EXHIBIT 10.3

Execution Version

 

 

 

 

 

Stericycle, Inc.

___________________________________

Second Amendment

Dated as of July 28, 2017

to

Note Purchase Agreement

Dated as of August 18, 2010

___________________________________

Re:3.89% Senior Notes, Series A, due October 15, 2017

and

4.47% Senior Notes, Series B, due October 15, 2020

 

 

 

 

 

Exhibit 10.3

4242756

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Second Amendment to Note Purchase Agreement

This Second Amendment dated as of July 28, 2017 (the or this “Agreement”) to the
Note Purchase Agreement referred to below is between Stericycle, Inc., a
Delaware corporation (the “Company”), and each of the institutions which is a
signatory to this Agreement (collectively, the “Noteholders”).

Recitals:

Whereas, the Company and each of the Noteholders have heretofore entered into
the Note Purchase Agreement dated as of August 18, 2010 as amended by the First
Amendment to the Note Purchase Agreement dated as of August 13, 2015 (as
amended, the “Note Purchase Agreement”), pursuant to which the Company issued on
or about October 15, 2010 (a) $175,000,000 aggregate principal amount of its
3.89% Senior Notes, Series A, due October 15, 2017 (as amended, the “Series A
Notes”) and (b) $225,000,000 aggregate principal amount of its 4.47% Senior
Notes, Series B, due October 15, 2020 (as amended, the “Series B Notes” and
together with the Series A Notes, collectively, the “Notes”);

Whereas, the Company and the Noteholders now desire to amend the Note Purchase
Agreement and the Notes in the respects, but only in the respects, hereinafter
set forth;

Whereas, all capitalized terms used herein and not defined herein shall have the
meaning specified in the Note Purchase Agreement;

Whereas, all requirements of law have been fully complied with and all other
acts and things necessary to make this Agreement a valid, legal and binding
instrument according to its terms for the purposes herein expressed have been
done or performed.

Now, therefore, upon the full and complete satisfaction of the conditions
precedent to effectiveness set forth in Section 3.1 hereof, and for good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the Company and each of the Noteholders do hereby agree as
follows:

Section 1.

Amendments.

Section 1.1.Section 10.1(a) of the Note Purchase Agreement is hereby amended and
restated in its entirety to read as follows:  

(i) The Company will not permit the Consolidated Leverage Ratio as of the end of
any fiscal quarter of the Company to exceed  3.75 to 1.00; provided that if the
Consolidated Leverage Ratio, on a pro forma basis as of any such date and
immediately after giving effect to the settlement payment of the MDL Contract
Action, is greater than 3.50 to 1.00, the Company may, in its sole discretion,
elect to increase the maximum Consolidated Leverage

 

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Stericycle, Inc.

Second Amendment

 

Ratio permitted by this Section 10.1(a)(i) to 4.00 to 1.00 as of the end of the
fiscal quarter in which the settlement payment of the MDL Contract Action
occurred and in any subsequent fiscal quarter ending on or prior to September
30, 2018 (the “MDL Period”); provided further in no event shall the elevated
ratio permitted by the immediately preceding proviso extend after September 30,
2018.  Such election shall be made by the delivery of a written notice by the
Company to the holders of Notes making reference to this Section 10.1(a) and
notifying the holders of Notes of the Company’s election to increase the maximum
Consolidated Leverage Ratio as provided above on or prior to the date of the
actual or required delivery of a certificate required under Section 7.2 for the
fiscal quarter in which the settlement payment of the MDL Contract Action
occurred; and

(ii) If at the end of any fiscal quarter of the Company during the MDL Period
the Consolidated Leverage Ratio exceeded 3.75 to 1.00 (an “MDL Leverage
Increase”), the per annum interest rate (including any Default Rate, if
applicable) otherwise applicable to each series of the Notes as specified in the
first paragraph thereof shall be increased by 50 basis points (.50%) (the “MDL
Leverage Increased Interest Rate”) from the date of such MDL Leverage Increase
to but not including the date that the Consolidated Leverage Ratio is 3.75 to
1.00 or less.  The Company shall promptly, and in any event within 10 Business
Days, following an MDL Leverage Increase notify the holders of the Notes in
writing that an MDL Leverage Increase has commenced and the date of such
commencement.  Payment of the MDL Leverage Increased Interest Rate shall not
constitute a waiver of any Default or Event of Default hereunder.”

Section 1.2.Additional Definitions.  Schedule B to the Note Purchase Agreement
is hereby amended to insert the following definitions, each in its respective
alphabetical order:

“Bank Credit Agreement” means the Second Amended and Restated Credit Agreement
dated as of June 3, 2014 by and among the Company, certain Subsidiaries of the
Company named therein, Bank of America, N.A., as administrative agent, and the
other financial institutions party thereto, as amended, restated, joined,
supplemented or otherwise modified from time to time, and any renewals,
extensions or replacements thereof, which constitute the primary bank credit
facility of the Company and its Subsidiaries.

“MDL Contract Action” means the claims made against the Company in In re:
Stericycle, Inc., Steri-Safe Contract Litigation,

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Stericycle, Inc.

Second Amendment

 

Case No. 13 C 5795, MDL No. 2455 brought in the United States District Court for
the Northern District of Illinois Eastern Division.

“MDL Leverage Increase” is defined in Section 10.1(a)(ii).

“MDL Leverage Increased Interest Rate” is defined in Section 10.1(a)(ii).

“MDL Period” is defined in Section 10.1(a)(i).

“Other Note Agreements” means each of the following note purchase agreements
among the Company and the holders of notes party thereto: (i) the Note Purchase
Agreement dated as of October 22, 2012, (ii) the Note Purchase Agreement dated
as April 30, 2015 and (iii) the Note Purchase Agreement dated as of October 1,
2015, each as amended, restated, joined, supplemented or otherwise modified from
time to time.

“Second Amendment” means the Second Amendment dated as of July 28, 2017 to this
Agreement between the Company and the holders party thereto.

“Term Loan Agreement” means the Term Loan Credit Agreement dated as of August
21, 2015 by and among the Company, certain Subsidiaries of the Company named
therein, Bank of America, N.A., as administrative agent, and the other financial
institutions party thereto, as amended, restated, joined, supplemented or
otherwise modified from time to time.

Section 1.3.Amended Definitions.  Schedule B to the Note Purchase Agreement is
hereby amended by amending and restating each of the following definitions in
its entirety to read as follows:

“Consolidated EBITDA” means, for any period, for the Company and its
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income
for such period plus (a) the following to the extent deducted in calculating
such Consolidated Net Income: (i) Consolidated Interest Charges for such period,
(ii) the provision for federal, state, local and foreign income taxes payable by
the Company and its Subsidiaries for such period, (iii) depreciation and
amortization expense, (iv) other non-recurring expenses of the Company and its
Subsidiaries reducing such Consolidated Net Income which do not represent a cash
item in such period or any future period, (v) non-cash stock compensation
expenses of the Company and its Subsidiaries incurred in such

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Stericycle, Inc.

Second Amendment

 

period, (vi) up to $45,000,000 in the aggregate of cash charges associated with
the settlement of the TCPA Action, (vii) up to $295,000,000 in the aggregate of
cash charges associated with the settlement of the MDL Contract Action, and
(viii) up to $5,000,000 in the aggregate of cash charges related to legal fees
and expenses associated with (x) the MDL Contract Action, (y) the Second
Amendment and (z) the corresponding amendments to the Bank Credit Agreement, the
Term Loan Agreement and Other Note Agreements minus (b) the following to the
extent included in calculating such Consolidated Net Income: (i) federal, state,
local and foreign income tax credits of the Company and its Subsidiaries for
such period and (ii) all non-cash items increasing Consolidated Net Income for
such period; provided, however, that Consolidated EBITDA shall be increased by
the amount of Transaction Costs incurred during such period to the extent such
amount was deducted in determining Consolidated Net Income for such period.  For
purposes of calculating Consolidated EBITDA for any period of four consecutive
quarters, if during such period the Company or any Subsidiary shall have made
any Acquisition or disposed of any Person or of all or substantially all of the
operating assets of any Person, Consolidated EBITDA for such period shall be
calculated after giving pro forma effect thereto as if such transaction occurred
on the first day of such period.

“Increased Interest Rate” means the occurrence of a Primary Increased Interest
Rate, the Secondary Increased Interest Rate or MDL Leverage Increased Interest
Rate, as applicable.

Section 2.

Representations and Warranties of the Company.

Section 2.1.To induce the Noteholders to execute and deliver this Agreement, the
Company represents and warrants (which representations shall survive the
execution and delivery of this Agreement) to the Noteholders that:

(a)this Agreement has been duly authorized, executed and delivered by the
Company and, upon execution and delivery thereof by the parties hereto, this
Agreement constitutes the legal, valid and binding obligation, contract and
agreement of the Company enforceable against it in accordance with its terms,
except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally;

(b)the Note Purchase Agreement, as amended by this Agreement, constitutes the
legal, valid and binding obligation, contract and agreement of the Company
enforceable against it in accordance with its terms, except as enforcement may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
or equitable principles relating to or limiting creditors’ rights generally;

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Stericycle, Inc.

Second Amendment

 

(c)the execution, delivery and performance by the Company of this Agreement
(i) has been duly authorized by all requisite corporate actions on the part of
the Company, (ii) does not require the consent or approval of any governmental
or regulatory body or agency, and (iii) will not (A) violate (1) any provision
of law, statute, rule or regulation applicable to the Company or its certificate
of incorporation or bylaws, (2) any order of any court or any rule, regulation
or order of any other agency or government binding upon it, or (3) any provision
of any material indenture, agreement or other instrument to which it is a party
or by which its properties or assets are or may be bound, or (B) result in a
breach or constitute (alone or with due notice or lapse of time or both) a
default under any indenture, agreement or other instrument referred to in clause
(iii)(A)(3) of this Section 2.1(c);

(d)as of the date hereof and after giving effect to this Agreement, no Default
or Event of Default has occurred which is continuing; and

(e)the representations and warranties contained in Section 5 of the Note
Purchase Agreement are true and correct in all material respects with the same
force and effect as if made by the Company on and as of the date hereof, except
to the extent that any such representation or warranty expressly relates to an
earlier date.

Section 3.

Conditions to Effectiveness of Amendments and Waivers.

Section 3.1.The amendments to the Note Purchase Agreement set forth herein shall
not become effective until, and shall become effective when (the “Effective
Date”), each of the following conditions shall have been satisfied:

(a)executed counterparts of this Agreement, duly executed by the Company and the
holders of 51% in principal amount of the outstanding Notes, shall have been
delivered to the Noteholders;

(b)copies of a favorable written opinion of counsel to the Company addressed to
each of the Noteholders as to matters set forth in Section 2.1(a) through (c)
hereof (provided that the opinion regarding Section 2.1(c)(iii)(3) will relate
to the Other Note Agreements, Bank Credit Agreement and the Term Loan Agreement
(each as defined in the Note Purchase Agreement after giving effect to this
Agreement)), in form and substance satisfactory to the Noteholders, shall have
been delivered to the Noteholders;

(c)the representations and warranties of the Company set forth in Section 2
hereof shall be true and correct on and with respect to the date hereof, and the
execution and delivery by the Company of this Agreement shall constitute
certification by the Company of the same;

(d)the Company shall have paid a fee to each holder of Notes equal to five basis
points (.05%) on the outstanding principal amount of Notes held by each such
holder of Note as of the Effective Date;

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Stericycle, Inc.

Second Amendment

 

(e)the Company shall have paid the fees and expenses of Chapman and Cutler LLP,
special counsel to the Noteholders, incurred in connection with the negotiation,
preparation, approval, execution and delivery of this Agreement for which an
invoice has been provided;

(f)the Company shall have delivered copies of an amendment to each of the Bank
Credit Agreement and the Term Loan Agreement (as defined in the Note Purchase
Agreement after giving effect to this Agreement), each amending such agreements
in substance consistent with the amendments to the Note Purchase Agreement as
contemplated by this Agreement; and

(g)the Company shall have delivered copies of an amendment to each of the Other
Note Agreements (as defined in the Note Purchase Agreement after giving effect
to this Agreement) between the Company and the purchasers named therein, each
amending such agreements in substance consistent with the amendments to the Note
Purchase Agreement as contemplated by this Agreement.

Upon receipt and satisfaction of all of the foregoing, such amendments shall
become effective.

Section 4.

Miscellaneous.

Section 4.1. Upon a request from any Noteholder, the Company will replace each
Note currently held by such Noteholder with a revised Note in the form of
Exhibit 1(a) or 1(b), as applicable, as amended by that certain First Amendment
referenced in the recitals of this Agreement.  The form of Note under the Note
Purchase Agreement includes a reference to the “Increased Interest Rate” and the
Company acknowledges that such reference shall be deemed to reference the
Increased Interest Rate as defined in the Note Purchase Agreement after giving
effect to this Amendment.

Section 4.2.This Agreement shall be construed in connection with and as part of
the Note Purchase Agreement, and except as modified and expressly amended by
this Agreement, all terms, conditions and covenants contained in the Note
Purchase Agreement are hereby ratified and confirmed and shall be and remain in
full force and effect.

Section 4.3.Any and all notices, requests, certificates and other instruments,
including the Notes, may refer to the “Note Purchase Agreement” or the “Note
Purchase Agreement dated as of August 18, 2010” without making specific
reference to this Agreement, but nevertheless all such references shall be
deemed to include this Agreement unless the context shall otherwise require.

Section 4.4.The descriptive headings of the various Sections or parts of this
Agreement are for convenience only and shall not affect the meaning or
construction of any of the provisions hereof.

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Stericycle, Inc.

Second Amendment

 

Section 4.5.This Agreement shall be governed by and construed in accordance with
New York law excluding choice‑of‑law principles of the law of New York that
would require the application of the laws of jurisdiction other than New York.

Section 4.6.This Agreement may be executed in any number of counterparts, each
executed counterpart constituting an original, but all together only one
agreement.  This Agreement, together with the Note Purchase Agreement (as
amended hereby) and the Notes, constitutes the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter
hereof.  Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or other electronic imaging means shall be effective as
delivery of a manually executed counterpart of this Agreement.

 

 

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Stericycle, Inc.

Second Amendment

 

In Witness Whereof, the parties hereto have executed this Agreement as of the
Effective Date.

 

Stericycle, Inc.

 

 

 

 

 

 

By

 

/s/ Daniel V. Ginnetti

 

Name:

Daniel V. Ginnetti

 

Title:

Chief Financial Officer, Executive Vice

 

 

President

 

 

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Metropolitan Life Insurance Company

 

 

 

 

 

 

By

 

/s/ John Wills

 

Name:

John Wills

 

Title:

Senior Vice President & Managing Director

 

Union Fidelity Life Insurance Company

by MetLife Investment Advisors, LLC, Its Investment

 

Adviser

 

 

 

By

 

/s/ Frank O. Montfalcone

 

Name:

Frank O. Montfalcone

 

Title:

Managing Director

 

Lincoln Benefit Life Company

by MetLife Investment Advisors, LLC, Its

 

Investment Adviser

 

 

 

By

 

/s/ Frank O. Montfalcone

 

Name:

Frank O. Montfalcone

 

Title:

Managing Director

 

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Allstate Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Ryan Anderson

 

Name:

Ryan Anderson

 

 

 

 

 

 

By

 

/s/ Jerry D. Zinkula

 

Name:

Jerry D. Zinkula

 

Allstate Life Insurance Company Of New York

 

 

 

 

 

 

By

 

/s/ Ryan Anderson

 

Name:

Ryan Anderson

 

 

 

 

 

 

By

 

/s/ Jerry D. Zinkula

 

Name:

Jerry D. Zinkula

 

American Heritage Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Ryan Anderson

 

Name:

Ryan Anderson

 

 

 

 

 

 

By

 

/s/ Jerry D. Zinkula

 

Name:

Jerry D. Zinkula

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

New York Life Insurance Company

 

 

 

 

 

 

By

 

/s/ A. Post Howland

 

Name:

A. Post Howland

 

Title:

Vice President

 

New York Life Insurance And Annuity Corporation

 

 

 

by NYL Investors LLC Its Investment Manager

 

 

 

 

 

 

By

 

/s/ A. Post Howland

 

Name:

A. Post Howland

 

Title:

Vice President

 

New York Life Insurance and Annuity

 

Corporation Institutionally Owned Life

 

Insurance Separate Account (BOLI 30C)

 

 

 

by NYL Investors LLC Its Investment Manager

 

 

 

 

 

 

By

 

/s/ A. Post Howland

 

Name:

A. Post Howland

 

Title:

Vice President

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Hartford Life Insurance Company

Hartford Life and Accident Insurance Company

Hartford Fire Insurance Company

 

 

 

By: Hartford Investment Management Company

 

 Their Agent and Attorney-in-Fact

 

 

 

 

 

 

By

 

/s/ John Knox

 

Name:

John Knox

 

Title:

Senior Vice President

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Nationwide Life Insurance Company

Nationwide Life and Annuity Insurance Company

 

 

 

 

 

 

By

 

/s/ Jason Comisar

 

Name:

Jason Comisar

 

Title:

Authorized Signatory

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Massachusetts Mutual Life Insurance Company

by Barings LLC as Investment Adviser

 

 

 

By

 

/s/ Andrew T. Kleeman

 

Name:

Andrew T. Kleeman

 

Title:

Managing Director

 

C.M. Life Insurance Company

by Barings LLC as Investment Adviser

 

 

 

By

 

/s/ Andrew T. Kleeman

 

Name:

Andrew T. Kleeman

 

Title:

Managing Director

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

RiverSource Life Insurance Company

 

 

 

 

By

 

/s/ Thomas W. Murphy

 

Name:

Thomas W. Murphy

 

Title:

Vice President - Investments

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Thrivent Financial For Lutherans

 

 

 

 

By

 

/s/ Martin Rosucker

 

Name:

Martin Rosucker

 

Title:

Managing Director

 

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

The Lincoln National Life Insurance Company

 

 

 

by Macquarie Investment Management Advisers, a series of Macquarie Investment
Management Business Trust, Attorney-in-Fact

 

 

 

By

 

/s/ Phillip Lee

 

Name:

Phillip Lee

 

Title:

Vice President

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

The Northwestern Mutual Life Insurance Company

 

 

 

by Northwestern Mutual Investment Management Company, LLC, Its Investment
Adviser

 

 

 

By

 

/s/ David A. Barras

 

Name:

David A. Barras

 

Title:

Managing Director

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Jackson National Life Insurance Company

 

 

 

by PPM America, Inc. as attorney in fact, on behalf of Jackson National Life
Insurance Company

 

 

 

By

 

/s/ Luke S. Stifflear

 

Name:

Luke S. Stifflear

 

Title:

Senior Managing Director

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Allianz Life Insurance Company of North America

 

 

 

by Allianz Global Investors U.S. LLC

 

As the authorized signatory and investment manager

 

 

 

 

 

 

By

 

/s/ Lawrence Halliday

 

Name:

Lawrence Halliday

 

Title:

Managing Director

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

AXA Equitable Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Amy Judd

 

Name:

Amy Judd

 

Title:

Investment Officer

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Southern Farm Bureau Life Insurance Company

 

 

 

 

 

 

By

 

/s/ David Devine

 

Name:

David Devine

 

Title:

Senior Portfolio Manager

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

PHL Variable Insurance Company

 

 

 

 

 

 

By

 

/s/ Christopher M. Wilkos

 

Name:

Christopher M. Wilkos

 

Title:

Vice President

 

 

 

Phoenix Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Christopher M. Wilkos

 

Name:

Christopher M. Wilkos

 

Title:

Vice President

 

 

 

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Stericycle, Inc.

Second Amendment

 

 

Accepted and Agreed to:

 

Modern Woodmen of America

 

 

 

 

 

 

By

 

/s/ Aaron R. Birkland

 

Name:

John Wills

 

Title:

Portfolio Manager, Private Placements

 

 

 

 

 

 

 

 

 

By

 

/s/ Christopher M. Cramer

 

Name:

Christopher M. Cramer

 

Title:

Manager, Fixed Income

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

United of Omaha Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Justin P. Kavan

 

Name:

Justin P. Kavan

 

Title:

Senior Vice President

 

 

Companion Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Justin P. Kavan

 

Name:

Justin P. Kavan

 

Title:

Senior Vice President

 

 

Mutual of Omaha Life Insurance Company

 

 

 

 

 

 

By

 

/s/ Justin P. Kavan

 

Name:

Justin P. Kavan

 

Title:

Senior Vice President

 

 

 

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Woodmen of the World Life Insurance Society

 

 

 

 

 

 

By

 

/s/ Dean Holdsworth

 

Name:

Dean Holdsworth

 

Title:

Director Mortgage Loan/RE

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Knights of Columbus

 

 

 

 

 

 

By

 

/s/ Gilles Marchand

 

Name:

Gilles Marchand

 

Title:

Vice President, Credit Portfolio Manager

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Physicians Insurance a Mutual Company

CSAA Insurance Exchange

 

 

 

 

 

 

By

 

/s/ Naomi Joy

 

Name:

Naomi Joy

 

Title:

Vice President

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Country Life Insurance Company

 

 

 

 

 

 

By

 

/s/ John Jacobs

 

Name:

John Jacobs

 

Title:

Director – Fixed Income

 

 

 

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Stericycle, Inc.

Second Amendment

 

Accepted and Agreed to:

 

Physicians Mutual Insurance Company

 

 

 

by Prudential Private Placement Investors, L.P. (as Investment Advisor)

 

 

 

by Prudential Private Placement Investors, Inc. (as its General Partner)

 

 

 

 

 

 

By

 

/s/ Physicians Mutual Insurance Company

 

Name:

 

 

Title:

Vice President