{"id":43583,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/securities-purchase-agreement-waivers-quanta-services-inc.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"securities-purchase-agreement-waivers-quanta-services-inc","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/planning\/securities-purchase-agreement-waivers-quanta-services-inc.html","title":{"rendered":"Securities Purchase Agreement Waivers &#8211; Quanta Services Inc., UtiliCorp United Inc., ECT Merchant Investments Corp., Joint Energy Development Investments II LP"},"content":{"rendered":"<pre>\n\n                               September 21, 1999\n\n\n\nECT Merchant Investments Corp. ('EMIC')\n  (as successor to Enron Capital &amp; Trade Resources Corp ('ECT'))\n1400 Smith Street\nHouston, Texas 77002\n\nJoint Energy Development Investments II Limited Partnership ('JEDI-II')\nc\/o Enron Corp.\n1400 Smith Street\nHouston, Texas 77002\n\nAttention:  Robert Greer\n\n     Re:  Certain Waivers in connection with transactions between Quanta\n          Services, Inc. ('Quanta') and UtiliCorp United Inc. ('UtiliCorp')\n\nLadies and Gentlemen:\n\nOn this date, Quanta and UtiliCorp are entering into a Securities Purchase\nAgreement and related transaction documents (collectively, the 'Transaction\nDocuments'), executed copies of which have been provided to EMIC and JEDI-II and\nare attached in their final form hereto as Exhibit A. Pursuant to the\nTransaction Documents, among other things, (i) UtiliCorp will acquire 1,860,000\nshares of Quanta's Series A Convertible Preferred Stock (the 'Preferred Stock')\nand (ii) UtiliCorp and Quanta will enter into a Management Services Agreement of\neven date (the 'Management Agreement'). The Preferred Stock is convertible by\nthe holders thereof (the 'Preferred Holder') into Quanta's common stock ('Common\nStock') and pursuant to the Management Agreement, Quanta is obligated to pay to\nUtiliCorp certain management fees (collectively, the 'Fees').\n\nQuanta and UtiliCorp are jointly requesting that you grant the specific waivers\ndescribed below in order for Quanta and UtiliCorp to enter into and perform\ncertain aspects of the\n\n \nECT Merchant Investments Corp.\nJoint Energy Development Investments II\n  Limited Partnership\nSeptember 21, 1999\nPage 2   \n\n\nTransaction Documents. The terms of the waivers are set forth below, and each\nwaiver (i) shall be strictly construed in accordance with its express terms,\n(ii) shall be effective only in the specific instance and for the specific\npurpose described below and (iii) shall only be effective with respect to those\nterms and provisions set forth in the attached Transaction Documents.\n\nThe requested waivers are as follows:\n\n1.   Preemptive Rights.  You waive any and all rights pursuant to Section\n     -----------------                                                   \n     2.06(b) of that certain Securities Purchase Agreement dated September 29,\n     1998 among Quanta, JEDI-II and ECT, as amended on this date (the 'SPA'),\n     solely with respect to (i) Quanta's issuance to UtiliCorp of the Preferred\n     Stock and (ii) the Preferred Holder's conversion of the Preferred Stock\n     into Common Stock; both such issuance and any such conversions to be done\n     strictly in accordance with the terms of the Transaction Documents.\n\n2.   Regularly Scheduled Dividends.  Notwithstanding Section 7.02 of the SPA,\n     -----------------------------                                           \n     Quanta may pay the Preferred Holder each regularly scheduled dividend (and\n     any arrearage with respect to regularly scheduled dividends) provided for\n     in Section 2 of the Certificate of Designation, Rights, and Limitations of\n     the Preferred Stock included within the Transaction Documents if, but only\n     if, at the times of declaration and of payment of any such dividend (and\/or\n     arrearage with respect to any such dividend), with or without notice or\n     lapse of time, or both, no 'Default'or 'Event of Default' exist, and no\n     'Default' or 'Event of Default' would result from or would exist\n     immediately after any such payment, as 'Default' and 'Event of Default' are\n     defined in the SPA.\n\n3.   Management Fees.  Notwithstanding Section 7.06 of the SPA, Quanta and\n     ---------------                                                      \n     UtiliCorp may enter into the Management Agreement and the other\n     transactions contemplated by the Transaction Documents; provided, however,\n     that Quanta may pay the regularly scheduled Fee thereunder in accordance\n     with the Management Agreement if, but only if, at the time of each payment,\n     with or without notice or lapse of time, or both, no Default or Event of\n     Default exists and no Default or Event of Default would result from or\n     would exist immediately after any such payment of any Fee.\n\n \nECT Merchant Investments Corp.\nJoint Energy Development Investments II\n  Limited Partnership\nSeptember 21, 1999\nPage 3   \n\n\n4.   Certain Demand Registrations.  Notwithstanding Section 2.01(d) of the\n     ----------------------------                                         \n     Registration Rights Agreement dated as of September 29, 1998, as amended on\n     this date (the 'Rights Agreement'), among Quanta, JEDI-II and ECT, Quanta\n     may grant to UtiliCorp the demand registration rights specified in Section\n     2.1 of the Investor's Rights Agreement dated of even date herewith between\n     Quanta and UtiliCorp (the 'Investor's Rights Agreement') included within\n     the Transaction Documents; provided, however, that such consent is based on\n     the agreement of Quanta and UtiliCorp, which agreement will survive for so\n     long as the Purchasers, as such term is defined in the SPA, or their\n     successors and assigns hold Registrable Securities as such term is defined\n     in the Rights Agreement, that none of the provisions in Article II of the\n     Investor's Rights Agreement, including the third party beneficiary rights\n     granted to you and your successors, may hereafter be amended, modified,\n     expanded or waived without the consent of the Purchasers or their\n     successors and assigns; and\n\n5.   Certain Piggy-Back Registrations.  Notwithstanding Section 2.02 of the\n     --------------------------------                                      \n     Rights Agreement, Quanta may grant to UtiliCorp the piggy-back registration\n     rights specified in Section 2.2 of the Investor's Rights Agreement.\n\n \nECT Merchant Investments Corp.\nJoint Energy Development Investments II\n  Limited Partnership\nSeptember 21, 1999\nPage 4   \n\n\nThe parties hereto expressly acknowledge that the terms of this letter agreement\nmay be contradictory or in addition to the terms and provisions of the\nTransaction Documents and the Rights Agreement and that the terms of this letter\nagreement shall control with respect to the subject matter contained herein.\nPlease acknowledge your consent to this waiver by executing this letter in the\nspace provided below and returning it to Quanta Services, Inc., 1360 Post Oak\nBlvd., Suite 2100, Houston, Texas 77056, attention General Counsel.\n\n                              Very truly yours,\n\n                              QUANTA SERVICES, INC.\n\n\n\nBy: \/s\/ Brad Eastman\n   _________________________\nName: Brad Eastman\n     _______________________ \nTitle: Vice President\n      ______________________\n\n\n                                      UTILICORP UNITED INC.\n\n\n\nBy: \/s\/ Robert Green\n   _________________________________\n\nName: \n     _________________________________\n\nTitle: \n      ________________________________\n\n \nECT Merchant Investments Corp.\nJoint Energy Development Investments II\n  Limited Partnership\nSeptember 21, 1999\nPage 5   \n\n\nACKNOWLEDGED AND ACCEPTED:\n\nECT MERCHANT INVESTMENTS CORP.\n\n\n\nBy: \/s\/ Robert Greer\n   ______________________________\nName: Robert Greer\n     ____________________________\nTitle: Vice President\n      ___________________________\n\n\nJOINT ENERGY DEVELOPMENT INVESTMENTS II\nLIMITED PARTNERSHIP\n\nBy:  Enron Capital Management II Limited\n     Partnership, its General Partner\n\n     By:  Enron Capital II Corp., its\n          General Partner\n\n\n\n          By: \/s\/ Raymond M. Bowen, Jr.\n             _________________________________\n          Name: Raymond M. Bowen, Jr.\n               _______________________________\n          Title: Vice President and Treasurer\n                ______________________________\n\n \nECT Merchant Investments Corp.\nJoint Energy Development Investments II\n  Limited Partnership\nSeptember 21, 1999\nPage 6\n\n   \n                                   Exhibit A\n\n                  Execution Versions of Transaction Documents\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7454,8620,9204],"corporate_contracts_industries":[9534,9535,9481],"corporate_contracts_types":[9622,9627],"class_list":["post-43583","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-enron-corp","corporate_contracts_companies-quanta-services-inc","corporate_contracts_companies-utilicorp-united-inc","corporate_contracts_industries-utilities__electric","corporate_contracts_industries-utilities__gas","corporate_contracts_industries-construction__specialty","corporate_contracts_types-planning","corporate_contracts_types-planning__purchase"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/43583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=43583"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=43583"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=43583"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=43583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}