Exhibit 10.5

EXECUTION VERSION

AMENDMENT NO. 4 TO FOURTH AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT

                    THIS AMENDMENT NO. 4 TO FOURTH AMENDED AND RESTATED CREDIT
AND SECURITY AGREEMENT (this “Amendment”) is entered into as of December 9,
2011, by and among (a) QUEST DIAGNOSTICS RECEIVABLES INC., a Delaware
corporation (together with its successors and permitted assigns, the
“Borrower”), (b) QUEST DIAGNOSTICS INCORPORATED, a Delaware corporation
(together with its successors, “Quest Diagnostics”), as initial servicer (in
such capacity, together with any successor servicer or sub-servicer, the
“Servicer”), (c) MARKET STREET FUNDING LLC, a Delaware limited liability
company, as assignee of Atlantic Asset Securitization LLC (“Market Street”), and
PNC BANK, NATIONAL ASSOCIATION, in its capacity as a Liquidity Bank to Market
Street and assignee of Crédit Agricole Corporate and Investment Bank (together
with its successors, “PNC” and together with Market Street, the “Market Street
Group”), (d) GOTHAM FUNDING CORPORATION, a Delaware corporation (together with
its successors, “Gotham” and together with Market Street, the “Conduits”), and
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, in its capacity as a
Liquidity Bank to Gotham (together with its successors, “BTMU” and, together
with Gotham, the “Gotham Group”), (e) PNC BANK, NATIONAL ASSOCIATION, in its
capacity as agent for the Market Street Group (together with its successors in
such capacity, the “Market Street Agent” or a “Co-Agent”), and THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, in its capacity as agent for the
Gotham Group (together with its successors in such capacity, the “Gotham Agent”
or a “Co-Agent”), and (f) THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK
BRANCH, as administrative agent for the Market Street Group, the Gotham Group
and the Co-Agents (in such capacity, together with any successors thereto in
such capacity, the “Administrative Agent” and together with each of the
Co-Agents, the “Agents”), with respect to that certain Fourth Amended and
Restated Credit and Security Agreement, dated as of June 11, 2008, by and among
the parties hereto as heretofore amended from time to time (the “Existing
Agreement,” which, as amended hereby, is hereinafter referred to as the
“Agreement”). Unless otherwise indicated, capitalized terms used in this
Amendment are used with the meanings attributed thereto in the Existing
Agreement.

W I T N E S S E T H :

 

 

 

 

          WHEREAS, the parties hereto desire to amend the Existing Agreement on
the terms and subject to the conditions hereinafter set forth.

 

 

 

 

                    NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the parties hereto hereby agree as follows:

 

 

 

 

          1. Amendments to Existing Agreement.

 

 

 

 

                    1.1. The preamble to the Existing Agreement is hereby
amended and restated in its entirety to read as follows:

 

 

 

 

          THIS FOURTH AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT is
entered into as of June 11, 2008, by and among:

 

 

 

 

 

          (1) QUEST DIAGNOSTICS RECEIVABLES INC., a Delaware corporation
(together with its successors and permitted assigns, the “Borrower”),

 

 

 

 

 

          (2) QUEST DIAGNOSTICS INCORPORATED, a Delaware corporation (together
with its successors, “Quest Diagnostics”), as initial servicer hereunder (in
such capacity,

 

 

 

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Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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together with any successor servicer or sub-servicer appointed pursuant to
Section 8.1, the “Servicer”),

 

 

 

 

 

          (3) MARKET STREET FUNDING LLC, a Delaware limited liability company,
as assignee of Atlantic Asset Securitization LLC (“Market Street”), and PNC
BANK, NATIONAL ASSOCIATION, in its capacity as a Liquidity Bank to Market Street
and assignee of Crédit Agricole Corporate and Investment Bank (together with its
successors, “PNC” and together with Market Street, the “Market Street Group”),

 

 

 

 

 

          (4) GOTHAM FUNDING CORPORATION, a Delaware corporation (together with
its successors, “Gotham”), and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK
BRANCH, in its capacity as a Liquidity Bank to Gotham (together with its
successors, “BTMU” and, together with Gotham, the “Gotham Group”),

 

 

 

 

 

          (5) PNC BANK, NATIONAL ASSOCIATION, in its capacity as agent for the
Market Street Group (together with its successors in such capacity, the “Market
Street Agent” or a “Co-Agent”), and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW
YORK BRANCH, in its capacity as agent for the Gotham Group (together with its
successors in such capacity, the “Gotham Agent” or a “Co-Agent”), and

 

 

 

 

 

          (6) THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as
administrative agent for the Market Street Group, the Gotham Group and the
Co-Agents (in such capacity, together with any successors thereto in such
capacity, the “Administrative Agent” and together with each of the Co-Agents,
the “Agents”),

 

 

 

 

 

and amends and restates in its entirety that certain Third Amended and Restated
Credit and Security Agreement dated as of April 20, 2004 originally by and among
the Borrower, the Servicer, Atlantic Asset Securitization LLC, Calyon New York
Branch, individually and as a co-agent, Variable Funding Capital Company LLC,
and Wachovia Bank, National Association, individually, as a co-agent and as
administrative agent, as amended from time to time prior to the date hereof (the
“Existing Agreement”).

 

                    1.2. Annex A to the Existing Agreement is hereby amended to
delete in their entirety the definitions of the following terms:

 

 

 

“Atlantic”

 

“Atlantic Agent”

 

“Atlantic Allocation Limit”

 

“Atlantic Fee Letter”

 

“Atlantic Group”

 

“Atlantic Group Termination Date”

 

“Atlantic Liquidity Agreement”

 

“Atlantic Liquidity Bank”

 

“Calyon”

 

“Calyon Roles”

 

“Crédit Agricole”

                    1.3. Annex A to the Existing Agreement is hereby amended to
insert the following new definitions in their appropriate alphabetical order:

 

 

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Fourth Amended and Restated Credit and Security Agreement

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          “Market Street” has the meaning provided in the preamble of this
Agreement.

 

 

 

 

 

          “Market Street Agent” has the meaning provided in the preamble of this
Agreement.

 

 

 

 

 

          “Market Street Allocation Limit” has the meaning set forth in Section
1.1(a).

 

 

 

 

 

          “Market Street Fee Letter” means that certain Market Street Fee Letter
dated as of December 9, 2011 by and among Quest Diagnostics, the Borrower,
Market Street, PNC Capital Markets LLC and the Market Street Agent, as the same
may be amended, restated, supplemented, replaced or otherwise modified from time
to time.

 

 

 

 

 

          “Market Street Group” has the meaning provided in the preamble of this
Agreement.

 

 

 

 

 

          “Market Street Group Termination Date” means December 7, 2012.

 

 

 

 

 

          “Market Street Liquidity Agreement” means the Liquidity Asset Purchase
Agreement dated as of December 9, 2011 among Market Street, the Market Street
Agent, and the Liquidity Banks from time to time party thereto, as the same may
be amended, restated, supplemented, replaced or otherwise modified from time to
time.

 

 

 

 

 

          “Market Street Liquidity Bank” means any Liquidity Bank that enters
into this Agreement and the Market Street Liquidity Agreement.

 

 

 

 

 

          “Market Street Roles” has the meaning set forth in Section 11.10(a).

 

 

 

 

 

          “PNC” has the meaning provided in the preamble of this Agreement.

 

 

 

 

 

          “Specified Government Ineligible” means a Specified Government
Receivable that does not meet each of the criteria in clauses (a)-(p) of the
definition of “Eligible Participation Interest.”

 

 

 

 

                    1.4. The definitions of the following defined terms that are
currently included in Annex A to the Existing Agreement are hereby amended and
restated in their entirety to read, respectively, as follows:

 

 

 

 

          “Gotham Group Termination Date” means December 7, 2012.

 

 

 

 

 

          “Scheduled Termination Date” means as to each Liquidity Bank, the
earlier to occur of December 7, 2012 and the date on which its Liquidity
Commitment(s) terminate(s) in accordance with the Liquidity Agreement to which
it is a party.

 

 

 

 

                    1.5. All remaining references in the Existing Agreement
(including, without limitation, Annex A thereto) to any term in column A of the
table below are hereby replaced with references to the adjacent term in column B
of the table below:

 

 

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Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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A

 

B

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“Atlantic”

 

“Market Street”

 

 

 

“Atlantic Agent”

 

“Market Street Agent”

 

 

 

“Atlantic Allocation Limit”

 

“Market Street Allocation Limit”

 

 

 

“Atlantic Fee Letter”

 

“Market Street Fee Letter”

 

 

 

“Atlantic Group”

 

“Market Street Group”

 

 

 

“Atlantic Group Termination Date”

 

“Market Street Group Termination Date”

 

 

 

“Atlantic Liquidity Agreement”

 

“Market Street Liquidity Agreement”

 

 

 

“Atlantic Liquidity Bank”

 

“Market Street Liquidity Bank”

 

 

 

“Calyon,” “Crédit Agricole” or “Credit Agricole”

 

“PNC”

 

 

 

“Calyon New York Branch,” “Crédit Agricole Corporate and Investment Bank New
York Branch” or “Credit Agricole Corporate and Investment Bank New York Branch”

 

“PNC Bank, National Association”

 

 

 

“Calyon Role” or “Calyon Roles”

 

“PNC Role” or “PNC Roles”

                    1.6. Section 5.1 of the Existing Agreement is hereby deleted
in its entirety and replaced with “[Intentionally deleted].”

                    2. Representations.

                    2.1. Each of the Loan Parties represents and warrants to the
Lenders and the Agents that it has duly authorized, executed and delivered this
Amendment and that the Agreement constitutes, a legal, valid and binding
obligation of such Loan Party, enforceable in accordance with its terms (except
as enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws affecting the enforcement of creditors’ rights generally or by
equitable principles relating to enforceability).

                    2.2. Each of the Loan Parties further represents and
warrants to the Lenders and the Agents that each of its representations and
warranties set forth in Section 6.1 of the Agreement is true and correct as of
the date hereof and that no Event of Default or Unmatured Default exists as of
the date hereof and is continuing.

 

 

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Fourth Amended and Restated Credit and Security Agreement

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                    3. Conditions Precedent. This Amendment shall become
effective as of the date first above written upon satisfaction of the following
conditions precedent:

 

 

 

 

          (a) receipt by the Administrative Agent of counterparts of that
certain Assignment and Assumption Agreement, dated as of December 9, 2011 (the
“Assignment and Assumption”), by and among Atlantic Asset Securitization LLC,
Crédit Agricole Corporate and Investment Bank, individually and as a Co-Agent,
Market Street Funding LLC, and PNC Bank, National Association, individually and
as a Co-Agent, duly executed by the parties thereto, and payment in full of all
amounts required to be paid thereunder;

 

 

 

 

 

          (b) receipt by the Administrative Agent of a Notice of Effectiveness,
dated as of December 9, 2011 executed by the Administrative Agent and the
Borrower with respect to the Assignment and Assumption;

 

 

 

 

 

          (c) receipt by the Administrative Agent of counterparts of this
Amendment, duly executed by each of the parties hereto;

 

 

 

 

 

          (d) receipt by the Gotham Agent of an amended and restated version of
the Gotham Fee Letter, duly executed by the parties thereto, together with
payment the upfront fee specified therein;

 

 

 

 

 

          (e) receipt by the Market Street Agent of the Market Street Fee
Letter, duly executed by the parties thereto, together with payment the upfront
fee specified therein;

 

 

 

 

 

          (f) receipt by the Market Street Agent of the Market Street Liquidity
Agreement, duly executed by each of the parties thereto;

 

 

 

 

 

          (g) receipt by the Market Street Agent of opinion reliance letters
from Shearman & Sterling LLP and William J. O’Shaughnessy in favor of PNC Bank,
National Association, individually and as a Co-Agent, and Market Street Funding
LLC, in respect of the opinions delivered in connection with the Existing
Agreement and the Sale Agreement;

 

 

 

 

 

          (h) receipt by the Administrative Agent of a certificate of an
assistant secretary of the Borrower, certifying that (i) the attached copy of
the resolutions of its Board of Directors authorizing the execution, delivery
and performance of the Transaction Documents remain in full force and effect,
(ii) the attached copies of its certificate of incorporation and by-laws remain
in full force and effect, (iii) the Borrower remains in good standing in the
State of Delaware, and (iv) the names, title and specimen signatures of the
Borrower’s officers who are authorized to execute this Amendment and any other
Transaction Document;

 

 

 

 

 

          (i) receipt by the Administrative Agent of amendments to the
Collection Account Agreements with Bank of America, N.A. and PNC, adding
additional Collection Accounts thereto, duly executed by each of the parties to
such Collection Account Agreements;

 

 

 

 

 

          (j) receipt by the Gotham Agent of payment of $1,077,000 of Gotham’s
Capital in immediately available funds, and by the Borrower of the proceeds of a
Loan from Market Street in the amount of $1,077,000; and

 

 

 

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Fourth Amended and Restated Credit and Security Agreement

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          (k) receipt by the Agents of payment of the reasonable fees and
disbursements of their respective counsel.

 

                    By their respective signatures on counterparts of this
Amendment, each of the parties hereto hereby consents to the payment and Loan
described in clause (j) above, provided that after giving effect thereto, each
Group’s share of the outstanding principal balance of the Advances will be pro
rata with its share of the Aggregate Commitment.

                    4. Miscellaneous.

                    4.1. Except as expressly amended hereby, the Existing
Agreement shall remain unaltered and in full force and effect, and each of the
parties hereby ratifies and confirms the Agreement and each of the other
Transaction Documents to which it is a party.

                    4.2. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICTS OF LAW.

                    4.3. EACH LOAN PARTY HEREBY ACKNOWLEDGES AND AGREES THAT:

 

 

                    4.3.1. IT IRREVOCABLY (i) SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL
JURISDICTION IS NOT AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE
SITTING IN NEW YORK COUNTY, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THE AGREEMENT, AND (ii) WAIVES, TO THE FULLEST EXTENT IT MAY
EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF AN
ACTION OR PROCEEDING IN SUCH COURTS.

 

 

 

                    4.3.2. TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE
ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS
(WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN
AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS
OBLIGATIONS UNDER OR IN CONNECTION WITH THE AGREEMENT.

 

                    4.4. This Amendment may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
when taken together shall constitute one and the same Amendment.

<Signature pages follow>

 

 

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Quest Diagnostics Receivables Inc.
Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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                    IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the date first above written.

 

 

 

QUEST DIAGNOSTICS RECEIVABLES INC.

 

 

 

By:

/s/ Robert F. O’Keef

 

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    Name:

Robert F. O’Keef

 

    Title:

Vice President and Treasurer

 

 

 

QUEST DIAGNOSTICS INCORPORATED

 

 

 

By:

/s/ Robert F. O’Keef

 

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    Name:

Robert F. O’Keef

 

    Title:

Vice President and Treasurer

 

 

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Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, INDIVIDUALLY

 

 

 

 

By:

/s/ T. Kobayashi

 

 

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    Name:

T. Kobayashi

 

 

    Title:

Authorized Signatory

 

 

 

 

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, AS GOTHAM AGENT

 

 

 

 

By:

/s/ Aditya Reddy 

 

 

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    Name:

Aditya Reddy 

 

 

    Title:

Managing Director 

 

 

 

 

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

 

 

 

 

By:

/s/ Aditya Reddy 

 

 

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    Name:

Aditya Reddy 

 

 

    Title:

Managing Director 

 

 

 

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Quest Diagnostics Receivables Inc.
Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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GOTHAM FUNDING CORPORATION

 

 

 

 

By:

/s/ David V. DeAngelis

 

 

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    Name:

David V. DeAngelis

 

 

    Title:

Vice President

 

 

 

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Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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PNC BANK, NATIONAL ASSOCIATION, INDIVIDUALLY AND AS MARKET STREET AGENT

 

 

 

 

By:

/s/ Michael A. Richards

 

 

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    Name:

Michael A. Richards

 

 

    Title:

SeniorVice President

 

 

 

PNC Bank, National Association

 

 

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Quest Diagnostics Receivables Inc.
Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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MARKET STREET FUNDING LLC

 

 

 

 

By:

/s/ Doris J. Hearn

 

 

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    Name:

Doris J. Hearn

 

 

    Title:

Vice President

 

 

 

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Quest Diagnostics Receivables Inc.
Amendment No. 4 to
Fourth Amended and Restated Credit and Security Agreement

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