Document:

ex101.htm

Exhibit 10.1

 

	 	 	 	 
	 	 	

116 West 23rd Street, 5th Floor,

New York, NY 10011

	 
	 	 	 	 

 

 

 

 

June 11, 2010

Mr. Elan Yaish

ERS Associates, Ltd.

265 Sunrise Highway, Suite 1-315

Rockville Center, NY 11570

	
Re:

	
New Energy Systems Group Board of Directors

Dear Mr. Yaish:

New Energy Systems Group, a Nevada corporation (the “Company”), is pleased to advise you that you have been elected as a director of the Company, subject to your acceptance and agreement to serve as a member of our Board of Directors (the “Board”).  Directors are elected for a period of one year and until their successors are elected and qualified.  At each annual meeting of stockholders, we elect directors to serve for the following year.  The Board is responsible for managing our business and affairs.

This Agreement shall set forth the terms of your service as a director, keeping in mind that, as a director of a Nevada corporation, you have the responsibilities of a director under the Nevada Business Corporation Law.

 

1. Acceptance; Board and Committee Service.  You hereby accept your election as a director of the Company.  You agree to serve on the audit and compensation committees, and, if the Company designates a nominating committee, you agree, if you are appointed, to serve on that committee.  You confirm to us that you are an independent director as defined in the Nasdaq rules and regulations.

 

2. Services.

 

(a) The Board will have four regular meetings each year, one of which may be held in the People’s Republic of China.  Special meetings may be called from time to time to the extent that they are deemed necessary.  In addition, we expect that the independent directors will have separate meetings, which may be held on the same day as a board meeting.

 

(b) The audit committee will have four regular meetings, one to review the financial statements for each of the first three fiscal quarters and a fourth to review the audited financial statements for the fiscal year.  At these meetings, the audit committee will meet with representatives of our independent registered accounting firm (the “auditors”) and, if the audit committee deems necessary or desirable, the chief financial officer, to review the financial statements together with any questions raised by the auditors’ review of our disclosure and internal controls.  The audit committee will also work with the auditors in connection with the implementation of internal controls.  Additional meetings of the audit committee may be held.

 

 

 

  

  

  

 

 

(c) The compensation committee will be responsible for administering any stock option or other equity-based incentive plans and for determining the compensation of the chief executive officer and other executive officers.  We expect that the compensation committee will meet twice a year.

 

3. Attendance.  Meetings for each year shall be scheduled at the beginning of the year and shall be reasonably acceptable to all directors.  If you are unable to attend a meeting in person, you may participate by conference call.  In addition, you shall be available to consult with the other members of the Board as necessary via telephone, electronic mail or other forms of correspondence.   In addition, you will review our financial statements and annual and quarterly reports prior to the audit committee meetings.  We anticipate that your participation by means other than personal attendance, including review of our financial statements and annual and quarterly reports, as described herein shall be, on the average during the year, not more than ten hours per month.

 

4. Services for Others.  While we recognize that you may serve as a director of other companies, you understand and agree that you are and will be subject to our policy that restricts you from using or disclosing any material non-public information concerning our company or from using or disclosing any of our trade secrets or other proprietary information.  Similarly, you agree that you will not use or disclose, in the performance of your duties as a director, any trade secrets or proprietary information of any other company.  You agree to execute our standard non-disclosure agreement.

 

5. Blackout Period.   You understand that we have a policy pursuant to which no officer, director or key executive may engage in transactions in our stock during the period commencing two weeks prior to the end of a fiscal quarter and ending the day after the financial information for the quarter or year has been publicly released.  As a member of the audit committee, if you have information concerning our financial results at any time, you may not engage in transactions in our securities until the information is publicly disclosed.

 

6. Compensation.  As an independent director and member of the audit, compensation and, if appointed, nominating, committees, you will receive the following compensation:

 

(a) An annual fee of $30,000, payable quarterly on the last business day of each quarter via wire transfer to ERS Associates, Ltd.

 

(b) Subject to all approvals required by law, the Company will grant you options to purchase up to a total of 25,000 shares of common stock of the Company, par value US$ 0.001 each (the "Options"), at an exercise price to be based on the closing price of the stock on the date of your acceptance of this Agreement.

 

 

6.1           Term of Options.  All Options, if and to the extent granted according this Section 6 above, shall be in effect for a period of 24 months commencing immediately after the vesting of all Options granted to you under this letter of appointment, and shall expire immediately thereafter.

 

 

 

 

  

  

  

 

 

 

6.2           Vesting.  All Options granted to you shall vest in two (2) equal instalments, the first being on the date of grant (as of the date of this Agreement) and the second being on the first anniversary of the date of grant.

 

6.3           Price.  The exercise price of the Options shall be equivalent to the closing price of the stock on the date of your acceptance of this Agreement.

6.4           General.  All options granted to you shall be in effect subject to your continuous service as a member of the Board and subject to the terms and conditions of the Plan, including such terms related to vesting and expiration, and subject to such terms and conditions as will be approved by the Company, at its sole discretion. In case of contradiction between the provisions of this letter of appointment and the provisions of the Plan, the provisions of the Plan shall supersede.

7. Compensation for Subsequent Years.  Your compensation for subsequent years shall be determined by the Board or the compensation committee, provided that the compensation for any year shall not be less than the compensation for the immediately prior year.

 

8. Reimbursement of Expenses.  You will be reimbursed for all reasonable expenses incurred in connection with the performance of your services as a director and committee member and/or chairman, including your travel, lodging and related expenses.  If the Board or any committee has more than one meeting in China, you may attend that meeting by conference call unless you are otherwise in China.

 

9. Officers’ and Directors’ Liability Insurance.  We presently are applying for officers’ and directors’ liability insurance in the amount of $5 million, and we confirm that we will maintain such insurance in not less than that amount during your service as a director of the Company. Until such director and officers insurance is purchased the Company will pay for all costs, regardless of amount, related to any actions or claims that may arise against you related to your service as a director of the Company.

 

10. Certain Representations.

 

(a) You represent and agree that you are accepting the shares of common stock or Options being issued to you pursuant to this Agreement for your own account and not with a view to or for sale of distribution thereof.  You understand that the securities are restricted securities and you understand the meaning of the term “restricted securities.”  You further represent that you were not solicited by publication of any advertisement in connection with the receipt of the Options and that you have consulted tax counsel as needed regarding the Options.

 

(b) You further represent that, during the past ten years:

 

 

  

  

  

 

 

(i) No petition has been filed under the federal bankruptcy laws or any state insolvency law by or against, or a receiver, fiscal agent or similar officer has been appointed by a court for your business or property, or any partnership in which you were a general partner at or within two years before the time of such filing, or any corporation or business association of which you were an executive officer at or within two years before the time of such filing;

 

(ii) You have not been convicted in a criminal proceeding and are not the subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

 

(iii) You have not been the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining you from, or otherwise limiting, the following activities:

 

(A) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;

 

(B) Engaging in any type of business practice; or

 

(C) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities laws;

 

(D) You have not been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting, for more than 60 days, your right to engage in any activity described in Section 10(b)(iii)(A) of this Agreement, or to be associated with persons engaged in any such activity; or

 

(iv) You have not been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated.

 

(v) You have not been found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.

 

 

  

  

  

 

 

(c) Stock Ownership.  Except as set forth on the signature page of this Agreement, you do not own any shares of any class or series of our capital stock or any options or warrants to purchase our capital stock or any securities convertible into our capital stock.

 

11. Independent Contractor.  You understand that, as a director, you will be an independent contractor and not an employee, and, unless the Board expressly grants you such authorization, you shall have no authority to bind us or to act as our agent.

 

12. Entire Agreement; Amendment; Waiver.  This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof.  This Agreement may be modified or amended, and no provision of this Agreement may be waived, except by a writing that expressly refers to this Agreements, states that it is an amendment, modification or waiver and is signed by both parties, in the case of an amendment or modification or the party granting the waiver in the case of a waiver.  Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement.  The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement.

 

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

 

 

	 	Sincerely,	 
	 	 	 
	 	NEW ENERGY SYSTEMS GROUP	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Nian Chen	 
	 	 	Nian Chen	 
	 	 	Chief Executive Officer	 
	 	 	 	 

AGREED AND ACCEPTED:

_/s/ Elan Yaish________________

Elan Yaish

 

Shares of common stock, warrants, options or convertible securities owned as of the date of this Agreement (excluding those securities to be issued pursuant to this Agreement):  -0-usecology_8k-ex1052.htm

 

Exhibit 10.52

 

SECOND AMENDMENT TO THE

REVOLVING CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO THE REVOLVING CREDIT AGREEMENT (this “Amendment”) is made and entered into effective as of June 15, 2010, by and between WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”), and US ECOLOGY, INC., a Delaware corporation formerly known as American Ecology Corporation (“Borrower”).

 

RECITALS

 

A.           Borrower and Bank entered into a Revolving Credit Agreement, dated as of June 30, 2008 (as amended, modified, or supplemented from time to time, the “Credit Agreement”).

 

B.           Borrower and Bank want to amend the Credit Agreement to extend the maturity date, increase the Commitment Amount, increase the LIBOR margin, and modify some of the financial covenants.

 

C.           Bank is willing to amend the Credit Agreement upon the terms and conditions of this Amendment.

 

AMENDMENT

 

NOW, THEREFORE, the parties agree as follows.

 

	
  

	
1.

	
DEFINITIONS.

 

Except as specifically defined otherwise in this Amendment, all of the terms herein shall have the same meaning as contained in the Credit Agreement.

 

	
  

	
2.

	
AMENDMENTS.

 

A.           Amendments to Article 1 – Definitions and Accounting Terms.

 

(i)           The definition of the term “Commitment Amount” in Section 1.1 of the Credit Agreement is amended to increase the amount, and the definition shall provide in its entirety as follows:

 

“Commitment Amount” means Twenty Million and 00/100 Dollars ($20,000,000.00), less the sum of (i) the aggregate stated amount of all Letters of Credit then outstanding and available for drawing, and (ii) the aggregate amount of unreimbursed drawings on Letters of Credit.

 

(ii)           The definition of the term “Maturity Date” in Section 1.1 of the Credit Agreement is amended to extend the Maturity Date, and the definition shall provide in its entirety as follows:

 

“Maturity  Date” means June 15, 2013, or such other date as Bank and Borrower may agree upon in writing from time to time.

 

B.           Amendments to Article 2 – Loans and Terms of Repayment.

 

(i)           Subsection 2.4.3 of the Credit Agreement is amended to modify the LIBOR margins, and the subsection shall provide in its entirety as follows:

 

  

 

  

2.3.4           Margins.  The  Prime Margins, the LIBOR Margins, the Commitment Margins, and the L/C fees are as follows:

 

	
Funded Debt Ratio

	
Prime

	
LIBOR

	
Commitment

	
L/C Fee

 

	
less than 1.00:1.00

	
0.0%

	
1.300%

	
0.250%

	
1.300%

	
less than 1.50:1.00 but greater than or equal to 1.00:1.00

	
0.0%

	
1.625%

	
0.300%

	
1.625%

	
less than 2.00:1.00 but greater than or equal to 1.50:1.00

	
0.0%

	
2.375%

	
0.550%

	
2.375%

	
greater than 2.00:1.00

	
0.0%*

	
2.375%*

	
0.550%

	
2.375%*

*Plus increase for an Event of Default pursuant to Section 2.6, if applicable.

 

C.           Amendment to Article 7 – Financial Covenants.

 

(i)           Section 7.1 of the Credit Agreement is amended to modify the maximum Funded Debt Ratio to be maintained by Borrower, and the Section shall provide in its entirety as follows:

 

7.1           Funded Debt Ratio.  Borrower shall maintain at the end of each fiscal quarter a Funded Debt Ratio (as defined in paragraph 2.3.4.2) of not greater than 2.00 to 1.00.

 

(ii)           Section 7.2 of the Credit Agreement is amended to increase the Minimum Tangible Net Worth to be maintained by Borrower, and the Section shall provide in its entirety as follows:

 

7.2           Minimum Tangible Net Worth.  Borrower shall maintain on a consolidated basis at the end of each fiscal quarter a Tangible Net Worth of not less than the sum of (1) Eighty Million and No/100 Dollars ($80,000,000.00), plus (2) 10% of Borrower’s Adjusted Net Income.  “Tangible Net Worth” means the sum of (i) Borrower’s total consolidated assets excluding all intangible assets (such as goodwill, trademarks, patents, copyrights, and similar items), plus (ii) all indebtedness of Borrower (including, without limitation, capital lease obligations) that is subordinated to payment in full of the Obligations pursuant to a written agreement in form and substance acceptable to Bank (“Subordinated Debt”), less (iii) all of Borrower’s liabilities other than Subordinated Debt.  “Adjusted Net Income” means Borrower’s consolidated net income for all periods after March 31, 2010, without regard to any consolidated net losses.

 

	
  

	
3.

	
CONDITIONS PRECEDENT.

 

As conditions precedent to Bank’s obligation to extend the financial accommodations provided for in this Amendment, Borrower shall execute and deliver, or cause to be executed and delivered, to Bank, in form and substance satisfactory to Bank and its counsel, the following:

 

A.           Revolving Note.

 

The new Revolving Note required by this Amendment in substantially the form attached as Exhibit 1, duly executed by Borrower.

 

B.           Evidence of all Corporate Action by Borrower.

 

Certified copies of all corporate action taken by Borrower authorizing its execution and delivery of this Amendment and each other document to be delivered pursuant to this Amendment and its performance of its agreements thereunder.

 

  

2

  

C.           Certificates of Existence.

 

Certificates of good standing or existence that Bank may reasonably require showing that Borrower is in good standing under the laws of the state of its incorporation.

 

D.           Public Record Searches.

 

Uniform Commercial Code financing statement searches, federal and state income tax lien searches, judgment or litigation searches, or other similar searches that Bank may reasonably require and in such form as Bank may reasonably require.

 

E.           Payment of Loan Amendment Fee.

 

Payment of the Loan Amendment Fee as required by Section 4 of this Amendment.

 

F.           Additional Documentation.

 

Such other approvals, opinions, or documents as Bank may reasonably request.

 

	
  

	
4.

	
LOAN AMENDMENT FEE.

 

Upon the execution of this Amendment, Borrower shall pay Bank a loan amendment fee of Forty Thousand and 00/100 Dollars ($40,000.00).  The fee shall represent an unconditional payment to Bank in consideration of Bank’s agreement to extend financial accommodations to Borrower pursuant to this Amendment.

 

	
  

	
5.

	
REAFFIRMATION OF LOAN DOCUMENTS.

 

Borrower acknowledges and reaffirms all existing security agreements, financing statements, and any other documents executed in connection with the Credit Agreement.  Borrower further acknowledges and agrees that the Obligations shall be secured by all collateral to be granted by Borrower to secure a proposed term loan from Bank to Borrower.

 

	
  

	
6.

	
BORROWER’S COVENANTS, REPRESENTATIONS, AND WARRANTIES.

 

In order to induce Bank to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, Borrower acknowledges and reaffirms as true, correct, and complete in all material respects on and as of the date of this Amendment all covenants, representations, and warranties made by Borrower in the Credit Agreement and the other Loan Documents to the same extent as though made on and as of the date of execution of this Amendment.  Borrower represents and warrants that the execution, delivery, and performance by the Borrower of this Amendment has been duly authorized by all necessary corporate action.  Borrower further represents and warrants that there are no Events of Default or facts which constitute, or with the passage of time and without change will constitute, an Event of Default under the Loan Documents.  Borrower further represents that there has been no material adverse change in Borrower’s business or financial condition from that reflected in the most recent of Borrower’s financial statements that have been delivered to Bank.  Borrower further represents and warrants that Borrower has no claims or causes of action of any kind whatsoever against Bank or any of Bank’s present or former employees, officers, directors, attorneys, or agents of any kind in their capacity as such (collectively, the “Released Parties”) and further, that the Released Parties have performed all of the respective obligations under the Credit Agreement and other Loan Documents and have complied with all provisions therein set forth.  Borrower acknowledges that as of June 1, 2010, the outstanding principal balance of the Revolving Loans is $0.00, and the aggregate stated amount of all Letters of Credit outstanding and available for drawing is $4,027,905.00.

 

  

3

  

	
  

	
7.

	
COURSE OF DEALING.

 

No course of dealing heretofore or hereafter between Borrower and Bank, or any failure or delay on the part of Bank in exercising any rights or remedies under the Credit Agreement or existing by law shall operate as a waiver of any right or remedy of Bank with respect to said indebtedness, and no single or partial exercise of any right or remedy hereunder shall operate as a waiver or preclusion to the exercise of any other rights or remedies Bank may have in regard to said indebtedness.

 

	
  

	
8.

	
GOVERNING LAW.

 

This Amendment is made in the State of Idaho, which state the parties agree has a substantial relationship to the parties and to the underlying transaction embodied hereby.  Accordingly, in all respects, this Amendment and the Loan Documents and the obligations arising hereunder and thereunder shall be governed by, and construed in accordance with, the laws of the State of Idaho applicable to contracts made and performed in such state and any applicable law of the United States of America.  Each party hereby unconditionally and irrevocably waives, to the fullest extent permitted by law, any claim to assert that the law of any jurisdiction other than the State of Idaho governs this Amendment and the Loan Documents.

 

	
  

	
9.

	
COSTS AND EXPENSES.

 

Borrower shall pay on demand by Bank all expenses incurred by Bank in connection with the preparation, execution, delivery, filing, recording, and administration of this Amendment or any of the documents contemplated hereby, including, without limitation, the reasonable fees and out of pocket expenses of counsel for Bank with respect to this Amendment and the documents and transactions contemplated hereby.

 

	
  

	
10.

	
ENTIRE AGREEMENT.

 

The Credit Agreement as amended by this Amendment together with the other Loan Documents supersedes all prior negotiations, understandings, and agreements between the parties, whether oral or written, and all such negotiations, understandings, and agreements are evidenced by the terms of the Loan Documents.  The Credit Agreement may not be further altered or amended in any manner except by a writing signed by Bank and Borrower.

 

	
  

	
11.

	
EFFECTS OF THIS AMENDMENT.

 

This Amendment shall be binding and deemed effective when it is executed by Borrower, accepted and executed by Bank, and all conditions precedent set forth in Section 3 have been fulfilled.  All terms, covenants and conditions of the Credit Agreement that have not been modified, amended, or otherwise changed by this Amendment are reaffirmed and remain in full force and effect.

 

	
  

	
12.

	
COUNTERPARTS.

 

This Amendment may be executed in counterparts and may be delivered by facsimile transmission.  Each such counterpart shall constitute an original, but all such counterparts shall constitute but one Amendment.

 

[Signature Page Follows]

 

  

4

  

 

IN WITNESS WHEREOF, Borrower has executed this Amendment as of the date first written above.

 

	 	 
BORROWER:

 

US ECOLOGY, INC.

 

By /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President and Chief Financial Officer

 

 

 

 

  

5

  

GUARANTOR’S CONSENT

 

Each Guarantor consents to, acknowledges, and accepts the forgoing Amendment.  Each Guarantor affirms and ratifies its Continuing and Unconditional Guaranty made by Guarantor for the benefit of Bank (the “Guaranty”), and confirms that the Guaranty remains in full force and effect and binding upon the Guarantor without any setoffs, defenses, or counterclaims of any kind whatsoever.

 

Dated as of June 15, 2010.

 

	 	 
GUARANTORS:

 

US ECOLOGY TEXAS, INC.

 

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

 

AMERICAN ECOLOGY RECYCLE CENTER, INC.

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

AMERICAN ECOLOGY ENVIRONMENTAL SERVICES CORPORATION

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

 

US ECOLOGY ILLINOIS, INC.

 

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

 

US ECOLOGY IDAHO, INC.

 

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

 

 

 

  

6

  

 

 

	 	 
US ECOLOGY NEVADA, INC.

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

 

US ECOLOGY WASHINGTON, INC.

 

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

US ECOLOGY FIELD SERVICES, INC.

 

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President

 

 

 

 

BANK’S ACCEPTANCE

 

Accepted and effective as of June 15, 2010, in the State of Idaho.

 

 

 

	 	 
WELLS FARGO BANK, NATIONAL ASSOCIATION

 

By  /s/ Brian W. Cook

Brian W. Cook, Vice President

 

 

 

 

 

 

  

7

  

EXHIBIT 1

 

FORM OF REVOLVING NOTE

 

 

See attached.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

  

 

REVOLVING NOTE

 

 

	
Borrower:

	
US ECOLOGY, INC.

	
June 15, 2010

	  	  	
Boise, Idaho

 

	
Address: 

	
300 E. Mallard Drive, Suite 300 Boise, Idaho 83706

 

	
Principal Amount: 

	
Twenty Million Dollars ($20,000,000)

 

FOR VALUE RECEIVED, US ECOLOGY, INC., a Delaware corporation formerly known as American Ecology Corporation (“Borrower”), promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) the total principal amount outstanding on this note (the “Note”) together with interest thereon as stated below, in lawful money of the United States of America.

 

This Note is executed pursuant to and is the Revolving Note referred to in that certain Revolving Credit Agreement, dated June 30, 2008, between Borrower and Bank (as amended, modified, or supplemented from time to time, the “Credit Agreement”).  Capitalized terms used but not defined in this Note shall have the same definitions as are ascribed to such terms in the Credit Agreement.  This Note is governed by the provisions of the Credit Agreement.

 

This Note is a revolving promissory note and evidences a revolving line of credit not to exceed the maximum principal amount stated above at any one time.  The amount outstanding on this Note at any specific time shall be the total amount advanced by Bank less the amount of principal payments made from time to time, plus any interest due and payable.

 

Borrower agrees that any and all advances made hereunder shall be for Borrower’s benefit, whether or not said advances are deposited to Borrower’s account.  Advances may be made at the request of those persons so identified in the Credit Agreement and such persons are hereby authorized to request advances and to direct the disposition of any such advances in the manner provided in the Credit Agreement until written notice of revocation of this authority is received by Bank from Borrower.

 

The outstanding unpaid balance of this Note shall bear interest at a fluctuating per annum rate as set forth in the Credit Agreement.  This Note shall be repaid in the manner set forth in the Credit Agreement.

 

This Note is made in the state of Idaho, which state the parties agree has a substantial relationship to the parties and to the underlying transaction embodied hereby.  Accordingly, in all respects, this Note and the obligations arising hereunder shall be governed by, and construed in accordance with, the laws of the state of Idaho applicable to contracts made and performed in such state and any applicable law of the United States of America.  Each party hereby unconditionally and irrevocably waives, to the fullest extent permitted by law, any claim to assert that the law of any jurisdiction other than the state of Idaho governs this Note.  All disputes, controversies, or claims arising out of, or in connection with, this Note shall be litigated in any court of competent jurisdiction within the state of Idaho.  Each party hereby accepts jurisdiction of such state and agrees to accept service of process as if it were personally served within such state.  Each party irrevocably waives, to the fullest extent permitted by law, any objection that the party may now or hereafter have to the jurisdiction of the courts of such state and any claim that any such litigation brought in any such court has been brought in an inconvenient forum.

 

Except as expressly provided in the Credit Agreement, the makers, sureties, guarantors and endorsers of this Note jointly and severally waive presentment for payment, protest, notice of protest and notice of nonpayment of this Note, and consent that this Note or any payment due under this Note may be extended or renewed without demand or notice.

 

  

 

  

 

 

	 	 
US ECOLOGY, INC.

 

By  /s/ Jeffrey R. Feeler

Jeffrey R. Feeler

Vice President and Chief Financial Officer

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