EX-20.3 4 g00714exv20w3.htm AGREEMENT BETWEEN WASTE SERVICES AND KELSO INVESTMENT Agree. between Waste Services and Kelso Investment
 

EXHIBIT 20.3
     AGREEMENT effective as of the 30th day of March, 2006 among Waste Services, Inc., a Delaware corporation (“WSI”) and Kelso Investment Associates VI, L.P., a Delaware limited partnership, and KEP VI, LLC, a Delaware limited liability company, (collectively, the “Kelso Parties”).
     WHEREAS, the Kelso Parties are the holders of all of the issued and outstanding shares of Series A Preferred Stock of WSI;
     AND WHEREAS, WSI has, pursuant to the Fourth Amendment to Amended and Restated Credit Agreement dated as of December 28, 2005 (the “Fourth Amendment”), agreed to incur additional indebtedness in an aggregate principal amount of up to $50 million under the incremental term loan facility pursuant to Section 10.1(b) of the Amended and Restated Credit Agreement, dated as of April 30, 2004, as amended;
     AND WHEREAS, the Lenders under the incremental term loan facility have, pursuant to the Sixth Amendment to Amended and Restated Credit Agreement dated as of March 30, 2006 (the “Sixth Amendment”), agreed to extend the Incremental Term Loan Commitment Termination Date to May 31, 2006;
     AND WHEREAS, the Kelso Parties have agreed that the limitations and restrictions of the of the Amended Certificate of Designations of the Series A Preferred Stock of WSI shall be amended as provided herein.
     NOW, THEREFORE, it is agreed as follows:
  1.   Amendment to Section 5(c). The number $320 million in the parenthetical in the last sentence of Section 5(c) is hereby amended to read “$320 million plus the amount of additional indebtedness incurred under the incremental term loan facility pursuant to the Fourth Amendment and the Sixth Amendment”.
 
  2.   Amendments to Section 11.
 
      The definition of Amended and Restated Credit Agreement is hereby amended to provide that the aggregate term and revolving borrowings is $160 million plus the amount of additional indebtedness incurred under the incremental term loan facility pursuant to the Fourth Amendment and the Sixth Amendment.
 
      The definition of Committed Amount is hereby amended by inserting after the number $320 million the following: “plus the amount of additional indebtedness incurred under the incremental term loan facility pursuant to the Fourth Amendment and the Sixth Amendment”.
 
  3.   Certificate of Designations For the avoidance of doubt, the parties hereto hereby acknowledge and agree that the amendments to the Certificate of

 


 

      Designations contained in this agreement shall be deemed to be amendments to the Certificate of Designations.
  4.   Full Force and Effect. Except as provided herein, the Certificate of Designations shall continue in full force and effect in accordance with the provisions thereof.
     IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed as of the day and year first above written.
         
  WASTE SERVICES, INC.
 
 
  By:   /s/ Ivan R. Cairns    
    Ivan R. Cairns   
    Executive Vice-President and General Counsel   
 
  KELSO INVESTMENT ASSOCIATES VI, L.P.
 
 
  By:   /s/ J. Connors    
 
 
  Kelso GP VI, LLC, Its general partner   
 
     
  By:   /s/ J. Connors    
    Managing Member   
       
 
  KEP VI, LLC
 
 
  By:   /s/ J. Connors    
    Managing Member