  	$	0.00
	 UMB Bank, N.A.
	  	$	0.00
	 Wachovia Bank, National Association
	  	$	0.00

  

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 Interest on Revolving B Loans shall accrue at a rate equal to the Alternate Base Rate plus the Applicable
Margin and the Additional Accrued Margin. 
  
 2.5 Section
2.2. is hereby deleted and replaced with the following: 
  
 2.2. Required Payments; Termination. 
  
 (a) The Aggregate Outstanding Credit Exposure and all other unpaid Obligations, other than the Term Loan and the Revolver B Loans, shall be paid in full by the Borrower on the Facility Termination Date. 
  
 (b) The Term Loan shall be payable as follows: (i) interest
shall be due and payable as provided in Section 2.1.2., and (ii) principal shall be payable in nineteen (19) consecutive quarterly installments of $1,160,714.29, on the last day of each fiscal quarter ending May, August, November and
February, commencing with the fiscal quarter ending August 31, 2003, and the last installment due on the Term Loan Maturity Date equal to the remaining balance. 
  
 (c) The Revolver B Loans shall be payable as follows: (i) interest at the Alternate Base Rate plus the
Applicable Margin shall be due and payable on each Payment Date, and (ii) all unpaid Obligations attributable to the Revolver B Loans shall be paid in full by the Borrower on the Revolver B Termination Date. 
  
 2.6 Section 2.7. is hereby deleted and replaced with the following:

  
 2.7. Prepayments. 
  
 2.7.1. Optional Prepayments. Loans bearing interest
based on the Alternate Base Rate (other than Swing Line Loans) may be prepaid at any time without penalty or premium on the same Business Day prior written notice is delivered by noon in a minimum amount of $500,000.00. 
  
 2.7.2. Mandatory Prepayments. In addition to any
scheduled installments due on the Loans, the following mandatory prepayments shall be made: 
  
 (i) Sale of Assets: Upon the sale, transfer or other disposition of any asset of the Borrower or any of its Subsidiaries (other
than the sale of inventory in the ordinary course of business and the sale of up to $250,000.00 of other assets per calendar year) which is permitted by the terms of the Loan Documents, the Borrower shall immediately make a mandatory prepayment of
the Obligations in an amount equal to one hundred percent (100%) of the net proceeds realized from such sale, transfer or other disposition, and such payment shall be applied in the following order: 
  
 (a) to the Revolver B Loans (first all Obligations other
than interest or principal, then interest at the Alternate Base Rate plus the Applicable Margin, then interest at the Additional Accrued Margin, then principal), and after payment thereof in full, 
  

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 (b) to the Term Loan (first all Obligations other than interest or principal, then
interest at the Alternate Base Rate plus the Applicable Margin, then interest at the Additional Accrued Margin, then principal in inverse order of maturity), and after payment thereof in full, 
  
 (c) to the Revolving Loans (first all Obligations other
than interest or principal, then interest at the Alternate Base Rate plus the Applicable Margin, then interest at the Additional Accrued Margin, and then principal), and after payment thereof in full, 
  
 (d) to the Cash Collateralization of all LC Obligations.
 
  
 (ii) Sale of Stock:
Upon the sale of any common stock, preferred stock, warrant or other equity (other than the exercise of stock options by employees, officers and directors) Borrower shall immediately make a mandatory prepayment of the Obligations in an amount equal
to one hundred percent (100%) of the Net Cash Proceeds from such sale or issuance, and such payment shall be applied in the following order: 
  
 (a) to the Revolver B Loans (first all Obligations other than interest or principal, then interest at the Alternate Base Rate plus the
Applicable Margin, then interest at the Additional Accrued Margin, then principal), and after payment thereof in full, 
  
 (b) to the Obligations under the Term Loan or the Revolving Loans, or in part of both, as the Borrower may choose, provided that all
prepayments on the Term Loan shall be applied first to principal installments thereunder in the inverse maturity thereof, then to any other Obligations under the Term Loan, and after payment in full of all Obligations under the Term Loan and the
Revolving Loans, 
  
 (c) to the Cash
Collateralization of all LC Obligations. 
  
 (iii) Issuance of Subordinated Indebtedness: Upon the receipt of proceeds from the issuance of any permitted Subordinated Indebtedness, other than the XYZ Subordinated Indebtedness, Borrower shall immediately make a mandatory
prepayment of the Obligations in an amount equal to one hundred percent (100%) of the Net Cash Proceeds from such sale or issuance, and such payment shall be applied in the following order:  
  
 (a) to the Revolver B Loans (first all Obligations other
than interest or principal, then interest at the Alternate Base Rate plus the Applicable Margin, then interest at the Additional Accrued Margin, then principal), and after payment thereof in full, 
  

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 (b) to the Obligations under the Term Loan or the Revolving Loans, or in part of both,
as the Borrower may choose, provided that all prepayments on the Term Loan shall be applied first to principal installments thereunder in the inverse maturity thereof, then to any other Obligations under the Term Loan, and after payment in full of
all Obligations under the Term Loan and the Revolving Loans, 
  
 (c) to the Cash Collateralization of all LC Obligations. 
  
 (iv) Excess Cash Flow: On or before each date on which the Borrower’s annual audited financial statements are required to be
delivered pursuant to this Agreement, commencing with the fiscal year ending May 31, 2006, the Borrower shall make a mandatory prepayment in an amount equal to fifty percent (50%) of the Excess Cash Flow, if positive, for the most recently ended
fiscal year. For purposes hereof, the term Excess Cash Flow, as to the applicable period, means Consolidated EBITDA, less (i) Consolidated Interest Expense, (ii) taxes paid, (iii) principal payments on the Term Loan, (iv) Capital Expenditures, and
(v) dividends and distributions permitted in this Agreement. Such payment shall be applied in the following order: 
  
 (a) to the Revolver B Loans (first all Obligations other than interest or principal, then interest at the Alternate Base Rate plus the
Applicable Margin, then interest at the Additional Accrued Margin, then principal), and after payment thereof in full, 
  
 (b) to the Term Loan (first all Obligations other than interest or principal, then interest at the Alternate Base Rate plus the
Applicable Margin, then interest at the Additional Accrued Margin, then principal in inverse order of maturity), and after payment thereof in full, 
  
 (c) to the Revolving Loans (first all Obligations other than interest or principal, then interest at the Alternate Base Rate plus the
Applicable Margin, then interest at the Additional Accrued Margin, and then principal), and after payment thereof in full, 
  
 (d) to the Cash Collateralization of all LC Obligations. 
  
 (v) Borrowing Base Deficiency. If the aggregate principal amount of the outstanding Revolving Loans
and LC Obligations as of any date exceeds the Borrowing Base, the Borrower shall immediately make a mandatory principal payment on the Revolving Loans necessary to establish compliance. Likewise, if the aggregate principal amount of outstanding
Revolver B Loans as of any date exceeds the Revolver B Borrowing Base, the Borrower shall immediately make a mandatory principal payment on the Revolving B Loans necessary to establish compliance. 
  
 (vi) Collections of Large Disputed Accounts. Upon the
receipt of any proceeds from the collection of any Large Disputed Accounts, Borrower shall immediately make a mandatory prepayment of the Obligations in an amount equal to 

  

 8 

 
one hundred percent (100%) of such proceeds. Such payment shall be applied in the following order: 
  
 (a) to the Revolver B Loans (first all Obligations other
than interest or principal, then interest at the Alternate Base Rate plus the Applicable Margin, then interest at the Additional Accrued Margin, then principal), and after payment thereof in full, 
  
 (b) to the Obligations under the Term Loan or the Revolving
Loans, or in part of both, as the Borrower may choose, provided that all prepayments on the Term Loan shall be applied first to principal installments thereunder in the inverse maturity thereof, then to any other Obligations under the Term Loan, and
after payment in full of all Obligations under the Term Loan and the Revolving Loans, 
  
 (c) to the Cash Collateralization of all LC Obligations. 
  
 (vii) Excess Cash. If at any time Borrower and the Subsidiaries own or hold Non-Earmarked Cash such
that there is any Excess Cash Amount, Borrower shall immediately make a mandatory prepayment of the Obligations in an amount equal to the Excess Cash Amount, and such payment shall be in the following order: 
  
 (a) to the Revolver B Loans (first all Obligations other
than interest or principal, then interest at the Alternate Base Rate plus the Applicable Margin, then interest at the Additional Accrued Margin,, then principal), and after payment thereof in full, 
  
 (b) to the Obligations under the Term Loan or the Revolving
Loans, or in part of both, as the Borrower may choose, provided that all prepayments on the Term Loan shall be applied first to principal installments thereunder in the inverse maturity thereof, then to any other Obligations under the Term Loan, and
after payment in full of all Obligations under the Term Loan and the Revolving Loans, 
  
 (c) to the Cash Collateralization of all LC Obligations. 
  
 (viii) Accounts Receivable. If no Default or Unmatured Default has occurred and is continuing,
immediately upon collection of any Account (other than Large Disputed Accounts) Borrower shall immediately make a mandatory principal payment in an amount equal to the full amount collected to be applied to the Revolving Loans, if such payment is
required in accordance with the first sentence of Section 2.7.2.(v) to establish compliance with the Borrowing Base, and otherwise to the Revolver B Loans. If a Default or Unmatured Default has occurred and is continuing or if the Borrower is
in compliance with the Borrowing Base, immediately upon collection of any Account (other than Large Disputed Accounts) Borrower shall immediately make a mandatory payment in an amount equal to the full amount collected to be applied to the Revolver
B Loans, first to all related Obligations other than interest or principal, then interest, then principal. 
  

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 2.7.3 Payment Priorities. The Revolver B Loans and all Obligations related thereto
shall be entitled to repayment prior to all other Indebtedness of the Borrower and its Subsidiaries; provided that, as long as no Default or Unmatured Default has occurred and is continuing, Borrower and its Subsidiaries shall be permitted to (i)
make payments on each Payment Date in amounts sufficient to pay accrued interest then due and payable with respect to the Revolving Loans and the Term Loan contemporaneously with payment in full of accrued interest then due and payable with respect
to the Revolving B Loans, and (ii) make quarterly installment payments with respect to the Term Loan as required pursuant to Section 2.2., in each case, without first repaying all Obligations related to the Revolver B Loans. 
  
 2.7 Section 2.8. is hereby amended by deleting the word
“and” at the end of subsection (iii), and adding the following at the end of subsection (iv): 
  
 (v) a representation of the current Consolidated Eligible Accounts Receivable, and 
  
 (vi) a calculation showing such Consolidated Eligible
Accounts Receivable minus all accounts payable of Borrower and each of its Subsidiaries that are more than sixty (60) days past due, and multiplying the difference times eighty percent (80%). 
  
 2.8 Section 6.1(iii) is hereby deleted and replaced with the
following: 
  
 (iii) Together with the financial
statements required under Sections 6.1(i) and (ii), and within 30 days of the end of each calendar month, a compliance certificate in substantially the form of Exhibit B signed by its chief financial officer showing the calculations necessary
to determine compliance with this Agreement, including without limitation a detailed Consolidated EBITDA calculation and a detailed listing of all non-recurring extraordinary professional fees and restructuring expenses applicable to the covenant
contained in Section 6.27.1., and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof. 
  
 2.9 Section 6.1.(xi) is hereby amended so that the Borrower shall be obligated to deliver an appropriately completed
and certified Borrowing Base Certificate, with a Borrowing Base Determination Date as of the last day of the previous week, no later than the end of the Business Day on Thursday of each week, and, in addition to the information currently required to
be included in each such certificate, Borrower will also disclose and represent the accuracy of the number and dollar amount of all checks issued by Borrower or any of its Subsidiaries that remain outstanding. Borrower may deliver more frequent
Borrowing Base Certificates at its discretion. 
  
 2.10 Section
6.1.(xvi) is hereby deleted and replaced with the following: 
  
 (xvi) On a weekly basis on or before the end of the Business Day on Wednesday of each week, (a) accounts payable reports, including a discussion of any liens filed and the resolution thereof, in form and content
satisfactory to Agent, and (b) a discussion of any arrangements for direct payment of vendors by customers of the Borrower or any of its Subsidiaries and the effect of such arrangements on Accounts. 
  

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 2.11 Section 6.1. is hereby amended by adding the following subsections immediately after
subsection (xvi): 
  
 (xvii) No later than May
15, 2005 an appraisal of the interests of Borrower and all of its Subsidiaries in all real estate and equipment owned, leased or otherwise under the control of Borrower or any such Subsidiary, in form and substance satisfactory to the Agent and from
an appraiser or appraisers satisfactory to the Agent. 
  
 (xviii) No later than five days after the end of each calendar month, a report on Borrower’s efforts to obtain financing necessary to retire all of the Obligations. 
  
 (xix) On a weekly basis on or before the end of the Business Day on Wednesday of each week, a written
thirteen-week cash flow projection covering the immediately subsequent thirteen (13) weeks, in a form acceptable to Agent. 
  
 (xx) (i) Promptly after delivery thereof, copies of all notices sent to Borrower or any holder of the XYZ Subordinated Indebtedness
regarding any default under the terms of the XYZ Subordinated Loan Documents, (ii) promptly after receipt thereof, copies of all notices sent by any party to the XYZ Subordinated Loan Documents regarding any default under the terms of the XYZ
Subordinated Loan Documents, and (iii) promptly after execution thereof, copies of all amendments, modifications, supplements, written waivers or other instruments modifying the XYZ Subordinated Loan Documents, provided that all such amendments,
modifications, supplements, written waivers or other instruments shall remain subject to the consent of the Lenders to the extent provided in the Credit Agreement. 
  
 2.12 Section 6.15 (ii) is hereby deleted and replaced with the following: 
  
 (ii) Liens imposed by law, such as carriers’,
warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings
and for which adequate reserves shall have been set aside on its books; provided that the obligations incurred after April 22, 2005 secured by such liens shall not exceed $5,000,000.00. 
  
 2.13 Sections 6.27.1., 6.27.2, 6.27.3. and 6.27.4 are hereby deleted and replaced with the following: 
  
 6.27.1. Minimum EBITDA. The Borrower will not permit
Consolidated EBITDA for each test period set forth below, as determined on the designated test date for each such period, to be less than the minimum amount set forth opposite such period: 
  

										
	 TEST PERIODS

	  	MINIMUM EBITDA

	  	 TEST DATE

	March 1, 2005	  	through	  	April 30, 2005	  	$	1,200,000.00	  	May 31, 2005
	March 1, 2005	  	through	  	May 31, 2005	  	$	3,152,930.00	  	June 30, 2005
	June 1, 2005	  	through	  	June 30, 2005	  	$	911,193.00	  	July 31, 2005
	June 1, 2005	  	through	  	July 31, 2005	  	$	1,822,386.00	  	August 31, 2005
	June 1, 2005	  	through	  	August 31, 2005	  	$	3,644,771.00	  	September 30, 2005
	June 1, 2005	  	through	  	September 30, 2005	  	$	4,639,881.00	  	October 31, 2005
	June 1, 2005	  	through	  	October 31, 2005	  	$	5,634,991.00	  	November 30, 2005
	June 1, 2005	  	through	  	November 30, 2005	  	$	7,625,210.00	  	December 31, 2005
	June 1, 2005	  	through	  	December 31, 2005	  	$	8,688,507.00	  	January 31, 2006
	June 1, 2005	  	through	  	January 31, 2006	  	$	9,751,804.00	  	February 28, 2006
	June 1, 2005	  	through	  	February 28, 2006	  	$	11,878,399.00	  	March 31, 2006

  

 11 

 For purposes of determining compliance with this Section 6.27.1., Consolidated EBITDA shall be
deemed increased by an amount equal to all non-recurring extraordinary professional fees and restructuring charges incurred by Borrower during the applicable test period; provided that no such fees and charges incurred after November 30, 2005 may be
included and the maximum aggregate amount of such fees and charges paid in cash as to all test periods that may be so included shall not exceed $5,000,000.00; provided further that such fees and charges shall only be deemed to increase Consolidated
EBITDA to the extent they were deducted from Consolidated Net Income. 
  
 In addition, but without duplication, for purposes of determining compliance with this Section 6.27.1. solely for the test period beginning March 1, 2005 and ending May 31, 2005, Consolidated EBITDA shall be deemed increased by the
lesser of (i) $1,200,000.00, or (ii)(a) twenty-eight percent (28%) times (b) the gross proceeds of the XYZ Subordinated Loans, minus all prepaid interest thereon, fees paid by Borrower in connection with the closing of the XYZ Subordinated Loans,
and $20,000,000.00. 
  
 6.27.2. Fixed Charge
Coverage Ratio. The Borrower will not permit the ratio, determined as of the end of each of its fiscal quarters, of (i) Consolidated EBITDA for the then most recently ended fiscal quarter, minus cash dividends and cash
distributions made or paid during the same period, minus cash taxes paid during the same period, to (ii) scheduled current maturities of long-term debt (determined according to generally accepted accounting practices) for the most
recently ended fiscal quarter, plus Consolidated Interest Expense (excluding non-cash interest, interest pre-paid upon the closing of the XYZ Subordinated Loans, and fees paid in connection with Amendment Nine to the Credit Agreement)
for the most recently ended fiscal quarter, plus current maturities on Capitalized Leases for the most recently ended fiscal quarter, plus Capital Expenditures paid in the most recently ended fiscal quarter to be less
than: 
  
 1.00 for the fiscal quarter ending May
31, 2005 
 1.15 for the fiscal quarter ending August 31, 2005 
 1.25 for the fiscal quarter ending November 30, 2005 
 1.33 for the fiscal quarter ending February 28, 2006 
  
 For purposes of determining compliance with this Section 6.27.2., Consolidated EBITDA shall be deemed increased by an
amount equal to all non-recurring extraordinary professional fees and restructuring charges incurred by Borrower during the applicable fiscal quarter; provided that no such fees and charges incurred after November 30, 2005 may be included and the
maximum aggregate amount of such fees and charges paid in cash as to all fiscal quarters that may be so included shall not exceed $5,000,000.00; provided further that such fees and charges shall only be deemed to increase Consolidated EBITDA to the
extent they were deducted from Consolidated Net Income. 
  

 12 

 In addition, but without duplication, for purposes of determining compliance with this Section
6.27.2. solely for the fiscal quarter beginning March 1, 2005 and ending May 31, 2005, Consolidated EBITDA shall be deemed increased by the lesser of (i) $1,200,000.00, or (ii) twenty-eight percent (28%) of an amount equal to the gross
proceeds of the XYZ Subordinated Loans, minus (a) all prepaid interest thereon, (b) fees paid by Borrower in connection with the closing of the XYZ Subordinated Loans, and (c) $20,000,000.00. 
  
 2.14 A new Section 6.28. shall be added to the Credit Agreement
immediately after Section 6.27.5. as follows: 
  
 6.28 Monthly Meetings. No later than the fifteenth (15th) day of each calendar month, Borrower will
arrange for an in-person meeting with representatives of each Lender. Borrower’s chief executive officer, chief financial officer, the Borrower’s restructuring advisors, and each other officer and employee with responsibility for the
restructuring and refinancing activities of the Borrower shall attend each such meeting. 
  
 2.15 New Sections 7.23., 7.24., 7.25. and 7.26. shall be added to the Credit Agreement immediately after Section 7.22. and shall read as follows: 
  
 7.23. Any default shall occur under the XYZ Subordinated
Loan Documents (including but not limited to any “Buy-In” as described in the Subordinated Notes), or any event specified in any note, agreement, indenture or other document evidencing or relating to any such Indebtedness shall occur if
the effect of such event is to cause, or (with the giving of any notice or the lapse of time or both) to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, such Indebtedness to
become due, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise) prior to its stated maturity. 
  
 7.24 The Subordination Agreement shall terminate or become unenforceable in whole or in part other than in accordance with its terms in
the ordinary course. 
  
 7.25. Any default by any
of the “Obligors” or by the “Subordinated Creditor” under the Subordination Agreement. 
  
 7.26 Failure by the Borrower to deliver a fully completed and certified perfection certificate, in form and substance satisfactory to the
Agent, on or before the end of the Business Day on April 29, 2005. 
  
 2.16 “Exhibit H” is hereby deleted and replaced with the new “Exhibit H” attached hereto. 
  
 3. Waivers. 
  
 3.1 The “Specified Default” as defined in and contained in that certain letter agreement between the Borrower, the other Loan Parties and the
Lenders dated April 8, 2005 (the “Waiver Letter”) which was waived through June 15, 2005 by such letter agreement, is hereby permanently waived. 
  

 13 

 3.2 Section 6.11. of the Credit Agreement is hereby waived to the limited extent necessary to
permit the incurrence of the XYZ Subordinated Indebtedness; provided that such waiver shall be expressly conditioned upon the satisfaction of the following: 
  
 3.2.1 The Agent shall have received copies of the XYZ Subordinated Loan Documents in form and substance satisfactory to the Agent, and
such XYZ Subordinated Loan Documents shall be certified by the Borrower as true, correct and complete. 
  
 3.2.2 The conditions to effectiveness under the XYZ Subordinated Loan Agreement shall have been fulfilled or waived in writing by lenders
thereunder. 
  
 3.2.3 The Borrower shall have
received XYZ Subordinated Loans pursuant to the XYZ Subordinated Loan Documents with net cash proceeds to the Borrower in an aggregate amount that is not less than an amount sufficient to repay all Obligations arising from or related to Term Loan B,
including without limitation the principal amount thereof and all unpaid accrued interest thereon, plus $4,000,000.00, and the Agent shall have received (i) payment in unencumbered immediately available funds sufficient to repay all of the
Obligations arising from or related to Term Loan B and (ii) payment of the additional $4,000,000.00, which shall be applied to the outstanding Revolving Loans (first to all Obligations other than interest or principal, then interest, then
principal).  
  
 3.2.4 The Agent
shall have received originals of the Subordination Agreement, duly executed and delivered by all the parties thereto, including the Agent. 
  
 3.3 Nothing herein shall be deemed or construed to waive (i) any other breach of the Credit Agreement or of the applicable Security Agreements, (ii) any
obligations arising under any of the Loan Documents of Borrower and the Subsidiaries to take, and Borrower’s and such Subsidiaries’ authorization of Agent to take, such actions as may be requested by Agent in order to obtain or maintain a
perfected first priority security interest in, and if applicable Control of, the Collateral, or (iii) any other provision of the Credit Agreement or the other Loan Documents, including without limitation the fees required to be paid pursuant to the
Waiver Letter, and nothing herein shall be deemed or construed as any requirement that the Agent or Lenders grant any similar or dissimilar waiver hereafter. 
  
 4. Conditions of this Amendment and Waiver. The amendments contained herein, the obligations of Agent and Lenders herein and the waivers contained herein shall
only become effective upon the satisfaction of the following conditions precedent: 
  
 4.1 Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed, each dated the same date as this Amendment
(or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to Agent and its legal counsel: 
  
 4.1.1 executed counterparts of this Amendment and all other documents and instruments requested by Agent,
sufficient in number for distribution to each Lender and Borrower; 
  
 4.1.2 such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as Lender may require 

  

 14 

 
evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this
Amendment and the other Loan Documents to which such Loan Party is a party; 
  
 4.1.3 executed amended and restated promissory notes from Borrower in favor of each of the Lenders in a form acceptable to Agent and the Lenders; 
  
 4.1.4 such documents and certificates as Agent may reasonably require to evidence that each Loan Party is
duly organized or formed and that Borrower is, validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 
  
 4.1.5 executed originals of the Amendment and Supplement to Pledge and Security Agreement and Ratification of Guaranty Agreement, in the
forms set forth on Schedules “A” and “B”, respectively, attached hereto, for each party thereto; and 
  
 4.1.6 a legal opinion of Borrower’s counsel in form and substance acceptable to the Agent. 
  
 4.2 Satisfaction of all conditions set forth in Section 3.2 of this
Amendment. 
  
 4.3 Borrower shall pay a commitment fee of
$100,000.00, in unencumbered immediately available funds, to the Agent for distribution to the Revolver B Lenders on a pro rata basis. 
  
 4.4 Borrower shall pay a restructure fee of $200,000.00, in unencumbered immediately available funds, to Agent for distribution to the Lenders in
accordance with their Pro Rata Share. 
  
 4.5 Agent’s receipt
of such other assurances, certificates, documents, consents, evidence of perfection of all Liens securing the Obligations and opinions as Agent reasonably may require. 
  
 4.6 Unless waived by Agent, Borrower shall have paid all fees, expenses and disbursements of any law firm or other external
counsel for Agent and of Capstone Corporate Recovery, LLC, to the extent invoiced prior to the date hereof, plus such additional amounts of such fees, expenses and disbursements as shall constitute its reasonable estimate thereof incurred or to be
incurred by it through the closing proceedings as to this Amendment (provided that such estimate shall not thereafter preclude a final settling of accounts between Borrower and Agent). 
  
 5. Representations and Warranties. Borrower certifies, covenants, represents and warrants to and with Agent and Lenders that, after
giving affect to the amendments to the Credit Agreement contemplated by this Amendment: (i) no Default or Unmatured Default exists; and (iv) the representations and warranties contained in Article V of the Credit Agreement are true and
correct as of the date hereof, except to the extent 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.

  
 6. Defaults Unaffected. Except as may be expressly set forth herein,
nothing contained in this Amendment shall prejudice, act as, or be deemed to be a waiver of any Default or Unmatured Default 

  

 15 

 
or any right or remedy available to Agent or any Lender by reason of the occurrence or existence of any fact, circumstance or event constituting a Default or
Unmatured Default. 
  
 7. Releases. Borrower, for itself and on behalf of
all its predecessors, successors, assigns, agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and
attorneys (collectively the “Releasing Parties”), hereby releases and forever discharges Agent and each Lender and their respective successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all
claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties,
or any of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the Closing Date, hereafter hold or claim to hold under common law or statutory right, arising, directly or
indirectly out of the Loan or any of the Loan Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. 
  
 Borrower understands and agrees that this is a full, final and complete release and agrees that this release may be pleaded
as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the matters
released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no admission of liability. 
  
 8. Lender Credit Decision. Each Lender acknowledges that it has, independently and
without reliance upon the Agent or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Amendment. 
  
 9. USA PATRIOT Act Notice. Agent hereby notifies Borrower
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”), it and the Lenders are or may be required to obtain, verify and record information that
identifies the Borrower and the other Loan Parties, which information includes the name and address of the Borrower and the other Loan Parties and other information that will allow Agent and Lenders to identify the Borrower and the other Loan
Parties in accordance with the Patriot Act. 
  
 10. Reimbursement. Borrower
agrees to reimburse Agent for any costs, expenses, and fees (including reasonable attorney fees) incurred in connection with the preparation of this Amendment. 
  

11. Governing Law. This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State
of Oklahoma. 
  

 16 

 12. Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall
constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. This Amendment shall be effective when it has been executed by the Borrower, the Agent, the LC Issuer and the Lenders and each party
has notified the Agent by facsimile transmission or telephone that it has taken such action. 
  
 IN WITNESS WHEREOF, the Borrower, the Lenders, the LC Issuer and the Agent have executed this Amendment as of the date first above written. 
  

					
	MATRIX SERVICE COMPANY
		
	By:	 	/s/ George L. Austin
	 	 	 George L. Austin

  

					
	 Notice Address:
	 	 	 	 10701 East Ute Street
 Tulsa, OK
74116

	 Attention:
	 	 	 	 George L. Austin
 Chief Financial
Officer

	 Telephone:
	 	 	 	 (918) 838-8822

	 FAX:
	 	 	 	 (918) 838-8810

  

 17 

					
	 JPMORGAN CHASE BANK, N.A.
 (successor
by merger to Bank One, N.A.
 (Main Office Chicago)) Lender, LC Issuer
 and as Agent

		
	By:	 	/s/ Hal E. Fudge
	 	 	 Hal E. Fudge, First Vice President

  

					
	 Notice Address:
	 	 	 	 Mail Code TX1-2454
 P.O. Box 655415
 Dallas, Texas 75265-5415

	 Attention:
	 	 	 	 Hal E. Fudge,
 First Vice President

	 Telephone:
	 	 	 	 (214) 290-2799

	 FAX:
	 	 	 	 (214) 290-2740

  

 18 

					
	 INTERNATIONAL BANK OF COMMERCE,
 successor in interest to LOCAL OKLAHOMA BANK, an Oklahoma Banking Corporation, formerly known as LOCAL OKLAHOMA BANK, NA

		
	By:	 	/s/ David G. Moore
	 	 	 David G. Moore, Senior Vice President

  

					
	 Notice Address:
	 	 	 	 3601 NW 63rd
 Oklahoma City, OK
73116

	 Attention:
	 	 	 	 David G. Moore,
 Senior Vice President

	 Telephone:
	 	 	 	 (405) 841-2966

	 FAX:
	 	 	 	 (405) 841-2375

  

 19 

					
	 WACHOVIA BANK,
 NATIONAL
ASSOCIATION

		
	By:	 	/s/ Steven Markunas
	 	 	 Steven Markunas, Asst. Vice President

  

					
	 Notice Address:
	 	 	 	 123 South Broad Street
 14th Floor – PA1246
 Philadelphia, PA 19109

	 Attention:
	 	 	 	 Steven Markunas,
 Asst. Vice President

	 Telephone:
	 	 	 	 (215) 670-6637

	 FAX:
	 	 	 	 (215) 670-6645

  

 20 

					
	UMB BANK, N.A.
		
	By:	 	 /s/ Richard J. Lehrter

	 	 	 Richard J. Lehrter, Community Bank President

  

					
	 Notice Address:
	 	 	 	 1437 South Boulder Avenue
 Suite 150
 Tulsa, OK 74119

	 Attention:
	 	 	 	 Richard J. Lehrter, President

	 Telephone:
	 	 	 	 (918) 295-2000

	 FAX:
	 	 	 	 (918) 295-2020

  

 21 

					
	 WELLS FARGO BANK, NA (formerly
 known as Wells Fargo Bank Texas, NA)

		
	By:	 	 /s/ Roger Fruendt

	 	 	 Roger Fruendt, Senior Vice President

  

					
	 Notice Address:
	 	 	 	 1000 Louisiana Street
 MS T5001-047
 Fourth Floor
 Houston, TX 77002

	 Attention:
	 	 	 	 Roger Fruendt,
 Senior Vice President

	 Telephone:
	 	 	 	 (713) 319-1403

	 FAX:
	 	 	 	 (713) 739-1076

  

 22 

 INDEX OF SCHEDULES 
  

					
			
	Schedule “A”	  	-	  	Amendment and Supplement to Pledge and Security Agreement
			
	Schedule “B”	  	-	  	Ratification of and Amendment to Subsidiary Guaranty
			
	Exhibit “H”	  	-	  	Borrowing Base Certificate

  

 23 

 EXHIBIT “H” 
  
 BORROWING BASE CERTIFICATE 
  
 MATRIX SERVICE COMPANY (“Borrower”), pursuant to that certain Credit Agreement dated as of March 7, 2003, among Borrower, Lenders
and Agent, as amended by Amendment One to Credit Agreement dated as of May 22, 2003, Amendment Two to Credit Agreement dated as of August 27, 2003, Amendment Three to Credit Agreement dated as of December 19, 2003, Amendment Four to Credit Agreement
dated as of March 11, 2004, Amendment Five to Credit Agreement dated as of May 6, 2004, Amendment Six to Credit Agreement dated as of August 5, 2004, Amendment Seven to Credit Agreement dated as of October 6, 2004, Amendment Eight to Credit
Agreement dated as of November 30, 2004, that certain letter agreement dated March 23rd, 2005, that certain letter agreement dated April 8, 2005, and that certain Amendment Nine to the Credit Agreement dated as of April 22, 2005 (as amended, the
“Credit Agreement”), among Borrower, Agent and the Lenders party thereto, hereby certifies to Agent and Lenders that the following Borrowing Base calculation is true and correct as of the close of business on
                    , 20     : 
  

				
	 1.      Total Accounts as of
                    
	  	$	                                
		
	 2.      Less (without duplication):
	  	 	 
		
	 (a)    Invoices over 90 days old
	  	$	                                
		
	 (b)    Contra Accounts
	  	$	                                
		
	 (c)    Accounts owed by Account Debtors more than 10% of whose Accounts are more than 90 days old
	  	$	                                
		
	 (d)    Accounts subject to a third party lien
	  	$	                                
		
	 (e)    Accounts in Bankruptcy
	  	$	                                
		
	 (f)     Affiliate Accounts
	  	$	                                
		
	 (g)    Foreign Accounts other than Canadian Accounts
	  	$	                                
		
	 (h)    Accounts owed to Foreign Grantors other than allowed Canadian Grantors
	  	$	                                
		
	 (i)     U.S. Government Accounts not subject to appropriate assignment under Assignment of Claims Act
	  	$	                                
		
	 (j)     Retainage Accounts
	  	$	                                

  

 24 

				
	 (k)    Concentrations in excess of 25%
	  	$	                                
		
	 (l)     Other Ineligibles as defined by the Credit Agreement
	  	$	                                
		
	 3.      Subtotal of Eligible Accounts (Line 1 less 2 a-l)
	  	$	                                
		
	 (a)    Less an amount equal to, for all uncompleted contracts approved and accepted:
	  	 	 
		
	 (1)    All billings in excess of costs and estimated
earnings,                                    $  
                            
	  	 	 
		
	 (2)    MINUS All costs in excess of billings under uncompleted
contracts          $                         
 )
	  	 	 
		
	 (1)    above minus (2) above
	  	($	                                )
		
	 (b)    Amount in the aggregate in excess of $10,000,000 from Accounts under bonded contracts
	  	($	                                )
		
	 4.      Restated Eligible Accounts (Line 3 less Lines 3(a) and 3(b))
	  	$	                                
		
	 5.      Borrowing Base (Line 4 x 80%)
	  	$	                                
		
	 6.      Lesser of (i) Line 5, (ii) $35,000,000 or (iii) Aggregate Revolving Loan Commitment
	  	$	                                
		
	 7.      Revolving Loan Balance
	  	$	                                
		
	 8.      LC Obligations (Maximum of $15,000,000)
	  	$	                                
		
	 9.      Total Revolver Outstanding (Line 7 + Line 8)
	  	$	                                
		
	 10.    Excess/Deficit Collateral Margin (Line 6 less Line 9) (Use Zero if Negative)
	  	$	                                
		
	 11.    Available Revolver Credit (Lesser of Line 10 or $35,000,000)
	  	$	                                
		
	 12.    Number and dollar amount of outstanding checks
	  	 	 
		
	 a.      Number                        
	  	 	 
		
	 b.      $                                
   
	  	 	 
		
	 13.    Revolver B Borrowing Base (Lesser of (i) $10,000,000, (ii) amount notified by Revolver B Lenders, or (iii) as
otherwise reduced)
	  	$	                                

  

 25 

				
	 14.    Revolver B Commitment (Line 13 less Line 12b.)
	  	$	                                
		
	 15.    Accounts Payable of Borrower and each Subsidiary more than 60 days past due.
	  	$	                                
		
	 16.    Line 4 less Line 15
	  	$	                                
		
	 17.    Line 16 x 80%
	  	$	                                

  

			
	 MATRIX SERVICE COMPANY

		
	By:	 	 /s/ George L. Austin

	 	 	 George L. Austin, Chief Financial Officer

  

 26Second Amendment to the Second Amended and Restated Credit Agreement

 Exhibit 10.01 
  
 CONFORMED COPY 
  
 SECOND AMENDMENT 
  
 SECOND AMENDMENT (this “Amendment”), dated as of April 14, 2005 among MBIA INC. (“Parent”), a Connecticut corporation,
MBIA INSURANCE CORPORATION (“Corp.”), a New York stock insurance corporation, the Designated Borrowers party to the Credit Agreement referred to below, the undersigned lenders party to the Credit Agreement (each, a
“Continuing Lender” and, collectively, the “Continuing Lenders”), each lender that shall become a “Lender” under the Credit Agreement upon the effectiveness of this Amendment (each, a “New
Lender” and, collectively, the “New Lenders”) and BARCLAYS BANK PLC, as Administrative Agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, capitalized terms used herein
and defined in the Credit Agreement referred to below are used herein as so defined. 
  
 W I T N E S S E T H : 
  
 WHEREAS, Parent, Corp., the Designated Borrowers, the Lenders and the Administrative Agent are party to a Second Amended and Restated Credit Agreement,
dated as of August 28, 1998 and amended and restated as of April 19, 2002 and further amended and restated as of April 16, 2003 (as same has been further amended, restated, modified and/or supplemented to, but not including, the date hereof, the
“Credit Agreement”); and 
  
 WHEREAS, subject to
the terms and conditions set forth below, the parties hereto wish to amend the Credit Agreement as provided herein; 
  
 NOW, THEREFORE, it is agreed; 
  
 A. Amendments 
  
 1. The Credit Agreement is hereby amended by deleting the first paragraph thereof in its entirety and inserting the following paragraph in lieu thereof:

  
 “SECOND AMENDED AND RESTATED CREDIT
AGREEMENT, dated as of August 28, 1998 and amended and restated as of April 19, 2002 and further amended and restated as of April 16, 2003 among MBIA INC. (“Parent”), a Connecticut corporation, MBIA INSURANCE CORPORATION
(“Corp.”), a New York stock insurance corporation, one or more Designated Borrowers (as hereinafter defined) from time to time party hereto, the lenders from time to time party hereto (each, a “Lender” and, collectively, the
“Lenders”), BARCLAYS BANK PLC, as Administrative Agent (in such capacity, together with any successor Administrative Agent, the “Administrative Agent”), BANK OF AMERICA, N.A., as Syndication Agent (in such capacity, together with
any successor Syndication Agent, the “Syndication Agent”) and KEYBANK NATIONAL ASSOCIATION, JPMORGAN CHASE BANK and THE BANK OF NEW YORK as Co-Documentation Agents (in such capacity, together with any successor Co-Documentation Agents, the
“Co-Documentation Agents”). Unless otherwise defined herein, all capitalized terms used herein and defined in Section 9 are used herein as so defined.” 

 2. Section 1.15 of the Credit Agreement is hereby amended by deleting the text “Restatement
Effective Date” and inserting the text “Second Amendment Effective Date” in lieu thereof. 
  
 3. Section 5.04(a) of the Credit Agreement is hereby further amended by deleting the text “December 31, 2002” and inserting the text
“December 31, 2004” in lieu thereof. 
  
 4. Section
5.04(b) of the Credit Agreement is hereby further amended by deleting the text “December 31, 2002” and inserting the text “December 31, 2004” in lieu thereof. 
  
 5. Section 5.07 of the Credit Agreement is hereby further amended by deleting the text “December 31, 2002” and
inserting the text “December 31, 2004” in lieu thereof. 
  
 6. Section 7.08 of the Credit Agreement is hereby amended by deleting the text “$2,500,000,000” and inserting the text “$2,800,000,000” in lieu thereof. 
  
 7. Section 9 of the Credit Agreement is hereby amended by deleting the definition of “Applicable Margin” in its
entirety and inserting the following new definition of “Applicable Margin” in lieu thereof: 
  
 “Applicable Margin” shall mean, as of any date, with respect to (i) any Eurodollar Loan, Base Rate Loan, or Swingline Loan, a
percentage per annum set forth below under the caption “Eurodollar Rate”, “Base Rate” or “Swing Rate”, as applicable, determined, in each case, by reference to (x) for Revolving Loans and Swingline Loans incurred by
Parent, the Applicable Public Rating in effect on such date as set forth below under the caption “Parent’s Public Rating S&P/Moody’s” and (y) for Revolving Loans and Swingline Loans incurred by Corp. or a Designated Borrower,
the Applicable Public Rating in effect on such date as set forth below under the caption “Corp’s Public Rating S&P/Moody’s” and (ii) any Facility Fee, the Applicable Margin per annum set forth below under the caption
“Facility Fee” determined, in each case, by reference to the lower of Parent’s and Corp.’s Applicable Public Rating in effect on such date as set forth below under the captions “Parent’s Public Rating
S&P/Moody’s” and “Corp’s Public Rating S&P/Moody’s” respectively: 
  

															
	 Parent’s Public
 Rating

S&P/Moody’s

	  	 Corp’s Public
 Rating
 S&P/Moody’s

	  	Eurodollar
Rate

	 	 	Base
Rate

	 	 	Swing
Rate

	 	 	Facility Fee

	 
	 Level 1
 AA/Aa2 or above
	  	 Level 1
 AAA/Aaa
	  	0.17	%	 	0	%	 	0.17	%	 	0.08	%

  

 2 

															
	 Parent’s Public
 Rating

S&P/Moody’s

	  	 Corp’s Public
 Rating
 S&P/Moody’s

	  	Eurodollar
Rate

	 	 	Base
Rate

	 	 	Swing
Rate

	 	 	Facility Fee

	 
	 Level 2
 AA-/Aa3 or lower, but does not constitute
 Level 3 or 4
	  	 Level 2
 AA+/Aa1 or lower, but does not
constitute Level 3 or 4
	  	0.21	%	 	0	%	 	0.21	%	 	0.09	%
	 Level 3
 A+/ A1 or lower, but does not constitute
 Level 4
	  	 Level 3
 AA/Aa2 or lower, but does not
constitute Level 4
	  	0.30	%	 	0	%	 	0.30	%	 	0.10	%
	 Level 4
 A-/A3 or lower
	  	 Level 4
 A+/A1 or lower
	  	0.45	%	 	0	%	 	0.45	%	 	0.15	%

  
 provided that,
(A) notwithstanding anything to the contrary set forth in the grid above (and notwithstanding the Applicable Public Rating at the time), upon the occurrence and during the continuance of any Event of Default, the Applicable Margin shall be the rate
described above in Level 4; (B) for purposes of the foregoing, in the event of a split in the Applicable Public Rating from Moody’s and S&P, the applicable level shall be (1) the lower of such ratings in the event such ratings are one level
apart, (2) the midpoint (if any) of such levels in the event such ratings are two or more levels apart and (3) the lower of the two intermediate ratings in the event there is no midpoint rating; (C) if at any time Parent or Corp., as the case may
be, does not have an Applicable Public Rating with either Moody’s or S&P (other than by reason of the circumstances referred to in the last sentence of this definition), the Applicable Margin as set forth in Level 4 will apply; (D) if at
any time either Moody’s or S&P shall not have in effect an Applicable Public Rating, the Applicable Margin shall be determined solely by the Applicable Public Rating established by the rating agency that does have an Applicable Public
Rating then in effect; and (E) if at any time the Applicable Public Ratings established or deemed to have been established by Moody’s and S&P shall be changed (other than as a result of a change in the rating system of Moody’s or
S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of providing the Applicable Public Rating,
Parent (on its own behalf and/or on behalf of Corp.) and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness
of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
  

 3 

 8. Section 9 of the Credit Agreement is hereby further amended by deleting the definition of “Final
Maturity Date” in its entirety and inserting the following new definition of “Final Maturity Date” in lieu thereof: 
  
 “Final Maturity Date” shall mean April 14, 2010, or such later date to which the Final Maturity Date shall have been extended
pursuant to Section 1.15. 
  
 9. Section 9 of the Credit Agreement
is hereby further amended by (i) deleting the definition of “Documentation Agent” and (ii) adding the following definitions in such Section in its appropriate alphabetical order: 
  
 “Co-Documentation Agents” shall have the meaning
provided in the first paragraph of this Agreement 
  
 “Second Amendment Effective Date” means the date upon which the Second Amendment to this Agreement, dated April 14, 2005 becomes effective in accordance with its terms. 
  
 10. Section 10.01 of the Credit Agreement is hereby amended by (i) deleting the text “KeyBank National
Association” appearing in said Section and inserting the text “Bank of America, N.A.” in lieu thereof and (ii) deleting the text “The Bank of New York as Documentation Agent” appearing in said Section and inserting the text
“KeyBank National Association, JPMorgan Chase Bank and The Bank of New York as Co-Documentation Agents” in lieu thereof. 
  
 11. Section 10.09(d) of the Credit Agreement is hereby amended by deleting the text “the Documentation Agent” and inserting the text “any
Co-Documentation Agent” in lieu thereof. 
  
 12. Section
10.10 of the Credit Agreement is hereby amended by (i) deleting the text “Documentation Agent” appearing in the heading of said Section and inserting the text “Co-Documentation Agents” in lieu thereof and (ii) deleting the text
“the Documentation Agent” appearing in said Section and inserting the text “any Co-Documentation Agent” in lieu thereof. 
  
 13. The Credit Agreement is hereby further amended by deleting Annex I to the Credit Agreement in its entirety and replacing it with Annex I attached
hereto. 
  
 14. The Credit Agreement is hereby further Amended by
deleting Annex II to the Credit Agreement in its entirety and replacing it with Annex II attached hereto. 
  
 15. The Credit Agreement is hereby further amended by deleting the cover page of the Credit Agreement in its entirety and replacing it with Annex III
attached hereto. 
  

 4 

 B. Miscellaneous Provisions 
  
 1. In order to induce the Lenders to enter into this Amendment, each of Parent and Corp. hereby represents and warrants that
(i) the representations and warranties of each of Parent and Corp. contained in the Credit Agreement and each other Credit Document are true and correct in all material respects on and as of the Second Amendment Effective Date (as defined below)
(except with respect to any representations and warranties limited by their terms to a specific date, which shall be true and correct in all material respects as of such date) after giving effect to this Amendment and (ii) as of the date hereof,
there exists no Default or Event of Default under the Credit Agreement after giving effect to this Amendment. 
  
 2. This Amendment is limited as specified and shall not constitute an amendment, modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document. 
  
 3. THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
  
 4. This Amendment shall become effective on the date (the “Second Amendment Effective Date”) when (i) each Borrower, each Continuing
Lender and each New Lender shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of telecopier) the same to the Administrative Agent, (ii) there shall have been delivered to
the Administrative Agent for the account of each Lender requesting the same, the appropriate Notes, in each case, executed by Parent and Corp., as applicable, and in each case in the amount, maturity and as otherwise provided in the Credit
Agreement, (iii) (x) all accrued and unpaid interest on all Loans of each Lender that is neither a Continuing Lender nor a New Lender (each such Lender, a “Non-Continuing Lender” and, collectively, the “Non-Continuing
Lenders”) shall have been paid in full (regardless of whether or not the Credit Agreement otherwise requires a payment of such interest at such time), (y) all fees, costs and expenses owing to each Non-Continuing Lender under the Credit
Agreement shall have been paid in full and (z) the principal of all outstanding Loans of each Non-Continuing Lender shall have been repaid in full, (iv) the Borrowers shall have, or shall have caused to be, paid to each Continuing Lender and each
New Lender which executes and delivers (including by way of telecopier) to the Administrative Agent a counterpart of this Amendment, an upfront fee equal to 0.02% of such Lender’s Commitments, as in effect on the Second Amendment Effective Date
after giving effect to this Amendment and (v) on the Second Amendment Effective Date, the Borrowers shall have, or shall have caused to be, paid in full to the Administrative Agent all costs, expenses (including, without limitation, all reasonable
legal fees and expenses) payable to the Administrative Agent, in each case, to the extent then due. 
  
 5. The parties hereby agree that on the Second Amendment Effective Date (i) each New Lender shall be a “Lender” under, and as defined in, the
Credit Agreement and be bound by the terms thereof as a Lender and (ii) the Commitment of each Non-Continuing Lender (as in effect immediately prior to the Second Amendment Effective Date) shall be terminated and such Non-Continuing Lender shall
cease for all purposes (other than with respect to indemnities contained in the Credit Documents which survive such termination) to constitute a Lender. 
  

 5 

 6. From and after the Second Amendment Effective Date, all references in the Credit Agreement and in the
other Credit Documents shall be deemed to be referenced to the Credit Agreement as modified hereby. 
  
 *    *    * 
  

 6 

 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed and delivered as of
the date first above written. 
  

			
	MBIA INC.
		
	By:	 	 /s/ Joseph Sevely

	Title:	 	Treasurer
	
	MBIA INSURANCE CORPORATION
		
	By:	 	 /s/ Joseph Sevely

	Title:	 	Treasurer
	
	BARCLAYS BANK PLC,
	Individually and as Administrative Agent
		
	By:	 	 /s/ Allison A. McGuigan

	Title:	 	Associate Director

  
  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Mary K. Young

	Title:	 	Vice President

  
  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	THE BANK OF NEW YORK
		
	By:	 	 /s/ Sreecaran Ganesan

	Title:	 	Vice President

  
  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Lawrence Palumbo, Jr.

	Title:	 	Vice President

  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	NATIONAL AUSTRALIA BANK LIMITED
		
	By:	 	 /s/ David Hummer

	Title:	 	Director

  
  

  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION

		
	By:	 	 /s/ Robert C. Meyer

	Title:	 	Senior Vice President
		
	By:	 	 /s/ Beth McGinnis

	Title:	 	Senior Vice President

  
  

  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	BANK OF AMERICA, NA
		
	By:	 	 /s/ Shelly K. Harper

	Title:	 	Senior Vice President

  
  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	By:	 	 /s/ Ruth Leung

	Title:	 	Director
		
	By:	 	 /s/ Clinton Johnson

	Title:	 	Managing Director

  
  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	NORDDEUTSCHE LANDESBANK GIROZENTRALE
	
	NEW YORK BRANCH and/or CAYMAN ISLANDS BRANCH
		
	By:	 	 /s/ Stephanie Finnen

	Title:	 	Vice President
		
	By:	 	 /s/ Josef Haas

	Title:	 	Vice President

  
  

			
	SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE SECOND AMENDED
AND RESTATED MULTI-YEAR CREDIT
AGREEMENT, DATED AS OF APRIL 14, 2005,
AMONG MBIA INC., MBIA
INSURANCE
CORPORATION, THE LENDERS FROM TIME
TO TIME PARTY THERETO, BARCLAYS BANK
PLC, AS ADMINISTRATIVE AGENT
	
	CAJA MADRID
	
	CAJA MADRID MIAMI AGENCY
		
	By:	 	 /s/ José Cueto

	Title:	 	Deputy General Manager
		
	By:	 	 /s/ Pablo Hernandez

	Title:	 	Head of IFI’s

  
  

 ANNEX I 
  
 COMMITMENTS 
  

				
	 Lender

	  	Commitment

	 Barclays Bank PLC
	  	$	80,000,000
	 Bank of America, N.A.
	  	$	80,000,000
	 KeyBank National Association
	  	$	75,000,000
	 JPMorgan Chase Bank
	  	$	65,000,000
	 The Bank of New York
	  	$	65,000,000
	 Deutsche Bank AG New York Branch and/or Cayman Islands Branch
	  	$	30,000,000
	 National Australia Bank Limited
	  	$	30,000,000
	 Caja Madrid
	  	$	25,000,000
	 Norddeutsche Landesbank Girozentrale New York Branch and/or Cayman Islands Branch
	  	$	25,000,000
	 Wells Fargo Bank, National Association
	  	$	25,000,000
	 Total:
	  	$	500,000,000
	 	  	
	

 ANNEX II 
  

LENDER ADDRESSES 
  

			
	Barclays Bank PLC	  	 200 Park Avenue
 New York, NY 10166
 Attn:   Alison McGuigan
 Tel:     (212)
412-7672
 Fax:     (212) 412-5610
 e-mail:
alison.mcguigan@barcap.com

		
	KeyBank National Association	  	 127 Public Square, 6th Floor
 Cleveland, OH
44114
 Attn:   Mary K. Young
 Tel:
    (216) 689-4443
 Fax:     (216) 689-4981
 e-mail: mary_k_young@keybank.com

		
	The Bank of New York	  	 One Wall Street
 New York, NY 10286
 Attn:   David Trick
 Tel:     (212)
635-1064
 Fax:     (212) 809-9520
 e-mail:
dtrick@bankofny.com

		
	JPMorgan Chase	  	 270 Park Avenue
 New York, NY 10017
 Attn:   Lawrence Palumbo
 Tel:     (212)
270-7525
 Fax:     (212) 270-1511
 e-mail:
lawrence.palumbo@jpmorgan.com

		
	 National Australia Bank Limited,
       New York Branch ACN 004044937
	  	 200 Park Avenue, Floor 34
 New York, NY 10166

Attn:   Mike McHugh
 Tel:     (212)
916-9559
 Fax:     (212) 983-1969
 e-mail:
mmchugh@nabny.com

  
  

			
	Wells Fargo Bank, N.A.	  	 230 W. Monroe Street, Suite 2900
 Chicago, IL
60606
 Attn:   Robert Meyer
 Tel:
    (312) 345-8623
 Fax:     (312) 845-6606
 e-mail: meyerrc@wellsfargo.com

		
	Bank of America, N.A.	  	 NY1-301-21-01
 9 West 57th Street
 New York, NY 10019
 Attn:   Anson Harris
 Tel:     (212) 847-5829
 Fax:
    (212) 847-6994
 e-mail: anson.t.harris@bofasecurities.com

		
	 	  	with a copy to:
		
	 	  	 901 Main Street, 66th Floor
 Dallas, TX
75201
 Attn:   Jim Miller
 Tel:
    (214) 209-0559
 Fax:     (214) 209-3742
 e-mail: jim.v.miller@bankofamerica.com

		
	Deutsche Bank AG, New York Branch	  	 31 West 52nd Street, 23rd Floor
 New York, NY
10019
 Attn:   Ruth Leung
 Tel:
    (212) 469-8650
 Fax:     (212) 469-8366
 e-mail: ruth.leung@db.com

		
	 Norddeutsche Landesbank Girozentrale,
     New York Branch and/or Cayman Islands
     Branch
	  	 1114 Avenue of the Americas
 New York, NY
10036
 Attn:   Stephanie Finnen
 Tel:
    (212) 812-6806
 Fax:     (212) 812-6860
 e-mail: stephanie.finnen@nordlb.com

		
	Caja Madrid	  	 Caja Madrid Miami Agency
 701 Brickell Avenue, Suite
2000
 Miami, FL 33131
 Attn:   Pablo
Hernandez
 Tel:     (305) 371-3833
 Fax:
    (305) 371-4243
 e-mail: jhernanm@cajamadrid.es

 ANNEX III 
  

  
 

 
  
 SECOND AMENDED AND RESTATED CREDIT
AGREEMENT 
  
 among 
  
 MBIA INC., 
  
 MBIA INSURANCE CORPORATION, 
  
 VARIOUS DESIGNATED BORROWERS, 
  
 VARIOUS LENDING INSTITUTIONS, 
  
 BANK OF AMERICA, N.A., 
 AS SYNDICATION AGENT,

  
 KEYBANK NATIONAL ASSOCIATION, 
 JPMORGAN CHASE BANK, 
 and 
 THE BANK OF NEW YORK, 
 AS CO-DOCUMENTATION
AGENTS 
  
 AND 
  
 BARCLAYS BANK PLC, 
 AS ADMINISTRATIVE AGENT 
  

  
 Dated as of August 28, 1998 
 and 
 amended and restated as of April 19, 2002

 and 
 further amended and
restated as of April 16, 2003 
  

  

  

			
	

	 	

	 BARCLAYS CAPITAL,
 AS JOINT LEAD ARRANGER AND SOLE BOOKRUNNER
	 	 BANC OF AMERICA SECURITIES LLC,
 AS JOINT LEAD ARRANGER

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