EXECUTION
VERSION
FIRST
AMENDMENT
TO
AMENDED AND
RESTATED
REVOLVING CREDIT AND TERM
LOAN AGREEMENT
This
FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
AND TERM LOAN AGREEMENT (this “ First
Amendment ”) is made and entered into as of the 16th day
of November, 2006, by and among WASTE CONNECTIONS,
INC. , a Delaware corporation (the “ Parent
”), the Subsidiaries of the Parent identified on Schedule
2 to the Credit Agreement defined below (together with the
Parent, collectively the “ Borrowers ”), each
lender from time to time party to the Credit Agreement
(collectively, the “ Lenders ” and,
individually, a “ Lender ”), BANK OF
AMERICA, N.A. , as administrative agent for the Lenders
(the “ Administrative Agent ”) and
DEUTSCHE BANK SECURITIES, INC. , as syndication
agent for the Lenders (the “ Syndication Agent
”).
WHEREAS , the Borrowers, the Lenders, the Administrative
Agent and the Syndication Agent are party to that certain Amended
and Restated Revolving Credit and Term Loan Agreement dated as of
January 12, 2006, (as the same may be amended and in effect from
time to time, the “ Credit Agreement ”),
pursuant to which the Lenders party thereto (the “
Existing Lenders ”) have extended credit to the
Borrowers on the terms set forth therein;
WHEREAS , the Borrowers have requested that the Lenders
and the Administrative Agent make certain amendments to the Credit
Agreement with respect to the maturity and pricing of the
Loans,
WHEREAS, certain of the Existing Lenders have notified
the Administrative Agent and the Borrowers that they will withdraw
as Lenders under the Credit Agreement (the “ Withdrawing
Lenders ”) as of the Effective Date (as defined
below);
WHEREAS, the Lenders that are not Withdrawing Lenders
wish to remain as parties to the Credit Agreement and, as
applicable, either maintain or increase their respective Commitment
Percentage (the “ Continuing Lenders ”); and
WHEREAS, the Continuing Lenders and the Administrative
Agent are willing to amend the Credit Agreement on the terms set
forth herein;
NOW,
THEREFORE , in
consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1.
Definitions .
Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Credit Agreement.
2. Amendments
to §1.1 of the Credit Agreement . §1.1 of the Credit Agreement is hereby
amended by:
(a)
deleting the table contained within
the definition of “Pricing Table” in its entirety and
substituting in lieu thereof the following table:
|
Level
|
Leverage
Ratio
|
Applicable
Eurodollar
Margin
(per
annum)
|
Applicable
Base
Rate
Margin
(
per
annum)
|
Applicable
L/C
Margin
(per
annum)
|
Applicable
Commitment
Rate
(per
annum)
|
|
I
|
Greater than or
equal to 3.25:1
|
1.375%
|
0.00%
|
1.375%
|
0.250%
|
|
II
|
Greater than or
equal to 2.75:1
but less than
3.25:1
|
1.125%
|
0.00%
|
1.125%
|
0.200%
|
|
III
|
Greater than or
equal to 2.25:1
but less than
2.75:1
|
0.875%
|
0.00%
|
0.875%
|
0.175%
|
|
IV
|
Less than
2.25:1
|
0.750%
|
0.00%
|
0.750%
|
0.150%
|
(b) deleting the reference to “$850,000,000
on the Closing Date” which appears in the definition of
“Total Revolving Credit Commitment” and substituting in
place thereof the dollar amount
“$750,000,000.”
(c) deleting the date “January 12,
2011” which appears in subsection (i) of the definition of
“Revolving Credit Maturity Date” and substituting in
place thereof the date “January 12, 2012.”
3. Amendments
to §18 of the Credit Agreement . §18 of the Credit Agreement is
hereby amended by:
(a) deleting the dollar amount
“$1,050,000,000” which appears in subsection (g)(ii) of
such Section and substituting in place thereof the dollar amount
“$1,000,000,000;” and
(b) inserting the words “occurring after
November 16, 2006” immediately after the words “
minus any previously effected permanent reductions of the
Total Revolving Credit Commitment and prepayments of the Term
Loan” which appear in subsection (g)(ii) of such
Section.
4. Amendments
to Schedule 1 of the Credit Agreement . Schedule 1 of the Credit Agreement is hereby
amended by deleting such Schedule in its entirety and substituting
in lieu thereof Schedule 1 as set forth on Schedule A
attached hereto.
5. No
Waiver. Except as a
result of the amendments set forth in §§2, 3 and 4 of
this First Amendment, nothing contained herein shall be deemed to
(i) constitute a waiver of any Default or Event of Default that may
heretofore or hereafter occur or has occurred and is continuing or
to otherwise modify any provision of the Credit Agreement, or (ii)
give rise to any defenses or counterclaims to the Administrative
Agent’s or any of the Lenders’ right to compel payment
of the Obligations when due or to otherwise enforce their
respective rights and remedies under the Credit Agreement and the
other Loan Documents.
6.
Fees. The
Borrowers hereby promise to pay, on the Effective Date, in
consideration of each Continuing Lender consenting to this First
Amendment, any upfront fee payable to each Continuing Lender, which
upfront fee shall be earned as of the Effective Date.
7. Conditions
to Effectiveness. This First Amendment shall become effective as
of the date (the “ Effective Date ”) when each
of the following conditions is met:
(a) receipt by the Administrative Agent of this
First Amendment duly and properly authorized, executed and
delivered by each of the respective parties hereto;
(b) execution and delivery by the Borrowers to each
Continuing Lender that requests an Amended and Restated Revolving
Credit Note of such instruments as set forth in §2.3(b) of the
Credit Agreement;
(c) receipt by the Continuing Lenders of all fees
provided for in §6 of this First Amendment;
(d) payment in full of the Withdrawing
Lenders’ outstanding principal amount and any accrued
interest and other fees due to the Withdrawing Lenders under their
Revolving Credit Loans as of the Effective Date; and
(e) payment of all of the Administrative
Agent’s reasonable legal fees and expenses incurred in the
connection with the preparation and negotiation of this First
Amendment.
8.
Representations and Warranties. The Borrowers represent and warrant to the
Administrative Agent and the Continuing Lenders as
follows: