Document:

Exhibit 10.3

 

 

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

OPGEN, INC.

AMENDED & RESTATED SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

	
Note No. A&R SS-1

	
Original Issue Date:  July 14, 2015

	
Amount: $1,000,000.00 

	
A&R Date:  June 6, 2017

 

1.          Principal Amount.  For value received, OpGen, Inc., a Delaware corporation (the "Company"), does hereby promise to pay to the order of Merck Global Health Innovation Fund, LLC or its assignee (the "Holder"), the principal sum of One Million and 00/100 Dollars ($1,000,000.00), plus interest accrued thereon, as hereinafter specified (collectively, the "Obligations") on the earliest to occur of (i) July 14, 2018 (the "Maturity Date") or (ii) an Event of Default (as defined below).

 

2.          Note Purchase Agreement; Amended & Restated Note.  This Note was originally issued pursuant to the Common Stock and Note Purchase Agreement, dated as of July 14, 2015, among the Company and the Holder (as the same may be amended from time to time, the "Purchase Agreement"), and is subject to the provisions thereof.  Capitalized terms used but not defined herein have the meanings given to them in the Purchase Agreement.  This Note is amended and restated as of June 6, 2017 (the "A&R Date") to:  (a) extend the Maturity Date from July 14, 2017 to July 14, 2018; (b) increase the interest rate from eight percent (8%) to ten percent (10%) per annum; (c) provide for the issuance of warrants to purchase Common Stock of the Company in an amount equal to ten percent (10%) of the outstanding principal sum of, plus accrued and unpaid interest on, this Note as of the A&R Date; and (d) include a voluntary conversion right to the Holder as of the Maturity Date at a discount equal to ten percent (10%) of the then-current market price of the Common Stock of the Company.  This Note, as amended and restated, is referred to as the "Note" herein.  By accepting this Note, as amended and restated, the Holder consents to the Company's entry into that certain Note Purchase Agreement, dated May 31, 2017, by and between the Company and jVen Capital, and the request by the Company for the issuance of the promissory notes thereunder in accordance with the terms of such Note Purchase Agreement.

 

3.          Definitions.  In addition to the other terms defined herein, the following terms shall have the following meanings ascribed to them:

 

3.1   "Bankruptcy Law" means Title 11, United States Code or any similar Federal or state law for the relief of debtors.

3.2   "Common Stock" means the common stock, par value $0.01 per share, of the Company.

 

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3.3   "Qualified Financing" means an offering of equity or debt securities of the Company with net proceeds to the Company of at least $5 million.

3.4   "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

4.          Interest.

4.1   From the Original Issue Date up to the A&R Date, the Company agrees to pay interest on the unpaid principal amount, at a rate equal to eight percent (8%) per annum, compounded annually (the "Original Interest Rate"), until the principal amount and all interest accrued thereon are paid; provided that, upon the occurrence and during the continuation of an Event of Default, as defined in Section 9 below, the Original Interest Rate will be fifteen percent (15%) per annum.

4.2   As of and after the A&R Date, the Company agrees to pay interest on the unpaid principal amount, at a rate equal to ten percent (10%) per annum, compounded annually (the "Interest Rate"), until the principal amount and all interest accrued thereon are paid; provided that, upon the occurrence and during the continuation of an Event of Default, as defined in Section 9 below, the Interest Rate will be fifteen percent (15%) per annum.  Interest shall be due and payable to the Holder on the Maturity Date.  In no event shall the amount of interest paid or agreed to be paid to the Holder hereunder exceed the highest lawful rate permissible under any law which a court of competent jurisdiction may deem applicable hereto.  In such event, the Interest Rate shall automatically be reduced to the maximum rate permitted by such law.

5.          Warrants.  Within fifteen (15) business days of the A&R Date, the Company shall issue to the Holder a Warrant, in the form attached to this Note as Exhibit A, to purchase shares of Common Stock equal to ten percent (10%) of the principal amount of, plus accrued and unpaid interest on, this Note as of the A&R Date, calculated by dividing ten percent (10%) of the principal amount of, plus accrued and unpaid interest on, this Note as of the A&R Date by the closing sale price of the Common Stock on the trading day immediately preceding the date of issuance as reported on the NASDAQ Capital Market.  If a Qualified Financing is consummated after the Warrant is issued, the terms of the Warrant, other than the exercise price, shall be amended to reflect terms equivalent to any warrants issued in such Qualified Financing.

6.          Security Agreement and Intercreditor Agreement.  In order to secure the payment and performance of this Note the Company has granted the Holder a first priority security interest in the Collateral as set forth in that certain Security Agreement dated as of July 14, 2015, by and between the Company, the Company's wholly owned subsidiary, AdvanDx, Inc., a Delaware corporation ("AdvanDx"), and the Holder (as amended or restated from time to time, the "Security Agreement"). As of the A&R Date, the Company, AdvanDx, the Holder and jVen Capital are entering into an Intercreditor Agreement.

 

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7.          Payment.

7.1   Repayment.  All payment of principal shall be due and payable in lawful money of the United States of America at the principal office of the Holder, or at such other place as the holder hereof may from time to time designate in writing to the Company, not later than 5:00 p.m., Eastern Time, on the Maturity Date.  All payments shall be applied first to the payment of any fees or charges outstanding hereunder, second to interest accrued and unpaid hereunder, and thereafter to principal.

7.2   Prepayment.  The Company may prepay, without penalty, any principal amount on this Note, in whole or in part, at any time.  Any prepayment will be applied first to the payment of any fees or charges outstanding hereunder, second to interest accrued and unpaid hereunder, and thereafter to principal.

7.3   Ranking.  All payments under this Note shall rank senior to all other existing and future indebtedness of the Company, excluding any capital and equipment leases except as, and only to the extent, expressly set forth in the Intercreditor Agreement.

8.          Conversion.

8.1   Conversion Upon Maturity.  The Holder will have the option to convert (a "Conversion") the principal and accrued interest of this Note into shares of Common Stock of the Company at a discount of ten percent (10%) of the closing price of the Company's Common Stock on the principal exchange or association market on which it is listed as of the date that is one (1) business day prior to the date the Conversion Notice (as defined below) is delivered to the Company (referred to in this Section 8 as the "Conversion Date").  If the Common Stock is not then-listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a nationally recognized securities dealer, the "closing price" on the Conversion Date shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Common Stock on such date, the high bid and low asked prices for a share of Common Stock on the immediately preceding date for which such information exists, as reported in The Wall Street Journal or such other nationally published source as the Company reasonably deems reliable; or if the Common Stock is neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a nationally recognized securities dealer, the "closing price" on the Conversion Date shall be established by the Board of Directors of the Company in good faith and approved by the Holder in its reasonable discretion.

8.2   Mechanics and Effect of a Conversion.

(a)   The Holder shall provide written notice (the "Conversion Notice") to the Company at least three (3) business days prior to the Maturity Date; provided, that if the Maturity Date is not a business day, the Conversion Notice shall be due on the date that is the business day immediately preceding the Maturity Date.  The Conversion Notice can be delivered to the Company via electronic mail, hand delivery or overnight delivery; provided that the delivery date shall be the date it is received by the Company.

 

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(b)   No fractional shares of Common Stock will be issued upon a Conversion of this Note.  In lieu of any fractional shares to which the Holder may otherwise be entitled, the Company will pay to the Holder in cash the unconverted amount that would otherwise be converted into such fractional shares.

(c)   Upon a Conversion of this Note, the Holder shall surrender this Note, duly endorsed, at the principal offices of the Company or any transfer agent of the Company, and this Note shall be canceled in all respects.  The Company will, at its expense, as soon as practicable thereafter, issue and deliver to the Holder a certificate or certificates for the shares of Common Stock to which the Holder is entitled upon the Conversion.

(d)   Upon Conversion of this Note, the Company will be forever released from all of its obligations and liabilities under this Note with regard to that portion of the principal amount and accrued interest being converted, including, without limitation, the obligation to pay such converted portion of the principal amount and accrued interest.

8.3   Authorization of Conversion Shares.  The Company hereby covenants and agrees to take all such actions as may be necessary to authorize such number of shares of Common Stock as will be sufficient to accomplish a Conversion.

9.          Events of Default.  The occurrence of any one or more of the following events shall constitute an "Event of Default" under this Note:

9.1   Payment Default.  The Company shall fail to pay the outstanding principal or accrued interest amount due  under this Note, or any portion thereof when due, whether on the Maturity Date, or on such earlier date as is required by Section 10, or otherwise;

9.2   Other Default.  The Company shall materially breach any representation, warranty, covenant, agreement or obligation of the Company under  this Note, the Security Agreement, the Intercreditor Agreement or the Purchase Agreement, and shall fail to cure such breach within ten (10) days after written notice thereof to the Company;

9.3   Other Indebtedness.  The Company shall default under any other material indebtedness of the Company, and shall fail to cure such default within ten (10) days after written notice thereof to the Company;

9.4   Judgments.  Any money judgment, writ or similar process shall be entered or filed against the Company or any of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of thirty (30) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld; or

9.5   Bankruptcy, Etc.  (a) The Company, pursuant to or within the meaning of any Bankruptcy Law, (i) admits in writing its inability to pay its debts generally as they become due, (ii) commences a voluntary case or proceeding under any Bankruptcy Law with respect to itself, (iii) consents to the entry of a judgment, decree or order for relief against it in an involuntary case or proceeding under any Bankruptcy Law, (iv) consents to the appointment of a custodian of it or for any part of its assets, (v) consents to or acquiesces in the institution of bankruptcy or insolvency proceedings against it, (vi) applies for, consents to or acquiesces in the appointment of or taking possession by a custodian of the Company or for any part of its assets, (vii) makes a general assignment for the benefit of its creditors, or (viii) takes any corporate act to authorize any of the foregoing; or (b) an involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) under any Bankruptcy Law now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company.

 

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10.          Remedies.  Upon or at any time after the occurrence of an Event of Default specified in Sections 9.1, 9.2, 9.3 or 9.4 hereof, all Obligations under this Note shall, upon the demand of the Holder, become due and payable without further presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived.  Upon the occurrence of an Event of Default specified in Section 9.5 hereof, all Obligations shall thereupon and concurrently therewith automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived.

11.          Certain Negative Covenants.  So long as the Company shall have any obligation under this Note, the Company shall not without the Holder's written consent:

11.1   Distributions on Capital Stock.  Pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional shares of Common Stock or, directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions pursuant to any shareholders' rights plan which is approved by a majority of the Company's disinterested directors.

11.2   Restriction on Stock Repurchases.  Redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the Company or any warrants, rights or options to purchase or acquire any such shares.

11.3   Borrowings.  Create, incur, assume or suffer to exist any liability for borrowed money in excess of $50,000, except (a) borrowings in existence or committed on the date hereof and of which the Company has informed Holder in writing prior to the date hereof, (b) indebtedness to trade creditors incurred in the ordinary course of business consistent with past practices or (c) borrowings, the proceeds of which shall be used to repay this Note.

11.4   Sale of Assets.  Sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business.

11.5   Advances and Loans.  Lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the Company, except loans, credits or advances in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof.

11.6   Contingent Liabilities.  Assume, guarantee, endorse, contingently agree to purchase or otherwise become liable upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments for deposit or collection and except assumptions, guarantees, endorsements and contingencies (a) in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof, and (b) similar transactions in the ordinary course of business.

 

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11.7   Limitation on Liens.  Grant, or permit to be created, any lien other than the security interests created under the Security Agreement and any security interest which would constitute a Permitted Lien (as defined in the Security Agreement).

12.          Certain Affirmative Covenants.  So long as the Company shall have any obligation under this Note:

12.1   Payment of Taxes. The Company will promptly pay and discharge or cause to be paid and discharged, before the same shall become in default, all taxes and assessments imposed upon the Company or any of its subsidiaries or upon the income and profits of the Company or any of its subsidiaries, or upon any property, real, personal or mixed, belonging to the Company or any of its subsidiaries, or upon any part thereof by the United States or any State thereof, as well as all material claims for labor, materials and supplies which, if unpaid, would become a Lien upon such property or any part thereof; provided, however, that neither the Company nor any of its subsidiaries shall be required to pay and discharge or to cause to be paid and discharged any such tax, assessment, charge, levy or claim so long as both (i) the Company has established adequate reserves for such tax, assessment, charge, levy or claim and (ii) the Company or a subsidiary shall be contesting the validity thereof in good faith by appropriate proceedings.

12.2   Notice of Certain Events. The Company shall, immediately after it becomes aware of the occurrence of (i) any Event of Default (as hereinafter defined) or any event which, upon notice or lapse of time or both, would constitute such an Event of Default, or (ii) any action, suit or proceeding at law or in equity or by or before any governmental instrumentality or agency which could reasonably be expected to materially impair the right of the Company to carry on its business substantially as then conducted, or could reasonably be expected to have a material adverse effect on the properties, assets, financial condition, operating results or business of the Company and its subsidiaries taken as a whole, give notice to the holder of this Note, specifying the nature of such event.

12.3   Maintenance of Existence. The Company shall preserve, renew and maintain in full force and effect the corporate or organizational existence of the Company and its subsidiaries.

12.4   Maintenance of Property; Insurance. The Company shall:

(a)   maintain and preserve all of its property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted; and

(b)   maintain insurance with respect to its property and business with financially sound and reputable insurance companies that are not Affiliates of the Borrower, in such amounts and covering such risks as are usually insured against by similar companies engaged in the same or a similar business.

 

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12.5   Additional Collateral. With respect to any property acquired after the Closing Date by the Company or any of its subsidiaries, the Company shall promptly, and in any event within 30 days of acquiring such property:

(a)   execute and deliver to the Holder such supplements or amendments to the Security Agreement or such other documents as the Holder deems necessary or advisable to grant to the Holder a security interest in such property; and

(b)   take all actions necessary or advisable to grant to the Holder a perfected first priority security interest in such property, including the filing of UCC-1 financing statements in such jurisdictions as may be required by the Security Agreement or by law or as may be requested by the Holder.

13.          Waiver and Amendment.  The Company hereby waives demand for payment, presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity and diligence in taking any action to collect sums owing hereunder. Any waiver by the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Note.  The failure or delay of the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive the Holder of the right thereafter to insist upon strict adherence to that term or any other term of this Note.  Any waiver must be in writing.  Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder.  This Note may not be terminated or amended and the observance of any term of this Note may not be waived with respect to the Holder without the consent of the Holder.  Any waiver or amendment effected in accordance with this section shall be binding upon the Company and the Holder.

14.          Governing Law.  EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE PURCHASE AGREEMENT, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO OBLIGATIONS MADE AND PERFORMED IN THAT STATE, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

15.          Transfer.  This Note may be transferred or assigned by the Holder at any time and in any manner without the prior written consent of the Company, subject only to applicable securities laws. The Company may not transfer or assign this Note or any of its rights hereunder without the prior written consent of the Holder.  The Holder shall promptly notify the Company of any transfer or assignment of this Note.

16.          Notices.  Notices hereunder shall be made as described in the Purchase Agreement.

 

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17.          Stockholders, Officers and Directors Not Liable.  In no event shall any stockholder, officer or director of the Company be liable for any amounts due or payable pursuant to this Note.  This Note is solely an obligation of the Company.

18.          Loss of Note.  Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction) or surrender and cancellation of such Note (in the case of mutilation), the Company will make and deliver in lieu of such Note a new Note of like tenor.

19.          Waiver of Jury Trial. THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE, THE SECURITY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY.

20.          Remedies; Expenses. Upon the occurrence of any Event of Default and after any applicable cure period provided for herein, the Holder may, at its option, declare all indebtedness of principal and interest due and payable, whereupon this Note shall be immediately due and payable, and the Holder shall have and may exercise from time to time any and all rights and remedies available to it under any applicable law. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. The Company shall reimburse the Holder on demand for all of its reasonable out-of-pocket costs, expenses and fees (including reasonable expenses and fees of its legal counsel) incurred by the Holder in connection with the enforcement of the Holder's rights hereunder and under the Security Agreement.

[Signature page follows]

 

 

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IN WITNESS WHEREOF, the Company has executed and delivered this Note as of June [5], 2017.

 

	 	
COMPANY:

 

OPGEN, INC.,

a Delaware corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Timothy C. Dec	 
	 	 	Timothy C. Dec	 
	 	 	Chief Financial Officer	 
	 	 	 	 

 

 

  

9Exhibit 4.2

 

Execution Version

 

FIRST
AMENDMENT TO AMENDED AND RESTATED

CREDIT AND GUARANTY AGREEMENT 

 

THIS
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT (this “Amendment”) is entered into as
of April 28, 2017 by and among HERE TO SERVE – MISSOURI WASTE DIVISION, LLC, a Missouri limited liability company (“HTS
MWD”), HERE TO SERVE – GEORGIA WASTE DIVISION, LLC, a Georgia limited liability company (“HTS GWD”),
MERIDIAN WASTE OPERATIONS, INC., a New York corporation (“Operations”), MERIDIAN LAND COMPANY, LLC, a Georgia
limited liability company (“MLC”), CHRISTIAN DISPOSAL, LLC, a Missouri limited liability company (“Christian
Disposal”), FWCD, LLC, a Missouri limited liability company (“FWCD”), THE CFS GROUP, LLC, a Virginia
limited liability company (“CFS”), THE CFS GROUP DISPOSAL & RECYCLING SERVICES, LLC, a Virginia limited
liability company (“CFS Disposal”), RWG5, LLC, a Virginia limited liability company (“RWG5”),
MERIDIAN WASTE MISSOURI, LLC, a Missouri limited liability company (“Meridian Missouri”), and MERIDIAN INNOVATIONS,
LLC, a Georgia limited liability company (“Innovations”, and together with HTS MWD, HTS GWD, Operations, MLC,
Christian Disposal, FWCD, CFS, CFS Disposal, RWG5, and Meridian Missouri, the “Companies” and each, a “Company”),
MERIDIAN WASTE SOLUTIONS, INC., a New York corporation (“Holdings”) and certain subsidiaries of Holdings, the
Lenders from time to time party thereto and GOLDMAN SACHS SPECIALTY LENDING GROUP, L.P., as administrative agent for the Lenders
(in such capacity, the “Administrative Agent”), Collateral Agent and Lead Arranger.

 

RECITALS

 

A.           The Companies, Holdings, Lenders and Administrative Agent are parties to that certain
Amended and Restated Credit and Guaranty Agreement, dated as of February 15, 2017 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial
accommodations available to the Companies;

 

B.            The
Companies have requested that the Lenders amend certain provisions of the Credit Agreement, and, subject to the terms and conditions
hereof, the Lenders executing this Amendment are willing to do so; and

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and intending to be legally bound,
the parties hereto agree as follows:

 

A.
AMENDMENT

 

1.            Section
1.1 of the Credit Agreement is amended by replacing the definitions of “Consolidated Adjusted EBITDA” and “Indebtedness”
in their entirety with the following:\

 

“Consolidated
Adjusted EBITDA” means, for any period, an amount determined for Holdings and its Subsidiaries on a consolidated basis
equal to (i) the sum, without duplication, of the amounts for such period of (a) Consolidated Net Income, plus (b) Consolidated
Interest Expense, plus (c) provisions for taxes based on income, plus (d) total depreciation expense, plus (e) total amortization
expense, plus (f) Consolidated Corporate Overhead, plus (g) other non Cash items reducing Consolidated Net Income (excluding any
such non Cash item to the extent that it represents an accrual or reserve for potential Cash items in any future period or amortization
of a prepaid Cash item that was paid in a prior period), plus (h) with respect to any period ending on or prior to July 31, 2018,
the correlative amounts set forth on the draft schedule of “Meridian Monthly Scheduled Addbacks” delivered to the
Administrative Agent prior to the Restatement Date for each month in such period, in each case, to the extent that such amount
is satisfactory to the Administrative Agent in its sole discretion at the time included in the calculation of Consolidated Adjusted
EBITDA, plus (i) any other amounts approved by the Administrative Agent in its sole discretion, minus (ii) the sum, without duplication
of the amounts for such period of (a) other non Cash items increasing Consolidated Net Income for such period (excluding any such
non Cash item to the extent it represents the reversal of an accrual or reserve for potential Cash item in any prior period),
plus (b) interest income, plus (c) other income, plus (d) an amount equal to the total pro forma reduction in Consolidated Adjusted
EBITDA attributable to the termination of that certain Transfer Station Operation, Maintenance and Management Agreement, dated
as of November 8, 2007, between FWCD, LLC and The City of O’Fallon Missouri, determined as if such contract had terminated
on the first day of the applicable period, plus (e) the aggregate amount of any financing cost or discount under factoring agreements,
to the extent such discount is not already included in the calculation of Consolidated Net Income, including, without limitation,
any financing cost or discount under the DuPont-Citi Factoring Agreement. Notwithstanding the foregoing, Consolidated Adjusted
EBITDA for the period of twelve consecutive fiscal months ending on October 31, 2016 shall be equal to $13,509,437.

 

“Indebtedness,”
as applied to any Person, means, without duplication, (i) all indebtedness for borrowed money; (ii) that portion
of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with
GAAP; (iii) notes payable and drafts accepted representing extensions of credit whether or not representing obligations for
borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding
any such obligations incurred under ERISA); (v) all indebtedness secured by any Lien on any property or asset owned or held
by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse
to the credit of that Person; (vi) the face amount of any letter of credit issued for the account of that Person or as to
which that Person is otherwise liable for reimbursement of drawings; (vii) the direct or indirect guaranty, endorsement (otherwise
than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse
by such Person of the obligation of another; (viii) any obligation of such Person the primary purpose or intent of which is to
provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating
thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof;
(ix) any liability of such Person for an obligation of another through any agreement (contingent or otherwise) (a) to purchase,
repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of
such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain
the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described
under subclauses (a) or (b) of this clause (ix), the primary purpose or intent thereof is as described in clause (viii) above;
(x) all obligations of such Person in respect of any exchange traded or over the counter derivative transaction, including, without
limitation, any Interest Rate Agreement, whether entered into for hedging or speculative purposes; (xi) all Disqualified Stock
issued by such Person, with the amount of Indebtedness represented by such Disqualified Stock being equal to the greater of its
voluntary or involuntary liquidation preference and its maximum fixed repurchase price (for purposes hereof, the “maximum
fixed repurchase price” of any Disqualified Stock that does not have a fixed repurchase price shall be calculated in accordance
with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on which Indebtedness shall
be required to be determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value
of such Disqualified Stock); and (xii) all obligations under and with respect to factoring agreements, including, without limitation,
those obligations arising under the DuPont-Citi Factoring Agreement.

 

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2.            Section
1.1 of the Credit Agreement is further amended by adding the following new definitions in alphabetical order:

 

“DuPont-Citi
Factoring Agreement” means one or more accounts receivable purchase agreements, in form and substance reasonably acceptable
to the Administrative Agent, among a Credit Party (other than Holdings) and Citibank, N.A. or one of its affiliates with respect
to certain receivables payable to such Credit Party by E.I. du Pont de Nemours and Company, as it may be amended, supplemented
or otherwise modified from time to time.

 

“Permitted
Receivables Sale” means a sale of accounts receivable by any Credit Party under the DuPont-Citi Factoring Agreement
so long as the purchase price discount off par (or the original amount of such receivable) with respect to such sale is not more
than 1.25% of face value.

 

3.           
Section 6.1 of the Credit Agreement is amended by deleting the word “and” at the end of clause (j) and replacing
clause (k) of such Section in its entirety with the following:

 

(k)
Indebtedness of the Companies and their Subsidiaries under the DuPont-Citi Factoring Agreement consisting of the obligation to
repurchase certain accounts receivable sold thereunder in Permitted Receivables Sales in an aggregate amount not to exceed $150,000
at any time; provided, that such Indebtedness is secured only by such accounts receivable; and

 

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(l)
other unsecured Indebtedness of the Companies and their Subsidiaries other than the types listed in Section 6.1(a) – (k),
which is unsecured and subordinated to the Obligations in a manner satisfactory to Administrative Agent in an aggregate amount
not to exceed at any time $250,000.

 

4.             Section
6.9 of the Credit Agreement is amended by deleting the word “and” at the end of clause (g) of such Section, replacing
the period at the end of clause (h) of such Section with “; and”, and inserting the following new clause (i) immediately
after clause (h) of such Section:

 

(i)
Permitted Receivables Sales.

 

B.       EXTENSION
AND WAIVER 

 

As
of March 31, 2017, at your request, the Administrative Agent and Lenders hereby:

 

(i)            extend the date for satisfaction of Items 1, 2, and 3 set forth on Schedule 5.15 (i.e., delivery of an original stock certificate
and undated stock power, executed in blank, with respect to the Capital Stock of Mobile Science, Inc., consent of certain counterparties
to Capital Leases, delivery of control agreements with respect to certain Deposit Accounts) from March 31, 2017 to April 15, 2017;

 

(ii)           extend the date for satisfaction of Item 4 set forth on Schedule 5.15 (i.e., delivery of mortgages and other documents with respect
to certain Material Real Estate Assets) from March 31, 2017 to May 31, 2017 (or to such later date as agreed to in writing (including
by email) by the Administrative Agent in its sole discretion);

 

(iii)          waive the Event of Default that has occurred under Section 8.1(c) of the Credit Agreement due to the failure to deliver financial
statements for the months ending January 31, 2017 and February 28, 2017 on or prior to the date required under Section 5.1(a)
of the Credit Agreement; and

 

(iv)          extend the date for delivery of financial statements, including pro forma financial statements for the period of twelve consecutive
fiscal months ending on such date, under Section 5.1(a) of the Credit Agreement for the month ending March 31, 2017 to May 15,
2017 (or to such later date as agreed to in writing (including by email) by the Administrative Agent in its sole discretion).

 

C.       ADDITIONAL
AGREEMENT OF THE CREDIT PARTIES

 

1.             Notwithstanding
those certain Consent Letters, dated as of March 9, 2017, and March 29, 2017, by and among the Administrative Agent, Holdings
and the Companies, as of May 31, 2017, the Credit Parties shall cause the Leverage Ratio as of such date to be less than the Leverage
Multiple as of such date (in each case determined based on Consolidated Total Debt (excluding the Subordinated Debt and the Tranche
B Term Loans) as of May 31, 2017 and Consolidated Adjusted EBITDA for the period of twelve consecutive fiscal months ending on
the later of (a) the last day of the most recently ended month for which financial statements have been delivered and (b) March
31, 2017). If the Credit Parties fail to satisfy the requirement in this paragraph, it shall constitute an immediate Event of
Default under the Credit Agreement.

 

    	 	4	 

     

    

 

2.             As
of May 31, 2017, the Credit Parties shall not permit the ratio of (i) total Indebtedness for Holdings and its Subsidiaries as
of May 31, 2017 (excluding the Subordinated Debt) to (ii) Consolidated Adjusted EBITDA for the period of twelve consecutive fiscal
months ending on the later of (a) the last day of the most recently ended month for which financial statements have been delivered
and (b) March 31, 2017, to be greater than 6.50:1.00. If the Credit Parties fail to satisfy the requirement in this paragraph,
it shall constitute an immediate Event of Default under the Credit Agreement.

 

3.             Each
Credit Party hereby (i) reaffirms all of its obligations owing to the Administrative Agent under each Credit Document, (ii) covenants
and agrees that so long as any Commitment is in effect and until payment in full of all Obligations, each Credit Party shall perform,
and shall cause each of its Subsidiaries to perform, all obligations under the Credit Documents, including, without limitation,
all covenants in Section 5 of the Credit Agreement, and (iii) represents and warrants to the Administrative Agent and Lenders
that Holdings reasonably expects to and shall deliver, in accordance with Section 5.1 of the Credit Agreement, all consolidated
and consolidating balance sheets of Holdings and its Subsidiaries, other information required under Sections 5.1(b) and 5.1(c)
of the Credit Agreement and the related Compliance Certificates for the Fiscal Quarter ending March 31, 2017 and the fiscal months
ending February 28, 2017 and March 31, 2017, in each case on or prior to May 15, 2017.

 

D.       CONDITIONS
TO EFFECTIVENESS 

 

Notwithstanding
any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood
and agreed that this Amendment shall not become effective, the Credit Parties shall have no rights under this Amendment, until
Administrative Agent shall have received each of the following:

 

(i)            reimbursement or payment of its costs and expenses incurred in connection with this Amendment or the Credit Agreement (including
reasonable fees, charges and disbursements of counsel to Administrative Agent) to the extent invoiced prior to the date hereof;
and

 

(ii)           executed counterparts to this Amendment from each Company, each other Credit Party, and each of the Lenders.

 

E.       REPRESENTATIONS

 

To
induce the Lenders and Administrative Agent to enter into this Amendment, each Credit Party hereby represents and warrants to
the Lenders and the Administrative Agent that:

 

1.             The
execution, delivery and performance by such Credit Party of this Amendment (a) are within each Credit Party’s corporate
or limited liability company power; (b) have been duly authorized by all necessary corporate, limited liability company and/or
shareholder action, as applicable; (c) are not in contravention of any provision of any Credit Party’s certificate
of incorporation or formation, or bylaws or other organizational documents; (d) do not violate any law or regulation, or
any order or decree of any Governmental Authority; (e) do not conflict with or result in the breach or termination of, constitute
a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument
to which any Credit Party or any of its Subsidiaries is a party or by which any Credit Party or any such Subsidiary or any of
their respective property is bound; (f) do not result in the creation or imposition of any Lien upon any of the property of any
Credit Party or any of its Subsidiaries; and (g) do not require the consent or approval of any Governmental Authority or
any other person;

 

    	 	5	 

     

    

 

2.             This
Amendment has been duly executed and delivered for the benefit of or on behalf of each Credit Party and constitutes a legal, valid
and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms except as the
enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’
rights and remedies in general; and

 

3.            After
giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and the other Credit Documents
are true and correct in all material respects, and no Default or Event of Default has occurred and is continuing as of the date
hereof.

 

F.       OTHER AGREEMENTS

 

1.            Continuing
Effectiveness of Credit Documents. As amended hereby, all terms of the Credit Agreement and the other Credit Documents shall
be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Credit
Parties party thereto and each Credit Party reaffirms and ratifies all terms of the Credit Agreement, as amended hereby, and other
Credit Documents. To the extent any terms and conditions in any of the other Credit Documents shall contradict or be in conflict
with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby
deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby.
Upon the effectiveness of this Amendment such terms and conditions are hereby deemed modified and amended accordingly to reflect
the terms and conditions of the Credit Agreement as modified and amended hereby.

 

2.             Reaffirmation of Guaranty. Each Guarantor consents to the execution and delivery by the Companies of this Amendment and
the consummation of the transactions described herein, and ratifies and confirms the terms of the Guaranty to which such Guarantor
is a party with respect to the indebtedness now or hereafter outstanding under the Credit Agreement as amended hereby and all
promissory notes issued thereunder. Each Guarantor acknowledges that, notwithstanding anything to the contrary contained herein
or in any other document evidencing any indebtedness of any Company to the Lenders or any other obligation of any Company, or
any actions now or hereafter taken by the Lenders with respect to any obligation of any Company, the Guaranty to which such Guarantor
is a party (i) is and shall continue to be a primary obligation of such Guarantor, (ii) is and shall continue to be an absolute,
unconditional, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect
in accordance with its terms. Nothing contained herein to the contrary shall release, discharge, modify, change or affect the
original liability of any Guarantor under the Guaranty to which such Guarantor is a party.

 

3.             Acknowledgment
of Perfection of Security Interest. Each Credit Party hereby acknowledges that, as of the date hereof, the security interests
and liens granted to Administrative Agent and the Lenders under the Credit Agreement and the other Credit Documents are in full
force and effect, are properly perfected to the extent required under the Collateral Documents and are enforceable in accordance
with the terms of the Credit Agreement and the other Credit Documents.

 

    	 	6	 

     

    

 

4.             Effect
of Agreement. Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Credit
Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations
of the Credit Parties to the Lenders and Administrative Agent. Except as expressly provided herein, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement,
nor constitute a waiver of any provision of the Credit Agreement. This Amendment shall constitute a Credit Document for all purposes
of the Credit Agreement.

 

5.             Governing
Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York
and all applicable federal laws of the United States of America.

 

6.             No
Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation
of the Credit Agreement and the other Credit Documents or an accord and satisfaction in regard thereto.

 

7.             Costs
and Expenses. The Companies agree to pay on demand all costs and expenses of Administrative Agent in connection with the preparation,
execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside
counsel for Administrative Agent with respect thereto.

 

8.             Counterparts.
This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall
be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of
an executed counterpart of this Amendment by facsimile transmission, electronic transmission (including delivery of an executed
counterpart in .pdf format) shall be as effective as delivery of a manually executed counterpart hereof.

 

9.             Binding
Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors,
successors-in-titles, and assigns. No third party beneficiaries are intended in connection with this Amendment.

 

10.           Entire
Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth
herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

 

11.           Release.
Each Credit Party hereby releases, acquits, and forever discharges Administrative Agent and each of the Lenders, and
each and every past and present subsidiary, affiliate, stockholder, officer, director, agent, servant, employee, representative,
and attorney of Administrative Agent and the Lenders, from any and all claims, causes of action, suits, debts, liens, obligations,
liabilities, demands, losses, costs and expenses (including reasonable attorneys’ fees) of any kind, character, or nature whatsoever,
known or unknown, fixed or contingent, which such Credit Party may have or claim to have now or which may hereafter arise out
of or connected with any act of commission or omission of Administrative Agent or the Lenders existing or occurring prior to the
date of this Amendment or any instrument executed prior to the date of this Amendment including, without limitation, any claims,
liabilities or obligations arising with respect to the Credit Agreement or the other of the Credit Documents, other than claims,
liabilities or obligations caused by Administrative Agent’s or any Lender’s own gross negligence or willful misconduct.
The provisions of this paragraph shall be binding upon each Credit Party and shall inure to the benefit of Administrative Agent,
the Lenders, and their respective heirs, executors, administrators, successors and assigns.

 

[remainder
of page intentionally left blank]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.

 

	 	HERE TO SERVE – MISSOURI WASTE

 DIVISION, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	MERIDIAN WASTE SOLUTIONS, INC.
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	HERE TO SERVE – GEORGIA WASTE

 DIVISION, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	MERIDIAN WASTE OPERATIONS, INC.
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	MERIDIAN LAND COMPANY, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	CHRISTIAN DISPOSAL, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager

 

[Signature
Page to Fourth Amendment to Credit and Guaranty Agreement]

 

     

     

    

 

	 	FWCD, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	THE CFS GROUP, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	THE CFS GROUP DISPOSAL & RECYCLING

 SERVICES, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	RWG5, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	MERIDIAN WASTE MISSOURI, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager
	 	 	 
	 	MERIDIAN INNOVATIONS, LLC
	 	 	 
	 	By:	/s/
Jeffrey Cosman
	 	 	Name:
    Jeffrey Cosman
	 	 	Title:
    Manager

 

[Signature
Page to First Amendment to Amended and Restated Credit and Guaranty Agreement]

 

     

     

    

 

	 	GOLDMAN SACHS SPECIALTY LENDING

 GROUP, LP, as Administrative Agent
	 	 	 
	 	By:  	/s/
    Stephen W. Hipp
	 	 	Name:  Stephen
W. Hipp
	 	 	Title:  Senior
Vice President
	 	 	 
	 	GOLDMAN SACHS SPECIALTY LENDING

 HOLDINGS, INC., as a Lender
	 	 	 
	 	By:  	/s/
    Stephen W. Hipp
	 	 	Name:  Stephen
W. Hipp
	 	 	Title:  Senior
Vice President

 

[Signature
Page to First Amendment to Amended and Restated Credit and Guaranty Agreement]

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