Document:

exhibit10-1.htm

 

EXHIBIT 10.1

 

 

TWELFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

This Twelfth Amendment to Revolving Credit Agreement (“Amendment”) is made as of June 30, 2010 (“Effective Date”) among WCA WASTE CORPORATION, a Delaware corporation (“Borrower”) COMERICA BANK, a Texas banking association (“Comerica”), in its capacity as Administrative Agent or Agent under the Credit Agreement, as defined below (in such capacity, “Agent”), and in its capacity as Co-Lead Arranger, Joint Book Runner, and a Lender under the Credit Agreement, COMPASS BANK, in its capacity as Co-Lead Arranger, Documentation Agent, Joint Book Runner, and a Lender under the Credit Agreement, REGIONS BANK, in its capacity as Syndication Agent, and a Lender under the Credit Agreement, and the “Lenders” from time to time party thereto (the “Lenders”).

 

PRELIMINARY STATEMENT

 

 

The Borrower and Agent entered into a Revolving Credit Agreement dated July 5, 2006, as amended by Amendment to Revolving Credit Agreement dated as of July 28, 2006, Second Amendment to Revolving Credit Agreement dated as of September 25, 2006, Third Amendment to Revolving Credit Agreement dated as of November 20, 2006, Fourth Amendment to Revolving Credit Agreement dated as of January 24, 2007, Fifth Amendment to Revolving Credit Agreement dated as of March 13, 2007, Sixth Amendment to Revolving Credit Agreement dated as of July 27, 2007, Seventh Amendment to Revolving Credit Agreement dated as of December 27, 2007, Eighth Amendment to Revolving Credit Agreement dated as of October 22, 2008, Ninth Amendment to Revolving Credit Agreement dated as of February 19, 2009, Tenth Amendment to Credit Agreement dated as of December 31, 2009, and Eleventh Amendment to Credit Agreement dated as of February 17, 2010 (“Credit Agreement”) providing terms and conditions governing certain loans and other credit accommodations extended by the Agent to Borrower (“Indebtedness”).

 

Borrower, Agent and the Lenders have agreed to amend the terms of the Credit Agreement as provided in this Amendment.

 

AGREEMENT

 

1. Defined Terms.  In this Amendment, capitalized terms used without separate definition shall have the meanings given them in the Credit Agreement.

 

2. Amendments.

 

a. The following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

“Revolving Credit Facility Fee” shall mean the fee payable to Agent for distribution to the Lenders in accordance with Section 2.05 hereof.

 

“Twelfth Amendment Effective Date” shall mean the effective date of the Twelfth Amendment to Revolving Credit Agreement among the Borrower, Agent and the Lenders, as determined pursuant to Paragraph 3a of such amendment.

 

b. The definition of “Aggregate Revolving Credit Commitments” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“ ‘Aggregate Revolving Credit Commitments’ at any time equals the sum of the Revolving Credit Commitments of the Lenders, as the same may be reduced pursuant to Section 2.03(b) or Section 10.02(a) or increased pursuant to Section 2.04.  The Aggregate Revolving Credit Commitments on the Twelfth Amendment Effective Date shall be $200,000,000.”

 

c. The definition of “Applicable Margin” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “ ‘Applicable Margin’ means, on any day, the applicable per annum percentage set forth at the appropriate intersection in the table shown below, based on the Leverage Ratio on the most recent Determination Date:

 

	
BASIS FOR PRICING

	  	
LEVEL I

	  	
LEVEL II

	  	
LEVEL III

	  	
LEVEL IV

	  	
LEVEL V

	
Leverage Ratio

	  	
 

< 3.00:1.0

	  	
>3.00:1.0 But

<3.50:1.0

	  	
>3.50:1.0 But

<4.00:1.0

	  	
>4.00:1.0 But

<4.50:1.0

	  	
 

>4.50:1.0

	
REVOLVER

	  	  	  	  	  	  	  	  	  	  
	

Facility Fee

	  	
37.50

	  	
37.50

	  	
37.50

	  	
62.50

	  	
87.50

	

LIBOR Margin

	  	
212.50

	  	
237.50

	  	
262.50

	  	
262.50

	  	
262.50

	

All-In-Spread

	  	
250.00

	  	
275.00

	  	
300.00

	  	
325.00

	  	
350.00

	

Letter of Credit Fees

	  	
212.50

	  	
237.50

	  	
262.50

	  	
262.50

	  	
262.50

	

Base Rate Margin

	 	162.50	 	

187.50

	 	

212.50

	 	

212.50

	 	

212.50

 

The Applicable Margin shall be established as of the date of the Administrative Agent’s receipt of  the information and computations set forth in the financial statements and Compliance Certificate furnished to the Administrative Agent pursuant to Section 8.01 (each, a "Determination Date").  Any change in the Applicable Margin following each Determination Date shall be determined based upon the information and computations set forth in the financial statements and Compliance Certificate furnished to the Administrative Agent pursuant to Section 8.01, subject to review and approval of such computations by the Administrative Agent.  Each change in the Applicable Margin shall be effective as of the Determination Date (including, without limitation, in respect of LIBOR Loans then outstanding notwithstanding that such change occurs during an Interest Period), and shall remain in effect until the next Determination Date for which a change in the Applicable Margin occurs; provided, however; if the Borrower shall fail to deliver any required financial statements or Compliance Certificate within the time period required by Section 8.01, the Applicable Margin shall be the highest percentage amount stated for each Type of Loan as set forth in the above table for the period beginning on the required delivery date of the financial statements and Compliance Certificate as provided in Section 8.01 and ending on the date that the appropriate financial statements and Compliance Certificate are so delivered.  Notwithstanding anything to the contrary in the Agreement, Level IV Applicable Margins shall be in effect under the Agreement from the date of the Twelfth Amendment Effective Date until the determination thereof based upon Borrower’s Compliance Certificate for the fiscal quarter ending June 30, 2010, unless (prior to such date), Borrower’s Total Leverage Ratio is greater than 4.50:1.00, in which case, Level V Applicable Margins shall be in effect under the Agreement.

d. The definition of “Base Rate” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“  ‘Base Rate’ means, with respect to any Base Rate Loan, for any day, the higher of (a) the Federal Funds Rate for any such day plus 1.00%, (b) the Prime Rate for such day, or (c) the Floating LIBOR Rate for such day plus 1.00%.  Each change in any interest rate provided for herein based upon the Base Rate resulting from a change in the Base Rate shall take effect at the time of such change in the Base Rate.”

 

e. The definition of “Expansion Expenditure” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“ ‘Expansion Expenditure’ means an expenditure made in connection with or in furtherance of building a new transfer station, starting a new hauling company, opening an inactive landfill, new municipal contracts that require additional equipment or other property, or the acquisition of a Person engaged in a similar line of business as the Borrower and its Subsidiaries, or other growth and productivity capital expenditures included within the Borrower's business plan so long as (a)  no Default exists or would exist after giving effect to such expenditure (including without limitation, no Default would exist under Sections 9.12 through and including 9.16 after giving effect to such expenditure), (b) the Administrative Agent receives and satisfactorily reviews the due diligence package related to such expenditure, and (c) if (i) any such Expansion Expenditure exceeds $30,000,000 and (ii) is funded by Borrower requesting a Revolving Credit Loan in connection therewith, same is approved by the Required Lenders; and "Expansion Expenditures" shall mean all such expenditures; provided that Borrower shall be required to deliver to the Administrative Agent a due diligence package related to such expenditure if such expenditure is either funded by cash or by Borrower requesting a Revolving Loan in connection therewith.”

f. The definition of “LC Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“ ‘LC Commitment’ at any time means $30,000,000.”

g. The definition of “Senior Secured Funded Debt” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“ ‘Senior Secured Funded Debt’ means all Funded Debt other than Subordinated Debt and the Senior Unsecured Debt.  Furthermore, Senior Secured Funded Debt will include letters of credit for landfills with remaining permitted lives expiring prior to the Termination Date.”

h. The definition of “Termination Date” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“ ‘Termination Date’ means with respect to the Aggregate Revolving Credit Commitments, the earlier of (a) January 31, 2014, and (b) the date that the Aggregate Revolving Credit Commitments are sooner terminated pursuant to Section 2.03(b) or 10.02 and the Revolving Credit Loans are prepaid in full pursuant to Section 2.08.”

i. Paragraph (b) of Section 2.03 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(b)           The Borrower shall have the right to terminate or to reduce the amount of the Aggregate Revolving Credit Commitments at any time, or from time to time, upon not less than three Business Days' prior notice to the Administrative Agent (which shall promptly notify the Lenders) of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which shall not be less than $1,000,000 or any whole multiple of $1,000,000 in excess thereof) and accompanied by the payment of the Revolving Credit Facility Fee, if any, accrued and unpaid to the date of such reduction.  Each such reduction shall be irrevocable and effective only upon receipt by the Administrative Agent.”

 

j. Paragraph (a) of Section 2.05 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(a)            Revolving Credit Facility Fee.  From the Twelfth Amendment Effective Date to the Termination Date, the Borrower shall pay to the Agent for distribution to the Lenders pro-rata in accordance with their respective Percentage Share, a Revolving Credit Facility Fee quarterly in arrears commencing August 1, 2010, and on each of the Quarterly Dates thereafter (in respect of the prior three months or any portion thereof). The Revolving Credit Facility Fee payable to each Lender, excluding any Impaired Lender(s), shall be determined by multiplying the Facility Fee percentage set forth in the Applicable Margin pricing grid times the Aggregate Revolving Credit Commitment then in effect (whether used or unused).  The Revolving Credit Facility Fee shall be computed on the basis of a year of three hundred sixty (360) days and assessed for the actual number of days elapsed. Whenever any payment of the Revolving Credit Facility Fee shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Upon receipt of such payment, Agent shall make prompt payment to each Lender (excluding any Impaired Lender(s)) of its share of the Revolving Credit Facility Fee based upon its respective Percentage Share. It is expressly understood that the Revolving Credit Facility Fees described in this Section are not refundable.”

k. The following section 8.10 is hereby added to the Credit Agreement immediately following the existing Section 8.09:

“Section 8.10                                Books, Records, Inspections, Audits, etc.  Borrower will permit, upon reasonable prior notice by Agent to any authorized officer of Borrower, officers and designated representatives of the Agent to visit and inspect properties or assets of Borrower and to examine the books and records of account of Borrower and to discuss the affairs, finances and accounts of Borrower with their officers and independent accountants, all at such times and intervals as the Agent may reasonably request, including, without limitation (i) such audits of Accounts, in form and content satisfactory to Agent in its sole discretion, as Agent may require from time to time, and (ii) such appraisals and/or valuations of Borrower’s equipment, inventory, other property and/or collateral, in form and content satisfactory to Agent in its sole discretion, as Agent may require from time to time, such audits and appraisals shall occur no more than once annually, at Borrower’s expense, provided no Event of Default exists or is continuing.  If an Event of Default exists and is continuing all audits and appraisals shall be at Agent’s discretion and all such audits and appraisals shall be at Borrower’s expense.”

l. The following Section 8.11 is hereby added to the Credit Agreement immediately following existing Section 8.10:

 

“Section 8.11                                OFAC Requirements.  The Borrower will, and will cause each Subsidiary to, (i) continue to be a Person whose property or interests in property is not blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, or Threaten to Commit or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Order”), (ii) not engage in the transactions prohibited by Section of that Order or become associated with Persons such that a violation of Section 2 of the Order would arise, and (iii) not become a Person on the list of Specially Designated National and Blocked Persons, or (iv) otherwise not become subject to the limitation of any OFAC regulation or executive order.”

 

m. Section 9.17 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Section 9.17                                Sale of Properties.  The Borrower will not, and will not permit any Subsidiary to, sell, assign, convey or otherwise transfer any Property or any interest in any Property (a "Transfer"), except for (i) any Transfers in the ordinary course of business to the extent that within 180 days of such Transfer, either (a) such Property is exchanged for credit against the purchase price of similar replacement Property or (b) the proceeds of such Transfer are applied to the purchase price of such replacement Property; (ii) intercompany Transfers between and among Borrower and its Subsidiaries; (iii) other sales of Property (other than Transfers described in clause (iv)) where the aggregate sales price therefor does not exceed $7,500,000 in the aggregate in any fiscal year; (iv) Transfers of Non Core Assets to the extent the aggregate sales price therefor does not exceed $7,500,000 in the aggregate at any time beginning on the Closing Date.  Each Transfer shall be for fair value.”

n. Section 12.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Section 12.6                                USA Patriot Act Notice.  Pursuant to Section 326 of the USA Patriot Act, the Agent and the Lenders hereby notify the Borrower that if it or any of its Subsidiaries open an account, including any loan, deposit account, treasury management account, or other extension of credit with Agent or any Lender, the Agent or the applicable Lender will request the applicable Person’s name, tax identification number, business address and other information necessary to identify such Person (and may request such Person’s organizational documents or other identifying documents) to the extent necessary for the Agent and the applicable Lender to comply with the USA Patriot Act.”

 

o. Annex I to the Credit agreement is hereby deleted and replaced with Annex I attached as Exhibit “A” hereto.

 

p. Schedule 7.14 to the Credit Agreement is hereby deleted and replaced with Schedule 7.14 attached hereto.

 

3. Representations and Warranties.  The Borrower represents, warrants, and agrees that:

 

a. This Amendment may be executed in as many counterparts as Agent, the Lenders and the Borrower deem convenient, and shall become effective upon (i) delivery to Agent and the Lenders of all executed counterparts hereof; and (ii) delivery to Agent and the Lenders, in form and substance satisfactory to Agent, of each of the documents and instruments listed on the Checklist attached as Exhibit “B” hereto.

 

b. Except as expressly modified in this Amendment, the representations, warranties, and covenants set forth in the Credit Agreement and in each related document, agreement, and instrument remain true and correct, continue to be satisfied in all respects, and are legal, valid and binding obligations with the same force and effect as if entirely restated in this Amendment.

 

c. When executed, the Agreement, as amended by this Amendment will continue to constitute a duly authorized, legal, valid, and binding obligation of the Borrower enforceable in accordance with its terms.

 

d. There is no Default or Event of Default existing under the Credit Agreement, or any related document, agreement, or instrument.

 

e. The Certificate of Incorporation, Amended and Restated Bylaws and Resolution and Incumbency Certificate of the Borrower delivered to Agent in connection with the Credit Agreement on or about July 5, 2006, have not been repealed, amended or modified since the date of delivery thereof and that same remain in full force and effect; provided however that the Amended and Restated Bylaws have been amended and restated by the Second Amended and Restated Bylaws of the Borrower dated as of June 18, 2007.

 

4. Successors and Assigns.  This Amendment shall inure to the benefit of and be binding upon the parties and their respective successors and assigns.

 

5. Other Modification.  In executing this Amendment, the Borrower is not relying on any promise or commitment of Agent or the Lenders that is not in writing signed by Agent and the Lenders.

 

6. Acknowledgment and Consent of Guarantors.  By signing below, each of the Guarantors acknowledges and consents to the execution, delivery and performance of this Amendment.

 

7. Fees.  The Borrower shall pay to Agent, for distribution to the Lenders, as applicable, all fees previously agreed to by Borrower and required by the Lenders including, but not limited to, all fees as set forth in the Fee Letter from Agent to the Borrower dated as of June 1, 2010, in the manner and on the dates specified therein.

 

8. Expenses.  Borrower shall promptly pay all out-of-pocket fees, costs, charges, expenses, and disbursements of Agent and the Lenders incurred in connection with the preparation, execution, and delivery of this Amendment, and the other documents contemplated by this Amendment.

 

9. Refinance of Existing Loans; Outstanding Fees and Break-Funding Costs.  The Borrower and Lenders party to the Credit Agreement prior to the Twelfth Amendment Effective Date (“Existing Lenders”) agree that, on the Twelfth Amendment Effective Date, all existing Loans and any Existing Lender’s participations in Letters of Credit and Swing Line Loans under the Credit Agreement shall be repaid in full and refinanced with new Loans and participations in Letters of Credit and Swing Line Loans from the Lenders in accordance with such Lender’s Percentage Share as of the Twelfth Amendment Effective Date (the “Refinancing”).  In addition, on the Twelfth Amendment Effective Date, the Borrower agrees to pay to Agent, for pro-rata distribution to the Existing Lenders, in accordance with their respective Percentage Share, (a) all unpaid fees and expenses due and owing under the Credit Agreement, and (b) all break-funding costs required under Section 5.04 of the Credit Agreement that result from the Refinancing as set forth on Annex II attached as Exhibit “C” hereto.  Notwithstanding anything to the contrary in the Credit Agreement, the Borrower and Lenders agree that the initial Interest Period for the Loans disbursed in connection with the Refinancing will commence on the Twelfth Amendment Effective Date.

 

10. New Lenders.  By signing below, each of Regions Bank, CoBank, ACB, and Branch and Banking Trust Company represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (b) from and after the Twelfth Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the rights and obligations of a Lender thereunder, (c) it has received a copy of the Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and (d) it will perform in accordance with their terms all of the obligations that by the terms of the Loan Documents are required to be performed by it as a Lender.

 

11. Departing Lenders.  By signing below, subject to payment in full of all outstanding Loans, interest accrued thereon and fees owed to each of Wells Fargo Bank, National Association and Mercantil CommerceBank, NA (the “Departing Lenders”) under the Credit Agreement on the Twelfth Amendment Effective Date, each Departing Lender acknowledges that it will cease to be a Lender under the Credit Agreement and all of its rights thereunder and under the Loan Documents shall be terminated.  In consideration of the Departing Lenders’ consent to the this Amendment, the Borrower acknowledges and agrees that the representations and warranties (as of the dates made and deemed made) and the indemnities of the Borrower set forth in the Credit Agreement and the Loan Documents to or for the benefit of the Departing Lenders shall, in each case, survive the execution and delivery of this Amendment and the Borrower, Issuing  Bank, the Swingline Lender and the Agent agree that the Departing Lenders shall have no obligations under or with respect to the Credit Agreement as amended by this Amendment.

 

[Signature Page Follows]

 

  

  

  

 

This Twelfth Amendment to the Revolving Credit Agreement is executed and delivered on the Effective Date.

 

	
  

	
COMERICA BANK, as, Administrative Agent,

	
  

	
Co-Lead Arranger, Joint Book Runner, Collateral Agent,

	
  

	
and a Lender

By:           /s/ Michael R. Schmidt                                                                

Michael R. Schmidt

Its:           Vice President

COMPASS BANK, as Documentation Agent, Co-

Lead Arranger, Joint Book Runner, and a Lender

By:           /s/ Frank Carvelli                                                      

Frank Carvelli

Its:           Vice President

REGIONS BANK, as Syndication Agent,

and a Lender

By:           /s/ William Brown                                                      

William Brown

Its:           Vice President

COMPASS BANK, as successor in interest to

Guaranty Bank, as a Lender

By:           /s/ Frank Carvelli                                           

Frank Carvelli

Its:           Vice President

BANK OF TEXAS, N.A.,

as a Lender

 

By:           /s/ Jeremy Jackson                                                      

Jeremy Jackson

Its:           Vice President

 

 

ALLIED IRISH BANKS, plc,

as a Lender

 

By:           /s/ David Smith                                                      

David Smith

Its:           Assistant Vice President

 

By:           /s/ Eanna P. Mulkere                                                                 

Eanna P. Mulkere

Its:           Assistant Vice President

UNION BANK, N.A., 

as a Lender

 

By:           /s/ Stephen W. Dunne                                                                

 Stephen W. Dunne

Its:           Vice President

 

 

CoBANK, ACB,

as a Lender

 

By:           /s/ Bryan Ervin                                                                

 Bryan Ervin

Its:           Vice President

 

BRANCH BANKING AND TRUST COMPANY,

as a Lender

 

By:           /s/ Cory Boyte                                           

Cory Boyte

Its:           Senior Vice President

WEBSTER BANK, NATIONAL ASSOCIATION,

as a Lender

 

By:           /s/ Stephen J. Corcoran                                                      

Stephen J. Corcoran

Its:           Senior Vice President

 

  

  

  

 

MERCANTIL COMMERCEBANK, NA, 

as a Departing Lender

 

By:           /s/ Brian Hanley                                           

Brian Hanley

Its:           Vice President

By:           /s/ Michael Londono                                                      

Michael Londono

Its:           Vice President

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Departing Lender

 

By:           /s/ Tim Gebauer                                           

Tim Gebauer

Its:           Assistant Vice President

  

  

  

 

WCA WASTE CORPORATION, as Borrower

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA HOLDINGS CORPORATION, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA WASTE SYSTEMS, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF ALABAMA, L.L.C., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA SHILOH LANDFILL, L.L.C., as a Guarantor

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WASTE CORPORATION OF KANSAS, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WASTE CORPORATION OF TENNESSEE, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

[Signatures Continue on the Following Page]

  

  

  

 

[Continuation of Signature Page of the Acknowledgement and Consent of Guarantors]

 

WCA OF FLORIDA, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF CENTRAL FLORIDA, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

TRANSIT WASTE, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WASTE CORPORATION OF MISSOURI, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

EAGLE RIDGE LANDFILL, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA TEXAS MANAGEMENT GENERAL, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WASTE CORPORATION OF TEXAS, L.P., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

  

  

  

 

[Continuation of Signature Page of the Acknowledgement and Consent of Guarantors]

 

TEXAS ENVIRONMENTAL WASTE SERVICES, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA MANAGEMENT LIMITED, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA MANAGEMENT GENERAL, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA MANAGEMENT COMPANY, LP, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF NORTH CAROLINA, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

MATERIAL RECOVERY, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

  

  

  

 

[Continuation of Signature Page of the Acknowledgement and Consent of Guarantors]

 

WCA WAKE TRANSFER STATION, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF HIGH POINT, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

MATERIAL RECLAMATION, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

BURNT POPLAR TRANSFER, L.L.C., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA CAPITAL, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WASTE CORPORATION OF ARKANSAS, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

TRANSLIFT, INC., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

  

  

  

 

[Continuation of Signature Page of the Acknowledgement and Consent of Guarantors]

 

WCA OF ST. LUCIE, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF OKLAHOMA, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

AMERICAN WASTE, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

N.E. LANDFILL, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

PAULS VALLEY LANDFILL, LLC, as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

SOONER WASTE, L.L.C., as a Guarantor

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

RUFFINO HILLS TRANSFER STATION, LP

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

  

  

  

 

[Continuation of Signature Page of the Acknowledgement and Consent of Guarantors]

 

FORT BEND REGIONAL LANDFILL, LP

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF MASSACHUSETTS, LLC

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

WCA OF OHIO, LLC

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

CHAMPION CITY RECOVERY, LLC

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

BOXER REALTY REDEVELOPMENT, LLC

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

SUNNY FARMS LANDFILL, LLC

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

  

  

  

 

[Continuation of Signature Page of the Acknowledgement and Consent of Guarantors]

 

NEW AMSTERDAM & SENECA RAILROAD COMPANY, LLC

 

By:           /s/ Joseph J. Scarano, Jr.                                                      

Joseph J. Scarano, Jr.

Its:           Vice President

 

  

  

  

 

SCHEDULE 7.14

SUBSIDIARIES

	
Subsidiary

	
Chief Executive Office

	
Principal Location

	
Tax Identification Number

	
WCA Holdings Corporation

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
76-0660482

	
WCA Waste Systems, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
76-0656675

	
Waste Corporation of Arkansas, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
Rolling Meadows Landfill

RT. 1 Box 160X Hamric Rd.

Hazen, Arkansas  72064

	
76-0657709

	
Waste Corporation of Kansas, Inc. (formerly Oak Grove Landfill, Inc.)

	
One Riverway, Suite 1400

Houston, Texas  77056

	
1150 East 700 Avenue

Arcadia, Kansas  66711

	
48-1186595

	
Waste Corporation of Missouri, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
2120 W. Bennett Street

Springfield, Missouri  65807

	
76-0657707

	
Waste Corporation of Texas, L.P.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
90-0131947

	
WCA Capital, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
76-0700077

	
WCA of Alabama, L.L.C.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
13737 Plant Road

Alpine, Alabama  35014

	
76-0660477

	
Waste Corporation of Tennessee, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
1550 Lamons Quarry Road

Knoxville, Tennessee  37932

	
76-0638022

	
WCA Texas Management General, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
41-2053150

	
WCA Management Limited, Inc.

	
13737 Plant Road

Alpine, Alabama  35014

	
13737 Plant Road

Alpine, Alabama  35014

	
76-0700074

	
WCA Management Company, L.P.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
76-0700073

	
WCA Management General, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
76-0700075

	
WCA Shiloh Landfill, L.L.C.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
223 Rock Quarry Road

Traveler’s Rest, SC 29690

	
76-0616242

	
Translift, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
71-0713147

	
Texas Environmental Waste Services LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas  77056

	
20-2413292

	
Eagle Ridge Landfill, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
13100 Hwy V

Bowling Green, Missouri 63334

	
34-1936216

	
Transit Waste, L.L.C.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
203 Idaho Street, Bloomfield, New Mexico 84713

	
84-1346896

	
WCA of North Carolina, L.L.C..

	
One Riverway, Suite 1400

Houston, Texas  77056

	
421 Raleigh View Road

Raleigh, North Carolina 27610

	
20-2584498

	
WCA Wake Transfer Station, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
9220 Durant Road

Raleigh, North Carolina 27616

	
13-4244660

	
WCA of High Point, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
5830 Riverdale Drive

Jamestown, North Carolina 27282

	
56-2253463

	
Material Reclamation, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
421 Raleigh View Road

Raleigh, North Carolina 27610

	
56-2216174

	
Material Recovery, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
2600 Brownfield Road

Raleigh, North Carolina 27610

	
56-2216193

	
WCA of Florida, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
8001 Fruitville Road

Sarasota, Florida 34240

	
20-5449795

 

	
WCA of Central Florida, Inc.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
3400 U.S. Highway 17 North

Ft. Meade, Florida 33841

	
20-3753650

	
Transit Waste, L.L.C.

	
One Riverway, Suite 1400

Houston, Texas  77056

	
203 Idaho Street

Bloomfield, New Mexico 87413

	
84-1346896

	
WCA of St. Lucie, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
9901 Rangeline Road

Port St. Lucie, Florida 34945

	
20-5936877

	
WCA of Oklahoma, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas 77056

	
20-5936831

	
American Waste, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
1001 South Rockwell Ave.

Oklahoma City, Oklahoma 77056

	
73-1365585

	
Pauls Valley Landfill, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
1001 South Rockwell Ave.

Oklahoma City, Oklahoma 77056

	
76-0811004

	
N. E. Land Fill, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
1001 South Rockwell Ave.

Oklahoma City, Oklahoma 77056

	
73-1491332

	
Sooner Waste, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
1001 South Rockwell Ave.

Oklahoma City, Oklahoma 77056

	
01-0646893

	
Ruffino Hills Transfer Station, LP

	
One Riverway, Suite 1400

Houston, Texas  77056

	
9720 Ruffino Road

Houston, Texas 77031

	
56 -2454554

	
Fort Bend Regional Landfill, LP

	
One Riverway, Suite 1400

Houston, Texas  77056

	
14115 Davis Estates Road

Needville, Texas 77461

	
56 -2454559

	
Burnt Poplar Transfer, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas 77056

	
27-2882998

	
WCA of Massachusetts, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas 77056

	
27-1359321

	
WCA of Ohio, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
One Riverway, Suite 1400

Houston, Texas 77056

	
27-1359422

	
Champion City Recovery, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
138 Wilder Street

Brockton, Massachusetts 02301

	
04-3547737

	
Boxer Realty Redevelopment, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
138 Wilder Street

Brockton, Massachusetts 02301

	
04-3572405

	
Sunny Farms Landfill, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
12500 West County Road 18

Fostoria, Ohio 44830

	
75-3091833

	
New Amsterdam & Seneca Railroad Company, LLC

	
One Riverway, Suite 1400

Houston, Texas  77056

	
12500 West County Road 18

Fostoria, Ohio 44830

	
20-4187336

 

 

  

  

  

 

EXHIBIT “A”

ANNEX I

 

LIST OF PERCENTAGE SHARES AND REVOLVING CREDIT COMMITMENTS

 

	
Name of Lender

	
Revolving Credit Commitments

	
Percentage Share of Revolving Credit Commitments

	
Comerica Bank

	
$40,000,000

	
20.0%

	
Compass Bank

	
$10,000,000

	
5.0%

	
Compass Bank, as successor in interest to Guaranty Bank

	
$25,000,000

	
12.5%

	
Regions Bank

	
$27,500,000

	
13.75%

	
Bank of Texas, N.A.

	
$20,000,000

	
10.0%

	
Allied Irish Banks, plc

	
$17,500,000

	
8.75%

	
Union Bank, N.A.

	
$15,000,000

	
7.5%

	
CoBank, ACB

	
$17,500,000

	
8.75%

	
Branch Banking and Trust Company

	
$17,500,000

	
8.75%

	
Webster Bank, National Association

	
$10,000,000

	
5.0%

	
TOTAL

	
$200,000,000.00

	
100.00%

 

  

  

  

 

EXHIBIT “B”

CHECKLIST

	
1.  

	
Twelfth Amendment to Revolving Credit Agreement

2.      $40,000,000 Revolving Credit Note – Comerica Bank

3.      $10,000,000 Revolving Credit Note – Compass Bank

4.      $25,000,000 Revolving Credit Note – Compass Bank (as successor in interest to Guaranty Bank)

5.      $27,500,000 Revolving Credit Note – Regions Bank

6.      $20,000,000 Revolving Credit Note – Bank of Texas, N.A.

7.      $17,500,000 Revolving Credit Note – Allied Irish Banks, plc

8.      $15,000,000 Revolving Credit Note – Union Bank, N.A.

9.      $17,500,000 Revolving Credit Note – CoBank, ACB

10.      $17,500,000 Revolving Credit Note – Branch and Banking Trust Company

11.      $10,000,000 Revolving Credit Note – Webster Bank, National Association

12.      Flood Insurance Policies

(a)      2120 W. Bennett, Springfield, MO

(b)      24661 Oak Grove, Sedalia, MO

(c)      Martin Rd.., Huntsville, AL

13.      Payment of Agent’s and Lender’s Fees and Expenses

14.      Payment of Agent’s Legal Fees to Miller, Canfield, Paddock and Stone, P.L.C.EX-10.1

INTRODUCTION

This guide provides a summary of Corinthian Colleges, Inc.’s (the “company”) Campus Support Bonus
Plan (the “plan”), for July 1st, 2010 – June 30th, 2011 (the “plan term”).

The plan provides a lump-sum cash payment following the completion the fiscal year for achievement
of annual budgeted operating profit and other goals based on predetermined performance and award
schedules.

ELIGIBILITY

Current Employees

For a current employee in a position to be eligible, the employee must be employed in a
bonus-eligible position on the first day of the plan term and remain employed by the company on the
payment date.

New Hires, Promotions and Transfers

If an employee starts in a bonus eligible position after the start of the fiscal year (new hire or
employee moving from no bonus plan to this bonus plan), the employee is eligible for a bonus on the
first business day of the next month following their start date, promotion date or transfer date.
Annual overachievement bonus will be based on the company’s performance over the full fiscal year
but the employee’s bonus will be prorated based on the number of full months the employee was in
the position.

	 	 	 	Example: If an employee is hired on February 5th, 2011, his or her proration
would be for 4 full months of service (March, April, May and June).

Any time an employee moves from an annual plan to a quarterly plan (or a quarterly plan with an
annual overachievement), the employee begins eligibility in the new plan on the first day of the
next fiscal quarter, and remains eligible under the old plan up until that date.

Any time an employee moves from a quarterly plan (or a quarterly plan with an annual
overachievement) to an annual plan, the employee begins eligibility in the new plan on the first
day of the next fiscal quarter, and remains eligible in the old plan up until that date.

Circumstances not fitting into the above criteria will be determined on a case by case basis by the
Chief Executive Officer and Human Resources.

Terminations or Resignations

Any employee who leaves the company for any reason before the payment date will not be eligible to
receive a bonus.

Leave of Absences

A bonus eligible employee absent from work for any consecutive period greater than 30 days will
receive a pro-rated bonus based on number of full months worked in the quarter or year. Example:
If the employee is absent from February 15th to March 25th, the employee
would receive a quarterly bonus pro-rated to 1 month (January was the only full month worked in the
quarter) and a annual bonus pro-rated to 10 months.

PLAN COMPONENTS, MEASURES AND MECHANICS

Please see the accompanying document(s) for details pertaining to the components, measures and
specific mechanics for your plan.

If applicable in your Bonus Plan Schedule, during the first quarter of the plan term, you will work
with your supervisor to develop your Management Bonus Objectives (MBOs) for this bonus plan.

GATES

All gates for the annual payouts must be achieved to qualify for any payout whatsoever.

AWARD DETERMINATION AND SIZE OF AWARD

The plan operates under a “target award” framework, where participants have a bonus target as a
percentage of base pay, and earn awards based on the degree to which performance goals are
achieved.

The award calculation is based on a percentage of a participant’s annual base salary in effect at
the end of the plan term.

PAYMENT DATE

Payouts earned will be paid up to 90 days following the end of the plan term.

OTHER INFORMATION

The company reserves the right to suspend, modify or terminate this plan at any time in the sole
discretion of management. For example, the company may reduce, suspend, modify or eliminate the
payment of any quarterly bonus earned if significant regulatory and/or business practices are found
to be out of compliance by the company’s executive management team.

The company also reserves the right to adjust bonus plan performance targets upon the occurrence of
unusual or extraordinary events in the sole discretion of management. Nothing in this document is
to be construed to guarantee its continuation in this or any future year or guarantee any
employee’s participation in the plan.

The Chief Executive Officer will make the final decision regarding any disputed bonus computation
or award.

	 	 	 
	PLAN APPROVAL	 	7/1/10
	Corporate Human Resources

	 	Date

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