REGISTRATION RIGHTS AGREEMENT Dated as of September 21, 2009 by and among Waste Services, Inc. as Issuer Freedom Recycling Holdings, LLC Omni Waste Of Osceola County LLC Ram-Pak Compaction Systems Ltd. Rip, Inc. Sanford Recycling And Transfer, Inc....
Exhibit 20.2
Dated as of September 21, 2009
by and among
by and among
as Issuer
Freedom Recycling Holdings, LLC
Omni Waste Of Osceola County LLC
Ram-Pak Compaction Systems Ltd.
Rip, Inc.
Xxxxxxx Recycling And Transfer, Inc.
SLD Landfill, Inc.
Sun Country Materials, LLC
Xxxx Recycling, Inc.
Waste Services (CA) Inc.
Waste Services Of Arizona, Inc.
Waste Services Of Florida, Inc.
Omni Waste Of Osceola County LLC
Ram-Pak Compaction Systems Ltd.
Rip, Inc.
Xxxxxxx Recycling And Transfer, Inc.
SLD Landfill, Inc.
Sun Country Materials, LLC
Xxxx Recycling, Inc.
Waste Services (CA) Inc.
Waste Services Of Arizona, Inc.
Waste Services Of Florida, Inc.
as Guarantors
and
Barclays Capital Inc., as representative of the
Initial Purchasers
Initial Purchasers
This Registration Rights Agreement (this “Agreement”) is made and entered into as of September
21, 2009, by and among Waste Services, Inc, a Delaware corporation (the “Company”), the guarantors
listed on the signature pages hereto (collectively, the “Guarantors”), and Barclays Capital Inc.,
as representative (the “Representative”) of the Initial Purchasers listed on Schedule I to the
Purchase Agreement (as defined below), who have agreed to purchase the Company’s 91/2% Senior
Subordinated Notes due 2014 (the “Series A Notes”) pursuant to the Purchase Agreement.
This Agreement is made pursuant to the Purchase Agreement, dated September 16, 2009 (the
“Purchase Agreement”), by and among the Company, the Guarantors and the Representative. In order
to induce the Initial Purchasers to purchase the Series A Notes, the Company and the Guarantors
have agreed to provide the registration rights set forth in this Agreement. The execution and
delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in
Section 7(m) of the Purchase Agreement. Capitalized terms used herein and not otherwise defined
shall have the meanings assigned to them in the Indenture, dated as of April 30, 2004 among the
Company, the Guarantors and Xxxxx Fargo Bank, National Association as Trustee, relating to the
Series A Notes and the Series B Notes (the “Indenture”).
The parties hereby agree as follows:
SECTION 1. DEFINITIONS
As used in this Agreement, the following capitalized terms shall have the following meanings:
Act: The Securities Act of 1933, as amended.
Affiliate: As defined in Rule 144 of the Act.
Broker-Dealer: Any broker or dealer registered under the Exchange Act.
Certificated Securities: Definitive Notes, as defined in the Indenture.
Closing Date: The date hereof.
Commission: The Securities and Exchange Commission.
Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this
Agreement upon the occurrence of (a) the filing and effectiveness under the Act of the Exchange
Offer Registration Statement relating to the Series B Notes to be issued in the Exchange Offer, (b)
the maintenance of such Exchange Offer Registration Statement continuously effective and the
keeping of the Exchange Offer open for a period not less than the period required pursuant to
Section 3(b) hereof and (c) the delivery by the Company to the Registrar under the Indenture of
Series B Notes in the same aggregate principal amount as the aggregate principal amount of Series A
Notes tendered by Holders thereof pursuant to the Exchange Offer.
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Consummation Deadline: As defined in Section 3(b) hereof.
Effectiveness Deadline: As defined in Section 3(a) and 4(a) hereof.
Exchange Act: The Securities Exchange Act of 1934, as amended.
Exchange Offer: The exchange and issuance by the Company of a principal amount of
Series B Notes (which shall be registered pursuant to the Exchange Offer Registration Statement)
equal to the outstanding principal amount of Series A Notes that are tendered by such Holders in
connection with such exchange and issuance.
Exchange Offer Registration Statement: The Registration Statement relating to the
Exchange Offer, including the related Prospectus.
Exempt Resales: The transactions in which the Initial Purchasers propose to sell the
Series A Notes to (i) certain “qualified institutional buyers,” as such term is defined in Rule
144A under the Act and (ii) outside the United States to Persons other than U.S. Persons in
offshore transactions meeting the requirements of Rule 904 of Regulation S under the Act.
Filing Deadline: As defined in Sections 3(a) and 4(a) hereof.
Guarantee: The Guarantee by a Guarantor of the Issuers’ obligations under the Notes
and the Indenture.
Holders: As defined in Section 2 hereof.
Notes: The Series A Notes and the Series B Notes.
Prospectus: The prospectus included in a Registration Statement at the time such
Registration Statement is declared effective, as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all
material incorporated by reference into such Prospectus.
Recommencement Date: As defined in Section 6(e) hereof.
Registration Default: As defined in Section 5 hereof.
Registration Statement: Any registration statement of the Company and the Guarantors
relating to (a) an offering of Series B Notes and related Subsidiary Guarantees pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the
Shelf Registration Statement, in each case (i) that is filed pursuant to the provisions of this
Agreement and (ii) including the Prospectus included therein, all amendments and supplements
thereto (including post-effective amendments) and all exhibits and material incorporated by
reference therein.
Regulation S: Regulation S promulgated under the Act.
Rule 144: Rule 144 promulgated under the Act.
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Series B Notes: The Company’s 91/2% Series B Senior Subordinated Notes due 2014 to be
issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 4
hereof.
Shelf Registration Statement: As defined in Section 4 hereof.
Suspension Notice: As defined in Section 6(e) hereof.
TIA: The Trust Indenture Act of 1939, as amended.
Transfer Restricted Securities: Each Series A Note and the related Subsidiary
Guarantee, until the earliest to occur of: (a) the date on which such Series A Note and related
Subsidiary Guarantee are exchanged by a person other than a Broker-Dealer for a Series B Note in
the Exchange Offer, (b) following the exchange by a Broker-Dealer in the Exchange Offer of a Series
A Note for a Series B Note, the date on which such Series B Note is sold to a purchaser who
receives from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus
contained in the Exchange Offer Registration Statement, (c) the date on which such Series A Note
and the related Subsidiary Guarantee are effectively registered under the Act and disposed of in
accordance with the Shelf Registration Statement or (d) the date on which such Series A Note and
the related Subsidiary Guarantee are distributed to the public pursuant to Rule 144 under the Act.
SECTION 2. HOLDERS
A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”)
whenever such Person owns Transfer Restricted Securities.
SECTION 3. REGISTERED EXCHANGE OFFER
(a) Unless the Exchange Offer shall not be permitted by applicable federal law or Commission
policy (after the procedures set forth in Section 6(a)(i) below have been complied with), the
Company and the Guarantors shall (i) cause the Exchange Offer Registration Statement to be filed
with the Commission as soon as practicable after the Closing Date, but in no event later than 120
days after the Closing Date (such 120th day being the “Filing Deadline”), (ii) use all commercially
reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective on
or prior to 210 days after the Closing Date (such 210th day being the “Effectiveness Deadline”),
(iii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange
Offer Registration Statement as may be necessary in order to cause such Exchange Offer Registration
Statement to become effective, (B) file, if applicable, a post-effective amendment to such Exchange
Offer Registration Statement pursuant to Rule 430A under the Act and (C) cause all necessary
filings, if any, in connection with the registration and qualification of the Series B Notes and
the related Subsidiary Guarantees to be made under the Blue Sky laws of such jurisdictions as are
necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such
Exchange Offer Registration Statement, commence and Consummate the Exchange Offer. The Exchange
Offer shall be on the appropriate form permitting (i) registration of the Series B Notes and the
related Subsidiary Guarantees to be offered in exchange for the Series A Notes that are Transfer
Restricted Securities and (ii) resales of Series B Notes held by Broker-Dealers that tendered into
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the Exchange Offer Series A Notes that such Broker-Dealer acquired for its own account as a
result of market making activities or other trading activities (other than Series A Notes acquired
directly from the Company or any of its Affiliates) as contemplated by Section 3(c) below.
(b) The Company and the Guarantors shall use all commercially reasonable efforts to cause the
Exchange Offer Registration Statement to be effective continuously, and shall keep the Exchange
Offer open for a period of not less than the minimum period required under applicable federal and
state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall
such period be less than 20 business days. The Company and the Guarantors shall cause the Exchange
Offer to comply with all applicable federal and state securities laws. No securities other than
the Series B Notes and the related Subsidiary Guarantees shall be included in the Exchange Offer
Registration Statement. The Company and the Guarantors shall use all commercially reasonable
efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the
Exchange Offer Registration Statement has become effective, but in no event later than 30 business
days thereafter, or longer, if required by the federal securities laws (such date being the
“Consummation Deadline”).
(c) The Company and the Guarantors shall include a “Plan of Distribution” section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate therein that any
Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account of such
Broker-Dealer as a result of market-making activities or other trading activities (other than
Series A Notes acquired directly from the Company or any Affiliate of the Company) may exchange
such Transfer Restricted Securities pursuant to the Exchange Offer. Such “Plan of Distribution”
section shall also contain all other information with respect to such sales by such Broker-Dealers
that the Commission may require in order to permit such sales pursuant thereto, but such “Plan of
Distribution” shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted
Securities held by any such Broker-Dealer, except to the extent required by the Commission as a
result of a change in policy, rules or regulations after the date of this Agreement.
Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act
and must, therefore, deliver a prospectus meeting the requirements of the Act in connection with
its initial sale of any Series B Notes and the related Subsidiary Guarantees received by such
Broker-Dealer in the Exchange Offer, the Company and the Guarantors shall permit the use of the
Prospectus contained in the Exchange Offer Registration Statement by such Broker-Dealer to satisfy
such prospectus delivery requirement. To the extent necessary to ensure that the prospectus
contained in the Exchange Offer Registration Statement is available for sales of Series B Notes and
the related Subsidiary Guarantees by Broker-Dealers, the Company and the Guarantors agree to use
all commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented, amended and current as required by and subject to the provisions of
Section 6(a) and (c) hereof and in conformity with the requirements of this Agreement, the Act and
the policies, rules and regulations of the Commission as announced from time to time, for a period
of 180 days from the date on which the Exchange Offer Registration Statement is declared effective
or such shorter period as will terminate when all Transfer Restricted Securities covered by such
Registration Statement have been sold pursuant thereto. The Company shall provide sufficient
copies of the latest version of such Prospectus to such Broker-Dealers, promptly upon request at
any time during such period.
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SECTION 4. SHELF REGISTRATION
(a) Shelf Registration. If (i) (x) the Company and the Guarantors are not required to
file the Exchange Offer Registration Statement or permitted to Consummate the Exchange Offer
because the Exchange Offer is not permitted by applicable law or Commission policy (after the
Company and the Guarantors have complied with the procedures set forth in Section 6(a)(i) below) or
(y) the Commission shall refuse to declare effective the Exchange Offer Registration Statement
filed with the Commission or (ii) any Holder of Transfer Restricted Securities shall notify the
Company prior to the 20th business day following the Consummation of the Exchange Offer that (A)
such Holder was prohibited by law or Commission policy from participating in the Exchange Offer or
(B) such Holder may not resell the Series B Notes acquired by it in the Exchange Offer to the
public without delivering a prospectus and the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such Holder or (C) such
Holder is a Broker-Dealer and holds Series A Notes acquired directly from the Company or any of its
Affiliates, then the Company and the Guarantors shall:
(x) cause to be filed, on or prior to 60 days after the earlier of (i) the date on which the
Company determines that the Exchange Offer Registration Statement cannot be filed as a result of
clause (a)(i) above and (ii) the date on which the Company receives the notice specified in clause
(a)(ii) above (such earlier date, the “Filing Deadline”), a shelf registration statement pursuant
to Rule 415 under the Act (which may be an amendment to the Exchange Offer Registration Statement
(the “Shelf Registration Statement”)), relating to all Transfer Restricted Securities; and
(y) shall use all commercially reasonable efforts to cause such Shelf Registration Statement
to become effective on or prior to 120 days after the Filing Deadline for the Shelf Registration
Statement (such 120th day the “Effectiveness Deadline”).
If, after the Company and the Guarantors have filed an Exchange Offer Registration Statement
that satisfies the requirements of Section 3(a) above, the Company and the Guarantors are required
to file and make effective a Shelf Registration Statement solely because the Exchange Offer is not
permitted under applicable federal law (i.e., clause (a)(i) above), then the filing of the Exchange
Offer Registration Statement shall be deemed to satisfy the requirements of clause (x) above;
provided that, in such event, the Company and the Guarantors shall remain obligated to meet the
Effectiveness Deadline set forth in clause (y).
To the extent necessary to ensure that the Shelf Registration Statement is available for sales
of Transfer Restricted Securities by the Holders thereof entitled to the benefit of this Section
4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Company and the Guarantors shall use all commercially reasonable efforts to keep any
Shelf Registration Statement required by this Section 4(a) continuously effective, supplemented,
amended and current as required by and subject to the provisions of Sections 6(b) and (c) hereof
and in conformity with the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of at least two years
(as extended pursuant to Section 6(c)(i)) following the Closing Date, or such
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shorter period as will terminate when all Transfer Restricted Securities covered by such Shelf
Registration Statement have been sold pursuant thereto.
(b) Provision by Holders of Certain Information in Connection with the Shelf Registration
Statement. No Holder of Transfer Restricted Securities may include any of its Transfer
Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and
until such Holder furnishes to the Company in writing, within 20 days after receipt of a request
therefor, the information specified in Item 507 or 508 of Regulation S-K, as applicable, of the
Act, and such other information as the Company may reasonably request, for use in connection with
any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No
Holder of Transfer Restricted Securities shall be entitled to liquidated damages pursuant to
Section 5 hereof unless and until such Holder shall have provided all such information. By its
acceptance of Transfer Restricted Securities, each Holder agrees to notify the Company promptly if
any of the information previously furnished is misleading or inaccurate in any material respect and
to promptly furnish additional information required to be disclosed in order to make the
information previously furnished to the Company by such Holder not materially misleading.
SECTION 5. LIQUIDATED DAMAGES
If (i) any Registration Statement required by this Agreement is not filed with the Commission
on or prior to the applicable Filing Deadlines set forth in Sections 3(a) and 4(a) hereof, (ii) any
such Registration Statement has not been declared effective by the Commission on or prior to the
applicable Effectiveness Deadlines set forth in Sections 3(a) and 4(a) hereof (the “Effectiveness
Target Date”), (iii) the Exchange Offer has not been Consummated on or prior to the Consummation
Deadline set forth in Section 3(b) hereof or (iv) any Registration Statement required by this
Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be
usable in connection with resales of Transfer Restricted Securities during the period required by
this Agreement (each such event referred to in clauses (i) through (iv), a “Registration Default”),
then the Company and the Guarantors hereby jointly and severally agree to pay to each Holder of
Transfer Restricted Securities affected thereby liquidated damages, in cash, in an amount equal to
$.05 per week per $1,000 in principal amount of Transfer Restricted Securities held by such Holder
for each week that the Registration Default continues for the first 90-day period immediately
following the occurrence of such Registration Default. The amount of the liquidated damages shall
increase by an additional $.05 per week per $1,000 in principal amount of Transfer Restricted
Securities held by such Holder with respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum amount of liquidated damages of $.50 per week per $1,000
in principal amount of Transfer Restricted Securities; provided that the Company and the Guarantors
shall in no event be required to pay liquidated damages for more than one Registration Default at
any given time. Notwithstanding anything to the contrary set forth herein, upon (a) filing of the
Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in
the case of clause (i) above, (b) the effectiveness of the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement), in the case of clause (ii) above, (c)
Consummation of the Exchange Offer, in the case of clause (iii) above, or (d) the filing of a
post-effective amendment to the Registration Statement or an additional Registration Statement that
causes the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration
Statement)
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to again be declared effective or made usable in the case of clause (iv) above, the liquidated
damages payable with respect to the Transfer Restricted Securities as a result of such clause (i),
(ii), (iii) or (iv), as applicable, shall cease.
All accrued liquidated damages shall be paid to the Holders entitled thereto, in the manner
provided for the payment of interest in the Indenture, on each interest payment date with respect
to the Notes, as more fully set forth in the Indenture and the Notes. Notwithstanding the fact
that any securities for which liquidated damages are due cease to be Transfer Restricted
Securities, all obligations of the Company and the Guarantors to pay liquidated damages with
respect to securities shall survive until such time as such obligations with respect to such
securities shall have been satisfied in full.
SECTION 6. REGISTRATION PROCEDURES
(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the
Company and the Guarantors shall (x) comply with all applicable provisions of Section 6(c) below,
(y) use all commercially reasonable efforts to effect such exchange and to permit the resale of
Series B Notes by any Broker-Dealer that tendered Series A Notes in the Exchange Offer that such
Broker-Dealer acquired for its own account as a result of its market making activities or other
trading activities (other than Series A Notes acquired directly from the Company or any of its
Affiliates) being sold in accordance with the intended method or methods of distribution thereof,
and (z) comply with all of the following provisions:
(i) If, following the date hereof there has been announced a change in Commission
policy with respect to exchange offers such as the Exchange Offer, that in the reasonable
opinion of counsel to the Company raises a substantial question as to whether the Exchange
Offer is permitted by applicable federal law, the Company and the Guarantors hereby agree to
seek a no-action letter or other favorable decision from the Commission allowing the Company
and the Guarantors to Consummate an Exchange Offer for the Series A Notes. The Company and
the Guarantors hereby agree to pursue the issuance of such a decision to the Commission
staff level but shall not be required to take commercially unreasonable action to effect a
change of Commission policy. In connection with the foregoing, the Company and the
Guarantors hereby agree to take all such other actions as may be requested by the Commission
or otherwise required in connection with the issuance of such decision, including without
limitation (A) participating in telephonic conferences with the Commission staff, (B)
delivering to the Commission staff an analysis prepared by counsel to the Company setting
forth the legal bases, if any, upon which such counsel has concluded that such an Exchange
Offer should be permitted and (C) diligently pursuing a resolution (which need not be
favorable) by the Commission staff.
(ii) As a condition to its participation in the Exchange Offer, each Holder of Transfer
Restricted Securities (including, without limitation, any Holder who is a Broker Dealer)
shall (x) furnish, upon the request of the Company, prior to the Consummation of the
Exchange Offer, a written representation to the Company and the Guarantors (which may be
contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it
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is not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any person to participate in, a distribution of the Series B Notes to be
issued in the Exchange Offer and (C) it is acquiring the Series B Notes in its ordinary
course of business and (y) otherwise cooperate in the Company’s and the Guarantors’
preparations for the Exchange Offer. Each Holder using the Exchange Offer to participate in
a distribution of the Series B Notes will be required to acknowledge and agree that, if the
resales are of Series B Notes obtained by such Holder in exchange for Series A Notes
acquired directly from the Company or an Affiliate thereof, it (1) could not, under
Commission policy as in effect on the date of this Agreement, rely on the position of the
Commission enunciated in Xxxxxx Xxxxxxx and Co., Inc. (available June 5, 1991) and
Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the
Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action
letters (including, if applicable, any no-action letter obtained pursuant to clause (i)
above), and (2) must comply with the registration and prospectus delivery requirements of
the Act in connection with a secondary resale transaction and that such a secondary resale
transaction must be covered by an effective registration statement containing the selling
security holder information required by Item 507 or 508, as applicable, of Regulation S-K.
(iii) Prior to effectiveness of the Exchange Offer Registration Statement, the Company
and the Guarantors shall, to the extent required by the Commission, provide a supplemental
letter to the Commission (A) stating that the Company and the Guarantors are registering the
Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital
Holdings Corporation (available May 13, 1988), Xxxxxx Xxxxxxx and Co., Inc.
(available June 5, 1991) as interpreted in the Commission’s letter to Shearman &
Sterling dated July 2, 1993, and, if applicable, any no-action letter obtained pursuant
to clause (i) above, (B) including a representation that neither the Company nor any
Guarantor has entered into any arrangement or understanding with any Person to distribute
the Series B Notes to be received in the Exchange Offer and that, to the best of the
Company’s and each Guarantor’s information and belief, each Holder (other than an Initial
Purchaser) participating in the Exchange Offer is acquiring the Series B Notes in its
ordinary course of business and has no arrangement or understanding with any Person to
participate in the distribution of the Series B Notes received in the Exchange Offer and (C)
any other undertaking or representation required by the Commission as set forth in any
no-action letter obtained pursuant to clause (i) above, if applicable.
(b) Shelf Registration Statement. In connection with the Shelf Registration
Statement, the Company and the Guarantors shall:
(i) comply with all the provisions of Section 6(c) and 6(d) below and use all
commercially reasonable efforts to effect such registration to permit the sale of the
Transfer Restricted Securities being sold in accordance with the intended method or methods
of distribution thereof (as indicated in the information furnished to the Company pursuant
to Section 4(b) hereof), and pursuant thereto the Company and the Guarantors will prepare
and file with the Commission a Registration Statement relating to the registration on any
appropriate form under the Act, which form shall be available for the sale of the Transfer
Restricted Securities in accordance with the intended method or
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methods of distribution thereof within the time periods and otherwise in accordance
with the provisions hereof; and
(ii) issue, upon the request of any Holder or purchaser of Series A Notes covered by
any Shelf Registration Statement contemplated by this Agreement, Series B Notes having an
aggregate principal amount equal to the aggregate principal amount of Series A Notes sold
pursuant to the Shelf Registration Statement and surrendered to the Company for
cancellation; the Company and the Guarantors shall register Series B Notes and the related
Subsidiary Guarantees on the Shelf Registration Statement for this purpose and issue the
Series B Notes to the purchaser(s) of securities subject to the Shelf Registration Statement
in the names as such purchaser(s) shall designate.
(c) General Provisions. In connection with any Registration Statement and any related
Prospectus required by this Agreement, the Company and the Guarantors shall:
(i) use all commercially reasonable efforts to keep such Registration Statement
continuously effective and provide all requisite financial statements for the period
specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any
event that would cause any such Registration Statement or the Prospectus contained therein
(A) to contain an untrue statement of material fact or omit to state any material fact
necessary to make the statements therein not misleading or (B) not to be effective and
usable for resale of Transfer Restricted Securities during the period required by this
Agreement, the Company and the Guarantors shall file promptly an appropriate amendment to
such Registration Statement curing such defect, and, if Commission review is required, use
all commercially reasonable efforts to cause such amendment to be declared effective as soon
as practicable; if at any time the Commission shall issue any stop order suspending the
effectiveness of any Registration Statement, or any state securities commission or other
regulatory authority shall issue an order suspending the qualification or exemption from
qualification of the Transfer Restricted Securities under state securities or Blue Sky laws,
the Company and the Guarantors shall use all commercially reasonable efforts to obtain the
withdrawal or lifting of such order at the earliest possible time;
(ii) prepare and file with the Commission such amendments and post-effective amendments
to the applicable Registration Statement as may be necessary to keep such Registration
Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the
case may be; cause the Prospectus to be supplemented by any required Prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the Act, and to comply fully
with Rules 424, 430A and 462, as applicable, under the Act in a timely manner; and comply
with the provisions of the Act with respect to the disposition of all securities covered by
such Registration Statement during the applicable period in accordance with the intended
method or methods of distribution by the sellers thereof set forth in such Registration
Statement or supplement to the Prospectus;
(iii) in connection with any sale of Transfer Restricted Securities that will result in
such securities no longer being Transfer Restricted Securities, cooperate with the Holders
to facilitate the timely preparation and delivery of certificates representing
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Transfer Restricted Securities to be sold and not bearing any restrictive legends; and
to register such Transfer Restricted Securities in such denominations and such names as the
selling Holders may request at least two business days prior to such sale of Transfer
Restricted Securities;
(iv) use all commercially reasonable efforts to cause the disposition of the Transfer
Restricted Securities covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable
the seller or sellers thereof to consummate the disposition of such Transfer Restricted
Securities; provided, however, that neither the Company nor any Guarantor shall be required
to register or qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it is not now so qualified or to take any action that would subject it to
the service of process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not now so subject;
(v) provide a CUSIP number for all Transfer Restricted Securities not later than the
effective date of a Registration Statement covering such Transfer Restricted Securities and
provide the Trustee under the Indenture with certificates for the Transfer Restricted
Securities which are in a form eligible for deposit with The Depository Trust Company;
(vi) otherwise use all commercially reasonable efforts to comply with all applicable
rules and regulations of the Commission, and make generally available to its security
holders with regard to any applicable Registration Statement, as soon as practicable, a
consolidated earnings statement meeting the requirements of Rule 158 (which need not be
audited) covering a twelve-month period beginning after the effective date of the
Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act);
and
(vii) cause the Indenture to be qualified under the TIA not later than the effective
date of the first Registration Statement required by this Agreement and, in connection
therewith, cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the
terms of the TIA; and execute and use all commercially reasonable efforts to cause the
Trustee to execute, all documents that may be required to effect such changes and all other
forms and documents required to be filed with the Commission to enable such Indenture to be
so qualified in a timely manner.
(d) Additional Provisions Applicable to Shelf Registration Statements and Certain Exchange
Offer Prospectuses. In connection with each Shelf Registration Statement, and each Exchange
Offer Registration Statement if and to the extent that an Initial Purchaser has notified the
Company that it is a holder of Series B Notes that are Transfer Restricted Securities (for so long
as such Series B Notes are Transfer Restricted Securities or for the 180-day period provided in
Section 3, whichever is shorter), the Company and the Guarantors shall:
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(i) advise each Holder promptly and, if requested by such Holder, confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and, with respect to any applicable Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of any request by
the Commission for amendments to the Registration Statement or amendments or supplements to
the Prospectus or for additional information relating thereto, (C) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement
under the Act or of the suspension by any state securities commission of the qualification
of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the
initiation of any proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact made in the
Registration Statement, the Prospectus, any amendment or supplement thereto or any document
incorporated by reference therein untrue, or that requires the making of any additions to or
changes in the Registration Statement in order to make the statements therein not
misleading, or that requires the making of any additions to or changes in the Prospectus in
order to make the statements therein, in the light of the circumstances under which they
were made, not misleading;
(ii) if any fact or event contemplated by Section 6(d)(i)(D) above shall exist or have
occurred, prepare a supplement or post-effective amendment to the Registration Statement or
related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of Transfer Restricted
Securities, the Prospectus will not contain an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading;
(iii) furnish to each Holder in connection with such exchange or sale, if any, before
filing with the Commission, copies of any Registration Statement or any Prospectus included
therein or any amendments or supplements to any such Registration Statement or Prospectus
(including all documents incorporated by reference after the initial filing of such
Registration Statement), which documents will be subject to the review and comment of such
Holders in connection with such sale, if any, for a period of not less than five business
days, and the Company will not file any such Registration Statement or Prospectus or any
amendment or supplement to any such Registration Statement or Prospectus (including all such
documents incorporated by reference) to which such Holders shall reasonably object within
five business days after the receipt thereof; a Holder shall be deemed to have reasonably
objected to such filing if such Registration Statement, amendment, Prospectus or supplement,
as applicable, as proposed to be filed, contains an untrue statement of a material fact or
omits to state any material fact necessary to make the statements therein not misleading or
fails to comply with the applicable requirements of the Act;
(iv) promptly prior to the filing of any document that is to be incorporated by
reference into a Registration Statement or Prospectus, provide copies of such document to
each Holder in connection with such exchange or sale, if any, make the Company’s and the
Guarantors’ representatives available for discussion of such document and other
12
customary due diligence matters, and include such information in such document prior to
the filing thereof as such Holders may reasonably request;
(v) subject to execution of a customary confidentiality agreement reasonably acceptable
to the Company and the Guarantors, make available, at reasonable times, for inspection by
each Holder and any attorney or accountant retained by such Holders, all financial and other
records, pertinent corporate documents of the Company and the Guarantor and cause the
Company’s and the Guarantors’ officers, directors and employees to supply all information
reasonably requested by any such Holder, attorney or accountant in connection with such
Registration Statement or any post-effective amendment thereto subsequent to the filing
thereof and prior to its effectiveness;
(vi) if requested by any Holders in connection with such exchange or sale, promptly
include in any Registration Statement or Prospectus, pursuant to a supplement or
post-effective amendment if necessary, such information as such Holders may reasonably
request to have included therein, including, without limitation, information relating to the
“Plan of Distribution” of the Transfer Restricted Securities; and make all required filings
of such Prospectus supplement or post-effective amendment as soon as practicable after the
Company is notified of the matters to be included in such Prospectus supplement or
post-effective amendment;
(vii) furnish to each Holder in connection with such exchange or sale without charge,
at least one copy of the Registration Statement, as first filed with the Commission, and of
each amendment thereto, including all documents incorporated by reference therein and all
exhibits (including exhibits incorporated therein by reference);
(viii) deliver to each Holder without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such
Persons reasonably may request; the Company and the Guarantors hereby consent to the use (in
accordance with law) of the Prospectus and any amendment or supplement thereto by each
selling Holder in connection with the offering and the sale of the Transfer Restricted
Securities covered by the Prospectus or any amendment or supplement thereto;
(ix) upon the request of any Holder, enter into such agreements (including underwriting
agreements) and make such representations and warranties and take all such other actions in
connection therewith in order to expedite or facilitate the disposition of the Transfer
Restricted Securities pursuant to any applicable Registration Statement contemplated by this
Agreement as may be reasonably requested by any Holder in connection with any sale or resale
pursuant to any applicable Registration Statement. In such connection, the Company and the
Guarantors shall:
(A) upon request of any Holder, furnish (or in the case of paragraphs (2) and
(3), use all commercially reasonable efforts to cause to be furnished) to each
Holder, upon Consummation of the Exchange Offer or upon the effectiveness of the
Shelf Registration Statement, as the case may be:
13
(1) a certificate, dated such date, signed on behalf of the Company and
each Guarantor by (x) the President or any Vice President and (y) a
principal financial or accounting officer of the Company and such Guarantor,
confirming, as of the date thereof, the matters set forth in the officers’
certificate required pursuant to Section 7(i) of the Purchase Agreement and
such other similar matters as such Holders may reasonably request;
(2) an opinion, dated the date of Consummation of the Exchange Offer or
the date of effectiveness of the Shelf Registration Statement, as the case
may be, of counsel for the Company and the Guarantors covering matters
similar to those set forth in Exhibit B to the Purchase Agreement;
(3) an opinion, dated the date of Consummation of the Exchange Offer or
the date of effectiveness of the Shelf Registration Statement, as the case
may be, of the general counsel for the Company and the Guarantors covering
matters similar to those set forth in Exhibit C to the Purchase Agreement;
and
(4) a customary comfort letter, dated the date of Consummation of the
Exchange Offer, or as of the date of effectiveness of the Shelf Registration
Statement, as the case may be, from the Company’s independent accountants,
in the customary form and covering matters of the type customarily covered
in comfort letters to underwriters in connection with underwritten
offerings, and affirming the matters set forth in the comfort letters
delivered pursuant to Sections 7(f) and (g) of the Purchase Agreement; and
(B) deliver such other documents and certificates as may be reasonably
requested by the selling Holders to evidence compliance with the matters covered in
clause (A) above and with any customary conditions contained in any agreement
entered into by the Company and the Guarantors pursuant to this clause (ix);
(x) prior to any public offering of Transfer Restricted Securities, cooperate with the
selling Holders and their counsel in connection with the registration and qualification of
the Transfer Restricted Securities under the securities or Blue Sky laws of such
jurisdictions as the selling Holders may reasonably request and do any and all other acts or
things as may be reasonably necessary or advisable to enable the disposition in such
jurisdictions of the Transfer Restricted Securities covered by the applicable Registration
Statement; provided, however, that neither the Company nor any Guarantor shall be required
to register or qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it is not now so qualified or to take any action that would subject it to
the service of process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not now so subject;
and
14
(xi) provide promptly to each Holder, upon request, each document filed with the
Commission pursuant to the requirements of Section 13 or Section 15(d) of the Exchange Act.
(e) Restrictions on Holders. Each Holder’s acquisition of a Transfer Restricted
Security constitutes such Holder’s agreement that, upon receipt of the notice referred to in
Section 6(d)(i)(C) or any notice from the Company of the existence of any fact of the kind
described in Section 6(d)(i)(D) hereof (in each case, a “Suspension Notice”), such Holder will
forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable
Registration Statement until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 6(d)(ii) hereof, or (ii) such Holder is advised in writing by
the Company that the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the Prospectus (in each
case, the “Recommencement Date”). Each Holder receiving a Suspension Notice shall be required to
either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s
possession which have been replaced by the Company with more recently dated Prospectuses or (ii)
deliver to the Company (at the Company’s expense) all copies, other than permanent file copies,
then in such Holder’s possession of the Prospectus covering such Transfer Restricted Securities
that was current at the time of receipt of the Suspension Notice. The time period regarding the
effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable,
shall be extended by a number of days equal to the number of days in the period from and including
the date of delivery of the Suspension Notice to the date of delivery of the Recommencement Date.
SECTION 7. REGISTRATION EXPENSES
(a) All expenses incident to the Company’s and the Guarantors’ performance of or compliance
with this Agreement will be borne by the Company, regardless of whether a Registration Statement
becomes effective, including without limitation: (i) all registration and filing fees and
expenses; (ii) all fees and expenses of compliance with federal securities and state Blue Sky or
securities laws; (iii) all expenses of printing (including certificates for the Series B Notes to
be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and
telephone; (iv) all fees and disbursements of counsel for the Company and the Guarantors and one
counsel (including local counsel) for the Holders of Transfer Restricted Securities which shall be
Xxxxxx & Xxxxxxx LLP or such other counsel as may be selected by a majority of such Holders; (v)
all application and filing fees in connection with listing the Series B Notes on a national
securities exchange or automated quotation system pursuant to the requirements hereof; and (vi) all
fees and disbursements of independent certified public accountants of the Company and the
Guarantors (including the expenses of any special audit and comfort letters required by or incident
to such performance).
The Company will, in any event, bear its and the Guarantors’ internal expenses (including,
without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses of any Person,
including special experts, retained by the Company or the Guarantors.
15
(b) In connection with any Registration Statement required by this Agreement (including,
without limitation, the Exchange Offer Registration Statement and the Shelf Registration
Statement), the Company and the Guarantors will reimburse the Initial Purchasers and the Holders of
Transfer Restricted Securities who are tendering Series A Notes into in the Exchange Offer and/or
selling or reselling Series A Notes or Series B Notes pursuant to the “Plan of Distribution”
contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as
applicable, for the reasonable fees and disbursements of not more than one counsel (including local
counsel), who shall be Xxxxxx & Xxxxxxx LLP unless another firm shall be chosen by the Holders of a
majority in principal amount of the Transfer Restricted Securities for whose benefit such
Registration Statement is being prepared. The Company shall not be required to pay any
underwriting discount, commission or similar fee related to the sale of any securities.
SECTION 8. INDEMNIFICATION
(a) The Company and the Guarantors agree, jointly and severally, to indemnify and hold
harmless each Holder, its affiliates, its directors, officers and each Person, if any, who controls
such Holder (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from
and against any and all losses, claims, damages, liabilities, judgments, (including without
limitation, any legal or other expenses incurred in connection with investigating or defending any
matter, including any action that could give rise to any such losses, claims, damages, liabilities
or judgments) caused by any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement, the related preliminary prospectus or Prospectus (or any
amendment or supplement thereto) provided by the Company to any Holder or any prospective purchaser
of Series B Notes or registered Series A Notes, or caused by any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as such losses, claims, damages, liabilities or judgments
are caused by an untrue statement or omission or alleged untrue statement or omission that is based
upon information relating to any of the Holders furnished in writing to the Company by any of the
Holders.
(b) By its acquisition of Transfer Restricted Securities, each Holder of Transfer Restricted
Securities agrees, severally and not jointly, to indemnify and hold harmless the Company and the
Guarantors, and their respective affiliates, directors and officers, and each person, if any, who
controls (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act) the
Company or the Guarantors to the same extent as the foregoing indemnity from the Company and the
Guarantors set forth in section (a) above, but only with reference to information relating to such
Holder furnished in writing to the Company by such Holder expressly for use in any Registration
Statement. In no event shall any Holder, its affiliates, its directors, officers or any Person who
controls such Holder be liable or responsible for any amount in excess of the amount by which the
total amount received by such Holder with respect to its sale of Transfer Restricted Securities
pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer
Restricted Securities and (ii) the amount of any damages that such Holder, its affiliates, its
directors, officers or any Person who controls such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission.
16
(c) In case any action shall be commenced involving any person in respect of which indemnity
may be sought pursuant to Section 8(a) or 8(b) (the “indemnified party”), the indemnified party
shall promptly notify the person against whom such indemnity may be sought (the “indemnifying
person”) in writing and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and the payment of all
fees and expenses of such counsel, as incurred (except that in the case of any action in respect of
which indemnity may be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be
required to assume the defense of such action pursuant to this Section 8(c), but may employ
separate counsel and participate in the defense thereof, but the fees and expenses of such counsel,
except as provided below, shall be at the expense of the Holder). Any indemnified party shall have
the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of the indemnified party unless (i)
the employment of such counsel shall have been specifically authorized in writing by the
indemnifying party, (ii) the indemnifying party shall have failed to assume the defense of such
action or employ counsel reasonably satisfactory to the indemnified party or (iii) the named
parties to any such action (including any impleaded parties) include both the indemnified party and
the indemnifying party, and the indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from or additional to
those available to the indemnifying party (in which case the indemnifying party shall not have the
right to assume the defense of such action on behalf of the indemnified party). In any such case,
the indemnifying party shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all indemnified parties and all such fees and expenses shall be
reimbursed as they are incurred. Such firm shall be designated in writing by a majority of the
Holders, in the case of the parties indemnified pursuant to Section 8(a), and by the Company and
the Guarantors, in the case of parties indemnified pursuant to Section 8(b). The indemnifying
party shall indemnify and hold harmless the indemnified party from and against any and all losses,
claims, damages, liabilities and judgments by reason of any settlement of any action (i) effected
with its written consent or (ii) effected without its written consent if the settlement is entered
into more than twenty business days after the indemnifying party shall have received a request from
the indemnified party for reimbursement for the fees and expenses of counsel (in any case where
such fees and expenses are at the expense of the indemnifying party) and, prior to the date of such
settlement, the indemnifying party shall have failed to comply with such reimbursement request. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement or compromise of, or consent to the entry of judgment with respect to, any pending or
threatened action in respect of which the indemnified party is or could have been a party and
indemnity or contribution may be or could have been sought hereunder by the indemnified party,
unless such settlement, compromise or judgment (i) includes an unconditional release of the
indemnified party from all liability on claims that are or could have been the subject matter of
such action and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act, by or on behalf of the indemnified party.
(d) To the extent that the indemnification provided for in this Section 8 is unavailable to an
indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to
therein, then each indemnifying party, in lieu of indemnifying such
17
indemnified party, shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages, liabilities or judgments (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one
hand, and the Holders, on the other hand, from their initial sale of Transfer Restricted Securities
(or, in the case of Series B Notes that are Transfer Restricted Securities, the sale of the Series
A Notes for which such Series B Notes were exchanged) or (ii) if the allocation provided by clause
8(d)(i) is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the
Company and the Guarantors, on the one hand, and of the Holder, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims, damages, liabilities or
judgments, as well as any other relevant equitable considerations. The relative fault of the
Company and the Guarantors, on the one hand, and of the Holder, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or such Guarantor, on the one hand, or by the Holder, on the other hand,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities or judgments referred to above shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
party in connection with investigating or defending any matter, including any action that could
have given rise to such losses, claims, damages, liabilities or judgments.
The Company, the Guarantors and, by its acquisition of Transfer Restricted Securities, each
Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d)
were determined by pro rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions
of this Section 8, no Holder, its directors, its officers or any Person, if any, who controls such
Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by
which the total received by such Holder with respect to the sale of Transfer Restricted Securities
pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer
Restricted Securities and (ii) the amount of any damages which such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are
several in proportion to the respective principal amount of Transfer Restricted Securities held by
each Holder hereunder and not joint.
SECTION 9. RULE 144A AND RULE 144
The Company and each Guarantor agrees with each Holder, for so long as any Transfer Restricted
Securities remain outstanding and during any period in which the Company or such Guarantor (i) is
not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any
Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any
sale thereof and any prospective purchaser of such Transfer Restricted Securities designated by
such Holder or beneficial owner, the information required by
18
Rule 144A(d)(4) under the Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the Exchange Act,
to make all filings required thereby in a timely manner in order to permit resales of such Transfer
Restricted Securities pursuant to Rule 144.
SECTION 10. MISCELLANEOUS
(a) Remedies. The Company and the Guarantors acknowledge and agree that any failure
by the Company and/or the Guarantors to comply with their respective obligations under Sections 3
and 4 hereof may result in material irreparable injury to the Initial Purchasers or the Holders for
which there is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder
may obtain such relief as may be required to specifically enforce the Company’s and the Guarantor’s
obligations under Sections 3 and 4 hereof. The Company and the Guarantors further agree to waive
the defense in any action for specific performance that a remedy at law would be adequate.
(b) No Inconsistent Agreements. The Company and the Guarantors will not, on or after
the date of this Agreement, enter into any agreement with respect to their respective securities
that is inconsistent with the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. The Company and the Guarantors have not previously entered
into any agreement granting any registration rights with respect to their respective securities to
any Person that would require such securities to be included in any Registration Statement filed
hereunder. The rights granted to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Company’s and the Guarantors’ securities
under any agreement in effect on the date hereof.
(c) Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may
not be given unless (i) in the case of Section 5 hereof and this Section 10(c)(i), the Company has
obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii)
in the case of all other provisions hereof, the Company has obtained the written consent of Holders
of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding
Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the
foregoing, a waiver or consent to or departure from the provisions hereof that relates exclusively
to the rights of Holders whose Transfer Restricted Securities are being tendered pursuant to the
Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose
Transfer Restricted Securities are not being tendered pursuant to such Exchange Offer, may be given
by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities
being so tendered.
(d) Third Party Beneficiary. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial
Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the
extent they may deem such enforcement necessary or advisable to protect their rights hereunder.
19
(e) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail (registered or certified, return
receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:
(i) if to a Holder, at the address set forth on the records of the Registrar (as
therein defined) under the Indenture, with a copy to the Registrar under the Indenture; and
(f) if to the Company or any Guarantor, shall be delivered or sent by mail, telex, overnight
courier or facsimile transmission to Waste Services, Inc., 0000 Xxxxxxxxxxxxx Xxxxxxxxx, Xxxxx 000,
Xxxxxxxxxx, Xxxxxxx, Xxxxxx X0X 0X0, Attention: Xxxx X. Xxxxxx (Fax: (000) 000-0000), with a copy
to Akin Gump Xxxxxxx Xxxxx & Xxxx LLP, 0000 Xxx Xxxxxxxxx Xxxxxx, X.X., Xxxxxxxxxx, X.X.,
00000-0000, Attention: Xxxx X. Xxxxxxx (Fax: (000) 000-0000).
Any such statements, requests, notices or agreements shall take effect at the time delivered
by hand, if personally delivered; two business days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied;
and on the next business day, if timely delivered to an air courier guaranteeing overnight
delivery.
Copies of all such notices, demands or other communications shall be concurrently delivered by
the Person giving the same to the Trustee at the address specified in the Indenture.
(g) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including without limitation and
without the need for an express assignment, subsequent Holders; provided, however, that nothing
herein shall be deemed to permit any assignment, transfer or other disposition of Transfer
Restricted Securities in violation of the terms hereof or of the Purchase Agreement or the
Indenture; provided further that this Agreement shall not inure to the benefit of or be binding
upon a successor, transferee or assign of a Holder unless such successor, transferee or assign
acquired Transfer Restricted Securities from such Holder. If any transferee of any Holder shall
acquire Transfer Restricted Securities in any manner, whether by operation of law or otherwise,
such Transfer Restricted Securities shall be held subject to all of the terms of this Agreement,
and by taking and holding such Transfer Restricted Securities such Person shall be conclusively
deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the
Purchase Agreement, and such Person shall be entitled to receive the benefits hereof.
(h) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement.
(i) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.
20
(j) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.
(k) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable,
the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.
(l) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted with respect to the Transfer Restricted
Securities. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter.
21
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.
WASTE SERVICES, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Executive Vice President, General Counsel and Secretary |
|||
FREEDOM RECYCLING HOLDINGS, LLC |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
OMNI WASTE OF OSCEOLA COUNTY LLC |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Manager | |||
RAM-PAK COMPACTION SYSTEMS LTD. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
RIP, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary |
22
SLD LANDFILL, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
XXXXXXX RECYCLING AND TRANSFER, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
SUN COUNTRY MATERIALS, LLC |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
XXXX RECYCLING, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
WASTE SERVICES (CA) INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
WASTE SERVICES OF ARIZONA, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
23
WASTE SERVICES OF FLORIDA, INC. |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Vice President & Secretary | |||
24
Accepted: | ||||
BARCLAYS CAPITAL INC. | ||||
By
|
/s/ Xxxxxxx Xxxxxxx
|
|||
Title: Managing Director |
25