Document:

srcl-ex101_65.htm

Exhibit 10.1

 

EXECUTION VERSION

STERICYCLE, INC.

THIRD AMENDMENT

 

This THIRD AMENDMENT, dated as of December 19, 2018 (this “Amendment”), is entered into by and among STERICYCLE, INC., a Delaware corporation (the “Company”), the Subsidiaries of the Company signatory hereto (collectively, the “Subsidiary Loan Parties”), the Lenders (as defined below) signatory hereto and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) under that certain Credit Agreement, dated as of November 17, 2017 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among the Company, the financial institutions from time to time party thereto as lenders (the “Lenders”) or as “L/C Issuers”, the Subsidiaries of the Company party thereto as “Designated Borrowers”, and the Administrative Agent.  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

W I T N E S S E T H

WHEREAS, the Company has requested that the Lenders and the Administrative Agent amend the Credit Agreement as set forth herein; and 

WHEREAS, the Administrative Agent and the Lenders have agreed, on the terms and conditions set forth below, to so amend the Credit Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the parties hereto hereby agrees as follows:

1.  Amendments to Credit Agreement.  Subject to the satisfaction of the conditions precedent set forth in Section 2 hereof: 

(a)The clause (a)(xi) of the definition of “Consolidated EBITDA” in Section 1.01 is amended to read in its entirety as follows:

(xi) solely for purposes of determining compliance with Section 7.11 (and for no other purposes hereunder, including, without limitation, for determination of the “Applicable Rate”), for any fiscal quarter ending during the period from March 31, 2018 through March 31, 2020 only, up to $200,000,000 in the aggregate in any four-fiscal quarter period of cash charges incurred prior to December 31, 2019 associated with (1) implementation of the Company’s Business Transformation and Operational Optimization Expenses (each, as described in the Company’s Form 10-K for the fiscal year ended December 31, 2017), (2) internal control remediation, accounting pronouncements and related professional and consulting expenses, (3) legal and settlement related expenses, and (4) up to $25,000,000 of other cash charges; provided that the amounts added-back under this clause (xi) for the four-fiscal quarter period ending March 31, 2020 shall not exceed $90,000,000 in the aggregate,

(b)Section 7.11(b) is amended to read as follows:

(b)Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Company to be greater than (i) 4.00 to 1.00, in the case of any fiscal quarter ending on or before December 31, 2019, or (ii) 3.75 to 1.00, in the case of any fiscal quarter ending thereafter.

109021947

(c)The existing Exhibit D is deleted and the Exhibit D attached hereto as Annex A is inserted in lieu thereof.

2.  Conditions to Effectiveness.  The amendments set forth in Section 1 of this Amendment shall become effective upon the satisfaction of the following conditions on or before February 15, 2019:

(a)  the Administrative Agent’s receipt of counterparts of this Amendment, duly executed and delivered on behalf of each of the Company, each Subsidiary Loan Party and the Required Lenders; 

(b)  the Company having paid the fees in the amounts and at the times specified in the letter agreement, dated as of November 9, 2018, between the Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Amendment Fee Letter”), which fees shall be deemed fully earned and due when payable as set forth therein and shall be non-refundable;

(c)  satisfactory evidence of substantially contemporaneous amendments in form and substance satisfactory to the Administrative Agent, including amendments in substance parallel to those in Section 1 of this Amendment, with respect to (x) the 2010 Note Purchase Agreement, (y) the 2012 Note Purchase Agreement, and (z) the 2015 Note Purchase Agreement; and

(d)  unless waived by the Administrative Agent, the Company having paid all fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior to the date hereof.

3.  Representations and Warranties.  Each Loan Party hereby represents and warrants that: 

(a)  This Amendment has been duly executed and delivered by each Loan Party that is party hereto.  This Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms (except, in any case, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, examinership or similar laws affecting creditors’ rights generally and by principles of equity);

(b)  Each Loan Party (i) is duly organized or formed, validly existing and in good standing (if applicable in such Loan Party’s jurisdiction of incorporation or organization) under the Laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under this Amendment; 

(c)  The execution, delivery and performance by each Loan Party of this Amendment have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (A) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; 

(d)  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment; 

(e)  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Amendment; and

2

109021947

(f)  The representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be 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 to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects) as of such earlier date and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 thereof shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 thereof.

4.  Governing Law; Jurisdiction; Waiver of Jury Trial; Etc.  This AMENDMENT shall be governed by, and construed in accordance with, the internal laws and decisions (as opposed to conflicts of law provisions) of the state of NEW YORK. This Amendment shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.

5. Counterparts; Integration; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment, together with the Amendment Fee Letter and the other Loan Documents, 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 Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

6. Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  

7.Effect.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference to the Credit Agreement as modified hereby and each reference in the other Loan Documents to the Credit Agreement, “thereunder,” “thereof,” or words of like import shall mean and be a reference to the Credit Agreement as modified hereby.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement.  

8. Reaffirmation.  Except as specifically modified by this Amendment, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed. 

9. Guarantors.  Each Guarantor hereby consents to this Amendment and reaffirms the terms and conditions of each Guaranty and each other Loan Document executed by it and acknowledges and agrees that each and every such Guaranty and other Loan Document executed by such Guarantor in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.

[Remainder of this page intentionally left blank; signature pages follow]

 

3

109021947

 

IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be executed and delivered by a duly authorized officer on the date first above written.

 

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

 

 

By: /s/ Ronaldo Naval

Name: Ronaldo Naval

Title: Vice President

 

 

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

 

By: /s/ Matthew N. Walt

Name: Matthew N. Walt 

Title: Director

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	

STERICYCLE, INC., as the Company

	
 

	
By:      /s/ Daniel Ginnetti
	
	
Name: Daniel Ginnetti
	
	
Title: Executive Vice President and Chief Financial Officer
	
	
 

	
STERICYCLE INTERNATIONAL, LTD., as a Designated Borrower and a Guarantor

	
 
	
	
By:      /s/ Daniel Ginnetti
	
	
Name: Daniel Ginnetti
	
	
Title: Director
	
	
 

	
SRCL LIMITED, as a Designated Borrower and a Guarantor

	
 
	
	
By:      /s/ Daniel Ginnetti
	
	
Name: Daniel Ginnetti
	
	
Title: Director
	
	
 

	
STERICYCLE EUROPE S.à.r.l., as a Designated Borrower and a Guarantor

	
 

 
	
	
By:      /s/ Daniel Ginnetti
	
	
Name: Daniel Ginnetti
	
	
Title: A manager
	
	
 

	
STERICYCLE, ULC, as a Designated Borrower and a Guarantor 

	
 

 
	
	
By:      /s/ Daniel Ginnetti
	
	
Name: Daniel Ginnetti
	
	
Title: Executed Vice President and Chief Financial Officer
	
	
 

	
STERICYCLE INTERNATIONAL HOLDINGS LIMITED, as a Designated Borrower and a Guarantor

	
 
	
	
 

By:      /s/ Daniel Ginnetti
	
	
Name: Daniel Ginnetti
	
	
Title: Director
	

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

STERICYCLE ENVIRONMENTAL SOLUTIONS, INC., as a Guarantor

 

 

	
	
By:      /s/ Daniel Ginnetti

	
Name: Daniel Ginnetti

	
Title: Vice President, Secretary and Treasurer

 

 

SHRED-IT USA LLC, as a Guarantor

 

 

	
	
By:      /s/ Daniel Ginnetti

	
Name: Daniel Ginnetti

	
Title: Vice President, Secretary and Treasurer

 

 

STERICYCLE COMMUNICATION SOLUTIONS, INC., as a Guarantor

 

 

	
	
By:      /s/ Daniel Ginnetti

	
Name: Daniel Ginnetti

	
Title: Vice President, Secretary and Treasurer

 

 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

STERICYCLE ESPAÑA, S.L. (Sociedad Unipersonal), 

as a Guarantor

 

 

	
	
By:      /s/ Franciscus J.M. Ten Brink 

	
Name:Franciscus J.M. Ten Brink

	
Title:Administrador Único

 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

 

		
		
	
HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender 

	
 
	
 

	
 

By:     /s/ Iain Stewart
	
 

	
Name:Iain Stewart
	
 

	
Title:Managing Director
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
HSBC BANK PLC, as a Lender 

	
 
	
 

	
 

By:      /s/ Giovanna Padva
	
 

	
Name:Giovanna Padva
	
 

	
Title:Relationship Manager
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
JPMORGAN CHASE BANK, N.A., as a Lender 

	
 
	
 

	
 

By:      /s/ Krys Szremski
	
 

	
Name:Krys Szremski
	
 

	
Title:Executive Director
	
 

 

 

  

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
MUFG BANK, LTD., f/k/a THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender 

	
 
	
 

	
 

By:      /s/ Maria F. Maia
	
 

	
Name:Maria F. Maia
	
 

	
Title:Director
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
SUMITOMO MITSUI BANKING CORPORATION, as a Lender 

	
 
	
 

	
 

By:      /s/ James D. Weinstein
	
 

	
Name:James D. Weinstein
	
 

	
Title:Managing Director
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender 

	
 
	
 

	
 

By:      /s/ Sara Barton
	
 

	
Name:Sara Barton
	
 

	
Title:Vice President
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
U.S. BANK NATIONAL ASSOCIATION, as a Lender 

	
 
	
 

	
 

By:      /s/ James N. DeVries
	
 

	
Name:James N. DeVries
	
 

	
Title:Senior Vice President 
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
BMO HARRIS FINANCING INC., as a Lender 

	
 
	
 

	
 

By:      /s/ Ashley Bake
	
 

	
Name:Ashley Bake
	
 

	
Title:Director
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
BMO HARRIS BANK N.A., as a Lender 

	
 
	
 

	
 

By:      /s/ Ashley Bake
	
 

	
Name:Ashley Bake
	
 

	
Title:Director
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
COMPASS BANK, as a Lender 

	
 
	
 

	
 

By:      /s/ Gilberto Gonzalez
	
 

	
Name:Gilberto Gonzalez
	
 

	
Title:S.V.P.
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
UNICREDIT BANK AG, NEW YORK BRANCH, as a Lender 

	
 
	
 

	
 

By:      /s/ Mathias Eichwald
	
 

	
Name:Mathias Eichwald
	
 

	
Title:Director
	
 

 

 

	
	
 

By:      /s/ Julien Tizorin

	
Name:Julien Tizorin

	
Title:Managing Director

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
GOLDMAN SACHS BANK USA, as a Lender 

	
 
	
 

	
 

By:      /s/ Jamie Minieri 
	
 

	
Name:Jamie Minieri 
	
 

	
Title:Authorized Signatory
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
CITIBANK, N.A., as a Lender 

	
 
	
 

	
 

By:      /s/ Michael Chen
	
 

	
Name:Michael Chen
	
 

	
Title:Authorized Signer 
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
CITIZENS BANK, N.A., as a Lender 

	
 
	
 

	
 

By:      /s/ Matthew Possanza
	
 

	
Name:Matthew Possanza 
	
 

	
Title:Officer
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
PNC BANK, NATIONAL ASSOCIATION, as a Lender 

	
 
	
 

	
 

By:      /s/ Bridget Anderson 
	
 

	
Name:Bridget Anderson 
	
 

	
Title:Assistant Vice President 
	
 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
SANTANDER BANK, N.A., as a Lender 

	
 
	
 

	
 

By:      /s/ Andres Barbosa
	
 

	
Name:Andres Barbosa
	
 

	
Title:Executive Director
	
 

 

	
	
 

By:      /s/ Carolina Gutierrez

	
Name:Carolina Gutierrez

	
Title:Vice president 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

		
		
	
THE NORTHERN TRUST COMPANY, as a Lender 

	
 
	
 

By /s/ Brittany Mondane

	

	
Name: Brittany Mondane

	

	
Title: Vice President

 

 

 

 

Stericycle, Inc.

Third Amendment to Credit Agreement

Signature Page

 

ANNEX A

EXHIBIT D

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:  _______________, _____

To:Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of November 17, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Stericycle, Inc., a Delaware corporation (the “Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer.

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the ______________________________ of the Company, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Company, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

	
1.
	
Attached hereto as Schedule 1 are the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of the Company ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.

[Use following paragraph 1 for fiscal quarter-end financial statements]

	
1.
	
Attached hereto as Schedule 1 are the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Company ended as of the above date.  Such financial statements fairly present the financial condition, results of operations and cash flows of the Company and its Consolidated Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

	
2.
	
The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Company during the accounting period covered by the attached financial statements.

	
3.
	
A review of the activities of the Company during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Company performed and observed all its Obligations under the Loan Documents, and

[select one:]

[to the best knowledge of the undersigned during such fiscal period, the Company performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.]

99659441

–or–

[the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]

	
4.
	
The representations and warranties of (i) the Borrowers contained in Article V of the Agreement and (ii) each Loan Party contained in each other Loan Document or in any document furnished at any time under or in connection with the Loan Documents, are true and correct in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be 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 to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Agreement, including the statements in connection with which this Compliance Certificate is delivered.

	
5.
	
The financial covenant analyses and information set forth on Schedule 2 attached hereto are true and accurate on and as of the date of this Certificate.

	
6.
	
Since the date of delivery of the most recent Compliance Certificate, no Persons have become Material Subsidiaries [other than _______________].

[signature page follows]

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of _______________, _____.

STERICYCLE, INC.

By:  

Name:  

Title:  

 

For the Quarter/Year ended _______________ (“Statement Date”)

SCHEDULE 2 
to the Compliance Certificate 
($ in 000’s)

	
I.
	
Section 7.11 (a) – Consolidated Interest Coverage Ratio.

	
 
	
A.
	
Consolidated EBITDA for four consecutive fiscal quarters ending on above date (“Subject Period”):
	
 

	
 
	
1.
	
Consolidated Net Income for Subject Period:$
	
 

	
 
	
2.
	
Consolidated Interest Charges for Subject Period:$
	
 

	
 
	
3.
	
Provision for income taxes for Subject Period:$
	
 

	
 
	
4.
	
Depreciation expenses for Subject Period:$
	
 

	
 
	
5.
	
Amortization expenses for Subject Period:$
	
 

	
 
	
6.
	
Non-recurring non-cash reductions of Consolidated Net Income for Subject Period:$
	
 

	
 
	
7.
	
Non-cash stock compensation expenses incurred in the Subject Period:$
	
 

	
 
	
8.
	
Cash charges associated with the settlement of the TCPA Action (subject to a $45,000,000 aggregate cap) incurred in the Subject Period:$
	
 

	
 
	
9.
	
Cash charges associated with the settlement of the MDL Contract Action (subject to a $295,000,000 aggregate cap) incurred in the Subject Period:$
	
 

	
 
	
10.
	
Cash charges related to legal fees and expenses associated with the MDL Contract Action and related amendments to the Existing Credit Agreements and Senior Notes (subject to a $5,000,000 aggregate cap) incurred in the Subject Period:$
	
 

	
 
	
12 
	
Transaction Costs for Subject Period:$
	
 

	
 
	
13.
	
Extraordinary and non-recurring cash expenses or charges (subject to a $10,000,000 aggregate cap) for Subject Period:$
	
 

	
 
	
14.
	
For any fiscal quarter ending during the period from March 31, 2018 through March 31, 2020 only, up to $200,000,000 in the aggregate in any four-fiscal quarter period of cash charges incurred prior to December 31, 2019 associated with (A) implementation of the Company’s Business Transformation and Operational 
	
 

 

	
 
		
Optimization Expenses (each, as described in the Company’s Form 10‐K for the fiscal year ended December 31, 2017), (B) internal control remediation, accounting pronouncements and related professional and consulting expenses, (C) legal and settlement related expenses and (D) up to $25,000,000 of other cash charges:1$
	
 

	
 
	
15.
	
Income tax credits for Subject Period:$
	
 

	
 
	
16.
	
Non-cash additions to Consolidated Net Income for Subject Period:$
	
 

	
 
	
17.
	
Consolidated EBITDA (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 +7 + 8 + 9 + 10 + 11 + 12 + 13 + 14 - 15 - 16):$
	
 

	
 
	
B.
	
Consolidated Interest Charges for Subject Period:$
	
 

	
 
	
C.
	
Consolidated Interest Coverage Ratio (Line I.A.17 ÷ Line I.B):  to 1.00
	
 

	
 
	
D.
	
Minimum Permitted:3.00 to 1.00
	
 

	
II.
	
Section 7.11 (b) – Consolidated Leverage Ratio.

	
 
	
A.
	
Consolidated Funded Indebtedness at Statement Date$
	
 

B.Unrestricted Cash at Statement Date$

	
 
	
C.
	
Consolidated EBITDA for Subject Period (Line I.A.17 above):$
	
 

	
 
	
D.
	
Consolidated Leverage Ratio ((Line II.A – Line II.B) ÷ Line II.C): to 1.00
	
 

	
 
	
E.
	
Maximum Permitted:[___][2] to 1.00
	
 

	
 
	
F.
	
Consolidated Leverage Ratio for Subject Period for Pricing Grid Purposes ((Line II.A – Line II.B) ÷ (Line II.C – Line I.A.14)):   to 1.00
	
 

 

 

 

	
	 

	
1 
	
 Solely for purposes of determining compliance with Section 7.11 of the Credit Agreement (and for no other purposes under the Credit Agreement, including, without limitation, for determination of the “Applicable Rate”).  Amounts added-back under this item 14 for the four-fiscal quarter period ending March 31, 2020 shall not exceed $90,000,000 in the aggregate.

	
2 
	
 4.00 to 1.00, in the case of any fiscal quarter ending on or before December 31, 2019, or 3.75 to 1.00, in the case of any fiscal quarter ending thereafter.srcl-ex102_66.htm

Exhibit 10.2

 

 

 

 

 

Stericycle, Inc.

___________________________________

Fourth Amendment

Dated as of December 19, 2018

to

Note Purchase Agreement

Dated as of August 18, 2010

___________________________________

 

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

 

 

 

 

 

Fourth Amendment to Note Purchase Agreement

This Fourth Amendment dated as of December 19, 2018 (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 that certain First Amendment thereto dated as of August 13, 2015, that certain Second Amendment thereto dated as of July 28, 2017 and that certain Third Amendment thereto dated as of March 23, 2018 (as so 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”).  The Series A Notes have matured and are no longer outstanding.  References herein to “Notes” refers to the Series B 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.Sections 10.1(a)(i), (a)(ii) and (a)(iii) of the Note Purchase Agreement shall be and are hereby amended in their entirety as follows:

(a)(i) The Company will not permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Company to exceed (A) 4.00 to 1.00 in the case of any fiscal quarter ending on or before December 31, 2019 or (B) 3.75 to 1.00 in the case of any fiscal quarter ending thereafter; and

 

Stericycle, Inc.Fourth Amendment

 

(ii) If at the end of any fiscal quarter of the Company the Consolidated Leverage Ratio exceeded 3.75 to 1.00 (an “Adjusted 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 “Adjusted Leverage Elevated Interest Rate”) from the date of such Adjusted 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 after the Company’s determination of such Adjusted Leverage Increase, notify the holders of the Notes in writing of such Adjusted Leverage Increase and the date of such commencement.  Payment of the Adjusted Leverage Elevated Interest Rate shall not constitute a waiver of any Default or Event of Default hereunder; and 

(iii) If at the end of any fiscal quarter of the Company ending before or on March 31, 2020, the Unadjusted Consolidated Leverage Ratio exceeded 3.75 to 1.00, 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 as set forth below (the “Unadjusted Leverage Elevated Interest Rate”) from the date that such Unadjusted Consolidated Leverage Ratio was in excess of 3.75 to 1.00 to but not including the date that the Unadjusted Consolidated Leverage Ratio is 3.75 to 1.00 or less.  The Company shall promptly, and in any event within 10 Business Days after the Company’s determination of such increase, notify the holders of the Notes in writing and specify the date of such commencement.  Payment of the Unadjusted Leverage Elevated Interest Rate shall not constitute a waiver of any Default or Event of Default hereunder. The Unadjusted Leverage Elevated Interest Rate is determined as follows:

(A) if the Company has rating of BBB+ or better by S&P or the equivalent rating by any other Rating Agency, then the Unadjusted Leverage Elevated Interest Rate shall be an additional 50 basis points (0.50%);

(B) if the Company has rating of BBB by S&P or the equivalent rating by any other Rating Agency, then the Unadjusted Leverage Elevated Interest Rate shall be an additional 75 basis points (0.75%);

(C) if the Company has rating of BBB- by S&P or the equivalent rating by any other Rating Agency, then the Unadjusted Leverage Elevated Interest Rate shall be an additional 125 basis points (1.25%);

(D) if the Company has no rating or a rating of BB+ or worse by S&P or the equivalent rating by any other Rating Agency, then the Unadjusted Leverage Elevated Interest Rate shall be an additional 200 basis points (2.00%); and

- 2 -

Stericycle, Inc.Fourth Amendment

 

(E) in the case where the Company has two ratings from two different Rating Agencies, the lowest such rating shall control and in the case where the Company has three ratings from three different Rating Agencies, then the second lowest rating shall control (even if that rating is equal to that of the first lowest).

provided that, for the avoidance of doubt, the Adjusted Leverage Elevated Interest Rate and the Unadjusted Leverage Elevated Interest Rate are not cumulative with each other and only the greater of such increase under Section 10.1(a)(ii) and (iii) shall apply at any given time; and further provided that no such Increased Interest Rate will be used in calculating the Make-Whole Amount; and

Section 1.2.Section 10.4 of the Note Purchase Agreement shall be and is hereby amended in its entirety as follows:

	
 
	
Section 10.4.
	
Sales of Assets. (a) At any time on or prior to March 31, 2020, the Company will not, and will not permit any Subsidiary to, sell, lease or otherwise dispose of any assets of the Company and its Subsidiaries in a Material Sale; provided, however, that the Company or any Subsidiary may sell, lease or otherwise dispose of assets in a Material Sale if: 

	
 
	

	
(1)such assets are sold in an arms length transaction;

	
 
	

	
(2)at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; and 

	
 
	

	
(3)to the extent the net proceeds of any such Material Sale, individually or in the aggregate when combined with the net proceeds received from all other Material Sales which have occurred during the period beginning on the date of the Fourth Amendment and ending on March 31, 2020, exceeds $75,000,000, the Company offers to use the net proceeds of all such Material Sale(s) during such period to prepay or retire Senior Debt of the Company and/or its Subsidiaries no later than May 15, 2020 provided that the Company shall offer to prepay each outstanding Note in a principal amount that equals the Ratable Portion for such Note in accordance with Section 8.2 but without the payment of any Make-Whole Amount or other premium on such prepaid amount and without the requirement that any partial prepayments be in an amount not less than 10% of the original aggregate principal amount of the Notes;

As used in this Section 10.4, a “Material Sale” means any sale, lease or other disposition of assets which is not: (i) a sale or disposition of assets in the ordinary course of business of the Company and its Subsidiaries, (ii) a transfer of assets from (x) the Company to a Subsidiary Guarantor or (y) any Subsidiary to the Company or a  wholly-owned Subsidiary of the Company; provided that any transfer of assets from a Subsidiary Guarantor must be to the Company or another Subsidiary Guarantor and (iii) a sale or transfer of property acquired by the Company or any Subsidiary after the date of this 

- 3 -

Stericycle, Inc.Fourth Amendment

 

Agreement to any Person within 365 days following the acquisition or construction of such property by the Company or any Subsidiary if the Company or a Subsidiary shall concurrently with such sale or transfer, lease such property, as lessee.

(b) At any time after March 31, 2020, the Company will not, and will not permit any Subsidiary to, sell, lease or otherwise dispose of any substantial part (as defined below) of the assets of the Company and its Subsidiaries; provided, however, that the Company or any Subsidiary may sell, lease or otherwise dispose of assets constituting a substantial part of the assets of the Company and its Subsidiaries if such assets are sold in an arms length transaction and, at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and an amount equal to the net proceeds received from such sale, lease or other disposition (but only with respect to that portion of such assets that exceeds the definition of “substantial part” set forth below) shall be used within 365 days of such sale, lease or disposition, in any combination:

	
 
	

	
(1)to acquire productive assets used or useful in carrying on the business of the Company and its Subsidiaries and having a value at least equal to the value of such assets sold, leased or otherwise disposed of; and/or

	
 
	

	
(2)to prepay or retire Senior Debt of the Company and/or its Subsidiaries, provided that, to the extent any such proceeds are used to prepay the outstanding principal amount of the Notes, such prepayment shall be made in accordance with the terms of Section 8.2;  

provided further, that neither clause (1) nor clause (2) of this Section 10.4 shall be used to permit the transfer of assets from the Company to any Subsidiary.

As used in this Section 10.4, a sale, lease or other disposition of assets shall be deemed to be a “substantial part” of the assets of the Company and its Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Company and its Subsidiaries during the period of 12 consecutive months ending on the date of such sale, lease or other disposition, exceeds 10% of the book value of Consolidated Total Assets, determined as of the end of the fiscal quarter immediately preceding such sale, lease or other disposition; provided that there shall be excluded from any determination of a “substantial part” any (i) sale or disposition of assets in the ordinary course of business of the Company and its Subsidiaries, (ii) any transfer of assets from (x) the Company to a Subsidiary Guarantor or (y) any Subsidiary to the Company or a  wholly-owned Subsidiary of the Company; provided that any transfer of assets from a Subsidiary Guarantor must be to the Company or another Subsidiary Guarantor and (iii) any sale or transfer of property acquired by the Company or any Subsidiary after the date of this Agreement to any Person within 365 days following the acquisition or construction of such property by the Company or any Subsidiary if the Company or a Subsidiary shall concurrently with such sale or transfer, lease such property, as lessee.

- 4 -

Stericycle, Inc.Fourth Amendment

 

Section 1.3.Schedule B to the Note Purchase Agreement is hereby amended to insert the following definitions in alphabetical order:

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

“Adjusted Leverage Elevated Interest Rate” is defined in Section 10.1(a)(ii).

“Fourth Amendment” means the Fourth Amendment dated as of December 19, 2018 to this Agreement between the Company and the holders party thereto.

“Ratable Portion” means, with respect to any Note, an amount equal to the product of (x) the amount equal to the net proceeds being so applied to the offer of prepayment of Senior Debt in accordance with Section 10.4(a), multiplied by (y) a fraction, the numerator of which is the aggregate principal amount of such Note being offered to be prepaid pursuant to Section 10.4(a) and the denominator is the aggregate principal amount of all Senior Debt of the Company and its Subsidiaries subject to an offer to be prepaid by the Company.”

“Unadjusted Leverage Elevated Interest Rate” is defined in Section 10.1(a)(iii).

	

	
Section 1.4.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:

“Bank Credit Agreement” means the Credit Agreement dated as of November 17, 2017 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.

“Increased Interest Rate” means the Adjusted Leverage Elevated Interest Rate or the Unadjusted Leverage Elevated Interest Rate, as applicable.

	

	
Section 1.5.Schedule B to the Note Purchase Agreement is hereby amended by replacing clause (x) of the definition of “Consolidated EBITDA” with the following:

- 5 -

Stericycle, Inc.Fourth Amendment

 

(x) solely for purposes of determining compliance with Section 10.1 and Section 10.2, for any fiscal quarter ending during the period from March 31, 2018 through March 31, 2020 (and for no other purposes hereunder) up to $200,000,000 in the aggregate in any four-fiscal quarter period of cash charges incurred prior to December 31, 2019 associated with (A) implementation of the Company’s Business Transformation and Operational Optimization Expenses (each, as described in the Company’s Form 10-K for the fiscal year ended December 31, 2017), (B) internal control remediation, accounting pronouncements and related professional and consulting expenses, (C) legal and settlement related expenses and (D) up to $25,000,000 of other cash charges; provided that the amounts added back under this clause (x) for the four fiscal quarters ending March 31, 2020 shall not exceed $90,000,000 in the aggregate,

Section 1.6.Schedule B to the Note Purchase Agreement is hereby amended by deleting the definition of “Term Loan Agreement” and deleting the reference to the Term Loan Agreement in the definitions of “Consolidated EBITDA” and “Unadjusted Consolidated EBITDA”.

	
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;

	
 
	

	
(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 

- 6 -

Stericycle, Inc.Fourth Amendment

 

	
 
		
government binding upon it, or (3) any provision of any 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)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;

	
 
	

	
(c)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 a Note as of the Effective Date;

	
 
	

	
(d)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; 

	
 
	

	
(e)the Company shall have delivered an executed copy of an amendment to the Bank Credit Agreement amending such agreement in substance consistent with the amendments to the Note Purchase Agreement as contemplated by this Agreement, as applicable; and

	
 
	

	
(f)the Company shall have delivered executed copies of an amendment to each of the Other Note Agreements between the Company and the purchasers named 

- 7 -

Stericycle, Inc.Fourth Amendment

 

	
 
		
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.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 4.2.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 4.3.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.

	

	
Section 4.4.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 4.5.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.

[Signature Pages Follow]

 

 

- 8 -

Stericycle, Inc.Fourth 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: Executive Vice President & CFO

 

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

 

 

Accepted and Agreed to:

 

Metropolitan Life Insurance Company

by MetLife Investment Advisors, LLC, Its Investment Manager

 

 

	
 
	
By
	
 /s/ John Wills

	
 
	

	
Name: John Wills 

	
 
	

	
Title: Managing Director

 

 

Union Fidelity Life Insurance Company

by MetLife Investment Advisors, LLC, Its Investment Manager

 

 

	
 
	
By
	
 /s/ Frank O. Monfalcone

	
 
	

	
Name: Frank O. Monfalcone

	
 
	

	
Title: Managing Director

 

Lincoln Benefit Life Company

by MetLife Investment Advisors, LLC, Its Investment Manager

 

 

	
 
	
By
	
 /s/ Frank O. Monfalcone

	
 
	

	
Name: Frank O. Monfalcone

	
 
	

	
Title: Managing Director

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

 

 

 

Accepted and Agreed to:

 

Allstate Life Insurance Company of New York

 

	
 
	
By
	
 /s/ Ryan Anderson

	
 
	

	
Name: Ryan Anderson

 

	
 
	
By
	
 /s/ Jerry D. Zinkula

	
 
	

	
Name: Jerry D. Zinkula

Authorized Signatories

 

 

 

American Heritage Life Insurance COmpany

 

	
 
	
By
	
 /s/ Ryan Anderson

	
 
	

	
Name: Ryan Anderson

 

	
 
	
By
	
 /s/ Jerry D. Zinkula

	
 
	

	
Name: Jerry D. Zinkula

Authorized Signatories

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

New York Life Insurance Company

 

	
 
	
By
	
 /s/ Clara Fagan

	
 
	

	
Name: Clara Fagan 

	
 
	

	
Title: Corporate Vice President

 

 

New York Life Insurance and Annuity Corporation

 

By NYL Investors LLC, Its Investment Manager

 

	
 
	
By
	
 /s/ Clara Fagan

	
 
	

	
Name: Clara Fagan 

	
 
	

	
Title: Director

 

 

New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30C)

 

By NYL Investors LLC, Its Investment Manager

 

	
 
	
By
	
 /s/ Clara Fagan

	
 
	

	
Name: Clara Fagan 

	
 
	

	
Title: Director

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

Hartford Life and Accident Insurance Company

Hartford Fire Insurance Company

 

By:  Hartford Investment Management Company its investment manager

 

	
 
	
By
	
 /s/ Kenneth W. Day

	
 
	

	
Name: Kenneth W. Day 

	
 
	

	
Title: Vice President

 

 

Commonwealth Annuity and Life Insurance Company

 

By:  Hartford Investment Management Company its investment manager

 

	
 
	
By
	
 /s/ Kenneth W. Day

	
 
	

	
Name: Kenneth W. Day 

	
 
	

	
Title: Vice President

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

 

Accepted and Agreed to:

 

 

Nationwide Life Insurance Company

Nationwide Life and Annuity Insurance Company

 

 

	
 
	
By
	
 /s/ Jason M. Comisar

	
 
	

	
Name: Jason M. Comisar

	
 
	

	
Title: Authorized Signatory

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

Massachusetts Mutual Life Insurance Company 

 

By:  Barings LLC as Investment Adviser

 

	
 
	
By
	
 /s/ Steven J. Katz

	
 
	

	
Name: Steven J. Katz

	
 
	

	
Title: Managing Director & Senior Counsel

 

 

C.M. Life Insurance Company

 

By:  Barings LLC as Investment Adviser

 

	
 
	
By
	
 /s/ Steven J. Katz

	
 
	

	
Name: Steven J. Katz

	
 
	

	
Title: Managing Director & Senior Counsel

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

RiverSource Life Insurance Company 

 

	
 
	
By
	
 /s/ Thomas W. Murphy

	
 
	

	
Name: Thomas W. Murphy

	
 
	

	
Title: Vice President – Investments

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

 

 

 

Accepted and Agreed to:

 

 

Thrivent Financial for Lutherans

 

	
 
	
By
	
 /s/ Christopher Patton

	
 
	

	
Name: Christopher Patton

	
 
	

	
Title: Managing Director

 

 

 

Stericycle, Inc.Fourth 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
	
 

	
 
	

	
Name: 

	
 
	

	
Title: 

 

 

 

 

Stericycle, Inc.Fourth 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

 

 

 

 

Stericycle, Inc.Fourth 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/ Elena Unger

	
 
	

	
Name: Elena Unger

	
 
	

	
Title: Vice President

 

 

 

Stericycle, Inc.Fourth 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

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

AXA Equitable Life Insurance Company 

 

	
 
	
By
	
 /s/ Amy Judd

	
 
	

	
Name: Amy Judd

	
 
	

	
Title: Investment Officer

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

Southern Farm Bureau Life Insurance Company

 

	
 
	
By
	
 /s/ David Divine

	
 
	

	
Name: David Divine

	
 
	

	
Title: Senior Portfolio Manager

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

Modern Woodmen of America

 

	
 
	
By
	
 /s/ Aaron R. Birkland

	
 
	

	
Name: Aaron R. Birkland

	
 
	

	
Title: Portfolio Manager, Private Placements

 

	
 
	
By
	
 /s/ Christopher M. Cramer

	
 
	

	
Name: Christopher M. Cramer

	
 
	

	
Title: Manager, Fixed Income

 

 

 

Stericycle, Inc.Fourth 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: An Authorized Signer

 

Mutual of Omaha Insurance Company 

 

	
 
	
By
	
 /s/ Justin P. Kavan

	
 
	

	
Name: Justin P. Kavan

	
 
	

	
Title: Senior Vice President 

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

 

Accepted and Agreed to:

 

 

Woodmen of the World Life Insurance Society

 

	
 
	
By
	
 /s/ Shawn Bengtson

	
 
	

	
Name: Shawn Bengtson

	
 
	

	
Title: Vice-President, Investment

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

Knights of Columbus

 

	
 
	
By
	
 

	
 
	

	
Name: 

	
 
	

	
Title: 

 

 

 

Stericycle, Inc.Fourth Amendment

 

 

Accepted and Agreed to:

 

 

Country Life Insurance Company

 

	
 
	
By
	
 /s/ John Jacobs

	
 
	

	
Name: John Jacobs

	
 
	

	
Title: Director – Fixed Income

 

 

 

Stericycle, Inc.Fourth 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/ G. Anthony Coletta

	
 
	

	
Name: G. Anthony Coletta

	
 
	

	
Title: Vice-President

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