FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT Dated as of December 28, 2005
Exhibit 20.1
This FOURTH AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT (together with all
Exhibits, Schedules and Annexes hereto, this “Amendment”) is among WASTE SERVICES (CA)
INC., an Ontario corporation formerly known as CAPITAL ENVIRONMENTAL RESOURCE INC./RESSOURCES
ENVIRONNEMENTALES CAPITAL INC. (“WSCI”), WASTE SERVICES, INC., a Delaware corporation (the
“Borrower”), and XXXXXX COMMERCIAL PAPER INC., as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”).
PRELIMINARY STATEMENTS:
A. The Borrower, WSCI, the Lenders, the Administrative Agent, Xxxxxx Brothers Inc., as
Arranger, CIBC World Markets Corp., as Syndication Agent, Bank of America, N.A., as Documentation
Agent, and Canadian Imperial Bank of Commerce, as Canadian Agent, entered into an Amended and
Restated Credit Agreement, dated as of April 30, 2004 (as amended, restated, modified or
supplemented prior to the date hereof, and together with all Annexes, Exhibits and Schedules
thereto, the “Credit Agreement”; capitalized terms used and not otherwise defined herein
shall have the meanings ascribed to such terms in the Credit Agreement).
B. The Borrower desires to amend the Credit Agreement to, among other things, permit the
incurrence of additional Indebtedness, in the form of new Term Loans, incurred under the
Incremental Term Loan Facility (each, an “Incremental Term Loan”) pursuant to Section
10.1(b) of the Credit Agreement in an aggregate principal amount of up to $50,000,000, to be used
for general corporate purposes, including prepaying the Revolving Loans and for paying fees, costs
and expenses incurred in connection with this Amendment and for Permitted Acquisitions.
C. Each Person that agrees to make Incremental Term Loans (an “Incremental Lender”)
will execute and deliver to the Administrative Agent, on or prior to the Amendment Effective Date
(as defined herein), a Lender Addendum, in the form attached hereto as Exhibit B and make such
Incremental Term Loans to the Borrower in the manner contemplated by Section 2.1 of the Credit
Agreement (as amended hereby).
NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. Amendment. Upon the terms and subject to the conditions set forth herein and in
reliance on the representations and warranties of the Loan Parties set forth herein, the Credit
Agreement is hereby amended as follows:
(a) The following new definitions are hereby added to Section 1.1 of the Credit Agreement in
the appropriate alphabetical order:
“Available Incremental Term Loan Commitment” with respect to any
Incremental Term Loan Lender at any time, an amount equal to the excess, if any, of
(a) such Lender’s Incremental Term Loan Commitment then in effect over (b)
such Lender’s Incremental Term Loans then outstanding.
“Fourth Amendment”: the Fourth Amendment to this Agreement, dated as
of December 28, 2005.
“Fourth Amendment Effective Date”: the Amendment Effective Date, as
defined in the Fourth Amendment.
“Funding Date”: with respect to any Incremental Term Loan, the date
specified by the Borrower in the Borrowing Notice with respect to such Incremental
Term Loan as the date such Incremental Term Loan is to be made.
“Incremental Term Loan”: as defined in Section 2.1.
“Incremental Term Loan Commitments”: as to any Lender, the obligation
of such Lender, if any, to make an Incremental Term Loan to the Borrower hereunder
in a principal amount not to exceed the amount set forth in the Lender Addendum
delivered by such Lender, or as the case may be, in the Assignment and Acceptance
pursuant to which such Lender became a party hereto, as the same may be changed from
time to time pursuant to the terms hereof. The original aggregate amount of the
Incremental Term Commitments is $50,000,000.
“Incremental Term Loan Commitment Termination Date”: March 31, 2006,
or, if earlier, the date on which the Incremental Term Loan Commitments are
terminated in full pursuant to Sections 2.10 (or such earlier date on which the
Loans become due and payable pursuant to Section 8).
“Incremental Term Loan Facility”: as defined in Section 10.1(b)
“Incremental Term Loan Lender”: each Lender that has an Incremental
Term Loan Commitment or is the holder of an Incremental Term Loan.
“Incremental Term Loan Percentage”: as to any Incremental Term Loan
Lender at any time, the percentage which such Lender’s Incremental Term Loan
Commitments then constitutes of the aggregate Incremental Term Loan Commitments (or,
at any time after the initial Funding Date, the percentage which the sum of the
aggregate principal amount of such Lender’s Incremental Term Loans then outstanding
plus such Lender’s then unfunded Incremental Term Loan Commitments constitutes of
the aggregate principal amount of the sum of the
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aggregate Incremental Term Loans
then outstanding plus the aggregate amount of the Lenders’ then unfunded Incremental
Term Loan Commitments).
“Installment Date”: as defined in Section 2.3.
(b) The definition of “Applicable Margin” contained in Section 1.1 of the Credit Agreement is
hereby amended and restated to read as follows:
“Applicable Margin”: for each Type of Loan under each Facility, the
rate per annum set forth opposite such Facility under the relevant column heading
below:
Canadian | ||||||||||||||||
Prime Rate | Base Rate | Acceptance | Eurodollar | |||||||||||||
Loans | Loans | Fee | Loans | |||||||||||||
US Revolving Credit
Facility (including
US Swing Line
Loans) |
N.A. | 3.50 | % | N.A. | 4.50 | % | ||||||||||
Canadian Revolving
Credit Facility
(including Canadian
Swing Line Loans) |
3.50 | % | 3.50 | % | 4.50 | % | 4.50 | % | ||||||||
Tranche B Term Loan
Facilities |
N.A. | 3.50 | % | N.A. | 4.50 | % | ||||||||||
Tranche C Term Loan
Facilities |
N.A. | 2.25 | % | N.A. | 3.25 | % | ||||||||||
Incremental Term
Loan Facilities |
N.A. | 2.25 | % | N.A. | 3.25 | % |
provided, that on and after the first Adjustment Date occurring
after the completion of two full fiscal quarters of the Borrower after the
Restatement Effective Date and in any event from and after the Third
Amendment Effective Date, the Applicable Margin with respect to Tranche B
Term Loans, Tranche C Term Loans, Incremental Term Loans, US Revolving
Credit Loans, Canadian Revolving Credit Loans, US Swing Line Loans and
Canadian Swing Line Loans will be determined pursuant to the Pricing Grid.
(c) The definition of “Commitment” contained in Section 1.1 of the Credit Agreement is hereby
amended to insert the phrase, “, Incremental Term Loan Commitment” immediately after the phrase
“Tranche C Term Loan Commitment.”
(d) The definition of “Facility” in Section 1.1 of the Credit Agreement is hereby amended and
restated as follows:
“Facility”: each of (a) the Tranche B Term Loan Commitments
and the Tranche B Term Loans made thereunder (the “Tranche B Term
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Loan Facility”), (b) the Tranche C Term Loan Commitment and the Tranche C
Term Loans made thereunder, (the “Tranche C Term Loan Facility”),
(c) the Incremental Term Loan Commitments and the Incremental Term Loans
made thereunder, (d) the US Revolving Credit Commitments and the extensions
of credit made thereunder (the “US Revolving Credit Facility”), and
(e) the Canadian Revolving Credit Commitments and the extensions of credit
made thereunder (the “Canadian Revolving Credit Facility”).
(e) The definition of “Interest Period” in Section 1.1 of the Credit Agreement is hereby
amended to delete the defined term “Tranche C Term Loan” in each place it appears in clause (ii)
therein and insert the defined term “Term Loan” in lieu thereof.
(f) The definition of “Lender Addendum” in Section 1.1 of the Credit Agreement is hereby
amended and restated as follows:
“Lender Addendum”: with respect to any applicable Lender, a Lender
Addendum, substantially in the form of (i) Exhibit J, (ii) Exhibit D to the Third
Amendment or (iii) Exhibit B to the Fourth Amendment.
(g) The definition of “Majority Facility Lenders” in Section 1.1 of the Credit Agreement is
hereby amended and restated as follows:
“Majority Facility Lenders”: with respect to (i) the Tranche B Term
Loan Facility, the holders of more than 50% of the sum of the aggregate unpaid
principal amount of the Tranche B Term Loans, (ii) the Tranche C Term Loan Facility,
the holders of more than 50% of the sum of the aggregate unpaid principal amount of
the Tranche C Term Loans (iii) the Incremental Term Loan Facility, the holders of
more than 50% of the Incremental Term Loan Commitments then in effect, or if the
Incremental Term Loan Commitments have been terminated, the aggregate unpaid
principal amount of Incremental Term Loans then outstanding, or (iv) the Revolving
Credit Facilities, the holders of more than 50% of the Total Revolving Credit
Commitments then in effect or, if the Revolving Credit Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding.
(h) The definition of “Term Loans” contained in Section 1.1 of the Credit Agreement is hereby
amended and restated as follows:
“Term Loans”: the collective reference to the Tranche B Term Loans, the
Tranche C Term Loans and any Incremental Term Loans.
(i) The definition of “Term Loan Lenders” contained in Section 1.1 of the Credit Agreement is
hereby amended and restated as follows:
“Term Loan Lenders”: the collective reference to the Tranche B Term
Loan Lenders, the Tranche C Term Loan Lenders and the Incremental Term Loan Lenders.
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(j) The definition of “Term Loan Percentages” contained in Section 1.1 of the Credit Agreement
is hereby amended and restated in its entirety to read as follows:
“Term Loan Percentages”: with respect to (i) any Lender holding
Tranche B Term Loans, the Tranche B Term Loan Percentage of such Lender, (ii) any
Lender holding Tranche C Term Loans, the Tranche C Term Loan Percentage of such
Lender and (iii) any Lender holding Incremental Term Loans, the Incremental Term
Loan Percentage of such Lender.
(k) Section 2.1 is hereby amended and restated in its entirety to read as follows:
“Term Loan Commitments. (a) Subject to the terms and conditions hereof
and of the Third Amendment, the Tranche C Term Loan Lenders severally agree to make
(or convert Tranche B Term Loans into) term loans (each, a “Tranche C Term
Loan”) to the Borrower on the Third Amendment Effective Date in an amount for
each Tranche C Term Loan Lender not to exceed the amount of the Tranche C Term Loan
Commitment of such Lender.
(b) Subject to the terms and conditions hereof, the Incremental Term Loan
Lenders severally agree to make term loans (each, an “Incremental Term
Loan”) to the Borrower on each Funding Date in an amount for each Incremental
Term Loan Lender not to exceed the lesser of its (a) Incremental Term Loan
Percentage of the Incremental Term Loans requested by the Borrower on such Funding
Date and (b) its remaining unfunded Incremental Term Loan Commitment. Any unfunded
Incremental Term Loan Commitments shall terminate on the Incremental Term Loan
Commitment Expiration Date, if not borrowed on or before such date.
(c) The Term Loans may from time to time be Eurodollar Loans or Base Rate
Loans, as determined in accordance with Sections 2.2 or 2.13 hereof.”
(l) Section 2.2 of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:
“Procedure for Borrowing of Term Loans. (a) Each Tranche C Term Loan
shall be made in accordance with Section 2 of the Third Amendment.
(b) With respect to the Incremental Term Loans, the Borrower shall deliver to
the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received
by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three
Business Days prior to the requested Funding Date, in the case of Eurodollar Loans,
or (b) one Business Day prior to the requested Funding Date, in the case of Base
Rate Loans) requesting that the Incremental Term Loan Lenders make the Incremental
Term Loans on such Funding Date and specifying the amount to be borrowed;
provided that with respect to the initial borrowing of Incremental Term
Loans, the Borrower may provide such notice
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prior to 12:00 Noon on the day of such
Borrowing with respect to Base Rate Loans. Upon receipt of such Borrowing Notice,
the Administrative Agent shall promptly notify each Incremental Term Loan Lender
thereof. Not later than 12:00 Noon, New York City time, on the Funding Date, each
Incremental Term Loan Lender shall make available to the Administrative Agent at the
Funding Office an amount in immediately available funds equal to the Incremental
Term Loans to be made by such Lender on such Funding Date. The Administrative
Agent, subject to Section 5.3, shall make available to the Borrower the aggregate of
the amounts made available to the Administrative Agent by the Incremental Term Loan
Lenders, in like funds as received by the Administrative Agent.”
(m) Section 2.3 of the Credit Agreement is hereby amended (i) to insert “(a)” in the first
line thereof prior to the words “The Tranche C Term Loan” and (ii) to add a new Section 2.3(b) to
read as follows:
“(b) The Incremental Term Loan of each Incremental Term Loan Lender shall
mature in 20 consecutive quarterly installments, commencing on June 30,
2006, each of which shall be made on the four quarterly scheduled payment
dates applicable to Tranche C Term Loans (each an “Installment
Date”), in an amount on each such Installment Date equal to (i) for each
of the first 16 Installment Dates, one-quarter percent (0.25%) of the
original principal amount outstanding and (ii) for each of the remaining 4
Installment Dates 25% of the remaining outstanding principal amount as of
the first such remaining Installment Dates.”
(n) The first paragraph of Section 2.8 of the Credit Agreement is hereby amended by amending
and restating clause (iii) thereof in its entirety to read as follows:
“(iii) the principal amount of each Tranche C Term Loan and Incremental Term
Loan, as the case may be, of such Incremental Term Loan Lender, in installments
according to the amortization for such Term Loans set forth in Sections 2.3(a) and
(b), or on such earlier date on which the Loans become due and payable pursuant to
Section 8.”
(o) Section 2.9 of the Credit Agreement is hereby amended by relettering clause (b) thereof to
clause (c) thereof.
(p) Section 2.9 of the Credit Agreement is hereby further amended by adding a new clause (b)
thereof to read as follows:
“(b) The Borrower agrees to pay to the Administrative Agent, for the account of
each Incremental Term Loan Lender, a commitment fee for the period from and
including the Fourth Amendment Effective Date to and including the Incremental Term
Loan Commitment Termination Date at a rate of one and five eighths percent (1.625%)
per annum of the Available Incremental Term Loan Commitment of such Lender during
the period for which payment is made,
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payable in arrears on March 31, 2006, or, if
earlier, on the Incremental Term Loan Commitment Termination Date.”
(q) Section 2.10 of the Credit Agreement is amended by (i) adding an “(a)” in the first line
thereof before the words “Each of the”; and (ii) adding a new Section 2.10(b) to read as follows:
(b) The Borrower shall have the right, upon not less than three Business
Days’ notice to the Administrative Agent, to terminate any unfunded portion
of the Incremental Term Loan Commitments or, from time to time, to reduce
the aggregate amount of the Incremental Term Loan Commitments. Any such
termination or reduction shall be in an amount equal to $1,000,000, or a
whole multiple thereof, and shall reduce permanently the Incremental Term
Loan Commitments the in effect.
(r) A new Section 5.3 is added to the Credit Agreement to read as follows:
“5.3 Conditions to Each Funding Date. The agreement of each
Incremental Term Loan Lender to make any Incremental Term Loan requested to
be made by it hereunder on any date (including, without limitation, the
initial Funding Date) is subject to the satisfaction of each of the
conditions precedent contained in Section 5.2 and the following conditions
precedent:
(a) The proceeds of any such Incremental Term Loan shall be used solely (x)
with respect to any Incremental Term Loans made on the Fourth Amendment
Effective Date, to prepay Revolving Loans and to pay fees, costs and
expenses incurred in connection with the Fourth Amendment, and (y) with
respect to any Incremental Term Loans made on any date other than the Fourth
Amendment Effective Date, for Permitted Acquisitions.
(b) The Borrower shall not request and the Incremental Lenders shall have no
obligation to fund Incremental Term Loans on more than three separate
Funding Dates (including the Fourth Amendment Effective Date).
(c) In the case of any Incremental Loans requested by the Borrower on any
Funding Date after the Fourth Amendment Effective Date, the Borrower shall
demonstrate, after giving effect to such Loans and to the Permitted
Acquisition to be made in connection therewith, a pro forma Consolidated
Leverage Ratio of not greater than 0.25 more than the actual Consolidated
Leverage Ratio calculated pursuant to Section 7.1(a) as of the most recently
ended Fiscal Quarter for which a Compliance Certificate has been delivered
pursuant to or is required by Section 6.2(b).
(d) the aggregate amount of such Incremental Term Loan made on any Funding
Date shall be at least (x) $25.0 million with respect to any Incremental
Term Loan made on the Fourth Amendment Effective Date
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and (y) $7.5 million
with respect to any Incremental Term Loan made on any funding Date
thereafter.
(s) Annex A of the Credit Agreement is hereby amended by inserting the words “, Incremental
Term Loans” after each instances of the words “Tranche C Term Loans” appearing therein.
(t) Exhibit G-1 to the Credit Agreement is hereby amended by deleting each reference to the
words “Tranche [B][C]” therein and replacing such words with “[Tranche B] [Tranche C]
[Incremental].”
(u) Exhibit K to the Credit Agreement is hereby amended and restated in its entirety and
replaced with Exhibit K attached hereto as Exhibit A.
2. Conditions to Effectiveness.
The effectiveness of the amendments contained in Section 1 hereof is conditioned upon
satisfaction of the following conditions precedent (the date on which all such conditions have been
satisfied being referred to herein as the “Amendment Effective Date”):
(a) the Administrative Agent shall have received (i) signed written authorization from the
Persons who will become Incremental Term Loan Lenders to execute this Amendment on behalf of such
Lenders, (ii) counterparts of this Amendment signed by each of WSCI, the Borrower and the
Administrative Agent, and (iii) counterparts of the consent of the Guarantors attached hereto as
Annex 1 (the “Consent”) executed by each of the Guarantors;
(b) each of the representations and warranties in Section 3 below shall be true and correct in
all material respects on and as of the Amendment Effective Date;
(c) the Administrative Agent shall have received payment in immediately available funds of (i)
those fees previously agreed to by the parties hereto in connection with this Amendment, and (ii)
all expenses incurred by the Administrative Agent (including, without limitation, legal fees)
reimbursable under the Credit Agreement and for which invoices have been presented;
(d) the Administrative Agent shall have received executed legal opinions from counsel to the
Loan Parties, in form and substance reasonably acceptable to the Administrative Agent;
(e) the Administrative Agent shall have received (i) commitments from banks and other
financial institutions with respect to the Incremental Term Loans in an aggregate principal amount
equal to $50,000,000 and (ii) a fully executed Lender Addendum with respect to each such bank or
other financial institution committing to fund such Incremental Term Loans (and pursuant to which,
on the Amendment Effective Date, such bank or other financial institution shall become an
Incremental Term Loan Lender, for all purposes under the Credit Agreement); and
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(f) the Administrative Agent shall have received such other documents, instruments,
certificates, opinions and approvals as it may reasonably request.
3. Representations and Warranties. Each of WSCI and the Borrower represent and
warrants jointly and severally to the Administrative Agent and the Lenders (including the
Incremental Term Loan Lenders) as follows:
(a) Authority. Each of WSCI and the Borrower has the requisite corporate or other
organizational power and authority to execute and deliver this Amendment and to perform its
obligations hereunder and under the Credit Agreement (as amended hereby). Each of the Guarantors
has the requisite corporate or other organizational power and authority to execute and deliver the
Consent. The execution, delivery and performance by each of WSCI and the Borrower of this
Amendment and by the Guarantors of the Consent, and the performance by each of WSCI, the Borrower
and each other Loan Party of the Credit Agreement (as amended hereby) and each other Loan Document
to which it is a party, in each case, have been authorized by all necessary corporate or other
organizational action of such Person, and no other corporate or other organizational proceedings on
the part of each such Person is necessary to consummate such transactions.
(b) Enforceability. This Amendment has been duly executed and delivered on behalf of
each of WSCI and the Borrower. The Consent has been duly executed and delivered by each of the
Guarantors. Each of this Amendment, the Consent and, after giving effect to this Amendment, the
Credit Agreement and the other Loan Documents, (i) is the legal, valid and binding obligation of
each Loan Party party hereto and thereto, enforceable against such Loan Party in accordance with
its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law) and (ii) is
in full force and effect. Neither the execution, delivery or performance of this Amendment or of
the Consent or the performance of the Credit Agreement (as amended hereby), nor the performance of
the transactions contemplated hereby or thereby, will adversely affect the validity, perfection or
priority of the Administrative Agent’s Lien on any of the Collateral or its ability to realize
thereon. This Amendment is effective to amend the Credit Agreement as provided therein.
(c) Representations and Warranties. After giving effect to this Amendment, the
representations and warranties contained in the Credit Agreement and the other Loan Documents
(other than any such representations and warranties that, by their terms, are specifically made as
of a date other than the date hereof) are true and correct in all material respects on and as of
the date hereof as though made on and as of the date hereof.
(d) No Conflicts. Neither the execution and delivery of this Amendment or the
Consent, nor the consummation of the transactions contemplated hereby and thereby, nor the
performance of and compliance with the terms and provisions hereof or of the Credit Agreement (as
amended hereby) by any Loan Party will, at the time of such performance, (a) violate or conflict
with any provision of its articles or certificate of incorporation or bylaws or other
organizational or governing documents of such Person, (b) violate, contravene or materially
conflict with any Requirement of Law or Contractual Obligation (including, without limitation,
9
Regulation U), except for any violation, contravention or conflict which could not reasonably be
expected to have a Material Adverse Effect or (c) result in or require the creation of any Lien
(other than those permitted by the Loan Documents) upon or with respect to its properties. No
consent or authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the transactions
contemplated hereby.
(e) No Default. Both before and after giving effect to this Amendment, no event has
occurred and is continuing that constitutes a Default or Event of Default.
4. Reference to and Effect on Credit Agreement.
(a) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit
Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified hereby. This Amendment is a Loan Document.
(b) Except as specifically modified above, the Credit Agreement and the other Loan Documents
are and shall continue to be in full force and effect and are hereby in all respects ratified and
confirmed. Without limiting the generality of the foregoing, the Security Documents and all of the
Collateral described therein do and shall continue to secure the payment of all Obligations under
and as defined therein, in each case as modified hereby.
(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any Secured Party under any
of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or amendment
of any provision of any of the Loan Documents.
5. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
shall be effective as delivery of a manually executed counterpart of this Amendment.
6. Severability. Any provision of this Amendment that 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 hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.
7. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.
[Remainder of page intentionally left blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
by their respective officers as of the day and year first above written.
WASTE SERVICES, INC., as Borrower | ||
By: /s/ Xxxx X. Xxxxxx | ||
Name: Xxxx X. Cairs | ||
Title: Executive Vice President, General Counsel and Secretary |
WASTE SERVICES (CA) INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
XXXXXX COMMERCIAL PAPER INC., as Administrative Agent |
||||
By: | /s/ Xxxxx Xxxxxx | |||
Name: | Xxxxx Xxxxxx | |||
Title: | Authorized Signatory | |||
[Signature Page]
Annex 1
CONSENT OF GUARANTORS
Each of the undersigned is a Guarantor of the Obligations of the Borrower and/or of WSCI under the
Credit Agreement and hereby (a) consents to the foregoing Amendment, (b) acknowledges that
notwithstanding the execution and delivery of the foregoing Amendment, the obligations of each of
the undersigned Guarantors are not impaired or affected and all guaranties given to the holders of
Obligations and all Liens granted as security for the Obligations continue in full force and
effect, and (c) confirms and ratifies its obligations under each of the Loan Documents executed by
it. Capitalized terms used herein without definition shall have the meanings given to such terms
in the Amendment to which this Consent is attached or in the Credit Agreement referred to therein,
as applicable.
IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Consent of
Guarantors as of the 28 day of December 2005.
[Signature pages follow]
OMNI WASTE OF OSCEOLA COUNTY LLC |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Manager | ||||
CACTUS WASTE SYSTEMS, LLC |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Manager | ||||
WASTE SERVICES OF ARIZONA, INC. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
WASTE SERVICES OF FLORIDA, INC. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
JACKSONVILLE FLORIDA LANDFILL, INC. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
[Signature Page]
XXXXX ROAD LANDFILL AND RECYCLING, LTD., by Jacksonville Florida Landfill, Inc., its General Partner |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
FLORIDA RECYCLING SERVICES, INC., a Delaware Corporation |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
FLORIDA RECYCLING SERVICES, INC., an Illinois Corporation |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
FORT BEND REGIONAL LANDFILL LP |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary: | ||||
XXXXXXX HILLS TRANSFER STATION LP |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary: | ||||
[Signature Page]
WASTE SERVICES OF ALABAMA, INC. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
WASTE SERVICES LIMITED PARTNER, LLC |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Manager | ||||
WS GENERAL PARTNER, LLC, by Waste Services, Inc., its Sole Member |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Executive
Vice President, General Counsel and Secretary |
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RAM-PAK COMPACTION SYSTEMS LTD. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
6045341 CANADA INC. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
[Signature Page]
GAP DISPOSAL 2001 LTD. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Secretary | ||||
XXXXXXX RECYCLING AND TRANSFER, INC. |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
CAPITAL ENVIRONMENTAL HOLDINGS COMPANY |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
WSI WASTE SERVICES OF TEXAS LP |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: Vice President and Secretary | ||||
[Signature Page]
EXHIBIT A
EXHIBIT K
TO THE CREDIT AGREEMENT
TO THE CREDIT AGREEMENT
FORM OF BORROWING NOTICE
[Date]
[Xxxxxx Commercial Paper Inc.,
as Administrative Agent
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: [ ]]
as Administrative Agent
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: [ ]]
[Canadian Imperial Bank of Commerce Bank]
[ ]
[ ]
[Waste Services, Inc.]
[Capital Environmental Resource Inc./Ressources Environnementales Capital Inc.]
[Capital Environmental Resource Inc./Ressources Environnementales Capital Inc.]
Ladies and Gentlemen:
Pursuant to Section [2.2] [2.5] of that certain Amended and Restated Credit Agreement, dated
as of April 30, 2004 (as amended, restated, supplemented, replaced or otherwise modified from time
to time, the “Credit Agreement”; capitalized terms used but not defined herein having the
meanings given such terms in the Credit Agreement), among Capital Environmental Resource,
Inc./Ressources Environnementales Capital, Inc., an Ontario corporation (“CERI”), Waste
Services, Inc., a Delaware corporation (the “Borrower”), the several banks and other
financial institutions or entities from time to time parties thereto, Xxxxxx Brothers Inc., as
exclusive advisor, sole lead arranger and sole book runner, CIBC World Markets Corp., as
syndication agent, Bank of America, N.A., as documentation agent (the “Documentation
Agent”), Canadian Imperial Bank of Commerce, as Canadian agent (the “Canadian Agent”),
and Xxxxxx Commercial Paper Inc., as administrative agent (the “Administrative Agent”),
[the Borrower] [CERI] hereby gives the [Administrative] [Canadian] Agent irrevocable notice that
[the Borrower] [CERI] hereby requests a [US Revolving Credit Loan] [Canadian Revolving Credit Loan]
[Incremental Term Loan] under the Credit Agreement, and in that connection sets forth below the
information relating to such [US Revolving Credit Loan] [Canadian Revolving Credit Loan]
[Incremental Term Loan]:
1. | The Business Day of the proposed [US Revolving Credit Loan] [Canadian Revolving Credit Loan] [Incremental Term Loan] is [___ ___, ___]. | ||
2. | The Type of the proposed [US Revolving Credit Loan] [Canadian Revolving Credit Loan] [Incremental Term Loan] is a [Base Rate Loan] [Canadian Prime Rate Loan] [Eurodollar Loan] [Bankers’ Acceptance]. |
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3. | The aggregate amount of the proposed [US Revolving Credit Loan] [Canadian Revolving Credit Loan] [Incremental Term Loan] is $[___]. | ||
4. | The initial Interest Period for each [Eurodollar Loan] [Bankers’ Acceptance] made as part of the proposed [US Revolving Credit Loan] [Canadian Revolving Credit Loan] [Incremental Term Loan] is [___] month[s]. |
[The Borrower] [CERI] hereby certifies that the following statements are true and correct on
the date hereof, and will be true and correct on the date of the proposed [US Revolving Credit
Loan] [Canadian Revolving Credit Loan] [Incremental Term Loan]:
(a) Each of the representations and warranties made by any Loan Party in or pursuant to the
Loan Documents is true and correct in all material respects on and as of the date hereof as if made
on and as of the date hereof, except for representations and warranties expressly stated to relate
to a specific earlier date, in which case such representations and warranties were true and correct
in all material respects as of such earlier date.
(b) No Default or Event of Default has occurred and is continuing on the date hereof, or would
result from the proposed [US Revolving Credit Loan] [Canadian Revolving Credit Loan] [Incremental
Term Loan] or the application of the proceeds thereof.
(c) A Responsible Officer of the Borrower shall certify in writing to the Administrative Agent
that the incurrence of Indebtedness represented by the proposed [US Revolving Credit Loan]
[Canadian Revolving Credit Loan] [Incremental Term Loan] is permitted under the Senior Subordinated
Notes.
[Additionally, with respect to any borrowing of Incremental Term Loans, the Borrower hereby
certifies that the following statements are true and correct on the date hereof, and will be true
and correct on the date of the proposed Incremental Term Loan:
(a) The proceeds of any such Incremental Term Loan shall be used solely [to prepay Revolving
Loans and to pay fees, costs and expenses incurred in connection with the Fourth Amendment][for
Permitted Acquisitions].
(b) The Borrower has, as of the date hereof, requested Incremental Term Loans on [INSERT
NUMBER OF] Funding Dates (including this request).
(c) [After giving effect to the Incremental Term Loans requested hereby and after giving
effect to the Permitted Acquisition to be made in connection herewith, the Borrower will have a pro
forma Consolidated Leverage Ratio of not greater than 0.25 more than the actual Consolidated
Leverage Ratio calculated pursuant to Section 7.1(a) as of the most recently ended Fiscal Quarter
for which a Compliance Certificate has been delivered pursuant to or is required by Section
6.2(b).]]
The Borrower [and CERI] agree[s] that, if prior to the time of the proposed [US Revolving
Credit Loan] [Canadian Revolving Credit Loan] [Incremental Term Loan] any of the foregoing
certifications shall cease to be true and correct, the Borrower [and CERI] shall forthwith notify
the Administrative Agent [and the Canadian Agent] thereof in writing (any such
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notice, a “Non-Compliance Notice”). Except to the extent, if any, that prior to the
time of the proposed [US Revolving Credit Loan] [Canadian Revolving Credit Loan] [Incremental Term
Loan], the Borrower [and CERI] shall deliver a Non-Compliance Notice to the Administrative Agent
[and the Canadian Agent], each of the foregoing certifications shall be deemed to be made
additionally on the date of the proposed [US Revolving Credit Loan] [Canadian Revolving Credit
Loan] [Incremental Term Loan] as if made on such date.
Very truly yours, [WASTE SERVICES, INC. |
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By: | ||||
Name: | ||||
Title: | ] | |||
[CAPITAL ENVIRONMENTAL RESOURCE INC./RESSOURCES ENVIRONNEMENTALES CAPITAL INC. |
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By: | ||||
Name: | ||||
Title: | ] |
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Exhibit B
FORM OF LENDER ADDENDUM
LENDER ADDENDUM, dated as of ___ ___, 200___ (this “Lender Addendum”), to the
Credit Agreement, dated as of April 30, 2004 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Waste Services, Inc., a Delaware corporation
(the “Borrower”), Waste Services/CA Inc., an Ontario corporation formerly known as Capital
Environmental Resource Inc./Ressources Environnmentales Capital Inc. (“WSCI”), the banks
and other financial institutions and entities from time to time party thereto (the
“Lenders”) and Xxxxxx Commercial Paper Inc., as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.
W I T N E S S E T H :
WHEREAS, the Credit Agreement provides that any bank, financial institution or other entity
may become a party to the Credit Agreement as an Incremental Term Loan Lender with the consent of
the Borrower and the Administrative Agent (which consent, in the case of the Administrative Agent,
shall not be unreasonably withheld) by executing and delivering to the Borrower and the
Administrative Agent a supplement to the Credit Agreement in substantially the form of this Lender
Addendum; and
WHEREAS, the undersigned now desires to become a party to the Credit Agreement as an
Incremental Term Loan Lender thereunder;
NOW, THEREFORE, the undersigned hereby agrees as follows:
1. The undersigned agrees to be bound by the provisions of the Credit Agreement, and agrees
that it shall, on the date this Lender Addendum is accepted by the Borrower and the Administrative
Agent, become an Incremental Term Loan Lender for all purposes of the Credit Agreement to the same
extent as if originally a party thereto, with a commitment under the Incremental Term Loan Facility
of $[___].
2. The undersigned (a) represents and warrants that it is legally authorized to enter into
this Lender Addendum; (b) confirms that it has received a copy of the Credit Agreement and each
other Loan Document existing as of the date of this Lender Addendum, together with copies of the
financial statements referred to in Section 6.1 of the Credit Agreement and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter
into this Lender Addendum; (c) agrees that it has made and will, independently and without reliance
upon the Administrative Agent, any other agent or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Agreement or any instrument or document furnished
pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers and
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discretion under the Credit Agreement or any instrument or document furnished pursuant hereto
or thereto as are delegated to the Administrative Agent by the terms thereof, together with such
powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the
Credit Agreement and each of the other Loan Documents and will perform in accordance with their
terms all the obligations which by the terms of the Credit Agreement or the other Loan Documents
are required to be performed by it as a Lender including, without limitation, if it is organized
under the laws of a jurisdiction outside the United States, its obligations pursuant to Section
2.20 of the Credit Agreement.
3. The undersigned’s address for notices for the purposes of the Credit Agreement is as
follows:
Name of Lender: | ||||||
Notice Address: | ||||||
Attention: | ||||||
Telephone: | ||||||
Facsimile: | ||||||
[remainder of page intentionally left blank]
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IN WITNESS WHEREOF, the undersigned has caused this Lender Addendum to be executed and
delivered by a duly authorized officer on the date first above written.
[INSERT NAME OF INCREMENTAL TERM LOAN LENDER] |
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By: | ||||
Name: | ||||
Title: | ||||
Accepted this __ day of | ||||
_________________, 200_ | ||||
WASTE SERVICES, INC. | ||||
By: |
||||
Name: | ||||
Title: |
[Signature Page]