EXHIBIT 10.2
THIRD AMENDMENT TO
AMENDED AND
RESTATED
CREDIT AND SECURITY
AGREEMENT
THIS THIRD AMENDMENT TO AMENDED
AND RESTATED CREDIT AND SECURITY AGREEMENT , dated as of May
29, 2007 (this “ Amendment ”), is entered
into by and among ALLIED RECEIVABLES FUNDING INCORPORATED, as
borrower (the “ Borrower ”), ALLIED WASTE
NORTH AMERICA, INC., as the servicer (the “
Servicer ”), VARIABLE FUNDING CAPITAL COMPANY
LLC (as successor by assignment to Blue Ridge Asset Funding
Corporation), as a lender (“ VFCC ”),
WACHOVIA BANK, NATIONAL ASSOCIATION, as the Agent (the “
Agent ”) and as Liquidity Bank and as Lender
Group Agent, ATLANTIC ASSET SECURITIZATION LLC, as a lender
(“ Atlantic Asset ”) and CALYON NEW YORK
BRANCH, as the Atlantic Group Agent (in such capacity, the “
Atlantic Group Agent ”) and as an Atlantic
Liquidity Bank (in such capacity, the “ Atlantic
Liquidity Bank ”). Capitalized terms used and not
otherwise defined herein are used as defined in the Agreement (as
defined below and amended hereby).
WHEREAS , the Borrower,
Servicer, VFCC, Agent, Atlantic Asset and Atlantic Group Agent have
entered into that certain Amended and Restated Credit and Security
Agreement, dated as of May 30, 2006 (as amended, restated,
supplemented or otherwise modified to the date hereof, the “
Agreement ”);
WHEREAS , the Borrower,
Servicer, VFCC, Agent, Atlantic Asset and Atlantic Group Agent
desire to amend the Agreement in certain respects as hereinafter
set forth;
NOW THEREFORE , in
consideration of the premises and the other mutual covenants
contained herein, the parties hereto agree as follows:
SECTION 1. Amendments .
The Agreement is hereby amended as follows:
(a) Section 9.1(f) of the
Agreement is hereby deleted in its entirety and replaced with the
following:
“(f) Failure of Performance
Guarantor or any of its Subsidiaries other than Borrower to pay
Indebtedness in excess of $50,000,000 in aggregate principal amount
(hereinafter, “ Material Indebtedness ”)
when due; or the default by Performance Guarantor or any of its
Subsidiaries (other than Borrower) in the performance of any term,
provision or condition contained in Article VI of the Senior
Credit Agreement; or any Material Indebtedness of Performance
Guarantor or any of its Subsidiaries other than Borrower shall be
declared to be due and payable or required to be prepaid (other
than by a regularly scheduled payment) prior to the date of
maturity thereof.”
(b) The definition of
“Aggregate Commitment” in Exhibit I is hereby
deleted in its entirety and the following is substituted in lieu
thereof:
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“
Aggregate Commitment : On any date of determination, the
aggregate amount of the Liquidity Banks’ Commitments to make
Loans hereunder. As of the date hereof, the Aggregate Commitment is
$300,000,000.”
(c) Clause (xvii) of the
definition of “Eligible Receivable” in Exhibit I
to the Agreement is hereby modified by inserting, at the end
thereof, prior to the semi-colon, the following phrase “, for
the avoidance of doubt, any Forward Billed/Weekly Serviced
Receivable that satisfies all other requirements of this definition
of Eligible Receivable shall be an Eligible Receivable, but no
other Forward Billed Receivable shall be an Eligible
Receivable”.
(d) The definition of
“Eligible Receivable” in Exhibit I to the
Agreement is hereby modified by deleting the period at the end of
clause (xix) of such definition and inserting a semi-colon in
lieu thereof and inserting after clause (xix) of such
definition , the following:
“
provided , however , on any day on which both
(1) the Leverage Ratio does not exceed the applicable Leverage
Ratio Trigger and (2) Liquidity equals or exceeds $80,000,000:
(a) clauses (i), (ii), (iv) and (xvii) shall not
apply; and (b) the following additional clauses shall
apply:
(xx) the
Obligor of which is (A) a corporation or other business
organization, organized under the laws of the United States, Canada
or any political subdivision thereof and has its chief executive
office in the United States or in Canada; (B) not an Affiliate
of any of the parties hereto; (C) a Commercial Obligor;
(D) a Municipal Obligor; or (E) a Federal Government
Obligor;
(xxi) either (A) as to which the applicable Originator
has satisfied and fully performed all obligations on its part with
respect to such Receivable required to be fulfilled by it, and no
further action is required to be performed by any Person with
respect thereto other than payment thereon by the applicable
Obligor or (B) such Receivable is a Monthly Forward Billed
Receivable or a Forward Billed/Weekly Serviced Receivable, but no
other Forward Billed Receivable shall be an Eligible
Receivable.”
(e) The definition of
“Facility Termination Date” in Exhibit I is hereby
deleted in its entirety and the following is substituted in lieu
thereof:
“
Facility Termination Date : The earliest of (i) the
Liquidity Termination Date, (ii) the Amortization Date and
(iii) May 27, 2008.”
(f) Exhibit I to the
Agreement is hereby modified by inserting the following definitions
in their proper alphabetical order:
“
Alternative Borrowing Base : On any day, an amount equal to
the Borrowing Base for such day, calculated (i) without giving
effect to the proviso clause following clause (xix) of the
definition of Eligible Receivable and (ii) by including only
60% of the aggregate
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Principal
Balance of all Forward Billed/Weekly Serviced Receivables that are
Eligible Receivables in the Net Pool Balance.”
“
Forward Billed Receivable : Any Receivable as to which a
bill or invoice for services is sent to the related Obligor prior
to the rendering of the related service by the related
Originator.”
“
Forward Billed/Weekly Serviced Receivable : Any Monthly
Forward Billed Receivable as to which the services to which such
bill or invoice relates are rendered to the related Obligor on at
least a weekly basis.”
“
Leverage Ratio : Has the meaning given such term in that
certain Credit Agreement dated as of July 21, 1999, as amended
and restated as of March 21, 2005, among Allied Waste
Industries, Inc., Allied Waste North America, Inc., JPMorgan Chase
Bank, N.A., Citicorp North America, Inc., and UBS Securities LLC,
Credit Suisse Fi
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