Amended Revolving Credit Agreement

EX-10.1 3 h05223exv10w1.htm AMENDED REVOLVING CREDIT AGREEMENT exv10w1
 

EXHIBIT 10.1

FIRST AMENDMENT TO
REVOLVING CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is made and entered into as of the 27th day of January, 2003, by and among Waste Management, Inc., a Delaware corporation (the “Borrower”), Waste Management Holdings, Inc., a wholly-owned subsidiary of the Borrower (the “Guarantor”), Fleet National Bank (“Fleet”), Bank of America, N.A., JPMorgan Chase Bank, Deutsche Bank AG New York Branch, Citibank, N.A. and the other financial institutions listed on Schedule 1 to the Credit Agreement referred to below (collectively, the “Banks”) and Fleet, as administrative agent for the Banks (the “Administrative Agent”).

     WHEREAS, the Borrower, the Guarantor, the Banks and the Administrative Agent are party to a Revolving Credit Agreement, dated as of June 29, 2001 (as amended and in effect from time to time, the “Credit Agreement”), pursuant to which the Banks have extended credit to the Borrower on the terms set forth therein; and

     WHEREAS, the Borrower has requested that the Banks and the Administrative Agent amend certain provisions of the Credit Agreement as specifically set forth in this Amendment;

     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 to amend the Credit Agreement 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 §9.2 of the Credit Agreement. Section 9.2 of the Credit Agreement is hereby amended by deleting the reference to the text “3:00:1.00” and inserting in lieu thereof the text “3.25:1.00”.

     3.     Representations and Warranties. The Borrower and the Guarantor jointly and severally represent and warrant as of the Effective Date as follows:

     (a)  The execution, delivery and performance of this Amendment and the Credit Agreement and the other Loan Documents, as amended hereby, and the transactions contemplated hereby and thereby (i) are within the corporate authority of the Borrower and the Guarantor, (ii) have been duly authorized by all necessary corporate proceedings on the part of the Borrower or Guarantor, (iii) do not conflict with or result in any material breach or contravention of any provision of law, statute, rule or regulation to which the Borrower or the Guarantor is subject or any judgment, order, writ, injunction, license or permit applicable to the Borrower or the Guarantor so as to materially adversely affect the assets, business or any activity of the Borrower and its Subsidiaries taken as a whole, and (iv) do not conflict with any provision of the corporate charter or bylaws of the Borrower or the Guarantor or any agreement or other instrument binding upon the Borrower or the Guarantor.

 


 

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     (b)  The representations and warranties contained in Section 6 of the Credit Agreement are true and correct in all material respects as of the date hereof as though made on and as of the date hereof.

     (c)  No Default or Event of Default under the Credit Agreement has occurred and is continuing.

     4.     Effectiveness. This Amendment shall become effective upon the satisfaction of each of the following conditions (the “Effective Date”):

     (a)  This Amendment shall have been executed and delivered by the Borrower, the Guarantor, the Majority Banks and the Administrative Agent.

     (b)  The Administrative Agent shall have received, for the account of each Bank which executes and delivers its signature pages to the Administrative Agent, by 5:00 p.m. Boston time on January 27, 2003 in facsimile (to be followed by originals) or original form, an amendment fee equal to 0.02% of each such Bank’s Commitment.

     5.     Ratification, Etc. Except as expressly amended hereby, the Credit Agreement, the other Loan Documents and all documents, instruments and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and effect. The Guarantor hereby confirms that its guaranty of the Guaranteed Obligations contained in §28 of the Credit Agreement remains in full force and effect. This Amendment and the Credit Agreement shall hereafter be read and construed together as a single document, and all references in the Credit Agreement, any other Loan Document or any agreement or instrument related to the Credit Agreement shall hereafter refer to the Credit Agreement as amended by this Amendment.

     6.     GOVERNING LAW. THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW §5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).

     7.     Counterparts; Delivery by Facsimile. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which counterparts taken together shall be deemed to constitute one and the same instrument. This Amendment, to the extent signed and delivered by means of a facsimile machine, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other party hereto or thereto shall re-execute original forms hereof and deliver them to all other parties. No party hereto shall raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation of a contract and each party forever waives such defense.

[Signatures on next page]

 


 

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First Amendment

     IN WITNESS WHEREOF, each of the undersigned have duly executed this Amendment under seal as of the date first set forth above.

         
    THE BORROWER
         
    WASTE MANAGEMENT, INC
         
    By:   /s/ Ronald H. Jones
       
        Name: Ronald H. Jones
        Title: Vice President & Treasurer
         
    THE GUARANTOR
         
    WASTE MANAGEMENT HOLDINGS, INC
         
    By:   /s/ Ronald H. Jones
       
        Name: Ronald H. Jones
        Title: Vice President & Treasurer
         
    By:   /s/ Lee A. McCormick
       
        Name: Lee A. McCormick
        Title: Assistant Treasurer
         
    THE BANK AND ADMINISTRATIVE AGENT
         
    FLEET NATIONAL BANK, individually and as Administrative Agent
         
    By:   /s/ Timothy M. Laurion
       
        Name: Timothy M. Laurion
        Title: Managing Director
         
    THE BANKS
         
    JPMORGAN CHASE BANK
         
    By:   /s/ Robert P. Kellas
       
        Name: Robert P. Kellas
        Title: Vice President

Signature page to First Amendment to the 5 Year Credit Agreement

 


 

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    BANK OF AMERICA, N.A
         
    By:   /s/ Brian D. Corum
       
        Name: Brian D. Corum
        Title: Managing Director
         
    DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH
         
/s/ Ping Chen   By:   /s/ Jean M. Hannigan
       
Ping Chen       Name: Jean M. Hannigan
Associate       Title: Director
         
    CITIBANK, N.A
         
    By:   /s/ David L. Harris
       
        Name: David L. Harris
        Title: Vice President
         
    ABN AMRO BANK N.V
         
    By:   /s/ Terrence J. Ward
       
        Name: Terrence J. Ward
        Title: Senior Vice President
         
    By:   /s/ Peter J. Hallan
       
        Name: Peter J. Hallan
        Title: Vice President
         
    THE BANK OF NOVA SCOTIA
         
    By:   /s/ William E. Zarrett
       
        Name: William E. Zarrett
        Title: Managing Director

Signature page to First Amendment to the 5 Year Credit Agreement

 


 

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    BARCLAYS BANK PLC
         
    By:   /s/ John Giannone
       
        Name: John Giannone
        Title: Director
         
    BNP PARIBAS
         
    By:   /s/ Craig Pierce
       
        Name: Craig Pierce
        Title: Associate
         
    By:   /s/ Aurora L. Abella
       
        Name: Aurora L. Abella
        Title: Vice President
         
    CREDIT LYONNAIS NEW YORK BRANCH
         
    By:   /s/ F. Frank Herrera
       
        Name: F. Frank Herrera
        Title: Vice President
         
    PNC BANK, NATIONAL ASSOCIATION
         
    By:   /s/ Deborah K. Breslof
       
        Name: Deborah K. Breslof
        Title: Vice President
         
    ROYAL BANK OF CANADA
         
    By:   /s/ Suzanne Kaicher
       
        Name: Suzanne Kaicher
        Title: Manager
         
    BANK ONE, N.A
         
    By:   /s/ Mike Kelly
       
        Name: Mike Kelly
        Title: Associate

Signature page to First Amendment to the 5 Year Credit Agreement

 


 

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    WACHOVIA BANK, N.A
         
    By:   /s/ Anne L. Sayles
       
        Name: Anne L. Sayles
        Title: Director
         
    TORONTO DOMINION (TEXAS), INC
         
    By:    
       
        Name:
        Title:
         
    WESTLB AG, NEW YORK BRANCH
         
    By:   /s/ Duncan M. Robertson
       
        Name: Duncan M. Robertson
        Title: Director
         
    By:   /s/ Salvatore Battinelli
       
        Name: Salvatore Battinelli
        Title: Managing Director, Credit Department
         
    THE FUJI BANK, LIMITED
         
    By:    
       
        Name:
        Title:
         
    MIZUHO CORPORATE BANK LIMITED
         
    By:    
       
        Name:
        Title:

Signature page to First Amendment to the 5 Year Credit Agreement

 


 

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    THE DAI-ICHI KANGYO BANK, LTD., NY BRANCH
         
    By:    
       
        Name:
        Title:
         
    COMERICA BANK
         
    By:   /s/ Carol S. Geraghty
       
        Name: Carol S. Geraghty
        Title: Vice President
         
    THE BANK OF NEW YORK
         
    By:   /s/ David T. Sunderwirth
       
        Name: David T. Sunderwirth
        Title: Vice President
         
    CREDIT SUISSE FIRST BOSTON
         
    By:   /s/ Joseph J. Adipietro
       
        Name: Joseph J. Adipietro
        Title: Director
         
    By:   /s/ Doreen B. Welch
       
        Name: Doreen B. Welch
        Title: Associate
         
    LEHMAN COMMERCIAL PAPER INC
         
    By:   /s/ Suzanne Flynn
       
        Name: Suzanne Flynn
        Title: Authorized Signatory
         
    MELLON BANK, N.A
         
    By:   /s/ Louis E. Flori
       
        Name: Louis E. Flori
        Title: Vice President

Signature page to First Amendment to the 5 Year Credit Agreement

 


 

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    MERRILL LYNCH BANK USA
         
    By:   /s/ Louis Alder
       
        Name: Louis Alder
        Title: Vice President
         
    SUNTRUST BANK
         
    By:   /s/ Shona Adams Holden
       
        Name: Shona Adams Holden
        Title: Vice President
         
    PB CAPITAL CORPORATION
         
    By:    
       
        Name:
        Title:
         
    THE MITSUBISHI TRUST AND BANKING CORPORATION
         
    By:    
       
        Name:
        Title:
         

Signature page to First Amendment to the 5 Year Credit Agreement

 


 

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    HIBERNIA NATIONAL BANK
         
    By:    
       
        Name:
        Title:
         
    TAIPEIBANK, NEW YORK AGENCY
         
    By:   /s/ Sophia Jing
       
        Name: Sophia Jing
        Title: G.M. & V. P.

Signature page to First Amendment to the 5 Year Credit Agreement