and its Subsidiaries First Supplement to Master Note Purchase Agreement Dated as of October 26, 2009
Exhibit 4.5
and
its Subsidiaries
First Supplement to Master Note Purchase Agreement
Dated as of October 26, 2009
| Re: | ||
| $175,000,000 5.25% Series 2009A, Senior Notes | ||
|
Due November 1, 2019 |
0000 Xxxx Xxxxx Xxxx, Xxxxx 000
Xxxxxx, Xxxxxxxxxx 00000
Dated as of
October 26, 2009
To the Purchaser(s) named in
Schedule A hereto
Ladies and Gentlemen:
This First Supplement to Master Note Purchase Agreement (the “Supplement”) is between each of Waste Connections, Inc., a Delaware corporation (the “Company”),
and its Subsidiaries party hereto (together with the Company, the “Obligors”), and the institutional investors named on Schedule A attached hereto (the “Purchasers”).
Recitals
A.The Obligors have entered into the Master Note Purchase Agreement dated as of July 15, 2008 with the purchasers listed in Schedule A thereto (as heretofore amended and supplemented, the “Note
Purchase Agreement”); and
B.The Obligors desire to issue and sell, and the Purchasers desire to purchase, an additional series of Notes (as defined in the Note Purchase Agreement) pursuant to the Note Purchase Agreement and in accordance
with the terms set forth below;
Now, Therefore, each Obligor and the Purchasers agree as follows:
1.Authorization of the New Series of Notes. The Obligors have authorized the issue and sale of $175,000,000 aggregate
principal amount of their 5.25% Series 2009A Senior Notes due November 1, 2019 (the “Series 2009A Notes”). The Series 2009A Notes, together with the Series 2008A Notes initially issued pursuant to the Note Purchase Agreement and each series of Additional Notes which may from time to time hereafter be issued pursuant to the provisions of Section 1.2 of the
Note Purchase Agreement, are collectively referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The Series 2009A Notes shall be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the Purchaser(s) and the Obligors.
2.Sale and Purchase of Series 2009A Notes. Subject to the terms and conditions of this Supplement and the Note Purchase Agreement
and on the basis of the representations and warranties hereinafter set forth, the Obligors will issue and sell to each of the Purchasers, and the Purchasers will purchase from the Obligors, at the Closing provided for in Section 3, Series 2009A Notes in the principal amount specified opposite their respective names in the attached Schedule A hereto at the purchase price of 100% of the principal amount thereof. The obligations of the Purchasers hereunder are several and not joint obligations
and no Purchaser shall have any liability to any Person for the performance or non-performance by any other Purchaser hereunder.
3.Closing. The sale and purchase of the Series 2009A Notes
to be purchased by each Purchaser shall occur at the offices of Xxxxxxx and Xxxxxx LLP, 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxx, XX 00000 at 10:00 a.m. Chicago time, at a closing (the “Closing”) on October 26, 2009 or on such other Business Day thereafter on or prior to October 30, 2009 as may be agreed upon by the Obligors and the Purchasers. At the Closing, the Obligors will deliver to each Purchaser
the Series 2009A Notes to be purchased by such Purchaser in the form of a single Series 2009A Note (or such greater number of Series 2009A Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Obligors or its order of immediately available funds in the amount of the purchase
price therefor by wire transfer of immediately available funds for the account of the Obligors in accordance with wire transfer instructions provided by the Company to such Purchaser pursuant to Section 4.10 of the Note Purchase Agreement. If, at the Closing, the Obligors shall fail to tender such Series 2009A Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser’s
satisfaction, such Purchaser shall, at such Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.
4.Conditions to Closing. The obligation of each Purchaser to purchase and pay for the Series 2009A Notes
to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to the Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement (except that (1) all references to “Purchaser” therein shall be deemed to refer to the Purchasers hereunder, all references to “this Agreement” shall be deemed to refer to the Note Purchase Agreement as supplemented by this Supplement, all references to the “Closing” therein
shall be deemed to refer to the Closing as defined herein, and all references to “Notes” or “Series 2008A Notes” therein shall be deemed to refer to the Series 2009A Notes, and as hereafter modified, and (2) the Memorandum, as defined in Section 5.3 of Exhibit A hereto, is deemed to be the “Memorandum” for purposes of the closing condition in Section 4.2 of the Note Purchase Agreement), and to the following additional conditions:
(a)Except as supplemented, amended or superseded by the representations and warranties set forth in Exhibit A hereto, each of the representations and warranties of the Obligors set forth
in Section 5 of the Note Purchase Agreement shall be correct as of the date of the Closing and the Obligors shall have delivered to each Purchaser an Officer’s Certificate, dated the date of the Closing certifying that such condition has been fulfilled.
(b)Contemporaneously with the Closing, the Obligors shall sell to each Purchaser, and each Purchaser shall purchase, the Series 2009A Notes to be
purchased by such Purchaser at the Closing as specified in Schedule A.
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(c)Subject to the limitations set forth in that certain Letter Agreement of even date herewith by and among the Company and the Purchasers (the “Letter
Agreement”), the Obligors shall have paid on or before the Closing the fees, charges and disbursements of the special counsel to the Purchasers incurred in connection with the issuance of the Series 2009A Notes, as reflected in a statement of such counsel rendered to the Obligors at least one Business Day prior to the Closing.
(d)Contemporaneously with the Closing, the Obligors shall pay to the Purchasers (on a pro rata basis) the administrative fee set forth in the Letter Agreement, provided that the aggregate
amount of such administrative fee shall be reduced by the amount of fees to be paid by the Obligors to the special counsel for the Purchasers pursuant to Section 4(c) above.
5.Representations and Warranties of the Obligors. With respect to each of the representations and warranties contained
in Section 5 of the Note Purchase Agreement, each Obligor represents and warrants to the Purchasers that, as of the date hereof, such representations and warranties are true and correct (A) except that all references to “Purchaser” therein shall be deemed to refer to the Purchasers hereunder, all references to “this Agreement” shall be deemed to refer to the Note Purchase Agreement as supplemented by this Supplement, and all references to “Notes” or “Series
2008A Notes” therein shall be deemed to refer to the Series 2009A Notes, and (B) except for changes to such representations and warranties or the Schedules referred to therein, which changes are set forth in the attached Exhibit A (and shall include an updated form of Section 5.3).
6.Representations of the Purchasers. Each Purchaser confirms to the Obligors that the representations set forth in Section 6
of the Note Purchase Agreement are true and correct on the date hereof with respect to the purchase of the Series 2009A Notes by such Purchaser.
7.Maturity of the Series 2009A Notes;
Interest. There are no scheduled prepayments on the Series 2009A Notes. The entire unpaid principal amount of the Series 2009A Notes shall become due and payable on November 1, 2019. The Series 2009A Notes shall bear interest at the rates set forth therein.
8.Definition of Make-Whole
Amount. The term “Make-Whole Amount” means, with respect to any Series 2009A Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Series 2009A Note minus the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Called Principal” means, with respect to any Series 2009A Note, the principal of such Series 2009A Note that is to be prepaid pursuant to Section 8.2 or has become or is declared
to be immediately due and payable pursuant to Section 12.1, as the context requires.
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“Discounted Value” means, with respect
to the Called Principal of any Series 2009A Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such Series 2009A Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect
to the Called Principal of any Series 2009A Note, 0.50% over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average
Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15(519) (or any comparable successor
publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.
In the case of each determination under clause (i) or clause
(ii), as the case may be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury xxxx quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The
Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Series 2009A Note.
“Remaining Average Life” means, with
respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such
Remaining Scheduled Payment.
“Remaining Scheduled Payments” means,
with respect to the Called Principal of any Series 2009A Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Series 2009A Notes, then the amount of the next succeeding
scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1.
-4-
“Settlement Date” means, with respect
to the Called Principal of any Series 2009A Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
9.Definition of “Default Rate”. The term “Default Rate” means, with respect to the Series 2009A
Notes, that rate of interest that is the greater of (i) 2% per annum above the rate of interest stated in clause (a) of the first paragraph of the Series 2009A Notes and (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its “base” or “prime” rate.
10.New Section 22.9. There shall be added to the Note Purchase Agreement a new Section 22.9
which shall read as follows:
“Section 22.9. FASB 157 and 159. For purposes of determining compliance with the covenants set out in this Agreement, any election by the Company to measure an item of Indebtedness using fair value (as permitted
by Statement of Financial Accounting Standards Nos. 157 and 159) shall be disregarded.”
11.Applicability of Note Purchase Agreement. Except as otherwise expressly provided herein (and expressly permitted by
the Note Purchase Agreement), all of the provisions of the Note Purchase Agreement are incorporated by reference herein, shall apply to the Series 2009A Notes as if expressly set forth in this Supplement and all references to “Notes” shall include the Series 2009A Notes. Without limiting the foregoing, each Obligor agrees to pay all costs and expenses incurred in connection with the initial filing of this Supplement and all related documents and financial information with the
SVO provided that such costs and expenses with respect to the Series 2009A shall not exceed $4,000. Capitalized terms used herein without definition have the respective meanings ascribed to them in the Note Purchase Agreement.
12.Governing Law. This Supplement shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, New York law, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.
13.Agreement to be Bound. The Obligors and each Purchaser, to the extent that it was not a party to the Note Purchase
Agreement prior to the Closing, agree to be bound by and comply with the terms and provisions of the Note Purchase Agreement as fully and completely as if such Purchaser were an original signatory to the Note Purchase Agreement.
[The remainder of this page is intentionally left blank.]
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The execution hereof shall constitute a contract between the Obligors and the Purchaser(s) for the uses and purposes hereinabove set forth, and this agreement may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement.
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ADVANCED SYSTEMS PORTABLE RESTROOMS, INC. | |
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AMERICAN DISPOSAL COMPANY, INC. | |
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AMERICAN SANITARY SERVICE, INC. | |
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AMERICAN WEST LEASING, INC. | |
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XXXXXXXX COUNTY LANDFILL, INC. | |
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ANSON COUNTY LANDFILL, INC. | |
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BITUMINOUS RESOURCES, INC. | |
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XXXXX RUN LANDFILL, INC. | |
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BROADACRE LANDFILL, INC. | |
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XXXXXX COUNTY LANDFILL, INC. | |
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CAMINO REAL ENVIRONMENTAL CENTER, INC. | |
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XXXXXXXX DEVELOPMENT OF NORTH CAROLINA, INC. | |
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XXXXXXXX CANYON, INC. | |
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COLD CANYON LAND FILL, INC. | |
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COMMUNITY REFUSE DISPOSAL INC. | |
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CONTRACTORS WASTE SERVICES, INC. | |
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CORRAL DE XXXXXX LAND COMPANY | |
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COUNTY RECYCLING, INC. | |
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XXXXX TRANSFER & RECYCLING, INC. | |
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X. X. DISPOSAL CO., INC. | |
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DENVER REGIONAL LANDFILL, INC. | |
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ELKO SANITATION COMPANY | |
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EMPIRE DISPOSAL, INC. | |
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EVERGREEN DISPOSAL, INC. | |
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ENVIRONMENTAL TRUST COMPANY | |
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XXXXXX COUNTY LANDFILL, INC. | |
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FRANK’S SERVICE, INC. | |
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FRONT RANGE LANDFILL, INC. | |
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G & P DEVELOPMENT, INC. |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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XXXXXX XXXXX ENTERPRISES, INCORPORATED | |
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HIGH DESERT SOLID WASTE FACILITY, INC.
(F/K/A RHINO SOLID WASTE, INC.) | |
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ISLAND DISPOSAL, INC. | |
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J BAR J LAND, INC. | |
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KELLY’S HAUL AWAY, INC. | |
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LAKESHORE DISPOSAL, INC. | |
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LEALCO, INC. | |
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LES’ COUNTY SANITARY, INC. | |
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MADERA DISPOSAL SYSTEMS, INC. | |
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MAMMOTH DISPOSAL COMPANY | |
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MANAGEMENT ENVIRONMENTAL NATIONAL, INC. | |
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XXXXX COUNTY GARBAGE CO., INC. | |
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MDSI OF LA, INC. | |
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MILLENNIUM WASTE INCORPORATED | |
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MISSION COUNTRY DISPOSAL | |
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MORRO BAY GARBAGE SERVICE | |
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XXXXXX’X DISPOSAL COMPANY, INC. | |
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NEBRASKA ECOLOGY SYSTEMS, INC. | |
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XXXXXX COUNTY LANDFILL, INC. | |
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NORTHERN PLAINS DISPOSAL, INC. | |
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NORTHWEST CONTAINER SERVICES, INC. | |
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OKLAHOMA CITY WASTE DISPOSAL, INC. | |
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OKLAHOMA LANDFILL HOLDINGS, INC. | |
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OSAGE LANDFILL, INC. | |
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POTRERO HILLS LANDFILL, INC. | |
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PSI ENVIRONMENTAL SERVICES, INC. | |
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PSI ENVIRONMENTAL SYSTEMS, INC. | |
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PUEBLO SANITATION, INC. | |
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X.X. XXXXXXXXX INVESTMENTS, INC. | |
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RED CARPET LANDFILL, INC. | |
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RH FINANCIAL CORPORATION | |
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R.J.C. TRUCKING CO. | |
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RURAL WASTE MANAGEMENT, INC. | |
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SANIPAC, INC. | |
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SAN XXXX GARBAGE COMPANY | |
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XXXXX SOLID WASTE DISPOSAL COMPANY |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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SEABREEZE RECOVERY, INC. | |
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SEDALIA LAND COMPANY | |
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SOUTH COUNTY SANITARY SERVICE, INC. | |
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SOUTHERN PLAINS DISPOSAL, INC. | |
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TACOMA RECYCLING COMPANY, INC. | |
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TENNESSEE WASTE MOVERS, INC. | |
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WASCO COUNTY LANDFILL, INC. | |
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WASTE CONNECTIONS MANAGEMENT SERVICES, INC. | |
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WASTE CONNECTIONS OF ALABAMA, INC. | |
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WASTE CONNECTIONS OF ARIZONA, INC. | |
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WASTE CONNECTIONS OF ARKANSAS, INC. | |
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WASTE CONNECTIONS OF CALIFORNIA, INC.
(F/K/A XXXXXX DISPOSAL SERVICE, INC.) | |
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WASTE CONNECTIONS OF COLORADO, INC. | |
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WASTE CONNECTIONS OF GEORGIA, INC. (F/K/A WCI OF GEORGIA, INC.) | |
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WASTE CONNECTIONS OF IDAHO, INC. | |
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(F/K/A MOUNTAIN XXXX ENVIRONMENTAL SERVICES, INC.) | |
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WASTE CONNECTIONS OF ILLINOIS, INC. | |
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WASTE CONNECTIONS OF IOWA, INC. | |
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(F/K/A XXXXXX WASTE SYSTEMS INC.) | |
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WASTE CONNECTIONS OF KANSAS, INC. | |
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WASTE CONNECTIONS OF KENTUCKY, INC. | |
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WASTE CONNECTIONS OF MINNESOTA, INC.
(F/K/A XXXXXX’X SANITARY SERVICE, INC.) | |
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WASTE CONNECTIONS OF MISSISSIPPI, INC. | |
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(F/K/A LIBERTY WASTE SERVICES OF | |
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MISSISSIPPI HOLDINGS, INC.) | |
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WASTE CONNECTIONS OF MISSOURI, INC. | |
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WASTE CONNECTIONS OF MONTANA, INC. | |
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WASTE CONNECTIONS OF NEBRASKA, INC. | |
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WASTE CONNECTIONS OF NEW MEXICO, INC. | |
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WASTE CONNECTIONS OF NORTH CAROLINA, INC. | |
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WASTE CONNECTIONS OF OKLAHOMA, INC. | |
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(F/K/A B & B SANITATION, INC.) |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
[Signature page to First Supplement to Master Note Purchase Agreement]
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WASTE CONNECTIONS OF OREGON, INC. | |
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(SUCCESSOR BY MERGER TO ENVIRONMENTAL WASTE SYSTEMS, INC.
AND F/K/A SWEET HOME SANITATION SERVICE, INC.) | |
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WASTE CONNECTIONS OF SOUTH CAROLINA, INC. | |
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WASTE CONNECTIONS OF SOUTH DAKOTA, INC.
(F/K/A XXXXX ENTERPRISES, INC.) | |
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WASTE CONNECTIONS OF TENNESSEE, INC. | |
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(F/K/A LIBERTY WASTE SERVICES OF TENNESSEE HOLDINGS, INC.) | |
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WASTE CONNECTIONS OF THE CENTRAL VALLEY, INC.
(F/K/A/ KINGSBURG DISPOSAL SERVICE, INC.) | |
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WASTE CONNECTIONS OF UTAH, INC. | |
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WASTE CONNECTIONS OF WASHINGTON, INC. | |
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WASTE CONNECTIONS OF WYOMING, INC. | |
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WASTE CONNECTIONS TRANSPORTATION COMPANY, INC. | |
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WASTE SERVICES OF N.E. MISSISSIPPI, INC. | |
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WEST BANK ENVIRONMENTAL SERVICES, INC. | |
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WEST COAST RECYCLING AND TRANSFER, INC. | |
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WYOMING ENVIRONMENTAL SERVICES, INC. | |
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WYOMING ENVIRONMENTAL SYSTEMS, INC. | |
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YAKIMA WASTE SYSTEMS, INC. |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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COLUMBIA RESOURCE CO., X.X. | |||
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XXXXXX-BUTTES LIMITED PARTNERSHIP | |||
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By: |
Management Environmental National, Inc., |
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its General Partner |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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EL PASO DISPOSAL, LP | |||
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By: |
Waste Connections of Texas, LLC, |
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its General Partner |
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By: |
Waste Connections Management Services, Inc., |
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its Manager |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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XXXXXXXX REGIONAL LANDFILL, LLC | |||
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By: |
Xxxxxxxx Regional Landfill, Inc. |
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its Manager |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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XXXXXXXX CANYON, LLC |
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By: |
Xxxxxxxx Canyon, Inc. |
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its Manager |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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GLACIER DISPOSAL, L.L.C. |
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XXXXXX XXXXX LANDFILL, L.L.C. |
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SUNRISE SANITATION, LLC |
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WASTE CONNECTIONS OF MISSISSIPPI |
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DISPOSAL SERVICES, LLC (F/K/A SANTEK |
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ENVIRONMENTAL OF MISSISSIPPI, L.L.C.) |
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WASTE CONNECTIONS OF XXXXXXX, LLC (F/K/A |
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WASTE SERVICES OF MISSISSIPPI, LLC) |
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By: |
its Managing Member |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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WASTE CONNECTIONS OF TEXAS, LLC |
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By: |
Waste Connections Management Services, Inc.,
its Manager |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx
Title: Chief Financial Officer |
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HORIZON PROPERTY MANAGEMENT, LLC |
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XXXXXX COUNTY RECYCLING, COMPOSTING |
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AND DISPOSAL, INC. |
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RAILROAD AVENUE DISPOSAL, LLC |
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XXXXX WASTE SERVICES, LLC |
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SILVER SPRINGS ORGANICS L.L.C. |
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THE TRASH COMPANY, LLC |
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WASTE SOLUTIONS GROUP OF SAN XXXXXX, LLC |
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XXXXXXXX SANITATION, L.L.C. |
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By: |
its Manager |
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By: |
/s/ Worthing X. Xxxxxxx |
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Name: Worthing X. Xxxxxxx |
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Title: Chief Financial Officer |
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Accepted as of the first date written above.
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METROPOLITAN LIFE INSURANCE COMPANY | |
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METLIFE INVESTORS USA INSURANCE COMPANY | |
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by Metropolitan Life Insurance Company, its Investment Manager |
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By |
/s/ Xxxxxx X. Xxxxxxx |
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Name: Xxxxxx X. Xxxxxxx |
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Title: Managing Director |
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UNION FIDELITY LIFE INSURANCE COMPANY | |
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by MetLife Investment Advisors Company, LLC, its investment adviser | |
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By |
/s/ Xxxxxx X. Xxxxxxx |
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Name: Xxxxxx X. Xxxxxxx |
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Title: Managing Director |
Accepted as of the first date written above.
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NEW YORK LIFE INSURANCE AND ANNUITY | |||||
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CORPORATION | |||||
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By: |
New York Life Investment Management LLC, Its
Investment Manager | ||||
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By |
/s/ Xxxxxxxxxxx X. Xxxxx |
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Name: Xxxxxxxxxxx X. Xxxxx | |||||
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Title: Director | |||||
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NEW YORK LIFE INSURANCE COMPANY | |||||
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By |
/s/ Xxxxxxxxxxx X. Xxxxx |
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Name: Xxxxxxxxxxx X. Xxxxx | |||||
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Title: Director | |||||
[Signature page to First Supplement to Master Note Purchase Agreement]
Supplemental Representations
Each Obligor represents and warrants to each Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties set forth in Section 5 of the Note Purchase Agreement is true and correct in all material respects as of the date hereof with
respect to the Series 2009A Notes with the same force and effect as if each reference to “Series 2008A Notes” set forth therein was modified to refer to the “Series 2009A Notes” and each reference to “this Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by the First Supplement. Capitalized terms used herein without definition herein or in the First Supplement have the respective meanings ascribed to them in the Note Purchase Agreement.
The Section references hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:
Section 5.3. Disclosure. The Private Placement Memorandum dated May 2008, including the filings made by the Company with the U.S. Securities and Exchange Commission after that date, which are incorporated therein by reference
(collectively, the “Memorandum”), fairly describes, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. The Note Purchase Agreement (as supplemented by the First Supplement), the Memorandum and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Obligors in connection with the transactions contemplated hereby, and the financial
statements delivered pursuant to Section 7.1 of the Note Purchase Agreement (the Note Purchase Agreement, the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2008, there has been no change in the financial condition, operations, business, properties or prospects of the Company or any of its Subsidiaries except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Obligors that would reasonably be expected to have a Material Adverse Effect that
has not been set forth herein or in the Disclosure Documents.
Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 to the First Supplement contains (except as noted therein) complete and correct lists of: (i) the Company’s Subsidiaries,
showing, as to each Subsidiary, the correct name thereof and the jurisdiction of its organization, (ii) the Company’s Affiliates, other than Subsidiaries, and (iii) the Company’s directors and senior officers. Each of the Obligors (other than the Company) are wholly-owned by the Company, either directly or indirectly through one or more wholly-owned Subsidiaries.
(b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 to the First Supplement as being owned by the Obligors have been validly issued, are fully paid and nonassessable and are owned by the Company or another Obligor
free and clear of any Lien (except as otherwise disclosed in Schedule 5.4 to the First Supplement).
Exhibit A
(to Supplement)
(c) No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other than the Note Purchase Agreement, the Bank Credit Agreement, the Permitted Debt Documents, the agreements listed on Schedule 5.4 to the First Supplement and customary
limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Obligors or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.
Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries required to be delivered pursuant to Section 7.1
of the Note Purchase Agreement . All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified therein and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes
thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.
Section 5.13. Private Offering by the Obligors. None of the Obligors nor anyone acting on its behalf has offered the Series 2009A Notes, or any securities required to be integrated under any federal or state securities laws,
for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers, each of which has been offered the Series 2009A Notes at a private sale for investment. None of the Obligors nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Series 2009A Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of
any securities or blue sky laws of any applicable jurisdiction.
Section 5.14. Use of Proceeds; Margin Regulations. The Obligors will apply the proceeds of the sale of the Series 2009A Notes to refinance existing Indebtedness and for general corporate purposes of the Obligors. No part
of the proceeds from the sale of the Series 2009A Notes pursuant to the First Supplement will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Obligors in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation
of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall
have the meanings assigned to them in said Regulation U.
Section 5.15. Existing Indebtedness. Except as described therein, Schedule 5.15 to the First Supplement sets forth a complete and correct list of all outstanding Indebtedness of the
Exhibit A -2-
Company and its Subsidiaries as of September 30, 2009 (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of
the Indebtedness of the Obligors. None of the Obligors is in default, and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of any Obligor, and no event or condition exists with respect to any Indebtedness of any Obligor that, in each case, (i) has existed for such period of time as would permit (after the giving of appropriate notice, if required) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before
its regularly scheduled dates of payment and (ii) would reasonably be expected to have a Material Adverse Effect.
(b) Except as disclosed in Schedule 5.15 to the First Supplement, none of the Obligors has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien
not permitted by Section 10.2.
(c) None of the Obligors are a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of any Obligor, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document)
which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except the Bank Credit Agreement, the Permitted Debt Documents, and as otherwise specifically indicated in Schedule 5.15 to the First Supplement.
Exhibit A -3-
[Form of Series 2009A Note]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY STATE. NO TRANSFER, SALE OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THIS NOTE HAS BECOME EFFECTIVE UNDER SUCH ACT, AND SUCH
REGISTRATION OR QUALIFICATION AS MAY BE NECESSARY UNDER THE SECURITIES LAWS OF ANY STATE HAS BECOME EFFECTIVE, OR AN EXEMPTION FROM SUCH REGISTRATIONS AND/OR QUALIFICATIONS IS AVAILABLE UNDER SUCH ACT AND SUCH LAWS. EACH TRANSFEREE OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE REGISTERED IN ITS NAME (OR THE NAME OF ITS NOMINEE), WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS SET FORTH IN THE AGREEMENT PURSUANT TO WHICH THIS NOTE WAS ISSUED.
and its Subsidiaries
5.25% Senior Note, Series
2009A Due November 1,
2019
|
No. R__- [_____] |
[Date] | |
|
$[_______] |
PPN [ _________ ] |
For Value Received,
each of the undersigned, Waste Connections, Inc. (herein called the “Company”), a corporation organized and existing under the laws of Delaware, and its Subsidiaries signatory below, jointly and severally hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars (or
so much thereof as shall not have been prepaid) on November 1, 2019, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.25% per annum from the date hereof, payable semiannually, on the 1st day of May and November in each year, commencing with May 1, 2010, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of
Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 2% or (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A., from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New
York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.
Exhibit 1
(To Supplement)
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Master Note Purchase Agreement, dated as of July 15, 2008 (as from time to time amended, modified or supplemented,
the “Note Purchase Agreement”), between the Obligors and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6.1 and Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated,
capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.
If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws
of a jurisdiction other than such State.
| Waste Connections, Inc. | ||
| [Names of other Obligors] | ||
|
By |
||
|
[Title] | ||
Exhibit 1 - Page 2
