Document:

exv10w2

 

EXHIBIT 10.2

FIRST AMENDMENT TO

REVOLVING CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is
made and entered into as of the 27th day of January, 2003, by and among Waste
Management, Inc., a Delaware corporation (the “Borrower”), Waste Management
Holdings, Inc., a wholly-owned subsidiary of the Borrower (the “Guarantor”),
Fleet National Bank (“Fleet”), Bank of America, N.A., JPMorgan Chase Bank,
Deutsche Bank AG New York Branch, Citibank, N.A. and the other financial
institutions listed on Schedule 1 to the Credit Agreement referred to below
(collectively, the “Banks”) and Fleet, as administrative agent for the Banks
(the “Administrative Agent”).

     WHEREAS, the Borrower, the Guarantor, the Banks and the Administrative
Agent are party to a Revolving Credit Agreement, dated as of June 27, 2002 (as
amended and in effect from time to time, the “Credit Agreement”), pursuant to
which the Banks have extended credit to the Borrower on the terms set forth
therein; and

     WHEREAS, the Borrower has requested that the Banks and the Administrative
Agent amend certain provisions of the Credit Agreement as specifically set
forth in this Amendment;

     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 to amend the Credit Agreement as follows:

     1.     Definitions. Capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Credit Agreement.

     2.     Amendments to §9.2 of the Credit Agreement. Section 9.2 of the Credit
Agreement is hereby amended by deleting the reference to the text “3:00:1.00”
and inserting in lieu thereof the text “3.25:1.00”.

     3.     Representations and Warranties. The Borrower and the Guarantor jointly
and severally represent and warrant as of the Effective Date as follows:

     (a)  The execution, delivery and performance of this Amendment and the
Credit Agreement and the other Loan Documents, as amended hereby, and the
transactions contemplated hereby and thereby (i) are within the corporate
authority of the Borrower and the Guarantor, (ii) have been duly authorized by
all necessary corporate proceedings on the part of the Borrower or Guarantor,
(iii) do not conflict with or result in any material breach or contravention of
any provision of law, statute, rule or regulation to which the Borrower or the
Guarantor is subject or any judgment, order, writ, injunction, license or
permit applicable to the Borrower or the Guarantor so as to materially
adversely affect the assets, business or any activity of the Borrower and its
Subsidiaries taken as a whole, and (iv) do not conflict with any provision of
the
corporate charter or bylaws of the Borrower or the Guarantor or any
agreement or other instrument binding upon the Borrower or the Guarantor.

 

 

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     (b)  The representations and warranties contained in Section 6 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.

     (c)  No Default or Event of Default under the Credit Agreement has occurred
and is continuing.

     4.     Effectiveness. This Amendment shall become effective upon the
satisfaction of each of the following conditions (the “Effective Date”):

     (a)  This Amendment shall have been executed and delivered by the Borrower,
the Guarantor, the Majority Banks and the Administrative Agent.

     (b)  The Administrative Agent shall have received, for the account of each
Bank which executes and delivers its signature pages to the Administrative
Agent, by 5:00 p.m. Boston time on January 27, 2003 in facsimile (to be
followed by originals) or original form, an amendment fee equal to 0.02% of
each such Bank’s Commitment.

     5.     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. The Guarantor hereby confirms
that its guaranty of the Guaranteed Obligations contained in §28 of the Credit
Agreement remains in full force and effect. This 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 Amendment.

     6.     GOVERNING LAW. THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL
OBLIGATIONS LAW §5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).

     7.     Counterparts; Delivery by Facsimile. This 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. This Amendment, to the extent signed
and delivered by means of a facsimile machine, shall be treated in all manner
and respects as an original agreement or instrument and shall be considered to
have the same binding legal effect as if it were the original signed version
thereof delivered in person. At the request of any party hereto, each other
party hereto or thereto shall re-execute original forms hereof and deliver them
to all other parties. No party hereto shall raise the use of a facsimile
machine to deliver a signature or the fact that any signature or agreement or
instrument was transmitted or communicated through the use of a facsimile
machine as a defense to the formation of a contract and each party forever
waives such defense.

[Signatures on next page]

 

 

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First Amendment

     IN WITNESS WHEREOF, each of the undersigned have duly executed this
Amendment under seal as of the date first set forth above.

	 	 	 	 	 
	 	 	THE BORROWER
	 	 	 	 	 
	 	 	WASTE MANAGEMENT, INC
	 	 	 	 	 
	 	 	
By:
	 	/s/ Ronald H. Jones
	 	 	 	 	

	 	 	 	 	Name: Ronald H. Jones
	 	 	 	 	Title: Vice President & Treasurer
	 	 	 	 	 
	 	 	THE GUARANTOR
	 	 	 	 	 
	 	 	WASTE MANAGEMENT HOLDINGS, INC
	 	 	 	 	 
	 	 	
By:
	 	/s/ Ronald H. Jones
	 	 	 	 	

	 	 	 	 	Name: Ronald H. Jones
	 	 	 	 	Title: Vice President & Treasurer
	 	 	 	 	 
	 	 	
By:
	 	/s/ Lee A. McCormick
	 	 	 	 	

	 	 	 	 	Name: Lee A. McCormick
	 	 	 	 	Title: Assistant Treasurer
	 	 	 	 	 
	 	 	THE BANK AND ADMINISTRATIVE AGENT
	 	 	 	 	 
	 	 	FLEET NATIONAL BANK, individually and as
Administrative Agent
	 	 	 	 	 
	 	 	
By:
	 	/s/ Timothy M. Laurion
	 	 	 	 	

	 	 	 	 	Name: Timothy M. Laurion
	 	 	 	 	Title: Managing Director
	 	 	 	 	 
	 	 	THE BANKS
	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK
	 	 	 	 	 
	 	 	
By:
	 	/s/ Robert P. Kellas
	 	 	 	 	

	 	 	 	 	Name: Robert P. Kellas
	 	 	 	 	Title: Vice President

Signature page to First Amendment

 

 

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	 	 	BANK OF AMERICA, N.A
	 	 	 	 	 
	 	 	
By:
	 	/s/ Brian D. Corum
	 	 	 	 	

	 	 	 	 	Name: Brian D. Corum
	 	 	 	 	Title: Managing Director
	 	 	 	 	 
	 	 	DEUTSCHE BANK AG, NEW YORK BRANCH
	 	 	 	 	 
	/s/ Ping Chen	 	
By:
	 	/s/ Jean M. Hannigan
	 	 	 	 	

	Ping Chen	 	 	 	Name: Jean M. Hannigan
	Associate	 	 	 	Title: Director
	 	 	 	 	 
	 	 	CITIBANK, N.A
	 	 	 	 	 
	 	 	
By:
	 	/s/ David L. Harris
	 	 	 	 	

	 	 	 	 	Name: David L. Harris
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	ABN AMRO BANK N.V
	 	 	 	 	 
	 	 	
By:
	 	/s/ Terrence J. Ward
	 	 	 	 	

	 	 	 	 	Name: Terrence J. Ward
	 	 	 	 	Title: Senior Vice President
	 	 	 	 	 
	 	 	
By:
	 	/s/ Peter J. Hallan
	 	 	 	 	

	 	 	 	 	Name: Peter J. Hallan
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	BANK ONE, N.A
	 	 	 	 	 
	 	 	
By:
	 	/s/ William J. Bowne
	 	 	 	 	

	 	 	 	 	Name: William J. Bowne
	 	 	 	 	Title: Managing Director
	 	 	 	 	 
	 	 	BARCLAYS BANK PLC
	 	 	 	 	 
	 	 	
By:
	 	/s/ John Giannone
	 	 	 	 	

	 	 	 	 	Name: John Giannone
	 	 	 	 	Title: Director

Signature page to First Amendment

 

 

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	 	 	BNP PARIBAS
	 	 	 	 	 
	 	 	
By:
	 	/s/ Craig Pierce
	 	 	 	 	

	 	 	 	 	Name: Craig Pierce
	 	 	 	 	Title: Associate
	 	 	 	 	 
	 	 	
By:
	 	/s/ Aurora L. Abella
	 	 	 	 	

	 	 	 	 	Name: Aurora L. Abella
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION
	 	 	 	 	 
	 	 	
By:
	 	/s/ Deborah K. Breslof
	 	 	 	 	

	 	 	 	 	Name: Deborah K. Breslof
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	BANK OF NOVA SCOTIA
	 	 	 	 	 
	 	 	
By:
	 	/s/ William E. Zarrett
	 	 	 	 	

	 	 	 	 	Name: William E. Zarrett
	 	 	 	 	Title: Managing Director
	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 	 	 	 	 
	 	 	
By:
	 	/s/ Anne L. Sayles
	 	 	 	 	

	 	 	 	 	Name: Anne L. Sayles
	 	 	 	 	Title: Director
	 	 	 	 	 
	 	 	COMERICA BANK
	 	 	 	 	 
	 	 	
By:
	 	/s/ Carol S. Geraghty
	 	 	 	 	

	 	 	 	 	Name: Carol S. Geraghty
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	THE BANK OF NEW YORK
	 	 	 	 	 
	 	 	
By:
	 	/s/ David T. Sunderwirth
	 	 	 	 	

	 	 	 	 	Name: David T. Sunderwirth
	 	 	 	 	Title: Vice President

Signature page to First Amendment

 

 

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	 	 	CREDIT SUISSE FIRST BOSTON
	 	 	 	 	 
	 	 	
By:
	 	/s/ Joseph J. Adipietro
	 	 	 	 	

	 	 	 	 	Name: Joseph J. Adipietro
	 	 	 	 	Title: Director
	 	 	 	 	 
	 	 	
By:
	 	/s/ Doreen B. Welch
	 	 	 	 	

	 	 	 	 	Name: Doreen B. Welch
	 	 	 	 	Title: Associate
	 	 	 	 	 
	 	 	GOLDMAN SACHS CREDIT PARTNERS L.P.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	MELLON BANK, N.A
	 	 	 	 	 
	 	 	
By:
	 	/s/ Louis E. Flori
	 	 	 	 	

	 	 	 	 	Name: Louis E. Flori
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	MERRILL LYNCH BANK USA
	 	 	 	 	 
	 	 	
By:
	 	/s/ Louis Alder
	 	 	 	 	

	 	 	 	 	Name: Louis Alder
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	SUNTRUST BANK
	 	 	 	 	 
	 	 	
By:
	 	/s/ Shona Adams Holden
	 	 	 	 	

	 	 	 	 	Name: Shona Adams Holden
	 	 	 	 	Title: Vice President

Signature page to First Amendment

 

 

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	 	 	CREDIT LYONNAIS NEW YORK BRANCH
	 	 	 	 	 
	 	 	
By:
	 	/s/ F. Frank Herrera
	 	 	 	 	

	 	 	 	 	Name: F. Frank Herrera
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	MORGAN STANLEY BANK
	 	 	 	 	 
	 	 	
By:
	 	/s/ Jaap L. Tonckens
	 	 	 	 	

	 	 	 	 	Name: Jaap L. Tonckens
	 	 	 	 	Title: Vice President, Morgan Stanley Bank

Signature page to First Amendment

 

 

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	 	 	SOUTHWEST BANK OF TEXAS, N.A
	 	 	 	 	 
	 	 	
By:
	 	/s/ Preston Moore
	 	 	 	 	

	 	 	 	 	Name: Preston Moore
	 	 	 	 	Title: Senior Vice President
	 	 	 	 	 
	 	 	BAYERISCHE HYPO-UND VEREINSBANK AG, NY
	 	 	 	 	 
	/s/ Martha G. Martinez	 	
By:
	 	/s/ David E. Kells
	 	 	 	 	

	Martha G. Martinez	 	 	 	Name: David E. Kells
	Associate Director	 	 	 	Title: Director
	 	 	 	 	 
	 	 	HIBERNIA NATIONAL BANK
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN
	 	 	 	 	 
	 	 	
By:
	 	/s/ Brandon A. Meyerson
	 	 	 	 	

	 	 	 	 	Name: Brandon A. Meyerson
	 	 	 	 	Title: Vice
President, Erste Bank New York Branch
	 	 	 	 	 
	 	 	
By:
	 	/s/ Robert Svehnholz
	 	 	 	 	

	 	 	 	 	Name: Robert Svehnholz
	 	 	 	 	Title: First Vice President

Signature page to First Amendment<PAGE>
                                                                   EXHIBIT 10.55

                      AGREEMENT (INCLUDING GENERAL RELEASE)

This Agreement including General Release ("Agreement") is executed and effective
July 15, 2002, by and between BindView Corporation (a registered assumed name of
BindView Development Corporation), a Texas corporation ("BindView" or "the
Company" or "us") and William D. Miller, a resident of Fort Bend County, Texas
("you""). This agreement shall be deemed an addendum and amendment to your
employment and stock-option agreements with BindView, except that in event of a
conflict between the provisions of any such agreement and the provisions of this
Agreement, the latter shall control. All provisions in your employment and
stock-option agreements not expressly amended by this Agreement shall remain in
full force and effect.

1. You agree that, through July 15, 2003, we may at our option contact you to
answer questions and explain any work in progress or the status of your BindView
work as of your departure date to a designated BindView representative. You
agree to provide reasonable cooperation with us in answering such questions, on
a not-to-interfere basis with your new job.

2. In consideration for the above, BindView agrees to provide you with the
following:

         a.   Acceleration of the vesting of the 75,000 options that were
              granted to you on April 8, 2002 (at the strike price of $1.5450)
              so that they are 100% vested as of July 15, 2002.

         b.   Extension of the exercise period for the above-mentioned grant to
              expire at 5 pm Houston time on July 15, 2003 (except as otherwise
              provided in paragraph 6 below).

         c.   Acceleration and extension of the exercise period applies
              exclusively to the April 8, 2002 grant. All other stock option
              grants expire ninety (90) days from the date of your separation.

3. In consideration of the above, you, for yourself, your attorneys, heirs,
executors, administrators, successors, and assigns, do fully release and
discharge BindView, its parent, subsidiary, and affiliate corporations, and
related companies, as well as all predecessors, successors, assigns, directors,
officers, partners, agents, employees, former employees, heirs, executors,
attorneys, and administrators (hereinafter "BindView, et al."), from all suits,
causes of action, and/or claims of any nature whatsoever, whether known,
unknown, or unforeseen, which you have or may have against BindView, et al.,
arising out of any event, transaction, or matter that occurred before the date
of your signing of this Agreement. You covenant that neither you, nor any
person, organization, or other entity on your behalf, will sue BindView, et al.,
or initiate any type of action for damages, against BindView, et al. with
respect to any event, transaction, or matter that occurred before the date of
your signing of this Agreement. You understand and agree that the release and
discharge in this paragraph (the "Release") is a GENERAL RELEASE.

4. The Release specifically includes, but is not limited to, all claims of
breach of contract, employment discrimination, (including, but not limited to,
discrimination on the basis of race, sex, religion, national origin, age,
disability or any other protected status, and coming within the scope of Title
VII of the Civil Rights Act, as amended, the Age Discrimination in Employment
Act, as amended, the Older Workers Benefit Protection Act, or any other
applicable state or federal statute), claims concerning recruitment, hiring,
salary rate, severance pay, wages or benefits due, employment status, libel,
slander, defamation, intentional or negligent misrepresentation

<PAGE>

and/or infliction of emotional distress, together with any and all tort,
contract, or other claims which might have been asserted by you or on your
behalf in any suit, charge of discrimination, or claim against BindView, et al.

5. Unless required to do so by subpoena, you agree not to disseminate or
disclose the terms of this Agreement, the discussions leading to this Agreement,
or any subsidiary undertakings required by this Agreement, including but not
limited to the fact of the Release, except to your legal counsel or tax advisers
as may become necessary. Failure to comply with the previous sentence will be
deemed a material breach of this Agreement. You further agree that no part of
this Agreement or the Release is to be used as or admitted into evidence in any
proceeding of any character, judicial, administrative or otherwise, now pending
or subsequently instituted.

6. You acknowledge that you have been given an opportunity to take up to
forty-five (45) days to consider this Agreement, including the Release, before
executing and delivering this Agreement, and that we have encouraged you to
discuss fully the terms of this Agreement, including the Release, with legal
counsel of your own choosing. Moreover, for a period of seven (7) days following
your execution of this Agreement, you shall have the right to revoke the waiver
of claims arising under the Age Discrimination in Employment Act ("ADEA"), a
federal statute that prohibits employers from discriminating against employees
who are over the age of 40 (referred to as the "Revocation Right"). If you elect
to exercise the Revocation Right within this seven-day period, you must inform
BindView by delivering a written notice of revocation to D. C. Toedt, Vice
President and General Counsel, at BindView no later than 5:00 p.m. on the
seventh calendar day after you sign this Agreement. If you do so, then (i) the
Release shall be voided as to claims arising under the ADEA, (ii) the Release
shall remain in full force and effect as to any and all other claims, (iii) the
extension of the exercise period for your stock options under paragraph 2b above
shall be voided, and your vested stock options may be exercised solely in
accordance with the respective option plan(s) under which they were granted.

7. You agree that except as expressly provided otherwise in this Agreement, the
Release may not be released, discharged, abandoned, supplemented, changed, or
modified in any manner, except by an instrument in writing signed by you and a
duly authorized member of the management of BindView.

8. You understand and agree that neither this Agreement nor the Release
constitutes an admission of liability or wrongdoing on the part of BindView, et
al. You affirm that no other representations, promises, or agreements of any
kind have been made to or with you by any person or entity whatsoever to cause
you to sign this Agreement.

BINDVIEW CORPORATION, BY:

/s/ Edward L. Pierce                              /s/ William D. Miller
-----------------------------                     ------------------------------
Edward L. Pierce, Senior VP                       William D. Miller
and Chief Financial Officer                       Date:  8/30/02
                                                       -------------------------

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