AMENDMENT NO. 3

EX-4.28I 2 a06-22063_1ex4d28i.htm EX-4

Exhibit 4.28I

AMENDMENT NO. 3

AMENDMENT NO. 3 (this “Amendment”), dated as of October 16, 2006, to the Amended and Restated Loan and Security Agreement, dated as of December 1, 2005 (as amended, supplemented and in effect from time to time, the “Loan Agreement”; capitalized terms used herein and not defined herein shall have the meaning set forth in the Loan Agreement) by and among Credit Suisse, as administrative agent for the LC Facility, Bank of America, N.A., as administrative agent for the Revolving Facility and syndication agent for the LC Facility, Banc of America Securities LLC (“BAS”), as sole arranger under the Revolving Facility, Credit Suisse, as sole bookrunner under the LC Facility, Credit Suisse and BAS, as joint lead arrangers under the LC Facility, Clean Harbors, Inc., a Massachusetts corporation (“Parent”), the Canadian Borrowers, and each of the other Subsidiaries of Parent from time to time a party thereto (each such Subsidiary, together with Parent and Canadian Borrowers, a “Credit Party” and, collectively, “Credit Parties”).

W I T N E S S E T H:

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

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

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

Section 1. Amendments.

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

Amendment No. 3” shall mean Amendment No. 3 to this Agreement, dated as of October 16, 2006.

Amendment No. 3 Effective Date” shall mean the first Business Day on which all conditions precedent set forth in Section 2 of Amendment No. 3 are satisfied.

(b) Section 1 of the Loan Agreement is hereby amended by deleting the definition of “Significant Subsidiary” in its entirety and replacing it with the following:

Significant Subsidiary” with respect to any Person means (1) any Subsidiary of such Person that satisfies the criteria for a “significant subsidiary” as defined in Regulation S-X under the Securities Act as such Regulation is in effect on the Amendment No. 3 Effective Date (assuming such Person is the registrant referred to in the definition of “significant subsidiary” in such Regulation) and (2) any Subsidiary that, when aggregated with all other Subsidiaries that are not otherwise Significant Subsidiaries and as to which any event described in clause (e), (f), (g) or (h) of Section 10.1 has occurred and is continuing, would constitute a Significant Subsidiary under clause (1) of this definition; provided that each reference to “10 percent” in the criteria for a “significant subsidiary” as defined in Regulation S-X under the Securities Act as such Regulation is in effect on the Amendment No. 3 Effective Date shall be replaced with the words “5 percent”.

(c) Section 8.24 is hereby amended by replacing the references to “each Credit Party” therein with “each of Parent and each Significant Subsidiary of Parent”.

(d) Section 9.10 is hereby amended by adding the following proviso thereto at the end of such Section:

“; provided that, notwithstanding the foregoing, if an Event of Default would be occurring and continuing under Section 10.1(e), (f), (g) or (h) if a Credit Party that is not a Significant Subsidiary were in fact a Significant Subsidiary, such Credit Party shall not be considered a Credit Party for purposes of clause (c)(3) or (d) of this Section 9.10 to the extent that the aggregate value of all Investments (other than

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Investments to fund compliance with applicable Environmental Laws) made in all Credit Parties with respect to which an Event of Default described in Section 10.1(e), (f), (g) or (h) has occurred and is continuing (assuming each reference to “Significant Subsidiary of Parent” in Sections 10.1(e), (f), (g) and (h) were to “Credit Party”) after the date of any such Event of Default shall exceed $10.0 million.”

(e) Section 10.1(d) is hereby amended by deleting it in its entirety and replacing it with the following:

“(d)         one or more judgments for the payment of money is rendered against any Credit Party in excess of the US Dollar Equivalent of $5.0 million in any one case or in the aggregate and shall remain undischarged, unpaid or unstayed for a period in excess of thirty (30) days after any such judgment or judgments shall have become final and non-appealable;”

(f) Sections 10.1(e), (f), (g) and (h) are hereby amended by replacing the references to “any Credit Party” therein with “Parent or any Significant Subsidiary of Parent”.

Section 2. Conditions to Effectiveness.  This Amendment shall become effective as of the date (the “Amendment No. 3 Effective Date”) when, and only when the Administrative Agents shall have received counterparts of this Amendment executed by each Credit Party, the Administrative Agents and a number of Lenders sufficient to constitute the Majority Lenders. The effectiveness of this Amendment (other than Sections Six, Seven and Eight hereof) is conditioned upon the accuracy of the representations and warranties set forth in Section Three hereof.

Section 3. Representations and Warranties.  In order to induce the Lenders and the Administrative Agents to enter into this Amendment, Borrowers represent and warrant to each of the Lenders and the Administrative Agents that after giving effect to this Amendment, (a) no Default or Event of Default exists or has occurred and is continuing; (b) after giving effect to this Amendment, no Default or Event of Default will exist or will have occurred and be continuing; and (c) all of the representations and warranties in the Loan Agreement are true and complete in all material respects on and as of the date hereof as if made on the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

 

Section 4. Amendment No. 3 Affirmative Covenant.  Borrowers shall pay within one day after the Amendment No. 3 Effective Date a cash fee in an amount equal to (i) in the case of each LC Facility Lender that delivers a fully and properly executed signature page to this Amendment at or before the Amendment No. 3 Effective Date, 0.10% of the aggregate amount of the Credit Linked Deposits held by such LC Facility Lender immediately prior to the Amendment No. 3 Effective Date, (ii) in the case of each Term Loan Lender that delivers a fully and properly executed signature page to this Amendment at or before the Amendment No. 3 Effective Date, 0.10% of the aggregate of the Term Loans held by such Term Loan Lender immediately prior to the Amendment No. 3 Effective Date and (iii) in the case of each Revolving Lender that delivers a fully and properly executed signature page to this Amendment at or before the Amendment No. 3 Effective Date, 0.10% of the aggregate amount of the Revolving Loan Commitments (whether drawn or undrawn) held by such Revolving Lender immediately prior to the Amendment No. 3 Effective Date.

 

Section 5. Reference to and Effect on the Loan Agreement.  On and after the Amendment No. 3 Effective Date, each reference in the Loan Agreement, to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Loan Agreement, respectively, and in each of the Financing Agreements to “the Loan Agreement,” “thereunder,” “thereof” or words of like import referring to the Loan Agreement shall mean and be a reference to the Loan Agreement as amended by this Amendment. The Loan Agreement and each other Financing Agreement, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or any Agent under any of the Financing Agreements, nor constitute a waiver of any provision of any of the Financing Agreements.

 

Section 6. Costs, Expenses and Taxes.  Borrowers agree to pay all reasonable costs and expenses of the Administrative Agents in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, if any, in accordance with the terms of the Loan Agreement.

 

Section 7. Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

 

Section 8. Governing LawTHIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW).

 

[Signature Pages Follow]

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CREDIT PARTIES

 

 

 

 

 

 

 

CLEAN HARBORS, INC.

 

 

 

ALTAIR DISPOSAL SERVICES, LLC

 

 

 

BATON ROUGE DISPOSAL, LLC

 

 

 

BRIDGEPORT DISPOSAL, LLC

 

 

 

CH INTERNATIONAL HOLDINGS, INC.

 

 

 

CLEAN HARBORS ANDOVER, LLC

 

 

 

CLEAN HARBORS ANTIOCH, LLC

 

 

 

CLEAN HARBORS ARAGONITE, LLC

 

 

 

CLEAN HARBORS ARIZONA, LLC

 

 

 

CLEAN HARBORS OF BALTIMORE, INC.

 

 

 

CLEAN HARBORS BATON ROUGE, LLC

 

 

 

CLEAN HARBORS BDT, LLC

 

 

 

CLEAN HARBORS BUTTONWILLOW, LLC

 

 

 

CLEAN HARBORS CHATTANOOGA, LLC

 

 

 

CLEAN HARBORS COFFEYVILLE, LLC

 

 

 

CLEAN HARBORS COLFAX, LLC

 

 

 

CLEAN HARBORS DEER PARK, L.P.

 

 

 

CLEAN HARBORS DEER TRAIL, LLC

 

 

 

CLEAN HARBORS DISPOSAL SERVICES, INC.

 

 

 

CLEAN HARBORS EL DORADO, LLC

 

 

 

CLEAN HARBORS FINANCIAL SERVICES COMPANY

 

 

 

CLEAN HARBORS FLORIDA, LLC

 

 

 

CLEAN HARBORS GRASSY MOUNTAIN, LLC

 

 

 

CLEAN HARBORS KANSAS, LLC

 

 

 

CLEAN HARBORS LAPORTE, L.P.

 

 

 

 

 

 

 

By: 

/s/ Stephen Moynihan

 

 

 

 

Title:

Vice President

 

 

 

3




 

 

CLEAN HARBORS LAUREL, LLC

 

 

CLEAN HARBORS LONE MOUNTAIN, LLC

 

 

CLEAN HARBORS LONE STAR CORP.

 

 

CLEAN HARBORS LOS ANGELES, LLC

 

 

CLEAN HARBORS (MEXICO), INC.

 

 

CLEAN HARBORS OF TEXAS, LLC

 

 

CLEAN HARBORS PECATONICA, LLC

 

 

CLEAN HARBORS PLAQUEMINE, LLC

 

 

CLEAN HARBORS PPM, LLC

 

 

CLEAN HARBORS REIDSVILLE, LLC

 

 

CLEAN HARBORS SAN JOSE, LLC

 

 

CLEAN HARBORS TENNESSEE, LLC

 

 

CLEAN HARBORS WESTMORLAND, LLC

 

 

CLEAN HARBORS WHITE CASTLE, LLC

 

 

CLEAN HARBORS WILMINGTON, LLC

 

 

CROWLEY DISPOSAL, LLC

 

 

DISPOSAL PROPERTIES, LLC

 

 

GSX DISPOSAL, LLC

 

 

HARBOR MANAGEMENT CONSULTANTS, INC.

 

 

HARBOR INDUSTRIAL SERVICES TEXAS, L.P.

 

 

HILLIARD DISPOSAL, LLC

 

 

NORTHEAST CASUALTY REAL PROPERTY, LLC

 

 

ROEBUCK DISPOSAL, LLC

 

 

SAWYER DISPOSAL SERVICES, LLC

 

 

SERVICE CHEMICAL, LLC

 

 

TULSA DISPOSAL, LLC

 

 

 

 

 

By:

/s/ Stephen Moynihan

 

 

 

Title:

Vice President

 

 

4




 

 

CLEAN HARBORS ENVIRONMENTAL SERVICES, INC

 

 

CLEAN HARBORS OF BRAINTREE, INC.

 

 

CLEAN HARBORS OF NATICK, INC.

 

 

CLEAN HARBORS SERVICES, INC.

 

 

MURPHY’S WASTE OIL SERVICE, INC.

 

 

CLEAN HARBORS KINGSTON FACILITY CORPORATION

 

 

CLEAN HARBORS OF CONNECTICUT, INC.

 

 

SPRING GROVE RESOURCE RECOVERY, INC.

 

 

CH CANADA HOLDINGS CORP.

 

 

CLEAN HARBORS CANADA LP

 

 

CH CANADA GP, INC.

 

 

CLEAN HARBORS CANADA, INC.

 

 

CLEAN HARBORS QUEBEC, INC.

 

 

CLEAN HARBORS MERCIER, INC.

 

 

510127 N.B. INC.

 

 

 

 

 

By:

/s/ Stephen Moynihan

 

 

 

Title:

Vice President

 

 

5




REVOLVING ADMINISTRATIVE AGENT,

ACCOUNTS COLLATERAL AGENT AND

US REVOLVING LENDER

BANK OF AMERICA, N.A.,

Individually and as Agent

By:

/s/ Chris M. O’Halloran

 

Title:

Vice President

 

 

6




 

CANADIAN COLLATERAL AGENT
AND CANADIAN LENDER

BANK OF AMERICA, N.A., CANADA BRANCH

Individually and as Agent

By:

/s/ L. M. Junior Del Brocco

 

Title:

Senior Vice President

 

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LC FACILITY ADMINISTRATIVE AGENT

AND LC FACILITY COLLATERAL AGENT

CREDIT SUISSE

By:

/s/ Phillip Ho

 

Title:

Director

 

 

 

 

By:

/s/ Mikhail Faybusovich

 

Title:

Associate

 

8




 

AS AN LC FACILITY LENDER

Atrium II

By:

/s/ Thomas Flannery

 

Title:

Authorized Signatory

 

 

 

AS LC FACILITY LENDERS

 

 

 

BABSON CLO LTD. 2003-I

 

BABSON CLO LTD. 2004-I

 

BABSON CLO LTD. 2004-II

 

BABSON CLO LTD. 2005-I

 

BABSON CLO LTD. 2005-II

 

By:  Babson Capital Management LLC as Collateral Manager

 

 

By:

/s/ Russell D. Morrison

 

Title:

Managing Director

 

 

 

AS AN LC FACILITY LENDER

 

 

 

CANYON CAPITAL CDO 2002-1 LTD.

 

 

 

By: 

/s/ Patrick Dooley

 

Title:

Authorized Signatory

 

 

 

By: Canyon Capital Advisors LLC,
a Delaware limited liability company,
its Collateral Manager

 

 

 

AS AN LC FACILITY LENDER

 

 

 

CANYON CAPITAL CLO 2004-1 LTD.

 

 

 

By:

/s/ Patrick Dooley

 

Title:

Authorized Signatory

 

 

 

By:  Canyon Capital Advisors LLC,
a Delaware limited liability company,
its Collateral Manager

 

 

 

AS AN LC FACILITY LENDER

 

 

 

Cavalry CLO I, LTD

 

By: Regiment Capital Management, LLC

 

as its Investment Advisor

 

 

 

By: Regiment Capital Advisors, LP

 

its Manager and pursuant to delegated authority

 

 

 

By: Regiment Capital Advisors, LLC

 

its General Partner

 

 

9




 

By:

/s/ Mark Brostowski

 

Title:

Authorized Signatory

 

 

 

AS AN LC FACILITY LENDER

 

 

 

CSAM FUNDING IV

 

 

 

By:

/s/ Thomas Flannery

 

Title:

Authorized Signatory

 

 

 

AS AN LC FACILITY LENDER

 

 

 

Denali Capital LLC, managing member of DC
Funding Partners, portfolio manager for
DENALI CAPITAL CLO I, LTD., or an
affiliate

 

 

 

By:

/s/ Kelli C. Marti

 

Title:

Senior Vice President

 

 

 

AS AN LC FACILITY LENDER

 

 

 

Denali Capital LLC, managing member of DC
Funding Partners, portfolio manager for
DENALI CAPITAL CLO VI, LTD., or an
affiliate

 

 

 

By:

/s/ Kelli C. Marti

 

Title:

Senior Vice President

 

 

 

AS AN LC FACILITY LENDER

 

 

 

Liberty CLO, Ltd.

 

By:  Highland Capital Management, L.P.
As Collateral Manager
By:  Strand Advisors, Inc., its General Partner

 

 

 

By:

/s/ Brian Lohrding

 

 

Treasurer, Strand Advisors, Inc.

 

 

General Partner of
Highland Capital Management, L.P.

 

 

 

AS AN LC FACILITY LENDER

 

 

 

Lightpoint CLO 2004-1, Ltd.

 

Premium Loan Trust I, Ltd.

 

Lightpoint CLO IV, Ltd.

 

Lightpoint CLO V, Ltd.

 

 

10




 

Marquette US European CLO P.L.C.

 

 

 

By:

/s/ Colin Donlan

 

Title:

Director

 

 

 

AS AN LC FACILITY LENDER

 

 

 

ORIX FINANCE CORP.

 

By:

/s/ Christopher L. Smith

 

Title:

Authorized Representative

 

 

 

AS AN LC FACILITY LENDER

 

 

 

POST LEVERAGED LOAN MASTER FUND, LLC

 

By: Post Leveraged Loan Group, LLC
as General Partner
By: Post Advisory Group, LLC
As Managing Member

 

 

 

By:

/s/ Lawrence A. Post

 

Title:

Chief Investment Officer

 

 

 

AS AN LC FACILITY LENDER

 

 

 

REGIMENT CAPITAL LTD.

 

 

 

By:  Regiment Capital Management, LLC
as its Investment Advisor

 

 

 

By:  Regiment Capital Advisors, LP
its Manager and pursuant to delegated authority

 

 

 

By:

/s/ Mark A. Brostowski

 

Title:

Authorized Signatory

 

 

 

AS AN LC FACILITY LENDER

 

 

 

Rockwall CDO LTD.

 

By: Highland Capital Management, L.P.
As Collateral Manager

 

By: Strand Advisors, Inc., its General Partner

 

 

 

By:

/s/ Brian Lohrding

 

 

Treasurer, Strand Advisors, Inc.
General Partner of
Highland Capital Management, L.P.

 

 

 

AS AN LC FACILITY LENDER

 

 

11




 

WHITEHORSE I, LTD.

 

By:  Whitehorse Capital Partners L.P.,
     as Collateral Manager

 

 

 

By:

/s/ Jay Carvell

 

Title:

Portfolio Manager

 

 

 

AS AN LC FACILITY LENDER

 

 

 

WHITEHORSE II, LTD.

 

By:  Whitehorse Capital Partners L.P.,
      as Collateral Manager

 

 

 

By:

/s/ Jay Carvell

 

Title:

Portfolio Manager

 

 

 

AS AN LC FACILITY LENDER

 

 

 

WHITEHORSE IV, LTD.

 

By:  Whitehorse Capital Partners L.P.,
    as Collateral Manager

 

 

 

By:

/s/ Jay Carvell

 

Title:

Portfolio Manager

 

 

 

 

 

 

 

 

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AS TERM LOAN LENDERS

 

 

 

 

 

BABSON CLO LTD. 2003-I

 

 

BABSON CLO LTD. 2004-I

 

 

BABSON CLO LTD. 2004-II

 

 

BABSON CLO LTD. 2005-I

 

 

BABSON CLO LTD. 2005-II

 

 

By: Babson Capital Management LLC as Collateral Manager

 

 

 

 

 

By:

/s/ Russell D. Morrison

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

CANYON CAPITAL CLO 2004-1 LTD.

 

 

 

 

 

By:

/s/ Dominique Mielle

 

 

Title:

Authorized Signatory

 

 

 

 

 

By: Canyon Capital Advisors LLC,

 

 

a Delaware limited liability company,

 

 

its Collateral Manager

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

CANYON CAPITAL CLO 2006-1 LTD.

 

 

 

 

 

By:

/s/ Dominique Mielle

 

 

Title:

Authorized Signatory

 

 

 

 

 

By: Canyon Capital Advisors LLC,

 

 

a Delaware limited liability company,

 

 

its Collateral Manager

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

Cavalry CLO I, LTD

 

 

By: Regiment Capital Management, LLC

 

 

as its Investment Advisor

 

 

 

 

 

By: Regiment Capital Advisors, LP

 

 

its Manager and pursuant to delegated authority

 

 

 

 

 

By: Regiment Capital Advisors, LLC

 

 

its General Partner

 

 

 

 

 

By:

/s/ Mark Brostowski

 

 

Title:

Authorized Signatory

 

 

 

 

 

 




 

 

 

CREDIT SUISSE CAYMAN ISLANDS BRANCH

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

By:

/s/ Barry Zamore

 

 

Title:

Managing Director

 

 

 

 

 

By:

/s/ Robert Healey

 

 

Title:

Director

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

Denali Capital LLC, managing member of DC

 

 

Funding Partners, portfolio manager for

 

 

DENALI CAPITAL CLO VII, LTD., or an

 

 

affiliate

 

 

 

 

 

By:

/s/ Kelli C. Marti

 

 

Title:

Senior Vice President

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

First Trust/Highland Capital Floating

 

 

Rate Income Fund

 

 

 

 

 

By:

/s/ M. Jason Blackburn

 

 

Title:

Treasurer

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

First Trust/Highland Capital Floating

 

 

Rate Income Fund II

 

 

 

 

 

By:

/s/ M. Jason Blackburn

 

 

Title:

Treasurer

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

Lightpoint CLO 2004-1, Ltd.

 

 

Premium Loan Trust I, Ltd.

 

 

Lightpoint CLO IV, Ltd.

 

 

Lightpoint CLO V, Ltd.

 

 

Marquette US/European CLO P.L.C.

 

 

 

 

 

By:

/s/ Colin Donlan

 

 

Title:

Director

 

 

 

 

 

 




 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

MADISON PARK FUNDING IV, LTD.

 

 

 

 

 

By:

/s/ Thomas Flannery

 

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

Red River CLO Ltd.

 

 

By: Highland Capital Management, L.P.

 

 

As Collateral Manager

 

 

By: Strand Advisors, Inc., its General Partner

 

 

 

 

 

By:

/s/ Brian Lohrding

 

 

 

Treasurer, Strand Advisors, Inc.
General Partner of
Highland Capital Management, L.P.

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

REGIMENT CAPITAL LTD.

 

 

 

 

 

By: Regiment Capital Management, LLC

 

 

as its Investment Advisor

 

 

 

 

 

By: Regiment Capital Advisors, LP

 

 

its Manager and pursuant to delegated authority

 

 

 

 

 

By:

/s/ Mark Brostowski

 

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

WHITEHORSE III, LTD.

 

 

By: Whitehorse Capital Partners L.P.,

 

 

as Collateral Manager

 

 

 

 

 

By:

/s/ Jay Carvell

 

 

Title:

Portfolio Manager

 

 

 

 

 

 

 

 

AS A TERM LOAN LENDER

 

 

 

 

 

WHITEHORSE IV, LTD.

 

 

By: Whitehorse Capital Partners L.P.,

 

 

as Collateral Manager

 

 

 

 

 

By:

/s/ Jay Carvell

 

 

Title:

Portfolio Manager