Exhibit 4.6
AMENDMENT NO. 1 TO
REVOLVING CREDIT
AGREEMENT
This AMENDMENT NO. 1 TO REVOLVING CREDIT
AGREEMENT , dated as of October __, 2008 (this “
Amendment ”), is by and among (a) Waste Connections,
Inc., a Delaware corporation (the “ Parent ”),
each Subsidiary of the Parent from time to time party to the Credit
Agreement referred to below (the “ Subsidiaries
” and, together with the Parent, the “ Borrowers
”), (b) each of the banks and other lending institutions from
time to time party to the Credit Agreement referred to below (each
a “ Lender ” and, collectively, the “
Lenders ”), and (c) Bank of America, N.A., as
administrative agent (the “ Administrative Agent
”) for the Lenders. Capitalized terms used herein
without definition shall have the meanings assigned to such terms
in the Credit Agreement referred to below.
WHEREAS , the Borrowers, the Lenders and the
Administrative Agent are party to that certain Revolving Credit
Agreement, dated as of September 27, 2007 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the
“ Credit Agreement ”);
WHEREAS , the Borrowers and the Required Lenders desire
to amend certain provisions of the Credit Agreement as provided
more fully herein below;
NOW THEREFORE , in consideration of the mutual agreements
contained in the Credit Agreement and herein and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as
follows:
§1.
Amendments to the Credit Agreement .
§1.1.
Amendments to §1 of the Credit Agreement
(Definitions ). Section 1 of the Credit
Agreement is hereby amended by inserting the following new
definitions in the proper alphabetical order therein:
“Auto-Reinstatement Letter of
Credit. See §3.1.8.
Non-Reinstatement Deadline. See
§3.1.8.”
§1.2.
Amendments to §3 of the Credit Agreement (Letters of
Credit) . Section 3 of the Credit Agreement is
hereby amended by:
(a) deleting
the first sentence of Section 3.1.1(a) thereof in its entirety and
substituting the following new sentence therefor:
“Subject to the terms and conditions
hereof and the execution and delivery by the Borrowers of a letter
of credit application on the Issuing Lender’s customary form
(a “ Letter of Credit Application ”), the
Issuing Lender on behalf of the Revolving Credit Lenders and in
reliance upon the agreement of the Revolving Credit Lenders set
forth in §3.1.4 and upon the representations and warranties of
the Borrowers contained herein, agrees, in its individual capacity,
to issue, extend, maintain, reinstate or deem reinstated for the
account of any of the Borrowers one or more standby letters of
credit (each, a “ Letter of Credit ”) including,
in the case of L/C Supported IRBs, so called direct pay Letters of
Credit to support the payment and performance of an IRB (each, an
“ IRB Letter of Credit ”), in such form as may
be requested from time to time by the Borrowers and agreed to by
the Issuing Lender; provided , however , that, after
giving effect to such request, (i) the Maximum Drawing Amount
plus all Unpaid Reimbursement Obligations shall not exceed
$500,000,000 and (ii) the Maximum Drawing Amount plus all
Unpaid Reimbursement Obligations plus the aggregate
outstanding amount of all Revolving Credit Loans, plus the
aggregate outstanding amount of all Swing Line Loans shall not
exceed the Total Revolving Credit Commitment.”
(b) deleting
subclauses (v) and (vi) of Section 3.1.1(b) thereof in their
entirety and substituting the following new subclauses in the
proper alphabetical and numerical order therefor:
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a default of
any Revolving Credit Lender’s obligations to fund under
§3.3 exists or any Revolving Credit Lender is at such time a
Delinquent Lender hereunder, unless the Issuing Lender has entered
into arrangements satisfactory to the Issuing Lender with the
Borrowers or such Revolving Credit Lender to eliminate the Issuing
Lender’s risk with respect to such Revolving Credit Lender,
including, without limitation, through the provision of cash
collateral or similar security for the benefit of the Issuing
Lender.”
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(c) inserting
the following new Section 3.1.8 immediately following Section 3.1.7
therein:
“
3.1.8 Auto
Reinstatement Letters of Credit . If any
Borrower so requests in any applicable Letter of Credit
Application, the Issuing Lender may, in its sole and absolute
discretion, agree to issue or deem issued 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 the Issuing
Lender, the Borrowers shall not be required to make a specific
request to the Issuing Lender 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 Issuing Lender 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 the Issuing Lender 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 ”),
the Issuing Lender 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 the Borrowers
that one or more of the applicable conditions specified in §10
is not then satisfied (treating such reinstatement as an extension
of such Letter of Credit for purposes of this
§3.1.8).”
§2.
Affirmation of the Borrowers . Each
Borrower hereby ratifies and confirms all of its Obligations to the
Administrative Agent and the Lenders, including, without
limitation, the Loans and the Reimbursement Obligations, and each
Borrower hereby affirms its absolute and unconditional promise to
pay to the Administrative Agent and the Lenders, as applicable, the
Loans, the Reimbursement Obligations and all other amounts due
under the Credit Agreement, as amended hereby, and the other Loan
Documents, at the times and in the amounts provided for
therein. Each Borrower confirms and agrees that all
references to the term “Credit Agreement” in the Loan
Documents shall hereafter refer to the Credit Agreement as amended
hereby.
§3.
Representations and Warranties . Each
Borrower hereby represents and warrants to the Administrative Agent
and the Lenders as follows:
(a) The
execution and delivery by such Borrower of this Amendment and the
performance by such Borrower of its obligations and agreements
under this Amendment and the Credit Agreement as amended hereby are
within the corporate authority of such Borrower, have been duly
authorized by all necessary
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