FOURTEENTH AMENDMENT TO REVOLVING CREDIT AGREEMENT
Exhibit 10.2
FOURTEENTH AMENDMENT TO REVOLVING CREDIT AGREEMENT
This Fourteenth Amendment to Revolving Credit Agreement (“Amendment”) is made as of May 25,
2011 (“Effective Date”) among WCA WASTE CORPORATION, a Delaware corporation (“Borrower”), COMERICA
BANK, a Texas banking association (“Comerica”), in its capacity as Administrative Agent or Agent
under the Credit Agreement, as defined below (in such capacity, “Agent”), and in its capacity as
Co-Lead Arranger, Joint Book Runner, and a Lender under the Credit Agreement, COMPASS BANK, in its
capacity as Co-Lead Arranger, Documentation Agent, Joint Book Runner, and a Lender under the Credit
Agreement, REGIONS BANK, in its capacity as Syndication Agent, and a Lender under the Credit
Agreement, and the “Lenders” from time to time party thereto (the “Lenders”).
PRELIMINARY STATEMENT
The Borrower and Agent entered into a Revolving Credit Agreement dated July 5, 2006, as
amended by Amendment to Revolving Credit Agreement dated as of July 28, 2006, Second Amendment to
Revolving Credit Agreement dated as of September 25, 2006, Third Amendment to Revolving Credit
Agreement dated as of November 20, 0000, Xxxxxx Xxxxxxxxx to Revolving Credit Agreement dated as of
January 24, 2007, Fifth Amendment to Revolving Credit Agreement dated as of March 13, 2007, Sixth
Amendment to Revolving Credit Agreement dated as of July 27, 2007, Seventh Amendment to Revolving
Credit Agreement dated as of December 27, 2007, Eighth Amendment to Revolving Credit Agreement
dated as of October 22, 2008, Ninth Amendment to Revolving Credit Agreement dated as of February
19, 2009, Tenth Amendment to Revolving Credit Agreement dated as of December 31, 2009, Eleventh
Amendment to Revolving Credit Agreement dated as of February 17, 2010, Twelfth Amendment to
Revolving Credit Agreement dated as of June 30, 2010, and Thirteenth Amendment to Revolving Credit
Agreement dated as of February 28, 2011 (“Credit Agreement”) providing terms and conditions
governing certain loans and other credit accommodations extended by the Agent to Borrower
(“Indebtedness”).
Borrower, Agent and the Lenders have agreed to amend the terms of the Credit Agreement as
provided in this Amendment.
AGREEMENT
1. Defined Terms. In this Amendment, capitalized terms used without separate
definition shall have the meanings given them in the Credit Agreement.
2. Amendments.
a. The following definitions are hereby added to Section 1.01 of the Credit Agreement in the
appropriate alphabetical order:
“Debtor Relief Laws” means the Federal Bankruptcy Code, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief laws of the United States or other applicable jurisdictions from time to time in
effect.
“Defaulting Lender” means a Lender that, as determined by the Agent (with
notice to the Borrower of such determination), (a) has failed to perform any of its funding
obligations hereunder, including, without limitation, in respect of its Percentage Share of
any advances of
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participations in Letters of Credit or Swing Line Loans, within one (1) Business Day of
the date required to be funded by it hereunder, (b) has notified the Borrower, the Agent, or
any Lender that it does not intend to comply with its funding obligations hereunder or under
other agreements in which it commits to extend credit, (c) has failed, within one (1)
Business Day after request by the Agent, to confirm in a manner satisfactory to the Agent
that it will comply with its funding obligations, or (d) has, or has a direct or indirect
parent company that has (i) become the subject of a proceeding under any Debtor Relief Law,
or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or assets, including the Federal Deposit Insurance Corporation
or any other state or federal regulatory authority acting in such capacity; provided that a
Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of
any equity interest in that Lender or any direct or indirect parent company thereof by a
governmental authority unless deemed so by Agent, in its sole discretion.
“Defaulting Lender’s Unfunded Portion” means such Defaulting Lender’s
Percentage Share of the Revolving Credit Commitment minus the sum of (a) the aggregate
principal amount of all advances of the Revolving Credit Loans funded by the Defaulting
Lender under the Revolving Credit Loans, plus (b) such Defaulting Lender’s Percentage Share
of the aggregate outstanding principal amount of all advances of Swing Line Loans, plus (c)
the sum of (i) the aggregate undrawn amount of all Letters of Credit then outstanding, and
(ii) the aggregate amount of all unreimbursed drawings under all Letters of Credit which
remain unpaid as of such date.
“Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an
Approved Fund; (d) any Person (other than a natural person) that is or will be engaged in
the business of making, purchasing, holding or otherwise investing in commercial loans or
similar extensions of credit in the ordinary course of its business, provided that such
Person is administered or managed by a Lender, an Affiliate of a Lender or an entity or
Affiliate of an entity that administers or manages a Lender; or (d) any other Person (other
than a natural person) approved by the (i) Agent (and in the case of an assignment of a
commitment under the Revolving Credit Loans, the Issuing Bank and Swing Line Lender), and
(ii) unless a Event of Default has occurred and is continuing, the Borrower (each such
approval not to be unreasonably withheld or delayed); provided, that (x) notwithstanding the
foregoing, “Eligible Assignee” shall not include the Borrower, or any of the Borrower’s
Affiliates or Subsidiaries; and (y) no assignment shall be made to a Defaulting Lender (or
any Person who would be a Defaulting Lender if such Person was a Lender hereunder) without
the consent of the Agent, and in the case of an assignment of a commitment under the
Revolving Credit Loans, the Issuing Bank and the Swing Line Lender
“Fourteenth Amendment Effective Date” means the effective date of the
Fourteenth Amendment to Revolving Credit Agreement among the Borrower, Agent and the
Lenders.
“Fronting Exposure” means at any time there is a Defaulting Lender, (a) with
respect to the Issuing Bank, such Defaulting Lender’s Percentage Share of the outstanding
Letter of Credit obligations with respect to Letters of Credit issued by such Issuing Bank,
and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Percentage Share of
outstanding Swing Line Advances made by the Swing Line Lender.
“Initial Reinvestment Period” shall mean a 180-day period during which
Reinvestment must be commenced under Sections 2.08(b)(ii)(A) and (B), and
Section 2.08(b)(iv) of this Agreement.
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“New Senior Unsecured Debt” means up to a maximum amount of $225,000,000 Senior
Unsecured Notes to be dated and issued by Borrower prior to June 30, 2011 pursuant to the
Senior Unsecured Note Indenture set forth in clause (b) of the definition thereof, with a
maturity of not earlier than October 8, 2016.”
“Non-Defaulting Lender” shall mean any Lender that is not, as of the date of
relevance, a Defaulting Lender.
“Prior Senior Unsecured Debt” means the $150,000,000 Senior Unsecured Notes
dated as of June 30, 2006 issued by Borrower pursuant to the Senior Unsecured Note
Indenture, with a maturity of June 15, 2014.
“Prior Senior Unsecured Note Indenture” means the Indenture dated as of June
30, 2006 among Borrower, the Guarantors (as therein defined) and the Bank of New York Trust
Company, N.A., as trustee, regarding the issuance of notes evidencing the Senior Unsecured
Debt.
“Reinvest” or “Reinvestment” means, (a) with respect to any net cash
proceeds received by any Borrower or any of its Subsidiaries in connection with any
Transfer, the application of such monies to (i) repair, improve or replace any tangible
personal (excluding inventory other than landfill assets and related soil and dirt
inventory) or real property of the Borrower or its Subsidiaries or any intellectual property
reasonably necessary in order to use or benefit from any property, or (ii) acquire any such
property (excluding inventory) to be used in the business of Borrower or its Subsidiaries,
and (b) with respect to net cash proceeds received by Borrower or its Subsidiaries in
connection with the issuance of Equity Interests, the application of such net cash proceeds
to (i) the repurchase of its preferred Equity Interests, or (ii) an Expansion Expenditure
permitted under the terms of this Agreement.
“Reinvestment Certificate” is defined in Section 2.08(b)(ii) hereof.
“Reinvestment Period” means (a) a 365-day period during which Reinvestment must
be completed under Sections 2.08(b)(ii)(A) and (B), and Section 2.08(b)(iv)
of this Agreement, and (b) a 90-day period during which Reinvestment must be completed under
Section 2.08(b)(ii)(C) of this Agreement.
b. The definition of “Aggregate Revolving Credit Commitments” in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety as follows:
“‘Aggregate Revolving Credit Commitments’ at any time equals the sum of the Revolving
Credit Commitments of the Lenders, as the same may be reduced pursuant to Section 2.03(b)
or Section 10.02(a) or increased pursuant to Section 2.04. The Aggregate Revolving
Credit Commitments on the Fourteenth Amendment Effective Date shall be $200,000,000.”
c. The definition of “Funded Debt” in Section 1.01 of the Credit Agreement is hereby amended
and restated in its entirety as follows:
“‘Funded Debt’ means collectively, without duplication, whether classified as
Debt, an investment or otherwise on a Person’s consolidated balance sheet, (a) all Debt
described in clauses (a), (b), (d) , (e) and (o) of
the definition of “Debt”, but excluding equity based or other non-cash earn-outs and
Closure/Post-Closure Letters of Credit, and (b) all guaranties and other surety obligations
of the Funded Debt of others; provided, however, that, all obligations in respect of surety
bonds and similar instruments of the nature and for the purposes described in Schedule
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7.02, item 1 are not included as Funded Debt, and without duplication,
Funded Debt shall be reduced by the amount of cash to the extent such cash is greater than
$1,000,000 and is maintained by the Borrower or any Guarantor.
d. The definition of “Impaired Lender” in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety as follows:
“‘Impaired Lender’ means a Defaulting Lender and any other Lender (a) which
the Agent, Issuing Bank, or Swing Line Lender believes, in good faith, has defaulted (and
continues to be in default) in fulfilling its obligations under any other syndicated credit
facilities or as a participant in any other credit facility and such Lender is not in good
faith disputing that such a failure has occurred, or (b) which, if carrying an investment
grade rating of at least BBB from S&P or Baa3 from Xxxxx’x at the time it became a party to
this Agreement, no longer carries a rating of at least BBB- from S&P or Baa3 from Xxxxx’x,
provided, however, in all cases, an Impaired Lender shall no longer be deemed an Impaired
Lender when (i) the Impaired Lender shall have cured the conditions which shall have caused
it to be an Impaired Lender hereunder, and (ii) the Agent has agreed that such Lender shall
no longer be deemed an Impaired Lender hereunder.”
e. The definition of “Proforma Adjusted EBITDA” in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety as follows:
“‘Proforma Adjusted EBITDA’ means for any period, the sum of, without
duplication, (a) EBITDA for such period, plus (b) non-recurring non-cash expenses or
charges during such period, plus (c) historical results for any acquisitions which
are consummated on or after the Closing Date, adjusted for the lesser of: (x) the sum of
(without duplication): (i) add-backs permitted pursuant to Article 11, Regulation S-X of the
Securities Act of 1933 for the 12-month period then ended, plus (ii) the effect of
Additional Volume and/or Increased Use, as applicable, and itemized direct cost savings that
will be achieved as a result of, or in connection with, any acquisitions consummated after
the Closing Date, plus (iii) the Prior Acquisition Add-Back, or (y) fifteen percent
(15%) of the Pro Forma Adjusted EBITDA before the inclusion of items (x)(i), (x)(ii), and
(x)(iii), plus (d) non-cash charges for increases in closure and post-closure
obligations, plus (e) non-cash charges (or minus non-cash benefits, if
applicable) reflecting the adoption of SFAS No. 123 (and all amendments thereto),
plus (f) all non-cash charges related to restricted stock and redeemable stock
interests granted to officers, directors and employees, plus (g) expense (or
minus income, if applicable) associated with any Hedging Agreements and/or the 2006
Interest Rate Hedging Agreement, plus (h) non-cash losses on asset sales in an
aggregate amount not to exceed $500,000, plus (i) 2006 Interest Rate Hedging
Agreement Termination Expense, plus (j) any fees, costs, expenses, or other charges
incurred in connection with the Fourteenth Amendment to this Agreement or the closing and
issuance of the Senior Unsecured Debt (including, but not limited to, any penalties,
expenses or fees related to the Prior Senior Unsecured Debt and expensed during Borrower’s
fiscal quarters ending as of March 31, 2011 and June 30, 2011) in an aggregate amount not to
exceed $10,000,000.
f. The definition of “Required Lenders” in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety as follows:
“‘Required Lenders’ means: (a) so long as there is a single Lender, that
Lender and (b) at any time while no Loans are outstanding, two or more Lenders holding an
amount which is greater than or equal to 51% of the Aggregate Revolving Credit Commitments
and, at any time while Loans are outstanding, two or more Lenders holding an amount which is
greater than or
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equal to 51% of the aggregate principal amount of the outstanding Loans (without regard
to any sale by a Lender of a participation in any Loan under Section 12.05(d)) and
unused Aggregate Revolving Credit Commitments at such time. The Commitments of, and portion
of the Obligations attributable to, and Defaulting Lender shall be excluded for purposes of
making a determination of “Required Lenders”.”
g. The definition of “Senior Unsecured Debt” in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety as follows:
“‘Senior Unsecured Debt’ means (a) the Prior Senior Unsecured Debt, and (b) up
to a maximum amount of $225,000,000 Senior Unsecured Notes to be dated and issued by
Borrower prior to June 30, 2011 pursuant to the Senior Unsecured Note Indenture, with a
maturity of not earlier than October 8, 2016.”
h. The definition of “Senior Unsecured Note Indenture” in Section 1.01 of the Credit Agreement
is hereby amended and restated in its entirety as follows:
“‘Senior Unsecured Note Indenture’ means (a) the Prior Senior Unsecured Note
Indenture, and (b) the Indenture among Borrower, the Guarantors (as therein defined) and the
Bank of Texas, N.A., as trustee, regarding the issuance of notes evidencing the Senior
Unsecured Debt set forth in clause (b) of the definition thereof.
i. The definition of “Termination Date” in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety as follows:
“‘Termination Date’ means, with respect to the Aggregate Revolving Credit
Commitments, the earlier of (a) April 7, 2016, and (b) the date that the Aggregate Revolving
Credit Commitments are sooner terminated pursuant to Section 2.03(b) or
10.02 and the Revolving Credit Loans are prepaid in full pursuant to Section
2.08.
j. Section 2.01(c) of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“(c) Letters of Credit. During the period from and including the Closing Date
to, but excluding, the date 30 days prior to the Termination Date, the Issuing Bank, as
issuing bank for the Lenders with Revolving Credit Commitments, agrees to extend credit for
the account of the Borrower or any Guarantor (other than Holdings) at any time and from time
to time by issuing, renewing, extending or reissuing Letters of Credit; provided however,
the LC Exposure at any one time outstanding shall not exceed the lesser of (i) the LC
Commitment or (ii) the Aggregate Revolving Credit Commitments, as then in effect,
minus the aggregate principal amount of all Revolving Credit Loans, Swing Line Loans
and the LC Exposure then outstanding. The Lenders with Revolving Credit Commitments shall
participate in such Letters of Credit according to their respective Percentage Shares. Each
of the Letters of Credit shall (i) be issued by the Issuing Bank, (ii) contain such terms
and provisions as are reasonably required by the Issuing Bank, and (iii) be for the account
of the Borrower or any Guarantor (other than Holdings).
Each Letter of Credit (including any renewal thereof) shall expire not later than the
first to occur of (i) thirteen (13) months after the date of issuance thereof, and (ii) ten
(10) days prior to the Termination Date in effect on the date of issuance thereof.”
k. Section 2.04(a) of the Credit Agreement is hereby amended and restated in its entirety as
follows:
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“(a) So long as (i) no Default has occurred and is continuing, and (ii) the Borrower
has not terminated or reduced in part any unused portion of the Aggregate Revolving Credit
Commitments at any time pursuant to Section 2.03, the Borrower may by notice to the
Administrative Agent, request increases in the amount of the Aggregate Revolving Credit
Commitments within the limitations hereafter described, which notices shall set forth the
amount of any such increase. In accordance with Section 2.04(d), the amount of the
Aggregate Revolving Credit Commitments may be so increased either by having one or more New
Lenders that have been approved by the Borrower and the Administrative Agent become Lenders
and/or by having any one or more of the then existing Lenders (at their respective election
in their sole discretion) increase the amount of their Commitments (“Increasing
Lenders”), provided that (i) the Revolving Credit Commitment of any New Lender shall not
be less than $5,000,000 and the sum of the Commitments of the New Lenders and the increases
in the Commitments of the Increasing Lenders shall be in an aggregate amount of not less
than $5,000,000 (and, if in excess thereof, in integral multiples of $1,000,000); (ii) the
aggregate amount of all the increases in the Aggregate Revolving Credit Commitments pursuant
to this Section 2.04 shall not exceed $50,000,000 (provided, however, the
Administrative Agent shall have consented in its sole discretion to the utilization of the
last $5,000,000 of the amount described in this clause (ii)); (iii) the Borrower,
each New Lender and/or each Increasing Lender shall have executed and delivered to the
Administrative Agent a commitment and acceptance (the “Commitment and Acceptance”)
substantially in the form of Exhibit C hereto, and the Administrative Agent shall
have accepted and executed the same, (iv) if requested by the Administrative Agent, the
Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially
similar to the forms of opinions provided for in Section 6.01(f), modified to apply
to the increase in the Commitments and Commitment and Acceptance executed and delivered in
connection therewith); (v) the Guarantors shall have consented in writing to the new
Commitments or increases in Commitments (as applicable) and shall have agreed that their
Guaranty Agreement continues in full force and effect, and (vi) the Borrower, each New
Lender and/or each Increasing Lender shall otherwise have executed and delivered such other
instruments and documents as the Administrative Agent shall have reasonably requested in
connection with such new Commitment or increase in the Commitment (as applicable). The form
and substance of the documents required under clauses (iii) through (vi)
above shall be reasonably acceptable to the Administrative Agent. The Administrative Agent
shall provide written notice to all of the Lenders hereunder of the admission of any New
Lender or the increase in the Commitment of any Increasing Lender hereunder and shall
furnish to each of the Lenders copies of the documents required under clause (iii),
(iv), (v) and (vi) above.”
l. Section 2.05(b)(i) of the Credit Agreement is hereby amended and restated in its entirety
as follows:
“(i) The Borrower agrees to pay the Administrative Agent, for the account of each
Lender holding a Revolving Credit Commitment, commissions for issuing the Letters of Credit
on the daily average outstanding of the maximum liability of the Issuing Bank existing from
time to time under such Letter of Credit (calculated separately for each Letter of Credit)
at the rate per annum equal to (x) with respect to Closure/Post-Closure Letters of Credit
for landfills with remaining permitted lives expiring after the Termination Date, 75% of the
Applicable Margin in effect from time to time for Letters of Credit, and (y) with respect to
all other Letters of Credit, the Applicable Margin in effect from time to time for Letters
of Credit, provided that each Letter of Credit shall bear a minimum commission of $500.
Each Letter of Credit shall be deemed to be outstanding up to the full undrawn face amount
of the Letter of Credit until the Issuing Bank has received the canceled Letter of Credit or
a written cancellation of the Letter of Credit from the
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beneficiary of such Letter of Credit in form and substance acceptable to the Issuing
Bank, or for any reductions in the amount of the Letter of Credit (other than from a
drawing), written notification from the beneficiary of such Letter of Credit. Such
commissions are payable quarterly in advance on each Quarterly Date and upon cancellation or
expiration of each such Letter of Credit.”
m. Section 2.08(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety
as follows:
“(ii) Upon Transfers and Issuances of Equity. The Borrower shall, and shall
cause any Subsidiary to, pay (promptly, upon receipt thereof, except as specifically
provided to the contrary below) an amount equal to:
(A) 100% of the net cash proceeds received from any Transfers, based on the greater of
the net book value of the Property sold or the net proceeds received which are not
Reinvested as described in the following sentence. With respect to net cash proceeds
received from a Transfer permitted under Section 9.17(i) or Section
9.17(iii), the Borrower is not required to make a prepayment hereunder if the following
conditions are satisfied: (i) promptly following the Transfer, Borrower provides to Agent a
certificate executed by a Responsible Officer of the Borrower (“Reinvestment Certificate”)
stating (x) that the Transfer has occurred, (y) that no Default or Event of Default has
occurred and is continuing either as of the date of the Transfer or as of the date of the
Reinvestment Certificate, and (z) a description of the planned Reinvestment of the proceeds
thereof, (ii) the Reinvestment of such net cash proceeds is commenced within the Initial
Reinvestment Period and completed within the Reinvestment Period, and (iii) no Default or
Event of Default has occurred and is continuing at the time of the Transfer and at the time
of the application of such proceeds to Reinvestment. If any such proceeds have not been
Reinvested at the end of the Reinvestment Period, Borrower shall promptly pay such proceeds
to Agent, to be applied in accordance with this Section 2.08(b)(ii),
(B) 50% of the excess net cash proceeds received from any issuance by Borrower of any
Debt other than the Senior Unsecured Debt or by its Subsidiaries of any Subordinated Debt,
and
(C) 50% of the excess net cash proceeds received from any issuance by Borrower or its
Subsidiaries of its Equity Interests, other than any common stock issued to Ares, which are
not applied as described in the following sentence. With respect to net cash proceeds
received from any issuance by Borrower or its Subsidiaries of its Equity Interests, the
Borrower is not required to make a prepayment hereunder if the following conditions are
satisfied: (i) promptly following the issuance, Borrower provides to Agent a Reinvestment
Certificate executed by a Responsible Officer of the Borrower stating (x) that the issuance
has occurred, (y) that no Default or Event of Default has occurred and is continuing either
as of the date of the issuance or as of the date of the Reinvestment Certificate, and (z) a
description of the planned Reinvestment of the proceeds thereof, (ii) the Reinvestment of
such net cash proceeds is completed within the Reinvestment Period, and (iii) no Default or
Event of Default has occurred and is continuing at the time of the issuance and at the time
of the application of such proceeds to Reinvestment. If any such proceeds have not been
Reinvested at the end of the Reinvestment Period, Borrower shall promptly pay such proceeds
to Agent, to be applied in accordance with this Section 2.08(b)(ii).
Prepayments made pursuant to this clause (ii) shall be applied first, to the
Revolving Credit Loans, and second, as cash collateral. Upon the occurrence of any event
requiring a mandatory prepayment to the Revolving Credit Loans pursuant to Sections
2.08(b)(ii)(A) and (B),
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other than the issuance by Borrower of the Senior Unsecured Debt in connection with the
Fourteenth Amendment to Revolving Credit Agreement among the Borrower, the Administrative
Agent, and the Lenders, consummated on or about the Fourteenth Amendment Effective Date, the
Aggregate Revolving Credit Commitments shall automatically reduce by an amount equal to such
net cash proceeds received in connection with the transactions described in clauses
(A) and (B) above. Notwithstanding the foregoing, the Borrower may elect to
provide cash collateral in lieu of the prepayments required pursuant to this clause
(ii) to the extent any LIBOR Loans are outstanding until termination of the applicable
Interest Period so long as no Default has occurred and is continuing.”
n. Section 2.08(b)(iv) of the Credit Agreement is hereby amended and restated in its entirety
as follows:
“(iv) Transfers of Non-Core Assets. The Borrower shall, and shall cause any
Guarantor or Subsidiary to, apply (promptly upon receipt thereof, except as specifically
provided to the contrary below) an amount equal to 100% of the net cash proceeds received
from any Transfers of the type referred to in Section 9.17(iv), which are not
Reinvested as described in the following sentence, to first, the Revolving Credit Loans,
provided such prepayment shall not cause a reduction in the Aggregate Revolving Credit
Commitments and second, promptly provide cash collateral. With respect to net cash proceeds
received from a Transfer permitted under Section 9.17(iv), the Borrower is not
required to make a prepayment hereunder if the following conditions are satisfied: (i)
promptly following the Transfer, Borrower provides to Agent a Reinvestment Certificate
executed by a Responsible Officer of the Borrower stating (x) that the Transfer has
occurred, (y) that no Default or Event of Default has occurred and is continuing either as
of the date of the Transfer or as of the date of the Reinvestment Certificate, and (z) a
description of the planned Reinvestment of the proceeds thereof, (ii) the Reinvestment of
such net cash proceeds is commenced within the Initial Reinvestment Period and completed
within the Reinvestment Period, and (iii) no Default or Event of Default has occurred and is
continuing at the time of the Transfer and at the time of the application of such proceeds
to Reinvestment. If any such proceeds have not been Reinvested at the end of the
Reinvestment Period, Borrower shall promptly pay such proceeds to Agent, to be applied in
accordance with this Section 2.08(b)(iv). Notwithstanding the foregoing, the
Borrower may elect to provide cash collateral in lieu of the prepayment required pursuant to
this clause (iv) to the extent any LIBOR Loans are outstanding until termination of
the applicable Interest Period so long as no Default has occurred and is continuing.”
o. The following is added as new subsection 6.02(e) to the Credit Agreement:
“(e) In the event that any Lender becomes a Defaulting Lender, the Issuing Bank may, at
its option, require that the Borrower enter into arrangements satisfactory to Issuing Bank
to eliminate the Fronting Exposure with respect to participation in the LC Exposure by such
Defaulting Lender, including creation of a cash collateral account or delivery of other
security to assure payment of such Defaulting Lender’s Share Percentage of all outstanding
LC Exposure.”
p. Section 8.08 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“Section 8.08 Subsidiary Guarantors; Future Collateral.
(a) The Borrower will, and will cause each Subsidiary to, execute and deliver
such further agreements and instruments and take such further action as may be
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reasonably requested by the Administrative Agent to carry out the provisions
and purposes of this Agreement and the other Loan Documents. Without limiting the
foregoing, upon the creation or acquisition of any Subsidiary, the Borrower shall
(a) provide written notice of such event to the Administrative Agent within ten
Business Days following the date the Borrower has knowledge thereof, and (b) cause
each such Subsidiary to execute and deliver a Guaranty Agreement (or written joinder
to existing Guaranty Agreements), other Loan Documents and such other documents
required by this Agreement, each in form and substance satisfactory to the
Administrative Agent, within 30 calendar days following the date the Borrower has
knowledge thereof. If any Subsidiary is created or acquired after the date hereof,
the Borrower shall execute and deliver to the Administrative Agent (i) an amendment
to this Agreement to amend Schedule 7.14 (which only needs the signature of the
Administrative Agent to be effective if the only change is the addition of the new
Subsidiary) and (ii) any other documents, instruments, agreements or due diligence
required by the Administrative Agent, including, without limitation, any documents,
instruments, or agreements necessary to effectuate a pledge of the equity interests
or assets of the new Subsidiary. This Section 8.08 shall not be construed as
permitting the creation or acquisition of any Subsidiary not otherwise permitted by
Section 9.20.
(b) (i) With respect to the acquisition of a fee interest in real property by
any Borrower or Guarantor after the date of this Agreement, not later than sixty
(60) days after the acquisition is consummated or the owner of such property becomes
a Subsidiary (or such longer time period as Administrative Agent may determine),
such Borrower or Guarantor shall execute or cause to be executed (unless waived by
Administrative Agent), a mortgage (or an amendment to an existing mortgage, where
appropriate) covering such real property, together with such additional real estate
documentation, environmental reports, title policies, surveys, flood plain
determination, and to the extent applicable, evidence of receipt of notice that the
real property is in a special flood hazard area, evidence of receipt of notice that
flood insurance coverage is not available on the real property, and evidence of
flood insurance to the extent flood insurance is available on the real property, all
as may be reasonably required by Administrative Agent and in form and substance
reasonably acceptable to the Administrative Agent; and (ii) with respect to the
acquisition of any leasehold interest in real property by any Borrower or Guarantor
after the date of this Agreement, not later than sixty (60) days after the
acquisition is consummated or the owner of the applicable leasehold interest becomes
a Subsidiary (or such longer time period as Administrative Agent may determine), the
applicable Borrower or Guarantor shall deliver to the Administrative Agent a copy of
the applicable lease agreement and shall execute or cause to be executed, at
Administrative Agent’s option, unless otherwise waived by Administrative Agent, (x)
a leasehold mortgage covering the applicable leasehold interest, and a consent and
acknowledgment, together with such additional real estate documentation,
environmental reports, title policies, surveys, flood plain determination, and to
the extent applicable, evidence of receipt of notice that the real property is in a
special flood hazard area, evidence of receipt of notice that flood insurance
coverage is not available on the real property, and evidence of flood insurance to
the extent flood insurance is available on the real property, all as may be
reasonably required by Administrative Agent and in form and substance reasonably
acceptable to the Administrative Agent, or (y) a collateral access Agreement in form
and substance reasonably acceptable to Administrative Agent together with such other
documentation as may be reasonably required by Administrative Agent.”
q. Section 9.03(g) of the Credit Agreement is hereby amended and restated in its
9
entirety as follows:
“(g) Investments made by the Borrower in or to the Guarantors (other than Holdings) or
in the Prior Senior Unsecured Debt; and”
r. Section 9.04 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“9.04 Dividends, Distributions and Redemptions; Etc. The Borrower will not
declare or pay any cash dividend, or purchase, redeem or otherwise acquire for value any of
its Equity Interests now or hereafter outstanding (other than a conversion of any preferred
stock into common stock), return any capital to its stockholders or make any distribution of
its assets to its stockholders; provided however, (a) Borrower may make open-market
repurchases of its Equity Interests, and (b) Borrower may make payments to the stockholders
on redemptions of its preferred Equity Interests so long as: (i) there is no Default or
Event of Default existing as of the date of any such payment, and none will arise upon
giving pro forma effect thereto, (ii) upon the date of and the date immediately after any
such payment, (x) the Leverage Ratio shall not be greater than 5.00 to 1.00, and (y) the
Senior Secured Funded Debt Leverage Ratio shall not be greater than 3.00 to 1.00, and (iii)
upon the date of and the date immediately after any such payment, the Aggregate Revolving
Credit Commitment will exceed the aggregate amount of Revolving Loans, Swing Line Loans and
L/C Exposure by not less than $10,000,000.
s. Section 9.12 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“9.12 Leverage Ratio. The Borrower will not permit the Leverage Ratio at any
time (calculated quarterly at the end of each fiscal quarter) to be greater than 5.25 to
1.00.”
t. Section 9.14 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“9.14 Senior Secured Funded Debt Leverage Ratio. The Borrower will not permit
the Senior Secured Funded Debt Leverage Ratio at any time (calculated quarterly at the end
of each fiscal quarter) to be more than the ratio corresponding to the applicable period set
forth below:
Fiscal quarter ending: | Ratio: | |
June 30, 2011 and at all times thereafter
|
3.25 to 1.00 |
u. Section 9.17 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“9.17 Sale of Properties. The Borrower will not, and will not permit any
Subsidiary to, sell, assign, convey or otherwise transfer any Property or any interest in
any Property (a “Transfer”), except for (i) any Transfers in the ordinary course of
business, but only to the extent that such Property is Reinvested within the Reinvestment
Period, or (y) the proceeds of such Transfer are applied to the purchase price of such
replacement Property; (ii) intercompany Transfers between and among Borrower and its
Subsidiaries; (iii) other sales of Property (other than Transfers described in clause (iv))
where the aggregate sales price therefor does not exceed $7,500,000 in the aggregate in any
fiscal year; (iv) Transfers of Non Core Assets to the extent the
10
aggregate sales price therefor does not exceed $7,500,000 in the aggregate at any time
beginning on the Closing Date. Each Transfer shall be for fair value.”
v. The following provision is hereby added to the end of Section 12.04 of the Credit Agreement
as follows:
“Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove of any amendment, consent, waiver or any other modification
to any Loan Document (and all amendments, consents, waivers, and other modifications may be
effected without the consent of the Defaulting Lenders), except that the foregoing shall not
permit, in each case without such Defaulting Lender’s consent, (i) an increase in such
Defaulting Lender’s stated commitment amounts, (ii) the waiver, forgiveness or reduction of
the principal amount of any Obligations owing to such Defaulting Lender (unless all other
Lenders affected thereby are treated similarly), (iii) the extension of the final maturity
date(s) of such Defaulting Lenders’ portion of any of the Obligations or the extension of
any commitment to extend credit of such Defaulting Lender, or (iv) any other modification
which requires the consent of all Lenders or the Lender(s) affected thereby which affects
such Defaulting Lender more adversely than the other affected Lenders (other than a
modification which results in a reduction of such Defaulting Lender’s Percentage Share of
any Commitments or repayment of any amounts owing to such Defaulting Lender on a non
pro-rata basis).”
w. Section 12.05(g) of the Credit Agreement is hereby amended and restated in its entirety as
follows:
“(g) Substitution of Lenders.
(i) With respect to any Lender (x) that has demanded compensation under Section
5.01(a), (y) that has become an Defaulting Lender, or (z) that has failed to consent to a
requested amendment, waiver or other modification to any Loan Document as to which the
Required Lenders have already consented (in each case, an “Affected Lender”), then the
Administrative Agent or the Borrower shall have the right to make written demand on the
Affected Lender (with a copy to the Borrower in the case of a demand by the Administrative
Agent or with a copy to the Administrative Agent in the case of a demand by the Borrower) to
sell and assign all of its interests, rights, and rights under this Agreement, including,
without limitation, its Commitments, to an assignee (which may be one or more of the
Lenders)(such assignee shall be referred to herein as the “Purchasing Lender” or “Purchasing
Lenders”) within two (2) Business Days after receiving notice from the Administrative Agent
or Borrower requiring it to do so, for an aggregate price equal to the portion of all
advances made by it, interest and fees accrued for its account through but excluding the
date of such payment, and all other amounts payable to it hereunder, from the Purchasing
Lender(s) (to the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts, including without limitation, if demanded by the
Affected Lender, the amount of any compensation that is due to the Affected Lender under
this Agreement to but excluding such date), payable in immediately available funds in cash.
The Affected Lender, as assignor, such Purchasing Lender, as assignee, the Borrower and the
Agent, shall enter into an Assignment Agreement pursuant to Section 12.05 hereof, whereupon
such Purchasing Lender shall be a Lender party to this Agreement, shall be deemed to be an
assignee hereunder and shall have all the rights and obligations of a Lender with a
Percentage Share equal to its ratable share of the then applicable Revolving Credit
Commitment; provided, however, that if the Affected Lender does not execute such Assignment
Agreement within two (2) Business Days of receipt thereof, the Agent may execute the
Assignment Agreement as the Affected Lender’s attorney-in-fact with full power and authority
in the name of
11
such Lender or in its own name to execute and deliver the Assignment Agreement while
such Lender is an Affected Lender hereunder (such power of attorney to be deemed coupled
with an interest and irrevocable). In connection with any assignment pursuant to this
Section 12.05(g), the parties to such assignment shall pay to the Administrative Agent the
administrative fee for processing such assignment referred to in Section 12.05(b)(iv).
(ii) If any Lender is an Affected Lender of the type described in Section 12.05(g)(y)
and (z) (any such Lender, a “Non-Compliant Lender”), the Borrower may, with the prior
written consent of the Agent, and notwithstanding any other provisions requiring pro rata
payments to the Lenders, elect to reduce any Commitments by an amount equal to the
Non-Compliant Lender’s Percentage Share of the Commitment of such Impaired Lender and repay
such Non-Compliant Lender an amount equal the principal amount of all advances owing to it,
all interest and fees accrued for its account through but excluding the date of such
repayment, and all other amounts payable to it hereunder (including without limitation, if
demanded by the Non-Compliant Lender, the amount of any compensation that is due to the
Non-Compliant Lender under this Agreement, but excluding said date), payable (in immediately
available funds) in cash, so long as, after giving effect to the termination of Commitments
and the repayments described in this clause (ii), any Fronting Exposure of such
Non-Compliant Lender shall be reallocated among the Lenders that are not Non-Compliant
Lenders in accordance with their respective Percentage Shares, but only to the extent that
the sum of the aggregate principal amount of all advances of the Revolving Credit Loans made
by each such Lender, plus such Lender’s Percentage Share of the aggregate outstanding
principal amount of Swing Line Advances and LC Exposure prior to giving effect to such
reallocation plus such Lender’s Percentage of the Fronting Exposure to be reallocated does
not exceed such Lender’s Percentage of the Revolving Credit Commitment, and with respect to
any portion of the Fronting Exposure that may not be reallocated, the Borrower shall deliver
to the Agent, for the benefit of the Issuing Lender and/or Swing Line Lender, as applicable,
cash collateral or other security satisfactory to the Agent, with respect any such remaining
Fronting Exposure.”
x. The following is added as new Section 12.18 under the Credit Agreement:
“12.18 Treatment of a Defaulting Lender.
(a) The obligation of any Lender to make any advance hereunder shall not be affected by
the failure of any other Lender to make any advance under this Agreement, and no Lender
shall have any liability to Borrower or any of its Subsidiaries, the Agent, any other
Lender, or any other Person for another Lender’s failure to make any loan or advance
hereunder.
(b) If any Lender shall become a Defaulting Lender, then such Defaulting Lender’s right
to vote in respect of any amendment, consent or waiver of the terms of this Agreement or
such other Loan Documents, or to direct or approve any action or inaction by the Agent shall
be subject to the restrictions set forth in Section 12.05.
(c) To the extent and for so long as a Lender remains a Defaulting Lender, the Agent
shall be entitled, without limitation, (i) to withhold or setoff and to apply in
satisfaction of those obligations for payment (and any related interest) in respect of which
the Defaulting Lender shall be delinquent or otherwise in default to Agent or any Lender (or
to hold as cash collateral for such delinquent obligations or any future defaults) the
amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan
Document, (ii) if the amount of Advances made by such Defaulting Lender is less than its
Percentage Share requires, apply payments of principal made by the Borrower amongst the
Non-Defaulting Lenders on a pro rata
12
basis until all outstanding Advances are held by all Lenders according to their
respective Percentage Shares, and (iii) to bring an action or other proceeding, in law or
equity, against such Defaulting Lender in a court of competent jurisdiction to recover the
delinquent amounts, and any related interest. Performance by Borrower of its obligations
under this Agreement and the other Loan Documents shall not be excused or otherwise modified
as a result of the operation of this Section, except to the extent expressly set forth
herein. Furthermore, the rights and remedies of Borrower, the Agent, the Issuing Bank, the
Swing Line Lender and the other Lenders against a Defaulting Lender under this section shall
be in addition to any other rights and remedies such parties may have against the Defaulting
Lender under this Agreement or any of the other Loan Documents, applicable law or otherwise,
and the Borrower waives no rights or remedies against any Defaulting Lender.
(d) If any Lender shall become a Defaulting Lender, then, for so long as such Lender
remains a Defaulting Lender, any Fronting Exposure shall be reallocated by Agent at the
request of the Swing Line Lender and/or the Issuing Bank among the Non-Defaulting Lenders in
accordance with their respective Percentage Shares of the Revolving Credit Loans, but only
to the extent that the sum of the aggregate principal amount of all Revolving Credit Loans
made by each Non-Defaulting Lender, plus such Non-Defaulting Lender’s Percentage Share of
the aggregate outstanding principal amount of the Swing Line Loans and LC Exposure prior to
giving effect to such reallocation plus such Non-Defaulting Lender’s Percentage Share of the
Fronting Exposure to be reallocated does not exceed such Non-Defaulting Lender’s Percentage
Share of the Revolving Credit Commitment, and only so long as no Event of Default has
occurred and is continuing on the date of such reallocation.”
y. Annex I to the Credit Agreement is hereby replaced by Annex I attached to this Amendment as
Exhibit “A”.
z. Schedule 7.14 to the Credit Agreement is hereby deleted and replaced with Schedule 7.14
attached hereto.
3. Waiver. Notwithstanding Section 9.22(a) of the Credit Agreement to the contrary,
the Lenders hereby agree to waive compliance with such Section for purposes of permitting Borrower
to use the net proceeds from the issuance of the New Senior Unsecured Debt to prepay the Prior
Senior Unsecured Debt.
4. Effectiveness of Certain Amendment Provisions. Nothwithstanding anything to the
contrary herein, in the event that the New Senior Unsecured Debt is not issued on or before June
30, 2011, the following new defined terms (under Section 2a.) and Sections in this amendment shall
be deemed null and void and no longer effective: “Initial Reinvestment Period”, “New Senior
Unsecured Debt”, “Prior Senior Unsecured Debt”, “Prior Senior Unsecured Note Indenture”, “Reinvest”
or “Reinvestment”, “Reinvestment Certificate”, “Reinvestment Period”, Section 2c., Section 2g.,
Section 2h., Section 2i., Section 2k., Section 2m., Xxxxxxx 0x., Xxxxxxx 0x., Xxxxxxx 0x., Section
2s., Section 2t., Section 2u., Section 3, and Section 9. In addition, in the event that the New
Senior Unsecured Debt is not issued on or before June 30, 2011, subsection (j) under the definition
of “Proforma Adjusted EBITDA” in Section 2e. of this Amendment shall be amended and restated as
follows: “(j) any fees, costs, expenses, or other charges incurred in connection with the
Fourteenth Amendment to this Agreement in an aggregate amount not to exceed $3,000,000.”
5. Representations and Warranties. The Borrower represents, warrants, and agrees
that:
13
a. This Amendment may be executed in as many counterparts as Agent, the Lenders and the
Borrower deem convenient, and shall become effective upon (i) delivery to Agent and the Lenders of
all executed counterparts hereof; and (ii) delivery to Agent and the Lenders, in form and substance
satisfactory to Agent, of each of the documents and instruments listed on the Checklist attached as
Exhibit “ B” hereto.
b. Except as expressly modified in this Amendment, the representations, warranties, and
covenants set forth in the Credit Agreement and in each other Loan Document remain true and
correct, continue to be satisfied in all respects, and are legal, valid and binding obligations
with the same force and effect as if entirely restated in this Amendment.
c. When executed, the Credit Agreement, as amended by this Amendment will continue to
constitute a duly authorized, legal, valid, and binding obligation of the Borrower enforceable in
accordance with its terms.
d. There is no Default or Event of Default existing under the Credit Agreement, or any other
Loan Document.
e. The Certificate of Incorporation, Amended and Restated Bylaws and Resolution and Incumbency
Certificate of the Borrower delivered to Agent in connection with the Credit Agreement on or about
July 5, 2006, have not been repealed, amended or modified since the date of delivery thereof and
that same remain in full force and effect; provided however that the Amended and
Restated Bylaws have been amended and restated by the Second Amended and Restated Bylaws of the
Borrower dated as of June 18, 2007.
6. Successors and Assigns. This Amendment shall inure to the benefit of and be
binding upon the parties and their respective successors and assigns.
7. Other Modification. In executing this Amendment, the Borrower is not relying on
any promise or commitment of Agent or the Lenders that is not in writing signed by Agent and the
Lenders.
8. Acknowledgment and Consent of Guarantors. By signing below, each of the Guarantors
acknowledges and consents to the execution, delivery and performance of this Amendment.
9. Fees. The Borrower shall pay to Agent, for distribution to the Lenders, as
applicable, all fees previously agreed to by Borrower and required by the Lenders including, but
not limited to, all fees as set forth in the Fee Letter from Agent to the Borrower dated as of
March 17, 2011, in the manner and on the dates specified therein.
10. Expenses. Borrower shall promptly pay all reasonable out-of-pocket fees, costs,
charges, expenses, and disbursements of Agent and the Lenders incurred in connection with the
preparation, execution, and delivery of this Amendment, and the other documents contemplated by
this Amendment.
11. Refinance of Existing Loans; Outstanding Fees and Break-Funding Costs. The
Borrower and Lenders party to the Credit Agreement prior to the Fourteenth Amendment Effective Date
(“Existing Lenders”) agree that, on the Fourteenth Amendment Effective Date, all existing Loans and
any Existing Lender’s participations in Letters of Credit and Swing Line Loans under the Credit
Agreement shall be repaid in full and refinanced with new Loans and participations in Letters of
Credit and Swing Line Loans from the Lenders in accordance with such Lender’s Percentage Share as
of the Fourteenth Amendment Effective Date (the “Refinancing”). In addition, on the Fourteenth
Amendment Effective Date, the Borrower agrees to pay to Agent, for pro-rata distribution to the
Existing Lenders, in accordance with
14
their respective Percentage Share, (a) all unpaid fees and expenses due and owing under the
Credit Agreement, and (b) all break-funding costs required under Section 5.04 of the Credit
Agreement that result from the Refinancing. Notwithstanding anything to the contrary in the Credit
Agreement, the Borrower and Lenders agree that the initial Interest Period for the Loans disbursed
in connection with the Refinancing will commence on the Fourteenth Amendment Effective Date.
12. New Lenders. By signing below, each of Capital One, N.A., and Fifth Third Bank
represents and warrants that (a) it has full power and authority, and has taken all action
necessary, to execute and deliver this Amendment and to consummate the transactions contemplated
hereby and to become a Lender under the Credit Agreement, (b) from and after the Fourteenth
Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and shall have the rights and obligations of a Lender thereunder, (c) it has received a
copy 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 Amendment on the basis of which it
has made such analysis and decision independently and without reliance on the Agent or any other
Lender, and (d) it will perform in accordance with their terms all of the obligations that by the
terms of the Loan Documents are required to be performed by it as a Lender.
13. Departing Lender. By signing below, subject to payment in full of all outstanding
Loans, interest accrued thereon and fees owed to CoBank (the “Departing Lender”) under the Credit
Agreement on the Fourteenth Amendment Effective Date, the Departing Lender acknowledges that it
will cease to be a Lender under the Credit Agreement and all of its rights thereunder and under the
Loan Documents shall be terminated. In consideration of the Departing Lender’s consent to this
Amendment, the Borrower acknowledges and agrees that the representations and warranties (as of the
dates made and deemed made) and the indemnities of the Borrower set forth in the Credit Agreement
and the Loan Documents to or for the benefit of the Departing Lender shall, in each case, survive
the execution and delivery of this Amendment and the Borrower, Issuing Bank, the Swingline Lender
and the Agent agree that the Departing Lender shall have no obligations under or with respect to
the Credit Agreement as amended by this Amendment.
[Signature Page Follows]
15
This Fourteenth Amendment to the Revolving Credit Agreement is executed and delivered on the
Effective Date.
COMERICA BANK, as, Administrative
Agent, Co-Lead Arranger, Joint Book Runner, Collateral Agent, and a Lender |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Xxxxxxx X. Xxxxxxx | ||||
Its: Vice President | ||||
COMPASS BANK, as Co- Lead Arranger, Joint Book Runner, Documentation Agent, and a Lender |
||||
By: | /s/ Xxxxx Xxxxxxx | |||
Xxxxx Xxxxxxx | ||||
Its: Senior Vice President | ||||
REGIONS BANK, as Syndication Agent, and a Lender |
||||
By: | /s/ H. Xxxx Xxxxx, Xx. | |||
H. Xxxx Xxxxx, Xx. | ||||
Its: Senior Vice President | ||||
BANK OF TEXAS, N.A., as a Lender |
||||
By: | /s/ Xxxxxx Xxxxxxx | |||
Xxxxxx Xxxxxxx | ||||
Its: Vice President | ||||
BRANCH BANKING AND TRUST COMPANY, as a Lender |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Xxxx X. Xxxxxx | ||||
Its: Senior Vice President |
16
UNION BANK, N.A., as a Lender |
||||
By: | /s/ Xxxxxxxx Xxxxx | |||
Xxxxxxxx Xxxxx | ||||
Its: Assistant Vice President | ||||
CAPITAL ONE, N.A., as a Lender |
||||
By: | /s/ Xxxxxx Xxxxxx | |||
Xxxxxx Xxxxxx | ||||
Its: Senior Vice President | ||||
FIFTH THIRD BANK, as a Lender |
||||
By: | /s/ Xxxxxxx Xxxxx | |||
Xxxxxxx Young | ||||
Its: Vice President | ||||
XXXXXXX BANK, NATIONAL ASSOCIATION, as a Lender |
||||
By: | /s/ Xxxxxxx X. Xxxxxxxx | |||
Xxxxxxx X. Xxxxxxxx | ||||
Its: Senior Vice President | ||||
CoBANK, ACB, as a Departing Lender |
||||
By: | /s/ Xxxxx Xxxxx | |||
Xxxxx Xxxxx | ||||
Its: Vice President |
17
[Borrower and Guarantor Signature Pages]
WCA WASTE CORPORATION, as Borrower WCA HOLDINGS CORPORATION, as a Guarantor WCA WASTE SYSTEMS, INC., as a Guarantor WCA OF ALABAMA, L.L.C., as a Guarantor WCA SHILOH LANDFILL, L.L.C., as a Guarantor WASTE CORPORATION OF KANSAS, INC., as a Guarantor WASTE CORPORATION OF TENNESSEE, INC., as a Guarantor WCA OF FLORIDA, INC., as a Guarantor WCA OF CENTRAL FLORIDA, INC., as a Guarantor TRANSIT WASTE, LLC, as a Guarantor WASTE CORPORATION OF MISSOURI, INC., as a Guarantor EAGLE RIDGE LANDFILL, LLC, as a Guarantor WCA TEXAS MANAGEMENT GENERAL, INC., as a Guarantor WASTE CORPORATION OF TEXAS, L.P., as a Guarantor TEXAS ENVIRONMENTAL WASTE SERVICES, LLC, as a Guarantor WCA MANAGEMENT LIMITED, INC., as a Guarantor WCA MANAGEMENT GENERAL, INC., as a Guarantor WCA MANAGEMENT COMPANY, LP, as a Guarantor WCA OF NORTH CAROLINA, LLC, as a Guarantor MATERIAL RECOVERY, LLC, as a Guarantor WCA WAKE TRANSFER STATION, LLC, as a Guarantor WCA OF HIGH POINT, LLC, as a Guarantor MATERIAL RECLAMATION, LLC, as a Guarantor BURNT POPLAR TRANSFER, L.L.C., as a Guarantor WCA CAPITAL, INC., as a Guarantor WASTE CORPORATION OF ARKANSAS, LLC, as a Guarantor TRANSLIFT, LLC, as a Guarantor WCA OF ST. LUCIE, LLC, as a Guarantor WCA OF OKLAHOMA, LLC, as a Guarantor AMERICAN WASTE, LLC, as a Guarantor N.E. LANDFILL, LLC, as a Guarantor PAULS VALLEY LANDFILL, LLC, as a Guarantor SOONER WASTE, L.L.C., as a Guarantor XXXXXXX HILLS TRANSFER STATION, LP, as a Guarantor FORT BEND REGIONAL LANDFILL, LP, as a Guarantor WCA OF MASSACHUSETTS, LLC, as a Guarantor WCA OF OHIO, LLC, as a Guarantor CHAMPION CITY RECOVERY, LLC, as a Guarantor BOXER REALTY REDEVELOPMENT, LLC, as a Guarantor SUNNY FARMS LANDFILL, LLC, as a Guarantor |
18
[Continuation of Signature Page Borrower and Guarantors]
NEW AMSTERDAM & SENECA RAILROAD COMPANY, LLC, as a Guarantor EMERALD WASTE SERVICES, LLC, as a Guarantor WRH GAINESVILLE HOLDINGS, LLC, as a Guarantor WRH GAINESVILLE, LLC, as a Guarantor WRH ORANGE CITY, LLC, as a Guarantor EWS CENTRAL FLORIDA HAULING, LLC, as a Guarantor WCA OF MISSISSIPPI, LLC, as a Guarantor WCA OF CHICKASHA, INC., as a Guarantor |
||||
By: | /s/ Xxxxxx X. Xxxxxxx, Xx. | |||
Xxxxxx X. Xxxxxxx, Xx. | ||||
Its: Vice President |
19
SCHEDULE 7.14
SUBSIDIARIES
Tax Identification | ||||||
Subsidiary | Chief Executive Office | Principal Location | Number | |||
WCA Holdings Corporation
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA Waste Systems, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
Waste Corporation of
Arkansas, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Rolling Xxxxxxx Landfill XX. 0 Xxx 000X Xxxxxx Xx. Xxxxx, Xxxxxxxx 00000 |
00-0000000 | |||
Waste Corporation of
Kansas, Inc. (formerly Oak
Grove Landfill, Inc.)
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxx 000 Xxxxxx Xxxxxxx, Xxxxxx 00000 |
00-0000000 | |||
Waste Corporation of
Missouri, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 X. Xxxxxxx Xxxxxx Xxxxxxxxxxx, Xxxxxxxx 00000 |
00-0000000 | |||
Waste Corporation of Texas,
L.P.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA Capital, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA of Alabama, L.L.C.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
00000 Xxxxx Xxxx Xxxxxx, Xxxxxxx 00000 |
00-0000000 | |||
Waste Corporation of
Tennessee, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxx Xxxxxx Xxxx Xxxxxxxxx, Xxxxxxxxx 00000 |
00-0000000 | |||
WCA Texas Management
General, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA Management Limited, Inc.
|
00000 Xxxxx Xxxx Xxxxxx, Xxxxxxx 00000 |
00000 Xxxxx Xxxx Xxxxxx, Xxxxxxx 00000 |
00-0000000 | |||
WCA Management Company, L.P.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA Management General, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA Shiloh Landfill, L.L.C.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxx Xxxxxx Xxxx Traveler’s Rest, SC 29690 |
00-0000000 | |||
Translift, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
Texas Environmental Waste
Services LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
Eagle Ridge Landfill, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
00000 Xxx X Xxxxxxx Xxxxx, Xxxxxxxx 00000 |
00-0000000 | |||
Transit Waste, L.L.C.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxxx Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx 00000 |
00-0000000 | |||
WCA of North Carolina,
L.L.C.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxxxxx Xxxx Xxxx Xxxxxxx, Xxxxx Xxxxxxxx 00000 |
00-0000000 |
20
Tax Identification | ||||||
Subsidiary | Chief Executive Office | Principal Location | Number | |||
WCA Wake Transfer Station,
LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxx Xxxx Xxxxxxx, Xxxxx Xxxxxxxx 00000 |
00-0000000 | |||
WCA of High Point, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 |
00-0000000 | |||
Material Reclamation, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxxxxx Xxxx Xxxx Xxxxxxx, Xxxxx Xxxxxxxx 00000 |
00-0000000 | |||
Material Recovery, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxxxxxx Xxxx Xxxxxxx, Xxxxx Xxxxxxxx 00000 |
00-0000000 | |||
WCA of Florida, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxxxxxx Xxxx Xxxxxxxx, Xxxxxxx 00000 |
00-0000000 | |||
WCA of Central Florida, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 X.X. Xxxxxxx 00
Xxxxx Xx. Xxxxx, Xxxxxxx 00000 |
00-0000000 | |||
Transit Waste, L.L.C.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxxx Xxxxxx Xxxxxxxxxx, Xxx Xxxxxx 00000 |
00-0000000 | |||
WCA of St. Lucie, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxxxxx Xxxx Xxxx Xx. Xxxxx, Xxxxxxx 00000 |
00-0000000 | |||
WCA of Oklahoma, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
American Waste, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxx Xxxxxxxx Xxx. Xxxxxxxx Xxxx, Xxxxxxxx 00000 |
00-0000000 | |||
Pauls Valley Landfill, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxx Xxxxxxxx Xxx. Xxxxxxxx Xxxx, Xxxxxxxx 00000 |
00-0000000 | |||
N. E. Land Fill, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxx Xxxxxxxx Xxx. Xxxxxxxx Xxxx, Xxxxxxxx 00000 |
00-0000000 | |||
Sooner Waste, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxx Xxxxxxxx Xxx. Xxxxxxxx Xxxx, Xxxxxxxx 00000 |
00-0000000 | |||
Xxxxxxx Hills Transfer
Station, LP
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxxxx Xxxx Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
Fort Bend Regional
Landfill, LP
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
00000 Xxxxx Xxxxxxx Xxxx Xxxxxxxxx, Xxxxx 00000 |
00-0000000 | |||
Burnt Poplar Transfer, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA of Massachusetts, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
WCA of Ohio, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 | |||
Champion City Recovery, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxxxx Xxxxxx Xxxxxxxx, Xxxxxxxxxxxxx 00000 |
00-0000000 | |||
Boxer Realty Redevelopment,
LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxxxxx Xxxxxx Xxxxxxxx, Xxxxxxxxxxxxx 00000 |
00-0000000 | |||
Sunny Farms Landfill, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
00000 Xxxx Xxxxxx Xxxx 00 Xxxxxxxx, Xxxx 00000 |
00-0000000 |
21
Tax Identification | ||||||
Subsidiary | Chief Executive Office | Principal Location | Number | |||
New Amsterdam & Seneca
Railroad Company, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
00000 Xxxx Xxxxxx Xxxx 00 Xxxxxxxx, Xxxx 00000 |
00-0000000 | |||
Emerald Waste Services, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxx 00 Xxxx, Xxxxx X Xxxxxxxx, Xxxxxxx 00000 |
00-0000000 | |||
WRH Gainesville Holdings,
LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 XX 00xx
Xxxxxxxxx Xxxxxxxxxxx, Xxxxxxx 00000 |
26-2929473 | |||
WRH Gainesville, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 XX 00xx
Xxxxxxxxx Xxxxxxxxxxx, Xxxxxxx 00000 |
26-2930160 | |||
WRH Orange City, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
0000 Xxxxx Xxxxxxx Xxxxxx, Xxxxxx Xxxx, Xxxxxxx 00000 |
00-0000000 | |||
EWS Central Florida
Hauling, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
000 Xxx 00 Xxxx, Xxxxx X Xxxxxxxx, Xxxxxxx 00000 |
00-0000000 | |||
WCA of Mississippi, LLC
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx
0000, Xxxxxxx, XX 00000 |
00-0000000 | |||
WCA of Chickasha, Inc.
|
Xxx Xxxxxxxx, Xxxxx
0000 Xxxxxxx, Xxxxx 00000 |
Xxx Xxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000 |
00-0000000 |
22
EXHIBIT “A”
ANNEX I
ANNEX I
LIST OF PERCENTAGE SHARES AND REVOLVING CREDIT COMMITMENTS
Percentage Share of Revolving | ||||||||
Name of Lender | Revolving Credit Commitments | Credit Commitments | ||||||
Comerica Bank |
$ | 40,000,000 | 20.0 | % | ||||
Compass Bank |
$ | 40,000,000 | 20.0 | % | ||||
Regions Bank |
$ | 30,000,000 | 15.0 | % | ||||
Bank of Texas, N.A. |
$ | 20,000,000 | 10.0 | % | ||||
Branch Banking and Trust Company |
$ | 20,000,000 | 10.0 | % | ||||
Union Bank, N.A. |
$ | 15,000,000 | 7.50 | % | ||||
Capital One, N.A. |
$ | 12,500,000 | 6.25 | % | ||||
Fifth Third Bank |
$ | 12,500,000 | 6.25 | % | ||||
Xxxxxxx Bank, National Association |
$ | 10,000,000 | 5.0 | % | ||||
TOTAL |
$ | 200,000,000.00 | 100.00 | % | ||||
23
EXHIBIT
“B”
CHECKLIST
CHECKLIST
1. | Fourteenth Amendment to Revolving Credit Agreement | |
2. | $40,000,000 Revolving Credit Note — Comerica Bank | |
3. | $40,000,000 Revolving Credit Note — Compass Bank | |
4. | $30,000,000 Revolving Credit Note — Regions Bank | |
5. | $20,000,000 Revolving Credit Note — Bank of Texas, N.A. | |
6. | $20,000,000 Revolving Credit Note — Branch and Banking Trust Company | |
7. | $15,000,000 Revolving Credit Note — Union Bank, N.A. | |
8. | $12,500,000 Revolving Credit Note — Capital One, N.A. | |
9. | $12,500,000 Revolving Credit Note — Fifth Third Bank | |
10. | $10,000,000 Revolving Credit Note — Xxxxxxx Bank, National Association | |
11. | Secretary Certificate — WCA of Chickasha, Inc. (“WCA of Chickasha”) |
(a) | Certified Articles of Incorporation (Oklahoma) | ||
(b) | Bylaws | ||
(c) | Good Standing Certificate (Oklahoma) | ||
(d) | Resolutions (Authority to Support) | ||
(e) | Incumbency |
12. | Guaranty Joinder Agreement — WCA of Chickasha | |
13. | Security Agreement Joinder Agreement — WCA of Chickasha | |
14. | Amendment to Security Agreement (to add American Waste, LLC’s ownership interests in WCA of Chickasha) | |
15. | Stock Assignment (American Waste, LLC) |
(a) | Original Stock Certificate (WCA of Chickasha) |
16. | UCC-1 Financing Statement — WCA of Chickasha (Oklahoma) | |
17. | UCC-3 Financing Statement Amendments |
(a) | Waste Corporation of Arkansas, LLC (to change name from Waste Corporation of Arkansas, Inc. to Waste Corporation of Arkansas, LLC) | ||
(b) | American Waste, LLC (Oklahoma) (to add ownership interests in WCA of Chickasha) |
18. | Xxxxx Certificate of Insurance, naming Comerica Bank (as agent) as lender loss payee and additional insured with respect to WCA of Chickasha, Inc. | |
19. | UCC Lien Search Results |
(a) | WCA of Chickasha (Oklahoma) |
20. | Payment of Agent’s and Lender’s Fees and Expenses | |
21. | Payment of Agent’s Legal Fees to Miller, Canfield, Paddock and Stone, P.L.C |
24