RSG EX 4.1 (6/30/13)






Exhibit 4.1


AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT


THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 24, 2013 (this “Amendment”) is made among REPUBLIC SERVICES, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A. (“Bank of America”), in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and each of the Lenders.  Capitalized terms used but not otherwise defined herein have the respective meanings ascribed to them in the Credit Agreement described below.
RECITALS:
A.    The Borrower, Bank of America, as Administrative Agent, Swing Line Lender and an L/C Issuer, and the Lenders have entered into an Amended and Restated Credit Agreement dated as of May 8, 2012, as amended by Amendment No. 1 to Amended and Restated Credit Agreement dated as of October 29, 2012 (as in effect on the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made available to the Borrower a revolving credit facility with a swing line sublimit and a letter of credit sublimit.
B.    The Borrower has advised the Administrative Agent and the Lenders that it desires to amend certain provisions of the Credit Agreement, and the Administrative Agent and the Lenders are willing to effect such amendment on the terms and conditions contained in this Amendment.
In consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendments to the Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:
		
	(a)
	Section 7.01(b) of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:


“(b)    Maximum Total Debt to EBITDA Ratio.  The Borrower shall not permit the Total Debt to EBITDA Ratio as of the last day of any fiscal quarter to be greater than (i) 3.75 to 1.00, with respect to fiscal quarters ending June 30, 2013, September 30, 2013, December 31, 2013, and March 31, 2014, and (ii) 3.50 to 1.00, with respect to each fiscal quarter ending thereafter.”
		
	(b)
	Schedule 1 to Exhibit D of the Credit Agreement is amended by deleting the parenthetical at the end of Line II.E in its entirety and inserting the following in lieu thereof:


“(Line II.E must not be greater than (i) 3.75 to 1.00, with respect to fiscal quarters ending June 30, 2013, September 30, 2013, December 31, 2013, and March 31, 2014, and (ii) 3.50 to 1.00, with respect to each fiscal quarter ending thereafter)”

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2.    Conditions Precedent to Amendments.  The effectiveness of this Amendment and the amendments to the Credit Agreement set forth in Section 1 above is subject to the accuracy of the representations and warranties set forth in Section 3 below on the date hereof and the satisfaction of the following conditions precedent:
		
	(a)
	the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Borrower, the Administrative Agent and the Required Lenders; 


		
	(b)
	the Administrative Agent shall have received evidence that contemporaneously herewith a corresponding amendment with respect to the 2011 Credit Agreement shall have become effective (the “2011 Credit Agreement Amendment”); 


		
	(c)
	the Administrative Agent shall have received, for the account of each of the Lenders that executes this Amendment on or before the effective date hereof, an amendment fee equal to $5,000 for each such Lender; provided that any Lender that is also a Lender (under as defined in the 2011 Credit Agreement) shall receive a maximum of $5,000 in aggregate amendment fees pursuant to this Amendment and the 2011 Credit Agreement Amendment; and


		
	(d)
	unless waived by the Administrative Agent, all fees and expenses of the Administrative Agent and the Lenders (including the reasonable fees and expenses of counsel to the Administrative Agent to the extent invoiced prior to the date hereof) in connection with this Amendment shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).


3.    Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows:
		
	(a)
	The representations and warranties of the Borrower contained in Article V of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except, if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation or warranty is true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except, if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation or warranty is true and correct in all respects) as of such earlier date and except that the representations and warranties in Section 5.11(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01.


		
	(b)
	This Amendment has been duly authorized, executed and delivered by, and constitutes a legal, valid and binding obligation of, the Borrower, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally.



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4.    Entire Agreement.  This Amendment, together with the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.
5.    Full Force and Effect of Amendment.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. 
6.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Amendment.
7.    Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York.
8.    Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.
9.    References.  This Amendment shall constitute a Loan Document and all references in any of the other Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.
10.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, the Lenders and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.
11.    Amendment Fees.  The amendment fees required to be paid pursuant to Section 2(c) above shall be fully earned upon the effectiveness of this Amendment, shall be nonrefundable for any reason whatsoever and shall be in addition to any other fees, costs and expenses payable pursuant to this Amendment, the Credit Agreement or any other Loan Document.
[Signature pages follow.]



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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.


BORROWER:


REPUBLIC SERVICES, INC. 




By:  /s/ Edward A. Lang, III    
Name:  Edward A. Lang, III
Title:    Senior Vice President, Treasurer







Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








ADMINISTRATIVE AGENT:


BANK OF AMERICA, N.A., as  
Administrative Agent




By:  /s/ Maria F. Maia    
Name:  Maria F. Maia
Title:    Managing Director



Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








LENDERS:


BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender




By:  /s/ Maria F. Maia    
Name:  Maria F. Maia
Title:    Managing Director



Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








JPMORGAN CHASE BANK, N.A., as a Lender
and L/C Issuer




By:    /s/ Gregory T. Martin    
Name:  Gregory T. Martin    
Title:    Vice President         



Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and L/C Issuer




By:  /s/ Robert Krasnow                
Name:  Robert Krasnow                
Title:    Sr. Vice President                 



Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








BARCLAYS BANK PLC, as a Lender 




By:  /s/ Irina Dimova                    
Name:  Irina Dimova                    
Title:    Vice President                





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








SUNTRUST BANK, as a Lender 




By:  /s/ Chris Hursey                    
Name:  Chris Hursey                    
Title:    Vice President                 





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








U.S. BANK, NATIONAL ASSOCIATION, as a Lender




By:  /s/ Jacob Payne                    
Name:  Jacob Payne                    
Title:    Senior Vice President                



Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








THE BANK OF NOVA SCOTIA, as a Lender




By:  /s/ Eugene Dempsey                
Name:  Eugene Dempsey                
Title:    Director                     





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








COMPASS BANK, as a Lender




By:  /s/ Michael Dixon                
Name:  Michael Dixon                
Title:    Vice President                 





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








BNP PARIBAS, as a Lender and L/C Issuer




By:  /s/ Mike Shryock                    
Name:  Mike Shryock                    
Title:    Managing Director                




By:  /s/ Andy Strait                    
Name:  Andy Strait                    
Title:    Managing Director                

Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








DEUTSCHE BANK AG, NEW YORK BRANCH, as a Lender 




By:  /s/ Ming K. Chu                    
Name:  Ming K. Chu                    
Title:    Vice President                




By:  /s/ Virginia Cosenza                
Name:  Virginia Cosenza                
Title:    Vice President                





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








REGIONS BANK, as a Lender 




By:                              
Name:                          
Title:                            







Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








INTESA SANPAOLO S.p.A., as a Lender




By:  /s/ Cristina Cignoli                
Name:  Cristina Cignoli                
Title:    VP & Relationship Manager            




By:  /s/ Sergio Maggioni                
Name:  Sergio Maggioni                
Title:    FVP                        





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








MIZUHO CORPORATE BANK, LTD., as a Lender 




By:  /s/ Leon Mo                    
Name:  Leon Mo                    
Title:    Senior Vice President                







Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








ROYAL BANK OF CANADA, as a Lender 




By:  /s/ Kevin Flynn                    
Name:  Kevin Flynn                    
Title:    Authorized Signatory                







Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








THE ROYAL BANK OF SCOTLAND PLC, 
as a Lender 




By:  /s/ William Burke                
Name:  William Burke                
Title:    Director                    





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








BRANCH BANKING AND TRUST COMPANY, 
as a Lender 




By:  /s/ Janet L. Wheeler                
Name:  Janet L. Wheeler                
Title:    Vice President                

Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








SUMITOMO MITSUI BANKING
CORPORATION, as a Lender 




By:  /s/ Shuji Yabe                    
Name:  Shuji Yabe                    
Title:    Managing Director                





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








COBANK, ACB, as a Lender 




By:  /s/ Bryan Ervin                    
Name:  Bryan Ervin                    
Title:    Vice President                



Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








COMERICA BANK, as a Lender 




By:  /s/ Elizabeth V. Gonzalez            
Name:  Elizabeth V. Gonzalez            
Title:    Corporate Banking Officer            





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








PNC BANK, NATIONAL ASSOCIATION, as a Lender and L/C Issuer




By:  /s/ Philip K. Liebscher                
Name:  Phillip K. Liebscher                
Title:    Senior Vice President                







Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








THE BANK OF NEW YORK MELLON, as a Lender 




By:  /s/ David B. Wirl                    
Name:  David B. Wirl                    
Title:    Managing Director                

Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








UNION BANK, N.A., as a Lender 




By:  /s/ Steven Peterson                
Name:  Steven Peterson                
Title:    Senior Vice President                


 


Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682








MACQUARIE BANK LIMITED, as a Lender 




By:  /s/ Stephen Bower                
Name:  Stephen Bower                
Title:    Associate Director                




By:  /s/ Andrew McGrath                
Name:    Andrew McGrath                
Title:    Executive Director                





Republic Services, Inc.
Amendment No. 2 to Amended and Restated Credit Agreement (2012)
Signature Page
49495682