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Document Preview Credit Agreement [Amended and Restated] |
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Title: |
Credit Agreement [Amended and Restated] |
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Entities: |
Bank One, NA; Kendle International Inc.; Pharmacia Corp.; Bank of New York; Keybank NA |
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Date: |
2002 |
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Size: |
Preview shows 22KB of 348KB total |
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Price: |
$82 |
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ID: |
#281784 |
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AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of June 3, 2002
among
KENDLE INTERNATIONAL INC.,
THE SEVERAL LENDERS
FROM TIME TO TIME PARTY HERETO
AND
BANK ONE, NA,
as Agent
{PAGE}
TABLE OF CONTENTS
-----------------
{TABLE}
{CAPTION}
PAGE
{S} {C}
SECTION 1. DEFINTIONS............................................................................................1
1.1 Definitions.............................................................................................1
1.2 Computation of Time Periods............................................................................28
1.3 Accounting Terms.......................................................................................28
1.4 Terms Generally........................................................................................28
SECTION 2. CREDIT FACILITIES....................................................................................28
2.1 Revolving Loans........................................................................................28
2.2 Letter of Credit Subfacility...........................................................................30
2.3 Acquisition Loans......................................................................................36
2.4 Term Loan..............................................................................................37
SECTION 3. OTHER PROVISIONS RELATING TO CREDIT FACILITIES.......................................................38
3.1 Default Rate...........................................................................................38
3.2 Extension and Conversion...............................................................................38
3.3 Prepayments............................................................................................39
3.4 Termination and Reduction of Commitments...............................................................41
3.5 Fees...................................................................................................42
3.6 Increased Cost and Reduced Return......................................................................43
3.7 Limitation on Types of Loans...........................................................................44
3.8 Illegality.............................................................................................45
3.9 Treatment of Affected Loans............................................................................45
3.10 Taxes.................................................................................................46
3.11 Compensation..........................................................................................47
3.12 Pro Rata Treatment....................................................................................48
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
3.13 Sharing of Payments...................................................................................49
3.14 Payments, Computations, Etc...........................................................................49
3.15 Evidence of Debt......................................................................................51
3.16 Interest Rate Protection..............................................................................52
SECTION 4. CONDITIONS...........................................................................................52
4.1 Closing Conditions.....................................................................................52
4.2 Conditions to all Extensions of Credit.................................................................55
SECTION 5. REPRESENTATIONS AND WARRANTIES.......................................................................55
5.1 Financial Condition....................................................................................55
5.2 No Material Change.....................................................................................56
5.3 Organization and Good Standing.........................................................................57
5.4 Power; Authorization; Enforceable Obligations..........................................................57
5.5 No Conflicts...........................................................................................57
5.6 No Default.............................................................................................58
5.7 Ownership of Assets....................................................................................58
5.8 Indebtedness...........................................................................................58
5.9 Litigation.............................................................................................58
5.10 Taxes.................................................................................................58
5.11 Compliance with Law...................................................................................58
5.12 ERISA.................................................................................................59
5.13 Subsidiaries..........................................................................................60
5.14 Governmental Regulations, Etc.........................................................................60
5.15 Purpose of Loans......................................................................................61
5.16 Environmental Matters.................................................................................61
5.17 Intellectual Property.................................................................................62
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
5.18 Solvency..............................................................................................62
5.19 Investments...........................................................................................62
5.20 [Intentionally omitted]...............................................................................62
5.21 Disclosure............................................................................................63
5.22 No Burdensome Restrictions; Material Contracts........................................................63
5.23 Labor Matters.........................................................................................63
5.24 Nature of Business....................................................................................64
5.25 Security Documents....................................................................................64
5.26 Transactions with Affiliates..........................................................................64
5.27 Insurance.............................................................................................65
SECTION 6. AFFIRMATIVE COVENANTS................................................................................65
6.1 Information Covenants..................................................................................65
6.2 Preservation of Existence and Franchises...............................................................68
6.3 Books and Records......................................................................................68
6.4 Compliance with Law....................................................................................68
6.5 Payment of Taxes and Other Indebtedness................................................................68
6.6 Insurance; Certain Proceeds............................................................................68
6.7 Maintenance of Property................................................................................70
6.8 Performance of Obligations.............................................................................70
6.9 Use of Proceeds........................................................................................70
6.10 Audits/Inspections....................................................................................70
6.11 Additional Credit Parties.............................................................................71
SECTION 7. NEGATIVE COVENANTS...................................................................................72
7.1 Indebtedness...........................................................................................72
7.2 Liens..................................................................................................73
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
7.3 Nature of Business.....................................................................................73
7.4 Consolidation, Merger, Dissolution, Etc................................................................73
7.5 Asset Dispositions.....................................................................................74
7.6 Investments; Acquisitions..............................................................................75
7.7 Restricted Payments....................................................................................75
7.8 Prepayments of Indebtedness, Etc.......................................................................75
7.9 Transactions with Affiliates...........................................................................76
7.10 Fiscal Year; Organizational Documents.................................................................76
7.11 Limitation on Restricted Actions......................................................................76
7.12 Ownership of Subsidiaries: Limitations on Borrower....................................................77
7.13 Sale Leasebacks.......................................................................................77
7.14 [intentionally omitted]...............................................................................77
7.15 No Further Negative Pledges...........................................................................77
7.16 Impairment of Security Interests......................................................................78
7.17 Sales of Receivables..................................................................................78
7.18 Financial Covenants...................................................................................78
SECTION 8. EVENTS OF DEFAULT...............................................................................78
8.1 Events of Default......................................................................................78
8.2 Acceleration; Remedies.................................................................................81
SECTION 9. AGENCY PROVISIONS....................................................................................82
9.1 Appointment, Powers and Immunities.....................................................................82
9.2 Reliance by Agent......................................................................................83
9.3 Defaults...............................................................................................84
9.4 Rights as Lender.......................................................................................84
9.5 Indemnification........................................................................................84
{/TABLE}
iv
{PAGE}
{TABLE}
{S} {C}
9.6 Non-Reliance on Agent and Other Lenders................................................................85
9.7 Resignation of Agent...................................................................................85
SECTION 10. MISCELLANEOUS.......................................................................................86
10.1 Notices...............................................................................................86
10.2 Right of Set-Off......................................................................................87
10.3 Benefit of Agreement..................................................................................87
10.4 No Waiver; Remedies Cumulative........................................................................89
10.5 Expenses; Indemnification.............................................................................90
10.6 Amendments. Waivers and Consents......................................................................91
10.7 Counterparts..........................................................................................92
10.8 Headings..............................................................................................93
10.9 Survival..............................................................................................93
10.10 Governing Law, Submission to Jurisdiction; Venue.....................................................93
10.11 Severability.........................................................................................94
10.12 Entirety.............................................................................................94
10.13 Binding Effect; Termination..........................................................................94
10.14 Confidentiality......................................................................................94
10.15 Source of Funds......................................................................................95
10.16 Conflict.............................................................................................95
{/TABLE}
v
{PAGE}
SCHEDULES
Schedule 1.1A Investments
Schedule 1.1B Liens
Schedule 2.1(a) Commitments
Schedule 5.1 Liabilities
Schedule 5.4 Required Consents, Authorizations, Notices and Filings
Schedule 5.9 Litigation
Schedule 5.10 Tax Investigation
Schedule 5.12 ERISA
Schedule 5.13 Subsidiaries
Schedule 5.16 Environmental Disclosures
Schedule 5.17 Intellectual Property
Schedule 5.22 Material Contracts
Schedule 5.23 Labor Matters
Schedule 5.25 Filing Locations
Schedule 7.1(b) Indebtedness
Exhibit A Amended and Restated Pledge Agreement
Exhibit B Amended and Restated Form of Guarantee Agreement
Exhibit C Form of Intercompany Note
Exhibit D Form of Assignment and Acceptance
Exhibit E Form of Notice of Revolving Borrowing
Exhibit F Form of Amended and Restated Revolving Note
Exhibit G Form of Acquisition Note
Exhibit H Form of Term Note
Exhibit I Form of Notice of Extension/Conversion
Exhibit J Amended and Restated Intercreditor and Collateral Agency Agreement
Exhibit K Form of Officer's Compliance Certificate
Exhibit L Form of Joinder Agreement
Exhibit M Form of Opinion of General Counsel
Exhibit N Indemnity, Subrogation and Contribution Agreement
vi
{PAGE}
AMENDED AND RESTATED CREDIT AGREEMENT dated as of June 3, 2002 (as
amended, modified, restated or supplemented from time to time, this
"AGREEMENT"), among KENDLE INTERNATIONAL INC., an Ohio corporation (the
"BORROWER"), the Lenders (as defined herein) and BANK ONE, NA, as Agent for the
Lenders (in such capacity, the "AGENT"). This Agreement amends and restates in
its entirety the Credit Agreement dated as of October 13, 2000 among Borrower,
the several Lenders identified therein and Agent (the "Original Credit
Agreement") and is not a novation or discharge of the obligations of the
Borrower thereunder.
The Borrower has requested that the Lenders provide a credit facility
to the Borrower in the aggregate principal amount of up to $38,000,000 for the
purposes set forth in this Agreement below. The Lenders have agreed to make the
requested credit facility available to the Borrower on the terms and subject to
the conditions set forth in this Agreement below. Accordingly, the Borrower, the
Lenders and the Agent agree as follows:
SECTION 1.
DEFINITIONS
1.1 DEFINITIONS. As used in this Agreement, the following terms shall
have the meanings specified below:
"ACQUISITION BORROWING" shall have the meaning assigned to that term in
Section 2.1(b).
"ACQUISITION LOAN(S)" shall have the meaning assigned to that term in
Section 2.3.
"ACQUISITION NOTE" shall mean the promissory note of the Borrower
provided pursuant to Section 2.3, in the form of Exhibit G, in favor of each of
the applicable Lenders, evidencing each Acquisition Loan, individually or
collectively, as appropriate as such promissory notes may be amended, modified,
supplemented, extended, reviewed or replaced from time to time.
"ADDITIONAL GUARANTOR" shall mean each Person that becomes a Domestic
Subsidiary of the Borrower after the Effective Date.
"ADJUSTED BASE RATE" shall mean the Base Rate PLUS the Applicable
Percentage.
"ADJUSTED EURODOLLAR RATE" shall mean the Eurodollar Rate PLUS the
Applicable Percentage.
"AFFECTED LOANS" shall have the meaning assigned to that term in
Section 3.9.
"AFFECTED TYPE" shall have the meaning assigned to that term in Section
3.9.
"AFFILIATE" shall mean (a) with respect to any Person (including the
Credit Parties), any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such Person and
(b) with respect to the Credit Parties, any
1
{PAGE}
Person directly or indirectly owning or holding five percent (5%) or more of the
equity interest in such Credit Parties. For purposes of this definition,
"control" when used with respect to any Person shall mean the power to direct
the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the
terms "controlling" and "controlled" have meanings correlative to the foregoing.
"AGENCY SERVICES ADDRESS" shall mean Bank One, NA, Bank One Towers,
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