Supplement No. 5, dated as of May 21, 2018, to the Notes Collateral Agreement, dated as of December 16 2014 (as amended, amended and restated, waived supplemented or otherwise modified from time to time) among Westmoreland Coal Company, a Delaware corporation, certain subsidiaries of Westmoreland Coal Company and U.S. Bank National Association, as Notes Collateral Agent
Exhibit 10.5
Supplement No. 5 to Notes Collateral Agreement
SUPPLEMENT NO. 5 (this Supplement) dated as of May 21, 2018, to the Collateral Agreement, dated as of December 16, 2014 (as amended, amended and restated, waived, supplemented or otherwise modified from time to time, the Collateral Agreement), among WESTMORELAND COAL COMPANY, a Delaware corporation (the Company), each other subsidiary of the Company from time to time party thereto (each such subsidiary individually a Subsidiary Guarantor and collectively, the Subsidiary Guarantors; the Subsidiary Guarantors and the Company are referred to collectively herein as the Grantors) and U.S. BANK NATIONAL ASSOCIATION, as Notes collateral agent (together with any successor collateral agent, the Notes Collateral Agent).
Reference is made to the Indenture dated as of December 16, 2014 (as amended, amended and restated, waived, supplemented or otherwise modified from time to time, the Indenture), among the Company, the Subsidiary Guarantors and U.S. Bank National Association, as Trustee and Notes Collateral Agent.
Capitalized terms used in this Agreement and not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Indenture and the Collateral Agreement referred to therein.
Section 4.16 of the Indenture and Section 7.14 of the Collateral Agreement provide that additional Subsidiaries of the Company may become Grantors under the Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiaries (the New Subsidiaries and each a New Subsidiary) are each executing this Supplement in accordance with the requirements of the Indenture to become a Grantor under the Collateral Agreement.
Accordingly, the Notes Collateral Agent and the New Subsidiaries agree as follows:
In accordance with Section 7.14 of the Collateral Agreement, each New Subsidiary by its signature below becomes a Grantor under the Collateral Agreement with the same force and effect as if originally named therein as a Grantor, and such New Subsidiary hereby (a) agrees to all the terms and provisions of the Collateral Agreement applicable to it as a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct in all material respects on and as of the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date). In furtherance of the foregoing, each New Subsidiary, as security for the payment and performance in full of the Notes Obligations (as defined in the Collateral Agreement), does hereby create and grant to the Notes Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all such New Subsidiarys right, title and interest in and to the Collateral (as defined in the Collateral Agreement) of such New Subsidiary. Each reference to a Grantor in the Collateral Agreement shall be deemed to include the New Subsidiaries. The Collateral Agreement is hereby incorporated in this Agreement by reference.
Each New Subsidiary represents and warrants to the Notes Collateral Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors rights generally any by principles of equity.
This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Notes Collateral Agent shall have received a counterpart of this Supplement that bears the signature of each New Subsidiary and the Notes Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.
Each New Subsidiary hereby represents and warrants that set forth under its signature hereto is, as of the date hereof, (i) the true and correct legal name of such New Subsidiary, (ii) its jurisdiction of formation, (iii) its Federal Taxpayer Identification Number or its organizational identification number (if any) and (iv) the location of its chief executive office. Each New Subsidiary hereby further represents and warrants that, as of the date hereof, Schedule I hereto accurately sets forth all information which would have been required pursuant to the Schedules to the Collateral Agreement had such New Subsidiary been a Grantor on the date of the execution and delivery of the Collateral Agreement (it being understood and agreed, however, that the information so furnished by such New Subsidiary is accurate as of the date of this Supplement rather than the date of the Collateral Agreement).
Except as expressly supplemented hereby, the Collateral Agreement shall remain in full force and effect.
THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Any provision of this Supplement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof and in the Collateral Agreement; the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Collateral Agreement.
The New Subsidiaries agree to reimburse the Notes Collateral Agent for its reasonable out-of pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Notes Collateral Agent.
The New Subsidiaries and the Collateral Agent have duly executed this Supplement No. 5 to the Notes Collateral Agreement as of the day and year first above written.
SAN JUAN COAL COMPANY | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: San Juan Coal Company | ||
Jurisdiction of Formation: Delaware | ||
SAN JUAN TRANSPORTATION COMPANY | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: San Juan Transportation Company | ||
Jurisdiction of Formation: Delaware | ||
WESTMORELAND SAN JUAN, LLC | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Westmoreland San Juan, LLC | ||
Jurisdiction of Formation: Delaware | ||
WESTMORELAND SAN JUAN HOLDINGS, INC. | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Westmoreland San Juan Holdings, Inc. | ||
Jurisdiction of Formation: Delaware |
[Signature Page to Supplement No. 5 to Notes Collateral Agreement]
WESTMORELAND POWER, INC. | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Westmoreland Power, Inc. | ||
Jurisdiction of Formation: Delaware | ||
WESTMORELAND CANADA LLC | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Westmoreland Canada LLC | ||
Jurisdiction of Formation: Delaware | ||
WESTMORELAND ENERGY SERVICES, INC. | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Westmoreland Energy Services, Inc. | ||
Jurisdiction of Formation: Delaware | ||
BASIN RESOURCES, INC. | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Basin Resources, Inc. | ||
Jurisdiction of Formation: Colorado |
[Signature Page to Supplement No. 5 to Notes Collateral Agreement]
WESTMORELAND CANADIAN INVESTMENTS L.P. | ||
By: Westmoreland Canada LLC, in its capacity as general partner of WESTMORELAND CANADIAN INVESTMENTS L.P. / WESTMORELAND INVESTISSEMENTS CANADIENS S.E.C. | ||
By: | /s/ Jennifer S. Grafton | |
Name: | Jennifer S. Grafton | |
Title: | Vice President and Secretary | |
Legal Name: Westmoreland Canadian Investments L.P. | ||
Jurisdiction of Formation: Quebec |
ABSALOKA COAL, LLC | ||
By: | /s/ Samuel N. Hagreen | |
Name: | Samuel N. Hagreen | |
Title: | Secretary | |
Legal Name: Absaloka Coal, LLC | ||
Jurisdiction of Formation: Delaware |
U.S. BANK NATIONAL ASSOCIATION, as Notes Collateral Agent | ||
By: | /s/ Brian Jensen | |
Name: | Brian Jensen | |
Title: | Vice President |
[Signature Page to Supplement No. 5 to Notes Collateral Agreement]
Schedule I
to Supplement No. 5
to the Notes
Collateral Agreement
Supplement to Schedule 3.03 to Notes Collateral Agreement
PLEDGED SECURITIES
Pledged Stock
Name of Pledgor | Name, Jurisdiction Type of Entity of | Class or Type of Pledged Interest | Total Amount of | Total Amount of | Total Amount Pledged | Certificate Number (if | ||||||||
Westmoreland Coal Company | Westmoreland San Juan Holdings, Inc.; Delaware; corporation | Common | 100 | 100 | 100 | % | Uncertificated | |||||||
Westmoreland San Juan Holdings, Inc. | Westmoreland San Juan, LLC; Delaware; limited liability company | Membership Units | N/A | N/A | 100 | % | Uncertificated | |||||||
Westmoreland San Juan, LLC | San Juan Coal Company; Delaware; corporation | Common | 250 | 250 | 100 | % | 4 | |||||||
Westmoreland San Juan, LLC | San Juan Transportation Company; Delaware; corporation | Common | 200 | 200 | 100 | % | 3 | |||||||
Westmoreland Energy Services New York, Inc. | Basin Resources, Inc.; Delaware; corporation | Common | 100 | 100 | 100 | % | 1 | |||||||
Westmoreland Coal Company | Westmoreland Canada, LLC; Delaware; limited liability company | Sole Member | N/A | N/A | 100 | % | Uncertificated | |||||||
Westmoreland Coal Company | Westmoreland Power, Inc.; Delaware; corporation | Common | 1,000 | 1,000 | 100 | % | 1 | |||||||
Westmoreland Coal Company | Westmoreland Energy Services, Inc.; Delaware; corporation | Common | 100 | 100 | 100 | % | 1 | |||||||
WRI Partners, Inc. | Absaloka Coal, LLC | Sole Member | N/A | N/A | 100 | % | Uncertificated |
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Supplement to Schedule 4.02(b) to Notes Collateral Agreement
GRANTOR LEGAL NAME
COMPANY NAME | F/K/A | DATE OF NAME CHANGE | TRADE NAMES | |||
Westmoreland San Juan Holdings, Inc. | WLB Escrow Corporation | January 26, 2016 | None | |||
Westmoreland San Juan, LLC | N/A | N/A | None | |||
San Juan Coal Company | N/A | N/A | None | |||
San Juan Transportation Company | N/A | N/A | None | |||
Basin Resources, Inc. | N/A | N/A | None | |||
Westmoreland Canada LLC | N/A | N/A | None | |||
Westmoreland Power, Inc. | N/A | N/A | None | |||
Westmoreland Energy Services, Inc. | N/A | N/A | None | |||
Westmoreland Canadian Investments, LP | N/A | N/A | None | |||
Absaloka Coal, LLC | N/A | N/A | None |
I-2
Supplement to Schedule 4.02(d) to Notes Agreement
GRANTOR ORGANIZATIONAL INFORMATION
COMPANY NAME | JURISDICTION | TYPE | ORG ID | OFFICE ADDRESS | TAX PAYER ID | |||||
Westmoreland San Juan Holdings, Inc. | Delaware | Corporation | 5857903 | 300 Road 6800 Training Center A Waterflow, NM 87421 | 47 ###-###-#### | |||||
Westmoreland San Juan, LLC | Delaware | Limited Liability Company | 5948312 | 300 Road 6800 Training Center A Waterflow, NM 87421 | 36 ###-###-#### | |||||
San Juan Coal Company | Delaware | Corporation | 0867351 | 300 Road 6800 Training Center A Waterflow, NM 87421 | 94 ###-###-#### | |||||
San Juan Transportation Company | Delaware | Corporation | 0928266 | 300 Road 6800 Training Center A Waterflow, NM 87421 | 94 ###-###-#### | |||||
Westmoreland Power, Inc. | Delaware | Corporation | 3357469 | 9540 South Maroon Circle, Suite 300, Englewood, CO 80112 | 84-1589965 | |||||
Westmoreland Energy Services, Inc. | Delaware | Corporation | 5371511 | 9540 South Maroon Circle, Suite 300, Englewood, CO 80112 | 46 ###-###-#### | |||||
Westmoreland Canada LLC | Delaware | Limited Liability Company | 5509777 | 9540 South Maroon Circle, Suite 300, Englewood, CO 80112 | 46 ###-###-#### | |||||
Basin Resources, Inc. | Colorado | Corporation | 19871331143 | 9540 South Maroon Circle, Suite 300, Englewood, CO 80112 | 74-1959458 | |||||
Absaloka Coal, LLC | Delaware | Limited Liability Company | 4554164 | 100 Sarpy Creek Road, Hardin, MT 59034 | 26 ###-###-#### | |||||
Westmoreland Canadian Investments, LP | Quebec | Limited Partnership | 3369975407 | 1100, 10123 99 Street Edmonton, Alberta Canada, T5J 3H1 | 98-1169129 |
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