AMENDED AND RESTATED PLEDGE AGREEMENT
Exhibit 99.3
AMENDED AND RESTATED
PLEDGE AGREEMENT
PLEDGE AGREEMENT
THIS AMENDED AND RESTATED PLEDGE AGREEMENT (this “Agreement”) dated as of June 12,
2006 is by and among the parties identified as “Pledgors” on the signature pages attached hereto
and such other parties as may become Pledgors hereunder (each a “Pledgor” and collectively
the “Pledgors”) and Bank of America, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”), for the ratable benefit of the Lenders and amends and restates
that certain Pledge Agreement, dated as of December 19, 2003 (as amended or otherwise modified
prior to the date hereof), among the Borrower, the pledgors from time to time party thereto, and
Bank of America, N.A., as administrative agent.
RECITALS:
A. Quanta Services, Inc., a Delaware corporation (the “Borrower”), the Guarantors
identified therein, the Lenders identified therein, and Bank of America, N.A., as Administrative
Agent, Swing Line Lender and L/C Issuer have entered into that certain Amended and Restated Credit
Agreement dated as of the date hereof (as amended, modified, supplemented or restated from time to
time, the “Credit Agreement”).
B. This Agreement is required under the terms of the Credit Agreement.
NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1. Definitions. Unless otherwise defined herein, capitalized terms have the same
meaning assigned to such terms in the Credit Agreement. As used in this Agreement:
“Collateral” is defined in Section 2.1.
“Collateral Proceeds” is defined in Section 2.1(f).
“Collateral Termination Date” means the first date on which no Loan or Credit
Extension is outstanding under the Credit Agreement, the Commitments have been permanently
terminated, and no other Obligations are due and payable thereunder or under any other Loan
Document.
“Event of Default” is defined in Section 6.1.
“Pledged Shares” is defined in Section 2.1(a).
“Secured Obligations” is defined in Section 2.2.
“UCC” means the Uniform Commercial Code.
“Voting Stock” is defined in Section 2.1.
SECTION 2. Security Interest and Pledge.
2.1 Security Interest and Pledge. Subject to the terms of this Agreement and to
secure the Secured Obligations, each Pledgor hereby pledges, assigns, grants, conveys and transfers
to the Administrative Agent for the ratable benefit of the holders of the Secured Obligations a
continuing first
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priority security interest in, and a right of set-off against, any and all of such Pledgor’s
rights, title and interest in, to and under the following property, whether now existing or owned,
acquired or arising hereafter (collectively, the “Collateral”):
(a) | all of shares of Capital Stock in the Persons listed on the attached Schedule 2.1(a) and any other entities which hereafter become Subsidiaries of such Pledgor or any of its Subsidiaries in which such Pledgor has an ownership interest (collectively, the “Companies”), and the certificates or instruments, if any, representing such Capital Stock and all options and other rights, contractual or otherwise, with respect thereto (collectively, the “Pledged Shares”); | ||
(b) | any other shares of Capital Stock hereafter pledged to the Administrative Agent pursuant to this Agreement; | ||
(c) | all “investment property” as such term is defined in §9-102(a)(49) of the UCC with respect thereto; | ||
(d) | any “security entitlement” as such term is defined in § 8-102(a)(l7) of the UCC with respect thereto; | ||
(e) | all books and records relating to the foregoing; and | ||
(f) | all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Collateral, and without affecting the obligations of such Pledgor under any provision of the Credit Agreement, in the event of any consolidation or merger in which such Pledgor is not the surviving corporation, all shares of each class or Capital Stock of the successor entity formed by or resulting from such consolidation or merger (all of the foregoing described in this clause (f), the “Collateral Proceeds”); |
provided, that in no event shall the Administrative Agent’s security interest encumber
capital stock or membership interests of any of the Companies which is a “controlled foreign
corporation” (within the meaning of the Internal Revenue Code) representing more than sixty-five
percent (65%) of the combined voting power of all classes of stock or membership interests entitled
to vote (the “Voting Stock”) of any such entity.
Without limiting the generality of the foregoing, it is hereby specifically understood and
agreed that a Pledgor may from time to time hereafter deliver additional Capital Stock to the
Administrative Agent as collateral security for the Secured Obligations. Upon delivery to the
Administrative Agent, such additional Capital Stock shall be deemed to be part of the Collateral of
such Pledgor and shall be subject to the terms of this Pledge Agreement whether or not Schedule
2.1(a) is amended to refer to such additional Capital Stock.
2.2 Secured Obligations. The Collateral shall secure (subject to Section 7.14 hereof)
the following obligations, indebtedness and liabilities, without duplication (all such obligations,
indebtedness and liabilities being hereinafter sometimes called the “Secured Obligations”):
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(a) | all of the obligations of the Loan Parties to the Lenders (including the L/C Issuer and the Swing Line Lender) and the Administrative Agent under the Credit Agreement and the other Loan Documents (including, but not limited to, any interest accruing after the commencement by or against any Loan Party of a proceeding under any Debtor Relief Laws, regardless of whether such interest is an allowed claim under such proceeding), whether now existing or hereafter arising, due or to become due, direct or indirect, absolute or contingent, howsoever evidenced, created, held or acquired, whether primary, secondary, direct, contingent, or joint and several, as such obligations may be amended, modified, increased, extended, renewed or replaced from time to time; | ||
(b) | all of the obligations owing by the Loan Parties under any Swap Contract with any Lender or any Affiliate of a Lender, whether now existing or hereafter arising; | ||
(c) | all indemnity obligations of the Loan Parties under the Credit Agreement; and | ||
(d) | all costs and expenses incurred in connection with enforcement and collection of the foregoing obligations, including reasonable attorneys’ fees. |
2.3 Delivery of the Collateral. Each Pledgor hereby agrees that:
(a) | Delivery of Certificates. Each Pledgor shall deliver to the Administrative Agent (i) simultaneously with or prior to the execution and delivery of this Pledge Agreement, all certificates representing the Pledged Shares of such Pledgor and (ii) promptly upon the receipt thereof by or on behalf of a Pledgor, all other certificates and instruments constituting Collateral of a Pledgor. Prior to such delivery to the Administrative Agent, all such certificates and instruments constituting Collateral of a Pledgor shall be held in trust by such Pledgor for the benefit of the Administrative Agent pursuant hereto. All such certificates shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in Schedule 2.3(a) attached hereto. | ||
(b) | Financing Statements. Each Pledgor authorizes the Administrative Agent to file one or more financing statements (with collateral descriptions broader, including without limitation “all assets” and/or “all personal property” collateral descriptions, and/or less specific than the description of the Collateral contained herein) disclosing the Administrative Agent’s security interest in the Collateral. Each Pledgor agrees to execute and deliver to the Administrative Agent such financing statements and other filings as may be reasonably requested by the Administrative Agent in order to perfect and protect the security interest created hereby in the Collateral of such Pledgor. |
SECTION 3. Representations and Warranties. Each Pledgor represents and warrants to the
Administrative Agent for the benefit of the holders of the Secured Obligations, that so long as any
of the Secured Obligations remain outstanding and until all of the commitments relating thereto
have been terminated:
3.1 Title. Such Pledgor owns or, with respect to Collateral acquired after the date
hereof, such Pledgor will own, legally and beneficially, the Collateral free and clear of any Lien,
security interest, pledge, claim, or other encumbrance or any right or option on the part of any
third person to purchase or otherwise acquire the Collateral or any part thereof, except for the
security interest granted hereunder and Permitted Liens. Such Pledgor has the unrestricted right
to pledge the Collateral as contemplated hereby,
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and there exists no “adverse claim” within the meaning of Section 8-102 of the UCC with
respect to the Collateral.
3.2 Organization and Authority. Neither the execution, delivery or performance by
such Pledgor of this Agreement nor compliance by it with the terms and provisions hereof, nor the
consummation of the transactions contemplated herein, will (i) contravene any applicable provision
of any law, statute, rule or regulation, or any order, writ, injunction or decree of any court or
governmental instrumentality; or (ii) conflict with or result in any breach of any term, covenant,
condition or other provision of, or constitute a default under, or (other than pursuant to the
Collateral Documents) result in the creation or imposition of (or the obligation to create or
impose) any Lien upon any of the property or assets of such Pledgor under the terms of any
contractual obligation to which such Pledgor is a party or by which it or any of its properties or
assets are bound or to which it may be subject.
3.3 First Priority Perfected Security Interest. This Agreement has been duly
authorized, executed and delivered by such Pledgor. This Agreement creates a valid security
interest in favor of the Administrative Agent for the benefit of the Lenders in the Collateral.
The taking of possession by the Administrative Agent of the certificates representing the Pledged
Shares and all other certificates and instruments constituting Collateral will perfect and
establish the first priority of the Administrative Agent’s security interest in the Pledged Shares
consisting of certificated securities and, when properly perfected by filing or registration, in
all other Collateral represented by such Pledged Shares and instruments securing the Secured
Obligations. Except as set forth in this Section 3.3 and except as may be required by applicable
foreign laws affecting the pledge of Capital Stock of Foreign Subsidiaries, no action is necessary
to perfect or otherwise protect such security interest.
3.4 Partnership and Membership Interests. Except as previously disclosed to the
Administrative Agent, none of the Pledged Shares consisting of partnership or limited liability
company interests (i) is dealt in or traded on a securities exchange or in a securities market,
(ii) by its terms expressly provides that it is a security governed by Article 8 of the UCC, (iii)
is an investment company security, (iv) is held in a securities account or (v) constitutes a
Security or a Financial Asset (as each is defined in the UCC).
3.5 No Consent. No consent of, or notice to, any other Person and no authorization,
approval or other action by, and no notice to or filing with, any governmental authority or
regulatory body is required for the grant by such Pledgor of the Liens granted hereby or for the
execution, delivery or performance of this Agreement by such Pledgor, other than the filing of
financing statements and the filing of an investment act notice in connection with the stock of any
Company organized in Canada and except for such other consents, notices or filings that have been
obtained or made or that as of the date hereof are not required to have been obtained or made and
may be obtained or made, as the case may be, when necessary.
SECTION 4. Covenants. Each Pledgor covenants and agrees that so long as any of the Secured
Obligations remain outstanding and until all of the commitments relating thereto have been
terminated:
4.1 Encumbrances. Except as permitted by the Credit Agreement, each Pledgor shall not
create, permit, or suffer to exist, and shall defend the Collateral against, any Lien on the
Collateral except the pledge and security interest of the Administrative Agent hereunder and except
for Permitted Liens, and shall warrant and defend title to and ownership of the Collateral of such
Pledgor at its own expense against the claims and demands of all other parties claiming an interest
therein and defend such Pledgor’s rights in the Collateral and the Administrative Agent’s security
interest in the Collateral against the claims of all persons and entities (other than any person or
entity claiming by, through or under the Administrative Agent or any obligee of the Secured
Obligations).
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4.2 Sale of Collateral. No Pledgor shall sell, assign, or otherwise dispose of the
Collateral or any part thereof except as permitted by the Credit Agreement.
4.3 Dividends. If any Pledgor shall become entitled to receive or shall receive any
distribution (including, without limitation, any dividend or distribution in connection with any
reclassification, increase, or reduction of capital or issued in connection with any
reorganization), option or rights constituting Collateral, whether as an addition to, in
substitution of, or in exchange for any Collateral or otherwise, such Pledgor agrees to accept the
same as the Administrative Agent’s agent and to hold the same in trust for the Administrative Agent
and to deliver the same (to the extent in form capable of delivery) promptly to the Administrative
Agent in the exact form received, with the appropriate endorsement of such Pledgor when necessary,
to be held by the Administrative Agent, as additional Collateral for the Secured Obligations,
subject to the terms hereof. Any sums paid upon or in respect of the Collateral upon the
liquidation or dissolution of the issuer thereof in violation of the Credit Agreement shall be paid
over to the Administrative Agent to be held by it as additional Collateral for the Secured
Obligations subject to the terms hereof except as otherwise provided in the Credit Agreement; and
in case any distribution shall be made on or in respect of the Collateral while a Default or an
Event of Default shall be continuing or any property shall be distributed while a Default or an
Event of Default shall be continuing upon or with respect to the Collateral pursuant to any
recapitalization or reclassification of the capital of the issuer thereof or pursuant to any
reorganization of the issuer thereof, the property so distributed shall be delivered to the
Administrative Agent to be held by it, as additional Collateral for the Secured Obligations,
subject to the terms hereof. All sums of money and property so paid or distributed in respect of
the Collateral that are received by such Pledgor shall, until paid or delivered to the
Administrative Agent, be held by such Pledgor in trust as additional security for the Secured
Obligations, provided that except to the extent that such sums of money or property have
theretofore been applied against the Secured Obligations in accordance with the Credit Agreement,
such sums of money or property shall forthwith be delivered to such Pledgor at such time as no
Default or Event of Default shall be continuing under the Credit Agreement.
4.4 Further Assurances. At any time and from time to time, upon the request of the
Administrative Agent, and at the sole expense of such Pledgor, such Pledgor shall promptly execute
and deliver all such further instruments and documents and take such further action as the
Administrative Agent may deem reasonably necessary or desirable to (a) preserve and perfect its
security interest in the Collateral; (b) enable the Administrative Agent to exercise and enforce
its rights and remedies hereunder in respect of the Collateral of such Pledgor; and (c) carry out
the provisions and purposes of this Agreement, including, without limitation, (i) the execution and
filing of such financing statements as the Administrative Agent may require and (ii) upon the
occurrence and during the continuance of an Event of Default, if requested by the Administrative
Agent, delivering to the Administrative Agent irrevocable proxies in respect of the Collateral of
such Pledgor.
4.5 Inspection Rights. Upon reasonable notice from the Administrative Agent, each
Pledgor shall permit the Administrative Agent and its representatives to examine, inspect, and copy
such Pledgor’s books and records concerning ownership of the Collateral at any reasonable time
during normal business hours and as often as the Administrative Agent may desire.
4.6 Books and Records. Each Pledgor shall xxxx its books and records (and shall cause
the issuer of the Pledged Shares to xxxx its books and records) to reflect the security interest of
the Administrative Agent for the benefit of the holders of the Secured Obligations under this
Agreement.
4.7 Receipt after Default. If any Collateral is received by any Pledgor during the
continuance of an Event of Default, such Pledgor shall pay over to the Administrative Agent all
such Collateral on the
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day received, including the cash and checks endorsed by such Pledgor evidencing the
Collateral. Such Pledgor shall not commingle the Collateral with any other funds, proceeds or
monies of such Pledgor, and shall keep such proceeds separate and apart from any other funds,
proceeds or monies of such Pledgor and shall hold the Collateral in trust for the Administrative
Agent until same shall be paid over to the Administrative Agent as agreed to herein.
4.8 Pledge of Shares of Controlled Foreign Corporation.
(a) | In the event that the Collateral hereunder would, but for this Section 4.8(a), represent more than sixty-five percent (65%) of the Voting Stock of a Company which is a controlled foreign corporation, then the number of shares of Voting Stock of such Company in excess of such sixty-five percent (65%) automatically shall be released from the Lien of, and the terms and provisions of, this Agreement. | ||
(b) | In the event that the Collateral hereunder represents less than sixty-five percent (65%) of the Voting Stock of any Company which is a controlled foreign corporation (or, if less, 100% of the Voting Stock of such Company owned by the Pledgor), then such Pledgor will promptly pledge additional capital stock sufficient to increase the number of shares pledged hereunder to such sixty-five percent (65%) (or, if less, 100% of the Voting Stock of such Company owned by such Pledgor). |
4.9 Amendments. Such Pledgor shall not make or consent to any amendment or other
modification or waiver with respect to any of the Collateral of such Pledgor or enter into any
agreement or allow to exist any restriction with respect to any of the Collateral of such Pledgor
that is prohibited under the Credit Agreement or any other Loan Document.
4.10 Compliance with Securities Laws. Such Pledgor shall file all reports and other
information now or hereafter required to be filed by such Pledgor with the United States Securities
and Exchange Commission and any other state, federal or foreign agency in connection with such
Pledgor’s ownership of the Collateral of such Pledgor.
4.11 Issuance or Acquisition of Capital Stock. Such Pledgor shall not, without
executing and delivering, or causing to be executed and delivered, to the Administrative Agent such
agreements, documents and instruments as the Administrative Agent may reasonably request for the
purpose of perfecting its security interest therein, issue or acquire any Capital Stock
constituting Collateral consisting of an interest in a partnership or a limited liability company
that (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its
terms expressly provides that it is a security governed by Article 8 of the UCC, (iii) is an
investment company security, (iv) is held in a securities account or (v) constitutes a Security or
a Financial Asset (as each is defined in the UCC).
SECTION 5. Rights of the Administrative Agent and Pledgor.
5.1 Power of Attorney. Each Pledgor hereby irrevocably and with the power of
substitution constitutes and appoints the Administrative Agent on behalf of the holders of the
Secured Obligations and any officer or agent thereof, with full power of substitution, as its true
and lawful attorney-in-fact with full irrevocable power and authority in the place and stead and in
the name of each Pledgor or in its own name, from time to time in the Administrative Agent’s
discretion during the continuance of an Event of Default and prior to the Collateral Termination
Date, to take any and all action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the purposes of this Agreement and, without limiting the
generality of the foregoing, hereby gives the Administrative Agent the power and right on behalf of
the Pledgors and in its own name to do any of the following after the
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occurrence and during the continuance of an Event of Default and to the extent permitted by
applicable laws, without notice to or the consent of the Pledgors:
(a) | to demand, xxx for, collect, or receive in the name of each Pledgor or in its own name, any money or property at any time payable or receivable on account of or in exchange for any of the Collateral and, in connection therewith, endorse checks, notes, drafts, acceptances, money orders, or any other instruments for the payment of money under the Collateral; | ||
(b) | to pay or discharge taxes, liens, security interests, or other encumbrances (other than Permitted Liens) levied or placed on or threatened against the Collateral; | ||
(c) | (i) to direct any parties liable for any payment under any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct, (ii) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or arising out of any Collateral; (iii) to sign and endorse any drafts, assignments, proxies, stock powers, verifications, notices, and other documents relating to the Collateral; (iv) to commence and prosecute any suit, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any part thereof and to enforce any other right in respect of any Collateral; (v) to defend any suit, action, or proceeding brought against any Pledgor with respect to any Collateral; (vi) to settle, compromise, or adjust any suit, action, or proceeding described in clause (v) above and, in connection therewith, to give such discharges or releases as the Administrative Agent may deem appropriate; (vii) to exchange any of the Collateral for other property upon any merger, consolidation, reorganization, recapitalization, or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Collateral with any committee, depositary, transfer agent, registrar, or other designated agency upon such terms as the Administrative Agent may determine; (viii) to add or release any guarantor, endorser, surety, or other party to any of the Collateral or the Secured Obligations; (ix) to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and to do, at the Administrative Agent’s option and such Pledgor’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve, or realize upon the Collateral and the Administrative Agent’s security interest; (x) to execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements, security and pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may reasonably deem appropriate in order to perfect and maintain the security interests and liens granted in this Agreement and in order to fully consummate all of the transactions contemplated herein; and (xi) to vote for a shareholder resolution, or to sign an instrument in writing, sanctioning the transfer of any or all of the Collateral into the name of the Administrative Agent or one or more of the holders of the Secured Obligations or into the name of any transferee to whom the Collateral or any part thereof may be sold pursuant to Section 6.2 hereof. |
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This power of attorney is a power coupled with an interest and shall be irrevocable. The
Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the
rights, powers, privileges, and options expressly or implicitly granted to the Administrative Agent
in this Agreement, and shall not be liable for any failure to do so or any delay in doing so. The
Administrative Agent shall not be liable for any act or omission or for any error of judgment or
any mistake of fact or law in its individual capacity or in its capacity as attorney-in-fact except
acts or omissions constituting or resulting from its willful misconduct or gross negligence. This
power of attorney is conferred on the Administrative Agent solely to protect, preserve, and realize
upon its security interest in the Collateral.
5.2 Voting Rights. Until written notice shall be given to the Pledgors in accordance
with Section 6.2(d) that the Administrative Agent has exercised its rights under Section 6.2(d) to
vote the Collateral (provided, however, if the Administrative Agent is prevented from providing
such notice as a result of Section 362 of the United States Bankruptcy Code or similar law the
Pledgors shall be entitled to exercise such rights so long as no Event of Default shall have
occurred and be continuing), a Pledgor shall be entitled to exercise any and all voting and other
rights relating or pertaining to the Collateral or any part thereof and the Administrative Agent
shall execute and deliver (or cause to be executed and delivered) to such Pledgor all such proxies
and other instruments as such Pledgor may reasonably request for the purpose of enabling such
Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to this
sentence.
5.3 Collateral Proceeds. Until written notice shall be given to the Pledgors in
accordance with Section 6.2(d) that the Administrative Agent has exercised its rights under Section
6.2(d) to vote the Collateral, each Pledgor shall be entitled to receive and collect for its own
use all Collateral Proceeds.
5.4 Performance by the Administrative Agent of the Pledgors’ Obligations. If an Event
of Default has occurred and is continuing or if a Pledgor fails to perform or comply with any of
its agreements contained herein, the Administrative Agent may perform or cause performance of or
compliance with such agreement and in so doing may expend such sums as the Administrative Agent may
reasonably deem advisable in the performance thereof. All such expenses of the Administrative Agent
so expended, together with interest thereon at the rate of interest provided in the Credit
Agreement, shall be payable by the Pledgors on a joint and several basis to the Administrative
Agent on demand and shall constitute Secured Obligations secured by this Agreement.
5.5 The Administrative Agent’s Duty of Care. Other than the exercise of reasonable
care in the physical custody of the Collateral while held by the Administrative Agent hereunder,
the Administrative Agent shall have no responsibility for or obligation or duty with respect to all
or any part of the Collateral or any matter or proceeding arising out of or relating thereto,
including, without limitation, any obligation or duty to collect any sums due in respect thereof or
to protect or preserve any rights against prior parties or any other rights pertaining thereto, it
being understood and agreed that Pledgor shall be responsible for preservation of all rights in the
Collateral. Without limiting the generality of the foregoing, the Administrative Agent shall be
conclusively deemed to have exercised reasonable care in the custody of the Collateral if the
Administrative Agent takes such action, for purposes of preserving rights in the Collateral, as
Pledgor may reasonably request in writing, but no failure or omission or delay by the
Administrative Agent in complying with any such request by Pledgor, and no refusal by the
Administrative Agent to comply with any such request by Pledgor, shall of itself be deemed to be a
failure to exercise reasonable care.
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SECTION 6. Events of Default and Remedies.
6.1 Events of Default. The Pledgors shall be in default under this Agreement upon the
occurrence of and during the continuation of any of the events or conditions defined as Events of
Default in the Credit Agreement (an “Event of Default”).
6.2 Rights and Remedies. Prior to the Collateral Termination Date, upon the
occurrence of an Event of Default and so long as the same shall be continuing, the Administrative
Agent shall have the following rights and remedies to the extent not prohibited by applicable laws:
(a) | In addition to all other rights and remedies granted to the Administrative Agent in this Agreement and in any other instrument or agreement securing, evidencing, or relating to the Secured Obligations, the Administrative Agent shall have all of the rights and remedies of a secured party under the UCC of the jurisdiction applicable to the affected Collateral. Without limiting the generality of the foregoing, the Administrative Agent may (i) without demand or notice to the Pledgors, collect, receive, or take possession of the Collateral or any part thereof, (ii) sell or otherwise dispose of the Collateral, or any part thereof, in one or more parcels at public or private sale or sales, at the Administrative Agent’s offices or elsewhere, for cash, on credit, or for future delivery without assumption of any credit risk, and/or (iii) bid and become a purchaser at any such sale free of any right or equity of redemption in any of the Pledgors, which right or equity is hereby expressly waived and released by all of the Pledgors. Upon the request of the Administrative Agent, any of the Pledgors shall assemble the Collateral and make it available to the Administrative Agent at any place designated by the Administrative Agent that is reasonably convenient to such Pledgor and the Administrative Agent. Each of the Pledgors agrees that the Administrative Agent shall not be obligated to give more than ten (10) days’ prior written notice of the time and place of any public sale or of the time after which any private sale may take place and that such notice shall constitute reasonable notice of such matters. Each of the Pledgors shall be liable, jointly and severally, for all reasonable expenses of retaking, holding, preparing for sale, or the like, and all reasonable attorneys’ fees and other reasonable expenses incurred by the Administrative Agent in connection with the collection of the Secured Obligations and the enforcement of the Administrative Agent’s rights under this Agreement, in each case during the continuance of an Event of Default, all of which expenses and fees shall constitute additional Secured Obligations secured by this Agreement. The Administrative Agent may apply the Collateral against the Secured Obligations then due and payable in such order and manner as it shall elect in its sole discretion. Each of the Pledgors shall remain liable for any deficiency (subject to Section 7.16 hereof) together with interest thereon at the Default Rate if the proceeds of any sale or disposition of the Collateral are insufficient to pay the Secured Obligations. Each of the Pledgors waives all rights of marshaling in respect of the Collateral. | ||
(b) | The Administrative Agent may cause any or all of the Collateral held by it to be transferred into the name of the Administrative Agent or the name or names of the Administrative Agent’s nominee or nominees (in each case as pledgee hereunder). |
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(c) | The Administrative Agent shall be entitled to receive all dividends and cash distributions payable in respect of the Collateral. Pledgor shall execute notice letters, in form and substance satisfactory to the Administrative Agent (as and when requested by the Administrative Agent), notifying the Company or Companies of the fact of this Agreement and directing the Company or Companies to make payment directly to the Administrative Agent of all of the distributions which are due and owing to Pledgor by the Company or Companies, and directing the Company or Companies to accompany each transmission of such distributions to the Administrative Agent with a report in such form as the Administrative Agent may reasonably require in order to identify (i) the type of distribution being made, and (ii) the calculations made by the Company or Companies to determine the amount of the distribution distributed to the Administrative Agent. | ||
(d) | The Administrative Agent shall have the right, but shall not be obligated to, exercise or cause to be exercised all voting rights and powers in respect of the Collateral, and Pledgor shall deliver to the Administrative Agent, if requested by the Administrative Agent, irrevocable proxies with respect to the Collateral in form satisfactory to the Administrative Agent. |
Because of applicable securities laws, including without limitation, the Securities Act of 1933, as
amended, and other applicable state securities laws, there may be legal restrictions or limitations
affecting attempts of the Administrative Agent to dispose of the Collateral in the enforcement of
its rights and remedies hereunder, the Administrative Agent is hereby authorized by the Pledgors,
but not obligated, upon the occurrence and during the continuance of an Event of Default, to the
extent permitted by applicable law, to sell all or any part of the Collateral at private sale,
subject to investment letters or in any other manner which will not require the Collateral or any
part thereof, to be registered in accordance with the Securities Act of 1933, as amended, or the
rules and regulations promulgated thereunder, or any other applicable securities law or regulation.
The Pledgors specifically agree that under these circumstances, such a sale is a commercially
reasonable method of disposition of the Collateral. The Administrative Agent is also hereby
authorized by the Pledgors, but not obligated, to take such actions, give such notices, obtain such
rulings and consents, and do such other things as the Administrative Agent may deem appropriate in
the event of such a sale or disposition of any of the Collateral. The Pledgors acknowledge that
the Administrative Agent may, in its reasonable discretion, approach a restricted number of
potential purchasers and that a sale under such circumstances may yield a lower price for the
Collateral or any part or parts thereof than would otherwise be obtainable if the same were
registered and sold in the open market, the Pledgors agrees that such private sale shall constitute
a commercially reasonable method of disposing of the Collateral in view of the time, expense, and
potential liability to the parties of such transactions of registration of the Collateral in
accordance with applicable securities laws.
6.3 Application of Proceeds. Upon the occurrence and during the continuation of an
Event of Default, any payments in respect of the Secured Obligations and any proceeds of the
Collateral, when received by the Administrative Agent or any of the holders of the Secured
Obligations in cash or its equivalent, will be applied in reduction of the Secured Obligations in
the order set forth in the Credit Agreement.
SECTION 7. Miscellaneous.
7.1 No Waiver; Cumulative Remedies. No failure on the part of the Administrative
Agent to exercise and no delay in exercising, and no course of dealing with respect to, any right,
power, privilege or remedy under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise
10
of any right, power, privilege or remedy under this Agreement preclude any other or further
exercise thereof or the exercise of any other right, power, privilege or remedy. To the fullest
extent permitted by applicable laws, the rights, powers, privileges and remedies provided for in
this Agreement are cumulative and not exclusive of any rights, powers, privileges and remedies
provided by law. The Administrative Agent may exercise any right, power, privilege or remedy under
this Agreement or under applicable law against any Pledgor without enforcing any rights, powers,
privileges or remedies against any other Pledgor under this Agreement or otherwise, each of the
Pledgors expressly waiving any rights or requirements that the Administrative Agent or any Lender
first enforce any right, power, privilege or remedy against the Borrower, any other Pledgor or any
other Collateral for the Secured Obligations.
7.2 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each Pledgor and the Administrative Agent for the benefit of the holders of the Secured
Obligations and their respective heirs, successors, and assigns, except that none of the Pledgors
may assign any of its rights or obligations under this Agreement without the prior written consent
of the Required Lenders under the Credit Agreement except to the extent permitted by the Credit
Agreement. To the fullest extent permitted by law, each Pledgor hereby releases the Administrative
Agent and each holder of the Secured Obligations, and their respective successors and assigns, from
any liability for any act or omission relating to this Agreement or the Collateral, except for any
liability arising from the gross negligence or willful misconduct of the Administrative Agent or
such holder, or their respective officers, employees or agents.
7.3 Notices. All notices required or permitted to be given under this Agreement shall
be given as provided in Section 11.02 of the Credit Agreement.
7.4 Governing Law; Submission to Jurisdiction.
(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE;
PROVIDED THAT THE PARTIES HERETO SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.
(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN XXX XXXXXX XX XXX XXXXX XX XXX XXXX SITTING IN NEW YORK, NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH PLEDGOR AND THE ADMINISTRATIVE AGENT, ON BEHALF OF ITSELF AND EACH LENDER,
CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE
COURTS. EACH PLEDGOR AND THE ADMINISTRATIVE AGENT, ON BEHALF OF ITSELF AND EACH LENDER, IRREVOCABLY
WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF
FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR OTHER
DOCUMENT RELATED THERETO. EACH PLEDGOR AND THE ADMINISTRATIVE AGENT, ON BEHALF OF ITSELF AND EACH
LENDER, WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY
ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.
7.5 Waiver of Right to Trial by Jury.
11
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
7.6 Headings. The headings, captions, and arrangements used in this Agreement are for
convenience only and shall not affect the interpretation of this Agreement.
7.7 Survival of Representations and Warranties. All representations and warranties
made in this Agreement or in any certificate delivered pursuant hereto shall survive the execution
and delivery of this Agreement, and no investigation by the Administrative Agent or any Lender
shall affect the representations and warranties or the right of the Administrative Agent or any
Lender to rely upon them.
7.8 Amendments and Waivers. This Agreement and the provisions hereof may not be
amended, waived, modified, changed, discharged or terminated except as set forth in Section 11.01
of the Credit Agreement.
7.9 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.
7.10 Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions of this
Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.
7.11 Construction. The Pledgors and the Administrative Agent acknowledge that each of
them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to
review this Agreement with its legal counsel and that this Agreement shall be construed as if
jointly drafted by the Pledgors and the Administrative Agent.
7.12 Secured Obligations Absolute. The obligations of the Pledgors under this
Agreement shall be absolute and unconditional and shall not be released, discharged, reduced, or in
any way impaired by any circumstance whatsoever, including, without limitation, any amendment,
modification, extension, or renewal of this Agreement, the Secured Obligations, or any document or
instrument evidencing, securing, or otherwise relating to the Secured Obligations, or any release,
subordination, or impairment of collateral, or any waiver, consent, extension, indulgence,
compromise, settlement, or other action or inaction in respect of this Agreement, the Secured
Obligations, or any document or instrument evidencing, securing, or otherwise relating to the
Secured Obligations, or any exercise or failure to exercise any right remedy, power, or privilege
in respect of the Secured Obligations.
7.13 Termination. On the Collateral Termination Date, the Liens created hereby shall
terminate, and the Administrative Agent, at the request and expense of each Pledgor, forthwith will
12
execute and deliver to such Pledgor a proper instrument or instruments acknowledging the
satisfaction and termination of the Liens created hereby and will duly assign, transfer and deliver
to such Pledgor (without recourse and without any representation or warranty), such of the
Collateral as may be in the possession of the Lender and as has not theretofore been sold or
otherwise applied pursuant to this Agreement or the Credit Agreement. Upon such release and
redelivery, this Agreement shall terminate.
7.14 ENTIRE AGREEMENT. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS,
EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDES ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO
THE SUBJECT MATTER HEREOF.
7.15 Other Security. To the extent that any of the Secured Obligations are now or
hereafter secured by property other than the Collateral (including, without limitation, real and
other personal property owned by a Pledgor), or by a guarantee, endorsement or property of any
other Person in favor of the Administrative Agent on behalf of the holders of the Secured
Obligations, then the Administrative Agent shall have the right to proceed against such other
property, guarantee or endorsement upon the occurrence and during the continuance of any Event of
Default, and the Administrative Agent shall have the right, in its sole discretion, to determine
which rights, security, liens, security interests or remedies the Administrative Agent shall at any
time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way
modifying or affecting any of them or the Secured Obligations or any of the rights of the
Administrative Agent or the holders of the Secured Obligations under this Agreement, under any of
the other Loan Documents or under any other document relating to the Secured Obligations.
7.16 Joint and Several Obligations of Pledgors.
(a) Each of the Pledgors is accepting joint and several liability hereunder in consideration
of the financial accommodation to be provided by the holders of the Secured Obligations, for the
mutual benefit, directly and indirectly, of each of the Pledgors and in consideration of the
undertakings of each of the Pledgors to accept joint and several liability for the obligations of
each of them.
(b) Each of the Pledgors jointly and severally hereby irrevocably and unconditionally accepts,
not merely as a surety but also as a co-debtor, joint and several liability with the other Pledgors
with respect to the payment and performance of all of the Secured Obligations arising under this
Agreement, the other Loan Documents and any other documents relating to the Secured Obligations, it
being the intention of the parties hereto that all the Secured Obligations shall be the joint and
several obligations of each of the Pledgors without preferences or distinction among them.
(c) Notwithstanding any provision to the contrary contained herein, in any other of the Loan
Documents or in any other documents relating to the Secured Obligations, the obligations of each
Guarantor under the Credit Agreement, the other Loan Documents and the documents relating to the
Secured Obligations shall be limited to an aggregate amount equal to the largest amount that would
not render such obligations subject to avoidance under Section 548 of the United States Bankruptcy
Code or any comparable provisions of any applicable state law.
[Signatures on immediately following page.]
13
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first written above.
PLEDGORS: | QUANTA SERVICES, INC., | |||||
a Delaware corporation | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
ARBY CONSTRUCTION, INC.
AUSTIN TRENCHER, INC.
CCLC, INC.
XXXXX COMMUNICATIONS, INC.
XXXXX ELECTRIC COMPANY, INC.
XXXXXXX XXXXX CONSTRUCTION COMPANY
DRIFTWOOD ELECTRICAL CONTRACTORS, INC.
GLOBAL ENERCOM MANAGEMENT, INC.
GOLDEN STATE UTILITY CO.
X.X. XXXXXXX PIPELINE CONSTRUCTION, INC.
XXXXXX BROS., INC.
XXXXX GROUP, INC.
NETWORK ELECTRIC COMPANY
NORTH SKY COMMUNICATIONS, INC.
PARKSIDE SITE & UTILITY COMPANY CORPORATION
PARKSIDE UTILITY CONSTRUCTION CORP.
PWR FINANCIAL COMPANY
QPC, INC.
QSI, INC.
QUANTA DELAWARE, INC.
QUANTA GOVERNMENT SERVICES, INC.
QUANTA GOVERNMENT SOLUTIONS, INC.
QUANTA LVII ACQUISITION, INC.
QUANTA LVIII ACQUISITION, INC.
QUANTA LIX ACQUISITION, INC.
QUANTA LX ACQUISITION, INC.
QUANTA LXI ACQUISITION, INC.
QUANTA LXII ACQUISITION, INC.
QUANTA LXIII ACQUISITION, INC.
QUANTA LXIV ACQUISITION, INC.
QUANTA LXV ACQUISITION, INC.,
each a Delaware corporation
AUSTIN TRENCHER, INC.
CCLC, INC.
XXXXX COMMUNICATIONS, INC.
XXXXX ELECTRIC COMPANY, INC.
XXXXXXX XXXXX CONSTRUCTION COMPANY
DRIFTWOOD ELECTRICAL CONTRACTORS, INC.
GLOBAL ENERCOM MANAGEMENT, INC.
GOLDEN STATE UTILITY CO.
X.X. XXXXXXX PIPELINE CONSTRUCTION, INC.
XXXXXX BROS., INC.
XXXXX GROUP, INC.
NETWORK ELECTRIC COMPANY
NORTH SKY COMMUNICATIONS, INC.
PARKSIDE SITE & UTILITY COMPANY CORPORATION
PARKSIDE UTILITY CONSTRUCTION CORP.
PWR FINANCIAL COMPANY
QPC, INC.
QSI, INC.
QUANTA DELAWARE, INC.
QUANTA GOVERNMENT SERVICES, INC.
QUANTA GOVERNMENT SOLUTIONS, INC.
QUANTA LVII ACQUISITION, INC.
QUANTA LVIII ACQUISITION, INC.
QUANTA LIX ACQUISITION, INC.
QUANTA LX ACQUISITION, INC.
QUANTA LXI ACQUISITION, INC.
QUANTA LXII ACQUISITION, INC.
QUANTA LXIII ACQUISITION, INC.
QUANTA LXIV ACQUISITION, INC.
QUANTA LXV ACQUISITION, INC.,
each a Delaware corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
14
QUANTA LXVI ACQUISITION, INC.
QUANTA LXVII ACQUISITION, INC.
QUANTA LXVIII ACQUISITION, INC.
QUANTA LXIX ACQUISITION, INC.
QUANTA LXX ACQUISITION, INC.
QUANTA LXXI ACQUISITION, INC.
QUANTA LXXII ACQUISITION, INC.
QUANTA LXXIII ACQUISITION, INC.
QUANTA UTILITY INSTALLATION COMPANY, INC.
X.X. XXXXXXXXXXX & CO., INC.
SOUTHEAST PIPELINE CONSTRUCTION, INC.
SPALJ CONSTRUCTION COMPANY
SUMTER UTILITIES, INC.
XXX XXXXX CONSTRUCTION COMPANY
TTGP, INC.
TTLP, INC.
UNDERGROUND CONSTRUCTION CO., INC.
UTILITY LINE MANAGEMENT SERVICES, INC.
VCI TELCOM, INC.
W.C. COMMUNICATIONS, INC.,
each a Delaware corporation
QUANTA LXVII ACQUISITION, INC.
QUANTA LXVIII ACQUISITION, INC.
QUANTA LXIX ACQUISITION, INC.
QUANTA LXX ACQUISITION, INC.
QUANTA LXXI ACQUISITION, INC.
QUANTA LXXII ACQUISITION, INC.
QUANTA LXXIII ACQUISITION, INC.
QUANTA UTILITY INSTALLATION COMPANY, INC.
X.X. XXXXXXXXXXX & CO., INC.
SOUTHEAST PIPELINE CONSTRUCTION, INC.
SPALJ CONSTRUCTION COMPANY
SUMTER UTILITIES, INC.
XXX XXXXX CONSTRUCTION COMPANY
TTGP, INC.
TTLP, INC.
UNDERGROUND CONSTRUCTION CO., INC.
UTILITY LINE MANAGEMENT SERVICES, INC.
VCI TELCOM, INC.
W.C. COMMUNICATIONS, INC.,
each a Delaware corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
ADVANCED TECHNOLOGIES AND
INSTALLATION CORPORATION
ALLTECK LINE CONTRACTORS (USA), INC.
POTELCO, INC.,
each a Washington corporation
INSTALLATION CORPORATION
ALLTECK LINE CONTRACTORS (USA), INC.
POTELCO, INC.,
each a Washington corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
BRADFORD BROTHERS, INCORPORATED
TTM, INC.,
each a North Carolina corporation
TTM, INC.,
each a North Carolina corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
15
CMI SERVICES, INC.
XXXXXXX CONSTRUCTION COMPANY, INC.,
each a Florida corporation
XXXXXXX CONSTRUCTION COMPANY, INC.,
each a Florida corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
CROWN FIBER COMMUNICATIONS, INC.,
a Virginia corporation
a Virginia corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
ENVIRONMENTAL PROFESSIONAL ASSOCIATES,
LIMITED,
a California corporation
LIMITED,
a California corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
FIVE POINTS CONSTRUCTION CO.
XXXXX PERSONNEL SERVICES, INC.
SOUTHWEST TRENCHING COMPANY, INC.,
each a Texas corporation
XXXXX PERSONNEL SERVICES, INC.
SOUTHWEST TRENCHING COMPANY, INC.,
each a Texas corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
INTERMOUNTAIN ELECTRIC, INC.,
a Colorado corporation
a Colorado corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
16
XXXX CONSTRUCTION COMPANY,
a Mississippi corporation
a Mississippi corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
METRO UNDERGROUND SERVICES, INC. OF ILLINOIS
PROFESSIONAL TELECONCEPTS, INC.,
each an Illinois corporation
PROFESSIONAL TELECONCEPTS, INC.,
each an Illinois corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
PAR ELECTRICAL CONTRACTORS, INC.,
a Missouri corporation
a Missouri corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
PROFESSIONAL TELECONCEPTS, INC.,
a New York corporation
a New York corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
THE XXXX COMPANY, INC.,
a Massachusetts corporation
a Massachusetts corporation
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
17
QDE LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | PWR Financial Company, | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
QUANTA ASSET MANAGEMENT LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | QSI, Inc., | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
TOTAL QUALITY MANAGEMENT SERVICES, LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | Environmental Professional Associates, Limited, | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
QUANTA UTILITY SERVICES, LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | Xxxxx Personnel Services, Inc., | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
18
XXXXXX, L.L.C.
OKAY CONSTRUCTION COMPANY, LLC,
each a Delaware limited liability company
OKAY CONSTRUCTION COMPANY, LLC,
each a Delaware limited liability company
By: | Spalj Construction Company, | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
XXXXX/CPG LLC
XXXXX ENGINEERING/ LLC
XXXXX/HDD, LLC
XXXXX SERVICES LLC,
each a Michigan limited liability company
XXXXX ENGINEERING/ LLC
XXXXX/HDD, LLC
XXXXX SERVICES LLC,
each a Michigan limited liability company
By: | Xxxxx Group, Inc., | |||||
the sole member of each of the foregoing | ||||||
limited liability companies | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
S.K.S. PIPELINERS, LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | Arby Construction, Inc., | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
19
TNS-VA, LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | Professional Teleconcepts, Inc., | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
NORTH HOUSTON POLE LINE, X.X.
XXXXXXX ELECTRIC, L.P.,
each a Texas limited partnership
DIGCO UTILITY CONSTRUCTION, L.P.,
a Delaware limited partnership
XXXXXXX ELECTRIC, L.P.,
each a Texas limited partnership
DIGCO UTILITY CONSTRUCTION, L.P.,
a Delaware limited partnership
By: | Xxxxx Personnel Services, Inc., | |||||
its general partner | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
QUANTA SERVICES MANAGEMENT PARTNERSHIP, L.P.
QUANTA ASSOCIATES, L.P.,
each a Texas limited partnership
QUANTA ASSOCIATES, L.P.,
each a Texas limited partnership
By: | QSI, Inc., | |||||
its general partner | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
TRANS TECH ELECTRIC, L.P.,
a Texas limited partnership
a Texas limited partnership
By: | TTGP, Inc., | |||||
its general partner | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
20
PWR NETWORK, LLC,
a Delaware limited liability company
a Delaware limited liability company
By: | PWR Financial Company, | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
QUANTA RECEIVABLES, L.P.,
a Delaware limited partnership
a Delaware limited partnership
By: | PWR Network, LLC, | |||||
its general partner | ||||||
By: | PWR Financial Company, | |||||
its sole member | ||||||
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx | |||||
Name: | ||||||
Title: | Treasurer |
21
THE ADMINISTRATIVE AGENT: | BANK OF AMERICA, N.A., | |||||
as Administrative Agent | ||||||
By: | /s/ Xxxxx X. Xxxxxxxx | |||||
Name: | ||||||
Title: | Vice President |
22
SCHEDULE 2.1(a)
SUBSIDIARIES
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Advanced Technologies and Installation
Corporation |
Quanta Services, Inc. | 7 | Washington | 1,000 | 100 | % | ||||||
Allteck Line Contractors (USA), Inc. |
Quanta Services, Inc. | 2 | Washington | 100 | 100 | % | ||||||
Allteck Line Contractors, Inc. |
Quanta Services, Inc. | 1C | British Columbia | C-100 | 100 | % | ||||||
1P | P-485 | |||||||||||
Arby Construction, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Austin Trencher, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Bradford Brothers, Incorporated |
Quanta Services, Inc. | 21 | North Carolina | 1,165 | 100 | % | ||||||
CCLC, Inc. |
Xxxxx Communications, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
CMI Services, Inc. |
Xxxxxxx Construction Company, Inc. | 20 | Florida | 1,000 | 100 | % | ||||||
Xxxxx Communications, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Xxxxx Electric Company, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Crown Fiber Communications, Inc. |
Quanta Services, Inc. | 5 | Virginia | 1,000 | 100 | % | ||||||
Digco Utility Construction, L.P. |
QDE LLC | N/A | Delaware | N/A | 99.9 | % |
23
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Digco Utility Construction, X.X. |
Xxxxx Personnel Services, Inc. | N/A | Delaware | N/A | 0.1 | % | ||||||
Xxxxxxx Xxxxx Construction Company |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Driftwood Electrical Contractors, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Environmental Professional Associates,
Limited |
Quanta Services, Inc. | 18 | California | 1,000,000 | 100 | % | ||||||
Five Points Construction Co. |
Quanta Services, Inc. | 37 | Texas | 4,093 | 100 | % | ||||||
Global Enercom Management, Inc. |
Quanta Services, Inc. | 3 | Delaware | 1,000 | 100 | % | ||||||
Golden State Utility Co. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
X. X. Xxxxxxx Pipeline Construction, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Intermountain Electric, Inc. |
Quanta Services, Inc. | 6 | Colorado | 1,000 | 100 | % | ||||||
Xxxx Construction Company |
Quanta Services, Inc. | 2 | Mississippi | 1,000 | 100 | % | ||||||
Xxxxxxx Electric, L.P. |
North Houston Pole Line, L.P. | N/A | Texas | N/A | 99.9 | % | ||||||
Xxxxxxx Electric, X.X. |
Xxxxx Personnel Services,Inc. | N/A | Texas | N/A | 0.1 | % | ||||||
Xxxxxx Bros., Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Xxxxx Canada Corp. |
Xxxxx Group, Inc. | 2 | Nova Scotia | 1 | 100 | % | ||||||
Xxxxx Engineering/ LLC |
Xxxxx Group, Inc. | 1 | Michigan | 100 Units | 100 | % | ||||||
Xxxxx Group, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % |
24
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Xxxxx/HDD LLC |
Xxxxx Group, Inc. | 1 | Michigan | 100 Units | 100 | % | ||||||
Xxxxx Services LLC |
Xxxxx Group, Inc. | 1 | Michigan | 100 Units | 100 | % | ||||||
Xxxxx/CPG LLC |
Xxxxx Group, Inc. | 1 | Michigan | 100 Units | 100 | % | ||||||
Mearsmex S. de X.X. de X.X. |
Xxxxx Group, Inc. | N/A | Mexico | N/A | 90 | % | ||||||
Mearsmex S. de X.X. de X.X. |
Xxxxx/HDD LLC | N/A | Mexico | N/A | 10 | % | ||||||
Xxxxx Personnel Services, Inc. |
Quanta Services, Inc. | 4 | Texas | 1,000 | 100 | % | ||||||
Metro Underground Services, Inc. of Illinois |
Quanta Services, Inc. | 7 | Illinois | 1,000 | 100 | % | ||||||
Network Electric Company |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
North Houston Pole Line, L.P. |
QDE LLC | N/A | Texas | N/A | 99.9 | % | ||||||
North Houston Pole Line, X.X. |
Xxxxx Personnel Services, Inc. | N/A | Texas | N/A | 0.1 | % | ||||||
North Sky Communications, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Okay Construction Company, LLC |
Spalj Construction Company | N/A | Delaware | N/A | 100 | % | ||||||
PAR Electrical Contractors, Inc. |
Quanta Services, Inc. | 100 | Missouri | 200 | 100 | % | ||||||
Par Internacional, S. de X.X. de C.V. |
Quanta Services, Inc. | N/A | Mexico | N/A | 50 | % | ||||||
Par Internacional, S. de X.X. de C.V. |
PAR Electrical Contractors, Inc. | N/A | Mexico | N/A | 50 | % | ||||||
Parkside Site and Utility Company
Corporation |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % |
25
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Parkside Utility Construction Corp. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Potelco, Inc. |
Quanta Services, Inc. | 100 | Washington | 2 | 100 | % | ||||||
Professional Teleconcepts, Inc. |
Quanta Services, Inc. | 11 | Illinois | 100 | 100 | % | ||||||
Professional Teleconcepts, Inc. |
Quanta Services, Inc. | 11 | New York | 100 | 100 | % | ||||||
PWR Financial Company |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
PWR Network, LLC |
PWR Financial Company | N/A | Delaware | N/A | 100 | % | ||||||
QDE LLC |
PWR Financial Company | N/A | Delaware | N/A | 100 | % | ||||||
QPC, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
QSI, Inc. |
Quanta Services, Inc. | 3 | Delaware | 1,000 | 100 | % | ||||||
Quanta Asset Management LLC |
QSI, Inc. | N/A | Delaware | N/A | 100 | % | ||||||
Quanta Associates, L.P. |
Quanta Asset Management, LLC | N/A | Texas | N/A | 99.9 | % | ||||||
Quanta Associates, L.P. |
QSI, Inc. | N/A | Texas | N/A | 0.1 | % | ||||||
Quanta Delaware, Inc. |
QSI, Inc. | 3 | Delaware | 1,000 | 100 | % | ||||||
Quanta Government Services, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Quanta Government Solutions, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Quanta International Limited |
Quanta Services, Inc. | 2 | British Virgin Islands | 100 | 100 | % | ||||||
Quanta LVII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % |
26
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Quanta LVIII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LIX Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LX Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXI Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXIII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXIV Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXV Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXVI Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXVII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXVIII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXIX Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXX Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXXI Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXXII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta LXXIII Acquisition, Inc. |
Quanta Services, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
Quanta Receivables, LP |
QDE LLC | N/A | Delaware | N/A | 99 | % |
27
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Quanta Receivables, LP |
PWR Network, LLC | N/A | Delaware | N/A | 1 | % | ||||||
Quanta Services Management Partnership, L.P. |
Quanta Delaware, Inc. | N/A | Texas | N/A | 99 | % | ||||||
Quanta Services Management Partnership, L.P. |
QSI, Inc. | N/A | Texas | N/A | 1 | % | ||||||
Quanta Services of Canada Ltd. |
Quanta Services, Inc. | X-0 | Xxxxxxx Xxxxxxxx | C-6 | 100 | % | ||||||
P-2 | P-2,274 | |||||||||||
Quanta Utility Installation Company, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Quanta Utility Services, LLC |
Quanta Services, Inc. | N/A | Delaware | N/A | 100 | % | ||||||
X.X. Xxxxxxxxxxx & Co., Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
S.K.S. Pipeliners, LLC |
Arby Construction, Inc. | N/A | Delaware | N/A | 100 | % | ||||||
Servicios Par Electric, S. de X.X. de C.V. |
Quanta Services, Inc. | N/A | Mexico | N/A | 50 | % | ||||||
Servicios Par Electric, S. de X.X. de C.V. |
PAR Electrical Contractors, Inc. | N/A | Mexico | N/A | 50 | % | ||||||
Southeast Pipeline Construction, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Southwest Trenching Company, Inc. |
North Houston Pole Line, L.P. | 3 | Texas | 1,000 | 100 | % | ||||||
Spalj Construction Company |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Sumter Utilities, Inc. |
Quanta Services, Inc. | 3 | Delaware | 1,000 | 100 | % | ||||||
The Xxxx Company, Inc. |
Quanta Services, Inc. | 19 | Massachusetts | 1,000 | 100 | % |
28
% OF | ||||||||||||
CERT. | ISSUER’S JURISDICTION | NO. OF | OWNERSHIP | |||||||||
ISSUER | OWNER | NO. | OF FORMATION | SHARES | INTEREST | |||||||
Xxxxxx, L.L.C. |
Spalj Construction Company | N/A | Delaware | N/A | 100 | % | ||||||
TNS-VA, LLC |
Professional Teleconcepts, Inc. | N/A | Delaware | N/A | 100 | % | ||||||
Xxx Xxxxx
Construction Company |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Total Quality Management Services, LLC |
Environmental Professional Associates, Limited | N/A | Delaware | N/A | 100 | % | ||||||
Trans Tech Electric, L.P. |
TTGP, Inc. | N/A | Texas | N/A | 1 | % | ||||||
Trans Tech Electric, L.P. |
TTLP, Inc. | N/A | Texas | N/A | 99 | % | ||||||
Xxxxxxx Construction Company, Inc. |
Quanta Services, Inc. | 53 | Florida | 1,000 | 100 | % | ||||||
TTGP, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
TTLP, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
TTM, Inc. |
Quanta Services, Inc. | 9 | North Carolina | 1,000 | 100 | % | ||||||
Underground Construction Co., Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
Utility Line Management Services, Inc. |
PAR Electrical Contractors, Inc. | 1 | Delaware | 1,000 | 100 | % | ||||||
VCI Telcom, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % | ||||||
W. C. Communications, Inc. |
Quanta Services, Inc. | 2 | Delaware | 1,000 | 100 | % |
29
SCHEDULE 2.3(a)
Form of Irrevocable Stock Power
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to
the following shares of capital stock of , a corporation:
Number of Shares | Certificate Number | |||||||
and irrevocably appoints its agent and attorney-in-fact to
transfer all or any part of such capital stock and to take all necessary and appropriate action to
effect any such transfer. The agent and attorney-in-fact may substitute and appoint one or more
persons to act for him.
[HOLDER] | ||||||
By: | ||||||
Name: | ||||||
Title: |
30