EXHIBIT 10.3

FIRST AMENDMENT AGREEMENT dated as of 16 August 2013.

BETWEEN:

WASTE MANAGEMENT OF CANADA CORPORATION

WM QUÉBEC INC.

as Borrowers

- and -

WASTE MANAGEMENT, INC.

WASTE MANAGEMENT HOLDINGS, INC.

as Guarantors

- and -

THE LENDERS FROM TIME TO TIME PARTY

TO THIS AGREEMENT

as Lenders

- and -

THE BANK OF NOVA SCOTIA

as Administrative Agent

RECITALS:

 

A. The parties hereto have entered into a credit agreement dated as of
7 November 2012 (the “Existing Credit Agreement”).

 

B. The parties have agreed to enter into this First Amendment Agreement to amend
the provisions of the Existing Credit Agreement on the terms and conditions set
out in this First Amendment Agreement.

 

C. Capitalized terms used in this First Amendment Agreement and not otherwise
defined have the meanings defined in the Existing Credit Agreement.

FOR VALUE RECEIVED, and intending to be legally bound by this First Amendment
Agreement, the Parties agree as follows:

 

1. Definitions

(a) The following definition is added as new subsection 1.1(27)A immediately
following existing subsection 1.1(27):

““Code” means The Internal Revenue Code of 1986, as amended and in effect from
time to time.”

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(b) The definition of “GAAP” in subsection 1.1(59) of the Existing Credit
Agreement which reads:

““GAAP” means, when used in this Agreement, whether directly or indirectly
through reference to a capitalized term used therein, means (a) principles that
are consistent with the principles promulgated or adopted by the Financial
Accounting Standards Board (U.S.) and its predecessors, in effect for the fiscal
year ended on the December 31, 2010, and (b) to the extent consistent with such
principles, the accounting practice of WMI reflected in its financial statements
for the year ended on December 31, 2010; provided, that, with respect to any
financial statements prepared after the December 31, 2010, such meaning in each
of clause (a) and (b) shall include the revised guidance associated with
multiple-deliverable revenue arrangements effective per FASB ASC 605 on
January 1, 2011; provided, further, that in each case referred to in this
definition of “GAAP” a certified public accountant would, insofar as the use of
such accounting principles is pertinent, be in a position to deliver an
unqualified opinion (other than a qualification regarding changes in generally
accepted accounting principles) as to financial statements in which such
principles have been properly applied. Notwithstanding the foregoing, for
purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, “Debt” of WMI and its subsidiaries
shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial
liabilities shall be disregarded.”

is deleted in its entirety and replaced with the following:

““GAAP” means, when used in this Agreement, whether directly or indirectly
through reference to a capitalized term used therein, means principles that are
consistent with the principles promulgated or adopted by the Financial
Accounting Standards Board and its predecessors as in effect from time to time,
except as otherwise specifically prescribed herein. If any “Accounting Change”
(as defined below) occurs subsequent to July 26, 2013 (the effective date of the
U.S. Credit Agreement), such change results in a material change in the method
of calculation of financial covenants, standards or terms in this Agreement or
any other Loan Document and any of WMI, the Agent or the Required Lenders shall
so request, then (A) WMI, the Lenders and the Agent agree to enter into
negotiations in good faith in order to amend such provisions of this Agreement
or such other Loan Document so as to reflect equitably such Accounting Changes
with the desired result that the criteria for evaluating the WMI’s financial
condition shall be the same after such Accounting Changes as if such Accounting
Changes had not been made (subject to the approval of the Required Lenders), and
(B) until such time as such an amendment shall have been executed and delivered
by WMI, the Agent and the Required Lenders, (i) the financial covenants,
standards and terms in this Agreement and the other Loan Documents impacted by
such material change shall continue to be calculated or construed as if such
Accounting Changes had not occurred and (ii) WMI shall provide to the Agent and
the Lenders a reconciliation between the calculation of such impacted covenants,
standards and terms before and after giving effect to such Accounting Changes.
“Accounting Changes” refers to changes in accounting principles required by the
promulgation of any rule, regulation, pronouncement or opinion by the Financial

 

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Accounting Standards Board of the American Institute of Certified Public
Accountants or, if applicable, the Securities and Exchange Commission.
Notwithstanding the foregoing, for purposes of determining compliance with any
covenant (including the computation of any financial covenant) contained herein,
“Debt” of WMI and its Subsidiaries shall be deemed to be carried at 100% of the
outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB
ASC 470-20 on financial liabilities shall be disregarded.”

(c) The definition of “Other Guaranteed Obligations” in subsection 1.1(86) of
the Existing Credit Agreement which reads:

““Other Guaranteed Obligations” means the present and future debts, liabilities
and obligations of the Borrowers or either of them to any Lender or its
affiliates that arise under or in connection with, (i) derivatives or other
hedging arrangements, and (ii) cash management arrangements, entered into with
such Lender or its affiliates that are permitted under this Agreement, which
Other Guaranteed Obligations shall rank pari passu with the Credits.”

is deleted in its entirety and replaced with the following:

““Other Guaranteed Obligations” means the present and future debts, liabilities
and obligations of the Borrowers or either of them to any Lender or its
affiliates that arise under or in connection with, (i) derivatives or other
hedging arrangements, and (ii) cash management arrangements, entered into with
such Lender or its affiliates, which Other Guaranteed Obligations shall rank
pari passu with the Credits.”

(d) Clause (f) of the definition of “Permitted Encubrances” in subsection
1.1(90) of the Existing Credit Agreement which reads:

 

  “(f) the Encumbrances on Schedule 1.1 of the U.S. Credit Agreement (a copy of
which is attached hereto as Annex 1.1) securing the obligations listed on such
Schedule and any replacement Encumbrance securing any renewal, extension or
refunding of such obligations if the amount secured by such renewal, extension
or refunding Encumbrance shall not exceed the amount of the outstanding
obligations secured by the Encumbrance being replaced at the time of such
renewal, extension or refunding (plus transactions costs, including premiums and
fees, related to such renewal, extension or refunding) and if such replacement
Encumbrance shall be limited to substantially the same property that secured the
Encumbrance so replaced;”

is deleted in its entirety and replaced with the following:

 

  “(f)

the Encumbrances on Schedule 1.1 of the U.S. Credit Agreement (a copy of which
is attached hereto as Annex 1.1) securing the obligations listed on such
Schedule and any replacement Encumbrance securing any renewal, extension or
refunding of such obligations provided, that (i) the aggregate principal amount
of obligations secured by any renewal, extension or refunding Encumbrance

 

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  permitted by this clause (f) shall not exceed the aggregate outstanding
principal amount of the obligations secured by the Encumbrance being replaced at
the time of such renewal, extension or refunding (plus transactions costs,
including premiums and fees, related thereto), and (ii) each replacement
Encumbrance shall be limited to substantially the same property that secured the
Encumbrance so replaced;”

(e) Clause (m) of the definition of “Permitted Encubrances” in subsection
1.1(90) of the Existing Credit Agreement which reads:

 

  “(m) Encumbrances securing other Debt, provided that the aggregate amount of
all liabilities, including any Debt, of WMI and its Subsidiaries secured by all
Encumbrances permitted in subsections (k), (l) and (m), when added (without
duplication) to the aggregate amount of Debt of WMI’s Subsidiaries permitted
under Section 6.4(1)(b) and Debt with respect to Permitted Receivables
Transactions, shall not exceed 15% of Consolidated Tangible Assets at any time.”

is deleted in its entirety and replaced with the following:

 

  “(m) Encumbrances securing other Debt, provided that the aggregate amount of
all liabilities, including any Debt, of WMI and its Subsidiaries secured by all
Encumbrances permitted in subsections (k), (l) and (m), when added (without
duplication) to the aggregate outstanding amount of Debt of WMI’s Subsidiaries
permitted under Section 6.4(1)(b) and Debt with respect to Permitted Receivables
Transactions, shall not exceed 15% of Consolidated Tangible Assets at any time.”

(f) The definition of “U.S. Credit Agreement” in subsection 1.1(116) of the
Existing Credit Agreement which reads:

““U.S. Credit Agreement” means the U.S. $2,000,000,000 amended and restated
revolving credit agreement dated as of May 9, 2011 by and among WMI, as
borrower, Waste Management Holdings, Inc., as guarantor, various banks party
thereto from time to time, as lenders, Bank of America, N.A., as administrative
agent and others.”

is deleted in its entirety and replaced with the following:

““U.S. Credit Agreement” means the U.S. $2,250,000,000 second amended and
restated revolving credit agreement dated as of July 26, 2013 by and among WMI,
as borrower, Waste Management Holdings, Inc., as guarantor, various banks party
thereto from time to time, as lenders, Bank of America, N.A., as administrative
agent and others.”

 

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2. Representations and Warranties

The first two sentences of subsection 5.1(14)(b) of the Existing Credit
Agreement which read:

“Each contribution required to be made to a Guaranteed Pension Plan, whether
required to be made to avoid the incurrence of an accumulated funding
deficiency, the notice or lien provisions of §303(k) of ERISA, or otherwise, has
been timely made. No waiver of an accumulated funding deficiency or extension of
amortization periods has been received with respect to any Guaranteed Pension
Plan.”

are deleted in their entirety and replaced with the following:

“Each contribution required to be made to a Guaranteed Pension Plan, whether
required to be made to avoid a violation of the minimum funding standards under
§§412 and 430 of the Code, the notice or lien provisions of §303(k) of ERISA, or
otherwise, has been timely made. No waiver of the minimum funding standards
under §§412 and 430 of the Code or extension of amortization periods has been
received with respect to any Guaranteed Pension Plan.”

3. Financial Covenants

Subsection 6.1(b) of the Existing Credit Agreement which reads:

 

  “(b) Total Debt to EBITDA. As of the end of any fiscal quarter of WMI, WMI
will not permit the ratio of (a) Total Debt to (b) EBITDA for the four fiscal
quarters then ending to exceed 3.50:1.00.”

is deleted in its entirety and replaced with the following:

 

  “(b) Total Debt to EBITDA. As of the end of any fiscal quarter of WMI, WMI
will not permit the ratio of (a) Total Debt to (b) EBITDA for the four fiscal
quarters then ending to exceed (i) for each fiscal quarter of WMI ending before
September 30, 2015, 3.75:1.00, and (ii) for each fiscal quarter of WMI ending on
or after September 30, 2015, 3.50:1.00.”

4. Negative Covenants

Subsections 6.4(1) (a) and (b) of the Existing Credit Agreement which read:

 

  “(a) Debt of WMI’s Subsidiaries listed in Schedule 8.1(a) of the U.S. Credit
Agreement (a copy of which is attached hereto as Annex 8.1(a)) and any
extension, renewal or refinancing of such Debt, provided that the terms and
conditions of any such extensions, renewals or refinancings do not increase the
relative priority of the original Debt and provided, further, that such
extended, renewed or refinanced Debt does not in the aggregate exceed the
U.S. Dollar amount of the original Debt; and

 

  (b) other Debt of WMI’s Subsidiaries (other than Waste Management Holdings,
Inc.) provided that the aggregate amount of all such Debt under this
Section 6.4(1)(b), when added (without duplication) to the aggregate outstanding
amount of secured Debt of WMI and its Subsidiaries under (k), (l) and (m) of the
definition of “Permitted Encumbrances” and Debt with respect to Permitted
Receivables Transactions, shall not exceed 15% of Consolidated Tangible Assets.”

 

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are deleted in their entirety and replaced with the following:

 

  “(a) Debt of WMI’s Subsidiaries listed in Schedule 8.1(a) of the U.S. Credit
Agreement (a copy of which is attached hereto as Annex 8.1(a)), any extension,
renewal or refinancing of such Debt, and any additional bonds issued and Capital
Leases entered into from time to time after July 26, 2013 (the effective date of
the U.S. Credit Agreement); provided that (i) if such Debt is an extension,
renewal or refinancing of existing Debt, the terms and conditions of any such
extensions, renewals or refinancings shall not increase the relative priority of
such Debt over the priority of the original Debt, and (ii) in no event shall the
aggregate principal amount of Debt permitted by this Subsection 6.4(1)(a) exceed
the aggregate principal amount of the original Debt listed on Schedule 8.1(a) of
the U.S. Credit Agreement (plus transaction costs, including premiums and fees,
related thereto); and

 

  (b) other Debt of WMI’s Subsidiaries (other than Waste Management Holdings,
Inc.) provided that the sum (without duplication) of (i) the aggregate
outstanding principal amount of Debt permitted under this Subsection 6.4(1)(b),
plus (ii) the aggregate outstanding principal amount of secured Debt of WMI and
its Subsidiaries permitted under (k), (l) and (m) of the definition of
“Permitted Encumbrances”, plus (iii) the aggregate amount of Debt with respect
to outstanding Permitted Receivables Transactions (determined in accordance with
the proviso to the definition of “Debt”), shall not exceed 15% of Consolidated
Tangible Assets at any time.”

5. Direct Payments

Section 7.11 of the Existing Credit Agreement is amended by replacing each
reference therein to “Other Secured Obligations” with reference to “Other
Guaranteed Obligations” and each reference therein to “Derivatives” with
reference to “derivative transactions”.

6. Payments by the Borrowers

The first paragraph of Subsection 9.17(1) of the Existing Credit Agreement which
reads:

 

“(1) Except as otherwise specified in this Agreement, all payments made by or on
behalf of the Borrowers shall be made to and received by the Agent and shall be
distributed by the Agent to the Lenders as soon as possible upon receipt by the
Agent. Except as otherwise provided in this Agreement (including Section 9.18),
the Agent shall distribute:”

 

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is deleted in its entirety and replaced with the following:

 

“(1) Except as otherwise specified in this Agreement, all payments made by or on
behalf of the Borrowers shall be made to and received by the Agent and shall be
distributed by the Agent to the Lenders as soon as possible upon receipt by the
Agent. Except as required to make payments in respect of Other Guaranteed
Obligations to the Persons to whom such Other Guaranteed Obligations are owed,
or as otherwise provided in this Agreement (including Section 9.18), the Agent
shall distribute:”

7. Increased Costs, Etc.

Subsection 9.19(2) of the Existing Credit Agreement which reads:

 

  “(2) If any Lender determines in its sole and absolute discretion that any
Change in Law affecting the Lender or any lending office of the Lender or its
holding company (or other Controlling Person), if any, regarding capital
requirements has or would have the effect of reducing the rate of return on the
Lender’s capital or on the capital of its holding company (or other Controlling
Person), if any, as a consequence of this Agreement, the Commitments of the
Lender or any Advance made by the Lender, to a level below that which the Lender
or its holding company (or other Controlling Person) could have achieved but for
that Change in Law (taking into consideration the Lender’s policies and the
policies of its holding company (or other Controlling Person) with respect to
capital adequacy, each from time to time), then from time to time the Borrowers
will pay to that Lender an additional amount or amounts that will compensate
Lender or its holding company (or other Controlling Person) for the reduction
suffered.”

is deleted in its entirety and replaced with the following:

 

  “(2) If any Lender determines in its sole and absolute discretion that any
Change in Law affecting the Lender or any lending office of the Lender or its
holding company (or other Controlling Person), if any, regarding capital
adequecy or liquidity requirements has or would have the effect of reducing the
rate of return on the Lender’s capital or on the capital of its holding company
(or other Controlling Person), if any, as a consequence of this Agreement, the
Commitments of the Lender or any Advance made by the Lender, to a level below
that which the Lender or its holding company (or other Controlling Person) could
have achieved but for that Change in Law (taking into consideration the Lender’s
policies and the policies of its holding company (or other Controlling Person)
with respect to capital adequacy and liquidity requirements, each from time to
time), then from time to time the Borrowers will pay to that Lender an
additional amount or amounts that will compensate Lender or its holding company
(or other Controlling Person) for the reduction suffered.”

8. Representations of the Obligors

Each Obligor acknowledges that this First Amendment Agreement is a Loan Document
and that all of the representations and warranties concerning Loan Documents
that are contained in the Existing Credit Agreement apply to this First
Amendment Agreement and are deemed to be repeated on the execution of this First
Amendment Agreement as if set out in full in this First Amendment Agreement
other than those which relate to a specific date.

 

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9. Ratification and Confirmation; Restatement

On and after this date, each reference in the “Existing Credit Agreement” to
“this Agreement” and each reference to the Existing Credit Agreement in the Loan
Documents and any and all other agreements, documents and instruments delivered
by the Agent, the Lenders, any Obligor or any other Person shall mean and be a
reference to the Existing Credit Agreement as amended by this First Amendment
Agreement.

The Existing Credit Agreement, as amended by this First Amendment Agreement,
remains in full force and effect and is hereby ratified and confirmed. Without
in any way limiting the terms of the Existing Credit Agreement or the other Loan
Documents, each Obligor confirms that the existing Security shall continue to
secure all the Obligations, including but not limited to any arising as a result
of this First Amendment Agreement.

10. Counterparts and Facsimile

This First Amendment Agreement may be executed in any number of counterparts,
each of which when executed and delivered shall be deemed to be an original, and
such counterparts together shall constitute one and the same agreement. The
delivery of a facsimile copy of an executed counterpart of this First Amendment
Agreement shall be deemed to be valid execution and delivery of this First
Amendment Agreement, but the party delivering a facsimile copy shall deliver an
original copy of this First Amendment Agreement as soon as possible after
delivering the facsimile copy.

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS OF WHICH, the Parties have duly executed this First Amendment
Agreement.

 

WASTE MANAGEMENT OF CANADA

CORPORATION

By:

  /s/ Devina A. Rankin  

 

  Devina A. Rankin   Vice President & Treasurer

By:

  /s/ Don P. Carpenter  

 

  Don P. Carpenter   Vice President, Chief Financial Officer & Controller

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S1 -

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WM QUÉBEC INC.

By:

  /s/ Devina A. Rankin  

 

  Devina A. Rankin   Vice President & Treasurer

By:

  /s/ Don P. Carpenter  

 

 

Don P. Carpenter

Vice President, Chief Financial Officer & Controller

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S2 -

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WASTE MANAGEMENT, INC.

By:

  /s/ Devina A. Rankin  

 

  Devina A. Rankin   Vice President & Treasurer

By:

  /s/ Don P. Carpenter  

 

  Don P. Carpenter   Vice President & Chief Accounting Officer

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S3 -

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WASTE MANAGEMENT HOLDINGS, INC.

By:

  /s/ Devina A. Rankin  

 

  Devina A. Rankin   Vice President & Treasurer

By:

  /s/ Don P. Carpenter  

 

  Don P. Carpenter   Vice President, Chief Financial Officer & Controller

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S4 -

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THE BANK OF NOVA SCOTIA, as Lender

By:

  /s/ Matt Macdonald  

 

  Name: Matt Macdonald   Title: Director, Commercial Banking

By:

  /s/ Phil Damecour  

 

  Name: Phil Damecour   Title: Director, Credit Solutions Group

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S5 -

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COMERICA BANK, as Lender

By:

  /s/ Lad Perenyi  

 

  Name: Lad Perenyi   Title: Vice President

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S6 -

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SUMITOMO MITSUI BANKING

CORPORATION OF CANADA, as Lender

By:

  /s/ E.R. Langley  

 

  Name: E.R. Langley   Title: Senior Vice President

By:

   

 

  Name:   Title:

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S7 -

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THE BANK OF TOKYO-MITSUBISHI UFJ,

LTD., as Lender

By:

  /s/ Jason Krogh  

 

  Name: Jason Krogh   Title: Authorized Signatory

By:

   

 

  Name:   Title:

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S8 -

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U.S. BANK NATIONAL ASSOCIATION,

CANADA BRANCH, as Lender

By:

   

 

  Name:   Title:

By:

   

 

  Name:   Title:

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S9 -

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U.S. BANK, NATIONAL ASSOCIATION, as

Lender

By:

   

 

  Name:   Title:

By:

   

 

  Name:   Title:

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S10 -

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MIZUHO BANK, LTD., as Lender

By:

  /s/ Leon Mo  

 

  Name: Leon Mo   Title: Authorized Signatory

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

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BANK OF AMERICA, N.A., CANADA

BRANCH, as Lender

By:

  /s/ Median Sales De Andrade  

 

  Name: Medina Sales De Andrade   Title: Vice President

By:

   

 

  Name:   Title:

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

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JPMORGAN CHASE BANK, N.A., TORONTO

BRANCH, as Lender

By:

   

 

  Name:   Title:

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S13 -

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PNC BANK CANADA BRANCH, as Lender

By:

  /s/ Nazmin Adatia  

 

  Name: Nazmin Adatia   Title: Senior Vice President

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S14 -

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THE BANK OF NOVA SCOTIA, as Agent

By:

  /s/ Robert Boomhour  

 

  Name: Robert Boomhour   Title: Director

By:

  /s/ Clement Yu  

 

  Name: Clement Yu   Title: Associate Director

[signature page for First Amendment Agreement to Credit Agreement relating to
Waste

Management of Canada Corporation and WM Quebec Inc. et al.]

 

- S15 -

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ANNEX 1.1

EXISTING LIENS

 

1. Various capital leases entered into by Subsidiaries in the ordinary course of
business for operating equipment and facilities.

 

2. The note payable associated with the investment in federal low-income housing
tax credits as described in Note 9, Income Taxes, and Note 20, Variable Interest
Entities, in the Annual Report on Form 10-K for the year ended December 31,
2012.

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ANNEX 8.1(a)

EXISTING INDEBTEDNESS

 

Name

   Principal      Maturity  

Waste Management Holdings Senior Notes:

     

$450,000,000 due 8/01/26

   $ 448,975,000         8/1/2026   

Total WM Holdings Senior Notes

   $ 448,975,000      

Tax Exempt Revenue Bonds:

     

Amelia, Virginia due 4/1/27

     26,800,000         4/1/2027   

Arkansas due 6/01/28

     15,000,000         6/1/2028   

Brazoria County

     12,000,000         5/1/2028   

Bucks County due 12/01/22

     25,000,000         12/1/2022   

California CPCFA

     35,700,000         11/1/2038   

California CPCFA 2005A

     50,000,000         4/1/2025   

California CPCFA 2005B

     50,000,000         4/1/2025   

California CPCFA 2005C

     75,000,000         11/1/2023   

California CPCFA due 1/1/22

     48,500,000         1/1/2022   

California CPCFA due 12/01/27

     15,000,000         12/1/2027   

California CPCFA due 7/01/31

     19,000,000         7/1/2031   

California CPCFA due 7/1/27

     38,435,000         7/1/2027   

California Municipal Finance Authority

     15,000,000         9/1/2014   

California Municipal Finance Authority - 2008 Issuance

     33,900,000         2/1/2019   

California Municipal Finance Authority - 2009A

     30,000,000         2/1/2039   

Charles City (Virginia due 2/1/29)

     30,000,000         2/1/2029   

Charles City (Virginia)

     10,000,000         8/1/2027   

Charles City (Virginia) due 4/1/27

     10,000,000         4/1/2027   

City of Granite City Illinois due 5/1/27

     30,320,000         5/1/2027   

City of Minor Lane Heights due 3/1/21

     11,000,000         3/1/2021   

City of Mobile

     4,175,000         10/1/2038   

Cobb County Series 2004A

     10,000,000         4/1/2033   

Cobb County Series 2004B

     10,000,000         4/1/2033   

Colorado due 7/1/27

     14,160,000         7/1/2027   

Colorado due 8/1/38

     10,000,000         8/1/2038   

Colorado Series 2004

     10,840,000         7/1/2018   

Countryside (Lake County) due 4/1/21

     5,670,000         4/1/2021   

Countryside (Lake County) due 9/1/21

     4,320,000         9/1/2021   

County of Logan due 3/1/21

     7,450,000         3/1/2021   

Denton County (TX 2003B)

     10,000,000         5/1/2028   

Gilliam County

     15,000,000         7/1/2038   

Gilliam County (2007)

     25,000,000         10/1/2018   

Gilliam County due 07/01/29

     25,000,000         7/1/2029   

Gilliam County due 08/01/25

     15,900,000         8/1/2025   

Gloucester (VA 2003A)

     10,000,000         9/1/2038   

Gulf Coast Series 2004A

     35,000,000         4/1/2019   

Hampton due 9/1/28

     10,000,000         9/1/2028   

Harrison County (West Virginia due 4/1/24)

     8,420,000         4/1/2024   

Illinois due 10/1/2023

     20,000,000         10/1/2023   

Illinois due 8/1/2029

     30,000,000         8/1/2029   

--------------------------------------------------------------------------------

Illinois due 9/1/27

     30,000,000         9/1/2027   

Indiana due 10/01/25

     14,000,000         10/1/2025   

Indiana due 10/01/25

     25,000,000         10/1/2025   

Indiana due 10/01/31

     10,000,000         10/1/2031   

King George due 6/1/23

     20,000,000         6/1/2023   

King George due 9/1/21 (Garnet)

     19,890,000         9/1/2021   

Maine

     13,500,000         11/1/2015   

Maine

     30,000,000         2/1/2016   

Maricopa (Arizona) due 12/01/31

     15,580,000         12/1/2031   

Maryland due 4/1/16

     10,200,000         4/1/2016   

Massachusetts

     15,000,000         6/1/2014   

Massachusetts due 5/1/27

     15,000,000         5/1/2027   

Miami Dade County Series 2004A

     11,500,000         12/1/2018   

Miami Dade County Series 2004B

     11,500,000         12/1/2018   

Miami Dade County Series 2006

     25,000,000         10/1/2018   

Miami Dade County Series 2007

     25,000,000         9/1/2027   

Miami Dade County Series 2008

     25,000,000         8/1/2023   

Miami Dade County Series 2011

     20,000,000         11/1/2041   

Michigan due 12/1/2013

     22,000,000         12/1/2013   

Michigan due 8/1/2027

     35,000,000         8/1/2027   

Michigan Strategic Fund

     13,000,000         12/1/2013   

Mission, TX Series 2006

     41,750,000         12/1/2018   

Mississippi due 3/1/27

     10,000,000         3/1/2027   

Mississippi due 3/1/29

     10,000,000         3/1/2029   

Mississippi due 7/1/2017

     20,000,000         7/1/2017   

Mississippi due 7/1/28

     10,000,000         7/1/2028   

Nashville (Tennessee) due 8/01/31

     10,000,000         8/1/2031   

Nebraska

     10,000,000         11/1/2033   

Nevada due 10/01/14

     10,000,000         10/1/2014   

New Jersey due 11/01/13

     20,000,000         11/1/2013   

New Jersey due 6/01/15

     15,000,000         6/1/2015   

New Jersey due 6/01/15

     10,000,000         6/1/2015   

New York City due 12/1/17

     20,000,000         12/1/2017   

New York City due 5/1/19

     25,000,000         5/1/2019   

New York Series 2004A

     20,000,000         7/1/2017   

New York Series 2012

     25,000,000         5/1/2030   

North Carolina due 8/01/14

     6,500,000         8/1/2014   

North Sumter, AL

     4,350,000         10/1/2038   

Ohio WDA due 11/1/22

     45,865,000         11/1/2022   

Ohio WDA due 7/1/21

     15,000,000         7/1/2021   

Okeechobee due 8/1/24

     15,000,000         8/1/2024   

Okeechobee Series 2004A

     15,970,000         7/1/2039   

Oklahoma

     10,000,000         12/1/2021   

Pennsylvania

     40,000,000         9/1/2013   

Pennsylvania

     4,000,000         11/1/2021   

Pennsylvania

     20,000,000         11/1/2021   

Pennsylvania

     30,000,000         11/1/2021   

Pennsylvania

     14,000,000         10/1/2027   

Pennsylvania

     80,000,000         7/1/2041   

Pennsylvania Series 2009

     100,000,000         12/1/2033   

Rhode Island Series 2004A

     8,000,000         4/1/2016   

Richland (SC) due 6/1/15

     10,000,000         6/1/2015   

Savannah Series 2004A

     5,000,000         7/1/2016   

Schuylkill/Pine Grove due 10/1/19

     11,700,000         10/1/2019   

South Carolina

     12,500,000         11/1/2016   

--------------------------------------------------------------------------------

South Carolina 2008 Issue

     15,000,000         2/1/2015   

South Carolina Series 2003A

     15,000,000         7/1/2024   

State of New Hampshire

     15,000,000         8/1/2024   

State of New Hampshire due 5/1/27

     20,000,000         5/1/2027   

Sussex Co. Virginia

     10,000,000         9/1/2027   

Sussex County

     10,000,000         6/1/2028   

SW Illinois due 10/1/2027

     4,700,000         10/1/2027   

Tennessee - 2003

     25,000,000         7/1/2033   

Tennessee - 2012

     18,000,000         7/2/2035   

Texas due 8/1/20 (Mission EDC)

     67,000,000         8/1/2020   

Travis County (Texas 2003C)

     12,000,000         5/1/2028   

Washington due 10/1/25

     13,650,000         10/1/2025   

Washington due 10/1/25

     13,650,000         10/1/2025   

Washington due 10/1/27

     20,000,000         10/1/2027   

Washington due 11/1/2017

     27,000,000         11/1/2017   

Washington due 12/1/25

     7,235,000         12/1/2025   

Washington due 2/1/26

     22,000,000         2/1/2026   

Washington due 6/1/20

     30,000,000         6/1/2020   

Washington due 7/1/30

     20,000,000         7/1/2030   

Wisconsin Series 2003

     50,000,000         4/1/2016   

Wisconsin Series 2006A

     30,000,000         11/1/2016   

Wisconsin Series 2007A

     20,000,000         12/1/2014   

Wood County due 4/1/24

     6,580,000         4/1/2024   

Yavapai (Arizona) due 3/1/28

     17,420,000         3/1/2028   

Yavapai (Arizona) due 3/1/28

     20,000,000         3/1/2028   

Yavapai (Arizona) due 6/1/27

     30,000,000         6/1/2027   

Tax Exempt Revenue Bonds

   $ 2,511,630,000      

Tax Exempt Project Bonds:

     

Concord Debt Series A

   $ 31,315,000         01/01/18   

Concord Debt Series B

     4,925,000         01/01/18   

Gloucester Bonds

     32,585,000         12/01/29   

Gloucester Bonds

     6,930,000         12/01/29   

Massachusetts

     10,000,000         05/01/27   

Tax Exempt Project Bonds

   $ 85,755,000      

Canada credit facility:

     

Canada facility debt

   $ 23,770,000         8/23/2013   

Canada Credit Facility

   $ 23,770,000      

Other

     

Low Income Housing Tax Credit Investment Obligations

   $ 140,321,864      

King George Landfill Royalty Agreement

     51,504,006          $ 191,825,870      

Total Existing Indebtedness (a)

   $ 3,261,955,870      

 

(a) Excludes indebtedness incurred and scheduled payments made subsequent to
June 30, 2013.