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AMENDMENT NO. 1 TO CREDIT AGREEMENT

Loan Agreement

AMENDMENT NO. 1 TO CREDIT AGREEMENT | Document Parties: Allied Waste Industries, Inc | BANK OF AMERICA, N.A. | BANK OF NEW YORK MELLON | BANK OF NOVA SCOTIA | CITIBANK, NA | COMERICA BANK | JPMORGAN CHASE BANK, NA | KBC BANK NV | MIZUHO CORPORATE BANK, LTD | REPUBLIC SERVICES, INC | RS Merger Wedge, Inc | SUNTRUST BANK | UNION BANK OF CALIFORNIA, N.A. | US BANK NATIONAL ASSOCIATION | WACHOVIA BANK | WELLS FARGO BANK You are currently viewing:
This Loan Agreement involves

Allied Waste Industries, Inc | BANK OF AMERICA, N.A. | BANK OF NEW YORK MELLON | BANK OF NOVA SCOTIA | CITIBANK, NA | COMERICA BANK | JPMORGAN CHASE BANK, NA | KBC BANK NV | MIZUHO CORPORATE BANK, LTD | REPUBLIC SERVICES, INC | RS Merger Wedge, Inc | SUNTRUST BANK | UNION BANK OF CALIFORNIA, N.A. | US BANK NATIONAL ASSOCIATION | WACHOVIA BANK | WELLS FARGO BANK

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Title: AMENDMENT NO. 1 TO CREDIT AGREEMENT
Governing Law: Florida     Date: 9/24/2008
Industry: Waste Management Services     Law Firm: Akerman Senterfitt     Sector: Services

AMENDMENT NO. 1 TO CREDIT AGREEMENT, Parties: allied waste industries  inc , bank of america  n.a. , bank of new york mellon , bank of nova scotia , citibank  na , comerica bank , jpmorgan chase bank  na , kbc bank nv , mizuho corporate bank  ltd , republic services  inc , rs merger wedge  inc , suntrust bank , union bank of california  n.a. , us bank national association , wachovia bank , wells fargo bank
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Exhibit 4.2

AMENDMENT NO. 1 TO CREDIT AGREEMENT

      THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT dated as of September 18, 2008 (this “ Amendment ”) is made among REPUBLIC SERVICES, INC. , a Delaware corporation (the “ Borrower ”), BANK OF AMERICA, N.A. (“ Bank of America ”), in its capacity as administrative agent for the Lenders (in such capacity, the “ Administrative Agent ”), and each of the Lenders signatory hereto. Capitalized terms used but not otherwise defined herein have the respective meanings ascribed to them in the Credit Agreement (as defined in Recital A below).

RECITALS:

     A. The Borrower, Bank of America, as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders party thereto have entered into a Credit Agreement, dated as of April 26, 2007 (as in effect on the date hereof, the “ Credit Agreement ”), pursuant to which the Lenders have made available to Borrower a revolving credit facility with a swing line sublimit and a letter of credit sublimit.

     B. The Borrower has advised the Administrative Agent that it intends to acquire Allied Waste Industries, Inc., a Delaware corporation (“ Allied ”), pursuant to the terms of an Agreement and Plan of Merger dated as of June 22, 2008, among the Borrower, RS Merger Wedge, Inc. and Allied (such transaction, the “ Allied Acquisition ”).

     C. In connection with the Allied Acquisition, the Borrower is entering into a new revolving credit facility in an aggregate principal amount of $1,750,000,000 pursuant to a credit agreement to be dated on or about the date hereof (the “ New Credit Agreement ”) among the Borrower, Bank of America, as administrative agent, and the lenders party thereto.

     D. The Borrower has requested that the Credit Agreement be amended as set forth in this Amendment in order to facilitate the Allied Acquisition and to make certain provisions of the Credit Agreement consistent with the provisions of the New Credit Agreement.

     E. The Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the terms and conditions contained in this Amendment.

     In consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     1.  Amendments to the Credit Agreement . Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:

 

(a)

 

Effective as of the Amendment Effective Date (as defined in Section 2 below), the Credit Agreement is amended as follows:

 

(i)

 

The definition of “ Change of Control ” in Section 1.01 is deleted in its entirety and the following is inserted in lieu thereof:

Change of Control ” means an event or series of events by which:

 


 

     (a) (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than any Gates Entity (as hereinafter defined) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more than 25% of the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower (“ Voting Securities ”) on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) or (ii) any one or more of Cascade Investment, L.L.C. (“ Cascade ”), the Bill & Melinda Gates Foundation Trust (the “ Trust ”), any entity directly or indirectly owned or controlled by Cascade or the Trust, or any Person directly or indirectly controlling Cascade, the Trust or any such entity, or any trustee of any of the foregoing (collectively, the “ Gates Entities ”) becomes the “beneficial owner”, directly or indirectly, of Voting Securities of the Borrower sufficient to cause the aggregate “beneficial ownership” of Voting Securities of the Borrower by all of the Gates Entities to exceed 34% of the Voting Securities of the Borrower on a fully-diluted basis (and taking into account all such securities that the Gates Entities have the right to acquire pursuant to any option right); or

     (b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual

2


 

or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors).

 

(ii)

 

The definition of “ Restricted Cash ” in Section 1.01 is deleted in its entirety and the following is inserted in lieu thereof:

     “ Restricted Cash ” means that amount of cash of the Borrower and its Subsidiaries held by or pledged to trustees for industrial revenue bonds and tax-exempt financings that is included on the balance sheet of the Borrower, at any date of determination, in the line item “Restricted Cash.”

 

(iii)

 

Section 2.03(a)(i) is amended by inserting “or its Subsidiaries” after “Borrower” in the fifth and eighth lines thereof.

 

 

 

 

 

(iv)

 

Section 2.03(a)(iv) is amended by inserting “(or the applicable Subsidiary)” after “Borrower” in the third line thereof.

 

 

 

 

 

(v)

 

Section 2.03(b)(ii) is amended by inserting “(or the applicable Subsidiary)” after “Borrower” in the tenth line thereof.

 

 

 

 

 

(vi)

 

Section 2.03(b) is amended by inserting the following new subsection (v) immediately following 2.03(b)(iv) :

     (v) If the Borrower so requests in any applicable Letter of Credit Application, an L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “ Auto-Reinstatement Letter of Credit ”). Unless otherwise directed by such L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits an L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “ Non-Reinstatement Deadline ”), such L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Required Lenders have elected not to permit such reinstatement or (B) from the Administrative Agent, any Lender or

3


 

the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied or that such reinstatement would violate the proviso to the first sentence of Section 2.03(a)(i) (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing such L/C Issuer not to permit such reinstatement.

 

(vii)

 

Section 2.03(j) is amended by deleting “advance” from the sixth line and inserting “arrears” in lieu thereof.

 

 

 

 

 

(viii)

 

Section 10.17 is amended by inserting the following sentence at the end thereof:

 

 

 

 

 

 

 

The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

(b)

 

Effective as of the Allied Acquisition Date (as defined in Section 3 below), the Credit Agreement, as in effect on the Allied Acquisition Date, is hereby amended such that, after giving effect to all such amendments, it shall read in its entirety as attached hereto as Exhibit A . The Credit Agreement, as so amended, is referred to herein as the “ Amended Credit Agreement ”.

     2.  Conditions Precedent to Section 1(a) Amendments . The effectiveness of the amendments to the Credit Agreement set forth in Section 1(a) above is subject to the satisfaction of the following conditions precedent (the first date all such conditions have been satisfied, the “ Amendment Effective Date ”):

 

(a)

 

the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Borrower, the Administrative Agent, and the Required Lenders;

 

 

 

 

 

(b)

 

the Borrower shall have paid to each Lender that signs this Amendment on or before the Amendment Effective Date a fee in an amount equal to 0.05% times such Lender’s Commitment, which fee shall be fully earned and due on the Amendment Effective Date and shall be nonrefundable; and

 

 

 

 

 

(c)

 

unless waived by the Administrative Agent, all fees and expenses of the Administrative Agent and the Lenders (including the reasonable fees and expenses of counsel to the Administrative Agent to the extent invoiced prior to the date hereof) in connection with this Amendment shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).

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     3.  Conditions Precedent to Section 1(b) Amendments . The effectiveness of the amendments to the Credit Agreement set forth in Section 1(b) above is subject to the satisfaction of the following conditions precedent (the first date all such conditions have been satisfied, the “ Allied Acquisition Date ”):

 

(a)

 

the Administrative Agent shall have received each of the following in form and substance reasonably acceptable to it:

 

(i)

 

(A) a Guaranty Agreement substantially in the form attached hereto as Exhibit B , duly executed by each Material Subsidiary (as defined in the Amended Credit Agreement) of the Borrower (before giving effect to the Allied Acquisition), and (B) a Guaranty Joinder Agreement in the form attached to Exhibit B , duly executed by Allied and each of its Subsidiaries that are Material Subsidiaries (it being understood and agreed that such Guaranty Joinder Agreement is being delivered in escrow with irrevocable authorization to release such Guaranty Joinder Agreement to the Administrative Agent on the day after the Allied Acquisition Date and that such Guaranty Joinder Agreement shall be effective on the day after the Allied Acquisition Date);

 

 

 

 

 

(ii)

 

a certificate of a Responsible Officer of the Borrower certifying (A) that the representations and warranties of the Borrower contained in Article V of the Amended Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of the Allied Acquisition Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, (B) that no Default or Event of Default has occurred or will result from the Allied Acquisition (after giving effect to the effectiveness of the amendments to the Credit Agreement set forth in Section 1(b) above), (C) as to the current Debt Ratings, (D) the accuracy of and attaching a proposed updated Schedule 2.03 to the Amended Credit Agreement for approval by the Administrative Agent (such approval not to be unreasonably conditioned, withheld or delayed), (E) the accuracy of and attaching a proposed updated parts (a) and (b)of Schedule 5.16 to the Amended Credit Agreement as of the Allied Acquisition Date and giving effect to the Allied Acquisition for approval by the Administrative Agent (such approval not to be unreasonably conditioned, withheld or delayed), (E) the accuracy of and attaching a proposed updated parts (a) and (b) of Schedule 5.16 as of the Allied Acquisition Date and giving effect to the Allied Acquisition for approval by the Administrative Agent (such approval not to be unreasonably conditioned, withheld or delayed), (F) the accuracy of and attaching a proposed updated Schedule 7.02 as of the Allied Acquisition Date to reflect Liens of Allied and its Subsidiaries for approval by the Administrative Agent (such approval not to be unreasonably conditioned, withheld or delayed), and (G) the accuracy of and attaching a proposed

5


 

 

 

 

updated Schedule 7.06 as of the Allied Acquisition Date to reflect secured Indebtedness of Allied and its Subsidiaries for approval by the Administrative Agent (such approval not to be unreasonably conditioned, withheld or delayed);

 

(iii)

 

such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party (as defined in the Amended Credit Agreement) as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment, the Credit Agreement (as amended by this Amendment) and the other Loan Documents to which such Loan Party is a party;

 

 

 

 

 

(iv)

 

such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing and in good standing in its jurisdiction of organization or formation;

 

 

 

 

 

(v)

 

favorable opinions of counsel to the Loan Parties addressed to Administrative Agent and each Lender, as to the matters described in Exhibit C hereto;

 

 

 

 

 

(vi)

 

satisfactory evidence that (A) the Allied Acquisition has been or substantially contemporaneously with the effectiveness of Section 1(b) of this Amendment will be consummated, and (B) the “Conditions to Initial Funding” set forth in clauses (vi) through (xi) and (xiv) of Section 4.02(b) of the New Credit Agreement have been or substantially contemporaneously with the effectiveness of Section 1(b) of this Amendment will be satisfied (with any references therein to the “Administrative Agent”, “Lenders”, “Initial Funding Date” or “Initial Funding Date Material Adverse Effect” being deemed to be references to the “Administrative Agent”, “Lenders”, “Allied Acquisition Date” or “Allied Acquisition Date Material Adverse Effect”, in each case as defined in the Amended Credit Agreement) without giving effect to any waiver of any such conditions not approved by the Administrative Agent; and

 

 

 

 

 

(vii)

 

such other certificates, instruments and documents as the Administrative Agent shall reasonably request;

 

 

(b)

 

the Allied Acquisition Date shall have occurred on or prior to May 15, 2009; it being understood that the amendments to the Credit Agreement in Section 1(b) above shall be effective, if at all, only if the Allied Acquisition and the Initial Funding Date (as defined in the New Credit Agreement) shall have occurred on or before such date; and

6


 

 

 

(c)

 

unless waived by the Administrative Agent, all fees and expenses of the Administrative Agent and the Lenders (including the reasonable fees and expenses of counsel to the Administrative Agent to the extent invoiced prior to the Allied Acquisition Date) estimated to date in connection with this Amendment to the extent not previously paid shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).

For the avoidance of doubt, the conditions to any Credit Extension under the Credit Agreement on the Allied Acquisition Date for the purpose of consummating the Allied Acquisition shall be as set forth in the Amended Credit Agreement; provided that all conditions set forth in this Section 3 have been satisfied other than those to result from the funding of any such Credit Extension.

     4.  Representations and Warranties . In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

 

(a)

 

The representations and warranties of the Borrower contained in Article V of the Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

 

 

 

 

 

(b)

 

This Amendment has been duly authorized, executed and delivered by, and constitutes a legal, valid and binding obligation of, the Borrower, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally.

 

 

 

 

 

(c)

 

No Default has occurred and is continuing.

     5.  Entire Agreement . This Amendment, together with the Loan Documents (collectively, the “ Relevant Documents ”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

     6.  Full Force and Effect of Amendment . Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby

7


 

confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms.

     7.  Counterparts . This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Amendment.

     8.  Governing Law . This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of Florida.

     9.  Enforceability . Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

     10.  References . All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.

     11.  Successors and Assigns . This Amendment shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, the Lenders and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.

[Signature pages follow.]

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      IN WITNESS WHEREOF , the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

 

 

 

 

 

 

BORROWER:

REPUBLIC SERVICES, INC.

 

 

 

By:  

/s/ Edward A. Lang, III 

 

 

Name:  

 

Edward A. Lang, III 

 

 

Title:  

 

Vice President Finance & Treasurer 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

BANK OF AMERICA, N.A., as

 

 

 

 

Administrative Agent

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Ronaldo Naval 

 

 

 

 

Name:

 

Ronaldo Naval 

 

 

 

 

Title:

 

Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

BANK OF AMERICA, N.A., as a Lender, L/C

 

 

 

 

Issuer and Swing Line Lender

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Maria F. Maia 

 

 

 

 

Name:

 

Maria F. Maia 

 

 

 

 

Title:

 

Managing Director 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

CITIBANK, N.A.

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Thomas F. Faherty 

 

 

 

 

Name:

 

Thomas F. Faherty 

 

 

 

 

Title:

 

Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

JPMORGAN CHASE BANK, N.A. , as a Lender

 

 

 

 

and L/C Issuer

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Robert P. Carswell 

 

 

 

 

Name:

 

Robert P. Carswell 

 

 

 

 

Title:

 

Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

BARCLAYS BANK PLC

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Douglas Bernegger 

 

 

 

 

Name:

 

Douglas Bernegger 

 

 

 

 

Title:

 

Director 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

SUNTRUST BANK , as a Lender and L/C Issuer

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Robert Maddox 

 

 

 

 

Name:

 

Robert Maddox 

 

 

 

 

Title:

 

Director 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

BNP PARIBAS

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Fikret Durmus 

 

 

 

 

Name:

 

Fikret Durmus 

 

 

 

 

Title:

 

Vice President 

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ C. Palfer-Sollier 

 

 

 

 

 

 

 

 

 

 

 

Name:

 

C. Palfer-Sollier 

 

 

 

 

Title:

 

Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

UNION BANK OF CALIFORNIA, N.A.

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Marissa Petri 

 

 

 

 

Name:

 

Marissa Petri 

 

 

 

 

Title:

 

Assistant Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

COMERICA BANK , as a Lender and L/C Issuer

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Gerald R. Finney Jr. 

 

 

 

 

Name:

 

Gerald R. Finney Jr. 

 

 

 

 

Title:

 

Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

KBC BANK N.V.

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ William Cavanaugh 

 

 

 

 

Name:

 

William Cavanaugh 

 

 

 

 

Title:

 

Director 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Thomas G. Jackson 

 

 

 

 

Name:

 

Thomas G. Jackson 

 

 

 

 

Title:

 

First Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

MIZUHO CORPORATE BANK, LTD.

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Raymond Ventura 

 

 

 

 

Name:

 

Raymond Ventura 

 

 

 

 

Title:

 

Deputy General Manager 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

WACHOVIA BANK, NATIONAL

 

 

 

 

ASSOCIATION

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Robert Lozano 

 

 

 

 

Name:

 

Robert Lozano 

 

 

 

 

Title:

 

Senior Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Robert Krasnow 

 

 

 

 

Name:

 

Robert Krasnow 

 

 

 

 

Title:

 

Senior Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

THE BANK OF NEW YORK MELLON

 

 

 

 

(formerly known as The Bank of New York)

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Clifford A. Mull 

 

 

 

 

Name:

 

Clifford A. Mull 

 

 

 

 

Title:

 

First Vice President 

 

 

 

 

 

 

 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

WILLIAMS STREET COMMITMENT
CORPORATION

 

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

 

 

Name:

 

 

 

 

 

 

 

 

 

 

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

THE BANK OF NOVA SCOTIA

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Todd Meller 

 

 

 

 

Name:

 

Todd Meller 

 

 

 

 

Title:

 

Managing Director 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Blake Malia 

 

 

 

 

Name:

 

Blake Malia 

 

 

 

 

Title:

 

Assistant Vice President 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

 

 

 

 

 

 

 

 

 

UNICREDIT BANCA DI ROMA S.p.A., NEW
YORK BRANCH

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Linda Lee 

 

 

 

 

Name:

 

Linda Lee 

 

 

 

 

Title:

 

Assistant Treasurer 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Luce Balestra 

 

 

 

 

Name:

 

Luce Balestra 

 

 

 

 

Title:

 

Executive Vice President 

 

 

 

 

 

 

 

 

 

Republic Services, Inc.
Amendment No. 1 to Credit Agreement
Signature Page

 


 

EXHIBIT A

AMENDED CREDIT AGREEMENT

See attached.

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EXHIBIT B

FORM OF GUARANTY

      THIS GUARANTY AGREEMENT dated as of                          , 200___(this “ Guaranty Agreement ”), is being entered into among EACH OF THE UNDERSIGNED AND EACH OTHER PERSON WHO SHALL BECOME A PARTY HERETO BY EXECUTION OF A GUARANTY JOINDER AGREEMENT (each a “ Guarantor ” and collectively the “ Guarantors ”) and BANK OF AMERICA, N.A ., as Administrative Agent (in such capacity, the “ Administrative Agent ”) for each of the Guaranteed Parties (as defined in the Credit Agreement referenced below). All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement.

RECITALS :

     A. Pursuant to that certain Credit Agreement dated as of April 26, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “ Credit Agreement ”), among Republic Services, Inc., a Delaware corporation (the “ Borrower ”), the Administrative Agent, and the lenders now or hereafter party thereto (the “ Lenders ”), the Lenders have provided to the Borrower a revolving credit facility including letter of credit and swing line facilities.

     B. Certain additional extensions of credit may be made from time to time for the benefit of the Guarantors pursuant to certain Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements.

     C. The execution and delivery of this Guaranty Agreement is a condition precedent to the Guaranteed Parties’ obligations to make and maintain such extensions of credit.

     D. Each Guarantor is, directly or indirectly, a Domestic Subsidiary and will materially benefit from such extensions of credit.

     In order to induce the Guaranteed Parties to from time to time make and maintain extensions of credit under the Credit Agreement and under the Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements, the parties hereto agree as follows:

      1.  Guaranty . Each Guarantor hereby jointly and severally, unconditionally, absolutely, continually and irrevocably guarantees to the Administrative Agent for the benefit of the Guaranteed Parties the payment and performance in full of the Guaranteed Liabilities (as defined below). For all purposes of this Guaranty Agreement, “ Guaranteed Liabilities ” means: (a) the Borrower’s prompt payment in full, when due or declared due and at all such times, of all Obligations and all other amounts pursuant to the terms of the Credit Agreement, the Notes, and all other Loan Documents heretofore, now or at any time or times hereafter owing, arising, due or payable from the Borrower to any one or more of the Guaranteed Parties, including principal, interest, premiums and fees (including all fees and expenses of counsel (collectively, “ Attorneys’ Costs ”); (b) the Borrower’s prompt, full and faithful performance, observance and discharge of

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each and every agreement, undertaking, covenant and provision to be performed, observed or discharged by the Borrower under the Credit Agreement, the Notes and all other Loan Documents; and (c) the prompt payment in full by each Loan Party, when due or declared due and at all such times, of obligations and liabilities now or hereafter arising under the Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements. The Guarantors’ obligations to the Guaranteed Parties under this Guaranty Agreement are hereinafter collectively referred to as the “ Guarantors’ Obligations ” and, with respect to each Guarantor individually, the “ Guarantor’s Obligations ”. Notwithstanding the foregoing, the liability of each Guarantor individually with respect to its Guarantor’s Obligations shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provisions of any applicable state law.

     Each Guarantor agrees that it is jointly and severally, directly and primarily liable (subject to the limitation in the immediately preceding sentence) for the Guaranteed Liabilities.

     For purposes of this Guaranty Agreement, “ Facility Termination Date ” means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in full (other than (x) contingent indemnification obligations and (y) obligations and liabilities under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank have been made), and (c) all Letters of Credit have terminated or expired or been cancelled (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

      2.  Payment . If the Borrower shall default in payment or performance of any of the Guaranteed Liabilities, whether principal, interest, premium, fees (including, but not limited to, Attorneys’ Costs), or otherwise, when and as the same shall become due, and after expiration of any applicable grace period, whether according to the terms of the Credit Agreement, by acceleration, or otherwise, or upon the occurrence and during the continuance of any Event of Default, then any or all of the Guarantors will, upon written demand thereof by the Administrative Agent, fully pay to the Administrative Agent, for the benefit of the Guaranteed Parties, subject to any restriction on each Guarantor’s Obligations set forth in Section 1 hereof, an amount equal to all the Guaranteed Liabilities then due and owing.

      3.  Absolute Rights and Obligations . This is a guaranty of payment and not of collection. The Guarantors’ Obligations under this Guaranty Agreement shall be joint and several, absolute and unconditional irrespective of, and each Guarantor hereby expressly waives, to the extent permitted by law, any defense to its obligations under this Guaranty Agreement to which it is a party by reason of:

     (a) any lack of legality, validity or enforceability of the Credit Agreement, of any of the Notes, of any other Loan Document, of any Guaranteed Cash Management Agreement or Guaranteed Hedge Agreement or of any other agreement or instrument creating, providing security for, or otherwise relating to any of the Guarantors’

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Obligations, any of the Guaranteed Liabilities, or any other guaranty of any of the Guaranteed Liabilities (the Loan Documents, the Guaranteed Cash Management Agreements, the Guaranteed Hedge Agreements and all such other agreements and instruments being collectively referred to as the “ Related Agreements ”);

     (b) any action taken under any of the Related Agreements, any exercise of any right or power therein conferred, any failure or omission to enforce any right conferred thereby, or any waiver of any covenant or condition therein provided;

     (c) any acceleration of the maturity of any of the Guaranteed Liabilities, of the Guarantor’s Obligations of any other Guarantor, or of any other obligations or liabilities of any Person under any of the Related Agreements;

     (d) any release, exchange, non-perfection, lapse in perfection, disposal, deterioration in value, or impairment of any security for any of the Guaranteed Liabilities, for any of the Guarantor’s Obligations of any Guarantor, or for any other obligations or liabilities of any Person under any of the Related Agreements;

     (e) any dissolution of the Borrower or any Guarantor or any other party to a Related Agreement, or the combination or consolidation of the Borrower or any Guarantor or any other party to a Related Agreement into or with another entity or any transfer or disposition of any assets of the Borrower or any Guarantor or any other party to a Related Agreement;

     (f) any extension (including without limitation extensions of time for payment), renewal, amendment, restructuring or restatement of, any acceptance of late or partial payments under, or any change in the amount of any borrowings, other credit extensions or any credit facilities available under, the Credit Agreement, any of the Notes or any other Loan Document or any other Related Agreement, in whole or in part;

     (g) the existence, addition, modification, termination, reduction or impairment of value, or release of any other guaranty (or security therefor) of the Guaranteed Liabilities (including without limitation the Guarantor’s Obligations of any other Guarantor and obligations arising under any other Guaranty now or hereafter in effect);

     (h) any waiver of, forbearance or indulgence under, or other consent to any change in or departure from any term or provision contained in the Credit Agreement, any other Loan Document or any other Related Agreement, including without limitation any term pertaining to the payment or performance of any of the Guaranteed Liabilities, any of the Guarantor’s Obligations of any other Guarantor, or any of the obligations or liabilities of any party to any other Related Agreement; or

     (i) any other circumstance whatsoever (with or without notice to or knowledge of any Guarantor) which may or might in any manner or to any extent vary the risks of such Guarantor, or might otherwise constitute a legal or equitable defense available to, or discharge of, a surety or a guarantor, including without limitation any

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right to require or claim that resort be had to the Borrower or any other Loan Party or to any collateral in respect of the Guaranteed Liabilities or Guarantors’ Obligations.

It is the express purpose and intent of the parties hereto that this Guaranty Agreement and the Guarantors’ Obligations hereunder and under each Guaranty Joinder Agreement shall be absolute and unconditional under any and all circumstances and shall not be discharged except by payment as herein provided.

      4.  Currency and Funds of Payment . All Guarantors’ Obligations will be paid in lawful currency of the United States of America and in immediately available funds, regardless of any law, regulation or decree now or hereafter in effect that might in any manner affect the Guaranteed Liabilities, or the rights of any Guaranteed Party with respect thereto as against the Borrower, or cause or permit to be invoked any alteration in the time, amount or manner of payment by the Borrower of any or all of the Guaranteed Liabilities.

      5.  Events of Default . Without limiting the provisions of Section 2 hereof, in the event that there shall occur and be continuing an Event of Default, then notwithstanding any collateral or other security or credit support for the Guaranteed Liabilities, at the Administrative Agent’s election and without notice thereof or demand therefor (except as provided in the Credit Agreement), the Guarantors’ Obligations shall immediately be and become due and payable.

      6.  Subordination . Until this Guaranty Agreement is terminated in accordance with Section 21 hereof, each Guarantor hereby unconditionally subordinates all present and future debts, liabilities or obligations now or hereafter owing to such Guarantor (a) of the Borrower, to the payment in full of the Guaranteed Liabilities, (b) of every other Guarantor (an “obligated guarantor”), to the payment in full of the Guarantors’ Obligations of such obligated guarantor, and (c) of each other Person now or hereafter constituting a Loan Party, to the payment in full of the obligations of such Loan Party owing to any Guaranteed Party and arising under the Loan Documents, any Guaranteed Cash Management Agreement or any Guaranteed Hedge Agreement. All amounts due under such subordinated debts, liabilities, or obligations shall, upon the occurrence and during the continuance of an Event of Default, be collected and, upon request by the Administrative Agent, paid over forthwith to the Administrative Agent for the benefit of the Guaranteed Parties on account of the Guaranteed Liabilities, the Guarantors’ Obligations, or such other obligations, as applicable, and, after such request and pending such payment, shall be held by such Guarantor as agent and bailee of the Guaranteed Parties separate and apart from all other funds, property and accounts of such Guarantor.

      7.  Suits . Each Guarantor from time to time shall pay to the Administrative Agent for the benefit of the Guaranteed Parties, on written demand, at the Administrative Agent’s Office or such other address as the Administrative Agent shall give notice of to such Guarantor, the Guarantors’ Obligations as they become or are declared due, and in the event such payment is not made forthwith, the Administrative Agent may proceed to suit against any one or more or all of the Guarantors. At the Administrative Agent’s election, one or more and successive or concurrent suits may be brought hereon by the Administrative Agent against any one or more or all of the Guarantors, whether or not suit has been commenced against the Borrower, any other Guarantor, or any other Person and whether or not the Guaranteed Parties have taken or failed to

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Form of Guaranty

 


 

take any other action to collect all or any portion of the Guaranteed Liabilities or Guarantors’ Obligations or have taken or failed to take any actions against any collateral securing payment or performance of all or any portion of the Guaranteed Liabilities or Guarantors’ Obligations, and irrespective of any event, occurrence, or condition described in Section 3 hereof.

      8.  Set-Off and Waiver . Each Guarantor waives any right to assert against any Guaranteed Party as a defense, counterclaim, set-off, recoupment or cross claim in respect of its Guarantor’s Obligations, any defense (legal or equitable) or other claim which such Guarantor may now or at any time hereafter have against the Borrower or any or all of the Guaranteed Parties without waiving any additional defenses, set-offs, counterclaims or other claims otherwise available to such Guarantor.

      9.  Waiver of Notice; Subrogation .

     (a) Each Guarantor hereby waives to the extent permitted by law notice of the following events or occurrences: (i) acceptance of this Guaranty Agreement; (ii) the Guaranteed Parties’ heretofore, now or from time to time hereafter making Loans and issuing Letters of Credit and otherwise loaning monies or giving or extending credit to or for the benefit of the Borrower or any other Loan Party, or otherwise entering into arrangements with any Loan Party giving rise to Guaranteed Liabilities, whether pursuant to the Credit Agreement or the Notes or any other Loan Document or Related Agreement or any amendments, modifications, or supplements thereto, or replacements or extensions thereof; (iii) presentment, demand (other than any written demand expressly required hereunder), default, non-payment, partial payment and protest; and (iv) any other event, condition, or occurrence described in Section 3 hereof. Each Guarantor agrees that each Guaranteed Party may heretofore, now or at any time hereafter do any or all of the foregoing in such manner, upon such terms and at such times as each Guaranteed Party, in its sole and absolute discretion, deems advisable, without in any way or respect impairing, affecting, reducing or releasing such Guarantor from its Guarantor’s Obligations, and each Guarantor hereby consents to each and all of the foregoing events or occurrences.

     (b) Each Guarantor hereby agrees that payment or performance by such Guarantor of its Guarantor’s Obligations under this Guaranty Agreement may be enforced by the Administrative Agent on behalf of the Guaranteed Parties upon written demand by the Administrative Agent to such Guarantor without the Administrative Agent being required, such Guarantor expressly waiving to the extent permitted by law any right it may have to require the Administrative Agent, to (i) prosecute collection or seek to enforce or resort to any remedies against the Borrower or any other Guarantor or any other guarantor of the Guaranteed Liabilities, or (ii) seek to enforce or resort to any remedies with respect to any security interests, Liens or encumbrances granted to the Administrative Agent or any Lender or other party to a Related Agreement by the Borrower, any other Guarantor or any other Person on account of the Guaranteed Liabilities or any guaranty thereof, IT BEING EXPRESSLY UNDERSTOOD, ACKNOWLEDGED AND AGREED TO BY SUCH GUARANTOR THAT DEMAND UNDER THIS GUARANTY AGREEMENT MAY BE MADE BY THE

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ADMINISTRATIVE AGENT, AND THE PROVISIONS HEREOF ENFORCED BY THE ADMINISTRATIVE AGENT, EFFECTIVE AS OF THE FIRST DATE ANY EVENT OF DEFAULT OCCURS AND IS CONTINUING.

     (c) Each Guarantor further agrees with respect to this Guaranty Agreement that it shall have no right of subrogation, reimbursement, contribution or indemnity, nor any right of recourse to security for the Guaranteed Liabilities, unless and until 93 days immediately following the Facility Termination Date shall have elapsed without the filing or commencement, by or against any Loan Party, of any state or federal action, suit, petition or proceeding seeking any reorganization, liquidation or other relief or arrangement in respect of creditors of, or the appointment of a receiver, liquidator, trustee or conservator in respect to, such Loan Party or its assets. This waiver is expressly intended to prevent the existence of any claim in respect of such subrogation, reimbursement, contribution or indemnity by any Guarantor against the estate of any other Loan Party within the meaning of Section 101 of the Bankruptcy Code, in the event of a subsequent case involving any other Loan Party. If an amount shall be paid to any Guarantor on account of such rights at any time prior to termination of this Guaranty Agreement in accordance with the provisions of Section 21 hereof, such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent, for the benefit of the Guaranteed Parties, to be credited and applied upon the Guarantors’ Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or otherwise as the Guaranteed Parties may elect. The agreements in this subsection shall survive repayment of all of the Guarantors’ Obligations, the termination or expiration of this Guaranty Agreement in any manner, including but not limited to termination in accordance with Section 21 hereof, and occurrence of the Facility Termination Date.

      10.  Effectiveness; Enforceability . This Guaranty Agreement shall be effective as of the date first above written and shall continue in full force and effect until termination in accordance with Section 21 hereof. Any claim or claims that the Guaranteed Parties may at any time hereafter have against a Guarantor under this Guaranty Agreement may be asserted by the Administrative Agent on behalf of the Guaranteed Parties by written notice directed to such Guarantor in accordance with Section 23 hereof.

      11.  Representations and Warranties . Each Guarantor warrants and represents to the Administrative Agent, for the benefit of the Guaranteed Parties, that it has the power and authority and is duly authorized to execute and deliver this Guaranty Agreement (or the Guaranty Joinder Agreement to which it is a party, as applicable), and to perform its obligations under this Guaranty Agreement, that this Guaranty Agreement (or the Guaranty Joinder Agreement to which it is a party, as applicable) has been duly executed and delivered on behalf of such Guarantor by its duly authorized representatives; that this Guaranty Agreement (and any Guaranty Joinder Agreement to which such Guarantor is a party) is legal, valid, binding and enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles; and that such Guarantor’s execution, delivery and performance of this Guaranty Agreement (and any Guaranty

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Joinder Agreement to which such Guarantor is a party) do not require any consent or approval of any Person and do not violate or constitute a breach of any of its Organization Documents, any agreement or instrument to which such Guarantor is a party, or any law, order, regulation, decree or award of any governmental authority or arbitral body to which it or its properties or operations is subject.

      12.  Expenses . Each Guarantor agrees to be jointly and severally liable for the payment of all reasonable fees and expenses, including Attorneys’ Costs, incurred by any Guaranteed Party in connection with the enforcement of this Guaranty Agreement, whether or not suit be brought.

      13.  Reinstatement . Each Guarantor agrees that this Guaranty Agreement shall continue to be effective or be reinstated, as the case may be, if at any time payment received by any Guaranteed Party in respect of any Guaranteed Liabilities is rescinded or must be restored for any reason, or is repaid by any Guaranteed Party in whole or in part in good faith settlement of any pending or threatened avoidance claim.

      14.  Reliance . Each Guarantor represents and warrants to the Administrative Agent, for the benefit of the Guaranteed Parties, that: (a) such Guarantor has adequate means to obtain on a continuing basis (i) from the Borrower, information concerning the Loan Parties and the Loan Parties’ financial condition and affairs and (ii) from other reliable sources, such other information as it deems material in deciding to provide this Guaranty Agreement and any Guaranty Joinder Agreement (“ Other Information ”), and has full and complete access to the Loan Parties’ books and records and to such Other Information; (b) such Guarantor is not relying on any Guaranteed Party or its or their employees, directors, agents or other representatives or Affiliates, to provide any such information, now or in the future; (c) such Guarantor has been furnished with and reviewed the terms of the Credit Agreement and such other Loan Documents and Related Agreements as it has requested, is executing this Guaranty Agreement (or the Guaranty Joinder Agreement to which it is a party, as applicable) freely and deliberately, and understands the obligations and financial risk undertaken by providing this Guaranty Agreement (and any Guaranty Joinder Agreement); (d) such Guarantor has relied solely on such Guarantor’s own independent investigation, appraisal and analysis of the Borrower, the Borrower’s financial condition and affairs, the Other Information, and such other matters as it deems material in deciding to provide this Guaranty Agreement (and any Guaranty Joinder Agreement) and is fully aware of the same; and (e) such Guarantor has not depended or relied on any Guaranteed Party or its or their employees, directors, agents or other representatives or Affiliates, for any information whatsoever concerning the Borrower or the Borrower’s financial condition and affairs or any other matters material to such Guarantor’s decision to provide this Guaranty Agreement (and any Guaranty Joinder Agreement), or for any counseling, guidance, or special consideration or any promise therefor with respect to such decision. Each Guarantor agrees that no Guaranteed Party has any duty or responsibility whatsoever, now or in the future, to provide to such Guarantor any information concerning the Borrower or the Borrower’s financial condition and affairs, or any Other Information, other than as expressly provided herein, and that, if such Guarantor receives any such information from any Guaranteed Party or its or their employees, directors, agents or other representatives or Affiliates, such Guarantor will independently verify such information and will not rely on any Guaranteed Party or its or their

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employees, directors, agents or other representatives or Affiliates, with respect to such information.

      15.  Rules of Interpretation . The rules of interpretation contained in Section 1.02 of the Credit Agreement shall be applicable to this Guaranty Agreement and each Guaranty Joinder Agreement and are hereby incorporated by reference. All representations and warranties contained herein shall survive the delivery of documents and any extension of credit referred to herein or guaranteed hereby.

      16.  Entire Agreement . This Guaranty Agreement and each Guaranty Joinder Agreement, together with the Credit Agreement and other Loan Documents, constitutes and expresses the entire understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior negotiations, agreements, understandings, inducements, commitments or conditions, express or implied, oral or written, with respect to such subject matter except as herein contained. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. Except as provided in Section 21 hereof, neither this Guaranty Agreement nor any Guaranty Joinder Agreement nor any portion or provision hereof or thereof may be changed, altered, modified, supplemented, discharged, canceled, terminated, or amended orally or in any manner other than as provided in the Credit Agreement.

      17.  Binding Agreement; Assignment . This Guaranty Agreement, each Guaranty Joinder Agreement and the terms, covenants and conditions hereof and thereof, shall be binding upon and inure to the benefit of the parties hereto and thereto, and to their respective heirs, legal representatives, successors and assigns; provided , however , that no Guarantor shall be permitted to assign any of its rights, powers, duties or obligations under this Guaranty Agreement, any Guaranty Joinder Agreement or any other interest herein or therein without the prior written consent of the Administrative Agent. Without limiting the generality of the foregoing sentence of this Section 17 , any Lender may assign to one or more Persons, or grant to one or more Persons participations in or to, all or any part of its rights and obligations under the Credit Agreement (to the extent permitted by the Credit Agreement); and to the extent of any such assignment or participation such other Person shall, to the fullest extent permitted by law, thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, subject however, to the provisions of the Credit Agreement, including Article IX thereof (concerning the Administrative Agent) and Section 10.06 thereof concerning assignments and participations. All references herein to the Administrative Agent shall include any successor thereof.

      18. Guaranteed Cash Management Agreements and Guaranteed Hedging Agreements . No Guaranteed Party (other than the Administrative Agent) that obtains the benefit of this Guaranty Agreement shall have any right to notice of any action or to consent to, direct or object to any action hereunder (including the release, impairment or modification of any Guarantors’ Obligations or security therefor) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Guaranty Agreement to the contrary, the Administrative Agent shall only be required to verify the payment of, or that

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other satisfactory arrangements have been made with respect to, the Guaranteed Obligations arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements to the extent the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as it may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Guaranteed Party not a party to the Credit Agreement that obtains the benefit of this Guaranty Agreement shall be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of the Credit Agreement, and that with respect to the actions and omissions of the Administrative Agent hereunder or otherwise relating hereto that do or may affect such Guaranteed Party, the Administrative Agent and each of its Related Parties shall be entitled to all the rights, benefits and immunities conferred under Article IX of the Credit Agreement.

      19.  Severability . The provisions of this Guaranty Agreement are independent of and separable from each other. If any provision hereof shall for any reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof, but this Guaranty Agreement shall be construed as if such invalid or unenforceable provision had never been contained herein.

      20.  Counterparts . This Guaranty Agreement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Guaranty Agreement to produce or account for more than one such counterpart executed by the Guarantors against whom enforcement is sought. Without limiting the foregoing provisions of this Section 20 , the provisions of Section 10.10 of the Credit Agreement shall be applicable to this Guaranty Agreement.

      21.  Termination . Subject to reinstatement pursuant to Section 13 hereof, this Guaranty Agreement and each Guaranty Joinder Agreement, and all of the Guarantors’ Obligations hereunder (excluding those Guarantors’ Obligations relating to Guaranteed Liabilities that expressly survive such termination) shall terminate on the Facility Termination Date.

      22.  Remedies Cumulative; Late Payments . All remedies hereunder are cumulative and are not exclusive of any other rights and remedies of the Administrative Agent or any other Guaranteed Party provided by law or under the Credit Agreement, the other Related Agreements or other applicable agreements or instruments. The making of the Loans and other credit extensions pursuant to the Credit Agreement and other Related Agreements shall be conclusively presumed to have been made or extended, respectively, in reliance upon each Guarantor’s guaranty of the Guaranteed Liabilities pursuant to the terms hereof. Any amounts not paid when due under this Guaranty Agreement shall bear interest at the Default Rate.

      23.  Notices . Any notice required or permitted hereunder or under any Guaranty Joinder Agreement shall be given, (a) with respect to each Guarantor, at the address of the Borrower indicated in Schedule 10.02 of the Credit Agreement and (b) with respect to the Administrative Agent or any other Guaranteed Party, at the Administrative Agent’s address indicated in Schedule 10.02 of the Credit Agreement. All such addresses may be modified, and

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all such notices shall be given and shall be effective, as provided in Section 10.02 of the Credit Agreement for the giving and effectiveness of notices and modifications of addresses thereunder.

      24.  Joinder . Each Person that shall at any time execute and deliver to the Administrative Agent a Guaranty Joinder Agreement substantially in the form attached as Exhibit A hereto shall thereupon irrevocably, absolutely and unconditionally become a party hereto and obligated hereunder as a Guarantor, and all references herein and in the other Loan Documents to the Guarantors or to the parties to this Guaranty Agreement shall be deemed to include such Person as a Guarantor hereunder.

      25.  Governing Law; Venue; Waiver of Jury Trial .

      (a) THIS GUARANTY AGREEMENT AND EACH GUARANTY JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

      (b) EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY AGREES AND CONSENTS THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR ANY GUARANTY JOINDER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, UNITED STATES OF AMERICA AND, BY THE EXECUTION AND DELIVERY OF THIS GUARANTY AGREEMENT OR A GUARANTY JOINDER AGREEMENT, SUCH GUARANTOR EXPRESSLY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN, OR TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY, ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS GENERALLY AND UNCONDITIONALLY TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

      (c) EACH GUARANTOR AGREES THAT SERVICE OF PROCESS MAY BE MADE BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO THE ADDRESS FOR NOTICES TO SUCH GUARANTOR IN EFFECT PURSUANT TO SECTION 23 HEREOF, OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE LAWS IN EFFECT IN THE STATE OF NEW YORK.

      (d) NOTHING CONTAINED IN SUBSECTIONS (b) or (c) HEREOF SHALL PRECLUDE THE ADMINISTRATIVE AGENT FROM BRINGING ANY

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Form of Guaranty

 


 

SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR ANY GUARANTY JOINDER AGREEMENT OR ANY OTHER LOAN DOCUMENT IN THE COURTS OF ANY JURISDICTION WHERE ANY GUARANTOR OR ANY OF SUCH GUARANTOR’S PROPERTY OR ASSETS MAY BE FOUND OR LOCATED. TO THE EXTENT PERMITTED BY THE APPLICABLE LAWS OF ANY SUCH JURISDICTION, EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT AND EXPRESSLY WAIVES, IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING, OBJECTION TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY ANY SUCH OTHER COURT OR COURTS WHICH NOW OR HEREAFTER MAY BE AVAILABLE UNDER APPLICABLE LAW.

      (e) IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER OR RELATED TO THIS GUARANTY AGREEMENT OR ANY GUARANTY JOINDER AGREEMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION THEREWITH, EACH GUARANTOR AND THE ADMINISTRATIVE AGENT ON BEHALF OF THE GUARANTEED PARTIES HEREBY AGREE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND HEREBY IRREVOCABLY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT ANY SUCH PERSON MAY HAVE TO TRIAL BY JURY IN ANY SUCH ACTION, SUIT OR PROCEEDING.

      (f) EACH GUARANTOR HEREBY EXPRESSLY WAIVES ANY OBJECTION IT MAY HAVE THAT ANY COURT TO WHOSE JURISDICTION IT HAS SUBMITTED PURSUANT TO THE TERMS HEREOF IS AN INCONVENIENT FORUM.

[Signature page follows.]

G-12
Form of Guaranty

 


 

      IN WITNESS WHEREOF , the parties hereto have duly executed and delivered this Guaranty Agreement as of the day and year first written above.

 

 

 

 

 

 

 

 

 

GUARANTORS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

 

 

Name:

 

 

 

 

 

 

 

 

 

 

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADMINISTRATIVE AGENT:

 

 

 

 

 

 

 

 

 

 

 

BANK OF AMERICA, N.A ., as Administrative

 

 

 

 

Agent

 

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

 

 

Name:

 

 

 

 

 

 

 

 

 

 

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

13


 

EXHIBIT A

Form of Guaranty Joinder Agreement

GUARANTY JOINDER AGREEMENT

      THIS GUARANTY JOINDER AGREEMENT dated as of                      , 20     (this “ Guaranty Joinder Agreement ”), is made by                                                              , a                        (the “ Joining Guarantor ”), in favor of BANK OF AMERICA, N.A. , in its capacity as Administrative Agent (the “ Administrative Agent ”) for the Guaranteed Parties (as defined in the Guaranty Agreement referenced below; all capitalized terms used but not defined herein shall have the meanings given to such terms in such Guaranty Agreement).

RECITALS:

     A. Certain Domestic Subsidiaries of Republic Services, Inc., a Delaware corporation (the “ Borrower ”), are party to a Guaranty Agreement dated as of                      , 200   (as in effect on the date hereof, the “ Guaranty Agreement ”).

     B. The Joining Guarantor is a Domestic Subsidiary and is required by the terms of the Credit Agreement to be joined as a party to the Guaranty Agreement as a Guarantor.

     C. The Joining Guarantor will materially benefit directly and indirectly from the making and maintenance of the extensions of credit made from time to time under the Credit Agreement, Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements.

     In order to induce the Guaranteed Parties to from time to time make and maintain extensions of credit under the Credit Agreement, Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements, the Joining Guarantor hereby agrees as follows:

      1.  Joinder . The Joining Guarantor hereby irrevocably, absolutely and unconditionally becomes a party to the Guaranty Agreement as a Guarantor and bound by all the terms, conditions, obligations, liabilities and undertakings of each Guarantor or to which each Guarantor is subject thereunder, including without limitation the joint and several, unconditional, absolute, continuing and irrevocable guarantee to the Administrative Agent for the benefit of the Guaranteed Parties of the payment and performance in full of the Guaranteed Liabilities whether now existing or hereafter arising, all with the same force and effect as if the Joining Guarantor were a signatory to the Guaranty Agreement.

      2.  Affirmations . The Joining Guarantor hereby acknowledges and reaffirms as of the date hereof with respect to itself, its properties and its affairs each of the waivers, representations, warranties, acknowledgements and certifications applicable to any Guarantor contained in the Guaranty Agreement.

14


 

      3.  Severability . The provisions of this Guaranty Joinder Agreement are independent of and separable from each other. If any provision hereof shall for any reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof, but this Guaranty Joinder Agreement shall be construed as if such invalid or unenforceable provision had never been contained herein.

      4.  Counterparts . This Guaranty Joinder Agreement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Guaranty Joinder Agreement to produce or account for more than one such counterpart executed by the Joining Guarantor. Without limiting the foregoing provisions of this Section 4 , the provisions of Section 10.10 of the Credit Agreement shall be applicable to this Guaranty Joinder Agreement.

      5.  Delivery . The Joining Guarantor hereby irrevocably waives notice of acceptance of this Guaranty Joinder Agreement and acknowledges that the Guaranteed Liabilities are and shall be deemed to be incurred, and credit extensions under the Loan Documents, Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements made and maintained, in reliance on this Guaranty Joinder Agreement and the Joining Guarantor’s joinder as a party to the Guaranty Agreement as herein provided.

      6.  Governing Law; Venue; Waiver of Jury Trial . The provisions of Section 25 of the Guaranty Agreement are hereby incorporated by reference as if fully set forth herein.

[Signature page follows.]

15


 

      IN WITNESS WHEREOF , the Joining Guarantor has duly executed and delivered this Guaranty Joinder Agreement as of the day and year first written above.

 

 

 

 

 

 

 

 

 

JOINING GUARANTOR:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

 

 

Name:

 

 

 

 

 

 

 

 

 

 

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

16


 

EXHIBIT C

OPINION MATTERS

As used below, the term, “ Transaction Documents ” means the following:

1.

 

the Amendment;

 

 

 

2.

 

the Credit Agreement (as amended by the Amendment);

 

 

 

3.

 

the Notes

 

 

 

4.

 

the Guaranty; and

 

 

 

5.

 

the Guaranty Joinder Agreement.

The following opinions shall be delivered on the Initial Funding Date by Akerman Senterfitt limited, in the cases of 1, 2(a), 2(b) and 3 to the laws of the States of California, Florida, Maryland, New York and Virginia and the Delaware limited liability company act and general corporation law. Local counsel shall deliver 1, 2(a), 2(b), and 3 with respect to other jurisdictions not .

     Each Loan Party is a corporation, limited liability company or limited partnership, as the case may be, validly existing and in good standing under the laws of the jurisdiction of its organization.

     Each Loan Party has the requisite corporate, limited liability company or limited partnership power and authority, as the case may be, to execute, deliver and perform its obligations under each of the Transaction Documents to which it is a party. Such execution and delivery, and the repayment of its obligations thereunder:

          has been duly authorized by all necessary and proper corporate, limited partnership or limited liability company action, as the case may be, of such Loan Party;

          does not violate the Organizational Documents of such Loan Party or require any approval of such Loan Party’s shareholders, members, managers, limited partners or general partners, as the case may be, which has not been obtained;

          will not violate any law or regulation of the State of New York or any law or regulation of the United States of America (including, without limitation, Regulations T, U or X), in each case, applicable to such Loan Party; and

          will not (i) conflict with, violate or constitute a breach of any contract, agreement, indenture, lease, instrument, commitment, judgment, writ, determination, order, decree or arbitral award to which such Loan Party is a party or by which such Loan Party or any of its properties is bound and which is specifically identified to us in the Officers’ Certificates as material to the Credit Parties, taken as a whole, or (ii) to our actual knowledge, without independent

17


 

investigation, result in the creation or imposition of any lien, pledge, charge or encumbrance of any nature upon or with respect to any of the properties of such Loan Party.

     Each of the Transaction Documents has been duly executed and delivered by a duly authorized officer or signatory of the Loan Party delivering the same.

     No approval by, authorization of, or filing with any agency or instrumentality of the United States or the State of New York is necessary in connection with the execution and delivery by each of the Credit Parties of the Transaction Documents to which it is a party or each Loan Party’s performance of its obligations thereunder, except for approvals or authorizations which have been obtained and filings which have been made.

     Each of the Transaction Documents constitutes the valid and binding obligation of each Loan Party that is a party thereto, enforceable against such Loan Party in accordance with its terms.

     To our actual knowledge, without independent investigation, and based solely on our review of the Officers’ Certificates, there is no pending or threatened in writing, action, suit, investigation or proceeding before or by any court, or governmental department, commission, board, bureau, instrumentality, agency or arbitral authority, which calls into question the validity or enforceability of any of the Transaction Documents.

     No documentary stamp, intangible, excise or other tax is payable to any governmental authority of the State of Florida in connection with the execution and delivery of any of the Transaction Documents.

     You also have requested our opinion as to the enforceability under Florida law of the Florida choice of law provisions contained in the Transaction Documents. We note that as of the date hereof, the Company has its principal place of business and chief executive office in Florida and that the loan documents evidencing the Loans (including the Transaction Documents) have been negotiated by the Company in Florida. In addition, we note that by their terms the Transaction Documents expressly select the laws of the State of Florida as the law governing their interpretation. Based upon the foregoing facts, it is our opinion that it is more likely than not that a “normal” and “reasonable” relationship exists between the transaction evidenced by the Transaction Documents and the State of Florida, and therefore, under the holding of Continental Mortgage Investors v. Sailboat Key, Inc. , 395 So. 2d. 507 (Fla. 1981), and the line of subsequent related decisions, while the matter is not free from doubt, it is our opinion that, if the matter were properly presented today to a court in Florida having jurisdiction, and assuming interpretation of the relevant law on a basis consistent with existing authority, it is more likely than not that a Florida court (or a federal court applying Florida choice of law rules) would conclude as binding the designation of Florida as the jurisdiction whose law is to govern the provisions of the Transaction Documents.

18


 

Exhibit A to
Amendment No. 1

 

 

Published CUSIP Number: 760760AA6

CREDIT AGREEMENT

Dated as of April 26, 2007
as amended by
Amendment No. 1 to Credit Agreement dated September 18, 2008

(effective as of the Allied Acquisition Date defined therein)

among

REPUBLIC SERVICES, INC.,
as the Borrower,

BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender
and
L/C Issuer,

CITIBANK, N.A.,
as Syndication Agent

JPMORGAN CHASE BANK, N.A. ,
BARCLAYS BANK PLC and
SUNTRUST BANK ,
as Co-Documentation Agents

The Other Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC
and
CITIGROUP GLOBAL MARKETS INC.,
as Joint Lead Arrangers and Joint Book Managers

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

Section

 

Page

1.01 Defined Terms

 

 

1

 

 

 

 

 

 

1.02 Other Interpretive Provisions

 

 

26

 

 

 

 

 

 

1.03 Accounting Terms

 

 

26

 

 

 

 

 

 

1.04 Rounding

 

 

27

 

 

 

 

 

 

1.05 Times of Day

 

 

27

 

 

 

 

 

 

1.06 Letter of Credit Amounts

 

 

27

 

 

 

 

 

 

2.01 Committed Loans

 

 

27

 

 

 

 

 

 

2.02 Borrowings, Conversions and Continuations of Committed Loans

 

 

28

 

 

 

 

 

 

2.03 Letters of Credit

 

 

29

 

 

 

 

 

 

2.04 Swing Line Loans

 

 

38

 

 

 

 

 

 

2.05 Prepayments

 

 

41

 

 

 

 

 

 

2.06 Termination or Reduction of Commitments

 

 

42

 

 

 

 

 

 

2.07 Repayment of Loans

 

 

43

 

 

 

 

 

 

2.08 Interest

 

 

43

 

 

 

 

 

 

2.09 Fees

 

 

44

 

 

 

 

 

 

2.10 Computation of Interest and Fees

 

 

44

 

 

 

 

 

 

2.11 Evidence of Debt

 

 

44

 

 

 

 

 

 

2.12 Payments Generally; Administrative Agent’s Clawback

 

 

45

 

 

 

 

 

 

2.13 Sharing of Payments by Lenders

 

 

47

 

 

 

 

 

 

2.14 Increase in Commitments

 

 

48

 

 

 

 

 

 

3.01 Taxes

 

 

49

 

 

 

 

 

 

3.02 Illegality

 

 

53

 

 

 

 

 

 

3.03 Inability to Determine Rates

 

 

53

 

 

 

 

 

 

3.04 Increased Costs

 

 

53

 

 

 

 

 

 

3.05 Compensation for Losses

 

 

55

 

 

 

 

 

 

3.06 Mitigation Obligations; Replacement of Lenders

 

 

55

 

 

 

 

 

 

3.07 Survival

 

 

56

 

 

 

 

 

 

4.01 Conditions of Initial Credit Extension

 

 

56

 

 

 

 

 

 

4.02 Conditions to all Credit Extensions

 

 

57

 

 

 

 

 

 

5.01 Corporate Existence and Power

 

 

58

 

 

 

 

 

 

i


 

 

 

 

 

 

Section

 

Page

5.02 Corporate Authorization; No Contravention

 

 

59

 

 

 

 

 

 

5.03 Governmental Authorization

 

 

59

 

 

 

 

 

 

5.04 Binding Effect

 

 

59

 

 

 

 

 

 

5.05 Litigation

 

 

59

 

 

 

 

 

 

5.06 No Default

 

 

60

 

 

 

 

 

 

5.07 ERISA Compliance

 

 

60

 

 

 

 

 

 

5.08 Use of Proceeds; Margin Regulations

 

 

60

 

 

 

 

 

 

5.09 Title to Properties

 

 

61

 

 

 

 

 

 

5.10 Taxes

 

 

61

 

 

 

 

 

 

5.11 Financial Condition

 

 

61

 

 

 

 

 

 

5.12 Environmental Matters

 

 

61

 

 

 

 

 

 

5.13 Regulated Entities

 

 

61

 

 

 

 

 

 

5.14 No Burdensome Restrictions

 

 

62

 

 

 

 

 

 

5.15 Copyrights, Patents, Trademarks and Licenses, Etc

 

 

62

 

 

 

 

 

 

5.16 Subsidiaries

 

 

62

 

 

 

 

 

 

5.17 Insurance

 

 

62

 

 

 

 

 

 

5.18 Solvency

 

 

62

 

 

 

 

 

 

5.19 Full Disclosure

 

 

62

 

 

 

 

 

 

6.01 Financial Statements

 

 

63

 

 

 

 

 

 

6.02 Certificates; Other Information

 

 

63

 

 

 

 

 

 

6.03 Notices

 

 

65

 

 

 

 

 

 

6.04 Preservation of Corporate Existence, Etc

 

 

66

 

 

 

 

 

 

6.05 Maintenance of Property

 

 

66

 

 

 

 

 

 

6.06 Insurance

 

 

66

 

 

 

 

 

 

6.07 Tax Obligations

 

 

67

 

 

 

 

 

 

6.08 Compliance with Laws; Contractual Obligations

 

 

67

 

 

 

 

 

 

6.09 Compliance with ERISA

 

 

67

 

 

 

 

 

 

6.10 Inspection of Property and Books and Records

 

 

67

 

 

 

 

 

 

6.11 Environmental Laws

 

 

67

 

 

 

 

 

 

6.12 Use of Proceeds

 

 

68

 

 

 

 

 

 

6.13 Additional Guarantors

 

 

68

 

 

 

 

 

 

ii


 

 

 

 

 

 

Section

 

Page

7.01 Financial Condition Covenants

 

 

68

 

 

 

 

 

 

7.02 Limitation on Liens

 

 

68

 

 

 

 

 

 

7.03 Disposition of Assets

 

 

70

 

 

 

 

 

 

7.04 Consolidations and Mergers

 

 

71

 

 

 

 

 

 

7.05 Loans and Investments

 

 

71

 

 

 

 

 

 

7.06 Limitation on Secured Indebtedness

 

 

72

 

 

 

 

 

 

7.07 Transactions with Affiliates

 

 

73

 

 

 

 

 

 

7.08 Use of Proceeds

 

 

73

 

 

 

 

 

 

7.09 Restricted Payments

 

 

73

 

 

 

 

 

 

7.10 ERISA

 

 

74

 

 

 

 

 

 

7.11 Change in Business

 

 

74

 

 

 

 

 

 

7.12 Burdensome Agreements

 

 

74

 

 

 

 

 

 

8.01 Event of Default

 

 

74

 

 

 

 

 

 

8.02 Remedies

 

 

76

 

 

 

 

 

 

8.03 Rights Not Exclusive

 

 

77

 

 

 

 

 

 

8.04 Application of Receipts

 

 

77

 

 

 

 

 

 

9.01 Appointment and Authority

 

 

78

 

 

 

 

 

 

9.02 Rights as a Lender

 

 

78

 

 

 

 

 

 

9.03 Exculpatory Provisions

 

 

79

 

 

 

 

 

 

9.04 Reliance by Administrative Agent

 

 

79

 

 

 

 

 

 

9.05 Delegation of Duties

 

 

80

 

 

 

 

 

 

9.06 Resignation of Administrative Agent

 

 

80

 

 

 

 

 

 

9.07 Non-Reliance on Administrative Agent and Other Lenders

 

 

81

 

 

 

 

 

 

9.08 No Other Duties, Etc

 

 

81

 

 

 

 

 

 

9.09 Administrative Agent May File Proofs of Claim

 

 

81

 

 

 

 

 

 

9.10 Guaranty Matters

 

 

82

 

 

 

 

 

 

9.11 Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements

 

 

82

 

 

 

 

 

 

9.12 Release of Guarantors

 

 

82

 

 

 

 

 

 

10.01 Amendments, Etc

 

 

83

 

 

 

 

 

 

10.02 Notices; Effectiveness; Electronic Communication

 

 

84

 

 

 

 

 

 

10.03 No Waiver; Cumulative Remedies

 

 

86

 

 

 

 

 

 

iii


 

 

 

 

 

 

Section

 

Page

10.04 Expenses; Indemnity; Damage Waiver

 

 

87

 

 

 

 

 

 

10.05 Payments Set Aside

 

 

89

 

 

 

 

 

 

10.06 Successors and Assigns

 

 

89

 

 

 

 

 

 

10.07 Treatment of Certain Information; Confidentiality

 

 

93

 

 

 

 

 

 

10.08 Right of Setoff

 

 

94

 

 

 

 

 

 

10.09 Interest Rate Limitation

 

 

94

 

 

 

 

 

 

10.10 Counterparts; Integration; Effectiveness

 

 

95

 

 

 

 

 

 

10.11 Survival of Representations and Warranties

 

 

95

 

 

 

 

 

 

10.12 Severability

 

 

95

 

 

 

 

 

 

10.13 Replacement of Lenders

 

 

95

 

 

 

 

 

 

10.14 Governing Law; Jurisdiction; Etc

 

 

96

 

 

 

 

 

 

10.15 Waiver of Jury Trial

 

 

97

 

 

 

 

 

 

10.16 No Advisory or Fiduciary Responsibility

 

 

98

 

 

 

 

 

 

10.17 USA PATRIOT Act Notice

 

 

98

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

 

 

S-1

 

iv


 

SCHEDULES

 

 

 

 

 

 

 

 

 

 

1.01

(a)

 

Allied Unrestricted Subsidiaries

 

 

 

1.01

(b)

 

Excluded Subsidiaries

 

 

 

2.01

 

 

Commitments and Applicable Percentages

 

 

 

2.03

 

 

Existing Letters of Credit

 

 

 

5.07

 

 

ERISA Matters

 

 

 

5.12

 

 

Environmental Matters

 

 

 

5.16

 

 

Subsidiaries and Minority Interests

 

 

 

7.02

 

 

Existing Liens

 

 

 

7.05

(b)

 

Permitted RMI Investments

 

 

 

7.06

 

 

Existing Secured Indebtedness

 

 

 

7.12

 

 

Existing Burdensome Agreements

 

 

 

10.02

 

Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS

 

 

 

 

 

 

 

 

 

Form of

 

 

 

 

 

 

 

A

 

Committed Loan Notice

 

 

B

 

Swing Line Loan Notice

 

 

C

 

Note

 

 

D

 

Compliance Certificate

 

 

E-1

 

Assignment and Assumption

 

 

E-2

 

Administrative Questionnaire

 

 

F

 

Opinion Matters

 

 

G

 

Guaranty

 

 

H

 

Report of Letter of Credit Information

v


 

CREDIT AGREEMENT

     This CREDIT AGREEMENT (this “ Agreement ”) is entered into as of April 26, 2007, among REPUBLIC SERVICES, INC. , a Delaware corporation (the “ Borrower ”), each lender from time to time party hereto (collectively, the “ Lenders ” and individually, a “ Lender ”), and BANK OF AMERICA, N.A. , as Administrative Agent, Swing Line Lender and an L/C Issuer.

     The Borrower has requested that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS

      1.01 Defined Terms . As used in this Agreement, the following terms shall have the meanings set forth below:

     “ Acquired Plan ” means any Plan which was originally established and maintained by a Person other than the Borrower or an ERISA Affiliate and which became, or hereafter becomes, a Plan as a result of an Acquisition by the Borrower or any Subsidiary.

     “ Acquisition ” means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of in excess of 50% of the capital stock, partnership interests, membership interests or equity of any Person, or otherwise causing any Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is a Subsidiary) provided that the Borrower or the Subsidiary is the surviving entity.

     “ Administrative Agent ” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

     “ Administrative Agent’s Office ” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02 , or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

     “ Administrative Questionnaire ” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form approved by the Administrative Agent.

     “ Affiliate ” means, with respect to any Person, another