Document:

Exhibit 4.10

 

GUARANTEE

 

BY WASTE MANAGEMENT HOLDINGS, INC.

 

(formerly known as Waste Management, Inc.)

 

in Favor of The Bank of New York Mellon
Trust Company, N.A., as Trustee for the Holders

of Certain Debt Securities of

 

WASTE MANAGEMENT, INC.

 

$500,000,000

0.750% Senior Notes due 2025

 

 

November 17, 2020

 

     

     

    

 

GUARANTEE, dated as
of November 17, 2020 (as amended from time to time, this “Guarantee”), made by Waste Management Holdings, Inc.
(formerly known as Waste Management, Inc.), a Delaware corporation (the “Guarantor”), in favor of The Bank of
New York Mellon Trust Company, N.A., as trustee for the holders of the $500 million
aggregate principal amount of 0.750% Senior Notes due 2025 (the “Debt Securities”) of Waste Management, Inc. (formerly
known as USA Waste Services, Inc.), a Delaware corporation (the “Issuer”).

 

WITNESSETH:

 

Section 1.        
Guarantee

 

(a)           The
Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise,
of the principal of, premium, if any, and interest on the Debt Securities and any amounts and obligations due and payable with
respect to the Debt Securities under Section 607 of the Indenture (as amended, modified or otherwise supplemented from time
to time, the “Indenture”), dated as of September 10, 1997, between the Issuer, as successor to USA Waste Services, Inc.,
and The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas
Commerce Bank National Association), as trustee (the “Trustee”) (the “Obligations”), according to the terms
of the Debt Securities and the Indenture, as applicable.

 

(b)           It
is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to this Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Guarantor under this Guarantee
shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of the Guarantor (other than guarantees of the Guarantor in respect of subordinated debt) that are relevant under such laws, result
in the Obligations of the Guarantor under this Guarantee not constituting a fraudulent transfer or conveyance. For purposes hereof,
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar Federal or state law for the relief of debtors.

 

Section 2.        
Guarantee Absolute. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms
of the Indenture, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of holders of the Debt Securities with respect thereto. The liability of the Guarantor under this Guarantee
shall be absolute and unconditional irrespective of:

 

(i)            any
lack of validity or enforceability of the Indenture, the Debt Securities or any other agreement or instrument relating thereto;

 

(ii)           any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment
or waiver of or any consent to departure from the Indenture;

 

(iii)          any
exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any
other guaranty, for all or any of the Obligations; or

 

     

     

    

 

(iv)         any
other circumstance which might otherwise constitute a defense available to, or a discharge of, the Issuer or a guarantor.

 

Section 3.        
Subordination. The Guarantor covenants and agrees that its obligation to make payments of the Obligations hereunder
constitutes an unsecured obligation of the Guarantor ranking (a) pari passu with all existing and future senior indebtedness
of the Guarantor and (b) senior in right of payment to all existing and future subordinated indebtedness of the Guarantor.

 

Section 4.        
Waiver; Subrogation

 

(a)          The
Guarantor hereby waives notice of acceptance of this Guarantee, diligence, presentment, demand of payment, filing of claims with
a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding filed first against the Issuer, protest
or notice with respect to the Debt Securities or the indebtedness evidenced thereby and all demands whatsoever.

 

(b)          The
Guarantor shall be subrogated to all rights of the Trustee or the holders of any Debt Securities against the Issuer in respect
of any amounts paid to the Trustee or such holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however,
that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of, or based upon, such right of subrogation
until all Obligations shall have been paid in full.

 

Section 5.        
No Waiver, Remedies. No failure on the part of the Trustee or any holder of the Debt Securities to exercise, and
no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

 

Section 6.         Continuing
Guarantee; Transfer of Interest. This Guarantee is a continuing guaranty and shall (i) remain in full force and effect
until the earliest to occur of (A) the date, if any, on which the Guarantor shall consolidate with or merge into the Issuer
or any successor thereto, (B) the date, if any, on which the Issuer or any successor thereto shall consolidate with or merge
into the Guarantor, (C) payment in full of the Obligations and (D) the release by the lenders under the Fifth Amended
and Restated Revolving Credit Agreement dated as of November 7, 2019 by and among the Issuer, Waste Management of Canada
Corporation, WM Quebec Inc., the Guarantor (as guarantor), certain banks party thereto, and Bank of America, N.A., as administrative
agent, and the Credit Agreement dated as of July 28, 2020 by and among the Issuer, the Guarantor (as guarantor), certain
banks party thereto, and Mizuho Bank, Ltd., as administrative agent (in each case, or under any replacement or new principal
credit facility of the Issuer) of the guarantee of the Guarantor thereunder, (ii) be binding upon the Guarantor, its successors
and assigns, and (iii) inure to the benefit of and be enforceable by any holder of Debt Securities, the Trustee, and by their
respective successors, transferees, and assigns.

 

Section 7.        
Reinstatement. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Obligations is rescinded or must otherwise be returned by any holder of the Debt Securities or the Trustee
upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though such payment had not been made.

 

     

     

    

 

Section 8.        
Amendment. The Guarantor may amend this Guarantee at any time for any purpose without the consent of the Trustee
or any holder of the Debt Securities; provided, however, that if such amendment adversely affects the rights of the Trustee or
any holder of the Debt Securities, the prior written consent of the Trustee shall be required.

 

Section 9.        
Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICT OF LAWS.

 

     

     

    

 

IN WITNESS WHEREOF, the Guarantor has caused
this Guarantee to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

 

	 	WASTE MANAGEMENT HOLDINGS, INC.

 

 

	 	By:	 
	 	 	David L. Reed
	 	 	Vice President and Treasurer
	 	 
	 	
	 	By:	 
	 		Jeff Bennett
	 	 	Assistant Treasurer

 

Signature
Page to GuaranteeExhibit 4.11

 

GUARANTEE

 

BY WASTE MANAGEMENT HOLDINGS, INC.

 

(formerly known as Waste Management, Inc.)

 

in Favor of The Bank of New York Mellon
Trust Company, N.A., as Trustee for the Holders

of Certain Debt Securities of

 

WASTE MANAGEMENT, INC.

 

$500,000,000

1.150% Senior Notes due 2028

 

November 17, 2020

 

     

     

    

 

GUARANTEE, dated as
of November 17, 2020 (as amended from time to time, this “Guarantee”), made by Waste Management Holdings, Inc.
(formerly known as Waste Management, Inc.), a Delaware corporation (the “Guarantor”), in favor of The Bank of
New York Mellon Trust Company, N.A., as trustee for the holders of the $500 million
aggregate principal amount of 1.150% Senior Notes due 2028 (the “Debt Securities”) of Waste Management, Inc. (formerly
known as USA Waste Services, Inc.), a Delaware corporation (the “Issuer”).

 

WITNESSETH:

 

Section 1.    Guarantee

 

(a)        The
Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise,
of the principal of, premium, if any, and interest on the Debt Securities and any amounts and obligations due and payable with
respect to the Debt Securities under Section 607 of the Indenture (as amended, modified or otherwise supplemented from time
to time, the “Indenture”), dated as of September 10, 1997, between the Issuer, as successor to USA Waste Services, Inc.,
and The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas
Commerce Bank National Association), as trustee (the “Trustee”) (the “Obligations”), according to the terms
of the Debt Securities and the Indenture, as applicable.

 

(b)        It
is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to this Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Guarantor under this Guarantee
shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of the Guarantor (other than guarantees of the Guarantor in respect of subordinated debt) that are relevant under such laws, result
in the Obligations of the Guarantor under this Guarantee not constituting a fraudulent transfer or conveyance. For purposes hereof,
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar Federal or state law for the relief of debtors.

 

Section 2.    Guarantee Absolute. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms
of the Indenture, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of holders of the Debt Securities with respect thereto. The liability of the Guarantor under this Guarantee
shall be absolute and unconditional irrespective of:

 

(i)         any
lack of validity or enforceability of the Indenture, the Debt Securities or any other agreement or instrument relating thereto;

 

(ii)        any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment
or waiver of or any consent to departure from the Indenture;

 

(iii)       any
exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any
other guaranty, for all or any of the Obligations; or

 

(iv)       any
other circumstance which might otherwise constitute a defense available to, or a discharge of, the Issuer or a guarantor.

 

     

     

    

 

Section 3.    Subordination. The Guarantor covenants and agrees that its obligation to make payments of the Obligations hereunder
constitutes an unsecured obligation of the Guarantor ranking (a) pari passu with all existing and future senior indebtedness
of the Guarantor and (b) senior in right of payment to all existing and future subordinated indebtedness of the Guarantor.

 

Section 4.    Waiver; Subrogation

 

(a)        The
Guarantor hereby waives notice of acceptance of this Guarantee, diligence, presentment, demand of payment, filing of claims with
a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding filed first against the Issuer, protest
or notice with respect to the Debt Securities or the indebtedness evidenced thereby and all demands whatsoever.

 

(b)        The
Guarantor shall be subrogated to all rights of the Trustee or the holders of any Debt Securities against the Issuer in respect
of any amounts paid to the Trustee or such holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however,
that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of, or based upon, such right of subrogation
until all Obligations shall have been paid in full.

 

Section 5.    No Waiver, Remedies. No failure on the part of the Trustee or any holder of the Debt Securities to exercise, and
no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

 

Section 6.    Continuing Guarantee; Transfer of Interest. This Guarantee is a continuing guaranty and shall (i) remain in
full force and effect until the earliest to occur of (A) the date, if any, on which the Guarantor shall consolidate with
or merge into the Issuer or any successor thereto, (B) the date, if any, on which the Issuer or any successor thereto shall
consolidate with or merge into the Guarantor, (C) payment in full of the Obligations and (D) the release by the lenders
under the Fifth Amended and Restated Revolving Credit Agreement dated as of November 7, 2019 by and among the Issuer, Waste
Management of Canada Corporation, WM Quebec Inc., the Guarantor (as guarantor), certain banks party thereto, and Bank of America,
N.A., as administrative agent, and the Credit Agreement dated as of July 28, 2020 by and among the Issuer, the Guarantor
(as guarantor), certain banks party thereto, and Mizuho Bank, Ltd., as administrative agent (in each case, or under any replacement
or new principal credit facility of the Issuer) of the guarantee of the Guarantor thereunder, (ii) be binding upon the Guarantor,
its successors and assigns, and (iii) inure to the benefit of and be enforceable by any holder of Debt Securities, the Trustee,
and by their respective successors, transferees, and assigns.

 

Section 7.    Reinstatement. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Obligations is rescinded or must otherwise be returned by any holder of the Debt Securities or the Trustee
upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though such payment had not been made.

 

     

     

    

 

Section 8.    Amendment. The Guarantor may amend this Guarantee at any time for any purpose without the consent of the Trustee
or any holder of the Debt Securities; provided, however, that if such amendment adversely affects the rights of the Trustee or
any holder of the Debt Securities, the prior written consent of the Trustee shall be required.

 

Section 9.    Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICT OF LAWS.

 

     

     

    

 

IN WITNESS WHEREOF, the Guarantor has caused
this Guarantee to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

 

	 	WASTE MANAGEMENT HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:	
	 	 	David L. Reed
	 	 	Vice President and Treasurer
	 	 	 
	 	 	 
	 	By:	
	 	 	Jeff Bennett
	 	 	Assistant Treasurer

 

Signature
Page to Guarantee

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