Exhibit 10.5

CITIBANK, N.A.
CITIGROUP GLOBAL
MARKETS INC.
390 Greenwich Street
New York, New York 10013

 

J.P. MORGAN SECURITIES INC.
JPMORGAN CHASE BANK, N.A.
270 Park Avenue
New York, New York 10017

 

BANC OF AMERICA
SECURITIES LLC
BANK OF AMERICA, N.A.
Nine West 57th Street
New York, New York 10019

 

 

 

 

 

GOLDMAN SACHS CREDIT
PARTNERS L.P.
85 Broad Street
New York, New York 10004

MORGAN STANLEY
SENIOR FUNDING, INC.
1585 Broadway
New York, New York 10036

 

CONFIDENTIAL

July 30, 2007

The ServiceMaster Company
860 Ridge Lake Boulevard
Memphis, Tennessee  38120
Attention:  Treasurer

The Senior Managing Agents referenced on Annex I hereto (the “Senior Managing
Agents”)

Amendment Letter

Ladies and Gentlemen:

Reference is made to the (i) Credit Agreement, dated as of July 24, 2007 (as
amended, supplemented, waived or otherwise modified from time to time, the “Term
Loan Credit Agreement”), among CDRSVM Acquisition Co., Inc., a Delaware
corporation (the rights and obligations of which have been assumed by The
ServiceMaster Company, a Delaware corporation) (the “Borrower”), the several
banks and other financial institutions from time to time party thereto (the
“Lenders”), Citibank N.A., as administrative agent,  collateral agent and LC
Facility issuing bank (the “Administrative Agent”) and JPMorgan Chase Bank,
N.A., as syndication agent and (ii) the Commitment Letter dated April 9, 2007,
(the “Commitment Letter”) by and among the Borrower, Citigroup Global Markets
Inc. (“CGMI”) on behalf of Citigroup (as defined in the Commitment Letter),
JPMorgan Chase Bank, N.A. (“JPMCB”), J.P. Morgan Securities Inc., Bank of
America, N.A. (“BANA”), Banc of America Bridge LLC, Banc of America Securities
LLC, Blue Ridge Investments,

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L.L.C., Goldman Sachs Credit Partners L.P. (“GSCP”) and Morgan Stanley Senior
Funding, Inc. (“MSSF”, and together with CGMI, JPMorgan, BANA, BAS and GSCP,
collectively, the “Joint Lead Arrangers”).  Unless otherwise defined herein,
terms defined in the Term Loan Credit Agreement and used herein shall have the
meanings given to them in the Term Loan Credit Agreement.

The parties hereby agree that until the date that is the earlier of (i) the date
which is 90 days from the Closing Date and (ii) the date on which Citigroup,
JPMCB, Bank of America, GSCP and MSSF (collectively, the “Commitment Letter
Lenders”) no longer hold any Term Loans, Delayed Draw Term Loan Commitments or
LC Facility Participations under the Term Loan Credit Agreement (such date, the
“Syndication Date”), if requested prior to the Syndication Date by one or more
Lenders holding at least a majority in the aggregate of Term Loans, Delayed Draw
Term Loan Commitments and/or Delayed Draw Term Loans, and LC Facility
Participations and/or LC Facility Term Loans then held by all Lenders (which
request shall be made in writing to the Borrower), the Borrower, together with
the Administrative Agent and the Lenders, shall amend and restate the Term Loan
Credit Agreement (as so amended and restated, the “Amended and Restated Term
Loan Credit Agreement”) solely to provide for two tranches of term loans (the
“Tranche B-1 Term Loans” and the “Tranche B-2 Term Loans”, respectively) having
the terms described below, provided that (i) the Borrower shall not be obligated
to enter into such Amended and Restated Term Loan Credit Agreement unless each
other party to the Term Loan Credit Agreement shall do so, (ii) the changes
effected thereby shall not be adverse to the Borrower in any respect unless the
Borrower shall consent thereto (which consent may be withheld by the Borrower in
its sole discretion) and (iii) such Amended and Restated Term Loan Credit
Agreement shall otherwise be in form and substance reasonably satisfactory to
the Borrower, the Administrative Agent and the Lenders.  Such Tranche B-2 Term
Loans shall include (a) any outstanding Delayed Draw Term Loan Commitments
and/or Delayed Draw Term Loans then held by the Commitment Letter Lenders to the
extent such Delayed Draw Term Loans and/or Delayed Draw Term Loan Commitments
have not been allocated for syndication, (b) any outstanding LC Facility
Participations and/or LC Facility Term Loans then held by the Commitment Letter
Lenders to the extent such LC Facility Participations and/or LC Facility Term
Loans have not been allocated for syndication and (c) any other Term Loans then
held by the Commitment Letter Lenders to the extent such Term Loans have not
been allocated for syndication.  Such Tranche B-1 Term Loans shall include all
other Term Loans that do not constitute Tranche B-2 Term Loans.  For the
avoidance of doubt, all Term Loans, LC Facility Participations and/or LC
Facility Term Loans and Delayed Draw Term Loan Commitments and/or Delayed Draw
Term Loans held by the Senior Managing Agents shall constitute Tranche B-1 Term
Loans.  The Tranche B-1 Term Loans and the Tranche B-2 Term Loans shall have the
same terms and be pari passu in all respects, except that proceeds from
Collateral in connection with the exercise of secured creditor remedies shall be
allocated to repay Tranche B-1 Term Loans in full prior to any allocation of
such proceeds to repay Tranche B-2 Term Loans.

2

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This Amendment Letter shall be governed by, and construed in accordance with,
the law of the state of New York.  Each party hereto hereby waives, to the
fullest extent permitted by applicable law, any right to trial by jury with
respect to any action or proceeding arising out of or relating to this Amendment
Letter.

The parties hereto acknowledge that the Borrower shall have no obligation to
keep this Amendment Letter confidential and, without limiting the foregoing,
this Amendment Letter or any of its terms or contents may be disclosed to any
third party or circulated or referred to publicly by the Borrower, including but
not limited to in any filing with the Securities and Exchange Commission.

This Amendment Letter may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
shall be an original, but all of which shall together constitute one and the
same instrument.  The terms and conditions of this Amendment Letter may be
modified only in writing signed by each of the parties hereto.

[Signature pages follow]

 

3

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Annex I

Senior Managing Agents

BNP Paribas

Bank of Tokyo-Mitsubishi UFJ Trust Company

Fortis Capital Corp

General Electric Capital Corporation

HSBC Bank USA, N.A.

Natixis

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New
York Branch

The Royal Bank of Scotland plc

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Arrangers:

 

 

 

Accepted and Agreed:

 

 

 

CITIBANK, N.A.

 

 

 

By:

/s/ Timothy P. Dilworth

 

 

Name: Timothy P. Dilworth

 

 

Title: Vice President

 

 

 

CITIGROUP GLOBAL MARKETS INC.

 

 

 

 

 

By:

/s/ Timothy P. Dilworth

 

 

 

Name: Timothy P. Dilworth

 

 

 

Title: Director

 

 

 

 

 

 

JPMORGAN CHASE BANK, N.A.

 

 

 

By:

/s/ Bruce S. Borden

 

 

 

Name: Bruce S. Borden

 

 

 

Title: Executive Director

 

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES INC.

 

 

 

By:

/s/ Frederic Distel

 

 

 

Name: Frederic Distel

 

 

 

Title: Vice President

 

 

 

 

 

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BANK OF AMERICA, N.A.

 

 

 

 

 

By:

/s/ Robert Klawinski

 

 

 

Name: Robert Klawinski

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

BANC OF AMERICA SECURITIES LLC

 

 

 

By:

/s/ Matthew Girando

 

 

 

Name: Matthew Girando

 

 

 

Title: Vice President

 

 

 

 

 

 

GOLDMAN SACHS CREDIT PARTNERS
L.P.

 

 

 

By:

/s/ Bruce H. Mendelsohn

 

 

 

Name: Bruce H. Mendelsohn

 

 

 

Title: Authorized Signatory

 

 

 

 

 

 

MORGAN STANLEY SENIOR
FUNDING, INC.

 

 

 

By:

/s/ Eugene F. Martin

 

 

 

Name: Eugene F. Martin

 

 

 

Title: Vice President

 

 

 

 

 

 

BANC OF AMERICA BRIDGE LLC

 

 

 

 

 

By:

/s/ Robert Klawinski

 

 

 

Name: Robert Klawinski

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

BLUE RIDGE INVESTMENTS, L.L.C.

 

 

 

 

 

By:

/s/ George C. Carp

 

 

 

Name: George C. Carp

 

 

 

Title: SVP — Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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The provisions of this Amendment Letter with respect to the Term Loan Credit
Agreement are Accepted and Agreed to as of the date first above written:

 

 

 

 

THE SERVICEMASTER COMPANY

 

 

 

 

 

By:

/s/ Ernest J. Mrozek

 

 

 

Name: Ernest J. Mrozek

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

By:

/s/ Eric Zarnikow

 

 

 

Name: Eric Zarnikow

 

 

 

Title: Senior Vice President & Treasurer

 

 

 

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BNP PARIBAS

 

 

 

 

 

 

By:

/s/ Cecile Scherer

 

 

 

Name:

Cecile Scherer

 

 

 

Title:

Director Merchant Banking Group

 

 

 

 

 

 

By:

/s/ Amy Kirschner

 

 

 

Name:

Amy Kirschner

 

 

 

Title:

Managing Director

 

 

 

 

 

 

BANK OF TOKYO-MITSUBISHI UFJ TRUST COMPANY

 

 

 

 

 

 

By:

/s/ Karen A. Brinkman

 

 

 

Name:

Karen A. Brinkman

 

 

 

Title:

Vice President

 

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FORTIS CAPITAL CORP

 

 

 

 

 

By:

/s/ John Crawford

 

 

 

Name:

John Crawford

 

 

 

Title:

MD

 

 

 

 

 

 

 

By:

/s/ Michiel V.M. van der Voort

 

 

 

Name:

Michiel V.M. van der Voort

 

 

 

Title:

MD

 

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GENERAL ELECTRIC CAPITAL CORPORATION

 

 

 

 

 

By:

/s/ Michelle C. Handy

 

 

 

Name:

Michelle C. Handy

 

 

 

Title:

Its Duly Authorized Signatory

 

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HSBC BANK USA, NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Bradley A. Olsen

 

 

 

Name:

Bradley A. Olsen

 

 

 

Title:

Assistant Vice President

 

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NATIXIS

 

 

 

 

 

By:

/s/ Gerardo Cunet

 

 

 

Name:

Gerardo Cunet

 

 

 

Title:

Director

 

 

 

 

 

 

 

By:

/s/ Tefta Ghilaga

 

 

 

Name:

Tefta Ghilaga

 

 

 

Title:

Director

 

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COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW
YORK BRANCH

 

 

 

 

 

By:

/s/ Nader Pasdar

 

 

 

Name:

Nader Pasdar

 

 

 

Title:

Executive Director

 

 

 

 

 

 

 

By:

/s/ Andrew Sherman

 

 

 

Name:

Andrew Sherman

 

 

 

Title:

Executive Director

 

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THE ROYAL BANK OF SCOTLAND PLC

 

 

 

 

 

By:

/s/ David Gilio

 

 

 

Name:

David Gilio

 

 

 

Title:

Managing Director

 

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