Document:

Document

Exhibit 4.1

LIMITED CONSENT

This LIMITED CONSENT, dated as of August 21, 2019 (this “Consent”) 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 the Lenders party hereto.  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 a Credit Agreement dated as of June 8, 2018 (as in effect on the date hereof immediately prior to the effectiveness of this Consent, 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 requested that the Administrative Agent and the Lenders consent, notwithstanding the provisions in Section 1.03(b) of the Credit Agreement, to the Borrower calculating financial ratios and requirements under the Credit Agreement and each other Loan Document after giving effect to the changes in GAAP resulting from the adoption of FASB ASU 2018-15 (Intangibles – Goodwill and Other – Internal Use Software; Subtopic 350-40) (the “Specified Accounting Update”).

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.Limited Consent.  Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Administrative Agent and the Lenders party hereto hereby consent to the calculation of financial ratios and requirements under the Credit Agreement and Loan Documents being made after giving effect to the Specified Accounting Update for all periods on and after January 1, 2019, notwithstanding the provisions of Section 1.03(b) of the Credit Agreement to the contrary.

2.Conditions Precedent to Consent.  The effectiveness of this Consent is subject to (a) the accuracy of the representations and warranties set forth in Section 3 below on the date hereof, (b) the Administrative Agent’s receipt of counterparts of this Consent, duly executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, and (c) unless waived by the Administrative Agent, the payment of 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 Consent.

3.Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Consent, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

120025312_2

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 Consent 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.

c.No Default or Event of Default has occurred and is continuing as of the date hereof or would result after giving effect to this Consent and the transactions contemplated hereby.

4.Entire Agreement.  This Consent, 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 Consent 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 Consent.  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.  The execution, delivery and performance of this Consent shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Lender under the Credit Agreement or any of the other Loan Documents.

6.Counterparts.  This Consent 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 Consent by telecopy, facsimile or other electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Consent.

7.Governing Law.  This Consent shall 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 Consent 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 Consent 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.

120025312_2

10.Successors and Assigns.  This Consent 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.
 [Signature pages follow.]

120025312_2

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/ Calvin R. Boyd                                                     
Name:   Calvin R. Boyd
Title:     Assistant Treasurer 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

ADMINISTRATIVE AGENT:

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

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

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

LENDERS:

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

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

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

BARCLAYS BANK PLC, as a Lender 

By:  /s/ Komal Ramkirath                                           
Name:  Komal Ramkirath
Title:    Assistant Vice President 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

    
BNP PARIBAS, as a Lender and L/C Issuer 

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

By:   /s/ Mike Hoffman                                               
Name:  Mike Hoffman
Title:    Director 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

MUFG BANK, LTD., as a Lender and L/C Issuer

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

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

SUMITOMO MITSUI BANKING CORPORATION,       as a Lender

By:  /s/ Michael Maguire                                                 
Name:  Michael Maguire
Title:    Executive Director 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

SUNTRUST BANK, as a Lender

By:  /s/ Alexander Harrison                                          
Name:  Alexander Harrison 
Title:    Vice President 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

U.S. BANK NATIONAL ASSOCIATION, as a       Lender and L/C Issuer 

By:   /s/ Marty McDonald                                            
Name:  Marty McDonald
Title:    Vice President

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

    
COBANK, ACB, as a Lender

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

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

 
BRANCH BANKING AND TRUST COMPANY, as a       Lender 

By:  /s/ Vicount P. Cornwall                                            
Name:  Vicount P. Cornwall
Title:    Senior Vice President 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

INTESA SANPAOLO S.p.A., New York Branch, as a       Lender 

By:  /s/ Glen Binder                                                         
Name:  Glen Binder 
Title:    Global Relationship Manager 

By:  /s/ Alessandro Toigo                                                
Name:  Alessandro Toigo 
Title:    Regional Business Manager 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

KEYBANK NATIONAL ASSOCIATION, as a       Lender 

By:  /s/ Tad L. Stainbrook                                                
Name:  Tad L. Stainbrook
Title:    Vice President 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

ROYAL BANK OF CANADA, as a Lender 

By:  /s/ James F. Disher                                                   
Name:  James F. Disher 
Title:    Authorized Signatory 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature Page

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

By:  /s/  Marshall Trenckmann                                         
Name:  Marshall Trenckmann
Title:    Executive Director 

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

By:  /s/  Kara Treiber                                          
Name:  Kara Treiber 
Title:    Director 

Republic Services, Inc.
Limited Consent (2018 Credit Agreement)
Signature PageExhibit 4.15

 

THIRD AMENDED AND RESTATED LOAN NOTE

 

	
€600,000,000
    	
July 31, 2019
    

 

FOR VALUE RECEIVED, Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, and Fresenius Medical Care Holdings, Inc., a New York corporation (collectively, the “Borrowers”), jointly and severally promise to pay to the order of Fresenius SE & Co. KGaA, a German partnership limited by shares, or its specified subsidiary (the “Lender”) the lesser of (i) the principal amount of €600,000,000 (Six Hundred Million Euros) (or the Euro equivalent of any amount denominated in any other currency as determined by Lender based on the spot rate as reasonably selected by Lender), or (ii) the unpaid principal amount of all Advances (as defined in Clause 2) made by the Lender to the Borrowers hereunder, together with interest accrued thereon at the rate set forth below, on the date specified for repayment of such Advance pursuant to Clause 3 hereof or such earlier date as such amounts may become payable pursuant to the terms hereof.

 

1.                       The following terms used in this Note shall have the following meanings:

 

“FMC Credit Agreement” means the Credit Agreement dated as of October 30, 2012 among FMC and FMCH, as borrowers and guarantors, the other borrowers and guarantors party thereto, the lenders party thereto, Bank of America, N.A., as Administrative Agent, as amended pursuant to Amendment No. 2 thereto, dated as of July 11, 2017, and as it may be further amended, restated, supplemented, or otherwise modified, or renewed, refunded, replaced, or refinanced from time to time.

 

“FMC” means Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, and its successors and permitted assigns.

 

“FMCH” means Fresenius Medical Care Holdings, Inc., a New York corporation, and its successors and permitted assigns.

 

All other capitalized terms used but not otherwise defined herein shall bear the meanings assigned thereto in the FMC Credit Agreement.  This Note amends and restates and supersedes the Amended and Restated Loan Note dated as of November 30, 2017 (the “Second Amended and Restated Note”) in the original principal amount of $400,000,000 issued by the Borrowers to Lender.

 

2.                       The Lender may lend (but shall not have any commitment to lend) one or more advances (each an “Advance”) to the Borrowers jointly and severally from time to time upon request during the period from the date hereof to but excluding July 31, 2022 in an 

 

 

aggregate amount which shall not exceed €600,000,000 (or the Euro equivalent of any amount denominated in any other currency as determined by Lender at the time of making any Advance hereunder based on the spot rate as reasonably selected by Lender at that time).  Amounts borrowed hereunder may be repaid and reborrowed pursuant to this Clause.  The Lender shall have no obligation to make any Advance requested hereunder. The Borrowers and Lender hereby agree that all advances made under the Second Amended and Restated Note and outstanding on the date hereof shall be deemed Advances made under this Note and subject to the terms hereof.

 

3.                       Each Advance shall be repaid in full on the date that is one, two or three months after the date on which it is made, as agreed by the Borrowers and the Lender on the date such Advance is made, or any other period agreed between the Borrowers and the Lender; provided, that if no maturity date is so agreed, such Advance shall have a term of one month. The Borrower shall have the right at any time and from time to time to prepay any Advance in whole or part without penalty; provided that any such prepayment shall be accompanied by interest in the amount of the Advance being prepaid to the date of prepayment.  In addition, upon demand, the Borrowers shall promptly compensate the Lender and hold the Lender harmless from any loss, cost or expense incurred by it as a result of any prepayment of any Advance other than on the last day of the Interest Period for such Advance, including any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Advance.

 

4.                       Borrowers and Lender hereby agree that with effect from the date hereof, the unpaid principal amount of each Advance made hereunder shall bear interest at a fluctuating rate per annum equal to the Fixed LIBOR Rate (as defined in and calculated pursuant to the FMC Credit Agreement) for an Interest Period equivalent to the term of such Advance plus a margin, determined pursuant to the pricing matrix set forth below, that is based on the Consolidated Leverage Ratio (as defined in and calculated pursuant to the FMC Credit Agreement), and shall change as and when the Applicable Percentage (as defined in and calculated pursuant to the FMC Credit Agreement) changes:

 

	
Pricing Level
    	
 
    	
Consolidated
   Leverage Ratio
    	
 
    	
Margin
    	
 
    
	
I
    	
 
    	
> 3.75:1.0
    	
 
    	
1.185
    	
%
    
	
II
    	
 
    	
> 3.25:1.0 but <   3.75:1.0
    	
 
    	
1.110
    	
%
    
	
III
    	
 
    	
> 2.75:1.0 but <   3.25:1.0
    	
 
    	
1.010
    	
%
    
	
IV
    	
 
    	
> 2.25:1.0 but <   2.75:1.0
    	
 
    	
0.930
    	
%
    
	
V
    	
 
    	
<   2.25:1.0
    	
 
    	
0.825
    	
%
    

 

Interest shall be payable in arrears upon maturity, on any prepayment and on any acceleration of the principal amount hereof and shall be computed on the basis of a 360-day year for the actual number of days elapsed (including the first day and excluding the last 

 

2

 

day).

 

5.                       Whenever any payment on this Note shall be stated to be due on a day which is not a Business Day or is a day on which commercial banks are authorized or required by law to close in the Federal Republic of Germany, such payment shall be made on the next succeeding Business Day on which commercial banks are not authorized or required by law to close in the Federal Republic of Germany, and such extension of time shall be included in the computation of the payment of interest on this Note.

 

6.                       All payments of principal and interest in respect of this Note shall be made in same day funds in the currency in which the related Advance was made to the Lender’s account as notified in writing by the Lender.

 

7.                       If any proceeding under any Debtor Relief Law shall be commenced by or against the Borrowers, all amounts of principal and accrued interest outstanding under this Note shall become immediately due and payable.

 

8.                       The Lender agrees, by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all Advances, the maturity date of each such Advance and principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, however, that the failure to make a notation of any Advance  or any payment made on this Note (including Advances made under the Second Amended and Restated Note and deemed Advances hereunder) shall not limit or otherwise affect the obligation of the Borrowers hereunder with respect to payments of principal or interest on this Note.

 

9.                  FMCH may cease to be a Borrower hereunder by delivering a written notice to the Lender, effective on the later to occur of (i) the date the Lender receives such written notice and (ii) the date FMCH has paid all of its obligations and all accrued and unpaid interest, fees and other obligations hereunder or in connection herewith.

 

10.                [Reserved]

 

11.                THIS NOTE AND THE OBLIGATIONS OF THE BORROWERS ARISING HEREUNDER AND ALL OTHER ASPECTS HEREOF SHALL BE DEEMED TO BE MADE UNDER, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

12.                The obligations of the Borrowers arising under this Note may be prepaid in whole or in part, together with all accrued interest thereon, without penalty or premium.

 

13.                The terms of this Note are subject to amendment only by a writing signed by the Borrowers and the Lender.

 

14.                In no event shall any interest be payable under this Note to the extent that the payment thereof would be prohibited by applicable law.

 

3

 

15.                The Borrowers hereby waives diligence, presentment, protest, demand and notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder.

 

16.                No delay on the part of the Lender in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Lender, of any right or remedy shall preclude any other or further exercise of any other right or remedy.

 

17.                In case any provision in or obligation under this Note shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

[INTENTIONALLY LEFT BLANK]

 

4

 

IN WITNESS WHEREOF, this Note has been executed as of the day and year first written above.

 

	
BORROWERS:
    	
 
    
	
 
    	
FRESENIUS MEDICAL   CARE AG & Co. KGaA, a German   partnership limited by shares, represented by FRESENIUS MEDICAL CARE MANAGEMENT AG, a German corporation, its general partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brosnan
    
	
 
    	
Name:
    	
Michael Brosnan
    
	
 
    	
Title:
    	
Member of the Management Board
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Katarzyna Mazur-Hofsäß
    
	
 
    	
Name:
    	
Dr. Katarzyna Mazur-Hofsäß
    
	
 
    	
Title:
    	
Member of the Management Board
    

 

5

 

FRESENIUS MEDICAL CARE HOLDINGS, INC., a New York corporation

 

	
 
    	
By:
    	
/s/ Mark   Fawcett
    
	
 
    	
Name:
    	
Mark   Fawcett
    
	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    

 

[Signature Page —Loan Note]

 

 

ACKNOWLEDGED AND AGREED:

 

	
 
    	
FRESENIUS SE & Co. KGaA, represented by FRESENIUS MANAGEMENT SE, its general partner, as   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rachel Empey
    
	
 
    	
Name:
    	
Rachel EMPEY
    
	
 
    	
Title:
    	
Member of Management Board
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Karl-Dieter Schwab
    
	
 
    	
Name:
    	
ppa. Karl-Dieter SCHWAB
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page —Loan Note]

 

 

TRANSACTIONS ON PROMISSORY NOTE

 

	
Date
    	
 
    	
Amount of
   Advance Made
   This Date
    	
 
    	
Maturity Date
   of Such
   Advance
    	
 
    	
Amount of
   Principal Paid
   This Date
    	
 
    	
Amount of
   Interest Paid
   This Date
    	
 
    	
Outstanding
   Principal
   Balance This
   Date
    	
 
    	
Notation Made
   By

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