Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 38

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 38
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;

(h)

liens arising by deposits or security given to governmental agencies required in order to do business with the government;

(i)

liens for taxes, assessments or governmental charges not yet delinquent or being contested in good faith;

(j)

liens in connection with legal proceedings so long as the proceeding is being contested in good faith or execution thereon is stayed;

(k)

landlord’s liens on fixtures located on property leased by us or Restricted Subsidiaries in the ordinary course of business;

(l)

liens in favor of any governmental authority in connection with the financing of the cost of construction or acquisition of property;

(m)

liens incurred in connection with pollution control, sewage or solid waste disposal industrial revenue or similar financings;

(n)

liens arising in connection with the sale of accounts receivable; and

(o)

any extensions, substitutions, replacements or renewals of the above-described liens or any Indebtedness secured by these liens if the lien is limited to the property (plus any improvements) secured by the original lien and the principal amount of such refinancing Indebtedness secured by such lien does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such refinancing.

In addition, without securing the Notes as described above, we and our Restricted Subsidiaries may issue, assume or guarantee Indebtedness that this covenant would otherwise restrict in a total principal amount that, when added to all other outstanding Indebtedness that this covenant would otherwise restrict and the total amount of Attributable Debt outstanding, does not exceed 15% of Consolidated Tangible Assets. When calculating this total principal amount, we exclude from the calculation Attributable Debt in

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connection with which we have purchased property or retired or defeased Indebtedness as described in clause (b) below under the heading “— Limitation on Sale/Leaseback Transactions.”

#### Limitation on Sale/Leaseback Transactions
We and our Restricted Subsidiaries will not enter into a Sale/Leaseback Transaction unless at least one of the following applies:

(a)

we or that Restricted Subsidiary could incur Indebtedness in a principal amount equal to the Attributable Debt for that Sale/Leaseback Transaction and, without