Document:

EX-4.1

 Exhibit 4.1 
  

 
 SUPPLEMENTAL
AGREEMENT NO. 1 
 Dated as of June 26, 2013 

to 

STOCK PURCHASE CONTRACT AGREEMENT 

between 

METLIFE, INC. 
 and 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS,
 as Stock Purchase Contract Agent 

Dated as of November 1, 2010 
  

 

 THIS SUPPLEMENTAL AGREEMENT
NO.1, dated as of June 26, 2013 (this “Supplemental Agreement”), to the Stock Purchase Contract Agreement, dated as of November 1, 2010 (the “Agreement”), between MetLife, Inc., a Delaware
corporation (the “Company”), and Deutsche Bank Trust Company Americas, acting as stock purchase contract agent for the Holders of Common Equity Units from time to time (the “Stock Purchase Contract Agent”).
Capitalized terms used but not defined herein have the respective meanings assigned to such terms in the Agreement. 
 R
E C I T A L S 

WHEREAS, the Company entered into the Agreement in connection with the execution and delivery of the Certificates
evidencing the Common Equity Units; 
 WHEREAS, the Company has commenced making dividend payments on its Common
Stock on a quarterly basis and the Company desires to make certain adjustments to the calculation of the adjustment of Fixed Settlement Rates relating to the Stock Purchase Contracts to reflect its current dividend payment practices; and 

WHEREAS, the Company has delivered to the Stock Purchase Contract Agent in accordance with Sections 8.1 and 8.3 of the
Agreement (i) a Board Resolution and (ii) an Officers’ Certificate and an Opinion of Counsel each stating that the execution of this Supplemental Agreement is authorized or permitted by the Agreement and that any and all conditions
precedent to the execution and delivery of this Supplemental Agreement have been satisfied; 
 NOW,
THEREFORE, in accordance with Section 8.1 of the Agreement, the Company and the Stock Purchase Contract Agent hereby enter into this Supplemental Agreement in order to amend the Agreement and the obligations of the Company
thereunder as follows: 
 ARTICLE I 
 AMENDMENT 
 Section 1.1 Adjustment to Fixed Settlements
Rates. Section 5.4(a)(iv) of the Agreement is deleted in its entirety and replaced with the following: 
 “(iv)
Cash Dividends and Distributions. 
 (1) If, after the date of this Agreement, the Company shall, by dividend or
otherwise, pay regular annual cash dividends, or make any other distributions consisting exclusively of cash, to all holders of Common Stock (excluding any regular annual cash dividend or distribution on the Common Stock to the extent that the
aggregate cash dividend or distribution per share of Common Stock in any fiscal year does not exceed the Dividend Threshold Amount) then each Fixed Settlement Rate will be adjusted, without duplication, as follows (any amount so calculated or
adjustment given effect hereunder, an “Original Adjustment”): 
 (x) in the event of a regular
annual cash dividend, each Fixed Settlement Rate will be adjusted by multiplying each Fixed Settlement Rate in effect immediately prior to such adjustment by a fraction, (A) the numerator of which is the Current Market Price per

  
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share of Common Stock on the record date of such dividend, and (B) the denominator of which is such Current Market Price per share of Common Stock, minus the excess, if any, of the cash
amount per share of such dividend over the Dividend Threshold Amount; and 
 (y) in the event of a cash dividend
or distribution that is not a regular annual cash dividend, each Fixed Settlement Rate will be adjusted by multiplying each Fixed Settlement Rate in effect immediately prior to such adjustment by a fraction, (A) the numerator of which is the
Current Market Price per share of Common Stock on the record date of such dividend or distribution, and (B) the denominator of which is such Current Market Price per share of Common Stock minus the cash amount per share of such dividend or
distribution, 
 provided that, an Original Adjustment shall be calculated disregarding any Quarterly Adjustment (as defined below) made
during the same fiscal year pursuant to clause (2) below and shall be applicable only if the Fixed Settlement Rates calculated on the basis of the Original Adjustment are equal to or greater than the Fixed Settlement Rates calculated on the
basis of all concurrent or prior Quarterly Adjustments during the same fiscal year; and provided, further, that if during any fiscal year each Fixed Settlement Rate shall be adjusted pursuant to such applicable Original Adjustment, any
adjustment that took place pursuant to any Quarterly Adjustment in such fiscal year, concurrently with or prior to such Original Adjustment, will be disregarded and treated as if no such Quarterly Adjustments had taken place. 

(2) If, after January 1, 2013, the Company shall pay any quarterly dividend to all holders of Common Stock (a “Quarterly
Dividend”) in excess, on a per share basis, of the quotient of (A) the Dividend Threshold Amount divided by (B) four (such quotient, the “Quarterly Dividend Threshold Amount”), then each Fixed Settlement Rate will
be adjusted, without duplication, by multiplying each Fixed Settlement Rate in effect immediately prior to such adjustment by a fraction, (A) the numerator of which is the Current Market Price per share of Common Stock on the record date of
such Quarterly Dividend, and (B) the denominator of which is such Current Market Price per share of Common Stock, minus the excess, if any, of the cash amount per share of such Quarterly Dividend over the Quarterly Dividend Threshold Amount
(any amount so calculated or adjustment given effect hereunder, a “Quarterly Adjustment”); provided that, a Quarterly Adjustment shall not be applicable if the Fixed Settlement Rates calculated on the basis of the Quarterly
Adjustment are less than the Fixed Settlement Rates calculated on the basis of an Original Adjustment, if applicable; and provided, further, that if the Company shall pay any such Quarterly Dividend and each Fixed Settlement Rate is adjusted
pursuant to a Quarterly Adjustment pursuant to this clause (2), no Original Adjustment shall occur as a result of such Quarterly Dividend, except as provided in clause (1). 
 In each case, the adjustment shall become effective immediately after the Ex Date for such dividend or distribution. In the event that any such dividend or distribution is not so paid or made, each Fixed
Settlement Rate shall again be adjusted to be the Fixed Settlement Rates that would then be in effect if such dividend or distribution had not been declared. Notwithstanding anything to the contrary in this Section 5.4(a)(iv), in no event shall
any adjustment be made, pursuant to this Section 5.4(a)(iv), to any Fixed Settlement Rate to the extent, and only to the extent, such adjustment will cause such Fixed Settlement Rate to be negative or an amount that is

  
 3 

 
greater than a fraction whose numerator is twenty five dollars ($25.00) and whose denominator is the par value per share of Common Stock. 

For the avoidance of doubt, each of the Fixed Settlement Rates will be subject to either an Original Adjustment or a Quarterly
Adjustment, as applicable, as a result of a dividend or distribution, without duplication.” 
 Section 1.2 Effect
of this Supplemental Agreement. The Agreement shall be modified in accordance with this Supplemental Agreement, and this Supplemental Agreement shall form a part of the Agreement for all purposes; and every Holder of Certificates heretofore or
hereafter authenticated, executed on behalf of the Holders and delivered thereunder, shall be bound hereby. 

ARTICLE II 
 MISCELLANEOUS 
 Section 2.1 Effect of Headings and Table of
Contents. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 Section 2.2 Successors and Assigns. All covenants and agreements in this Supplemental Agreement by the Company and the Stock Purchase Contract Agent shall bind their respective successors and
assigns, whether so expressed or not. 
 Section 2.3 Separability Clause. In case any provision in this Supplemental
Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 

Section 2.4 Benefits of this Supplemental Agreement and the Agreement. Nothing contained in this Supplemental Agreement,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and, to the extent provided hereby, the Holders, any benefits or any legal or equitable right, remedy or claim under this Supplemental
Agreement. The Holders from time to time shall be beneficiaries of this Supplemental Agreement and shall be bound by all of the terms and conditions hereof. 
 Section 2.5 Governing Law. This Supplemental Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York. 

Section 2.6 Counterparts. This Supplemental Agreement may be executed in any number of counterparts by the parties hereto,
each of which, when so executed and delivered, shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 
 Section 2.7 Inspection of this Supplemental Agreement. A copy of this Supplemental Agreement shall be available at all reasonable times during normal business hours at the Corporate Trust
Office for inspection by any Holder or Beneficial Owner. 
 Section 2.8 No Waiver. No failure on the part of the
Company, the Stock Purchase Contract Agent, the Collateral Agent, the Securities Intermediary or any of their respective 

  
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agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise by the Company, the Stock Purchase Contract Agent, the Collateral Agent, the Securities Intermediary or any of their respective agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of
any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 

Section 2.9 Recitals, etc. The recitals in this Supplemental Agreement are made by the Company only and not by the Stock
Purchase Contract Agent and the Stock Purchase Contract Agent shall not be responsible for the validity or sufficiency hereof, and all of the provisions contained in the Agreement in respect of the rights, privileges, immunities, powers and duties
of the Stock Purchase Contract Agent shall be applicable in respect of this Supplemental Agreement as fully and with like effect as if set forth in full herein. 
 Section 2.10 Waiver of Trial by Jury. Each of the Company, the Stock Purchase Contract Agent and the Holders hereby irrevocably waive, to the fullest extent permitted by applicable law, any
and all right to trial by jury in any legal proceeding arising out of or relating to this Supplemental Agreement or the transactions contemplated hereby. 
 [Remainder of page intentionally left blank; signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Agreement to be duly executed as of the day and year first above written. 
  

			
	METLIFE, INC.
		
	By:	 	/s/ Marlene B. Debel
		 	 Name: Marlene B. Debel

Title:   Senior Vice President and Treasurer

	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Stock Purchase Contract Agent
		
	By:	 	/s/ Carol Ng
		 	 Name: Carol Ng
 Title:
  Vice President

		
	By:	 	/s/ Deirdra N. Ross
		 	 Name: Deirdra N. Ross

Title:   Vice President

  
 6EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 THIRD AMENDMENT TO AMENDED AND RESTATED

 CREDIT AGREEMENT 

This THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Third Amendment”) is
made and entered into as of the 25th day of June, 2013, by
and among CASELLA WASTE SYSTEMS, INC., a Delaware corporation (the “Parent”), its Subsidiaries listed on Schedule 1 to the Amended and Restated Credit Agreement, dated as of March 18, 2011 (as the same may be
amended and in effect from time to time, the “Credit Agreement”) (together with the Parent, collectively, the “Borrowers”), the Lenders party thereto, and BANK OF AMERICA, N.A., as Administrative Agent, Swing
Line Lender and L/C Issuer. 
 WHEREAS, the Borrowers have requested that each of the Lenders agree, and Lenders
constituting “Required Lenders” under the terms of the Credit Agreement are willing to agree, on the terms and subject to the conditions set forth herein, (a) to amend the financial covenants contained in Section 7.11 of the
Credit Agreement and (b) to amend certain other provisions of the Credit Agreement. 
 NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Definitions; Loan Document. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement. This Third Amendment shall constitute a Loan
Document for all purposes of the Credit Agreement and the other Loan Documents. 
 2. Amendments to Section 1.01
(Defined Terms) of the Credit Agreement. Section 1.01 of the Credit Agreement is hereby amended by: 

(i) Amending the definition of “Applicable Rate” by deleting the table set forth therein in its entirety and
substituting in lieu thereof the following: 
  

															
	 Applicable Rate
	 
	 Pricing
Level
	  	 Ratio of Consolidated

Total Funded Debt to

Consolidated EBITDA
	  	Eurodollar Rate
Loans (and
Letters of
Credit)	 	 	Base Rate Loans	 	 	Commitment Fee	 
	 I
	  	<3.00:1.00	  	 	2.75	% 	 	 	1.75	% 	 	 	0.375	% 
	 II
	  	33.00:1.00 but <3.50:1.00	  	 	3.00	% 	 	 	2.00	% 	 	 	0.500	% 
	 III
	  	33.50:1.00 but <4.00:1.00	  	 	3.25	% 	 	 	2.25	% 	 	 	0.500	% 

  
 1 

															
	 Applicable Rate
	 
	 Pricing
Level
	  	 Ratio of Consolidated

Total Funded Debt to

Consolidated EBITDA
	  	Eurodollar Rate
Loans (and
Letters of
Credit)	 	 	Base Rate Loans	 	 	Commitment Fee	 
	 IV
	  	34.00:1.00 but <4.50:1.00	  	 	3.50	% 	 	 	2.50	% 	 	 	0.500	% 
	 V
	  	34.50:1.00 but <5.50:1.00	  	 	3.75	% 	 	 	2.75	% 	 	 	0.750	% 
	 VI
	  	35.50:1.00	  	 	4.00	% 	 	 	3.00	% 	 	 	0.750	% 

 (ii) Amending the definition of “Eurodollar Rate” to read in its entirety as
follows: 
 “(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to
(i) the British Bankers Association LIBOR Rate or the successor thereto if the British Bankers Association is no longer making a LIBOR rate available (“LIBOR”), as published by Reuters (or such other commercially available
source providing quotations of LIBOR as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be
offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; and

 (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to
(i) LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such
published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount
of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time of
determination.” 

  
 2 

 (iii) Amending the definition of “Obligations” by inserting the
following language at the end thereof: 
 “; provided that Obligations of a Borrower shall exclude
any Excluded Swap Obligations with respect to such Borrower.” 
 (iv) Inserting the following definitions in
the appropriate alphabetical order: 
 ““Commodity Exchange Act” means the Commodity
Exchange Act (7 U.S.C. § 1 et seq.).” 
 ““Excluded Swap Obligation”
means, with respect to any Borrower, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Borrower of, or the grant by such Borrower of a Lien to secure, such Swap Obligation (or any Lien securing a guarantee of
such Swap Obligation) is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue of such Borrower’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act (determined after giving effect to Section 10.12(l) and any other “keepwell, support or other agreement” for the benefit of such Borrower and any and all guarantees of such
Borrower’s Swap Obligations by other Borrowers) at the time the guarantee of such Borrower, or grant by such Borrower of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement
governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which such guarantee or Lien is or becomes excluded in accordance with the first sentence of
this definition. For the avoidance of doubt, for purposes of this definition, a “guarantee” includes the guarantee by any Borrower of another Borrower’s obligations by operation of the joint and several liability provisions contained
in Section 10.12.” 
 ““Master Agreement” has the meaning set forth in the
definition of “Swap Contract.”” 
 ““Qualified ECP Guarantor” means, at any
time, each Borrower with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract
participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.” 

““Specified Borrower” means, at any time, any Borrower that is not at such time an “eligible
contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.12(l)).” 
 ““Swap Obligations” means, with respect to any Borrower, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the
meaning of Section 1a(47) of the Commodity Exchange Act.” 

  
 3 

 ““Third Amendment” means that certain Third Amendment
to Amended and Restated Credit Agreement, dated as of June 25, 2013, among the Borrowers, the Administrative Agent and Lenders constituting Required Lenders.” 

““Third Amendment Date” means June 25, 2013.” 

3. Amendment to Section 6.12 (Further Assurances) of the Credit Agreement. Section 6.12 of the Credit Agreement is
hereby amended by deleting such Section in its entirety and substituting in lieu thereof the following: 

“6.12 Further Assurances. 
 (a) The Borrowers will cooperate with the Lenders and the Administrative Agent and execute such further instruments and documents as the Lenders or the Administrative Agent shall reasonably request to
carry out to their satisfaction the transactions contemplated by this Agreement or any of the Loan Documents. 

(b) From time to time upon the request of the Administrative Agent or any Lender, including in connection with any
Borrower entering into a Secured Hedge Agreement, the Borrowers will promptly provide to the Administrative Agent or such Lender with a written certification, and any reasonably requested evidence, of any Borrower’s status at such time (in the
affirmative or the negative) as an “Eligible Contract Participant” under the Commodity Exchange Act.” 
 4.
Amendments to Section 7.11 (Financial Covenants) of the Credit Agreement. Section 7.11 of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting in lieu thereof the following: 

“7.11 Financial Covenants. For the avoidance of doubt, notwithstanding anything to the contrary in the
Agreement, it is understood that the following financial covenants shall be calculated exclusive of the assets, liabilities (except for liabilities of the Excluded Subsidiaries that are recourse to the Borrowers), net worth and operations of the
Excluded Subsidiaries. 
 (a) Minimum Interest Coverage Ratio. The Borrowers shall not permit the ratio of
(a) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters then ending to (b) Consolidated Total Interest Expense for such period to be less than the ratio set forth below opposite such fiscal quarter: 

 

			
	 Four Fiscal Quarters Ending
	  	Minimum Interest Coverage Ratio
	 April 30, 2013
	  	2.15:1.00
	 July 31, 2013 through the Maturity Date
	  	2.25:1.00

  
 4 

 (b) Maximum Consolidated Total Funded Debt to Consolidated EBITDA.
The Borrowers shall not permit the ratio of (a) Consolidated Total Funded Debt as of such date to (b) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters then ending to exceed the ratio set forth below opposite
such fiscal quarter; provided, however, that for each fiscal quarter ending on or after the date on which the Borrowers have consummated the New Equity Raise, each of the ratios set forth below shall be reduced by 50 basis points:

  

			
	 Four Fiscal Quarters Ending
	  	Maximum Consolidated Total
Funded Debt to Consolidated
EBITDA
	 April 30, 2013 through January 31, 2015
	  	5.85:1.00
	 April 30, 2015 through the Maturity Date
	  	5.75:1.00

 Notwithstanding the foregoing, solely for the purposes of calculating Consolidated Total Funded Debt to
Consolidated EBITDA pursuant to this Section 7.11(b), neither Excluded Interim Sub Debt nor Excluded Interim Second Lien Debt shall be included in Consolidated Total Funded Debt during any period in which (and for so long as) such
Excluded Interim Sub Debt or Excluded Interim Second Lien Debt is properly designated as such under and in accordance with Section 7.03(k) or the Second Amendment, as applicable. 

(c) Maximum Consolidated Senior Funded Debt to Consolidated EBITDA. The Borrowers shall not permit the ratio of
(a) Consolidated Senior Funded Debt as of such date to (b) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters then ending to exceed the ratio set forth below opposite such fiscal quarter: 

 

			
	 Four Fiscal Quarters Ending
	  	Maximum Consolidated Senior
Funded Debt to
Consolidated
EBITDA
	 April 30, 2013 through January 31, 2015
	  	2.50:1.00
	 April 30, 2015 through the Maturity Date
	  	2.25:1.00

 (d) Maximum Capital Expenditures. During any fiscal year and tested at the end of
each fiscal year, the Borrowers and Non-Borrower Subsidiaries shall not make any Capital Expenditure (or become legally obligated to make such expenditures during such fiscal year) other than Capital Expenditures for properties and assets used in
the operation of the Borrowers’ or Non-Borrowers’ business not exceeding 1.1 times the sum of the Borrowers’ and the Non-Borrower Subsidiaries’ consolidated depreciation expenses, depletion expenses and landfill amortization
expenses in such fiscal year.” 

  
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 5. Amendment to Section 8.03 (Application of Funds) of the Credit Agreement. The
second to last paragraph of Section 8.03 of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof: 
 “Excluded Swap Obligations with respect to any Borrower shall not be paid with amounts received from such Borrower or its assets, but appropriate adjustments shall be made with respect to payments
from other Borrowers to preserve the allocation to Obligations otherwise set forth above in this Section.” 
 6.
Amendment to Section 10.12 (Concerning Joint and Several Liability of the Borrowers) of the Credit Agreement. Section 10.12 of the Credit Agreement is hereby amendment by inserting the following clause (l) at the end thereof:

 “(l) Each Borrower that is a Qualified ECP Guarantor at the time the grant of a guaranty (by
operation of the Borrowers’ joint and several liability for the Obligations under this Section 10.12) or the grant of a Lien under the Loan Documents, in each case, by any Specified Borrower becomes effective with respect to any
Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Borrower with respect to such Swap Obligation as may be needed by such Specified Borrower
from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP
Guarantor’s obligations and undertakings under this Section 10.12 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each
Qualified ECP Guarantor under this clause (l) shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full. Each Borrower intends this clause (l) to constitute, and this
clause (l) shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Borrower for all purposes of the Commodity Exchange Act.”

 7. Amendment to Form of Compliance Certificate. Effective upon the closing of this Third Amendment, Exhibit D to the
Credit Agreement (Form of Compliance Certificate) is hereby amended and restated in its entirety by the Exhibit D attached hereto as Annex 1. 
 8. Amendment to Schedule 1 of the Credit Agreement. Effective upon the closing of this Third Amendment, Schedule 1 to the Credit Agreement (Borrowers) is hereby amended and restated in its entirety
by the Schedule 1 attached hereto as Annex 2. 
 9. Maturity Date. As set forth in Section 7(i) of the
Second Amendment, following the consummation of the Second Lien Refinancing in Full (as defined in the Transaction Summary attached to the Second Amendment) or any other refinancing of the Second Lien Notes in full (including principal, interest,
premium and other amounts due thereunder) in accordance with the terms of the Credit Agreement (including Section 2.07(a) thereof) on or before March 1, 2014 (either such refinancing event, the “Second Lien Refinancing
Condition”), the Maturity Date would be deemed to be March 18, 2016 for all purposes under the Credit Agreement. The Borrowers hereby represent, warrant and certify to the Lenders and the L/C Issuer that the

  
 6 

 
Second Lien Refinancing Condition has been met prior to March 1, 2014 in accordance with the terms of the Credit Agreement (including the Second Amendment) and that the Second Lien Notes
have been repaid in full. Based on the foregoing, the Maturity Date is deemed to be March 18, 2016 for all purposes under the Credit Agreement. 
 10. No Waiver. Nothing contained herein shall be deemed to (i) constitute a waiver of any Default or Event of Default that may heretofore or hereafter occur or have occurred and be continuing
or, except as expressly set forth herein, to otherwise modify any provision of the Credit Agreement or any other Loan Document, or (ii) give rise to any defenses or counterclaims to the Administrative Agent’s or any of the Lenders’
right to compel payment of the Obligations when due or to otherwise enforce their respective rights and remedies under the Credit Agreement and the other Loan Documents. 
 11. Amendment Fee. The Borrowers hereby jointly and severally promise to pay to each Lender which consents to this Third Amendment, in consideration of each such Lender entering into this Third
Amendment, a fee in an amount equal to 12.5 basis points of such Lender’s Revolving Commitment as of the date hereof (the “Amendment Fees”). The Amendment Fees shall be fully-earned as of the date hereof and shall be
non-refundable. 
 12. Conditions to Effectiveness. This Third Amendment shall become effective as of the date when each
of the following conditions is satisfied: 
 (a) The Administrative Agent’s receipt of the following, each of which shall
be originals, electronic pdfs or telecopies unless otherwise specified, each dated as of the date hereof and each in form and substance satisfactory to the Administrative Agent unless otherwise specified (it being agreed by the parties hereto that
any electronic pdf or telecopied copies will be followed promptly by originals): 
 (i) counterparts of this
Third Amendment, duly and properly authorized, executed and delivered by a Responsible Officer of each of the Borrowers, and by the Required Lenders; 
 (ii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Borrower as the Administrative Agent may reasonably require
evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Third Amendment; 

(iii) a favorable opinion of Wilmer, Cutler, Pickering, Hale and Dorr, LLP, counsel to the Parent and the other Borrowers
organized in New York, Delaware, Virginia and Massachusetts, addressed to the Administrative Agent and the Lenders, in form and substance satisfactory to the Administrative Agent; 

(iv) a certificate signed by a Responsible Officer of each Borrower certifying (A) that the conditions specified in
this Paragraph 12 and Section 4.02(a) and (b) of the Credit Agreement have been satisfied and (B) that there has been no event or condition since the date of the audited financial statements of the Parent and its Subsidiaries
for the fiscal year ended April 30, 2012, that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; and 

(v) such other assurances, certificates, documents, consents or opinions as the Administrative Agent reasonably may
require. 

  
 7 

 (b) The Borrowers shall have paid to the Administrative Agent, for the accounts of the
applicable Lenders, the Amendment Fees. 
 (c) The Borrowers shall have paid all fees, charges and disbursements of counsel
(including any local counsel) to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the date hereof. 

13. Representations and Warranties. The Borrowers jointly and severally represent and warrant to the Administrative Agent and the
Lenders as follows: 
 (a) The execution, delivery and performance of this Third Amendment and the transactions contemplated
hereby (i) are within the corporate (or the equivalent company or partnership) authority of each of the Borrowers, (ii) have been duly authorized by all necessary corporate (or other) proceedings, (iii) do not conflict with or result
in any material breach or contravention of any provision of law, statute, rule or regulation to which any of the Borrowers is subject or any judgment, order, writ, injunction, license or permit applicable to any of the Borrowers so as to materially
adversely affect the assets, business or any activity of the Borrowers, and (iv) do not conflict with any provision of the corporate charter, articles or bylaws (or equivalent other company or partnership documents) of the Borrowers or any
agreement or other instrument binding upon the Borrowers, including, without limitation, the Senior Subordinated Notes Indenture and the Indenture governing the 2005 Fame Bonds. 

(b) The execution, delivery and performance of this Third Amendment will result in valid and legally binding obligations of the Borrowers
enforceable against each in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other Applicable Laws relating to or affecting generally
the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief or other equitable remedy is subject to the discretion of the court before which any proceeding therefor
may be brought. 
 (c) The execution, delivery and performance by the Borrowers of this Third Amendment and the transactions
contemplated hereby do not require any approval or consent of, or filing with, any governmental agency or authority other than those already obtained in writing (copies of which have been delivered to the Administrative Agent), if any. 

(d) The representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects as of
the date hereof as though made on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date and except to the
extent of changes resulting from transactions contemplated or permitted by the Credit Agreement as amended by the Third Amendment and changes occurring in the ordinary course of business which singly or in the aggregate do not have a Material
Adverse 

  
 8 

 
Effect. For purposes of this Paragraph 13(d), the representations and warranties contained in Section 5.05(a) of the Credit Agreement shall be deemed to refer to the most recent
statements furnished pursuant to Section 6.04(a) of the Credit Agreement. 
 (e) Both before and after giving effect to
this Third Amendment and the transactions contemplated hereby, no Default or Event of Default under the Credit Agreement has occurred and is continuing. 
 (f) Identified on Annex 3 hereto is a list of all Borrowers constituting Specified Borrowers as of the Third Amendment Date. 

14. Ratification, etc. Except as expressly amended hereby, the Credit Agreement, the other Loan Documents and all documents,
instruments and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and effect. This Third Amendment and the Credit Agreement shall hereafter be read and construed together as a single
document, and all references in the Credit Agreement, any other Loan Document or any agreement or instrument related to the Credit Agreement shall hereafter refer to the Credit Agreement as amended by this Third Amendment. 

15. GOVERNING LAW. THIS THIRD AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 16. Counterparts. This Third Amendment may be executed in any number of counterparts and by different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a
signature page of this Third Amendment by telecopy shall be as effective as delivery of an original executed counterpart of this Third Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 9 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Third Amendment to
Amended and Restated Credit Agreement as a sealed instrument as of the date first set forth above. 
  

					
	BORROWERS:
	
	CASELLA WASTE SYSTEMS, INC.
		
	By:	 	 /s/ Edmond R. Coletta

		 	Name:	 	Edmond R. Coletta
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	 ALL CYCLE WASTE, INC.

	 ATLANTIC COAST FIBERS, INC.

	 B. AND C. SANITATION CORPORATION

	 BLOW BROS.

	 BRISTOL WASTE MANAGEMENT, INC.

	 C.V. LANDFILL, INC.

	 CASELLA MAJOR ACCOUNT SERVICES, LLC

	 CASELLA RECYCLING, LLC

	 CASELLA RENEWABLE SYSTEMS, LLC

	 CASELLA TRANSPORTATION, INC.

	 CASELLA WASTE MANAGEMENT OF MASSACHUSETTS, INC.

	 CASELLA WASTE MANAGEMENT OF N.Y., INC.

	 CASELLA WASTE MANAGEMENT OF PENNSYLVANIA, INC.

	 CASELLA WASTE MANAGEMENT, INC.

	 CASELLA WASTE SERVICES OF ONTARIO LLC

	 CHEMUNG LANDFILL LLC

	 COLEBROOK LANDFILL LLC

	 CWM ALL WASTE LLC

	 FOREST ACQUISITIONS, INC.

	 GRASSLANDS INC.

		
	By:	 	 /s/ Edmond R. Coletta

		 	Name:	 	Edmond R. Coletta
		 	Title:	 	Vice President and Treasurer

 Signature Pages to Third Amendment 

 
					
	 GROUNDCO LLC

	 HAKES C&D DISPOSAL, INC.

	 HARDWICK LANDFILL, INC.

	 HIRAM HOLLOW REGENERATION CORP.

	 KTI BIO FUELS, INC.

	 KTI ENVIRONMENTAL GROUP, INC.

	 KTI NEW JERSEY FIBERS, INC.

	 KTI OPERATIONS, INC.

	 KTI SPECIALTY WASTE SERVICES, INC.

	 KTI, INC.

	 MAINE ENERGY RECOVERY COMPANY, LIMITED PARTNERSHIP

	 NEW ENGLAND WASTE SERVICES OF ME, INC.

	 NEW ENGLAND WASTE SERVICES OF N.Y., INC.

	 NEW ENGLAND WASTE SERVICES OF VERMONT, INC.

	 NEW ENGLAND WASTE SERVICES, INC.

	 NEWBURY WASTE MANAGEMENT, INC.

	 NEWSME LANDFILL OPERATIONS LLC

	 NEWS OF WORCESTER LLC

	 NORTH COUNTRY ENVIRONMENTAL SERVICES, INC.

	 NORTHERN PROPERTIES CORPORATION OF PLATTSBURGH

	 PINE TREE WASTE, INC.

	 SCHULTZ LANDFILL, INC.

	 SOUTHBRIDGE RECYCLING & DISPOSAL PARK, INC.

	 SUNDERLAND WASTE MANAGEMENT, INC.

	 THE HYLAND FACILITY ASSOCIATES

	 U.S. FIBER, LLC

	 WASTE-STREAM INC.

	 WINTERS BROTHERS, INC.

		
	By:	 	 /s/ Edmond R. Coletta

		 	Name:	 	Edmond R. Coletta
		 	Title:	 	Vice President and Treasurer

 Signature Pages to Third Amendment 

 
					
	BANK OF AMERICA, N.A.,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Maria F. Maia

		 	Name:	 	Maria F. Maia
		 	Title:	 	Managing Director

 Signature Pages to Third Amendment 

 
					
	Comerica Bank
	as a Lender
		
	By:	 	 /s/ Tony G. Rice

		 	Name:	 	Tony G. Rice
		 	Title:	 	Vice President

  

					
	
	 JP Morgan Chase, N.A.
 as a Lender

		
	By:	 	 /s/ Michael A. Moss

		 	Name:	 	Michael A. Moss
		 	Title:	 	Underwriter III

  

					
	KeyBank National Association
	as a Lender
		
	By:	 	 /s/ Leslie A. Jones

		 	Name:	 	Leslie A. Jones
		 	Title:	 	Senior Vice President

 Signature Pages to Third Amendment 

 Annex 1 to Third Amendment 

EXHIBIT D 
 FORM OF COMPLIANCE CERTIFICATE 
 Financial Statement Date:
            ,          
  

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of March 18, 2011 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among Casella Waste Systems, Inc., a Delaware corporation (the
“Parent”) and each of its direct and indirect Subsidiaries (other than Excluded Subsidiaries and Non-Borrower Subsidiaries) identified therein (collectively, the “Borrowers”), the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer, and Swing Line Lender. 
 The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the                      of the Parent, and that, as such, he/she is authorized to
execute and deliver this Certificate to the Administrative Agent on behalf of the Borrowers, and that: 
 [Use following
paragraph 1 for fiscal year-end financial statements] 
 1. The Borrowers have delivered the year-end audited financial
statements required by Section 6.04(a) of the Credit Agreement for the fiscal year of the Borrowers ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.

 [Use following paragraph 1 for fiscal quarter-end financial statements] 

1. The Borrowers have delivered the unaudited financial statements required by Section 6.04(b) of the Credit Agreement for
the fiscal quarter of the Parent and its Subsidiaries ended as of the above date. Such consolidated financial statements were prepared in accordance with GAAP and fairly present the consolidated financial condition of the Parent and its Subsidiaries
as at the close of business on the date thereof and the results of operations for the period then ended, subject only to normal year-end audit adjustments and the absence of footnotes. 

2. The undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under
his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Parent and its Subsidiaries during the accounting period covered by such financial statements. 

  
 Exhibit D

 Form of Compliance Certificate 

 3. A review of the activities of the Parent and its Subsidiaries during such fiscal period
has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Parent and its Subsidiaries performed and observed all its Obligations under the Loan Documents, and 

[select one:] 
 [to the best knowledge of the undersigned, no Default or Event of Default has occurred and is continuing.] 
 —or— 
 [to the best knowledge of the undersigned, the following
covenants contained in Article VI and Article VII of the Credit Agreement as of the end of such fiscal period have not been performed or observed and the following is a list of each such Default or Event of Default and its nature and period of
existence and a summary of what actions the Borrowers propose to take with respect thereto and attaching, in the event that such Default or Event of Default relates to environmental matters, an Environmental Compliance Certificate:] and 

4. [Except to the extent described below, the] [The] representations and warranties of the Borrowers contained in Article V
of the Credit Agreement or any other Loan Document are true and correct on the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such
earlier date and except to the extent of changes resulting from transactions contemplated or permitted by the Credit Agreement and changes occurring in the ordinary course of business which singly or in the aggregate do not have a Material Adverse
Effect. For purposes of this Compliance Certificate, the representations and warranties contained in Section 5.05(a) of the Credit Agreement shall be deemed to refer to [the most recent audited financial statements furnished pursuant to
Section 4.01(a)(ix) or Section 6.04(a) of the Credit Agreement, as applicable][the statements in connection with which this Compliance Certificate is delivered]. 

[Describe any exceptions.] [For the avoidance of doubt, none of the foregoing disclosures shall constitute an amendment or supplement to
the disclosure schedules attached to the Credit Agreement or any other Loan Document.] 
 5. The financial covenant analyses and
information set forth on Schedule 1 attached hereto are true and accurate on and as of the Financial Statement Date. 

  
 Exhibit D

 Form of Compliance Certificate 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of
            ,         . 
  

					
	CASELLA WASTE SYSTEMS, INC., for itself and each of the Borrowers referred to herein
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit D

 Form of Compliance Certificate 

 For the Quarter/Year ended
                    ,          (the “Statement Date”) 

SCHEDULE 1 
 to
the Compliance Certificate 
 ($ in 000’s) 
  

											
	I.	 	Section 7.11(a) – Minimum Interest Coverage Ratio.	  
		
	 A.
	 	Consolidated EBITDA for the four (4) consecutive fiscal quarters ending on the Statement Date (the “Subject Period”):	  
			
		 	1.	 	Consolidated Adjusted Net Income for the Subject Period:	  
					
		 		 	a.	  	Consolidated Net Income (or Loss) of the Parent and its Subsidiaries after deduction of all expenses, taxes, and other proper charges determined in accordance with GAAP, less (or
plus, in the case of losses), to the extent included therein, (i) gains (or loss) from extraordinary items, (ii) any income (or loss) from discontinued operations, and (iii) income (or loss) attributable to any Investment in any Excluded
Subsidiaries; provided, however, that consolidated net income shall not be reduced pursuant to this clause (iii) by actual cash dividends or distributions received from any Excluded Subsidiary, or by Net Cash Proceeds (to the extent included in
income) in connection with the Disposition of any such Investment, so long as (and to the extent that) such cash dividends and distributions or Net Cash Proceeds have not been subsequently reinvested in an Excluded Subsidiary during the Subject
Period	  	 	$        	  
		
		 	plus, to the extent deducted in calculating Consolidated Net Income (or Loss) and without duplication:	  
					
		 		 	b.	  	the non-recurring, non-cash write-off of debt issuance expenses related to the refinancing of Indebtedness under the Existing Credit Agreement (including, without limitation, the
repayment of the term loan B thereunder) and the 2003 Senior Subordinated Debt Refinancing for the Subject Period (up to an aggregate amount of $10,000,000 for all periods)	  	 	$        	  
					
		 		 	c.	  	non-recurring extraordinary charges related to the FCR Disposition for the Subject Period (up to an aggregate amount of $5,000,000 for all periods)	  	 	$        	  

  
 Exhibit D

 Form of Compliance Certificate 

											
		 		 	d.	  	transaction costs for acquisitions and development projects which are expensed rather than capitalized (as a result of applying FASB Rule 141 treatment to such transaction costs)
for the Subject Period	  	 	$        	  
					
		 		 	e.	  	non-cash losses in connection with asset sales, asset impairment charges and abandonment of assets for the Subject Period (up to an aggregate amount of $35,000,000 (calculated
without giving effect to the aggregate amount of such non-cash losses incurred in connection with the MERC Transaction) from and after the Closing Date)	  	 	$        	  
					
		 		 	f.	  	non-cash losses resulting from the sale or other Disposition of the assets or Equity Interests of MERC or the closure and discontinuation of the operations of MERC for the
Subject Period (up to an aggregate amount not to exceed $42,000,000 from and after the Closing Date)	  	 	$        	  
					
		 		 	g.	  	non-cash stock-based compensation expenses under the Borrowers’ employee share-based compensation plans for the Subject Period	  	 	$        	  
					
		 		 	h.	  	non-cash charges in connection with the declaration or payment of PIK Dividends for the Subject Period	  	 	$        	  
					
		 		 	i.	  	all other non-cash charges reasonably acceptable to the Administrative Agent for the Subject Period	  	 	$        	  
					
		 		 	j.	  	cash charges in connection with the MERC Transaction for the Subject Period (up to an aggregate amount of $3,000,000 from and after the Closing Date)	  	 	$        	  
					
		 		 	k.	  	non-recurring, non-cash write-off of debt issuance expenses related to the refinancing of the Second Lien Notes for the Subject Period (up to an aggregate amount of $6,000,000
for all periods)	  	 	$        	  
					
		 		 	l.	  	cash premium payments in connection with the early redemption and refinancing of the Second Lien Notes for the Subject Period (up to an aggregate amount of $11,000,000 for all
periods)	  	 	$        	  
					
		 		 	m.	  	cash charges in connection with severance and reorganization in an aggregate amount not to exceed $3,000,000 from and after the Closing Date	  	 	$        	  

  
 Exhibit D

 Form of Compliance Certificate 

											
		 		 	n.	  	non-cash charges associated with interest rate derivatives deemed to be ineffective	  	 	$        	  
			
		 	minus, to the extent included in the calculation of Consolidated Net Income (or Loss) and without duplication	  			
					
		 		 	o.	  	non-cash extraordinary gains on the sale of assets including non-cash gains on the sale of assets outside the ordinary course of business for the Subject Period	  	 	$        	  
					
		 		 	p.	  	non-cash extraordinary gains resulting from the application of FAS 133 for the Subject Period	  	 	$        	  
					
		 		 	q.	  	 Consolidated Adjusted Net Income for the Subject Period
 (Lines I.A.1.a + b + c + d + e + f + g + h + i + j + k + l + m + n – o – p)
	  	 	$        	  
			
		 	plus, to the extent deducted in determining Consolidated Adjusted Net Income (or Loss) in the Subject Period and without duplication	  			
				
		 	2.	 	Interest expense (including accretion expense, original issue discount and costs in connection with the early extinguishment of debt) for the Subject Period	  	 	$        	  
				
		 	3.	 	Income taxes for the Subject Period	  	 	$        	  
				
		 	4.	 	Amortization expense for the Subject Period	  	 	$        	  
				
		 	5.	 	Depreciation and depletion expense for the Subject Period	  	 	$        	  
				
		 	6.	 	 Consolidated EBITDA for the Subject Period
 (Lines I.A.1.q + 2 + 3 + 4 + 5)
	  	 	$        	  

  
 Exhibit D

 Form of Compliance Certificate 

											
	 B.
	 	Consolidated Total Interest Expense for the Subject Period	  			
			
		 	The aggregate amount of interest expense required to be paid or accrued in accordance with GAAP by the Borrowers during the Subject Period on all Indebtedness of the
Borrowers outstanding during all or any part of the Subject Period, whether such interest was or is required to be reflected as an item of expense or capitalized, including payments consisting of interest in respect of any Capitalized Lease or any
Synthetic Lease, and including commitment fees, letter of credit fees, agency fees, balance deficiency fees and similar fees or expenses for the Subject Period in connection with the borrowing of money, but excluding therefrom, without duplication,
(a) the non-cash amortization of debt issuance costs, including original issue discount and premium, if any, (b) the write-off of deferred financing fees and charges in connection with the repayment of any Indebtedness and in connection with the
Existing Credit Agreement, in each case, that are classified as interest under GAAP, (c) to the extent financed in connection with any refinancing of Indebtedness, any call, tender or similar premium expressly required to be paid in cash under the
existing terms (and not by way of amendment or supplement in contemplation of such refinancing) of the Indebtedness being refinanced in connection with such refinancing and the interest component of any remaining original issue discount on the
Indebtedness so refinanced, (d) dividends (including PIK Dividends) on Preferred Stock (if any) paid by the Borrowers and, to the extent deducted in calculating Consolidated Net Income (or Loss), the costs and expenses incurred by the Borrowers in
connection with the issuance of Preferred Stock, in each case that are required by GAAP to be treated as interest expense, and (e) non-cash interest expense associated with interest rate derivatives	  	 	$        	  
			
	C.	 	Interest Coverage Ratio (Line I.A.6 ÷ Line I.B)	  	 	     to 1	  
				
		 		 	Minimum required:	  			

  

			
	 Four Fiscal Quarters Ending
	  	Minimum Interest Coverage Ratio
	 April 30, 2013
	  	2.15:1.00
	 July 31, 2013 through the Maturity Date
	  	2.25:1.00

  
 Exhibit D

 Form of Compliance Certificate 

											
	 II.
	 	Section 7.11(b) – Maximum Consolidated Total Funded Debt to Consolidated EBITDA.	  			
			
	 A.
	 	 Consolidated Total Funded Debt at the Statement Date 
 the sum of:
	  			
				
		 	1.	  	Aggregate amount of Indebtedness for borrowed money or credit obtained or other similar monetary obligations, direct or indirect, (including (x) the principal
obligations of the Borrowers under the Second Lien Notes and the Senior Subordinated Notes, (y) obligations under “finance leases” and (z) any unpaid reimbursement obligations with respect to letters of credit; but excluding any contingent
obligations with respect to letters of credit outstanding)	  	 	$        	  
				
		 	2.	  	all obligations evidenced by notes, bonds, debentures or other similar debt instruments (other than Performance Bonds and Landfill Surety Arrangements)	  	 	$        	  
				
		 	3.	  	the deferred purchase price of assets (other than trade payables incurred in the ordinary course of business and holdbacks)	  	 	$        	  
				
		 	4.	  	all Attributable Indebtedness, including, without limitation, Indebtedness with respect to capitalization of landfill operating contract obligations, to the extent
capitalized under GAAP (but excluding landfill operating leases to the extent they are characterized as operating leases and not capitalized)	  	 	$        	  
				
		 	5.	  	(x) Equity Related Purchase Obligations in respect of Non-Qualified Preferred Stock (including Grandfathered Non-Qualified Preferred Stock) and (y) commencing on the
date that is twelve months prior to the maturity of such Equity Related Purchase Obligations (assuming for this purpose the demand or exercise, if applicable, by the requisite holder or holders on the earliest date provided therefor), Equity Related
Purchase Obligations in respect of Qualified Preferred Stock	  	 	$        	  
				
		 	6.	  	Indebtedness of the type referred to in Lines II.A.1 through II.A.5 above of another Person guaranteed by any of the Borrowers	  	 	$        	  
				
		 	7.	  	 Consolidated Total Funded Debt at the Statement Date
 (Line II.A.1 + 2 + 3 + 4 + 5 + 6)
	  	 	$        	  
			
	 B.
	 	Consolidated EBITDA for the Subject Period	  			
				
		 	1.	  	 Consolidated EBITDA for the Subject Period as calculated for the purposes of Section 7.11(a) of the Credit
Agreement
 (Line I.A.6 above)
	  	 	$        	  

  
 Exhibit D

 Form of Compliance Certificate 

											
		 	2.	 	EBITDA attributable to the twelve (12) month period prior to the date of the MERC Transaction for the operating assets that are the subject of the MERC Transaction,
only to the extent MERC is accounted for as a discontinued operation in accordance with GAAP	  	 	$        	  
				
		 	3.	 	EBITDA for the prior twelve (12) months of companies acquired by the Borrowers during the Subject Period (without duplication with respect to the adjustments set forth
in Line I.A.1.b through Line I.A.1.n above) only if (x) the financial statements of such Acquired Business or new Subsidiary have been audited, for the period sought to be included, by an independent accounting firm satisfactory to the
Administrative Agent, or (y) the Administrative Agent consents to such inclusion after being furnished with other acceptable financial statements	  	 	$        	  
				
		 	4.	 	Non-recurring private company expenses which are discontinued upon any acquisition referenced in Line II.B.3 above (such as owner’s compensation), as approved by
the Administrative Agent	  	 	$        	  
				
		 	5.	 	 Consolidated EBITDA for the Subject Period
 (Lines II.B.1 + 2 + 3 + 4)
	  	 	$        	  
			
	C.	 	 Consolidated Total Funded Debt to Consolidated EBITDA
 (Line II.A.6 ÷ Line II.B.5):
	  	 	     to 1	  
				
		 		 	Maximum permitted:	  			

  

			
	 Four Fiscal Quarters Ending
	  	Maximum Consolidated Total
Funded Debt to Consolidated
EBITDA1
	 April 30, 2013 through January 31, 2015
	  	5.85:1.00
	 April 30, 2015 through the Maturity Date
	  	5.75:1.00

  

							
	 III.
	 	 Section 7.11(c) – Maximum Consolidated Senior Funded Debt to Consolidated EBITDA.

		
	 A.
	 	 Consolidated Senior Funded Debt at the Statement Date

  

	1 	 For each fiscal quarter ending on or after the date on which the Borrowers have consummated the New Equity Raise, each of the ratios set forth below
shall be reduced by 50 basis points. 

  
 Exhibit D

 Form of Compliance Certificate 

											
		 	1.	  	 Consolidated Total Funded Debt at the Statement Date
 (Line II.A.7 above)
	  	 	$        	  
			
		 	minus	  			
				
		 	2.	  	Subordinated Debt outstanding at the Statement Date	  	 	$        	  
			
		 	plus	  			
				
		 	3.	  	All scheduled principal payments in respect of Seller Subordinated Debt that will become due and payable during the next successive period of four (4) fiscal quarters
following the Statement Date	  	 	$        	  
				
		 	4.	  	 Consolidated Senior Funded Debt at the Statement Date
 (Line III.A.1 – 2 + 3)
	  	 	$        	  
			
	 B.
	 	Consolidated EBITDA for the Subject Period (Line II.B.5 above)	  	 	$        	  
			
	 C.
	 	 Consolidated Senior Funded Debt to Consolidated EBITDA
 (Line III.A.4 ÷ Line III.B)
	  	 	     to 1	  
				
		 		  	Maximum Permitted:	  			

  

			
	 Four Fiscal Quarters Ending
	  	Maximum Consolidated Senior
Funded Debt to Consolidated
EBITDA
	 April 30, 2013 through January 31, 2015
	  	2.50:1.00
	 April 30, 2015 through the Maturity Date
	  	2.25:1.00

  

											
	 IV.
	 	Section 7.11(d) – Maximum Capital Expenditures.	  			
			
	 A.
	 	Capital Expenditures made (or which any Borrower or Non-Borrower Subsidiary has become legally obligated to make) during the fiscal year ending
            	  	 	$        	  
					
		 		 		  	Maximum Permitted:	  			
					
		 		 		  	1.1 times the sum of the Borrowers’ and the Non-Borrowers’ consolidated depreciation expenses, depletion expenses and landfill amortization expenses in such fiscal year,
the product of which calculation equals $        	  			

  
 Exhibit D

 Form of Compliance Certificate 

 Annex 2 
 Schedule 1 
 BORROWERS 

Casella Waste Systems, Inc. 
 All Cycle Waste,
Inc. 
 Atlantic Coast Fibers, Inc. 
 B.
and C. Sanitation Corporation 
 Blow Bros. 
 Bristol Waste Management, Inc. 
 C.V. Landfill, Inc. 

Casella Major Account Services, LLC 
 Casella
Recycling, LLC 
 Casella Renewable Systems, LLC 
 Casella Transportation, Inc. 
 Casella Waste Management of Massachusetts, Inc. 

Casella Waste Management of N.Y., Inc. 
 Casella
Waste Management of Pennsylvania, Inc. 
 Casella Waste Management, Inc. 
 Casella Waste Services of Ontario LLC 
 Chemung Landfill LLC 

Colebrook Landfill LLC 
 CWM All Waste LLC

 Forest Acquisitions, Inc. 

Grasslands Inc. 
 GroundCo LLC 

Hakes C&D Disposal, Inc. 
 Hardwick Landfill,
Inc. 
 Hiram Hollow Regeneration Corp. 

KTI Bio Fuels, Inc. 
 KTI Environmental Group,
Inc. 
 KTI New Jersey Fibers, Inc. 

KTI Operations, Inc. 
 KTI Specialty Waste
Services, Inc. 
 KTI, Inc. 
 Maine
Energy Recovery Company, Limited Partnership 
 New England Waste Services of ME, Inc. 
 New England Waste Services of N.Y., Inc. 
 New England Waste Services of Vermont, Inc. 

New England Waste Services, Inc. 
 Newbury Waste
Management, Inc. 
 NEWS of Worcester LLC 
 NEWSME Landfill Operations LLC 
 North Country Environmental Services, Inc. 

Northern Properties Corporation of Plattsburgh 

 Pine Tree Waste, Inc. 
 Schultz Landfill, Inc. 
 Southbridge Recycling & Disposal Park, Inc. 

Sunderland Waste Management, Inc. 
 The Hyland
Facility Associates 
 U.S. Fiber, LLC 

Waste-Stream Inc. 
 Winters Brothers, Inc.

 Annex 3 

SPECIFIED BORROWERS 
 All
Cycle Waste, Inc. 
 Atlantic Coast Fibers, Inc. 
 B. and C. Sanitation Corporation 
 Blow Bros. 

Bristol Waste Management, Inc. 
 C.V. Landfill,
Inc. 
 Casella Major Account Services, LLC 
 Casella Renewable Systems, LLC 
 Casella Transportation, Inc. 

Colebrook Landfill LLC 
 CWM All Waste LLC

 Forest Acquisitions, Inc. 

Grasslands Inc. 
 GroundCo LLC 

Hakes C&D Disposal, Inc. 
 Hardwick Landfill,
Inc. 
 Hiram Hollow Regeneration Corp. 

KTI Bio Fuels, Inc. 
 KTI Environmental Group,
Inc. 
 KTI New Jersey Fibers, Inc. 

KTI Operations, Inc. 
 KTI Specialty Waste
Services, Inc. 
 Maine Energy Recovery Company, Limited Partnership 
 Newbury Waste Management, Inc. 
 NEWS of Worcester LLC 

North Country Environmental Services, Inc. 

Northern Properties Corporation of Plattsburgh 

Schultz Landfill, Inc. 
 Sunderland Waste
Management, Inc. 
 U.S. Fiber, LLC 

Winters Brothers, Inc.

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