Document:

Exhibit 10.1

 

ARRANGEMENT AGREEMENT

 

THIS ARRANGEMENT AGREEMENT is made as of the 18th day of August,
2008

 

AMONG:

 

BFI CANADA INCOME FUND, a limited purpose trust established
under the laws of the Province of Ontario (the “Fund”)

 

-and-

 

6814832 CANADA LIMITED, a body corporate incorporated under the
laws of Canada (“6814832”)

 

—and-

 

4264126 CANADA LIMITED, a body corporate incorporated under the
laws of Canada (the “Company”)

 

-and-

 

1768248 ONTARIO LIMITED, a corporation incorporated under the
laws of the Province of Ontario (“ParentCo”)

 

WHEREAS:

 

The Fund,  6814832, the Company and ParentCo wish to propose an
arrangement with the registered holders of ordinary trust units (the “Units”)
and the Class A unit (the “Class A Unit” and, together with the Units,
the “Trust Units”) of the Fund (collectively, the “Voting Unitholders”);

 

(a)                                  the parties hereto intend to carry out
the transactions contemplated herein by way of an arrangement under the Business Corporations Act (Ontario); and

 

(b)                                 the parties hereto have entered into this
Agreement to provide for the matters referred to in the foregoing recitals and
for the other matters relating to such arrangement.

 

NOW THEREFORE, in
consideration of the covenants and agreements herein contained and other good
and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties hereto hereby covenant and agree as follows:

 

ARTICLE 1

 

INTERPRETATION

 

NOW THEREFORE, in
consideration of the covenants and agreements herein contained and other good
and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties hereto hereby covenant and agree as follows:

 

1.1                               Definitions

 

In this Agreement, the
following terms have the following meanings:

 

“Agreement”,
“herein”, “hereof”,
“hereto”, “hereunder”
and similar expressions mean and refer to this arrangement agreement (including
the schedules hereto) as supplemented, modified or amended, and not to any
particular article, section, schedule or other portion hereof;

 

“Arrangement”
means the proposed arrangement under the provisions of section 182 of the OBCA,
on the terms and conditions set forth in the Plan of Arrangement as
supplemented, modified or amended;

 

“Articles of
Arrangement” means the articles of arrangement in respect of the
Arrangement required under subsection 183(1) of the OBCA to be filed with
the Director after the Final Order has been granted giving effect to the
Arrangement;

 

 

“Attorney”
means the attorney of the Fund, currently 4264126 Canada Limited;

 

“Business Day”
means a day, other than a Saturday, Sunday or statutory holiday, when banks are
generally open in the City of Toronto, in the Province of Ontario, for the
transaction of banking business;

 

“BFI Canada
Holdings Indenture” means the indenture between BFI Canada Holdings
Inc. and Computershare Trust Company of Canada, as trustee, dated April 25,
2002;

 

“Certificate”
means the certificate which may be issued by the Director pursuant to
subsection 183(2) of the OBCA or, if no certificate is to be issued, the
proof of filing in respect of the Arrangement;

 

“Class A
Unit” means the Class A Unit of the Fund;

 

“Conversion
Resolution” means the special resolution of the Voting Unitholders
approving the Arrangement;

 

“Court”
means the Ontario Superior Court of Justice;

 

“Depositary”
means Computershare Investor Services Inc., or such other Person as may be
designated by the Fund;

 

“Director”
means the director of corporations appointed under section 278 of the OBCA;

 

“Effective
Date” means the date the Arrangement is effective under the OBCA;

 

“Effective
Time” means the time at which the Articles of Arrangement are filed
with the Director on the Effective Date;

 

“Final Order”
means the final order of the Court approving the Arrangement pursuant to
subsection 182(5) of the OBCA, as such order may be affirmed, amended or
modified by any court of competent jurisdiction;

 

“IESI
Corporation” means IESI Corporation and its direct and indirect
subsidiaries;

 

“Information
Circular” means the management information circular of the Fund
dated on or about August 26, 2008, together with all appendices thereto,
and forwarded as part of the proxy solicitation materials to Voting Unitholders
in respect of the Meeting;

 

“Interim
Order” means an interim order of the Court under subsection 182(5) of
the OBCA containing declarations and directions with respect to the Arrangement
and the holding of the Meeting, as such order may be affirmed, amended or
modified by any court of competent jurisdiction;

 

“Meeting”
means the special meeting of Voting Unitholders to be held on September 25,
2008 to consider, among other things, the Arrangement and related matters, and
any adjournment thereof;

 

“OBCA”
means the Business Corporations Act, R.S.O. 1990,
c. B-16, as amended, including the regulations promulgated thereunder;

 

“ParentCo”
means 1768248 Ontario Limited, a corporation incorporated under the OBCA and,
prior to the completion of the Arrangement, a wholly-owned subsidiary of the
Fund;

 

“ParentCo
Shares” means the common shares in the capital of ParentCo;

 

“Participating
Preferred Shares” means the participating preferred shares of IESI
Corporation;

 

“Person”
means an individual, partnership, association, body corporate, trust,
unincorporated organization, government, regulatory authority, or other entity;

 

“Plan of
Arrangement” means the plan of arrangement attached hereto as Exhibit A,
as amended or supplemented from time to time in accordance with the terms
thereof;

 

“Ridge
Landfill Declaration of Trust” means the declaration of trust for
the Ridge Landfill Trust dated September 17, 2005;

 

“Ridge
Landfill Trust Note Indenture” means the note indenture between the
Ridge Landfill Trust and Computershare Trust Company dated October 14,
2005;

 

2

 

“Second
Amended and Restated Declaration of Trust” means the declaration of
trust dated February 28, 2002, as amended and restated on April 15,
2002 and January 21, 2005, and further amended by a first supplemental
indenture dated October 6, 2005 and a second supplemental indenture dated January 1,
2006;

 

“Special
Shares” means the special voting shares in the capital of ParentCo;

 

“Subsidiary”
means, with respect to any Person, a subsidiary (as that term is defined in the
OBCA (for such purposes, if such person is not a corporation, as if such person
were a corporation)) of such Person and includes any limited partnership, joint
venture, trust, limited liability company, unlimited liability company or other
entity, whether or not having legal status, that would constitute a subsidiary
(as described above) if such entity were a corporation;

 

“Trust Units” means,
collectively, the Units and the Class A Unit;

 

“TSX”
means the Toronto Stock Exchange;

 

“Units”
means ordinary trust units of the Fund; and

 

“Voting
Unitholders” means holders of Trust Units.

 

1.2                               Currency

 

All sums of money which are
referred to in this Agreement are expressed in lawful money of Canada unless
otherwise specified.

 

1.3                               Interpretation Not Affected by Headings

 

The division of this
Agreement into articles, sections and schedules and the insertion of headings
are for convenience of reference only and shall not affect the construction or
interpretation of this Agreement.

 

1.4                               Article References

 

Unless reference is specifically
made to some other document or instrument, all references herein to articles,
sections and schedules are to articles, sections and schedules of this
Agreement.

 

1.5                               Extended Meanings

 

Unless the context otherwise
requires, words importing the singular number shall include the plural and vice
versa; words importing any gender shall include all genders; and words
importing persons shall include individuals, partnerships, associations, bodies
corporate, trusts, unincorporated organizations, governments, regulatory
authorities, and other entities.

 

1.6                               Date for any Action

 

In the event that any date
on which any action required to be taken hereunder by any of the parties hereto
is not a Business Day in the place where the action is required to be taken,
such action shall be required to be taken on the next succeeding day which is a
Business Day in such place.

 

1.7                               Entire Agreement

 

This Agreement, together
with the exhibit attached hereto, constitutes the entire agreement between the
parties pertaining to the subject matter hereof and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or
written, between the parties with respect to the subject matter hereof.

 

1.8                               Governing Law

 

This Agreement shall be
governed by and construed in accordance with the laws of Ontario and the laws
of Canada applicable in Ontario and shall be treated in all respects as an
Ontario contract.

 

3

 

1.9                               Exhibit

 

Exhibit A annexed to
this Agreement, being the Plan of Arrangement, is incorporated by reference
into this Agreement and forms a part hereof.

 

ARTICLE 2

 

THE ARRANGEMENT

 

2.1                               Arrangement

 

As soon as reasonably
practicable, the Fund, 6814832, the Company and ParentCo shall apply to the Court
pursuant to Section 182 of the OBCA for an order approving the Arrangement
and in connection with such application shall:

 

(a)                                  forthwith file, proceed with and
diligently prosecute an application for an Interim Order under Section 182
of the OBCA, providing for, among other things, the calling and holding of the
Meeting for the purpose of considering and, if deemed advisable, approving the
Conversion Resolution;

 

(b)                                 subject to obtaining all necessary
approvals of the Voting Unitholders as contemplated in the Interim Order and as
may be directed by the Court in the Interim Order, take steps necessary to
submit the Arrangement to the Court and apply for the Final Order; and

 

(c)                                  subject to fulfillment of the conditions
set forth herein, shall deliver to the Director Articles of Arrangement and
such other documents as may be required to give effect to the Arrangement,
whereupon the transactions comprising the Arrangement shall occur and shall be
deemed to have occurred in the order set out therein without any act or
formality.

 

2.2                               Effective Date

 

The Arrangement shall become
effective at the Effective Time on the Effective Date.

 

ARTICLE 3

 

COVENANTS

 

3.1                               Covenants of the Fund, 6814832 and the Company

 

Each of the Fund, 6814832 and the Company covenants and
agrees that it will:

 

(a)                                  take, and cause its Subsidiaries to take,
all reasonable actions necessary to give effect to the transactions
contemplated by this Agreement and the Arrangement;

 

(b)                                 use all reasonable efforts to obtain all
necessary consents, assignments, waivers and amendments to or terminations of
any instruments and take such measures as may be appropriate to fulfill its
obligations hereunder and to carry out the transactions contemplated hereby;

 

(c)                                  in the case of the Fund, solicit proxies
to be voted at the Meeting in favour of the Conversion Resolution and prepare
the Information Circular and proxy solicitation materials and any amendments or
supplements thereto as required by, and in compliance with, the Interim Order,
and applicable corporate and securities laws, and file and distribute the same
to the Unitholders in a timely and expeditious manner in all jurisdictions
where the same are required to be filed and distributed;

 

(d)                                 convene the Meeting as ordered by the
Interim Order and conduct such Meeting in accordance with the Interim Order and
as otherwise required by law;

 

(e)                                  until the Effective Date, conduct its
operations and those of its Subsidiaries in the ordinary and normal course of
business and in accordance with applicable laws, generally accepted industry
practice and any operating and other agreements applicable to its properties
and assets and those of its Subsidiaries;

 

(f)                                    use all reasonable efforts to cause each
of the conditions precedent set forth in Article 4 which are within its
control to be satisfied on or before the Effective Date;

 

4

 

(g)                                 subject to the approval of the Conversion
Resolution by the Voting Unitholders, as required by the Interim Order, submit
the Arrangement to the Court and apply, in conjunction with ParentCo, for the
Final Order;

 

(h)                                 forthwith carry out the terms of the
Final Order to the extent applicable to it;

 

(i)                                     upon issuance of the Final Order and
subject to the conditions precedent in Article 4, forthwith proceed to
file the Articles of Arrangement, the Final Order and all related documents
with the Director pursuant to subsection 183 of the OBCA;

 

(j)                                     not, except in the ordinary course of
business or as contemplated in connection with the Plan of Arrangement, merge
into or with, or consolidate with, any other Person or, perform any act or
enter into any transaction or negotiation which might interfere or be
inconsistent with the consummation of the transactions contemplated by this
Agreement;

 

(k)                                  until the Effective Date, except as
specifically provided for hereunder and in the Arrangement, not alter or amend
its constating or governing documents, articles or by-laws or those of its
Subsidiaries as the same exist at the date of this Agreement; and

 

(l)                                     in the case of the Fund, prior to the
Effective Date, make application to list the ParentCo Shares issuable pursuant
to the Arrangement on the TSX.

 

3.2                               Covenants of ParentCo

 

ParentCo covenants and
agrees that it will:

 

(a)                                  take all reasonable action necessary to
give effect to the transactions contemplated by this Agreement and the
Arrangement;

 

(b)                                 use all reasonable efforts to obtain all
necessary consents, assignments, waivers and amendments to or terminations of
any instruments and take such measures as may be appropriate to fulfill its
obligations hereunder and to carry out the transactions contemplated hereby;

 

(c)                                  until the Effective Date, other than as
contemplated herein, in the Plan of Arrangement or in the Information Circular,
not carry on any business, enter into any transaction or effect any corporate
act whatsoever other than as contemplated herein or in the Information Circular
without the prior written consent of the Fund;

 

(d)                                 until the Effective Date, not issue any
securities or enter into any agreements to issue or grant options, warrants or
rights to purchase any of its securities, other than the Special Shares to IESI
Corporation;

 

(e)                                  use all reasonable efforts to cause each
of the conditions precedent set forth in Article 4 which are within its
control to be satisfied on or before the Effective Date;

 

(f)                                    subject to approval of the Conversion
Resolution by Voting Unitholders, as required by the Interim Order, submit the
Arrangement to the Court and apply, in conjunction with the Fund and the
Company, for the Final Order;

 

(g)                                 forthwith carry out the terms of the
Final Order to the extent applicable to it;

 

(h)                                 upon issuance of the Final Order and
subject to the conditions precedent in Article 4, forthwith proceed to
file the Articles of Arrangement, the Final Order and all related documents
with the Director pursuant to section 183 of the OBCA;

 

(i)                                     reserve and authorize for issuance the
ParentCo Shares issuable pursuant to the Arrangement; and

 

(j)                                     prior to the Effective Date, cooperate
with the Fund, 6814832 and the Company in making the application to list the
ParentCo Shares on the TSX.

 

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ARTICLE 4

 

CONDITIONS PRECEDENT

 

4.1                               Mutual Conditions Precedent

 

The respective obligations
of the Fund, the Company, 6814832 and ParentCo to complete the transactions
contemplated by this Agreement shall be subject to the fulfillment or
satisfaction, on or before the Effective Date, of each of the following
conditions, any of which may be waived collectively by them without prejudice
to their right to rely on any other condition:

 

(a)                                  the Interim Order shall have been granted
in form and substance satisfactory to the Fund, the Company, 6814832 and
ParentCo, acting reasonably, not later than August 28, 2008 or such later
date as the parties hereto may agree and shall not have been set aside or
modified in a manner unacceptable to such parties on appeal or otherwise;

 

(b)                                 the Conversion Resolution shall have been
approved by the requisite number of votes cast by the Voting Unitholders at the
Meeting in accordance with the provisions of the Interim Order and any
applicable regulatory requirements;

 

(c)                                  the Final Order shall have been granted
in form and substance satisfactory to the Fund, the Company, 6814832 and
ParentCo acting reasonably, not later than October 1, 2008 or such later
date as the parties hereto may agree;

 

(d)                                 the Articles of Arrangement and all
necessary related documents, in form and substance satisfactory to the Fund,
the Company, 6814832 and ParentCo acting reasonably, shall have been accepted
for filing by the Director together with the Final Order in accordance with
subsection 183 of the OBCA;

 

(e)                                  no material action or proceeding shall be
pending or threatened by any person, company, firm, governmental authority,
regulatory body or agency and there shall be no action taken under any existing
applicable law or regulation, nor any statute, rule, regulation or order which
is enacted, enforced, promulgated or issued by any court, department,
commission, board, regulatory body, government or governmental authority or
similar agency, domestic or foreign, that:

 

(i)                                     makes illegal or otherwise directly or
indirectly restrains, enjoins or prohibits the Arrangement or any other transactions
contemplated herein; or

 

(ii)                                  results in a judgment or assessment of
material damages directly or indirectly relating to the transactions
contemplated herein;

 

(f)                                    all necessary material third party and
regulatory consent and approvals with respect to the transactions contemplated
under the Arrangement shall have been completed or obtained including, without
limitation, the necessary consents and approvals from the Fund’s principal
lenders;

 

(g)                                 the TSX shall have conditionally approved
the listing or the substitutional listing of the ParentCo Shares to be issued
pursuant to the Arrangement, subject only to the filing of required documents
which cannot be filed prior to the Effective Date; and

 

(h)                                 the Second Amended and Restated
Declaration of Trust shall be amended to facilitate the Arrangement.

 

4.2                               Additional Conditions to Obligations of the Fund and
the Company

 

In addition to the
conditions contained in Section 4.1, the obligation of the Fund, 6814832 and the Company to complete
the transactions contemplated by this Agreement is subject to the fulfillment
or satisfaction, on or before the Effective Date, of each of the following
conditions, any of which may be waived by them without prejudice to their right
to rely on any other condition:

 

(a)                                  each of the covenants, acts and
undertakings of ParentCo to be performed or complied with on or before the
Effective Date pursuant to the terms of this Agreement shall have been duly
performed or complied with; and

 

6

 

(b)                                 the board of trustees of the Fund and the
board of directors of the Company shall not have determined in its sole and
absolute discretion that to proceed with the Arrangement would not be in the
best interests of the Voting Unitholders.

 

4.3                               Additional Conditions to Obligations of ParentCo

 

In addition to the
conditions contained in Section 4.1, the obligation of ParentCo to
complete the transactions contemplated by this Agreement is subject to the
fulfillment or satisfaction, on or before the Effective Date, of the following
conditions, any of which may be waived by ParentCo without prejudice to its
right to rely on any other condition:

 

(a)                                  each of the covenants, acts and
undertakings of the Fund and the Company to be performed or complied with on or
before the Effective Date pursuant to the terms of this Agreement shall have
been duly performed or complied with; and

 

(b)                                 prior to the Effective Date, there shall
have been no material adverse change in the affairs, operations, financial
condition or business of the Fund or the Company and their respective
Subsidiaries (taken as a whole) from that reflected in the Information
Circular.

 

4.4                               Notice and Effect of Failure to Comply with Conditions

 

If any of the conditions
precedents set forth in sections 4.1, 4.2 or 4.3 hereof shall not be complied
with or waived by the party or parties for whose benefit such conditions are
provided on or before the date required for the performance thereof, then a
party for whose benefit the condition precedent is provided may, in addition to
any other remedies they may have at law or equity, rescind and terminate this
Agreement provided that prior to the filing of the Articles of Arrangement for
the purpose of giving effect to the Arrangement, the party intending to rely
thereon has delivered a written notice to the other party, specifying in
reasonable detail all breaches of covenants, representations and warranties or
other matters which the party delivering such notice is asserting as the basis
for the non fulfillment of the applicable conditions precedent and the party in
breach shall have failed to cure such breach within three Business Days of
receipt of such written notice thereof (except that no cure period shall be
provided for a breach which by its nature cannot be cured). More than one such
notice may be delivered by a party.

 

4.5                               Satisfaction of Conditions

 

The conditions set out in
this Article 4 are conclusively deemed to have been satisfied, waived or
released when, with the agreement of the parties, Articles of Arrangement are
filed under the OBCA to give effect to the Arrangement.

 

ARTICLE 5

 

AMENDMENT AND TERMINATION

 

5.1                               Amendments

 

This Agreement may, at any
time and from time to time before or after the Meeting, be amended in any
respect whatsoever by written agreement of the parties hereto without further
notice to or authorization on the part of their respective securityholders;
provided that any such amendment that changes the consideration to be received
by the Voting Unitholders pursuant to the Arrangement is brought to the
attention of the Court before approval of the Final Order and is subject to
such requirements as may be ordered by the Court.

 

5.2                               Termination

 

This Agreement shall be
terminated in each of the following circumstances:

 

(a)                                  the mutual agreement of the parties;

 

7

 

(b)                                 the Arrangement shall not have become
effective on or before October 15, 2008 or such later date as may be
agreed to by the parties hereto; and

 

(c)                                  termination of this Agreement under Article 4
hereof.

 

ARTICLE 6

 

GENERAL

 

6.1                               Binding Effect

 

This Agreement shall be
binding upon and enure to the benefit of the parties hereto and their
respective successors and permitted assigns.

 

6.2                               No Assignment

 

No party may assign its
rights or obligations under this Agreement.

 

6.3                               Exclusivity

 

None of the covenants of the
Fund or the Company contained herein shall prevent the board of trustees of the
Fund or the board of directors of the Company from responding as required by
law to any unsolicited submission or proposal regarding any acquisition or
disposition of assets or any unsolicited proposal to amalgamate, merge or
effect an arrangement or any unsolicited acquisition proposal generally or make
any disclosure to its securityholders with respect thereto which in the
judgment of the board of trustees of the Fund, the board of directors of the
Company, acting upon the advice of outside counsel, is required under
applicable law.

 

6.4                               Equitable Remedies

 

All representations, warranties
and covenants herein or to be given hereunder as to enforceability in
accordance with the terms of any covenant, agreement or document shall be
qualified as to applicable bankruptcy and other laws affecting the enforcement
of creditors’ rights generally and to the effect that specific performance,
being an equitable remedy, may only be ordered at the discretion of the court.

 

6.5                               Survival of Representations and Warranties

 

The representations and
warranties contained herein shall survive the performance by the parties of
their respective obligations hereunder for a period of one year.

 

6.6                               Severability

 

If any one or more of the
provisions or parts thereof contained in this Agreement should be or become
invalid, illegal or unenforceable in any respect in any jurisdiction, the
remaining provisions or parts thereof contained herein shall be and shall be
conclusively deemed to be, as to such jurisdiction, severable therefrom and:

 

(a)                                  the validity, legality or enforceability
of such remaining provisions or parts thereof shall not in any way be affected
or impaired by the severance of the provisions or parts thereof severed; and

 

(b)                                 the invalidity, illegality or
unenforceability of any provision or part thereof contained in this Agreement
in any jurisdiction shall not affect or impair such provision or part thereof
or any other provisions of this Agreement in any other jurisdiction.

 

6.7                               Further Assurances

 

Each party hereto shall,
from time to time and at all times hereafter, at the request of another party hereto,
but without further consideration, do all such further acts, and execute and
deliver all such further documents and instruments as may be reasonably
required in order to fully perform and carry out the terms and intent hereof.

 

8

 

6.8                               Time of Essence

 

Time shall be of the
essence.

 

6.9                               Liability of the Fund

 

The parties hereto
acknowledge that, except to the extent that the Company is entering into this
Agreement in its own right, the Attorney is entering into this Agreement on
behalf of the Fund and the obligations of the Fund hereunder shall not be
personally binding upon the Trustee or any holder of Trust Units and that any
recourse against the Fund, the Trustee, or any holder of Trust Units in any manner
in respect of any indebtedness, obligation or liability of the Fund arising
hereunder or arising in connection herewith or from the matters to which this
Agreement relates, if any, including without limitation claims based on
contract, on negligence, tortious behaviour or otherwise, shall be limited to,
and satisfied only out by, the Fund.

 

6.10                        Counterparts

 

This Agreement may be
executed in counterparts, each of which shall be deemed an original, and all of
which together constitute one and the same instrument.

 

[Signature Page Follows]

 

9

 

IN WITNESS WHEREOF this Agreement
has been executed and delivered by the parties hereto effective as of the date
first above written.

 

	
   

  	
  BFI CANADA INCOME FUND, by its
  attorney, 

  4264126 Canada Limited

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William Chyfetz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  6814832 CANADA LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William Chyfetz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  4264126 CANADA LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William Chyfetz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1768248 ONTARIO LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William Chyfetz

  

 

 

EXHIBIT A

 

PLAN OF ARRANGEMENT

 

UNDER SECTION 182 OF
THE

 

BUSINESS CORPORATIONS ACT (ONTARIO)

 

ARTICLE 1

INTERPRETATION

 

1.1           In this Plan of Arrangement, the
following terms have the following meanings:

 

(a)                                  “Arrangement”, “herein”, “hereof”,
“hereto”, “hereunder” and similar expressions mean and refer to the arrangement pursuant to Section 182
of the OBCA set forth in this Plan of Arrangement as supplemented, modified or
amended, and not to any particular article, section or other portion hereof;

 

(b)                                 “Arrangement Agreement” means the agreement dated as of August 18,
2008, among the Fund, 6814832, the Company and ParentCo with respect to the
Arrangement and all amendments thereto;

 

(c)                                  “Articles of Arrangement” means the articles in respect of the
Arrangement required under subsection 183 of the OBCA to be filed with the
Director after the Final Order has been granted;

 

(d)                                 “BFI Canada Holdings Indenture” means the indenture between BFI Canada
Holdings Inc. and Computershare Trust Company of Canada, as trustee, dated April 25,
2002;

 

(e)                                  “Business Day” means a day, other than a Saturday,
Sunday or statutory holiday, when banks are generally open for business in the
City of Toronto, in the Province of Ontario, for the transaction of banking
business;

 

(f)                                    “Certificate” means the certificate which may be
issued by the Director pursuant to subsection 183(2) of the OBCA or, if no
certificate is to be issued, the proof of filing in respect of the Arrangement;

 

(g)                                 “Class A Unit”
means the Class A Unit of the Fund;

 

(h)                                 “Company” means 4264126 Canada Limited, a
corporation incorporated under the federal laws of Canada;

 

(i)                                     “Court” means the Ontario Superior Court of
Justice;

 

(j)                                     “Director” means the director of corporations
appointed under Section 278 of the OBCA;

 

(k)                                  “Depositary” means Computershare Investor Services
Inc., or such other person as may be designated by the Company and set out in
the Letter of Transmittal;

 

(l)                                     “Effective Date” means the date the Arrangement is
effective under the OBCA;

 

(m)                               “Effective Time” means the time at which the Articles of
Arrangement and Plan of Arrangement are filed with the Director on the
Effective Date;

 

(n)                                 “Final Order” means the final order of the Court
approving this Arrangement pursuant to subsection 182 of the OBCA, as such
order may be affirmed, amended or modified by any court of competent
jurisdiction;

 

 

(o)                                 “Fund” means BFI Canada Income Fund, a limited
purpose trust established under the laws of the Province of Ontario;

 

(p)                                 “IESI Corporation”
means IESI Corporation and its direct and indirect subsidiaries;

 

(q)                                 “Information Circular” means the management information
circular of the Fund dated on or about August 26, 2008, together with all
appendices thereto, and forwarded as part of the proxy solicitation materials
to Voting Unitholders in respect of the Meeting;

 

(r)                                    “Interim Order” means the interim order of the Court
under subsection 182 of the OBCA containing declarations and directions with
respect to this Arrangement, as such order may be affirmed, amended or modified
by any court of competent jurisdiction;

 

(s)                                  “Letter of Transmittal” means the letter of transmittal sent by
the Fund to CDS & Co., as the sole registered holder of Units;

 

(t)                                    “Meeting” means the special meeting of Voting
Unitholders to be held on September 25, 2008 to consider the Arrangement
and related matters, and any adjournment thereof;

 

(u)                                 “Non-Resident”
means: (i) a Person who for the purposes of the Tax Act is neither a
resident nor deemed to be resident in Canada (including as a consequence of an
applicable income tax treaty or convention); or (ii) a partnership that is
not a Canadian partnership for the purposes of the Tax Act;

 

(v)                                 “OBCA” means the Business
Corporations Act, R.S.O. 1990, c. B-16, as amended, including the
regulations promulgated thereunder;

 

(w)                               “ParentCo” means 1768248 Ontario Limited, a
corporation incorporated under the OBCA and, prior to the completion of the
Arrangement, a wholly-owned subsidiary of the Fund;

 

(x)                                   “ParentCo Shares” means the common shares in the capital
of ParentCo;

 

(y)                                 “Participating Preferred
Shares” means the participating preferred shares of IESI
Corporation;

 

(z)                                   “Ridge Landfill Declaration of
Trust” means the
declaration of trust for the Ridge Landfill Trust dated September 17,
2005;

 

(aa)                            “Ridge Landfill Trust Note
Indenture” means
the note indenture between the Ridge Landfill Trust and Computershare Trust
Company dated October 14, 2005;

 

(bb)                          “Second Amended and Restated
Declaration of Trust” means the declaration of trust dated February 28, 2002, as
amended and restated on April 15, 2002 and January 21, 2005, and
further amended by a first supplemental indenture dated October 6, 2005
and a second supplemental indenture dated January 1, 2006;

 

(cc)                            “Special Shares”
means the special voting shares in the capital of ParentCo;

 

(dd)                          “Subsidiary” means, with respect to any Person, a
subsidiary (as that term is defined in the OBCA (for such purposes, if such
person is not a corporation, as if such person were a corporation)) of such
Person and includes any limited partnership, joint venture, trust, limited
liability company, unlimited liability company or other entity, whether or not
having legal status, that would constitute a subsidiary (as described above) if
such entity were a corporation;

 

(ee)                            “Tax Act” means the Income Tax
Act, R.S.C. 1985, c. 1. (5th Supp), as amended, including the
regulations promulgated thereunder;

 

2

 

(ff)                                “Trust Unit” means, collectively, the Units and the Class A
Units;

 

(gg)                          “Units” means the ordinary trust units of the
Fund; and

 

(hh)                          “Voting Unitholders” means the holders of the Trust Units.

 

1.2           The division of this Plan of
Arrangement into articles and sections and the insertion of headings are for
convenience of reference only and shall not affect the construction or
interpretation of this Plan of Arrangement.

 

1.3           Unless reference is specifically made
to some other document or instrument, all references herein to articles and
sections are to articles and sections of this Plan of Arrangement.

 

1.4           Unless the context otherwise
requires, words importing the singular number shall include the plural and vice
versa; words importing any gender shall include all genders; and words
importing persons shall include individuals, partnerships, associations,
corporations, funds, unincorporated organizations, governments, regulatory
authorities, and other entities.

 

1.5           In the event that the date on which
any action is required to be taken hereunder by any of the parties is not a
Business Day in the place where the action is required to be taken, such action
shall be required to be taken on the next succeeding day which is a Business
Day in such place.

 

1.6           References in this Plan of
Arrangement to any statute or sections thereof shall include such statute as
amended or substituted and any regulations promulgated thereunder from time to
time in effect.

 

ARTICLE 2

ARRANGEMENT AGREEMENT

 

2.1           This Plan of Arrangement is made
pursuant to, and is subject to the provisions of, and forms part of, the
Arrangement Agreement.

 

2.2           This Plan of Arrangement, upon the
filing of the Articles of Arrangement and the issue of the Certificate, if any,
shall become effective on, and be binding on and after, the Effective Time on: (i) Unitholders;
(ii) the Fund; (iii) 6814832; (iv) the Company; and (v) ParentCo.

 

2.3           The Articles of Arrangement and
Certificate shall be filed and issued, respectively, with respect to this
Arrangement in its entirety. The Certificate shall be conclusive evidence that the
Arrangement has become effective and that each of the provisions of Article 3
has become effective in the sequence and at the times set out therein. If no
Certificate is required to be issued by the Director pursuant to subsection 183
of the OBCA, the Arrangement shall become effective on the date the Articles of
Arrangement are filed with the Director pursuant to subsection 183 of the OBCA.

 

2.4           Other than as expressly provided for
herein, no portion of this Plan of Arrangement shall take effect with respect
to any party or Person until the Effective Time. Furthermore, each of the
events listed in Article 3 shall be, without affecting the timing set out
in Article 3, mutually conditional, such that no event described in said Article 3
may occur without all steps occurring, and those events shall effect the
integrated transaction which constitutes the Arrangement.

 

ARTICLE 3

ARRANGEMENT

 

3.1           Commencing at the Effective Time,
each of the events set out below shall occur and shall be deemed to occur in
the following order without any further act or formality except as otherwise
provided herein:

 

3

 

Redemption of the Class A
Unit

 

(a)                                  the Class A Unit held by IESI
Corporation shall be redeemed by the Fund for $10.00 in cash;

 

Amendment to the Second
Amended and Restated Declaration of Trust

 

(b)                                 the Second Amended and Restated
Declaration of Trust shall be amended to the extent necessary to facilitate the
Arrangement as provided herein;

 

Capitalization of Notes of
the Ridge Landfill Trust

 

(c)                                  the $77 million principal amount of notes
issued by the Ridge Landfill Trust and held by the Fund shall be settled in
consideration for the issuance of additional trust units of the Ridge Landfill
Trust to the Fund;

 

Capitalization of Notes of
6814832

 

(d)                                 the $169 million principal amount of
notes issued by 6814832 and held by the Fund shall be settled in consideration
for the issuance of additional common shares of 6814832 to the Fund;

 

Capitalization of BFI
Canada Holdings Notes

 

(e)                                  the $215.6 million principal amount of
notes issued by BFI Canada Holdings (the “BFI Canada Holdings Notes”) and held
by the Fund shall be transferred to 6814832 in consideration for the issuance
of additional common shares of 6814832 to the Fund;

 

(f)                                    6814832 will transfer the BFI Canada
Holdings Notes to the Company in consideration for the issuance of additional
common shares of the Company to 6814832;

 

(g)                                 the Company shall settle the BFI Canada
Holdings Notes in consideration for the issuance of additional common shares of
BFI Canada Holdings to the Company;

 

Amalgamation of 6814832
and the Company

 

(h)                                 6814832 and the Company shall be
amalgamated and continue as one corporation such that:

 

(i)                                     the articles of the amalgamated
corporation shall be the same as the articles of the Company and the name of
the amalgamated corporation shall be determined by the directors of the
amalgamated corporation at the time such articles are filed;

 

(ii)                                  no securities shall be issued by the
amalgamated corporation in connection with the amalgamation, and for greater
certainty, the Company’s shares shall survive and continue to be shares of the
amalgamated corporation without amendment;

 

(iii)                               the property of each of the amalgamating corporations
shall continue to be the property of the amalgamated corporation;

 

(iv)                              the amalgamated corporation shall
continue to be liable for the obligations of each of the amalgamating
corporations;

 

(v)                                 any existing cause of action, claim or
liability to prosecution of any of the amalgamating corporations shall be
unaffected;

 

(vi)                              any civil, criminal or administrative
action or proceeding pending by or against any of the amalgamating corporations
may be continued to be prosecuted by or against the amalgamated corporation;

 

4

 

(vii)                           a conviction against, or ruling, order or judgment in
favour of or against any of the amalgamating corporations may be enforced by or
against the amalgamated corporation;

 

(viii)                        the articles of amalgamation of the amalgamated
corporation shall be deemed to be the articles of incorporation of the
amalgamated corporation and the certificate of amalgamation of the amalgamated
corporation shall be deemed to be the certificate of incorporation of the
amalgamated corporation;

 

(ix)                                the by-laws of the Company shall be the
by-laws of the amalgamated corporation;

 

(x)                                   the first director of the amalgamated
corporation shall be the CEO of the Company;

 

(xi)                                the first officers of the amalgamated
corporation shall be the officers of the Company; and

 

(xii)                             the registered office of the amalgamated corporation
shall be the registered office of the Fund;

 

Amalgamation of BFI Canada
Holdings, BFI Canada Inc. and 2114243 Ontario Inc.

 

(i)                                     BFI Canada Holdings, BFI Canada Inc. and
2114143 Ontario Inc. (following the continuation of BFI Canada Inc. and 2114143
Ontario Inc. under the CBCA) shall be amalgamated and continue as one
corporation such that:

 

(i)                                     the articles of the amalgamated
corporation shall be the same as the articles of BFI Canada Inc. and the name
of the amalgamated corporation shall be “BFI Canada Inc.”;

 

(ii)                                  no securities shall be issued by the
amalgamated corporation in connection with the amalgamation, and for greater
certainty, the shares of BFI Canada Holdings shall survive and continue to be
shares of the amalgamated corporation without amendment;

 

(iii)                               the property of each of the amalgamating corporations
shall continue to be the property of the amalgamated corporation;

 

(iv)                              the amalgamated corporation shall
continue to be liable for the obligations of each of the amalgamating
corporations;

 

(v)                                 any existing cause of action, claim or
liability to prosecution of any of the amalgamating corporations shall be
unaffected;

 

(vi)                              any civil, criminal or administrative
action or proceeding pending by or against any of the amalgamating corporations
may be continued to be prosecuted by or against the amalgamated corporation;

 

(vii)                           a conviction against, or ruling, order or judgment in
favour of or against any of the amalgamating corporations may be enforced by or
against the amalgamated corporation;

 

(viii)                        the articles of amalgamation of the amalgamated
corporation shall be deemed to be the articles of incorporation of the
amalgamated corporation and the certificate of amalgamation of the amalgamated
corporation shall be deemed to be the certificate of incorporation of the
amalgamated corporation;

 

(ix)                                the by-laws of BFI Canada Inc. shall be
the by-laws of the amalgamated corporation;

 

(x)                                   the first directors of the amalgamated
corporation shall be the directors of BFI Canada Inc.;

 

5

 

(xi)                                the first officers of the amalgamated
corporation shall be the officers of BFI Canada Inc.; and

 

(i)                                     the registered office of the amalgamated
corporation shall be the registered office of the Fund.

 

Exchange of Options

 

(j)                                     the options to acquire Units outstanding
at the Effective Date shall be converted into options to acquire an equivalent
number of ParentCo Shares;

 

Subscription for Special
Shares

 

(k)                                  IESI Corporation shall subscribe for
11,137,744 Special Shares (representing the number of Units for which the
issued and outstanding Participating Preferred Shares are exchangeable at the
date of this Agreement, subject to any changes as a result of exchanges prior
to the Effective Date) for $10.00 in cash;

 

Exchange of Units for
ParentCo Shares

 

(l)                                     the Units held by the Unitholders shall
be transferred to ParentCo in consideration for ParentCo Shares on the basis of
one ParentCo Share for each Unit so transferred;

 

(m)                               the Class A Unit held by IESI
Corporation shall be transferred to ParentCo in consideration for the Special
Share;

 

Cancellation of the Common
Shares of ParentCo

 

(n)                                 the 100 common shares of ParentCo issued
to the Fund in connection with the organization of ParentCo shall be purchased
for cancellation by ParentCo for a consideration of one dollar ($1.00) per
common share, and shall be cancelled; and

 

Reduction of Stated
Capital of ParentCo

 

(o)                                 there shall have been added to the stated
capital account maintained for the ParentCo Shares an amount determined by the
directors in accordance with Section 23 of the OBCA in respect of the
ParentCo Shares issued in consideration for Units, and ParentCo shall be
authorized to reduce its stated capital in amount determined by the directors,
in respect of which no amount is to be distributed to the shareholders of
ParentCo, as contemplated by Section 34(1)(b)(ii)(B) of the OBCA.

 

3.2                                 Upon the exchange at the Effective Time
of Units for ParentCo Shares pursuant to section 3.1:

 

(i)                                     each former holder of Units shall cease
to be the holder of the Units so exchanged and the name of each such holder
shall be removed from the register of holders of Units;

 

(ii)                                  each such holder of Units shall become
the holder of the ParentCo Shares exchanged for the Units by such holder and
shall be added to the register of holders of ParentCo Shares in respect
thereof;

 

(iii)                               ParentCo shall become the holder of the Units so
exchanged and shall be added to the register of holders of Units in respect
thereof; and

 

(iv)                              ParentCo shall issue 11,137,744 Special
Shares in connection with the subscription by IESI Corporation, and such shares
shall be added to the register of holders.

 

6

 

ARTICLE 4

OUTSTANDING CERTIFICATES AND FRACTIONAL SECURITIES

 

4.1           Any certificates formerly
representing Trust Units that are not deposited, together with a duly completed
Letter of Transmittal and any other documents as may reasonably be required
shall, from and after the Effective Date, represent only the right to receive
ParentCo Shares in respect thereof. If certificates formerly representing Trust
Units have not been so deposited on or before the sixth anniversary of the Effective
Date, such certificates shall cease to represent a right or claim of any kind
or nature and the right of the holder of the Trust Units previously represented
thereby to receive ParentCo Shares shall be deemed to be surrendered to
ParentCo, together with all interest or distributions thereon held for such
holder.

 

4.2           Registration of interests in and
transfers of the ParentCo Shares will be made through a book-based system (the “Book
Entry System”) administered by CDS. On or about the Effective Date, ParentCo
will deliver to CDS one or more certificates evidencing the aggregate number of
ParentCo Shares issued in connection with the Arrangement.

 

ParentCo Shares may be
purchased, transferred or surrendered for redemption through a participant in
the CDS depository service (a “CDS Participant”). All rights of holders of
ParentCo Shares may be exercised through, and all payments or other property to
which such holder is entitled, may be made or delivered by, CDS or the CDS
Participant through which the holder holds such ParentCo Shares. Upon purchase
of such ParentCo Shares, the holders will receive only a customer confirmation
from the registered dealer which is a CDS Participant and from or through which
the ParentCo Shares are purchased.

 

ParentCo may issue
certificates representing ParentCo Shares to one or more shareholders, where
such issuances is warranted in the opinion of ParentCo. ParentCo also has the
option to terminate registration of the ParentCo Shares through the Book Entry
System, in which case certificates for the ParentCo Shares in fully registered
form would be issued to beneficial owners of such ParentCo Shares or their
nominees.

 

4.3           If any certificate which immediately
prior to the Effective Time represented an interest in outstanding Trust Units
that were transferred pursuant to subsections 4.1 hereof has been lost, stolen
or destroyed, upon the making of an affidavit of that fact by the person
claiming such certificate to have been lost, stolen or destroyed, the
registered holder thereof in the Unit Register shall, as a condition precedent
to the receipt of any ParentCo Shares to be issued to such person, provide to
ParentCo a bond, in form and substance satisfactory to ParentCo, or otherwise
indemnify ParentCo to its satisfaction, in its sole and absolute discretion,
against any claim that may be made against them with respect to the certificate
alleged to have been lost, stolen or destroyed.

 

ARTICLE 5

AMENDMENTS

 

5.1           The Fund, 6814832, the Company and
ParentCo may amend this Plan of Arrangement at any time and from time to time
prior to the Effective Time, provided that each such amendment must be: (i) set
out in writing; (ii) approved by the other parties; (iii) filed with
the Court.

 

5.2           Any amendment, modification or
supplement to this Plan of Arrangement may be made prior to the Effective Date
by the Fund, 6814832, the Company and ParentCo (or, if following the
Arrangement, ParentCo) without the approval of the Court or the Unitholders,
provided that it concerns a matter which, in the reasonable opinion of the
Fund, 6814832, the Company and ParentCo (or, if following the Arrangement,
ParentCo), is of an administrative nature required to better give effect to the
implementation of this Plan of Arrangement or is not adverse to the financial
or economic interests of any former holder of Units.

 

5.3           Subject to Section 6.2, any
amendment to this Plan of Arrangement may be proposed by the Fund, 6814832, the
Company and ParentCo at any time prior to or at the Meeting (provided that the
other parties shall have consented thereto) with or without any other prior
notice or communication to Unitholders, and if so proposed 

 

7

 

and accepted by the
persons voting at the Meeting (other than as may be required under the Interim
Order), shall become part of this Plan of Arrangement for all purposes.

 

5.4           Subject to Section 6.2, the
Fund, 6814832, the Company and ParentCo may amend, modify and/or supplement
this Plan of Arrangement at any time and from time to time after the Meeting
and prior to the Effective Time with the approval of the Court and, if and as
required by the Court, after communication to Unitholders.

 

ARTICLE 6

GENERAL

 

6.1           Notwithstanding that the transactions
and events set out herein shall occur and be deemed to occur in the order set
out in this Plan of Arrangement without any further act or formality, each of
the parties to the Arrangement Agreement shall make, do and execute, or cause
to be made, done and executed, all such further acts, deeds, agreements,
transfers, assurances, instruments or documents as may reasonably be required
by any of them in order to further document or evidence any of the transactions
or events set out herein.

 

6.2           If, prior to the Effective Date, any
term or provision of this Plan of Arrangement is held by the Court to be
invalid, void or unenforceable, the Court, at the request of any parties, shall
have the power to alter and interpret such term or provision to make it valid
or enforceable to the maximum extent practicable, consistent with the original
purpose of the term or provision held to be invalid, void or unenforceable, and
such term or provision shall then be applicable as altered or interpreted.  Notwithstanding any such holding, alteration
or interpretation, the remainder of the terms and provisions of this Plan of
Arrangement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated by such holding, alteration or
interpretation.

 

6.3           This Plan of Arrangement shall be
governed by and construed in accordance with the laws of the Province of
Ontario and the federal laws of Canada applicable therein.  Any questions as to the interpretation or
application of this Plan of Arrangement and all proceedings taken in connection
with this Plan of Arrangement and its provisions shall be subject to the
exclusive jurisdiction of the Court.

 

8Exhibit
10.2

 

SECOND AMENDED AND RESTATED
SECURITYHOLDERS’ AGREEMENT

 

THIS AGREEMENT is made as of
the 30th day of June, 2009 by
IESI-BFC Ltd., a corporation
amalgamated under the laws of the Province of Ontario (the “Corporation”),
IESI-BFC Holdings Inc.., a corporation incorporated under the laws of Canada (“Newco”),
and IESI Corporation, a corporation formed under the laws of the State
of Delaware (“IESI”), as trustee on behalf of the IESI Owners as
described in Section 5.1.

 

RECITALS:

 

WHEREAS on January 21,
2005, 4264126 Canada Limited (“Fund Newco”) acquired all of the
outstanding shares of common stock, par value $0.01 per share, of IESI (the “Common
Stock”) and (ii) certain stockholders of IESI received shares of IESI’s
participating preferred stock, par value $0.01 per share (the “Preferred
Shares”);

 

WHEREAS, in connection with
and as a condition to the completion of the transactions described above, BFI
Canada Income Fund (the “Fund”) and Fund Newco entered into a
securityholders’ agreement among the Fund, Fund Newco and IESI, dated January 21,
2005, as amended as of November 3, 2005 (the “Original Agreement”),
to provide the IESI Owners with the rights specified in the Prior Agreement;

 

WHEREAS the Original
Agreement was amended effective September 30, 2008 to clarify certain
wording to better reflect the parties’ intention;

 

WHEREAS the Original
Agreement was amended and restated effective October 1, 2008 (the “Prior
Agreement”) in connection with the conversion of the Fund to a corporation,
BFI Canada Ltd. (the “Conversion”);

 

WHEREAS in connection with
the Conversion, Fund Newco and 6818432 Canada Limited amalgamated on October 1,
2008 to form a new corporation, IESI Holdings Inc.;

 

WHEREAS on May 27, 2009 BFI Canada Ltd.
amalgamated with IESI-BFC Ltd., with the amalgamated entity continuing under
the name IESI-BFC Ltd.;

 

WHEREAS pursuant to a
reorganization to be completed on the date hereof (the “Reorganization”)
all the issued and outstanding common stock in the capital of IESI will be
transferred to Newco and IESI Holdings Inc. will no longer be a direct or
indirect holder of common stock in the capital of IESI;

 

WHEREAS Newco has agreed to
assume all of the benefits and obligations of IESI Holdings Inc. under the
Prior Agreement, in substitution for IESI Holdings Inc., and IESI Holdings Inc.
shall no longer be entitled to or bound thereby;

 

NOW THEREFORE in
consideration of the mutual covenants and agreements contained in this
Agreement and other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged by each of the parties), the parties hereto
agree as follows:

 

 

ARTICLE 1

DEFINITIONS AND INTERPRETATION

 

1.1                               Definitions

 

In this Agreement,
the following terms have the following meanings:

 

1.1.1                        “Agreement”,
“hereto”, “herein”, “hereby”, “hereunder”, “hereof”,
and similar expressions refer to this Securityholders’ Agreement and not to any
particular Article, Section, subsection, clause, subdivision or other portion
hereof and include any and every instrument supplemental or ancillary hereto;

 

1.1.2                        “BFI Cash”
has the meaning given to that term in Section 2.8.1;

 

1.1.3                        “BFI
Exchange Right” has the meaning given to that term in Section 2.8.1;

 

1.1.4                        “BFI Shares”
has the meaning given to that term in Section 2.8.1;

 

1.1.5                        “Business
Day” means any day except Saturdays, Sundays and statutory holidays in the
Province of Ontario or in the State of New York;

 

1.1.6                        “CDS”
means CDS Clearing and Depository Services Inc.;

 

1.1.7                        “CDS
Participant” means a broker, dealer, bank, other financial institution or
other Person who, directly or indirectly, from time to time, effects book-based
transfers with CDS and pledges of securities deposited with CDS;

 

1.1.8                        “Closing
Date” has the meaning given to that term in Section 2.4;

 

1.1.9                        “Corporation”
has the meaning given to that term in the preamble to this Agreement;

 

1.1.10                  “Corporation Election”
has the meaning given to that term in Section 2.3;

 

1.1.11                  “Corresponding Cash
Dividend” has the meaning given to that term in the certificate of
incorporation of IESI;

 

1.1.12                  “Demand Cash Right”
has the meaning given to that term in Section 2.3;

 

1.1.13                  “Demand Registration”
has the meaning given to that term in Section 4.4.1;

 

1.1.14                  “Determination Date”
means the Business Day prior to the date of delivery of the Exchange Notice;

 

1.1.15                  “Directors” means the
directors of the Corporation;

 

1.1.16                  “Distribution” means
a distribution of Shares to the public by way of a Prospectus under Securities
Laws in any applicable jurisdiction in Canada;

 

2

 

1.1.17                  “Distribution Cash”
means the gross proceeds received by the Corporation from a Distribution of the
aggregate applicable number of Exchange Shares less the aggregate of (i) Selling
Expenses actually incurred in connection with such Distribution and (ii) 50%
of any and all applicable Distribution Expenses actually incurred in connection
with such Distribution;

 

1.1.18                  “Distribution Cash
Transaction” has the meaning given to that term in Section 2.3;

 

1.1.19                  “Distribution Expenses”
means all reasonable third party out-of-pocket expenses incurred by the
Corporation and the IESI Owner(s) in connection with a Distribution,
including, without limitation, all distribution and filing fees, printing expenses,
French translator costs, fees and disbursements of outside counsel for the
Corporation and the IESI Owner(s) and independent public accountants or
chartered accountants for the Corporation, fees and expenses incurred in
connection with complying with applicable securities laws, stock exchange
listing fees, transfer taxes and fees of transfer agents and registrars, but
excluding any Selling Expenses;

 

1.1.20                  “Effective Date”
means June 30, 2009;

 

1.1.21                  “Exchange Consideration”
means Exchange Shares or Market Cash or Distribution Cash, as applicable;

 

1.1.22                  “Exchange Consideration
Option” has the meaning given to that term in Section 2.3;

 

1.1.23                  “Exchange Notice” has
the meaning given to that term in Section 2.2;

 

1.1.24                  “Exchange Ratio”
means 100:1 being one hundred (100) Shares for one (1) Preferred Share, as
adjusted from time to time in accordance with Article 3 and as adjusted
for any stock dividend, stock split, stock issuance, reverse stock split,
combination, recapitalization, reclassification, reorganization, merger,
consolidation or other similar event relating to IESI;

 

1.1.25                  “Exchange Rights”
means the rights of the IESI Owners to exchange their Preferred Shares for
Shares and/or, in certain circumstances, cash, pursuant to and in accordance
with this Agreement;

 

1.1.26                  “Exchange Shares”
means, with respect to the exercise of an Exchange Right pursuant to Section 2.2,
the number of Shares equal to the product of (i) the number of Preferred
Shares subject to the corresponding Exchange Notice; and (ii) the then
applicable Exchange Ratio;

 

1.1.27                  “Fund” has the
meaning given to that term in the recitals to this Agreement;

 

1.1.28                  “HSR Act” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the rules and
regulations adopted pursuant to that act, as amended;

 

3

 

1.1.29                  “IESI” has the
meaning given to that term in the preamble to this Agreement;

 

1.1.30                  “IESI Owner” means
any holder of Preferred Shares on the Transaction Agreement Closing Date or any
Permitted Transferee thereof pursuant to and in accordance with the terms of
the Preferred Shares as contained in the certificate of incorporation of IESI;

 

1.1.31                  “IESI Fully Diluted Basis”
means, at any time, the number of Shares that would be outstanding at that time
if all outstanding options and rights (including the Exchange Rights with
respect to all then outstanding Preferred Shares but excluding all
incentive-based options and rights issued to employees) to acquire Shares were
exercised;

 

1.1.32                  “IESI Retained Interest”
means collectively, at any time (i) the aggregate number of Shares that
may be acquired by the IESI Owners assuming the exercise in full of the
Exchange Rights, based on the aggregate number of Preferred Shares that are
beneficially owned at the relevant time by the IESI Owners and on the Exchange
Ratio then in effect, together with (ii) the sum of (A) the aggregate
number of Shares acquired through such exercise of the Exchange Rights that are
owned beneficially at the relevant time by the IESI Owners, (B) the
aggregate number of Shares acquired through the exercise of preemptive rights
granted, pursuant to the terms of this Agreement, in respect of the Preferred
Shares to acquire additional Shares, that are owned beneficially at the
relevant time by the IESI Owners, and (C) the aggregate number of Shares,
if any, issued to IESI Owners pursuant to Article VI of the Transaction
Agreement and beneficially owned by such persons at the relevant time (provided
that such numbers of Shares shall be deemed to include Shares acquired under
the plan of arrangement involving the Corporation effective October 1,
2008);

 

1.1.33                  “Mandatory Exchange”
has the meaning given to that term in Section 2.9;

 

1.1.34                  “Mandatory Exchange Notice”
has the meaning given to that term in Section 2.9;

 

1.1.35                  “Mandatory Exchange
Notice Period” has the meaning given to that term in Section 2.9;

 

1.1.36                  “Mandatory Exchange Triggering Event” means (i) the
occurrence of the date which is the fifth (5th) anniversary of the Transaction
Agreement Closing Date (“Five Year Event”); (ii) in the event that
there are outstanding Preferred Shares representing at least twenty percent
(20%) of the number of outstanding Preferred Shares as of the Transaction
Agreement Closing Date, the failure by the Corporation to make three
consecutive regular dividends to the holders of its Shares solely as a result
of the prohibition on dividends under the articles of the Corporation (the “Articles”)
or, in the event that there are outstanding Preferred Shares representing less
than twenty percent (20%) of the number of outstanding Preferred Shares as of
the Transaction Agreement Closing Date, any failure by the Corporation to make
a regular dividend to the holders of its Shares solely as a result of the
prohibition on distributions in its Articles; (iii) if there are
outstanding Preferred Shares representing less than five percent (5%) of the
number of outstanding Preferred Shares as of the Transaction Agreement Closing
Date; or (iv) IESI Owners holding more than fifty percent (50%) of the
Preferred Shares then outstanding 

 

4

 

vote or consent in writing to permit the
Corporation to initiate a Mandatory Exchange in accordance with Section 2.9
of this Agreement (which vote or consent pursuant to this clause (i) may
also (but need not) restrict the IESI Owners’ right to elect Distribution Cash
pursuant to the Exchange Consideration Option following the date of delivery of
the relevant Mandatory Exchange Notice);

 

1.1.37                  “Market Cash” means
the product of (x) the Market Price (determined as of the Determination
Date) of the relevant Exchange Shares which would otherwise be required to be
delivered to an IESI Owner pursuant to the exercise of an Exchange Right and (y) ninety-nine
percent (99%);

 

1.1.38                  “Market Cash Election”
has the meaning given to that term in Section 2.3;

 

1.1.39                  “Market Price” means,
as of any given date, the price per Share on the Toronto Stock Exchange based
on the weighted average trading price for the three trading days ending on and
including such date;

 

1.1.40                  “Newco” has the
meaning given to that term in the preamble to this Agreement;

 

1.1.41                  “Newco Notes” means
unsecured, subordinated notes of Newco;

 

1.1.42                  “Newco Shares” means
common shares in the capital of Newco;

 

1.1.43                  “New Issuance” has
the meaning given to that term in Section 4.7.1;

 

1.1.44                  “Observer” has the
meaning given to that term in Section 4.8.3;

 

1.1.45                  “Offer” means an
offer to acquire Shares which would constitute a “take-over bid” or an “issuer
bid” as those terms are defined in the Securities Act;

 

1.1.46                  “Owner Election Amount”
has the meaning given to that term in Section 4.7.1;

 

1.1.47                  “Permitted Transferee”
means the recipient of securities which were transferred in accordance with and
subject to the transfer restrictions regarding Preferred Shares contained in
the certificate of incorporation of IESI (as though such securities were
Preferred Shares thereunder);

 

1.1.48                  “Person” means any
individual, partnership, limited partnership, joint venture, syndicate, sole
proprietorship, company or corporation with or without share capital,
unincorporated association, trust, trustee, executor, administrator, or other
legal person, regulatory body or agency, government or governmental agency,
authority or entity however designated or constituted;

 

1.1.49                  “Piggy-Back Cash Right”
has the meaning given to that term in Section 2.3;

 

5

 

1.1.50                  “Piggy-Back Notice”
has the meaning given to that term in Section 4.5.1;

 

1.1.51                  “Piggy-Back Registration”
has the meaning given to that term in Section 4.5.2;

 

1.1.52                  “Pre-emption Notice”
has the meaning given to that term in Section 4.7.1;

 

1.1.53                  “Prospectus” means a “preliminary
prospectus” and a “prospectus” as those terms are used in the Securities Act,
including all amendments and supplements thereto;

 

1.1.54                  “Qualifying IESI Owner”
has the meaning given to that term in Section 4.7.1;

 

1.1.55                  “Qualifying Shares”
means any Shares issued by the Corporation to an IESI Owner pursuant to Article 2
or Section 4.7 of this Agreement or pursuant to Article VI of the
Transaction Agreement  and held by an
IESI Owner or a Permitted Transferee at the relevant time;

 

1.1.56                  “Registrable Securities”
means any Qualifying Shares; provided that, as to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when they
have been distributed to the public pursuant to a Distribution or sold to the
public through a broker, dealer, or market maker in compliance with the
applicable Securities Laws;

 

1.1.57                  “Requesting Holders”
means the IESI Owner(s) requesting a Demand Registration pursuant to Section 4.4
hereof;

 

1.1.58                  “Securities Act”
means the Securities Act
(Ontario), as it may be amended from time to time, and any successor
legislation;

 

1.1.59                  “Securities Laws”
means, collectively, the applicable securities laws of each of the provinces
and territories of Canada and
the respective regulations and rules made under those securities laws,
together with all applicable blanket orders and rulings of the securities
commissions and the securities legislation of such jurisdictions;

 

1.1.60                  “Selling Expenses”
means the underwriting fees, discounts and/or selling commissions applicable to
a particular Distribution;

 

1.1.61                  “Shares” means common
shares in the capital of the Corporation;

 

1.1.62                  “Subsidiary” means
any entity in respect of which another entity has the right to vote at least a
majority of the securities entitled to vote for the election of directors or
members of a similar governing body;

 

1.1.63                  “Thayer” means,
collectively, TC Equity Partners IV, L.L.C. and Thayer | Hidden Creek
Management, L.P.;

 

1.1.64                  “Thayer Condition”
means the beneficial ownership by Thayer and/or one or more Permitted
Transferees of a majority in interest of the IESI Retained Interest;

 

6

 

1.1.65                  “Transaction Agreement”
means the transaction agreement dated as of November 28, 2004, among IESI,
Fund Newco, the Fund and BFI Merger Sub Inc., as amended, supplemented or
restated from time to time;

 

1.1.66                  “Transaction Agreement
Closing Date” means January 21, 2005; and

 

1.1.67                  “Valid Business Reason”
has the meaning given to that term in Section 4.4.2.5.

 

1.2                               Heading

 

The division of
this Agreement into Articles and Sections and the insertion of headings are for
the convenience of reference only and shall not affect the construction or
interpretation of this Agreement. Unless something in the subject matter or
context is inconsistent therewith, references herein to Articles or Sections
are to Articles or Sections of this Agreement.

 

1.3                               Gender and Number

 

In this Agreement,
words importing the singular number only shall include the plural and vice
versa, words importing the masculine gender shall include the feminine and
neuter genders and vice versa.

 

1.4                               Day Not a Business Day

 

In the event that
any day on or before which any action is required to be taken hereunder is not
a Business Day, then such action shall be required to be taken on or before the
requisite time on the next succeeding day that is a Business Day.

 

1.5                               Currency

 

Except where
otherwise expressly provided, all references herein to dollar amounts are
references to dollars in the lawful currency of the United States.

 

ARTICLE 2

EXERCISE OF EXCHANGE RIGHT

 

2.1                               Exercise

 

The Corporation
and Newco hereby agree that, from and after the date of this Agreement, each
IESI Owner shall be entitled to exchange, at any time or from time to time, all
or some of its Preferred Shares for the applicable Exchange Consideration in
accordance with the terms of this Agreement (the “Exchange Right”).

 

7

 

2.2                               Exchange Notice

 

An IESI Owner may
exercise the Exchange Right by delivering to Newco, during regular business
hours in accordance with Section 7.3 or at such other place as may be
designated by Newco, a written notice (an “Exchange Notice”) stating:

 

2.2.1                        the number of
Preferred Shares the IESI Owner wishes to exchange;

 

2.2.2                        subject to Section 2.3,
whether such IESI Owner is requesting Shares or in the event that such IESI
Owner is entitled to the Exchange Consideration Option, whether such IESI Owner
is requesting Shares or Distribution Cash;

 

2.2.3                        if such IESI
Owner is requesting Shares in respect of an exercise of the Exchange Right,
that the IESI Owner is aware that any Shares delivered to the IESI Owner have
not been and will not be registered under the U.S. Securities Act of 1933, as
amended (the “1933 Act”) and that the Shares may not be offered or sold
in the United States without registration under the 1933 Act or compliance with
requirements of an exemption from such registration;

 

2.2.4                        if such IESI
Owner is requesting Shares in respect of an exercise of the Exchange Right,
that the IESI Owner will not (i) offer or sell any Shares delivered to
such IESI Owner pursuant to the exercise of the Exchange Right in violation of
any applicable federal or state securities laws of the United States or (ii) resell
any Shares delivered to such IESI Owner pursuant to the exercise of the
Exchange Right except in accordance with the Securities Laws and the applicable
rules of the Toronto Stock Exchange;

 

2.2.5                        if such IESI
Owner is requesting Shares in respect of an exercise of the Exchange Right, the
IESI Owner’s account particulars and other details necessary to record through
CDS or a CDS Participant the IESI Owner’s interest in any Shares delivered to
such IESI Owner pursuant to the exercise of the Exchange Right;

 

2.2.6                        if such IESI
Owner is entitled to the Exchange Consideration Option and elects to receive
Distribution Cash, the account to which such cash should be delivered pursuant
to Section 2.4;

 

2.2.7                        if such IESI
Owner is requesting Shares in respect of an exercise of the Exchange Right,
whether such IESI Owner is an “accredited investor” under Rule 501(a) under
the 1933 Act;

 

2.2.8                        that such IESI
Owner has good title to and owns the Preferred Shares that are subject to the
Exchange Notice free and clear of all liens, charges, security interests,
pledges, adverse claims and encumbrances; and

 

2.2.9                        if such IESI Owner is requesting Shares
in respect of an exercise of the Exchange Right, that all necessary filings
have been made under the HSR Act, if applicable, and all applicable waiting
periods in connection with such filings have expired.

 

8

 

2.3                               Exchange
Consideration

 

In connection with
an exercise by IESI Owner(s) of an Exchange Right, such IESI Owner(s) shall
be entitled to elect to receive (i) Exchange Shares or, (ii) subject
to Section 2.9, in the event that such IESI Owner(s) would have the
right to request a Piggy-Back Registration (“Piggy-Back Cash Right”) or
a Demand Registration (“Demand Cash Right”) at such time (assuming the
IESI Owner(s) exercising the Exchange Right at such time held the Shares
they would be entitled to receive pursuant to the exchange), Distribution Cash
(such right to elect Distribution Cash, an IESI Owner’s “Exchange
Consideration Option”).  To the
extent that an IESI Owner is not entitled to an Exchange Consideration Option,
the form of Exchange Consideration delivered to an IESI Owner shall be Shares;
provided that if an IESI Owner exercising its Exchange Right does not represent
to Newco pursuant to Section 2.2.7 that such IESI Owner is an “accredited
investor”, within three (3) Business Days of receipt of the applicable
Exchange Notice, the Corporation shall be entitled to elect whether to deliver
to such IESI Owner Shares or Market Cash (an election to deliver Market Cash, a
“Market Cash Election”).  In the
event that the Exchange Consideration is Distribution Cash, (i) if
Distribution Cash has been elected by an IESI Owner pursuant to a Demand Cash
Right, the corresponding Distribution shall be conducted in accordance with the
procedures specified in Section 4.4 and including, for the avoidance of
doubt, Section 4.4.6 as if such Distribution were a Demand Registration,
as if such IESI Owner(s) were Requesting Holder(s) thereunder,
entitled to the rights specified in such section, including, without
limitation, the right to terminate such distribution and withdraw the relevant
Exchange Notice at any time prior to the closing thereof (provided, that
notwithstanding Section 4.4.6, no withdrawal shall be permitted after the
date the Corporation signs an underwriting agreement with respect to such
Distribution) and (ii) if Distribution Cash has been elected by the IESI
Owner pursuant to a Piggy-Back Cash Right, the corresponding Distribution shall
be conducted in accordance with the procedures specified in Section 4.6
(any such transaction, a “Distribution Cash Transaction”).  In connection with an exercise of the
Exchange Right and as specified in Section 2.11, the Corporation shall
guarantee the performance of the obligations of Newco and, in the event that
there is a legal restriction or impediment to Newco’s honoring the Exchange
Right or exercising the BFI Exchange Right (as defined below), the Corporation
shall designate (and will guarantee the performance of) another wholly-owned
subsidiary of the Corporation, to deliver the applicable Exchange Consideration
to an IESI Owner (a “Corporation Election”); provided that, for the
avoidance of doubt, no such designation shall release the Corporation from its
obligations hereunder.

 

2.4                               Exchange Closing

 

Upon the delivery
of an Exchange Notice, the Exchange Consideration shall be delivered by Newco
(or, in the event of a Corporation Election, another applicable wholly-owned
subsidiary of the Corporation) to the requesting IESI Owner as promptly as
practicable and in no event later than (i) three  (3) Business Days after delivery of such Exchange Notice
in the event that the Exchange Consideration is paid in Shares, (ii) five (5) Business
Days after delivery of such Exchange Notice in the event that the Exchange
Consideration is paid in Market Cash and (iii) in the event the
Corporation undertakes a Distribution Cash Transaction pursuant to exercise of
an IESI Owner’s Demand Cash Right or in connection with an IESI Owner’s
Piggy-Back Cash Right, on the date of completion of the relevant Distribution
(such date of delivery of the Exchange Consideration, the “Closing Date”).  In the event that some or all of the Exchange

 

9

 

Consideration
is in the form of Shares, on the Closing Date, Newco will cause to be
delivered, through the book-based system administered by CDS to and for the
account of the requesting IESI Owner or as such IESI Owner may otherwise direct
in the Exchange Notice, the number of Shares deliverable pursuant hereto upon
receipt of all required documents and instruments of transfer as required
hereunder.  If any or all of the Exchange
Consideration is in the form of cash, Newco will deliver or cause to be
delivered to such IESI Owner or as such IESI Owner may otherwise direct in the
Exchange Notice such cash amount by wire transfer of immediately available
funds to the account(s) specified in the Exchange Notice.  On the Closing Date, the IESI Owner shall
deliver to Newco the certificate or certificates for the Preferred Shares
subject to exchange, duly endorsed or assigned in blank to Newco or, in the
event of a Corporation Election such other designated wholly-owned subsidiary
of the Corporation.  Newco will exchange
such Preferred Shares for additional common stock of IESI and will cause IESI
to cancel such Preferred Shares.

 

2.5                               Validity of Shares

 

The Corporation
hereby represents, warrants and covenants that all Shares (including any BFI
Shares, as defined below) issued by the Corporation and delivered to any IESI
Owner will be duly authorized and validly issued, fully paid and
non-assessable, and free and clear of all liens, charges, security interests,
pledges, adverse claims and encumbrances.

 

2.6                               Offers

 

If an Offer is
proposed by the Corporation or is proposed to the Corporation or holders of
Shares and is recommended by the Corporation’s board of directors (the “Directors”),
or is otherwise effected or to be effected with the consent or approval of the
Directors, the Corporation will use its reasonable commercial efforts,
expeditiously and in good faith, to take all such actions and do all such
things as are necessary or desirable to enable the IESI Owner to participate in
such Offer to the same extent and on an economically equivalent basis as the
holders of Shares, without discrimination. Without limiting the generality of
the foregoing, the Corporation will use its reasonable commercial efforts
expeditiously and in good faith to ensure that the IESI Owner may participate
in all such Offers at any time without being required to exercise its Exchange
Right (or, if so required, to ensure that any such exchange will be effective
only upon, and will be conditional upon, the closing of the Offer and only to
the extent necessary to tender to or deposit under the Offer).

 

2.7                               Reservation of Shares

 

The Corporation
hereby represents and warrants in favour of Newco and the IESI Owners that the
Corporation has reserved for future issuance and covenants that it will, at all
times during the term of this Agreement, keep available, free from pre-emptive
or other rights, such number of Shares as may be issuable from time to time on
exercise of the Exchange Right.

 

2.8                               Newco Exchange Right

 

2.8.1                        The Corporation
hereby grants Newco the right (the “BFI Exchange Right”), at any time
that Newco is required to deliver the Exchange Consideration pursuant to the
terms of this Agreement, to require the Corporation to deliver cash and/or
issue Shares to 

 

10

 

Newco, or to such Persons as Newco may
direct, in exchange for Newco Shares and/or Newco Notes.  The amount of cash that the Corporation will
be required to deliver shall be the amount required to be delivered as the
Exchange Consideration in respect of the applicable Exchange Notice (“BFI
Cash”).  The number of Shares that
the Corporation shall be required to issue shall be the number required to be
delivered as the Exchange Consideration in respect of the relevant Exchange
Notice (the “BFI Shares”).  The
BFI Exchange Right shall be assignable to another wholly-owned subsidiary of
the Corporation that is designated by the Corporation to deliver the Exchange
Consideration.

 

2.8.2        In
consideration for the BFI Shares and/or BFI Cash, Newco will issue Newco Shares
and/or Newco Notes to the Corporation having an aggregate value equal to the
applicable amount of Exchange Consideration.

 

2.8.3        To exercise the
BFI Exchange Right, Newco shall, not later than 5:00 p.m. (Toronto time)
on the second Business Day prior to the Closing Date, deliver to the
Corporation, in accordance with Section 7.3, written notice of exercise
which shall state that:

 

2.8.3.1               Newco is
exercising the BFI Exchange Right so as to require the Corporation to deliver
BFI Cash or to issue BFI Shares on a date specified, which shall be no later
than 9:00 a.m. (Toronto time) on the Closing Date specified by Section 2.4;

 

2.8.3.2               the number of
Newco Shares and the principal amount of Newco Notes in respect of which the
BFI Exchange Right is to be exercised;

 

2.8.3.3               as applicable,
the number of BFI Shares issuable by the Corporation in connection with the
exercise of the BFI Exchange Right;

 

2.8.3.4               if BFI Shares
are being issued, that Newco is, at the date of the notice delivered, an “accredited
investor” within the meaning of National Instrument 45-106 of the Canadian
Securities Administrators or the aggregate value of the BFI Exchanged Shares to
be acquired is not less than Cdn$150,000; and

 

2.8.3.5               if BFI Shares
are being issued and Newco so elects, in lieu of recording or causing to be
recorded the interest of Newco in any or all of the BFI Shares issuable as part
of the BFI Exchange Right, the Corporation is directed to record or cause to be
recorded the interest of the IESI Owner or its designate in such number of BFI
Shares as are specified in the notice, and such notice shall provide the
account particulars of the IESI Owners’ CDS Participant and other details
necessary to record such interest in the book-entry only system administered by
CDS.

 

2.8.4        Newco hereby
represents and warrants in favour of the Corporation and covenants with the
Corporation, that (i) any Newco Shares issuable as described herein will
be duly authorized and validly issued as fully paid and non-assessable and
shall be free and clear of all liens, charges, security interests, pledges,
adverse claims and encumbrances; and (ii) any Newco Notes issuable as
described herein will be validly issued and shall be free and clear of liens,
charges, security interests, pledges, adverse claims and encumbrances.

 

11

 

2.9                               Mandatory Exchange

 

Within sixty (60)
days of a Mandatory Exchange Triggering Event set out in clauses (ii) or (iv) of
the definition thereof or at any time following the Mandatory Exchange
Triggering Event set out in clause (iii) of the definition thereof, Newco
may, and within 30 days of the Mandatory Exchange Triggering Event set out in
clause (i) of the definition thereof, Newco shall, upon not less than
twenty one (21) days and not more than thirty (30) days prior written notice (a
“Mandatory Exchange Notice”, and such period, the “Mandatory Exchange
Notice Period”), require each of the IESI Owners to exercise the Exchange
Right for Shares or, if Newco is entitled to make a Market Cash Election with
respect to any IESI Owner, Market Cash, in accordance with this Agreement, with
respect to any and all Preferred Shares which are then outstanding (a “Mandatory
Exchange”); provided that, so long as any relevant IESI Owners have
complied with Section 4.7 as if they were parties to this Agreement, Newco
shall not be permitted to deliver a Mandatory Exchange Notice unless all
necessary filings with respect to any IESI Owner under the HSR Act have been
made and all applicable waiting periods in connection with such filings have
expired.  At any time during the
Mandatory Exchange Notice Period, an IESI Owner may exercise its Exchange Right
pursuant to Section 2.1 (provided that, in the case of  a Mandatory Exchange Triggering Event set out
in clause (iv) of the definition thereof, if so approved by the vote or
consent in writing of IESI Owners holding more than 50% of the Preferred Shares
then outstanding, the IESI Owners may not exercise their right to elect
Distribution Cash pursuant to the Exchange Consideration Option during such
Mandatory Exchange Notice Period).  In
the event that an IESI Owner does not exercise its Exchange Right by delivering
an Exchange Notice by the expiration of the Mandatory Exchange Notice Period,
Newco shall initiate the Exchange Right by delivering written notice to such
IESI Owner of its election to initiate the Exchange Right and the Exchange
Consideration shall be Shares or, in the event of a Market Cash Election in
accordance with Section 2.3, Market Cash. 
Following such election by Newco, the relevant provisions of this Agreement
(including, for greater certainty, the relevant provision of Sections 2.3 and
2.4) shall operate to effect the completion of the Mandatory Exchange.  In the event that Newco fails to deliver a
Mandatory Exchange Notice within sixty (60) days of the occurrence of the
Mandatory Exchange Triggering Event set out in subsections (ii) or (iv) of
the definition thereof, Newco shall be deemed to have elected not to effect a
Mandatory Exchange in connection with the relevant Mandatory Exchange
Triggering Event and its rights with respect to any such Mandatory Triggering
Event shall be considered waived.

 

2.10                        HSR Act Filing
Expenses

 

All filing fees payable in connection with any filings made under the HSR Act shall be paid 50%
by the Corporation and 50% by the applicable IESI Owners.

 

2.11                        Corporation Guarantee

 

The Corporation hereby guarantees, for the express benefit of the IESI Owners, the
performance by Newco of all of its obligations hereunder.

 

12

 

ARTICLE 3

ADJUSTMENT PROVISIONS

 

3.1                              Changes in
Shares

 

3.1.1                        In the event
that at any time or from time to time after the date hereof, the Corporation
shall (i) make a distribution on its Shares in Shares, (ii) subdivide
its outstanding Shares into a larger number of Shares, (iii) combine its
outstanding Shares into a smaller number of Shares or (iv) increase or
decrease the number of Shares outstanding by reclassification of its Shares,
then the Exchange Ratio shall be adjusted so that, immediately after the
happening of such event, after giving effect to such adjustment, the IESI Owner
shall be entitled to receive the number of Shares upon exercise of the Exchange
Right (assuming an exercise with respect to all of such IESI Owner’s then
outstanding Preferred Shares) that such IESI Owner would have been entitled to
receive had the Exchange Right been exercised in full immediately prior to the
happening of the events described above (or, in the case of a distribution of
Shares, immediately prior to the record date therefor).

 

3.1.2                        In the event
that at any time or from time to time after the date hereof, the Corporation
shall issue, sell, distribute or otherwise grant any rights to subscribe for or
to purchase, or any options or warrants for the purchase of, or any securities
convertible or exchangeable into, Shares to all holders of Shares, entitling
such holders to subscribe for or purchase Shares or stock or securities
convertible into Shares, whether or not immediately exercisable, convertible or
exchangeable, as the case may be, and the subscription or purchase price per
Share or the price per Share issuable upon exercise, conversion or exchange
thereof is lower at the record date for such issuance than the then Market
Price per Share, the Exchange Ratio will be adjusted so that, immediately after
the happening of such event, after giving effect to such adjustment, the IESI
Owners shall be entitled to receive the number of Shares upon the exercise of
the Exchange Right (assuming an exercise with respect to all of the IESI Owners’
then outstanding Preferred Shares) equal to the product of (i) the number
of Shares that the IESI Owners would be entitled to receive upon the exercise
of the Exchange Right (assuming an exercise with respect to all of the IESI Owners’
then outstanding Preferred Shares) prior to the record date and (ii) a
fraction, (A) the numerator of which shall be the number of Shares
outstanding on the date of issuance of such rights, options, warrants or
securities plus the number of additional Shares offered for subscription or
purchase or into or for which such securities are convertible or exchangeable,
and (B) the denominator of which shall be the number of Shares outstanding
on the date of issuance of such rights, options, warrants or securities plus
the total number of Shares which could be purchased at the Market Price with
the aggregate consideration received through the issuance of such rights,
warrants, options, or convertible securities.

 

3.1.3                        In case the
Corporation shall reorganize its capital or reclassify its capital stock (in
each case, other than pursuant to a transaction to which Section 3.1.2 is
applicable), enter into an arrangement, consolidate or merge with or into
another Person (where the Corporation is not the surviving entity or where
there is an exchange of, a change in or distribution with respect to the Shares
of the Corporation), or sell, transfer or otherwise dispose of all or
substantially all its property, assets or business to another Person and,
pursuant to the terms of such reorganization, reclassification, arrangement,
merger, consolidation or disposition of assets, shares (or equivalent equity
securities) of the successor or acquiring Person, or any

 

13

 

cash, shares of stock or other securities or
property of any nature whatsoever in addition to or in lieu of shares (or
equivalent equity securities) of the successor or acquiring Person (“Other
Property”), are to be received by or distributed to the holders of Shares
of the Corporation, then each IESI Owner shall have the right thereafter to
receive, upon exercise of its Exchange Right, the number of common shares (or
equivalent equity securities) of the successor or acquiring Person or of the
Corporation, if it is the surviving entity, and/or Other Property receivable
upon or as a result of such reorganization, reclassification, arrangement,
merger, consolidation or disposition of assets by the IESI Owner with respect
to or in exchange for the number of Shares that would have been received upon
exercise of the number of its Preferred Shares for which the Exchange Right is
exercisable immediately prior to such event.

 

3.1.4                        In connection
with any exchange of Preferred Shares, in the event that there are any Accrued
Dividends (as defined in the certificate of incorporation of IESI) with respect
to such Preferred Shares at such time, the Exchange Ratio shall be adjusted
with respect to such Preferred Shares so that, after giving effect to such
adjustment, such IESI Owner shall be entitled to receive an additional number
of Shares upon exercise of the Exchange Right equal to the quotient of the
aggregate amount of the Accrued Dividends with respect to such Preferred Shares
over the Market Price Per Unit (as defined in the Transaction Agreement) at
such time (provided that, for this purpose, the word “Unit” in that definition
shall be deemed to refer to a Share).

 

ARTICLE 4

OTHER CONDITIONS AND COVENANTS

 

4.1                              Securities Law
Compliance

 

The Corporation
covenants and agrees that it shall make such filings, obtain such approvals,
registrations and qualifications and take such other steps as may be necessary,
as applicable, in order that the distribution of the Shares issuable hereunder
to an IESI Owner on exercise of the Exchange Right by such IESI Owner will not
be subject to the prospectus qualification requirements of the Securities Laws
and, subject to Section 4.2, that all Shares received by such IESI Owner
will be freely tradable on the Toronto Stock Exchange; provided, however, that
the Corporation shall not be required to obtain any such approvals,
registrations or qualifications to waive or abridge any resale restrictions
applicable to a “control distribution” as defined in National Instrument 45-102
of the Canadian Securities Administrators; and provided further that the
obligations of the Corporation hereunder with respect to the delivery of Shares
shall be subject to the receipt from such IESI Owner of such representations,
agreements and undertakings including as to future dealings in such securities
as the Corporation and its counsel determine to be reasonably necessary or
advisable in order to safeguard against the violation of securities laws in any
jurisdiction.

 

4.2                              Stock Exchange
Listing

 

The Corporation
covenants and agrees that it shall make such filings and take such other
reasonable steps as may be necessary in order that any Qualifying Shares shall
be approved for listing and posted for trading on the Toronto Stock Exchange or
any stock

 

14

 

exchange
or automated quotation system on which the Shares are then listed from the date
of issuance thereof.

 

4.3                              Corporation
Information

 

The Corporation
will deliver to the IESI Owners copies of all proxy materials, information
statements, reports (including without limitation, all interim and annual
financial statements) and other written communications that, in each case, are
to be distributed from time to time to holders of Shares at the same time as
those materials are first sent to holders of Shares.

 

4.4                              Demand
Registration

 

4.4.1                        Subject to Section 4.4.3,
upon the written request of one or more IESI Owner(s) made at any time and
from time to time (a “Demand Registration”), the Corporation shall use
its best efforts to file one or more Prospectuses under the Securities Laws in
order to permit the Distribution in Canada of all or any portion of such IESI
Owner(s)’ Registrable Securities. The Corporation shall cooperate in a timely
manner in connection with such Distribution and shall comply with the
procedures in Schedule 4.4.

 

4.4.2                        Notwithstanding
Section 4.4.1, the Corporation shall not be obliged to effect:

 

4.4.2.1               a Demand
Registration during the period starting fourteen (14) days prior to, and ending
ninety (90) days after, the effective
date of the Corporation’s most recent Prospectus filed under Securities Laws,
except as may otherwise be agreed upon by the Corporation, the managing
underwriter and the Requesting Holder(s);

 

4.4.2.2               more than two (2) Demand
Registrations in any twelve (12) month period;

 

4.4.2.3               a Demand
Registration in respect of Shares held by the Requesting Holder(s) reasonably
expected to result in gross sales of less than Cdn$50,000,000 (not including,
for purposes of this Section 4.4.2.3, the portion of any such sales
allocable to Shares subject to such demand that were received pursuant to Section 4.7);

 

4.4.2.4               a Demand
Registration at a time when the IESI Owners as of the date of this Agreement
beneficially own a number of Qualifying Shares and Preferred Shares (converted
into Shares at the then-applicable Exchange Ratio for purposes of this
provision), if any, representing less than 10% of the number of Shares that
would be outstanding at that time if all of the Preferred Shares then outstanding
were exchanged into Shares at the then applicable Exchange Ratio; or

 

4.4.2.5               a Demand
Registration if the Corporation shall furnish to the Requesting Holder(s) a
certificate signed by a Director and prepared in good faith stating that in the
good faith judgment of the board of Directors it would be seriously detrimental
to the Corporation and its shareholders for such Demand Registration to be
effected at such time (a “Valid Business Reason”), in which case the
Corporation may postpone filing a Prospectus relating to a Demand Registration
once in a given 12 month period

 

15

 

until
such Valid Business Reason no longer exists, but in no event for more than 60
days, and, in the event that a Prospectus has been filed relating to a Demand
Registration prior to the giving of such notice, the Corporation may cause such
Prospectus to be withdrawn; provided, however, that if the Corporation
determines to postpone or withdraw such Prospectus pursuant to this Section 4.4.2.5,
the Corporation shall give written notice to the Requesting Holder(s) of
its determination to postpone or withdraw such Prospectus and, when applicable,
the fact that the Valid Business Reason for such request for a postponement or
withdrawal no longer exists, in each case, promptly after the occurrence
thereof.  If a Prospectus is withdrawn
pursuant to this Section 4.4.2.5, the Demand Right, if applicable, which
required the filing of that Prospectus will not count towards the limit
specified in Section 4.4.2.2 and no IESI Owner shall be obliged to pay any
expenses relating to such failed Demand Registration.

 

4.4.3                        Any request for
a Demand Registration by IESI Owner(s) pursuant to this Section 4.4
shall:

 

4.4.3.1               specify the
number of Shares which such IESI Owner(s) intends to offer and sell;

 

4.4.3.2               express the
intention of such IESI Owner(s) to offer or cause the Distribution of such
Shares;

 

4.4.3.3               describe the
nature or methods of the proposed offer and sale thereof and the jurisdictions
in which such offer shall be made;

 

4.4.3.4               contain the
undertaking of such IESI Owner(s) to provide all such information
regarding its holdings and the proposed manner of distribution thereof as may
be required in order to permit the Corporation to comply with all Securities
Laws and applicable tax laws; and

 

4.4.3.5               request whether
such offer and sale be made by an underwritten Distribution.

 

4.4.4                        The final
decision regarding the foregoing matters (and the matters addressed in Section 4.4.6)
shall be made by Requesting Holder(s) holding a majority of the Shares
requested to be included in such Distribution.

 

4.4.5                        In the case of
an underwritten Distribution initiated pursuant to this Section 4.4, the
Requesting Holder(s) shall have the right to select the managing
underwriter or underwriters of such Shares, provided, however, that such
selection shall also be agreed to by the Corporation, acting reasonably. The
Corporation shall have the right to retain counsel of its choice to assist it
in fulfilling its obligations under this Agreement, which retention shall be
agreed to by the Requesting Holder(s), acting reasonably, and the fees and
expenses of which shall constitute Distribution Expenses.

 

4.4.6                        A Demand
Registration exercised by Requesting Holder(s) shall be deemed to be
withdrawn by such Requesting Holder(s) at any time until the earlier of (i) the
signing of an underwriting agreement by such Requesting Holder(s) in
respect of such Demand

 

16

 

Registration; and (ii) Closing, if such
Requesting Holder(s) so requests and agrees to either (x) pay all the
reasonable out-of-pocket costs and expenses incurred by the Corporation prior
to such withdrawal in complying with the Demand Registration or (y) pay
50% of the reasonable out-of-pocket costs and expenses incurred by the
Corporation prior to such withdrawal and treat such withdrawn request as a
Demand Registration for purposes of Section 4.4.2.2.  If, following any request for a Demand
Registration, a Distribution is not completed (other than pursuant to the
request of the Requesting Holder(s) pursuant to the preceding sentence),
any notice of exercise of the applicable Demand Registration hereunder shall be
deemed to be withdrawn and shall not count as a Demand Registration for
purposes of Section 4.4.2.2.

 

4.4.7                        If a Demand
Registration is an underwritten Distribution and the lead underwriter or
underwriters advise the Corporation in writing that in their opinion the number
of Registrable Securities requested to be included in such Distribution exceed
the number of securities which can be sold in an orderly manner in such
Distribution within a price range acceptable to the representative of the
majority of the applicable Requesting Holder(s) (determined based on the
number of Shares that are the subject of such Demand Registration), then the
Requesting Holder(s) shall include in such Distribution only the number of
Shares requested to be included which in the opinion of such underwriters can
be sold in an orderly manner within the price range of such Distribution;
provided, that in any such event the Corporation shall include in such
Distribution, first, all
Registrable Securities that are requested to be sold by the Requesting Holder(s) in
such Distribution, reduced pro rata
according to the aggregate number of Shares beneficially held by each
Requesting Holder participating in such Demand Registration relative to the
other Requesting Holder(s) participating in such Demand Registration, second, all Registrable Securities that
are requested to be included in such sale by IESI Owners pursuant to Section 4.5,
third, all Shares that the
Corporation proposes to sell for its own account (not including any of the
Registrable Securities referred to in the first
clause above), and fourth, any
other Shares requested to be included in such sale.

 

4.5                              Piggy-Back
Registration Rights

 

4.5.1                        If the
Corporation proposes to make a Distribution for its own account or pursuant to
a Demand Registration, the Corporation will, at that time, promptly give each
IESI Owner written notice of the proposed Distribution (a “Piggy-Back Notice”).

 

4.5.2                        Upon the
written request of an IESI Owner given within five (5) Business Days after
delivery of the Piggy-Back Notice, the Corporation will use its reasonable
commercial efforts, in conjunction with the proposed Distribution, to cause to
be included in such Distribution all of the Shares that such IESI Owner has
requested to be included pursuant to the Securities Laws (a “Piggy-Back
Registration”) unless the underwriters for the Corporation advise the
Corporation in writing that, in their opinion, the number of securities
requested to be included in such Distribution exceeds the number of securities
which can be sold in an orderly manner in such Distribution within a price
range acceptable to the Corporation, in which event the Corporation shall
include in such Distribution: if such Distribution is effected pursuant to a
Demand Registration, Shares allocated in the manner contemplated by Section 4.4.7,
and otherwise first, all Shares
that the Corporation proposes to sell for its own account (not including any of
the Registrable Securities referred to in the second
clause below), second, all
Registrable Securities beneficially held by the IESI Owner(s) that are
requested to be sold pursuant to this

 

17

 

Section 4.5.2, reduced pro rata according to the aggregate number
of Shares beneficially held by each such IESI Owner participating in such
Distribution relative to the other IESI Owners participating in such
Distribution, and third, any
other Shares requested to be included in such sale.

 

4.5.3                        The procedures
in Schedule 4.4 shall apply to Piggy-Back Registrations.

 

4.6                              Cooperation

 

In addition, the
parties hereto, and by exercise of any rights hereunder each of the IESI
Owners, agree that it shall cooperate fully in good faith with the parties
hereto and each other and their respective legal advisors, accountants and
other representatives in connection with any steps required to be taken as part
of their respective obligations under this Agreement.  Without limitation and for greater certainty,
the Corporation, Newco and the IESI Owners shall cooperate fully and in good
faith with each other (and their respective legal advisors, accountants and
other representatives) in respect of any filings under the HSR Act that may be
necessary in connection with any exercise of the Exchange Right or the issuance
of any Shares pursuant to Article VI of the Transaction Agreement.  At the Corporation’s request a reasonable
period of time in advance of the anticipated delivery of any Mandatory Exchange
Notice, or not less than six months prior to the Five Year Event, the
Corporation and any relevant IESI Owners shall each use its reasonable
commercial efforts to make any and all filings under the HSR Act which may be
necessary in connection with any exercise of the Exchange Right in order to
ensure that no Closing Date pursuant to a Mandatory Exchange is delayed in
order to comply with the HSR Act.

 

4.7                              Preemptive
Rights

 

4.7.1                        Subject to the
prior approval of the Toronto Stock Exchange and any other stock exchange on
which the Shares are then listed, if the Corporation authorizes the issuance or
sale of any equity securities or any options or warrants to purchase, or
securities convertible into or exchangeable for, equity securities, other than
pursuant to the Transaction Agreement or any issuance of securities to
officers, employees, or directors of the Corporation or any subsidiary of the
Corporation pursuant to a bona fide
incentive compensation plan (in each case, a “New Issuance”), (i) each
IESI Owner owning Qualifying Shares and Preferred Shares representing (on an
as-if-exchanged basis) at least 5% of the outstanding Shares (including the
number of Shares into which all outstanding Preferred Shares would be exchanged
if such exchange were requested and permissible at such time) (a “Qualifying
IESI Owner”) shall have the right to acquire a portion of such New Issuance
equal to the product of the New Issuance and a fraction (expressed as a
percentage), calculated prior to such New Issuance, in which the numerator is
the number of Qualifying Shares beneficially held by such Qualifying IESI Owner
(including for purposes of such calculation, the product of the Exchange Ratio
and any outstanding Preferred Shares held by such Qualifying IESI Owner) and
the denominator is the sum of (x) the aggregate outstanding Shares and (y) the
product of the Exchange Ratio and the outstanding Preferred Shares (such
portion, the “Owner Election Amount”) and (ii) the Corporation
shall deliver notice of the New Issuance to the Qualifying IESI Owner (the “Pre-emption
Notice”).  Each Qualifying IESI Owner
shall have the right to purchase a portion of the New Issuance equal to the
Owner Election Amount.

 

18

 

4.7.2                        Each Qualifying
IESI Owner shall be entitled to purchase its Owner Election Amount at the most
favorable price and on the most favorable terms and conditions as the New
Issuance is to be sold to any other Person.

 

4.7.3                        In order to
exercise its rights hereunder, the Qualifying IESI Owner must, within ten (10) Business
Days after receipt of the Pre-emption Notice, deliver written notice to the Corporation
describing its election to purchase a portion of the New Issuance offered to
it. The Qualifying IESI Owner shall tender payment in full for any such
purchase on the date of closing of the New Issuance (immediately following
which, the securities elected to be purchased representing the aggregate Owner
Election Amount shall be delivered to the Qualifying IESI Owner or its
designee(s)), failing which the rights of the Qualifying IESI Owner to purchase
any portion of the New Issuance shall terminate and the Corporation shall be
entitled to sell such unpurchased portion(s) in accordance with Section 4.7.4
below.

 

4.7.4                        Upon the
expiration of the offering period described in Section 4.7.3 above, the
Corporation shall be entitled to sell any portion of the New Issuance which a
Qualifying IESI Owner has not elected to purchase during the ninety (90) days
following such expiration on terms and conditions no more favorable to the
purchasers thereof than those offered to the Qualifying IESI Owner(s).

 

4.8                              Number of
Directors and Appointment of Directors

 

4.8.1                        So long as the
IESI Retained Interest constitutes ten percent (10%) or more of the then
outstanding Shares on an IESI Fully Diluted Basis, there shall be seven (7) Directors.  The nomination of Directors shall be effected
as follows:

 

4.8.1.1               So long as the
Special Shares are issued and outstanding , the Thayer Condition is satisfied
and the IESI Retained Interest constitutes twenty percent (20%) or more of the
then outstanding Shares on an IESI Fully Diluted Basis, seven (7) Directors
will be nominated in accordance with Section 4.8.4 (four (4) of whom
shall not be non-residents of Canada within the meaning of the Income Tax Act (Canada)), two (2) of which Directors
(each of whom shall be a person who deals at arm’s length with, and is
unrelated to, the Corporation within the meaning of applicable securities laws
or stock exchange requirements) will be nominated by IESI in accordance with Section 4.8.5;

 

4.8.1.2               So long as the
Special Shares are issued and outstanding, the Thayer Condition is satisfied
and the IESI Retained Interest constitutes ten percent (10%) or more and less
than twenty percent (20%) of the then outstanding Shares on an IESI Fully
Diluted Basis, seven (7) Directors will be nominated in accordance with Section 4.8.4,
one (1) Director (who shall be a person who deals at arm’s length with, and is
unrelated to, the Corporation, within the meaning of applicable securities laws
or stock exchange requirements) of which will be nominated by IESI in
accordance with Section 4.8.5; and

 

4.8.1.3               If (x) the
Special Shares have been redeemed, (y) the Thayer Condition is not
satisfied, or (z) the IESI Retained Interest constitutes less than ten
percent (10%) of the then outstanding Shares on an IESI Fully Diluted Basis,
IESI will

 

19

 

not
have the right to nominate any Directors and all of the Directors of the
Corporation will be nominated in accordance with Section 4.8.4.

 

For
greater certainty, the determination of the number of Directors that IESI is
entitled to nominate pursuant to this Section 4.8.1 shall be determined as
of a date that is not more than 30 days prior to the date of the proxy
circular delivered to shareholders of the Corporation for each annual meeting
of shareholders.

 

4.8.2                        So long as the
Special Shares are issued and outstanding, the Thayer Condition is satisfied
and the IESI Retained Interest constitutes five percent (5%) or more and less
than ten percent (10%) of the then outstanding Shares on an IESI Fully Diluted
Basis, IESI shall be entitled to appoint a non-voting observer (the “Observer”)
who shall be entitled to receive notice of and to attend meetings of the
Directors and receive all materials distributed to Directors.  This right to appoint the Observer will
terminate on the two year anniversary of the date on which, for the first time,
the IESI Retained Interest constituted less than ten percent (10%) of the then
outstanding Shares on an IESI Fully Diluted Basis.  The Observer will be (i) a former
Director; or (ii) a person who is approved by the Directors, acting
reasonably.

 

4.8.3                        So long as the
Special Shares are issued and outstanding, the Thayer Condition is met and the
IESI Retained Interest constitutes twenty percent (20%) or more of the then
outstanding Shares on an IESI Fully Diluted Basis, subject to applicable laws
and stock exchange requirements, IESI shall be entitled to have one of the
Directors which are nominated pursuant to Section 4.8.1 on all board
committees of the Corporation.

 

4.8.4                        Directors shall
be nominated for election (including the re-election of incumbent Directors) at
each annual meeting of shareholders, and may be nominated for election at a
special meeting of shareholders, in each case to hold office for a term
expiring at the close of the next annual meeting of shareholders following such
an election.  Subject to Section 4.8.1,
any such election shall be made either by a resolution approved by a majority
of the votes cast at a meeting of shareholders or shall be made by resolution
in writing in accordance with applicable law. 
Notwithstanding the foregoing, if no Directors are elected at the annual
meeting of shareholders held immediately before the term of office of the
existing Directors expires, such existing Directors shall continue to hold the
office of Directors until their successors have been elected in accordance with
applicable law or they cease to hold office.

 

4.8.5                        Any Director or
Observer to be nominated by IESI pursuant to Sections 4.8.1 or 4.8.2 will be so
designated by written direction of IESI on behalf of itself.

 

4.8.6                        In the event
that any Director appointed by IESI hereunder resigns or ceases to serve as a
Director for any reason during his or her term of office, the resulting vacancy
shall be filled by another individual nominated by IESI in accordance with Section 4.8.1.

 

4.8.7                        For greater
certainty, to the extent that a person nominated by IESI as a director in
accordance with this Section 4.8 is not elected at a meeting of shareholders,
the Corporation and its Directors that are so elected shall, immediately
following such meeting, cause that person to be appointed as a Director in
accordance with the articles of the Corporation and Section 124(2) of
the Business Corporations Act (Ontario).

 

20

 

4.9                              Representation
on Subsidiary Boards

 

Subject to
applicable law and stock exchange requirements, in the event that the
Corporation delegates any material governance or oversight responsibilities to
the board of directors (or similar governing body), including any committee
thereof, of any subsidiary of the Corporation at a time when IESI is entitled
to designate at least one director to the board of directors of the
Corporation, the IESI Owners shall be entitled to proportionate representation
on such board of directors (or other governing body or committee, to the extent
a Director designated by IESI is entitled to be a member of a committee of
Directors of the Corporation).

 

4.10                       Governance and
Nominating Committee Recommendations

 

Subject to the
right of IESI to nominate one or more Directors pursuant to Section 4.8.1.
and for so long as such rights continue to exist, all votes attaching to the
Special Shares and any Shares issued by the Corporation pursuant to (i) the
exercise of Exchange Rights; (ii) the exercise of pre-emptive right
contained in this Agreement; and (iii) Article VI of the Transaction
Agreement, held by IESI Owners shall be, and shall be deemed to be, cast in
favour of any governance and nominating committee recommendation with respect
to individuals to be elected as Directors.

 

4.11                       Restrictions on
Dividends

 

For so long as any
Preferred Share remains outstanding, the Directors shall not declare payable or
pay or make any dividend or other cash or property on any Share unless IESI
contemporaneously with such declaration legally declares in accordance with its
organizational documents, and, contemporaneously with the payment or making of
such distribution pays, or makes a distribution of the Corresponding Cash
Dividend to all holders of Preferred Shares.

 

ARTICLE 5

BENEFITS OF THIS AGREEMENT; AMENDMENTS

 

5.1                              Benefits of
this Agreement

 

The Corporation
and Newco agree that IESI is entering into this Agreement as trustee for the
IESI Owners and will hold in trust, on behalf of the IESI Owners, the benefits
expressed to be in favour of the IESI Owners under this Agreement.

 

5.2                              Amendments,
Modifications, etc.

 

This Agreement may
not be amended or modified except by an agreement in writing executed by the
Corporation and the IESI Owners owning Shares and Preferred Shares representing
(on an as-if-exchanged basis) at least two-thirds of all of the outstanding
Shares and Preferred Shares (on an as-if-exchanged basis) owned by the IESI
Owners at the time of such proposed amendment or modification; provided that
any amendment or modification to the Exchange Right or, to the extent adverse
to the IESI Owners, Section 4.5 shall require the consent of each IESI
Owner owning Shares and/or Preferred Shares at the time of such proposed
amendment or modification.  No waiver of
any provision of this Agreement shall constitute a

 

21

 

waiver
of any other provision nor shall any waiver of any provision of this Agreement
constitute a continuing waiver unless otherwise expressly provided.

 

5.3                              Other
Amendments

 

No amendment to the Articles or this
Agreement shall (A) modify the right to one vote per Share without the
consent of the holder of such Share; (B) modify the right of IESI, through
the Special Shares, to the number of votes equal to the number of Shares which
may be acquired by the IESI Owners assuming the exercise in full of the
Exchange Rights, based on the number of Preferred Shares that are then
beneficially owned by the IESI Owners and on the Exchange Ratio then in effect
under the terms of the Exchange Rights, in each case on the applicable record
date or other effective date for the applicable action, on a poll vote at any
meeting of shareholders of the Corporation, without the prior written consent
of IESI; (C) impair (including, without limitation, through the increase
of rights or privileges of any class of Shares and/or the creation of a new
class or series of shares of the Corporation) any of the rights of IESI without
the prior written consent of IESI; (D) modify the provisions of Section 4.11
without the prior written consent of IESI.

 

ARTICLE 6

TERMINATION

 

6.1                              Term

 

The provisions of
this Agreement other than Article 4, Article 5, Article 6 and Article 7
shall terminate when no IESI Owner holds Preferred Shares.  Thereafter, the Agreement shall terminate in
its entirety when the IESI Owners cease to own Qualifying Shares.

 

ARTICLE 7

GENERAL

 

7.1                              Severability

 

If any term or
other provision of this Agreement is invalid, illegal or incapable of being
enforced by any rule or law, or public policy, all other terms and
provisions of this Agreement will nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated by
this Agreement is not affected in any manner materially adverse to any party.
Upon any determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties to this Agreement will negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that the
transactions contemplated by this Agreement are fulfilled to the fullest extent
possible.

 

7.2                              Successors and
Assigns

 

This Agreement
will be binding upon and enure to the benefit of the IESI Owners, Newco and the
Corporation and each of their respective successors and Permitted Transferees
from time to time.

 

22

 

7.3                              Notices

 

All notices and
other communications to the Corporation, Newco or any IESI Owner shall be in
writing and shall be deemed to have been given if delivered personally or by
confirmed facsimile to the parties at the following addresses (or at any other
address for the party as is specified in like notice):

 

If to the Corporation or Newco:

 

c/o IESI-BFC Ltd.

135 Queens Plate Drive, Suite 300

Toronto, Ontario M9W 6V1

Attn:  Vice President, General Counsel and Secretary

Tel:  416- 401-7724

Telecopy:  416-741-4565

 

with a copy (which shall not constitute
notice) to:

 

Torys LLP

Suite 3000

79 Wellington Street West

Box 270, TD Centre

Toronto, Ontario  M5K 1N2

Attn: Richard Willoughby 

Tel:  416-865-7667

Telecopy:  416-865-7380

 

If to an IESI Owner, to the address for such
IESI Owner on the books and records of IESI and to IESI at the following
address:

 

c/o IESI-BFC Ltd.

135 Queens Plate Drive, Suite 300

Toronto, Ontario M9W 6V1

Attn:  Vice President, General Counsel and Secretary

Tel:  416- 401-7724

Telecopy:  416-741-4565

 

Any notice given
as aforesaid shall be deemed to have been given at the time delivered or faxed
(provided complete transmission is confirmed) if delivered or faxed to the
recipient on a Business Day (in the city in which the addressee is located) and
before 4:30 p.m. (local time in the city in which the addressee is
located) on such Business Day, and otherwise shall be deemed to be given at
9:00 a.m. (local time in the city in which the addressee is located) on
the next Business Day (in the city in which the addressee is located). Any
party may change its address for notice by notice to the other parties hereto
given in the manner herein provided.

 

7.4                              Governing Law

 

This
Agreement shall be governed by and construed in accordance with the laws of the
Province of Ontario and the federal laws of Canada applicable therein.

 

23

 

7.5                              Attornment

 

Any action or
proceeding arising out of or relating to this Agreement shall be instituted in
the courts of Ontario. The Corporation and, by exercise of any rights provided
hereunder, each IESI Owner waives any objection which it may have now or later
to the venue of that action or proceeding, irrevocably submits to the exclusive
jurisdiction of those courts in that action or proceeding, agrees to be bound
by any judgment of those courts and agrees not to seek, and hereby waives, any
review of the merits of any judgment by the court of any other jurisdiction.

 

7.6                              Time of Essence

 

Time is of the
essence of this Agreement.

 

7.7                              Entire
Agreement

 

This Agreement and
the Transaction Agreement constitute the entire agreement between the parties
(including, for greater certainty, each of the IESI Owners) pertaining to the
subject matter hereof. There are no warranties, conditions, or representations
(including any that may be implied by statute) and there are no agreements in
connection with such subject matter except as specifically set forth or
referred to in this Agreement. No reliance is placed on any warranty,
representation, opinion, advice or assertion of fact made by any party hereto
or its directors, officers, employees or agents, to any other party hereto or
its directors, officers, employees or agents, except to the extent that the
same has been reduced to writing and included as a term of this Agreement.
Accordingly, there shall be no liability, either in tort or in contract,
assessed in relation to any such warranty, representation, opinion, advice or
assertion of fact, except to the extent aforesaid.

 

7.8                              Further
Assurances

 

Each of the
Corporation, Newco, IESI and, by the exercise of any rights provided hereunder
the IESI Owners, agree that it shall promptly do, make, execute or deliver, or
cause to be done, made, executed or delivered, all such further acts, documents
and things as any other party hereto may reasonably require from time to time
for the purpose of giving effect to this Agreement and shall use reasonable
efforts and take all such steps as may be reasonably within its power to
implement to their full extent the provisions of this Agreement.

 

7.9                              Injunctive
Relief

 

The parties
acknowledge that money damages are not an adequate remedy for violations of
this Agreement and that any party may, in its sole discretion, apply to a court
of competent jurisdiction for specific performance or injunctive relief on an
interim or interlocutory basis as the court may deem just and proper in order
to enforce this Agreement or prevent any violation of this Agreement at an
interim or interlocutory stage and, to the extent permitted by applicable law,
each party waives any objection to the imposition of that relief.

 

24

 

7.10                       Schedule I

 

Schedule I
sets forth each IESI Owner’s percentage ownership interest in the Escrow Shares
(as defined in the Transaction Agreement) immediately following the Effective
Time (as defined in the Transaction Agreement). 
The parties agree that the percentage interests of the IESI Owners in the
Escrow Shares shall be subject to adjustment by the Corporation pursuant to and
in accordance with Section 2.7 of the Transaction Agreement.

 

25

 

IN WITNESS WHEREOF the parties hereto have
caused this Agreement to be duly executed as of the date first written above.

 

	
   

  	
  IESI-BFC
  LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  William Chyfetz

  
	
   

  	
  By:

  	
  William
  Chyfetz

  
	
   

  	
  Title:

  	
  Vice
  President, General Counsel & Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IESI-BFC
  HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  William Chyfetz

  
	
   

  	
  By:

  	
  William
  Chyfetz

  
	
   

  	
  Title:

  	
  Vice
  President, General Counsel & Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IESI
  CORPORATION, on behalf of the IESI Owners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Thomas J. Cowee

  
	
   

  	
  By:

  	
  Thomas
  J. Cowee

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TC
  CARTING III, L.L.C., representing the holders of a majority of the Preferred
  Shares

  
	
   

  	
  By:

  	
  Thayer
  Equity Investors IV, L.P.

  
	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
  By:

  	
  TC
  Equity Partners IV, L.L.C.,

  
	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
  By:

  	
  Thayer
  | Hidden Creek Partners, L.L.C.,

  
	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Lisa Withers

  
	
   

  	
  By:

  	
  Lisa Withers

  
	
   

  	
  Title:

  	
  Treasurer & CFO

  

 

[Second
Amended and Restated Securityholders’ Agreement]

 

 

SCHEDULE I

 

IESI OWNERS’ PERCENTAGE OWNERSHIP
INTERESTS

 

[Second
Amended and Restated Securityholders’ Agreement]

 

 

SCHEDULE 4.4

 

REGISTRATION PROCEDURES

 

1.                                      REGISTRATION PROCEDURES

 

1.1                               Registration Procedures

 

Whenever the
Corporation is under an obligation pursuant to the provisions of this Agreement
to effect the Distribution of any Registrable Securities on behalf of any IESI
Owner or Permitted Transferee thereof (a “Selling Person”) or on its own
behalf in connection with an exercise of an Exchange Right pursuant to which
the Corporation is effecting a Distribution in order to raise Distribution Cash
in response to an Exchange Notice (the applicable IESI Owner or Permitted Transferee
in such a transaction is known as a “Liquidity Person”) the Corporation
shall do the following:

 

(a)                                 prepare and file with the appropriate
regulatory authorities as soon as reasonably practicable and in all events
within forty-five (45) days of a request from a Selling Person, a Prospectus
and any other documents necessary, including amendments and supplements in
respect of those documents, to permit the sale or other disposition and, in so
doing, act as expeditiously as is practicable and in good faith to settle all
deficiencies and obtain those receipts and clearances and provide those
undertakings and commitments as may be reasonably required by any securities
regulatory authority, all as may be necessary to permit the offer and sale or
Distribution in compliance with all applicable Securities Laws;

 

(b)                                furnish to such Selling Persons such
number of copies of the Prospectus (including any preliminary prospectus), any
documents incorporated by reference in such Prospectus and such other documents
as such Selling Persons may reasonably request in order to facilitate the offer
and sale or Distribution of the Shares;

 

(c)                                 if an underwritten Distribution is contemplated, execute and perform
the obligations under an underwriting agreement in a form reasonably
satisfactory to the Corporation containing customary representations,
warranties and indemnities for the benefit of such Selling Persons and the underwriter(s);

 

(d)                                subject to applicable laws, keep the
Prospectus effective until such Selling Persons have completed the sale or
Distribution described in the Prospectus but no longer than one hundred twenty
(120) days, provided that such Selling Persons use reasonable commercial
efforts to complete the sale or disposition as soon as reasonably practicable;

 

(e)                                 use its reasonable commercial efforts to
furnish to the underwriter or underwriters involved in the Distribution all
documents as they may reasonably request;

 

(f)                                   notify such Selling Persons promptly when a Prospectus is required to
be delivered under the Securities Laws in respect of the Shares, of the
happening of any event as a result of which any of the aforesaid Prospectus
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the

 

[Second
Amended and Restated Securityholders’ Agreement]

 

 

statements therein not
misleading in light of the circumstances then existing or if it is necessary to
amend or supplement such Prospectus to comply with law, and to promptly prepare
and file with the appropriate securities regulatory authorities a supplement to
or amendment of such document as may be necessary to correct such untrue
statement or eliminate such omission and so that such document, as amended or
supplemented, will comply with law, and furnish to such Selling Persons as many
copies of such supplement or amendment as such Selling Persons request;

 

(g)                                make available for inspection during its regularly scheduled business
hours by such Selling Persons and/or their advisors or any underwriter and/or
its advisors participating in any Distribution pursuant to such Prospectus
(collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents, material contracts and properties of the
Corporation, as shall be reasonably necessary to enable them to exercise their
due diligence responsibility, and cause the Corporation’s officers, directors
and employees to supply all information reasonably requested by any Inspector
in connection with such Prospectus and participate in marketing efforts such as
road shows, institutional investor meetings and similar events;

 

(h)                                use its best efforts to list such Shares
on each securities exchange or quotation system on which Shares are then listed
or quoted, if such shares are not already so listed or quoted;

 

(i)                                    make every reasonable effort to prevent
the issuance of any cease trade order suspending the use of any Prospectus and,
if any such order is issued, to obtain the withdrawal of any such order at the
earliest possible moment;

 

(j)                                    in connection with the preparation and
filing of each Prospectus, the Corporation will give such Selling Persons and their counsel, accountants and other agents the
opportunity to participate in the preparation of the Prospectus, and each
amendment thereof or supplement thereto, and will give each of them such access
to its books and records and such opportunities to discuss the business of the
Corporation with their respective officers and the independent public
accountants who have issued a report on its financial statements as shall be
necessary, in the opinion of such holders and such underwriters or their
respective counsel, to conduct a reasonable investigation;

 

(k)                                 use its best efforts to furnish, at the
request of any Selling Person, on the date that such Registrable Securities are
delivered to the underwriters for sale in connection with a qualification of
Registrable Securities hereunder, if such Registrable Securities are sold
through underwriters, or, if such Registrable Securities are not being sold
through underwriters, on the closing date related to the applicable
distribution of Registrable Securities (i) an opinion, dated such date, of
the counsel representing the Corporation for the purposes of such registration,
in form and substance as is customarily given to the underwriters in an
underwritten public offering in Canada, addressed to the underwriters, if any,
and to the Selling Persons; and (ii) a “long form comfort” letter dated
the date of the relevant Prospectus (and brought down on the closing date
related to the applicable distribution of Registrable Securities), from the
auditors of the Corporation, in form and substance as is customarily given by
auditors to underwriters in an underwritten public offering in Canada,
addressed to the underwriters, if any, and to the Selling Persons; and

 

2

 

(l)                                     take such other actions and execute and deliver such other documents as
may be reasonably necessary to give full effect to the rights of such Selling
Persons under this Agreement.

 

1.2                               Rights and Obligations of the Selling Persons

 

Selling Persons shall furnish
to the Corporation such information and execute such documents regarding the
Shares and the intended method of disposition thereof as the Corporation may
reasonably request in order to effect the requested qualification for sale or
other disposition.  If an underwritten
Distribution is contemplated, such Selling Persons shall execute an
underwriting agreement containing customary representations, warranties and
indemnities for the benefit of the underwriters and the Corporation with
respect to written information furnished by them expressly for use in the
Prospectus; provided that the obligation to indemnify shall be individual, not
joint and several, for each Selling Person and shall be limited to the net
amount of proceeds received by such Selling Person from the sale of Registrable
Securities pursuant to such Distribution. 
Subject to Section 4.4.6 of this Agreement, such Selling Persons
shall have the right to withdraw from a proposed underwritten Distribution at
any time prior to the signing of the underwriting agreement, without incurring
any obligation to the Corporation or any proposed underwriter other than the obligation
set forth in Section 2.1 below. 
Such Selling Persons shall notify the Corporation immediately upon the
occurrence of any event as a result of which any of the aforesaid Prospectuses
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances under which they are made.

 

2.                                      EXPENSES

 

2.1                               Distribution Expenses

 

The Corporation or
its subsidiaries will pay one-half of all Distribution Expenses attributable to
the Shares to be sold (i) on behalf of the Selling Persons; and (ii) by
the Corporation in connection with the exercise of an Exchange Notice, in
connection with all Prospectuses filed under Sections 4.4 and 4.5 of this Agreement, and the relevant Selling Persons or Liquidity
Persons, as applicable, will pay the remaining half of such Distribution
Expenses.  Each of the Corporation and
its subsidiaries, on the one hand, and such Selling Person or Liquidity Person,
as applicable, on the other hand, will bear any other expenses incurred by
either of them.

 

2.2                               Selling Expenses

 

All Selling
Expenses in connection with each Prospectus under Sections 4.4 and 4.5 of the Agreement will be borne by such Selling
Persons or
Liquidity Person (as applicable) and any other participating sellers (including
the Corporation, if applicable) in proportion to the number of Shares sold by
each relative to the total number of Shares sold pursuant to the Prospectus.

 

3

 

2.3.                            Indemnification

 

(1)                                  In the event of a registration of any
Registrable Securities pursuant to Sections 4.4 or 4.5 of
this Agreement, the Corporation will hold harmless and indemnify the Selling
Persons and each of their officers, directors and employees (the “Indemnified
Parties”), to the fullest extent permitted by law, from and against any
losses (other than loss of profit), claims, damages or liabilities to which the
Indemnified parties may be subject under any applicable securities law or
otherwise, insofar as those losses, claims, damages or liabilities (or actions
in respect of them) arise out of or are based upon any untrue or alleged untrue
statement of any material fact contained in any Prospectus under which Registrable
Securities were distributed under Sections 4.4 or 4.5 of
this Agreement, or any document incidental to the qualification of those
Registrable Securities, or that arise out of or are based upon the omission or
alleged omission to state any material fact required to be stated or necessary
to make any statement not misleading, or any violation by the Corporation of
any applicable securities laws in connection with the qualification or sale of
Shares under applicable securities laws; provided, however, that the
Corporation will not be liable in any case to the extent that any loss, claim,
damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in any Prospectus
or other document in reliance upon and in conformity with information furnished
in writing to the Corporation by any Indemnified Party or its agent pertaining
to that Indemnified Party specifically for use in the preparation of the
Prospectus; and provided further, that the Corporation shall not be liable to
the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue or alleged untrue statement or an omission or alleged
omission contained in such Prospectus corrected in an amendment to the
Prospectus, such amendment was delivered to the applicable Indemnified Party in
sufficient quantities and a reasonable period of time prior to the closing of
any offering and such Indemnified Party failed to deliver or failed to cause to
be delivered such Prospectus as so amended to the Person asserting such loss,
claim, damage of liability.  Each Selling
Person that participates in a Distribution will severally, and not jointly,
hold harmless and indemnify the Corporation and each other, and their
respective officers, directors and employees, up to an amount equal to the net
proceeds to the Selling Person pursuant to that Distribution from and against
any losses (other than a loss of profit), claims damages or liabilities to
which any of them may be subject under any applicable securities laws or
otherwise, insofar as those losses, claims, damages or liabilities (or actions
in respect of them) arise out of or are based upon any untrue or alleged untrue
statement of any material fact contained in any Prospectus under which
Registrable Securities were distributed under Sections 4.4 or 4.5 of
this Agreement, or any document incidental to the qualifications of those
Registrable Securities, in each case which was made in reliance upon and in
conformity with information furnished in writing to the Corporation by such
Selling Person or its agent pertaining to that Indemnified Party specifically
for use in the preparation of the Prospectus, or that arise out of or are based
upon the omission or alleged omission to state any material fact required to be
stated or necessary to make any such statement not misleading, or any violation
by that Selling Person of any applicable securities laws in connection with the
qualification or sale of Shares under applicable securities laws; provided, for
greater certainty, however, that no Selling Person will be liable in any case
to the extent that any loss, claim, damage or liability is based upon an untrue
statement or omission made in any Prospectus or other document which is not in
reliance upon or in conformity with information pertaining to that Selling
Person furnished in writing to the Corporation by that Selling Person or the
agents of that Selling Person specifically for use in the preparation of the

 

4

 

Prospectus.  Solely for the purposes of this indemnity,
the Corporation and the Selling Persons shall be the trustee for and act on
behalf of each of their respective officers, directors and employees.

 

(2)                                  If any claim contemplated by this Section 2.3
is asserted against any party, or if any potential claim contemplated by this Section 2.3
comes to the knowledge of any party, the party concerned will notify the
Corporation or the Selling Person (whichever is the indemnifying party), as the
case may be, as soon as possible of the nature of the claim and the Corporation
or the Selling Person, as the case may be, will be entitled (but not required)
to assume the defense of any suit brought to enforce that claim.  Any defense will be through legal counsel
approved by the party making the claim for indemnification (which approval will
not be unreasonably withheld or delayed) and no admission of liability will be
made by the Corporation or the Selling Person, as the case may be, or the party
making the claim for indemnification without, in each case, the consent of the
other party, which consent will not be unreasonably withheld or delayed.  The party making the claim for
indemnification will have the right to employ separate counsel in any suit and
participate in its defense but the fees and expenses of counsel will be at the
expense of the party making the claim for indemnification unless (i) the
Corporation or the Selling Person, as the case may be, fails to assume the
defense of the suit on behalf of the party making the claim for indemnification
within 20 days of receiving notice of the suit; or (ii) the retainer of
separate counsel has been authorized by the Corporation or the Selling Person,
as the case may be (in each of which cases the Corporation or the Selling
Person, as the case may be, will not have the right to assume the defense of
the suit on behalf of the party making the claim for indemnification but will
be liable to pay the reasonable fees and expenses of counsel for the party
making the claim for indemnification). 
Each indemnified party will furnish that information regarding itself or
the claim in question as an indemnifying party may reasonably request in
writing and as will be reasonably required in connection with the defense of
that claim and litigation resulting from that claim.  Notwithstanding the foregoing, to the extent
that the provisions on indemnification contained in an underwriting agreement
entered into in connection with the underwritten public offering are in
conflict with the foregoing provisions, the provisions in the underwriting
agreement will prevail as among the parties to the underwriting agreement.

 

5

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