EXHIBIT 10.43.3
 
AMENDMENT No. 3 AND WAIVER NO. 2
to CREDIT AGREEMENT
dated as of February 11, 2009
among
KANSAS CITY SOUTHERN DE MÉXICO, S.A. DE C.V.,
as Borrower,
ARRENDADORA KCSM, S. DE R.L. DE C.V.,
as Guarantor,
CERTAIN LENDERS,
and
BANK OF AMERICA, N.A.,
as Administrative Agent
 

 

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     THIS AMENDMENT NO. 3 AND WAIVER NO. 2 TO CREDIT AGREEMENT, dated as of
February 11, 2009 (this “Amendment”), is entered into among KANSAS CITY SOUTHERN
DE MÉXICO, S.A. DE C.V., a corporation with variable capital (sociedad anónima
de capital variable) organized under the laws of México (the “Borrower”),
ARRENDADORA KCSM, S. DE R.L. DE C.V., a corporation with variable capital
(sociedad de responsabilidad limitada de capital variable) organized under the
laws of Mexico (the “Guarantor”), each of the lenders that is a signatory hereto
under the caption “LENDERS” on the signature pages hereto and each other Person
that becomes a “Lender” pursuant to Section 11.8(b) of the Existing Credit
Agreement, and BANK OF AMERICA, N.A., as the administrative agent for the
Lenders (in such capacity, together with its successors in such capacity, the
“Administrative Agent”).
RECITALS
     WHEREAS, the Borrower, the Guarantor, the Lenders and the Administrative
Agent have entered into the Credit Agreement, dated as of June 14, 2007 (as
amended through the date hereof, the “Existing Credit Agreement” and as amended
and modified by this Amendment, the “Amended Credit Agreement”);
     WHEREAS, the Majority Lenders desire to amend the Existing Credit Agreement
as set forth below, in accordance with Section 11.3 of the Existing Credit
Agreement, subject to the conditions set forth herein;
     WHEREAS, the Majority Lenders desire to waive certain obligations of the
Borrower under the Existing Credit Agreement, subject to the conditions set
forth herein,
     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
     SECTION 1. Certain Defined Terms; Other Interpretive Provisions.
(a) Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Existing Credit Agreement.
     (b) The rules of interpretation set forth in Section 1.2 of the Existing
Credit Agreement shall apply to this Amendment.
     SECTION 2. Amendments. Effective on (and subject to the occurrence of) the
Effectiveness Date, the provisions of the Existing Credit Agreement referred to
below are hereby amended in accordance with this Section 2.
     (a) Sections 7.4(a) through (d) of the Existing Credit Agreement are hereby
amended by deleting the existing Sections 7.4(a) through (d) in their entirety
and substituting the following therefor:
     (a) Investments existing on the Effective Date and set forth on
Schedule 7.4;
Amendment No. 3 and Waiver No. 2
to Credit Agreement

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     (b) Temporary Cash Investments;
     (c) stock, obligations or securities received in satisfaction of judgments;
     (d) Investments in any Loan Party; and
     (e) Investments of $4,207,500 in Panama Canal Railway Company made on
December 28, 2007.
     (b) The Existing Credit Agreement is hereby amended by adding to
Schedule 7.4 thereto the following as new clause (3) to such Schedule:
     3. $138,670,761.00 Mexican pesos ($10.3 Million US Dollars) loan from
Borrower to NAFTA Rail, S.A. de C.V. made on December 19, 2005
     SECTION 3. Waiver. (a) The Majority Lenders hereby waive any Default or
Event of Default under Sections 8.1(b) and (c) of the Existing Credit Agreement
to the extent, and only to the extent, of the Borrower’s noncompliance with
Section 7.4 of the Existing Credit Agreement as a result of the Investment by
Borrower in Panama Canal Railway Company (“PCRC”) on December 28, 2007.
     (b) Each of the Borrower and the Guarantor hereby agrees that the waivers
specifically described in clause (a) above shall not constitute and shall not be
deemed a waiver of any other Default or Event of Default, whether arising as a
result of further violations of Section 7.4 of the Existing Credit Agreement or
otherwise, or a waiver of any rights or remedies arising as a result of such
other Defaults or Events of Default. The failure of Borrower to comply with
Section 7.4 of the Existing Credit Agreement other than as described above shall
constitute an Event of Default.
     SECTION 4. Representations and Warranties. Each of the Borrower and the
Guarantor represents and warrants to the Administrative Agent and the Lenders
that:
     (a) The representations and warranties made in the Existing Credit
Agreement, after giving effect hereto, are true and correct as if made on the
date hereof.
     (b) The execution and delivery by each of the Borrower and the Guarantor of
this Amendment and the performance by it of its obligations under the Amended
Credit Agreement: (i) are within its corporate powers, (ii) have been duly
authorized by all necessary corporate action and (iii) do not and will not
contravene or conflict with any provision of: (A) its organizational documents,
(B) any Applicable Law, decree, judgment, award, injunction or similar legal
restriction in effect, except to the extent that any contravention thereof is
not reasonably likely to have a Material Adverse Effect or (C) any document or
other contractual restriction binding upon or affecting it or any of its
Properties, except to the extent that any contravention thereof is not
reasonably likely to have a Material Adverse Effect.
     (c) Each of this Amendment and the Amended Credit Agreement, is a legal,
valid and binding obligation of the Borrower and the Guarantor, as applicable,
enforceable against each such Person in accordance with its terms, in each case
except as may be limited by bankruptcy,
Amendment No. 3 and Waiver No. 2
to Credit Agreement

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insolvency, reorganization, moratorium or similar laws affecting the
enforceability of the rights of creditors generally.
     SECTION 5. Effect of Amendment. All provisions of the Existing Credit
Agreement, except as expressly amended and modified by this Amendment, shall
remain in full force and effect. After this Amendment becomes effective, all
references in any Loan Document (or any other document) referring to the “Credit
Agreement” shall be deemed to be references to the Amended Credit Agreement.
This Amendment shall not be deemed to expressly or impliedly waive, amend or
supplement any provision of the Existing Credit Agreement other than as
expressly set forth herein.
     SECTION 6. Effectiveness of Amendment. This Amendment shall become
effective on the date (the “Effectiveness Date”) when, and only when the
following conditions have been satisfied:
     (a) The Administrative Agent shall have received the following documents,
each in form and substance satisfactory to the Administrative Agent:
     (i) Executed Amendment. This Amendment, duly executed and delivered by the
parties hereto;
     (ii) Organizational Documents. Copies of the Organizational Documents of
each of the Borrower and the Guarantor, as certified by an authorized officer of
each of the Borrower and the Guarantor, as applicable; and
     (iii) Authorizations. Documents (including appropriate resolutions of its
shareholders or the Board of Directors or similar body) evidencing the due
authorization of the execution, delivery and performance by the Borrower and the
Guarantor of this Amendment, or a certification from an authorized officer of
the Borrower and the Guarantor if such documents are not required by Applicable
Law; and
     (b) The Administrative Agent shall have received evidence of payment of:
(i) the fees and expenses then due and payable under Section 11.2(a) of the
Existing Credit Agreement, including reasonable legal fees of special U.S. and
Mexican counsel to the Administrative Agent and (ii) the fees payable pursuant
to Section 7.
     SECTION 7. Amendment Fee. The Borrower agrees to pay to the Administrative
Agent for the account of each Lender that executes this Amendment a fee in an
amount equal to: (a) 0.25% multiplied by (b) the sum of: (i) such Lender’s
undrawn Commitments as of the Effectiveness Date plus (ii) such Lender’s Loans
as of the Effectiveness Date. Such fee shall be payable in full for those
Lenders who have submitted their signatures before or on the Effectiveness Date.
     SECTION 8. Ratification and Confirmation of Guarantee. The Guarantor hereby
ratifies and reaffirms the execution and delivery of the Guarantee set forth in
Article IX of the Existing Credit Agreement and confirms that such Guarantee
remains in full force and effect after giving effect to this Amendment and
reaffirms the Guaranteed Obligations after giving effect to this Amendment.
Amendment No. 3 and Waiver No. 2
to Credit Agreement

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     SECTION 9. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY
THE LAW OF THE STATE OF NEW YORK (NOT INCLUDING SUCH STATE’S CONFLICT OF LAWS
PROVISIONS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
     SECTION 10. Counterparts. This Amendment may be executed on any number of
separate counterparts (including by fax or electronic delivery), and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument.
     SECTION 11. Section Headings. The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or interpretation
of this Amendment.
     SECTION 12. Loan Document. The parties hereto hereby acknowledge and agree
that this Amendment shall constitute a Loan Document for all purposes of the
Existing Credit Agreement and the other Loan Documents.
Amendment No. 3 and Waiver No. 2
to Credit Agreement

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          IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment as of the day and year first above written.

            KANSAS CITY SOUTHERN DE MÉXICO, S.A.
DE C.V., as the Borrower
      By:   /s/ Paul J. Weyandt         Name:   Paul J. Weyandt        Title:  
Treasurer              By:           Name:           Title:          
ARRENDADORA KCSM, S. DE R.L. DE C.V.,
   as the Guarantor
      By:   /s/ Paul J. Weyandt         Name:   Paul J. Weyandt        Title:  
Treasurer              By:           Name:           Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

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            BANK OF AMERICA, N.A.,
   as the Administrative Agent
      By:           Name:           Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

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            LENDERS:

BBVA BANCOMER, S.A., INSTITUCIÓN DE
BANCA MÚLTIPLE, GRUPO FINANCIERO
BBVA BANCOMER, GRAND CAYMAN
BRANCH
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-3

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            BANK OF AMERICA, N.A.
      By:           Name:           Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-4

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            EXPORT DEVELOPMENT CANADA
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-5

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            KFW
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-6

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            BANK OF MONTREAL
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-7

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            THE BANK OF NOVA SCOTIA
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-8

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            COMERICA BANK
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 3 and Waiver No. 2
to Credit Agreement

S-9