2. AMENDMENT TO Section 1.1 OF THE CREDIT AGREEMENT. Section 1.1 of the Credit Agreement is hereby amended by inserting the following parenthetical after the text "the acquisition of stock" in the second line of the definition of Investments: "(other...
1
Exhibit 10.9
THIRD AMENDMENT TO REVOLVING
CREDIT AND TERM LOAN AGREEMENT
THIS THIRD AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (this
"Third Amendment") is made and entered into as of the 26th day of January,
1996, by and among USA WASTE SERVICES, INC., a Delaware corporation (the
"Borrower"), its Subsidiaries listed on Schedule 1 to the Credit Agreement
defined below (collectively the "Guarantors"), THE FIRST NATIONAL BANK OF
BOSTON, a national banking association ("FNBB"), BANK OF AMERICA ILLINOIS, an
Illinois banking association ("BAI"), and X.X. XXXXXX SECURITIES, INC., a
Delaware corporation ("X.X. Xxxxxx") (collectively, the "Agents"), FNBB, BAI,
Xxxxxx Guaranty Trust Company of New York, a New York state banking association
("MGT") and the other financial institutions party hereto (collectively, the
"Banks"), and MGT as the Administrative Agent and FNBB, as Documentation Agent
(collectively, the "Bank Agents").
WHEREAS, the Borrower, the Guarantors, the Banks, the Agents and the Bank
Agents are party to a Revolving Credit and Term Loan Agreement dated as of June
30, 1995, as amended by the First Amendment to Revolving Credit and Term Loan
Agreement dated as of August 11, 1995 and the Second Amendment dated as of
September 7, 1995 (as so amended, the "Credit Agreement"), pursuant to which
the Banks have extended credit to the Borrower on the terms set forth therein;
WHEREAS, the Borrower has requested that the Banks, the Agents, and the
Bank Agents amend the definition of Investments contained in the Credit
Agreement to exclude certain investments by the Borrower, and the Banks, the
Agents and the Bank Agents are willing to amend the Credit Agreement on the
terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree to amend the Credit Agreement as follows:
1. DEFINITIONS. Capitalized terms used herein without definition
shall have the meanings assigned to such terms in the Credit Agreement.
2. AMENDMENT TO Section 1.1 OF THE CREDIT AGREEMENT. Section 1.1 of
the Credit Agreement is hereby amended by inserting the following parenthetical
after the text "the acquisition of stock" in the second line of the definition
of Investments: "(other than the capital stock of Western Waste Industries,
Inc. owned by the Borrower as of December 18, 1995 provided that the aggregate
amount excluded from the determination of Investments
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outstanding at any particular time pursuant to this parenthetical shall not
exceed $13,000,000)".
3. REPRESENTATIONS AND WARRANTIES. The Borrower and the Guarantors
jointly and severally represent and warrant as follows:
(a) The execution, delivery and performance of this Third Amendment
and the Credit Agreement, as modified by this Third Amendment, and the
transactions contemplated hereby and thereby (i) are within the corporate
authority of the Borrower and each of the Guarantors, (ii) have been duly
authorized by all necessary corporate proceedings on the part of the respective
Borrower or Guarantor, (iii) do not conflict with or result in any material
breach or contravention of any provision of law, statute, rule or regulation to
which the Borrower or any Guarantor is subject or any judgment, order, writ,
injunction, license or permit applicable to the Borrower or any Guarantor so as
to materially adversely affect the assets, business or any activity of the
Borrower and the Guarantors as a whole, and (iv) do not conflict with any
provision of the corporate charter or bylaws of the Borrower or any Guarantor
or any agreement or other instrument binding upon the Borrower or any
Guarantor.
(b) The execution, delivery and performance of this Third Amendment
and the Credit Agreement, as modified by this Third Amendment, will result in
valid and legally binding obligations of the Borrower and the Guarantors party
thereto enforceable against each in accordance with the respective terms and
provisions hereof and thereof, except as enforceability is limited by
bankruptcy, insolvency, reorganization, moratorium or other laws relating to or
affecting generally the enforcement of creditors rights and except to the
extent that availability of the remedy of specific performance or injunctive
relief is subject to the discretion of the court before which any proceeding
therefor may be brought.
(c) The execution, delivery and performance by the Borrower and the
Guarantors of this Third Amendment and the Credit Agreement, as modified by
this Third Amendment, and the consummation by the Borrower and the Guarantors
of the transactions contemplated hereby and thereby do not require any approval
or consent of, or filing with, any governmental agency or authority other than
those already obtained and those required after the date hereof in connection
with the Borrower's and the Guarantors' performance of their covenants
contained in Sections 7, 8 and 9 of the Credit Agreement.
(d) The representations and warranties contained in Section 6 of the
Credit Agreement are true and correct in all material respects as of the date
hereof as though made on and as of the date hereof.
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(e) No Default or Event of Default under the Credit Agreement has
occurred and is continuing.
4. RATIFICATION, ETC. Except as expressly amended hereby, the Credit
Agreement, the other Loan Documents and all documents, instruments and
agreements related thereto are hereby ratified and confirmed in all respects
and shall continue in full force and effect. Each of the Guarantors hereby
confirms that its guaranty of the Guaranteed Obligations contained in Section
27 of the Credit Agreement remains in full force and effect. This Third
Amendment and the Credit Agreement shall hereafter be read and construed
together as a single document, and all references in the Credit Agreement, any
other Loan Document or any agreement or instrument related to the Credit
Agreement shall hereafter refer to the Credit Agreement as amended by this
Third Amendment.
5. GOVERNING LAW. THIS THIRD AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT
REFERENCE TO CONFLICT OF LAWS) AND SHALL TAKE EFFECT AS A SEALED INSTRUMENT IN
ACCORDANCE WITH SUCH LAWS.
6. COUNTERPARTS. This Third Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be an original, but all of which
counterparts taken together shall be deemed to constitute one and the same
instrument.
7. EFFECTIVENESS. This Third Amendment shall become effective upon the
satisfaction of each of the following conditions (the "Effective Date"):
(a) This Third Amendment shall have been executed and delivered by the
Borrower, the Guarantors, the Majority Banks, the Agents and the Bank Agents;
and
(b) All corporate action necessary for the valid execution, delivery
and performance by the Borrower of the Credit Agreement, as amended by this
Third Amendment, shall have been taken, and evidence thereof satisfactory to
the Agents shall have been provided to the Agents.
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IN WITNESS WHEREOF, each of the undersigned have duly executed this Third
Amendment under seal as of the date first set forth above.
THE BORROWER:
USA WASTE SERVICES, INC.
By: /s/ XXXX X. XXXXXXXX
------------------------------------
Xxxx X. XxXxxxxx, Executive Vice
President and Chief Financial
Officer
THE GUARANTORS:
BEST PAK DISPOSAL, INC.
BIG DIPPER ENTERPRISES, INC.
XXXX-AIR DISPOSAL, INC.
CENTRAL ILLINOIS DISPOSAL,
INC.
COUNTRYSIDE LANDFILL, INC.
CRYSTAL LAKE DISPOSAL, INC.
CUSTOM DISPOSAL SERVICES,
INC.
EARTHMOVERS, INC.
XXXXX-XXXXX, INC.
ENVIROFIL, INC.
ENVIROFIL OF ILLINOIS, INC.
(FORMERLY XXXXX XXXXX & SONS, INC.)
ENVIROFIL SERVICES, INC.
ENVIRONMENTAL WASTE OF
SKAGIT COUNTY, INC.
By: /s/ XXXX X. XXXXXXXX
------------------------------------
Xxxx X. XxXxxxxx, Executive Vice
President and Chief Financial
Officer of each of the Companies
listed above
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EVH CO.
EWA, INC. (FORMERLY MARCH
ACQUISITION CORPORATION)
FORCEES, INC.
XXXX XX XXXX CORRUGATED,
LTD.
KITSAP COUNTY SANITARY
LANDFILL, INC.
LAKELAND PROPERTIES, INC.
LIBERTY LANDFILL, INC.
MEADOWBROOK CARTING CO.,
INC.
MID-JERSEY DISPOSAL CO., INC.
MID-VALLEY ACQUISITION
CORPORATION
MISSION DISPOSAL, INC.
NORTH SOUND SANITATION, INC.
QUALITY RECYCLING CO., INC.
SACRAMENTO VALLEY
ENVIRONMENTAL WASTE
COMPANY
SOIL REMEDIATION OF
PHILADELPHIA, INC.
SOUTH SOUND SANITATION, INC.
STANWOOD CAMANO DISPOSAL,
INC.
STOCKTON SCAVENGERS
ASSOCIATION
USA WASTE HAULING OF
PHILADELPIA, INC.
USA WASTE OF OKLAHOMA, INC.
(FORMERLY UNITED SANITATION
ASSOCIATES WASTE MANAGEMENT,
INC.)
USA WASTE OF ARIZONA, INC.
USA WASTE OF ILLINOIS, INC.
USA WASTE OF INDIANA, INC.
By: /s/ XXXX X. XXXXXXXX
------------------------------------
Xxxx X. XxXxxxxx, Executive Vice
President and Chief Financial
Officer of each of the Companies
listed above
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USA WASTE OF TEXAS, INC.
(FORMERLY USA WASTE SERVICES,
INC. OF TEXAS)
U.S.A. WASTE OF FAIRLESS
HILLS, INC.
CLEANSOILS FAIRLESS HILLS,
INC.
WEST VIRGINIA WASTE
SERVICES, INC.
WPP, INC.
WASTE RECOVERY
CORPORATION
XXXXXXXX ACQUISITION CORP.
XXXXXXXX DEVELOPMENT
COMPANY, INC.
XXXXXXXX CLEARVIEW
ENVIRONMENTAL LANDFILL,
INC.
XXXXXXXX DEVELOPMENT OF
OHIO, INC.
XXXXXXXX DEVELOPMENT OF
VIRGINIA, INC.
XXXXXXXX ENTERPRISES, INC.
XXXXXXXX INTERNATIONAL,
INC.
XXXXXXXX XXXXXX HIGHLANDS
LANDFILL, INC.
XXXXXXXX MAPLEWOOD
LANDFILL, INC.
XXXXXXXX MEDICAL
TECHNOLOGIES, INC.
(INCORPORATED 2/12/85)
XXXXXXXX MEDICAL
TECHNOLOGIES, INC.
(INCORPORATED 4/26/91)
By: /s/ XXXX X. XXXXXXXX
------------------------------------
Xxxx X. XxXxxxxx, Executive Vice
President and Chief Financial
Officer of each of the Companies
listed above
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XXXXXXXX MEDICAL
TECHNOLOGIES OF SOUTH
CAROLINA, INC.
XXXXXXXX NEW JERSEY LAND,
INC.
XXXXXXXX OAKRIDGE USA
LANDFILL, INC.
XXXXXXXX ORANGE COUNTY
LANDFILL, INC.
XXXXXXXX RESOURCES, INC.
XXXXXXXX RICHLAND COUNTY
LANDFILL, INC.
XXXXXXXX SERVICES, INC.
XXXXXXXX SMYRNA LANDFILL,
INC.
XXXXXXXX WASTE SYSTEMS OF
CALIFORNIA, INC.
XXXXXXXX WASTE SYSTEMS OF
FLORIDA, INC.
XXXXXXXX WASTE SYSTEMS OF
MISSISSIPPI, INC.
XXXXXXXX WASTE SYSTEMS OF
NEW YORK, INC.
XXXXXXXX WASTE SYSTEMS OF
NORTH CAROLINA, INC.
XXXXXXXX WASTE SYSTEMS OF
OHIO, INC.
XXXXXXXX WASTE SYSTEMS OF
NEW JERSEY, INC.
XXXXXXXX WASTE SYSTEMS OF
RHODE ISLAND, INC.
XXXXXXXX WASTE SYSTEMS OF
SOUTH CAROLINA, INC.
XXXXXXXX WASTE SYSTEMS OF
TEXAS, INC.
By: /s/ XXXX X. XXXXXXXX
------------------------------------
Xxxx X. XxXxxxxx, Executive Vice
President and Chief Financial
Officer of each of the Companies
listed above
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XXXXXXXX WASTE SYSTEMS OF
VIRGINIA, INC.
XXXXXXXX OF DELAWARE, INC.
XXXXXXXX OF GEORGIA, INC.
XXXXXXXX OF ILLINOIS, INC.
XXXXXXXX OF INDIANA, INC.
XXXXXXXX OF NEW JERSEY,
INC.
XXXXXXXX OF NEW JERSEY
RECYCLING, INC.
XXXXXXXX OF MARYLAND, INC.
XXXXXXXX OF
MASSACHUSETTS, INC.
XXXXXXXX OF MISSISSIPPI, INC.
XXXXXXXX OF PENNSYLVANIA,
INC.
XXXXXXXX OF TENNESSEE, INC.
XXXXXXXX OF WEST VIRGINIA,
INC.
DAUPHIN XXXXXXX, INC.
THE X. XXXXXXXXXX CO.
LCS SERVICES, INC.
XXXXXXX X. XXXXXX, INC.
XXXXXX COUNTY TRANSFER
STATION, INC.
RAIL-IT CORPORATION
REMOTE LANDFILL SERVICES,
INC.
CDC SERVICES, INC.
SOUTHERN ALLEGHENIES
DISPOSAL SERVICES, INC.
U.S. SERVICES CORPORATION
U.S. UTILITIES SERVICES CORP.
XXXXXXXX R & B LANDFILL,
INC.
By: /s/ XXXX X. XXXXXXXX
------------------------------------
Xxxx X. XxXxxxxx, Executive Vice
President and Chief Financial
Officer of each of the Companies
listed above
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RAIL-IT LIMITED PARTNERSHIP
By: Rail-It Corporation, Its General Partner
By: /s/ XXXX X. XXXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
THE BANKS AND AGENTS:
THE FIRST NATIONAL BANK OF BOSTON,
Individually and as Documentation Agent and
Issuing Bank and as Agent
By: [ILLEGIBLE]
-----------------------------------------
Title: Managing Director
--------------------------------------
BANK OF AMERICA, ILLINOIS, Individually
and as Agent
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President
--------------------------------------
XXXXXX GUARANTY TRUST COMPANY OF NEW YORK,
Individually and as the Administrative Agent
By: /s/ XXXXXXX X. XXXXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
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X.X. XXXXXX SECURITIES INC., as Agent
By: [ILLEGIBLE]
-----------------------------------------
Title: VP
--------------------------------------
THE BANK OF NOVA SCOTIA
By: /s/ F.C.H. XXXXX
-----------------------------------------
Title: Senior Manager Loan Operations
--------------------------------------
BANK ONE, TEXAS N.A.
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President
--------------------------------------
BANQUE PARIBAS, HOUSTON
AGENCY
By: /s/ XXXXX CLINGARS
-----------------------------------------
Title: Vice President
--------------------------------------
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President
--------------------------------------
BHF-BANK AKTIENGESELLSCHAFT
By: [ILLEGIBLE]
-----------------------------------------
Title: VP
--------------------------------------
By: [ILLEGIBLE]
-----------------------------------------
Title: VP
--------------------------------------
CIBC INC.
By: [ILLEGIBLE]
-----------------------------------------
Title: Authorized Signature
--------------------------------------
COMERICA BANK
By: [ILLEGIBLE]
-----------------------------------------
Title: First Vice President
--------------------------------------
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COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK,
B.A., "RABOBANK NEDERLAND",
NEW YORK BRANCH
By: /s/ XXXX X. XXXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
By: /s/ XXX XXXXX
-----------------------------------------
Title: Vice President & Manager
--------------------------------------
CREDIT LYONNAIS NEW YORK
BRANCH
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President
--------------------------------------
CREDIT LYONNAIS CAYMAN ISLAND
BRANCH
By: [ILLEGIBLE]
-----------------------------------------
Title: Authorized Signature
--------------------------------------
DEUTSCHE BANK AG, NEW YORK
AND/OR CAYMAN ISLANDS
BRANCHES
By: /s/ XXXX XXXXXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
By: /s/ XXXX X. XXXXXXXX
-----------------------------------------
Title: Assistant Vice President
--------------------------------------
FIRST INTERSTATE BANK OF TEXAS,
N.A.
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President
--------------------------------------
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XXXXX XXXX XX XXXXXXXXXXXXX,
N.A.
By: /s/ XXXXXX X. XXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
THE FUJI BANK, LIMITED, HOUSTON
AGENCY
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President & Joint Manager
--------------------------------------
HIBERNIA NATIONAL BANK
By: /s/ XXXX X. XXXXXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
THE LONG-TERM CREDIT BANK OF
JAPAN, LTD.
By: [ILLEGIBLE]
-----------------------------------------
Title: Joint General Manager
--------------------------------------
NATWEST BANK N.A.
By: /s/ XXXXXXX XXXX HILL
-----------------------------------------
Title: Vice President
--------------------------------------
THE NIPPON CREDIT BANK, LTD.
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President & Manager
--------------------------------------
THE SUMITOMO BANK, LTD. -
HOUSTON AGENCY
By: /s/ XXXXXXXXX XXXX
-----------------------------------------
Title: General Manager
--------------------------------------
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SOCIETY NATIONAL BANK
By: /s/ XXXXXXXX X. XXXX
-----------------------------------------
Title: Vice President
--------------------------------------
UNION BANK
By: /s/ XXXXX X. XXXXXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
XXXXX FARGO BANK, N.A.
By: /s/ XXXXXX XXXXXXX
-----------------------------------------
Title: Vice President
--------------------------------------
XXX XXXXXX AMERICAN CAPITAL PRIME RATE
INCOME TRUST
By: /s/ XXXXXXX X. XXXXXXX
-----------------------------------------
Title: Sr. Vice Pres.- Portfolio Mgr.
--------------------------------------
THE SANWA BANK, LIMITED, DALLAS AGENCY
By: [ILLEGIBLE]
-----------------------------------------
Title: Vice President
--------------------------------------
