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AMENDMENT NO. 4

Addendum or Modifications

AMENDMENT NO. 4 | Document Parties: CLEAN HARBORS INC | LC Facility, Banc of America Securities LLC You are currently viewing:
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CLEAN HARBORS INC | LC Facility, Banc of America Securities LLC

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Title: AMENDMENT NO. 4
Governing Law: New York     Date: 8/11/2008
Industry: Waste Management Services     Sector: Services

AMENDMENT NO. 4, Parties: clean harbors inc , lc facility  banc of america securities llc
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Exhibit 4.28L

 

AMENDMENT NO. 4

 

AMENDMENT NO. 4 (this “ Amendment ”), dated as of June 25, 2008, to the Amended and Restated Loan and Security Agreement, dated as of December 1, 2005 (as amended, supplemented and in effect from time to time, the “ Loan Agreement ”; capitalized terms used herein and not defined herein shall have the meaning set forth in the Loan Agreement) by and among Credit Suisse, as administrative agent for the LC Facility, Bank of America, N.A., as administrative agent for the Revolving Facility and syndication agent for the LC Facility, Banc of America Securities LLC (“ BAS ”), as sole arranger under the Revolving Facility, Credit Suisse, as sole bookrunner under the LC Facility, Credit Suisse and BAS, as joint lead arrangers under the LC Facility, Clean Harbors, Inc., a Massachusetts corporation (“ Parent ”), the Canadian Borrowers, and each of the other Subsidiaries of Parent from time to time a party thereto (each such Subsidiary, together with Parent and Canadian Borrowers, a “ Credit Party ” and, collectively, “ Credit Parties ”).

 

W I T N E S S E T H :

 

WHEREAS, subsection 11.3 of the Loan Agreement permits the Loan Agreement to be amended from time to time;

 

WHEREAS, the Loan Agreement is being amended at the request of the Borrowers;

 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.               Amendments .

 

(a)           The following defined terms shall be added to Section 1 of the Loan Agreement:

 

Amendment No. 4 ” shall mean Amendment No. 4 to this Agreement, dated as of June 25, 2008.

 

Amendment No. 4 Effective Date ” shall mean the first Business Day on which all conditions precedent set forth in Section 2 of Amendment No. 4 are satisfied.

 

(b)           Section 9.20 of the Loan Agreement is hereby amended by deleting Section 9.20 in its entirety and replacing it with the following:

 



 

9.20         Limitation on Capital Expenditures .  Credit Parties shall not permit the aggregate amount of Capital Expenditures made in each of fiscal years 2008, 2009 and 2010 of Parent to exceed $60.0 million in any such fiscal year; provided , however , that (x) if the aggregate amount of Capital Expenditures made in fiscal years 2008, 2009 or 2010 shall be less than the maximum amount of Capital Expenditures permitted under this Section 9.20 for such fiscal year (before giving effect to any carryover), then an amount of such shortfall not exceeding 50% of such maximum amount (without giving effect to clause (y) below) may be added to the amount of Capital Expenditures permitted under this Section 9.20 for the imme-diately succeeding (but not any other) fiscal year, and (y) in determining whether any amount is available for carryover, the amount expended in any fiscal year shall first be deemed to be from the amount allocated to such fiscal year (before giving effect to any carryover).

 

Section 2.               Conditions to Effectiveness .  This Amendment shall become effective as of the date (the “ Amendment No. 4 Effective Date ”) when, and only when (x) the Administrative Agents shall have received counterparts of this Amendment executed by each Credit Party, the Administrative Agents, a number of Lenders sufficient to constitute the Majority LC Facility Lenders and each Revolving Lender and (y) Borrowers shall pay on the Amendment No. 4 Effective Date a cash fee in an amount equal to (i) in the case of each LC Facility Lender that delivers a fully and properly executed signature page to this Amendment at or before the Amendment No. 4 Effective Date, 0.25% of the aggregate amount of the Credit-Linked Deposits held by such LC Facility Lender immediately prior to the Amendment No. 4 Effective Date and (ii) in the case of each Term Loan Lender that delivers a fully and properly executed signature page to this Amendment at or before the Amendment No. 4 Effective Date, 0.25% of the aggregat


 
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